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Trump backs Harley-Davidson boycott in tariff row

Donald Trump has tweeted that it is "great" that many Harley-Davidson owners plan to boycott the firm as a row over tariffs escalates. The US president said "most other firms... including Harley competitors" agreed with his decision to impose tariffs on steel and aluminium imports.In June, Harley-Davidson said it would move some production out…
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Remittances surge 25%, amount to $1.93b

KARACHI: In a positive development, the remittances received from overseas Pakistanis rose markedly in July 2018, according to data released by the central bank on Friday.Remittances stood at $1.93 billion in the first month of fiscal year 2019, up 25.17% compared to $1.54 billion in the same month of previous year.The inflows were 21.03%…
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Forex reserves held by SBP up 20 million dollars

By Our Staff Correspondent KARACHI: Foreign exchange reserves held by the State Bank of Pakistan have slightly improved by 20 million to $10.369 billion on August 3, 2018 against $10.349 billion on July 27. According to data released by the State Bank of Pakistan on Friday, the total liquid foreign reserves held by Pakistan slightly decreased to…
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Plans in process to curb imports

ISLAMABAD: Ahead of the new elected government, the Commerce Division and Customs Department are working on various proposals to curtail the rising import bill of the country.The Commerce Division is working on an exercise to identify certain tariff lines that will be proposed to the incoming government for imposing quantitative restrictions on…
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Specialized banks fail to meet targets

M J Hayat LAHORE: Specialized banks have failed to meet their targets for agricultural loaning disbursement as Zarai Taraqiati Bank Ltd (ZTBL) disbursed Rs 83.2 billion or 66.6% of its annual target of Rs 125 billion while PPCBL disbursed Rs 10.7 billion by achieving 71.5% against its target of Rs 15 billion during FY 2017-18, State Bank of…
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Pakistan defends its economic partnership with China

Islamabad - Pakistan Wednesday defended its economic partnership with China, amid fears that the terms of opaque multi-billion dollar investments by Beijing could be exacerbating Islamabad´s economic woes as it considers a fresh IMF bailout."We have noted recent media reports questioning the viability of China Pakistan Economic Corridor (CPEC),…
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Cement, chemicals help stocks gain 303 points

KARACHI: Stocks managed to climb on the first trading day of the week with the KSE-100 index gaining 303.61 points (0.71 per cent) to close at 42,808.66.Market opened positive and traded sideways in the early hours due to lack of interest by participants in the absence of market-specific triggers. Investors were haunted over the fragile…
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ANF seizes 1.8 tons drugs in 26 counter-narcotics operations

ISLAMABAD: Anti Narcotics Force (ANF) Pakistan has seized 1.8 Tons narcotics and arrested 30 persons involved in drug trafficking during its campaign against the menace across the country. The Force also impounded 18 vehicles while conducting 26 counter-narcotics strikes across the country. The seized drugs comprised 1713.35 Kg Hashish, 59.22 Kg…
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IMC launches Corolla XLi with Automatic Transmission

By Our Staff Correspondent KARACHI: The most popular variant of Toyota’s flagship Corolla, XLi 1.3 is set to change the auto sector dynamics of Pakistani market with launch of advanced version with 4 speed automatic (super electronic controlled transmission), dual SRS airbags, immobilizer and many more advanced features. Indus Motor Company…
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LSM grows by 5.9pc in July-March FY18

By M J Hayat LAHORE: Large-Scale Manufacturing (LSM) marginally improved on a YoY basis, growing by 5.9 percent during July-March FY18, compared to 5.4 percent in the corresponding period last year, State Bank of Pakistan (SBP) reported. The factors which facilitated LSM growth mainly included: (i) increased capacity utilisation due to ease in…
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Dollar stays firm despite US-China trade war worries

TOKYO: The dollar firmed against a basket of currencies on Friday and hit a more than 14-month high against the yuan, with markets gripped by worries over escalating trade tensions between the United States and China.China vowed on Thursday to retaliate if the U.S. acted on a threat to raise tariffs on the Asian nation’s exports after U.S.…
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US opposition to IMF bailout package flayed

ISLAMABAD: The Veterans of Pakistan (formerly PESA) on Thursday expressed satisfaction at the peaceful conclusion of the general elections barring two terror incidents. Army's role to provide security at polling stations was highly appreciated. Troops were seen to be very polite with voters and were ready to provide guidance to various enclosures.…
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Official inflows pushes up forex reserves to $10,350 m

LAHORE: The total liquid foreign reserves held by the country stood at US$17,079.7 million on 27July2018.The break-up of the foreign reserves position is as under:- i) Foreign reserves held by the State Bank of Pakistan : US$ 10,349.7 million ii) Net foreign reserves held by commercial banks : US$ 6,730.0 million iii) Total liquid foreign…
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Tax amnesty yields Rs 21 billion in additional revenues in July

ISLAMABAD: With the curtain set to drop on the amnesty scheme, nearly 15,000 people have filed returns declaring their domestic as well as foreign assets and deposited Rs21 billion in taxes till July 31, Dawn has learnt through knowledgeable sources.On the other hand, the Federal Bureau of Revenue (FBR) has claimed to have collected…
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