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ADB to continue supporting climate smart growth, increase energy access in Pakistan

ISLAMABAD: The Asian Development Bank (ADB) on Tuesday said that it remained committed to working with Government of Pakistan and its development partners, including through China-Pakistan Economic Corridor (CPEC) projects, to promote climate-smart growth and increase energy access. Clarifying media reports published in some Pakistan-based media regarding an evaluation approach paper on the energy sector…

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China’s Huawei flags slowest revenue growth in four years

FILE PHOTO: People walk past a sign board of Huawei at CES (Consumer Electronics Show) Asia 2016 in Shanghai, China May 12, 2016. REUTERS/Aly Song/File Photo HONG KONG: China’s Huawei Technologies Co Ltd expects 2017 revenue to rise 15 percent to 600 billion yuan ($92.08 billion), its rotating chief executive, Ken Hu, said in a…

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Japan’s factories, retailers rev up, central bankers flag stimulus reduction

FILE PHOTO: A worker cycles near a factory at the Keihin industrial zone in Kawasaki, Japan, November 15, 2017. REUTERS/Toru Hanai/File Photo TOKYO: Japan’s factories and retailers posted better-than-expected growth in activity in November, while minutes from the central bank’s last policy meeting showed board members raising the prospect of reducing stimulus, reported Reuters. The…

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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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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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