Business

2 Billion Dollars worth of remittances for Pakistan in October

Remittances to Pakistan touched $2 billion in October this year – the second time the inflow from expatriate Pakistanis living in different countries totalled the $2 billion figure in 2018. According to analysis from the Economist Intelligence Unit (EIU), October remittances stayed above the average monthly remittances of $1.7 billion. The increase in remittances was driven primarily by the weakening...

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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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Turkey dollar-bonds fall after Washington imposes sanctions

LONDON - Turkey’s dollar-bonds fell across the curve on Thursday, after the United States imposed sanctions on two of President Tayyip Erdogan’s ministers over the trial of an American pastor accused of backing a 2016 coup attempt in Turkey. The 2038 issue fell as much as 1.4 cents to their lowest level since June 20, according to data from Tradeweb....

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Asian shares slide on fresh trade worries, bonds fragile

TOKYO  - Asian stocks tumbled on Thursday as the latest escalation in the Sino-U.S. trade war hit Chinese shares, while global bond markets were rattled by increased borrowing by Washington and Japan’s new tolerance for higher yields. European shares are expected to fall, with financial spread-betters see Britain’s FTSE, France’s CAC, Germany’s DAX opening 0.4 percent lower. Japan’s Nikkei declined...

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U.S.-China trade dispute hitting German companies: DIHK

BERLIN - The escalating trade conflict between the United States and China is hitting German companies doing business in both countries, a survey by the DIHK Chambers of Industry and Commerce showed on Thursday. China has warned the United States it would hit back if the Trump administration takes further steps hindering trade as Washington considers slapping a 25 percent...

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China Baidu’s second quarter exceeds expectations, powered by ad sales growth

BEIJING - Chinese internet search giant Baidu (BIDU.O) beat expectations for quarterly profit and revenue on the back of strong growth in its core online advertisement business, easing the pressure of funding a major expansion into new technology areas. Consecutive quarters of strong profits also show Baidu has learnt to navigate regulatory potholes in China after previous missteps even as...

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U.S mulls to increase tariff on Chinese imports: source

WASHINGTON - The Trump administration plans to propose slapping a 25-percent tariff on $200 billion of imported Chinese goods after initially setting them at 10 percent, in a bid to pressure Beijing into making trade concessions, a source familiar with the plan said on Tuesday. President Donald Trump’s administration said on July 10 it would seek to impose the 10-percent...

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Petroleum prices maintained for month of August: Finance ministry

ISLAMABAD: On Tuesday night, the caretaker finance ministry announced through a notification that prices of petroleum products are to be maintained at the existing levels for the month of August. The petroleum prices have been retained at current levels in order to provide relief to the common man, the notification mentioned, adding that the Oil and Gas Regulatory Authority (OGRA)...

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