Stock markets have retreated again over worries of further US interest rate rises after the Federal Reserve defied Donald Trump to increase rates for the fourth time this year.

The EU has confirmed it is “actively investigating” a potential breach of its diplomatic communications network, following reports that secret cables had been stolen by hackers.

The Bank of England has welcomed a “crucial and positive” move by the EU to help keep a key part of the financial system functioning in the event of a “no-deal” Brexit.

A handful of banks will be forced to write multimillion pound cheques to buy shares in the construction giant Kier Group after some of its biggest investors snubbed the chance to take part in a £250m fundraising.

GlaxoSmithKline (GSK) is to merge its consumer healthcare unit with that of rival Pfizer, to create a new market leader with almost £10bn in annual sales.

 

Santander has been fined more than £30m for “serious failings” in processing the accounts of dead customers, the Financial Conduct Authority (FCA) says.

ENERGY TOP STORIES

UAE invited to invest in Pakistan’s energy sector

UAE-invited -to-invest-in -Pakistan’s -energy -sector

Federal Minister for Planning, Development & Reforms Makhdum Khusro Bakhtyar has publicly said that energy sector of Pakistan offers huge investment potential for the UAE

He singled out petrochemicals and hydel energy generation as potential-rich areas of the energy sector, and stated that the UAE can benefit from investing in these areas which will further expand the existing bilateral relations.

The federal minister expressed these views while talking to Ambassador of UAE Hamad Obaid Alzaabi. Secretary Planning Zafar Hasan was also present in the meeting.

The minister emphasized the cordial bilateral relations that Pakistan and UAE enjoy and elaborated on the need to further broaden the scope of partnership. He stated that there were many areas in which both countries could work together for gaining mutual benefit.

He also praised Pakistan on having investment friendly policies and the government’s commitment to attract foreign investment to put the national economy on growth trajectory in order to achieve its socio-economic goals and targets.

The federal minister appreciated UAE’s investment in PARCO and hoped that more avenues will be explored to further bilateral economic cooperation. The minister said that Pakistan will fully participate in EXPO 2020 being organized by UAE, adding that this will provide an opportunity to two countries to identify areas for future cooperation in diverse sectors.

The minister also called for further bilateral collaboration, via high level visits between the two countries. He noted that a large Pakistani diaspora in UAE was contributing in the development of the country as well as acting as a bridge between the two countries. He expressed optimism that UAE will also consider initiating humanitarian projects in South Punjab.

The ambassador of UAE  also praised the bilateral relations between the two countries and invited the federal minister to participate in a government summit which will be held in coming February.

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