Economy

Crude down in Asian trade

SINGAPORE: Crude prices slipped in Asia Monday amid caution over Europe hours ahead of the formal launch of a 500-billion-euro rescue fund for the embattled eurozone, analysts said. New York's main contract, light sweet crude for delivery in November...

US waives restrictions to allow $2bn aid

WASHINGTON, Oct 6: The United States has waived legal restrictions that could have blocked $2 billion of economic and military assistance to Pakistan. US Secretary of State Hillary Rodham Clinton has informed Congress that it was in America’s nation...

Ministry of Finance approves petroleum products price hike

ISLAMABAD: The Federal Finance Ministry approved a price hike on all petroleum products excluding the price of high speed diesel, which will be effective from midnight, DawnNews reported on Sunday. The price of petrol was expected to increase by Rs ...

Afghanistan imposes currency curbs in response to Iran rial dive

HERAT, Afghanistan: Afghanistan has imposed a cap on U.S. dollar flows across the border with Iran amid clashes there between Iranian police and protesters prompted by a collapse in the rial currency, Afghan police said on Thursday. The Iranian cur...

Pakistani politician buys Blair’s home

LONDON: A Pakistani politician has bought a house from former Prime Minister Tony Blair after outbidding dozens of millionaires who were vying to buy the house due to the political significance attached to the Edwardian property. Dr Ashraf Chohan, a ...

POL, CNG prices except diesel hike

ISLAMABAD: The ministry of finance Sunday approved the hikes in POL prices except diesel, which would be effective from tomorrow (Monday), following the OGRA notification, media reported. Petrol will be costlier by Rs3.04, while diesel price will be ...

Problems in recovery of Kabul Bank loans: Delawari

KABUL: The central bank said on Monday that $135 million of the loans issued by the New Kabul Bank had been recovered, but the sale of properties purchased abroad with the debts remained a challenge. Addressing a news conference in Kabul, Da Afghan...

Six die in Guatemala protests

TOTONICAPAN: Clashes in Guatemala between soldiers and Indians protesting hikes in electricity prices have left six people dead, officials said Friday. The clashes occurred Thursday after thousands of Indians blocked sections of the Pan American High...

SECP drafts new rules for sukuks

SYDNEY: The Securities and Exchange Commission of Pakistan (SECP)has issued new draft rules for the issuance of sukuk or Islamic bonds, as part of a range of initiatives to boost the Islamic banking sector in the country. Under the rules, released on...

New anti-graft party targets Gandhi clan

NEW DELHI: A new anti-corruption party accused the son-in-law of India's most powerful politician, Sonia Gandhi, of large-scale graft on Friday at a news conference targeting the country's famed ruling dynasty. Social activist Arvind Kejriwal, who la...

OMV inks deal for Pakistan gas field

VIENNA: Austrian oil and gas giant OMV announced Friday that it had signed a deal with joint venture partners ENI of Italy and Pakistan's PPL to develop the Latif gas field in the southern Pakistaniprovince of Sindh. "On October 4, 2012, OMV and its ...

SBP cuts policy rate by 50 basis points

KARACHI: State Bank of Pakistan has reduced the key discount rate from 10.5 percent to 10 percent in the Monetary Policy Statement (MPS) announced on Friday, media reported. The governor of the central State Bank of Pakistan, Yaseen Anwar, said the n...

Crude down in Asia on profit taking

SINGAPORE: Crude was down in Asia on Friday as traders took profit from an overnight rally ahead of the release of closely-watched US jobs numbers, analysts said. New York's main contract, West Texas Intermediate (WTI) light sweet crude for November ...

IMF warns Pakistan economy deteriorating

WASHINGTON: The International Monetary Fund (IMF) said Thursday that Pakistan's economic situation was worsening and faces a return to double-digit inflation as the government prints money to finance its deficit. In a mission report, the IMF said Isl...

Rupee dips all time low against dollar

KARACHI: The rupee sank to an all-time low against dollar Friday on high oil prices and forex reserve fears as the country repaid nearly $100.5 million on October 2 to the International Monetary Fund (IMF). High demand of dollar in the inter-bank mar...

Sindh CNG stations closed for 48 hours

KARACHI: Sindh CNG stations have been closed for two days effective 9.00 A.M. Friday morning, media reported. Sui Southern Gas Company Limited (SSGCL) said that CNG station all across Sindh have been closed for 48 hours effective 9.00 A.M. Friday. Th...

SC objects over Swiss letter draft

ISLAMABAD: The Supreme Court of Pakistan (SC) resumed hearing of the National Reconciliation Ordinance (NRO) implementation case and once again objected over the contents of the Swiss letter draft, media reported. A five-member bench of the apex cour...

All new bank branches bound to have ATM

KARACHI: State Bank of Pakistan (SBP) has made it mandatory for all banks operating in the country to add at least one Automated Teller Machine (ATM) in their network while opening a new branch in a Calendar Year (CY) from next year. This directive h...

KSE up as dovish monetary policy eyed

KARACHI: The main capital market closed higher on Thursday as investors awaited tomorrow's monetary policy announcement. The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.49 percent, or 76.75 points, higher at 15,788.96 on total volu...

Greenback presses rupee even lower

KARACHI: In the currency market, the rupee ended weaker at 95.35/95.55 to the dollar compared to Wednesday's close of 95.16/95.21. Overnight rates in the money market ended slightly higher at7.50 percent compared to Wednesday's 7.40 percent. (Reuters...

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