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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World stocks bask in U.S. jobs data glow

LONDON: World stocks surged to a two-week high on Monday after strong U.S. jobs data at the end of last week helped take the edge off investors’ concerns about the potential outbreak of trade war between the United States and other major economies. European shares shot up across the board, following their Asian counterparts, while emerging market currencies strengthened as...

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OPEC could agree in June to start easing oil output cuts in 2019: Iran

DUBAI: Iranian oil minister Bijan Zanganeh said OPEC could agree in June to begin easing current oil production curbs in 2019, the Wall Street Journal reported on Sunday. Zanganeh also told the WSJ in an interview that Iran wanted OPEC to work to keep oil prices around $60 a barrel to contain U.S. shale oil production. “If the price jumps...

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Federal Budget 2018-19 to be announced on April 27: Miftah Ismail

ISLAMABAD: Adviser to Prime Minister on Finance Dr Miftah Ismail on Friday announced that federal budget for the year 2018-19 would be presented in the National Assembly on April 27. “The budget will be presented on April 27 as the incumbent government’s tenure is completing on May 31, he said. Miftah said the government had already consulted with parliamentary parties...

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China warns of ‘necessary response’ in event of trade war with US

BEIJING: China will respond as necessary in the event of a trade war with the United States, Foreign Minister Wang Yi said on Thursday, while warning that such a war would only harm all sides. US President Donald Trump is expected to establish tariffs of 25 per cent on imported steel and 10 per cent on imported aluminum this week,...

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Trump says tariffs will be ‘very fair,’ names winners and losers

President Donald Trump vowed to be flexible toward "real friends" of the United States as the White House prepared Thursday to roll out punitive trade tariffs -- singling out Germany for criticism and adding Australia to a list of likely carve-outs. Amid pitched policy battles inside his administration and fierce opposition without, the White House indicated the measures may, or...

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PSX remains bearish as KSE-100 index loses 368 points

Karachi: The Pakistan Stock Exchange remains bullish on Thursday. The KSE-100 Index closed today at 43072.74 points as compared to 43441.18 points yesterday with a negative change of 368.44 points. The total 349 companies’ transacted shares in the Stock Market today. Out of which 80 recorded gains and 243 sustained losses whereas 25 remained unchanged Textiles, cements and technology stocks...

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Meet the world’s richest billionaires of 2018

Amazon chief Jeff Bezos is now the world's richest person, having snatched the top spot from Microsoft founder Bill Gates who slips to second place, according to Forbes magazine's annual billionaires list published Tuesday. US President Donald Trump's ranking on the list fell to 766th place from 544th in the last edition, his wealth now being estimated at $3.1 billion,...

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ADB to extend $5 Bn for regional cooperation in South Asia

ISLAMABAD: Senior officials of member countries of the South Asia Sub regional Economic Cooperation (SASEC) programme met on Tuesday in Singapore to review progress of regional projects in transport, trade facilitation, and energy. They also updated and improved the SASEC operational plan, which has identified about 300 projects in transport, energy, and trade facilitation. The Asian Development Bank (ADB) organized...

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Saudi gives Air India flight rights for its Israel routes: Israeli PM

Israeli Prime Minister Benjamin Netanyahu said on Monday that Saudi Arabia had granted Air India permission to fly over its territory on its new routes to and from Tel Aviv. There was no immediate confirmation from either Saudi officials or Air India. Netanyahu made the announcement during a briefing in Washington to Israeli reporters after he had met US President...

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SECP registered 1,021 new companies in Feb

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) in February registered 1,021 new companies. As compared to the corresponding month of last financial year, it represents a growth of 19 percent. This has raised the total number of registered companies to 84,809. The massive increase in number of new companies is the direct result of various reforms measures introduced...

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China says it does not want a trade war with U.S.

BEIJING: China does not want a trade war with the United States but will defend its interests, a senior Chinese diplomat said on Sunday, after U.S. President Donald Trump announced a plan to put tariffs on steel and aluminum imports. Trump struck a defiant tone on Friday, saying trade wars were good and easy to win, a day after he...

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Imran Khan slams the hike in petroleum prices as “shameful”

ISLAMABAD: Pakistan Tehreek-e-Insaf's chairman Imran Khan slammed the recent hike in petroleum prices saying the decision by government is "shameful". On Thursday, Imran used the twitter platform to condemn the hike in petroleum prices and demanded government to collect taxes from the powerful, rather than transferring the burden to the poor. However it was not the only criticism Imran made,...

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Govt hikes fuel prices on OGRA recommendations for March

ISLAMABAD: Government of Pakistan has increased fuel prices on the recommendations of OGRA for the month of March, NewsOne reported. The new price for petrol has increased by Rs3.56 rupees. The revised price of petrol would be Rs88.07 per litre. The price of diesel has been increased by Rs2.62, while the price of light diesel has also been increased by...

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OGRA proposes Rs 3.56 hike in petrol price for March

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) on Tuesday has recommended an increase in petrol price by Rs3.56 per litre. According to a summary OGRA has recommended a hike in prices of petrol and light-speed diesel by Rs3.56 and Rs6.94 per litre respectively. Similarly, Rs6.28 increase was recommended in the price of kerosene oil. The price hike for petroleum...

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The Weinstein Company to file for bankruptcy

The board of directors of The Weinstein Company said late Sunday the New York film and TV studio planned to file for bankruptcy after talks to sell it collapsed, several media outlets reported. The company had been seeking a deal that would spare it from bankruptcy after more than 70 women accused film producer Harvey Weinstein, its ex-chairman and once...

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General Mills moves into pet food with $8 billion Blue Buffalo deal

Cheerios cereal maker General Mills Inc (GIS.N) will buy Blue Buffalo Pet Products Inc (BUFF.O) for nearly $8 billion, foraying into a fast-growing pet food market to counter declining sales of processed foods. The acquisition announced Friday is the latest by a major food company seeking to expand in the $30 billion U.S. pet food market, while battling low demand...

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