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Bitcoin has pretty much failed as currency’

LONDON (Web Desk) Bitcoin has failed as a currency measured by standard benchmarks, and is neither a store of value nor a useful way to buy things, Bank of England Governor Mark Carney said on Monday.It has pretty much failed thus far on the traditional aspects of money. It is …

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Consumers charged higher than actual fuel cost

ISLAMABAD (Web Desk) Power distribution companies charged about Rs3 per unit higher than the actual fuel cost in January as a petition has been filed in the Natio­nal Electric Power Regu­la­tory Authority (Nepra), seeking approval of fuel adjustment for a month.In its petition, the Central Power Purchasing Agency-Guarantee (CPPA-G) repor­ted …

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Deadlock emerges over hike in milk prices in Karachi

KARACHI (Web Desk) A deadlock has emerged between local authorities and dairy farm owners over the increase in milk prices, ARY News reported.The dairy farmers’ attempt to raise the price of milk have remained unsuccessful due to the efforts of the local authorities. Commissioner Karachi had earlier warned that strict …

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Pakistan to participate in 3-day SAARC Business Conclave

ISLAMABAD (Web Desk) A delegation of SAARC Chamber Pakistan chapter will participate in the forthcoming 3-days 6th SAARC Business Leaders Conclave being held from March 16 at Kathmandu,Nepal to explore the investment avenues and promote trade among member countries.The theme of the conclave is Unleashing Shared Prosperity through Economic Integrity”and …

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Saudi Arabia seeks to further reduce oil stockpiles

RIYADH (Web Desk) Saudi Arabia said Wednesday it will further trim oil production and exports next month to reduce excess stockpiles that have weighed on crude prices, as concerns mount over US oversupply.Saudi Aramco’s crude output in March will be 100,000 barrels per day (bpd) below its February level while …

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Cuba prepares to end dual currency system

HAVANA (Web Desk) For more than two decades, Cubans have used a unique dual currency system to protect a fragile economy, but with just weeks of his mandate remaining, President Raul Castro has signaled much-delayed change is finally coming.Plans to scrap the divisive system were first mooted in 2003 as …

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ASIAN MARKETS MOSTLY UP BUT INVESTORS REMAIN WARY

TOKYO (Web Desk) Asian markets mostly rose Tuesday, tracking another rally in New York after last week’s battering, but early gains were tempered and Tokyo ended down on lingering uncertainty and worries about further turmoil.While some stability has returned to trading floors investors are keeping a nervous eye on the …

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OIL PRICES RISE 1 PERCENT AS STOCKS MARKETS STEADY

SINGAPORE (Web Desk) Oil prices rose by 1 percent on Monday, recovering at least some of last week’s steep losses as Asian stock markets found their footing after days of chaotic trading.Looming over oil markets, however, was rising production in the United States which is undermining efforts led by the …

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IMF chief urges Arab states to slash spending

U.A.E (Web Desk) IMF chief Christine Lagarde on Saturday urged Arab countries to slash public wages and subsidies in order to rein in spending, achieve sustainable growth and create jobs.Speaking at the one-day Arab Fiscal Forum in Dubai, Lagarde welcomed “promising” reforms adopted by some Arab countries, but insisted much …

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Pak-Afghan transit trade declined in 2017

ISLAMABAD (Web Desk) Pakistan’s transit trade volume with Afghanistan declined in 2017 while its trade with other countries during the same period increased.Between 2009 and 2012, bilateral trade between the two countries decreased by 46 percent, however, after the signing of the Pak-Afghan Transit Trade agreement in June 2012 and …

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