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Sovereign wealth funds: Investment vehicles or political operators?

By James M. Dorsey The $6.85 billion acquisition in 2006 of Peninsular & Oriental (P&O) Steam Navigation Company, a storied British shipping and logistics company, by Dubai’s state-owned DP World, one the world’s largest port management and terminal operators, sparked fears that governments could employ …

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CDWP approved 20 projects worth Rs. 80.6 billion

ISLAMABAD -UNS: CDWP approved 20 projects worth Rs. 80.6 billion out of which five projects worth Rs. 60.9 billion were referred to ECNEC for further proceeding. Central Development Working Party meeting was held under the chairmanship of Deputy Chairman Planning Commission Mr. Sartaj Aziz. Moreover, …

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Bill Gates announces aid bump for Pakistan

By Ikram Junaidi ISLAMABAD: Days after the Trump administration announced it was suspending security assistance to the country, a billionaire philanthropist has committed that his Bill and Melinda Gates Foundation will increase financial aid for Pakistan. In a letter to Minister for National Health Services …

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Strategic assets: Govt plans to sell off PIA before 2018 elections

ISLAMABAD: The federal government will try to privatise the Pakistan International Airlines (PIA) before general elections due this year, privatisation minister Daniyal Aziz said, as the ruling Pakistan Mulsim League-Nawaz (PML-N) seeks to restart sales of state-run businesses. Haemorrhaging money and losing market share to …

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Belt,Road business: China issues sweeping guidelines to push yuan

ISLAMABAD -UNS : The People’s Bank of China (PBC) has announced a raft of new measures to push a greater cross-border role for the yuan that aim to “contribute to opening up on all fronts”. The measures go far beyond yuan settlement of cross-border trade. …

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Oil price hits highest since May 2015 above $68 on tighter market

LONDON: Oil rose further above $68 a barrel on Tuesday, touching its highest since May 2015, supported by OPEC-led production cuts and expectations US crude inventories fell for an eighth week. The Organization of the Petroleum Exporting Countries and allies including Russia are keeping supply …

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Europe casts a wary eye on China’s Silk Road plans

Depending on who you ask in Europe, China’s colossal East-West infrastructure programme is either an opportunity or a threat — and when French President Emmanuel Macron visits next week, Beijing will be watching to see how keen he is to jump on board, reported AFP. …

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China welcomes use of Yuan for bilateral trade, investment activities in Pakistan

BEIJING: China Thursday welcomed the State Bank of Pakistan for allowing use of the Chinese Yuan for bilateral trade and investment activities and said it would create a sound financial environment for bilateral economic, trade and investment cooperation between the two countries. “We welcome this …

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New Year gift for Pakistani people: Govt raises oil prices by upto Rs.6.79

ISLAMABAD: On the New Year eve, the government dropped ‘petrol bomb’ on masses, raising petroleum prices for the next month by upto Rs.6.79 per liter. Briefing the media in Islamabad this evening Advisor to Prime Minister for Finance Miftah Ismail said prices of petrol has …

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Singapore bar offers bitcoin New Year party package

SINGAPORE CITY: A Singapore bar that bills itself as the world’s highest cryptocurrency club is offering a New Year’s Eve package that includes a limousine pick-up and butler service — but it’ll cost you a whole bitcoin. Skyline, on the 45th floor of a skyscraper …

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