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Pak central bank slashes benchmark interest rates to a 42-year low of 7%

Pakistan's central bank slashed the benchmark interest rates to a 42-year low of seven percent, hoping to stimulate growth in the long dormant economy. Ashraf Mahamood Wathra, the Governor of the State Bank of Pakistan yesterday told a press conference in Islamabad that the apex bank is cutting...


India's forex reserves touch record high at US $353.8 billion

Country's foreign exchange reserves surged by 1.7 billion US dollars to touch a record high of 353.8 billion dollars in the week to May 15, helped by the increase in foreign currency assets. According to the RBI data released yesterday, in the previous week, forex reserves had risen by 262.4 mil...


HP sells stake in China unit for $2.3 billion

US tech giant Hewlett-Packard is selling a 51 percent stake in its Chinese server business for 2.3 billion dollar to Tsinghua Holdings. The deal brings together Hewlett-Packard with the investment arm of China's Tsinghua University in a joint venture called H3C, worth 4.5 billion dollar. The new...


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