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Cash-strapped Pakistan to lease part of Karachi port to UAE for $220 million
Cash-strapped Pakistan to lease part of Karachi port to UAE for $220 million
Business and Economy
by  AFP

AD Ports Group of the United Arab Emirates (UAE) signed an agreement Thursday to take over the running of part of Pakistan's main Karachi docking facility in a deal worth an immediate $220 million, the company said. AD Ports Group has formed a joint venture with another UAE company, Kaheel Terminals, to take over berths from Karachi Port Trust (KPT), the state-owned handling agency.

US Fed official says more rate hikes necessary
US Fed official says more rate hikes necessary
Business and Economy
by  AFP

A senior US Federal Reserve official said Thursday that additional interest rate hikes are needed to tackle historically high inflation. "Nearly all FOMC participants expect that it will be appropriate to raise interest rates somewhat further by the end of the year," he said, adding that "a big majority" believe two additional hikes will be needed this year.