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  • S Africa credit downgrade may do less damage than feared

    March 18, 2018 12:00 AM 3

    LONDON: South Africa will learn soon whether Cyril Ramaphosa´s first month as president has saved the country's last remaining investment grade rating, but even if it hasn´t, a broader rise in optimism should limit the damage. Moody´s, with a downgrade review on South Africa since last November, is to make a decision by March 23. A cut to junk - following

  • Toyota, Uber in tech talks

    March 17, 2018 12:00 AM 1

    TOKYO: Uber Technologies is discussing the possibility of installing its self-driving system in Toyota Motor Co vehicles as the U.S. ride-hailing firm seeks to sell its autonomous driving technology to outside companies, the Nikkei reported on Friday. Without citing sources, the Japanese business daily said that the firms are negotiating a possible deal for Toyota

  • US opposes taxes on big tech firms

    March 17, 2018 12:00 AM 2

    Washington: The United States said on Friday it "firmly opposes" any new tax aimed at big technology firms, in a sharp challenge to a European proposal aimed at American digital titans. "The US firmly opposes proposals by any country to single out digital companies," US Treasury Secretary Steven Mnuchin said. "Some of these companies are among the greatest

  • Swiss investors scoping Pakistani market: envoy

    March 17, 2018 12:00 AM 1

    KARACHI: Didier Boschung, the consul general of Switzerland, on Friday said Swiss importers are seriously assessing Pakistani market for placing import orders. “Pakistan is one of the biggest markets for foreign investors,” Boschung said addressing the inauguration ceremony of 14th International Plastic, Printing and Packaging Exhibition being held at Expo Center

  • Unilever drops London for HQ

    March 16, 2018 12:00 AM 2

    The Hague: Anglo-Dutch consumer giant Unilever on Thursday chose The Netherlands over London to host its headquarters, dealing a blow to Britain''s efforts to keep multinational companies onside following Brexit. Unilever, whose famous brands include yeast extract Marmite, PG Tips tea and Persil washing powder, announced in a statement that it "intends

  • FPCCI demands 10pc cut in sales tax

    March 16, 2018 12:00 AM 2

    FPCCI said the standard sales tax of seven percent should be non-adjustable and non-refundable and it should be collected at the single stage of import and/or at manufacturing, except high tax earning sectors for the government, including petroleum products, energy, telecom, tobacco and liquor. In the value-added chain industry, the sales tax may be collected

  • CPEC declared decisive for Pakistan

    March 16, 2018 12:00 AM 2

    KARACHI: Experts on Thursday urged the people of Pakistan to face the challenges arising out of China-Pakistan Economic Corridor (CPEC) with steadfast resolution to ensure the success of unprecedented venture. “After a heated debate, speakers at a panel discussion on "CPEC—How it is affecting Pakistan’s Economy already" agreed that in the changing political

  • Loss-making public sector enterprises incur Rs1.2 trillion in losses

    March 16, 2018 12:00 AM 2

    ISLAMABAD: Loss-making public sector enterprises (PSEs) have so far raked in more than Rs1.2 trillion in losses, equivalent to four percent of GDP, IMF said on Thursday, underscoring an ‘urgency’ for their restructuring to ease burden on budgetary resources. “Privatisation and restructuring of key loss-making PSEs have been largely on hold,” International

  • 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