Business

PSX remains bullish on Wednesday

KARACHI: The Pakistan Stock Exchange remained bullish on Wednesday as KSE-100 Index closed today at 41320.13 points as compared to 41238.07 points on the last working day with a positive change of 82.06 points. The total turnover was 158,719,790 as compared to 166,519,340 on the last working day with K-Electric Ltd having the highest turnover of 30,606,500. Total 351 companies’...

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Turkmenistan says close to securing TAPI pipeline financing

Turkmenistan plans to secure within a few months all the necessary funding to complete the construction of an $8 billion natural gas pipeline to Afghanistan, Pakistan and India, the project’s chief executive said on Wednesday. The Central Asian nation is building the TAPI pipeline to diversify its gas exports, which have mostly gone to China. "We expect the financing to...

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Oil falls on shock U.S. stock builds, OPEC supply worries

NEW YORK: Oil benchmarks fell on Wednesday after an unexpected build in U.S. crude and gasoline inventories despite strong demand, and as traders weighed a possible increase in OPEC crude output to cover any shortfalls in supply from Iran and Venezuela. U.S. crude inventories rose 5.8 million barrels last week, while gasoline stocks increased by 1.9 million barrels, the Energy...

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China to cut auto tariffs on July 1 as trade tensions ease

China announced Tuesday that it would cut tariffs on auto imports from July 1, the latest sign of a thaw in trade frictions with the United States. Beijing has announced a flurry of trade liberalisations and reforms since coming under fire from the Trump administration and some European politicians for its protectionist policies. The planned reduction in import duties from...

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India flexes IPL muscle in hunt for more TV riches

The head of the multi-billion dollar Indian Premier League says the glitzy tournament is taking aim at football and basketball's heartlands as India strengthens its role as world cricket's financial powerhouse. The high-octane Twenty20 extravaganza -- which reaches the climax of its 11th season this week -- is doing "wonderfully well", IPL chairman Rajeev Shukla told AFP as he set...

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Markets mostly rise as Beijing and Washington avert trade war

Asian and European markets mostly rose Monday after the US and China said they had agreed to hold off imposing tariffs, averting a damaging trade war, at least for now. In late morning deals, London stocks rose 0.8 percent and Paris stocks were up 0.6 percent, while Frankfurt was shut for a public holiday. The Milan stock market however dropped...

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Oil prices increase with global markets after China, US put trade war ‘on hold’

SINGAPORE: Oil prices rose on Monday, lifted by news that China and the United States had put a looming trade war between the world’s two biggest economies “on hold”. Brent crude futures were at $78.87 per barrel at 0045 GMT, up 36 cents, or 0.5 percent, from their last close. Brent broke through $80 for the first time since November...

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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...

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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...

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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...

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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,...

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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...

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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...

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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...

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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...

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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...

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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...

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