Policy of discouraging imports should be reconsidered: Mian Zahid Hussain

President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain on Friday said policy to discourage imports should be reconsidered because of losses associated with it.The policy of suppressing imports has damaged the industrial sector, left a million jobless and triggered inflation to nine-year high resulting in unrest, he said.

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The 12th international Urdu Conference

“After Ghalib no one could adopt his versatility” said Shamim Hanfi in a session on Ghalib at Arts Council of Pakistan Karachi. The session was part of the ongoing 12th international Urdu Conference at Arts Council of Pakistan Karachi on 150th death anniversary of famous Urdu Poet of 18th century Mirza Asad Ullah Khan Ghalib.

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KPT handles cargoes

According to Karachi Port Trust, the total cargo handled at port during the last 24 hours closed at 97,245 Metric Tons. The breakup shows that the port has handled 28,704 Metric Tons of export cargo and 68,541 Metric Tons of import cargo during the said period.

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PSX: Market Review for the week

The KSE-100 index staged rally for the week, climbing 3.7% WoW, a rise of 1,444 points, and managed to breach the psychological barrier of 40k index points ending at 40,732 index points. This rally was mainly supported by: (i) upgrade in outlook for Pakistan from negative to stable by Moody’s investor services, (ii) a USD431mn WoW increase in Forex reserves held by SBP, and (iii) OPEC agreeing on greater than expected production cuts.

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Engro Fertilizers signs agreement with BASF

Engro Fertilizers signed an agreement with BASF to develop and distribute the world-renowned Nunhems brand of vegetable seeds in Pakistan.

The seed to harvest solutions offered by Engro Fertilizers, coupled with Nunhems high quality vegetable seeds, will help Pakistani farmers improve their crop yields and income levels.

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SBP’s reserves increased by US$431 million

The total liquid foreign reserves held by the country stood at US$15,993.2 million on 29-November-2019.The break-up of the foreign reserves position is as under:-

  1. Foreign reserves held by the State Bank of Pakistan : US$  9,112.9 million
  2. Net foreign reserves held by commercial banks         : US$  6,880.3 million
  3. Total liquid foreign reserves                                            : US$ 15,993.2 million    

During the week ending 29-November-2019, SBP’s reserves increased by US$431 million to US$9,112.9 million.

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WAPDA all set to commence Diamer Basha Dam construction Contract for Dam part likely to be awarded in 6 to 8 weeks: WAPDA Chairman

December 05, 2019: WAPDA is all set to commence construction work on Diamer Basha Dam following award of contract in six to eight weeks, while the under-construction Mohmand Dam and Dasu Hydropower Project (Stage-I) will be completed in 2024-25. These mega projects are going to change fate and destiny of the country.

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