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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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Pakistan has potential for strong economic growth: study

FAISALABAD: Pakistan has the potential for achieving strong economic growth till 2030, says a study, provided it successfully overcomes five major constraints it is currently facing. Conducted by the Research & Development Department of Faisalabad Chamber of Commerce and Industry (FCCI), the study — titled 'Pakistan's Economy in 2030 - Learning From The Past' — explains that the country's gross...

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Nissan sues India over outstanding dues; seeks over $770 million

NEW DELHI: Japanese automaker Nissan Motor has begun international arbitration against India to seek more than $770 million in a dispute over unpaid state incentives, according to a person familiar with the matter and documents reviewed by Reuters. In a legal notice sent to Prime Minister Narendra Modi last year, Nissan sought payment of incentives due from the Tamil Nadu...

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Govt rises petrol prices on OGRA recommendations for December

ISLAMABAD: Government of Pakistan has increased fuel prices on the recommendations for the month of December on exact midnight The new prices for petrol has increased by 1.48 rupees. Petrol will now retail at Rs77.47 per litre. Prices of diesel was increased by Rs1.36 per litre, while the price for light-speed diesel (LSD) was increased by Rs3.12 per litre, said...

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Petrol price increased by Rs1.48 per litre

ISLAMABAD: The government on Thursday announced to increase the prices of petroleum products for the month of December that came into effect on Friday. Prices of diesel was increased by Rs1.36 per litre, while the price for light-speed diesel (LSD) was increased by Rs3.12 per litre, said sources. The government also increased the price of kerosene oil by Rs4.39 per...

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Bitcoin loses over a fifth of its value in less than 24 hours

LONDON: Bitcoin slid to as low as $9,000 in volatile trade on Thursday, having lost more than a fifth of its value since hitting an all-time high of $11,395 on Wednesday. The cryptocurrency fell as much as 8 percent on Thursday on the Luxembourg-based Bitstamp exchange to hit $9,000 exactly, marking a fall of well over $2,000 in under 24...

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OGRA recommends increase in Oil prices

ISLAMABAD: Oil Gas Regulatory Authority has recommended an increase in Oil Prices, however the final decision on the recommendations will be approved by the government. According to Media reports, an increase of Rs1.48 for petrol has been recommended by OGRA, while kerosene oil has a suggested increase of Rs15.35, high-speed diesel of Re1 and an increase of Rs13.15 has been...

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SoftBank offers to buy Uber shares at 30 percent discount

SAN FRANCISCO: Japan’s SoftBank Group is offering to purchase shares of Uber Technologies at a valuation of $48 billion, a 30 percent discount to its most recent valuation of $68.5 billion, a person familiar with the matter said on Monday. The investment, which was approved by the Uber board in October, would also trigger a string of governance changes at...

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Brexit is ‘going to be a bumpy road’: WTO chief Azevedo

GENEVA: World Trade Organization (WTO) chief Roberto Azevedo said Monday Britain’s departure from the European Union (EU) would be a bumpy road but he hoped it created as little disturbance as possible. Azevedo surprised many trade experts at the weekend with an interview in Britain’s Telegraph newspaper, in which he said it would not be the end of the world...

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Meredith to buy US publisher Time in Koch-backed deal

US media company Meredith Corp said on Sunday it will buy Time Inc, the publisher of People, Sports Illustrated and Fortune magazines, in a $1.84 billion all-cash deal backed by conservative billionaire brothers Charles and David Koch. The deal is a coup for Meredith, which held unsuccessful talks to buy Time earlier this year and in 2013. It will give...

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Automakers struggle with the future in Los Angeles

DETROIT: Car manufacturers’ attempts to square what U.S. consumers want against the clean vehicles regulators and investors demand will be on display in Los Angeles this week at an auto show that has moved away from calling itself just an auto show. Automakers on Monday will begin previewing new models for the media at an event called AutoMobility LA, reflecting...

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US shoppers browse stores, buy online as Black Friday deals beckon

CHICAGO/NEW YORK: US stores offered deep discounts, entertainment, and free gifts to draw bargain hunters on Black Friday — the traditional start of the holiday shopping season — but some shoppers said they were just eyeing goods, reserving their cash for online purchases. A sharp rise in online sales made the overall picture more positive for traditional retailers expanding beyond...

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Pakistan’s solar homeowners get green light to sell power to national grid

LAHORE: Pakistan has approved rules allowing owners of solar panels across the country to sell power they create to the country’s energy grid, and moved to convert tens of thousands of water pumps in southwestern Balochistan province to solar power. The country’s Alternative Energy Development Board, a government agency, said solar panels owners throughout Pakistan can for the first time...

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OPEC agenda points to short meeting to set oil policy

LONDON: A draft agenda for OPEC’s meeting on Nov. 30 in Vienna pencils in three hours for the group’s oil ministers to decide whether to extend their oil supply curbs, indicating that decision-making is expected to run smoothly. The members of Organization of the Petroleum Exporting Countries, Russia and nine other producers are curbing oil output by about 1.8 million...

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Flat profit gives Angry Birds maker’s shares the blues

HELSINKI: Angry Birds maker Rovio Entertainment fell short of market expectations for quarterly sales and profit on Thursday, sparking a near 20 percent fall in the Finnish firm’s shares. Increased marketing costs meant adjusted earnings before interest, tax, depreciation and amortization were flat at 8.6 million euros ($10.2 million) in the third quarter, although sales rose 41 percent from a...

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Hackers stole data from 57 million Uber riders and drivers: CEO

SAN FRANCISCO: Uber said Tuesday hackers compromised personal data from some 57 million riders and drivers in a breach kept hidden for a year. "None of this should have happened, and I will not make excuses for it," said a statement from chief executive Dara Khosrowshahi, who took over at the ridesharing giant in August. Two members of the Uber...

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Wall Street rises, with tech in the lead again

NEW YORK: U.S. stocks jumped and indexes hit record highs on Tuesday, led by gains in this year’s top-performing technology sector. The S&P technology index .SPLRCT rose 1.1 percent, helped by Apple (AAPL.O). The index has risen 38.5 percent this year, by far more than any other sector. The S&P 500 is up 16.1 percent for the year so far....

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