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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Wall Street falls as Fed minutes send bond yields higher

NEW YORK: US stocks closed lower on Wednesday in a rocky session after the release of the minutes from the Federal Reserve’s January meeting pushed yields on the benchmark 10-year US Treasury note to a four-year high. After the Fed left interest rates unchanged in January, minutes showed the US central bank’s rate-setting committee grew more confident in the need...

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Bitcoin nearly doubles in value from year’s low hit in early February

NEW YORK: Bitcoin hit a three-week high on Tuesday and has surged nearly 100 percent from its lowest level this year, as its recovery continued after South Korea’s financial regulator eased its stance on cryptocurrencies, weeks after it considered shutting down digital currency exchanges. Analysts cited South Korean news agency Yonhap, which reported Choe Heung-sik, governor of the Financial Supervisory...

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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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Asian stocks slip after European surge fades, dollar edges up

TOKYO: Asian stocks slipped on Tuesday, their recent recovery stalling after European equities broke a winning streak, while the dollar edged up to pull further away from three-year lows. MSCI’s broadest index of Asia-Pacific shares outside Japan shed 0.5 percent. Australian stocks fell 0.3 percent, South Korea’s KOSPI lost 0.7 percent and Hong Kong’s Hang Seng dropped 0.85 percent. Japan’s...

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PSX remains bearish as KSE-100 index loses 55 points

Karachi: The KSE-100 Index closed today at 43572.67 points as compared to 43627.10 points yesterday with a negative change of 54.43 points. The total turnover was 126,714,720 as compared 148,358,060 yesterday with Fauji Foods Limited reflecting the highest turnover of 9,804,500. The total 370 companies’ transacted shares in the Stock Market today. Out of which 140 recorded gains and 205...

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Jittery U.S. bond market braces for supply wave

NEW YORK: Bond investors, who have been on edge over signs of growing inflation and a possibly more aggressive Federal Reserve, will have their work cut out for them as the U.S. government seeks to sell $258 billion worth of debt this coming week. The Treasury Department began ramping up its debt issuance earlier this month to fund the expected...

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India’s federal investigators close bank branch at heart of fraud

MUMBAI/NEW DELHI: Indian investigators closed down a branch of a state-run bank that is at the heart of a $1.77 billion fraud and questioned more of its employees as they probed the biggest scam in the country’s banking history, police sources said on Monday. Three people, including two employees of Punjab National Bank (PNB), India’s second largest state-run lender, were...

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Asian markets edge up as investor sentiment calms

Asian stock markets mostly edged up in thin holiday trade on Monday, with Tokyo's benchmark index surging nearly two percent as investors regained some confidence. A weaker yen and continued gains on Wall Street last week helped push the bellwether Nikkei 225 index up 1.97 percent or 428.96 points to close at 22,149.21. The broader Topix index was up 2.17...

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Exclusive: GE exploring industrial gas engine business sale – sources

General Electric Co (GE.N) is exploring a sale of its industrial gas engine business that could be worth as much as $2 billion, according to people familiar with the matter. The move comes after Chief Executive Officer John Flannery, who took over as CEO last summer, indicated to analysts and investors for the first time last month that he was...

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E-commerce firm Mercado Libre to open distribution centers in Mexico

MEXICO CITY : Mercado Libre, Latin America’s home-grown e-commerce firm, said on Thursday that it would open two large distribution centers in Mexico as part of an effort to improve its logistics in the country. Buenos Aires-based Mercado Libre said it would invest $100 million to open the distribution centers, the company’s first, which would yield 3,000 jobs in Mexico....

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Asian shares extend bounce to fifth day, dollar sags to three-year low

TOKYO: Asian shares rose for a fifth straight day on Friday as investor confidence slowly returns after a sharp sell-off earlier in the month, while the dollar continued its descent, hitting a three-year low against a basket of major currencies. U.S. debt yields rose near multi-year highs. Two-year note yields hit a 9 1/2-year high as bond prices fell on...

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Dollar weakens despite rise in interest rate expectations

NEW YORK: The US dollar fell on Wednesday despite a report of stronger-than-expected inflation data and an increase in interest-rate expectations, raising the possibility that the currency is in a period of secular downturn. “We are in an environment where the dollar is weakening regardless of the move in interest rates,” said Alessio de Longis, a portfolio manager for the...

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Committee formed by SC to set TORs in retrieving smuggled, stashed money abroad

ISLAMABAD: The chief justice of Pakistan (CJP) on Thursday formed a three-member committee to prepare terms of reference (TORs) which can help the government to recover money smuggled out of the country and stashed in foreign accounts. The committee will be headed by State Bank of Pakistan (SBP) Governor Tariq Bajwa and comprises Federal Board of Revenue (FBR) Chairman Mohammad...

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Oil rallies on Saudi comments, weak dollar

NEW YORK: Oil prices rallied on Wednesday, shaking off earlier weakness as US crude stocks rose less than expected and Saudi Energy Minister Khalid al-Falih said major oil producers would prefer tighter markets than end supply cuts too early. Markets also benefited from more weakness in the dollar, which dropped 0.7 percent after stronger-than-expected US consumer inflation figures. Oil tends...

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Indian bank reports $1.8bn scam at single branch

India's second-largest state-run bank said on Wednesday it had detected fraud of almost $1.8 billion at one of its branches, sending its shares plunging more than seven per cent. The Punjab National Bank (PNB), one of several state-owned lenders the government is trying to clean up, said transactions worth $1.77 billion had been made “for the benefit of a few...

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India explores ‘cheap power’ sales to neighbours

NEW DELHI: India is exploring selling “cheap power” to its South Asian neighbours and Myanmar on a long-term basis and wants state utility NTPC to expand overseas, its power minister said on Tuesday. Indian companies such as Reliance Power Ltd and Adani Power Ltd have already signed agreements to supply power to Bangladesh, where New Delhi is fighting for influence...

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