Business

Chinese industrialists to invest $400mn in Sindh

Web Desk: Industrialists from China's Chongqing Federation of Industry and Commerce will invest four hundred million dollars in several trade and industrial projects in Sindh. This was stated by representative of the federation Zhang Yang at a press conference in Hyderabad Chamber of Commerce and Industry. He said the investment would be made in steel, textile and clothing, real estate,...

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PSX remains bullish as benchmark index gains 964 points

KARACHI: Pakistan Stock Exchange remained bullish today (Wednesday) as KSE-100 Index closed today at 40897.90 points as compared to 39932.98 yesterday with a positive change of 964.92 points. The total turnover was 247,827,150 as compared to 141,973,390 yesterday with Pak Int Bulk (R) reflecting the highest turnover of 19,612,500. The total 378 companies’ transacted shares in the Stock Market. Out...

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US-led trade war has become biggest ‘confidence killer’ for world economy: China

BEIJING - The U.S.-driven trade war has become the biggest “confidence killer” for the global economy, China’s foreign ministry warned on Wednesday, saying the whole world would fight back if the United States continued to be “willful”. Foreign ministry spokeswoman Hua Chunying told reporters at a regular press briefing that the United States is fabricating all kinds of justifications for...

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EU inks its biggest ever free trade pact with Japan to counterbalance protectionism

TOKYO  - Japan and the European Union signed a wide-ranging free trade deal on Tuesday that both sides hope will act as a counterweight to the protectionist forces unleashed by U.S. President Donald Trump. The ambitious trade pact, which creates the world’s largest open economic area, comes amid fears that a trade war between the United States and China will...

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IHC dismisses senators plea seeking SBP governor’s removal

ISLAMABAD: On Tuesday, the Islamabad High Court (IHC) rejected a plea  of twenty -two senators seeking the court to remove  State Bank of Pakistan Governor Tariq Bajwa, Newsone reported. Senators mostly from the Pakistan Peoples Party and Pakistan Tehreek-e-Insaf had earlier challenged Bajwa’s appointment in the IHC. However, today during the hearing, Justice Miangul Hassan Aurangzeb rejected the reservations of...

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Netflix shares dive as subscriber growth misses mark

Netflix shares plunged Monday after the leading streaming television service said subscriber growth fell short of expectations in the recently ended quarter. Membership in the quarter grew 5.2 million to a total of 130 million, matching the same period last year but a million shy of what Netflix had forecast, according to a letter released along with earnings figures. Netflix...

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US Dollar surges to record high 128.26 Pak Rupee

Pakistani Rupee hit all time low losing 5.7 pc of its value against US dollar, traded at record high of Rs128.26  in interbank trading on Monday, Newsone reported The greenback gained Rs 6.5 in a single day, while this was fourth time that Pakistani rupee faced a serious blow in its value against Dollar since December. In the open market...

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EU says China could open its economy if it wishes

BEIJING  - China could open its economy if it wishes, European Commission President Jean-Claude Juncker said on Monday in Beijing, as Beijing comes under growing pressure over its industrial policies amid an escalating trade war with Washington. Playing host to Juncker and European Council President Donald Tusk, Chinese Premier Li Keqiang stressed the need to uphold free trade and multilateralism...

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EU’s Tusk calls on China, U.S., Russia not to start trade wars

BEIJING  - European Council President Donald Tusk said on Monday China, the United States and Russia had a duty not to start trade wars and called on the three countries to reform the World Trade Organization. He said there was still time to prevent conflict and chaos. Tusk and European Commission President Jean-Claude Juncker are in Beijing to meet Chinese...

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China’s June property investment growth weakest in six-months

BEIJING - China’s property investment posted its weakest growth in six months in June as developers faced fresh curbs and tighter funding conditions, with sales also slowing, in a sign one of the economy’s key drivers was losing steam. Growth in real estate investment, which mainly focuses on residential but also includes commercial and office space, cooled to 8.4 percent...

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U.S. oil boom delivers surprise for traders – and it’s costly

LONDON/NEW YORK - The world’s biggest oil traders are counting hefty losses after a surprise doubling in the price discount of U.S. light crude to benchmark Brent WTCLc1-LCOc1 in just a month, as surging U.S production upends the market. Trading desks of oil major BP (BP.L) and merchants Vitol [VITOLV.UL], Gunvor [GGL.UL] and Trafigura [TRAFG.UL] have recorded losses in the...

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China’s trade surplus with US swells in June

China's surplus with the United States hit a record last month, data showed Friday, adding to brewing tensions between the economic superpowers as they stand on the brink of an all-out trade war that Beijing warned would have a "negative impact" globally. The figures come after the two sides exchanged tit-for-tat tariffs on billions of dollars worth of goods and...

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Trump’s tariff threat causes oil prices to fall

TOKYO: Oil prices fell on Wednesday, with Brent dropping by more than $1 at one point, after US President Donald Trump threatened to levy new trade tariffs on China. The spectre of tariffs on a further $200 billion worth of Chinese goods sent commodities lower along with stock markets, as trade tensions between the world’s two biggest economies intensified. Brent...

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Hussain Lawai removed as PSX chairman

KARACHI: The securities and exchange commission of Pakistan (SECP) on Tuesday has removed Pakistan stock exchange chairman Hussain Lawai from post. According to a notification, SECP has directed the Pakistan Stock Exchange to remove Hussain Lawai from the chairmanship of the Exchange and appoint a new chairman of the Board. On Friday Lawai was arrested by the FIA in connection...

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KSE-100 sheds over 1,000 points to touch lowest level in 2018

KARACHI: The local bourse witnessed its lowest level in the current year after the benchmark KSE-100 index shed 1,010 points to touch 39,256 points. The accountability court's July 6 verdict that sentenced former prime minister Nawaz Sharif to eleven years in prison along with a fine of £8 million fine (Rs1.3 billion) in the Avenfield properties reference, has stirred investors....

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Pakistan’s next government to approach IMF bailout amid fears of BoP crisis

ISLAMABAD: Pakistan's next government, to be chosen in a July 25 election, faces growing fears of a balance of payments crisis with speculation it will have to seek its second IMF bailout in five years, analysts say. The central bank is running down its foreign reserves and devaluing the currency in a bid to bridge a yawning trade deficit, and...

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Petrol goes down to Rs95 per litre as govt reduces petroleum prices

ISLAMABAD: Caretaker Federal Minister for Energy Syed Ali Zafar announced to slash prices of petroleum products with effect from Sunday. In a statement released on Saturday, the minister said that the federal government has decided to reduce petroleum prices in order to provide relief to the general public. “Sales tax rates would be reduced from 17% to 12% for Motor...

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