Business

Oil prices increase amid U.S. sanctions against Iran

SINGAPORE (Agencies): Oil prices rose on Friday, as traders focused on U.S. sanctions against Iran’s crude exports that are set to start next month to tighten global markets. The gains helped claw back some of the losses from the previous session due to rising U.S. inventories and after Saudi Arabia and Russia said they would…

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New car sales plunge 20% in September

LONDON (BBC News): New car sales in the UK plunged in September, figures show, while a major carmaker has warned of the effects of a no-deal Brexit. The number of total vehicles registered was down 20.5% on the same period in 2017 at 338,834, the Society of Motor Manufacturers and Traders said. Carmakers had struggled…

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‘China hack attack hits Apple and Amazon’

NEW YORK (BBC News): Apple and Amazon are among US companies and agencies who have had data stolen by Chinese spies, claims Bloomberg. The data had been siphoned off via tiny chips inserted on server circuit boards made by a company called Super Micro Computer, reported the news agency. The servers had been compromised during…

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Honda to invest $2.8b in GM’s self-driving car unit

LONDON (BBC News): Honda is to invest $2.75bn (£2.1bn) and take a stake in General Motors’ self-driving unit, GM Cruise, as firms continue to team up in the race to develop autonomous vehicles. The Japanese carmaker said it wanted to develop a self-driving car that could be mass produced. It comes as Toyota and Softbank…

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Eurozone business profit share down

Monitoring Desk ANKARA: The European Union’s statistical office announced Thursday the profit share of non-financial corporations in the eurozone fell in the April-June period. “The business profit share in the euro area was 40.6 percent in the second quarter of 2018, compared with 41 percent in the first quarter,” Eurostat said. The eurozone or euro…

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EU airports council calls for focus on sustainability

Monitoring Desk ANKARA: The Airports Council International (ACI) Europe on Thursday called on EU to give importance to sustainability and consumer interest. The EU Transport Ministers, EU institutions and aviation stakeholders met in Vienna for the high-level European Aviation Summit on Oct. 3-4, organized by the Austrian Presidency. “In order to effectively address this growth…

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Nishat Linen joins hands with Pink Ribbon

F.P. Report KARACHI: The renowned clothing brand, Nishat Linen Private Limited, has joined hands with Pink Ribbon Pakistan, a non-governmental organization working on Breast Cancer awareness and healthcare facilities, in their PINKtober 2018 campaign which hinges around raising funds for the ongoing construction of Pakistan’s first dedicated breast cancer hospital. Both the parties signed a…

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Pakistan’s foreign exchange reserves drop by $627 million

F.P. Report KARACHI: Foreign exchange reserves of State Bank of Pakistan (SBP) dropped by $627 million to $8.049 billion on Thursday. Overall Pakistan’s foreign exchange reserves reached $14.893 billion with reserves at other banks remaining unchanged at $6.485 billion. According to the central bank, reserves fell due to external debt servicing and other official payments.…

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OGRA notifies up to 143pc increase in gas tariff

F.P. Report ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) notified an increase in gas tariff by as much as 143 per cent on Thursday. Gas price for power generation companies was hiked by 57 per cent, according to the notification, whereas for rest of the industries went up by 40 per cent. For fertiliser…

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Asian currencies plunge as dollar continue to rise

MUMBAI (Agencies): Asian currencies fell on Thursday after robust U.S. economic figures and bullish comments from the Federal Reserve boosted the dollar, prompting sustained regional outflows. The greenback rose about 0.3 percent against a basket of currencies after news that U.S. service sector activity raced to a 21-year high in September. It was further boosted…

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