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Thailand to Trump: we don’t manipulate baht for trade gains

Bank of Thailand Governor Veerathai Santiprabhob said there’s no evidence authorities are manipulating the currency to give exports an unfair advantage, responding to the US’s decision to investigate the Southeast Asian nation for possible trade abuse. While the central bank intervenes in the foreign-exchange market at times, the baht has …

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Businessmen seek equal incentives for Gwadar

KARACHI: The Pakistan Association of Auto Parts and Accessories Manufacturers (Paapam) has urged the government to shun bias and treat local industrialists at par with foreign investors in Gwadar region. Paapam Chairman Mashood Ali Khan said only Chinese companies, active in aluminium, steel, edible oil, electric car and motorcycle etc, …

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India stands in the way of China’s free trade ambitions

A China-backed trade deal meant to cement Beijing’s dominance in Asia has veered off course because India is hesitant to open its borders to cheap Chinese goods. Without the participation of India, the third-largest Asian economy, the free-trade zone China hoped to create might still happen, but it won’t carry …

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Foreign interest transforming auto landscape

ISLAMABAD: The Board of Investment (BoI) has received two formal applications from prospective investors to set up auto assembly plants in Pakistan in the greenfield category of the Automotive Development Policy 2016-21, a senior official told Dawn. The BoI has received a comprehensive business plan from Lucky Cement for setting …

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Gloomy trend persists on stock market

KARACHI: Three dull trading sessions outnumbered two brighter ones on the Pakistan Stock Exchange (PSX) in the outgoing week, pushing the KSE-100 index further down by 267 points (0.6 per cent) to settle at 47,889. In particular, the spectacular rally of 533 points on Friday helped index pare off the …

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Policy demanded to avoid repeat of cotton crop failure

KARACHI: The government has been urged to formulate a new cotton policy to avoid losses suffered due to crop failure over the last two consecutive years. Analysts say the key crop failure should be taken seriously also because it did not occur in any of the cotton-growing countries except Pakistan. …

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SBP borrowing dollars to arrest fall in reserves

KARACHI: Currency dealers said on Saturday the State Bank of Pakistan (SBP) has been buying dollars from local banks and borrowing from overseas commercial banks to maintain foreign exchange reserves at the current level of $21.5 billion. The government is trying to arrest the fall in foreign exchange reserves that …

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FPCCI presses Federal Board of Revenue for refund clearance

KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) urged the Federal Board of Revenue (FBR) on Wednesday to clear those outstanding refunds of exporters against which release payment orders (RPOs) have been issued. Addressing a press conference along with the heads of various exporters’ associations, FPCCI President …

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Britain to help reform Saudi economy

RIYADH: Britain said on Wednesday it would help Saudi Arabia to diversify its oil-dependent economy as British Prime Minister Theresa May visited the Gulf kingdom. May and Saudi King Salman held talks focused on “bilateral relations and cooperation” as well as “regional and international developments”, the official news agency SPA …

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Equities fall like ninepins; index plunges 511 points

KARACHI: Nothing short of a bloodbath, the PSX trading terminals were red across all the sectors as bears continued to rampage sending the KSE-100 index reeling down by 511 points (1.1 per cent) to settle at a rock bottom of 47,577 points. “Today’s closing pushed the KSE-100 index’s year-to-date return …

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