Business

BMW recalls over 1 mn cars over exhaust system fire risk

FRANKFURT: German high-end carmaker BMW said Tuesday it would recall more than one million additional diesel cars, citing a problem with the exhaust system that "in extreme cases can cause a fire". "In some diesel vehicles, glycol cooling fluid can leak" from a faulty component called the exhaust gas recirculation cooler, which can combine with other substances in the system...

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Chinese media keep up drumbeat of criticism of U.S.

SHANGHAI  - China’s state media continued a barrage of criticism of the United States on Saturday as their tit-for-tat trade war escalated, while seeking to reassure readers the Chinese economy remains in strong shape. Commentaries in the People’s Daily, China’s top newspaper, likened the United States to a bull in a China shop running roughshod over the rules of global...

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Turkey lira crashes as Trump piles on pressure

The embattled Turkish lira tumbled almost 20 percent to new record lows against the dollar on Friday as strains with the United States intensified, but President Recep Tayyip Erdogan defiantly proclaimed Turkey would emerge victorious in an "economic war". Compounding the lira's agony, President Donald Trump said he had doubled steel and aluminium tariffs on Turkey, noting that relations between...

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Further US sanctions would be ‘declaration of economic war’: Russia

Russia warned Friday that if the US followed through with threats to impose further harsh economic sanctions it would be seen as a "declaration of economic war". The warning by Prime Minister Dmitry Medvedev came after Washington unveiled a raft of new sanctions against Russia over its alleged use of the Novichok nerve agent against a former double agent which...

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Tesla’s Musk divides Wall Street

NEW YORK: "Boring bonehead questions are not cool. Next?" Tesla chief Elon Musk complained in May, shortly before shutting down questions from Wall Street. The now-infamous conference call, in a nutshell, represents the unorthodox approach of Musk, whose brazen aspirations to remake the transportation universe and confrontational approach to opponents has aroused both passionate support and furious criticism. Recognized as...

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China interested in joining TAPI pipeline project: Pakistan official

ISLAMABAD: China is exploring building a spur from Pakistan’s territory once the multi-country TAPI natural gas pipeline project begins operating, a Pakistani official said, with the financial close of the project’s first phase expected next month. Originating at the giant Galkynysh gas field in Turkmenistan, the $9.6-billion TAPI (Turkmenistan, Afghanistan, Pakistan, and India) pipeline involves the four countries’ own energy...

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Turkey to continue buying natural gas from Iran despite U.S. sanctions

ANKARA: Turkey will continue to buy natural gas from Iran in line with its long-term supply contract, Turkey’s energy minister said on Wednesday, a day after U.S. President Donald Trump threatened that anyone trading with Iran will not do business with America. NATO member Turkey is dependent on imports for almost all of its energy needs and Iran is a...

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PSX remains bearish on Tuesday as KSE-100 index loses 48 points

KARACHI: The Pakistan Stock Exchange was bearish on Tuesday as KSE-100 Index closed today at 42760.13 points as compared to 42808.66 points on the last working day with a negative change of 48.53 points. The total turnover was 239,517,630 as compared to 153,814,580 on the last working day with Lotte Chemical having the highest turnover of 33,360,500. Total of 376...

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Most major Asian markets up but trade fears keep dealers at bay

Most major Asian markets rose on Tuesday following another positive Wall Street lead, with energy firms up with oil prices as the US prepares to reimpose sanctions on Iran. A healthy earnings season has provided support to global equities in recent weeks but gains have been limited by ongoing concerns about the simmering trade war between China and the US....

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PSX continues to witness bullish trend

KARACHI: The Pakistan Stock Exchange was bullish on Monday as KSE-100 Index closed today at 42808.66 points as compared to 42505.05 points on the last working day with a positive change of 303.61 points. The total turnover was 153,814,580 as compared to 203,027,240 on the last working day with Trust Inv. Bank having the highest turnover of 11,077,000. The total...

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HSBC pre-tax profit up 4.58% at $10.7 bn in first half

Banking giant HSBC said on Monday that pre-tax profit rose 4.58 percent to $10.7 billion in the first six months of the year and voiced "cautious optimism" despite the China-US trade row. After wide-ranging cutbacks that saw 50,000 jobs axed in an overhaul announced in 2015, the bank said it was now hiring again as it seeks new growth areas....

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Germany tightens cash transfer rules as Iran seeks funds

BERLIN — Germany’s central bank is changing its terms and conditions to provide for deeper scrutiny of cash transfers, a move that comes as Iran seeks to repatriate cash held in a Hamburg-based bank and the U.S. presses allies to get tough on Tehran. Iran wants to bring home 300 million euros ($347 million) it has in the European-Iranian Trade...

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China announces $60B of US goods for tariff retaliation

BEIJING  — China said Friday it is poised to impose retaliatory tariffs on $60 billion worth of U.S. imports, including coffee, honey and industrial chemicals, if Washington goes ahead with its latest trade threat. China’s Finance Ministry accused the Trump administration of damaging the global economy after the U.S. proposed increasing duties on $200 billion of Chinese goods in the...

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Saudi Arabia resumes oil shipments through Red Sea strait

CAIRO  — Saudi Arabia says it will resume oil shipments through the Bab al-Mandeb strait after they were temporarily halted following attacks by Yemen’s Shiite rebels. Energy Minister Khalid al-Falih is quoted by the official Saudi Press Agency as saying shipments through the narrow strait, which links the Gulf of Aden to the Red Sea, will resume Saturday. He says...

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Decision on more than $12bn bailout to be made within six weeks: Asad Umar

With Pakistan facing a serious financial crisis, Asad Umar, the Pakistan Tehreek-e-Insaf (PTI) leader touted to be the country’s next finance minister, has estimated that the economy may need more than $12 billion to overcome the deficit, with a decision on where to source the funds to be made within six weeks. In an interview with international news service Bloomberg, Umar...

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Race is on for second place after Apple’s $1 trillion valuation

SAN FRANCISCO Amazon, Microsoft and Alphabet are locked in a tight race to become the second publicly-listed US company to reach a $1 trillion stock market value after Apple became the first to touch the 13-digit milestone. Wall Street’s optimism about last year’s 10th anniversary iPhone, coupled with record share buybacks, have propelled Apple’s stock 34 per cent higher over...

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China says addt’l tariffs will only raise costs for domestic US Consumers

BEIJING: China’s top envoy called on the United States to remain “cool-headed” on Thursday as Washington threatened to raise the tariff rates on another $200 billion worth of Chinese imports. Slapping additional tariffs on Chinese imports – 60 per cent of which are made by foreign firms, including American companies – will only raise costs for domestic US consumers, said...

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