Oil prices slip on concerns of looming oversupply, economic downturn

SINGAPORE: Oil prices slipped on Thursday, weighed down by rising supply going into a market in which consumption is expected to slow down amid a glum economic outlook.Front-month Brent crude oil futures were trading at $65.88 per barrel at 0441 GMT, down 24 cents, or 0.4 percent, from their last close.U.S. West Texas Intermediate (WTI) crude futures were at $55.96 a barrel, down...

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Successful talks for IMF package to reduce Pakistan’s external financing risks: Moody’s

KARACHI: Successful negotiations for a new International Monetary Fund programme would reduce external financing risks for Pakistan, credit rating agency Moody’s said in its “Global Emerging Markets: Outlook” report issued on Thursday.The government of Pakistan has recently secured $6 billion package from Saudi Arabia including $3bn in deferred payments on oil and $3bn to be deposited...

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T-Mobile says Sprint deal may close as early as first-quarter next year

T-Mobile US’s Chief Financial Officer said there is a possibility that its $26 billion acquisition deal of Sprint will close as early as the first quarter of 2019.T-Mobile, majority owned by Deutsche Telekom AG, agreed in April to buy wireless carrier Sprint and the deal was initially expected to close in the first half of 2019.The Federal Communications Commission (FCC) and the...

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PTI govt grapples with an old problem: How to get people to pay taxes

ISLAMABAD: Muhammad Hammad Azhar, one of the youngest ministers in Pakistan’s new government, is the latest in a long line of officials to face a problem that undermines his country’s development: getting people to start paying income taxes.Ending a culture of rampant tax evasion is expected to be high on the agenda in negotiations this month with the International Monetary Fund...

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Pakistan Britain, Scotland business councils share proposal of hospitals’ network

ISLAMABAD: A delegation of Pakistan Britain, Scotland business councils on Friday shared the proposal about establishment of a network of hospitals across Pakistan with Finance Minister Asad Umar during a meeting.The delegation of Pakistan Britain Business Council and its sister organisation, Pakistan Scotland Business Council led by Julian Hamilton Barns and Rashid Iqbal was...

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Government prepares to reallocate LNG terminals to appropriate site

ISLAMABAD: The Ministry of Maritime Affairs has affirmed that the existing liquefied natural gas (LNG) terminals have been positioned without any detailed study related to safety vulnerability, therefore, the government is preparing to reallocate these terminals to other appropriate sites with safety measures.According to sources, the government has commissioned the Ministry of...

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Hotel chains apologise after dirty cleaning expose

The Ritz-Cartlon and other five-star hotels in China apologised after a video exposing unhygienic cleaning practises went viral online this week in the latest health and safety scandal to rock the country.Despite their luxury standards and high price tags, cleaning staff were shown wiping down in-room cups with the same towels and sponges used to clean showers and toilets.Since...

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Students to get 50 percent discount on railways’ fare in winter vacations

LAHORE: Minister for Railways Sheikh Rasheed Ahmed on Saturday said his ministry will seek help of Chief Justice of Pakistan (CJP) and National Accountability Bureau (NAB) in the matter of occupation over its [railways] lands.Briefing the media here in Lahore after chairing a meeting at Railways headquarters to review the progress of PR, he said his ministry is going to facilitate...

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Asad Umar lauds National Financial Inclusion Strategy

ISLAMABAD: Finance Minister Asad Umar on Saturday chaired a meeting of the Economic Advisory Council’s (EAC) Sub-Groups on National Financial Inclusion Strategy (NFIS) and Fiscal Sector in Islamabad.The meeting was attended by all major stakeholders and members of the sub-group from the Ministry of Finance, State Bank of Pakistan, Federal Board of Revenue and Security and Exchange...

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