Economy

Oil up in Asia on bargain hunting

SINGAPORE: Oil prices rose in Asian trade Monday as traders bought up cheap crude following a price plunge last week as investors waited for fresh economic data from China, analysts said. New York's main contract, light sweet crude for delivery in Ma...

Pakistan stocks close higher on oil, gas, food companies

KARACHI: Stoked by oil, gas, and food shares, Pakistan’s apex bourse, Karachi Stock Exchange (KSE) jumped on Thursday, gaining 220 points, media reported. According to closing stats the benchmark KSE-100 Index grew by 1.20 percent, or 220.24 points, ...

Asian shares pick up, dealers eye G20 meeting

HONG KONG: Asian markets rose on Friday at the end of a tough week for global equities and commodities as dealers keep an eye on a meeting of world central bank and finance chiefs in Washington. Investors seemed to brush off a second straight loss on...

Gold slide flashes warning signs for world economy

NEW YORK: The plunge in the gold price in the past week may have raised a big red flag over the global economy. Some top investors say the gold sell-off, and the broader declines in oil and metals prices, reflect the failure of the Federal Reserve an...

G20 urges global community to end banking secrecy

WASHINGTON: The Group of 20 economic powers on Friday urged the global adoption of standards for sharing bank account information in an effort to fight tax evasion and curtail banking secrecy. The G20 said they "strongly encourage" all countries to s...

Yen heads down in Asia

TOKYO: The yen edged down against other major currencies in Asian trade Friday as dealer focus on a meeting of G20 finance ministers in Washington, looking for reaction to Japan's huge easing measures. The greenback firmed to 98.46 yen in Tokyo from ...

Global shares, oil rebound after week's big sell-off

NEW YORK: World equity markets and oil prices rebounded on Friday in a relief rally after a sell-off this week that was triggered by signs of sluggish global growth. A lockdown and city-wide search for a suspect in the Boston Marathon bombing after a...

Swiss 'could adapt' to easing of bank secrecy: bankers

GENEVA: Swiss banks could adapt to a significant easing of their cherished secrecy practices, but only if global standards are created for information exchange to fight tax evasion, the head of the Swiss Bankers Association said in an interview publi...

Russian billionaire Usmanov tops Britain's rich list

LONDON: Russian billionaire Alisher Usmanov has topped an annual "rich list" compiled by Britain's Sunday Times newspaper, with a fortune of #13.3 billion ($20.3 billion). The 59-year-old tycoon, who started out manufacturing plastic bags, now owns R...

Afghanistan, Turkmenistan collaborate on railroad

ASHGABAT, Turkmenistan :Afghanistan offered Turkmenistan to construct a railroad line Imamnazar-Akina on Afghan territory, the State Information Agency Turkmen Dovlet Khabarlary reported on Friday. According to the report, authorized representative...

FBR gives clean chit to Shahbaz in three out of five cases

ISLAMABAD: The Federal Board of Revenue (FBR) has on the one hand given Punjab’s former chief minister Shahbaz Sharif a clean chit, but on the other declared him a non-filer of tax returns. According to an FBR report regarding tax default in 389 ele...

PIA to get first A-320 aircraft in June

ISLAMABAD: The first Air Bus A-320 will join the fleet of the national airline in June, while PIA will get four A-320 aircrafts by the end of this year, media reported on Saturday. PIA sources told that four medium capacities Air Bus A-320 are being ...

4,500 cartons of foreign cigarettes seized

LAHORE: New Anarkali and Mochi Gate police arrested five accused involved in business of foreign cigarettes and recovered 4,500 cartoons from their shops and godowns. The SP City received information that the accused were purchasing cigarettes of for...

US to expand military ties with India: Official

WASHINGTON: The US is looking forward to expand its military ties with India including a potential sale of the F-35 fighter aircraft, though no decision have been made so far, a top state department official said. "We have made tremendous progress in...

Pakistan stocks close higher on oil, gas, food companies

Oil up in Asian trade

SINGAPORE: Oil was up in Asia on Friday on market speculation the OPEC cartel would cut output ahead of a meeting next month to stop Brent crude prices -- which remained below $100 a barrel -- from falling further. New York's main contract, light swe...

Nokia cuts losses but sales continue to plummet

HELSINKI: Nokia continues to take a hammering in the smartphone market from rivals including Samsung and Apple, with sales for the handset maker falling by a quarter in the first three months of the year. Although the Finland-based company managed to...

Dollar dips against yen in Asia

TOKYO: The dollar dipped against the yen in Asian trade on Thursday ahead of a two-day meeting of finance ministers and central bank chiefs of the Group of 20 nations. The greenback fell to 98.08 yen, compared with 99.19 in New York late Wednesday. T...

Pakistan stocks close higher; rupee steady

KARACHI: Pakistani stocks closed higher on Wednesday after a steep fall of more than 350 points in the last two sessions, with renewed buying in Maple Leaf Cement and Engro helping the recovery, traders said. The Karachi Stock Exchange's (KSE) benchm...

Asian markets down

HONG KONG: Asian markets were down Thursday after losses on Wall Street, while dealers were also put off by a warning from Germany's central bank that Europe's debt crisis could continue for a decade. Gold slipped slightly as traders remain bearish o...

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