Business

PayPal not extending its market to Pakistan

KARACHI: Pakistan’s freelancer community, which is said to be the fourth largest in the world, has expressed disappointment over reports of PayPal not extending its services to the country. PayPal operates a worldwide online payment system that supports online money transfers refused to introduce its services in the country. The company operates in 190 markets across the world. There has...

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ECC decides no gas loadshedding during winter season

ISLAMABAD: On Tuesday, the Economic Coordination Committee (ECC) has decided against gas loadseddhing for domestic consumers during the three months of winter. During the ECC meeting chaired by Finance Minister Asad Umar, it was decided that Re-Gasified Liquefied Natural Gas (RLNG) would be included in the system to overcome the shortage. The ECC also allowed the Power Division to avail...

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PSX remains bearish on Monday

KARACHI: The KSE-100 Index closed today at 40771.55 points as compared to 40869.28 points on the last working day with a negative change of 97.73 points. The total turnover was 135,319,740 as compared to 123,569,390 on the last working day with Power Cement having the highest turnover of 14,473,000. Total 356 companies’ transacted shares in the Stock Market today, out...

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PM Imran chairs economic advisory council meeting

ISLAMABAD: Prime Minister Imran Khan chaired  a meeting of the economic advisory council at his Bani Gala residence. Federal ministers, members of the economic advisory council and senior officials attended the meeting during which the country’s current economic situation and the government’s 100-day plan was discussed. “Reports on sub-groups formed by the advisory council were b presented and senior officials...

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Gold holds firm on subdued dollar

BENGALURU: Gold prices were steady in holiday-thin trade on Thursday after hitting a two-week peak in the previous session, with improved risk appetite weighing on the U.S. dollar. Spot gold was 0.1 percent higher at $1,227.25 per ounce at 0742 GMT. Prices on Wednesday marked their strongest since Nov. 7 at $1,230.07 per ounce. U.S. gold futures were flat at...

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Pakistan refuses to accept IMF’s demand of increase tax rate

ISLAMABAD: According to sources, Pakistan refused to accept demands of an increase in tax rate and electricity prices by the International Monetary Fund (IMF) in the first round of talks for a financial bailout that ended today, Finance Minister Asad Umar said. Umar said that disagreements with the IMF continue on certain issues, which include an increase in electricity prices...

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Pakistan receives $1bn from Saudi Arabia, confirms SBP

KARACHI: Pakistan had received $1 billion from Saudi Arabia as part of the $3billion pledged by the kingdom to Islamabad as balance of payment support, says spokesperson from the State Bank of Bank (SBP). The spokesperson added that the remaining $2 billion was expected to arrive in Pakistan in the next few days. The funds from Saudi Arabia will be...

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2 Billion Dollars worth of remittances for Pakistan in October

Remittances to Pakistan touched $2 billion in October this year – the second time the inflow from expatriate Pakistanis living in different countries totalled the $2 billion figure in 2018. According to analysis from the Economist Intelligence Unit (EIU), October remittances stayed above the average monthly remittances of $1.7 billion. The increase in remittances was driven primarily by the weakening...

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Oil rises as OPEC, partners discuss supply cut

LONDON: Oil rose on Wednesday, recouping some of the previous session’s slide, on the growing prospect of OPEC and allied producers cutting output at a meeting next month to prop up the market. Prices rallied towards $67 after Reuters reported OPEC and its partners are discussing a proposal to cut output by up to 1.4 million barrels per day (bpd),...

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IMF team expresses dissatisfaction over tax collection in Pakistan: Sources

ISLAMABAD: The International Monetary Fund (IMF) has expressed its dissatisfaction at the current state of Pakistan's tax collection, a team representing the body that arrived here in the city to discuss the country's ongoing financial crisis said late Monday. Earlier in the day, the delegation, which has already concluded the technical discussions with the Pakistani representatives, commenced its policy-level talks...

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ECC plans to bail out PIA, approves 17 Billion PKR grant

ISLAMABAD: The Economic Coordination Committee in a meeting on Monday approved a financial support package amounting to Rs17 billion for Pakistan International Airlines (PIA) – the country’s national flag carrier. The meeting – chaired by Finance Minister Asad Umar – also gave a go-ahead to allocation of 10 million cubic feet per day (MMCFD) gas to Sui Southern Gas Company...

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Alibaba Singles’ Day smashes $25 billion sales record

SHANGHAI: Chinese e-commerce giant Alibaba Group Holding Ltd smashed the 2017 record for its Singles’ Day sales event on Sunday, surpassing 168 billion yuan ($24.15 billion) sales in under sixteen hours. Singles’ Day, also called “Double 11” is the world’s biggest online sales event, outstripping US shopping holiday Black Friday. The Chinese event was originally a novelty student holiday to...

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Amount of aid from IMF not yet determined: Asad Umar

KARACHI: On Saturday, finance minister Asad Umar on Saturday said the amount of aid being sought from the International Monetary Fund (IMF) has not been determined as yet. Speaking to industrialists at the Overseas Investors Chamber of Commerce & Industry in Karachi, Umar said, “Independent power producers (IPPs) benefit the most from circular debt and subsidies are not a solution...

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Russia clashes with Western oil buyers over new deals as sanctions loom

Russian energy majors are putting pressure on Western oil buyers to use euros instead of dollars for payments and introducing penalty clauses in contracts as Moscow seeks protection against possible new U.S. sanctions. Seven industry sources told Reuters that Western oil majors and trading houses have clashed with Russia’s third and fourth biggest producers, Gazprom Neft and Surgutneftegaz, over 2019...

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Tesla names board director to replace Musk

WASHINGTON: Tesla said it has appointed Robyn Denholm of the Australian telecoms company Telstra as board director after Elon Musk resigned from the post. The appointment of Denholm, who is Telstra's chief financial officer, is effective immediately but she will serve out her six-month notice period with her current employer, Tesla said in a statement late Wednesday. Denholm had already...

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Russia seeks to de-dollarise as new US sanctions loom

MOSCOW: Moscow is intensifying efforts to wean its economy off the dollar as Washington considers tough new sanctions that could deny Russia access to foreign debt markets and cut its banks from the greenback. President Vladimir Putin has repeatedly slammed the US unit´s dominance on the world´s stage but the country´s previous efforts to de-dollarise its economy have so far...

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IMF delegation arrives in Pakistan for bailout talks

ISLAMABAD: A delegation of the International Monetary Fund (IMF) arrived in Islamabad today (Wednesday) for talks on a bailout package. According to details, the talks with IMF delegation will continue for two weeks. In first phase the IMF’s technical team will hold talks with Pakistani officials and Pakistan will inform the money watchdog about the country's economic needs. According to...

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