Business

SBP hikes policy rate to 6.50 percent for next two months

KARACHI: The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) has increases policy rate to 6.50 percent for the next two months. According to the State Bank of Pakistan (SBP), Pakistan’s economic growth is provisionally estimated to achieve a 13-year high level of 5.8 percent for FY18. Concurrently, headline inflation remains moderate and is expected to stay...

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Vodafone buys chunk of Liberty’s European assets for 18.4bn euros

British telecoms giant Vodafone on Wednesday unveiled an 18.4-billion-euro deal to buy part of Liberty Global's operations that will make it Europe's largest cable and broadband operator. The deal worth $21.9 billion will see Vodafone become the second biggest player in eurozone powerhouse Germany, while it will acquire operations also in the Czech Republic, Hungary and Romania from the US...

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PSX remains bearish as KSE-100 index loses 312 points

The Pakistan Stock Exchange was remained bearish on Tuesday as KSE-100 index loses 312 points in sixth consecutive bearish session. The KSE-100 Index closed today at 44066.96 points as compared to 44378.52 points on the last working day with a negative change of 311.56 points. Stocks of 356 companies were traded at the exchange, of which 83 advanced, 252 declined...

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Japan’s Takeda to buy Shire in record $62.5 bn deal

Drug giant Takeda on Tuesday said it would buy Irish pharmaceuticals firm Shire in a deal worth $62.5 billion, the biggest foreign takeover ever by a Japanese firm. The deal, which will create one of the world's top 10 drug companies, caps a lengthy courtship by Takeda of its larger rival as it seeks to expand overseas. Shire last month...

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Alibaba enters Pakistani market by purchasing Daraz

FRANKFURT: Alibaba Group has bought the entire share capital of Rocket Internet’s South Asian e-commerce platform Daraz Group, Rocket Internet said on Tuesday. Daraz, founded in Pakistan in 2012, operates online marketplaces in Pakistan, Bangladesh, Myanmar, Sri Lanka and Nepal. The unit will continue to operate under the same brand following the sale to Alibaba, Rocket said. “The sale of...

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SC seeks response from federal, provincial governments on high taxes by mobile networks

ISLAMABAD: The Supreme Court of Pakistan today  ordered the federal government, Federal Board of Revenue and  4 provinces to submit a written response in one week time over the high taxes charged by mobile phone service networks operating in  the country. The orders were given as a three-member bench headed by Chief Justice of Pakistan Justice Saqib Nisar took up...

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Oil prices down in Asia as focus turns to Trump, equities rise

HONG KONG: Oil prices slipped in Asia on Tuesday morning from three-and-a-half-year highs as investors cautiously await Donald Trump’s Iran nuclear decision later in the day. The US president wrote in a tweet that he would make an announcement on whether or not to tear up the agreement with Tehran and reimpose painful sanctions that could cut off crude supplies....

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Pakistan capable of giving trade access to Central Asian states: PM Abbasi

ISLAMABAD: Prime Minister Shahid Khaqan Abbasi on Monday has said that greater efforts are being made for optimal exploitation of Pakistan's Exclusive Economic Zone. He was addressing an International Maritime Symposium, under the auspices of Bahria University, in Islamabad today with the theme of "Impact of Belt and Road Initiative on Geo-Economics of Indian Ocean Region". The Prime Minister pointed...

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Warren Buffett says China, US will avoid acting ‘fool’ on trade

OMAHA: Billionaire Warren Buffett on Saturday said it is unlikely that the United States and China will come to loggerheads on trade, and the countries would avoid doing “something extremely foolish.” “The United States and China are going to be the two superpowers of the world, economically and in other ways, for a long, long, long time,” Buffett said at...

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Trump says China ‘spoiled’ by trade wins over US

China is "very spoiled" by trade wins over America, US President Donald Trump said late Friday, as a top business delegation headed back to America after high-stakes talks with Beijing. The two days of talks were aimed at forestalling momentum towards a looming conflict between the world's two largest economies, with both sides prepared to pull the trigger on tariffs...

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Toyota invests $1.4 billion in Canada plants

Toyota announced Friday it would invest Can$1.4 billion ($1.09 billion) in two factories in central Canada where the Japanese manufacturer plans to build its largest hybrid hub in North America. Ottawa will support the investment with Can$110 million in Toyota's Cambridge and Woodstock plants in Ontario, a statement from the office of Prime Minister Justin Trudeau said. "Once complete, Canada...

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Critical US-China trade talks end in Beijing

China and the US ended the second day of high-stakes trade talks Friday with "big differences", Beijing said, leaving the world's two largest economies on the brink of a trade war that could have knock-on effects on the global economy. The talks were aimed at forestalling momentum towards the looming conflict, with both sides prepared to pull the trigger on...

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Seven chateaux and counting: Chinese billionaire is big in Bordeaux

Over the past decade Chinese investors have conquered dozens of chateaux in Bordeaux, France's famed wine-growing region. Some left after seeing their investments wither on the vine, but Peter Kwok, who has no fewer than seven vineyards to his name, says he is here for the long haul. The 69-year-old Hong Kong-based billionaire has been in southwest France for the...

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Critical US-China trade talks enter second day in Beijing

Senior Chinese and US officials met in Beijing Friday for a second day of high-stakes talks aimed at forestalling the growing momentum towards a trade war that could trigger billions of dollars of tariffs. The discussions mark a potential off ramp for the trade conflict that could dent humming global economic growth. US President Donald Trump has threatened to levy...

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CJP takes notice of 40% tax on mobile cards

ISLAMABAD: Chief Justice of Pakistan Justice Saqib Nisar has taken notice of the high taxation on phone cards for prepaid cellular services. The chief justice asked why such a huge amount is deducted by private mobile companies and under what tax directives. The Supreme Court issued notices to all the mobile telephone operators in the country and summoned the attorney general over the...

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‘China declines to approve preconditions in US trade talks’

BEIJING: China would welcome a successful outcome from upcoming trade talks with the United States, but is fully prepared for all outcomes and will not negotiate on core interests, a Chinese government official said on Wednesday. Talks must be held as equals and be mutually beneficial, said the official, who declined to be named, adding that Beijing would not yield...

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Tech stocks shine after Apple results as European shares climb

European shares rose on Wednesday, boosted by some strong earnings updates and a rising tech sector after results from Apple exceeded weak expectations. Shares in AMS (AMS.S), which provides the facial recognition technology used in Apple’s iPhones, jumped 7 percent after Apple (AAPL.O) surprised the market with solid iPhone X sales, confounding fears of a much weaker performance. Apple shares...

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