Saudi Aramco plans to change Asia crude oil price formula, adopt DME Oman
The DME launched the Oman contract in 2007 and it is the most liquid physically deliverable futures contract for Middle East crude oil
Asian stocks fall on trade war anxiety, yuan steadies
In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.25 percent, a day after it hit a nine-month low. Japan’s Nikkei erased earlier losses to stand flat by late afternoon
FBR amassed Rs1.7 trillion from income taxes at import stage in FY18
Total collection for FY18 was 14.2 percent higher than previous FY17 and the country’s tax-to-gross domestic product marginally rose to 11.1 percent, which was lower than the target set
Oil prices edge up as U.S. supply tightens, Iran sanctions loom
Brent crude futures were changing hands at $78.10 per barrel, up 34 cents, or 0.4 percent, from their last close
Pakistan’s mounting external debt leaves limited window to counter risks: Fitch Ratings
LAHORE: Pakistan’s burgeoning external financing risks are further being added to by a declining foreign exchange reserve and a mounting current account...
Commerce secretary inaugurates PHDEC’s head office, reassures future plans
Commerce Secretary Younus Dagha inaugurated the new head office of the Pakistan Horticulture Development and Export Company (PHDEC) on Monday.
Mega Conglomerate’s deal to acquire Dewan Cement collapses
In end-January this year, it was reported Mega Conglomerate (Pvt) Limited was acquiring 87.5 percent majority stake in Dewan Cement Limited (75% through agreement and 12.5% through public offering)
Gold prices fall, as dollar strengthens
The dollar strengthened against a basket of currencies and extended its gains against the yen to hit a fresh six-week high of 111.06 yen, supported by the relative strength of the U.S. economy and on prospects of further rate hikes from the Federal Reserve
Asian stocks fall on weak data ahead of US-China tariffs
Japan’s benchmark Nikkei 225 index lost 1.3 percent to 22,019.07 and South Korea’s Kospi shed 1.6 percent to 2,290.35
Internal strife in FBR threatens customs duty collection worth billions of rupees
Director general customs audit in a recently held meeting decried the forthcoming revenue loss and wanted hesitant collectors to act in 11 long unresolved audit cases translating to a revenue loss of Rs27.3 billion
Oil plunges 1 percent amid Asian economic slowdown
Brent crude oil futures were at $78.16 per barrel at 0316 GMT, down $1.07, or 1.35 percent, from their last close
FBR fails to meet revenue collection target for FY18, results in Rs135 billion shortfall
On Sunday, the government revised the Foreign Assets (Declaration and Repatriation) Act, 2018 and the Voluntary Declaration of Domestic Assets Act to extend the amnesty schemes for offshore and domestic assets till July 31st of this month
China’s yuan staring at worst month ever as trade war threatens to knock economy
The yuan was set for its biggest monthly fall on record. Chinese stocks, on a downward spiral since late January, were also poised for their largest monthly slide since January 2016
Novartis to spin off Alcon, will buy back $5 billion in shares
Novartis will hold a shareholder meeting next February to get approval for the spin-off, which is due to be completed in the first half of next year.
Asian stocks higher, as trade conflict uncertainty weighs in
Japan’s benchmark Nikkei 225-edged 0.1 percent higher to 22,296.69, while Australia’s S&P/ASX 200 was virtually unchanged at 6,217.00.