Fri, Aug 22, 2014, Shawal 25,1435 A.H : Last updated 1 hour ago
 
 
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Editor-in-Chief: Mir Shakil-ur-Rahman
 
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Eman Jeddy
KARACHI: The political unrest has potential to squeeze supply chain in the country, the State Bank of Pakistan said on Wednesday, fearing a persistent standoff can edge up headline inflation.
Annual inflation eased to 7.88 percent in July from ...
 
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Hina Mahgul Rind
KARACHI: The Port Qasim Authority (PQA) has signed an Implementation Agreement (IA) with a Chinese company to allot 200 acres of land for the development of two coal-based power plants of 660 megawatt each, the authority’s Chairman told the News on ...
 
 
Javed Mirza
KARACHI: The Central Depository Company (CDC) proposed on Thursday a concept of omnibus account to increase participation of retail investors in initial public offerings.
The withdrawal of group account facility in May 1, 2005 brought down the ...
 
 
Jawwad Rizvi
LAHORE: Pakistan Tehreek-e-Insaf and Pakistan Awami Tehreek protests and sit-ins affect the government adversely, and might even get in the way of achieving economic targets, State Minister, Privatisation Commission of Pakistan Chairman Mohammad ...
 
 

WASHINGTON: The number of Americans filing new claims for unemployment benefits fell more than expected last week, pointing to a sustained improvement in Labour market conditions.
Initial claims for state unemployment benefits declined 14,000 to ...
 
 
our correspondent
KARACHI: Pakistan’s foreign exchange reserves fell to $13.925 billion during the week ended August 15 against $14.264 billion a week ago, the central bank reported on Thursday.
Foreign exchange reserves held by the State Bank of Pakistan (SBP) ...
 
 
Huw Jones
LONDON: Government leaders are expected to agree in November that the world’s top banks must issue special bonds to increase the amount of capital which can be tapped in a crisis instead of calling on taxpayers to come to the rescue, industry and ...
 
 
Mansoor Ahmad
LAHORE: Microcredit will not yield desirable results until poor communities are mobilised to remove factors that promote poverty, philanthropists said.
Speaking at a workshop on poverty alleviation, they agreed empowering poor with small loans ...
 
 

KANSAS CITY: The time has come for the Federal Reserve to raise interest rates, a top US central banker said on Thursday, citing improvements in the labor market.
“I don’t want us to be behind the curve in beginning to normalize interest rates,” ...
 
 
Jonathan Cable and Xiaoyi Shao
LONDON/BEIJING: Business growth in China and across Europe slowed this month, surveys showed on Thursday, providing more evidence that the world economy is stuttering and may need more monetary stimulus to keep it going.
Euro zone private ...
 
 

WASHINGTON: Bank of America Corp has reached a $16.65 billion settlement with US regulators to settle charges that it misled investors into buying troubled mortgage-backed securities.
The settlement announced on Thursday by the US Department of ...
 
 

SAN FRANCISCO: Hewlett-Packard Co posted a surprise increase in quarterly revenue after sales from its personal computer division climbed 12 percent, but a flat to declining performance from its other units underscored the company’s uphill battle ...
 
 
our correspondent
LAHORE: The Institute of Chartered Accountants of Pakistan (ICAP) inaugurated its satellite office in Gujranwala on Wednesday, a statement said.
ICAP President Naeem Akhtar Sheikh inaugurated the newly-developed office of ICAP, it said.
“The ...
 
 

HONG KONG: Canadian retailer Alimentation Couche-Tard Inc and China’s Tencent Holdings Ltd are amon
g suitors short-listed to buy a $16 billion minority stake in China’s Sinopec Sales, the world’s largest fuel retail network, people familiar ...
 
 

SEATTLE: Former Microsoft Corp Chief Executive Steve Ballmer has left the software company’s board in order to spend more time on his newly acquired Los Angeles Clippers basketball team, but said he plans to hang on to his 4 percent stake in ...
 
 
Jonathan Cable
LONDON: Eurozone private business growth slowed more than expected this month, despite widespread price cutting, as manufacturing and service industry activity both dwindled, a survey showed on Thursday.
Eurozone economic growth ground to a halt ...
 
 

LAHORE: “PrintPak 2014 Exhibition will help create a positive image of Pakistan internationally. Its Exhibitor’s shall have the opportunity to showcase their innovative & technologically advanced Products and Services to the Business World of ...
 
 
Jonathan Spicer
NEW YORK: US regulators are sending some of the biggest global banks verbal warnings as they crack down on the firms’ poor grasp of their own weaknesses, and push for rapid improvements in risk assessment, according to two sources familiar with the ...
 
 

In recently announced B.Sc Results 2014 by Punjab University and Bahauddin Zakariya University, brilliant students of Punjab College, Saba Khalid and Momina Ishaq bagged first positions securing 700 marks and 692 marks respectively.
Moreover, ...
 
 
our correspondent
The Karachi Stock Exchange benchmark 100-share index closed up by 200 points on Thursday, as talks between the government and protesting parties kept the market upward by the midday, dealers said.
Fahad M Ali, an analyst at JS Research, said the ...
 
 
Johannes Wassenberg
We have been lowering our systemic support assumptions for banks or changing their outlooks to ‘negative’ to reflect the ongoing effort by governments to try to eliminate that support
—Managing director of banking at Moody’s credit rating agency ...
 
 

BEIJING: Hony Capital, the private-equity firm backed by Legend Holdings, said it bought a 20 percent stake in Chinese farm machinery maker Chery Heavy Industry Co Ltd for 696 million yuan ($113.3 million), seeking to profit from Beijing’s drive to ...
 
 
our correspondent
The rupee continued to weaken against the dollar on Thursday on account of heightened political uncertainty in the country, said dealers.
The rupee closed at 101.20, down 20 paisas to a dollar at the interbank foreign exchange market as ...
 
 
LSE

Bullish trend was witnessed at the Lahore Stock Exchange on Thursday, as the LSE-25 index recorded healthy gains with an increase of 73 points to close at 5,129 points, dealers said. Trading volumes were lower than recorded on the last trading day, ...
 
 
ISE

Bulls returned to the Islamabad Stock Exchange on Thursday, as the ISE-10 index gained 36.89 points to close at 4,535.13 points, traders said.
Total turnover amounted to 30,100 shares as compared to the previous volume of 58,700 shares.
Of ...
 
 

Pakistan Oilfields Ltd remained the hot stock with an increase of Rs4.59 per share.
POL’s 113,700 shares were traded, as it closed at Rs570.02 per share.
An analyst said POL witnessed investors’ interest, as political situation has started to ...
 
 

LONDON: Commodities group Glencore became the first of the large miners to honour promises to return cash to shareholders, announcing a share buyback programme of up to $1 billion as it reported forecast-beating first-half profit.
Diversified ...
 
 

Singapore
Gold extended losses to a fifth session on Thursday, sliding 1 percent to its lowest in two months, after the US dollar strengthened on indications from the Federal Reserve that it could raise interest rates sooner than expected.
A ...
 
 

New York
Brent slipped below $102 a barrel on Thursday, near a 14-month low hit earlier this week, as concerns over excess oil supply and slowing demand weighed on prices.
A survey on China’s factory activity showed that growth in the sector ...
 
 
our correspondent
Karachi
Price of cotton bounced back by Rs100 per maund (37.324 kilograms) to Rs5,600 per maund at the local open markets, as the demand for the commodity remained high, a dealer said on Thursday.
“Gap between demand and supply of cotton may ...
 
 

Washington
The long wait for final 2014 federal biofuel use targets has compounded troubles for US biodiesel producers already hit by the Obama administration’s preliminary plan to slash renewable fuel requirements.
Nearly nine months behind ...