Business

State Bank keeps benchmark interest rate at 13.25 per cent

KARACHI: The State Bank of Pakistan (SBP) held its main policy rate at 13.25 per cent on Monday, taking a pause from a series of hikes as data pointed to a stabilising inflation rate. The bank last lifted rates in July by 100 basis points, its ninth cut since the start of 2018, as it faced rising inflation, a substantial...

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Pakistan refuses to accept IMF’s demand of increase tax rate

ISLAMABAD: According to sources, Pakistan refused to accept demands of an increase in tax rate and electricity prices by the International Monetary Fund (IMF) in the first round of talks for a financial bailout that ended today, Finance Minister Asad Umar said. Umar said that disagreements with the IMF continue on certain issues, which include an increase in electricity prices...

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Pakistan receives $1bn from Saudi Arabia, confirms SBP

KARACHI: Pakistan had received $1 billion from Saudi Arabia as part of the $3billion pledged by the kingdom to Islamabad as balance of payment support, says spokesperson from the State Bank of Bank (SBP). The spokesperson added that the remaining $2 billion was expected to arrive in Pakistan in the next few days. The funds from Saudi Arabia will be...

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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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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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IMF team expresses dissatisfaction over tax collection in Pakistan: Sources

ISLAMABAD: The International Monetary Fund (IMF) has expressed its dissatisfaction at the current state of Pakistan's tax collection, a team representing the body that arrived here in the city to discuss the country's ongoing financial crisis said late Monday. Earlier in the day, the delegation, which has already concluded the technical discussions with the Pakistani representatives, commenced its policy-level talks...

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ECC plans to bail out PIA, approves 17 Billion PKR grant

ISLAMABAD: The Economic Coordination Committee in a meeting on Monday approved a financial support package amounting to Rs17 billion for Pakistan International Airlines (PIA) – the country’s national flag carrier. The meeting – chaired by Finance Minister Asad Umar – also gave a go-ahead to allocation of 10 million cubic feet per day (MMCFD) gas to Sui Southern Gas Company...

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Alibaba Singles’ Day smashes $25 billion sales record

SHANGHAI: Chinese e-commerce giant Alibaba Group Holding Ltd smashed the 2017 record for its Singles’ Day sales event on Sunday, surpassing 168 billion yuan ($24.15 billion) sales in under sixteen hours. Singles’ Day, also called “Double 11” is the world’s biggest online sales event, outstripping US shopping holiday Black Friday. The Chinese event was originally a novelty student holiday to...

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Amount of aid from IMF not yet determined: Asad Umar

KARACHI: On Saturday, finance minister Asad Umar on Saturday said the amount of aid being sought from the International Monetary Fund (IMF) has not been determined as yet. Speaking to industrialists at the Overseas Investors Chamber of Commerce & Industry in Karachi, Umar said, “Independent power producers (IPPs) benefit the most from circular debt and subsidies are not a solution...

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Russia clashes with Western oil buyers over new deals as sanctions loom

Russian energy majors are putting pressure on Western oil buyers to use euros instead of dollars for payments and introducing penalty clauses in contracts as Moscow seeks protection against possible new U.S. sanctions. Seven industry sources told Reuters that Western oil majors and trading houses have clashed with Russia’s third and fourth biggest producers, Gazprom Neft and Surgutneftegaz, over 2019...

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Tesla names board director to replace Musk

WASHINGTON: Tesla said it has appointed Robyn Denholm of the Australian telecoms company Telstra as board director after Elon Musk resigned from the post. The appointment of Denholm, who is Telstra's chief financial officer, is effective immediately but she will serve out her six-month notice period with her current employer, Tesla said in a statement late Wednesday. Denholm had already...

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Russia seeks to de-dollarise as new US sanctions loom

MOSCOW: Moscow is intensifying efforts to wean its economy off the dollar as Washington considers tough new sanctions that could deny Russia access to foreign debt markets and cut its banks from the greenback. President Vladimir Putin has repeatedly slammed the US unit´s dominance on the world´s stage but the country´s previous efforts to de-dollarise its economy have so far...

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IMF delegation arrives in Pakistan for bailout talks

ISLAMABAD: A delegation of the International Monetary Fund (IMF) arrived in Islamabad today (Wednesday) for talks on a bailout package. According to details, the talks with IMF delegation will continue for two weeks. In first phase the IMF’s technical team will hold talks with Pakistani officials and Pakistan will inform the money watchdog about the country's economic needs. According to...

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Saudi Arabia, China helped in ending balance-of-payment crisis in Pakistan: Asad Umar

ISLAMABAD: Finance Minister Asad Umar Tuesday said there was a vacuum of $12 billion in Pakistan's balance of payments, for which $6 billion were provided by Saudi Arabia and the rest came from China. Umar said so while addressing a joint press conference with Foreign Minister Shah Mehmood Qureshi. He said that now there was no balance-of-payment crisis in the...

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Six Pakistani banks suspend International transaction through debit card

KARACHI: On Saturday, six Pakistani banks have suspended international transactions though debit cards. In a text message sent to customers on Friday, the banks informed, “As a security precaution your debit card has been temporarily disabled only for international ATM cash withdrawal.” Customers can use their debit cards for local transactions. According to SBP, the use of the bank's cards...

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October inflation at four-year high on gas price hike, rupee fall

ISLAMABAD: Annual inflation rate jumped to 7 percent in the month of October, the highest in four years, from 5.12 percent a month earlier, due to a steep rise in gas prices and multiple devaluations of the rupee. On a month-on-month basis, prices spiked 2.56 percent in October, according to data released by the Bureau of Statistics on Friday. Prices...

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Pakistan, IMF bailout talks to commence from Nov 7

ISLAMABAD: A delegation of the International Monetary Fund (IMF) will arrive in Pakistan on November 7 for talks on a bailout package. According to details, IMF has also prepared conditions that include control on privatization, tax reforms, circular debts and inflations for Pakistan to avail the package. On Saturday, Pakistan’s Finance Minister of Pakistan, Asad Umar claimed that this would...

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