Business
US to impose 25% additional tariffs on French imports as response to digital tax
Monitoring Desk PARIS: France’s tax has been a source of tensions between Paris and Washington, as the latter believes the tax unfairly targets US companies. The United States will impose additional 25 percent tariffs on goods from France, estimated at $1.3 billion, as a response to the French digital tax, but will suspend the implementation…
Read MoreMubadala set for exclusive talks with Petrobras to buy Bahia refinery
Monitoring Desk ABU DHABI: Abu Dhabi’s investment fund Mubadala Investment Co. will enter into exclusive talks with Petrobras to purchase Brazil’s second-largest refinery, the Brazilian state-owned oil company said in a securities filing on Thursday. Reuters was the first to report earlier on Thursday that Mubadala was on an inside track to acquire the refinery,…
Read MoreConflict-hit Libya to restart oil operations but with low output
Monitoring Desk TUNIS: Libya’s National Oil Corporation (NOC) lifted force majeure on all oil exports on Friday as a first tanker loaded at Es Sider after a half-year blockade by eastern forces, but said technical problems caused by the shutdown would keep output low. “The increase in production will take a long time due to…
Read MoreIEA raises 2020 oil demand forecast but warns COVID-19 clouds outlook
Monitoring Desk LONDON: The International Energy Agency (IEA) bumped up its 2020 oil demand forecast on Friday but warned that the spread of COVID-19 posed a risk to the outlook. The Paris-based IEA raised its forecast to 92.1 million barrels per day (bpd), up 400,000 bpd from its outlook last month, citing a smaller-than-expected second-quarter…
Read MoreS&P downgrades trio of Dubai developers as pandemic hits property and retail
Monitoring Desk RIYADH: The credit ratings of three Dubai property companies were downgraded by S&P as the coronavirus pandemic hits confidence in the retail and real estate sectors. S&P Global Ratings reduced the credit ratings for the real estate developer Emaar Properties as well as Emaar Malls to +BB from -BBB with a negative forward…
Read MoreTokyo stocks close lower
Monitoring Desk TOKYO: Tokyo stocks closed lower on Friday amid concerns over a fresh record of daily coronavirus cases in the capital. The benchmark Nikkei 225 index fell 1.06 percent or 238.48 points to end at 22,290.81. It inched down 0.07 percent over the week. The broader Topix index dropped 1.42 percent or 22.04 points…
Read MoreFPCCI to resolve problems faced by commercial importers: Anjum Nisar
KARACHI (INP): President Federation of Pakistan Chambers of Commerce & Industry (FPCCI), Anjum Nisar expressing deep concerns over the inclusion of chemicals & dyes raw materials in Part 2 to Part 3 which is for finished goods in the federal budget 2020-21 has assured the commercial importers to raise their voice in front of decision…
Read MoreSCCI for power supply to all industrial estates on wheeling charges
F.P. Report PESHAWAR: The Sarhad Chamber of Commerce and Industry (SCCI) has demanded the provincial government to supply electricity to all industrial estates on wheeling charges from different hydel power generation projects to promote industrialization in the province. Praising the provincial government for giving priority to completion of hydel power generation projects in stipulated period,…
Read MorePSX gains 48 points to close at 36,190 points
ISLAMABAD (APP): The Pakistan Stock Exchange (PSX) Friday continued with bullish trend as KSE 100 index closed at 36,190.41 points as compared to 36,142.17 points on the last working day, with positive change of 48.24 points (.13%). A total 292,709,075 shares were traded compared to the trade 467,486,611 shares during the previous day, whereas the…
Read MoreThar Coal Block-II projects complete 1st year of successful operations
F.P. Report KARACHI: Engro Powergen Thar (Private) Limited (EPTL) – a majority owned Company of Engro Energy – and Sindh Engro Coal Mining Company (SECMC) – a joint venture of the Government of Sindh and Engro Energy with other corporate partners – have successfully completed one full year of commercial operations of both Block II…
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