Tuesday, 12 November, 2019
OPEC agrees joint 1.2mn bpd output cut despite US pressure
Member states of the Organization of the Petroleum Exporting Countries (OPEC) and 10 other oil producing nations have agreed to cut output by 1.2 million barrels a day despite opposition from US President Donald Trump's administration.
Rupee sees plunge as volatility sweeps financial markets

Moody’s warns Pakistan on high debt refinancing
Pakistan is likely to face high refinancing cost for its international bonds maturing over the next two years that would increase the country’s debt burden, ratings agency Moody’s said on Wednesday.
Rupee sees record plunge as turmoil grips markets
Turmoil gripped the foreign currency markets all day on Tuesday as the rupee saw its largest single-day drop against the dollar in over a decade. By the time trading in the interbank market closed, the rupee had dropped by 7.5 per cent, or Rs9.37, to settle at Rs133.67.
Instagram co-founders resign from Facebook-owned company
Instagram co-founders Kevin Systrom and Mike Krieger have announced that they are leaving the photo-sharing app bought by Facebook six years ago, setting a new test for the parent company as it works to quell mounting turmoil.
Mehran’s 30-year journey to end next April
The 30 year-old journey of the iconic locally assembled Suzuki Mehran 800cc will come to an end from April 2019.
Current account deficit rises to $18bn, reserves hit four-year low
Current account deficit (CAD) touched $18 billion in FY18, up 42.5 per cent over the previous fiscal year, the State Bank of Pakistan (SBP) reported on Thursday.
Rupee plunges, stocks slide
The rupee sharply fell 5.3 percent against the dollar to an all-time low of 128 on Monday in an apparent devaluation by the central bank as shrinking forex reserves are exerting pressure on the country’s external account.
Rupee falls for fourth time in one year
Only weeks after the former finance minister assured the country that he did not “see any need for further devaluation” of the rupee, the markets proved him wrong. The rupee slipped by 3.8 per cent in the interbank market, or Rs4.40, on Monday to settle at Rs119.8 to a dollar.
Rupee weakens to record low as dollar flow slows down
With a persistent decline in Pakistan’s foreign currency reserves that were not enough to bear the cost of two months of imports, the rupee weakened to a record low of Rs119.35 to the US dollar in the open market on Friday.
Huawei wages price war to become top selling smartphone brand in Pakistan
Chinese multinational mobile firm Huawei sold around one million smartphones to tech enthusiasts in Pakistan during the last year, and geared up efforts to become the top selling brand by this yearend through winning the price war, its executive said.
Car sales up 23pc in Pakistan
Sales of locally assembled cars and LCVs posted 23 per cent growth in 10MFY18 to 218,301 units from 177,463 in the corresponding period of last year despite increase in vehicles’ prices.
Govt removes ban on furnace oil imports as power demand rises
The government has lifted the ban on import of furnace oil for running power plants and has directed state-owned Pakistan State Oil (PSO) to place orders for bringing fuel cargoes in order to meet growing electricity demand in summer.
Pakistan loses 50pc market share in Kabul
India has succeeded to penetrate in Kabul slashing the market share of Pakistan by more than 50 per cent in the last two years, Chairman Pakistan-Afghanistan Joint Chamber of Commerce and Industry Zubair Motiwala has said.
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PPP co-chairman Asif Ali Zardari on Monday said that the international financial support being given to Pakistan by friendly countries is welcome, but no "foreign force" can prevent the economic slide the country appeared to be heading towards because of PTI government's policies.
US Secretary of State Mike Pompeo met with Saudi King Salman and Crown Prince Mohammad bin Salman on Monday in Riyadh, where he is visiting for talks on a range of Middle East crises, topped by the conflicts in Syria and Yemen, threats from Iran and the Saudi response to the killing of Washington Post columnist Jamal Khashoggi last year.
India's Hindu nationalist-led government is splashing out on a religious megafest, spending unprecedented sums as part of a strategy to focus on the country's majority Hindu population ahead of a general election due this year.
Chief Justice of Pakistan Mian Saqib Nisar on Monday assailed an audit member of the Federal Bureau of Revenue (FBR) for the body's "sluggish" investigation in the case against 44 politically exposed individuals or their benamidars who own properties abroad.

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America’s fingerprints are all over the war in Yemen, the New York Times said on Wednesday.
Torn between preventing Pakistan from going nuclear and fighting the Soviets in Afghanistan, the United States appears to have decided that pushing the Russians out of Kabul was more important, shows a set of documents released by the US State Department.
A group advocating the cause of the persecuted Rohingya Muslims says a generation of the Muslims may be lost due to a lack of education for children and the youth at camps for the displaced in Bangladesh and Myanmar.

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