Business

Dollar gains 20 paisa in open market

KARACHI: The US Dollar on Monday had registered an increase of 20 paisa in open market after which green side is trading at Rs 139.80. On the other hand, the dollar value remains intact at interbank sans fluctuation to trade at previous Rs. 138.9. Following a 20 paisa increase in the open market, dollar is trading between Rs 138.90 to...

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Alibaba’s Jack Ma to step down in one year, Zhang to become chairman

BEIJING - Jack Ma, the charismatic co-founder of China’s largest e-commerce firm Alibaba Group Holding Ltd, will step down as chairman in exactly one year on Sept. 10, 2019, the company said. Current Alibaba Chief Executive Daniel Zhang will replace him as chairman, while Ma will complete his current term on Alibaba’s board of directors following the company’s annual general...

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Asian markets hit by fresh trade fears after Trump comments

HONG KONG: Donald Trump’s latest threat to impose tariffs on all Chinese imports sent Asian markets tumbling Monday on growing fears of an all-out trade war between the world’s top two economies. The president’s comments Friday added to the uncertainty on trading floors, which have also been hit by a concerns of a brewing financial crisis in emerging markets. They...

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Ban cheese imports? Pakistan discusses outside-the-box ideas to avoid IMF bailout

ISLAMABAD: Pakistani economic advisors discussed banning imports of luxury cars, smartphones and cheese in a wide-ranging strategy session on how to avoid seeking a bailout from the International Monetary Fund (IMF), a senior government advisor said. While no decisions were made, the floating of radical measures to tackle Pakistan’s ballooning current account deficit by the newly formed Economic Advisory Council...

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Ex-IMF Chief says world unprepared for next financial crisis

PARIS: The world is less well equipped to manage a major financial crisis today than it was a decade ago, according to Dominique Strauss-Kahn, a former chief of the International Monetary Fund (IMF). In an interview with AFP, the now-disgraced Strauss-Kahn — who ran the fund at the height of the 2008 financial meltdown — also said rising populism across...

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Alibaba co-founder Jack Ma plans to retire on his 54th Birthday

BEIJING: Jack Ma was a cash-strapped Chinese entrepreneur and former English teacher when he convinced friends to give him $60,000 to start a Chinese e-commerce firm called Alibaba in 1999. Almost two decades later, Alibaba is an internet juggernaut and Ma is among the world's richest men, with a net worth of more than $40 billion, according to the Bloomberg...

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Trump ups ante on Chinese imports, threatening duties on $267 billion more goods

ABOARD AIR FORCE ONE: US President Donald Trump warned on Friday that he has tariffs ready to go on $267 billion worth of Chinese imports in addition to the $200 billion of the Asian nation’s goods awaiting action by him. Implementing both sets of tariffs would subject virtually all U.S. imports from China to new duties as the world’s two...

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Asian markets mostly down on China tariff fears

HONG KONG: Most Asian equities sank on Friday as investors fret that the US will ramp up its trade war with China by imposing fresh tariffs, while chip-makers were among the biggest losers following a sharp sell-off in New York. While emerging market contagion fears continue to stalk trading floors, Donald Trump’s protectionist drive returned to the fore following an...

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PM Imran Khan summons EAC meeting today

ISLAMABAD: Prime Minister Imran Khan has summoned the first meeting of the Economic Advisory Council (EAC) today. According to sources, the 18-member council is expected to discuss whether or not to approach the International Monetary Fund (IMF) for a bailout package along with the economic situation of the country. The sources further added, discussion over the collection of taxes, increase...

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Argentina makes ‘progress’ in IMF talks to speed up crisis loan

Washington - Argentina "made progress" on Tuesday in talks with the International Monetary Fund aimed at securing an accelerated disbursement of a $50 million loan it hopes will calm its debilitating economic crisis. IMF Managing Director Christine Lagarde said she and Argentina's Finance Minister Nicolas Dujovne held "discussions about how the Fund can best support Argentina in the face of...

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Amazon hits trillion-dollar milestone with focus on the long game

SAN FRANCISCO: Amazon's market value hit $1 trillion on Tuesday, the second company after Apple to hit the milestone, following an incredible journey for the internet giant which has kept a long-term focus since launching as an online bookseller two decades ago. Early gains lifted Amazon's value to $1 trillion only briefly, with the final close at $2,039.51 giving it...

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US, Canada to try to salvage three-country NAFTA

Washington  - Efforts to salvage the North American Free Trade Agreement as a three-country pact are due to resume Wednesday when Canada and the US sit down at the negotiating table in a politically charged atmosphere. But the talks will be dogged by President Donald Trump's repeated threats to leave Canada on the sidelines and proceed with Mexico, which reached...

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Asian markets swing as nervous traders eye trade rows

HONG KONG: Asian markets fluctuated on Tuesday with investors moving cautiously as they await the latest developments in Donald Trump’s trade spats with China and Canada. With US markets closed for the Labor Day holiday, there were few catalysts to drive business though dealers remain nervous after Trump said he wanted to impose fresh tariffs ion a huge swathe of...

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Turkey inflation surges to 15-year high in August

ANKARA: Turkey reported its highest inflation rate in 15 years Monday fuelled by a spectacular drop in the Turkish lira, as analysts predicted that worse is probably to come. Consumer prices rose 17.9 per cent in August from the same month in the previous year — their highest increase since late 2003 — up from 15.85 per cent in July,...

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Amid U.S. trade war, China’s Xi reiterates reform commitment

BEIJING - China is still determined to reform and wants to work with all parties to build an open world economy, Chinese President Xi Jinping said on Sunday, reiterating Beijing’s message amid a bitter trade war with Washington. The two countries have been rolling out a series of tariffs on each other’s exports as U.S. President Donald Trump’s administration seeks...

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China’s ‘Silk Road’ project runs into debt jam

China's massive and expanding "Belt and Road" trade infrastructure project is running into speed bumps as some countries begin to grumble about being buried under Chinese debt. First announced in 2013 by President Xi Jinping, the initiative also known as the "new Silk Road" envisions the construction of railways, roads and ports across the globe, with Beijing providing billions of...

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‘Lehman Weekend’: the biggest bankruptcy in American history

It was "Lehman Weekend." The moment in September 2008 when the 150-year-old investment bank Lehman Brothers collapsed, precipitating the worst global economic crisis since the 1930s. After failing to find buyers for the troubled financial giant, that was weighed down by risky debt holdings made up of at subprime mortgages, US authorities declined to offer a bailout and allowed the...

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