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Facebook’s digital currency may flourish where banks don’t

NEW YORK: Europeans and Americans have their Visa and Mastercards. For everyone else, here comes … Libra? Facebook’s new Libra digital currency is aimed at a huge potential market for financial services the entire developing world, with billions of people in areas such as India and Sub-Saharan Africa, where financial …

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World Bank approves three projects for Karachi

ISLAMABAD: The World Bank has approved three projects for Karachi that will help improve urban management and investment environment; mobility, accessibility and safety along selected corridors; and access to safe water services. These projects, approved on Thursday, build on findings of the ‘Karachi Transformative Strategy’ which estimates infrastructure needs of …

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Trump, Xi set for high-stakes trade war talks in Japan

OSAKA: U.S. President Donald Trump and Chinese President Xi Jinping are set for a high-stakes meeting in Japan on Saturday that could salvage trade talks or plunge the world’s two largest economies into a deeper trade war. The dispute has already cost companies in both countries billions of dollars, disrupted …

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Oil prices rise as Middle East tensions simmer

TOKYO: Oil prices climbed on Monday as tensions remain high between Iran and the United States, with U.S. Secretary of State Mike Pompeo saying “significant” sanctions on Tehran would be announced. Brent futures were up 37 cents, or 0.6%, at $65.57 a barrel by 0044 GMT. West Texas Intermediate crude …

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Gold prices soar to Rs78,600

KARACHI: Local gold prices on Saturday scaled new peaks of Rs78,600 per tola and Rs67,387 per 10 grams, up Rs500 and Rs429 respectively from Friday. The price hike comes on the back of $6 increase in per ounce prices of gold in the international market. During the calendar year, per …

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US blocks more Chinese tech firms on national security concerns

The US Commerce Department blacklisted five Chinese tech entities Friday in a new move against Beijing’s supercomputing industry likely to raise tensions ahead of a meeting between President Trump and Xi Jinping next week. The notice targets Sugon — a prominent Chinese supercomputer manufacturer — along with three of its …

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Southeast Asian leaders throw weight behind China-led trade pact

BANGKOK: Southeast Asian leaders gathered in Bangkok on Saturday determined to drive forward the world’s largest commercial pact, with the trade war between the US and China clouding the outlook for their export-led economies. Disputes in the flashpoint South China Sea, Myanmar’s persecution of Rohingya Muslims and plastic pollution in …

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Pakistan, World Bank sign loan agreement worth $918 million

ISLAMABAD: Pakistan on Tuesday signed three loan agreements worth a total of $918 million with the World Bank. Adviser to the Prime Minister on Finance, Revenue and Economic Affairs Dr Abdul Hafeez Shaikh witnessed the signing of the agreement between Country Director World Bank Patchamuthu Illangovan and Economic Affairs Division …

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High-powered body to draw up economic plan

  ISLAMABAD: The government has formed a high-powered body also comprising military authorities to formulate development and economy-oriented policies of the country. The National Development Council (NDC) to be headed by Prime Minister Imran Khan will also have Chief of the Army Staff Gen Qamar Javed Bajwa as one of …

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KP government presents Rs900b budget for 2019-20

PESHAWAR: Khyber Pakhtunkhwa’s Finance Minister Taimur Saleem Jhagra on Tuesday presented the province’s budget for financial year 2019-20, which has a total outlay of Rs900 billion. Out of the total outlay, spending on the annual development programme has been suggested to be Rs236bn. The budget speech was delivered in the …

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