Business

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...

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PSX remains bearish on Monday as KSE-100 Index losses 176.85 points

KARACHI: The Pakistan Stock Exchange remained bearish on Monday as KSE-100 Index closed today at 41734.05 points as compared to 41910.90 points on the last working day with a negative change of 176.85 points. The total turnover was 84,504,630 as compared to 166,083,620 on the last working day with Pakistan Elektron having the highest turnover of 8,787,500. Total 341 companies’...

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Increase in petrol prices was inevitable: Interim information minister

ISLAMABAD: Pakistan's interim information minister said  Ali Zafar said an increase in the prices of petroleum products was inevitable,  private news channel reported. Ali Zafar, the caretaker information minister, explained that the bitter decision to approve a hike in the petroleum prices had to be taken. According to the notification, the caretaker government has cited the worsening economic condition as...

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China lends $1billion to Pakistan to boost plummeting FX reserves: sources

ISLAMABAD: China has lent Pakistan $1 billion to boost the South Asian country’s plummeting foreign currency reserves, two sources in Pakistan’s finance ministry told Reuters, amid growing speculation of another International Monetary Fund bailout. The latest loan highlights Islamabad’s growing dependence on Chinese loans to buffer its foreign currency reserves, which plunged to $9.66 billion last week from $16.4 billion...

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President signs ordinance approving 31-day extension in tax amnesty scheme

ISLAMABAD: The federal cabinet approved an extension of 31 days in the tax amnesty scheme for those who wished to declare holding assets in and out of Pakistan, Geo News reported Saturday night, with the revised date now being July 31, 2018. President Mamnoon Hussain signed the ordinance confirming the 31-day extension in the tax amnesty scheme. According to sources at...

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Petrol prices on fire, New prices will add to worsening cost of living

ISLAMABAD: The caretaker government approved Saturday night a significant upward revision in petroleum prices, Newsone reported citing an official announcement. The new rates will be in effect from July 1 (Sunday). According to the notification, the caretaker government has cited the worsening economic condition as the reason for the price hike. The new per-litre prices of petrol, diesel, kerosene oil,...

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OGRA recommends increase of petrol prices by Rs5.40/litre for month of July

ISLAMABAD: According to Newsone, the Oil and Gas Regulatory Authority (OGRA) on Saturday recommended the interim government to raise the already increased price of petrol by Rs5.40 per litre, diesel by Rs6.20 per litre and kerosene oil by Rs12 per litre for the month of July 2018. Moreover, the regulatory authority today forwarded a summary  Ministry of Petroleum Division proposing...

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PSX remains bearish on Friday as KSE-100 Index losses 86.95 points

KARACHI: The Pakistan Stock Exchange (PSX) was bearish on Friday as KSE-100 Index closed today at 41910.99 points as compared to 41997.85 points on the last working day with a negative change of 86.95 points. The total turnover was 166,083,620 as compared to 159,817,670 on the last working day with K-Electric Limited having the highest turnover of 12,078,000. Stocks of...

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India has adequate ‘firepower’ to deal with rupee volatility: economic affairs secretary

NEW DELHI: India has adequate “firepower” of foreign exchange reserves to deal with the current volatility in the rupee, the country’s Economic Affairs Secretary told reporters. The volatility is being driven by global factors including the proposed US sanctions on Iran and the mismatch in demand and supply of oil, Subhash Chandra Garg, economic affairs secretary in the Ministry of...

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Apple, Samsung settle US patent dispute

Apple and Samsung Electronics on Wednesday settled a seven-year patent dispute over Apple’s allegations that Samsung violated its patents by “slavishly” copying the design of the iPhone. Terms of the settlement, filed in the US District Court for the Northern District of California, were not available. In May, a US jury awarded Apple $539 million, after Samsung had previously paid...

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UK leaves the EU as Brexit becomes law

LONDON: A bill enacting Britain´s decision to leave the European Union has become law after months of debate, the House of Commons speaker announced Tuesday, to cheers from eurosceptic lawmakers. Speaker John Bercow said the EU (Withdrawal) Bill, which repeals the 1972 European Communities Act through which Britain became a member of the bloc, had been given the formal royal...

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Mobile phone imports witness rise in first 11 months

ISLAMABAD: Mobile phones imports have witnessed a phenomenal growth of 19.28 per cent in first eleven months (July-May) of 2017-18 as it remained US $ 759.969 million. During same period of July-May 2016-17, the imports registered were US $ 637.14 million. Mobile phone imports in May 2018, valued at $81.362 million, increased by 25.64 per cent when compared to US...

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OGRA increases gas prices by 300pc

The Oil and Gas Regulatory Authority (OGRA) has proposed to surge the gas prices by almost 300 percent for domestic consumers and an increase of 30 percent in commercial sector. According to local media, as per the recommendation forwarded by OGRA to the interim government, an increase of Rs204 per MMBTU has been suggested for the domestic consumers. As per...

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EU to respond to any U.S. auto tariff move: report

The European Union will respond to any U.S. move to raise tariffs on cars made in the bloc, a senior European Commission official said, the latest comments in an escalating trade row. U.S. President Donald Trump on Friday threatened to impose a 20 percent tariff on all imports of EU-assembled cars, a month after his administration launched an investigation into...

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Tesla recycling machine catches fire at California campus

A machine used for paper recycling caught fire Thursday night at Tesla Inc’s Fremont, California, campus, outside the company’s car production factory, but manufacturing was not affected, the company said. The fire occurred after a cardboard baling machines that is used for recycling overheated, and was contained, Fremont Fire Department Division Chief Diane Hendry said on Friday. The fire happened...

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Trade war erupts as EU slaps US with tarrifs

RUSSELS: The European Union slapped revenge tariffs on iconic US products including bourbon, jeans and motorcycles on Friday in its opening salvo in a trade war with President Donald Trump. The tariffs, which took effect at midnight (2200 GMT Thursday) according to the EU´s official journal, will further fuel jitters on world stock markets that are already alarmed by trade...

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Brexit law approved by UK’s upper Parliament

LONDON: Britain’s upper house of parliament approved Prime Minister Theresa May’s Brexit bill on Wednesday, ending months of parliamentary debate over the legislation that will formally end the country’s European Union membership. Lords approved the government’s plan without a vote after a rebellion by those who wanted parliament to have a greater influence over the exit process was defeated in...

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