Marsden Point Refinery’s maintenance shut down in full swing

Marsden Point Refinery’s maintenance shut down in full swing

The maintenance shutdown of the Marsden Point refinery is about to enter its busiest phase with work on refinery processing units and related utilities commencing from Monday 7 May onward. Scheduled for completion in mid-June, the shutdown will see staff and contractor numbers at the refinery soar from 500-plus to...

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Petroleum life-cycle: Prices likely to shoot up by Rs.3

Petroleum life-cycle: Prices likely to shoot up by Rs.3

ISLAMABAD: The government is likely to increase petroleum prices starting Tuesday after Oil and Gas Regulatory Authority (OGRA) sent a summary to Petroleum Division suggesting an increase. According to OGRA, the prices of petrol should be taken up by Rs3.22 per litre, diesel to Rs5.2, kerosene oil Rs6.97 and light...

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KSA’s Aramco welcomes first woman as the Board of Director

KSA’s Aramco welcomes first woman as the Board of Director

RIYADH: On Sunday, Saudi national oil giant Aramco said that five new members had been appointed to its board of directors, including the first woman in the firm’s history. Lynn Laverty Elsenhans, 60, is the former head of US oil company Sunoco Inc. and has been director of oil services...

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ECC approves Ramadan Package worth Rs1.7 billion at subsidized rates

ECC approves Ramadan Package worth Rs1.7 billion at subsidized rates

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has allowed raising of Rs100 billion in commercial loans to bail out the ailing power sector and approved a RamadanPackage worth Rs1.73 billion to provide essential items to people at subsidized rates. A meeting of the ECC presided over by Prime...

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SBP to supply unlimited dollars to open market in order to strengthen exchange rates

SBP to supply unlimited dollars to open market in order to strengthen exchange rates

KARACHI: State Bank of Pakistan Governor Tariq Bajwa and Adviser to the Prime Minister on Finance, Revenue and Economic Affairs Miftah Ismail affirmed currency traders for their support to bring down dollar rates in the open market, said currency dealers on Thursday. The recent steady increase in dollar prices appeared...

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Gold prices fall, hits 5-week low as dollar influences more than interest rates

Gold prices fall, hits 5-week low as dollar influences more than interest rates

LONDON: On Thursday gold prices hovered near 5-week lows as higher US bond yields and a stronger dollar reduced interest in bullion. Worries about the growing supply of US government debt and inflationary pressures from rising oil prices this week upsurges US 10-year bond yields above 3% for the first...

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Rupee becomes dull and depressed

Rupee becomes dull and depressed

KARACHI: The rupee found no place to stay against the greenback in the open market on Wednesday as the dollar attracted a record high price of Rs119.50. The development comes only days after the State Bank of Pakistan (SBP) held an emergency meeting with exchange companies after a similar downward...

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Cotton prices become invincibly high as demand rises

Cotton prices become invincibly high as demand rises

KARACHI: Spinners vying for quality lint has kept prices stagnant, yet high, on the cotton market on Wednesday amid fears of delay in arrival of next crop. Reports indicate that many parts in lower Sindh are still not getting irrigation water causing delay in cotton yield. Consequently, some spinners resorted...

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MCB’s profit goes down by 22.3% compared to last year

MCB’s profit goes down by 22.3% compared to last year

KARACHI: MCB Bank Ltd earned profit after tax of Rs4.78 billion in the first quarter of 2018, registering a dip of 22.3% compared to the corresponding period of last year. On Wednesday, the bank’s board met under the chairmanship of Mian Mohammad Mansha on Wednesday and approved the first quarter...

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Boeing company’s profit trend expected to go forward as earnings and sales grow

Boeing company’s profit trend expected to go forward as earnings and sales grow

NEW YORK: Boeing Co’s quarterly profit surged past Wall Street estimates and booming demand for commercial jets pushed the company to raise its forecasts for cash flow and earnings for the year. On Tuesday, the world’s biggest plane maker played down concerns around rising costs of metals, after manufacturer Caterpillar...

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Silver prices likely to surge this year

Silver prices likely to surge this year

NEW YORK: The price of silver will rely heavily on trends in investment demand in 2018 but could get a boost from international political and economic risk purchases, according to CPM Group on Tuesday. “The enormous range of economic, financial and political issues facing the world and individual investors seems...

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Sugar prices depress and plunge down to its lowest level recorded in 9 years as supplies increase globally

Sugar prices depress and plunge down to its lowest level recorded in 9 years as supplies increase globally

LONDON: On Tuesday, raw sugar futures on ICE slid to a 2-1/2 year low while white sugar fell to its weakest level in more than nine years as the market extended its prolonged fall driven by global oversupply. May raw sugar was down 0.17 cents, or 1.5%, at 11.04 cents...

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KSA aims to generate 35-40 billion revenue in riyals through its privatization programme

KSA aims to generate 35-40 billion revenue in riyals through its privatization programme

RIYADH: Saudi Arabia aims to generate 35 to 40 billion riyals ($9-11 billion) in non-oil revenues from its privatization programme by 2020 and create up to 12,000 jobs, according to a document published by the official news agency on Tuesday. The initiative targets 14 public-private partnership investments worth 24 to...

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Gold prices remain depressed and dull in domestic and international bullion market

Gold prices remain depressed and dull in domestic and international bullion market

LONDON: Gold hit a two-week low on Monday, as investors piled into the dollar with US Treasury yields approaching 3% and geopolitical upheavals eased. The yield on 10-year US Treasuries hit its highest since January 2014, lifting the dollar index to a seven-week peak and making dollar-priced gold most costly...

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Cotton prices surge as spinners compete for quality bales

Cotton prices surge as spinners compete for quality bales

KARACHI: Cotton prices on Monday surged to a seasonal high as spinners chased quality lots that ran short of supply. A deal of 1,000 bales from Ghotki was done at the season’s highest rate of Rs8,200 per maund. As the current season is coming to an end, spinners are indulging...

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Miftah rules out any possibility of further depreciation of Pakistani rupee against the US dollar, growth to reach 6.2%

Miftah rules out any possibility of further depreciation of Pakistani rupee against the US dollar, growth to reach 6.2%

WASHINGTON: Adviser to the Prime Minister on Finance Miftah Ismail said the growth rate remained at 5.8% during the current year and is expected to touch 6.2% next year. In an interview with a US TV channel in Washington, Miftah expressed optimism that efforts will be made to take the...

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London: Uber CEO in talks with transport commissioner for the renewal of company’s license

London: Uber CEO in talks with transport commissioner for the renewal of company’s license

LONDON: London’s Transport Commissioner Mike Brown met Uber boss Dara Khosrowshahi in January, a freedom of information request revealed, as the Silicon Valley app fights to keep its cars on the streets of its most important European market. Uber is combating a decision by the city’s transport regulator last September...

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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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