Bitcoin to drop as low as $1000 this year from its peak $20,000: Wall Street CIO

Bitcoin to drop as low as $1000 this year from its peak $20,000: Wall Street CIO

A drastic drop of almost fifty percent in Bitcoin value last week has worried the investors while fears of global crackdown on cryptocurrency is an added woe to those investing in the digital currency. Peter Boockvar, the Chief Investment Officer at Bleakley Advisory Group, sees the potential for Bitcoin (BTC) to be around for a...

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Icahn, Deason to jointly push Xerox to explore selling itself, other options: WSJ

Icahn, Deason to jointly push Xerox to explore selling itself, other options: WSJ

Investor Carl Icahn and Darwin Deason, the biggest- and third-largest shareholders of Xerox Corp, jointly plan to push the printer and photocopier maker to explore options, including a sale of the firm, the Wall Street Journal reported on Sunday. Icahn and Deason, who together own 15.7 percent of the photocopier...

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Exclusive: Philadelphia Energy Solutions to file for bankruptcy – memo

Exclusive: Philadelphia Energy Solutions to file for bankruptcy – memo

Philadelphia Energy Solutions LLC, the owner of the largest U.S. East Coast oil refining complex, announced to its employees on Sunday that it plans to file for Chapter 11 bankruptcy, according to an internal memo reviewed. The bankruptcy would come six years after private equity firm Carlyle Group LP (CG.O)...

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Wal-Mart shops Brazil unit stake to Advent, other funds: sources

Wal-Mart shops Brazil unit stake to Advent, other funds: sources

SAO PAULO – Wal-Mart Stores Inc is in talks with buyout firm Advent International Corp and other funds to sell a major stake in its Brazilian operations, two people with direct knowledge of the matter said on Sunday. Wal-Mart is being advised by Goldman Sachs & Co, according to one...

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Sanofi confirms deal to buy Bioverativ for $11.6 billion

Sanofi confirms deal to buy Bioverativ for $11.6 billion

PARIS – French healthcare group Sanofi has agreed to buy U.S. peer Bioverativ for $11.6 billion, in a deal which Sanofi said would boost its earnings and strengthen its presence in the field of treatment for rare diseases. Sanofi has agreed to buy all of the outstanding shares of Bioverativ...

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Regulatory fears hammer bitcoin below $10,000, half its peak

Regulatory fears hammer bitcoin below $10,000, half its peak

LONDON/TOKYO – Bitcoin fell as much as 20 percent on Wednesday, piercing below $10,000, while other cryptocurrencies took similar spills due to investor fears that regulators could clamp down on them in an effort to curb speculation. The world’s biggest and best-known cryptocurrency at one point lost 30 percent of...

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Google, Temasek coming in as new investors in Indonesia’s Go-Jek: sources

Google, Temasek coming in as new investors in Indonesia’s Go-Jek: sources

SINGAPORE (Reuters) – Alphabet Inc’s Google (GOOGL.O), Singapore state investor Temasek Holdings and Chinese online platform Meituan-Dianping are investing in a fundraising round of Indonesian ride-hailing start-up Go-Jek, sources familiar with the matter said. Go-Jek’s existing investors such as global private equity firms KKR & Co LP (KKR.N) and Warburg...

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Old hands in South Korea Bitcoin market unfazed by threats of ban

Old hands in South Korea Bitcoin market unfazed by threats of ban

SEOUL/HONG KONG  – Threats of a potential cryptocurrency trading ban in South Korea have scared many investors away, but some veterans of the young market are defiant, saying restrictions would be relatively easy to circumvent. Although the cryptocurrency market lost about $200 billion this week, or a third of its...

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Apple plans new U.S. campus, to pay $38 billion in foreign cash taxes

Apple plans new U.S. campus, to pay $38 billion in foreign cash taxes

 Apple Inc (AAPL.O) will open a new campus as part of a five-year, $30 billion U.S. investment plan and will make about $38 billion in one-time tax payments on its overseas cash, one of the largest corporate spending plans announced since the passage of a tax cut signed by U.S....

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Shari Redstone explores adding new CBS directors: WSJ

Shari Redstone explores adding new CBS directors: WSJ

 Shari Redstone, a controlling shareholder of CBS Corp, has discussed adding new directors to the CBS board as she renews her push to merge the company with Viacom Inc, The Wall Street Journal reported on Wednesday. Shari Redstone and Sumner Redstone, her ailing 94-year-old father, together control both CBS and...

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APCNGA meets reps of UK-, Italy-based companies

APCNGA meets reps of UK-, Italy-based companies

ISLAMABAD: Representatives of three well-reputed companies of Italy and United Kingdom held detailed discussions with All Pakistan Compressed Natural Gas Association (APCNGA) and the concerned government quarters. During their two-day visit to Pakistan, issues related to CNG, including the supply of lightweight CNG cylinder and latest electronic fuel injection (EFI)...

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Used cars create gridlock at Karachi port

Used cars create gridlock at Karachi port

KARACHI: Over 7,000 imported used cars are lined up at the Karachi port waiting to be picked up, while an equal number will reach in a few days, creating problems for port authorities to handle the cargo and the situation. Importers, unwilling to pick up their cargo, say the gridlock...

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Turkish MSE model to help ‘alleviate poverty’

Turkish MSE model to help ‘alleviate poverty’

FAISALABAD: The model of micro and small enterprises (MSE), which are playing pivotal role in socio-economic development and poverty alleviation in Turkey, could benefit Pakistan in eradicating unemployment. This was said by University of Agriculture Faisalabad (UAF) Vice Chancellor Prof Iqbal Zafar as he held a meeting with Turkish Professor...

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Indian pharma firms taking over Pakistan’s share

Indian pharma firms taking over Pakistan’s share

LAHORE: Pakistan’s pharmaceutical manufacturers are losing their export markets to the Indian industry and this lack of competitive advantage is blamed on the government’s indifference to the toll manufacturing arrangement. The domestic industry has urged authorities to allow pharma companies to optimise production and bring down manufacturing costs by subcontracting...

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Cabinet refuses contract extension for PQA chief

Cabinet refuses contract extension for PQA chief

ISLAMABAD: The cabinet has turned down a proposal floated by the Maritime Affairs Division for extension in the appointment contract of existing chairman of the Port Qasim Authority (PQA) and has issued directives for immediately publishing advertisements to find out a suitable candidate for the post. As the current PML-N...

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FDI in Pakistan drops massive 71.5% in Dec

FDI in Pakistan drops massive 71.5% in Dec

KARACHI: Foreign investment in Pakistan’s economy dropped a massive 71.5% in December, amounting to just $197.4 million from $692.1 million in the same month of 2016, according to data released on Tuesday by the State Bank of Pakistan. December was the first month of the current fiscal year that saw...

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Pakistan, Saudi Arabia agree to simplify business visa issuance

Pakistan, Saudi Arabia agree to simplify business visa issuance

ISLAMABAD: The 11th session of the Pakistan-Saudi Arabia Joint Ministerial Commission (JMC) began on Tuesday with a renewed pledge to boost bilateral economic, investment and trade cooperation between the two countries. High-ranked officials of various ministries of both countries also participated, with an aim to draw a future roadmap to...

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Preferential trade deal with Saudi Arabia

Preferential trade deal with Saudi Arabia

PAKISTAN has evolved a comprehensive package in line with Saudi Vision-2030 to promote bilateral trade and investment between the two countries. The package envisages measures to ease procedures for business visa, remove non-tariff barriers and initiate talks on a preferential trade agreement (PTA). The package will be discussed at a...

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Everything comes at a price, even a stable rupee

Everything comes at a price, even a stable rupee

The State Bank of Pakistan (SBP) is fire-fighting on the forex front knowing well that it is now paying the price for keeping the rupee overvalued in the past. The tragedy is that the decision to let the rupee put on extra weight was not entirely the central bank’s. In...

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Oil on the boil is bad news for govt

Oil on the boil is bad news for govt

THE recent sharp rebound in global oil prices on the back of supply cuts by the 14-nation Opec oil cartel and other producers led by Russia does not augur well for Pakistan’s economy, industry, exports and households. With around two dozen oil exporters agreeing to extend their deal to limit...

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Karachi Circular Railway faces derailment — again

Karachi Circular Railway faces derailment — again

GETTING around is going to get tougher with time for Karachiites as the Karachi Circular Railway (KCR) has hit snags — yet again. The mass transit project can potentially serve millions of distressed daily commuters and decongest roads of the megalopolis. > Sindh’s leadership accuses the federal government of deliberately...

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Economic growth to pick up pace in Pakistan, says World Bank report

Economic growth to pick up pace in Pakistan, says World Bank report

ISLAMABAD: The World Bank says that economic growth in Pakistan is forecast to increase to 5.5 per cent in the fiscal year 2017-18, and reach an average of 5.9 per cent over the medium term on the back of continued robust domestic consumption, rising investment and a recovery in exports....

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SBP reverses decision, allows cash dollar import to improve supply

SBP reverses decision, allows cash dollar import to improve supply

KARACHI: Reversing its earlier decision, the State Bank of Pakistan (SBP) is reported to have allowed dealers the import of 100 per cent cash dollars against the export of other foreign currencies. The central bank restricted the cash dollar import to 35pc through a circular on Jan 1 — a...

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In China, Macron urges openness, pitches France Inc.

In China, Macron urges openness, pitches France Inc.

BEIJING: President Emmanuel Macron offered on Tuesday to open up the French economy to Chinese investment in exchange for greater access to China’s booming markets, warning in talks in Beijing that existing trade imbalances would lead to protectionism. On the first state visit of his eight-month-old presidency, Macron is hoping...

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Further depreciation of rupee to pose short-term challenges: Moody’s

Further depreciation of rupee to pose short-term challenges: Moody’s

KARACHI: Moody’s Investors Service said on Tuesday the rupee will likely face ongoing depreciation pressures against the dollar after a five per cent downward adjustment last month. If the rupee depreciates markedly further, the State Bank of Pakistan (SBP) will find it difficult to keep inflation under control, it added....

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Asia stocks saunter toward historic high, U.S. earnings hurdle

Asia stocks saunter toward historic high, U.S. earnings hurdle

SYDNEY (Reuters) – Asian shares crept toward all-time peaks on Monday after Wall Street boasted its best start to a year in over a decade, with brisk economic growth and benign inflation proving a potent cocktail for risk appetites. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS added 0.2...

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Pak US relations: Businesses in the hot seat

Pak US relations: Businesses in the hot seat

THERE was anxiety in business circles over a harsher US stance towards Pakistan that evoked an angry response from the people. The government’s response, however, was muted. Senior government officials did admit that the situation was abnormal and could aggravate external-front vulnerabilities by depressing exports and foreign direct investment prospects....

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Tighter rules for forex companies

Tighter rules for forex companies

PRESSURE on the exchange rate persists and is unlikely to go anytime soon because the current account imbalance is still too wide (ie $6.43 billion in the first five months of this fiscal year) to be bridged shortly. And a growing mistrust in the US and Pakistan’s relationship can only...

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Punjab’s cement industry to be regulated after three decades

Punjab’s cement industry to be regulated after three decades

LAHORE: The unfettered cement industry in Punjab is once again being brought under the regulatory control of the provincial government after 29 years, allowing it to function and expand under a strictly monitored legal and administrative regime. The decision to once again regulate the cement industry was taken during a...

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Market watch: KSE-100 closes positive for 10th successive session

Market watch: KSE-100 closes positive for 10th successive session

KARACHI: The stock market witnessed see-saw trading on Wednesday, but the index still managed to close its 10th consecutive session in the green with late buying helping the cause. The KSE-100 index increased over 300 points in early trading, but it was soon followed by profit-taking, which wiped out all gains...

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USF expected to spread broadband services

USF expected to spread broadband services

KARACHI: The Universal Service Fund (USF) has played a great role in spreading telecom services in far-flung areas of Pakistan and experts believe it can play its part again in the promotion of broadband services across the country. Pakistan’s largest province by area, Balochistan, witnessed the development of telecom infrastructure and...

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China to keep providing assistance to Pakistan’s power sector

China to keep providing assistance to Pakistan’s power sector

ISLAMABAD: The Power Division has decided to meet individually all investors pouring money into energy projects of the China-Pakistan Economic Corridor (CPEC) in order to help fast-track work on these projects and remove any difficulties being faced by them. Federal Minister for Power Division Awais Ahmed Khan Leghari announced this during...

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New border terminals planned to push trade with Kabul, Delhi

New border terminals planned to push trade with Kabul, Delhi

ISLAMABAD: In an effort to fully exploit the geostrategic position of Pakistan and make it a potential hub of transit trade, the National Logistics Cell (NLC) has chalked out a comprehensive plan for setting up new border terminals at key entry and exit points with neighbouring countries. Apart from this, the...

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Foreign CNG cylinder manufacturers to visit Pakistan this month

Foreign CNG cylinder manufacturers to visit Pakistan this month

KARACHI: Domestic and foreign industrialists and traders associated with compressed natural gas (CNG) and allied industries have started reorganising their businesses in Pakistan after a surge in the price of petrol – a rival of CNG – to a three-year high. The petrol price has been increasing over the past six...

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APTMA seeks policy for revival of industry

APTMA seeks policy for revival of industry

LAHORE: All Pakistan Textile Mills Association (Aptma) Chairman Aamir Fayyaz has urged the government to announce and lay down the implementation mechanism for the agreed long-term policy for the revival and growth of the textile industry. “An early announcement of the policy will help reverse trade account deficit and thereby contribute...

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FBR drags its feet on key reforms

FBR drags its feet on key reforms

ISLAMABAD: The Federal Board of Revenue (FBR) is back-pedalling on reform measures which were originally designed to block all loopholes in the tax administration system leading to revenue losses. The reform measures were evolved as part of the Tax Reforms Commission’s recommendations and were tasked to the Tax Implementation Reform...

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What a weak dollar means in 2018: staycations and local shopping

What a weak dollar means in 2018: staycations and local shopping

US consumers may soon begin to feel some pain from the dollar’s downturn, although the recent slide in the world’s main reserve currency isn’t bad news for everyone in America. The greenback has dropped 8 per cent in 2017 and is on track for its first annual decline in five...

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SBP move likely to cause dollar shortage in open market

SBP move likely to cause dollar shortage in open market

KARACHI: The State Bank of Pakistan (SBP) has decided to cut the import requirement of cash dollars to 35 per cent against the export of foreign currencies, creating fears about a shortage of the greenback in the open market. The central bank issued a circular on Monday that asked exchange...

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Power consumers to get real-time billing, supply info via mobile app

Power consumers to get real-time billing, supply info via mobile app

ISLAMABAD: With a continuously shrinking demand-supply gap, the government launched on Tuesday a mobile phone application to let consumers know real-time electricity billing and supply situation of any public-sector distribution company (Disco). Speaking at the launch of Roshan Pakistan, an Android-based mobile app, Minister for Power Awais Ahmad Khan Leghari...

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Saudi Arabia, Egypt outperform in weak region

Saudi Arabia, Egypt outperform in weak region

DUBAI: Saudi Arabia’s stock market rose in a mostly weak Gulf region on Tuesday after data showed deflationary pressure on the economy easing, while Egypt also gained but trading volume remained very low because of the end-of-year holiday period. The Saudi index rose 0.4 per cent as real estate developer...

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‘Foreign loans compromise sovereignty,’ says Rabbani

‘Foreign loans compromise sovereignty,’ says Rabbani

KARACHI: Senate Chairman Mian Raza Rabbani said on Tuesday foreign loans come with strings as lenders’ conditions infringe upon national sovereignty. If a nation has a choice, then it should opt for increasing exports by promoting the indigenous industry and making it competitive, he said while addressing the 41st Export...

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Farmers issues to be resolved on priority basis

Farmers issues to be resolved on priority basis

RAJANPUR: Issues of farmers are being resolved on a priority basis by the Punjab government, said Provincial Agriculture Minister Muhammad Naeem Khan Bhabha on Tuesday. Presiding over a meeting regarding issues of sugarcane farmers, he said that the Punjab chief minister had assigned him the task of monitoring the sale process...

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SECP seeks to lure back brokers amidst thin volumes

SECP seeks to lure back brokers amidst thin volumes

ISLAMABAD: In a bid to woo stock market players, the Securities and Exchange Commission of Pakistan (SECP) has started undoing some of the stern actions taken by its former management. In addition, it has also accepted certain longstanding demands of the stockbrokers. Last week, the SECP amended Demutualisation Act 2012...

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Gas supplies jump as critical project finally starts

Gas supplies jump as critical project finally starts

ISLAMABAD: Officials at the Prime Minister Office (PMO) had another reason to celebrate on Monday as a critical project for the import of natural gas finally began operations after a long period of delays and technical difficulties. Pakistan started receiving about 1200 million cubic feet per day (mmcfd) of imported...

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Low rates hurting banks: BoJ

Low rates hurting banks: BoJ

TOKYO: Prolonged ultra-easy monetary policy is weighing heavily on Japanese bank profits but financial institutions should not expect business conditions to brighten dramatically even after the central bank raises interest rates, a senior Bank of Japan official said. Many regional banks could suffer losses in the long run as intensifying...

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‘Crypto FX should only be traded by professionals’

‘Crypto FX should only be traded by professionals’

MOSCOW: Russian Finance Minister Anton Siluanov said on Monday that cryptocurrencies should be traded only by professional investors, not in the mainstream. “Professional market participants should work with crypto-currencies, not ordinary people,” Siluanov said in an interview with Rossiya 24, a Russian state TV channel. Russian authorities agreed in October...

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SME policy promises Rs6bn for renewable energy projects

SME policy promises Rs6bn for renewable energy projects

KARACHI: Under the recently launched policy for the promotion of financing for small and medium enterprises (SMEs), Rs6 billion will be available at a subsidised rate of six per cent for renewable energy projects of up to 50 megawatts in hydro, solar, wind and biogas categories. According to the document...

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Japan Display says report it sought Apple, Huawei funds is ‘speculative’

Japan Display says report it sought Apple, Huawei funds is ‘speculative’

TOKYO (Reuters) – Cash-strapped smartphone screen maker Japan Display Inc (6740.T) dismissed a report on Thursday that it was seeking investment from Apple Inc (AAPL.O) and Huawei Technologies Co Ltd as “speculative” and declined to comment further. Japanese news agency Kyodo, which reported on Wednesday that Japan Display was...

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Kobe Steel says senior executives knew about data tampering

Kobe Steel says senior executives knew about data tampering

TOKYO  – Kobe Steel Ltd, at the center of a data-falsification scandal that has shaken Japan’s manufacturing industry, admitted for the first time that executives were aware of the cheating, and reassigned three senior officials.  Japan’s No.3 steelmaker, which supplies the manufacturers of cars, planes and trains across the world,...

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Catalan vote tests Europe

Catalan vote tests Europe

LONDON  – World markets offered a muted reception on Thursday to the passage of U.S. tax cuts as potential benefits to company bottom lines were already priced in, while bonds were spooked by the blowout in government debt needed to fund the giveaways. An election in Catalonia, which has become...

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