Senegal sees prospects for defence ties


Senegal sees prospects for defence ties TAXILA: Senegal Presi­dent Macky Sall on Wednes­day saw better prospect of bilateral relations between Pakistan and Senegal in the field of defence. He was speaking after witnessing the capacity and capabilities of the country’s armament industry during a visit to the Pakistan Ordnance Factories. Minister for Defence Production Rana Tanveer Hussain accompanied the Senegalese president and members of his delegation. Upon arrival at the POF, Senegal’s delegates were received by POF Chief Lt Gen Omar Mahmood Hayat. During a briefing, the Senegal delegation was informed…

Read More

58pc of Pakistani migrants are children


58pc of Pakistani migrants are children ISLAMABAD: Children make up 58 per cent of all refugees from Pakistan, the highest proportion in the South Asian region, said a United Nations Children’s Fund (Unicef) report on Wednesday. In its report, the UN agency said there were close to 300,000 refugees originating from Pakistan last year. And children accounted for 58pc of them. Insecurity and conflicts in various parts of the country have forced them to leave, although the country also continues to host a substantial number of refugees — nearly 1.6 million…

Read More

Vegetables become pricey


Vegetables become pricey KARACHI: The prices of almost all vegetables — barring potatoes — have surged by Rs30-40 per kg in the last two to three days as Eidul Azha nears. Pushing up prices of greens has become an annual ritual ahead of Eid while the regulators seem helpless in taking notice of the sharp price increase. Blaming wholesale price hike, traders said the prices of vegetables may increase further in coming days as trucks, which used to carry greens, are now engaged in transporting sacrificial animals from up country. Retail…

Read More

Govt admits missing fiscal deficit target


Govt admits missing fiscal deficit target ISLAMABAD: The government on Wednesday admitted to have missed the budget deficit reduction target for a second consecutive fiscal year in 2015-16. The government projected to reduce the gap between its income and expenses to 4.3 per cent of gross domestic product in FY16, but it ended up having a deficit of 4.6pc, according to a summary of consolidated figures of federal and provincial budgetary operations released by the finance ministry on Wednesday. However, the budget deficit was 8.8pc of GDP when the PML-N government…

Read More

FBR waives I-form condition for September


FBR waives I-form condition for September ISLAMABAD: The Fed­eral Board of Revenue (FBR) has waived the condition of import form (I-form) for the current month on all kinds of imports from Iran and Afghanistan via land route. The decision was reached in a meeting between a delegation of businessmen, led by former vice-president of the Federation of Pakistan Chambers of Commerce and Industry Zubair Tufail, and FBR Chairman Nisar Khan, an official source told Dawn on Wednesday. All imports from Iran and Afghanistan through the collectorates of Quetta and Peshawar are…

Read More

Oil sales grew 21pc in August


Oil sales grew 21pc in August KARACHI: Total oil sales soared by 21 per cent to 2.2 million tonnes in August on the back of strong growth in demand for furnace oil. Oil sales had remained flat during the same period last year. Furnace oil sales in August surged by 29pc year-on-year to 975,000 tonnes driven by increased economic activity and higher demand by the power generation sector. As per the latest numbers issued by the National Electric Power Regulatory Authority (Nepra), power generation went up 12pc year-on-year in July, which…

Read More

Stocks pierce through 40,000 barrier


Stocks pierce through 40,000 barrier KARACHI: Stocks have rebounded with a vengeance in the last two days, once again crossing the 40,000 barrier. The Wednesday’s rally amounted to 396 points, or one per cent, and the KSE-100 index closed at 40,085 points. With larger participation of investors across the board, the volume rose to 498 million shares on Wednesday from 330m shares a day ago. Pace Pakistan, TRG Pakistan and Japan Power Generation accounted for a combined turnover of 131m shares. Traded value rose to Rs17.7 billion from Rs14.1bn. Top three…

Read More

Australia toasts 25 years without recession


Australia toasts 25 years without recession SYDNEY: Australia’s resource-rich economy expanded at its fastest annual pace in four years last quarter, clinching a remarkable run of 25 years without recession as surging exports more than made up for a patchy performance at home. The local dollar held firm at $0.7662 after news gross domestic product (GDP) rose 3.3 per cent in the year to June, up from around 2.9pc the previous quarter. The value of all goods and services rose 0.5pc compared to the first quarter, when output climbed by an…

Read More

Commodities: Cotton extends decline


Commodities: Cotton extends decline KARACHI: Spinners rep­lenished their stocks on Wednesday amid rapidly fal­ling cotton prices. However, the underlying sentiment re­­mained easy and outlook uncertain. Floor brokers said higher arrivals of phutti (seed cotton) further exerted pressure on cotton prices as spinners remained apprehensive about sluggish demand for yarn. Though world cotton markets rebounded on reports of hurricane hitting cotton-growing areas in the US, local market remained under the influence of domestic factors, they added. Since spinners fear a glut in the cotton yarn market because of slow off-take, the higher…

Read More

Gold dips


Gold dips LONDON: Gold dipped on Wednesday, losing momentum due to profit taking following a rally in the previous session on US data that weakened the case for a US rate rise soon. The US non-manufacturing new orders index for August fell to its lowest since Dece­mber 2013. Gold is highly exposed to interest rates and returns on other assets, as rising rates lift the opportunity cost of holding non-yielding bullion. Spot gold was down 0.2 per cent at $1,346.12 per ounce by 0211 GMT. The metal earlier touched a high…

Read More