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  • Lufthansa still interested in Alitalia

    July 22, 2018 12:00 AM 4

    BERLIN: Lufthansa remains interested in a restructured Alitalia and its position has not changed after Italy said this week it wanted a majority stake in the airline under government control. Lufthansa has repeatedly said that the Italian market is important for it but that loss-making Alitalia must first be restructured before it would invest.A spokesman

  • Fiat, Ferrari boards to meet

    July 22, 2018 12:00 AM 4

    MILAN: The boards of carmakers Fiat Chrysler and Ferrari will meet separately on Saturday to discuss succession plans for Sergio Marchionne, who is chief executive of both carmakers and has been on medical leave, Automotive News said. The report, citing unnamed sources familiar with the matter, also said Louis Carey Camilleri, a Ferrari board member

  • Deutsche to pay $75mln to settle case

    July 22, 2018 12:00 AM 6

    WASHINGTON: The U.S. Securities and Exchange Commission has said that Deutsche Bank has agreed to pay nearly $75 million to settle an investigation into the mishandling of pre-release American Depositary Receipts (ADR). Deutsche Bank did not admit or deny the SEC’s findings but agreed to return its “ill-gotten gains” and comply with the SEC’s fine, the regulator

  • JS Bank, Rastgar sign pact to buy efficient air compressors

    July 21, 2018 12:00 AM 4

    Karachi: JS Bank has entered into an agreement with Rastgar and Company to facilitate domestic manufacturers for purchase of state-of-the-art energy efficient air compressors. The deal was inked by Kamran Jafar, Group Head Corporate & Retail Banking - JS Bank and Maqsood Zulfqar, CEO - Rastgar & Co. in the presence of team members from both companies

  • Banks allowed to charge Rs50/transaction for online tax payment

    July 21, 2018 12:00 AM 4

    KARACHI: State Bank of Pakistan (SBP) has allowed banks to charge Rs50/transaction for the payment of taxes/duties through 1-Link online transaction collection (OTC) facility, a circular said. The circular said, in a meeting held with banks on July 17, it was decided that they may charge this amount for providing the aforementioned facility. The central

  • PIAF demands currency crash probe

    July 21, 2018 12:00 AM 4

    LAHORE: A massive rupee devaluation of over 21 percent against dollar during the last six months demands an immediate high-level probe to find out what caused this currency disaster, industry officials said on Friday. “The State Bank of Pakistan is urged to identify the reasons and share the findings with the business community,” Irfan Iqbal Sheikh

  • Tax abolition on cotton import urged

    July 21, 2018 12:00 AM 5

    KARACHI: Opposing customs duty and other levies on import of raw cotton, the Karachi Cotton Association on Friday said the country needed at least four million bales due to the shortage of the commodity. KCA Secretary Aftab Alam expressed concerns over the decision of the government to impose three percent customs duty, two percent additional customs

  • Dutch firm to buy $38 million stake in Elengy Terminal

    July 21, 2018 12:00 AM 4

    KARACHI: Royal Vopak, the world’s leading tank storage firm, said on Friday it would buy 29 percent stake in the Pakistan’s first liquefied natural gas import facility in a deal valuing an estimated $38 million. Engro Corporation Ltd. and Royal Vopak of the Netherlands announced the signing of a share purchase agreement in which Vopak will acquire a 29 percent

  • Food imports increase to $6.185 billion in 2017/18

    July 21, 2018 12:00 AM 4

    KARACHI: Food imports caused capital flight of $6.185 billion from the country during the last fiscal year of 2017/18, weighing down fragile external account in the agriculture country. Pakistan Bureau of Statistics (PBS) data on Friday showed that food imports marginally rose 0.68 percent from $6.143 billion in the previous fiscal year of 2016/17. Analysts

  • OPPO unveils Find X in Pakistan

    July 20, 2018 12:00 AM 3

    KARACHI: OPPO launched its flagship smartphone, OPPO Find X, in Pakistan on Thursday, a statement said. With a panoramic arc design - 6.42-inch screen with a screen ratio of 93.8 percent and stealth 3D cameras, OPPO Find X represents OPPO’s innovative spirit, it added. Priced at Rs129,999 OPPO Find X will be available in Bordeaux Red and Glacier Blue variants