Business

Iran engineers rial recovery as it defies US sanctions

LONDON: Iran is intervening in the foreign exchange market and threatening speculators to engineer a dramatic recovery of its rial currency, easing pressure on the oil-exporting economy as Tehran defies renewed US sanctions. The rial jumped to 105,500 against the US dollar on Wednesday from 117,000 at the end of last week - and 152,500 at the end of October,...

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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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PM Imran Khan re-constitutes Economic Advisory Council comprises of 18 experts

ISLAMABAD: According to the notification issued,on Saturday, prime minister Imran Khan has reconstituted the Economic Advisory Council (EAC). The notification stated the EAC will comprise 18 members of which seven belong to the government sector while the remaining 11 belong to the private sector. Those belonging to the private sector include experts from Pakistan, the United Kingdom and the United...

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Trump to sign Mexico deal in 90 days; Canada talks to resume

WASHINGTON  — Talks to keep Canada in a North American trade bloc broke up Friday and will resume next week with the two longtime allies divided over such issues as Canada’s dairy market and U.S. efforts to shield drug companies from generic competition. President Donald Trump notified Congress on Friday that he plans to sign an agreement in 90 days...

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Japan central bank chief says no rate hike for ‘long time’

The Bank of Japan will not raise interest rates "for quite a long time", its chief said in an interview published Saturday even as its US and European peers tighten monetary policy. Haruhiko Kuroda dismissed speculation that the central bank was planning to adjust its super-loose policy, aimed at keeping long-term interest rates around zero percent and short-term rates at...

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Petrol, diesel prices slashed for September 2018

ISLAMABAD: The federal government on Friday announced to slash prices of petroleum products with effect from tonight, Newsone reported. Oil and Gas Regulatory Authority (OGRA) on Thursday forwarded a summary to Finance Ministry for reduction in petrol prices by RS 2 per Litre. OGRA recommended Rs6 per liter decrease in diesel price and kerosene Oil Rs30 paisa per liter, while...

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Now you see it, now you don’t: oil surplus vanishes ahead of Iran deadline

LONDON: An overhang of homeless crude in the Atlantic Basin has halved in recent weeks, suggesting oil traders are bracing for a further supply loss from Iran due to US sanctions and a new rally in prices. Iran’s oil exports are already dropping fast as refiners scurry to find alternatives ahead of a reimposition of US sanctions in early November,...

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OGRA recommends Rs Rs6 per liter decrease in fuel prices

ISLAMABAD/ Web Desk: Oil and Gas Regulatory Authority (OGRA) has forwarded a summary to Finance Ministry for reduction in petrol prices by RS 2 per Litre, Newsone reported. According to details, the summary also refers to other petroleum products whose prices should be decreased under monthly readjustment formula. OGRA has recommended Rs6 per liter decrease in diesel price and kerosene...

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Trump says China making things ‘much more difficult’ with N Korea

WASHINGTON: US President Donald Trump on Wednesday accused China of complicating Washington's relationship with North Korea by rendering its ally economic assistance, as talks on Pyongyang's denuclearization are at a standstill. But he insisted his relationship with Kim Jong Un remained "very good" and said he was not considering resuming joint military exercises on the Korean Peninsula that Pyongyang considers...

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World Bank ready to support reform plans of new Pakistan govt

ISLAMABAD: The World Bank Wednesday said it was ready to support the reform plans of the new Pakistan government for stabilizing the economy and accelerating growth to end poverty and boost prosperity. The commitment was made by the World Bank’s newly appointed Vice President for the South Asia Region, Hartwig Schafer, when he met the government and key counterparts to...

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Govt bars utility stores from buying products across Pakistan

ISLAMABAD: The newly appointed PTI government has ordered all Utility Stores Corporation (USC) to suspend all kinds of procurement in the stores. According to reports, PM’s Adviser on Industries and Production Razak Dawood has ordered Utility Stores Corporation (USC) to suspend purchases in stores. A notification has been issued in this regard. The closing of utility stores is the first...

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ECC decides to keep gas prices same for now

ISLAMABAD: On Wednesday, the Economic Coordination Committee (ECC) to keep gas prices unchanged for now. Finance Minister Asad Umar chaired the first ECC meeting of the government. Further, the finance minister summoned a report from all concerned institutions. The meeting discussed a five-point agenda which was as follows: 1) Circular debt and its impact on the power sector 2) Gas...

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Jahanzeb Khan appointed as FBR chairman in fresh bureaucratic shuffle

ISLAMABAD: Muhammad Jahanzeb Khan has been appointed as the chairman of the Federal Board of Revenue (FBR) and secretary of the Revenue Divisionin the recent bureaucratic reshuffle on Wednesday. According to the notification, Jahanzeb Khan is a BS-22 officer of Pakistan Administrative Service and will now serve as the FBR chairman. Adding to reshuffling, Dr Muhammad Suleman Khan has also...

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FM Asad Umar chaired maiden ECC meeting today

ISLAMABAD: Finance Minister Asad Umar chaired the inaugural Economic Coordination Committee (ECC) meeting of the government on Wednesday. The ECC mulled over on a five-point agenda in the convention which includes: the circular debt and its impact on the power sector, gas pricing, financial health of Pakistan State Oil (PSO) and its liquidity position, DAP situation for the Kharif crop and the measures to...

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US, Canada NAFTA talks enter crucial phase

US and Canadian trade officials will begin a crucial phase of talks on Wednesday to see if they can bridge their differences to sign a revamped North American Free Trade Agreement. After Mexico paved the way by agreeing to NAFTA 2.0 with the United States, Canada's Foreign Minister Chrystia Freeland was upbeat about the potential for progress. But Canadian Prime...

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Saudi king tipped the scale against Aramco IPO plans

LONDON: The king spoke and a $2-trillion dream went up in smoke. For the past two years, Saudi Arabia has prepared to place up to 5 percent of its national oil company on the stock market. Officials talked up the Saudi Aramco initial public offering (IPO) with international exchanges, global banks, and US President Donald Trump. The planned listing was...

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Gold price rises in Pakistan

KARACHI: According to Newsone, the price of gold has increased in Pakistan owing to a rise in the international market. According to sources the per tola (11.33 grams) had risen by Rs2,000 to Rs58,300. The price for ten grams rose by Rs17,500 to Rs49,983. The per tola price of silver also increased in the country by Rs10 and was now...

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