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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OGRA recommends increase of petrol prices by Rs5.40/litre for month of July

ISLAMABAD: According to Newsone, the Oil and Gas Regulatory Authority (OGRA) on Saturday recommended the interim government to raise the already increased price of petrol by Rs5.40 per litre, diesel by Rs6.20 per litre and kerosene oil by Rs12 per litre for the month of July 2018. Moreover, the regulatory authority today forwarded a summary  Ministry of Petroleum Division proposing...

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PSX remains bearish on Friday as KSE-100 Index losses 86.95 points

KARACHI: The Pakistan Stock Exchange (PSX) was bearish on Friday as KSE-100 Index closed today at 41910.99 points as compared to 41997.85 points on the last working day with a negative change of 86.95 points. The total turnover was 166,083,620 as compared to 159,817,670 on the last working day with K-Electric Limited having the highest turnover of 12,078,000. Stocks of...

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India has adequate ‘firepower’ to deal with rupee volatility: economic affairs secretary

NEW DELHI: India has adequate “firepower” of foreign exchange reserves to deal with the current volatility in the rupee, the country’s Economic Affairs Secretary told reporters. The volatility is being driven by global factors including the proposed US sanctions on Iran and the mismatch in demand and supply of oil, Subhash Chandra Garg, economic affairs secretary in the Ministry of...

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Apple, Samsung settle US patent dispute

Apple and Samsung Electronics on Wednesday settled a seven-year patent dispute over Apple’s allegations that Samsung violated its patents by “slavishly” copying the design of the iPhone. Terms of the settlement, filed in the US District Court for the Northern District of California, were not available. In May, a US jury awarded Apple $539 million, after Samsung had previously paid...

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UK leaves the EU as Brexit becomes law

LONDON: A bill enacting Britain´s decision to leave the European Union has become law after months of debate, the House of Commons speaker announced Tuesday, to cheers from eurosceptic lawmakers. Speaker John Bercow said the EU (Withdrawal) Bill, which repeals the 1972 European Communities Act through which Britain became a member of the bloc, had been given the formal royal...

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Mobile phone imports witness rise in first 11 months

ISLAMABAD: Mobile phones imports have witnessed a phenomenal growth of 19.28 per cent in first eleven months (July-May) of 2017-18 as it remained US $ 759.969 million. During same period of July-May 2016-17, the imports registered were US $ 637.14 million. Mobile phone imports in May 2018, valued at $81.362 million, increased by 25.64 per cent when compared to US...

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OGRA increases gas prices by 300pc

The Oil and Gas Regulatory Authority (OGRA) has proposed to surge the gas prices by almost 300 percent for domestic consumers and an increase of 30 percent in commercial sector. According to local media, as per the recommendation forwarded by OGRA to the interim government, an increase of Rs204 per MMBTU has been suggested for the domestic consumers. As per...

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EU to respond to any U.S. auto tariff move: report

The European Union will respond to any U.S. move to raise tariffs on cars made in the bloc, a senior European Commission official said, the latest comments in an escalating trade row. U.S. President Donald Trump on Friday threatened to impose a 20 percent tariff on all imports of EU-assembled cars, a month after his administration launched an investigation into...

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Tesla recycling machine catches fire at California campus

A machine used for paper recycling caught fire Thursday night at Tesla Inc’s Fremont, California, campus, outside the company’s car production factory, but manufacturing was not affected, the company said. The fire occurred after a cardboard baling machines that is used for recycling overheated, and was contained, Fremont Fire Department Division Chief Diane Hendry said on Friday. The fire happened...

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Trade war erupts as EU slaps US with tarrifs

RUSSELS: The European Union slapped revenge tariffs on iconic US products including bourbon, jeans and motorcycles on Friday in its opening salvo in a trade war with President Donald Trump. The tariffs, which took effect at midnight (2200 GMT Thursday) according to the EU´s official journal, will further fuel jitters on world stock markets that are already alarmed by trade...

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Brexit law approved by UK’s upper Parliament

LONDON: Britain’s upper house of parliament approved Prime Minister Theresa May’s Brexit bill on Wednesday, ending months of parliamentary debate over the legislation that will formally end the country’s European Union membership. Lords approved the government’s plan without a vote after a rebellion by those who wanted parliament to have a greater influence over the exit process was defeated in...

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US Dollar breaks all records, reaches Rs125 against PKR in open market

KARACHI: Pak Rupee surged to all-time high of Rs125 against US dollar in the open market on Wednesday, after gaining by a further Rs0.5 from Tuesday. In the inter-bank market dollar weakened by Rs0.33 and was being traded at Rs121.40, after climbing to Rs121.73 earlier. On Monday, US dollar hit a record high of Rs121 in interbank trading, after the...

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India shelves Air India sale plan after failing to attract buyers: reports

India has shelved its sale of Air India after failing to attract buyers, local media quoted a government minister as saying — a decision that could exacerbate the carrier’s financial woes and represent a setback for government efforts to cut debt. Civil Aviation Minister Suresh Prabhu said plans to privatise the carrier have been dropped for now due to factors...

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Dollar hits 11-month high as U.S. threatens further tariffs on China

LONDON: The dollar rose to an 11-month high on Tuesday and the euro slumped after U.S. President Donald Trump threatened more tariffs on China in an escalating trade dispute investors fear could hurt global growth. Hostility over trade between the world’s two largest economies intensified on Tuesday when Trump threatened to impose a 10 percent tariff on $200 billion of...

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Trump threatens to hit China with new tariffs on $200 billion in goods

WASHINGTON: US President Donald Trump threatened on Monday to impose a 10 percent tariff on $200 billion of Chinese goods, escalating a tit-for-tat trade war with Beijing. In a statement, Trump said he had asked the US trade representative to identify the Chinese products to be subject to the new tariffs. He said the move would be in retaliation for...

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Global stocks falter as trade war fears deepen

NEW YORK: World stock markets faltered Monday as traders eyed looming trade wars and worried about EU rifts over migration. Analysts said investors were still jittery following Friday´s tit-for-tat tariff announcements by the US and China. Markets fear a further escalation could derail the global economy. "Trade concerns are the bulk of the issue here," said Nate Thooft, based in...

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