Business

Last time approaching IMF: claims Asad Umar

KARACHI: On Saturday, Pakistan's Finance Minister of Pakistan, Asad Umar claimed that this would be last time the government is approaching International  Monetary Fund (IMF) for the bail out package to address economic woes. "This will be the last IMF programme," the finance minister assured while addressing an event at Pakistan Stock Exchange, here at metropolis. Furthermore Asad Umar clarified...

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Erdogan says Turkey is not facing any worrying economic problems

ANKARA: President Tayyip Erdogan said on Sunday Turkey was not facing any worrying economic problems and would not seek assistance from the International Monetary Fund, despite a currency crisis and likely economic slowdown. Turkey has “closed the book on the IMF, not be opened again,” Erdogan said in a speech to members of his AK Party. Reuters

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Pakistan Stock Exchange fell to a recorded decline of 1,772 points

ISLAMABAD : On Saturday,  Pakistan Stock Exchange recorded a free fall during the outgoing week where share values reached almost nine-month low mark with recorded a decline of 1,772 points. The reasons for such a fall is because of rising interest rates, worries on economic scenario, International Monetary Fund (IMF) strong words for the country’s economy and intense political temperature....

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CNG prices might increase to Rs104/kg across country

KARACHI: According to media reports, the owners of filling stations have decided to increase the price of CNG. The All Pakistan CNG Stations Owners Association is contemplating over keeping the price of gas at Rs98 per kilogramme. According to a head of the association. However, the price might go up to Rs100 per kilogramme in interior Sindh, Sources said the...

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Toyota announces new recall of 2.4 million hybrid cars after a technical problem arises

TOKYO: Japanese car giant Toyota said Friday it is recalling more than 2.4 million hybrid cars over a fault that could cause crashes, just a month after another recall affecting hybrids. The firm in September said it was recalling more than one million hybrid cars globally after uncovering a technical problem that could cause fires. The latest announcement affects several...

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OGRA increases gas prices by 143pc

Web Desk: The Oil and Gas Regulatory Authority (OGRA) on Thursday has increased gas prices by almost 143 percent for domestic consumers and an increase of 40 percent in commercial sector. According to the notification, Gas price for power generation companies was hiked by 57 per cent, whereas for rest of the industries went up by 40 per cent. For...

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Traders bet on oil at $100 as Iran sanctions loom

NEW YORK/LONDON: Oil traders have piled into wagers that US crude oil could surge to $100 a barrel by next year, a milestone that until recently many considered unthinkable due to record US production growth and relatively flat global demand. But the imminent return of US sanctions on Iran and bottlenecks keeping US oil from getting to market have fuelled...

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PSX remains bearish as KSE-100 Index losses 240 points on Wednesday

KARACHI: The Pakistan Stock Exchange was bearish today as KSE-100 Index closed at 40560.19 points as compared to 40800.25 points on the last working day with a negative change of 240.06 points. The total turnover was 89,991,490 as compared to 106,509,490 on the last working day with Unity Foods Limited having the highest turnover of 7,945,500. Total 357 companies’ transacted...

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National Assembly passes Finance Supplementary Bill 2018

ISLAMABAD: On Wednesday, the National Assembly passed the Finance Supplementary (Amendment) Bill 2018 with a majority. Finance Minister Asad Umar tabled the supplementary finance bill as NA Speaker Asad Qaiser chaired a session of the National Assembly. The government on Wednesday re-imposed a ban on non-filers of tax returns from purchasing property and vehicles. Prior, Finance Minister Asad Umar put...

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Volkswagen terminates Audi CEO’s contract amid emissions probe

BERLIN: Volkswagen has terminated Audi CEO Rupert Stadler’s contract against the backdrop of a criminal investigation into whether he was involved in emissions cheating by the German group. Munich prosecutors are investigating Stadler and another member of Audi’s senior management for suspected fraud and false advertising related to illegal emissions by its cars and manipulation of vehicle tests. The departure...

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Canada, US deal saves NAFTA as trilateral pact

OTTAWA/WASHINGTON: The United States and Canada forged a last-gasp deal on Sunday to salvage NAFTA as a trilateral pact with Mexico, rescuing a three-country, $1.2-trillion open-trade zone that had been about to collapse after nearly a quarter century. In a big victory for his agenda to shake-up an era of global free trade that many associate with the signing of...

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FBR extends deadline for filing tax returns till Nov 30

Web Desk: The Federal Board of Revenue (FBR) has extended the deadline to file annual income tax return to November 30. “In exercise of the powers conferred under section 214A of Income Tax Ordinance, the FBR is pleased to extend date of filing income tax return/statements for the tax year 2018”. “The date for filing of income tax returns and...

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Trump-Saudi King discusses oil prices in a telephone call

United States (US) President Donald Trump has discussed global crude oil prices with Saudi King Salman in a telephone call amid the American leader's call for Organisation of Petroleum Exporting Countries (Opec) to bring down energy prices. The state-run Saudi Press Agency reported the call late Saturday night, saying "the efforts to maintain supplies to ensure the stability of the...

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Monetary Policy: State Bank of Pakistan increases interest rates to 8.5% for next two months

KARACHI: On Saturday, the State Bank of Pakistan (SBP) increased the key interest rate by 100 basis points to 8.5% for the next two months as inflationary pressure and current account deficit have adversely affected the national economy. The above mentioned hike is the fourth interest rate hike this year. It made a hike of 100 basis points in July....

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Government to maintain prices of petroleum products for October

ISLAMABAD: On Saturday, the federal government  decided to maintain prices of petroleum products for the month of October, Finance Minister Asad Umar informed. The minister announced government decision to maintain prices of petroleum products during his informal meeting with journalists in Bani Gala. He said the current prices of petroleum products will remain in effect for the month of October....

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Pakistan, KSA signs three agreements: Fawad Ch

ISLAMABAD: Information Minister Fawad Chaudhry on Thursday said that Pakistan and Saudi Arabia have signed “three grant agreements.” “Pakistan to bring major investment in the China- Pakistan Economic Corridors projects,” he said while addressing a press conference in Islamabad. Fawad ch further said that important delegation of Saudi Arabia will reach Pakistan on Sunday. Energy, petroleum ministers as well as...

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IMF delegation arrive in Islamabad today, to hold talks with Pakistan government

ISLAMABAD: According to media reports, Pakistan will hold talks with the International Monetary Fund’s (IMF) mission today (Thursday). IMF mission headed by Herald Finger will arrive in Islamabad shortly for talks with the new government. Sources added said the Pakistani team will include the finance secretary, governor State Bank of Pakistan and secretary for economic affairs. The Finance Ministry further...

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