Business

Dollar on upsurge again, hits Rs162 in interbank

The dollar, continuing his upsurge in the markets, hit the Rs162 in interbank trading. While in the open market, the dollar is being traded at Rs159 in the open market. Similarly, an immense increase in the value of gold has also been observed during this week, with the yellow metal trading at Rs80,500 per 12 grams today. The dollar has...

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Mini-budget to be presented on Jan 23, says Finance Minister

KARACHI: On Saturday, Finance Minister Asad Umar announced that the government will present the mini-budget on January 23. Earlier, the mini-budget was initially set to be presented on January 21 but was delayed as Prime Minister Imran Khan will be travelling, Umar informed during a meeting with traders at Karachi Chamber of Commerce. "Tax anomalies will be removed in the...

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Business Community meets COAS Bajwa in Karachi: ISPR

RAWALPINDI: According to the Army Media Wing Inter Service Public Relations (ISPR), a delegation of business community met Chief of Army Staff General Qamar Javed Bajwa in Karachi. ISPR further said that the army chief apprised the business community about improving the overall security situation, especially in Karachi. The army chief asked the community to capitalise on the current environment...

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Pakistan foreign exchange reserves less to pay debts: Moody’s

A report by Moody said on Thursday that Pakistan does not have enough foreign exchange reserves to pay its public and private external debt due over this year. The Moody's Investor report further said in its report that “Foreign exchange reserves are low, and gross borrowing requirements are large in Pakistan and Sri Lanka, threatening the ability of these governments...

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Pakistan, World Bank sign $100m deal for ‘Sindh Solar Energy Project’

KARACHI: Pakistan and World Bank have signed an agreement worth US $ 100.0 million for "Sindh Solar Energy Project" in Islamabad today (Wednesday). The objective of the project is to increase solar power generation and access to electricity in Sindh Province. The project will support the deployment of solar power in Sindh Province spanning three market segments: utility scale, distributed...

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Wall Street set to open higher on trade deal hopes

U.S. stocks were set to gain for a third day on Tuesday, lifted by hopes that the United States and China would strike a deal to end their months-long trade war that has battered financial markets. Futures pointed to a 0.8 percent ESc1 opening gain for the S&P 500 .SPX, with the index set to add to a 4 percent...

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Gold price continues to rise in Pakistan

KARACHI: The price of gold has increased in Pakistan owing to a rise in the international market. The gold price in Pakistan shot up on Monday by Rs200 taking it to Rs67,300 per tola. In the local market, price of 10 grams gold has increased by Rs200 taking it to Rs57,700. The prices of one tola and 10 grams were...

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Pakistan, Saudi Arabia to sign MoU of multi-billion Dollar Oil Refinery

According to Saudi English Daily Arab News, Pakistan and Saudi Arabia are set to sign a Memorandum of Understanding (MoU) for the construction of a multi-billion dollar Saudi Aramco oil refinery in Gwadar. A cabinet member confirmed that Saudi Crown Prince Mohammad bin Salman would arrive in the country in the first week of February and an MoU for establishing a...

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US team to visit China for trade talks

A US government delegation will visit China next week for the first face-to-face talks since President Donald Trump and his Chinese counterpart agreed on a temporary truce in the trade war, Beijing said Friday. The US and China have exchanged tit-for-tat tariffs on more than $300 billion worth of goods in total two-way trade, locking them in a conflict that...

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Apple shares slide after iPhone maker issues rare revenue warning

Apple Inc shares fell as much as 9 percent in early trading after the iPhone maker blamed weak China demand for its revenue shortfall in the holiday quarter, a clear sign of the company’s struggles in the world’s largest smartphone market. The rare revenue warning - the company’s first in nearly 12 years - sent shockwaves through global financial markets...

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Qatar Airways acquires 5 percent of China Southern Airlines

DUBAI/BEIJING: Qatar Airways has acquired a 5 percent stake in China Southern Airlines, the state-owned Gulf carrier said on Wednesday, in a move to gain access to the fast-growing mainland Chinese market. Qatar Airways also owns a 20 percent stake in British Airways-parent International Consolidated Airlines Group, 10 percent of South America’s LATAM Airlines Group SA, 49 percent of Italy’s...

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Petrol, diesel prices slashed for January 2019

ISLAMABAD: The federal government on Monday has slashed petroleum product prices for the month of January 2019. According to the notification, petrol price has been cut by Rs4.86 per litre; Diesel by Rs 4.26 per litre; Light diesel oil Rs2.16 per litre and kerosene oil by Rs.52 per litre. Oil and Gas Regulatory Authority on Friday had recommended cut in...

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OGRA recommends cut petroleum prices by Rs9.50 per litre

ISLAMABAD:According to sources on Friday, Oil and Gas Regulatory Authority has recommended cut in petroleum product prices for the month of January 2019. The regulatory body has forwarded the summary to slash the prices from January 01 to Petroleum Division. Sources said OGRA has recommended Rs9.50 per litre cut in the price of petrol, diesel Rs15 per litre, light diesel...

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State Bak of Pakistan reserves fall by $591m

KARACHI: Accoring to the data released on Thursday, the foreign exchange reserves of the State Bank of Pakistan (SBP) fell by $591 million to $7.457 billion on Dec 21, the data released on Thursday showed. Holdings of commercial banks jumped by $23.8m to $6.56bn while the country’s total liquid reserves stood at $14.017bn during the period under review. The SBP...

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Wall Street surge provides relief to battered stock markets

Asian shares on Thursday rode a dramatic surge on Wall Street as markets, hammered by a recent drum roll of deepening political and economic gloom, cheered upbeat US data and the Trump administration’s effort to shore up investor confidence. In a buying frenzy that was as spectacular as the recent rout, US stocks soared with the Dow Jones Industrial Average...

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Pak-Argentina agree to boost trade relations in diverse fields

The Pakistani and Argentine officials have discussed ways and means to boost their bilateral relations in diverse fields at their talks in Islamabad on Wednesday. The Pakistan side was led by Secretary Commerce Younus Dagha while the Argentinean delegation was headed by its ambassador to Pakistan Rodolfo José Martin Saravia. The secretary commerce said that Pakistan and Argentine have two...

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Pakistan to receive UAE’s $3bn in one go, plus oil on credit: sources

ISLAMABAD: Pakistan is expected to receive $3 billion from the United Arab Emirates (UAE) in one go, sources said Sunday. The sources further explained that the interest rate on the amount the UAE will deposit in the State Bank of Pakistan (SBP) will be at an interest rate of 2.18 percent. The monetary package, courtesy of the Emirates, is expected to...

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