Business

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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Turkey to continue buying natural gas from Iran despite U.S. sanctions

ANKARA: Turkey will continue to buy natural gas from Iran in line with its long-term supply contract, Turkey’s energy minister said on Wednesday, a day after U.S. President Donald Trump threatened that anyone trading with Iran will not do business with America. NATO member Turkey is dependent on imports for almost all of its energy needs and Iran is a...

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PSX remains bearish on Tuesday as KSE-100 index loses 48 points

KARACHI: The Pakistan Stock Exchange was bearish on Tuesday as KSE-100 Index closed today at 42760.13 points as compared to 42808.66 points on the last working day with a negative change of 48.53 points. The total turnover was 239,517,630 as compared to 153,814,580 on the last working day with Lotte Chemical having the highest turnover of 33,360,500. Total of 376...

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Most major Asian markets up but trade fears keep dealers at bay

Most major Asian markets rose on Tuesday following another positive Wall Street lead, with energy firms up with oil prices as the US prepares to reimpose sanctions on Iran. A healthy earnings season has provided support to global equities in recent weeks but gains have been limited by ongoing concerns about the simmering trade war between China and the US....

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PSX continues to witness bullish trend

KARACHI: The Pakistan Stock Exchange was bullish on Monday as KSE-100 Index closed today at 42808.66 points as compared to 42505.05 points on the last working day with a positive change of 303.61 points. The total turnover was 153,814,580 as compared to 203,027,240 on the last working day with Trust Inv. Bank having the highest turnover of 11,077,000. The total...

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HSBC pre-tax profit up 4.58% at $10.7 bn in first half

Banking giant HSBC said on Monday that pre-tax profit rose 4.58 percent to $10.7 billion in the first six months of the year and voiced "cautious optimism" despite the China-US trade row. After wide-ranging cutbacks that saw 50,000 jobs axed in an overhaul announced in 2015, the bank said it was now hiring again as it seeks new growth areas....

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Germany tightens cash transfer rules as Iran seeks funds

BERLIN — Germany’s central bank is changing its terms and conditions to provide for deeper scrutiny of cash transfers, a move that comes as Iran seeks to repatriate cash held in a Hamburg-based bank and the U.S. presses allies to get tough on Tehran. Iran wants to bring home 300 million euros ($347 million) it has in the European-Iranian Trade...

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China announces $60B of US goods for tariff retaliation

BEIJING  — China said Friday it is poised to impose retaliatory tariffs on $60 billion worth of U.S. imports, including coffee, honey and industrial chemicals, if Washington goes ahead with its latest trade threat. China’s Finance Ministry accused the Trump administration of damaging the global economy after the U.S. proposed increasing duties on $200 billion of Chinese goods in the...

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Saudi Arabia resumes oil shipments through Red Sea strait

CAIRO  — Saudi Arabia says it will resume oil shipments through the Bab al-Mandeb strait after they were temporarily halted following attacks by Yemen’s Shiite rebels. Energy Minister Khalid al-Falih is quoted by the official Saudi Press Agency as saying shipments through the narrow strait, which links the Gulf of Aden to the Red Sea, will resume Saturday. He says...

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Decision on more than $12bn bailout to be made within six weeks: Asad Umar

With Pakistan facing a serious financial crisis, Asad Umar, the Pakistan Tehreek-e-Insaf (PTI) leader touted to be the country’s next finance minister, has estimated that the economy may need more than $12 billion to overcome the deficit, with a decision on where to source the funds to be made within six weeks. In an interview with international news service Bloomberg, Umar...

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Race is on for second place after Apple’s $1 trillion valuation

SAN FRANCISCO Amazon, Microsoft and Alphabet are locked in a tight race to become the second publicly-listed US company to reach a $1 trillion stock market value after Apple became the first to touch the 13-digit milestone. Wall Street’s optimism about last year’s 10th anniversary iPhone, coupled with record share buybacks, have propelled Apple’s stock 34 per cent higher over...

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China says addt’l tariffs will only raise costs for domestic US Consumers

BEIJING: China’s top envoy called on the United States to remain “cool-headed” on Thursday as Washington threatened to raise the tariff rates on another $200 billion worth of Chinese imports. Slapping additional tariffs on Chinese imports – 60 per cent of which are made by foreign firms, including American companies – will only raise costs for domestic US consumers, said...

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Imran’s govt and the IMF: Pakistan’s bailout fiasco

ISLAMABAD:  Once Pakistan's election winner Imran Khan forms a government, there will be little time to bask in his triumph: the country's next prime minister will inherit a critical economic situation, and analysts say he must act fast. The new leadership may be forced to seek a bailout from the International Monetary Fund (IMF) in the coming weeks. Here are...

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Toyota books best quarterly profit in 2.5 years on higher Asia sales

TOKYO  - Toyota Motor Corp (7203.T) on Friday posted a 19 percent profit jump for the first quarter, beating estimates and clocking its best quarterly performance in two-and-a-half years on the back of higher sales and cost reductions in Asia. Operating profit at Japan’s largest automaker was 683 billion yen ($6 billion) for April-June. That compared with the 639 billion...

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China loses spot as world’s No 2 stock market: Bloomberg

China's stock market has been overtaken as the world's second-biggest by Japan's, having been swiped this year by the threat of a trade war with the United States and slowing economic growth. Data from Bloomberg News in intra-day trade on Friday showed the value of equities on the mainland had slipped behind those in their neighbouring country for the first time since...

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BMW builds X5 in Thailand to counteract U.S. China tariffs: CEO

FRANKFURT: BMW’s (BMWG.DE) said it is producing between 10,000 and 20,000 X5 sports utility vehicles in Thailand as a way to supply Chinese customers now that imported vehicles from the United States face a 40 percent tariff. In spring 2016, BMW started building the X5 in Thailand and this plant is now capable of making a “significant portion” of the...

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7 Rupees increased on LPG by OGRA

ISLAMABAD: The Oil Gas Regulatory Authority (OGRA) on Thursday increased the price of Liquefied Petroleum Gas (LPG) by Rs7. On August 1, the Finance Ministry announced via a notification that prices of petroleum products are to be maintained at the existing levels for August. According to a notification by OGRA, LPG will now be available for Rs133 per kilogramme. OGRA has...

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