Wed, Apr 23, 2014, Jumadi-al-Sani 22,1435 A.H : Last updated 1 hour ago
 
 
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Editor-in-Chief: Mir Shakil-ur-Rahman
 
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Erum Zaidi
KARACHI: Government borrowing from the State Bank of Pakistan (SBP) for the budgetary support increased by 241 percent during the nine-and-a-half months of the current fiscal year, official data revealed on Tuesday.
Economists warned that the ...
 
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Shahnawaz Akhter
KARACHI: The Federal Board of Revenue (FBR) has identified that the sales tax during the fiscal year 2012-13 has been collected at the effective rate of 3.2 percent against the actual rate of 16 percent, official data revealed on Tuesday.
The ...
 
 
Khalid Mustafa
ISLAMABAD: State Bank of Pakistan (SBP) Acting Governor Ashraf Mahmood Wathra said on Tuesday that the International Monetary Fund (IMF) wants more autonomy for the central bank.
He was talking to the Senate Standing Committee on Finance. ...
 
 
our correspondent
ISLAMABAD: Japan will soon announce a loan programme worth five billion yen for the energy sector reforms in Pakistan, a statement said on Tuesday.
This has been stated by Hiroshi Inomata, ambassador of Japan to Pakistan, in a meeting with ...
 
 
our correspondent
ISLAMABAD: The SECP’s Enforcement Department — while implementing compliance of corporate and allied laws — initiated 86 show cause proceedings and concluded 54 proceedings against chief executives, directors and auditors of companies during ...
 
 
Khalid Mustafa
ISLAMABAD: The government is in the process of preparing a new batch of commercial counselors for 2015, Commerce Minister Khurram Dastgir told The News on Tuesday.
Local educated young people will be hired in major economies to explore the ...
 
 
Javed Mirza
KARACHI: K-Electric and Sui Southern Gas Company (SSGC) have signed an agreement for stable gas supply and re-payment of outstanding amounts, according to a letter issued by KE to the Karachi Stock Exchange on Tuesday.
“Signing this agreement is ...
 
 
our correspondent
MCB announces interim cash dividend of Rs3
KARACHI: MCB Bank Limited announced its first quarter 2014 result on Tuesday, posting a profit-after-tax of Rs5.5 billion (earnings per share of Rs4.95), down by four percent on year-on-year basis, a ...
 
 
Munawar Hasan
LAHORE: Private manufacturers managed to sell about 25 million sub-standard polypropylene bags to provincial Food Department for procurement drive 2014, inflicting a loss of millions to Punjab government, the News learnt on Tuesday.
Officials in ...
 
 

NEW YORK: McDonald’s Corp posted a lower quarterly profit on Tuesday as high beef costs bit into margins and fewer customer visits resulted in a bigger-than-expected decline in sales at the fast-food chain’s established US ...
 
 
our correspondent
ISLAMABAD: A high-powered committee headed by Finance Minister Ishaq Dar on Tuesday examined the existing concessionary regime for identification of concessions or exemptions which could be rationalised, simplified, minimised and/or deleted in ...
 
 

KARACHI: Bahria Town (Pvt.) Ltd has announced its decision to provide home insurance (inclusive of apartments) to residents with effect from May 1, according to a press release issued by the builders. A contract signing was held at Bahria Town ...
 
 

BRUSSELS: The European Commission has approved Suntory Holdings’ $13.6 billion purchase of US peer Beam Inc, making the Japanese company the world’s third-largest spirits producer.
The deal brings together Beam’s brands including Jim Beam ...
 
 

CALIFORNIA: General Motors Co filed a motion in a US court to enforce an injunction contained in its sale order, which GM says bars plaintiffs from suing the reorganized company for any claims related to its predecessor.
“May New GM be sued in ...
 
 
our correspondent
LAHORE: The Farmers Associates Pakistan (FAP), after discussions with the Multan Mango Grower Association (MMGA) felt that the European Union standards regarding mangoes could be followed easily.
Exporting mangoes to the EU is easier unlike ...
 
 
Mansoor Ahmad
LAHORE: With the expected decline in the cost of doing business, the impact of rupee revaluation on exports will be toned down, said the official sources in the Ministry of Finance on Tuesday.
Therefore, it will be unwise to announce any ...
 
 

15th Convocation of the University of Central Punjab was held at Expo Center, Lahore in a graceful ceremony. Governor Punjab, Chaudhry Muhammad Sarwar graced the occasion with his presence as Chief Guest. A total number of 507 young men and women ...
 
 

Students of The Islamia University of Bahawalpur (IUB) on their annual field trip, visited Lahore this year. The itinerary included a visit to ACCA. These students were taken to SKANS School of Accountancy, an ACCA approved learning partner awarded ...
 
 

LOS ANGELES: Video streaming service Netflix Inc said it intends to raise its subscription price for new customers by $1 or $2 a month to help the company buy more movies and TV shows and improve service for its 48 million global ...
 
 

ZURICH: Swiss drugmaker Novartis is transforming its business by exchanging certain assets with GlaxoSmithKline and divesting its animal health business to Eli Lilly in deals worth billions of dollars.
The revamp, announced on Tuesday, is the ...
 
 
our correspondent
The Karachi Stock Exchange benchmark 100-index closed higher by 313 points on Tuesday to close at 29,192 points on foreign interest in oil and banking sectors, dealers said.
Ahsan Mehanti, an analyst at Arif Habib Corporation, said the stocks ...
 
 
Yujiro Goto
Euro-dollar is likely to trade with a weaker bias this week given the German IFO and Draghi’s speech coming up



—Currency analyst at ...
 
 
our correspondent
The rupee continued to drop its value against the dollar and breached the level of 98 in the interbank market on Tuesday, currency dealers said.
The interbank forex market moved in the band of 98.12 and 98.15 during the entire trading session. ...
 
 

LONDON: The world´s first deep sea mining robot sits idle on a British factory floor, waiting to claw up high grade copper and gold from the seabed off Papua New Guinea (PNG) - when a wrangle over terms is solved.
Beyond PNG, in international ...
 
 
LSE

The Lahore Stock Exchange recovered two-thirds of the losses on Tuesday it incurred a day ago, adding 45 points in the LSE-25 index to close at 5,490 points, dealers said.
Trading volumes were higher than the volumes recorded on the last trading ...
 
 
ISE

Bullish trend was witnessed at the Islamabad Stock Exchange on Tuesday, as the ISE-10 index gained 22.34 points to close at 4,550.13 points, traders said.
Total turnover amounted to 276,500 shares as compared to the previous volume of 20,700 ...
 
 

MCB Bank Limited remained the hot stock with an increase of Rs5 in its share price.
MCB’s 1.13 million shares were traded, as it closed at Rs283.81 per share. An analyst said that MCB received buyers’ interest after announcing its financial ...
 
 
our correspondent
With a fresh increase of 50 paisas, the price of wheat has surged by a total of Rs2 per kilogram in the wholesale market in the last 10 days to Rs33 per kilogram on Tuesday, a trader said.
“The 10 days of increase in price are those in which the ...
 
 

Singapore
Gold recovered from early losses on Tuesday as the dollar gave back some gains, but sentiment among investors continued to be fragile on further outflows from bullion-backed funds.
Geopolitical tensions in Ukraine failed to lift ...
 
 

Singapore
Brent futures held near a six-week high above $110 a barrel on Tuesday on worries a pact to calm tensions in Ukraine was faltering, although expectations of a gain in US crude stockpiles weighed on prices.
US and European officials ...
 
 
our correspondent
Karachi
Trading activities at the local cotton markets remained sluggish since slowdown in the sale of cotton yarn was not allowing majority of spinning mill-owners to make fresh buying of cotton these days, a dealer said on Tuesday.
Traders ...
 
 

New Delhi
India’s local fuel sales increased at their slowest pace in more than a decade in the year to March, reflecting the sluggish growth of its economy and manufacturing activity.
India’s economic growth has almost halved to below 5 ...