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...

120 Views 0

Dollar weakens after Donald Trump’s Fed comments

HONG KONG: The dollar dipped Tuesday in Asia after Donald Trump hit out at the Federal Reserve´s interest rate rises and accused it of not backing his economic plan, while most equity markets edged up ahead of highly anticipated China-US trade talks. The greenback has been on the ascent in recent months as US borrowing costs have gone up and...

321 Views 0

CPEC to boost economic activities, generate two million new jobs till 2030

BEIJING: China-Pakistan Economic Corridor (CPEC), a pilot project under the Belt and Road Initiative (BRI) will boost economic activities and generate around two million new jobs till 2030. “CPEC is the first one, and may serve as “role model”. Under this initiative, infrastructure, power generation, development of Gwadar Port and industrialization will take place. It will boost economic activities and...

300 Views 0

Business economists say Trump tariffs will harm US: survey

Business economists overwhelmingly worry President Donald Trump's trade wars will harm the US economy, according to a survey released Monday. The Trump administration on Thursday is due to impose its latest round of punitive tariffs on China, putting 25 percent duties on another $16 billion in imports, with Beijing poised to retaliate dollar-for-dollar. The twice-yearly survey by the National Association...

274 Views 0

China regulator asks financial institutions to support infrastructure investment

BEIJING  - China’s banking and insurance regulator has asked financial institutions to give more support to infrastructure investment, importers and exporters, and creditworthy companies experiencing temporary problems. In a statement posted on its website late on Saturday, the China Banking and Insurance Regulatory Commission also called on the institutions to raise the proportion of medium- and long-term loans to avoid...

252 Views 0

Minister for Energy presents Guidelines for power sector to fight energy crisis

ISLAMABAD: Interim Minister for Energy Barrister Syed Ali Zafar while chairing a meeting with officials of the Ministry presented guidelines for power sector for consideration of the incoming Government. He said that during his very short tenure as a Minister of Energy he felt that to solve the energy crisis in the country, immediate reforms are required in the energy...

257 Views 0

Stocks jump as hopes rise for progress on China trade talks

NEW YORK — Stocks rose late in the day Friday as investors welcomed signs of progress in resolving the trade dispute between the U.S. and China. The Wall Street Journal reported that the countries hope to have a resolution by November. Industrial, health care and basic materials companies made some of the biggest gains. The report came a day after...

261 Views 0

Australia expects free trade deals this year with Indonesia, Hong Kong

SYDNEY - The Australian government expects to seal free trade agreements with Indonesia and Hong Kong by year’s end, its trade minister said on Friday. Concluding the two agreements would wrap years of talks, which in the case of Indonesia have dragged on since 2010, stalling along the way as diplomatic tensions between the two sides flared. “I think by...

238 Views 0

Asian shares gain on U.S.-China trade talks, lira recovers

TOKYO- Asian shares won a modest reprieve on Friday after China and the United States agreed to hold their first trade talks since June next week and as the Turkish lira extended gains from its record low earlier this week. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.46 percent, a day after it hit its lowest level...

219 Views 0

If Indian rupee slump persists, it can hurt Modi

NEW DELHI/MUMBAI: The rupee’s plunge to a record low has worried a wide cross-section of India’s society: companies, importers, those going on vacation and students planning to study overseas. But if the weakness persists, Prime Minister Narendra Modi’s job could become a lot harder just before big state and national elections. India is a big buyer of everything from crude...

203 Views 0

Asian stocks slide as investors fret over China’s economy

TOKYO — Asian shares fell Thursday after deepening worries about global economic growth, particularly in China, set off a rout on Wall Street. KEEPING SCORE: Japan’s Nikkei 225 index fell 0.2 percent to 22,158.75 and the Hang Seng in Hong Kong lost 0.6 percent to 27,155.66. The Shanghai Composite index sank 0.9 percent to 2,699.60. South Korea’s Kospi reopened from...

181 Views 0

China to send negotiator to US for trade talks this month

China will send a top negotiator to the United States in late August to resume trade talks, the commerce ministry said Thursday, the first public meeting on the subject in weeks as the trade conflict intensifies. Vice Commerce Minister Wang Shouwen, the deputy representative on international trade negotiations, will meet with a senior US treasury official, David Malpass, at the...

195 Views 0

Turkey hits back at US with tariff hikes on key products

ISTANBUL: Turkey on Wednesday said it was hiking tariffs on imports of several key US products in retaliation for American sanctions against Ankara, as a bitter dispute between the two allies that sent the Turkish lira into freefall showed no sign of ending. The lira -- which had lost just under a quarter of its value in trade on Friday...

372 Views 0

Euro edges up, but threat from Turkey remains

LONDON: The euro recovered on Tuesday from earlier losses linked to the collapse of the Turkish lira, but investors said the exposure of European banks to Turkey would continue to trouble the single currency. The lira TRYTOM=D3 has lost more than 40 percent of its value against the dollar this year, hit by worries over President Tayyip Erdogan's calls for...

224 Views 0

Turkey Currency Crisis: Pakistan stands with Turkey as Lira Plunges 20%

ISLAMABAD: Pakistan on Monday expressed solidarity with Turkey as the country grapples with a currency crisis that saw the lira plunge as much as 20% last week against the US dollar. The Turkish lira has nosedived after a political clash with the United States intensified and investors fretted about the Turkish government's lack of action to tackle the problems plaguing...

306 Views 0

Iran arrests 67 people for suspected financial crimes

DUBAI: Iranian authorities have arrested 67 people in a drive against financial crime, the judiciary said on Sunday, as the country faces renewed US sanctions and a public outcry against profiteering and corruption. Special revolutionary courts were being set up to try suspects quickly after Supreme Leader Ayatollah Ali Khamenei called on Saturday for “swift and just” legal action to...

223 Views 0

Saudi fund shows no interest in financing Tesla

DUBAI/RIYADH/LONDON: Saudi Arabia’s Public Investment Fund (PIF) has shown no interest so far in financing Tesla Inc CEO Elon Musk’s proposed $72-billion deal to take the US electric car maker private, despite acquiring a minority stake in the company this year, two sources familiar with the matter said. The 47-year-old investor and engineer stunned financial markets on Tuesday when he...

465 Views 0