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US Congressmen Speak Against IMF Bailout to Pakistan to Repay Chinese Debt
A number of US lawmakers have voiced their concerns over the multi-billion bailout package that Pakistan has sought from the International Monetary Fund (IMF) to repay the “Chinese debt” accumulated under China Pakistan Economic Corridor (CPEC). In a letter to
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Saudi Arabia To Cut Its Oil Exports By 10% Following Price Slide
Sauid Arabia announced on Wednesday it would cut its oil exports by 800,000 barrels per day (bpd) in January and would do a further cut of 100,000 bpd in February. The OPEC kingpin is taking this step to shore up
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Nigeria Likely to Lose $6bn From Fraud Oil Deal
Italian company Eni and Anglo-Dutch company Shell are accused of being involved in a corrupt oil deal that could lead Nigeria to losing USD 6 billion. The scandal involves former MI6 officers, the FBI, a former President of Nigeria, as
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Trump Declares List of 10% Tariffs on $200bn in Chinese Goods
The Trump administration on Tuesday released a list of 10 percent tariffs on $200 billion in Chinese goods, which will undergo a two-month review process, with hearings Aug. 20-23. For over a year Trump administration has warned China to put
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SAARC Development Fund Plans Tapping Financial Markets
SAARC Development Fund (SDF), the umbrella financial institution for projects in SAARC member countries, is working on a clear road map to strengthen its credit portfolio and tap the financial market, before converting itself to a full-fledged SAARC Development Bank,
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India Inaugurates Major Hydropower Dam Despite Objections from Pakistan
Indian Prime Minister Narendra Modi inaugurated a major hydropower dam in Jammu and Kashmir on Saturday. The hydropower plant, Kishanganga, faces major opposition from Pakistan who alleges the plant will disrupt water supplies in the neighbouring country. The Pakistani officials claim that
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WhatsApp co-founder to quit over clash with Facebook
WhatsApp chief executive and co-founder Jan Koum is to quit the popular messaging service. In his statement Mr Koum said: “It’s been almost a decade since Brian [Acton] and I started WhatsApp, and it’s been an amazing journey with some
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Trump releases $4 trillion budget plan
President Donald Trump released his $4 trillion-plus budget plan today, which includes his long-awaited infrastructure project and seeks funding for a border wall, opioid treatment, and veterans’ health. The White House is proposing $200 billion in federal spending over the
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Apple unveils iPhone 8 and 8 Plus
Apple officially unveiled the iPhone 8 and 8 Plus models today featuring with faster processors, a True Tone display and upgraded cameras. One of the biggest changes in the latest model is its glass back in order to enable one
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EU and ITC launch EuroMed Trade Helpdesk to boost trade in Mediterranean region
The European Commission and the International Trade Centre (ITC) today launched the EuroMed Trade Helpdesk. By providing businesses with essential information about markets, tariffs and import requirements, the Helpdesk aims to strengthen economic ties between the European Union and nine
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OECD ups global growth forecast to six-year high
The Organization for Economic Cooperation and Development (OECD) predicts the global economy growth rate at 3.5%, its highest in six years. The global economy is set to grow 3.5 percent in 2017, followed by an increase to 3.6 percent in
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These famous people will make you rethink your future!
Jack Ma -Failed to get a job even after trying 30 times. Was the only one rejected by KFC out of the 24 interviewees -Failed twice during his school exams, thrive during his university entrance exam and rejected 10 times
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US government accused of unauthorized access to international bank transfers
A hacking group has leaked information on a huge range of security weaknesses, which may have given the US National Security Agency access to monitor money flows among some Middle East and Latin American banks. The hackers, called Shadow Brokers,
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Scottish economy slumps while rest of UK economy grows
Scotland’s Chief Statistician has recorded a 0.2% decline in the country’s economy in the last quarter of 2016. In contrast, the rest of the UK economy grew by 0.7% during the same period. The Scottish economy has witnessed a drop
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US isolates North Korea’s economy for pursuing nuclear weapons
The United States government hit North Korea with more sanctions on Friday for pursuing nuclear weapons. As many as 11 North Korean businesses and an industrial firm are facing the brunt of the sanctions, including Paeksol Trading Corporation, for acquiring
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Apple opens its first App Accelerator outside of the US
Apple has launched its App Accelerator in Bangalore, India, to help meet the needs of customers in India and around the world. India is the first country outside the US where Apple has set this facility up. “In just the
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UAE wants to build a city in Mars
Emir of Dubai Sheikh Mohammad Bin Rashed Al Maktoum said he wants to build a miniature city on Mars in the next 100 years. He made the announcements at the World Government Summit and said an Emirati scientific team will
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Asian Infrastructure Investment Bank, SAARC Development Fund to co-fund projects in SAARC Region
A delegation of AIIB led by Sir Danny Alexander, Vice President & Corporate Secretary visited the SAARC Development Fund Secretariat in Thimphu, Bhutan in order to discuss possible areas of joint collaboration. Dr. Sunil Motiwal , Chief Executive Officer, SAARC
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Modi demonetizes Rs 500 & 1000 notes
Indian Prime Minister Narendra Modi announced demonetization of Rs 500 & 1000 currency notes effective midnight in an effort to tackle fake currency, black money. Modi said people holding notes of Rs 500 and Rs 1000 can deposit the same
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Apple releases the much awaited iPhone 7
Apple’ CEO Tim Cook revealed the brand new iPhone 7 and 7 Plus in San Francisco at an event on Wednesday night. iPhone 7 comes with a rounded aluminum body in a darker black color scheme and features including water
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India – the most open economy in the world for FDI
The Government of India has announced a very liberalized new Foreign Direct Investment (FDI) Policy and with the changes in the FDI Policy, India is now the most open economy in the world for FDI. The new amendments seek to
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SAARC Development Fund & SAARC Chamber of Commerce working together for regional integration
Dr. Sunil Motiwal, CEO of SAARC Development Fund (SDF) and Suraj Vaidya, President of SAARC Chamber of Commerce and Industry (SCCI) have jointly announced to work together for regional integration and economic cooperation among the SAARC Member States through project
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ADB & SAARC Development Fund have signed MoU for the development of SAARC Region
Dr. Sunil Motiwal , Chief Executive Officer, SAARC Development Fund has confirmed that Asian Development Bank (ADB) and SAARC Development Fund (SDF) have signed an MoU and agreed to: Collaborate for the development of the SAARC region through co-financing of
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Germany protests against trade deal between EU-US
Thousands of Germans protested against the a proposed Transatlantic Trade and Investment Partnership (TTIP) deal that is being negotiated between the US and EU leaders. More than 30,000 rallied on the streets of Germany city of Hannover, carrying placards with
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Civil rights icon Harriet Tubman to replace President Jackson on $20 bill
The US Treasury Department is set to announce Wednesday that civil rights icon Harriet Tubman is going to replace former President Andrew Jackson on USD 20 bill. Last year, reports had circulated from the Treasury Deartment that Alexander Hamilton, who
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