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Exclusive: GM offers $2.2 billion debt for equity swap in return for Seoul’s support – sources

SEOUL : General Motors (GM.N) has offered to convert debt of around $2.2 billion owed by its ailing South Korean operation into equity in exchange for financial support and tax benefits from Seoul, four sources with direct knowledge of the matter said. The restructuring proposal comes after the Detroit automaker announced last week that it would shut its plant in...

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Bitcoin falls almost 20 percent from recent peak to 1-week low

TOKYO (Reuters) - Bitcoin fell more than 10 percent on Wednesday to a one-week low of $15,800 at cryptocurrency exchange Bitstamp BTC=BTSP, losing almost one- fifth of its value from a peak hit just three days ago. The digital currency has been sliding since it reached a record high of $19,666 on Sunday, when the exchange giant CME Group (CME.O) launched...

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Saudi Arabia to spend big after economy shrinks

RIYADH: Saudi Arabia said on Tuesday its economy contracted for the first time in eight years due to painful austerity measures as it announced record spending to stimulate growth. The OPEC kingpin said gross domestic product for 2017 shrank by 0.5 percent due to a drop in crude production in line with an agreement with major oil producers aimed at...

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Pakistan working towards FTA with Pacific South East nations

ISLAMABAD: Pakistan aims initiate negotiations with Pacific and South East Asian nations on a proposed Free Trade Agreement (FTA) to enhance multilateral trade. Japan, Indonesia, Vietnam, the Philippines in the Pacific region are among the countries in the list to start a dialogue on Preferential Trade Agreement (PTA) which will pave the way towards FTA for promoting trade liberalization, a...

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Wall Street eases as House approves tax legislation overhaul

NEW YORK: Wall Street stocks drifted lower on Tuesday as the U.S. House of Representatives approved a long-awaited bill to overhaul the tax system. Stocks added slightly to losses following the vote, which followed weeks of market gains on optimism that tax cuts would boost U.S. earnings and the economy. “We’ve had a run-up in preparation as people were expecting...

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Uber ties up with BBM messenger on ride booking

- Uber Technologies said on Monday it has joined forces with BBM Messenger to allow users around the world to book rides via the messenger service. The partnership agreement is with Creative Media Works, operating as BBM Messenger, the company said in a statement. ”With this partnership, BBM users can quickly request an Uber ride via BBM despite variations in quality...

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Second bitcoin futures debut could lure volume to wild market

NEW YORK: Bitcoin investors expect futures volumes to perk up when CME Group, the world’s largest derivatives exchange operator, launches its own contract to wager on the cryptocurrency on Sunday. The second U.S. bitcoin futures launch is seen as another step towards big institutional investors warming up to a volatile asset that had until recently been accessible only via largely...

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IMF says devaluation of Pakistani rupee helpful for economic growth

ISLAMABAD: The International Monetary Fund on Thursday welcomed Pakistan’s recent devaluation of its currency, calling it important for economic growth. “Continued exchange rate flexibility will be important to facilitate external adjustments to support exports and economic growth,” Harald Finger, who led an IMF staff mission’s visit to Islamabad, said in a media briefing at the end of his visit. The...

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Dollar keeps rising, hits record Rs111

KARACHI: The rate of the US dollar broke its last highest record on Tuesday as it reached Rs111 in the interbank market. According to forex dealers, the dollar rate increased by Rs2.75 in the inter-bank market, crosses its peak of Rs110.50 that occurred in September 25, 2013. Economic analysts say that the former finance minister had unnaturally restricted the rate...

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Selling PIA owned Roosevelt Hotel not an option, PM Abbasi

ISLAMABAD: Prime Minister Shahid Khaqan Abbasi chaired a meeting regarding the affairs related to the Roosevelt Hotel in New York at the Prime Minister’s Office. Aviation Division Secretary briefed the meeting about the financial condition of the hotel and the reducing scale of return on the investment. Prime Minister Abbasi said the government considered the Roosevelt Hotel an important historical...

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US dollar rises to Rs110

KARACHI: The market was again caught off guard on Monday after the interbank rate of the US dollar touched Rs110, dealing yet another blow to the rupee within a week. The US dollar saw an increase of Rs3 in the morning, climbing to Rs110 in the interbank market as volatility persisted. On Friday, the US dollar had increased by Rs4.5...

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Dubai 2018 budget foresees $15.5 bn expenditure ahead of Expo

Dubai on Sunday adopted its 2018 budget foreseing expenditure of 56.6 million dirhams (around $15.5 billion), a 19.5 percent increase over last year, as it prepares to host Expo 2020. But the 2018 budget of Dubai, one of seven emirates in the United Arab Emirates, also forecasts a deficit of $1.7 billion -- the highest since the 2009 financial crisis,...

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Qatar signs $8-bn deal to buy 24 Typhoon fighters from UK

Qatar signed a multi-billion-dollar deal Sunday to buy 24 Typhoon fighters from Britain, its second major defence agreement this week, which comes during the worst political crisis in the region for years. The $8-billion (6.8-billion-euro) deal was signed in Doha by Qatar's Defence Minister Khalid bin Mohammed al-Attiyah and his British counterpart, Gavin Williamson. Williamson said it was the biggest...

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Apple to buy music recognizing app Shazam: report

Apple is in talks to buy the popular song recognition app Shazam as the tech giant tries to compete with streaming leader Spotify, TechCrunch reported Friday. The technology news site, quoting unnamed sources, said that the deal could be announced Monday with financial terms not yet clear. A spokeswoman for Apple declined comment. Since its founding in 1999, Shazam has...

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Dollar appreciated to Rs 110 in wee hours, following recovery back to old position

KARACHI: Owing to foreign payment pressure and political uncertainty in Pakistan, and in the world, the rupee weakened 4% on Friday, with the inter-bank rate becoming Rs110 to the US dollar at one point of the currencies’ trade. The inter-bank opened the day at Rs105.50 and touched Rs110 during the wee hours. It was trading at Rs108.50-Rs110per US dollar almost 2...

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Bitcoin charges through $14,000 as investors pile in

Bitcoin hit a fresh record of $14,000 on Thursday as investors piled in, triggering a warning the cryptocurrency was "like a charging train with no brakes" which would inevitably slip back. It touched a new a high of $14,400 in Asian trade before slipping back to $13,900, according to Bloomberg News. The rally came just a day after the virtual...

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PSX benchmark index loses 1,123 points, downwards spiral continues

Pakistan Stock Exchange (PSX) on Thursday after three flattish sessions in the week. The benchmark KSE-100 index lost 1,123 on Thursday to hit 38,785. Around 287 traded scrips landed in the red, with K-Electric having lost over six per cent of its value and Worldcall Telecom, TRG, Japan Power and Bank of Punjab also losing over 5pc. The turnover picked...

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