Government borrowings from the SBP amount to Rs1.276bn

Government borrowings from the SBP amount to Rs1.276bn

KARACHI: The government has borrowed Rs1.276 trillion from the State Bank of Pakistan (SBP) in less than two and half months (up to Sept 7) of this fiscal year compared to just Rs118bn in the corresponding period last year. On Tuesday the central bank reported that during the first quarter...

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Uber rolling out in new ways, likely to acquire Dubai’s ride-hailing rival Careem

Uber rolling out in new ways, likely to acquire Dubai’s ride-hailing rival Careem

Ride-hailing company Uber Technologies Inc is in talks to buy Dubai-based rival Careem Networks FZ for about $2 billion to $2.5 billion, media reported citing people familiar with this regard. No final decisions have been made, and the companies may decide against the transaction, according to media officials. Uber Chief...

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Time Magazine being sold to tech entrepreneur-billionaire Marc. Benioff for $190mn

Time Magazine being sold to tech entrepreneur-billionaire Marc. Benioff for $190mn

NEW YORK: A tech billionaire is set to buy America’s known publication, the Time magazine. The move comes after the magazine was bought only eight months before by a US media group Meredith Corporation. Time Magazine is being sold by Meredith Corp. to Marc Benioff, one of four co-founders of...

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PIA partners with Turkish IT company to bring modernization and improve its online functionality and accessibility

PIA partners with Turkish IT company to bring modernization and improve its online functionality and accessibility

Pakistan International Airlines (PIA) announced that a Turkish IT solutions company HITIT Computer Services, is taking over their IT systems. According to a PIA press release, the new IT system will improve the website’s accessibility and functionality, making online booking “swift and convenient”. The airline’s reservations, inventory control, ticketing, check-in...

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PM Imran Khan to inaugurate 2 new trains today; Rawalpindi Express and Mianwali Rail Car

PM Imran Khan to inaugurate 2 new trains today; Rawalpindi Express and Mianwali Rail Car

ISLAMABAD: Prime Minister Imran Khan will inaugurate two new trains on Friday, namely; Rawalpindi Express and Mianwali Rail Car. According to Pakistan Railways, the Mianwali Rail Car consists of nine passenger coaches. However, the manufacturing cost of the rail car was Rs8.5 million, the statement read. Mianwali Rail Car will...

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SIAL avowed Shaheen Air International defaulter of Rs.140mn

SIAL avowed Shaheen Air International defaulter of Rs.140mn

SIALKOT: The Sialkot International Airport Ltd (SIAL) management has avowed Shaheen Air International a defaulter of Rs140 million. According to a press release issued on Wednes­day, the SIAL management stated that the Shaheen Airways has not cleared the due amount (in shape of different taxes) to the airport. The management...

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Indo-Pak policies contribute to global sugar glut

Indo-Pak policies contribute to global sugar glut

SYDNEY: The policies of India and Pakistan have greatly contributed to a global glut in the sugar market, Australia’s Minister for Trade Simon Birmingham revealed. “It is clear that export subsidies introduced recently by the Indian and Pakistan Governments have contributed to a growing glut on global markets,” Birmingham stated...

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SBP directs banks not to charge fee on electronic payments

SBP directs banks not to charge fee on electronic payments

KARACHI: The State Bank of Pakistan (SBP) on Tuesday directed all banks not to charge any variable transaction fee (interchange, merchant discount rate etc) on payments made to federal and provincial governments using electronic modes of payments including payment cards and electronic wallets etc. “The acquiring banks, however, may charge...

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KSA initiates marketing US-dollar sukuk, sets target of $2bn

KSA initiates marketing US-dollar sukuk, sets target of $2bn

KSA: Saudi Arabia has started marketing a US dollar-denominated sukuk, or Islamic bond with the issue expected to be around $2 billion in size, a document showed on Wednesday. Sukuk are Islamic bonds that are structured in a way to generate returns to investors. They are issued and traded in...

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ECC in Islamabad to reconsider changes in gas tariffs

ECC in Islamabad to reconsider changes in gas tariffs

ISLAMABAD: The Economic Coordination Committee (ECC) is likely to meet today in Islamabad, sources informed media sources. In the meeting, that will be presided over by Finance Minister Asad Umar, members of the committee are likely to reconsider the changes in gas tariff amid other economic challenges. The finance minister said that...

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