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  • Siemens to invest 1bn euros in Brazil

    March 15, 2018 12:00 AM 5

    Frankfurt am Main: German industrial group Siemens announced plans on Wednesday to invest a billion euros in Brazil over the next five years, as Latin America's biggest economy cements its recovery from a brutal recession. In a statement, Siemens said it had signed an accord with APEX, Brazil's Trade and Investment Promotion Agency, committing to a string

  • CMEC to acquire Thal Nova’s stakes

    March 15, 2018 12:00 AM 5

    KARACHI: Dubai-based CMEC Thal Nova Power Investments Limited, a subsidiary of China Machinery Engineering Corporation (CMEC), will acquire 10 percent stake in Thal Nova Power Thar (Pvt) Ltd, which is developing 330MW coal-fired power plant on Thar, a statement said on Wednesday. The subscription will be subject to all the regulatory approvals. “CMEC ThalNova

  • India needs 8 percent growth for 30 years to join middle-income group

    March 15, 2018 12:00 AM 8

    NEW DELHI: India´s economy needs to grow 8 percent and higher a year for the next three decades to join the ranks of middle-income countries, which would require major reforms in the land, labour and financial sectors, the World Bank said on Wednesday. If that did happen, it would raise the income of at least 50 percent of India´s 1.3 billion people

  • Turkish tariffs weigh down Pakistan’s exports

    March 15, 2018 12:00 AM 6

    KARACHI: Increase in duties on Pakistan’s exports by Turkish authorities drastically reduced the country’s outbound shipments to Turkey, a senior industry official said on Wednesday, stressing need for free trade agreement (FTA) between the two countries to improve bilateral trade. Vice President Mazhar Ali Nasir of Federation of Pakistan Chambers of Commerce

  • Bank deposits up 11.63pc to Rs11.880 trillion in February

    March 15, 2018 12:00 AM 7

    KARACHI: Deposits with banks grew 11.63 percent to Rs11.880 trillion at the end of February 2018 in a sign that the sector is enjoying the benefits of economic expansion, according to the figures released by the State bank of Pakistan on Wednesday. Analysts said banks have succeeded in attracting a decent inflow of deposits because of improving economic

  • ADB, Pakistan sign $140mln loan agreement

    March 15, 2018 12:00 AM 6

    ISLAMABAD: The Asian Development Bank (ADB) and the government of Pakistan on Wednesday signed a $140 million loan agreement to improve the roads network in Khyber Pakhtunkhwa. ADB Country Director for Pakistan Xiaohong Yang and Secretary of the Economic Affairs Division in Islamabad Syed Ghazanfar Abbas Jilani signed the agreement. Muhammad Shahab Khattak

  • Qatar announces Abu Dhabi oil deal

    March 14, 2018 12:00 AM 7

    DOHA: State-owned Qatar Petroleum announced on Tuesday it has signed a deal with Abu Dhabi to operate the shared Al-Bunduq offshore oil field, despite a bitter diplomatic rift. “We are delighted to sign this concession agreement, which will ensure the continued development and operation of the Al-Bunduq oil field for many years to come,” Qatar Petroleum’s

  • Pak-Afghan trade boost tied to termination of tariff barriers

    March 14, 2018 12:00 AM 5

    LAHORE: Pakistan-Afghanistan trade volume can be improved by rationalising/removing uncalled-for tariff barriers that have given rise to illegal trafficking of goods between the two neighbours, an official said on Tuesday. “Smuggling should be eliminated with iron hand as it is equally destructive for the both countries,” Faiza Zubair, secretary general

  • Sterling climbs after Hammond speech

    March 14, 2018 12:00 AM 5

    LONDON: Sterling rose to a two-week high on Tuesday as the dollar sold off after data showed U.S. consumer price inflation in February cooled and President Donald Trump said he had fired U.S. Secretary of State Rex Tillerson. As the dollar began its sell-off, British Finance Minister Philip Hammond gave his half-yearly economic update on the economy

  • Bitcoin start-ups in Asia take aim at remittances market

    March 14, 2018 12:00 AM 6

    HONG KONG/SEOUL: Bitcoin, battered by warnings about volatility and bubble-like appreciation, may have found a way to play a niche role in a big market: overseas money transfers. Used as a transfer mechanism rather than a currency, bitcoin circumvents banks’ transaction fees. ph and Satoshi Citadel Industries’ (SCI) remittance unit Rebit in Philippines