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Gold purchase increases 8pc, reaches Rs47bn across country

KARACHI () – An increase is being witnessed in gold purchase across the country, as people have bought gold worth Rs47 billion in last three months. According to Pakistan Bureau of Statistics (PBS), an eight percent rise in obtaining gold was observed in the second quarter of the year. People bought gold jewelry worth billion, and gold bricks and coins worth more than billion in three months. Gold of billion was purchased in the first quarter of the year. According to World Gold Council (WGC), tons of gold was bought from April to June. Out of this, tons were used…
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All out efforts to be made to achieve export target of $35bln: minister

LAHORE (APP) - Federal Minister for Commerce Muhammad Pervaiz Malik Saturday said with the active participation of the private sector and leading exporters, all out efforts will be made on priority to achieve the realistic exports target of $35 billions by 2018. The minister was talking to Vice President SAARC Chamber, Chairman United Business Group (UBG) Iftikhar Ali Malik here. Pervaiz Malik said that his ministry would enhance co-operation with Federation of Pakistan Chamber of Commerce, its affiliated chambers and trade associations to address traders’ problems. Iftikhar Ali Malik, welcoming the appointment of Federal Minister for Commerce Pervaiz Malik, said…
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Renault to sign joint venture deal in Iran: ministry source

TEHRAN (AFP) - French carmaker Renault will sign a long-awaited deal on Monday to build more than 150,000 cars a year in Iran, a source close to the country s industry ministry told AFP. Unlike its chief competitor PSA, which makes Peugeots and Citroens, Renault never fully quit Iran during the sanctions period and already makes some 200,000 cars a year there. But it had to put a brake on its growth plans until Iran concluded a nuclear deal with world powers that came into force in January 2016. The new deal puts Renault in partnership with Iran s Negin…
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Petroleum ministry granted 46 exploration licences, 33 leases in four years

ISLAMABAD (APP) - Ministry of Petroleum and Natural Resources has granted 46 exploration licences and 33 leases to achieve self-sufficiency in oil and gas sector during the last four years. “Grant of exploration licences and leases witnessed an increase by percent and 200 percent respectively as compared to corresponding years of the previous government,” official sources in the Ministry told APP. Under the petroleum policy 2012, they informed that 46 new blocks have already been awarded, while the clearance process has been initiated for award of 32 more exploration blocks to E&P Companies in oil and gas potential areas through…
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Tax filers to enjoy major discounts on vehicle transfer fee

LAHORE (Dunya News)- Federal Board of Revenue (FBR) is mulling to tight its grip on non-filers as revenue watchdog mulls to hike transfer fee of for those who haven’t filed tax returns yet. As per FBR, transfer fee would be waved off for those who have filed tax returns in fiscal year (FY) 2017-18 on 850cc vehicles whereas non-filers would pay Rs5000 in same regard. Likewise, tax-filer is supposed to pay Rs5000 as transfer fee on purchase of 1000cc vehicle whereas same stands at Rs15000 for non-filer. On 1300cc vehicle, tax-filer would pay Rs7500 as transfer fee whereas non-filer would…
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Discovery buys Scripps Networks for $14.6 bn

WASHINGTON (AFP) - Discovery Communications announced Monday it was buying television rival Scripps Networks Interactive for $ billion, a deal that will give it Food Network, Travel Channel and other channels in global markets. The deal will unite the Discovery Channel, TLC, Animal Planet, Eurosport and others operated by Maryland-based Discovery Communications with the operations of Scripps, which include HGTV, DIY Network and Great American Country. Scripps also operates Poland-based TVN; UKTV, a joint venture with BBC Worldwide; and Asian Food Channel. Discovery s president and chief executive David Zaslav said the deal will create a "more dynamic media company…
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National Saving Scheme rates remain unchanged

KARACHI () - The Ministry of Finance has issued the notification where rate of profit on national savings scheme remained unchanged effective August 1, 2017. According to the notification the rates for the government-backed certificates remained unchanged. Regular Income Certificate to remain unchanged at percent, special saving certificate at percent, defense saving certificate at percent, saving account percent, bhebood and pension certificates at percent. The short term having maturity of three, six and one year has been pegged at percent, percent and percent respectively.
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European stock markets in positive gear

LONDON (AFP) - Europe s main stock markets rose on Monday, with London the best performer thanks to solid share-price gains for the resources sector. HSBC was also a big riser, gaining three percent at � ($10, euros) in late morning trade after the British banking giant announced a share buyback plan alongside a rise in first-half profits. Traders reacted also to official figures showing eurozone inflation steadied at percent in July, well below the ECB s target as Europe s recovery continued. The inflation figure for the 19-country single currency area, released by the Eurostat statistics agency, was the…
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Disqualification of prime minister increases policy uncertainty: Moody’s

(Dunya News) - Credit rating agency Moody on Tuesday reported that Nawaz Sharif s disqualification by the Supreme Court in Panama Papers case poses risks to policy continuity. If heightened political uncertainty and strife among the various branches of government disrupt the administration s economic and fiscal agenda, macroeconomic stability and the government s access to external finance could be impaired, weighing on Pakistan s credit profile. The investigation into Nawaz Sharif followed the 2015 publication of the “Panama Papers,” which disclosed his children s vast and previously unreported wealth. According to media reports, the Supreme Court ruling includes an…
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Gold price decreases in international, local markets

KARACHI (Dunya News)- Gold price witnessed a sharp decline of $2 per ounce in international market and settled at $1268. Following footprints of international market, gold price witnessed decline of Rs300 per tola and settled at Rs51, 000 in local markets of Lahore, Faisalabad and Karachi. Likewise price of 10gram gold went down by Rs200 to settle at Rs43, 714. However, silver price remained stable at Rs730.
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