Category: bussines

WASHINGTON: The United States is close to reaching a deal with India that would strengthen economic and security ties between the two countries, boost US energy exports, and promote investment in key US sectors, President Donald Trump said on Monday. “We’re getting a fair deal, just a fair trade deal,” Trump told reporters in the Oval Office at the swearing-in of his envoy to India, Sergio Gor. “We’re making a deal with India, much different deal than we had in the past.” Trump repeated his optimism that a deal was…

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ISLAMABAD: The State Bank of Pakistan (SBP) said on Friday that Pakistan received remittances worth $3.4 billion in October 2025, marking an increase of 12% year-on-year and 7% month-on-month. In a statement, the central bank said that the cumulative inflow during July-October FY26 reached $13 billion, up 9.3% from $11.9 billion recorded in the same period last year. Remittances in October were mainly sourced from Saudi Arabia ($820.9 million), the United Arab Emirates ($697.7 million), the United Kingdom ($487.7 million), and the United States ($290 million), the SBP added. Prime…

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NEW YORK: Tesla shareholders on Thursday overwhelmingly endorsed a massive pay package for CEO Elon Musk that could reach $1 trillion. The pay package – crafted to ensure Musk’s continued service to Tesla as the company pursues breakthrough technology on artificial intelligence and robotics – won more than 75% support from shareholders, a Tesla official said at the company’s annual meeting. “I’d like to just give a heartfelt thanks to everyone who supported the shareholder votes,” a euphoric Musk told the gathering. “I super-appreciate it.” Cheers of “Elon” broke out…

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The Trump administration on Thursday added 10 minerals to a list it considers essential to the US economy and national security, including copper — vital for electric vehicles, power grids and data centers — and metallurgical coal, used to make coke for steel production. The Interior Department’s critical minerals list guides federal investments and permitting decisions and helps shape the government’s broader minerals strategy. The administration is expanding the list amid efforts to boost domestic mining and cut reliance on imports, particularly from economic rival China. List guides federal incentives…

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WASHINGTON: A majority of US Supreme Court justices appeared deeply skeptical of the legality behind a swath of Donald Trump’s tariffs as they heard a landmark case Wednesday that could uphold – or upend – the president’s economic agenda. Billions of dollars in customs revenue and a key lever in Trump’s trade wars are at stake as the conservative-dominated panel again grappled with the Republican’s attempts to expand presidential powers. The high court’s nine justices are considering Trump’s use of emergency powers to impose “reciprocal” tariffs on nearly every US…

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KARACHI: Finance Minister Muhammad Aurangzeb on Wednesday welcomed the inauguration of Google’s Chromebook assembly line in Pakistan, saying that the tech giant aims to turn the country into an export hub. Addressing the Future Summit in Karachi, Aurangzeb stressed the importance of equipping the youth with digital and technical expertise to help them seize high-value opportunities in fields such as coding, blockchain, and artificial intelligence. Pakistan’s first Google Chromebook assembly line was launched on Tuesday in a ceremony attended by Deputy Prime Minister Senator Ishaq Khan, who termed it “a…

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Bitcoin tumbled sharply on Tuesday, falling more than 6% to slip below $100,000 for the first time since June, as broader risk-off sentiment rippled through financial markets. Major US stock indexes also dropped, with tech and chip stocks particularly weak, after Goldman Sachs and Morgan Stanley CEOs warned that equities may be due for a pullback. The cautious mood sent Treasury yields lower, while the US dollar climbed to a four-month high against the euro, adding pressure on risk assets, including cryptocurrencies. The drop in bitcoin highlights growing investor caution…

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Pakistan has agreed to cancel 21 LNG cargoes under its long-term Eni contract and is seeking to renegotiate Qatari supplies as the country grapples with a surplus of imported gas, according to an official document and two sources. The document from state-owned Pakistan LNG Ltd (PLL) to the country’s Ministry of Energy, dated October 22, said 11 cargoes planned for 2026 and 10 for 2027 would be cancelled at the request of gas distributor SNGPL. Only the planned January shipment in both years, and the December shipment in 2027, would…

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Stocks lost ground Tuesday as earnings tailwinds faded, a higher-than-expected October consumer price index (CPI) and possible constitutional changes doused risk. “The result season is close to an end, and inflation has come in higher than expected. This has caused a period of consolidation,” said Ahfaz Mustafa, CEO of Ismail Iqbal Securities. “We will see movement in the market depending on the new flow, especially pertaining to the 27th amendment and the NFC [National Finance Commission] award,” he added. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index settled at 161,281.76…

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