Business News
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US new home sales hit 19-month high in September
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[ad_1] A ‘For Sale’ sign is seen in front of a home on August 21, 2015 in Miami, Florida. — AFP New house sales in the US jumped to a 19-month high in September as the annual median house price dropped by the most since 2009, as per the government data released this week. Sales…
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Goldman Sachs says rupee’s recovery to be ‘short-lived’
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[ad_1] Money dealers count Pakistani rupees and US dollars at an exchange in Islamabad. — AFP/File The recent significant gains made by the Pakistani currency against the US dollar will be short-lived as the recovery will fade due to financing shortfalls as predicted by Goldman Sachs Group Inc., Bloomberg reported Thursday. The rupee became the top-performing currency,…
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Global stocks retreat, economies rattled as Israel-Hamas war threatens global growth
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[ad_1] A Palestinian flag is seen on the rubble of a building destroyed in Israeli airstrikes in Gaza City’s Rimal district, Palestine, Oct. 10, 2023. — AFP Global stock markets plummeted on Thursday as investors grew increasingly uneasy ahead of the European Central Bank’s interest rate decision and important US data amid Israel-Hamas war. Asia…
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Israel-Hamas war already hitting regional economies, says IMF’s Kristalina Georgieva
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[ad_1] IMF Managing Director Kristalina Georgieva speaking at the International Monetary Fund headquarters on October 8, 2019, in Washington, DC. — AFP Kristalina Georgieva, the managing director of the International Monetary Fund (IMF) said on Wednesday at a Saudi investor summit that the escalating conflict between Israel and Hamas is already damaging the economies of…
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Ban on profit outflow lifted as reserves rise | The Express Tribune
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[ad_1] KARACHI: Pakistan has lifted an unannounced ban on foreign companies freely sending their earned profits to their headquarters abroad, following increased supplies of US dollars in the domestic economy, sending a strong message to global investors to resume initiating new investment projects in the country. The State Bank of Pakistan (SBP)’s latest data shows…
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PM to raise trade discrepancy issue | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan’s tax chief has requested the country’s prime minister to address the issue of an approximately $4 billion trade discrepancy with China. The incomplete provision of trade data has been causing losses in terms of revenue and precious foreign exchange. Chairman of the Federal Board of Revenue (FBR), Malik Amjad Zubair Tiwana, briefed…
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Handicraft brand aims to increase presence in China | The Express Tribune
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[ad_1] BEIJING: A China-based Pakistani handicraft enterprise has said that it has formed many partnerships as people enjoy using its products and the company foresees an increase in the number of physical stores in China. The brand, specialising in premium handmade scarves and carpets from Pakistan, India and Iran, boasts nine offline storesin major Chinese…
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IMF delegation to visit Pakistan on Nov 2 for SBA review
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[ad_1] In this file photo taken on April 15, 2020, a sign is seen outside the headquarters of the International Monetary Fund (IMF) in Washington, DC. — AFP A delegation of the International Monetary Fund (IMF) will arrive in Pakistan on November 2 for talks pertaining to the initial assessment of the $3 billion Stand-By…
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PIA debt restructuring talks begin | The Express Tribune
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[ad_1] ISLAMABAD: In a significant development, the government and representatives of commercial banks have initiated discussions to prepare a plan for the debt restructuring of Pakistan International Airlines (PIA) with the aim of keeping the struggling airline operational for another six months with a limited number of flights. The 12-member committee consists of an equal…
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Pak Suzuki announces brief closure of plants | The Express Tribune
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[ad_1] KARACHI: Pak Suzuki Motor Company (PSMC) has announced temporary shutdown of its automobile and motorbike plants, citing shortage of inventory. “Due to shortage of inventory level, the management of the company has decided to shut down automobile plant from October 30 to November 3 and motorcycle plant from November 1 to November 3,” the…
