Business

Hotel occupancy rate in Turkey reaches nearly 75 per cent

Monitoring Desk ANKARA: Hotel occupancy rate across Turkey reached 74.9 percent last month, the Turkish Hotel Association (TUROB) reported on Wednesday. According to TUROB’s report based on a survey conducted by data and analysis company STR Global, the figure rose 7.1 percent in July, compared to the same month last year. Average daily rate for…

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WB ready to support reform plans of new Pakistani govt

F.P. Report ISLAMABAD: The World Bank Wednesday said it was ready to support the reform plans of the new Pakistani government for stabilizing the economy and accelerating growth to end poverty and boost prosperity. The commitment was made by the World Bank’s newly appointed Vice President for the South Asia Region, Hartwig Schafer, when he…

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Russia’s Kalashnikov branches out from rifles to e-cars

MOSCOW (AFP): A recent pledge by Kalashnikov to compete with Elon Musk´s Tesla with a Russian retro “electric supercar” drew chuckles, but the legendary gun producer has long been trying to branch out into products from drones to yachts. The remarkable transformation by the manufacturer most famous for the AK-47 automatic rifle is without precedent…

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Sri Lankan rupee dips record low

COLOMBO (Reuters) – The Sri Lankan rupee hit an all-time low of 161.30 per dollar on Tuesday, dragged down by importer dollar demand amid less inflows of the greenback, dealers said. The rupee, which hit a fresh record low of 161.30 early in the trade, closed at 161.20/30 per dollar, compared with Monday’s close of…

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Italian pilot union approves historic agreement with Ryanair

ROME (AFP): Italian pilots have approved an agreement over working conditions with Ryanair in the first such deal the strike-hit low-cost aviation giant has fully concluded. The agreement, reached earlier this month following eight months of talks, gives Italy-based pilots working for Ryanair “protection and guarantees”, according to the ANPAC union which negotiated the collective…

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Toyota to invest $500 million in driverless cars with Uber

NEW YORK (Agencies): Toyota will pump about $500 million into Uber as part of a deal to work together on mass-producing self-driving vehicles, the Japanese car giant said on Tuesday. The deal, which reportedly values Uber at about $72 billion, aims at “advancing and bringing to market autonomous ride-sharing as a mobility service at scale,”…

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Govt to promote regional trade, export-led growth: Razzaq Dawood

F.P. Report ISLAMABAD: Advisor to Prime Minister on Commerce, Textiles, Industries production and Investment, Abdul Razzaq Dawood said Tuesday that the incumbent government was determined to promote regional trade and export-led growth of economy. “Promotion of regional economic and trade integration is a priority of the government for increasing trade with regional countries including Iran,…

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SBP denies rumors of issuing new design of banknotes

F.P. Report KARACHI: Reference the news items circulating in social media regarding issuance of new design banknotes of different denominations, the SBP categorically and vehemently denies and rejects all such news items. There is no plan whatsoever to issue new design banknotes in the near future. It is further clarified that SBP Act, 1956 clearly…

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Asian markets rise after US-Mexico deal

HONG KONG (AFP): Asian investors extended a rally on Tuesday, tracking another Wall Street record as they cheered a fresh trade deal between the United States and Mexico — ending one row picked by Donald Trump that had rattled global markets. The agreement raises hopes the North American Free Trade Agreement, rejected by the White…

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