Business

Dollar falls to Rs149.90 in interbank market

KARACHI: The US dollar fell below Rs150 in the interbank market on Monday after witnessing record highs the previous week. Down by Rs1, the dollar was trading at Rs149.90 in the interbank market and was down Rs2.05 in the last three sessions. The rupee fell record low against the US dollar after the announcement of a $6 billion bailout agreement...

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US, China hail major ‘progress’ in trade talks

The United States and China said their trade war negotiations resulted in major progress as the clock ticks on a March deadline to avert a massive escalation of tariffs that could bruise the global economy. US President Donald Trump hailed "tremendous progress" and welcomed a "beautiful" letter from his Chinese counterpart Xi Jinping, who said he hoped for further cooperation....

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Government slashes fuel prices; petrol goes down by Rs0.59 paisa

ISLAMABAD: The federal government on Thursday announced to reduce prices of petroleum products for the month of February. The new price for petrol would now be Rs90.38 per litre. The price of diesel has maintained with Rs106.68 per litre. Similarly, the new rate for light diesel oil would be Rs75.03 per litre after its price was reduced by Rs0.25 paisas,...

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SBP announces monetary policy, increases interest rates to 10.25 %

ISLAMABAD: On Thursday, the State Bank of Pakistan (SBP)  announced the monetary policy----- increasing the interest rate by 25 basis points to 10.25 per cent. Governor Tariq Bajwa of SBP,  following a meeting of the Monetary Policy Committee announced the policy. Bajwa, in a news conference  hoped Pakistani exports would grow, adding that there was a high current account deficit...

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PM directs to create business friendly conditions in Pakistan: Adviser

ISLAMABAD: Adviser to PM on Commerce, Textile, Industry and Investment Abdul Razak Dawood on Wednesday said Prime Minister Imran Khan has ordered improvement in Pakistan's ease of doing business ranking. Addressing a news conference in Islamabad alongside Board of Investment (BOI) Chairman Haroon Sharif, Dawood said, "Pakistan is currently ranked 136 among 190 economies in the ease of doing business...

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SBP launches M-Wallet scheme to promote home remittances

ISLAMABAD: The State Bank of Pakistan (SBP) has launched Mobile Wallet scheme with more easy registration process to accelerate the flow of home remittances through banking channels and facilitate expatriates with a reliable, swift and cost effective conduit to transfer money to Pakistan. Home remittance can now be received directly in M-wallets and there is no requirement to visit a...

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China, US resume trade talks with a chill in the air

Top US and Chinese trade officials return to the bargaining table on Wednesday, with extra tension in the atmosphere amid Washington´s sweeping prosecution of Chinese telecoms giant Huawei. The world´s two largest economies are battling for nothing less than future dominance in critical high-tech industries, according to US Trade Representative Robert Lighthizer, the lead US negotiator. A little over three...

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Unless trade deficit not addressed, economic matters can’t be resolved: Asad Umar

LAHORE: On Monday, Finance Minister Asad Umar said that economic matters cannot be resolved till the trade deficit is reduced. The finance minister while addressing a ceremony of Federation of Pakistan Chambers of Commerce and Industry in Lahore, said  “There is a need for reforms in the energy sector. There needs to be independence to produce electricity and there is...

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PM Imran’s visit: Qatar agrees to include Pakistani rice in its tender documents

ISLAMABAD: During the recent visit of the Prime Minister to Qatar, the Qatari Government has agreed to include Pakistan origin rice in the tender documents of the Central Tendering Committee which falls directly under the purview of Qatar’s Ministry of Economy and Commerce. The lifting of the ban is expected to provide an additional US $40-50 million of rice exports...

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Government presents Mini-Budget amid opposition ruckus in NA

ISLAMABAD: On Wednesday, Finance Minister Asad Umar is currently presenting the 'mini-budget' in the National Assembly. The mini budget by the Pakistan Tehreek-e-Insaf (PTI) federal government comes amid protest staged by opposition parties in the NA. Umar began by stating that this was not a mini-budget being presented but rather a set of economic reforms. Before the mini-budget presentation by...

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UAE to sign US$3 billion support package today promised for Pakistan

ABU DHABI: On Tuesday, Pakistan and the United Arab Emirates will sign a US$3 billion support package, as pledged by Abu Dhabi to boost the liquidity and foreign exchange reserves of the cash-starved country. According to the package, which would be signed in a ceremony scheduled in Abu Dhabi, the UAE will deposit $3 billion in the State Bank of...

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China’s economy grew at slowest pace in 28 years in 2018

China´s economy grew at its slowest pace in almost three decades in 2018, losing more steam in the last quarter as it battles to quell massive debt and a US trade war, official data showed Monday. The 6.6 per cent growth comes in above the official target of around 6.5 per cent and matches a forecast by analysts polled by...

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PM adviser eyeing increase in exports for 2019

ISLAMABAD: On Saturday, adviser to PM for Commerce, Textile and Industry Production Abdul Razak Dawood vowed to make a record by increasing the volume of exports to a new historical level in 2019. "This year, we will achieve the target of highest exports in the history of the country," he added. Dawood, while addressing a ceremony in Karachi, said that...

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Tax filers exempted from withholding tax on cash withdrawal

KARACHI: State Minister for Revenue Hammad Azhar has assured the business community that withholding tax (WHT) on cash withdrawal from bank accounts will be abolished for tax filers so as to encourage ease of doing business. President (acting), Karachi Chamber of Commerce and Industries(KCCI) Khurram Shahzad said here Friday, sharing details of the meeting held in Islamabad between the state...

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Trade Deficit falls by 4.4% in six months: claims official

KARACHI: According to the spokesperson for Ministry of Finance the pressure on external account is decreasing and the current account deficit dropped by 4.4% in six months. Finance Ministry spokesperson Dr Khaqan Najeeb while speaking to a private channel said, “In the first six months of the current fiscal year, economic numbers showed better performance.” “Remittances showed a growth of...

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Mobile phone prices likely to rise by thousands after renewed duty prices

ISLAMABAD: The government of Pakistan on Friday bumped up the import duty on mobile phones 15 percent to 44-52 percent. According to the Karachi Electronic Dealers Association (KEDA), the duties, general sales tax (GST), levy, and income tax rates on the imports of mobile phones have been revised upwards. In addition, a condition of Type Approval has also been implemented...

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PSX witnessed bearish trend on Thursday

KARACHI: The KSE-100 Index closed today (Thursday) at 39243.89 points as compared to 39271.94 points on the last working day with a negative change of 28.05 points. Total 332 companies’ transacted shares in the Stock Market today (Thursday), out of which 144 recorded gains and 176 sustained losses whereas the share price of 12 companies remained unchanged. Pak Tobacco recorded...

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