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  • Hutchison Ports sets record

    September 25, 2018 12:00 AM

    KARACHI: Hutchison Ports Pakistan, the country’s first deep-water container terminal, has set a new vessel handling record for Karachi, having handled 5,862 moves in just over 27 hours while servicing the 8,652-TEU Hyundai Brave. During the vessel’s stay, the terminal achieved a vessel operating rate (VOR) of 212.16 container moves per hour and a gross

  • Brexiteers back UK-EU free trade plan

    September 25, 2018 12:00 AM

    London: Leading Brexit campaigners on Monday urged Prime Minister Theresa May to change course and pursue a free trade agreement (FTA) with the EU after her preferred strategy was snubbed by its leaders last week. A report by the free-market Institute for Economic Affairs (IEA) think-tank said there was nothing to gain from Brexit in May´s current so-called

  • Aramco Trading aims for 50pc rise in oil trade volume in 2020

    September 25, 2018 12:00 AM

    SINGAPORE: Saudi´s Aramco Trading Company (ATC) expects to increase its oil trading volume to 6 million barrels per day (bpd) in 2020, 50 percent higher than current levels, the company´s top official said on Monday. "Currently, we´re at 4 million barrels per day and with expansion I think our target is 6 million barrels per day," President and Chief

  • Forex reserves fall to four-month low

    September 25, 2018 12:00 AM

    KARACHI: Pakistan’s foreign exchange reserves fell to a four-month low during the week ended September 14, the central bank said on Monday, mainly on the back of external debt repayments. The foreign exchange reserves dropped $279 million, or 1.73 percent, to $15.790 billion, the lowest since May 2018. The forex reserves stood at $15.913 billion in May. Forex

  • Japanese apparel firm plans outsourcing from Pakistan

    September 25, 2018 12:00 AM

    KARACHI: A world famous apparel brand Uniqlo plans to outsource textile garments from three Pakistani companies for its more than 3,000 outlets worldwide, people familiar with the matter said on Monday. Uniqlo Inc – a subsidiary of Japanese retail holding company Fast Retailing Inc. – has planned joint venture with three local companies, which would

  • Nigerian oil unions threaten strike

    September 23, 2018 12:00 AM 1

    ABUJA: Nigeria´s two main oil unions have prepared their members for possible nationwide industrial action over a staffing dispute with Chevron, they said on Saturday. Nigeria, an OPEC member, is Africa´s largest oil producer and crude sales make up around two-thirds of government revenues in West Africa´s largest economy. The dilapidated state of its refineries

  • Malaysia, Pakistan can enhance joint initiatives: CG

    September 23, 2018 12:00 AM 1

    KARACHI: Malaysia and Pakistan through enhanced cooperation and joint initiatives can advance in various social and economic fields, Malaysian Council General Khairul Nazran Abd Rehman said on Saturday. “Bilateral cooperation is not only confined to political and economic spheres, but also in other areas such as education, tourism, defence and technical

  • As new iPhones go on sale, studies reveal chips from Intel and Toshiba

    September 23, 2018 12:00 AM 1

    SAN FRANCISCO: Apple Inc’s latest iPhones hit stores around the world on Friday, featuring components made by Intel Corp and Toshiba among others, according to two firms that cracked open the iPhone Xs and Xs Max models.The studies by repair firm iFixit and chip analysis firm TechInsights

  • US taps Lerrick as IMF acting executive director

    September 23, 2018 12:00 AM 1

    WASHINGTON: U.S. Treasury official Adam Lerrick has been tapped by the Trump administration to serve as the country’s acting executive director at the International Monetary Fund (IMF), the Financial Times reported on Friday, citing a source. Lerrick, who is a counselor for international affairs, will be temporarily appointed U.S. executive director

  • Pakistanis lose $4.5 billion/year in net income on patchy electricity access: WB

    September 21, 2018 12:00 AM 3

    KARACHI: Pakistani households lose an immense $4.5 billion or 1.7 percent of GDP in net income every year due to the lack of reliable access to electricity, the World Bank said, underscoring the need of energy sector reforms to address inefficiencies. “This estimate is likely to grossly understate the actual loss, because it does not capture the impact