A US federal appeals court Wednesday ruled that a lower court judge abused his discretion when he blocked a settlement between Citigroup and regulators over alleged mortgage-securities fraud. The appeals court overturned a November 2011 decision by US Dis

Economic growth strengthened throughout the country with a broad pick-up in manufacturing, "brisk growth" at some shipping ports and steady consumer spending, the Federal Reserve said on Wednesday. The central bank's Beige Book of anecdotal economic repor

US companies have promised $1 billion for off-grid power projects in Africa, putting a growing focus on small-scale and renewable energy in the push to ease the continent's chronic electricity shortages. President Barack Obama's administration announced c

Germany's Angela Merkel urged Russian President Vladimir Putin on Wednesday to help stem violence in eastern Ukraine and said the West would not hesitate to impose stricter economic sanctions on Russia if it failed to cooperate. Speaking ahead of a summit

Australia boasted its fastest growth in two years last quarter as exports surged by the most since 1999, though the long-awaited revival may have already been endangered by a government crusade for fiscal rectitude. The year certainly started well enough,

The slowdown in China's property market is a normal adjustment after past stellar performance, a senior housing ministry official said on Wednesday, at a time of concerns that the sector's problems could weigh on the broader economy. Feng Jun, chief econo

The gap between house prices and home-buyers' income in London and some other areas of England has widened sharply from before the financial crisis, according to official data likely to catch the eye of the Bank of England. Average house prices in the cap

Global business activity accelerated to an eight-month high last month as both the services and manufacturing industries showed renewed vigour, a business survey showed on Wednesday. J.P. Morgan's Global All-Industry Output Index, produced with Markit, ro

Price cuts by eurozone firms failed to prevent business growth from losing momentum in May, all but sealing the case for looser monetary policy a day before the European Central Bank meets. Markit's Composite Purchasing Managers' Index (PMI) showed that w

Price cuts by eurozone firms failed to prevent business growth from losing momentum in May, all but sealing the case for looser monetary policy a day before the European Central Bank meets. Markit's Composite Purchasing Managers' Index (PMI) showed that w

US companies hired far fewer workers than expected in May, but an acceleration in services sector growth supported views the economy was regaining strength after sagging early this year. While other data on Wednesday suggested a widening trade gap could w

Egypt's bourse rebounded on Wednesday after several days of weakness, while many major stocks in the United Arab Emirates and Qatar extended declines following a jump that their inclusion in MSCI's emerging market index had sparked. Egyptian investors, wh

Southeast Asian stocks fell on Wednesday, as investors were cautious ahead of the European Central Bank's monetary policy meeting on Thursday, and Thai shares snapped six sessions of gains amid technical-led selling. The Thai SET index ended down 0.3 perc

Tokyo stocks ended 0.22 percent higher Wednesday as profit-taking held back further gains after the previous day saw the Japanese market post its best finish in two months. The benchmark Nikkei 225 index added 33.71 points to close at 15,067.96, its third

US stocks rose on Wednesday, with the S&P 500 hitting another intraday record high as investors brushed off weaker-than-expected labour market data and focused on an acceleration in services-sector growth. But with the Dow and the S&P 500 near record leve

US stocks dipped in thin volume on Tuesday, with the Dow and the S&P 500 retreating from Monday's record closing levels as traders found few reasons to buy following a string of gains. A rise in semiconductor companies' shares limited losses. About half o

Taiwan stocks were flat on Wednesday, with Farglory Construction leading real estate shares down for a second day on media reports its chairman is being investigated by prosecutors for alleged corruption. But suppliers of Apple Inc got a lift after shares

US Treasury yields rose to their highest in three weeks on Tuesday as investors reset bets that yields are likely to climb after they fell to 11-month lows last week. Yields have risen this week after month-end buying from last week dissipated. Investors

US Treasury yields rose to their highest in three weeks on Tuesday as investors reset bets that yields are likely to climb after they fell to 11-month lows last week. Yields have risen this week after month-end buying from last week dissipated. Investors

Australian shares lost 0.6 percent on Wednesday to a near 2-week low, driven by losses across the financial sector and a drop among miners as iron ore prices continued to fall - although upbeat GDP data helped to bolster sentiment. Australia's economy gre

Hong Kong stocks ended 0.60 percent lower Wednesday, in line with a broad regional downturn after the Dow and S&P 500 on Wall Street retreated from record highs. The benchmark Hang Seng Index shed 139.33 points to close at 23,151.71 on turnover of HK$48.1

European shares held steady on Wednesday after data confirmed a slowdown in the euro zone's economic recovery in the first quarter, with investors awaiting fresh action by the European Central Bank to spur growth. The 18-nation bloc's economy expanded by

Sri Lankan shares hovered near their lowest close in more than three weeks and ended little changed on Wednesday, while turnover rose on buying from foreign investors and expectation that interest rates would come down further, brokers said. The main stoc

Indian shares fell on Wednesday, retreating from their record closing highs in the previous session as exporters including IT companies such as Tata Consultancy Services dropped amid concerns about the impact of a stronger rupee. Exporters were among the

Britain's top equity index fell on Wednesday, weighed down by Tesco after the supermarket retailer posted its biggest quarterly UK sales drop in 40 years. The bluechip FTSE 100 closed down by 0.3 percent, or 17.67 points, at 6,818.63 points. Tesco's 1.4 p

The euro eased on Wednesday as expectations intensified that the European Central Bank will unveil a flurry of measures this week to stave off deflation, while the Aussie dollar gained a brief lift from upbeat economic growth data. The euro gave back some

The dollar hit its highest in a month against the yen on Wednesday, reflecting a jump in Treasury yields this week that has helped prod the US currency to three-month highs in trade-weighted terms. The Swedish crown was the biggest gainer among the main E

The US dollar got a lift on Wednesday from rising Treasury rates and touched a monthly high against the yen before losing some steam on weaker-than-expected US private-sector jobs numbers. The dollar last stood at 102.57 yen after trading as high as 102.7

The euro held gains against the US dollar on Tuesday, recovering ground as subdued euro zone inflation data kept market expectations for European Central Bank stimulus measures intact ahead of Thursday's meeting. Stronger-than-expected US factory orders i

Inter-bank buy/sell rates for the taka against the dollar on Wednesday. 77.63-77.63 (previous 77.63-77.63). Call Money Rates: 05.50-07.25 percent (previous 05.50-07.25 percent).

The Indian rupee edged higher on Wednesday on foreign fund inflows into debt and equity, though a sharper rise was capped by heavy dollar demand from importers. Sentiment also remains supported after the Reserve Bank of India's measures on Tuesday to allo

The Indonesian rupiah hit a near four-month low on Wednesday, leading a decline among emerging Asian currencies as investors added to their dollar holdings on higher US yields. Spot rupiah fell on importers' dollar demand and its weakness in non-deliverab

Sterling rose on Wednesday, bolstered by better-than-expected UK services sector activity in May which kept alive expectations of monetary tightening by the Bank of England early next year. By late afternoon trade, the pound climbed to $1.6755, having tra

FIFA is on an ambitious mission to make sure that for the first time every player who takes part in the World Cup has a drug test and carries a 'biological passport'. Football's governing body wants to impose the passport - already used in cycling and ath

Barcelona and Argentina star Lionel Messi remains the world's most valuable footballer, even though his crown slipped this season, a market study showed on Wednesday. In its annual report on the player market, the Swiss-based CIES Football Observatory put

Fourth-seeded Romanian Simona Halep reached her first Grand Slam semi-final with a 6-2, 6-2 win over former champion Svetlana Kuznetsova at the French Open on Wednesday. Halep, 22, goes on to face Germany's Andrea Petkovic, who will also be appearing in h

Pakistan cricket team skipper Misbah ul Haq Wednesday said that Pakistan Cricket Board (PCB) should start grooming of youngsters to give them confidence as future leaders. Talking to reporters here at Gaddafi Stadium during summer camp organized by the PC

Former England star Kevin Pietersen will make his domestic Twenty20 Blast debut for Surrey at home to Essex on Friday, tournament organisers announced on Wednesday. A message published on the competition's Twitter feed said: "NEWS: Kevin Pietersen named i

Sri Lanka proved too strong with both ball and bat as they beat England by six wickets in the fifth and final one-day international at Edgbaston on Tuesday to clinch a 3-2 series victory. First paceman Lasith Malinga took three for 50 as Sri Lanka restric

Tens of thousands of people held a candlelight vigil in Hong Kong on Wednesday to mark the bloody crackdown on pro-democracy protesters 25 years ago in Beijing's Tiananmen Square, while mainland China authorities sought to whitewash the 1989 event. In Bei

Fugitive US intelligence contractor Edward Snowden is seeking to extend his refugee status in Russia, his lawyer said Wednesday, despite Snowden saying recently he wants to move to the United States or Brazil. "Everything is in order. We are working on th

Queen Elizabeth II rode to the opening of parliament on Wednesday in a brand new Australian-built state coach that encapsulates nearly a thousand years of British history. Crafted over nearly a decade, the gilded Diamond Jubilee State Coach is only the se

World leaders hammered out a message for absent Russian leader Vladimir Putin at a summit in Brussels on Wednesday after US President Barack Obama condemned Moscow's "dark tactics" in Ukraine. The worst East-West crisis in decades dominated the meeting of

More than 200 people have died from the highly contagious Ebola virus in Guinea, making it one of the worst ever outbreaks of the disease, the World Health Organisation said Wednesday. The UN's health agency said it so far had registered 328 confirmed or

A major nuclear deal between world powers and Iran can still be achieved by next month as planned, Tehran said Wednesday as lack of progress recently raised fears the talks had hit a wall. Iran and the so-called P5+1 - the five permanent members of the UN

Germany's federal prosecutors said Wednesday they had opened an investigation over alleged snooping on Chancellor Angela Merkel's mobile phone by the US National Security Agency (NSA) in a case that has soured relations. The long-anticipated probe, which

US Secretary of State John Kerry dismissed Syria's election as a "great big zero" Wednesday, urging President Bashar al-Assad's allies Iran, Russia and Hezbollah to end the country's three-year war. His remarks during a surprise trip to Beirut came ahead

The EU said Wednesday it was "deeply concerned" about the threat of a new nuclear test by North Korea, which has stepped up activity at one of its main test sites. Pyongyang said earlier this year that it did not rule out a fourth nuclear test, to counter

A music company on Wednesday lost a court battle in Britain to retain the lucrative rights over 13 songs by Jamaican reggae legend Bob Marley, including his hit "No Woman, No Cry". Cayman Music had launched the challenge against Blue Mountain Music - a co

Irish author John Banville, best known for his crime novels written under the pseudonym of Benjamin Black, has been awarded Spain's prestigious Prince of Asturias literature award, the prize jury said on Wednesday. The 68-year-old edged out 23 other conte

Syria's President Bashar al-Assad won a controversial election held in regime-controlled territory with a sweeping 88.7 percent of the vote, parliament speaker Mohammad al-Lahham announced late on Wednesday. The other two candidates won 4.3 percent and 3.

The International Cotton Association may expel members that deal with companies blacklisted for defaulting on contracts, the trade group said on Wednesday, the latest change in 150-year-old rules aimed at stamping out a problem that accelerated three year

The most-traded August copper contract on the Shanghai Futures Exchange fell 1.1 percent to 48,120 yuan ($7,700) a tonne on Wednesday. A private sector survey showed an improvement in China's factory activity, but overall factory growth was still contract

Copper dropped to a three-week low on Wednesday, in its biggest one-day fall since mid- April, on jitters about the impact on financing deals from a probe at a Chinese port. The metal used in power and construction was also under pressure from signs of a

Brent crude turned lower, and US crude pared gains on Wednesday on news that Ukraine's president-elect was working on a peace plan and that a meeting with Russia's leader this week in France was not being ruled out. Rising US distillate stockpiles pressur

Benchmark Tokyo rubber futures slipped on Wednesday on stop-loss sales by small investors after prices failed to break above a major resistance of 200 yen, but a weaker Japanese yen lent support, dealers said. The Tokyo Commodity Exchange rubber contract

Wednesday's Rotterdam vegetable oil prices at 1600 GMT.

Wednesday's Rotterdam vegetable oil prices at 1600 GMT.

US corn futures fell 1.6 percent, their fourth straight losing session, on Tuesday on forecasts for rain across the US Midwest that should spur growth of the recently seeded crop, traders said. Expectations for a bumper harvest of corn already were high f

Malaysian palm oil futures ended higher on Wednesday after an eight-day losing streak, as the steep fall in prices attracted bargain hunters looking for cheap deals, although anticipation of rising production put a lid on gains. Palm prices have slid more

ICE cocoa futures rose to a 33-month high on Wednesday, boosted by strong cocoa butter prices and lingering expectations of a supply deficit in the 2014/15 season. Arabica coffee futures on ICE Futures US eased, revisiting the prior day's more than two-mo

Gold prices rose for the first time in six days on Tuesday as stock markets beat a retreat after a series of record highs on Wall Street. New York-traded gold futures settled up while the spot price of bullion remained positive in late afternoon trade des

Gold was treading water on Wednesday, hovering near a four-month low hit in the previous session, as investors await US economic data, amid increasing optimism about growth and sluggish bullion demand in Asia. Spot gold was flat at $1,245.80 an ounce by 0

Gold firmed on Wednesday as the dollar and US bond yields retreated after below-forecast US jobs data, but was still near a four-month low on investor caution ahead of a European Central Bank meeting and a payrolls report. US companies hired 179,000 worke

Weaker Chinese demand and overcapacity in the can market will force Novelis Corp to find new markets outside of Asia for the aluminium sheet produced at its newly expanded South Korean rolling mills, Chief Executive Officer Phil Martens said. Challenging

US wheat futures edged higher early on Wednesday on a round of mild bargain buying following a 10-session losing streak that pushed prices to a three-month low, traders said. "Wheat is due for a bounce, but any rebound may be limited unless some major pro

Sustainable Development Policy Institute (SDPI) held activities on World Environment Day 2014 in collaboration with Pakistan National Council of Arts (PNCA). The activities included a report launch: BDS (Bachelor of Dental Surgery) Curriculum - SDPI Secon

Khyber Pakhtunkhwa Senior Minister for Health, Shahram Khan Tarakai has directed all the concerned quarters to ensure transparency and meritocracy in the admission process of all public sector medical and dental colleges. He further said the transparency

Sindh's prisons have been overcrowded as the number of prisoners in them had swelled from 13, 706 to 18, 437 in the last five years. According to a research, entitled "Through the Lens of Legal Aid May 2014" and conducted by Legal Aid Office-Committee for

KP Chief Minister Pervez Khattak has strongly condemned the killing of two military officers and three civilians and injuring of several others in a gruesome suicide attack near sensitive installations on Fateh Jhang Road Rawalpindi. In a condemnation mes

The capital police on Wednesday resorted to baton charge and tear gas shelling to disperse the government employees, protesting near D-Chowk for increase in their wages after they tried to proceed towards the Red Zone. A large number of the government tea

Following the visit of Prime Minister Nawaz Sharif a day ago, the Senate on Wednesday made record legislation and unanimously passed five bills including two important anti-terrorism bills. The Anti-Terrorism Bill, 2014 and Anti-Terrorism (second amendmen

Despite dwindling human resources, the Competition Commission of Pakistan (CCP) has maintained its rating of two and a half stars out of five and its performance has been termed consistent by the Global Competition Review (GCR) in the 14th annual survey o

Prime Minister Nawaz Sharif on Wednesday said, "I see a great potential in the youth of Pakistan who can bring about economic revolution and development in the country through their energies and dynamism."

The Lahore High Court on Wednesday reprimanded Secretary Schools Punjab for calling special children "mentally disable" observing that the words were highly offensive. The court directed the secretary to furnish a report on the government policy about pro

City police on Wednesday claimed to have arrested around 72 alleged criminals in different targeted raids and encounters conducted at various parts of metropolis during last 24 hours. According to police, they have conducted some 79 targeted raids and fou

The Federal Board of Revenue has discontinued performance allowances (equivalent to 100 percent of basic pay) of 12 officers (Grade 19-20) of Pakistan Customs Service and six officers (Grade-19) of Inland Revenue Service, with immediate effect. In this re

All Pakistan Muslim League Central leader and spokesperson Asia Ishaq said the ongoing problems faced by Muttahida Qaumi Movement (MQM) Chief Altaf Hussain were worsened by planned and deliberate delay in issuing national identity card and a passport to h

Muttahida Qaumi Movement (MQM) workers and supporters continued their sit-in for the second consecutive at Numaish Chowrangi to express solidarity with their party chief Altaf Hussain over his arrest by police in London. On Wednesday, leaders of different

Scores of workers of Muttahida Qaumi Movement observed sit-in in front of Multan Press Club against the arrest of MQM Chief Altaf Hussain. Their sit-in on Wednesday entered the second day and they vowed to continue their protest till Altaf Hussain remaine

Karachi remained in grip of fear for the second consecutive day following MQM chief Altaf Hussain's arrest in London. Almost all commercial and social activities remained suspended in the city on Wednesday as well as petrol pumps, CNG stations, educationa

Industrial activities in the city remained paralysed for the second day as the workers of Muttahida Qaumi Movement (MQM) continued their protest on Wednesday against the arrest of party chief Altaf Hussain in London. A strike-like situation prevailed in t

Activities at Customs House remained suspended for the second day in a row on Wednesday as panic gripped the city after MQM chief Altaf Hussain's detention in UK in connection with money laundering charges. The cargo movement - inward and outward - at por

Pakistan Telecommunication Company Limited (PTCL) has announced an extension in the date for payment of the current month's telephone bills, says an announcement made on Wednesday.

Pakistan Tehreek-e-Insaf (PTI) chief Imran Khan on Wednesday urged Muttahida Qaumi Movement (MQM) not to "punish" the people of Pakistan for an action carried out in London by the British government. His remarks came as thousands of MQM workers continued

The Southern Regional Committee (SRC) of the Institute of Chartered Accountants of Pakistan (ICAP) has organised a post-budget seminar on Friday (June 6) to discuss and deliberate on the possible consequences of the Federal Budget 2014-15. Dr Miftah Ismai

Arms manufacturers and dealers have warned that if the provincial government was not lifted ban on issuance of transportation license within a week, then they would launch a protest movement across the province. Speaking a news conference at Peshawar Pres

Markets in the city remained closed on the second consecutive day on Wednesday as tension continued to prevail in the city in the wake of MQM chief Altaf Hussain's arrest in London. Traders told Business Recorder that fears of violence left the ent

Board of Directors of HBL Asset Management Limited has approved interim dividend payout of Rs 0.64 per unit from HBL Money Market Fund and Rs 0.44 per unit from HBL Islamic Money Market Fund for the year ending June 30. Unit Holders who have opted for cas

Board of Directors of HBL Asset Management Limited has approved interim dividend payout of Rs 0.64 per unit from HBL Money Market Fund and Rs 0.44 per unit from HBL Islamic Money Market Fund for the year ending June 30. Unit Holders who have opted for cas

Commissioner Karachi Shoaib Ahmed Siddiqui has said that the district administration will support Naval police, traffic police and district police in traffic management on important city roads of, whereas lane marking will be done at Dalmia, Karsaz, Lucky

All kinds of business & social activities remained suspended here for the second consecutive day on Wednesday as the sit-in of Mutteida Qaumi Movement continued since Tuesday expressing solidarity with the MQM Quaid Altaf Hussain who has been undergoing i

Khyber Pakhtunkhwa Governor Sardar Mahtab Ahmad Khan has strongly condemned the suicide attack in Rawalpindi on Wednesday and expressed his deep shock and sorrow over the loss of precious lives. Expressing his deep sympathies with members of the bereaved

McDonald's Pakistan was awarded the Best Customer Service Award in Food and Beverage Segmentat the Service Punch 2014 organised by Active8. Service Punch is Pakistan's first ever Service Awards conference to honour organisations that are committed to ensu

The Sui-Southern Gas Company Limited (SSGCL) will add 120 Million Cubic Feet per Day (MMCFD) of additional gas to the system within next few months. According to official sources in the company, within next couple of days SSGCL is to connect Zarghoon Gas

National Accountability Bureau (NAB) Khyber-Pakhtunkhwa on Wednesday arrested accused Gulzar Ali, ex-secretary to Chairman Higher Education Regulatory Authority (HERA), allegedly involved in embezzlement of public money by depositing the same in his perso

The Supreme Court on Wednesday adjourned the proceedings of a case regarding the broadcast of a programme by a private television channel till June 10. A three-member bench headed by Justice Ejaz Afzal Khan resumed the hearing of a petition filed by Indep

While the Ministry of National Food Security and Research (NFS&R), Department of Plant Protection, and All Pakistan Fruit and Vegetable Exporters, Importers and Merchants Association (PFVA) are up jointly to stall European Union's warning to stop the impo

Vice Chairman of China's Central Military Commission Fan Changlong met on Wednesday with visiting Pakistani Chief of Army Staff General Raheel Sharif. Calling Pakistan a "true friend" of China, Fan said the development of bilateral "all-weather friendship

Earthquake Reconstruction, Rehabilitation Authority (Erra) has set a target to complete 69 development projects funded by Islamic Development Bank, costing US $93 million in 11 months in three districts of Hazara Division, Khyber Pakhtunkhwa. In a monthly