Business

Pakistan invites Saudi Arabia to be third partner in CPEC

ISLAMABAD: Information Minister Fawad Chaudhry has said Islamabad has invited Saudi Arabia to invest in the Beijing-funded, multi-billion dollar infrastructure corridor being constructed in Pakistan. The China Pakistan Economic Corridor (CPEC) is an ambitious plan to build energy and transport links connecting the western Chinese region of Xinjiang with the Arabian Sea via Pakistan, as part of Beijing’s broader Belt...

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US Dollar breaks all records, reaches Rs125 against PKR in open market

KARACHI: Pak Rupee surged to all-time high of Rs125 against US dollar in the open market on Wednesday, after gaining by a further Rs0.5 from Tuesday. In the inter-bank market dollar weakened by Rs0.33 and was being traded at Rs121.40, after climbing to Rs121.73 earlier. On Monday, US dollar hit a record high of Rs121 in interbank trading, after the...

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India shelves Air India sale plan after failing to attract buyers: reports

India has shelved its sale of Air India after failing to attract buyers, local media quoted a government minister as saying — a decision that could exacerbate the carrier’s financial woes and represent a setback for government efforts to cut debt. Civil Aviation Minister Suresh Prabhu said plans to privatise the carrier have been dropped for now due to factors...

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Dollar hits 11-month high as U.S. threatens further tariffs on China

LONDON: The dollar rose to an 11-month high on Tuesday and the euro slumped after U.S. President Donald Trump threatened more tariffs on China in an escalating trade dispute investors fear could hurt global growth. Hostility over trade between the world’s two largest economies intensified on Tuesday when Trump threatened to impose a 10 percent tariff on $200 billion of...

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Trump threatens to hit China with new tariffs on $200 billion in goods

WASHINGTON: US President Donald Trump threatened on Monday to impose a 10 percent tariff on $200 billion of Chinese goods, escalating a tit-for-tat trade war with Beijing. In a statement, Trump said he had asked the US trade representative to identify the Chinese products to be subject to the new tariffs. He said the move would be in retaliation for...

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Global stocks falter as trade war fears deepen

NEW YORK: World stock markets faltered Monday as traders eyed looming trade wars and worried about EU rifts over migration. Analysts said investors were still jittery following Friday´s tit-for-tat tariff announcements by the US and China. Markets fear a further escalation could derail the global economy. "Trade concerns are the bulk of the issue here," said Nate Thooft, based in...

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Japan pushed to trade deficit as it imports US aircraft

Imports of US aircraft helped push Japan to a trade deficit in May, official data showed on Monday, but experts said it was a temporary effect not linked to ongoing trade tensions. Japan's imports rose 14.0 per cent in May from a year earlier, according to finance ministry data. Exports also enjoyed an 8.0 percent rise but the overall effect...

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US-China trade war intensifies as Trump announces hefty tariffs on $50 billion of Chinese imports

WASHINGTON/BEIJING: US President Donald Trump announced hefty tariffs on $50 billion of Chinese imports on Friday as Beijing threatened to respond in kind, in a move that looks set to ignite a trade war between the world’s two largest economies. Trump, whose hardline stance on trade has led him to wrangle with allies, said in a statement that a 25...

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IMF warns US fiscal, trade policies create risks to global economy

President Donald Trump's aggressive trade policies and expansive tax cut at a time when the US economy is growing, are creating risks that could damage the domestic and global economies, the International Monetary Fund warned Thursday. The tax cuts will generate a near-term boost to growth but also "will elevate the risks to the US and global economy," and increase...

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EU approves retaliatory tariffs against US

EU countries on Thursday approved a raft of retaliatory tariffs, including on whiskey and motorcycles, against painful duties imposed by US President Donald Trump on European metals, sources said. The 28-member bloc agreed to activate the countermeasures after Trump on June 1 followed through on his threat to impose tariffs on European steel and aluminium exports. "Member states have today...

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Dollar rose to 122Rs at one time, closed at 121.39 in interbank market today

KARACHI: On Thursday, the rate of dollar saw a sharp increase to Rs 122 at one point, however closed on Rs121.39 in interbank foreign exchange stated the State Bank of Pakistan.   On June 11, the US dollar closed at Rs119.84, after reaching a record high of Rs121 earlier in the day, the State Bank of Pakistan said. According to...

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Toyota pumps $1 billion in Grab in auto industry’s biggest ride-hailing bet

SINGAPORE: Toyota Motor Corp has agreed to buy a $1 billion stake in Southeast Asia’s Grab in the biggest investment by a carmaker into a ride-hailing firm, at a time when traditional automakers are racing to team up with disruptive tech companies. The value of six-year-old Grab will be just over $10 billion after the investment, said a person familiar...

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Oil eases; OPEC cites uncertain market outlook for 2018

LONDON: Oil fell on Tuesday, reversing earlier gains, although volatility subsided to its lowest in three weeks, as investors prepared for a key meeting of the OPEC producer group next week. The Organization of the Petroleum Exporting Countries released its monthly report on Tuesday, in which it cited the high degree of uncertainty hanging over the global oil market this...

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Caretaker govt hikes fuel prices, Petrol goes up by Rs4.26 Per litre

ISLAMABAD: The caretaker government on Monday has increased fuel prices on the recommendations of OGRA for the month of June, NewsOne reported. The new price for petrol has increased by Rs4.70 rupees. The revised price of petrol would be Rs91.96 per litre. The price of diesel has been increased by Rs6.55 rupees, while the price of light diesel has also...

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Pak rupee devaluation shows economic risk before election

KARACHI: The Pakistani rupee slumped 3.8 percent against the dollar on Monday before slightly recovering in what appeared to be the third currency devaluation in seven months by the central bank, traders said, amid a balance of payments crisis. The rupee drop threatens to squeeze consumers, coming just days before the Eid holiday ending the Islamic fasting month of Ramadan...

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Asia stocks shake off G7 jolt, look to U.S.-North Korea summit outcome

TOKYO (Reuters) - Asia stocks shook off initial modest losses and edged up on Monday ahead of an historic U.S.-North Korea summit that investors hope might pave the way to ending a nuclear stand-off on the Korean peninsula. Stocks wobbled in early trade after U.S. President Donald Trump raised fresh fears of a global trade war when he backed out...

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Mamnoon, Rouhani discuss ways to improve trade ties

QINGDAO (China): President Mamnoon Hussain met his counterparts from China, Iran and Tajikistan on Saturday and expressed the resolve to further strengthen ties with the three friendly countries. During their meeting on the sidelines of the 18th summit of the Shanghai Cooperation Organ­isation (SCO), President Hussain and President Xi Jinping discussed in considerable detail matters related to bilateral ties and...

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