Economy

Record decline in gold prices

KARACHI: All Sindh Sarafa Association recorded a Rs 3000 drop in gold prices per tola on Monday, bringing the price of gold to Rs 53,500 per tola. This is the biggest ever fall in gold prices to be recorded in one day. The price of gold in the intern...

Sindh CNG closure schedule issued for current week

KARACHI: All CNG stations in Sindh will remain closed from 08:00 am on Tuesday April 16, till 08:00 am on Wednesday, April 17, 2013 for 24 hours. Another shut down will be observed on Thursday April 18, 2013 from 08:00 am to Friday April 19, 2013 til...

Call for end to energy crisis

LAHORE: The caretaker government should take measures to tackle electricity loadshedding by providing oil to closed thermal power stations and check theft. These demands were made in a meeting of trade union representatives and workers under the aegi...

Transporters protest against transport department

PESHAWAR: Transports community onN Monday staged a protest demonstration against transport department and condemned the decision to change the route permits. The protesting demonstratorsM assembled at Sher Shah Suri road opposite Cantonment Railway S...

OGRA barred from issuing 200 CNG licences

ISLAMABAD: The Supreme Court pf Pakistan (SC) on Monday barred Oil and Gas Regulatory Authority (OGRA) from issuing 200 CNG licences, approved in the tenure of former prime minister Raja Pervaiz Ashraf, media reported. A three-member SC bench, headed...

New adviser, secretary finance appointed

ISLAMABAD: The caretaker federal government has appointed a new adviser for finance and federal secretary finance on Monday here, media reported. According to a federal government notification issued here, Dr. Shahid Amjad has been appointed as advis...

Power shutdown at Peshawar, Mardan, Charsadda notified

PESHAWAR: Due to necessary maintenance work, power supply will remain suspended from 132 KV Shahi Bagh Grid station on April 15 and 16 from 8 am to 12 pm; resultantly the consumers of 11 KV Faqirabad-1, feeders will face inconvenience. Power supply w...

China puts official with 46 mistresses in the dock

BEIJING: A senior official is being tried in a Chinese court for several cases of corruption and illegal income, which helped him to maintain 46 mistresses at different times and an entire building to house them. The official, Huang Sheng, is a forme...

World spent less on military in 2012: Swedish think tank

STOCKHOLM: The world spent less on weapons and military services in 2012 than the year before, the first annual drop since 1998, a Swedish think tank said on Monday. But despite the overall decrease, driven mainly by budget cuts in the Western countr...

US says China is not currency manipulator

WASHINGTON: The Obama administration on Friday declined to label China a currency manipulator, although it said that China's currency remains significantly undervalued. The decision came in a twice-a-year Treasury report on whether any nations are ma...

Asian shares fall on weak US sales; await China data

TOKYO: Asian shares fell on Monday after global equities and commodities slumped late last week on weak U.S. growth and rekindled worries in the euro zone, turning investor sentiment cautious ahead of a batch of Chinese data due later in the day. The...

Karachi industries to suffer 8-hrs of power cut every day

KARACHI: Owing to a reduced supply of gas to Karachi Electric Supply Company (KESC) industries would have to face power outages for at least eight hours a day henceforth, media reported. In an official statement issued, the power utility claimed faci...

IMF recognizes Somalia government after 22year break

WASHINGTON: The International Monetary Fund recognized the government of Somalia Friday, ending a 22-year break in relations that could lead to IMF technical and policy support to the country. "The International Monetary Fund today recognized the Fed...

Oil down in Asian trade

SINGAPORE: Oil prices fell sharply in Asian trade Monday after China's first quarter economic growth came in below expectations, with sentiment also weighed by forecasts of weaker global demand. New York's main contract, light sweet crude for deliver...

KESC complains short supply of gas, SSGC refutes

KARACHI: Karachi Electric Supply Company (KESC) Saturday complained of short supply of gas for its planned eight hours of load-shedding effective from today in the industrial areas here, while SSGC promptly refuted any cut in supply to KESC, media re...

PM forms committee for Pakistan Steel Mills financial bailout

ISLAMABAD: Prime Minister, Justice (Retd) Mir Hazar Khan Khoso on Friday constituted a three-member committee for preparing concrete and practical recommendations to overcome present financial woes of Pakistan Steel Mills (PSM). The committee consist...

IESCO issued power shut down notice

ISLAMABAD: The Islamabad Electric Supply Company (IESCO) on Friday announced power suspension programme for various areas of its region due to necessary maintenance and routine development work. According to IESCO Spokesman, the Power supply of the f...

COAS inaugurates projects in Bajaur, Swat

RAWALPINDI: COAS General Ashfaq Parvez Kayani visited Bajaur and Swat on Friday in connection with inauguration of projects completed under UAE Pakistan Assistance Programme (UPAP). According to the ISPR press release, the COAS inaugurated Technical ...

Asian markets mixed at end of strong week

HONG KONG: Asian markets took a breather Friday at the end of a strong week for equities and the dollar, but sentiment was buoyed by another record day for Wall Street fuelled by upbeat jobs data. Dealers are keeping tabs on the currency markets as t...

Power crisis: Rs20 bn couldn’t be released for furnace oil purchase

ISLAMABAD: The government failed to release Rs 20 billion to purchase furnace oil for power generation despite an approval granted in this regard by the caretaker Prime Minister Hazar Khan Khoso. The Interim Prime Minister had given a go ahead to the...

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