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Print - 2014-03-16
Mystery deepens over identity of ''Muslim country''

Mystery deepens over identity of ''Muslim country''

The government may not need Parliament''s approval for the establishment of Pakistan Development Fund (PDF) but is answerable to Parliament about mode and terms of conditions of any amount placed in such a Fund. Sources on condition of anonymity said that
Published 16 Mar, 2014 12:00am
Mystery deepens over identity of 'Muslim country'

Mystery deepens over identity of 'Muslim country'

The government may not need Parliament's approval for the establishment of Pakistan Development Fund (PDF) but is answerable to Parliament about mode and terms of conditions of any amount placed in such a Fund. Sources on condition of anonymity said that
Published 16 Mar, 2014 12:00am
Mystery deepens over identity of 'Muslim country'

Mystery deepens over identity of 'Muslim country'

The government may not need Parliament's approval for the establishment of Pakistan Development Fund (PDF) but is answerable to Parliament about mode and terms of conditions of any amount placed in such a Fund. Sources on condition of anonymity said that
Published 16 Mar, 2014 12:00am
Government urged to take parliament into confidence

Government urged to take parliament into confidence

Opposition parties have unanimously urged the Pakistan Muslim League-Nawaz (PML-N) government to take Parliament into confidence on the terms and conditions under which $1.5 billion was credited to Pakistan Development Fund by a friendly Muslim country.
Published 16 Mar, 2014 12:00am
Government urged to take parliament into confidence

Government urged to take parliament into confidence

Opposition parties have unanimously urged the Pakistan Muslim League-Nawaz (PML-N) government to take Parliament into confidence on the terms and conditions under which $1.5 billion was credited to Pakistan Development Fund by a friendly Muslim country.
Published 16 Mar, 2014 12:00am
Dar identifies $1.5 billion inflow as ''gift''

Dar identifies $1.5 billion inflow as ''gift''

Dispelling rumours about conditions attached with receipt of $1.5 billion, Finance Minister Ishaq Dar Saturday said that the assistance has been extended by friendly countries unconditionally as a gift and their share in public welfare projects. Talking t
Published 16 Mar, 2014 12:00am
Dar identifies $1.5 billion inflow as 'gift'

Dar identifies $1.5 billion inflow as 'gift'

Dispelling rumours about conditions attached with receipt of $1.5 billion, Finance Minister Ishaq Dar Saturday said that the assistance has been extended by friendly countries unconditionally as a gift and their share in public welfare projects. Talking t
Published 16 Mar, 2014 12:00am
Dar identifies $1.5 billion inflow as 'gift'

Dar identifies $1.5 billion inflow as 'gift'

Dispelling rumours about conditions attached with receipt of $1.5 billion, Finance Minister Ishaq Dar Saturday said that the assistance has been extended by friendly countries unconditionally as a gift and their share in public welfare projects. Talking t
Published 16 Mar, 2014 12:00am
Pro-Russians attack security office

Pro-Russians attack security office

Pro-Kremlin protesters on Saturday attacked a security service building in the Ukrainian city of Donetsk, demanding the release of their "governor" and their own right to vote on joining Russia. The protest comes three weeks after a popular uprising toppl
Published 16 Mar, 2014 12:00am
Pro-Russians attack security office

Pro-Russians attack security office

Pro-Kremlin protesters on Saturday attacked a security service building in the Ukrainian city of Donetsk, demanding the release of their "governor" and their own right to vote on joining Russia. The protest comes three weeks after a popular uprising toppl
Published 16 Mar, 2014 12:00am
UN resolution: Russia vetoes, China abstains

UN resolution: Russia vetoes, China abstains

Russia on Saturday vetoed a UN Security Council draft resolution that declared a planned referendum on the status of Ukraine's Crimea region "can have no validity" and urged nations and international organisations not to recognise it. "This is a sad and r
Published 16 Mar, 2014 12:00am
UN resolution: Russia vetoes, China abstains

UN resolution: Russia vetoes, China abstains

Russia on Saturday vetoed a UN Security Council draft resolution that declared a planned referendum on the status of Ukraine's Crimea region "can have no validity" and urged nations and international organisations not to recognise it. "This is a sad and r
Published 16 Mar, 2014 12:00am
Putin's spokesman sees no 'Cold War'

Putin's spokesman sees no 'Cold War'

Dmitry Peskov, Russian President Vladimir Putin's spokesman, said on Saturday that he was sure there would be no "Cold War" in connection with Ukraine. "With all our soul, we hope that both ourselves and our partners have enough political wisdom, feelings
Published 16 Mar, 2014 12:00am
Putin's spokesman sees no 'Cold War'

Putin's spokesman sees no 'Cold War'

Dmitry Peskov, Russian President Vladimir Putin's spokesman, said on Saturday that he was sure there would be no "Cold War" in connection with Ukraine. "With all our soul, we hope that both ourselves and our partners have enough political wisdom, feelings
Published 16 Mar, 2014 12:00am
50,000 protest Kremlin's swoop on Crimea

50,000 protest Kremlin's swoop on Crimea

Around 50,000 people marched through central Moscow on Saturday in protest at Russia's intervention in Ukraine, a day before the Crimean peninsula votes on switching to Kremlin rule. Waving Ukrainian and Russian flags and adopting the chants of Ukraine's
Published 16 Mar, 2014 12:00am
50,000 protest Kremlin's swoop on Crimea

50,000 protest Kremlin's swoop on Crimea

Around 50,000 people marched through central Moscow on Saturday in protest at Russia's intervention in Ukraine, a day before the Crimean peninsula votes on switching to Kremlin rule. Waving Ukrainian and Russian flags and adopting the chants of Ukraine's
Published 16 Mar, 2014 12:00am
FBR issues guide to facilitate withholding agents

FBR issues guide to facilitate withholding agents

To facilitate taxpayers specifically withholding agents under the Income Tax Ordinance, 2001, the Federal Board of Revenue (FBR) has issued a comprehensive guide wherein exemptions from withholding taxes under Part-II, III & IV of Second Schedule to the I
Published 16 Mar, 2014 12:00am
FBR issues guide to facilitate withholding agents

FBR issues guide to facilitate withholding agents

To facilitate taxpayers specifically withholding agents under the Income Tax Ordinance, 2001, the Federal Board of Revenue (FBR) has issued a comprehensive guide wherein exemptions from withholding taxes under Part-II, III & IV of Second Schedule to the I
Published 16 Mar, 2014 12:00am
FBR issues guide to facilitate withholding agents

FBR issues guide to facilitate withholding agents

To facilitate taxpayers specifically withholding agents under the Income Tax Ordinance, 2001, the Federal Board of Revenue (FBR) has issued a comprehensive guide wherein exemptions from withholding taxes under Part-II, III & IV of Second Schedule to the I
Published 16 Mar, 2014 12:00am
Prime Minister concerned at slow progress on PPO

Prime Minister concerned at slow progress on PPO

Prime Minister Nawaz Sharif has, reportedly expressed serious concern over slow progress in the implementation of Protection of Pakistan Ordinance and asked for revamping of the entire criminal justice system well-informed sources told Business Recorde
Published 16 Mar, 2014 12:00am
Prime Minister concerned at slow progress on PPO

Prime Minister concerned at slow progress on PPO

Prime Minister Nawaz Sharif has, reportedly expressed serious concern over slow progress in the implementation of Protection of Pakistan Ordinance and asked for revamping of the entire criminal justice system well-informed sources told Business Recorde
Published 16 Mar, 2014 12:00am
China doubles yuan trading band

China doubles yuan trading band

China''s central bank on Saturday doubled the yuan''s trading band to two percent, loosening its grip on the tightly-controlled currency and underscoring efforts to accelerate exchange-rate reforms as concerns mount over the slowing economy. The move will
Published 16 Mar, 2014 12:00am
China doubles yuan trading band

China doubles yuan trading band

China's central bank on Saturday doubled the yuan's trading band to two percent, loosening its grip on the tightly-controlled currency and underscoring efforts to accelerate exchange-rate reforms as concerns mount over the slowing economy. The move will t
Published 16 Mar, 2014 12:00am
China doubles yuan trading band

China doubles yuan trading band

China's central bank on Saturday doubled the yuan's trading band to two percent, loosening its grip on the tightly-controlled currency and underscoring efforts to accelerate exchange-rate reforms as concerns mount over the slowing economy. The move will t
Published 16 Mar, 2014 12:00am
Military data suggests 'skilled' flyer turned Malaysia jet

Military data suggests 'skilled' flyer turned Malaysia jet

Investigators now believe a Malaysian jet that vanished was commandeered by a "skilled, competent" flyer who piloted the plane for hours, a senior Malaysian military official said Saturday as Prime Minister Najib Razak prepared to address the nation. Spea
Published 16 Mar, 2014 12:00am
Military data suggests 'skilled' flyer turned Malaysia jet

Military data suggests 'skilled' flyer turned Malaysia jet

Investigators now believe a Malaysian jet that vanished was commandeered by a "skilled, competent" flyer who piloted the plane for hours, a senior Malaysian military official said Saturday as Prime Minister Najib Razak prepared to address the nation. Spea
Published 16 Mar, 2014 12:00am
Lost airliner was diverted deliberately: Malaysian Prime Minister

Lost airliner was diverted deliberately: Malaysian Prime Minister

A missing Malaysian airliner was likely to have been deliberately steered to a course that could have taken it anywhere from central Asia to the southern Indian Ocean, Malaysia's prime minister said on Saturday. Minutes after Malaysian leader Najib Razak
Published 16 Mar, 2014 12:00am
Lost airliner was diverted deliberately: Malaysian Prime Minister

Lost airliner was diverted deliberately: Malaysian Prime Minister

A missing Malaysian airliner was likely to have been deliberately steered to a course that could have taken it anywhere from central Asia to the southern Indian Ocean, Malaysia's prime minister said on Saturday. Minutes after Malaysian leader Najib Razak
Published 16 Mar, 2014 12:00am
Negotiating body briefs Nisar on TTP Shura meeting

Negotiating body briefs Nisar on TTP Shura meeting

Taliban Negotiating Committee on Saturday briefed Interior Minister Chaudhry Nisar Ali Khan about their meeting with Tehrik-e-Taliban Pakistan's key leadership. The Taliban Committee, met with Interior Minister Chaudhry Nisar Ali Khan, headed by Maulana S
Published 16 Mar, 2014 12:00am
Negotiating body briefs Nisar on TTP Shura meeting

Negotiating body briefs Nisar on TTP Shura meeting

Taliban Negotiating Committee on Saturday briefed Interior Minister Chaudhry Nisar Ali Khan about their meeting with Tehrik-e-Taliban Pakistan's key leadership. The Taliban Committee, met with Interior Minister Chaudhry Nisar Ali Khan, headed by Maulana S
Published 16 Mar, 2014 12:00am
Rawalpindi-Islamabad: Ecnec approves Rs 23.839 billion metro bus project

Rawalpindi-Islamabad: Ecnec approves Rs 23.839 billion metro bus project

The Executive Committee of National Economic Council (Ecnec) on Saturday approved Rs 23.839 billion metro bus project for Rawalpindi-Islamabad. Federal Minister for Finance Ishaq Dar chaired the meeting. The meeting discussed and approved its one-point ag
Published 16 Mar, 2014 12:00am
Rawalpindi-Islamabad: Ecnec approves Rs 23.839 billion metro bus project

Rawalpindi-Islamabad: Ecnec approves Rs 23.839 billion metro bus project

The Executive Committee of National Economic Council (Ecnec) on Saturday approved Rs 23.839 billion metro bus project for Rawalpindi-Islamabad. Federal Minister for Finance Ishaq Dar chaired the meeting. The meeting discussed and approved its one-point ag
Published 16 Mar, 2014 12:00am
Rawalpindi-Islamabad: Ecnec approves Rs 23.839 billion metro bus project

Rawalpindi-Islamabad: Ecnec approves Rs 23.839 billion metro bus project

The Executive Committee of National Economic Council (Ecnec) on Saturday approved Rs 23.839 billion metro bus project for Rawalpindi-Islamabad. Federal Minister for Finance Ishaq Dar chaired the meeting. The meeting discussed and approved its one-point ag
Published 16 Mar, 2014 12:00am
The Weather

The Weather

The weather report on Saturday (March 15, 2014) and the forecast for Sunday (March 16, 2014).

Published 16 Mar, 2014 12:00am
Bullion Rates

Bullion Rates

Gold and silver rates in rupees per 10 grams prevailing in major cities on Saturday (March 15, 2014).

Published 16 Mar, 2014 12:00am
Bullion Rates

Bullion Rates

Gold and silver rates in rupees per 10 grams prevailing in major cities on Saturday (March 15, 2014).

Published 16 Mar, 2014 12:00am
Cotton Spot Rates

Cotton Spot Rates

Official KCA spot rates for local dealings in Pakistan rupees on Saturday (March 15, 2014).

Published 16 Mar, 2014 12:00am
Poultry Rates

Poultry Rates

Wholesale poultry rates on Saturday (March 15, 2014) and for Sunday (March 16, 2014).
Published 16 Mar, 2014 12:00am
Lahore Grain Market Rates

Lahore Grain Market Rates

Grain and other commodity rates in rupees on Akbari Mandi on Saturday (March 15, 2014).

Published 16 Mar, 2014 12:00am
Hides and skin rates

Hides and skin rates

Hides and skin rates in rupees prevailing on the commodity markets in Karachi on Saturday (March 15, 2014).

Published 16 Mar, 2014 12:00am
Grain market rates

Grain market rates

Karachi grain market rates in rupees on Saturday (March 15, 2014).

Published 16 Mar, 2014 12:00am
Automart: car prices in Karachi

Automart: car prices in Karachi

The prices of different makes and models of cars prevailing in Karachi in the week ended Saturday (March 15, 2014).

Published 16 Mar, 2014 12:00am
World Shipping Schedule

World Shipping Schedule

Karachi Port's world-wide shipping schedule beginning Saturday (March 15, 2014).

Published 16 Mar, 2014 12:00am
World Shipping Schedule

World Shipping Schedule

Karachi Port's world-wide shipping schedule beginning Saturday (March 15, 2014).

Published 16 Mar, 2014 12:00am
THE RUPEE: rates firm

THE RUPEE: rates firm

The rupee firmly held the overnight levels against the dollar on the currency market on Saturday, dealers said. In an effort to bring stability on economic front, the State Bank of Pakistan (SBP) has kept the policy rate unchanged at 10 percent, as almost
Published 16 Mar, 2014 12:00am
THE RUPEE: rates firm

THE RUPEE: rates firm

The rupee firmly held the overnight levels against the dollar on the currency market on Saturday, dealers said. In an effort to bring stability on economic front, the State Bank of Pakistan (SBP) has kept the policy rate unchanged at 10 percent, as almost
Published 16 Mar, 2014 12:00am
Member to Member

Member to Member

The following transactions member to member subsequently reported on Saturday (March 15, 2014).

Published 16 Mar, 2014 12:00am
World currencies and dollar

World currencies and dollar

Value of the dollar in terms of other world currencies as prevailing in the week ended Saturday (March 15, 2014).

Published 16 Mar, 2014 12:00am
Philippines plans to import 800,000 tonnes of rice

Philippines plans to import 800,000 tonnes of rice

The Philippines' planned importation of as much as 800,000 tonnes of rice will be undertaken via a government-to-government deal in a tender that may be held before the end of March, its farm minister said late on Friday. "It is the government that is imp
Published 16 Mar, 2014 12:00am
Cocoa butter price ratios firm in European market

Cocoa butter price ratios firm in European market

Cocoa butter price ratios for nearby delivery were again firm in Europe's cash cocoa market this week on brisk industry demand, but surging cocoa futures braked demand for beans, traders said on Friday. "Industry has been buying hand-to-mouth supplies of
Published 16 Mar, 2014 12:00am
India's February palm oil imports sink to almost three-year low

India's February palm oil imports sink to almost three-year low

India's palm oil imports in February plunged to the lowest in nearly three years, data from the Solvent Extractors' Association (SEA) showed, as higher prices and hopes local supplies of rival rapeseed oil would improve kept buyers away. The second straig
Published 16 Mar, 2014 12:00am
Uganda's February coffee exports up

Uganda's February coffee exports up

Uganda's coffee exports in February rose by 2.9 percent year-on-year to 354,837 60-kg bags, helped dry weather that has hastened the drying of beans, a state agency said on Thursday. "The central and eastern regions where harvesting is underway have been
Published 16 Mar, 2014 12:00am
Kenyan tea prices fall

Kenyan tea prices fall

The highest price for top Kenyan tea fell to $3.60 per kg at this week's sale from $3.70 per kg last week, Africa Tea Brokers (ATB) said. Prices for Best Broken Pekoe Ones (BP1s) fetched $264-$360 per kg compared with $2.80-$3.70 per kg last week, ATB sai
Published 16 Mar, 2014 12:00am
Moong prices higher on grain market

Moong prices higher on grain market

Prices of Moong were higher on the wholesale grain market on Saturday in the process of modest trading, dealers said. On the cereals side, Moong prices picked up Rs 125 to Rs 11500, other commodities held the overnight levels, they said. On the rice side,
Published 16 Mar, 2014 12:00am
Oil cake market rates

Oil cake market rates

Easier trend was witnessed on the forward cottonseeds oilcake market on Saturday in the process of trading, dealers said. The March contract closed at Rs 1256.70 and it opened at Rs 1256.10 in the morning session, showing 60 paisa fall, they said. The May
Published 16 Mar, 2014 12:00am
Cotton market: mills prefer to adopt wait-and-see mood

Cotton market: mills prefer to adopt wait-and-see mood

Millers and spinners under uncertainties, caused by dollar's sharp fall, preferred to be sidelined on the cotton market on Saturday in the process of trading, dealers said. The official spot rate held the overnight level at Rs 6,750, they added. Prices of
Published 16 Mar, 2014 12:00am
US natural gas futures rise, but drop four percent on the week

US natural gas futures rise, but drop four percent on the week

US natural gas futures edged 1 percent higher on Friday but registered a 4 percent drop on the week on the approach of spring after a severely cold winter that drove prices up. The front-month contract traded as low as $4.34 on Friday, down 10 cents from
Published 16 Mar, 2014 12:00am
Canadian canola futures rise

Canadian canola futures rise

ICE Canada canola futures rose on Friday to their fourth straight weekly gain, helped by short-covering. Funds now hold only a small short position, and traders said they will watch next week to see if they start a long position. May canola traded above m
Published 16 Mar, 2014 12:00am
FOB Gulf soya, corn, wheat offers held steady

FOB Gulf soya, corn, wheat offers held steady

FOB US Gulf grain basis offers were steady with a soft tone late Friday, reflecting a backing off of importer interest from recent weeks as South American values were more competitive with a ramp up in the harvest, traders said. FOB soyabean offers were u
Published 16 Mar, 2014 12:00am
CBOT wheat futures rise on Ukraine jitters

CBOT wheat futures rise on Ukraine jitters

Wheat futures on the Chicago Board of Trade rose 2 percent Friday on uncertainty surrounding a weekend referendum in Ukraine's Crimea region, along with forecasts for dry weather in the southern US Plains wheat belt, traders said. The vote being held on S
Published 16 Mar, 2014 12:00am
Brazil's February coffee sales surpass last year's

Brazil's February coffee sales surpass last year's

Sales of Brazil's 2014/2015 coffee crop were well ahead of the previous year in February, less than two months away from harvesting the crop, local commodities analysts Safras e Mercado said on Thursday. Total sales of the new crop in Brazil, which Safras
Published 16 Mar, 2014 12:00am
Western European wheat prices steady

Western European wheat prices steady

Western European wheat prices were steady on Friday as the market consolidated below a near one-year high, with traders awaiting next developments in a standoff between Ukraine and Russia. Worries that tensions between the Black Sea grain exporters could
Published 16 Mar, 2014 12:00am
US Midwest corn, soya bids mostly steady

US Midwest corn, soya bids mostly steady

Corn spot basis bids were held mostly steady in quiet trade at processors and elevators around the US Midwest on Friday as farmer sales slowed, dealers said. Corn sales were slower after farmers sold large amounts earlier this month. A terminal in Toledo
Published 16 Mar, 2014 12:00am
China to add 60 million tonnes to state corn stockpile in 2013-14

China to add 60 million tonnes to state corn stockpile in 2013-14

China's government is likely to stockpile a record volume of corn for state reserves in the current marketing year due to lower-than-expected demand, an official think-tank said. Beijing is likely to stockpile 60 million tonnes of corn by the end of April
Published 16 Mar, 2014 12:00am
Grounded soyabean ship slows Argentine exports

Grounded soyabean ship slows Argentine exports

A soyabean ship has run aground in Argentina's main grains hub of Rosario, the head of the port chamber said on Thursday, slowing exports from one of the world's top food suppliers just ahead of high Southern Hemisphere shipping season. The blockage of 80
Published 16 Mar, 2014 12:00am
World Bank, EU to resume Madagascar support

World Bank, EU to resume Madagascar support

The World Bank and the European Union will resume financial support to Madagascar, officials said, pledging to help rebuild the Indian Ocean island economy still reeling from a coup in 2009. The International Monetary Fund said on Thursday it had restored
Published 16 Mar, 2014 12:00am
Slim's Inbursa targets Brazil with Standard Bank unit deal

Slim's Inbursa targets Brazil with Standard Bank unit deal

Billionaire Carlos Slim's Grupo Financiero Inbursa SAB on Friday took a key step to expand outside Mexico after agreeing to pay $45 million for the Brazilian unit of South Africa's Standard Bank Group. The purchase of Banco Standard de Investimento Ltda g
Published 16 Mar, 2014 12:00am
Sina Weibo, 'China's Twitter,' files for IPO in US

Sina Weibo, 'China's Twitter,' files for IPO in US

Weibo Corp, the Chinese microblogging service often compared with Twitter, filed Friday for a US stock offering seeking to raise $500 million. The move will allow the popular Chinese-language social network to spin off from the Internet giant Sina, accord
Published 16 Mar, 2014 12:00am
Sina Weibo, 'China's Twitter,' files for IPO in US

Sina Weibo, 'China's Twitter,' files for IPO in US

Weibo Corp, the Chinese microblogging service often compared with Twitter, filed Friday for a US stock offering seeking to raise $500 million. The move will allow the popular Chinese-language social network to spin off from the Internet giant Sina, accord
Published 16 Mar, 2014 12:00am
New York takes London's crown as top financial centre

New York takes London's crown as top financial centre

New York has knocked London from its position as the world's leading global financial centre after seven years, according to the Global Financial Centres Index compiled by London-based consultancy Z/Yen. London slipped from the top of the global rankings,
Published 16 Mar, 2014 12:00am
Moody's raises outlook for European Union to stable

Moody's raises outlook for European Union to stable

Moody's raised its rating outlook for the European Union to stable from negative Friday, citing the improvement of its members' finances and falling risks from the eurozone debt crisis. Moody's affirmed the EU's top-flight Aaa rating and said the main rea
Published 16 Mar, 2014 12:00am
Moody's raises outlook for European Union to stable

Moody's raises outlook for European Union to stable

Moody's raised its rating outlook for the European Union to stable from negative Friday, citing the improvement of its members' finances and falling risks from the eurozone debt crisis. Moody's affirmed the EU's top-flight Aaa rating and said the main rea
Published 16 Mar, 2014 12:00am
Lawsuit kicks off class action claims against GM

Lawsuit kicks off class action claims against GM

General Motors was hit on Friday with what appeared to be the first lawsuit related to the recall of 1.6 million cars, as customers claimed their vehicles lost value because of ignition problems blamed for a series of fatal crashes. The proposed class act
Published 16 Mar, 2014 12:00am
China austerity campaign knocks spending in 2013

China austerity campaign knocks spending in 2013

A campaign against Chinese government excess took major bites out of spending on official meetings, travel and vehicles in 2013, the Communist Party's chief disciplinary body said. The Central Commission for Discipline Inspection (CCDI) said in a statemen
Published 16 Mar, 2014 12:00am
Maruti Sukuzi to seek minority shareholder nod for plant

Maruti Sukuzi to seek minority shareholder nod for plant

Maruti Suzuki India said on Saturday it will seek minority shareholder approval for a plan to outsource production at a new factory to its largest shareholder, Suzuki Motor, after its leading investors opposed the move. Suzuki Motor Corp, which owns 56 pe
Published 16 Mar, 2014 12:00am
Emaar plans $2.5 billion listing of shopping mall unit

Emaar plans $2.5 billion listing of shopping mall unit

Dubai's Emaar Properties said it would sell up to 25 percent of its shopping mall and retailing unit in a public offer expected to raise 8 to 9 billion dirhams ($2.18-$2.45 billion), making it one of the region's largest equity offers since 2008. The proc
Published 16 Mar, 2014 12:00am
Emaar plans $2.5 billion listing of shopping mall unit

Emaar plans $2.5 billion listing of shopping mall unit

Dubai's Emaar Properties said it would sell up to 25 percent of its shopping mall and retailing unit in a public offer expected to raise 8 to 9 billion dirhams ($2.18-$2.45 billion), making it one of the region's largest equity offers since 2008. The proc
Published 16 Mar, 2014 12:00am
South Korea's February Iran oil imports soar ahead of shutdown

South Korea's February Iran oil imports soar ahead of shutdown

South Korea's crude imports from Iran surged 104 percent in February from a year earlier as refiners hiked purchases ahead of maintenance shutdown starting from March, according to the country's customs data and a refining source. South Korea imported 1.1
Published 16 Mar, 2014 12:00am
Sanctions will not have big economic impact on Russia: minister

Sanctions will not have big economic impact on Russia: minister

Planned western sanctions against Russia after a secession referendum in the Ukrainian province of Crimea on Sunday are unlikely to have a major economic impact, Russian Economy Minister Alexei Ulyukayev said. Investors in Russia are concerned about the e
Published 16 Mar, 2014 12:00am
Ecobank grew 'too fast', says top shareholder

Ecobank grew 'too fast', says top shareholder

Pan-African lender Ecobank grew too fast in a short space of time, its biggest shareholder said on Wednesday, potentially signalling a slowdown in the rapid expansion that has taken the financial institution to 35 countries. Elias Masilela, chief executiv
Published 16 Mar, 2014 12:00am
Ecobank grew 'too fast', says top shareholder

Ecobank grew 'too fast', says top shareholder

Pan-African lender Ecobank grew too fast in a short space of time, its biggest shareholder said on Wednesday, potentially signalling a slowdown in the rapid expansion that has taken the financial institution to 35 countries. Elias Masilela, chief executiv
Published 16 Mar, 2014 12:00am
IMF cuts forecasts for Finnish economy amid Russia uncertainty

IMF cuts forecasts for Finnish economy amid Russia uncertainty

The International Monetary Fund trimmed its growth forecasts for Finland amid uncertainty over Russia, and it urged the Finnish government to cut spending and move on with structural reforms to make the economy more competitive. The IMF said it expects Fi
Published 16 Mar, 2014 12:00am
IMF cuts forecasts for Finnish economy amid Russia uncertainty

IMF cuts forecasts for Finnish economy amid Russia uncertainty

The International Monetary Fund trimmed its growth forecasts for Finland amid uncertainty over Russia, and it urged the Finnish government to cut spending and move on with structural reforms to make the economy more competitive. The IMF said it expects Fi
Published 16 Mar, 2014 12:00am
Discount brokers' volumes rise as small investors pile into stocks

Discount brokers' volumes rise as small investors pile into stocks

The three biggest US discount brokerage firms said their stock trading volumes jumped in February from a year earlier, an indication that confidence by small investors in the stock market is continuing to gain after being fairly moribund in 2013. Charles
Published 16 Mar, 2014 12:00am
Discount brokers' volumes rise as small investors pile into stocks

Discount brokers' volumes rise as small investors pile into stocks

The three biggest US discount brokerage firms said their stock trading volumes jumped in February from a year earlier, an indication that confidence by small investors in the stock market is continuing to gain after being fairly moribund in 2013. Charles
Published 16 Mar, 2014 12:00am
Brazil economic activity index rebounds in January

Brazil economic activity index rebounds in January

Economic activity in Brazil grew more than expected in January as strong retail sales offset most of the prior month's sharp downturn, the central bank said on Friday. The Brazilian central bank's IBC-Br economic activity index rose 1.26 percent in Januar
Published 16 Mar, 2014 12:00am
France's Vivendi favours Numericable in telecoms bidding war

France's Vivendi favours Numericable in telecoms bidding war

French conglomerate Vivendi said Friday it was entering exclusive talks with Numericable to sell the cable operator its telecoms unit SFR, shrugging aside France's industrial renewal minister's attempt at scuppering a deal between the two. The announcemen
Published 16 Mar, 2014 12:00am
Greece gunning for weekend deal with EU-IMF creditors

Greece gunning for weekend deal with EU-IMF creditors

Greece was gunning for a weekend deal with its EU-IMF creditors on a lingering reform audit that has held up billions of euros in loans since last year, an official said on Friday. "The goal is to reach an accord by Sunday," the finance ministry official
Published 16 Mar, 2014 12:00am
Sina Weibo files for $500 million US IPO

Sina Weibo files for $500 million US IPO

Twitter-like messaging service Weibo Corp filed on Friday to raise $500 million via a US initial public offering, as Chinese companies flock to the American market in record numbers to take advantage of soaring valuations. Weibo, owned by Sina Corp, becom
Published 16 Mar, 2014 12:00am
Sina Weibo files for $500 million US IPO

Sina Weibo files for $500 million US IPO

Twitter-like messaging service Weibo Corp filed on Friday to raise $500 million via a US initial public offering, as Chinese companies flock to the American market in record numbers to take advantage of soaring valuations. Weibo, owned by Sina Corp, becom
Published 16 Mar, 2014 12:00am
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