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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Nike announces pay increases for 7,500 employees

Nike Inc said on Monday it would raise wages for about 7,500 employees following a global pay review, two months after the sportswear maker concluded a probe into workplace behaviour that resulted in the departure of a number of top executives. About 10 per cent of its employees across all levels and geographies will receive pay adjustments, a Nike spokeswoman...

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Alibaba’s Ele.me to spend 3 billion yuan in this summer to lift its market share

BEIJING  - China’s Ele.me, the online food delivery company acquired by Alibaba Group Holding Ltd, will spend one billion yuan ($147.31 million) each month this summer on subsidies and marketing as competition in the sector reaches fever pitch. Ele.me will spend a total of 3 billion yuan over three months from July to September in an effort to lift its...

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Wall Street rises as climbing yields boost financials

NEW YORK: Wall Street stocks largely rose on Monday as a jump in 10-year bond yields boosted financials and as news of upcoming international trade talks offset the negative impact of the strengthening U.S. dollar on corporate earnings forecasts. The financial sector .SPSY rose 1.4 percent after 10-year U.S. Treasury yields climbed to their highest level in five weeks. The...

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EU calls for digital tax fairness at G20 meeting

BUENOS AIRES: European finance leaders called for progress on global rules to tax the digital economy at a meeting of G20 finance ministers and central bankers in Argentina on Sunday, putting them at odds with US counterparts. The final communique reaffirmed a commitment to address the impacts of the shift to a digital economy on the international tax system by...

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Amazon, Toyota, Alcoa and others are working to dissuade Trump to undo tariffs on US-imports

Companies are attempting to avoid any confrontation with U.S. President Donald Trump but want to exert as much influence as they can to dissuade him from tearing up trade agreements or introducing tariffs on a wide swath of imports. Amazon, the world’s largest online retailer and cloud-computing company, which could be hurt by tariffs on items sold through its website...

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Trump blames China, EU of currency manipulation

President Donald Trump on Friday launched a fresh attack on American trading partners, saying the EU and China were manipulating their currencies, and he threatened to hit all imports from China with high tariffs. The comments also signaled an undiminished appetite for battle on multiple fronts after a week dominated by coverage of the fallout from his dealings with Russian...

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Dollar being traded at RS 130 in open market: Currency dealers

KARACHI: According to local currency dealers, the US Dollars touched a record high of Rs130 in the open market on Friday, gaining a further Rs0.30 as it is climbing against the Pakistani rupee. The latest weakening in the rupee comes after the dollar spiked to Rs129 in the open market earlier this week. Furthermore, the country is facing  $18bn current account...

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Pakistan’s current deficit sparks to its highest point S18bn: SBP

PAKISTAN: The country is facing $18bn current account deficit (CAD) after the six months of fiscal year, started in July 2017, as compared to $14.4billion of the same period last year, the State Bank of Pakistan (SBP) reported on Thursday The astronomical surge in imports against the exports, hike in US-dollar values, and lack of foreign direct investment (FDI) are one...

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Yuan plummets against the U.S. dollar after Trump’s comments

SHANGHAI (Reuters) - China’s yuan bounced back from more than one-year lows against the U.S. dollar on Friday afternoon, after traders said major state banks sold dollars to prop up the fragile Chinese currency which has been roiled by a bitter Sino-U.S. trade conflict. The People’s Bank of China lowered its yuan midpoint for the seventh straight trading day to...

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Xi visits Abu Dhabi after China inks deals with UAE

DUBAI: President Xi Jinping arrived in Abu Dhabi on Thursday for a three-day visit, after the announcement of oil and trade deals between China and the UAE. Crown Prince Sheikh Mohammed bin Zayed said he was “delighted” to welcome Xi, posting photos on Twitter of the Chinese president receiving flowers on landing in the emirate. “This is a historic visit...

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PSX lands in green as benchmark index gains 897 points

KARACHI: The Pakistan Stock Exchange was bullish on Thursday as KSE-100 Index closed today at 41795.50 points as compared to 40897.90 points on the last working day with a positive change of 897.69 points. The total turnover was 337,087,170 as compared to 247,827,150 on the last working day with K-Electric Limited having the highest turnover of 22,771,500. The market turned...

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Pakistan Stock Exchange appoints Sulaiman S Mehdi as its new chairman.

KARACHI: Sulaiman S  Mehdi has been appointed as the new chairman of Pakistan Stock Exchange (PSX), decided in the board meeting chaired on Thursday. After the dismissal of former Chairman Hussain Lawai over his connection with money laundering case, the position was left vacant since july 6 and now it has been taken by the Sulaiman Mehdi-  chief executive officer...

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Dollar being traded at Rs129.50 in open market

KARACHI:  On Thursday, the value of US dollar hit a high of Rs128.48 in interbank trading while Rs129.50 in open market after an increase of 48 paisa in interbank market and 50 paisa in open market respectively. This hike in dollar value would be a reason of an increase in the prices of petroleum products, eatables, dairy products, mobile charges, transport...

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Amazon’s stock market value reaches $900bn, endangers Apple’s market value

SAN FRANCISCO: Amazon.com’s stock market value reached $900 billion on Wednesday for the first time, marking a major milestone in its 21-year trajectory as a publicly listed company and threatening to dislodge Apple as Wall Street’s most valuable jewel. After Jeff Bezos founded the online book-selling company in his garage in 1994, Amazon survived the dot-com crisis and then expanded...

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PSX remains bullish as benchmark index gains 964 points

KARACHI: Pakistan Stock Exchange remained bullish today (Wednesday) as KSE-100 Index closed today at 40897.90 points as compared to 39932.98 yesterday with a positive change of 964.92 points. The total turnover was 247,827,150 as compared to 141,973,390 yesterday with Pak Int Bulk (R) reflecting the highest turnover of 19,612,500. The total 378 companies’ transacted shares in the Stock Market. Out...

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US-led trade war has become biggest ‘confidence killer’ for world economy: China

BEIJING - The U.S.-driven trade war has become the biggest “confidence killer” for the global economy, China’s foreign ministry warned on Wednesday, saying the whole world would fight back if the United States continued to be “willful”. Foreign ministry spokeswoman Hua Chunying told reporters at a regular press briefing that the United States is fabricating all kinds of justifications for...

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