Business 

Bitcoin price jumps to two-week high

LONDON: Cryptocurrency prices jumped on Thursday, led by a surge in bitcoin to two-week highs, with people active in the market citing a squeeze on traders who have bet against prices, given a lack of obvious news to trigger the gains. On the Luxembourg-based Bitstamp exchange BTC=BTSP, bitcoin rose as much as 17 per cent at one point in mid-morning European trading. By 1250 GMT, it was up 11 per cent at $8,096, its highest level since March 29. Other cryptocurrencies like Ethereum and Ripple also rose sharply, gaining more…

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Currency 

Pakistanis likely to bring back $5 billion under amnesty scheme

ISLAMABAD: As the government struggles to overcome legal challenges that can undermine an upcoming offshore tax amnesty scheme, prime minister’s aide on revenue Senator Haroon Akhtar Khan has said Pakistanis could repatriate up to $5 billion under the proposed scheme. “Pakistanis will not possibly bring back all their offshore assets, but the scheme will be successful if they bring back $4 to $5 billion during validity of the scheme,” Khan said on Tuesday. A chartered accountancy firm has estimated the value of offshore assets held by Pakistanis at $130 billion.…

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Business Economic Issues 

Rupee loses almost 5%, KSE-100 gains almost 1.8% in intra-day trading

KARACHI: Spurred by an almost 5% fall in the rupee’s value against the dollar, the KSE-100 Index – benchmark for market performance – climbed 776 points in intra-day trading as investors rushed to buy stocks that benefit from a weaker currency. Quite fittingly, the textile and oil sectors gained due to a direct advantage, while shares of banks got a boost due to expectations of an early interest rate hike that would come on the back of higher inflation readings. By 12:15pm, the KSE-100 Index was hovering around the 44,160…

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Business 

Worrying economic indicators keep investors jittery

KARACHI: The stock market witnessed a volatile week, as external woes and fast depleting foreign exchange reserves kept the benchmark index under pressure. However, despite this, the KSE-100 index managed to add 352 points or 0.82% in the outgoing week. Trading began on a positive note as the KSE-100 ended two successive sessions in the green, adding 606 points as political scenario settled after the Senate elections. The bullish run ended on Wednesday with the market succumbing to profit-taking and massive foreign selling. The critical assessment by the International Monetary…

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Business 

Bitcoin falls below $9,500

Bitcoin fell to a 1-1/2 week low on Wednesday after the US Securities and Exchange Commission warned of “potentially unlawful” systems that trade crypto-currencies, which investors may use with an unearned sense of safety. At 1:07 pm, the world’s biggest and best-known digital currency BTC=BTSP was last down 7.53 per cent at $9,924.03 on the Luxembourg-based Bitstamp exchange. It fell as low as $9,450 earlier Wednesday, which was the lowest since February 26.   Ref:  The Express Tribune

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Business 

Energy-deprived Pakistan remains on radar of LNG marketing firms

SINGAPORE:  Pakistan remains high on the radar of LNG marketing companies across the world as it has emerged as one of the largest importer, and is now expected to further strengthen its position with more terminals slated to come online at seaports shortly. “Pakistan is a very well developed gas market,” Shell Energy Executive Vice President Steve Hill said while responding to The Express Tribune at a media briefing on ‘Shell LNG Outlook 2018’ in Singapore on Friday. “It (Pakistan) may emerge as the second or third largest importer of…

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Business 

Renault suffers setback as PSM refuses to provide allocated land

ISLAMABAD: French automaker Renault has suffered a jolt in its bid to set up a car manufacturing plant in Pakistan as Pakistan Steel Mills (PSM) has refused to provide land for the facility. A senior official of the Ministry of Industries and Production told The Express Tribune that Renault had approached the ministry with a complaint that the National Industrial Parks Development and Management Company (NIP) was asking the automaker to sign an open-ended undertaking for bearing any increase in the cost of land being provided for setting up the…

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Business 

How soaring US oil exports to China are transforming the global oil game

SINGAPORE: Bit by bit, the US petroleum industry is turning world oil markets inside out. First, sharp drops in US imports of crude oil eroded the biggest market that producers like OPEC had relied on for many years. Now, surging US exports – largely banned by Washington until just two years ago – challenge the last region OPEC dominates: Asia. US oil shipments to China have surged, creating trade between the world’s two biggest powers that until 2016 just did not exist, and helping Washington in its effort to reduce…

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Business 

Russian nuclear scientists arrested for ‘Bitcoin mining plot’

Russian security officers have arrested several scientists working at a top-secret Russian nuclear warhead facility for allegedly mining crypto-currencies. The suspects had tried to use one of Russia’s most powerful supercomputers to mine Bitcoins, media reports say. The Federal Nuclear Centre in Sarov, western Russia, is a restricted area. The centre’s press service said: “There has been an unsanctioned attempt to use computer facilities for private purposes including so-called mining.” The supercomputer was not supposed to be connected to the internet – to prevent intrusion – and once the scientists…

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Business 

Pakistan revives hope of recovering $800 million from Etisalat

ISLAMABAD:  After putting recovery of $800 million from Etisalat on the backburner eight months ago by terming it a “sensitive matter”, the PML-N government has again expressed hope of getting outstanding amount from the Dubai-based firm. A delegation of Etisalat – a telecom giant of the United Arab Emirates – is again in Islamabad, and met Prime Minister Shahid Khaqan Abbasi on Tuesday to discuss the issue of the $800 million in outstanding dues, according to Privatisation Secretary Irfan Ali. It was the second visit by Etisalat in the last…

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