06292016Wed
Last update: Wed, 29 Jun 2016 05am

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Brexit heightens global uncertainty: China's Li TIANJIN: Britain's vote to leave the European Union has added new uncertainties to the global economy at a time when downward pressures on China are mounting, Premier Li Keqiang said Monday at a World Economic Forum meeting.Excess capacity, sluggish investment and waning demand weigh on the world's number two economy, Li said at the annual "new champions" meeting in Tianjin, a port city in northern China.Last week's British vote had already had an impact on international financial markets, Li, said, "adding new uncertainties to the world"."Due to the severe and complicated international environment and long-accumulated, deep-rooted domestic problems, the foundation of a stable Chinese economy is not solid," Li went on."There remain rather enormous downward pressures on the economy and the difficulties cannot be underestimated."But he also sought to reassure the audience, saying that China's recognition of the difficulties showed it had the "resolution" and "capabilities" to overcome them.China's economy, ...

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RECORDER REPORT: PSX mid day update KARACHI: On Monday, until mid day, KSE-100 Index was at 37215.88 with a negative change of 174.00 and volume of 57,568,260 shares.High and Low were 37503.96 and 37192.62 respectively. Total volume traded in the market was 76,814,030 shares with 214 total traded companies out of which 82 were up, 124 were down and 8 were unchanged.POWER GENERATION & DISTRIBUTION was the top traded sector with total traded volume of 35,313,700 shares. It was followed by ...

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Britain, Europe scramble to contain Brexit crisis LONDON: British Prime Minister David Cameron will gather his cabinet Monday at the start of a crunch week for Europe's leaders after the country's shock vote to leave the EU, seeking to head off further turmoil.Finance minister George Osborne will also break his silence and try to reassure financial markets following the momentous Brexit vote, which has fuelled fears of a break-up of the United Kingdom with Scotland vying for independence.US Secretary of State John ...

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China cuts yuan fix in biggest move since devaluation SHANGHAI: China weakened the yuan's fixing almost one percent to a five-and-half-year low against the dollar Monday, officials said, the biggest downward move since August as the greenback surge after Britain's vote to leave the European Union.The People's Bank of China (PBoC) set the value of the yuan -- also known as the renminbi -- at 6.6375 to the greenback, down 0.91 percent from Friday's fixing, according to data from the Foreign Exchange Trade System. ...

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Czech minister suggests Juncker should quit over Brexit PRAGUE: The Czech foreign minister on Sunday accused Jean-Claude Juncker of failing to try to stop Britain's departure from the bloc, suggesting the European Commission chief should quit."Right now I can't see the European Commission chairman as the right man for the job," Lubomir Zaoralek said in a debate on public Czech Television."I don't want to call on anyone (to quit), but... someone in the EU maybe should contemplate quitting, because (Brexit) is a responsibility ...