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February 21, 2018 12:00 AM Amreli Steels finalises Rs2bln expansion plan

KARACHI: Amreli Steels Limited, country’s leading steelmaker, on Tuesday announced its board had approved the second phase of expansion to increase its annual production capacity of reinforcement bars to 750,000 tons within the next two years. “The company will expand its plant located in SITE (Sindh Industrial Trading Estate) Karachi by 95,000 tons/annum 4

February 19, 2018 4:56 AM US gun lovers defend rights amid debate for more restrictions

MIAMI: Pistols, rifles and ammunition are on display at a gun show in Miami, where Mike Vallone is buying an AR-15, a firearm at the centre of debate on gun control as the weapon of choice of several mass shooters. Why would the 55-year-old, who already owns about 50 guns, want another one? “Because I choose to own them. I have the constitutional right 4

February 17, 2018 12:00 AM Minister inaugurates furniture fair

ISLAMABAD: State Minister for Industries and Production Arshad Laghari on Friday inaugurated the three-day Pakistan Lifestyle and Furniture Expo organised by Furniture Pakistan. Laghari said the exhibition will provide the younger designers and architects to see the market trends and display their own work alongside that of more established professionals 5

February 16, 2018 5:51 AM 'No more sympathy': SC issues contempt notice to absconding Rao Anwar after deadline expires

There was no sign of Rao Anwar on Friday morning as the Supreme Court began hearing the Naqeebullah Mehsud extra-judicial killing case. Chief Justice Mian Saqib Nisar, after waiting for the absconding police official for about an hour, issued a contempt of court notice to Anwar and directed all law enforcement agencies to locate him. He also ordered 11

February 15, 2018 12:00 AM SBP allows Islamic banks to offer long-term financing facility

KARACHI: The central bank on Wednesday allowed Islamic banks to offer long-term financing for plants and machinery to help improve their market share in the banking sector and give borrowers shariah-compliant alternatives. The State Bank of Pakistan (SBP) issued Islamic long-term financing facility (ILTFF) based on Mudarabah to provide shariah-compliant 3

February 14, 2018 2:10 AM Power sector could see ‘market operator’ under new reforms

ISLAMABAD: The government has started the process for transformation of Central Power Purchasing Agency-Guarantee (CPPA-G) as an independent operator of the country’s electricity market from its existing role of a billing and financial settlement agent of the distribution companies. An application to register CPPA as a ‘market operator’ was admitted 2

February 13, 2018 12:00 AM Rupee unchangedBy our correspondent

The rupee stayed flat against the dollar in the interbank foreign exchange market on Monday, dealers said. The rupee ended firmer at 110.55/dollar, unchanged from the previous closing level. Currency dealers said the market was in the narrow-range. The rupee started on a stable note. However, the domestic unit moved down to 110.57/58 in an intraday trade 4

February 13, 2018 12:00 AM Remittances rise 3.55pc to $11.383bln in July-January

KARACHI: Workers’ remittances increased 3.55 percent to $11.383 billion during the first seven months of the current fiscal year (July-January), while on month-on-month basis, it fell 4.93 percent to $1.638 billion in January from the previous month, the central bank data showed on Monday. The rise in remittances can be attributed to continuous surge 6

February 13, 2018 12:00 AM Auto sales jump 22 percent in Jan to post biggest monthly increase

KARACHI: Sales of passenger cars posted their biggest ever monthly increase in January, as soft loans and a robust economy offset the impact of price increases due to recent rupee devaluation, analyst and industry officials said on Monday. Sales of passenger cars increased 22 percent to 23,562 units in January 2018 compared to 20,884 units sold in the same month 5

February 13, 2018 12:00 AM Messi cried after Champions League exit to Chelsea: Sanchez

BARCELONA: Lionel Messi was so distraught at Barcelona missing out on reaching the 2012 Champions League final that he was reduced to tears after his side’s semi-final elimination to Chelsea, his former Barca team-mate Alexis Sanchez has revealed. Barca ran into an early 2-0 lead in the second leg at the Nou Camp, having lost the first leg 1-0 in London 1