Business

PayPal not extending its market to Pakistan

KARACHI: Pakistan’s freelancer community, which is said to be the fourth largest in the world, has expressed disappointment over reports of PayPal not extending its services to the country. PayPal operates a worldwide online payment system that supports online money transfers refused to introduce its services in the country. The company operates in 190 markets across the world. There has...

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Amazon hits trillion-dollar milestone with focus on the long game

SAN FRANCISCO: Amazon's market value hit $1 trillion on Tuesday, the second company after Apple to hit the milestone, following an incredible journey for the internet giant which has kept a long-term focus since launching as an online bookseller two decades ago. Early gains lifted Amazon's value to $1 trillion only briefly, with the final close at $2,039.51 giving it...

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US, Canada to try to salvage three-country NAFTA

Washington  - Efforts to salvage the North American Free Trade Agreement as a three-country pact are due to resume Wednesday when Canada and the US sit down at the negotiating table in a politically charged atmosphere. But the talks will be dogged by President Donald Trump's repeated threats to leave Canada on the sidelines and proceed with Mexico, which reached...

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Asian markets swing as nervous traders eye trade rows

HONG KONG: Asian markets fluctuated on Tuesday with investors moving cautiously as they await the latest developments in Donald Trump’s trade spats with China and Canada. With US markets closed for the Labor Day holiday, there were few catalysts to drive business though dealers remain nervous after Trump said he wanted to impose fresh tariffs ion a huge swathe of...

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Turkey inflation surges to 15-year high in August

ANKARA: Turkey reported its highest inflation rate in 15 years Monday fuelled by a spectacular drop in the Turkish lira, as analysts predicted that worse is probably to come. Consumer prices rose 17.9 per cent in August from the same month in the previous year — their highest increase since late 2003 — up from 15.85 per cent in July,...

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Amid U.S. trade war, China’s Xi reiterates reform commitment

BEIJING - China is still determined to reform and wants to work with all parties to build an open world economy, Chinese President Xi Jinping said on Sunday, reiterating Beijing’s message amid a bitter trade war with Washington. The two countries have been rolling out a series of tariffs on each other’s exports as U.S. President Donald Trump’s administration seeks...

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China’s ‘Silk Road’ project runs into debt jam

China's massive and expanding "Belt and Road" trade infrastructure project is running into speed bumps as some countries begin to grumble about being buried under Chinese debt. First announced in 2013 by President Xi Jinping, the initiative also known as the "new Silk Road" envisions the construction of railways, roads and ports across the globe, with Beijing providing billions of...

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‘Lehman Weekend’: the biggest bankruptcy in American history

It was "Lehman Weekend." The moment in September 2008 when the 150-year-old investment bank Lehman Brothers collapsed, precipitating the worst global economic crisis since the 1930s. After failing to find buyers for the troubled financial giant, that was weighed down by risky debt holdings made up of at subprime mortgages, US authorities declined to offer a bailout and allowed the...

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PM Imran Khan re-constitutes Economic Advisory Council comprises of 18 experts

ISLAMABAD: According to the notification issued,on Saturday, prime minister Imran Khan has reconstituted the Economic Advisory Council (EAC). The notification stated the EAC will comprise 18 members of which seven belong to the government sector while the remaining 11 belong to the private sector. Those belonging to the private sector include experts from Pakistan, the United Kingdom and the United...

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Trump to sign Mexico deal in 90 days; Canada talks to resume

WASHINGTON  — Talks to keep Canada in a North American trade bloc broke up Friday and will resume next week with the two longtime allies divided over such issues as Canada’s dairy market and U.S. efforts to shield drug companies from generic competition. President Donald Trump notified Congress on Friday that he plans to sign an agreement in 90 days...

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Japan central bank chief says no rate hike for ‘long time’

The Bank of Japan will not raise interest rates "for quite a long time", its chief said in an interview published Saturday even as its US and European peers tighten monetary policy. Haruhiko Kuroda dismissed speculation that the central bank was planning to adjust its super-loose policy, aimed at keeping long-term interest rates around zero percent and short-term rates at...

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Petrol, diesel prices slashed for September 2018

ISLAMABAD: The federal government on Friday announced to slash prices of petroleum products with effect from tonight, Newsone reported. Oil and Gas Regulatory Authority (OGRA) on Thursday forwarded a summary to Finance Ministry for reduction in petrol prices by RS 2 per Litre. OGRA recommended Rs6 per liter decrease in diesel price and kerosene Oil Rs30 paisa per liter, while...

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Now you see it, now you don’t: oil surplus vanishes ahead of Iran deadline

LONDON: An overhang of homeless crude in the Atlantic Basin has halved in recent weeks, suggesting oil traders are bracing for a further supply loss from Iran due to US sanctions and a new rally in prices. Iran’s oil exports are already dropping fast as refiners scurry to find alternatives ahead of a reimposition of US sanctions in early November,...

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OGRA recommends Rs Rs6 per liter decrease in fuel prices

ISLAMABAD/ Web Desk: Oil and Gas Regulatory Authority (OGRA) has forwarded a summary to Finance Ministry for reduction in petrol prices by RS 2 per Litre, Newsone reported. According to details, the summary also refers to other petroleum products whose prices should be decreased under monthly readjustment formula. OGRA has recommended Rs6 per liter decrease in diesel price and kerosene...

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Trump says China making things ‘much more difficult’ with N Korea

WASHINGTON: US President Donald Trump on Wednesday accused China of complicating Washington's relationship with North Korea by rendering its ally economic assistance, as talks on Pyongyang's denuclearization are at a standstill. But he insisted his relationship with Kim Jong Un remained "very good" and said he was not considering resuming joint military exercises on the Korean Peninsula that Pyongyang considers...

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World Bank ready to support reform plans of new Pakistan govt

ISLAMABAD: The World Bank Wednesday said it was ready to support the reform plans of the new Pakistan government for stabilizing the economy and accelerating growth to end poverty and boost prosperity. The commitment was made by the World Bank’s newly appointed Vice President for the South Asia Region, Hartwig Schafer, when he met the government and key counterparts to...

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Govt bars utility stores from buying products across Pakistan

ISLAMABAD: The newly appointed PTI government has ordered all Utility Stores Corporation (USC) to suspend all kinds of procurement in the stores. According to reports, PM’s Adviser on Industries and Production Razak Dawood has ordered Utility Stores Corporation (USC) to suspend purchases in stores. A notification has been issued in this regard. The closing of utility stores is the first...

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