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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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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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Debate swirls as power of US tech giants grows

With a handful of US technology giants growing more powerful and dominant, debate is intensifying on whether big tech’s growth is healthy or not. Over the past few years, Apple, Google parent Alphabet, Facebook and Amazon have become among the world’s most valuable companies. Along with stalwarts like Microsoft and rising stars like Netflix, the…

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As per census results, Lahore’s population grew twice as fast as Karachi

KARACHI: According to the 6th population census conducted in 2017, Lahore’s population grew roughly twice as fast as that of Karachi. Karachi’s population as per the 2017 census is 14,910,352 while that of Lahore is 11,126,285. In the 1998 census, Karachi had a population of 9,339,023 while Lahore’s headcount stood at 5,143,495. This shows that…

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Samsung facing growing threats despite record profits

SEOUL: Sprawling South Korean conglomerate Samsung Electronics has recovered from a humiliating recall fiasco and the arrest of its de-facto leader with remarkable speed, analysts said, after the tech giant stunned investors with record-breaking profits. But the world’s top smartphone maker, one of the huge family-run chaebols which dominate the South Korean economy, will be…

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Countries must avoid protectionism ‘at all costs’: IMF

WASHINGTON: The International Monetary Fund warned world leaders Friday to avoid resorting to protectionist measures “at all costs” due to the damage it would cause to their own and the global economy. At a time when President Donald Trump has repeatedly blamed trade for US economic woes, and threatened to impose barriers to imports, the…

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Oil output cuts pressure Mideast economic growth: IMF

DUBAI: Economic growth in Saudi Arabia and most other Arab oil exporters will slow this year following production cuts aimed at propping up energy prices, the International Monetary Fund said Tuesday. In its latest World Economic Outlook report, the IMF cut its 2017 growth forecast for the region comprising the Middle East, North Africa, Afghanistan…

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PM announces Rs180 billion package to boost exports

ISLAMABAD: Prime Minister Muhammad Nawaz Sharif Tuesday announced a major Rs180 billion package of “Export-led growth” to enhance country’s exports over the next eighteen months. He was addressing a function of leading exporters here at the PM Office. The event was also attended by Minister for Finance Ishaq Dar, Minister of Commerce Khurram Dastgir Khan,…

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CPLPL reaffirms commitment to growth in Pakistan

KARACHI: Chevron Pakistan Lubricants (Private) Limited (CPLPL) added another feather to its cap with a groundbreaking ceremony at its West Wharf Lubricants Blending Plant here on Tuesday. Chevron’s regional and in-country lubricants leadership inaugurated the project at Dockyard Road, Karachi. The groundbreaking ceremony marked the start of Chevron Lubricants’ latest investment in Pakistan, which when completed,…

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Oil slides as China data weighs

NEW YORK: Oil prices fell sharply Monday on renewed concerns about China’s cooling economy after data showed the weakest growth in more than six years and falling industrial production. US benchmark West Texas Intermediate for November delivery tumbled $1.37 to $45.89 a barrel on the New York Mercantile Exchange. Brent North Sea crude for December…

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Twitter shares fall as growth of monthly users slows

CALIFORNIA: Twitter Inc's shares fell more than 11 percent in extended trade on Tuesday after the microblogging company said its number of monthly average users grew at the slowest pace since it went public in 2013. “This is unacceptable and we're not happy about it,” Jack Dorsey, who stepped in as interim chief executive on…

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Obama says entrepreneurs in Africa can give hope, deliver growth

NAIROBI: U.S. President Barack Obama said in Kenya on Saturday that African entrepreneurs could help counter violent ideologies and make the continent a hub for global growth, helping create opportunities in Africa that offset any threat from terrorism. Obama was speaking during the first U.S. presidential visit to Kenya, which is his father's homeland and…

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Global oil demand growth to increase in 2016, says OPEC

VIENNA: OPEC on Monday revised upward its forecast for global crude oil demand growth for this year and also predicted a further increase for 2016 as the world economy picks up again. But the Organization of the Petroleum Exporting Countries warned that oil output would also continue to increase this year, which means the current…

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IMF cuts global growth forecast

WASHINGTON: The International Monetary Fund on Thursday trimmed its forecast for global economic growth for this year to take into account the impact of recent weakness in the United States. But the global financial institution said growth prospects for next year remain undimmed, despite Greece's debt crisis and recent volatility in Chinese financial markets. In…

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World Bank, Pakistan sign $500m credit to support growth

WASHINGTON: The World Bank and Pakistan on Thursday signed the Second Fiscally Sustainable and Inclusive Growth DPC (Development Policy Credit) of $500 million to support Pakistan's efforts to reinvigorate growth and stabilize the economy. Pakistan's ambassador to the United States Jalil Abbas Jilani and Annette Dixon, the World Bank Vice President for the South Asian…

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Govt eyes industry and agriculture growth in budget

ISLAMABAD: Federal Minister for Planning and Development, Ahsan Iqbal, says government's main target in budget 2015-16 is to strengthen industrial and agriculture sectors through incentives. Talking to a private news channel, Minister informed that the government would achieve 5.5 percent growth rate this year, next year 6 to 6.5 % and it will try to achieve…

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NEC approves 5.5% GDP growth target for 2015-16

ISLAMABAD: The National Economic Council (NEC), chaired by Prime Minister Muhammad Nawaz Sharif here at the PM Office on Monday approved the Gross Domestic Product (GDP) growth target at 5.5% for the financial year 2015-16. The NEC also approved Rs 1.514 trillion development outlay including Rs 700 billion as federal Public Service Development Program (PSDP)…

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SBP cuts key policy rate to 7 pct to spur growth

KARACHI: State Bank of Pakistan on Saturday cut its policy rate by 100 basis points to 7 percent from 8 percent effective from May 25 to spur economic growth. The central bank its bi-monthly monetary policy statement said that macroeconomic conditions towards the end of FY15 have further improved compared to the beginning of the…

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CM Shahbaz announces Punjab Growth Strategy 2018

LAHORE: Punjab Chief Minister Shahbaz Sharif has said that the target of 8 percent increase in the development growth will be achieved in Punjab by 2018 and the volume of economy of the province will be enhanced.   He expressed these views while addressing the inaugural function of Punjab Growth Strategy 2018 at Chief Minister's…

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US job growth recovers

WASHINGTON: US job growth rebounded last month and the unemployment rate dropped to a near seven-year low of 5.4 percent, suggesting underlying strength in the economy at the start of the second quarter that could keep alive prospects for a Federal Reserve rate hike later this year. Nonfarm payrolls increased 223,000 as gains in services…

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S&P raises Pakistan's outlook, forecasts higher growth

KARACHI: Standard and Poor's has revised Pakistan's credit rating outlook from stable to positive and forecast higher GDP growth for 2015 to 2017, amid a stint of economic reforms. In a statement, the agency said the country had made significant progress in stablising its economic, fiscal and external performance, alongside eased financing conditions. “We are…

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