Economy

India’s ex-Olympics boss pleads not guilty in graft trial

NEW DELHI: India’s former Olympics chief pleaded not guilty in court on Monday to an array of corruption charges related to his handling of the chaotic Delhi Commonwealth Games in 2010. Suresh Kalmadi, a lawmaker for the ruling Congress party, faces...

ADB to Fund $300m of Infrastructure Projects in 2013

Asian Development Bank said it will provide more than US$300 million to fund projects in Afghanistan in 2013, indicating the funds will be spent in three main areas. The three most prominent projects for the ADB are to import electricity from Turkm...

Losses caused by two RPPs: NAB report termed ‘deliberately flawed’

ISLAMABAD: If NAB investigations are to be believed, two of the five Rental Power Projects (RPPs) caused the national exchequer a loss of only Rs51.78 million. However, some NAB officials and other critics reject the figure as ‘peanuts’. According t...

Sindh’s water needs for Kharif sowing to be met

ISLAMABAD: Amid reopening of canals after a month-long closure, water shortage for the ongoing Rabi season has dropped from 17 to 13 per cent owing to better river flows and improved water management by provincial governments. As a result, the Indus...

Afghans stop 200 Pakistani containers

QUETTA: The Afghan border authorities have stopped over 200 Pakistani containers carrying food items to Turkmenistan and other Central Asian states under transit trade from entering Afghanistan via Chaman. Pakistani border authorities said on Sunday...

Iran vows to go ahead with pipeline project

KARACHI: Iran vowed on Saturday to go ahead with the gas pipeline project likely to be finalised with Pakistan despite pressure, mainly from the United States. “We know that there is some pressure from outside world, especially from the United State...

YDA protest continues

LAHORE: The protest of the Young Doctors Association continued in the public hospitals on the 18th consecutive day. However, the meeting of YDA Punjab is being held Saturday in Faisalabad to deicide the future plan if the Punjab government does not a...

Gas pipeline pact to cement ties: Iran

KARACHI: Adviser to Supreme Leader of Iran, Ali Akbar Velayeti has said that strategic cooperation between two brotherly Islamic countries of Pakistan and Iran is not only for mutual benefit but is also in the regional and international interest. Tal...

Pak to pay off $520m as IMF dues in Feb

ISLAMABAD: Pakistan will pay 520 million dollars against the International Monetary Fund (IMF) loan programme in two installments in the current month, media reported Saturday. Sources of the Finance Ministry told Geo News here that a payment of 140 ...

'EU budget talks will be very difficult'

BERLIN: Negotiations to thrash out the European Union's next seven-year budget will be "very difficult", German Chancellor Angela Merkel said Saturday, warning that it may take time to reach a deal. "We can't say yet whether the talks will succeed. I...

USC cooking oil price hiked by Rs9/litre

KARACHI: Utility Stores Corporation (USC) has raised the cooking oil price by Rs9.00 per litre, media reported Saturday. USC said that the cooking oil price has been increased to Rs164.00 per kilo from Rs155.00 per kilo, effective forthwith, said a h...

Pak inflation eased to 8.07 pct in Jan

ISLAMABAD: Pakistan's year-on-year inflation in January rose to 8.07 percent, the Pakistan Bureau of Statistics said on Friday. Year-on-year inflation in December stood at 7.93 percent. Prices rose 1.67 percent in January from December. Pakistan suff...

Facebook lets friends send gift cards

SAN FRANCISCO: Facebook on Thursday began letting social network members in the United States send friends gift cards for purchases at participating shops or restaurants. The move came as the world's leading social network seeks ways to expand how it...

FC seizes loads of drugs in Balochistan

QUETTA: The Frontier Corps (FC) struck a huge cache of narcotics during an operation in District Mashakeel of Balochistan on Thursday, media reported. According to FC spokesman, the securitymen taking action in Aago area of Mashakeel (Pak-Iran Border...

Superior courts judges salaries raised

ISLAMABAD: President Asif Ali Zardari, on the advice of the Prime Minister, has approved a 20 percent increase in the salaries as well as Superior Court Judicial Allowance of the Judges of the Superior Courts. According to the Presidential Order issu...

Oil prices rise in Asian trade

SINGAPORE: Oil prices were up in Asian trade Friday, buoyed by optimism over the US and European economies and data showing China's manufacturing activity continued to expand in January, analysts said. New York's main contract, light sweet crude for ...

Yen slips on Japan FM comments

TOKYO: The yen slipped further Wednesday after Japan's finance minister issued a stern denial over claims Tokyo was manipulating the unit, as traders keep an eye on a Fed meeting that wraps up later in the day. In morning Tokyo trade, the dollar gain...

Asian markets rise

HONG KONG: Asian markets climbed on Wednesday, with Japan's Nikkei leading the way, fuelled by continuing weakness in the yen and a powerful performance on Wall Street, where the Dow closed near its record high. Traders are keeping a close eye on the...

Economy grew by 3.7pc in FY12: SBP

KARACHI: Pakistan's economy witnessed a modest improvement in the fiscal year 2011-12 (FY12), as real GDP grew by 3.7 percent during the year under review compared with 3.0 percent in FY11, the annual report issued by the central bank said Wednesday....

Yen edges up in Asia

TOKYO: The yen logged modest gains on Thursday morning with few immediate trading cues and ahead of key US jobs data on Friday, but the currency remained under selling pressure, dealers said. In morning Tokyo trade, the dollar weakened to 90.83 yen a...

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