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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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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ADB, ISA Commit to Promote Solar Energy Deployment in Asia And Pacific Region

ADB, ISA Commit to Promote Solar Energy Deployment in Asia And Pacific Region

NEW DELHI: The Asian Development Bank (ADB) and the International Solar Alliance (ISA) signed a cooperation arrangement today to promote solar energy deployment in Asia and the Pacific, including solar power generation, solar based mini-grids, and transmission systems for integrating solar energy into grids. The signatories to the arrangement were...

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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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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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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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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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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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Pakistan could be collateral damage if US, China enter ‘currency war’

Pakistan could be collateral damage if US, China enter ‘currency war’

SWITZERLAND / DAVOS:  As the US raises prospects of entering into a ‘currency war’ with China, Pakistan is likely to face new challenges of further losing its competitiveness in the global market, while also witnessing further pressure on its import bill. In order to improve its trade balance with China, the...

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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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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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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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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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