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Dollar gains 91 paisas against rupee on IMF uncertainty
KARACHI: The dollar rebounded and gained 91 paisas to close at Rs174.67 on Thursday in the interbank foreign exchange market, dealers said. –SHAHNAWAZ AKHTER
PSX down 83.92 points amid profit-taking
KARACHI: The Pakistan Stock market continued to witness profit-taking on Thursday where late recovery was seen in the banking stocks, as the joint session of the Parliament approved a bill that would pave the way for increasing the central bank’s autonomy; thus, bringing it a step closer to reviving the delayed International Monetary Fund (IMF) loan programme. –JAVED MIRZA
FPCCI proposes adjudication, accountability powers to FTO
KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has proposed that the tax adjudication cases should be handled under the supervision of the Federal Tax Ombudsman (FTO) office for a fair, neutral, transparent and competent resolution. –SHAHNAWAZ AKHTER
Captive power plants, CNG sector gas to be diverted to domestic consumers
ISLAMABAD: The Petroleum Division has informed the Cabinet Committee on Energy that during the winter season the demand for domestic consumers will be met through cutting the gas supply to captive power plants and the compressed natural gas (CNG) sector. –HAMZA HABIB
FPCCI calls FBR provisions disappointing
KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has shown dismay, as the Federal Board of Revenue (FBR) continues with the provisions of the ITO Third Amendment 2021, a statement said. –LATIFUR REHMAN
KE implements black start facility at Korangi Power Complex
KARACHI: The K-Electric Limited (KEL) has successfully implemented a ‘Black Start’ capability for the first time in its generation fleet at the Korangi Power Complex (KPC), a statement said. –LATIFUR REHMAN
South Korea keen to import urea from Pakistan
KARACHI: South Korea has shown interest in importing urea from Pakistan, a statement said on Thursday. A delegation of Engro Fertilisers Limited (EFL) was called by the South Korean Embassy to discuss the possible export of urea to South Korea. Pakistan has significant potential to export urea and earns valuable foreign currency for the country, it added.‑SHAHNAWAZ AKHTER
Lucky Cement’s imported plant, machinery seized at port
KARACHI: The Customs Intelligence and Investigation Karachi (I&I Karachi) has seized a consignment of plant and machinery imported by the Lucky Cement for revenue evasion, official documents suggest. –JAVED MIRZA
Askari Cement merges into Fauji Cement in a share exchange deal
KARACHI: Fauji Cement Company Limited (FCCL) would issue 800.5 million shares for every Askari Cement share as the equity swap ratio for the merger between the two cement makers is set at 5:1, which implies every one share of Askari Cement will be entitled to five shares of FCCL for the amalgamation between the two companies, a bourse filing said. –JAVED MIRZA
Aamir Ahsan Khan appointed as Ericsson Pakistan country manager
KARACHI: Ericsson has announced the appointment of Aamir Ahsan Khan as its country manager for Pakistan, a statement said on Thursday. –LATIFUR REHMAN
Punjab Energy Department hosts seminar on energy potential in Dubai expo
LAHORE: The Punjab Energy Department, in collaboration with the Punjab Board of Investment and Trade (PBIT), hosted a seminar on the energy potential of Punjab at the Pakistan Pavilion Expo 2020 Dubai, a statement said. –IQTIDAR GILANI
Forex reserves fall $476 million to $23.55 billion
KARACHI: The foreign exchange reserves of Pakistan declined $476 million to $23.55 billion by the week ended November 12, 2021, the central bank reported on Thursday. –SHAHNAWAZ AKHTER
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