Category: Business

KARACHI: Profit-taking was witnessed at the stock market on Monday which several participants thought was oversold after two weeks of feverish bull run. The KSE-100 index settled down by 289 points (0.84 per cent) at 34,476. Brokers were the major sellers of equity worth $2.45 million while individuals continued to take fresh positions of $1.22m. […]

Total has agreed to buy a 37.4-per cent stake in India’s Adani Gas, the two firms said on Monday, with the French giant spending $600 million to expand its access to the energy-hungry country. The Indian firm, part of the Adani Group conglomerate, is one of the four main distributors of city gas in the […]

China’s yuan jumped to a two-month high against the dollar on Monday, boosted by signs of progress in Sino-US trade negotiations that raised hopes for an end to the long trade war. Both onshore and offshore yuan strengthened more than half a per cent in morning trade, a dramatic move for a currency that usually […]

Economists Abhijit Banerjee, Esther Duflo and Michael Kremer won the 2019 Nobel Economics Prize for creating an experimental approach to alleviating global poverty, the Royal Swedish Academy of Sciences said on Monday. “This year’s Laureates have introduced a new approach to obtaining reliable answers about the best ways to fight global poverty,” the academy said […]

China’s imports and exports fell more than expected in September, official data showed on Monday, as cooling demand at home and abroad hit trade in the world’s second largest economy. Globally, China’s exports dropped 3.2 per cent in September from the same period last year, while imports dived 8.5 per cent, according to data from […]

ISLAMABAD: The World Bank has said Pakistan’s economy is slowing as it faces yet another macroeconomic crisis due to high twin deficits and low foreign reserves. In the latest edition of its report titled “South Asia Focus: Making (De)centralisation Work”, that was released on Sunday, the Bank noted that with an IMF extended fund facility-supported […]

ISLAMABAD: The Asian Devel­o­pment Bank (ADB) signed on Friday a loan agreement with the government for providing $200 million additional financing to support institutional strengthening of Pakistan’s flagship social protection programme. The ADB-financed social protection development project, approved in October 2013, has enabled the enrollment of over 855,000 women beneficiaries to the Benazir Income Support […]

Chinese President Xi Jinping and Indian Prime Minister Narendra Modi agreed at a summit on Saturday to set up a high-level group to tackle India’s galloping trade deficit with the world’s second-biggest economy, a top Indian diplomat said. Xi and Modi held nearly six hours of talks in an Indian seaside town in their second […]

ISLAMABAD: The country’s top tax machinery claims to have received data of the Pakistani nationals who have obtained residence by investments in the United Arab Emirates in a bid to hide their illegal wealth. The data was collected from the Dubai Land Department (DLD) at the conclusion of a three-day (Oct 8-10) meeting in Dubai. […]

Adviser to the Prime Minister on Finance Dr Abdul Hafeez Sheikh on Saturday reviewed the economic performance of the country during the first three months of the financial year 2020. Addressing a press conference in Islamabad, Sheikh said that two big deficits — foreign trade and fiscal — had been brought under control in the […]