Business

Oil rises as OPEC, partners discuss supply cut

LONDON: Oil rose on Wednesday, recouping some of the previous session’s slide, on the growing prospect of OPEC and allied producers cutting output at a meeting next month to prop up the market. Prices rallied towards $67 after Reuters reported OPEC and its partners are discussing a proposal to cut output by up to 1.4 million barrels per day (bpd),...

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Nokia, T-Mobile US agree $3.5 billion deal, world’s first big 5G award

LONDON: T-Mobile US (TMUS.O) named Nokia (NOKIA.HE) to supply it with $3.5 billion in next-generation 5G network gear, the firms said on Monday, marking the world’s largest 5G deal so far and concrete evidence of a new wireless upgrade cycle taking root. No.3 U.S. mobile carrier T-Mobile - which in April agreed to a merger with Sprint (S.N) to create...

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Iran currency extends record fall as U.S. sanctions loom

DUBAI  - Iran’s currency hit a new record low on Sunday, dropping past 100,000 rials to the U.S. dollar as Iranians brace for Aug. 7 when Washington is due to reimpose a first lot of economic sanctions. In May, the United States pulled out of a 2015 deal between world powers and Tehran under which international sanctions were lifted in...

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Dollar falls 5.86 Rupees in the Interbank Market

KARACHI: In line with expectations, the rupee appreciated as much as 4.6% against the US dollar in inter-bank trading on Monday, following reports that China had agreed to immediately lend $2 billion to Pakistan. The positive economic indicators are considered to be largely driven by what investors consider the return of political stability following the July 25 polls. The national...

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SAVDEX to be held in Lahore at Expo Centre from August 16

First-ever Suppliers & Vendors Defence Exhibition 'SAVDEX' will be held in Lahore at Expo Centre from August 16 to 18. According to LCCI spokesman, this unique exhibition is jointly being organized by the Defence Export Promotion Organization and Lahore Chamber of Commerce & Industry. He said that various local and foreign companies would be participating in the exhibition which make...

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Asia stocks open lower on fears over US growth

TOKYO: Asian markets opened lower Monday, following Wall Street’s downbeat finish last week on fears that US economic growth has peaked, and with investors watching the Bank of Japan’s meeting. On Friday, data showed the US economy expanded at an annual rate of 4.1 per cent in the second quarter, matching analyst expectations. The rise was due in part to...

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BMW to raise prices of two U.S.-made SUV models in China

BEIJING: German carmaker BMW (BMWG.DE) said it will raise the prices of two U.S.-made crossover sport-utility vehicles in China to cope with the additional cost of tariffs on U.S. car imports into the world’s biggest auto market. In a move due to take effect on Monday, BMW said in a statement to Reuters over the weekend that it will increase...

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Appreciation in Rupees against US$

KARACHI: On Friday, the dollar continued losing its value against the rupee, dropping even below the interbank rate suggesting ample supply of the US currency in the open market, dealers said. The appreciation of the local currency was cited stability in the result of general elections Forex Association of Pakistan President Malik Bostan said the dollar was traded as low...

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PSX remains bullish as benchmark index gains 697 points

KARACHI: The Pakistan Stock Exchange remained bullish on Friday as KSE-100 Index closed today at 42786.45 points as compared to 42089.16 points on the last working day with a positive change of 697.29 points. The total turnover was 385,493,950 as compared to 254,328,590 on the last working day with Pakistan International Bulk (R) having the highest turnover of 39,734,500. Total...

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China’s economy booms despite economic tensions with U.S : IMF

BEIJING - China’s economy continues to perform strongly, the International Monetary Fund said on Friday, with growth expected at 6.6 percent this year, a slightly slower rate than last year’s 6.9 percent. The economic growth estimate was unchanged from the IMF’s last forecast made in May. The IMF raised its estimate for China’s growth in 2018 in January after the...

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EU, U.S strikes bargain to end tariffs

WASHINGTON - In what the EU chief called a “major concession,” U.S. President Donald Trump agreed on Wednesday to refrain from imposing car tariffs while the two sides launch negotiations to cut other trade barriers, easing the threat of a transatlantic trade war. After a meeting at the White House, Trump and European Commission President Jean-Claude Juncker said the talks...

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Modi govt slashes GST rate over 50 products to appeal public ahead of election 2019

MUMBAI: India slashed the sales tax rate on over 50 products on Saturday in a move aimed at appealing to traders and the middle classes as Prime Minister Narendra Modi’s government eyes next year’s elections. Modi is seeking a second term in 2019 amid voter frustration over the abrupt implementation of a nationwide goods and services tax (GST) a year...

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Airfares and hotel rates are likely to be escalated globally by 2019

SINGAPORE - A strong global economy and rising oil prices are expected to push up the cost of air travel in 2019, with fares seen rising 2.6 percent and hotel rates up 3.7 percent, although there are downside risks from a trade war, according to an industry forecast. In some countries, including India, New Zealand, Norway, Germany and Chile, airfares...

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Nike announces pay increases for 7,500 employees

Nike Inc said on Monday it would raise wages for about 7,500 employees following a global pay review, two months after the sportswear maker concluded a probe into workplace behaviour that resulted in the departure of a number of top executives. About 10 per cent of its employees across all levels and geographies will receive pay adjustments, a Nike spokeswoman...

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Alibaba’s Ele.me to spend 3 billion yuan in this summer to lift its market share

BEIJING  - China’s Ele.me, the online food delivery company acquired by Alibaba Group Holding Ltd, will spend one billion yuan ($147.31 million) each month this summer on subsidies and marketing as competition in the sector reaches fever pitch. Ele.me will spend a total of 3 billion yuan over three months from July to September in an effort to lift its...

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Wall Street rises as climbing yields boost financials

NEW YORK: Wall Street stocks largely rose on Monday as a jump in 10-year bond yields boosted financials and as news of upcoming international trade talks offset the negative impact of the strengthening U.S. dollar on corporate earnings forecasts. The financial sector .SPSY rose 1.4 percent after 10-year U.S. Treasury yields climbed to their highest level in five weeks. The...

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EU calls for digital tax fairness at G20 meeting

BUENOS AIRES: European finance leaders called for progress on global rules to tax the digital economy at a meeting of G20 finance ministers and central bankers in Argentina on Sunday, putting them at odds with US counterparts. The final communique reaffirmed a commitment to address the impacts of the shift to a digital economy on the international tax system by...

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