s Latest Business News- Page 4 of 195 & Breaking News Updates - NewsOne

Business

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...

93 Views 0

CPEC, a win-win project for partners: Chinese envoy

ISLAMABAD: Chinese ambassador Yao Jing on Monday urged Pakistan to make China-Pakistan Economic Corridor (CPEC) a part of its national strategy as the project was bound to become a launch pad for long-term development of the South Asian country. “The CPEC creates a win-win situation for both countries and it will strengthen the bilateral relations even further,” Jing said at...

162 Views 0

Ford plans $11 billion investment, 40 electrified vehicles by 2022

Ford Motor Co will significantly increase its planned investments in electric vehicles to $11 billion by 2022 and have 40 hybrid and fully electric vehicles in its model lineup, Chairman Bill Ford said on Sunday at the Detroit auto show. The investment figure is sharply higher than a previously announced target of $4.5 billion by 2020, Ford executives said, and includes...

155 Views 0

Volkswagen brand car sales hit record 6.23 million in 2017

Volkswagen’s core autos division increased vehicle sales to a record 6.23 million cars last year, as rising demand for VW brand models in the Americas and the key Chinese market offset a decline in western Europe. Although the emissions test-cheating scandal of September 2015 has cost the German group billions of euros in fines and penalties, it does not seem to...

136 Views 0

Pak-US business council urges govt to prefer policy of ‘trade not aid’

ISLAMABAD: Pak-US Business Council Saturday urged the US and Pakistan to promote trade between the two countries and take concrete and durable result oriented measures to obliterate trust deficit over Afghanistan in the wake of war on terror and sustainable peace in the region. Addressing a delegation of traders from SAARC member countries here today, Founder Chairman of Pak-US Business...

174 Views 0

Pak, Japan ties vital for mutual interest: Sindh governor

KARACHI: Governor of Sindh Muhammad Zubair, while speaking to a delegation led by Mitsubishi Corporation Senior Vice-President and GM Kimihide Ando at the Governor House said Thursday investors from various countries are coming up with investment in the China-Pakistan Economic Corridor (CPEC). Pakistan considers Japanese participation towards CPEC-related investment to be significant, Zubair noted, adding that the project's completion would...

180 Views 0

Wall St. rises with oil prices, earnings optimism

Wall Street closed at record highs on Thursday as rising oil prices lifted energy stocks and investors bet on a strong U.S. corporate earnings season. The S&P energy sector closed up 2 percent as Brent crude went above $70 a barrel for the first time since December 2014, boosted by a surprise drop in US production and lower crude inventories....

144 Views 0

SBP declared best bank for promoting Islamic banking

KARACHI: The State Bank of Pakistan’s efforts have been lauded globally and the SBP has voted as the Best Central Bank for Promoting Islamic Finance. An announcement to this effect was made in a statement issued by the State Bank of Pakistan (SBP) on Wednesday. It said that the SBP has been voted as the Best Central Bank in Promoting...

154 Views 0

Chinese economy grew ´around 6.9%´ in 2017: premier

BEIJING: China´s premier expects economic growth of around 6.9 percent for 2017, as he saw a "better than expected" outlook for the world´s second-largest economy, state media said Thursday. The authorities will release official gross domestic product figures next week but Premier Li Keqiang has given his own forecast. "Over the past year, the Chinese economy has been on a...

129 Views 0

Emerging markets set to drive 2018 global growth: World Bank

WASHINGTON: The global economy is set to expand by 3.1 percent in 2018, slightly up from 3 percent last year and marking the first year since the 2008 Great Recession that it will near or achieve full growth potential, the World Bank said on Tuesday. In an update of its twice-yearly economic report, the World Bank however warned that the...

175 Views 0

Government puts out list of released funds

ISLAMABAD: The government has released over Rs330.992 billion under its Public Sector Development Programme (PSDP). The released funds include Rs 85.27 billion for federal ministries and Rs 26.87 billion for special areas, according to data released by Ministry of Planning, Development and Reform. Out of these allocations the government has released Rs116.39 billion for National Highway Authority for which Rs325.7...

140 Views 0

Nawaz Sharif orders MIftah Ismail to lower taxes

LAHORE: Prime Minister's Adviser on Finance, Economic Affairs and Revenue Miftah Ismail called on former Prime Minister Nawaz Sharif, according to newsone. The sources added that ousted Prime Minister taking keen interest in economic matters of the country directed Miftah Ismail to refund the taxes of exporters to 100 percent. Nawaz Sharif also directed Miftah Ismail to devise policies where...

180 Views 0

Saudi royal handouts to cost about $13 billion: minister

RIYADH: A package of handouts to Saudi Arabian citizens to compensate them for cost of living increases will cost the government about 50 billion riyals ($13.3 billion) this year, the information minister was quoted as saying on Sunday. “The allocation of 50 billion riyals for this decree indicates the leadership’s concern for the people’s comfort and quality of living,” Minister...

204 Views 0

Saudi Arabia changes Aramco status to joint-stock company

DUBAI: Saudi Arabia has changed the status of national oil firm Aramco to a joint-stock company as of Jan. 1, the kingdom’s official bulletin said on Friday, in a major step ahead of a planned initial public offering. Aramco has a fully paid capital of 60 billion riyals ($16 billion) divided into 200 billion ordinary shares, the bulletin said. The...

215 Views 0

Pakistan allows use of Chinese yuan for trade, investment

ISLAMABAD: Pakistan will allow the Chinese yuan to be used for imports, exports and financing transactions for bilateral trade and investment activities, in a move economists said Wednesday would simplify a massive Chinese investment project. Both public and private sector enterprises may use the yuan for bilateral trade and investment, the central State Bank of Pakistan said in a statement...

228 Views 0

Spotify hit with $1.6 billion copyright lawsuit

Music streaming company Spotify was sued by Wixen Music Publishing Inc last week for allegedly using thousands of songs, including those of Tom Petty, Neil Young and the Doors, without a licence and compensation to the music publisher. Wixen, an exclusive licencee of songs such as “Free Fallin” by Tom Petty, “Light My Fire” by the Doors, (Girl We Got...

159 Views 0

Dollar on defensive at start of 2018; Asian currencies shine

SINGAPORE: The dollar languished near a three-month low versus a basket of major currencies on Tuesday as markets reopened at the start of 2018, while Asian currencies such as the Chinese yuan began the year on a high note. The dollar’s index against a basket of six major currencies stood at 92.162. On Friday it had slipped to as low...

192 Views 0