Cotton supply increases by 8%, bales unsold by ginners as prices become susceptible to increase

Cotton supply increases by 8%, bales unsold by ginners as prices become susceptible to increase

KARACHI: On Thursday, cotton trading activity turned slow as buyers withdrew to sidelines. The dynamic market behavior is in line with the end season trading pattern witnessed each year. Though demand for quality cotton still exists but with ginners demanding increased prices, needy spinners have been left flabbergasted. Barring a...

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IMF spots trade tensions, global growth at stake after 2020

IMF spots trade tensions, global growth at stake after 2020

WASHINGTON: The International Monetary Fund warned on Tuesday that rising US-China trade restrictions apparently threaten to damage a steady global growth picture, but there was still time for the world’s two largest economies to step back from the brink. The IMF, in its latest World Economic Outlook, kept its global...

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Gold spotted down with a dip

Gold spotted down with a dip

LONDON: On Tuesday, Gold fell as sharper appetite for risk benefited cyclical assets at bullion’s expense, with the dollar’s recovery from three-week lows versus the euro adding to pressure on the metal. Gold rallied to a 2-1/2-month high last week as heightened tensions over Syria and US sanctions on Russia...

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Inflation rate brought down from over 11pc to 4pc, says Miftah Ismail

Inflation rate brought down from over 11pc to 4pc, says Miftah Ismail

ISLAMABAD: Speaking about the government’s achievements in the last five years, Adviser to Prime Minister on Finance Miftah Ismail on Monday said that inflation had been brought down from over 11 percent to under 4 percent while energy crisis had largely been resolved. Addressing a Round Table Conference titled ‘Pakistan...

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Nepal to nurture trade ties with Pakistan

Nepal to nurture trade ties with Pakistan

RAWALPINDI: Ambassador of Nepal, Sewa Lamsal Adhikari said Saturday that her country wants to further boost bilateral trade and economic relations with Pakistan. Speaking at a Gems & Jewelry exhibition held under the auspicious of Capital Gems Traders Association Rawalpindi-Islamabad, envoy said Pakistan and Nepal have tremendous potential for investment...

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Pakistan Railway sector enjoys growth, shows mark improvement

Pakistan Railway sector enjoys growth, shows mark improvement

ISLAMABAD: Minister for Railways Khawaja Saad Rafique on Saturday said the number of passengers travelling in Pakistan Railways had increased by 14 million during the current government’s tenure. “The confidence of the people has been restored in the railways with the effective policies of government,” he claimed while talking to...

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PTCL profits slashed by 10%

PTCL profits slashed by 10%

KARACHI: Pakistan Telecommunication Company Limited (PTCL) posted consolidated profit after tax on Thursday for the first quarter ended March 31, 2018 at Rs1.007 billion. Compared to the corresponding period of last year, the bottom line dropped 10.02% while earnings per share sharply fell from Rs0.22 to Rs0.2. The group revenue...

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Cotton prices stabilize, demand for premium quality high in demand

Cotton prices stabilize, demand for premium quality high in demand

KARACHI: On Thursday, revived buying interest helped cotton prices stabilize overnight as needy spinners looked for quality lint to meet the seasonal demand. With the current season coming to an end, inconsistent behavior is being witnessed in the market owing to the uncertainty of cotton stocks with ginners. Limited supply...

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Deutsche Bank and Volkswagen: marked by the crisis

Deutsche Bank and Volkswagen: marked by the crisis

The fact that two of the leading German companies name new managers at virtually the same time can be a coincidence. The reasons in both cases lie in the crises of the past and the challenges of the future. At first glance, Deutsche Bank and Volkswagen have almost nothing to do...

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Cotton buying spree intensified, shortage to prevail and prices to inflate

Cotton buying spree intensified, shortage to prevail and prices to inflate

KARACHI: Buyers chased quality lint on Tuesday as short supply and fear of delay in next cotton crop might inflate prices. The overnight increasing trend consolidated as buying spree for good cotton intensified. However, short supply and rapidly falling stocks of unsold cotton held by ginners limited trading activity. Phutti...

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Export of services witness a downward trajectory, Pakistan

Export of services witness a downward trajectory, Pakistan

ISLAMABAD: The export of services dropped by nearly 44% year-on-year to reach $407.02 million in February, the Pakistan Bureau of Statistics reported on Tuesday. The export of services has been witnessing this downward trend since a couple of months. During July-February 2017-18, export of services substantially fell to $3.43 billion...

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PYMA urges government to withdraw 5% regulator duty on import of Polyester

PYMA urges government to withdraw 5% regulator duty on import of Polyester

KARACHI: Pakistan Yarn Merchants Association (PYMA) has urged the government to withdraw 5% regulator duty (RD) on import of polyester filament yarn which is in short supply in the domestic market. In a statement issued on Tuesday, PYMA Chairman Khurshid A. Shaikh argued that the domestic polyester filament yarn industry...

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Qatar paves way for progression

Qatar paves way for progression

DOHA: The economy of Qatar, the world’s top exporter of liquefied natural gas, is set to grow 2.6% this year and closer to 3 percent in 2019, its finance minister told Reuters. The Gulf Arab state’s economy has largely recovered from a boycott imposed by other Arab states last June...

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Demand for furnace oil likely to increase, Pakistan

Demand for furnace oil likely to increase, Pakistan

While furnace oil might have been planned to be phased out in the long term, the imports might not stay out of the system for long. The recent change of weather with soaring temperatures, forecasts of torrid summers, upcoming Ramadan and some uncertainty associated to the progress of coal power...

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Ride-hailing apps Uber and Careem to continue their services

Ride-hailing apps Uber and Careem to continue their services

CAIRO:  An Egyptian court ruled on Saturday that a judicial decision to suspend the licenses of ride-hailing companies Uber and Careem should not be applied, allowing them to continue their work, judicial sources said. Forty-Two Egyptian taxi drivers filed a lawsuit in the administrative court a year ago against U.S.-based...

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Cotton prices slashed, inventories replenished

Cotton prices slashed, inventories replenished

KARACHI: Fascinated by slashed cotton prices, spinners hastened to the market on Thursday to replenish their inventories. However, short supply of quality cotton lint limited trading activity. Cotton prices across the globe are under intense pressure ever since China imposed 25% duty on cotton imports from the United States. The...

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Nissan and Renault unite for performance

Nissan and Renault unite for performance

Nissan and Renault are most likely to merge and establish a new brand. Both the renowned brands have lately been in talks for a merger to solidify their alliance under a single stock and to enter the electric automotive industry in the times ahead. As per Bloomberg report, Renault currently possesses 43% of...

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Growing Business: Atlas Honda hikes prices for bikes in Pakistan

Growing Business: Atlas Honda hikes prices for bikes in Pakistan

Apparently, cars are not the only mode of transport which has witnessed an increase in price for the second time in 2018! Atlas Honda has once again revised its prices yet again specifically on motorcycles. The price increase ranges from Rs500-3,000 depending on the model and type. Previously, the company...

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Businesses expand as fan-manufacturing increases in Pakistan

Businesses expand as fan-manufacturing increases in Pakistan

ISLAMABAD: Production of electric fans in Pakistan has relatively increased by 14.91% during first seven months (July-Jan) of the fiscal year 2017-18, as compared to previous years. Almost 1,328,609 units of electric fans were produced against the manufacturing of 1,156,203 units during same period of previous year, according to updated...

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Pakistan’s rickshaw brand ‘Sazgar’ to manufacture cars

Pakistan’s rickshaw brand ‘Sazgar’ to manufacture cars

KARACHI: Auto-rickshaw maker Sazgar Engineering Works has been permitted to set up a new car manufacturing plant in Pakistan in partnership with a Chinese company, stated in a notice issued by the Pakistan Stock Exchange on Wednesday. Reports cite company’s secretary Arshad Mahmood as saying: “Ministry of Industries & Production...

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Dangerous changes are ahead for world trade

Dangerous changes are ahead for world trade

If the trade dispute between the United States and China is aggravated, German companies would also be affected, says Ilja Nothnagel. In recent days, the world trade policy has undergone many changes. In the World Trade Organization (WTO) there is a dangerous dead time. When President Trump took office, the German economy...

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Confirmed! Honda Atlas increases variants’ prices

Confirmed! Honda Atlas increases variants’ prices

KARACHI: Honda Atlas, the maker of Civic, City and BR-V in Pakistan – has increased its variants’ prices in the range of Rs20,000-100,000 to pass on the surge in cost of production arising from the recent rupee devaluation, dealers said on Tuesday. “Honda has increased price of its Civic and City...

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The giant telecom company PTCL promises growth

The giant telecom company PTCL promises growth

KARACHI: Pakistan Telecommunication Company Limited (PTCL) is the most ancient and giant telecom company in Pakistan that has enjoyed monopoly for decades before mobile phones got popular and became a household name with a significant reduction in the cost of handsets and wireless services. PTCL being a once top traded company...

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Uber to sell its operations to Grab

Uber to sell its operations to Grab

SINGAPORE: Ride-hailing firm Uber has fervently agreed to sell its Southeast Asian business to the region’s bigger competitor ‘Grab’, a source with direct knowledge addressed on Sunday. As part of the agreed upon transaction, company would get a stake of as much as 30% in the combined business, the source stated. He...

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Advisers being hired for PIA’s privatization

Advisers being hired for PIA’s privatization

ISLAMABAD: The Privatization Commission is in the process of re-engaging the services of the consortium of financial advisers on the same terms and conditions to proceed ahead with the privatization of Pakistan International Airlines Corporation (PIAC). The service agreement of the advisers had expired early October 2017. The commission appointed...

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Here’s why customers are being overcharged despite low vegetable prices

Here’s why customers are being overcharged despite low vegetable prices

KARACHI: Over the time wholesale prices of many vegetables, including tomato, onion, potato, have considerably decreased, many retailers are still defrauding consumers by overcharging. An insistent increase in the diesel price from the third quarter of 2017 as a result has increased the transportation cost but did not impact the...

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Women empowerment likely to facilitate trade

Women empowerment likely to facilitate trade

KARACHI:  “Internet is more accommodating for women who cannot go to workplaces due to different restrictions,” Professor Shahida Wizarat, Head of Economics Department at the Institute of Business Management (IoBM), said while speaking at a women empowerment event titled ‘Gender and Trade Conference: Closing the Gender Gap – A Tool...

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“Avoid acting emotionally to refrain from Trade War”, China to US

“Avoid acting emotionally to refrain from Trade War”, China to US

BEIJING: Chinese Premier Li Keqiang urges the United States to avoid acting “emotionally” so as to avoid a trade war, as President Donald Trump considers new punitive measures against Beijing. After announcing tariffs on global steel and aluminum imports, Trump is now mulling new actions against China over its “theft” of US intellectual...

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Anti-Trust Violations Result in Amazon Japan Being Raided

Anti-Trust Violations Result in Amazon Japan Being Raided

Amazon Japan said its offices have been raided by the country’s fair-trade regulator on suspicion of anti-trust violations. The online retailer is suspected of asking suppliers to shoulder costs incurred for selling their products at a discount, according to media reports. The firm said it is cooperating with the investigation...

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Toys R Us – All Set to Close Its 885 Stores in the US

Toys R Us – All Set to Close Its 885 Stores in the US

The giant toy store namely, ‘Toys R Us’ is set to close or sell all of its 885 stores in the US in the coming months, the BBC understands. That move would put more than 3,000 jobs at risk. It is said the store was already in the process of...

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Cathay Pacific Posted Its First Back-To-Back Loss In 71 Years

Cathay Pacific Posted Its First Back-To-Back Loss In 71 Years

Hong Kong’s flagship carrier Cathay Pacific has posted its first back-to-back annual loss since the company was founded in 1946. The airline held responsible cut-throat competition from low-cost Chinese carriers and higher fuel prices, among other issues, for the result. Losses came to 1.26bn Hong Kong dollars ($161m; £115m) for the...

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Chinese Battery Maker Tianneng Project Soon to Hit Pakistan For Foreign Plant?

Chinese Battery Maker Tianneng Project Soon to Hit Pakistan For Foreign Plant?

Chinese battery maker Tianneng Group is considering setting up a factory in South or Southeast Asia to tap local demand, while augmenting capacity in China by 20 percent this year because of the electric vehicle boom, its chairman said on Thursday. Zhang Tianren told Reuters that Tianneng, which mostly makes...

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Uber’s Questionable Sustenance

Uber’s Questionable Sustenance

The most sought-after taxi-hailing app ‘Uber’ is likely to maintain its low fares if it continues to pay its drivers poorly, according to a research penned by economist Jim Stanford, The Guardian reported on Wednesday. The survey was based on fares in six urban cities – At least three in Australia, found that...

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Toyota Refuses To Sell Diesel Cars in Europe

Toyota Refuses To Sell Diesel Cars in Europe

GENEVA: Japanese car giant Toyota announced Monday that it will stop selling diesel cars in Europe, beginning the phase-out this year. “Diesel will be phased out in our passenger cars in 2018,” Johan van Zyl, president of Toyota Motor Europe, said in Geneva, where Europe’s first major car show of...

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Armenia’s Path to Progression – Highest GDP Recorded In Ten Years

Armenia’s Path to Progression – Highest GDP Recorded In Ten Years

Yerevan, one of the largest and oldest cities of Armenia had its GDP escalated by an alarming rate of 7.5% in 2017, equating to a higher standard of living – highest over the last 10 years, according to a report published by the country’s National Statistical Service (NSS) on Wednesday,...

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FBR Spots 17.65% Revenue Growth In 8 Months

FBR Spots 17.65% Revenue Growth In 8 Months

ISLAMABAD: Federal Board of Revenue (FBR) has recorded a provisional net revenue collection of over Rs. 2259 billion during the first two quarters of the current financial year, in contrast to collection of Rs. 1920 billion during the same period of the previous fiscal year. According to a statement issued...

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World Bank ‘moderately’ satisfied with progress on $73m water project

World Bank ‘moderately’ satisfied with progress on $73m water project

ISLAMABAD: A $73-million foreign-funded project that Pakistan had undertaken to ensure food security through better planning of water resources is facing execution problems due to lax management by the government. In its latest report on Water Sector Capacity Building and Advisory Services Project, known as WCAP, the World Bank has again...

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Is Pakistan close to a Free Trade Agreement with the EU?

Is Pakistan close to a Free Trade Agreement with the EU?

In a triumphant juncture for Pakistan, especially in the face of Financial Action Task Force on Money Laundering (FATF) sanctions, the European parliament has given the nod for Pakistan’s (Generalized System of Preferences) GSP plus status to be extended two years. Pakistan is one of the 10 beneficiaries of EU’s...

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Toyota, Volkswagen, General Motors … which is the largest automaker in the world?

Toyota, Volkswagen, General Motors … which is the largest automaker in the world?

The largest car manufacturers on the planet have begun to publish their sales figures for 2017. Who is the winner? Will it be the German group Volkswagen, which in 2016 snatched the first place to Toyota ? Or maybe one of the new conglomerates that now group several car companies? Or maybe...

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Govt approves 24 projects worth Rs185 billion

Govt approves 24 projects worth Rs185 billion

ISLAMABAD: The government sanctioned on Monday two-dozen development schemes costing Rs185 billion including over half a dozen projects, which were not part of the original development programme that the National Economic Council (NEC) had endorsed in May. Headed by Deputy Chairperson of Planning Commission Sartaj Aziz, the Central Development Working Party...

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Why H&M is in crisis, the second largest fashion company in the world

Why H&M is in crisis, the second largest fashion company in the world

For H & M, the second largest fashion company in the world, 2018 started on the wrong foot. During the first week of the year, the company had to apologize for an image posted on its website that featured a black boy wearing a sweatshirt with a sign on his...

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Market watch: KSE-100 gains 211 points, settles over 44,000

Market watch: KSE-100 gains 211 points, settles over 44,000

KARACHI: Stocks rebounded sharply following Tuesday’s panic selling as the benchmark index gained to close above the 44,000 mark. The KSE-100 Index shot up as soon as trading began, increasing 414 points to hit an intra-day high of 44,299.87. The positivity came on the back of recovery in international markets, which...

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United States: 5 keys to understanding why the main Wall Street index suffered the biggest drop since 2011

United States: 5 keys to understanding why the main Wall Street index suffered the biggest drop since 2011

The New York Stock Exchange experienced a black Monday that made investors and brokers chill cold in the parquet floors. The collapse in the quotations ignited all the alarms in the United States. The Dow Jones Industrial Index ended the session at 24,345.75 points, 4.6% less than the previous day. The...

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The New York Stock Exchange loses 4.6%, the biggest percentage decline on Wall Street since 2011

The New York Stock Exchange loses 4.6%, the biggest percentage decline on Wall Street since 2011

Wall Street closed on Monday with heavy losses when the Dow Jones index fell by 4.6%, which is its biggest percentage decline since 2011. The main indicator of the US stock market sank 1,175 points to finish with 24,345.75 whole. It is the strongest drop in points experienced in the history of the New York Stock...

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Pakistan revives hope of recovering $800 million from Etisalat

Pakistan revives hope of recovering $800 million from Etisalat

ISLAMABAD: After putting recovery of $800 million from Etisalat on the backburner eight months ago by terming it a “sensitive matter”, the PML-N government has again expressed hope of getting outstanding amount from the Dubai-based firm. A delegation of Etisalat – a telecom giant of the United Arab Emirates – is...

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What is the Polar Silk Road, China’s controversial plan to explore the Arctic and facilitate trade between America, Asia and Europe

What is the Polar Silk Road, China’s controversial plan to explore the Arctic and facilitate trade between America, Asia and Europe

As in the times of Marco Polo, but now towards the Arctic. The Chinese government announced on Friday its plan to create a “Polar Silk Road”, an ambitious plan that seeks to establish a maritime trade route through the seas around the North Pole. The project, part of the Silk...

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Chinese investment in Cambodian province increases crime rate, says governor

Chinese investment in Cambodian province increases crime rate, says governor

PHNOM PENH: China’s growing presence and investment in a fast-developing Cambodian port and province have pushed up the crime rate and brought instability, its governor said in a letter to the government. Anti-China comments are rare in a country that has welcomed Chinese investment with open arms. Prime Minister Hun...

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KSE-100 plunges over 600 points in intra-day trading

KSE-100 plunges over 600 points in intra-day trading

KARACHI: As widely anticipated, the KSE-100 plunged on Friday, losing over 600 points in intra-day trading as investors chose to book profits coinciding with a negative review on Pakistan’s economy. Ratings agency Fitch downgraded the outlook on Pakistan’s long-term foreign and local currency issuer default ratings to negative from stable and...

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Famed industrialist Azam Saigol passes away

Famed industrialist Azam Saigol passes away

Renowned industrialist Muhammad Azam Saigol passed away on Wednesday while undergoing medical treatment in Boston, US. He was 66. Born on November 17, 1951, Saigol was educated at Oxford and went on to hold various positions in big corporations. He held key executive and directorial positions at Kohinoor Industries Ltd,...

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Textile firm says exports to Europe likely to pick up over 200%

Textile firm says exports to Europe likely to pick up over 200%

ISLAMABAD: United Towel Exporters has voiced hope that its exports to Europe will go up significantly with the expansion of business following acquisition of a 70% stake in the Netherlands-based Vespo Groep BV. The acquisition of the majority stake in the home textile company would push United Towel’s exports to $13.50...

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