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  • Russia-led bloc seeks free trade area with Iran

    May 18, 2018 12:00 AM 1

    Astana, Kazakhstan: The Russia-led Eurasian Economic Union trade bloc signed an interim trade deal with Iran on Thursday and plans to negotiate a free trade zone, said Kazakhstan which hosted the talks. The agreement signed in the Kazakh capital Astana comes as the United States is snapping economic sanctions on Tehran back into place and warned companies

  • Rural uplift must to meet 70pc targets under SDGs: experts

    May 18, 2018 12:00 AM 1

    ISLAMABAD: Pakistan would have to ensure rural development for achieving 70 percent targets under Sustainable Development Goals (SDGs) out of total 230 indicators and this transformation would also reduce burden on its urban centers, researchers said on Thursday. unanimous that improvement of agrarian societies was critical for a strong national economy

  • Ministry mounts Rs62.21mln plan for mining sector reforms

    May 17, 2018 12:00 AM 4

    ISLAMABAD: Ministry of planning, development and reform has started a new initiative to improve productivity in mines and mineral sector and boost exports, Associated Press of Pakistan (APP) reported on Wednesday. Cluster Development Based Mineral Transformation Plan, costing Rs62.21 million, has been launched under Vision-2025 and would increase value

  • Signify launches new company name

    May 17, 2018 12:00 AM 4

    KARACHI: Signify, the world leader in lighting, on Wednesday launched its new company name, following the amendment of the company’s articles of association, changing its name from Philips Lighting NV to Signify NV, a statement said. “The choice of our new company name originates from the way light becomes an intelligent language, which connects and conveys

  • SCB obtains licence to distribute units

    May 17, 2018 12:00 AM 2

    KARACHI: Standard Chartered Bank (Pakistan) Limited (SCBPL) is the first commercial bank to obtain licence to act as securities advisers for distribution of the units of Collective Investment Schemes and / or Voluntary Pension Funds by the Securities and Exchange Commission of Pakistan, a statement said on Wednbesday. Currently, SCBPL through its wealth

  • Govt withdraws Rs10 health levy on tobacco

    May 17, 2018 12:00 AM 2

    ISLAMABAD: The government withdrew health levy of Rs10 on a kilogram of tobacco in line with the senate’s demand and it is all set to present the amended finance bill 2018 before the national assembly for approval on Thursday (today). Officials said on Wednesday finance bill also proposed a 10 percent sales tax on rock phosphate imported by fertiliser

  • Husain Lawai takes chair of PSX board of directors

    May 17, 2018 12:00 AM 2

    KARACHI: Seasoned banker Husain Lawai has been unanimously elected as chairman of the Board of Directors of Pakistan Stock Exchange Limited (PSX), a statement said on Wednesday. He, along with other six persons, was recently appointed as independent director on the board of the PSX for a term of three years, with the approval of the Securities and Exchange

  • Govt to ensure environmental compliance in TAPI project

    May 16, 2018 12:00 AM 2

    ISLAMABAD: Government is committed to ensure compliance with local and international environmental standards while participating in building of Turkmenistan, Afghanistan, India and Pakistan (TAPI) project, a senior official said on Tuesday. “Government would provide assistance and coordination so that the TAPI pipeline project is built in accordance

  • Oil output rises to 90,337 barrels/day in July-April

    May 16, 2018 12:00 AM 5

    KARACHI: Oil production marginally rose 1.9 percent to 90,337 barrels/day (bpd) during the first 10 months of the current fiscal year of 2018, official data showed on Tuesday. Local oil output stood at 88,635 bpd in the corresponding period a year earlier, the Pakistan Petroleum Information Service’s data showed. Gas production, however, fell one percent

  • FDI increases 2.4pc to $2.237 billion in 10 months

    May 16, 2018 12:00 AM 2

    KARACHI: Foreign direct investment (FDI) in Pakistan increased 2.4 percent to $2.237 billion in 10 months of the current fiscal year, the central bank data showed on Tuesday, mainly on the back of energy and construction projects. However, FDI flows dropped to $143.7 million in April from $179.7 million in the corresponding period of the last fiscal