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Economy

Miftah Ismail says Pakistan economy can grow by 10%!

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Legality of Miftah Budget disputed

ISLAMABAD: Dr. Miftah Ismail, Adviser to prime minister  on Finance, has claimed here today that the country’s economy had the potential to grow by 10 percent annually.

Miftah Ismail was speaking at a Round Table Conference on ‘Pakistan Paradise for Investment’ held here today. 

Noting that during fiscal year the country was going to achieve 5.8 percent GDP, the adviser  said that  if  economic policies and reforms, introduced by the government in economic and taxation sectors, continued in future, the higher growth target could easily be achieved in years ahead.

Dr. Miftah Ismail stressed on the need of stable governments and stable institutions to ensure the higher GDP growth. 

 

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Asia

Tokyo shares rise after Wall Street rally

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TOKYO: Stocks here ended higher today with investor sentiment boosted by robust corporate earnings that triggered a rally on Wall Street and lifted shares in Asia.
The benchmark Nikkei 225 index rose 1.29 percent or 291.88 points to 22,841.12 while the broader Topix index added 1.54 percent or 25.96 points at 1,713.87. Market sentiment brightened across Asia, after US and European shares extended gains on a wide range of factors including solid US business earnings, an apparent fading of tensions between Italy and the EU over Rome’s spending, and hopes that Brexit talks may see some progress. Tokyo players also embraced the dollar’s renewed strength.
The US unit kept its ground at 112.25 yen in Tokyo after reaching 112.26 in New York, higher than 111.95 yen seen at the start of the week. “Investors cheered gains of US shares on the back of robust corporate earnings, as well as the relative stability of US bond yields,” Okasan Online Securities said in a note. “The Nikkei index began the day with buy orders leading the way. The dollar hovered just above the 112-yen mark. The yen’s downswing also brightened the sentiment,” the brokerage said. Strong gains of US tech issues drove up Tokyo-based IT shares. IT investor SoftBank Group added 2.13 percent to 9,790 yen, partly on news that Uber was aiming at a valuation above $100 billion for its share offering. Softbank has a 15-percent stake in the ridesharing service.
Softbank stock had taken a hammering in recent days due to the firm’s links to Saudi Arabia, which is under intense international scrutiny after a journalist disappeared from its consulate in Istanbul. Sony jumped 2.23 percent to 6,498 yen. Panasonic rose 1.26 percent to 1,250.5 yen. Toyota gained 1.38 percent at 6,612 yen while Sumitomo Mitsui Financial Group added 1.84 percent to 4,481 yen. FujiFilm, which rose 1.66 percent to 4,890 yen, announced that a US court lifted an injunction that had stopped the firm’s merger talks with US printer maker Xerox. The Japanese firm plans to continue the discussion.

 

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Economy

Pakistan to bridge the gap of $12b: Asad Umer

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Economic situation to be cleared

ISLAMABAD: Federal Minister for Finance Asad Umer on Tuesday expressed the hope that the country would bridge the gap of 12 billion US dollars through loans being sought from various foreign institutions and banks.
Pakistan needed to fill this and for this, the present government would seek the loan facility from International Monetary Funds, World Bank, and Asian Development Bank, etc., he stated while talking to a private news channel.
Taxes had been levied on luxuries items including cars, he said, adding focus would be given to expedite exports by improving industrial sectors.
To a question about power and gas pilferage, he said through modern technology, we would control such heinous activities.
To another question regarding the current account deficit, he said the previous governments were responsible for damaging the economy and other institutions.
The PTI government had put the 100-day plan on the website, he said adding that we were trying to stabilize the economy of the country.
Replying to a question about the housing project, he said it was a difficult task but we would implement this gigantic project for benefiting the low-income group.
He said the government would provide shelters to low-income people and the private sector would invest to achieve the target of 50,00,000 houses.
Asad Umer said the government would make legislation and formulate the policy for the housing project.  Good governance, he said, would address the challenges being faced by the country. People had expressed full confidence in the honest leadership of PTI chief Imran Khan, he added.

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Business

ECC approves uninterrupted gas supply to export oriented industry

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ECC approves uninterrupted gas supply

ISLAMABAD: Economic Coordination Committee at its meeting here today approved the mechanism for supply of uninterrupted gas to zero-rated export-oriented industry.

The meeting chaired by Finance Minister Asad Umar approved the supply of RLNG to the export industry for three months from December this year to February next month.

According to the mechanism, the export sectors will be provided mix energy including RLNG from March to November.

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