Business

BMW recalls over 1 mn cars over exhaust system fire risk

FRANKFURT: German high-end carmaker BMW said Tuesday it would recall more than one million additional diesel cars, citing a problem with the exhaust system that "in extreme cases can cause a fire". "In some diesel vehicles, glycol cooling fluid can leak" from a faulty component called the exhaust gas recirculation cooler, which can combine with other substances in the system...

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Trump says China making things ‘much more difficult’ with N Korea

WASHINGTON: US President Donald Trump on Wednesday accused China of complicating Washington's relationship with North Korea by rendering its ally economic assistance, as talks on Pyongyang's denuclearization are at a standstill. But he insisted his relationship with Kim Jong Un remained "very good" and said he was not considering resuming joint military exercises on the Korean Peninsula that Pyongyang considers...

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World Bank ready to support reform plans of new Pakistan govt

ISLAMABAD: The World Bank Wednesday said it was ready to support the reform plans of the new Pakistan government for stabilizing the economy and accelerating growth to end poverty and boost prosperity. The commitment was made by the World Bank’s newly appointed Vice President for the South Asia Region, Hartwig Schafer, when he met the government and key counterparts to...

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Govt bars utility stores from buying products across Pakistan

ISLAMABAD: The newly appointed PTI government has ordered all Utility Stores Corporation (USC) to suspend all kinds of procurement in the stores. According to reports, PM’s Adviser on Industries and Production Razak Dawood has ordered Utility Stores Corporation (USC) to suspend purchases in stores. A notification has been issued in this regard. The closing of utility stores is the first...

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ECC decides to keep gas prices same for now

ISLAMABAD: On Wednesday, the Economic Coordination Committee (ECC) to keep gas prices unchanged for now. Finance Minister Asad Umar chaired the first ECC meeting of the government. Further, the finance minister summoned a report from all concerned institutions. The meeting discussed a five-point agenda which was as follows: 1) Circular debt and its impact on the power sector 2) Gas...

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Jahanzeb Khan appointed as FBR chairman in fresh bureaucratic shuffle

ISLAMABAD: Muhammad Jahanzeb Khan has been appointed as the chairman of the Federal Board of Revenue (FBR) and secretary of the Revenue Divisionin the recent bureaucratic reshuffle on Wednesday. According to the notification, Jahanzeb Khan is a BS-22 officer of Pakistan Administrative Service and will now serve as the FBR chairman. Adding to reshuffling, Dr Muhammad Suleman Khan has also...

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FM Asad Umar chaired maiden ECC meeting today

ISLAMABAD: Finance Minister Asad Umar chaired the inaugural Economic Coordination Committee (ECC) meeting of the government on Wednesday. The ECC mulled over on a five-point agenda in the convention which includes: the circular debt and its impact on the power sector, gas pricing, financial health of Pakistan State Oil (PSO) and its liquidity position, DAP situation for the Kharif crop and the measures to...

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US, Canada NAFTA talks enter crucial phase

US and Canadian trade officials will begin a crucial phase of talks on Wednesday to see if they can bridge their differences to sign a revamped North American Free Trade Agreement. After Mexico paved the way by agreeing to NAFTA 2.0 with the United States, Canada's Foreign Minister Chrystia Freeland was upbeat about the potential for progress. But Canadian Prime...

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Saudi king tipped the scale against Aramco IPO plans

LONDON: The king spoke and a $2-trillion dream went up in smoke. For the past two years, Saudi Arabia has prepared to place up to 5 percent of its national oil company on the stock market. Officials talked up the Saudi Aramco initial public offering (IPO) with international exchanges, global banks, and US President Donald Trump. The planned listing was...

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Gold price rises in Pakistan

KARACHI: According to Newsone, the price of gold has increased in Pakistan owing to a rise in the international market. According to sources the per tola (11.33 grams) had risen by Rs2,000 to Rs58,300. The price for ten grams rose by Rs17,500 to Rs49,983. The per tola price of silver also increased in the country by Rs10 and was now...

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UAE court sentences Abraaj CEO in bounced cheque case

A United Arab Emirates court sentenced the founder of private equity firm Abraaj, Arif Naqvi, and another executive to three years in prison for issuing a cheque without sufficient funds, according to court documents and two court clerks on Tuesday. But Naqvi’s lawyer Habib Al Mulla said in an email that the parties had reached a settlement. The criminal case...

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No decision made yet to approach IMF: Asad Umar

ISLAMABAD: On Tuesday, finance Mminister Asad Umar said the government has not made a decision to approach the International Monetary Fund (IMF) for a bailout package. Speaking at the floor of Senate today, the minister further added that consultations on the current economic situation are underway and a final decision will be taken after taking the Parliament on board. "Even...

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Investors to get their say after Musk scuttles Tesla buyout

Investors on Monday will render their verdict on Tesla Chief Executive Elon Musk’s decision to abandon a proposed $72 billion buyout to take the luxury electric car maker private. Musk said in a blog post late on Friday that his decision to scuttle the proposed deal was motivated in part by existing Tesla shareholders who said they wanted the company...

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Elon Musk abandons idea of $72bn plan to take Tesla private

Tesla Inc Chief Executive Elon Musk said late on Friday he would heed shareholder concerns and no longer pursue a $72 billion deal to take the luxury electric car maker private, abandoning an idea that stunned investors and drew regulatory scrutiny. The decision to leave Tesla as a publicly listed company raises new questions about its future. Tesla shares have...

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Saudi reforms to boost growth despite any Aramco IPO delay: IMF

DUBAI - Saudi Arabia is moving ahead with economic reforms and growth in its non-oil economy will pick up this year despite any delay to a planned sale of shares in national oil giant Saudi Aramco, a senior International Monetary Fund official said on Friday. “Aramco was one part of the reform program. Other parts are moving ahead pretty well,”...

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China aims to build houses, roads in Sri Lanka north to extend sway

COLOMBO - China wants to build houses and roads in Sri Lanka’s north, much of which is in a state of disrepair nearly a decade after the end of civil war, Chinese and Sri Lankan officials said, in a bid to expand it influence beyond the island’s south. China’s latest push in the Indian Ocean island nation comes despite criticism...

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Pakistan foreign exchange reserves satisfactory to pay back foreign loans: Moody’s

NEW YORK: According to Moody's Investors Service, Pakistan’s foreign exchange reserves are satisfactory enough to pay back foreign loans. However, Moody’s stated capability to pay back foreign loan could become weaker if the amount of loan increases further. Although increase in investment in Pakistan is inevitable, Moody’s stated that the country has attracted heavy investment also due to the China-Pakistan...

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