Business

Daimler, BMW to invest 1 billion euros in venture to rival Uber

BERLIN: German carmakers Daimler and BMW unveiled a joint ride-hailing, parking and electric car charging business on Friday to compete with mobility services provided by Uber and other tech firms. The luxury car firms said they would invest more than 1 billion euros ($1.13 billion) to expand the joint venture, shifting beyond manufacturing and car sales toward pay-per-minute or pay-per-mile...

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PM Imran’s visit: Qatar agrees to include Pakistani rice in its tender documents

ISLAMABAD: During the recent visit of the Prime Minister to Qatar, the Qatari Government has agreed to include Pakistan origin rice in the tender documents of the Central Tendering Committee which falls directly under the purview of Qatar’s Ministry of Economy and Commerce. The lifting of the ban is expected to provide an additional US $40-50 million of rice exports...

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Government presents Mini-Budget amid opposition ruckus in NA

ISLAMABAD: On Wednesday, Finance Minister Asad Umar is currently presenting the 'mini-budget' in the National Assembly. The mini budget by the Pakistan Tehreek-e-Insaf (PTI) federal government comes amid protest staged by opposition parties in the NA. Umar began by stating that this was not a mini-budget being presented but rather a set of economic reforms. Before the mini-budget presentation by...

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UAE to sign US$3 billion support package today promised for Pakistan

ABU DHABI: On Tuesday, Pakistan and the United Arab Emirates will sign a US$3 billion support package, as pledged by Abu Dhabi to boost the liquidity and foreign exchange reserves of the cash-starved country. According to the package, which would be signed in a ceremony scheduled in Abu Dhabi, the UAE will deposit $3 billion in the State Bank of...

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China’s economy grew at slowest pace in 28 years in 2018

China´s economy grew at its slowest pace in almost three decades in 2018, losing more steam in the last quarter as it battles to quell massive debt and a US trade war, official data showed Monday. The 6.6 per cent growth comes in above the official target of around 6.5 per cent and matches a forecast by analysts polled by...

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PM adviser eyeing increase in exports for 2019

ISLAMABAD: On Saturday, adviser to PM for Commerce, Textile and Industry Production Abdul Razak Dawood vowed to make a record by increasing the volume of exports to a new historical level in 2019. "This year, we will achieve the target of highest exports in the history of the country," he added. Dawood, while addressing a ceremony in Karachi, said that...

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Tax filers exempted from withholding tax on cash withdrawal

KARACHI: State Minister for Revenue Hammad Azhar has assured the business community that withholding tax (WHT) on cash withdrawal from bank accounts will be abolished for tax filers so as to encourage ease of doing business. President (acting), Karachi Chamber of Commerce and Industries(KCCI) Khurram Shahzad said here Friday, sharing details of the meeting held in Islamabad between the state...

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Trade Deficit falls by 4.4% in six months: claims official

KARACHI: According to the spokesperson for Ministry of Finance the pressure on external account is decreasing and the current account deficit dropped by 4.4% in six months. Finance Ministry spokesperson Dr Khaqan Najeeb while speaking to a private channel said, “In the first six months of the current fiscal year, economic numbers showed better performance.” “Remittances showed a growth of...

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Mobile phone prices likely to rise by thousands after renewed duty prices

ISLAMABAD: The government of Pakistan on Friday bumped up the import duty on mobile phones 15 percent to 44-52 percent. According to the Karachi Electronic Dealers Association (KEDA), the duties, general sales tax (GST), levy, and income tax rates on the imports of mobile phones have been revised upwards. In addition, a condition of Type Approval has also been implemented...

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PSX witnessed bearish trend on Thursday

KARACHI: The KSE-100 Index closed today (Thursday) at 39243.89 points as compared to 39271.94 points on the last working day with a negative change of 28.05 points. Total 332 companies’ transacted shares in the Stock Market today (Thursday), out of which 144 recorded gains and 176 sustained losses whereas the share price of 12 companies remained unchanged. Pak Tobacco recorded...

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Oil dips on global economic slowdown, but OPEC-led cuts provide support

SINGAPORE: Oil prices dipped on Wednesday on increasing signs of a global economic slowdown, although OPEC-led supply cuts helped support Brent crude above $60 per barrel. International Brent crude oil futures LCOc1 were at $60.53 per barrel at 0403 GMT, down 11 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down...

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Saudi energy minister says oil market on ‘right track’

ABU DHABI: Saudi Arabia’s Energy Minister Khalid al-Falih said on Sunday the oil market is “on the right track” and will quickly return to balance, but oil producers are willing to do more if needed. “If we look beyond the noise of weekly data and speculators’ herd-like behaviour, I remain convinced that we’re on the right track, and that the...

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Mini-budget to be presented on Jan 23, says Finance Minister

KARACHI: On Saturday, Finance Minister Asad Umar announced that the government will present the mini-budget on January 23. Earlier, the mini-budget was initially set to be presented on January 21 but was delayed as Prime Minister Imran Khan will be travelling, Umar informed during a meeting with traders at Karachi Chamber of Commerce. "Tax anomalies will be removed in the...

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Business Community meets COAS Bajwa in Karachi: ISPR

RAWALPINDI: According to the Army Media Wing Inter Service Public Relations (ISPR), a delegation of business community met Chief of Army Staff General Qamar Javed Bajwa in Karachi. ISPR further said that the army chief apprised the business community about improving the overall security situation, especially in Karachi. The army chief asked the community to capitalise on the current environment...

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Pakistan foreign exchange reserves less to pay debts: Moody’s

A report by Moody said on Thursday that Pakistan does not have enough foreign exchange reserves to pay its public and private external debt due over this year. The Moody's Investor report further said in its report that “Foreign exchange reserves are low, and gross borrowing requirements are large in Pakistan and Sri Lanka, threatening the ability of these governments...

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Pakistan, World Bank sign $100m deal for ‘Sindh Solar Energy Project’

KARACHI: Pakistan and World Bank have signed an agreement worth US $ 100.0 million for "Sindh Solar Energy Project" in Islamabad today (Wednesday). The objective of the project is to increase solar power generation and access to electricity in Sindh Province. The project will support the deployment of solar power in Sindh Province spanning three market segments: utility scale, distributed...

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Wall Street set to open higher on trade deal hopes

U.S. stocks were set to gain for a third day on Tuesday, lifted by hopes that the United States and China would strike a deal to end their months-long trade war that has battered financial markets. Futures pointed to a 0.8 percent ESc1 opening gain for the S&P 500 .SPX, with the index set to add to a 4 percent...

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