Economy

China mulls Gwadar-Rato Dero highway funding

ISLAMABAD: With fully prepared to take charge of strategic deep water Gwadar port formally this month or next, People’s Republic of China, Pakistan’s time-tested ally and all-weathers friend, now plans to extend financial aid to Islamabad for the con...

Pak-Iran gas deal: ADB sees no reason for sanctions

ISLAMABD: The Asian Development Bank has said there is no reason to impose sanctions on Pakistan over 75.2 billion Pak-Iran gas pipe line to overcome energy crisis. ADB country Director said Pakistan’s caretaker set up could hold talk with Internatio...

Pakistan stocks close lower; rupee strengthens

KARACHI: Pakistan's stock market closed lower on Friday, dragged down by sectarian and ethnic violence in commercial capital Karachi, traders said. After a seven-week bull run, the Karachi Stock Exchange's (KSE) benchmark 100-share index ended 0.16 p...

Andra Gandi Child Hospital to Receive Japan Aid

Japan and the International Organization for Migration (IOM) will give medical diagnostic equipment to the Andra Gandi Child Hospital in Kabul amid ongoing efforts to train the staff and equip the center. Medical equipment to the cost of $53,000 wi...

British PM announce £10m fund for Afghanistan mining program

British Prime Minister David Cameron has revealed to fund £10m to help exploit Afghanistan’s huge natural resources program, BBC reported. According to reports around $1-3tn worth of gold, gems, iron ore, and oil and gas lies underground in Afghani...

Pakistan lost Rs90 billion in electricity theft, line losses

ISLAMABAD: Pakistan lost Rs 90 billion during the last five years in electricity theft and line losses, the Senate, upper house of the Pakistani parliament was told on Friday. State Minister for Water and Power Tasnim Qureshi told the house that ‘a b...

RPP case: PM seeks independent investigation commission

ISLAMABAD: Prime Minister Raja Pervaiz Ashraf has written a letter to the Supreme Court of Pakistan stating that an independent investigation should be conducted into allegations against him in the Rental Power Projects (RPP) case. According to sourc...

CNG stations to remain closed on Friday

KARACHI: Sui Southern Gas Company (SSGC) has announced the schedule for closure of CNG stations for the current week according to which all the CNG stations in Sindh will remain closed from 08:00 am on Friday 8th March 2013 till 08:00 am on Saturday ...

Asian markets mostly rise

HONG KONG: Asian markets climbed on Friday following another record-breaking close for Wall Street's Dow Jones index, while Tokyo rose for a seventh straight session thanks to a weakening yen. The Japanese currency fell to a three-and-a-half-year low...

Karachi Stock Exchange comes to a flat end

KARACHI: The oil giant, Oil & Gas Development Company Limited (OGDC) and Muslim Commercial Bank (MCB) Thursday brought Karachi Stock Exchange (KSE) down to a flat close, media reported. The benchmark 100-Index closed 0.04 percent, or 7.54 points, low...

Oil prices ease in Asian trade

SINGAPORE: Oil prices fell in Asian trade Friday as the market awaited the release of US payrolls data amid lingering concerns over a prolonged budget stalemate in Washington, analysts said. New York's main contract, light sweet crude for delivery in...

Haj scam: IHC dismisses bail plea of Rao Shakeel

ISLAMABD: The Islamabad High Court on Friday dismissed bail plea of former director general Haj affairs Rao Shakeel in Haj corruption case, media reported. The court had reserved verdict after counsel for the accused completed his argument today. The...

Pakistan middle class fixes sights on China

ISLAMABAD: When Misbah Rashid taught Chinese 30 years ago, few signed up. Today her department has more than 200 Pakistani students, increasingly attracted by the prospect of an affordable education and a job. For decades, a foreign education was the...

Japan Delivers Further $117m in Aid to Afghanistan

Japan has agreed to fund a further $117 million in financial aid for development projects in Afghanistan, the Ministry of Foreign Affairs (MOFA) said Tuesday. Ministry officials said that four main projects will be funded by the new aid: road maint...

Pak-Iran pipeline in country’s interest: FO

ISLAMABAD: Foreign Office Spokesman Muazzam Khan said Thursday that the Pakistan-Iran pipeline project was in the interest of the country and President Asif Ali Zardari would be travelling to Iran on March 11. During the Foreign Office weekly press b...

US still has questions about Dreamliner

WASHINGTON: The US transportation secretary still has a "lot of questions" about Boeing's grounded 787 Dreamliner, indicating the aviation giant faces a tough battle to get the planes back in the air soon. "I have made it very clear that I want a tho...

Japan nominates senior finance official for ADB chief

TOKYO: Japan nominated a senior finance ministry official Thursday for the top job at the Asian Development Bank, as Tokyo looks to keep hold of a role it has held for almost 50 years. Tokyo said it had named Takehiko Nakao, vice finance minister for...

Asian markets mostly lower after recent gains

HONG KONG: Asian stock markets on Thursday mostly reversed gains from the previous day despite the Dow hitting another record on Wall Street, but Tokyo's Nikkei was further supported by a weak yen. Tokyo rose 0.85 percent, Hong Kong slipped 0.21 perc...

Oil prices mixed in Asian trade

SINGAPORE: Oil prices were mixed in Asian trade Thursday, with sentiment subdued by concerns a prolonged budget stalemate in the United States could hamper recovery in the world's biggest economy. Prices had already slipped in New York after US crude...

'Ready to face sanctions over gas project'

ISLAMABAD: Advisor to PM on Petroleum, Dr. Asim Hussain has said that Pakistan is ready to face any kind of US sanctions over Pak-Iran gas pipeline project, media reported. Speaking to media after signing an accord between OGDCL and fertilizer compan...

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