Economy

KSE tracks a global fall; rupee frail vs USD

KARACHI: Pakistan's stock market closed lower on Thursday after a correction in global stock markets. The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 0.15 percent, or 26.05 points, lower at 17,921.02. Telecom stocks like Pakistan T...

Oil prices rebound in Asian trade

SINGAPORE: Oil prices climbed in Asian trade Friday as following heavy losses in New York trade stoked by a rise in stockpiles and concerns about the global economy, analysts said. New York's main contract, light sweet crude for delivery in April gai...

Euro under pressure in Asia

TOKYO: The euro was under pressure in Asian trade Friday on continued investor pessimism over Europe's prospects, while speculation over an end to US monetary easing added to the trend. In midday Tokyo trade, the single currency bought $1.3205, edgin...

SBP to submit defaulters lists to ECP on Feb 26

ISLAMABAD: The Governor of State Bank of Pakistan (SBP) Thursday warned all the defaulting lawmakers to settle their matters with the banks before February 25, media reported. “The central bank will submit a final report on bank defaulters by Februar...

Tauqir Sadiq case: Pakistan’s UAE ambassador refuses to meet NAB team

DUBAI: Pakistan’s ambassador to the United Arab Emirates (UAE) has refused to meet the National Accountability Bureau (NAB) team who called on him to submit Tauqir Sadiq’s deportation documents. According to sources, when the NAB team arrived at the ...

‘US may impose sanctions on Pakistan over Iran gas deal’

Washington: The US seems annoyed over Pakistan’s plans to import Iranian gas to meet its increasing energy needs and may come up with economic sanctions on Islamabad. A US newspaper report said Washington would impose sanctions on Islamabad if its go...

India braces for nationwide strike

NEW DELHI: Millions of Indian workers were expected to join a two-day nationwide strike starting Wednesday in protest against "anti-labour" economic reforms introduced by the embattled Congress government.Premier Manmohan Singh has appealed to unions...

New York Times puts Boston Globe up for sale

NEW YORK: The New York Times, facing a difficult environment for newspapers in the digital age, announced Wednesday a plan to sell The Boston Globe and other New England assets.The Times said in a statement that it has hired Evercore Partners to advi...

Portugal police 'seize world's largest haul of counterfeit euros'

LISBON: Portugese police on Wednesday said they had confiscated a total of 380,200 euros ($505,000) in fake 200-euro notes, calling it "the world's largest seizure of counterfeit euros".The 1,901 fake banknotes were discovered in a police operation i...

Bulgarian protests lead to governments resignation

SOFIA: Bulgarian Prime Minister Boyko Borisov announced his government's resignation on Wednesday following days of sometimes violent street protests in the European Union's poorest member. The move paves the way for early elections, which had been d...

Cabinet approves Karachi-Hyderabad Motorway project

KARACHI: The federal cabinet has given approval for conversion of four-lane Karachi Hyderabad Super Highway into six-lane Motorway (M-9). Information Minister told media after a cabinet meeting that contract for building M-9 would be given to Frontie...

Euro gains in Asia on German data

TOKYO: The euro strengthened in Asian trading on Wednesday, boosted by a surge in a closely watched German confidence index as markets look ahead to elections in debt-hit Italy. The common European currency bought 125.69 yen and $1.3420 compared with...

Stocks at KSE maintain upward trend; close just below 18000

KARACHI: The prices of local equities at Karachi Stock Exchange (KSE) closed higher on Wednesday with rising turnover. The benchmark 100-share Index came close to 18,000 points due to continuous foreign buying. The main Index ended 0.73 percent, or 1...

Oil prices mixed in Asian trade

SINGAPORE: Oil prices were mixed in Asian trade on Wednesday as investors returned from a long weekend holiday in the United States and a chokepoint at an important US pipeline eased, analysts said. New York's main contract, light sweet crude for del...

Asian markets mostly up

HONG KONG: Asian markets mostly climbed on Wednesday, with dealers taking a positive cue from Wall Street and Europe, following a surge in investor confidence in eurozone powerhouse Germany. Japanese shares posted healthy gains as the yen softened an...

Almost $50 bn left Russia illegally in 2012: central bank

MOSCOW: Russia's central bank said on Wednesday that $49 billion had left the country illegally last year through capital flight, equal to 2.5 percent of the country's gross domestic product. Outgoing central bank chairman Sergei Ignatyev told the Ve...

Saleem Mandviwalla replaces Shaikh as Finance Minister

ISLAMABAD: Saleem Mandviwalla has replaced Abdul Hafeez Shaikh as the Finance Minister of Pakistan. Mandviwalla was previously serving as the State Minister for Finance. Shaikh resigned on Tuesday amid speculation that he might be offered an importan...

Cameron announces same-day visa service for Indian traders

NEW DELHI: British Prime Minister David Cameron announced a new same-day visa service for Indian business people, and said Britain would be "rewriting our rules on the high-level technology that we're prepared to share with our Indian partners". Came...

PM Ahsraf meets Finance Minister Shaikh

ISLAMABAD: Federal Finance Minister Abdul Hafeez Shaikh Tuesday called on Prime Minister Raja Parvaiz Ashraf. According to sources, the prime minister also met State Minister (Finance) Saleem Mandiwala after which it is expected that position of Fina...

Oil mixed in Asian trade

SINGAPORE: Oil prices were mixed in Asia on Tuesday after a holiday in the United States and data showing weaker oil exports from Saudi Arabia, analysts said. New York's main contract, light sweet crude for delivery in March rose 9.0 cents to $95.66 ...

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