Business

Honda to shut UK car plant in 2022 with the loss of 3,500 jobs

LONDON: Japanese car maker Honda is set to announce it’s closing its only British car plant in 2022 with the loss of 3,500 jobs, a lawmaker told Reuters, in the latest blow to the UK car industry as Brexit approaches. A closure of Honda’s Swindon factory in southern England would be its second plant shuttering in 2022. The automaker said...

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Apple shares slide after iPhone maker issues rare revenue warning

Apple Inc shares fell as much as 9 percent in early trading after the iPhone maker blamed weak China demand for its revenue shortfall in the holiday quarter, a clear sign of the company’s struggles in the world’s largest smartphone market. The rare revenue warning - the company’s first in nearly 12 years - sent shockwaves through global financial markets...

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Qatar Airways acquires 5 percent of China Southern Airlines

DUBAI/BEIJING: Qatar Airways has acquired a 5 percent stake in China Southern Airlines, the state-owned Gulf carrier said on Wednesday, in a move to gain access to the fast-growing mainland Chinese market. Qatar Airways also owns a 20 percent stake in British Airways-parent International Consolidated Airlines Group, 10 percent of South America’s LATAM Airlines Group SA, 49 percent of Italy’s...

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Petrol, diesel prices slashed for January 2019

ISLAMABAD: The federal government on Monday has slashed petroleum product prices for the month of January 2019. According to the notification, petrol price has been cut by Rs4.86 per litre; Diesel by Rs 4.26 per litre; Light diesel oil Rs2.16 per litre and kerosene oil by Rs.52 per litre. Oil and Gas Regulatory Authority on Friday had recommended cut in...

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OGRA recommends cut petroleum prices by Rs9.50 per litre

ISLAMABAD:According to sources on Friday, Oil and Gas Regulatory Authority has recommended cut in petroleum product prices for the month of January 2019. The regulatory body has forwarded the summary to slash the prices from January 01 to Petroleum Division. Sources said OGRA has recommended Rs9.50 per litre cut in the price of petrol, diesel Rs15 per litre, light diesel...

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State Bak of Pakistan reserves fall by $591m

KARACHI: Accoring to the data released on Thursday, the foreign exchange reserves of the State Bank of Pakistan (SBP) fell by $591 million to $7.457 billion on Dec 21, the data released on Thursday showed. Holdings of commercial banks jumped by $23.8m to $6.56bn while the country’s total liquid reserves stood at $14.017bn during the period under review. The SBP...

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Wall Street surge provides relief to battered stock markets

Asian shares on Thursday rode a dramatic surge on Wall Street as markets, hammered by a recent drum roll of deepening political and economic gloom, cheered upbeat US data and the Trump administration’s effort to shore up investor confidence. In a buying frenzy that was as spectacular as the recent rout, US stocks soared with the Dow Jones Industrial Average...

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Pak-Argentina agree to boost trade relations in diverse fields

The Pakistani and Argentine officials have discussed ways and means to boost their bilateral relations in diverse fields at their talks in Islamabad on Wednesday. The Pakistan side was led by Secretary Commerce Younus Dagha while the Argentinean delegation was headed by its ambassador to Pakistan Rodolfo José Martin Saravia. The secretary commerce said that Pakistan and Argentine have two...

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Pakistan to receive UAE’s $3bn in one go, plus oil on credit: sources

ISLAMABAD: Pakistan is expected to receive $3 billion from the United Arab Emirates (UAE) in one go, sources said Sunday. The sources further explained that the interest rate on the amount the UAE will deposit in the State Bank of Pakistan (SBP) will be at an interest rate of 2.18 percent. The monetary package, courtesy of the Emirates, is expected to...

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UAE announces to deposit $3 billion in State Bank of Pakistan

ABU DHABI: On Friday, the United Arab Emirates has announced its intention to deposit US$3 billion in the State Bank of Pakistan to support the country’s financial and monetary policy. In a statement today, the Abu Dhabi Fund for Development, said it will deposit the amount in the coming days to enhance the country's liquidity and monetary reserves of foreign...

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Bullish trend witnessed at PSX as KSE-100 index gains 173 points

KARACHI: The KSE-100 Index closed today (Thursday) at 38236.52 points as compared to 38063.15 points on the last working day with a positive change of 173.37 points. The total turnover was 136,687,600 as compared to 101,040,340 on the last working day with P.T.C.L XD having the highest turnover of 11,839,500. Total 342 companies’ transacted shares in the Stock Market today...

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PSX remains bearish on Monday as KSE-100 Index losses 276 points

KARACHI: The KSE-100 Index closed at 38309.17 points as compared to 38585.66 points on the last working day with a negative change of 276.49 points. The total turnover was 66,826,640 as compared to 98,522,230 on the last working day with Bank of Punjab having the highest turnover of 10,039,500. Total 311 companies’ transacted shares in the Stock Market, out of...

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Iran engineers rial recovery as it defies US sanctions

LONDON: Iran is intervening in the foreign exchange market and threatening speculators to engineer a dramatic recovery of its rial currency, easing pressure on the oil-exporting economy as Tehran defies renewed US sanctions. The rial jumped to 105,500 against the US dollar on Wednesday from 117,000 at the end of last week - and 152,500 at the end of October,...

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ADB to provide $284 million to Pakistan for improving power transmission network

ISLAMABAD: The Asian Development Bank (ADB) and the Government of Pakistan on Thursday signed loan and grant agreements worth $284 million to improve Pakistan’s power transmission network. A loan and grant agreements was signed between the Government of Pakistan and ADB at a ceremony in Islamabad by the ADB Country Director for Pakistan Xiaohong Yang and Secretary of the Economic...

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Global economy in 2019: Growth beginning to fray

WASHINGTON: American farmers have been forced to warehouse a bumper crop of soybeans, or sell at a loss, while a Midwest medical supply company is considering shipping production overseas amid growing uncertainty. Surveys of US business and consumer sentiment continued to show economic optimism going into next year but cracks are beginning to form -- in the United States and...

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Dollar gains 20 paisa in open market

KARACHI: The US Dollar on Monday had registered an increase of 20 paisa in open market after which green side is trading at Rs 139.80. On the other hand, the dollar value remains intact at interbank sans fluctuation to trade at previous Rs. 138.9. Following a 20 paisa increase in the open market, dollar is trading between Rs 138.90 to...

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PSX falls, dollar rises

KARACHI: The benchmark KSE-100 index of the Pakistan Stock Exchange fell by over 800 points on Wednesday, while the dollar saw an increase in the interbank. At the time this report was filed, the benchmark index fell by 883.25 to 38,719.62 points. On Monday, the stock exchange fell by over 3 per cent following the central bank’s announcement hiking its...

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