Business

Oil dips on global economic slowdown, but OPEC-led cuts provide support

SINGAPORE: Oil prices dipped on Wednesday on increasing signs of a global economic slowdown, although OPEC-led supply cuts helped support Brent crude above $60 per barrel. International Brent crude oil futures LCOc1 were at $60.53 per barrel at 0403 GMT, down 11 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down...

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World Bank provides $1 billion standby facility for Indonesia disaster relief

NUSA DUA: The World Bank on Sunday announced funding of up to $1 billion for Indonesia after it was rocked by a string of recent disasters, including a deadly earthquake-tsunami that killed thousands. CEO Kristalina Georgieva unveiled the funds at Indonesian holiday island Bali, where the Bank and the International Monetary Fund have been holding their annual meetings. A 7.5-magnitude...

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In full offensive on China, Trump goes for end-game

WASHINGTON: Donald Trump has escalated his feud with China into a full-press offensive that has drawn comparisons to the Cold War. Now the question on both sides of the Pacific is, how will it end? In recent weeks, Trump has slapped $250 billion worth of tariffs, boosted military support for rival Taiwan, accused China of interfering in US elections, stepped...

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PTI led govt to arrange $2-3 bn stopgap financing from allies to avoid deepening economic woes

ISLAMABAD: Before an International Monetary Fund bail out package is not approved, the PTI-led government would have to arrange $2-3 billion of stopgap financing from friendly countries in the coming weeks, to avert a deepening of the economic crisis. According to the top officials of economic ministries privy to development,said that project financing from international donors had shrunk during the...

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Asian Development Bank, other DFIs leveraged blended concessional finance to support $9 bn in emerging markets

ISLAMABAD: The Asian Development Bank (ADB), together with other development finance institutions (DFIs) last year, used about $1.2 billion in concessional funds to support nearly $9 billion in private investment projects in emerging markets. These projects included $3.9 billion of commercial financing from DFIs as well as $3.3 billion from private lenders and investors, according to a new DFI report...

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Establishing peace necessary for international trade: FM Qureshi

DUSHANBE: Foreign Minister Shah Mahmood Qureshi on Friday said establishing peace is imperative to ensure sustained international trade. The foreign minister was addressing a meeting of the Shanghai Cooperation Organisation (SCO) in Tajikistan's capital Dushanbe. Qureshi further said the SCO could benefit from Pakistan's experience in combatting terrorism. "Pakistan has played an important role to combat terrorism and extremism," FM...

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Pakistan must disclose debts to avail bail out package: IMF

BALI: According to media reports, the International Monetary Fund (IMF) asked Pakistan to disclose its debts with absolute transparency to receive a bailout package. IMF Managing Director Christine Lagarde, a day earlier said she met with Finance Minister Asad Umar, State Bank Governor Tariq Bajwa and members of their economic team whorequested financial assistanceto help address Pakistans economic challenges. Ahead...

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Dollars see a bit fall by Rs1.40 in inter-bank market

KARACHI: Following a unprecedented increase increase in the greenback’s price in the past week, the rupee on Friday made a recovery against the dollar in the inter-bank market. The Dollar was trading at Rs132.40 today, down Rs1.40, according to sources in the inter- bank. The decrease comes soon after the international lender asked Pakistan to disclose its debts with absolute...

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Pakistan has formally requested for financial assistance says IMF chief

International Monetary Fund (IMF) chief Christine Lagarde on Thursday said Pakistan has formally requested for financial assistance. In a statement, Lagarde said she met with Finance Minister Asad Umar, State Bank Governor Tariq Bajwa and members of their economic team. "During the meeting, they requested financial assistance from the IMF to help address Pakistan’s economic challenges," Lagarde said in the...

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US dollar being sold at Rs.136 in open market: Dealers

Web-Desk: On Wednesday, the US dollar continued to spike for a second day as it was being sold for Rs136 in the open market. According to General Exchange Companies Association of Pakistan Secretary Zafar Paracha said the dollar is being bought at Rs134 and sold at Rs136 in the open market. “The dollar has risen by a further Rs1.50 today,”...

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US Dollars rises to Rs 134 in interbank market

KARACHI: The US dollar, on Tuesday hiked to Rs134 in the interbank market. The unprecedented dollar rise was up to Rs9.75 as market opened today at Rs124.25. Due to the increase in Dollars the marker and key players are uncertain about future prospects. The rapid increase in the dollar is owing the government’s decision to approach the International Monetary Fund...

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IMF cuts global growth forecast to 3.7% for 2018, 2019 as risks rise

An upswing in economic risks due to rising trade tensions and debt levels has prompted the International Monetary Fund to cut its forecast for world growth for this year and next. With trade growth set to slow sharply amid a trade war between the United States and China, the IMF cut its outlook for global GDP by two-tenths to 3.7...

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PSX remains bearish as KSE-100 plunges over two-year lowest 1300 Points

KARACHI: The Pakistan stock exchange (PSX) on Monday continued on its downward spiral as the KSE-100 dipped over lowest 1,300 points till June 2016, during trading. KSE-100, the benchmark index of the Pakistan Stock Exchange decreased by 1,328.06 points or 3.39% to 37,898.29 points. Panic selling was witnessed in retail names on reported margin selling while index heavy MSCI scripts...

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Erdogan says Turkey is not facing any worrying economic problems

ANKARA: President Tayyip Erdogan said on Sunday Turkey was not facing any worrying economic problems and would not seek assistance from the International Monetary Fund, despite a currency crisis and likely economic slowdown. Turkey has “closed the book on the IMF, not be opened again,” Erdogan said in a speech to members of his AK Party. Reuters

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Pakistan Stock Exchange fell to a recorded decline of 1,772 points

ISLAMABAD : On Saturday,  Pakistan Stock Exchange recorded a free fall during the outgoing week where share values reached almost nine-month low mark with recorded a decline of 1,772 points. The reasons for such a fall is because of rising interest rates, worries on economic scenario, International Monetary Fund (IMF) strong words for the country’s economy and intense political temperature....

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CNG prices might increase to Rs104/kg across country

KARACHI: According to media reports, the owners of filling stations have decided to increase the price of CNG. The All Pakistan CNG Stations Owners Association is contemplating over keeping the price of gas at Rs98 per kilogramme. According to a head of the association. However, the price might go up to Rs100 per kilogramme in interior Sindh, Sources said the...

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Toyota announces new recall of 2.4 million hybrid cars after a technical problem arises

TOKYO: Japanese car giant Toyota said Friday it is recalling more than 2.4 million hybrid cars over a fault that could cause crashes, just a month after another recall affecting hybrids. The firm in September said it was recalling more than one million hybrid cars globally after uncovering a technical problem that could cause fires. The latest announcement affects several...

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