Business

KSA to activate $3.2bn deferred payment facility for oil from July

ISLAMABAD: The Kingdom of Saudi Arabia (KSA) will activate a $3.2 billion deferred payment facility with Pakistan for petroleum products from the start of July, the Adviser to Prime Minister on Finance, Revenue, and Economic Affairs Dr Abdul Hafeez Shaikh said on Wednesday. According to Shaikh, the facility will be worth $275 million per month and will amount to $3.2...

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Ogra increases price of LPG by Rs4 per kg

ISLAMABAD: The Oil and Gas Regulation Authority (Ogra) on Monday increased price of Liquefied petroleum gas (LPG) by Rs4 per kilogram. According to a notification, the new price for LPG is Rs142 per kg while price of household cylinders has been increased by Rs41 and now the cylinder is available for Rs1,564. The price of commercial cylinder has been increased...

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Petrol price increased by Rs6 per litre by the govt.

KARACHI: Federal Government on Sunday increased petrol and high-speed diesel prices by Rs6.00 per litre upon proposal of the Oil and Gas Regulatory Authority (Ogra). The Ministry of Finance, after consulting with the Prime Minister, finalised the rates as light diesel and kerosene oil prices have also been increased by Rs3.00 per litre. New rates are as follows: Petrol Rs98.89...

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Formation of NFC award unconditional to IMF, says Umar

LAHORE: Federal Finance Minister Asad Umar said on Friday the formation of National Finance Commission (NFC) Award was unconditional to International Monetary Fund (IMF) and current account deficit has decreased to $395 million from $2 billion. After presiding NFC meeting, Minister said in a press conference that no objections came forward from any of the provinces in the meeting and...

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Monetary policy: Interest rate rises by 50 basis points to 10.75 percent

KARACHI: ON Friday, the State Bank of Pakistan (SBP) announced its monetary policy increasing its key policy rate by 50 basis points to 10.75 per cent. The policy was announced following a meeting of the central bank's Monetary Policy Committee, which had raised the key policy rate by 25 basis points to 10.25 percent in January in the face of...

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Ogra proposes to increase petrol prices by Rs11.92 per litre

KARACHI: The Oil and Gas Regulatory Authority (Ogra) on Friday proposed the Petroleum Division to increase petrol price by Rs11.92 per litre. According to sources, Ogra has also purposed to increase prices of high speed diesel and kerosene oil by Rs11.17 and Rs6.65 per litre respectively. An increase of Rs6.50 in price of light diesel has also been suggested. Sources...

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Uber announces to buy rival Careem for $3.1 billion

Global ride-hailing service Uber will acquire its Middle East rival Careem for $3.1 billion, the two companies announced on Tuesday. "Careem and Uber are joining forces. We have reached an agreement in which Uber will acquire Careem for $3.1 billion," a joint statement said. Under the deal, Careem will become a wholly owned subsidiary of Uber but will continue operating...

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Uber might buy rival Careem as early as this week

Uber Technologies Inc is set to offer over $3 billion to buy Dubai-based rival Careem Networks FZ, two sources familiar with the deal told Reuters. Uber’s offer could be unveiled during the early part of this week, a third source added. Uber will pay $1.4 billion in cash and $1.7 billion in convertible notes, which will be convertible into Uber...

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Google fined $1.7 billion for search ad blocks in third EU sanction

BRUSSELS: Alphabet unit Google was fined 1.49 billion euros ($1.7 billion) on Wednesday, its third large EU antitrust penalty in two years marking the company’s decade-long regulatory battle in Europe. The European Union antitrust chief, however, gave a cautious welcome to Google’s measures to boost competition and give Android users a choice of browsers and search apps, suggesting the company’s...

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Apple says Spotify wants benefits of a free app without being free

Apple Inc on Thursday responded to Spotify Technology SA’s complaint with EU antitrust regulators, saying the audio streaming service “wants all the benefits of a free app without being free”. Spotify, launched a year after Apple unveiled its first iPhone in 2007, said on Wednesday the company unfairly limits rivals to its own music streaming service. Apple’s control of its...

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Google faces third EU antitrust fine next week

BRUSSELS: Alphabet unit Google is likely to be hit with a third EU antitrust fine next week related to its AdSense advertising service, a person familiar with the matter said on Friday, with the sanction expected to be much smaller than previous fines. The European Commission in 2016 opened a third case against the world’s most popular internet search engine...

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Uber to pay $20 million to settle long-running legal battle with drivers

SAN FRANCISCO: Uber Technologies Inc [UBER.UL] has agreed to pay $20 million to settle a lawsuit brought by drivers nearly six years ago, according to court filings, resolving one of its many legal battles with drivers ahead of a hotly anticipated initial public offering this year. Drivers for the ride-hailing company argued in the lawsuit they are employees, not independent...

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India’s engineers struggle for work as jobs crisis worsens

CHINCHWAD: Santosh Gurav gained a bachelor’s degree in technology from a mid-tier college in western India last year, specializing in electrical engineering and hoping to land a job in industrial automation. Six months on, the 27-year-old repairs mixer-grinders, table fans and other household appliances at a cramped shop in the western city of Pune. On better days, he picks up...

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Stocks rise in broad rally, Treasury yields gain

NEW YORK: Global equity markets surged on Monday, lifted by talk of more stimulus from China and by a broad rally on Wall Street that overcame a plunge in Boeing shares after one of its newest jets crashed, while U.S. debt yields rose on improved risk appetite. China’s main bourses clawed back almost half the 4 percent they lost on...

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U.S. February job growth weakest in nearly one and a half years

WASHINGTON: U.S. employment growth almost stalled in February, with the economy creating only 20,000 jobs, adding to signs of a sharp slowdown in economic activity in the first quarter. The meager payroll gains reported by the Labor Department on Friday were the weakest since September 2017, with a big drop in the weather-sensitive construction industry. They also reflected a decline...

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Trump’s budget to land with a thud on Monday

WASHINGTON: When President Donald Trump proposes his 2020 federal budget on Monday, official Washington will likely have a quick look, shrug and move on, marking another stage in the quiet decay of the U.S. government’s traditional policy-making processes. There was a time when the release of the president’s budget was a red-letter day on the calendar of Washington wonkery, with...

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India’s Reliance plans major expansion of fashion store business

MUMBAI: Reliance Industries Ltd plans to grow the number of low-cost Reliance Trends fashion stores across India to 2,500 from 557 over the next five years and integrate them with its online business, two people briefed on the plans said. The expansion, which has not been reported before, is the latest move by the conglomerate’s billionaire owner Mukesh Ambani to...

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