Business

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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Trump-Saudi King discusses oil prices in a telephone call

United States (US) President Donald Trump has discussed global crude oil prices with Saudi King Salman in a telephone call amid the American leader's call for Organisation of Petroleum Exporting Countries (Opec) to bring down energy prices. The state-run Saudi Press Agency reported the call late Saturday night, saying "the efforts to maintain supplies to ensure the stability of the...

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Monetary Policy: State Bank of Pakistan increases interest rates to 8.5% for next two months

KARACHI: On Saturday, the State Bank of Pakistan (SBP) increased the key interest rate by 100 basis points to 8.5% for the next two months as inflationary pressure and current account deficit have adversely affected the national economy. The above mentioned hike is the fourth interest rate hike this year. It made a hike of 100 basis points in July....

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Government to maintain prices of petroleum products for October

ISLAMABAD: On Saturday, the federal government  decided to maintain prices of petroleum products for the month of October, Finance Minister Asad Umar informed. The minister announced government decision to maintain prices of petroleum products during his informal meeting with journalists in Bani Gala. He said the current prices of petroleum products will remain in effect for the month of October....

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Pakistan, KSA signs three agreements: Fawad Ch

ISLAMABAD: Information Minister Fawad Chaudhry on Thursday said that Pakistan and Saudi Arabia have signed “three grant agreements.” “Pakistan to bring major investment in the China- Pakistan Economic Corridors projects,” he said while addressing a press conference in Islamabad. Fawad ch further said that important delegation of Saudi Arabia will reach Pakistan on Sunday. Energy, petroleum ministers as well as...

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IMF delegation arrive in Islamabad today, to hold talks with Pakistan government

ISLAMABAD: According to media reports, Pakistan will hold talks with the International Monetary Fund’s (IMF) mission today (Thursday). IMF mission headed by Herald Finger will arrive in Islamabad shortly for talks with the new government. Sources added said the Pakistani team will include the finance secretary, governor State Bank of Pakistan and secretary for economic affairs. The Finance Ministry further...

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PSX remains bearish on Wednesday with a negative change of 126 points

KARACHI: Pakistan Stock Exchange was bearish today (Wednesday) as KSE-100 Index closed at 40909.91 points as with a negative change of 126.39 points. The total turnover was 126,442,390 as compared to 101,660,860 on the last working day with Dolmen CityXD having the highest turnover of 20,197,000. Total 370 companies transacted shares in the Stock Market today (Wednesday), out of which...

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US may lose out in trade war against the world: ECB

Economic activity in the United States could fall more than two per cent within a year if Washington launched a trade war on a wide front, European Central Bank researchers suggested Wednesday. The forecast comes as officials like ECB President Mario Draghi and World Trade Organization chief Roberto Azevedo warn of protectionism´s rising threat to the world economy under Donald...

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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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Dollar snaps losing streak; pound bounces

LONDON: The dollar edged higher on Monday, snapping a two-week losing streak, as investors bought the greenback before a widely expected interest rate hike by the U.S. central bank this week while trade war concerns checked investor appetite for risk. The dollar had struggled as trade war concerns faded and emerging market central banks led by Turkey took aggressive steps...

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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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Alibaba’s Ma says 1m US jobs pledge thwarted by trade row

Alibaba founder Jack Ma said his ambitious pledge to create one million jobs in the US had been scuppered by the trade row between Beijing and Washington, Chinese state news reported Thursday. The billionaire owner of China’s largest online shopping portal made the headline-grabbing promise to Donald Trump last year, as Beijing courted the then-newly elected president. But Ma told...

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PSX remains bullish on Wednesday

KARACHI: The Pakistan Stock Exchange remained bullish on Wednesday as KSE-100 Index closed today at 41320.13 points as compared to 41238.07 points on the last working day with a positive change of 82.06 points. The total turnover was 158,719,790 as compared to 166,519,340 on the last working day with K-Electric Ltd having the highest turnover of 30,606,500. Total 351 companies’...

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China vows to retaliate as Trump targets $200bn in goods

China on Tuesday vowed to retaliate against the United States and warned of “uncertainty” in trade talks after President Donald Trump targeted another $200 billion in Chinese imports with tariffs starting next week. Trump ratcheted up pressure on Beijing as the new round of levies will bring the amount of goods hit by duties to roughly half of Chinese exports...

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Finance Minister Asad Umar presents amendment for federal budget

ISLAMABAD: On Tuesday,  Finance Minister Asad Umar presented proposed amendments for the federal budget 2018-19 in the National Assembly. Various lawmakers from different political parties, prime minister Imran Khan, ministers attended the NA session today. As he began his speech, Asad Umar recalled that fiscal deficit had increased from 4.1 per cent at the start of the last government's tenure...

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Murad Ali shah puts forth budget recommendations for Sindh’s fiscal year

KARACHI: Sindh Chief Minister Murad Ali Shah on Monday presented recommendations for budget of current fiscal year following the provincial cabinet's approval. Earlier today, the Sindh chief minister constituted a three-member committee to probe the use of provincial government's luxury vehicles. The committee comprises three provincial ministers, including minister for excise and taxation. Addressing the cabinet meeting, Shah said, "Only...

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Reports say US to impose tariffs on $200 bn over Chinese goods

WASHINGTON: US President Donald Trump has decided to impose tariffs on $200 billion in Chinese imports and could make the announcement in the coming days, US media reported. Citing anonymous sources, The Washington Post and The Wall Street Journal reported that the tariffs would be set at 10 per cent. Trump has already imposed 25 per cent tariffs on steel...

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