Economy

President to ink IPI pact soon: Iran

TEHRAN: Iran foreign ministry spokesman has said that Pakistan President Asif Zardari will soon be inking an agreement on Iran-Pakistan-Iran (IPI) gas pipeline project. Talking to media persons here, Ramin Mehmanparast said there existed ample space ...

Domestic consumers face low gas pressure

ISLAMABAD: With the weather turning colder day by day, the pressure of the domestic gas seems to be dying down forcing the consumers to demand of the government to prioritizing the gas distribution mechanism to resolve their problems. Inconsistent ga...

No tax on incoming international calls

LAHORE: The Pakistan Telecommunication Authority has announced to abolish the tax on incoming international telephone calls. The PTA has issued a notification regarding abolishing the tax. The PTA has cancelled the agreement made with LDI operators o...

Crude oil prices fall

SINGAPORE: Crude prices fell in Asia Tuesday after data showed US manufacturing activity contracted last month, while dealers grow concerned at the lack of progress on a deal to avert the fiscal cliff. New York's main contract, light sweet crude for ...

Nokia Siemens selling optical fibre unit

FRANKFURT: Mobile telecoms equipment joint venture Nokia Siemens Networks, which is focusing on its core business, is to sell its optical fiber unit to Marlin Equity Partners for an undisclosed sum. Up to 1,900 employees, mainly in Germany and Portug...

Rupee eases against greenback

KARACHI: The rupee eased to 96.57/96.62 against the dollar, compared to Friday's close of 96.49/96.54, on weak demand for the local currency. Overnight rates in the money market ended at 7.00 percent compared to Friday's close of 9.50 percent. (Reute...

Karachi stocks shed last week’s gains

KARACHI: Equities market closed lower on Monday, as traders booked profits after the benchmark index hit record highs in each of the previous four sessions. The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 0.22 percent, or 35.88 poi...

CNG profits being over-reported: sellers

ISLAMABAD: Chairman All Pakistan CNG Association, Ghayas Paracha, Monday said that as the public was suffering from the unavailability of gaseous fuel so were the CNG sellers as they were also a part of it, Media reported. "We are also public. This c...

Dr Asim meets Ahmadinejad

TEHRAN: Advisor to Prime Minister on Petroleum and Natural Resources, Dr Asim Hussain, called on Iranian President Mahmoud Ahmadinejad, media reported. According to Iran’s state run TV, the minister held discussions with Ahmadinejad with special focu...

Asif calls for jobs for Pak cueists

SOPHIA, Bulgaria: Pakistani cueist Muhammad Asif who has now became the world champion said that winning a world title was not an easy job for him, media reported. Speaking to Geo News, he said that Pakistan could win more titles in the future if the...

Balochistan CM rejects Kala Bagh Dam

QUETTA: Balochistan Chief Minister Nawab Aslam Raisani has said that the decisions on Kala Bagh Dam and other major issues without evolving national consensus are unacceptable as they will undermine national solidarity, media reported. He suggested t...

Oil prices up in Asia on ME fears

SINGAPORE: Crude prices rose in Asia Monday after UN chief Ban Ki Moon warned that Israel's new resettlement plans would deal an "almost fatal blow" to any prospects for peace with Palestinians, analysts said. Israel's move is likely to heighten geop...

CNG stations closed for 3 days in Lahore

Lahore: CNG Stations have been closed in Lahore region for the next three days as part of Gas Load Management Plan, media reported on Monday. According to schedule the stations will remain closed till Thursday morning. Long queues of vehicles remaine...

IMF urges Pak to reduce budget deficit

WASHINGTON: The International Monetary Fund on Thursday urged Pakistan to reduce its large budget deficit to bolster the struggling economy's resiliency. Pakistan's growth remains too weak, underlying inflation is high and the trade balance is headin...

OGRA approves raise in gas tariff

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has given approval to an increase in gas tariff and sent the summary to ministry of petroleum. According to an OGRA official, the request to raise gas tariff was made by the gas companies. Sui So...

Dr Asim meets Iranian petroleum minister

TEHRAN: Advisor to Prime Minister on Petroleum and Natural Resources, Dr. Asim Hussain held meetings with the Iranian Petroleum Minister, Rostam Ghasemi, the Foreign Minister, Dr. Ali Akbar Salehi and Advisor to the President and Head of the Centre f...

Graduates taught launch business with success

Pakistan to get free ERP system from SwedenIslamabad: A three-day workshop aimed at helping fresh graduates launch their own businesses after getting training in Enterprise Resource Planning (ERP) concluded here today.The workshop conducted by three ...

Afghan graft buster vows to crack Kabul bank scandal

KABUL: The chief investigator probing Afghanistan's biggest financial scandal says he will stop at nothing to put the perpetrators in a multi-million dollar bank fraud behind bars. As a result, Judge Shamsul Rahman Shams worries for his own safety....

Afghan police 'ignored Interpol arrest warrant for Kabul Bank founder'

Sherkhan Farnood built up luxury property portfolio and lined pockets of senior officials from $900m in deposits, court hears Kabul: The founder of a failed Afghan bank that operated as a $900m (£560m) Ponzi scheme was wanted by Interpol for money-l...

Chinese return to Afghan mine project – minister

KABUL: Most of the roughly 170 Chinese workers who fled rocket attacks on the largest foreign investment project in Afghanistan have returned because of improved security, the Afghan mining minister said on Thursday. Officials had been trying to co...

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