Thu, Oct 30, 2014, Muharram Ul Haram 05,1436 A.H : Last updated 1 hour ago
 
 
Group Chairman: Mir Javed Rahman

Editor-in-Chief: Mir Shakil-ur-Rahman
 
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Mehtab Haider
ISLAMABAD: A US-funded project, worth $28 million to support income of local entrepreneurs, failed to yield desired results in its stipulated timeframe, an international watchdog said on Wednesday.
“The project (Pakistan’s entrepreneurs) ...
 
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Shahid Shah
KARACHI: Oil and Gas Development Company Ltd (OGDCL), Pakistan’s largest listed firm, said on Wednesday its first quarter net profit fell 16 percent due to higher operating expenses.
The company said its net profit for the quarter ended ...
 
 
Javed Mirza
KARACHI: A new World Bank Group report finds that Pakistan has focused efforts on adopting modern electronic systems to facilitate business activity and implemented regulatory reforms, making it easier for the local entrepreneurs to do business in ...
 
 
our correspondent
KARACHI: The National Bank of Pakistan (NBP) on Wednesday reported 96 percent rise in its nine-month net profit because of sharp reduction in provisioning against nonperforming loans and rise in noninterest income.
In a statement to the Karachi ...
 
 
Mansoor Ahmad
LAHORE: Pricing committee of Drug Regulatory Authority (DRA)will discuss WHO’s external reference price mechanism for fixing retail rates of essential drugs in a meeting scheduled next week, though sources in the authority reveal majority members ...
 
 
our correspondent
KARACHI: The repatriation of profit by foreign investors having exposure in Pakistan increased by 16.7 percent to $235.5 million in July-September, which suggests economic and business growth in the country.
According to the figures issued by ...
 
 

LONDON: There is no need to panic at the recent drop in oil prices, the secretary general of OPEC said on Wednesday, saying low prices would curb competing supplies and require the group to pump far more by the end of the decade.
Abdullah ...
 
 
our correspondent
KARACHI: Islamic banking is growing at a much faster pace compared with the conventional banking, said a bank’s top official.
The Islamic banking is at a nascent stage, accounting for 10 percent of the total banking market share in the ...
 
 

PARIS: Sanofi’s board ousted its chief executive of six years at a special meeting on Wednesday, two days after it emerged he had fallen out with the French drugmaker’s chairman, wiping more billions off its market value.
The board said Sanofi ...
 
 

WASHINGTON: The US Federal Reserve on Wednesday is expected to shutter its bond-buying program, closing one controversial chapter in its crisis response even as it struggles to manage a full return to normal monetary policy.
The Fed is likely to ...
 
 

JAKARTA: Rising risks of deflation in major economies have renewed worries about global growth, but sliding prices for oil and other commodities should boost most of Southeast Asia.
In much of the region, “consumers are going to feel a lot ...
 
 

LONDON: Anyone betting on another “Great Rotation” of investment flows out of bonds and into stocks is in for disappointment: it’s not happening, and isn’t going to.
In a world where deflation, never the most fertile ground for equities, is a ...
 
 
our correspondent
ISLAMABAD: Kaiser Yousaf, a pioneer of the wholesale trade in Pakistan, retired on Wednesday from the board of Bestway Group.
The group wished him thank for his incredible contribution towards its business over the last 32 years.
Yousaf ...
 
 
News Desk
KARACHI: Aftab Anwar Baloch, chairman of the Export Processing Zones Authority (EPZA), called a meeting of Customs authorities on Wednesday at the EPZA head office to resolve the Customs issues pertaining to removal of wastage, invoicing, ...
 
 

NEW YORK: Long-struggling Japanese video game maker Nintendo Co eked out an unexpected quarterly operating profit as new game “Mario Kart 8” stoked sales of its Wii U console, bolstering hopes it was on track for its first annual profit in four ...
 
 
News Desk
KARACHI: Felix Airways will begin its air carrier services between Yemen and Pakistan from January 2015 to facilitate the passengers of the two countries, Felix Airways Customer Services and Operations Manager AbdulKarim Hamood H Al Khaliqi said on ...
 
 
News Desk
KARACHI: The 8th annual assembly of microfinance stakeholders will be held on November 25 2014 at the Movenpick Hotel in Karachi. The central theme of this year’s forum is “Microfinance is an idea whose time has come”, it is inspired by a famous ...
 
 
our correspondent
The Karachi Stock Exchange benchmark 100-index fell by 112 points on Wednesday after textile sector companies announced dismal results, dealers said.
Arhum Ghous, an analyst at JS Research, said profit-taking was witnessed, as foreign fund ...
 
 

It is likely the Fed will maintain its current stance of exercising prudence in consideration of any rate hike
—Analyst at Hanyang ...
 
 

SAN FRANCISCO: Facebook Inc warned on Tuesday of a dramatic increase in spending in 2015 and projected a slowdown in revenue growth this quarter, slicing a tenth off its market value.
The hefty spending plans exposed the first signs of stress in ...
 
 
LSE

Bears consolidated their grip on the Lahore Stock Exchange, as the LSE-25 index lost 43 points to close at 5,238 points on lower trading volumes, a dealer said on Wednesday.
Of the 90 companies traded, the value of 18 enhanced, 21 declined, ...
 
 
ISE

Bears reappeared at the Islamabad Stock Exchange on Wednesday, as the ISE-10 index lost 33.42 points to close at 4,113.79 points, traders said.
Of the 162 companies, which took part in the shares trading, 66 closed in the positive territory and ...
 
 

Oil and Gas Development Company Ltd remained the hot stock with a decline of Rs1.68 per share.
OGDCL’s 437,200 shares were traded, as it closed at Rs231.65 per share.
An analyst said the share price decline was due to lower-than-expected ...
 
 
our correspondent
The rupee gained 11 paisas against the dollar on Wednesday after the central bank reportedly intervened to support the local currency, a dealer said.
The rupee closed at Rs103.21/dollar in the interbank market against the last closing of ...
 
 

MOSCOW: An offer by Gazprom to help rival Rosneft salvage an Arctic oil project shows how tightly sanctions have bound Russia’s political and business elite together in the Ukraine crisis - an unintended consequence of the West’s punitive ...
 
 

Gold steadied near $1,230 an ounce on Wednesday, clinging to modest gains from the previous session, ahead of the next guidance from the Federal Reserve on whether it will hike US interest rates sooner or keep them lower for longer.
The Fed ...
 
 


Brent oil prices extended gains above $86 a barrel on Wednesday, supported by short-covering and drawdowns in US product stockpiles, as investors waited for news later in the day from a US Federal Reserve monetary policy meeting.
Data by ...
 
 
our correspondent
Karachi
Trade turnover of cotton declined by 26 percent to 20,200 bales (155 kilograms each) at the local markets after some of the textile mill-owners remained on the sidelines of the local markets, a dealer said on Wednesday.
“Shortage of ...
 
 

Southern Copper Corp’s net income fell 5.8 percent in the third quarter from the same period a year earlier on higher sales costs and a new mining tax in Mexico, the global miner said on Tuesday.
The company’s reported third-quarter net income ...