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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Saudi reforms to boost growth despite any Aramco IPO delay: IMF

DUBAI - Saudi Arabia is moving ahead with economic reforms and growth in its non-oil economy will pick up this year despite any delay to a planned sale of shares in national oil giant Saudi Aramco, a senior International Monetary Fund official said on Friday. “Aramco was one part of the reform program. Other parts are moving ahead pretty well,”...

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China aims to build houses, roads in Sri Lanka north to extend sway

COLOMBO - China wants to build houses and roads in Sri Lanka’s north, much of which is in a state of disrepair nearly a decade after the end of civil war, Chinese and Sri Lankan officials said, in a bid to expand it influence beyond the island’s south. China’s latest push in the Indian Ocean island nation comes despite criticism...

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Pakistan foreign exchange reserves satisfactory to pay back foreign loans: Moody’s

NEW YORK: According to Moody's Investors Service, Pakistan’s foreign exchange reserves are satisfactory enough to pay back foreign loans. However, Moody’s stated capability to pay back foreign loan could become weaker if the amount of loan increases further. Although increase in investment in Pakistan is inevitable, Moody’s stated that the country has attracted heavy investment also due to the China-Pakistan...

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World Bank launches world-first blockchain bond

SYDNEY: The World Bank has priced the world’s first public bond created and managed using only blockchain in a A$100 million ($73.16 million) deal designed to test how the technology might improve decades-old bond sales practices. Commonwealth Bank of Australia, the sole manager of the deal, said in a statement that the two-year bonds had priced to yield 2.251 percent...

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US, China swap tariffs on billions in goods as sides hold talks

The United States slapped steep tariffs on another $16 billion in Chinese goods on Thursday, triggering a swift tit-for-tat retaliation from Beijing, even as negotiators from both sides seek to soothe trade tensions. The latest action completes the first round of $50 billion in Chinese products that President Donald Trump targeted with Beijing striking back at American products dollar-for-dollar at...

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Dollar weakens after Donald Trump’s Fed comments

HONG KONG: The dollar dipped Tuesday in Asia after Donald Trump hit out at the Federal Reserve´s interest rate rises and accused it of not backing his economic plan, while most equity markets edged up ahead of highly anticipated China-US trade talks. The greenback has been on the ascent in recent months as US borrowing costs have gone up and...

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CPEC to boost economic activities, generate two million new jobs till 2030

BEIJING: China-Pakistan Economic Corridor (CPEC), a pilot project under the Belt and Road Initiative (BRI) will boost economic activities and generate around two million new jobs till 2030. “CPEC is the first one, and may serve as “role model”. Under this initiative, infrastructure, power generation, development of Gwadar Port and industrialization will take place. It will boost economic activities and...

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Business economists say Trump tariffs will harm US: survey

Business economists overwhelmingly worry President Donald Trump's trade wars will harm the US economy, according to a survey released Monday. The Trump administration on Thursday is due to impose its latest round of punitive tariffs on China, putting 25 percent duties on another $16 billion in imports, with Beijing poised to retaliate dollar-for-dollar. The twice-yearly survey by the National Association...

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China regulator asks financial institutions to support infrastructure investment

BEIJING  - China’s banking and insurance regulator has asked financial institutions to give more support to infrastructure investment, importers and exporters, and creditworthy companies experiencing temporary problems. In a statement posted on its website late on Saturday, the China Banking and Insurance Regulatory Commission also called on the institutions to raise the proportion of medium- and long-term loans to avoid...

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Minister for Energy presents Guidelines for power sector to fight energy crisis

ISLAMABAD: Interim Minister for Energy Barrister Syed Ali Zafar while chairing a meeting with officials of the Ministry presented guidelines for power sector for consideration of the incoming Government. He said that during his very short tenure as a Minister of Energy he felt that to solve the energy crisis in the country, immediate reforms are required in the energy...

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Stocks jump as hopes rise for progress on China trade talks

NEW YORK — Stocks rose late in the day Friday as investors welcomed signs of progress in resolving the trade dispute between the U.S. and China. The Wall Street Journal reported that the countries hope to have a resolution by November. Industrial, health care and basic materials companies made some of the biggest gains. The report came a day after...

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Australia expects free trade deals this year with Indonesia, Hong Kong

SYDNEY - The Australian government expects to seal free trade agreements with Indonesia and Hong Kong by year’s end, its trade minister said on Friday. Concluding the two agreements would wrap years of talks, which in the case of Indonesia have dragged on since 2010, stalling along the way as diplomatic tensions between the two sides flared. “I think by...

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Asian shares gain on U.S.-China trade talks, lira recovers

TOKYO- Asian shares won a modest reprieve on Friday after China and the United States agreed to hold their first trade talks since June next week and as the Turkish lira extended gains from its record low earlier this week. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.46 percent, a day after it hit its lowest level...

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If Indian rupee slump persists, it can hurt Modi

NEW DELHI/MUMBAI: The rupee’s plunge to a record low has worried a wide cross-section of India’s society: companies, importers, those going on vacation and students planning to study overseas. But if the weakness persists, Prime Minister Narendra Modi’s job could become a lot harder just before big state and national elections. India is a big buyer of everything from crude...

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Asian stocks slide as investors fret over China’s economy

TOKYO — Asian shares fell Thursday after deepening worries about global economic growth, particularly in China, set off a rout on Wall Street. KEEPING SCORE: Japan’s Nikkei 225 index fell 0.2 percent to 22,158.75 and the Hang Seng in Hong Kong lost 0.6 percent to 27,155.66. The Shanghai Composite index sank 0.9 percent to 2,699.60. South Korea’s Kospi reopened from...

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China to send negotiator to US for trade talks this month

China will send a top negotiator to the United States in late August to resume trade talks, the commerce ministry said Thursday, the first public meeting on the subject in weeks as the trade conflict intensifies. Vice Commerce Minister Wang Shouwen, the deputy representative on international trade negotiations, will meet with a senior US treasury official, David Malpass, at the...

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