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Exclusive: GM offers $2.2 billion debt for equity swap in return for Seoul’s support – sources

SEOUL : General Motors (GM.N) has offered to convert debt of around $2.2 billion owed by its ailing South Korean operation into equity in exchange for financial support and tax benefits from Seoul, four sources with direct knowledge of the matter said. The restructuring proposal comes after the Detroit automaker announced last week that it would shut its plant in...

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All set for mega event Gwadar Expo 2018 to kick off on Jan 29

GWADAR: The Gwadar Development Authority along with China Overseas Ports Holding Company is all set to jointly hold the ‘Gwadar Expo 2018'' on January 29-30, providing an unparalleled opportunity for Pakistani and Chinese companies to strengthen their business linkages. “The event, with launch of first phase of Free Economic Zone, will provide a big boost to the economic activities of Pakistan...

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Qatar Airways’ first Airbus A350-1000 to be delivered Feb 15-20: CEO

DOHA- Qatar Airways expects to receive its first Airbus A350-1000 jet between Feb. 15 and Feb. 20, the Middle East airline’s chief executive said on Saturday. Qatar Airways is the launch customer of Europe’s largest twin-engined passenger jet. It was originally scheduled to receive its first of 37 on order last year. Chief Executive Akbar al-Baker also told reporters in...

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Monetary policy: SBP raises policy rate to 6pc

KARACHI: State Bank of Pakistan on Friday raised its main policy interest rate by 25 basis points to 6 percent, the bank´s governor said, citing the depreciation of the rupee. The central bank, in a press statement, said four key factors of Pakistan’s economy have witnessed important changes since November 2017 impinging upon the policy rate decision. The monetary policy...

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No more Flights for Kuwait in Future: PIA

LAHORE: Pakistan International Airlines, the national flag carrier, will halt flights to Kuwait from February 1, officials said on Thursday. It is pertinent to mention here that the airline had been incurring an annual loss due to its flight operations to the US, prompting the management to stop flights. According to the official sources, the airline will no longer book...

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Starbucks disappoints after holiday drink sales lose steam

Starbucks Corp on Thursday warned that 2018 global cafe sales growth would be at the low end of its forecast, after holiday drinks fell flat with U.S. customers during what is traditionally a blockbuster quarter. Shares of the world’s largest coffee chain slid 4.6 percent following the announcement to $57.75, after closing at $60.55 in regular trade. Company executives reiterated...

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Hyundai Motor posts small profit rise, but sales, currency woes weigh

SEOUL (Reuters) - Hyundai Motor eked out a small 3 percent gain in quarterly net profit, but posted a fifth straight drop in annual earnings as a stronger local currency and weak U.S. and Chinese sales eroded the automaker’s bottom line for 2017. While this was the first gain in quarterly profit in four years, analysts had been expecting it...

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Asia shares hit record peak but trade protectionist fears cast shadow

TOKYO (Reuters) - Asian stocks hit a record high on Thursday though concerns about the Trump administration’s protectionist stance tempered enthusiasm in financial markets, while the dollar struggled after U.S. Treasury Secretary Steven Mnuchin welcomed a weaker currency. European shares are expected to tick up slightly, with spread-betters seeing a small rise of 0.1 percent in Britain’s FTSE, Germany’s DAX...

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PM Abbasi for sustainable relationship with AIIB

ISLAMABAD: Prime Minister Shahid Khaqan Abbasi Wednesday said Pakistan was the most enthusiastic supporter of Asia Infrastructure Investment Bank (AIIB) in its early stages and expressed the desire for building a strong and sustainable relationship with it. He was talking to president of Asia Infrastructure Investment Bank (AIIB) Jin Liqun during a meeting at the World Economic Forum (WEF) in...

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Retailer Carrefour steps up digital push and inks deal in China

PARIS- Carrefour’s new chief executive pledged to slash costs, step up investment in e-commerce in the face of competition from Amazon and open up the capital of Carrefour China to local investors, as part of a plan to boost growth at the world’s second-largest retailer. Alexandre Bompard, at the helm since July, faces the challenge of improving Carrefour’s core French business, where...

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Global stocks, dollar sag after U.S. government shutdown

MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.1 percent while Japan’s Nikkei was down 0.15 percent. U.S. S&P500 mini futures dipped 0.1 percent in early trade while U.S. Treasuries price fell, pushing up the benchmark 10-year yield to as high as 2.672 percent, its highest level in 3-1/2 years. Republican and Democratic leaders of the U.S. Senate held...

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Saudi energy minister urges oil producers to extend cooperation beyond 2018

MUSCAT: Saudi Arabia’s energy minister urged global oil producing nations on Sunday to extend their cooperation beyond 2018, but said this might mean a new form of deal rather than continuing the same supply cuts that have boosted prices in recent months. It was the first time that Saudi Arabia had publicly raised the possibility of a new form of...

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Govt focuses on improving energy sector to boost economy: Miftah Ismail

ISLAMABAD: Advisor to Prime Minister on Economic Affairs, Miftah Ismail said the present government had taken steps to bring improvement in the energy sector which would help enhance economy and GDP growth rate. “We had made efforts to resolve the issues of electricity and gas,” he said talking to a private news channel. After addressing the problems of electricity and...

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US to overtake Saudi as crude oil producer: IEA

PARIS: The United States are set to overtake Saudi Arabia as the world's number two oil producer after Russia this year, as shale companies, attracted by rising prices, ramp up drilling, the International Energy Agency said on Friday. "This year promises to be a record-setting one for the US," the IEA wrote in its monthly market report. Crude production of...

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France, Germany to propose Bitcoin regulations

PARIS: France and Germany said Thursday plan to make a joint proposal on regulating Bitcoin at a meeting of finance ministers from the G20 countries in March. "We have the same concerns and we share the goal of regulating Bitcoin," French Finance Minister Bruno Le Maire said at a joint press conference with his German counterpart Peter Altmaier. Le Maire...

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Iraq, BP sign agreement to boost oil production from northern Kirkuk field – Iraqi official

BAGHDAD - Iraq signed a memorandum of understanding with BP on Thursday to boost production capacity from the northern Kirkuk oilfields, which were taken back in October by Iraqi government forces, an Iraqi oil official said. Oil Minister Jabar al-Luaibi and BP’s president for the Middle East region, Michael Townshend, attended the signing ceremony at the offices of the Iraqi...

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Bitcoin jolted by regulation worries, falls 7 percent on extended selloff

TOKYO/SINGAPORE: Bitcoin extended its sharp tumble of the past 24 hours, skidding more than seven percent on Wednesday in a rapid downturn in fortunes as investors were spooked by fears regulators might clamp down on an asset whose value has skyrocketed in the past year. The price of the world’s biggest and best-known cryptocurrency fell to as low as $10,567...

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