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EU single currency reform won’t be ‘perfect’: Moscovici

EU Economic Affairs Commissioner Pierre Moscovici said Sunday he does not expect a “perfect” accord on reforming the single currency at an EU summit in June.  “We won’t get everything, we won’t have a perfect accord, but if there is progress on crisis management, the ability to combat shocks… we will have made a great…

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Saudi women to start own business without male permission

RIYADH: Women in Saudi Arabia can now open their own businesses without the consent of a husband or male relative, as the kingdom pushes to expand a fast-growing private sector. The policy change, announced by the Saudi government on Thursday, also marks a major step away from the strict guardianship system that has ruled the…

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Cyberattacks are costly, things could get worse: US report

WASHINGTON: Cyberattacks cost the United States between $57 billion and $109 billion in 2016, a White House report said Friday, warning of a “spillover” effect for the broader economy if the situation worsens. A report by the White House Council of Economic Advisers sought to quantify what it called “malicious cyber activity directed at private…

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Economic growth can help create new opportunities, reverse brain drain: PM

ISLAMABAD: Prime Minister Shahid Khaqan Abbasi Friday said the economic growth would help create new opportunities for the qualified people and reverse brain drain from the country. He was talking to a delegation of students from Institute of Business Management Karachi here at the Prime Minister Office. The interaction forms part of a series of…

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Pakistan could face economic pain from return to terrorist financing ‘gray list’

ISLAMABAD/WASHINGTON/HONG KONG: The prospect of Pakistan being placed back on a global terrorist financing watchlist could endanger its handful of remaining banking links to the outside world, causing real financial pain to the economy just as a general election looms, reported Reuters. Washington and its European allies have co-sponsored a motion calling for the nuclear-armed…

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Statistics released by SBP tell that every Pakistani owes Rs 130,000

KARACHI: As per the latest figures released by the State Bank of Pakistan on Friday, every Pakistani is now indebted by Rs 130,000.  The debt situation of Pakistan continues to increase at an alarming rate as the latest figures and statistics released by the State Bank of Pakistan indicate. Pakistan’s total debt has increased to…

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Exclusive: US tables motion to put Pakistan on global terrorist

ISLAMABAD: The United States has put forward a motion to place Pakistan on a global terrorist-financing watchlist with an anti-money-laundering monitoring group, according to a senior Pakistani official. Pakistan has been scrambling in recent months to avert being added to a list of countries deemed non-compliant with terrorist financing regulations by the Financial Action Task…

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Ancient Silk Road barter trade continues across High Asia’s peaks

WAKHAN CORRIDOR: Trader Afzal Baig tugs at his horse, frustrated by its stubborn refusal to take another step along a treacherous, snow-covered mountain pass that is peppered with the skeletons of those who have already failed the journey. The Irshad Pass, a narrow trail more than 16,300 feet above sea level, is part of the…

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Tokyo stocks open higher after volatile trade

TOKYO: Tokyo stocks opened higher on Thursday, after US stocks finished lower amid nagging questions about two days of wild price swings. The benchmark Nikkei index, which fell nearly five percent on Tuesday before rebounding 0.16 percent on Wednesday, edged up 0.38 percent, or 81.24 points, to 21,726.61 in early trade. The broader Topix index…

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UAE gold jewellery demand falls to historic low

DUBAI: Gold jewellery demand in the UAE fell for the fourth consecutive year in 2017, falling two per cent to a 20-year low, according to World Gold Council data. “Demand in the UAE received a small boost in December as consumers rushed to make their purchases before a five per cent Value-Added-Tax (VAT) was imposed…

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Bitcoin drops below $6,200 for first time in three months

TOKYO: Bitcoin plunged 20 percent to a three-month low on Tuesday, its latest sharp loss following a series of setbacks for the cryptocurrency that, with a collapse across global mainstream markets adding to the selling. The virtual currency fell to $6,190 for the first time since mid-November, according to Bloomberg News, and represents the latest…

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Policy on anvil to encourage people bring capital back to country: PM

ISLAMABAD: Prime Minister Shahid Khaqan Abbasi Thursday said that the government was considering the formulation of a policy to encourage people bring their capital back to the country and invest in productive sectors of economy. The prime minister said this in a meeting with a delegation of Federation of Pakistan Chambers of Commerce and Industry…

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Facebook forecasts rising ad sales despite dip in usage

LOS ANGELES: Facebook Inc offered reassurances to investors on Wednesday that its digital ad business would remain highly profitable, despite a dip in usage on the social media network and an overhaul of its flagship News Feed. The company said in an earnings report that quarterly revenue jumped 47 percent from a year earlier, and…

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Prices of petroleum products increased

ISLAMABAD: The government Wednesday revised the prices of petroleum prices for the month of February 2018 and decided to increase the price petrol by Rs 2.98 per litre to Rs 84.51. The new prices will be applicable from February 01, 2018, a statement issued by the ministry of Finance said. The price of High Speed…

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Karachi stocks get off to best start of year since 2007: Bloomberg

KARACHI: The equities in Pakistan are being viewed as the hot cake the world over as foreign investors have started snapping up their bargains in the country yet again. According to a report by Faseeh Mangi published in Bloomberg, the nation’s shares worth $91 million were purchased in the first month of 2018 so far…

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PM again rules out prospects of early elections in country

ISLAMABAD: Prime Minister Shahid Khaqan Abbasi has once again ruled out the prospects of early elections in the country and has advised his political adversaries to wait for the upcoming polls. In an interview with a private TV Channel, he said Pakistan Muslim League-Nawaz (PML-N) has delivered in the last four and a half years….

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On arrival visa facility to help attract investors, tourists: Ahsan

ISLAMABAD:Minister for Interior Ahsan Iqbal on Thursday said on arrival visa facility would help attract investors and tourists towards Pakistan. We desire to make Pakistan a “tourist friendly country” and such measures will promote tourism, besides attracting foreign investors, he said while talking to a private news channel. “Qatar had already announced its policy and…

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Pakistan to become hub of business: Dastgir

ISLAMABAD: Defence Minister Engineer Khurram Dastgir Khan on Monday said that confidence of local and foreign investors has restored due to positive policies of the government while national economy is strengthening day by day. Talking to Private news channel, he said China-Pakistan Economic Corridor (CPEC) was a big achievement of Pakistan Muslim League-N (PML-N) which…

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Here is how President Mamnoon saved millions of rupees of nation

President Mamnoon Hussain avoided the foreign trips and forestall a huge burden coming to the national exchequer. Watch this video.

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Pakistan has reasons not to fear after Trump freezes aid: analysts

ISLAMABAD: Washington’s freeze on billions in military assistance to Pakistan will have limited impact, thanks to its friendship with China and diminishing importance of aid to the economy, observers say — but there could be trouble if the US calls in its debts. Exasperated by what it considers Islamabad’s neglect in cracking down on militancy,…

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China welcomes use of Yuan for bilateral trade, investment activities in Pakistan

BEIJING: China Thursday welcomed the State Bank of Pakistan for allowing use of the Chinese Yuan for bilateral trade and investment activities and said it would create a sound financial environment for bilateral economic, trade and investment cooperation between the two countries. “We welcome this move and we believe it will create a sound financial…

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