Business

SBP hikes policy rate to 6.50 percent for next two months

KARACHI: The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) has increases policy rate to 6.50 percent for the next two months. According to the State Bank of Pakistan (SBP), Pakistan’s economic growth is provisionally estimated to achieve a 13-year high level of 5.8 percent for FY18. Concurrently, headline inflation remains moderate and is expected to stay...

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Prince Alwaleed’s firm sells Movenpick Hotels to AccorHotels

DUBAI: Prince Alwaleed bin Talal’s Kingdom Holding and its partners have agreed to sell Movenpick Hotels and Resorts to its associate firm AccorHotels. The deal is expected to close in the second half of 2018, Kingdom Holding said in a statement. Kingdom has a 5.7 per cent stake in Accor SA. AccorHotels said earlier it had agreed to buy rival...

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Miftah Ismail rules out any possibility of imposing financial emergency in Pakistan

ISLAMABAD: On Sunday Minister of Finance Miftah Ismail reiterated there was no possibility of imposition of a financial emergency in the country. Ismail, who was made the finance minister just before the federal budget announcement for fiscal year 2018-19 earlier this week, said although Pakistan’s economy was not doing too well, it was not doing badly either. Addressing an event...

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Saudi Aramco appoints first woman to the board

DUBAI: State-run Saudi Aramco, the world’s top oil company, said on Sunday it has appointed five new members to its board including a female executive, a milestone for Saudi Arabia and the oil industry where there are few women executives. The appointments come as the Saudi government plans to float around five per cent of Aramco in an initial public...

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Budget 2018-19: Govt suggests 200% increase in petroleum levy will cause devastating inflation

KARACHI: The government has suggested an increase of nearly 200% in petroleum levy in the new budget, for fiscal year 2018-19. The increase is feared to cause a devastating rise in inflation, according to experts. Under the Finance Bill 2018, tax on diesel, petroleum, crude oil and high-octane fuel would be increased from Rs10 per litre to Rs30. The same...

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Amid opposition outrage Miftah Ismail presents 6th federal budget in NA

ISLAMABAD: The ruling Pakistan Muslim League(Nawaz) government presented today its sixth consecutive federal budget for the year 2018-19 which is an estimated outlay of over around Rs 5 trillion. On Friday the Finance Minister Miftah Ismail presented 6th federal budget of Pakistan Muslim League(Nawaz). In the beginning the finance minister credited PML(N) for initiating steps that made economy back to...

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Pakistan achieves highest growth rate in 13 years as Govt unveils economic survey

ISLAMABAD: The country’s Gross Domestic Product (GDP) recorded 13-year highest growth of 5.8 percent during the outgoing fiscal year (2017-18), indicating success of the government’s growth-oriented initiatives and prudent economic policies introduced for the economic development of the country. “Had we not gone through political crisis, which created uncertainty, we would have exceeded the growth target of 6 percent during...

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Samsung Electronics Q1 net profits up by more than half

South Korean telecoms giant Samsung Electronics said Thursday its first-quarter net profits soared by more than half thanks to strong demand for memory chips and its latest high-end smartphone. The world's biggest maker of memory chips and the flagship subsidiary of the sprawling Samsung group has recovered from a series of setbacks to post record profits in recent quarters. The...

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PSX remains bearish on Wednesday

KARACHI: The Pakistan Stock Exchange (PSX) was remained bearish today (Wednesday) as KSE-100 Index closed at 45718.34 points as compared to 45876.70 points on the last working day with a negative change of 158.36points. The total turnover was 180,707,520 as compared to 154,282,510 on the last working day with Engro Polymer having the highest turnover of 23,849,000. Total 393 companies’...

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Wall Street slides as high bond yields fan cost worries

NEW YORK: US stocks slid on Tuesday as 10-year Treasury yields hit the highly anticipated 3 percent mark for the first time in four years, stoking concerns over higher borrowing rates for companies already facing rising costs, and as quarterly results failed to deliver positive outlooks. The S&P 500 and the Dow fell the most in two-and-a-half weeks, while the...

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Gwadar port setting to become a new Dubai

GWADAR:  For over a decade, Pakistani officials have dreamed of transforming the small but strategically located fishing port of Gwadar into a duty-free port and free economic zone – Pakistan’s answer to Dubai. The aim is for Gwadar – located on the Arabian Sea near Iran and the mouth of the Persian Gulf – to become a regional commercial, industrial...

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USC Proposes Rs 1.733 Billion For Ramzan Relief Package

ISLAMABAD, Apr 23 (APP): Utility Stores Corporation (USC) has proposed Rs 1.733 billion subsidy for Ramzan Relief Package in order to provide daily-use goods on controlled rates to facilitate people during holy month. The Corporation intends to provide 19 essential commodities on subsidized rates to facilitate the middle income and lower income people through its countrywide network, said an official....

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Budget To Focus On Economic Stability, Growth: Rana Afzal

ISLAMABAD, Apr 23 (APP): The budget for the upcoming fiscal year 2018-19 will focus on economic stability and growth, as the government had taken feedback from all the stakeholders for preparing the budget, Rana Muhammad Afzal said Monday. Briefing the National Assembly’s Standing Committee on Finance, Revenue and Economic Affairs, he said that proposals were taken from ministries, divisions, chambers,...

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‘CPEC has now become a reality,’ says PM Abbasi

KARACHI: Prime Minister Shahid Khaqan Abbasi on Monday has said that China-Pakistan Economic Corridor (CPEC) has now become a reality, adding that CPEC will not only bring prosperity in Pakistan but in the entire region. "CPEC is a project of partnership between two countries," he said while addressing a seminar in Karachi. He said that CPEC has provided Pakistan a...

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US-China trade are open after IMF meeting: Observers

WASHINGTON: The gathering of world finance ministers began with heightened anxiety about the potential damage a US-China trade war could do to the economic recovery but ended Saturday with a door open to negotiations. International Monetary Fund (IMF) chief Christine Lagarde — who has been urging countries to avoid damaging protectionism — said this weekend's spring meeting had "made progress...

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Pakistan set to achieve higher GDP growth: Miftah

ISLAMABAD: Adviser to Prime Minister on Finance, Revenue and Economic Affairs Miftah Ismail had told the IMF and World Bank that Pakistan was set to achieve high GDP growth rate during current year again and was hoping to maintain this momentum in the coming years due to robust performance of the real sector of the economy. Miftah Ismail along with...

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Oil dips but remains close to late-2014 highs on supply cuts, strong demand

SINGAPORE: Oil prices on Friday stayed near three-year highs reached earlier this week, with ongoing OPEC-led supply cuts and strong demand gradually drawing down excess supplies. Brent crude oil futures LCOc1 were at $73.74 per barrel at 0657 GMT, down 4 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 13 cents at $68.16...

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