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  • India needs 8 percent growth for 30 years to join middle-income group

    March 15, 2018 12:00 AM 9

    NEW DELHI: India´s economy needs to grow 8 percent and higher a year for the next three decades to join the ranks of middle-income countries, which would require major reforms in the land, labour and financial sectors, the World Bank said on Wednesday. If that did happen, it would raise the income of at least 50 percent of India´s 1.3 billion people

  • Turkish tariffs weigh down Pakistan’s exports

    March 15, 2018 12:00 AM 7

    KARACHI: Increase in duties on Pakistan’s exports by Turkish authorities drastically reduced the country’s outbound shipments to Turkey, a senior industry official said on Wednesday, stressing need for free trade agreement (FTA) between the two countries to improve bilateral trade. Vice President Mazhar Ali Nasir of Federation of Pakistan Chambers of Commerce

  • Bank deposits up 11.63pc to Rs11.880 trillion in February

    March 15, 2018 12:00 AM 7

    KARACHI: Deposits with banks grew 11.63 percent to Rs11.880 trillion at the end of February 2018 in a sign that the sector is enjoying the benefits of economic expansion, according to the figures released by the State bank of Pakistan on Wednesday. Analysts said banks have succeeded in attracting a decent inflow of deposits because of improving economic

  • ADB, Pakistan sign $140mln loan agreement

    March 15, 2018 12:00 AM 7

    ISLAMABAD: The Asian Development Bank (ADB) and the government of Pakistan on Wednesday signed a $140 million loan agreement to improve the roads network in Khyber Pakhtunkhwa. ADB Country Director for Pakistan Xiaohong Yang and Secretary of the Economic Affairs Division in Islamabad Syed Ghazanfar Abbas Jilani signed the agreement. Muhammad Shahab Khattak

  • Qatar announces Abu Dhabi oil deal

    March 14, 2018 12:00 AM 7

    DOHA: State-owned Qatar Petroleum announced on Tuesday it has signed a deal with Abu Dhabi to operate the shared Al-Bunduq offshore oil field, despite a bitter diplomatic rift. “We are delighted to sign this concession agreement, which will ensure the continued development and operation of the Al-Bunduq oil field for many years to come,” Qatar Petroleum’s

  • Pak-Afghan trade boost tied to termination of tariff barriers

    March 14, 2018 12:00 AM 5

    LAHORE: Pakistan-Afghanistan trade volume can be improved by rationalising/removing uncalled-for tariff barriers that have given rise to illegal trafficking of goods between the two neighbours, an official said on Tuesday. “Smuggling should be eliminated with iron hand as it is equally destructive for the both countries,” Faiza Zubair, secretary general

  • Sterling climbs after Hammond speech

    March 14, 2018 12:00 AM 5

    LONDON: Sterling rose to a two-week high on Tuesday as the dollar sold off after data showed U.S. consumer price inflation in February cooled and President Donald Trump said he had fired U.S. Secretary of State Rex Tillerson. As the dollar began its sell-off, British Finance Minister Philip Hammond gave his half-yearly economic update on the economy

  • Bitcoin start-ups in Asia take aim at remittances market

    March 14, 2018 12:00 AM 6

    HONG KONG/SEOUL: Bitcoin, battered by warnings about volatility and bubble-like appreciation, may have found a way to play a niche role in a big market: overseas money transfers. Used as a transfer mechanism rather than a currency, bitcoin circumvents banks’ transaction fees. ph and Satoshi Citadel Industries’ (SCI) remittance unit Rebit in Philippines

  • SRB to cancel 4,200 sales tax registrations on non-compliance

    March 14, 2018 12:00 AM 7

    KARACHI: Sindh Revenue Board (SRB) has decided to cancel sales tax registration of more than 4,200 taxpayers who were unable to file their returns, officials said on Tuesday. The officials said the SRB suspended sales tax registration of 4,338 taxpayers for non-filing of monthly returns and failure to discharge their liabilities on July 25, 2017. SRB officials

  • MD PSO discusses prospects with dealers in Quetta visit

    March 13, 2018 12:00 AM 13

    QUETTA: Mr. Sheikh Imranul Haque, MD and CEO, PSO, visited the Quetta city accompanied by senior company officials. During a busy business visit, he met with PSO’s local management, business partners and associates to further the company’s business prospects from a growth perspective. Mr Haque also had the opportunity to discuss future opportunities