Business

Australia expects free trade deals this year with Indonesia, Hong Kong

SYDNEY - The Australian government expects to seal free trade agreements with Indonesia and Hong Kong by year’s end, its trade minister said on Friday. Concluding the two agreements would wrap years of talks, which in the case of Indonesia have dragged on since 2010, stalling along the way as diplomatic tensions between the two sides flared. “I think by...

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China Baidu’s second quarter exceeds expectations, powered by ad sales growth

BEIJING - Chinese internet search giant Baidu (BIDU.O) beat expectations for quarterly profit and revenue on the back of strong growth in its core online advertisement business, easing the pressure of funding a major expansion into new technology areas. Consecutive quarters of strong profits also show Baidu has learnt to navigate regulatory potholes in China after previous missteps even as...

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U.S mulls to increase tariff on Chinese imports: source

WASHINGTON - The Trump administration plans to propose slapping a 25-percent tariff on $200 billion of imported Chinese goods after initially setting them at 10 percent, in a bid to pressure Beijing into making trade concessions, a source familiar with the plan said on Tuesday. President Donald Trump’s administration said on July 10 it would seek to impose the 10-percent...

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Petroleum prices maintained for month of August: Finance ministry

ISLAMABAD: On Tuesday night, the caretaker finance ministry announced through a notification that prices of petroleum products are to be maintained at the existing levels for the month of August. The petroleum prices have been retained at current levels in order to provide relief to the common man, the notification mentioned, adding that the Oil and Gas Regulatory Authority (OGRA)...

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OGRA proposes Rs2.75 hike in Petrol Price

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) on Tuesday recommended the interim government to raise the already increased price of petrol by Rs2.75 per litre, diesel by Rs3.00 per litre and kerosene oil by Rs4 per litre for the month of August 2018. According to sources, the caretaker government, may leave the decision for a revision in petroleum prices...

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Dollar depreciates further in Pakistan open market amid import restrictions

KARACHI: As markets opened on Tuesday, the dollar shed a further Rs2 in the interbank market after touching a record-low of Rs122.4 yesterday. Dollar was trading at Rs122.80 (buying) and Rs123 (selling) as the interbank market opened on Monday. Toward midday, the foreign currency gained Rs1.45 to reach Rs124.45 (selling). As the market opened, the Pakistan Stock Exchange (PSX) witnessed a...

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Bonds gain, yen falters as BOJ pledges to keep rates low

SYDNEY - Global bond prices gained and the yen fell on Tuesday after the Bank of Japan (BoJ) wrongfooted hawks as it pledged to keep interest rates extremely low for an extended period. The lead for European and U.S. shares was mixed with FTSE futures down a tad while E-Minis for the S&P500 gained 0.2 percent. BOJ’s policy announcement to...

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Nokia, T-Mobile US agree $3.5 billion deal, world’s first big 5G award

LONDON: T-Mobile US (TMUS.O) named Nokia (NOKIA.HE) to supply it with $3.5 billion in next-generation 5G network gear, the firms said on Monday, marking the world’s largest 5G deal so far and concrete evidence of a new wireless upgrade cycle taking root. No.3 U.S. mobile carrier T-Mobile - which in April agreed to a merger with Sprint (S.N) to create...

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Iran currency extends record fall as U.S. sanctions loom

DUBAI  - Iran’s currency hit a new record low on Sunday, dropping past 100,000 rials to the U.S. dollar as Iranians brace for Aug. 7 when Washington is due to reimpose a first lot of economic sanctions. In May, the United States pulled out of a 2015 deal between world powers and Tehran under which international sanctions were lifted in...

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Dollar falls 5.86 Rupees in the Interbank Market

KARACHI: In line with expectations, the rupee appreciated as much as 4.6% against the US dollar in inter-bank trading on Monday, following reports that China had agreed to immediately lend $2 billion to Pakistan. The positive economic indicators are considered to be largely driven by what investors consider the return of political stability following the July 25 polls. The national...

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SAVDEX to be held in Lahore at Expo Centre from August 16

First-ever Suppliers & Vendors Defence Exhibition 'SAVDEX' will be held in Lahore at Expo Centre from August 16 to 18. According to LCCI spokesman, this unique exhibition is jointly being organized by the Defence Export Promotion Organization and Lahore Chamber of Commerce & Industry. He said that various local and foreign companies would be participating in the exhibition which make...

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Asia stocks open lower on fears over US growth

TOKYO: Asian markets opened lower Monday, following Wall Street’s downbeat finish last week on fears that US economic growth has peaked, and with investors watching the Bank of Japan’s meeting. On Friday, data showed the US economy expanded at an annual rate of 4.1 per cent in the second quarter, matching analyst expectations. The rise was due in part to...

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BMW to raise prices of two U.S.-made SUV models in China

BEIJING: German carmaker BMW (BMWG.DE) said it will raise the prices of two U.S.-made crossover sport-utility vehicles in China to cope with the additional cost of tariffs on U.S. car imports into the world’s biggest auto market. In a move due to take effect on Monday, BMW said in a statement to Reuters over the weekend that it will increase...

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Appreciation in Rupees against US$

KARACHI: On Friday, the dollar continued losing its value against the rupee, dropping even below the interbank rate suggesting ample supply of the US currency in the open market, dealers said. The appreciation of the local currency was cited stability in the result of general elections Forex Association of Pakistan President Malik Bostan said the dollar was traded as low...

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PSX remains bullish as benchmark index gains 697 points

KARACHI: The Pakistan Stock Exchange remained bullish on Friday as KSE-100 Index closed today at 42786.45 points as compared to 42089.16 points on the last working day with a positive change of 697.29 points. The total turnover was 385,493,950 as compared to 254,328,590 on the last working day with Pakistan International Bulk (R) having the highest turnover of 39,734,500. Total...

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China’s economy booms despite economic tensions with U.S : IMF

BEIJING - China’s economy continues to perform strongly, the International Monetary Fund said on Friday, with growth expected at 6.6 percent this year, a slightly slower rate than last year’s 6.9 percent. The economic growth estimate was unchanged from the IMF’s last forecast made in May. The IMF raised its estimate for China’s growth in 2018 in January after the...

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EU, U.S strikes bargain to end tariffs

WASHINGTON - In what the EU chief called a “major concession,” U.S. President Donald Trump agreed on Wednesday to refrain from imposing car tariffs while the two sides launch negotiations to cut other trade barriers, easing the threat of a transatlantic trade war. After a meeting at the White House, Trump and European Commission President Jean-Claude Juncker said the talks...

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