Business

IMF confirms over the staff level agreement with Islamabad

The International Monetary Fund confirmed reaching a staff level agreement with Pakistan, which is a $6-billion three-year extended Fund facility to support Pakistan’s economic reforms. According to IMF’s communication department official Gerry Rice, the programme is aimed at reducing public debt, and helping Pakistan get back on the path to sustainable and more inclusive growth. “We hope that the program...

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First Ever Conference: TDC missions to bridge gap between students and corporate sector

KARACHI (Web -Desk) On Thursday, the Training and Development Council (TDC) held its first conference--- a business initiated by alumni of University of Karachi pertaining to student creative and innovative development in their future aim. The conference was headed by Co-founder Muhamamd Tabish aimed at bridging the gap between graduates and the corporate sector.  The workshop was arranged at Prof....

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Pakistan Stock fell by 300 points following Asad Umar’s resignation as finance minister

Islamabad: on Thursday, the Pakistan Stock Market has suffered another big blow after Asad Umar stepped down as finance minister. According to media reports, the KSE 100-index dropped by 320 points today following the news. The 100-index has plunged below 136,450 points. However, he refused to take any cabinet position.     However, the government and Asad Umar himself had previously denied such reports until today when he finally revealed that he has stepped down from the ministry.  ...

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Tax Amnesty scheme once again deferred as few ministers not satisfied

ISLAMABAD: The federal cabinet on Tuesday deferred the approval of the much-awaited tax amnesty scheme after some of the ministers opposed it, expressed their reservations and sought further clarification. To deliberate on the issue in detail, Prime Minister Imran Khan convened a special meeting of the cabinet on Wednesday. Federal Minister for Communications Murad Saeed said he wanted to know...

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AI-assisted stock trading venue plans to use tech for bigger trades

NEW YORK: Imperative Execution, a startup electronic stock trading venue operator, has found early success using artificial intelligence (AI) to reduce price movements after trades, and now it plans to use the technology to help brokers get larger trades done. Imperative Execution runs IntelligentCross, a trading platform known as an alternative trading system (ATS) that was launched in September and...

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Pakistan reaches ‘agreement in principle’ with IMF over bailout

ISLAMABAD: Pakistan has reached an “agreement in principle” with the International Monetary Fund (IMF) over a bailout program and expects to formally secure a rescue package later this month, a Pakistani minister said on Monday. The long-delayed rescue package would be Pakistan’s 13th IMF bailout program since the late 1980s and comes at a time of worsening economic outlook for...

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Pakistan now out of crisis phase: Umar

ISLAMABAD: Federal Finance Minister Asad Umar said on Sunday Pakistan is now out of the crisis phase and country's economic situation will soon improve. Addressing the National Assembly's Standing Committee on Finance, Revenue and Economic Affairs chaired by Faizullah Kamoka, the Minister said meetings have taken place with the investors and International Monetary Fund (IMF) and have reached "agreement in principle"...

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Structural reforms necessary for increase in economical activities: Umar

WASHINGTON: Federal Finance Minister Asad Umar said on Friday structural reforms are necessary for increase in economical activities and availability of easy working conditions for businesses in Pakistan is foremost priority of the government. Addressing the Pakistani business community of America in an event, the Minister said providing facilities for promotion of investments in Pakistan where significant opportunities are available...

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Will not step down; Prog with IMF soon to be completed: Asad Umar

WASHINGTON: Finance Minister Asad Umar said late Thursday the programme with the International Monetary Fund (IMF) would soon be completed for Pakistan. Addressing an event at the Pakistani embassy in Washington, Umar noted that the basic reforms have already been implemented before the conditions of the IMF programme. The finance minister, however, trashed the rumours of his resignation, saying he...

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Dollar rises on strong data; euro, sterling tick lower

NEW YORK: The US dollar rose on strong producer price and jobless-claims data on Thursday while sterling was weaker after news of a Brexit delay and the euro dinged by Wednesday’s European Central Bank statement. The number of Americans filing initial applications for unemployment benefits dropped to a 49-1/2-year low last week, pointing to sustained labor market strength that could...

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KSE-100 drops 550 points in a three year low

KARACHI: The benchmark index of the Pakistan Stock Exchange closed deep red on Wednesday, concluding the day 550.65 points or 1.51% lower at 36,579.32 points since May 18, 2016, when it concluded the session at 36,318.21 points. The harsh tendency took over the market with a volume of 73.3 million shares and a value of 3.6 billion dealt throughout the...

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Pakistan’s economic development may slow down in 2019: IMF

ISLAMABAD: The International Monetary Fund (IMF) said on Tuesday economic development of Pakistan may slow down in 2019 with a rise in unemployment as economic conditions of the country further decline. In a report titled World Economic Outlook 2019, IMF said the estimated Gross Development Product (GDP) growth will remain 2.9 percent in current year and will be 2.9 percent...

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Trade deficit declines by 14 percent: Statistical department

ISLAMABAD: According to Statistical department, the trade deficit has dropped by 14 per cent in the first 9 months of PTI’s government rule. The trade deficit remained $33.45billion in July-March against $47billion in the same period, last year. The exports were recorded at $17.21billion during the aforesaid period of the nine month, while the imports after witnessing a decrease by...

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PSX set week in motion on a negative note

The Pakistan Stock Exchange (PSX) closed below red on Monday, with the benchmark KSE-100 Shares Index detaching 600 points, down 1.6 percent. The harsh trend took over the market throughout the season as benchmark index closed at 36,922 striking the day low at 36,738 points near the evening. 37,552 points at the beginning of the day remained the highest till...

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Pakistan’s economy now coming out of crisis phase: claims Asad Umar

ISLAMABAD: Finance Minister Asad Umar on Monday said Pakistan’s economy was now heading out of a crisis phase. “We are now heading towards sustained stabilisation and the next 18 months will be our stabilisation phase,” he said in an address at a ceremony in Islamabad. The minister said Pakistan’s negotiations with the International Monetary Fund (IMF) are in the final stages. He announced...

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In FY2019-20, GDP growth of Pakistan might fell to 2.7 percent: World Bank

Pakistan's Gross Domestic Product growth is expected to slow down by 3.4 percent in the fiscal year 2018-2019, from 5.8 percent of previous year to 2.7 percent in FY2019-20, revealing a broad-based decline in domestic demand as both monetary and fiscal policies have been constricted to enclose macroeconomic imbalances, the World Bank said in a report. The cause of expected...

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Apple Music’s US subscriber count overtakes Spotify

Apple Inc’s streaming music service overtook rival Spotify Technology SA in terms of paid subscribers in the United States, a person familiar with the matter told Reuters on Tuesday. Apple’s service had 28 million subscribers as of the end of February compared with Spotify’s 26 million paid subscribers, the person said. Both companies charge $9.99 a month for subscriptions, though...

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