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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Chinese industrialists to invest $400mn in Sindh

Web Desk: Industrialists from China's Chongqing Federation of Industry and Commerce will invest four hundred million dollars in several trade and industrial projects in Sindh. This was stated by representative of the federation Zhang Yang at a press conference in Hyderabad Chamber of Commerce and Industry. He said the investment would be made in steel, textile and clothing, real estate,...

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Dollar snaps losing streak; pound bounces

LONDON: The dollar edged higher on Monday, snapping a two-week losing streak, as investors bought the greenback before a widely expected interest rate hike by the U.S. central bank this week while trade war concerns checked investor appetite for risk. The dollar had struggled as trade war concerns faded and emerging market central banks led by Turkey took aggressive steps...

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Pakistan invites Saudi Arabia to be third partner in CPEC

ISLAMABAD: Information Minister Fawad Chaudhry has said Islamabad has invited Saudi Arabia to invest in the Beijing-funded, multi-billion dollar infrastructure corridor being constructed in Pakistan. The China Pakistan Economic Corridor (CPEC) is an ambitious plan to build energy and transport links connecting the western Chinese region of Xinjiang with the Arabian Sea via Pakistan, as part of Beijing’s broader Belt...

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Alibaba’s Ma says 1m US jobs pledge thwarted by trade row

Alibaba founder Jack Ma said his ambitious pledge to create one million jobs in the US had been scuppered by the trade row between Beijing and Washington, Chinese state news reported Thursday. The billionaire owner of China’s largest online shopping portal made the headline-grabbing promise to Donald Trump last year, as Beijing courted the then-newly elected president. But Ma told...

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PSX remains bullish on Wednesday

KARACHI: The Pakistan Stock Exchange remained bullish on Wednesday as KSE-100 Index closed today at 41320.13 points as compared to 41238.07 points on the last working day with a positive change of 82.06 points. The total turnover was 158,719,790 as compared to 166,519,340 on the last working day with K-Electric Ltd having the highest turnover of 30,606,500. Total 351 companies’...

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China vows to retaliate as Trump targets $200bn in goods

China on Tuesday vowed to retaliate against the United States and warned of “uncertainty” in trade talks after President Donald Trump targeted another $200 billion in Chinese imports with tariffs starting next week. Trump ratcheted up pressure on Beijing as the new round of levies will bring the amount of goods hit by duties to roughly half of Chinese exports...

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Finance Minister Asad Umar presents amendment for federal budget

ISLAMABAD: On Tuesday,  Finance Minister Asad Umar presented proposed amendments for the federal budget 2018-19 in the National Assembly. Various lawmakers from different political parties, prime minister Imran Khan, ministers attended the NA session today. As he began his speech, Asad Umar recalled that fiscal deficit had increased from 4.1 per cent at the start of the last government's tenure...

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Murad Ali shah puts forth budget recommendations for Sindh’s fiscal year

KARACHI: Sindh Chief Minister Murad Ali Shah on Monday presented recommendations for budget of current fiscal year following the provincial cabinet's approval. Earlier today, the Sindh chief minister constituted a three-member committee to probe the use of provincial government's luxury vehicles. The committee comprises three provincial ministers, including minister for excise and taxation. Addressing the cabinet meeting, Shah said, "Only...

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Reports say US to impose tariffs on $200 bn over Chinese goods

WASHINGTON: US President Donald Trump has decided to impose tariffs on $200 billion in Chinese imports and could make the announcement in the coming days, US media reported. Citing anonymous sources, The Washington Post and The Wall Street Journal reported that the tariffs would be set at 10 per cent. Trump has already imposed 25 per cent tariffs on steel...

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Iran says Saudi Arabia and Russia have taken oil market ‘hostage’: SHANA

LONDON: Iran’s OPEC governor said on Saturday that Saudi Arabia and Russia have taken the oil market “hostage” as U.S. President Donald Trump seeks to impose fresh sanctions on Iranian oil sales. Washington wants to cut Iran’s oil exports to zero by November, and is encouraging producers such as Saudi Arabia, other OPEC members and Russia to pump more to...

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Govt reduces relief on annual income taxes

ISLAMABAD: On Thursday, the federal government introduced amendments in the Finance Act 2018’s Income Tax Ordinance, according to which the relief on taxable income has been reduced for the salaried persons. For an annual salary of 0.4 million rupees, no tax will be applied, while for Rs400,000 to Rs800,000 annual salary, tax will be Rs1,000. For Rs0.8 million to Rs...

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New York overtakes London as world’s top financial centre: survey

New York has overtaken London as the world´s most attractive financial centre, a survey said on Wednesday, as Britain´s decision to leave the European Union prompts banks to shift jobs out of the city to preserve access to Europe´s single market. Since Britain voted to leave the EU more than two years ago, some of the world’s most powerful finance...

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Alibaba’s Jack Ma to step down in one year, Zhang to become chairman

BEIJING - Jack Ma, the charismatic co-founder of China’s largest e-commerce firm Alibaba Group Holding Ltd, will step down as chairman in exactly one year on Sept. 10, 2019, the company said. Current Alibaba Chief Executive Daniel Zhang will replace him as chairman, while Ma will complete his current term on Alibaba’s board of directors following the company’s annual general...

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Asian markets hit by fresh trade fears after Trump comments

HONG KONG: Donald Trump’s latest threat to impose tariffs on all Chinese imports sent Asian markets tumbling Monday on growing fears of an all-out trade war between the world’s top two economies. The president’s comments Friday added to the uncertainty on trading floors, which have also been hit by a concerns of a brewing financial crisis in emerging markets. They...

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Ban cheese imports? Pakistan discusses outside-the-box ideas to avoid IMF bailout

ISLAMABAD: Pakistani economic advisors discussed banning imports of luxury cars, smartphones and cheese in a wide-ranging strategy session on how to avoid seeking a bailout from the International Monetary Fund (IMF), a senior government advisor said. While no decisions were made, the floating of radical measures to tackle Pakistan’s ballooning current account deficit by the newly formed Economic Advisory Council...

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Ex-IMF Chief says world unprepared for next financial crisis

PARIS: The world is less well equipped to manage a major financial crisis today than it was a decade ago, according to Dominique Strauss-Kahn, a former chief of the International Monetary Fund (IMF). In an interview with AFP, the now-disgraced Strauss-Kahn — who ran the fund at the height of the 2008 financial meltdown — also said rising populism across...

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