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Archive - 2016-12-02
SBP injects Rs670.8bn into market
Top News

SBP injects Rs670.8bn into market

KARACHI: State Bank of Pakistan on Friday injected Rs 670.8 billion into money market for seven days through its open ma
Published 02 Dec, 2016 10:42am
PVMA ends strike

PVMA ends strike

The Pakistan Vanaspati Manufacturers Association (PVMA) announced to end its ongoing strike after successful negotiations with the government representatives on Thursday. PVMA representatives led by its Chairman Izaz A Malik held talks with Punjab Food Mi
Published 02 Dec, 2016 12:00am
PVMA ends strike

PVMA ends strike

The Pakistan Vanaspati Manufacturers Association (PVMA) announced to end its ongoing strike after successful negotiations with the government representatives on Thursday. PVMA representatives led by its Chairman Izaz A Malik held talks with Punjab Food Mi
Published 02 Dec, 2016 12:00am
Dar asks PC, MoIP to resolve PSM issues

Dar asks PC, MoIP to resolve PSM issues

Federal Minister for Finance Senator Ishaq Dar on Thursday directed the Privatisation Commission (PC) and Ministry of Industries and Production (MoIP) to co-ordinate and suggest measures to resolve the outstanding issues at the PSM. He said this while cha
Published 02 Dec, 2016 12:00am
Dar asks PC, MoIP to resolve PSM issues

Dar asks PC, MoIP to resolve PSM issues

Federal Minister for Finance Senator Ishaq Dar on Thursday directed the Privatisation Commission (PC) and Ministry of Industries and Production (MoIP) to co-ordinate and suggest measures to resolve the outstanding issues at the PSM. He said this while cha
Published 02 Dec, 2016 12:00am
Dar asks PC, MoIP to resolve PSM issues

Dar asks PC, MoIP to resolve PSM issues

Federal Minister for Finance Senator Ishaq Dar on Thursday directed the Privatisation Commission (PC) and Ministry of Industries and Production (MoIP) to co-ordinate and suggest measures to resolve the outstanding issues at the PSM. He said this while cha
Published 02 Dec, 2016 12:00am
India signs $750 million deal for BAE howitzers

India signs $750 million deal for BAE howitzers

India has signed a $750 million agreement with the United States to buy 145 howitzer artillery guns from BAE Systems, an official said Thursday, its first such deal in three decades. India, the world's number one defence importer, is updating its military
Published 02 Dec, 2016 12:00am
India signs $750 million deal for BAE howitzers

India signs $750 million deal for BAE howitzers

India has signed a $750 million agreement with the United States to buy 145 howitzer artillery guns from BAE Systems, an official said Thursday, its first such deal in three decades. India, the world's number one defence importer, is updating its military
Published 02 Dec, 2016 12:00am
EU warns no extension for British farm subsidies

EU warns no extension for British farm subsidies

European agriculture commissioner Phil Hogan has warned London that EU subsidies will end in 2020 because of Brexit and it will then be up to the British government to support its farmers. Hogan, who is Ireland's commissioner, told AFP in an interview on
Published 02 Dec, 2016 12:00am
How Putin, Khamenei and Saudi prince got Opec deal done

How Putin, Khamenei and Saudi prince got Opec deal done

Russian President Vladmir Putin played a crucial role in helping Opec rivals Iran and Saudi Arabia set aside differences to forge the cartel's first deal with non-Opec Russia in 15 years. Interventions ahead of Wednesday's Opec meeting came at key moments
Published 02 Dec, 2016 12:00am
Vajiralongkorn becomes Thailand's new king

Vajiralongkorn becomes Thailand's new king

Crown Prince Maha Vajiralongkorn was proclaimed king of Thailand late Thursday, opening a new chapter for the powerful monarchy in a country still mourning the death of his father. Vajiralongkorn, 64, who inherits one of the world's richest monarchies as
Published 02 Dec, 2016 12:00am
Vajiralongkorn becomes Thailand's new king

Vajiralongkorn becomes Thailand's new king

Crown Prince Maha Vajiralongkorn was proclaimed king of Thailand late Thursday, opening a new chapter for the powerful monarchy in a country still mourning the death of his father. Vajiralongkorn, 64, who inherits one of the world's richest monarchies as
Published 02 Dec, 2016 12:00am
NGOs and NPOs: SECP introduces new provision for issuance of licences

NGOs and NPOs: SECP introduces new provision for issuance of licences

The Securities and Exchange Communion of Pakistan (SECP) has introduced a new provision in the Companies Ordinance 2016 in line with the National Action Plan for issuance of licences to charitable and not-for-profit associations, which are not involved in
Published 02 Dec, 2016 12:00am
NGOs and NPOs: SECP introduces new provision for issuance of licences

NGOs and NPOs: SECP introduces new provision for issuance of licences

The Securities and Exchange Communion of Pakistan (SECP) has introduced a new provision in the Companies Ordinance 2016 in line with the National Action Plan for issuance of licences to charitable and not-for-profit associations, which are not involved in
Published 02 Dec, 2016 12:00am
Proposed right issues

Proposed right issues

Right issues proposed by companies listed on Karachi Stock Exchange.

Published 02 Dec, 2016 12:00am
NGOs and NPOs: SECP introduces new provision for issuance of licences

NGOs and NPOs: SECP introduces new provision for issuance of licences

The Securities and Exchange Communion of Pakistan (SECP) has introduced a new provision in the Companies Ordinance 2016 in line with the National Action Plan for issuance of licences to charitable and not-for-profit associations, which are not involved in
Published 02 Dec, 2016 12:00am
NFC meeting

NFC meeting

During the much delayed meeting of the National Finance Commission (NFC), due for a consensus agreement since the last one expired in 2015, the federal government floated the idea of raising its share by 3 percent in the divisible pool under the guise of
Published 02 Dec, 2016 12:00am
Dividend/Bonus Announcements

Dividend/Bonus Announcements

Dividend/Bonus announcements by the companies listed on the Karachi Stock Exchange.

Published 02 Dec, 2016 12:00am
Transition and challenges

Transition and challenges

With General Raheel Sharif's handing over command to new CoAS General Qamar Bajwa, an assessment is in order regarding the landscape the new incumbent has inherited from his predecessor and the challenges he confronts. There is no denying General Raheel S
Published 02 Dec, 2016 12:00am
Board Meetings

Board Meetings

Board Meetings of Companies listed on the Karachi Stock Exchange.

Published 02 Dec, 2016 12:00am
No end to tax amnesties - I
Currency

No end to tax amnesties - I

Pakistan is a unique country where the governments-military and civilian alike-have been frequently introducing amnesty schemes allowing whitening of dirty money. In other words, both the Legislature and Executive are keen in sponsoring and patronising cr
Published 02 Dec, 2016 12:00am
BOARD MEETINGS

BOARD MEETINGS

Board Meetings of Companies listed on the Karachi Stock Exchange.

Published 02 Dec, 2016 12:00am
The new army chief

The new army chief

A new army chief would normally not warrant special media or public attention in most countries but in Pakistan the situation is vastly different. The Washington Post says, "for the first time in 20 years, the most powerful official in Pakistan - a US Col
Published 02 Dec, 2016 12:00am
Indian government officials propose break up of Coal India

Indian government officials propose break up of Coal India

Senior Indian government officials tasked by Prime Minister Narendra Modi with reviewing energy security are recommending the break-up of the country's coal monopoly, Coal India Ltd, within a year. Attempts to break up the world's biggest coal miner would
Published 02 Dec, 2016 12:00am
CPEC and Islamabad's responsibilities

CPEC and Islamabad's responsibilities

This is apropos a Business Recorder news item "PM reviews progress on CPEC" carried by the newspaper yesterday. According to it, the meeting reviewed at length the benchmarks set for numerous energy, transport infrastructure and industrial projects
Published 02 Dec, 2016 12:00am
US MIDDAY: gold tumbles

US MIDDAY: gold tumbles

Gold hit its lowest since February on Thursday, extending losses after its biggest monthly decline in more than three years, as a surge in oil prices boosted bond yields, denting interest in non-yielding gold as an alternative investment. Bullion steadied
Published 02 Dec, 2016 12:00am
US MIDDAY: soya, wheat and corn lower

US MIDDAY: soya, wheat and corn lower

Chicago Board of Trade soyabean futures settled lower on Thursday on expectations of a slowdown in export demand for US soya, along with generally favourable South American crop weather, traders said. The most-active CBOT January soyabean contract settled
Published 02 Dec, 2016 12:00am
Oil soars, Brent hits 16-month high after OPEC output deal

Oil soars, Brent hits 16-month high after OPEC output deal

Oil prices surged 4 percent on Thursday, with Brent crude at its highest in about 16 months, extending gains after OPEC and Russia agreed to restrict output to reduce the global supply glut more quickly. The Organisation of the Petroleum Exporting Countri
Published 02 Dec, 2016 12:00am
Pakistan reiterates calls for UN fact-finding mission to IoK

Pakistan reiterates calls for UN fact-finding mission to IoK

Pakistan on Thursday renewed call for sending fact finding mission to the Indian-occupied Kashmir. "The Government of Pakistan has been insisting on 'independent fact finding mission to the IoK' and similar demands from UN High Commissioner in Geneva, OIC
Published 02 Dec, 2016 12:00am
Member to Member

Member to Member

The following transactions member to member subsequently reported on Thursday (December 01, 2016).

Published 02 Dec, 2016 12:00am
World Bank to launch neighbourhood improvement project in Karachi

World Bank to launch neighbourhood improvement project in Karachi

The World Bank will launch a neighbourhood improvement project in Karachi next year to improve urban living conditions and safety by improving citizen services in selected areas. According to World Bank report, 100 million dollars project will be the firs
Published 02 Dec, 2016 12:00am
World Bank to launch neighbourhood improvement project in Karachi

World Bank to launch neighbourhood improvement project in Karachi

The World Bank will launch a neighbourhood improvement project in Karachi next year to improve urban living conditions and safety by improving citizen services in selected areas. According to World Bank report, 100 million dollars project will be the firs
Published 02 Dec, 2016 12:00am
Chief Justice Jamali retires on December 30

Chief Justice Jamali retires on December 30

Chief Justice of Pakistan (CJP), Anwar Zaheer Jamali is set to retire on December 30 after completing his 60-year service. Reportedly, farewell ceremonies are to be held around 15 days before the due time owing to winter vacation in the SC starting from D
Published 02 Dec, 2016 12:00am
ECP delays scrutiny process of asset declarations

ECP delays scrutiny process of asset declarations

The Election Commission of Pakistan (ECP) has delayed the scrutiny process of asset declarations filed by the parliamentarians, which was earlier decided to be started from December 1 (Thursday). An official of the ECP told Business Recorder here o
Published 02 Dec, 2016 12:00am
Supreme Court hints at summoning Nawaz for delay in census

Supreme Court hints at summoning Nawaz for delay in census

Expressing its dismay over delay in much-awaited population census, the Supreme Court hinted at summoning Prime Minister Nawaz Sharif if the federal government fails to perform its constitutional duty of holding census from March 15, 2017 in the country.
Published 02 Dec, 2016 12:00am
THE RUPEE: slight recovery
Currency

THE RUPEE: slight recovery

Marginal recovery was witnessed on the money market on Thursday as the rupee managed to gain versus the dollar in the process of trading, dealers said. The rupee inched up by one paisa in relation to the greenback for buying and selling at Rs 104.82 and R
Published 02 Dec, 2016 12:00am
THE RUPEE: slight recovery
Currency

THE RUPEE: slight recovery

Marginal recovery was witnessed on the money market on Thursday as the rupee managed to gain versus the dollar in the process of trading, dealers said. The rupee inched up by one paisa in relation to the greenback for buying and selling at Rs 104.82 and R
Published 02 Dec, 2016 12:00am
CEO booked: private company sealed for illegally retrofitting vehicles

CEO booked: private company sealed for illegally retrofitting vehicles

The Federal Investigation Agency (FIA) on Saturday sealed the premises of a private company and registered a first information report (FIR) against its chief executive officer (CEO) for illegally retrofitting stock vehicles into bullet-proof ones.
Published 02 Dec, 2016 12:00am
Nawaz, Nisar discuss security issues

Nawaz, Nisar discuss security issues

Interior Minister Chaudhry Nisar Ali Khan called on Prime Minister Nawaz Sharif on Thursday at the PM House, Islamabad. "Matters pertaining to national security were discussed during the meeting," a PM's Office statement issued here said. This was Nisar's
Published 02 Dec, 2016 12:00am
ECP reissues notices to Imran

ECP reissues notices to Imran

Election Commission of Pakistan Thursday reissued notices to Chairman Pakistan Tehreek-e-Insaf (PTI) Imran Khan over a plea seeking Khan's disqualification from Parliament on the basis of false declaration before the Commission about sources of funding.
Published 02 Dec, 2016 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Thursday (December 01, 2016).

Published 02 Dec, 2016 12:00am
TerraBiz to hold first M&A moot on December 7

TerraBiz to hold first M&A moot on December 7

TerraBiz's "1st Pakistan Mergers & Acquisitions Conference 2016 (PMAC16) will be held here on 7th of December 2016. The conference is being held in collaboration with KPMG as a knowledge partner. The conference aims to bring together over 250 eminent part
Published 02 Dec, 2016 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Thursday (December 01, 2016).

Published 02 Dec, 2016 12:00am
COPD to become third leading cause of death worldwide

COPD to become third leading cause of death worldwide

According to WHO estimates for 2030, chronic obstructive pulmonary disease (COPD) is predicted to become the third leading cause of death killing over 4.5 million people worldwide. This was revealed by Pakistan Chest Society during a press conference on T
Published 02 Dec, 2016 12:00am
Pakistan Mercantile Exchange - PMEX
Cotton

Pakistan Mercantile Exchange - PMEX

Pakistan Mercantile Exchange - PMEX (Formerly National Commodity Exchange Limited - NCEL) Trading Summary on Thursday (December 01, 2016).

Published 02 Dec, 2016 12:00am
Nearly 2,000 members of Iraqi forces killed in November: UN

Nearly 2,000 members of Iraqi forces killed in November: UN

Close to 2,000 members of the Iraqi security forces were killed in November across the country, along with hundreds of civilians, the United Nations said Thursday. The figure increased threefold from October, when tens of thousands of forces launched a hu
Published 02 Dec, 2016 12:00am
China slaps new 10 percent tax on super-luxury cars

China slaps new 10 percent tax on super-luxury cars

China has imposed an extra 10 percent tax on ultra high-end cars costing over 1.3 million yuan ($190,000) such as Lamborghinis and Ferraris, the government said, the latest step in a wide crackdown on conspicuous luxury consumption. Under President Xi Jin
Published 02 Dec, 2016 12:00am
Lahore Grain Market Rates

Lahore Grain Market Rates

Grain and other commodity rates in rupees on Akbari Mandi on Thursday (December 01, 2016)

Published 02 Dec, 2016 12:00am
China slaps new 10 percent tax on super-luxury cars

China slaps new 10 percent tax on super-luxury cars

China has imposed an extra 10 percent tax on ultra high-end cars costing over 1.3 million yuan ($190,000) such as Lamborghinis and Ferraris, the government said, the latest step in a wide crackdown on conspicuous luxury consumption. Under President Xi Jin
Published 02 Dec, 2016 12:00am
Cotton Spot Rates

Cotton Spot Rates

Official KCA spot rates for local dealings in Pakistan rupees on Thursday (December 01, 2016).

Published 02 Dec, 2016 12:00am
Birthplace of South Korea president's father 'hit by arson'

Birthplace of South Korea president's father 'hit by arson'

The birthplace of the father of South Korea's scandal-hit President Park Geun-Hye was damaged in an arson attack Thursday, police said, with the suspect allegedly calling on the leader to quit. Park is under huge pressure to resign over an influence-peddl
Published 02 Dec, 2016 12:00am
LME official prices

LME official prices

The following were Wednesday official prices.

Published 02 Dec, 2016 12:00am
Pakistan, Afghan & Tajik army officers attend anti-terror meeting

Pakistan, Afghan & Tajik army officers attend anti-terror meeting

Mid-ranking military officers and attachés from China, Afghanistan, Pakistan and Tajikistan, attended a symposium on counter terrorism at the Special Operations College of the People's Liberation Army in Beijing last week, said the Chinese Defence Ministr
Published 02 Dec, 2016 12:00am
LME official prices

LME official prices

The following were Wednesday official prices.

Published 02 Dec, 2016 12:00am
SHC finds split verdict on Ayyan's plea

SHC finds split verdict on Ayyan's plea

The Sindh High Court (SHC) bench comprising Justice Ahmed Ali M Shaikh and Justice Kareem Khan Agha referred the contempt plea, filed by model Ayyan Ali against the ministry of interior for not removing her name from Exit Control List (ECL), to SHC Chief
Published 02 Dec, 2016 12:00am
Bullion Rates

Bullion Rates

Gold and silver rates in rupees per 10 grams prevailing in major cities on Thursday (December 01, 2016).

Published 02 Dec, 2016 12:00am
120kg of high quality hashish seized in Gwadar

120kg of high quality hashish seized in Gwadar

Law enforcement personnel conducted a raid in Pasni and recovered contraband worth millions hidden and waiting to be smuggled abroad. According to sources, Levies personnel acting on a tip-off seized 120 kilograms of high quality Hashish that was meant to
Published 02 Dec, 2016 12:00am
Bullion Rates

Bullion Rates

Gold and silver rates in rupees per 10 grams prevailing in major cities on Thursday (December 01, 2016).

Published 02 Dec, 2016 12:00am
Peddler held with 300kg hashish

Peddler held with 300kg hashish

The Anti Narcotics Force (ANF) arrested a drug peddler besides recovered about three hundred kilogram hashish worth millions of rupee during a crackdown here on Thursday. Assistance Director ANF, Ghulam Abbas said that on a tipoff, a team of the ANF condu
Published 02 Dec, 2016 12:00am
The Weather

The Weather

The weather report on Thursday (December 01, 2016) and the forecast for Friday (December 02, 2016).

Published 02 Dec, 2016 12:00am
Wheat flour worth $198 million exported to 27 countries

Wheat flour worth $198 million exported to 27 countries

Pakistan exported 626,289 metric ton wheat flour worth $198 million, to 27 different countries and 450 metric ton of wheat, worth $158,000, to Afghanistan and Malaysia in financial year 2015-16. A total of 229 metric ton of wheat has been exported from Pa
Published 02 Dec, 2016 12:00am
PIA starts flight operation to Salalah

PIA starts flight operation to Salalah

PIA has added Salalah, Oman to its flight operation on Wednesday. The inaugural flight PK-235 was operated from Lahore at 12:30pm Wednesday. Flights on Lahore-Salalah-Lahore sector would be operated twice a week every Thursday and Sunday. PIA is already o
Published 02 Dec, 2016 12:00am
Body found

Body found

A decomposed body was found inside a residential building near Karachi's Nagin Chowrangi area, besides eight suspects arrested in the wee hours of Thursday. Initial investigation suggests the body is around 10 to 15 days old and the cause of death was str
Published 02 Dec, 2016 12:00am
NHA approves emergency response centres along highways

NHA approves emergency response centres along highways

The Executive Board of the National Highway Authority (NHA) has given its formal approval for setting up Emergency Response Centers (ERCs) along the national highways in Pakistan. The decision came in a meeting held on Thursday at NHA head office chaired
Published 02 Dec, 2016 12:00am
APTMA delegation pays visit to Shahbaz Sharif

APTMA delegation pays visit to Shahbaz Sharif

A delegation of All Pakistan Textile Mills Association (APTMA) called on chief minister Punjab Shahbaz Sharif on Thursday. The delegation briefed the chief minister about the problems faced by the industry which includes issue of disparity of gas and elec
Published 02 Dec, 2016 12:00am
International Corruption Day: 'NAB's campaign yield results'

International Corruption Day: 'NAB's campaign yield results'

The Additional Director National Accountability Bureau (NAB), Khyber Pakhtunkhwa Tariq Khan has said that NAB is determined to eliminate corruption from the country and the campaign against corruption is yielding positive results. This, he stated while ad
Published 02 Dec, 2016 12:00am
LHC strikes down process of four VCs' appointment

LHC strikes down process of four VCs' appointment

The Lahore High Court on Thursday struck down the process of appointment of vice chancellors in four universities of the province with direction to make the appointments on merit. The court allowing several identical petitions against the appointment of a
Published 02 Dec, 2016 12:00am
Lawmaker robbed in broad daylight

Lawmaker robbed in broad daylight

Inamullah Khan Niazi, a treasury benches lawmaker in the Punjab Assembly, was robbed by unidentified gunmen on Thursday at a traffic signal on The Mall in broad daylight. As per details, the lawmaker, Inamullah Khan Niazi, was held hostage by armed robber
Published 02 Dec, 2016 12:00am
Mayor seeks Jamaat's cooperation

Mayor seeks Jamaat's cooperation

Mayor of Karachi Wasim Akhtar on Thursday sought Jamaat-e-Islami cooperation to resolve the city's long-running civic problems, saying that "we will solve Karachi's problems above political considerations." The Mayor paid his first visit to Idara Noor-e-H
Published 02 Dec, 2016 12:00am
France seeks expansion of economic ties with Pakistan, says diplomat

France seeks expansion of economic ties with Pakistan, says diplomat

Consul General of France Francois Dall Orso has said that France would like to expand its trade and economic relations with Pakistan. Speaking at a meeting of Pakistan Chemicals and Dyes Merchant Association (PCDMA) he invited members of the association t
Published 02 Dec, 2016 12:00am
Pakistan-Japan Business Forum holds third signature event

Pakistan-Japan Business Forum holds third signature event

Pakistan Japan Business Forum held its third signature event in November recently. Dr Miftah Ismail, Minister of State / Special assistant to the Prime Minister / Chairman - BOI, addressed the gathering on "investment opportunities in Pakistan" which was
Published 02 Dec, 2016 12:00am
Cleanliness drive: MQM-P, MQM-L workers face off

Cleanliness drive: MQM-P, MQM-L workers face off

MQM-Pakistan and MQM-London workers came face to face during a cleanliness drive in the city's Shah Faisal Colony area on Thursday. The workers from the two factions had a confrontation during the cleanup drive initiated by Karachi Mayor Waseem Akhtar, wh
Published 02 Dec, 2016 12:00am
IBA CEIF hosts book launch on Islamic finance education

IBA CEIF hosts book launch on Islamic finance education

IBA Centre for Excellence in Islamic Finance (CEIF), Karachi hosted a book launch of "Understanding Takaful: Theory and Practise" on Wednesday. As part of promoting Islamic Finance education and scholarship, the Centre for Excellence in Islamic Finance, I
Published 02 Dec, 2016 12:00am
'Allama lqbal Education Commission should be formed'

'Allama lqbal Education Commission should be formed'

"Pakistan is a dream of Allama lqbal and Allama lqbal Education Commission should be formed just like Higher Education Commission, Chairman, Pak-Qatar Business Council, Arshad Mahmood suggested. Addressing a meeting of Hamdard Naunehal Assembly Karachi ch
Published 02 Dec, 2016 12:00am
Mauritius open for trade and investment: Sohail

Mauritius open for trade and investment: Sohail

Honorary Consul of Republic of Mauritius Sohail Yasin Suleman has said that Mauritius offers Pakistan lucrative opportunities to boost trade and investment in Mauritius and trade with 47 countries in Africa through Mauritius. Speaking at a meeting during
Published 02 Dec, 2016 12:00am
Shell launches V-Power fuel

Shell launches V-Power fuel

Federal Minister for Petroleum and Natural Resources, Shahid Khaqan Abbasi has said that Pakistan's oil production has increased to over 0.1 million barrel per day (bpd) for the first time in the country's history while the state owned Oil and Gas Develop
Published 02 Dec, 2016 12:00am
ABL Islamic Banking, CIF-LUMS sign MoU

ABL Islamic Banking, CIF-LUMS sign MoU

Allied Bank Islamic Banking and Center for Islamic Finance of Lahore University of Management Sciences (LUMS) have entered into a Memorandum of Understanding (MoU) here at Lahore. Both premiere institutions of the country will share their resources and ef
Published 02 Dec, 2016 12:00am
Sindh Bank signs agreement with Vowpay

Sindh Bank signs agreement with Vowpay

Sindh Bank and Vowpay signed an agreement to facilitate Pakistanis working abroad for sending their home remittances. Vowpay in co-ordination with Sindh Bank launched an international money transfer app for sending remittances from the United Kingdom to P
Published 02 Dec, 2016 12:00am
NDC & Temenos host Fintech Forum 2016

NDC & Temenos host Fintech Forum 2016

National Data Consultant (NDC) and Temenos Group AG jointly hosted NDC & Temenos Fintech Forum 2016 at a hotel in Karachi, for the banking community in Pakistan. The event was an open forum for customers, users, partners and industry-peers, to share and d
Published 02 Dec, 2016 12:00am
USAID rehabilitates Kalat-Quetta-Chaman highway

USAID rehabilitates Kalat-Quetta-Chaman highway

American Ambassador to Pakistan David Hale along with National Highway Authority Chairman Shahid Ashraf Tarar and Frontier Works Organization Director Major General Muhammad Afzal on Thursday opened an exhibition displaying photos of the recently rehabili
Published 02 Dec, 2016 12:00am
KP allocates Rs one billion for talented youth, says minister

KP allocates Rs one billion for talented youth, says minister

Khyber Pakhtunkhwa Minister for Higher Education Mushtaq Ahmed Ghani has said that the provincial government has allocated one billion rupees for the promotion of youth in the province who will present innovative ideas to Higher Education Department.
Published 02 Dec, 2016 12:00am
China, Pakistan to keep close military ties, says Beijing spokesman

China, Pakistan to keep close military ties, says Beijing spokesman

A spokesman of the Chinese Defence Ministry Colonel Yang Yujun said at a weekly news briefing that China and Pakistan will keep up their decades' old close strategic military-to-military partnership. Replying to a question about the deployment of Navy at
Published 02 Dec, 2016 12:00am
Railways, DHL to sign goods dispatch agreement under ATT

Railways, DHL to sign goods dispatch agreement under ATT

Pakistan Railways is going to sign agreement with DHL, international courier service for the dispatching of goods brought under Afghan Transit Trade (ATT) to Torkham border. Under the agreement, DHL will dispatch goods brought under Afghan Transit Trade (
Published 02 Dec, 2016 12:00am
SECP chief inaugurates Islamic financing facility centre in Rawalpindi

SECP chief inaugurates Islamic financing facility centre in Rawalpindi

The Chairman SECP, Zafar Hijazi, on Thursday inaugurated an Islamic financing facility centre in Rawalpindi, which will help the common people to avail themselves of affordable financing on Islamic Sharia principles to buy motorcycles and other products i
Published 02 Dec, 2016 12:00am
ADB agrees to finance extension of Pehur High Level Canal

ADB agrees to finance extension of Pehur High Level Canal

Asian Development Bank (ADB) agreed to finance the extension of Pehur High Level Canal to boost up the agricultural activities of Khyber Pakhtunkhwa and to make the barren land of district Swabi and surrounding areas cultivable. This was agreed in a meeti
Published 02 Dec, 2016 12:00am
ADB agrees to finance extension of Pehur High Level Canal

ADB agrees to finance extension of Pehur High Level Canal

Asian Development Bank (ADB) agreed to finance the extension of Pehur High Level Canal to boost up the agricultural activities of Khyber Pakhtunkhwa and to make the barren land of district Swabi and surrounding areas cultivable. This was agreed in a meeti
Published 02 Dec, 2016 12:00am
Pakistan urges settlement of Israeli-Palestinian conflict

Pakistan urges settlement of Israeli-Palestinian conflict

Pakistan has underscored the need for settling the Israeli-Palestinian conflict to accomplish peace in the Middle East and to deal with some of the drivers of extremism and terrorism. This was stated by Ambassador of Pakistan to UN Maleeha Lodhi while spe
Published 02 Dec, 2016 12:00am
Pakistan elected to IDLO body

Pakistan elected to IDLO body

Pakistan was elected unopposed on Wednesday as an Ad-Hoc member of the Standing Committee of International Development Law Organization (IDLO) for a two year term. The elections were held at the Annual Conference of the Assembly of Parties of IDLO at the
Published 02 Dec, 2016 12:00am
Financing for HBFC: FBR says it's ready to grant tax exemptions

Financing for HBFC: FBR says it's ready to grant tax exemptions

Federal Board of Revenue said on Thursday that it is ready to consider and grant tax exemptions in the larger interest of the country after the Senate Standing Committee on Finance sought its opinion on issuance of tax-free bonds to arrange financing for
Published 02 Dec, 2016 12:00am
PA body asks Centre to increase KP duration on PTV telecast

PA body asks Centre to increase KP duration on PTV telecast

Khyber Pakhtunkhwa Assembly Standing Committee on Information and Public Relations has demanded of the Federal Government to increase the duration of Khyber Pakhtunkhwa on Pakistan Television in its news telecast, otherwise the committee on behalf of KP p
Published 02 Dec, 2016 12:00am
Four teaching hospitals to be developed as model ones

Four teaching hospitals to be developed as model ones

On the instructions of Chief Minister Shahbaz Sharif four teaching hospitals named Jinnah Hospital Lahore, Allied Hospital Faisalabad, Benazir Bhutto Hospital Rawalpindi and Children Hospital Multan would be developed as model hospitals with billions of r
Published 02 Dec, 2016 12:00am
All set to mark World Disability Day

All set to mark World Disability Day

The Department of Social Welfare and Bait-ul-Maal Punjab is all set to organise an awareness walk in the provincial metropolis to mark the 'World Disability Day 2016' falling on Saturday (tomorrow) to highlight the rights and efforts being made for the di
Published 02 Dec, 2016 12:00am
Jamaat leader for judicial commission on Panama leaks

Jamaat leader for judicial commission on Panama leaks

Secretary General of Jamaat-e-Islami, Liaqat Baloch has appealed to Supreme Court for setting up a judicial commission for inquiry against all those who are mentioned in the Panama leaks and also to give a road map for their trial. According to media cell
Published 02 Dec, 2016 12:00am
80 percent of total wheat sowing target achieved, according to PAD

80 percent of total wheat sowing target achieved, according to PAD

Though the Punjab Agriculture Department (PAD) claims that nearly 80 percent of the total wheat sowing target of 16.8 million acres of land has been achieved but the crop is still under turbulence because of no rain and low moisture in the fields. Statist
Published 02 Dec, 2016 12:00am
JICA team lauded for upgrading of technical institutes

JICA team lauded for upgrading of technical institutes

Japan International Cooperation Agency (JICA) is extending full cooperation for the up-gradation of Government Technical Training Institutes (GTTI) in Faisalabad, said Engr Ahmed Hassan Vice President Faisalabad Chamber of Commerce and Industry (FCCI).
Published 02 Dec, 2016 12:00am
PACP awards scholarships on AIDS research

PACP awards scholarships on AIDS research

The Punjab AIDS Control Program (PACP) awarded scholarships to PhD and M.Phil students carrying out research on AIDS on World AIDS Day at a local hotel here on Thursday. Program Director PACP Dr Adnan Zafar awarded scholarship to 15 PhD and 21 M.Phil stud
Published 02 Dec, 2016 12:00am
Shahbaz, Murad agree to promote inter-provincial harmony

Shahbaz, Murad agree to promote inter-provincial harmony

The chief minister of Punjab and Sindh on Thursday agreed to promote inter-provincial harmony for the benefit of country. Punjab Chief Minister Shahbaz Sharif met Sindh CM Syed Murad Ali Shah and discussed matters pertaining to promotion of relations amon
Published 02 Dec, 2016 12:00am
Admission drive: LUMS to hold open day sessions

Admission drive: LUMS to hold open day sessions

As part of its annual admission drive, the Lahore University of Management Sciences (LUMS), Pakistan's most pre-eminent higher education institution, is holding Open Day sessions for prospective students in Islamabad, Karachi, and Lahore on the 3rd, 4th,
Published 02 Dec, 2016 12:00am
Diagnostic,treatment facilities SKMCH&RC signs MoU with Maldives

Diagnostic,treatment facilities SKMCH&RC signs MoU with Maldives

Shaukat Khanum Memorial Cancer Hospital and Research Centre (SKMCH&RC) will extend its expertise for setting up of diagnostic and treatment facilities for cancer patients in Maldives. A memorandum of understanding (MOU) was signed between the Government o
Published 02 Dec, 2016 12:00am
'Census process to be completed before general elections'

'Census process to be completed before general elections'

The government will implement the directions of Supreme Court of Pakistan about holding census and the process will be completed before the next general elections, Punjab Law Minister Rana Sanaullah Khan said on Thursday.
Published 02 Dec, 2016 12:00am
LDA begins over-all computerisation of functioning

LDA begins over-all computerisation of functioning

Lahore Development Authority has started project for implementation of integrated system for over all computerisation of LDA's functioning and record including scanning and digitisation of files of more than 80,000 plots in its own housing schemes at a co
Published 02 Dec, 2016 12:00am
Official says government gives special attention to Halal food sector

Official says government gives special attention to Halal food sector

The government is giving special attention to the Halal food sector which has ability to give a quantum jump to the national exports. Federal Secretary, Ministry of National Food Security & Research Muhammad Abid Javed stated this while speaking at the La
Published 02 Dec, 2016 12:00am
NBP - embracing the future for banking
Currency

NBP - embracing the future for banking

Technology is shaping the future for banking. Cognisant of the future banking needs of the economy, NBP being the catalyst for economic growth, during the last 03 years has embarked upon various technology initiatives aimed towards provision of multiple d
Published 02 Dec, 2016 12:00am
CCP plans to introduce competition advocacy in universities

CCP plans to introduce competition advocacy in universities

The Competition Advocacy Academia Drive initiated by the Competition Commission of Pakistan (CCP) is under way in full swing with seminars being held in leading universities of Rawalpindi and Islamabad for creating competition law awareness among students
Published 02 Dec, 2016 12:00am
Budget session: Nawaz to visit Muzaffarabad today

Budget session: Nawaz to visit Muzaffarabad today

Prime Minister Nawaz Sharif will visit Muzaffarabad on Friday to chair a budget session of Azad Jammu & Kashmir Council. The premier would give final approval to the budget. Apart from that PM Nawaz Sharif will hold meetings with President AJK Masood Khan
Published 02 Dec, 2016 12:00am
China merges steelmakers to forge new national leader

China merges steelmakers to forge new national leader

China officially established a new national steelmaking leader - the world's second-largest manufacturer - on Thursday by merging two giant mills, as Beijing pushes consolidation in the industry to combat overcapacity. Shanghai-based Baosteel Group and Wu
Published 02 Dec, 2016 12:00am
UN adds yoga's Indian philosophy to heritage list

UN adds yoga's Indian philosophy to heritage list

The ancient Indian philosophy behind yoga, the mind-body discipline now practised the world over, on Thursday joined UNESCO's list of "intangible" world heritage. The discipline was added to the prestigious list in recognition of its influence on Indian s
Published 02 Dec, 2016 12:00am
Troops advance in Aleppo, Russia proposes aid corridors

Troops advance in Aleppo, Russia proposes aid corridors

Elite Syrian troops moved into east Aleppo Thursday ahead of a push into the most densely populated areas, as regime ally Russia called for corridors to bring in aid and evacuate wounded. Despite global criticism including the UN warning Aleppo risked bec
Published 02 Dec, 2016 12:00am
Periodic table expands with elements named after Japan, Moscow

Periodic table expands with elements named after Japan, Moscow

The periodic table got larger Wednesday after four new elements were officially named and added to the chart, including 'nihonium' - the first ever to be discovered by Japanese scientists. The new name for element 113, a highly radioactive element with an
Published 02 Dec, 2016 12:00am
Giant of African art Ousmane dies

Giant of African art Ousmane dies

The Senegalese sculptor Ousmane Sow, one of the giants of African art, died Thursday in Dakar aged 81, his family told AFP. The artist was best known for his monumental sculptures of Nubian wrestlers inspired by the pictures taken in Sudan by the controve
Published 02 Dec, 2016 12:00am
First snowstorm of the year slams eastern Canada

First snowstorm of the year slams eastern Canada

The first major snowstorm of winter slammed eastern Canada from Quebec to the Atlantic island province of Newfoundland on Thursday, causing travel and power disruptions. The snowfall, which began on Wednesday, was expected to leave significant accumulatio
Published 02 Dec, 2016 12:00am
Ukraine launches missile drills near Russia-annexed Crimea

Ukraine launches missile drills near Russia-annexed Crimea

Ukraine on Thursday unleashed a barrage of missile tests near Russian-annexed Crimea in a show of strength and defiance bound to irritate Moscow. The two-day military drills near the Black Sea peninsula are a first for the former Soviet republic and a sig
Published 02 Dec, 2016 12:00am
Putin says Russia not 'looking for enemies'

Putin says Russia not 'looking for enemies'

President Vladimir Putin adopted a conciliatory tone to international rivals in a key speech on Thursday, saying Russia has "never looked for enemies" in the international community. "We do not want confrontation with anyone. It is not needed - not by us,
Published 02 Dec, 2016 12:00am
Voters in London hit the polls for 'Brexit by-election'

Voters in London hit the polls for 'Brexit by-election'

Voters in the posh London suburb of Richmond headed to the polls on Thursday in a parliamentary by-election that has turned into a mini-referendum on Brexit in a pro-EU heartland. Liberal Democrat challenger Sarah Olney, whose centrist party wants a secon
Published 02 Dec, 2016 12:00am
Global police smash huge online crime network

Global police smash huge online crime network

In one of the biggest takedowns to date, police across the globe have smashed a massive criminal network providing online services including malware attacks that infected half a million computers worldwide, Europol said Thursday. Known as "Avalanche", the
Published 02 Dec, 2016 12:00am
Contact lost with unmanned ISS cargo ship: Russia

Contact lost with unmanned ISS cargo ship: Russia

Russia's space agency said it lost contact Thursday with an unmanned cargo ship shortly after it blasted off for the International Space Station, raising concerns after a failed launch under two years ago. "Communication was lost today 383 seconds after t
Published 02 Dec, 2016 12:00am
Qatar accused of blocking news website

Qatar accused of blocking news website

Qatar's internet service providers have apparently blocked access to the Gulf state's most popular English-language news website in what managers said Thursday looked like a deliberate move by the government. Amnesty International swiftly condemned the mo
Published 02 Dec, 2016 12:00am
UN rights team says 'ethnic cleansing' under way in South Sudan

UN rights team says 'ethnic cleansing' under way in South Sudan

UN human rights experts on Thursday said "ethnic cleansing" was under way in South Sudan after visiting the country where violence has soared since a peace deal collapsed in July. "There is already a steady process of ethnic cleansing underway in several
Published 02 Dec, 2016 12:00am
Colombia crash pilot reported he was out of fuel

Colombia crash pilot reported he was out of fuel

The pilot of a charter plane carrying a Brazilian football team radioed frantically that he was out of fuel minutes before slamming into a hillside near Medellin with 77 people on board, an audio recording showed. Details of the doomed aircraft's last har
Published 02 Dec, 2016 12:00am
Castro's ashes resume trip after stop at 'Che' monument

Castro's ashes resume trip after stop at 'Che' monument

A convoy carrying the ashes of late Cuban leader Fidel Castro resumed an island-wide tour on Thursday after spending a symbolic night at the mausoleum of his comrade-in-arms Ernesto "Che" Guevara. A jeep pulling a cedar urn holding the ashes entered the m
Published 02 Dec, 2016 12:00am
Pakistan's foreign exchange reserves plunge

Pakistan's foreign exchange reserves plunge

The country's liquid foreign exchange reserves fell sharply by $250 million during last week owing to external debt payments. According to State Bank of Pakistan, the country's total foreign exchange reserves stood at $23.615 billion as on November 25, 20
Published 02 Dec, 2016 12:00am
Recovery of Mohammad Ali Shaikh: SHC disposes of petition

Recovery of Mohammad Ali Shaikh: SHC disposes of petition

The Sindh High Court (SHC) on Thursday disposed of the petition filed for recovery of Mohammad Ali Shaikh, a front man of a famous Dubai-based Sindhi politician, after it was informed that Shaikh has returned home after one and half year. Shaikh had been
Published 02 Dec, 2016 12:00am
'Developing states bearing brunt of climate change'

'Developing states bearing brunt of climate change'

Climate change has become increasingly important in recent years and requires innovative solutions to reduce its adverse impacts. Industrialised countries are primary responsible for greenhouse gas emissions and developing countries are heavily bearing th
Published 02 Dec, 2016 12:00am
FTO Secretariat holds awareness workshop for Peshawar traders

FTO Secretariat holds awareness workshop for Peshawar traders

Federal Tax Ombudsman (FTO) has organised an awareness workshop regarding its project titled "Public Awareness and Advocacy About Dispute Resolution Mechanism of Federal Tax Ombudsman" for medium and small scale enterprises on Wednesday at a local hotel o
Published 02 Dec, 2016 12:00am
Jhang by-election: PML-N candidate defeated by Maulana Jhangvi

Jhang by-election: PML-N candidate defeated by Maulana Jhangvi

In Jhang by-election independent candidate Maulana Masroor Nawaz Jhangvi won the election by beating Pakistan Muslim League (PML-N) candidate Azad Nasir Ansari. According to unofficial results obtained from all polling stations, Masroor Nawaz Jhangvi, bac
Published 02 Dec, 2016 12:00am
PESCO issues power shutdown notices

PESCO issues power shutdown notices

Due to maintenance work power Supply from 132 KV Jamrud Grid Station will remain suspended till December 4, from 8:00 am to 2:00 pm resultantly consumers of 11 KV Makka Steel, North West General Hospital, Alhafiz Industrial Estate, Express-4, Frontier Tec
Published 02 Dec, 2016 12:00am
NAB KP arrests alleged fraudster

NAB KP arrests alleged fraudster

The Director General (DG) NAB Khyber Pakhtunkhwa ordered freezing of properties of accused Abdul Waheed Khan, private person for alleged involvement in cheating public at large worth Rs 251 million. Accused Abdul Waheed Khan and his brother Abid Nadeem we
Published 02 Dec, 2016 12:00am
Babar Azam like a young Kohli, says Arthur

Babar Azam like a young Kohli, says Arthur

Pakistan coach Mickey Arthur compared "young gun" Babar Azam to Virat Kohli on Thursday, saying the 22-year-old reminded him of the India skipper at the same age. Batsman Azam has played only three Tests, narrowly missing out on a century in Pakistan's lo
Published 02 Dec, 2016 12:00am
New Zealand coach downplays Australia turmoil

New Zealand coach downplays Australia turmoil

New Zealand coach Mike Hesson declined to lay the boot into Australia Thursday after a demoralising Test series defeat to South Africa, insisting their one-day team was a different beast. Australia head into the three-game limited-overs Chappell-Hadlee Tr
Published 02 Dec, 2016 12:00am
Southgate confirms Rooney as England captain

Southgate confirms Rooney as England captain

England manager Gareth Southgate confirmed Wayne Rooney will remain captain on Thursday as he faced the media for the first time since his permanent appointment. Rooney, 31, apologised after being pictured looking the worse for wear as he mingled with wed
Published 02 Dec, 2016 12:00am
Nadeem Mukhtar new PSA president

Nadeem Mukhtar new PSA president

Dr Nadeem Mukhtar and Sheraz Saleem have been elected as President and Secretary General of Punjab Squash Association (PSA) respectively. They were elected in the annual general meeting of the association held under the chairmanship of Election Commission
Published 02 Dec, 2016 12:00am
UAE's Omar Abdulrahman named Asian player of 2016

UAE's Omar Abdulrahman named Asian player of 2016

Omar Abdulrahman, arguably Asia's biggest star, was crowned AFC player of the year in a glittering ceremony in his home country of United Arab Emirates on Thursday. The left-sided midfielder and winger is the second Emirati to win the trophy in consecutiv
Published 02 Dec, 2016 12:00am
Faiza shines as ICMS Women Squash begins

Faiza shines as ICMS Women Squash begins

Faiza Zafar of Sindh upset top seeded Zoya Khalid of Sindh on the opening day of the 7th edition of the ICMS National Senior Women Squash Championship, which got under way here at PAF Hashim Khan Squash Complex on Thursday. Begum Base Commander Peshawar w
Published 02 Dec, 2016 12:00am
Wasim Akram says Sri Lanka has pace, needs swing

Wasim Akram says Sri Lanka has pace, needs swing

Legendary Pakistani paceman Wasim Akram said that Sri Lanka had a promising crop of fast bowlers despite their traditional reliance on spin after holding a coaching session with the islanders Thursday. After spending several hours with the national team's
Published 02 Dec, 2016 12:00am
Wenger defends strategy as Arsenal crash

Wenger defends strategy as Arsenal crash

Arsene Wenger defended his strategy and blamed his players lack of urgency for Arsenal's League Cup quarter-final exit. Wenger had been hoping to win the competition for the first time, but instead his decision to make 10 changes backfired with Southampto
Published 02 Dec, 2016 12:00am
Afghan female volleyball players call for change

Afghan female volleyball players call for change

Afghan female volleyball players called for a change in mindset Thursday at a Kabul tournament marking a rare chance for women athletes to compete in the national spotlight in the deeply conservative, war-torn Muslim country. The United Nations hosted the
Published 02 Dec, 2016 12:00am
Aussie, kiwi resilient

Aussie, kiwi resilient

The Australian and New Zealand dollars proved resilient on Thursday against a broadly firmer US counterpart and sliding iron ore prices, as carry trade demand drove the pair to multi-month peaks against the yen. The Australian dollar edged up to $0.7390,
Published 02 Dec, 2016 12:00am
Sterling jumps to multi-month highs
Currency

Sterling jumps to multi-month highs

Sterling struck multi-month highs on Thursday, adding to its biggest monthly gains against the euro since 2009, after Britain's Brexit minister said the government would consider paying into the EU budget for market access. The pound recovered from an ini
Published 02 Dec, 2016 12:00am
Opec deal hurts Asia FX
Currency

Opec deal hurts Asia FX

Most emerging Asian currencies eased on Thursday as an Opec deal to reduce oil production pushed up the dollar and US Treasury yields, adding to views that the world's largest economy will see higher inflation. China's yuan eased, but stronger-than expect
Published 02 Dec, 2016 12:00am
Sri Lankan rupee eases
Currency

Sri Lankan rupee eases

The Sri Lankan rupee ended lower on Thursday as importer dollar demand surpassed exporter sales, while fears of US President-elect Donald Trump's economic policies leading to a stronger greenback thereby triggering foreign fund outflows also weighed. Deal
Published 02 Dec, 2016 12:00am
Bangladesh's interbank forex rates

Bangladesh's interbank forex rates

Interbank buy/sell rates for the taka against the dollar on Thursday. 78.74-78.75 (previous 78.75-78.75).
Published 02 Dec, 2016 12:00am
Dollar surges to nine-month high against yen in New York

Dollar surges to nine-month high against yen in New York

The US dollar hit its highest level against the yen in 9 months on Wednesday and also surged against the euro and Swiss franc after a rally in oil prices pushed US Treasury yields higher, while strong private payrolls data bolstered expectations for a haw
Published 02 Dec, 2016 12:00am
Early trade in New York: Dollar index pares losses

Early trade in New York: Dollar index pares losses

The dollar trimmed losses on Thursday against a group of currencies as a private-sector report showed the manufacturing sector grew faster-than-forecast in November, supporting the view the US economy is expanding at a solid clip in the fourth quarter. Th
Published 02 Dec, 2016 12:00am
Brexit surge for sterling turns back dollar rally in Europe
Currency

Brexit surge for sterling turns back dollar rally in Europe

A perceived crack in Britain's "hard Brexit" line on leaving the European Union dominated trading on major currency markets on Thursday, driving the pound 1 percent higher and helping spur a retreat in broader measures of the dollar's strength. Sterling s
Published 02 Dec, 2016 12:00am
Dollar climbs in Asia
Currency

Dollar climbs in Asia

The dollar touched a 9-1/2-month high against the yen on Thursday, as oil prices surged after Opec agreed to output cuts - lifting inflation expectations and US bond yields. Steven Mnuchin, President-elect Donald Trump's pick to lead the US Treasury, gave
Published 02 Dec, 2016 12:00am
China's yuan weakens
Currency

China's yuan weakens

China's yuan weakened against the dollar on Thursday, but losses were capped by state-owned banks selling the US currency in the domestic market to offset pressure from the stronger greenback, traders said. Major state-owned banks were seen selling dollar
Published 02 Dec, 2016 12:00am
FTSE slips as higher costs hit consumer goods firms

FTSE slips as higher costs hit consumer goods firms

Britain's top equity index slid on Thursday, pulled down by more evidence of the weak pound damaging consumer goods companies and by some stocks trading without rights to their latest dividend payouts. The bluechip FTSE 100 index was down 0.5 percent, its
Published 02 Dec, 2016 12:00am
Southeast Asian markets move higher

Southeast Asian markets move higher

Southeast Asian stock markets rose on Thursday on upbeat sentiment after producer club Opec and Russia struck a deal to slash oil output, easing worries about a global supply glut. The Organization of the Petroleum Exporting Countries (Opec) agreed to its
Published 02 Dec, 2016 12:00am
Hong Kong stocks touch three-week high

Hong Kong stocks touch three-week high

Hong Kong stocks closed at their highest level in three weeks on Thursday, buoyed by a surge in energy sector shares after Opec agreed to a deal to reduce production, sending oil prices soaring. The benchmark Hang Seng index pared early gains but still en
Published 02 Dec, 2016 12:00am
Tokyo's Nikkei ends at highest this year after Opec deal
Currency

Tokyo's Nikkei ends at highest this year after Opec deal

Tokyo's benchmark stock index on Thursday jumped to its best close this year, as energy companies soared on an Opec deal to cut oil production and boost prices. Exporters, meanwhile, benefited from a fall in the yen to its weakest level in more than nine
Published 02 Dec, 2016 12:00am
Sri Lankan shares up

Sri Lankan shares up

Sri Lankan shares jumped more than 1 percent on Thursday as investors sought bargains in bluechips and on buying by foreign investors. The Colombo stock index ended up 1.09 percent at 6,309.04, its highest close since November 18. The index hit a near-eig
Published 02 Dec, 2016 12:00am
Indian shares snap four-day rally

Indian shares snap four-day rally

Indian shares snapped four straight sessions of gains to close lower on Thursday, with lenders such as ICICI Bank leading the decline amid growing worries about the impact of demonetisation on economic growth. The broader NSE index ended down 0.38 percent
Published 02 Dec, 2016 12:00am
China stocks rebound

China stocks rebound

China stocks rose on Thursday after an official survey showed manufacturing activity expanded at its strongest pace in more than two years, while surging oil prices boosted shares of energy companies. The bluechip CSI300 index rose 0.8 percent, to 3,565.0
Published 02 Dec, 2016 12:00am
Treasury yields rise

Treasury yields rise

US Treasury yields rose on Wednesday as the Organization of the Petroleum Exporting Countries (Opec) agreed to its first output cuts since 2008, sending oil prices more than 8 percent higher and boosting expectations of higher inflation. Opec agreed on a
Published 02 Dec, 2016 12:00am
Treasury yields rise

Treasury yields rise

US Treasury yields rose on Wednesday as the Organization of the Petroleum Exporting Countries (Opec) agreed to its first output cuts since 2008, sending oil prices more than 8 percent higher and boosting expectations of higher inflation. Opec agreed on a
Published 02 Dec, 2016 12:00am
Australia, New Zealand shares buoyed by Opec deal

Australia, New Zealand shares buoyed by Opec deal

Australian shares rallied on Thursday, powered by financials, miners and energy stocks, after oil cartel Opec agreed to cut crude output to clear a glut. The S&P/ASX 200 index snapped three sessions of losses to jump 59.73 points, or 1.1 percent, to 5,500
Published 02 Dec, 2016 12:00am
Wall Street posts sharp November gains; S&P 500 flat on day

Wall Street posts sharp November gains; S&P 500 flat on day

US stocks ended with big gains for November on Wednesday thanks to a sharp post-election rally, but the S&P 500 finished the day flat as drops in utilities and technology offset energy's surge. Energy shares jumped with oil prices after Opec agreed to cut
Published 02 Dec, 2016 12:00am
Thursday's early afternoon trade: Tech stocks weigh on S&P, Nasdaq

Thursday's early afternoon trade: Tech stocks weigh on S&P, Nasdaq

Losses in technology stocks dragged down the Nasdaq and the S&P 500 on Thursday, while gains in bank and energy shares propped up the Dow. Declines in Facebook, Microsoft and Apple pushed the Nasdaq near a two-week low, while setting the S&P 500 technolog
Published 02 Dec, 2016 12:00am
European shares retreat; oil shares in demand
Currency

European shares retreat; oil shares in demand

European shares edged lower on Thursday in a broad-based sell-off, halting a two-day rally and retreating from the previous session's three-week highs, led lower by drops in TalkTalk and Elekta. The STOXX 600 was down 0.6 percent by 0938 GMT, having climb
Published 02 Dec, 2016 12:00am
Gulf markets firm as Opec deal lifts state revenue prospects

Gulf markets firm as Opec deal lifts state revenue prospects

Petrochemicals companies led Gulf stock markets higher on Thursday in response to Opec's first agreement on output cuts to prop up oil prices since 2008 - a deal that could allow governments to ease austerity policies slightly. Expectations for the deal h
Published 02 Dec, 2016 12:00am
China needs a bigger hammer to beat down commodity prices

China needs a bigger hammer to beat down commodity prices

China may need a bigger mallet to hammer the nation's commodity investors and take the wind out of what Beijing believes is a speculative bubble in prices for natural resources. A raft of new measures were announced last week aimed at increasing costs for
Published 02 Dec, 2016 12:00am
Gold hits 10-month low in Europe

Gold hits 10-month low in Europe

Gold hit its lowest since February on Thursday, extending losses after its biggest monthly decline in more than three years, as a surge in oil prices boosted bond yields, denting interest in non-yielding gold as an alternative investment.
Published 02 Dec, 2016 12:00am
Gold recovers slightly in Asia

Gold recovers slightly in Asia

Gold prices recovered slightly after touching a near 10-month low in early trade on Thursday as the dollar index eased, but growing odds of a US interest rate hike capped further gains. Spot gold was up 0.25 percent at $1,175.36 an ounce by 0711 GMT. The
Published 02 Dec, 2016 12:00am
Gold slides in New York

Gold slides in New York

Gold fell to nearly a 10-month low on Wednesday, adding to its deepest monthly price declines in more than three years as strong US economic data and higher US Treasury yields buoyed the dollar, further cementing the case for a December rate increase.
Published 02 Dec, 2016 12:00am
Sugar and arabica coffee at multimonth lows on fund selling
Currency

Sugar and arabica coffee at multimonth lows on fund selling

Raw sugar futures on ICE fell to a four-month low and arabica coffee to a three-month trough on Thursday on fund selling fueled by breaches of technical support levels, the tumbling Brazilian currency and abundant global supplies. London cocoa futures als
Published 02 Dec, 2016 12:00am
Malaysian palm oil hits one-week high

Malaysian palm oil hits one-week high

Malaysian palm futures climbed to their highest in a week on Thursday, recording a second consecutive session of gains as stronger crude oil supported the market. Benchmark palm oil futures for February delivery on the Bursa Malaysia Derivatives Exchange
Published 02 Dec, 2016 12:00am
Rubber rises

Rubber rises

Benchmark Tokyo rubber futures closed 3 percent higher on Thursday, following a near 5-percent tumble in the previous session, as oil prices rallied after Opec cut a deal to reduce output and on a weaker yen against the dollar. Tokyo Commodity Exchange (T
Published 02 Dec, 2016 12:00am
Copper retreats as speculative interest wanes

Copper retreats as speculative interest wanes

Copper prices edged lower on the London Metal Exchange on Thursday as speculative positions started to unwind on doubts about the sustainability of a post US election rally. Three-month copper closed 0.6 percent lower at $5,791 a tonne, not far from a one
Published 02 Dec, 2016 12:00am
Shanghai copper climbs

Shanghai copper climbs

Shanghai copper futures climbed nearly 2 percent on Thursday, recovering some of the previous session's steep losses, as a rally in oil prices filtered through to other commodities. Opec agreed on Wednesday to its first oil output cuts since 2008, driving
Published 02 Dec, 2016 12:00am
Cotton up on stronger oil; rises for third straight month
Cotton

Cotton up on stronger oil; rises for third straight month

Cotton futures edged higher on Wednesday, supported by soaring oil prices, and marked their third straight monthly gain, having risen above 3 percent in November. "It's probably macro factors, especially the surge in oil prices ... cotton is more correlat
Published 02 Dec, 2016 12:00am
Italy's GDP revisions give Renzi good news before referendum

Italy's GDP revisions give Renzi good news before referendum

Italy's economy rebounded in the third quarter and estimates of growth in previous quarters were revised upwards, which could help Prime Minister Matteo Renzi in a referendum on which he has staked his career. Gross domestic product rose 0.3 percent quart
Published 02 Dec, 2016 12:00am
South Korea exports rebound to highest in nearly two years

South Korea exports rebound to highest in nearly two years

South Korea's exports rose in November for the first time since August and at the fastest pace in nearly two years, potentially signalling a turnaround in global demand for Korean goods. Exports handily beat analysts' expectations, growing 2.7 percent on-
Published 02 Dec, 2016 12:00am
Netflix launches offline viewing, matching Amazon

Netflix launches offline viewing, matching Amazon

Netflix said Wednesday it would allow offline viewing of streamed videos, a feature long sought by users who want to watch on a plane or to avoid data-connection charges. A Netflix statement said that "many of your favorite streaming series and movies" wo
Published 02 Dec, 2016 12:00am
Brazil states demand less austerity to salvage fiscal pact

Brazil states demand less austerity to salvage fiscal pact

Governors of cash-strapped Brazilian states on Thursday will demand President Michel Temer relax the terms of an austerity pact announced last week aimed at closing their yawning budget deficits, Wellington Dias, governor of Piaui, told Reuters. Disagreem
Published 02 Dec, 2016 12:00am
Turkish manufacturing slips further into contraction
Currency

Turkish manufacturing slips further into contraction

Turkey's manufacturing, which represents around a third of the country's economy, slipped back toward contraction in November as business conditions deteriorated, after nearly stabilising a month earlier, a survey showed on Thursday. The manufacturing Pur
Published 02 Dec, 2016 12:00am
Slump in Australia business investment risks GDP contraction

Slump in Australia business investment risks GDP contraction

Sharp cutbacks in Australian business investment has opened the real possibility the economy shrank last quarter for the first time in almost six years, a blow to the conservative government of Malcolm Turnbull which has staked its future on growth.
Published 02 Dec, 2016 12:00am
Aeroflot says profits, passengers climb

Aeroflot says profits, passengers climb

Russia's flagship carrier Aeroflot said Wednesday its net profit had grown nearly seven-fold in the third quarter despite an economic crisis that has battered the Russian aviation industry. The majority state-controlled company said it had earned a net pr
Published 02 Dec, 2016 12:00am
Aeroflot says profits, passengers climb

Aeroflot says profits, passengers climb

Russia's flagship carrier Aeroflot said Wednesday its net profit had grown nearly seven-fold in the third quarter despite an economic crisis that has battered the Russian aviation industry. The majority state-controlled company said it had earned a net pr
Published 02 Dec, 2016 12:00am
Glencore finalises debt plan, says will resume dividend payments

Glencore finalises debt plan, says will resume dividend payments

Commodities giant Glencore said Thursday that it was in the process of completing a plan to reduce its towering debt and aimed to resume dividend payments next year. Glencore, which has been scrambling for more than a year to cut back its debt-load after
Published 02 Dec, 2016 12:00am
Rolls-Royce to cut 800 jobs in marine business

Rolls-Royce to cut 800 jobs in marine business

British engine maker Rolls-Royce said Thursday it was slashing 800 jobs worldwide in its marine business, where its order book is "very weak". The marine sector employs 4,800 people in 34 countries, with Norway the most significant with 1,900 workers. The
Published 02 Dec, 2016 12:00am
Alpha Bank turns profitable in third quarter

Alpha Bank turns profitable in third quarter

Alpha Bank, Greece's fourth-largest lender by assets, turned profitable in the third quarter after booking lower provisions for impaired loans. Alpha, 11 percent owned by the national bank rescue fund HFSF after its recapitalisation late last year, on Wed
Published 02 Dec, 2016 12:00am
Alpha Bank turns profitable in third quarter

Alpha Bank turns profitable in third quarter

Alpha Bank, Greece's fourth-largest lender by assets, turned profitable in the third quarter after booking lower provisions for impaired loans. Alpha, 11 percent owned by the national bank rescue fund HFSF after its recapitalisation late last year, on Wed
Published 02 Dec, 2016 12:00am
Andorra ends banking secrecy

Andorra ends banking secrecy

Andorran lawmakers have agreed to end banking secrecy in the Pyrenees mountains principality once considered a tax haven, approving automatic sharing of information on accounts held by non-residents. The General Council, the unicameral parliament, approve
Published 02 Dec, 2016 12:00am
Eurozone jobless hits seven-year low

Eurozone jobless hits seven-year low

The unemployment rate in the eurozone fell to a seven-year low in October, according to data published on Thursday, and has dropped below 10 percent for the first time since 2011. The rate of unemployment, a lagging indicator in the economic cycle, fell t
Published 02 Dec, 2016 12:00am
Eurozone factory growth strongest since January 2014
Currency

Eurozone factory growth strongest since January 2014

Euro zone manufacturers enjoyed their best month in November since the start of 2014, a survey showed, benefiting from a weaker currency and stronger demand. That will please policymakers at the European Central Bank, who are expected to announce an exten
Published 02 Dec, 2016 12:00am
UK factory growth cools as weak pound fuels cost pressures: PMI

UK factory growth cools as weak pound fuels cost pressures: PMI

British manufacturing growth cooled unexpectedly in November as factories grappled with soaring costs caused by sterling's slump after June's Brexit vote, even before this week's jump in oil prices. Thursday's Markit/CIPS UK Manufacturing Purchasing Manag
Published 02 Dec, 2016 12:00am
ECB to extend asset buys but may signal eventual end

ECB to extend asset buys but may signal eventual end

The ECB will extend its bond purchases beyond March and consider sending a formal signal after its policy meeting next Thursday that the programme will eventually end, senior sources with direct knowledge of discussions said. Even some sceptics of more st
Published 02 Dec, 2016 12:00am
ECB to extend asset buys but may signal eventual end

ECB to extend asset buys but may signal eventual end

The ECB will extend its bond purchases beyond March and consider sending a formal signal after its policy meeting next Thursday that the programme will eventually end, senior sources with direct knowledge of discussions said. Even some sceptics of more st
Published 02 Dec, 2016 12:00am
US factory activity at five-month high as orders pick up

US factory activity at five-month high as orders pick up

US factory activity accelerated to a five-month high in November amid a pickup in new orders and production, offering more evidence that the economy gained further momentum early in the fourth quarter. While other data on Thursday showed the number of Ame
Published 02 Dec, 2016 12:00am
US car sales heat up in November

US car sales heat up in November

Deep discounts and extra selling days boosted US car sales in November, as Black Friday shopping helped reverse three months of year-over-year declines, automakers reported Thursday. GM, the biggest US carmaker, said sales surged 10.2 percent compared to
Published 02 Dec, 2016 12:00am
US failing to curb money laundering by shell companies

US failing to curb money laundering by shell companies

The United States received failing scores for its efforts to prevent the laundering of criminal proceeds by shell companies, accountants and real estate agents, the Financial Action Task Force (FATF) said in a report released Thursday. Overall, the United
Published 02 Dec, 2016 12:00am
Tightness prevails on cotton market
Cotton

Tightness prevails on cotton market

Prices of seed cotton (Kapas/Phutti) and lint are tightening as the current crop (August 2016/July 2017) supply is dwindling gradually and the ensuing cotton deliveries are likely to suffer quality problems increasingly. According to one estimate, about 1
Published 02 Dec, 2016 12:00am
Tightness prevails on cotton market
Cotton

Tightness prevails on cotton market

Prices of seed cotton (Kapas/Phutti) and lint are tightening as the current crop (August 2016/July 2017) supply is dwindling gradually and the ensuing cotton deliveries are likely to suffer quality problems increasingly. According to one estimate, about 1
Published 02 Dec, 2016 12:00am
Bangladesh tea prices fall

Bangladesh tea prices fall

Tea prices in Bangladesh fell about 1 percent at the weekly auction on Tuesday due to higher supplies of inferior grade leaf, but strong demand for quality leaf capped a steeper decline. Bangladesh tea fetched an average of 186.82 taka ($2.50) per kg at t
Published 02 Dec, 2016 12:00am
Strong demand helps prices to stay firm
Cotton

Strong demand helps prices to stay firm

Mills renewed buying helped rates to keep firmness on the cotton market on Thursday in the process of trading, dealers said. The official spot rate was higher by Rs 50 to Rs 6300, dealers said. In Sindh, seed cotton prices were at Rs 2600-3300, they said
Published 02 Dec, 2016 12:00am
Activities of Karachi Port

Activities of Karachi Port

The Karachi Port handled 177,055 tonnes of cargo comprising 141,180 tonnes of import cargo and 35,875 tonnes of export cargo including 5,591 loaded and empty containers during the last 24 hours ending at 0700 hours on Thursday.
Published 02 Dec, 2016 12:00am
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