SME financing rises 14pc

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SME financing rises 14pc KARACHI: Bank financing to small and medium-sized enterprises (SMEs) rose 14 per cent to Rs297.5 billion in 2015-16, a State Bank of Pakistan’s (SBP) report said on Friday. However, despite economic significance of SMEs, they have been unable to receive their due share from formal source of financing which hampers the development of SME sector, the central bank said. According to State Bank’s quarterly SME Finance Review, banks and development finance institutions’ (DFIs) financing to these enterprises rose by 5pc in April-June compared to the previous quarter….

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SECP revamps public offering process

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SECP revamps public offering process ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has approved a comprehensive regulatory framework for the public offering of debt and equity securities. Its objective is to promote the ease of doing business and streamline the entire public offering process, according to a statement by the SECP on Friday. The SECP held pre-approval consultative sessions with industry participants in March and September. The numbers of regulations under the approved framework has been reduced to two. As many as seven rules/regulations/guidelines relating to the public offering…

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Nishat Mills earnings surge 31pc

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Nishat Mills earnings surge 31pc KARACHI: Nishat Mills announced on Friday a consolidated profit attributable to majority shareholders of Rs1.6 billion for the first quarter of 2016-17, up 31 per cent year-on-year. Topline Securities analyst Salman Rashid said the result was above market estimates. Consolidated sales declined 2pc to Rs17bn in the three-month period, which was primarily attributed to lower revenues of the company on a standalone basis. The company’s gross margins remained flat at 16.6pc for the quarter, which was in line with the last three-year average gross margin of…

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Uber eyes flying commuter transit

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Uber eyes flying commuter transit SAN FRANCISCO: Uber on Thursday laid out a vision for on-demand aircraft that can whisk commuters to home or work in a fraction of the time it would take on the road. The ride-sharing giant assessed the feasibility of what it called “vertical take-off and landing” vehicles in a 98-page white paper, inviting innovators and entrepreneurs to take flight with the idea. The company said it will be reaching out to cities, manufacturers and others about the concept. “Just as skyscrapers allowed cities to use limited…

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England stutter after Bangladesh collapse

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England stutter after Bangladesh collapse DHAKA: Tamim Iqbal scored his eighth Test century before Moeen Ali took 5-57 to spark a spectacular collapse as England dismissed Bangladesh for 220 runs on the first day of the second Test on Friday. In a topsy-turvy day’s play in Dhaka, opener Tamim made a quickfire 104 off 147 balls while Mominul Haque scored 66 as the hosts surged to what should have been a commanding score of 171 for one. But Tamim’s dismissal, lbw to Ali, sparked a spectacular collapse, as Bangladesh lost their…

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FBI reopens Clinton email probe

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FBI reopens Clinton email probe WASHINGTON: The FBI is telling Congress it is investigating whether new emails that may contain classified information have emerged in its probe of Hillary Clinton’s private server. The FBI said in July its investigation was finished. The disclosure raises the possibility of the FBI reopening the criminal investigation involving the Democratic presidential nominee just days before the election. Clinton’s campaign didn’t immediately respond. In a letter sent on Friday to congressional leaders, FBI Director James Comey says that new emails have come to light recently that…

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Dr Asim suffers ‘mini-stroke’

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Dr Asim suffers ‘mini-stroke’ KARACHI: Dr Asim Hussain on Friday suffered transient ischemic attack (TIA), often referred to as mini-stroke, in the ‘sub-jail’ of the Jinnah Postgraduate Medical Centre (JPMC), hospital officials said. They added that doctors took him for an emergency check-up where his MRI and CT scan tests were conducted. “Dr Hussain is currently under observation,” doctors said. They added that the attack might be the result of high blood pressure and excessive stress. The doctors advised him for complete rest. Source: http://www.dawn.com/news/1292885/dr-asim-suffers-mini-stroke

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One-man party steals the show in Rawalpindi

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One-man party steals the show in Rawalpindi  RAWALPINDI: The entire country’s attention was focused on Rawalpindi for most of the day on Friday, where Sheikh Rashid was to hold a jalsa where Imran Khan had promised to make an appearance. The government’s promise to stop the two had turned the city into a story from late Thursday night when Lal Haveli had been surrounded by policemen. By the time Friday morning rolled around, Sheikh Rashid was on the run and the story being chased by all news channels. Through his…

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Misbah defends celebratory push-ups

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Misbah defends celebratory push-ups Test captain Misbah-ul-Haq on Saturday defended the celebratory press-ups his players do after high-profile successes, despite criticism by some Pakistan Muslim League-Nawaz (PML-N) lawmakers back home. Press-ups (or push-ups) took off as a unique way for Pakistan’s cricket team to celebrate following a Test against England in July when Misbah himself first dropped to the ground to flex his muscles. But on Wednesday, a national assembly member of the ruling party Pakistan Muslim League, Rana Mohammad Afzal objected to the manner of celebration. “The push-ups are not…

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For ASWJ, capital was open for rally

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For ASWJ, capital was open for rally ISLAMABAD: While PTI workers were battling the police in Rawalpindi on Friday, people were taken aback to see Ahle Sunnat Wal Jamaat (ASWJ), a proscribed group, holding a rally in the heart of Islamabad. Despite the imposition of Section 144, which had been used by the government to stop a convention of the PTI workers on Thursday evening, ASWJ comfortably held its annual conference on Friday, provoking many to accuse the government of double standards. “This programme is a traditional conference similar to the…

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