Foreign investment reaches $222.6 mln

ISLAMABAD:  Foreign Direct Investment (FDI) surged by 162.8 per cent to $222.6 million in July 2017 as compared to the investment of $84.7 million during same month of previous year. According to data released by State Bank of Pakistan (SBP) here on Wednesday, net FDI in food sector during July 2017, stood at $0.7 million while FDI in tobacco and cigarettes sectors, decreased to $1.8 million from $1.9 million in July, 2016. Similarly, the FDI in textile sector also reduced to $1.4 million in July 2017 from $4.2 million in…

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Apple´s deep pockets could take on Hollywood, Netflix

SAN FRANCISCO: The potential move of Apple into streaming video could reshape an industry which is already feeling the impact from new players like Netflix. While Apple has not revealed any plans publicly, a report that the iPhone maker could spend a billion dollars on its own shows suggested more disruption for a sector seeing rapid changes. The move by deep-pocketed Apple would challenge entrenched services such as Netflix, YouTube, and Amazon Prime, which have been increasingly challenging the established media-entertainment world of Hollywood. Apple declined to comment on a…

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S Arabia keen to invest in CPEC, Gwadar projects: Envoy

ISLAMABAD: Ambassador of Kingdom of Saudi Arabia (KSA) to Pakistan Nawaf Ahmad Al Malkiy on Wednesday said his country is mulling to invest in China Pakistan Economic Corridor (CPEC) and Gwadar port projects. While talking to state media, the ambassador said that the CPEC is a huge project, which would create many investment opportunities. He further said that Pakistan and Saudi Arabia are fully engaged to strengthen and enhance their cooperation in military, economic and other sectors to benefit the people of both countries as they enjoy brotherly relations. While…

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State Bank of Pakistan maintains interest rate at 5.75%

KARACHI: State Bank of Pakistan held its main policy interest rate steady at 5.75 percent on Saturday, the bank’s new governor said, citing low inflation expectations and the gathering pace of economic activity. Tariq Bajwa, who was appointed earlier this month, said the economy was in an “expansionary phase” and added the balance of payments issues that have dogged Pakistan in the past will be kept under control. The SBP Governor said the national economy was undergoing expansion given the rise in fiscal activity. He added the service sector has…

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‘Pink Star’ diamond: the world’s most expensive gem

HONG KONG: A giant diamond named the “Pink Star” broke the world record for a gemstone sold at auction when it fetched $71.2 million in Hong Kong on Tuesday. The 59.60-carat “Pink Star”, the largest in its class ever graded by the Gemological Institute of America, was sold to the city´s Chow Tai Fook jewellery chain. “Sotheby´s Hong Kong is very proud to have this record,” its Asia chairman Patti Wong told AFP after the sale. Sotheby´s worldwide chairman for international jewellery David Bennett, who conducted the auction, called it…

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Holding PSL final in Lahore to boost economic activities: ICCI

ISLAMABAD: Islamabad Chamber of Commerce and Industry(ICCI) President Khalid Iqbal Malik has said that business community fully supported the hosting of Pakistan Super League (PSL) final in Lahore as holding of this mega event in Pakistan would help grow business activities. The ICCI president said that the medium of sport has now emerged as an effective instrument to promote business and investment activities as mega sports events were generating business worth billions of dollars. He stressed that the government should create a conducive environment for sporting activities in the country…

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PM Nawaz urges Kuwait to avail economic opportunities in Pakistan

ISLAMABAD: Prime Minister Nawaz Sharif has urged Kuwaiti investors to take advantage of the immense economic opportunities available in Pakistan He said this during a meeting with Amir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah in Kuwait City, on Tuesday. The two leaders discussed matters of mutual interest. The prime minister underlined the need for enhancing economic cooperation between Pakistan and Kuwait in industrial, agriculture, energy and defence sectors.

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Theresa May echoes Ed Miliband with promise to reform energy market

Anushka Asthana Political editor, and Adam Vaughan Friday 17 March 2017 16.53 GMT Last modified on Friday 17 March 2017 22.00 GMT Theresa May’s government is preparing to intervene in Britain’s energy market to weaken the influence of the big six providers and stop the poorest families being forced on to the most expensive tariffs. In a speech that had echoes of the previous Labour leader, Ed Miliband, who promised to introduce an energy price freeze, the prime minister argued that the market was “manifestly not working for all consumers”. Addressing the…

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Pakistan’s foreign reserves decline by $177 million

KARACHI – The total liquid foreign reserves held by the country stood at $21,822.6 million on February 24, 2017 after decreasing by $177 million, a statement issued by the State Bank of Pakistan (SBP) said here on Thursday. According the statement, foreign reserves held by SBP stood at $16,850.8 million and net foreign reserves held by commercial banks recorded at $4,971.8 million, while total liquid foreign reserves stood at $21,822.6 million. During the week ending February 24, the SBP’s reserves decreased by $177 million to $16,851 million, the statement further…

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