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Plastic money usage on the rise in Pakistan
ISLAMABAD: The use of plastic money has witnessed rise in Pakistan with increasing of awareness among public, touching 36.6 million number of payment cards till June 2017. Number of payment cards issued in Pakistan has reached 36.6 million by June 2017, up from 33.6 million by June 2016, showing the year on year growth of 8.8 per cent. A break-up of Payment Cards issued by State Bank of Pakistan (SBP) on Thursday revealed that
 
 
Air India seeks financial bids for short-term loans
NEW DELHI: India’s national passenger carrier Air India (AI) has invited bids from banks for government guarantee-backed Short Term Loans (STLs). The airline has called for financial bids by October 26. “Air India is looking for Government Guarantee backed INR STLs totaling up to Rs1,500 crore to meet its urgent working capital requirements,” the airline said in a tender document. “The tenure of the loan will be up to June 27,
   
Sri Lanka invites Pakistani firms to invest in sugar, cement sectors
COLOMBO/ISLAMABAD: Sri Lankan President Maithripala Sirisena emphasised the need for further expanding economic relations between Pakistan and Sri Lanka and invited Pakistani companies to invest in sugar and cement industries of his country. According to a message received in Islamabad, he made this statement when Pakistan’s Foreign Secretary Tehmina Janjua called on him at the Presidential Secretariat recently. He said that
 
 
Foreign exchange reserves reclaim $400-billion mark, says RBI
MUMBAI: India’s foreign exchange (Forex) reserves kitty increased by $1.50 billion as on October 13, 2017, official data showed. The Reserve Bank of India’s (RBI) weekly statistical supplement released on Friday showed that the overall Forex reserves rose to $400.29 billion from $398.79 billion reported for the week ended October 6. India’s Forex reserves comprise of foreign currency assets (FCAs), gold reserves, special
   
Cotton production surges 36.79%, shows PCGA data
ISLAMABAD: Pakistan is likely to achieve the cotton production target of 13 million bales this season, latest data released by the Pakistan Cotton Ginners Association (PCGA) shows. The country produced 5.984m cotton bales by Oct.15, up 36.79 per cent from the output recorded in the corresponding period of the last year. Following a crop failure in the last two consecutive seasons, the cotton production is likely to be 3m bales
 
 
Odisha state gets piped natural gas supply system
BHUBANESWAR: Union Petroleum and Natural Gas Minister Dharmendra Pradhan on Friday launched the Piped Natural Gas (PNG) supply system in Odisha state by rolling out the first phase of the project here - almost six months before the deadline. With this, Gas Authority of India Limited (GAIL) started supplying environment-friendly PNG to 255 houses in Nalco Nagar located at Chandrasekharpur area. It also plans to provide PNG
   
NIIT Tech’s net profit rises 14% in second quarter
NEW DELHI: Global IT solutions provider NIIT Technologies reported Rs67-crore net profit for the second quarter of fiscal 2017-18, posting 14 per cent growth from Rs59 crore in the same period year ago. “Consolidated revenue for the quarter under review (Q2) at Rs 737 crore was up 6.4 per cent from Rs693 crore in the like period year ago and 4 per cent up sequentially from a quarter ago,” said the NCR-based company in a
 
 
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