Business

China agrees to import more from US

WASHINGTON: China has agreed to take measures to boost imports from the United States to reduce America’s trade deficit, the two countries said on Saturday, although without mentioning the $200-billion target the White House had touted earlier. Beijing and Washington agreed they would keep on talking about measures under which China would import more commodities from the United States to...

44 Views 0

China agrees to import more from US

WASHINGTON: China has agreed to take measures to boost imports from the United States to reduce America’s trade deficit, the two countries said on Saturday, although without mentioning the $200-billion target the White House had touted earlier. Beijing and Washington agreed they would keep on talking about measures under which China would import more commodities from the United States to...

44 Views 0

US, China agree to abandon trade war: Beijing

Washington and Beijing have agreed to abandon any trade war and back off from imposing tariffs on each other, Chinese state media reported Sunday. The announcement came after high-level talks in the US capital and followed months of tensions over what President Donald Trump has blasted as an unfair commercial relationship between the two economic giants. Vice-Premier Liu He, who...

75 Views 0

Germany orders Porsche recall over diesel emissions cheating

German authorities said Friday they had ordered 19,000 Porsche SUVs recalled over emissions cheating, saying a total of 60,000 manipulated vehicles had been identified across Europe. "Illegal 'defeat devices' were identified" in some 4,000 Cayenne and 15,000 Macan cars sold by the high-end Volkswagen subsidiary in Germany, a spokesman for the KBA vehicle licensing authority told AFP. "Defeat devices" refers...

127 Views 0

NA passes Finance Bill for 2018-19

ISLAMABAD: On Friday, the National Assembly has passed finance bill 2018-19 after incorporating proposals given by lawmakers. The basic structure of the budget remains the same, which was released on 27th April, 2018, report further stated. During a budget debate in the house on Thursday, Leader of the Opposition Syed Khursheed Shah had said the opposition rejected the budget proposals,...

156 Views 0

Oil hits $80, highest since Nov 2014, on Iran concerns

LONDON: Oil prices hit $80 a barrel on Thursday for the first time since November 2014 on concerns that Iranian exports could fall due to renewed U.S. sanctions and reduce supply in an already tightening market. Brent crude futures LCOc1 reached an intraday high of $80.18. They were up 58 cents at $79.86 as of 1110 GMT. U.S. West Texas...

129 Views 0

All banks to remain closed for public on first Ramazan: SBP

KARACHI: State Bank of Pakistan and all commercial banks will remain closed on first Ramazan (Thursday) for commercial dealing due to deduction of Zakat, said a statement issued by SBP. "SBP offices and all banks/development financial institutions, microfinance banks would remain closed for public dealings on Ramazan 1, 1439 AH," said statement issued by SBP. However, all employees of the...

202 Views 0

SBP fixes Nisab for Zakat deduction on bank accounts at Rs. 39,198 or more

KARACHI: The State Bank of Pakistan (SBP) has fixed the Nisab for Zakat deduction on bank accounts at Rs39,198 for the ongoing year. According to a statement issued by the Ministry of Religious Affairs and Interfaith Harmony on Monday, Zakat will be deducted from saving accounts, profit and loss sharing accounts and other similar accounts having a balance of Rs39,198...

193 Views 0

Dollar dips as sagging U.S. yields sap momentum, Malaysia ringgit drops

TOKYO: The dollar’s recent rally ran out of steam on Monday with U.S. yields sinking as investors wound back expectations that the U.S. Federal Reserve will launch a series of rapid rate hikes this year. The dollar index against a basket of six major currencies .DXY was down 0.15 percent at 92.402. The index hit a 4-1/2-month high of 93.416...

188 Views 0

Apple is almost a $1tn company, but Amazon still leads

SAN FRANCISCO: Apple is on the verge of becoming the first $1 trillion publicly listed US company, but even if it gets there, it could soon be overtaken as Amazon.com surges from behind. Started in the garage of co-founder Steve Jobs in 1976, the iPhone maker’s annual revenue has ballooned to $229 billion, greater than the gross domestic product of...

192 Views 0

Sindh government unveils fiscal year 2018-19 budget

KARACHI: The Sindh Government on Thursday unveiled the provincial budget for the fiscal year 2018-19 with a three-month time frame, Newsone reported. Chief Minister Murad Ali Shah, who also holds the portfolio of finance minister, presented the budget with a total outlay of Rs11.20 billion during a special session of the provincial assembly. According to details shared, Rs350 billion allocated for...

194 Views 0

Oil prices hit highest in years as markets adjust to looming sanctions on Iran

SINGAPORE: Oil prices clocked up more multi-year highs on Thursday as traders adjusted to the prospects of renewed US sanctions against major crude exporter Iran amid an already tightening market. The United States plans to impose new sanctions against Iran, which produces around four per cent of global oil supplies, after abandoning an agreement reached in late 2015 which limited...

235 Views 0

Vodafone buys chunk of Liberty’s European assets for 18.4bn euros

British telecoms giant Vodafone on Wednesday unveiled an 18.4-billion-euro deal to buy part of Liberty Global's operations that will make it Europe's largest cable and broadband operator. The deal worth $21.9 billion will see Vodafone become the second biggest player in eurozone powerhouse Germany, while it will acquire operations also in the Czech Republic, Hungary and Romania from the US...

151 Views 0

PSX remains bearish as KSE-100 index loses 312 points

The Pakistan Stock Exchange was remained bearish on Tuesday as KSE-100 index loses 312 points in sixth consecutive bearish session. The KSE-100 Index closed today at 44066.96 points as compared to 44378.52 points on the last working day with a negative change of 311.56 points. Stocks of 356 companies were traded at the exchange, of which 83 advanced, 252 declined...

155 Views 0

Japan’s Takeda to buy Shire in record $62.5 bn deal

Drug giant Takeda on Tuesday said it would buy Irish pharmaceuticals firm Shire in a deal worth $62.5 billion, the biggest foreign takeover ever by a Japanese firm. The deal, which will create one of the world's top 10 drug companies, caps a lengthy courtship by Takeda of its larger rival as it seeks to expand overseas. Shire last month...

134 Views 0

Alibaba enters Pakistani market by purchasing Daraz

FRANKFURT: Alibaba Group has bought the entire share capital of Rocket Internet’s South Asian e-commerce platform Daraz Group, Rocket Internet said on Tuesday. Daraz, founded in Pakistan in 2012, operates online marketplaces in Pakistan, Bangladesh, Myanmar, Sri Lanka and Nepal. The unit will continue to operate under the same brand following the sale to Alibaba, Rocket said. “The sale of...

227 Views 0

SC seeks response from federal, provincial governments on high taxes by mobile networks

ISLAMABAD: The Supreme Court of Pakistan today  ordered the federal government, Federal Board of Revenue and  4 provinces to submit a written response in one week time over the high taxes charged by mobile phone service networks operating in  the country. The orders were given as a three-member bench headed by Chief Justice of Pakistan Justice Saqib Nisar took up...

141 Views 0