Business

2 Billion Dollars worth of remittances for Pakistan in October

Remittances to Pakistan touched $2 billion in October this year – the second time the inflow from expatriate Pakistanis living in different countries totalled the $2 billion figure in 2018. According to analysis from the Economist Intelligence Unit (EIU), October remittances stayed above the average monthly remittances of $1.7 billion. The increase in remittances was driven primarily by the weakening...

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Trump blames China, EU of currency manipulation

President Donald Trump on Friday launched a fresh attack on American trading partners, saying the EU and China were manipulating their currencies, and he threatened to hit all imports from China with high tariffs. The comments also signaled an undiminished appetite for battle on multiple fronts after a week dominated by coverage of the fallout from his dealings with Russian...

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Dollar being traded at RS 130 in open market: Currency dealers

KARACHI: According to local currency dealers, the US Dollars touched a record high of Rs130 in the open market on Friday, gaining a further Rs0.30 as it is climbing against the Pakistani rupee. The latest weakening in the rupee comes after the dollar spiked to Rs129 in the open market earlier this week. Furthermore, the country is facing  $18bn current account...

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Pakistan’s current deficit sparks to its highest point S18bn: SBP

PAKISTAN: The country is facing $18bn current account deficit (CAD) after the six months of fiscal year, started in July 2017, as compared to $14.4billion of the same period last year, the State Bank of Pakistan (SBP) reported on Thursday The astronomical surge in imports against the exports, hike in US-dollar values, and lack of foreign direct investment (FDI) are one...

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Yuan plummets against the U.S. dollar after Trump’s comments

SHANGHAI (Reuters) - China’s yuan bounced back from more than one-year lows against the U.S. dollar on Friday afternoon, after traders said major state banks sold dollars to prop up the fragile Chinese currency which has been roiled by a bitter Sino-U.S. trade conflict. The People’s Bank of China lowered its yuan midpoint for the seventh straight trading day to...

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Xi visits Abu Dhabi after China inks deals with UAE

DUBAI: President Xi Jinping arrived in Abu Dhabi on Thursday for a three-day visit, after the announcement of oil and trade deals between China and the UAE. Crown Prince Sheikh Mohammed bin Zayed said he was “delighted” to welcome Xi, posting photos on Twitter of the Chinese president receiving flowers on landing in the emirate. “This is a historic visit...

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PSX lands in green as benchmark index gains 897 points

KARACHI: The Pakistan Stock Exchange was bullish on Thursday as KSE-100 Index closed today at 41795.50 points as compared to 40897.90 points on the last working day with a positive change of 897.69 points. The total turnover was 337,087,170 as compared to 247,827,150 on the last working day with K-Electric Limited having the highest turnover of 22,771,500. The market turned...

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Pakistan Stock Exchange appoints Sulaiman S Mehdi as its new chairman.

KARACHI: Sulaiman S  Mehdi has been appointed as the new chairman of Pakistan Stock Exchange (PSX), decided in the board meeting chaired on Thursday. After the dismissal of former Chairman Hussain Lawai over his connection with money laundering case, the position was left vacant since july 6 and now it has been taken by the Sulaiman Mehdi-  chief executive officer...

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Dollar being traded at Rs129.50 in open market

KARACHI:  On Thursday, the value of US dollar hit a high of Rs128.48 in interbank trading while Rs129.50 in open market after an increase of 48 paisa in interbank market and 50 paisa in open market respectively. This hike in dollar value would be a reason of an increase in the prices of petroleum products, eatables, dairy products, mobile charges, transport...

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Amazon’s stock market value reaches $900bn, endangers Apple’s market value

SAN FRANCISCO: Amazon.com’s stock market value reached $900 billion on Wednesday for the first time, marking a major milestone in its 21-year trajectory as a publicly listed company and threatening to dislodge Apple as Wall Street’s most valuable jewel. After Jeff Bezos founded the online book-selling company in his garage in 1994, Amazon survived the dot-com crisis and then expanded...

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PSX remains bullish as benchmark index gains 964 points

KARACHI: Pakistan Stock Exchange remained bullish today (Wednesday) as KSE-100 Index closed today at 40897.90 points as compared to 39932.98 yesterday with a positive change of 964.92 points. The total turnover was 247,827,150 as compared to 141,973,390 yesterday with Pak Int Bulk (R) reflecting the highest turnover of 19,612,500. The total 378 companies’ transacted shares in the Stock Market. Out...

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US-led trade war has become biggest ‘confidence killer’ for world economy: China

BEIJING - The U.S.-driven trade war has become the biggest “confidence killer” for the global economy, China’s foreign ministry warned on Wednesday, saying the whole world would fight back if the United States continued to be “willful”. Foreign ministry spokeswoman Hua Chunying told reporters at a regular press briefing that the United States is fabricating all kinds of justifications for...

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EU inks its biggest ever free trade pact with Japan to counterbalance protectionism

TOKYO  - Japan and the European Union signed a wide-ranging free trade deal on Tuesday that both sides hope will act as a counterweight to the protectionist forces unleashed by U.S. President Donald Trump. The ambitious trade pact, which creates the world’s largest open economic area, comes amid fears that a trade war between the United States and China will...

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IHC dismisses senators plea seeking SBP governor’s removal

ISLAMABAD: On Tuesday, the Islamabad High Court (IHC) rejected a plea  of twenty -two senators seeking the court to remove  State Bank of Pakistan Governor Tariq Bajwa, Newsone reported. Senators mostly from the Pakistan Peoples Party and Pakistan Tehreek-e-Insaf had earlier challenged Bajwa’s appointment in the IHC. However, today during the hearing, Justice Miangul Hassan Aurangzeb rejected the reservations of...

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Netflix shares dive as subscriber growth misses mark

Netflix shares plunged Monday after the leading streaming television service said subscriber growth fell short of expectations in the recently ended quarter. Membership in the quarter grew 5.2 million to a total of 130 million, matching the same period last year but a million shy of what Netflix had forecast, according to a letter released along with earnings figures. Netflix...

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US Dollar surges to record high 128.26 Pak Rupee

Pakistani Rupee hit all time low losing 5.7 pc of its value against US dollar, traded at record high of Rs128.26  in interbank trading on Monday, Newsone reported The greenback gained Rs 6.5 in a single day, while this was fourth time that Pakistani rupee faced a serious blow in its value against Dollar since December. In the open market...

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EU says China could open its economy if it wishes

BEIJING  - China could open its economy if it wishes, European Commission President Jean-Claude Juncker said on Monday in Beijing, as Beijing comes under growing pressure over its industrial policies amid an escalating trade war with Washington. Playing host to Juncker and European Council President Donald Tusk, Chinese Premier Li Keqiang stressed the need to uphold free trade and multilateralism...

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