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To curtail “Dollarisation” and inflationary pressure SBP hikes interest rate

ISLAMABAD: The State Bank of Pakistan on Tuesday has announced its monetary policy, raising the interest rate by 100 basis pointst-- to 13.5 percent. The move follows the agreement with the International Monetary Fund over a $6 billion loan package that comes with tough conditions aimed at cutting Pakistan's substantial fiscal and current account deficits and bolstering its shrinking currency...

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$235 MN loan approved by ADB to assist Karachi Bus Rapid Transit project

ISLAMABAD: The Asian Development Bank (ADB) on Friday approved a $235 million loan to help develop the bus rapid transit (BRT) system in Karachi. “The Karachi Bus Rapid Transit Red Line Project will deliver the 26.6-kilometer (km) Bus Rapid Transit Line Red Line corridor and associated facilities benefiting as many as 1.5 million people, about 10 per cent of Karachi’s...

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Iran could consider talks with US only if sanctions lifted, Khamenei permits: minister

DUBAI: Iran’s intelligence minister has said Tehran and Washington could hold talks only if the United States ended its sanctions and Iran’s top authority, Ayatollah Ali Khamenei, gave his approval, state news agency IRNA reported on Thursday. “Holding talks with America can be reviewed by Iran only if (US President Donald) Trump lifts the sanctions and our supreme leader gives...

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World Cup 2019: West Indies opted to bat first against Afghanistan

LEEDS: West Indies, in the 44th match of the World Cup on Thursday, opted to bat first after winning the toss against Afghanistan here at Leeds. Afghanistan will be gently convinced as they take the field against West Indies — the opponents they have beaten thrice in four completed games, including the seven-wicket conquest in the World Cup Qualifier final...

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Extended deadline for FBR amnesty scheme ends today

The extension in the Federal Board of Revenue's (FBR) Assets Declaration Scheme ends on Wednesday. The scheme, which started in May, was initially suppose to end on June 30. However, the government decided to extend the deadline for the scheme to July 3. Under the scheme, assets within the country and abroad (except for real estate) can be whitened at...

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Pakistani rupee gains strength against dollars

KARACHI:  Pakistani rupee maintained uptrend on the first working day of the new fiscal year 2019-20 on Tuesday following an increase in the supply of dollars in the economy. The currency improved Rs2 to Rs158 to the US dollar in intra-day trade in the inter-bank market. In totality, the rupee has strengthened Rs6 against the greenback in the two days. The...

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Heavy rains in India kill 27, cripple financial capital

MUMBAI: Monsoon rains caused wall collapses that killed 27 people in India on Tuesday, as a second day of bad weather disrupted rail and air traffic in the financial capital Mumbai, prompting officials to shut schools and offices, though markets were open. During every monsoon season, which runs from June to September, India experiences fatal incidents of building and wall...

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Gas price revision notification issued by OGRA

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) issued a notification on Sunday of gas sale price for domestic, commercial and industrial sectors, which would be effective from July 1. As per the notification, the authority has determined Rs121 per Million British Thermal Unit (MMBTU) for domestic consumers using up to 0.5hm3 (in cubic hectometers) gas per month, Rs300 per...

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World Cup 2019: England sets a solid target of 338 for India

BIRMINGHAM: Host England on Sunday set a solid target of 338 for India here at Edgbaston in Birmingham. Jonny Bairstow played a brilliant stroke of 111 runs to give his team a fighting chance against Indian bowlers. He was well-assisted by Ben Stokes, Jason Roy and Joe Root who scored 79, 66, and 44 runs respectively. Mohammad Shami dismissed five...

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World Cup 2019: England opted to bat first against India

BIRMINGHAM: Host England on Sunday opted to bat first against India here at Edgbaston in Birmingham. The only unbeaten team in the tournament, India sits on the second spot on the points table with five wins out of six with just their game against New Zealand being rained out. On the other hand, hosts England who began their World Cup...

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Pakistan thrashes arrogant Afghan side to keep their Semi-Final hopes alive

LEEDS: Pakistan kept their nerve to avoid a huge shock on Saturday, beating a spirited Afghan side by three wickets with just two balls to spare to keep their World Cup semi-final hopes alive. All-rounder Imad Wasim hit Afghanistan skipper Gulbadin Naib for a boundary through the covers to seal the win off the fourth ball of the last over,...

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Trump to Putin: Please don’t meddle in US elections

OSAKA: President Donald Trump on Friday sardonically asked his Russian counterpart to please not meddle in US elections, appearing to make light of a scandal that led to an investigation of his campaign’s contact with the Kremlin during 2016 elections. A two-year investigation into a Moscow-run influence campaign during the election has hung over Trump’s presidency, frustrating the Republican president...

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OGRA proposes to increase petroleum prices by Rs2.30 per litre

KARACHI: The Oil and Gas Regulatory Authority (Ogra) on Friday proposed the Petroleum Division to increase petrol price by Rs2.30 per litre. A decrease of Rs0.77 per litre in price of petrol has been suggested by Ogra. According to sources, Ogra has also purposed to increase prices of high-speed diesel and kerosene oil by Rs2.30 per litre and Rs2.94 per...

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Dollar on upsurge again, hits Rs164 in interbank

The dollar, continuing his upsurge in the markets, hit the Rs164 in interbank trading. While in the open market, the dollar is being traded at Rs163 in the open market. Similarly, an immense increase in the value of gold has also been observed during this week, with the yellow metal trading at Rs80,500 per 12 grams today. The dollar has...

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Six-point plan proposed by Pakistan at UN to counter Islamophobia

NEW YORK: Pakistan on Monday proposed a six-point plan to address the new manifestations of racism and faith-based hatred especially Islamophobia at the United Nations Headquarters organised by Pakistan along with Turkey, the Holy See and the UN. The plan was proposed by Pakistan's Permanent Representative to the UN Maleeha Lodhi at a session titled “Countering terrorism and other acts...

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Bangladesh train derailment over canal kills five, injures 100

DHAKA: A passenger train derailed in Bangladesh on Monday, killing at least five people and injuring more than 100, and there could be more casualties inside two carriages that fell into a canal, a police officer said. The train was crossing a bridge on its way to the capital, Dhaka, from the eastern city of Sylhet when it went off...

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US conducted cyber attack on Iran in response to drone downing

The United States launched cyber attacks against Iranian missile control systems and a spy network after Tehran downed an American surveillance drone, according to US media reports. US president Donald Trump secretly authorised US Cyber Command to carry out a retaliatory attack on Iran, The Washington Post reported on Saturday, shortly after the US president pledged to hit the Islamic...

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