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...

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Government only cuts petrol price by Rs2 per litre instead of Rs5 as recommended by OGRA

ISLAMABAD:  The Minister of Finance had announced on Saturday night that Government reduced the price of petrol by Rs2.07 per litre in a reshuffle of rates of petroleum product. Now the new price of the petrol is 86 rupees per liter, the ministry informed. The Prices became effective from the mid nigh of April 1, 2018. Rate of diesel has...

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Iran, Pakistan Likely To Emerge Strong Economic Partners: Ex-FM Of Iran

KARACHI (APP): Head of Strategic Council of Foreign Relations and former Iranian Foreign Minister Dr. Kamal Kharrazi on Friday said the people of Iran and of Pakistan have deep-rooted religious and cultural bonds. With the improvement in diplomatic and political ties they will come closer and bilateral trade and economic cooperation will increase in the benefit of both the sides....

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SBP keeps policy rate at 6pc for next two months

KARACHI: The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) has decided to maintain policy rate at 6.0 percent for the next two months. According to the press release issued by SBPT, the latest information since MPC’s meeting in January 2018 reveals that the prospects of achieving an eleven-year high growth rate remains strong with average headline...

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Traders across the borders face Visa Constraints: Indian High Commissioner

LAHORE: The Indian High Commissioner Ajay Bisaria said that traders on both sides suffer Visa constraints, which prevents the possibility of trade  that could create the advantage of 30 billion dollars for both the poverty stricken nations. Speaking to businessmen at the Lahore Chamber of Commerce and Industry, Bisaria said he would try that the maximum number of Indian visas are...

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Import Of Mobile Phones Rises 14.51% In 8 Months

ISLAMABAD (APP): Import of mobile phones in the country during first eight months of fiscal year 2017-18 increased by 14.51 per cent as compared to same period of previous year. The import increased to $526 million during July-February (2017-18) from $459.38 million in same period of the year 2016-17. According to latest data released by Pakistan Bureau of Statistics (PBS)...

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With Datsun brand, Nissan has another go at Pakistan market

TOKYO: Nissan Motor Co Ltd on Wednesday said it would resume building and selling cars in Pakistan next year, becoming the latest global automaker to operate in a market tipped to expand in coming years as vehicle ownership increases among a growing middle class. The Japanese automaker said it would start producing its entry-level Datsun brand at a plant in...

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Oil firm on Middle East tension, though rising U.S. output looms

SINGAPORE: Oil prices were firm on Tuesday, supported by concerns that tensions in the Middle East could lead to supply disruptions, although further rises expected in U.S. crude output loomed over markets. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $65.63 a barrel at 0700 GMT, up 8 cents, or 0.1 percent, from their previous settlement. Brent crude...

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Uber to sell Southeast operations to Grab for combined business: source

SINGAPORE: Ride-hailing firm Uber has agreed to sell its Southeast Asian business to the region’s bigger rival Grab, a source with direct knowledge of the matter said on Sunday, in what would be the US company’s second retreat from Asia. As part of the transaction, Uber would get a stake of as much as 30 percent in the combined business,...

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Oil prices rise post Trump signature to impose tariffs on Chinese imports

SINGAPORE: Oil prices rose by around one per cent on Friday, pushed up by Saudi plans for OPEC and Russian-led production curbs introduced in 2017 to be extended into 2019 in order to tighten the market. The rise in oil prices defied global stock markets, which slumped on the back of worries about a trade stand-off between the United States...

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Dollar ends the day at 115.40 against Pak rupee

KARACHI: The US dollar rose by 26 paisa in the interbank market, hitting a high of Rs115.75, according to forex dealers. Dollar during trading session made a high of 115.75 but closed at 115.40 to a dollar gaining 26 paisa compared with Wednesday close. On Wednesday Advisor to prime minister on Finance, Revenue and Economic Affairs Miftah Ismail, said that...

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Mobile Phone Imports Reach $ 526.036 Mln In Eight Months

ISLAMABAD, Mar 21 (APP): Mobile phone imports in the country have witnessed a growth of 14.51 percent in first eight months (July-February). of 2017-18 as they stood at US $ 526.036 million as compared to US $ 459.380 million during same period last year. Mobile phone imports in February 2018 remained US $ 69.779 million, increasing by 16.24 percent as...

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Will oppose Steel Mills and PIA privatization, Raza Rabbani

Karachi: Addressing the media in a press conference ex-chairman Senate Raza Rabbani said that him and his party are in complete opposition of the privatization attempts being made on two of the biggest state owned institutes, PIA and Steel Mills. 'We will oppose the privatization because in our estimation the practice is based on ill-will,' said the ex chairman senate....

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Chinese PM urges US to not act ’emotionally’ on trade

Chinese Premier Li Keqiang on Tuesday called on the United States (US) to not act “emotionally” and to avoid a trade war, as President Donald Trump considers new punitive measures against Beijing. After announcing tariffs on global steel and aluminium imports, Trump is now mulling new actions against China over its “theft” of US intellectual property. Washington has long accused...

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Dollar climbs to Rs115.50 in inter-bank market

KARACHI: The US dollar rose by Rs4.93 in the interbank market, hitting a high of Rs115.50, according to forex dealers. Interestingly, the rate in the open market is not being shared at the moment but it is usually higher by a couple of rupees than the interbank rate. He added that in the past three to four months, the dollar...

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PTI expresses dismay over Privatization of PIA and Steel Mills

ISLAMABAD: PTI held a core committee members meetup today, Friday. spokesman of PTI also said that PTI see’s the recent privatization attempts of PIA and Steel Mills as a sign of concern and will look to do something in this regard.Dr.Arif Alvi of PTI has been directed to hold talks with action committees, unions and employees of both PIA and...

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Pakistan experiencing investment due to CPEC: Miftah Ismael

ISLAMABAD:  Federal Adviser on Finance, Revenue and Economic Affairs to prime minister Shahid Khaqan Abbasi said that the country is experiencing investment due to the China -Pakistan Economic Corridor(CPEC), NewsOne reported. Talking to media, the adviser however admitted that the current account deficit is massive( the difference between the revenue from exports is less than the cost of paying the money...

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