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BOL NEWS BUSINESS DIGEST: January 12, 2022

BOL NEWS BUSINESS

BOL NEWS BUSINESS DIGEST. Image: Unsplash

Karachi’s power consumers paying huge cost of KE-SSGC rift

KARACHI: The electricity in January is going to cost Karachi consumers way more, as the power utility has expressed its inability to produce cheaper electricity due to gas shortages. –JAVED MIRZA

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Askari Bank board approves amalgamation of its subsidiary

KARACHI: The board of directors of Askari Bank Limited (AKBL) has approved the amalgamation of its wholly owned subsidiary Askari Securities Limited (ASL) with and into Foundation Securities Limited (FSL), a bourse filing showed on Tuesday. –LATIFUR REHMAN

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Rupee slightly up against dollar

KARACHI: The Pakistan rupee recorded a slight gain on Tuesday on improved dollar supply in the market, dealers said. –LATIFUR REHMAN

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UAE launches AED100 million ‘Arab genius project’

ABU DHABI: Ruler of Dubai, vice president and prime minister of the UAE Sheikh Mohammed bin Rashid Al Maktoum, has launched the AED100 million “Arab genius project”, Khaleej Times reported. –WEB DESK

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Pakistan, Romania sign MoUs for cooperation in commerce, education

BUCHAREST: Pakistan and Romania signed memoranda of understanding (MoUs) to enhance bilateral cooperation between the trade bodies as well as for the provision of educational scholarships to Pakistani students. –APP

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Facing questions on trades, Fed vice chair to leave early

NEW YORK: Federal Reserve vice chair Richard Clarida announced on Monday he will exit the US central bank early; following questions over his equity trading activity early in the Covid-19 pandemic. –APP

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