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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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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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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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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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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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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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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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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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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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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