Business

Pakistan invites Saudi Arabia to be third partner in CPEC

ISLAMABAD: Information Minister Fawad Chaudhry has said Islamabad has invited Saudi Arabia to invest in the Beijing-funded, multi-billion dollar infrastructure corridor being constructed in Pakistan. The China Pakistan Economic Corridor (CPEC) is an ambitious plan to build energy and transport links connecting the western Chinese region of Xinjiang with the Arabian Sea via Pakistan, as part of Beijing’s broader Belt...

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Caretaker govt decides to not increase fuel prices

ISLAMABAD: The caretaker government has decided to keep the petroleum prices unchanged for the month of June, Newsone reported. Earlier PML-N government decided to keep the petroleum prices unchanged till June 07, leaving the decision of changing the prices on incoming caretaker government. “Since our government ends today, and new prices of Petrol, Diesel, and Kerosene oil go in effect...

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McDonald’s plans fresh round of layoffs: WSJ

McDonald’s Corp (MCD.N) is planning a new round of layoffs to flatten out its management structure further, the Wall Street Journal reported on Thursday, citing a company email sent to all its U.S. employees, suppliers and franchisees. McDonald’s USA President Chris Kempczinski said some employees will ultimately exit the company but did not mention the scope of the headcount reduction,...

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PSX remains bullish on Tuesday as KSE-100 index gains 434 points

KARACHI: The Pakistan Stock Exchange (PSX) was remained bullish on Tuesday as KSE-100 index gaining 434 points to close at 43,703. The KSE-100 Index closed today at 43703 points as compared to 43268.29 points on Monday with a positive change of 434 points. Total 336 companies’ transacted shares in the Stock Market today, out of which 180 increased in value...

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After Kuwait, Saudi Arabia and UAE ban fruits, vegetables from India

RADIO PAKISTAN: The Saudi Food and Drug Administration has temporarily banned frozen and processed fruit and vegetable imports from the Indian state of Kerala from Sunday. The agency said in a statement that the ban was based on reports from the World Health Organization sparking concerns over the deadly Nipah virus in India. The UAE has also banned imports from...

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Jordanians renew protests against IMF driven-tax hikes

AMMAN: Hundreds of Jordanians took to the streets of the capital Amman on Sunday in the fourth day of nightly protests against IMF-backed price increases that have shaken the kingdom, witnesses said. They said demonstrators who converged near the cabinet office chanted slogans calling for the sacking of Prime Minister Hani Mulki and saying they would disband only if the...

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Pakistan to benefit from Kuwait’s ban on Indian fruits’ import: FPCCI official

Waheed Ahmed, the vice president at the Federation of Pakistan Chambers of Commerce & Industry (FPCCI), explained that exports of fruits and vegetables from Pakistan to Kuwait would consequently double in volume now that the latter had banned the imports of the same from India owing to the outbreak of the Nipah virus. Noting that the Nipah virus had, at present,...

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G7 asks Steven Mnuchin to convey ‘concern and disappointment’ on tariffs

WHISTLER: Finance leaders of the closest US allies vented anger over the Trump administration’s metal import tariffs but ended a three-day meeting in Canada on Saturday with no solutions, setting the stage for a heated fight at a G7 summit next week in Quebec. US Treasury Secretary Steven Mnuchin failed to soothe the frustrations of his Group of Seven counterparts...

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Smartphone market going down

SAN FRANCISCO: After a decade of sizzling growth, the smartphone market has suddenly cooled. Surveys show smartphone sales last year shrank slightly for the first time since the 2007 debut of the iPhone, and preliminary data this year suggests further deceleration. Analysts say several factors have hit the smartphone market including the lack of new features that wow consumers, people...

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Global airlines issue warning over trade tensions

SYDNEY: Growing tension over international trade could damage the airline industry and the world economy, global airlines and aviation executives warned on Sunday. The U.S. government has renewed tariff threats against China and imposed duties on steel and aluminum on U.S. allies Canada, Mexico and the European Union. “Any measures that reduce trade and probably consequently limit passenger travel are...

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Pak Suzuki revised rates: Prices increases third time in a year owing to depreciation in Rupees

KARACHI Web/Desk: On Friday, Pak Suzuki Motor Company increased its vehicle prices by around Rs30,000 from June 1. This is a in third such hike since the beginning of the year owing to to increasing depreciation of the rupee that makes imports of auto parts expensive. In a notification issued on Friday, the company announced revised rates of its various...

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Trump throws ailing U.S. coal, nuke plants a lifeline, triggers backlash

(Reuters) - U.S. President Donald Trump has directed Energy Secretary Rick Perry to take emergency steps to keep coal and nuclear power plants running, the White House said Friday, in what would amount to an unprecedented intervention in U.S. power markets. The White House billed the effort as a way to shore up national energy security, but the announcement triggered...

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Implementation On IP Gas Pipeline Project To Be Reviewed In 2018-19

ISLAMABAD (APP):Petroleum and Natural Resources Division has planned to review implementation on Iran-Pakistan gas pipeline project with its Iranian counterpart aims at finalizing all outstanding issues, especially in the wake of international sanction on the commodity supplier. “In the next fiscal year, the Division will review the implementation on IP project will be reviewed in consultation with the Iranian counterpart...

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Sexual violence is holding back the rise of India’s economy

NEW DELHI: There are two things New Delhi marketing executive Khyati Malhotra never leaves home without: Her taser and a pepper spray. It’s just part of the investment she makes to stay safe in a country where crimes reported against women have surged over 80 per cent in a decade and deadly cases of sexual violence often roil cities and...

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Petroleum Prices to remain unchanged: Miftah

ISLAMABAD: The government has decided to keep the petroleum prices unchanged till June 07, leaving the decision of changing the prices on incoming caretaker government. “Since our government ends today, and new prices of Petrol, Diesel, and Kerosene oil go in effect from tomorrow (Friday), therefore on recommendation of ministry of finance, the prime minister has decided to leave their...

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Indian government bids for Air India as auction flop

Mumbai: India''s government could be forced to rethink the auction of a majority stake in its debt-stricken airline Air India, with no bids yet received with a deadline looming Thursday. The cut-off date has already been put back by three weeks because of the lack of interest and Civil Aviation Secretary R.N. Choubey said late Wednesday there had been no...

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China lowers tariffs, rejects US trade war escalation

China said Thursday it wanted to avoid an escalation of trade tensions with the United States, as the two sides held new talks and Beijing decided to lower some tariffs. The overture came two days after the White House said its planned trade sanctions against China were still in the works despite the announcement of a truce following a previous...

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