Economy

PSO likely to default on payments to suppliers

KARACHI: Pakistan State Oil (PSO) will likely default on payments to its international fuel suppliers if it fails to arrange Rs15 billion today, media reported. According to reports, last week, the PSO had urged the federal government to release Rs15...

Dollar firm in Asia ahead of G20 talks

TOKYO: The dollar held firm in Asian trade Thursday while the yen slipped ahead of the outcome of a Bank of Japan policy meeting and the start of G20 talks where the forex market may top the agenda. The dollar fetched 93.50 yen in Tokyo midday trade ...

Hollande pushes $12bn jet deal with India

NEW DELHI: French President Francois Hollande embarked on a fresh push Thursday to clinch a $12-billion sale of Rafale fighter jets as he held talks in India on his first visit to Asia since taking office. The Socialist president was accompanied by a...

Ex-OGRA Chairman, sent to Abu Dhabi Central Jail

ABU DHABI : The former Chairman Tauqeer Sadiq has been shifted to the Abu Dhabi central jail, media reported. According to sources, Sadiq had arrived in the UAE on a visa sponsored by the owner of a bakery. The owner has confirmed that Tauqeer Sadiq ...

Pakistan to get Rs10.78bn Chinese locomotives

LAHORE: Pakistan and a Chinese company have finalized an agreement under which the former will buy 50 locomotives from the latter at a cost of Rs10.78 billion. According to the Chinese company, it will supply 25 locomotives to Pakistan later this yea...

Shahbaz claims transparency in Punjab projects

BUREAWAL: Punjab Chief Minister Shahbaz Sharif has said he would be liable to be grabbed by his collar if anybody proved corruption in development work being carried out in Punjab. Speaking at a public rally on Wednesday, the chief minister claimed n...

President Zardari for early completion of Pak-Iran gas project

LAHORE: President Asif Ali Zardari on Wednesday said Pakistan attached great importance to early completion of Pak-Iran gas pipeline project in view of energy crisis in the country. The President called for stepping up efforts for early completion of...

Pakistani stocks close higher, rupee firms

KARACHI: Pakistan’s stock market closed higher on Wednesday, led by interest in telecoms and the energy sector. The Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 0.48 percent, or 85.05 points, higher at 17,696.45. Pakistan Telecomm...

US markets nudge up, Dow eyes all-time high

NEW YORK: Stocks closed modestly higher on Tuesday, putting the Dow within striking distance of an all-time high, as investors looked ahead to President Barack Obama's State of the Union address. Investors will be listening to Obama's speech for any ...

Oil prices up in Asian trade

SINGAPORE: Oil prices rose in Asia on Wednesday, with investors keeping to the sidelines ahead of US President Barack Obama's closely watched State of the Union address, analysts said. New York's main contract, light sweet crude for delivery in March...

Asian markets mostly up

HONG KONG: Asian markets were mostly higher Wednesday, with Sydney hitting a near three-year high, but Tokyo sank on profit-taking and as the yen picked up strength against the euro and dollar. The Japanese currency picked up after a Group of Seven s...

PSO cuts fuel supply to PIA over dues

KARACHI: Pakistan State Oil (PSO) has halted fuel supply to Pakistan International Airlines (PIA) over non-payment of dues, media reported. According to PSO, the national airline is to pay dues of Rs1.20 billion rupees, adding due to this non-payment...

Questions raised over Yahoo-Microsoft search deal

SAN FRANCISCO: Yahoo Inc Chief Executive Marissa Mayer said the company's search partnership with Microsoft Corp was not delivering the market share gains or the revenue boost that it should. "One of the points of the alliance is that we collectively...

Swiss AG says cases dismissed: Farooq Naek

ISLAMABAD: Pakistan Federal Minister for Law, Farooq H Naek, quoting the Swiss attorney general, has said that 'the cases' have been dismissed and they (cases) could never be reopened in future. Speaking to media in connection with the letter sent to...

KSE 100-share Index gains 62 points to close at 17,611

KARACHI: Equities prices at Karachi Stock Exchange (KSE) closed higher on Tuesday in a rally led by the banking sector, traders said. The KSE benchmark100-share index ended 0.36 percent, or 62.86 points, higher at 17,611.40. National Bank of Pakistan...

India removes telecom case prosecutor over leaked tape

NEW DELHI: Indian police have removed a key prosecutor in the country’s biggest corruption trial after he was allegedly heard on a leaked tape discussing courtroom strategy with the accused. India’s CNN-IBN news channel aired a recorded conversation...

Australian broadcaster not to cover India Tests

SYDNEY: Australia's public broadcaster Tuesday said it will not broadcast or report live from the upcoming cricket Test series in India after deciding not to pay inflated rights fees. The ABC said it could not afford the broadcast rights fees demande...

Oil prices mixed in Asian trade

SINGAPORE: Oil prices were mixed in Asia Tuesday as dealers trod cautiously ahead of US President Barack Obama's State of the Union speech and as eurozone finance ministers discuss a debt bailout for Cyprus. Talks of a currency war as Japan loosens m...

US stock markets end a quiet session

NEW YORK: Stocks ended a quiet session with slight moves on Monday as investors found few reasons to keep pushing shares higher following a six-week advance, though the longer-term trend was still viewed as positive. The benchmark index is up more 6....

Asian markets mixed

HONG KONG: Asian markets mostly rose in holiday-thinned trade Tuesday, as reports that North Korea had possibly carried out a nuclear test spooked investors early on but Seoul pared initial losses. Tokyo was boosted by a weaker yen while Sydney was a...

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