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...

137 Views 0

China to open auto market as trade tensions simmer

BEIJING/SHANGHAI: China is scrapping a limit on foreign ownership of automotive ventures, representing a major shift from policy in place for more than two decades, even as trade tensions simmer between Washington and Beijing. The country will remove foreign ownership caps on companies making fully electric and plug-in hybrid vehicles in 2018, for makers of commercial vehicles in 2020 and...

164 Views 0

Oil markets tense after western strikes on Syria, rising U.S. drilling weighs

SINGAPORE: Oil fell 1 percent on Monday as markets opened following western air strikes in Syria over the weekend, while a rise in U.S. drilling for new production also dragged on prices. The United States, France and Britain launched 105 missiles on Saturday, targeting what they said were three chemical weapons facilities in Syria in retaliation for a suspected poison...

125 Views 0

India added to currency watch list with China

WASHINGTON: The US Treasury added India to its watch list of countries with potentially questionable foreign exchange policies, joining China and four others, according to a report issued on Friday. Treasury said the “monitoring list” includes those “major trading partners that merit close attention to their currency practices.” In addition to India, the semi-annual report to Congress names five countries...

171 Views 0

Iran minister eyes CPEC with growing interest after Karachi port visit

KARACHI: Iranian Minister for Roads and Urbanisation Abbas Akhoundi showed keen interest in avenues available under the China-Pakistan Economic Corridor (CPEC). The minister who arrived Pakistan is leading a high level Iranian delegation which visited Karachi Port Trust (KPT) on Friday. Akhoundi also showed interest in transshipment cargo handling. He said that Iran is keen to work with Pakistan for...

174 Views 0

Stocks on edge, oil soars on escalating Middle East tensions

TOKYO: Stocks came under pressure on Thursday as the threat of imminent U.S. military action in Syria rattled investors and sent oil prices to their highest levels since late 2014 on concerns about potential disruptions to supply and distribution. European shares are expected to be flat to lower, with futures for Germany's Dax FDXc1 .GDAXI, France's Cac FCEc1 .FCHI and...

148 Views 0

Despite US Senators grilling Zuckerberg Facebook shares rise

WASHINGTON/SAN FRANCISCO: Facebook Inc shares rose Tuesday to their highest in almost three weeks as chief executive Mark Zuckerberg fended off questions from US senators on how the social network handles user data and plans to counter attempts at interfering in US elections. Zuckerberg repeated his Monday apologies for a range of problems that have beset the world’s largest social...

168 Views 0

PM Abbasi meets Alibaba Group’s Jack Ma, CEO shows Interest In Establishing Business In Pakistan

Web Desk (APP): Executive Chairman of Alibaba Group Jack Ma called on Prime Minister Shahid Khaqan Abbasi on Tuesday on the sidelines of Boao Forum for Asia being held in China’s Hainan province. Jack Ma briefed the prime minister on performance, achievements and future targets of the Alibaba Group. The prime minister was apprised of the online trade, micro-financing and...

193 Views 0

China’s Xi promises to lower tariffs this year, open economy further

BOAO, China: Chinese President Xi Jinping on Tuesday promised to open the country’s economy further and lower import tariffs on products including cars, in a speech that comes amid rising trade tensions between China and the United States. Xi also said China would raise the foreign ownership limit in the automobile sector “as soon as possible” and push previously announced...

144 Views 0

Oil edges up but U.S.-China trade tensions curb gains

LONDON: Oil markets stabilized on Monday after having lost around 2 percent last Friday as concerns grew over the impact on global growth from an intensifying trade dispute between the United States and China, as well as increased U.S. drilling activity. Markets were also eyeing the situation in Syria after reports - denied by the Pentagon - that U.S. forces...

140 Views 0

FATF Concerns: Amnesty Scheme does not violate money laundering laws, says Miftah Ismail

Prime Minister advisor on Finance Miftah Ismail on Saturday alleviated the concerns of the Financial Action Task Force (FATF) and assured that the tax amnesty scheme does not violate money laundering laws. “Pakistan’s tax amnesty scheme adheres to all international anti-money laundering laws,” the adviser on finance said while speaking to the privae news channel. He added that the money...

184 Views 0

SBP bans virtual currencies in Pakistan

KARACHI: The State Bank of Pakistan on Friday has banned all virtual currencies like Bitcoin, Litcoin, Pakcoin, DasCoin, Pay Diamond in Pakistan. In a statement SPB said virtual currencies provide high degree of anonymity and potentially can be used for facilitating illegal activities. These are neither recognized as a legal tender nor SBP has authorized or licensed any individual or...

361 Views 0

Pakistan resumes fuel oil imports after four-month halt

Pakistan State Oil (PSO) this week issued its first fuel oil import tender for the year after suspending purchases at the end of 2017 ahead of an expected pickup in demand during summer. PSO, Pakistan’s main oil importer, in December halted imports of fuel oil amid an abrupt drop in domestic demand as the South Asian country turned to liquefied...

156 Views 0

PTI’s Asad Umar slams PM Abbasi tax amnesty proposal, says move a bid to whiten black money

ISLAMABAD: Pakistan Tehreek-e-Insaf stalwart Asad Umar came hard on the Government's proposal for tax evaders to join tax net and declare their income, properties settled abroad, saying the 'amnesty scheme' is to whiten the black money. Speaking at the Press conference Asad said that the Government did not consult the concerned authorities while designing amnesty policy, also adding that the...

154 Views 0

Amnesty scheme proposed to broaden tax net: PM Abbasi

ISLAMABAD: Prime Minister Shahid Khaqan Abbasi has announced a major tax reforms package envisaging substantial reduction in income tax rates and launching of an amnesty scheme for undeclared assets, Newsone reported on Thursday. Maximum rate of income tax is being reduced from the existing 30pc to 15pc, he said while addressing a news conference in Islamabad. Annual income of upto...

236 Views 0

Dollar edges up as trade war fears fade

LONDON: The dollar rose to a two-week high against a basket of major currencies on Thursday, encouraged by a rebound on Wall Street and signs the United States may negotiate a resolution to a trade dispute with China. Beijing on Wednesday imposed tariffs on key U.S. imports including soybeans, planes, cars, beef and chemicals in response to similar measures from...

180 Views 0

Wall Street falls on tech sector, trade war worries

  NEW YORK: Wall Street shares plunged on Monday as investors fled technology stocks amid resurgent trade war worries, with key indexes trading below their 200-day moving averages and the S&P 500 closing below that pivotal technical level for the first time since Britain’s vote to leave the European Union in June 2016. The first trading day of the second...

151 Views 0