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July 20, 2018 4:47 AM Current account deficit rises to $18bn, reserves hit four-year low

KARACHI: Current account deficit (CAD) touched $18 billion in FY18, up 42.5 per cent over the previous fiscal year, the State Bank of Pakistan (SBP) reported on Thursday. Only two years ago, the CAD was at $4.876bn, spiking to $12.621bn the following year, before hitting its record high in 2017-18. The State Bank data released on Thursday showed total

July 20, 2018 12:00 AM FBR launches tax evasion probe against stationery industry

KARACHI: Tax authorities have launched a tax evasion probe against the stationery businesses manufacturing books and pencils by scrutinising their returns after the government restored zero-rating facility for multibillion rupees industry from July 1, officials said on Thursday. The officials said strong lobby of stationery industry convinced the government

July 19, 2018 12:00 AM Jang Economic Session: Rupee devaluation to bring new wave of inflation, say experts

LAHORE: Devaluation of rupee against the US dollar will affect all segments of society, PML-N, PTI and PPP experts should evolve a mechanism to handle the issue and Senate Standing Committee on finance can play an effective role in this regard. These views were expressed by the experts at Jang Economic Session on ‘impact of devaluation of rupee against

July 17, 2018 12:00 AM Malaysia sets sights on CPEC

KARACHI: Malaysia sees China-Pakistan Economic Corridor as a big opportunity for South Asia region, especially for Pakistan and can partner with Pakistan in potential projects in various sectors, if invited, an envoy said on Monday. “… Malaysia wants to increase bilateral trade with Pakistan, which was currently standing at around $1.34 billion and was in favour

July 17, 2018 12:00 AM Gold jumps Rs850/tola on rupee depreciation

KARACHI: Gold grew dearer in the local market going up by Rs850/tola to reach Rs59,650/tola largely driven by the depreciation of rupee that is currently in the dumps against dollar, traders said on Monday. Gold appreciated by $2 to $1,244 per ounce in the international market. Haji Haroon Chand, president Sindh Sarafa Bazar Association, said the gold became

July 16, 2018 7:37 AM Pakistani rupee tumbles, SBP cites "market forces"

ISLAMABAD: The Pakistani rupee dropped sharply in early trade on Monday in what appeared to be another devaluation by the central bank, two market analysts said, the fourth such intervention since early December. The currency was trading at around 125/126 per dollar at 10.30 am local time (0530 GMT) after closing at 121.5 per dollar on Friday. "It looks 1

July 15, 2018 12:00 AM Pacquiao ready to regain WBA title

KUALA LUMPUR: Filipino legend Manny Pacquiao weighed in Saturday comfortably under the 147-pound (67-kilogramme) limit and said he was “ready” to win back the welterweight belt against WBA champion Lucas Matthysse of Argentina. Pacquiao, the only man to have won world titles in eight weight divisions in a glittering 23-year career, tipped the scales 1

July 14, 2018 12:00 AM Britain, US agree to engage Russia with ‘strength, unity’

AYLESBURY: Britain and the United States have agreed that Russia should be engaged with “strength and unity”, Prime Minister Theresa May said on Friday after meeting US President Donald Trump. “We agreed that it is important to engage Russia from a position of strength and unity,” May said, as Trump prepares for a summit with Russian President Vladimir 3

July 13, 2018 12:00 AM Philippines, US to start free trade talks

MANILA: The Philippines will begin negotiations on a free trade agreement with the United States in September, its ambassador to Washington said on Thursday, in a bid to expand market access for its agricultural products. Jose Manuel Romualdez told reporters the first round of talks will be held in Washington and would likely focus on labour, intellectual 3

July 12, 2018 12:59 AM Trade gap hits record $37.7bn

ISLAMABAD: Pakistan’s trade deficit widened to an all-time high of $37.7 billion in the outgoing fiscal year, contributing to the rising current account deficit of the country. The deficit soared almost 16 per cent during the 2017-18, posing a serious challenge for the government to control the menace of rising current account deficit, according to official 5