Auto rickshaw maker to set up car assembly plant by June 2019

Auto rickshaw maker to set up car assembly plant by June 2019

KARACHI: Sazgar Engineering Works, maker of CNG auto rickshaws, has decided to set up a car and light commercial vehicles’ (LCVs) plant on a fast-track basis as it looks to roll out models in an 18-month time frame to tap potential growth in Pakistan’s auto sector. To achieve the target, the...

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Judge in AT&T, Time Warner merger trial to deny data protection order

Judge in AT&T, Time Warner merger trial to deny data protection order

WASHINGTON  – The judge overseeing the Justice Department’s bid to stop AT&T (T.N) from buying Time Warner (TWX.N) said Thursday that he would deny a request to tighten protections on confidential data. Walt Disney Co (DIS.N) and Twenty-First Century Fox Inc (FOXA.O) had requested that a protective order on sensitive...

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In Silicon Valley, much-feared tax bill pays dividends for workers

In Silicon Valley, much-feared tax bill pays dividends for workers

SAN FRANCISCO – The U.S. tax overhaul is a boon to Silicon Valley technology companies like Apple Inc (AAPL.O) and Alphabet Inc (GOOGL.O), which will enjoy big tax cuts and the chance to bring back billions of dollars from overseas at a reduced rate. And contrary to the dire warnings...

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EASA orders airlines to replace some Rolls-Royce engines

EASA orders airlines to replace some Rolls-Royce engines

FRANKFURT  – The European aviation safety regulator ordered airlines to replace some Rolls-Royce Trent 1000 engines on their aircraft as some components are suspected of having corroded. The European Aviation Safety Agency (EASA) said, to reduce the risk of both engines shutting down in flight, a new life cycle limit...

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Alphabet’s Eric Schmidt to step down as executive chairman

Alphabet’s Eric Schmidt to step down as executive chairman

SAN FRANCISCO – Alphabet Inc (GOOGL.O) said on Thursday its Executive Chairman Eric Schmidt will step down in January, ending a 17-year-run in which he played a central role in building a promising startup called Google into a global technology powerhouse. He will continue to serve on the Alphabet’s board...

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BNY Mellon freezes $22 billion in Kazakhstan assets: source

BNY Mellon freezes $22 billion in Kazakhstan assets: source

ALMATY  – The Bank of New York Mellon (BK.N) has frozen $22 billion in assets held by Kazakhstan’s National Fund over a lawsuit launched by Moldovan businessman Anatolie Stati and his companies against the Kazakh government, a source familiar with the case said on Thursday.  The National Fund is replenished...

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Twitter seeks business ad dollars with live news, CEO tweets

Twitter seeks business ad dollars with live news, CEO tweets

Twitter Inc is turning its spotlight onto a new demographic in its bid to lure more advertising dollars to its social media platform: deep-pocketed business users. The microblogging service has 330 million monthly active users but has struggled to turn its popularity into profit, losing out to rival Facebook Inc...

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Govt urges businessmen to make use of Gwadar port

Govt urges businessmen to make use of Gwadar port

KARACHI: Federal Minister for Maritime Affairs Senator Mir Hasil Khan Bizenjo said on Monday the Gwadar port will become commercially operational within one month as ships will start calling on the port in January. Addressing business leaders at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), the minister...

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SME Bank’s woes and viability

SME Bank’s woes and viability

The privatization procedure is plagued with mounting challenges, deferring vital offer of sinking state-run units. Without any significant recovery program, or none at by any stretch of the imagination — as on account of SME Bank Ltd — the situation of general society part undertakings reserved for privatization has turned...

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Republicans confident tax bill to become law this week

Republicans confident tax bill to become law this week

WASHINGTON – Top U.S. Republicans said on Sunday they expected Congress to pass a tax code overhaul this week, with a Senate vote as early as Tuesday and President Donald Trump aiming to sign the bill by week’s end. John Cornyn, the No. 2 U.S. Senate Republican, said in an...

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Trump defends tax plan as ‘great Christmas gifts’ to middle class

Trump defends tax plan as ‘great Christmas gifts’ to middle class

WASHINGTON – U.S. President Donald Trump on Saturday defended a Republican tax-cut plan against Democratic charges that it favors the rich, saying it will be “one of the great Christmas gifts” for the middle class with just days to go before Congress votes. With a vote on the biggest tax...

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Chinese drive a hard deal with Pakistan in CPEC

Chinese drive a hard deal with Pakistan in CPEC

ISLAMABAD: Pakistan appea­red to have been pushed hard by the Chinese side to give in more than it secured in kind amid the as of late held seventh joint participation board of trustees (JCC) meeting of the China-Pakistan Economic Corridor (CPEC).   This is apparent from the minutes of the...

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Chinese drive a hard deal with Pakistan In CPEC.

Chinese drive a hard deal with Pakistan In CPEC.

ISLAMABAD: Pakistan appea­red to have been pushed hard by the Chinese side to give in more than it secured in kind amid the as of late held seventh joint participation board of trustees (JCC) meeting of the China-Pakistan Economic Corridor (CPEC). This is apparent from the minutes of the seventh...

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IMF wants safeguards against reckless borrowing, unchecked expenditures

IMF wants safeguards against reckless borrowing, unchecked expenditures

ISLAMABAD: The International Monetary Fund (IMF) has asked Pakistan to adopt a new legal framework for public finance management, aimed at stopping the country from borrowing recklessly and ensuring strict oversight of parliament on unchecked expenditure. The IMF pushed its demand during the on-going talks under the umbrella of Post Programme...

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K-P income expert produces Rs34b in Taxes

K-P income expert produces Rs34b in Taxes

PESHAWAR: Khyber Pakhtunkhwa Revenue Authority (KPRA) has produced Rs34 billion in impose accumulations since its commencement in 2013, as per KPRA Director General Tahir Aurakzai, adding this adds up to 56% of commonplace expense income gathered in 2016 and 2017. AJK digitizing land income records Talking at a multi partner’s...

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Shahid Khaqan Abbasi says govt mindful of issues looked by industrialist

Shahid Khaqan Abbasi says govt mindful of issues looked by industrialist

ISLAMABAD: Prime Minister Shahid Khaqan Abbasi said on Tuesday that the legislature was cognisant of the issues looked by industrialists and was working steadily on charge changes. “We comprehend that there is a fragile harmony between charge accumulation and mechanical development”, he expressed. The chief communicated these perspectives amid a...

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Exclusive: Uber paid 20-year-old Florida man to keep data breach secret – sources

Exclusive: Uber paid 20-year-old Florida man to keep data breach secret – sources

SAN FRANCISCO/WASHINGTON – A 20-year-old Florida man was responsible for the large data breach at Uber Technologies Inc last year and was paid by Uber to destroy the data through a so-called “bug bounty” program normally used to identify small code vulnerabilities, three people familiar with the events have...

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State Bank awakens to ATM skimming occurrences

State Bank awakens to ATM skimming occurrences

KARACHI: The State Bank of Pakistan (SBP) communicated worries on Tuesday over the skimming of charge cards that made an aggregate loss of Rs10.2 million 559 clients as of late. The SBP approached banks to go for the Europay Mastercard Visa (EMV) guidelines, which are sheltered and ensured, as per...

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6 indicators in which the United States is at the level of the underdeveloped countries

6 indicators in which the United States is at the level of the underdeveloped countries

“We are becoming a third world country,” was the warning issued by Donald Trump on June 16, 2015, when he announced his candidacy for the presidency of the United States. The claim, which Trump repeated on other occasions during the almost year and a half of the election campaign, was...

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Over 40% of companies did not pay any tax in 2016

Over 40% of companies did not pay any tax in 2016

Four out of every 10 companies and business entities that filed income tax returns did not pay any tax in tax year 2016 while Pakistan’s top 50 companies contributed nearly half of the taxes collected from the corporate sector, according to the Tax Directory 2016. The high ratio of companies...

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Why are hidden messages appearing inside Zara garments in Turkey

Why are hidden messages appearing inside Zara garments in Turkey

“I made this garment that you are going to buy but they did not pay me for it!” That is the curious message that shoppers find in Zara stores in Istanbul, Turkey, on labels that accompany garments, hidden in the crease of some pants or in the pocket of a...

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Volkswagen’s welcomed in Pakistan by PM Abbasi

Volkswagen’s welcomed in Pakistan by PM Abbasi

The Prime Minister of Pakistan, Shahid Khaqan Abbasi, amidst all the political mayhem, has given the nation a good news. The German automobile giant, Volkswagen has decided to invest and undertake business ventures in Pakistan, assuring the world’s largest automaker of complete facilitation and support from Pakistani government. While meeting the Board...

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Bitcoin Baby Steps – A Guide to help you enter Bitcoin World

Bitcoin Baby Steps – A Guide to help you enter Bitcoin World

Welcome to the world of bitcoin! Lately there are enough people who ask me for bitcoin. Two years ago I was taken as a joke by most of the people I know and most of the negative comments I received came from ignorance. Today I notice that there is a more mature...

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Bitcoin blasts to new all-time high of $6,450

Bitcoin blasts to new all-time high of $6,450

Bitcoin climbed to a new all-time high of $6,450 on Wednesday, boosted by bets the cryptocurrency could enter the financial mainstream after the world’s largest derivatives exchange operator said on Tuesday it would launch bitcoin futures. CME Group said it would provide a regulated trading venue for the cryptocurrency market...

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Petrol prices increased all across Pakistan by Rs. 2.50

Petrol prices increased all across Pakistan by Rs. 2.50

ISLAMABAD: The government on Tuesday increased prices of all petroleum products by up to 11 per cent with immediate effect for the month of November. The increase was approved by Prime Minister Shahid Khaqan Abbasi who also put an end to the role of the ministry of finance in petroleum...

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Uncertainty has wiped $18.5b off Pakistan’s stock market

Uncertainty has wiped $18.5b off Pakistan’s stock market

KARACHI: Not too long ago, the government sold a 40% stake in the Pakistan Stock Exchange (PSX) to the Chinese at Rs28 per share. Since then, as of Thursday, the Chinese consortium had seen its investment shed close to 30% of the total value of $86 million. Additionally, close to $18.5...

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Pakistan International Trade Fair starts today in Karachi after 25 years

Pakistan International Trade Fair starts today in Karachi after 25 years

After a gap of 25 years, the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) is organizing an international-level trade fair in the country in an attempt to boost exports and economic growth. The Pakistan International Trade Fair (PITF) starts today October 26 till 29. The 4 day event will...

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Pakistan Stock Exchange facing technical glitch – Trading suspended

Pakistan Stock Exchange facing technical glitch – Trading suspended

Trading at the Pakistan Stock Exchange (PSX) was suspended early on Thursday due to a technical fault, a notification on the PSX websiteinformed. Bullish trend was observed on the exchange with the benchmark KSE-100 index gaining 273 points before the market was closed because of a technical fault in the trading...

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Amidst pressure from USA and Saudia, Iran wants Pakistan to revive the gas line project

Amidst pressure from USA and Saudia, Iran wants Pakistan to revive the gas line project

ISLAMABAD: Iran has written a letter to Pakistan in a fresh bid to push ahead with the long stalled gas pipeline project following persistent pressure from Saudi Arabia and unilateral sanctions imposed by the United States. “The Iranian government has written a letter, seeking to hold talks on issues that have caused...

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Five Charts of Economic Growth that matter: Expert Advice

Five Charts of Economic Growth that matter: Expert Advice

This article was originally posted at BBC – Economics   Most economists predict the Office for National Statistics will announce on Wednesday that the UK economy expanded by about 0.3% in the third quarter of the year. Such a modest figure will do little to change our relatively lowly position...

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Nauman Dar’s retirement leads to changes in HBL

Nauman Dar’s retirement leads to changes in HBL

KARACHI:  Habib Bank Limited (HBL) will undergo major reshuffling at the top managerial level after it was announced that CEO and president, Nauman K Dar, will retire with effect from December 31, 2017. According to a notice sent to the Pakistan Stock Exchange (PSX), HBL said that its Chief Operating...

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