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PSX remains bearish as KSE-100 index loses 55 points

Karachi: The KSE-100 Index closed today at 43572.67 points as compared to 43627.10 points yesterday with a negative change of 54.43 points. The total turnover was 126,714,720 as compared 148,358,060 yesterday with Fauji Foods Limited reflecting the highest turnover of 9,804,500. The total 370 companies’ transacted shares in the Stock Market today. Out of which 140 recorded gains and 205...

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Airbus halts some deliveries, tests after engine snag: sources

Airbus has stopped delivering A320neo jets powered by Pratt & Whitney’s geared turbofan engines and halted pre-delivery test flights after the latest technical hitch to affect the supplier, two sources familiar with the matter said. An Airbus A320neo aircraft is pictured during a news conference to announce a partnership between Airbus and Bombardier on the C Series aircraft programme, in Colomiers near...

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Stock markets, under pressure, on track for worst week in years

Global stock markets remained under pressure Friday, headed for one of their worst weekly performances in years, with analysts wondering whether to greet the sell-off as a healthy correction or fear even worse to come. Europe's key markets extended recent day's heavy losses, following another spectacular downturn in Asian equities. US stocks attempted a recovery in early business on Wall...

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Exclusive: China’s Ant plans equity fundraising at potential $100 billion valuation – sources

HONG KONG: China’s Ant Financial Services Group is planning to raise up to $5 billion in fresh equity that could value the online payments giant at more than $100 billion, people familiar with the move told Reuters. A fundraising would bring Ant, in which e-commerce firm Alibaba Group Holding Ltd is taking a one-third stake, a step closer to a...

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Mom-and-pop investors undeterred by wild US stock market

NEW YORK: As the US stock market suffered its worst selloff in more than six years on Monday, Richmond, Virginia-based financial adviser Jamie Cox started preparing for a flood of client calls that never came. Out of more than 2,500 clients, only 15 people called or emailed to check in with Cox, who helps oversee $750 million in assets at...

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Pak-Afghan transit trade declined in 2017

ISLAMABAD: Pakistan's transit trade volume with Afghanistan declined in 2017 while its trade with other countries during the same period increased. Between 2009 and 2012, bilateral trade between the two countries decreased by 46 percent, however, after the signing of the Pak-Afghan Transit Trade agreement in June 2012 and its implementation in the mid of 2014, bilateral trade increased by...

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Gold price falls sharply in Pakistan

KARACHI: Gold price in domestic market declined sharply after fall in global bullion price. Gold on Wednesday move down from Rs 56600 per tola to Rs 56200 per tola, showing a decline of Rs 400 while on Tuesday it rose sharply by Rs 250 to Rs 56600 per tola Gold price recorded drop following sharp selloff in bullion markets globally,...

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German industrial output falls in December

German industrial production lost some momentum in December, but not enough to cloud the generally bright outlook for Europe's largest economy, official data showed Wednesday. Output slipped 0.6 percent month-on-month in December, after rising by 3.1 percent the previous month, federal statistics authority Destatis said in data adjusted for price, seasonal and calendar variations. Looking at the different sectors, capital...

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Bitcoin extends slide, falls below $7,000

NEW YORK: Digital currency bitcoin fell more than 15 percent on Monday to a nearly three-month low amid a slew of concerns ranging from a global regulatory clampdown to a ban on using credit cards to buy bitcoin by British and US banks. On the Luxembourg-based Bitstamp exchange, Bitcoin fell as low as $6,853.53 in early afternoon trading in New...

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Highs and heists: Where is cryptocurrency heading?

TOKYO: A hacking theft that netted $530 million, a ban on Facebook advertising, regulation even in Russia, and more wild price swings: despite another stomach-churning week for cryptocurrencies, analysts say they are here to stay. While headline-grabbing hacks like that suffered by Japan’s Coincheck are likely to attract the attention of regulators, experts say the "Teflon" crypto boom is now...

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IHC court issues notice to OGRA over hike in fuel prices

ISLAMABAD: Islamabad high court on Friday has issued notices to Oil and Gas Regulatory Authority (OGRA), petroleum ministry over hike in petroleum prices for the month of February. The IHC has directed the respondents to file their responses in a week on a petition filed against the recent hike in fuel prices. The petitioner maintained that the government has unjustly...

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Fed outlines yearly ‘stress test’ standards for Wall Street

WASHINGTON: The Federal Reserve on Thursday outlined standards for its annual ‘stress test’ of the largest banks to see how Wall Street would fare in a future financial crisis. Large lenders like JPMorgan Chase & Co and Bank of America Corp will have to report on whether their business could survive for long if the unemployment rate jumped to 10...

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Facebook forecasts rising ad sales despite dip in usage

Facebook Inc offered reassurances to investors on Wednesday that its digital ad business would remain highly profitable, despite a dip in usage on the social media network and an overhaul of its flagship News Feed. The company said in an earnings report that quarterly revenue jumped 47 percent from a year earlier, and executives said on a conference call that...

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Govt hikes fuel prices on OGRA recommendations for February

ISLAMABAD: Government of Pakistan has increased fuel prices on the recommendations of OGRA for the month of February, NewsOne reported. The new price for petrol has increased by Rs2.98 rupees. The revised price of petrol would be Rs84.91 per litre. The price of diesel has been increased by Rs5.92, while the price of light diesel has also been increased by...

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Wall Street stumbles as bond yields rise, health stocks fall

US stocks fell for a second straight day on Tuesday, with the Dow registering its biggest two-day drop since September 2016, pressured by healthcare stocks and rising bond yields. The Dow also had its biggest daily percentage decline since May 2017 and the day’s 1.37-percent fall was the second-biggest single-day drop since the election of Donald Trump, who is slated...

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OGRA proposes Rs 2.98 hike in petrol price for February

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has recommended an increase in petrol price by Rs2.98 per litre. According to a summary OGRA has recommended a hike in prices of petrol and diesel by Rs2.98 and Rs10.25 per litre respectively. Similarly, Rs12.74 and Rs11.72 increase was recommended in the prices of kerosene oil and light diesel. The price hike...

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Global stocks pressured ahead of big earnings, Fed meeting

NEW YORK: Global stocks kicked off the week in a lacklustre fashion on Monday, with US equities retreating from records ahead of a Federal Reserve meeting and a deluge of major earnings reports. All three major US indices fell in one of the few down days in 2018. Stock bourses elsewhere were also under pressure, with Paris and Frankfurt edging...

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