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Opec oil production falls as Saudi Arabia slashes output

PARIS: Global oil cartel Opec said Tuesday it sharply reduced crude oil production last month, after heavyweight Saudia Arabia slashed output and exports fell in crisis-hit Venezuela. In its monthly report, Opec said it produced 797,000 fewer barrels per day in January than in the previous month, a decrease in line with the cartel’s pledge to…
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Trade friction, growth worries keep dollar near 2019 highs

SINGAPORE: The dollar held steady versus its peers on Tuesday, hovering close to its 2019 high as U.S.-Sino trade tensions and global growth worries underpinned the greenback’s safe-haven appeal. Investors are focusing on high-level trade talks in China this week where Washington is expected to keep pressing Beijing on long-standing demands that…
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Moody’s changes Pakistan banking system outlook to negative

Moody’s Investors Service has changed its outlook for the banking system in Pakistan (B3 negative) to negative from stable. “Over the next 12-18 months, banks in Pakistan will see their credit profiles challenged by their high exposure to the country’s low-rated sovereign debt and a slowing economy,” Constantinos Kypreos, Moody’s Senior Vice…
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New York Grand Hyatt, Trump’s first big project, faces demolition

NEW YORK: A New York developer and a partner plan to demolish the Grand Hyatt New York, the hotel that launched US President Donald Trump’s real estate career in Manhattan decades ago, the two companies said on Thursday. Developer TF Cornerstone and MSD Partners, which manages the assets of Dell Technologies founder Michael Dell and his family,…
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Loan repayments may force Pakistan to go to IMF

ISLAMABAD: With a huge repayment of over $5 billion approaching in the next six months, Pakistan may be compelled to take a bailout package from the International Monetary Fund (IMF). According to sources, repayment of over $700 million would be made to multilaterals from January-June 2019, which includes over $500 million principal amount and…
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‘US, China committed to reaching trade deal by deadline’

WASHIGNTON: Both sides in the US-China trade WASHINGTONns are making a “big commitment” to reach an agreement by the March 1 deadline, US Treasury Secretary Steven Mnuchin said Wednesday. President Donald Trump and Chinese leader Xi Jinping agreed to a 90-day truce in the ongoing trade war, but US tariffs on $200 billion in Chinese imports are…
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