LONDON: Gold fell on Thursday after the dollar trimmed losses following US data that boosted prospects the economy may be recovering, and stock markets eased after earnings results from banks Goldman Sachs and Citigroup. A correction in stocks could boost dollar buying if risk aversion rises, analysts say, weighing on gold. Spot gold fell as low as $1,046.20 and was bid at $1,054.90 an ounce at 1454 GMT against $1,061.90 in New York on Wednesday.
Govt to buy back FWBL shares
By our correspondent
KARACHI: The government has decided to keep First Women Bank Ltd (FWBL) in the public sector by purchasing its shares from four private shareholder banks through the State Bank of Pakistan (SBP), FWBL President Shafqat Sultana said on Thursday. In a press release, she said shares would be bought from MCB Bank, Habib Bank, Allied Bank and United Bank.
EU, S Korea ink free-trade deal
BRUSSELS: The European Union and South Korea on Thursday signed a free trade deal that Brussels said would be worth 19 billion euros in new trade for EU exporters. The accord, signed in Brussels by EU trade commissioner Catherine Ashton and South Korean Trade Minister Kim Jong-hoon, removes virtually all tariffs between the two economies, a statement said. “This agreement is particularly important in the current economic climate, helping to fight the economic downturn and create new jobs,” said Ashton.
KSE de-lists Orix Bank upon merger
KARACHI: The Karachi Stock Exchange has decided to delist Orix Investment Bank Pakistan with effect from October 28. According to a KSE notice here on Thursday, Orix Investment Bank has been merged with and into Orix Leasing Pakistan Ltd and SECP had approved their scheme of merger last month.
Textile industry, ministers discuss energy matters
ISLAMABAD: Representatives of textile association on Thursday called on the Minister of Water & Power Pervez Ashraf and Minister of Petroleum & Natural Resources Syed Naveed Qamar to discuss energy linked matters relating to the textile sector. Textile Industry Minister Rana M Farooq Saeed Khan led the representatives’ association.
Accounting importance underlined
By our correspondent
LAHORE: ACCA Pakistan in collaboration with Small and Medium Enterprises Development Authority held a workshop at the Federation of Pakistan Chambers of Commerce and Industry here to educate SMEs about the importance of accounting and bookkeeping. According to an ACCA statement, more than 50 persons attended the workshop. Chairman Members Network Panel ACCA Pakistan, Asad Feroze, said: “ACCA Pakistan for the last three years has been involved in developing accounting and taxation skills and knowledge of SME managers as we believe that accounting records are a crucial component of decision-making. A business organisation owes its growth and its very existence to prudent and accurate financial decisions.”
PQ activity
KARACHI: The Port Qasim handled 41,285 tons of cargo, comprising 27,725 tons of import and 13,860 tons of export cargo during last 24 hours ended 0800 hours on Thursday. Berth occupancy was recorded at 73 per cent. Eight ships ACX Crystal, CMA CGM Coral, Sem Jong, Costanza, Jag-I, Alaska-II, Sichem Melbourne and Mire were loading/offloading containers, cement, sugar, sulphur, chemicals and furnace oil during the reported period.
BD mobile phone users hit 50 million
DHAKA: The total number of mobile phone users in impoverished Bangladesh has hit 50 million, making it one of the fastest growing telecom markets in the region, officials said on Thursday. The country’s telecoms regulator said mobile phone subscribers crossed 50.4 million at the end of September, meaning more than one in three people in one of the poorest countries in the world has a cell phone. Bangladesh issued its first mobile phone licence in 1993, but growth was slow in the first 10 years, with total subscribers reaching just 1.5 million in the early 2003.