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$47.6m project to transform Indus Basin with climate resilient…

ISLAMABAD - The provincial governments of Punjab and Sindh, through Food and Agriculture Organization (FAO), will embark upon a project worth $47.6 million for transforming the Indus Basin with climate resilient agriculture and water management. The Central Development Working Party had last month approved the project for transforming the Indus…

BMP asks SBP to go on stern monitoring of banks to strengthen rupee

LAHORE  - The Federation of Pakistan Chambers of Commerce and Industry’s Businessmen Panel (BMP) has asked the central bank to keep on its regulatory and stern monitoring of the foreign exchange operations of the banks and money market with a view to control the volatility in the rupee-dollar exchange rate. BMP Chairman Mian Anjum Nisar said that…

PIAF asks govt to protect trade, industry from default

ISLAMABAD  - The Pakistan Industrial & Traders Association Front (PIAF) Chairman Faheem Ur Rehman Saigol has said the trade and industry had to be kept solvent and protected from default for which prudent measures would have to be taken, such as slashing of imports along with strict monitoring of the central bank of forex companies to help…

Japan’s SoftBank reports Q1 net loss of $23.4 billion

Tokyo- Japan’s SoftBank Group on Monday reported a huge net loss of $23.4 billion in the first quarter, after central bank interest rate hikes worldwide caused tech shares to tank. The telecoms firm that has turned into an investment behemoth posted a net loss of 3.16 trillion yen, nose-diving from a net profit of 761.5 billion yen in the same…

Markets struggle as strong US jobs boost Fed rate hike bets

Hong Kong - Markets struggled Monday and the dollar held big gains as a blockbuster US jobs report ramped up bets that the Federal Reserve will announce more sharp interest rate hikes as it tries to tame runaway inflation. While the employment reading -- which was more than twice as high as expected -- indicated the world’s top economy remained…

Uber reports loss, but beats income expectations

San Francisco - Uber has reported better-than-expected revenue, fueled by strong demand for its ride-hailing and food delivery services that have drawn a surge in drivers looking to offset inflation’s bite. Revenue more than doubled to $8.1 billion in the three months through June, a 105 percent increase, at a time when many tech companies are…

From coffee to toothpaste, Nigerians buy small as hardships bite

Lagos - From five grams of toothpaste to 10 millilitres of cooking oil, many Nigerians struggling with soaring prices now buy their basic necessities in small quantities packed in tiny plastic bags to be consumed on the same day. Consumer brands behind this “sachetisation of the economy” see it as a creative innovation, allowing consumption for…

S.Korea’s imported car sale falls 12.2pc in July

SEOUL - South Korea’s imported car sale logged a double-digit fall last month due to a prolonged supply shortage of semiconductors used to make vehicles, industry data showed. The number of imported vehicles sold here was 21,423 in July, down 12.2 percent from a year earlier, according to the Korea Automobile Importers and Distributors Association.…

Canada’s exports rise in June led by crude oil, gold

OTTAWA - Canada’s merchandise exports increased 2 percent in June mostly on crude oil and gold exports, Statistics Canada announced Thursday. This was the sixth consecutive monthly increase for Canadian exports, the first time this has happened since 2013, the national statistical agency said, adding that in volume terms, exports were up 2.2…

ASEAN regional integration to contribute for global economic…

ISLAMABAD - Chairman ASEAN Committee Islamabad (ACI) Ambassador Nguyen Tien Phong on Sunday said that regional integration of ASEAN countries is not only essential for the economic prosperity of the ASEAN region but also important for global economic linkages and connectivity. In the same month, the foundation of ASEAN was laid on August 8, 1967,…

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