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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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China growth slows to six-year low

BEIJING: China grew at its slowest pace in six years at the start of 2015 and weakness in key sectors suggested the world's second-largest economy was still losing momentum, intensifying Beijing's struggle to find the right policy mix to shore up activity. A series of cuts in interest rates, lower reserve ratios at banks and…

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Pakistan's GDP growth set to rise with robust recovery: IMF

WASHINGTON: Pakistan's “macroeconomic picture is improving” steadily and the country's GDP is projected to grow by 4.3 percent this year with further expansion in growth expected next year and in the medium-term, the International Monetary Fund (IMF) said Tuesday. The real GDP is projected to grow by some 4.3 percent in FY2014/15,  driven mainly by…

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Low oil prices won't spur world growth: Moody's

PARIS: Low oil prices normally help grease the wheels of business and spur global economic growth, but Moody's said Wednesday it would not revise its forecasts for the G20, citing a variety of offsets to the expected windfalls. “For the G20 economies, we expect GDP growth of just under 3.0 percent each year in 2015…

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Twitter steps up growth push as pressure builds

WASHINGTON: Twitter is stepping up efforts to boost its user base and monetization as the messaging platform faces pressure from lackluster growth since its stock market splash debut in late 2013. Twitter, set to release its quarterly financial results later Thursday, saw a 40 percent drop in its stock price last year, raising questions about…

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IMF cuts global growth outlook

BEIJING: The International Monetary Fund lowered its forecast for global economic growth in 2015, and called on Tuesday for governments and central banks to pursue accommodative monetary policies and structural reforms to support growth. Global growth is projected at 3.5 percent for 2015 and 3.7 percent for 2016, the IMF said in its latest World…

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China growth hit 24-year low in 2014: AFP survey

BEIJING: China's annual GDP growth slowed to its weakest rate in more than two decades in 2014, according to an AFP survey, projecting further deceleration in the world's second-largest economy this year. The median forecast in a poll of 15 economists saw the Asian giant's gross domestic product (GDP) expanding 7.3 percent last year, down…

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