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Economic disaster looms over Pakistan

The International Monetary Fund (IMF) said on Friday that the macroeconomic stability gains the country had achieved in the past four years have started to erode and could pose risks to its positive economic outlook. The global lender released a communiqué – two days after its executive board concluded Article-IV consultations with Pakistan – depicting a gloomy future outlook for …

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U.S. investors see lack of incentives in federal budget

American investors have expressed concerns over the lack of initiatives in the 2017-18 budget to broaden the tax net and simplify procedural requirements for existing taxpayers. In order to spur investment in plant and machinery, American investors were looking for some taxation relief measures, such as the reduction of turnover tax from one per cent to 0.5pc. However, this was …

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Revision of trade policy on the cards

The Ministry of Commerce has decided to revise the Strategic Trade Policy Framework (STPF) as exports continue to fall. The decision was taken on Thursday in a meeting headed by Commerce Minister Khurram Dastgir. A source privy to the meeting told Dawn that a new policy will be evolved in six months. The three-year STPF was approved by the government …

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Debt and default looms over Indian telecom industry

India’s top seven telecommunications companies saw their total debt burden rise 20 percent in financial year 2016-17. From Rs 3,02,321 crore in the previous year to Rs 3,59,940 crore. Vodafone India Ltd. was the only one among the seven which saw a 22 percent fall in its total debt after parent Vodafone Plc. infused equity worth Rs 47,700 crore to …

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PML-N debt drama: A dangerous scenario

PML-N debt drama: A dangerous scenario

In violation of the Supreme Court’s judgment that bars legislation without the federal cabinet’s approval, the government has quietly amended the definition of public debt through the Finance Act 2017 that will immediately understate the debt by a whopping Rs2 trillion. It is the second change in the definition of public debt during the last one year after the finance …

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Amid Gulf crisis, Pakistan scraps US$ 2 Billion LNG project

As Saudi Arabia adopts an aggressive policy in the Middle East by cutting ties with Qatar, the PML-N-led government has shelved the $2 billion Gwadar-Nawabshah pipeline project, an alternative plan to implement Iran-Pakistan (IP) gas pipeline project following US sanctions against Tehran, in a move that will likely intensify row between Islamabad and Tehran on the gas pipeline project. Qatar …

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Hyundai to launch new small SUV called Kona

Hyundai Motor unveiled its first subcompact sport utility vehicle Kona for advanced markets, including the United States, Europe and South Korea, as it tries to offset sliding sales in China and catch up with rivals in the segment. The South Korean automaker said it would also launch an electric version of the Kona small sport utility vehicle (SUV) next year …

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Bangladesh shudders with EU export restrictions

European Union security screening of Bangladesh exports could damage the country’s multi-billion dollar textile industry, garment manufacturers alleged on Thursday. Tensions have been running high in recent months following a resurgence of extremist attacks in Bangladesh claimed by Al-Qaeda and the Islamic State group. Last week the EU, which accounts for more than 60 per cent of Dhaka’s $34 billion …

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Asian traders on edge ahead of key global events

Traders trod water in Asia on Wednesday as they nervously await a string of major events that could hammer global markets or fuel a rally. Thursday sees Britain voting in general election, the European Central Bank’s policy meeting and – in what could be the biggest market-mover – sacked FBI boss James Comey’s testimony on President Donald Trump’s campaign links …

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Pakistan signs $25M deal with ASELSAN

Pakistan signs $25M deal with ASELSAN

ASELSAN announced that the company has signed a contract with an overseas customer for $24.9 million. A second order for the ASELPOD Electro Optical Targeting System, which gives precision capability to fighter jets, came from Pakistan. According to the statement published by ASELSAN on the Public Disclosure Platform (KAP), a contract amounting to $24.9 million has been signed with Pakistan …

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