Pakistan viable to greater access to UK’s market

Pakistan viable to greater access to UK’s market

ISLAMABAD: Pakistan likely to get more generous market access to the United Kingdom in post-Brexit era, said British Minister of State for Trade Policy Greg Hands. During a meeting with Commerce Minister Pervaiz Malik on the sidelines of Commonwealth Business Forum in London, which is an integral part of Commonwealth...

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Foreign reserves inch down

Foreign reserves inch down

KARACHI: Total liquid foreign reserves of Pakistan mark $17,545.5 million during the week ended April 13 down from $17,638 million, according to State Bank of Pakistan (SBP) said on Thursday. The foreign reserves held by SBP decreased by $58 million to $11,379.6 million due to external debt servicing and other...

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Gold prices inch down and take a dip

Gold prices inch down and take a dip

LONDON: On Thursday gold prices dipped, weighed down by a firmer dollar and a decline in global geopolitical tensions, breaking a string of gains for four successive sessions. Spot gold was down 0.2% at $1,346.60 per ounce by 1015 GMT, while US gold futures fell 0.3% to $1,349.90 per ounce....

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Dollar rate hikes: Chasing upward trend, hits Rs117

Dollar rate hikes: Chasing upward trend, hits Rs117

KARACHI: While the interbank exchange rate remained stable, the open market witnessed a steady increase in the US dollar rate to close at Rs117 on Wednesday. The dollar hit the highest rate for the second time after it closed at Rs117 on March 20, the day when the local currency...

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HEC allots 45 billion for the development budget to compete with developed nations

HEC allots 45 billion for the development budget to compete with developed nations

ISLAMABAD: Minister for Planning, Development and Reforms, Ahsan Iqbal has approved allocation of Rs45 billion for the development budget of Higher Education Commission (HEC) under Public Sector Development Programme (PSDP) 2018-19. The HEC has recommended to allocate Rs35 billion for the upcoming fiscal year but the minister gave 10 billion...

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PSX in recovery mode as benchmark index gains 120 points

PSX in recovery mode as benchmark index gains 120 points

The Pakistan Stock Exchange (PSX) went in recovery mode on Tuesday with the benchmark KSE-100 Index gaining 120 points to close at 45,802 points. The index opened lower and touched the day’s low of 45,485 before climbing back up to touch the day’s high of 45,882. In all, 147.5 million...

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Saudi stock market surges, hits 32-months high

Saudi stock market surges, hits 32-months high

RIYADH: The Saudi stock market hits a 32-month high as analysts claim higher oil prices, and easing anxieties helped fuel confidence. The Tadawul All-Shares Index (TASI) added 1% to close trading on 8,050.30 points, rising above the psychologically important 8,000-point mark for the first time since August 2015. “It’s a...

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US adds India on watch list to monitor currency criteria

US adds India on watch list to monitor currency criteria

WASHINGTON: The US Treasury added India to its watch list of countries with potentially questionable foreign exchange policies, joining China and four others, according to a report issued on Friday. Treasury said the “monitoring list” includes those “major trading partners that merit close attention to their currency practices.” In addition...

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Financial Crisis: Government liable to pay back in debt servicing: $3.3 billion by the end of June this year

Financial Crisis: Government liable to pay back in debt servicing: $3.3 billion by the end of June this year

ISLAMABAD: On Thursday, State Mini­ster for Finance and Revenue Rana Mohammad Afzal said that his government has to pay back $3.3 billion on account of debt servicing by end June 2018. Mr. Rana was one of the speakers of a pre-budget seminar at the National Press Club. He was accompanied...

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Foreign reserves slashed by $164 million

Foreign reserves slashed by $164 million

KARACHI: Total liquid foreign reserves of the country account for $ 17.63908 billion during the week ended April 6, State Bank of Pakistan (SBP) reports on Thursday. The foreign reserves held by SBP have substantially dropped by $164 million to $11,438.3m owing to external debt servicing and other official payments....

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Gold prices crept higher as dollar weakened

Gold prices crept higher as dollar weakened

LONDON: Gold prices crept higher on Tuesday as dollar weakened and as investors awaited potential US action against the suspected use of chemical weapons in Syria. Spot gold was up 0.1 per cent at $1,337.16 an ounce at 1250 GMT, having risen to a near one-week high of $1,338.12 earlier...

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Mark your calendars: April 10th marks the ‘Tax Day’

Mark your calendars: April 10th marks the ‘Tax Day’

RAWALPINDI: Tax Day will be observed today across the province in order to create awareness amongst people for payment of taxes regularly. According to Punjab Revenue Authority sources, an awareness walk will be held at Excise and Taxation Office while Director Excise Tanveer Abass Gondal will lead the walk. Later...

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With double-digit growth, govt’s debt rises to Rs22.9tr

With double-digit growth, govt’s debt rises to Rs22.9tr

ISLAMABAD: The federal government’s debt grew at double-digit pace to Rs22.9 trillion, a net addition of Rs2.14 trillion in just eight months, far higher than the annual budget deficit limit parliament approved at the start of the fiscal year. The State Bank of Pakistan’s (SBP) latest central government debt bulletin for...

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Inflation over 6% likely to hamper Pakistan’s economic growth

Inflation over 6% likely to hamper Pakistan’s economic growth

KARACHI: Inflation above 6% is likely to hamper economic growth in Pakistan and would require a careful policy to maintain a balance, read a research paper released by the State Bank on Thursday. “Inflation below 5.67% may be favorable for economic growth while above 6.05pc can hurt growth,” said the...

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Foreign Exchange Reserves deteriorate

Foreign Exchange Reserves deteriorate

KARACHI: Foreign exchange reserves of the State Bank of Pakistan further deteriorate by $174 million to $11.6 billion, due to external debt servicing and other official payments. As per the press release issued by the SBP on Thursday, the total reserves of the county glided to $17.79 billion during the...

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Gold prices fall as trade tensions between US-China moderate

Gold prices fall as trade tensions between US-China moderate

LONDON: Gold prices take a downward-slight on Thursday after the United States and China appeared to be seemingly ready to resolve a trade dispute thro­ugh negotiations, redu­cing demand for bullion as a safe resort to park assets. Investors plunged money back into equities, pushing global stock markets higher, while the...

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Optimism Redefined: Pakistan’s exports on upward flight, set to reach $24bn this year

Optimism Redefined: Pakistan’s exports on upward flight, set to reach $24bn this year

ISLAMABAD: Pakistan’s total exports are on the upward flight and set to reach $24 billion mark this year, as predicted by a government official. Commerce Minister Pervaiz Malik said exports had deteriorated over the last three years but were bound to increase by almost $4 billion this year. The PML-N government...

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Increase in taxes on the import of edible oil in the upcoming budget for FY2018-19

Increase in taxes on the import of edible oil in the upcoming budget for FY2018-19

ISLAMABAD: The Federal Board of Revenue (FBR) has sought an increase in taxes on the import of edible oil in the upcoming budget for fiscal year 2018-19, which, if granted, will ultimately jack up cost of doing business for the domestic cooking oil and ghee manufacturers. The cooking oil and vegetable...

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PSX, BRIndex update

PSX, BRIndex update

KARACHI: Thursday 29, March 2018 until 13:10, BRIndex 30 was at 25,223.16 with a positive change of 154.7 and volume of 129,806,700 shares. High and low were 25,274.78 and 25,088.17 respectively. Total volume traded in the market was 191,037,020 shares with 30 total traded companies out of which 17 were up. 12 were down and 1 were unchanged. Chemicals was the top traded sector with total traded volume of 39,187,100 shares. It was...

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Balance of payments crisis hits Pakistan, conditions likely to worsen

Balance of payments crisis hits Pakistan, conditions likely to worsen

ISLAMABAD: The PML-N government has accepted the International Monetary Fund’s (IMF) precondition to let the rupee depreciate by over 4% to qualify for any fresh bailout package that is needed to avoid a default-like situation. Nevertheless, Adviser on Finance Miftah Ismail’s statement that the government is not seeking any IMF assistance,...

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Pakistan’s Weakened Currency Against Dollar Warrants Deficit

Pakistan’s Weakened Currency Against Dollar Warrants Deficit

ISLAMABAD: Pakistan’s rupee weakened drastically against the dollar on Tuesday in what appeared to be a currency devaluation by the central bank, traders said, the second such intervention in the last three months. The rupee plunged to about 115.5 per dollar in early trading from 110.5 at Monday’s close, traders reported....

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Japan’s Coincheck To Repay Customers After Digital Money Heist

Japan’s Coincheck To Repay Customers After Digital Money Heist

TOKYO: Japanese cryptocurrency exchange Coincheck Inc, reeling from government reprimands over lax standards after $530 million-dollar theft of digital money, said it would from Monday start repaying customers affected by the heist. Coincheck also plans to lift curbs from Monday on the trading and withdrawal of some cryptocurrencies, including bitcoin,...

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RBS Fined $500m for mis-selling Financial Products

RBS Fined $500m for mis-selling Financial Products

The Royal Bank of Scotland established in 1724, has profoundly concurred to a $500m (£359.7m) settlement with New York State, owing to the mis-selling of financial products in the lead up to the 2008 global financial crisis. RBS is the sixth bank so far to settle with the state over...

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Why Bill Gates, the founder of Microsoft, says that cryptocurrencies “are dangerous and have caused death”

Why Bill Gates, the founder of Microsoft, says that cryptocurrencies “are dangerous and have caused death”

Bill Gates, the founder of Microsoft, has been one of the last technological entrepreneurs to join the voices against in cryptocurrencies, the virtual currencies that are revolutionizing the market. The American philanthropist declared during a session AMA ( Ask Me Anything,question anything) of questions and answers on the popular website Reddit...

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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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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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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 a...

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Tax info exchange with Switzerland to start soon

Tax info exchange with Switzerland to start soon

ISLAMABAD: Pakistan and Switzerland will begin exchanging information from the current month under the Convention on Avoidance of Double Taxation (ADT), the Senate Standing Committee on Finance was informed on Tuesday. However, the said information exchange would only be applicable on future cases. Briefing the committee, FBR Senior Member Inland...

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Rupee’s fall drives food prices higher

Rupee’s fall drives food prices higher

PRICES of food items have started rising in the wake of a recent fall in the rupee’s value, though the price hike has somewhat remained subdued as the depreciation is not accompanied by supply constraints. However, a sharper rise has been noticed in prices of imported food items. From tea,...

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FBR deadline to file income tax today

FBR deadline to file income tax today

ISLAMABAD: The deadline set by the Federal Board of Revenue (FBR) will expire today (December 15). The deadline was extended on November 30 for filing the returns of 2016-17. All those whose annual salary from July 1, 2016 to June 30, 2017 is above Rs.400,000 are required to file their...

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Special Rs50 coins to commemorate the life of Pfau

Special Rs50 coins to commemorate the life of Pfau

The federal cabinet has approved a proposal to issue 50,000 pieces of commemorative 50-rupee coins in honour of the late humanitarian Dr Ruth Pfau. The decision was taken during Wednesday’s cabinet meeting that was chaired by Prime Minister Shahid Khaqan Abbasi. A PM office press release said that the federal cabinet...

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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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Paradise Papers: the tax havens of the ultra-rich uncovered

Paradise Papers: the tax havens of the ultra-rich uncovered

An immense new leak of financial documents has revealed how the ultra-rich, including the private patrimony of Queen Elizabeth II, secretly invest vast amounts of money in offshore financial centers, the so-called “tax havens”. The secretary of commerce of Donald Trump appears as a shareholder of a firm that does...

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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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Rupee is stable against dollar

Rupee is stable against dollar

Commencing the week on a stable note in the early sessions, the rupee witnessed some corrections against the dollar in the week’s closing sessions. However, it remained largely range-bound on the interbank market due to sluggish dollar demand. On the interbank market, the rupee last week mostly traded range-bound against...

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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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Withholding taxes should meet the target: FBR

Withholding taxes should meet the target: FBR

ISLAMABAD: The Federal Board of Revenue (FBR) was able to collect just 7.6% of its total revenue on account of direct taxes while the rest was generated by imposing indirect and withholding taxes, exposing shallowness of the country’s tax system. The startling figures speak volumes about the inefficiency of the FBR...

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FINANCE NEWS YOU NEED TO KNOW TODAY

FINANCE NEWS YOU NEED TO KNOW TODAY

Nor again is there anyone who loves or pursues or desires to obtain pain of itself, because it is pain, but because occasionally circumstances occur in which.

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