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  • Britain eyes trade deal with EU

    December 17, 2017 12:00 AM

    BEIJING: British Finance Minister Philip Hammond said it is likely Britain will want to negotiate a bespoke arrangement for future trade deals with the European Union. Speaking at a press conference in Beijing on Saturday with Chinese Vice Premier Ma Kai and Chinese Vice Finance Minister Shi Yaobin, Hammond said he expected that the United Kingdom would

  • Adobe profit beats estimates

    December 16, 2017 12:00 AM

    NEW YORK: Photoshop maker Adobe Systems Inc on Thursday reported a better-than-expected quarterly revenue and profit, driven by strength in its digital media business, which houses its flagship product Creative Cloud. Shares of the company, which also forecast first-quarter profit above estimates, were up 1.7 percent at $178 in extended trading. The shift

  • Listed firms to submit financial statements, reports electronically

    December 16, 2017 12:00 AM

    ISLAMABAD: It has been made mandatory for all listed companies that besides sending their financial statement and other reports through surface post, they also have to submit these documents electronically to the Securities and Exchange Commission of Pakistan (SECP). A statement issued by the commission on Friday said consequent upon the promulgation

  • Rakuten plots to become Japan’s No. 4 wireless carrier

    December 15, 2017 12:00 AM

    TOKYO: Japanese e-commerce firm Rakuten Inc said it would apply for a 4G mobile licence, aiming to become the country's fourth major wireless carrier in a strategic shift that had analysts warning of an uphill battle to gain customers. Rakuten, which operates one of Japan's most popular shopping websites, said it hoped to gain a new engine of growth

  • Forex reserves fall to $20.686bln

    December 15, 2017 12:00 AM

    KARACHI: Foreign exchange reserves dropped 1.42 percent to $20.686 billion as on December 8 due to external debt payments, the central bank said on Thursday. Foreign currency reserves held by the State Bank of Pakistan (SBP) fell to $14.666 billion from $14.883 billion. Reserves of commercial banks fell to $6.020 billion from $6.084 billion a week ago. The SBP’s

  • MCB-AH Savings, 1Link sign deal

    December 14, 2017 12:00 AM

    KARACHI: MCB-Arif Habib Savings and Investments Limited (MCB-AH) signed an agreement with 1LINK (Guarantee) Limited (1LINK), which will result in MCB-AH joining the PayPak scheme as an affiliate member, a statement said on Wednesday. This is the first such agreement in Pakistan and MCB-AH is the first PayPak affiliate member and the first-ever non-banking

  • ‘Rupee depreciation fuels cotton price surge’

    December 14, 2017 12:00 AM

    LAHORE: Cotton price reached to a record level of Rs7,300 per maund in the local market as rupee depreciation increased the commodity’s import cost, an industry official said on Wednesday. “With jump of Rs200/maund, the price of cotton reached the record level of Rs7,300 per maund, which is the highest in the current season,” the official said. Ihsanul

  • US Fed to open policy meeting

    December 13, 2017 12:00 AM 1

    Washington: The US central bank is set to open its final two-day policy meeting of the year on Tuesday, and is likely to raise the benchmark interest rate despite the absence of inflation. It would be the third rate hike this year, and possibly the final time Federal Reserve Chair Janet Yellen presides over a policy move since President Donald Trump

  • Trade team to promote rice varieties

    December 13, 2017 12:00 AM 1

    KARACHI: A trade delegation of the Rice Exporters Association of Pakistan (REAP) is visiting Sri Lanka to promote and market Pakistani rice there, a statement said on Tuesday. The delegation held a meeting with Muhammad Rizwan Hameem, Chairman, Cooperative Wholesale Establishment (CWE), which is the state body responsible for the procurement of rice from various

  • Dubai foresees $15.5bln expenditures

    December 12, 2017 12:00 AM 2

    Dubai: Dubai on Sunday adopted its 2018 budget foreseing expenditure of 56.6 million dirhams (around $15.5 billion), a 19.5 percent increase over last year, as it prepares to host Expo 2020. But the 2018 budget of Dubai, one of seven emirates in the United Arab Emirates, also forecasts a deficit of $1.7 billion -- the highest since the 2009 financial