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Business investment boosts Australia’s economy

NEWS DESK: Australia’s economy grew 0.6 percent in the third-quarter, as business investment lifted despite weak household spending, reflecting the divergence between the two segments, official data showed Wednesday, reported AFP. The quarterly expansion took the annual rate of growth to a healthy 2.8 percent, slightly below expectations but broadly in line with the central…

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Bitcoin hits new record; climbs above $12,000

Singapore: Bitcoin smashed through the $12,000 barrier for the first time Wednesday, extending the virtual currency’s stratospheric rise to new records as it gears up to take its place on mainstream markets. The controversial cryptocurrency, which has been used to buy everything from a pizza to manicures, touched a new high of $12,590 in Asian…

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Saudi private sector growth at 2-year high amid crackdown on graft -PMI

DUBAI: Saudi Arabia’s non-oil private sector grew at its fastest pace in two years in November, a survey showed on Tuesday, indicating that a sweeping crackdown on corruption has not damaged the economy nearly as much as feared, reported Reuters. Dozens of princes, senior officials and top businessmen were detained and over 2,000 Saudi bank…

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Pakistan’s crude exports surge by 52.76pc

ISLAMABAD: Country’s Petroleum Crude exports increased by 52.76 percent during the first quarter of current fiscal year (July-September) as compared to the same period of last year, according to Pakistan Bureau of Statistics (PBS). According to the data provided by PBS, Petroleum Crude worth $33,075 were exported during the first quarter of current year as…

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Petroleum prices likely to go up by Rs.15

The Oil and Gas Regulatory Authority (OGRA) has proposed the government to increase up to Rs.15/litre on petroleum products for December 2017.

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Public transport to remain close today in Karachi

KARACHI: All Public Transport Owners Federation has announced that public transport will not be available today (Monday) in Karachi. According to details, The Goods Transporters Association is also supporitng the strike in the city. On the other hand, the All Trader Alliance’s official said that all markets would remain open while Karachi Electronic Dealers Association…

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Black Friday sales kick off US shopping season

NEW YORK: American consumers arrived en masse in stores – and online – for the annual Black Friday shopping extravaganza that opens the US holiday shopping season. Held the day after Thanksgiving, a period when schools are out and many offices are closed, Black Friday has evolved over the years into a massive shopping occasion…

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Confidence in euro zone expansion strong among economists

BENGALURU: The euro zone economy will mark its best year in a decade and maintain solid growth well into 2018, according to economists in a Reuters poll who said the risk was that their forecasts might not be optimistic enough. Reuters reported that inflation, last clocked at 1.4 percent, is expected to stay below the…

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Ambassador Aizaz Chaudhry meets Senator Jack Reed

WASHINGTON: Pakistani Ambassador to the United States Aizaz Ahmad Chaudhry met Senator Jack Reed (Democrat-Rhode Island) at Capitol Hill in Washington DC today. Senator Reed is the Ranking Member of Senate Armed Services Committee. He is also a member of Senate Appropriations and the Senate Banking, Housing and Urban Affairs Committees. Ambassador Chaudhry briefed Senator…

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China’s economy cools as gov’t curbs hit factories, property and retailers

BEIJING: China’s economy cooled further last month, with industrial output, fixed asset investment and retail sales missing expectations as the government extended a crackdown on debt risks and factory pollution, reported Reuters. Beijing is already in the second year of a campaign to reduce high levels of debt as authorities worry that riskier lending practices,…

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Ahsan Iqbal sees Pakistan economy as fast developing in world

LAHORE: Minister for Planning and Development Ahsan Iqbal said that in 2013, Pakistan was declared the weakest economy but after coming into power, the PML-N government turned it into fast emerging economy in the world in last four years. He was addressing the 1st International Youth Summit organized by University of Lahore. Ahsan Iqbal said…

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China’s Xi vows to ‘open wider’ while defending jobs

BEIJING: President Xi Jinping vowed to further free up China’s economy, again urging Asian countries to work closely together in a speech at the Asia Pacific Economic Cooperation (APEC) meeting in Vietnam, reported Reuters. The comments echo Xi’s call to support a “multilateral trading system” and contrast with those delivered at the weekend by U.S….

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World markets rattled by arrest of Prince Waleed

The arrest of Prince Al-Waleed bin Talal, one of the world’s richest individuals, has shocked the investors around the world as he had investments in many countries of the world. The arrested prince is a major investor in firms including Citigroup, Euro Disney, Apple, Twitter, 21st Century Fox, and Lyft. The arrest of business tycoon…

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Chines Deputy Chief of Mission terms local solutions a key to poverty reduction

ISLAMABAD (PR): China was able to reduce poverty considerably during the last five years through a number of solutions that were offered at community level aiming to improve their live through new income generation activities. There is no single solution for poverty alleviation and keeping this in view, Chinese government helped communities through multiple approaches involving…

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Standard & Poor’s affirms Pakistan’s ‘B/B’ ratings with Stable Outlook

ISLAMABAD: The global rating agency, Standard & Poor’s Global Ratings (S&P), in its report on Monday affirmed Pakistan’s long-term ‘B’ and short-term sovereign credit rating. The outlook for the long-term ratings remains stable, according to the report. Affirmation of Pakistan’s rating reflects that economic prospects remain favourable and external and fiscal metrics of the country…

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Pakistan, Poland agree to boost ties in multiple sectors

ISLAMABAD: Pakistan and Poland have discussed ways and means to enhance cooperation in diverse fields especially economy, trade, investment, energy, agriculture, science and technology, IT and defence. The two countries had a comprehensive review of bilateral relations during 6th Round of Pakistan-Poland Bilateral Political Consultations that has concluded in Islamabad. The two sides deliberated on…

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China will not set target to double GDP from 2021: party official

BEIJING: China will not set a target to double gross domestic product (GDP) from 2021, a senior Communist Party official said on Thursday, as top leaders look to high-quality growth in the long term, reported Reuters. Yang Weimin, vice minister of the Office of the Central Leading Group on Financial and Economic Affairs, told a…

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Rohingyas must go home but to safety, Bangladesh says

GENEVA: Bangladesh called on Myanmar on Monday to allow nearly 1 million Rohingya Muslim refugees to return home under safe conditions, saying that the burden had become “untenable” on its territory, reported Reuters. About 600,000 people have crossed the border since Aug. 25 when Rohingya insurgent attacks on security posts were met by a counter-offensive…

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Capitalism ‘has been broken’, top UK business leaders warn

NEWS DESK: The state of capitalism is in desperate need of reform and modernisation, according to some of the UK’s top business leaders, who claim that the system has been hurt by management greed, corporate tax dodging and investor short-termism, reported The Independent. Speaking on a panel for the Financial Times, former minister Baroness Shriti…

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PML-N ready to sign charter of economy with opposition parties: SAPM

ISLAMABAD: Special Assistant to the Prime Minister (SAPM) on Economic Affairs Dr Miftah Ismail has said the country’s Gross Domestic Product (GDP) is much better as compared to past due to the PML-N government economic prudent policies. Talking to PTV, he said PML-N is ready to sign Charter of Economy with opposition parties as like…

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