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Uzbekistan projected to join hands with Pakistan’s pharmaceuticals

LAHORE: Uzbekistan Ambassador Furqat Sidiqov has insisted on Pakistan’s private sector to associate with Uzbek businessmen in the fields of pharmaceutical, textile, fertilizer and other sectors of economy. At the Lahore Chamber of Commerce and Industry (LCCI), he expressed that Uzbekistan is enthusiastic when it comes to augment trade relations with Pakistan. Since both countries had great potential to cooperate with …

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US Dollar to stabilize at Rs124.50- ECAP decision

KARACHI: The Exchange Companies Association of Pakistan (ECAP) has come to a decision on Friday, not to let the US dollar cross Rs124.50 in the open market. A decision to this effect was taken after an embryonic meeting held a day earlier to discuss the ongoing rush in the prices of greenback. General Secretary Zafar Paracha, ECAP has recommended general …

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Local bourse continues to bleed after Moody’s downgrade

KARACHI: KSE-100, the benchmark index, lost 721 points to close at 41637.38 points on Friday, a day after Moody’s Investors Service downgraded the outlook on Pakistan’s rating to negative from stable. As the pressure from the previous session seeped into today’s trading session, the index continued to slide throughout the day, hitting the day’s low of 41561.76 points. The market opened …

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Saudi pledges ‘measurable’ oil supply boost as OPEC, Russia agree deal

VIENNA: OPEC agreed with Russia and other oil-producing allies on Saturday to raise output from July, with Saudi Arabia pledging a “measurable” supply boost but giving no specific numbers. The Organization of the Petroleum Exporting Countries had announced an OPEC-only production agreement on Friday, also without clear output targets. Benchmark Brent oil rose by $2.5 or 3.4 percent on the …

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Tesla recycling machine catches fire at California campus

A machine used for paper recycling caught fire Thursday night at Tesla Inc’s Fremont, California, campus, outside the company’s car production factory, but manufacturing was not affected, the company said. The fire occurred after a cardboard baling machines that is used for recycling overheated, and was contained, Fremont Fire Department Division Chief Diane Hendry said on Friday. The fire happened …

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US jobless claims fall, mid-Atlantic manufacturing slows

WASHINGTON: The number of Americans filing for unemployment benefits unexpectedly fell last week, pointing to a further tightening in labor market conditions. Other data on Thursday showed a moderation in factory activity in the mid-Atlantic region in June amid a decline in new orders. Firms, however, continued to report overall increases in employment this month. Initial claims for state unemployment …

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Hackers steal $30m from top Seoul bitcoin exchange

SEOUL: Hackers stole more than $30 million worth of cryptocurrencies from South Korea´s top bitcoin exchange, sending the unit´s price falling around the world on Wednesday. The virtual currency was priced at $6,442 dollars late afternoon in Seoul, down about 4.4 percent from 24 hours earlier, after the latest attack on Bithumb raised concerns over cryptocurrency security. Hyper-wired South Korea …

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India shelves Air India sale plan after failing to attract buyers

MUMBAI: India has shelved its sale of Air India after failing to attract buyers, local media quoted a government minister as saying – a decision that could exacerbate the carrier’s financial woes and representing a setback for government efforts to cut debt. Civil Aviation Minister Suresh Prabhu said plans to privatize the carrier have been dropped for now due to …

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China accuses Trump of ‘blackmail’ after new tariffs threat

BEIJING – Beijing on Tuesday accused Donald Trump of “blackmail” and warned it would retaliate in kind after the US president threatened to impose fresh tariffs on Chinese goods, pushing the world’s two biggest economies closer to a trade war. Trump said on Monday he had asked the US Trade Representative to target $200 billion worth of imports for a 10 percent …

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China’s tariffs on US oil would disrupt $1 billion monthly business

SINGAPORE: China’s threat to impose duties on US oil imports will hit a business that has soared in the last two years, and which is now worth almost $1 billion per month. In an escalating spat over the United States’ trade deficit with most of its major trading partners, including China, US President Donald Trump said last week he was …

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