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Print - 2015-08-22
Fake degree: PML-N MNA disqualified

Fake degree: PML-N MNA disqualified

The Election Tribunal Multan on Friday disqualified PML-N MNA Chaudhry Arif for possessing a fake degree here on Friday. He was elected MNA from NA-144 Okara. According to official sources, independent candidate Fayyaz Ahmed Ghauri had filed a petition ag
Published 22 Aug, 2015 12:00am
Coal power project in Thar LoI singed with Chinese firm

Coal power project in Thar LoI singed with Chinese firm

The signing ceremony of Letter of Interest (LoI) with Shanghai Electric Group Company Ltd (SEGCL) for development of 2x660MW indigenous coal based power project in Thar was held on Friday at Ministry of Water and Power. Federal Minister for Water and Powe
Published 22 Aug, 2015 12:00am
Where's deflation?

Where's deflation?

This is apropos 'Approaching or landed in deflation?' carried by Business Recorder yesterday. The writer, a noted economist, has argued, inter alia, "Deflation, as opposed to inflation, is defined as the persistent decline in general price level. D
Published 22 Aug, 2015 12:00am
Happy birthday to whom? Court weighs copyright to beloved song

Happy birthday to whom? Court weighs copyright to beloved song

The world's most famous celebration song rakes in 2 million dollars a year for its owner, a US music giant. Now a US court will decide whether, in fact, anyone owns Happy Birthday to You. Right now someone on the planet is singing the Happy Birthday song.
Published 22 Aug, 2015 12:00am
20 years ago, Windows 95 set off PC craze

20 years ago, Windows 95 set off PC craze

Two decades ago Microsoft launched a new era with its new Windows 95 operating system. Windows 95 started a revolution in the computer market and facilitated PC access for millions of people - even though the software wasn't particularly stable or secure.
Published 22 Aug, 2015 12:00am
The economics of industrialisation

The economics of industrialisation

As I hear anchors on State television going gaga on the screen regarding investment in the country one wonders whether I am living in Pakistan or in an alien country. They are so far away from facts and blatantly wagging their tongues in front of the gove
Published 22 Aug, 2015 12:00am
Hobson's choice

Hobson's choice

Unlike the norm, Prime Minister Nawaz Sharif's latest take on the Karachi law and order situation is absolutely clear and sharply focused - something which comes as a stunning shock to the MQM leadership. He was absolutely clear that the Rangers-led opera
Published 22 Aug, 2015 12:00am
Ghost pensioners!

Ghost pensioners!

A revelation by officials of the National Bank of Pakistan (NBP) to the Senate Standing Committee on Finance chaired by Saleem Mandviwalla that it has detected as many as 600,000 ghost pensioners has stunned the entire nation. This is not attributable to
Published 22 Aug, 2015 12:00am
ICE cotton little changed amid crop uncertainty, commodities rout
Cotton

ICE cotton little changed amid crop uncertainty, commodities rout

ICE cotton futures hit a six-week high but settled little-changed on Friday as concerns about the upcoming US crop prevented merchant selling but a cross-commodities rout limited speculative buying. "Since the crop report, people are much more cautious,"
Published 22 Aug, 2015 12:00am
Shanghai copper rise to 39,290 yuan

Shanghai copper rise to 39,290 yuan

Shanghai copper may break a resistance at 38,970 yuan per tonne and rise further to the next resistance at 39,290 yuan, as its bounce from the August 19 low of 37,960 yuan has extended. Wave pattern suggests the bounce is driven by a wave C, the third wav
Published 22 Aug, 2015 12:00am
Copper clocks up seventh weekly loss on China gloom

Copper clocks up seventh weekly loss on China gloom

Copper prices tumbled on Friday, clocking up their seventh consecutive weekly loss as poor factory data in top consumer China sparked alarm in global markets and fanned fears of a slide in metals consumption. Activity in China's factory sector shrank at i
Published 22 Aug, 2015 12:00am
Tokyo rubber falls to 10-month low

Tokyo rubber falls to 10-month low

Benchmark Tokyo rubber futures fell to a fresh 10-month low on Friday, marking the biggest weekly drop in 5-1/2 months, as China's weak manufacturing data raised worries over demand in the world's top buyer and slumping oil and stock prices weighed on mar
Published 22 Aug, 2015 12:00am
Soybeans bounce from 6-year low, corn stays firm

Soybeans bounce from 6-year low, corn stays firm

US soybean futures rebounded from near six-year lows on Thursday in a short-covering bounce and as weekly government data showed solid soybean and soymeal export sales last week. Corn edged higher, hovering close to last session's one-week peak after fiel
Published 22 Aug, 2015 12:00am
Palm posts longest weekly losing streak in 16 years
Currency

Palm posts longest weekly losing streak in 16 years

Malaysian palm oil futures ended Friday's trading lower, posting its eighth consecutive weekly loss as another wave of China growth worries hit global commodity markets. Palmoil has fallen nearly 13 percent in the past eight weeks, hurt by worries about h
Published 22 Aug, 2015 12:00am
Arabica coffee slides, sugar eases near multi-year lows
Currency

Arabica coffee slides, sugar eases near multi-year lows

Arabica coffee slid around 5 percent on long liquidation on Friday, under pressure from a weakening Brazilian currency, while sugar eased near multi-year lows as dealers awaited Brazilian cane data expected to show a brisk crush. Arabica coffee futures dr
Published 22 Aug, 2015 12:00am
Spot gold hits over six-week top in Asian trade

Spot gold hits over six-week top in Asian trade

Spot gold hit its highest level since early July on Friday after weak factory growth in China fanned worries that the world's second largest economy may be slowing sharply, sparking safe-haven demand for the metal. Activity in China's factory sector shran
Published 22 Aug, 2015 12:00am
Gold set for biggest weekly rise since January as stocks

Gold set for biggest weekly rise since January as stocks

Gold steadied on Friday having hit its highest in more than six weeks and was heading for its biggest weekly climb since mid-January as more bad economic data from China rattled financial markets. World stocks tumbled towards their worst week of the year,
Published 22 Aug, 2015 12:00am
US MIDDAY: corn falls

US MIDDAY: corn falls

Corn futures on the Chicago Board of Trade fell more than 1 percent on Friday as investors liquidated holdings in many commodities, from oil to wheat to lean hogs, on worries of slowing global economic growth, traders said. Overall plentiful global grain
Published 22 Aug, 2015 12:00am
US MIDDAY: soybean slump
Currency

US MIDDAY: soybean slump

US grain and soybean futures fell on Friday as investor jitters about China's economy continued to cool confidence in commodity markets and early data from a recent industry crop tour showed strong yield potential in the western Corn Belt. Corn was on pac
Published 22 Aug, 2015 12:00am
Japan cautions China against frequent yuan manipulation
Currency

Japan cautions China against frequent yuan manipulation

Japanese Finance Minister Taro Aso on Friday warned China against frequent manipulation of yuan rates, saying that Tokyo would face a tough decision on how to respond to any such interventions from Beijing. Aso urged China to continue shifting its currenc
Published 22 Aug, 2015 12:00am
Gilani, Amin: Sindh chapter of FIA asked to finalise challan

Gilani, Amin: Sindh chapter of FIA asked to finalise challan

The Federal Investigation Agency (FIA) has given the go-ahead to its provincial chapter in Sindh to submit a complete charge-sheet against former Prime Minister Syed Yousaf Raza Gilani and former commerce minister Makhdoom Amin Fahim for their alleged inv
Published 22 Aug, 2015 12:00am
Gilani, Amin: Sindh chapter of FIA asked to finalise challan

Gilani, Amin: Sindh chapter of FIA asked to finalise challan

The Federal Investigation Agency (FIA) has given the go-ahead to its provincial chapter in Sindh to submit a complete charge-sheet against former Prime Minister Syed Yousaf Raza Gilani and former commerce minister Makhdoom Amin Fahim for their alleged inv
Published 22 Aug, 2015 12:00am
Gilani, Amin: Sindh chapter of FIA asked to finalise challan

Gilani, Amin: Sindh chapter of FIA asked to finalise challan

The Federal Investigation Agency (FIA) has given the go-ahead to its provincial chapter in Sindh to submit a complete charge-sheet against former Prime Minister Syed Yousaf Raza Gilani and former commerce minister Makhdoom Amin Fahim for their alleged inv
Published 22 Aug, 2015 12:00am
Gilani, Amin: Sindh chapter of FIA asked to finalise challan

Gilani, Amin: Sindh chapter of FIA asked to finalise challan

The Federal Investigation Agency (FIA) has given the go-ahead to its provincial chapter in Sindh to submit a complete charge-sheet against former Prime Minister Syed Yousaf Raza Gilani and former commerce minister Makhdoom Amin Fahim for their alleged inv
Published 22 Aug, 2015 12:00am
PEPs, close family members: banks required to maintain accounts

PEPs, close family members: banks required to maintain accounts

State Bank of Pakistan (SBP) requires banks to maintain accounts of politically-exposed persons (PEPs) and their close family members and non-compliance would result in imposition of counter measures including disconnection from the international financia
Published 22 Aug, 2015 12:00am
PEPs, close family members: banks required to maintain accounts

PEPs, close family members: banks required to maintain accounts

State Bank of Pakistan (SBP) requires banks to maintain accounts of politically-exposed persons (PEPs) and their close family members and non-compliance would result in imposition of counter measures including disconnection from the international financia
Published 22 Aug, 2015 12:00am
PEPs, close family members: banks required to maintain accounts

PEPs, close family members: banks required to maintain accounts

State Bank of Pakistan (SBP) requires banks to maintain accounts of politically-exposed persons (PEPs) and their close family members and non-compliance would result in imposition of counter measures including disconnection from the international financia
Published 22 Aug, 2015 12:00am
Minister pays respect to MQM's mandate

Minister pays respect to MQM's mandate

Minister for Information, Broadcasting and Heritage Pervaiz Rashid on Friday expressed reverence over the mandate people of Karachi have delegated to Muttahida Qaumi Movement (MQM). At the closing ceremony of regional languages Camp in Islamabad, Pervaiz
Published 22 Aug, 2015 12:00am
Minister pays respect to MQM's mandate

Minister pays respect to MQM's mandate

Minister for Information, Broadcasting and Heritage Pervaiz Rashid on Friday expressed reverence over the mandate people of Karachi have delegated to Muttahida Qaumi Movement (MQM). At the closing ceremony of regional languages Camp in Islamabad, Pervaiz
Published 22 Aug, 2015 12:00am
HBL profit soars to over Rs 17 billion
Currency

HBL profit soars to over Rs 17 billion

Habib Bank Limited (HBL) Thursday announced its results for the first half of 2015, delivering a record post-tax profit of Rs 17.2 billion, growing 18 percent over the same period of 2014. Pre-tax profit surged by a massive 41 percent to Rs 31.2 billion.
Published 22 Aug, 2015 12:00am
HBL profit soars to over Rs 17 billion
Currency

HBL profit soars to over Rs 17 billion

Habib Bank Limited (HBL) Thursday announced its results for the first half of 2015, delivering a record post-tax profit of Rs 17.2 billion, growing 18 percent over the same period of 2014. Pre-tax profit surged by a massive 41 percent to Rs 31.2 billion.
Published 22 Aug, 2015 12:00am
HBL profit soars to over Rs 17 billion
Currency

HBL profit soars to over Rs 17 billion

Habib Bank Limited (HBL) Thursday announced its results for the first half of 2015, delivering a record post-tax profit of Rs 17.2 billion, growing 18 percent over the same period of 2014. Pre-tax profit surged by a massive 41 percent to Rs 31.2 billion.
Published 22 Aug, 2015 12:00am
HBL profit soars to over Rs 17 billion
Currency

HBL profit soars to over Rs 17 billion

Habib Bank Limited (HBL) Thursday announced its results for the first half of 2015, delivering a record post-tax profit of Rs 17.2 billion, growing 18 percent over the same period of 2014. Pre-tax profit surged by a massive 41 percent to Rs 31.2 billion.
Published 22 Aug, 2015 12:00am
The Weather

The Weather

The weather report on Friday (August 21, 2015) and the forecast for Saturday (August 22, 2015).

Published 22 Aug, 2015 12:00am
SBP warns ECs against malpractices
Currency

SBP warns ECs against malpractices

The State Bank of Pakistan Friday asked Exchange Companies to immediately refrain from unhealthy business practices otherwise strict action will be taken against them. After volatile exchange rate in the open currency during the last two weeks, the State
Published 22 Aug, 2015 12:00am
Bullion Rates

Bullion Rates

Gold and silver rates in rupees per 10 grams prevailing in major cities on Friday (August 21, 2015).

Published 22 Aug, 2015 12:00am
SBP warns ECs against malpractices
Currency

SBP warns ECs against malpractices

The State Bank of Pakistan Friday asked Exchange Companies to immediately refrain from unhealthy business practices otherwise strict action will be taken against them. After volatile exchange rate in the open currency during the last two weeks, the State
Published 22 Aug, 2015 12:00am
Bullion Rates

Bullion Rates

Gold and silver rates in rupees per 10 grams prevailing in major cities on Friday (August 21, 2015).

Published 22 Aug, 2015 12:00am
SBP warns ECs against malpractices
Currency

SBP warns ECs against malpractices

The State Bank of Pakistan Friday asked Exchange Companies to immediately refrain from unhealthy business practices otherwise strict action will be taken against them. After volatile exchange rate in the open currency during the last two weeks, the State
Published 22 Aug, 2015 12:00am
LME official prices

LME official prices

The following were Thursday official prices.

Published 22 Aug, 2015 12:00am
LME official prices

LME official prices

The following were Thursday official prices.

Published 22 Aug, 2015 12:00am
Cotton Spot Rates

Cotton Spot Rates

Official KCA spot rates for local dealings in Pakistan rupees on Friday (August 21, 2015).

Published 22 Aug, 2015 12:00am
New York cotton

New York cotton

The fluctuations observed during the day:

Published 22 Aug, 2015 12:00am
Three PIA staff members removed

Three PIA staff members removed

Pakistan International Airlines (PIA) on Friday claimed to have removed three staff members over their alleged involvement in the issuance of unauthorised boarding cards to passengers. According to PIA official, the management has demonstrated zero tolera
Published 22 Aug, 2015 12:00am
New York cotton

New York cotton

The fluctuations observed during the day:

Published 22 Aug, 2015 12:00am
Three PIA staff members removed

Three PIA staff members removed

Pakistan International Airlines (PIA) on Friday claimed to have removed three staff members over their alleged involvement in the issuance of unauthorised boarding cards to passengers. According to PIA official, the management has demonstrated zero tolera
Published 22 Aug, 2015 12:00am
Lahore Grain Market Rates

Lahore Grain Market Rates

Grain and other commodity rates in rupees on Akbari Mandi on Friday (August 21, 2015)

Published 22 Aug, 2015 12:00am
Three PIA staff members removed

Three PIA staff members removed

Pakistan International Airlines (PIA) on Friday claimed to have removed three staff members over their alleged involvement in the issuance of unauthorised boarding cards to passengers. According to PIA official, the management has demonstrated zero tolera
Published 22 Aug, 2015 12:00am
There's no confrontation with military establishment: Zardari

There's no confrontation with military establishment: Zardari

Terming his relations with Prime Minister Nawaz Sharif "excellent", former president and co-Chairman of PPP Asif Ali Zardari has said the present government and assemblies must complete their mandated tenure. In an interview with a private TV channel in L
Published 22 Aug, 2015 12:00am
Pakistan Mercantile Exchange - PMEX
Cotton

Pakistan Mercantile Exchange - PMEX

Pakistan Mercantile Exchange - PMEX (Formerly National Commodity Exchange Limited - NCEL) Trading Summary on Friday (August 21, 2015).

Published 22 Aug, 2015 12:00am
There's no confrontation with military establishment: Zardari

There's no confrontation with military establishment: Zardari

Terming his relations with Prime Minister Nawaz Sharif "excellent", former president and co-Chairman of PPP Asif Ali Zardari has said the present government and assemblies must complete their mandated tenure. In an interview with a private TV channel in L
Published 22 Aug, 2015 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Friday (August 21, 2015).

Published 22 Aug, 2015 12:00am
Oil ends down over two percent
Currency

Oil ends down over two percent

US oil prices traded below $40 a barrel for the first time since the 2009 financial crisis, ending 2 percent lower on Friday on signs of US oversupply and weak Chinese manufacturing and notching the longest weekly losing streak in almost three decades. US
Published 22 Aug, 2015 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Friday (August 21, 2015).

Published 22 Aug, 2015 12:00am
Oil ends down over two percent
Currency

Oil ends down over two percent

US oil prices traded below $40 a barrel for the first time since the 2009 financial crisis, ending 2 percent lower on Friday on signs of US oversupply and weak Chinese manufacturing and notching the longest weekly losing streak in almost three decades. US
Published 22 Aug, 2015 12:00am
Oil ends down over two percent
Currency

Oil ends down over two percent

US oil prices traded below $40 a barrel for the first time since the 2009 financial crisis, ending 2 percent lower on Friday on signs of US oversupply and weak Chinese manufacturing and notching the longest weekly losing streak in almost three decades. US
Published 22 Aug, 2015 12:00am
Deutsche Bank manager a focus in Russia share trade probe

Deutsche Bank manager a focus in Russia share trade probe

A probe by Deutsche Bank into questionable share trades involving its Moscow unit has prompted further enquiries into whether a senior staff member took bribes, a source familiar with the situation said on Friday. The bribery investigation, which is at an
Published 22 Aug, 2015 12:00am
THE RUPEE: dollar at Rs 102 on interbank market
Currency

THE RUPEE: dollar at Rs 102 on interbank market

The rupee touched the low level at 102.00 mark against the dollar on the inter-bank market on Friday, dealers said. The rupee lost 10-paisa in relation to the dollar for buying and selling at Rs 102.02 and Rs 102.04 respectively, they said.
Published 22 Aug, 2015 12:00am
Deutsche Bank manager a focus in Russia share trade probe

Deutsche Bank manager a focus in Russia share trade probe

A probe by Deutsche Bank into questionable share trades involving its Moscow unit has prompted further enquiries into whether a senior staff member took bribes, a source familiar with the situation said on Friday. The bribery investigation, which is at an
Published 22 Aug, 2015 12:00am
THE RUPEE: dollar at Rs 102 on interbank market
Currency

THE RUPEE: dollar at Rs 102 on interbank market

The rupee touched the low level at 102.00 mark against the dollar on the inter-bank market on Friday, dealers said. The rupee lost 10-paisa in relation to the dollar for buying and selling at Rs 102.02 and Rs 102.04 respectively, they said.
Published 22 Aug, 2015 12:00am
There is no 'plan-B' on Afghanistan: EU diplomat

There is no 'plan-B' on Afghanistan: EU diplomat

European Union Special Representative for Afghanistan Franz-Michael Mellbin Friday said that international community is committed to restoration of peace in Afghanistan and there is no "plan-B" other than the reconciliation process. Speaking at a seminar
Published 22 Aug, 2015 12:00am
Thieves steal Rodin sculpture in Denmark

Thieves steal Rodin sculpture in Denmark

Two robbers have made off with a bronze bust by French sculptor Auguste Rodin from a Copenhagen museum in a bold theft in broad daylight, the museum said Friday. "So far we have no indications of where it has gone and police investigations are ongoing," a
Published 22 Aug, 2015 12:00am
LSE index further plunges 105.76 points

LSE index further plunges 105.76 points

The LSE-25 index further plunged by 105.76 points to close at 5976.13 against 6081.89 of Thursday amid bearish sentiments, as investors remained on the sideline ahead of weekend. The transaction volume squeezed to 1.890 million shares compared with the da
Published 22 Aug, 2015 12:00am
LSE index further plunges 105.76 points

LSE index further plunges 105.76 points

The LSE-25 index further plunged by 105.76 points to close at 5976.13 against 6081.89 of Thursday amid bearish sentiments, as investors remained on the sideline ahead of weekend. The transaction volume squeezed to 1.890 million shares compared with the da
Published 22 Aug, 2015 12:00am
ISE index down 74.13 points

ISE index down 74.13 points

Bears dominated the proceedings at the Islamabad Stock Exchange (ISE) on Friday, where equities showed negative signs under the lead of hot favourite amid decrease in index. ISE Ten Index was down by 74.13 points as the ISE Ten Index moved from 3,232.66 t
Published 22 Aug, 2015 12:00am
Member to Member

Member to Member

The following transactions member to member subsequently reported on Friday (August 21, 2015).

Published 22 Aug, 2015 12:00am
ISE index down 74.13 points

ISE index down 74.13 points

Bears dominated the proceedings at the Islamabad Stock Exchange (ISE) on Friday, where equities showed negative signs under the lead of hot favourite amid decrease in index. ISE Ten Index was down by 74.13 points as the ISE Ten Index moved from 3,232.66 t
Published 22 Aug, 2015 12:00am
KE agrees to renegotiate PPA with CPPA

KE agrees to renegotiate PPA with CPPA

The management of K-Electric has reportedly agreed to negotiate new Power Purchase Agreement (PPA) with Central Power Purchasing Agency (CPPA) to obtain electricity from the national pool and a Gas Supply Agreement (GSA) with Sui Southern Gas Company Limi
Published 22 Aug, 2015 12:00am
KE agrees to renegotiate PPA with CPPA

KE agrees to renegotiate PPA with CPPA

The management of K-Electric has reportedly agreed to negotiate new Power Purchase Agreement (PPA) with Central Power Purchasing Agency (CPPA) to obtain electricity from the national pool and a Gas Supply Agreement (GSA) with Sui Southern Gas Company Limi
Published 22 Aug, 2015 12:00am
KE agrees to renegotiate PPA with CPPA

KE agrees to renegotiate PPA with CPPA

The management of K-Electric has reportedly agreed to negotiate new Power Purchase Agreement (PPA) with Central Power Purchasing Agency (CPPA) to obtain electricity from the national pool and a Gas Supply Agreement (GSA) with Sui Southern Gas Company Limi
Published 22 Aug, 2015 12:00am
BRIndex30 sheds 597 points

BRIndex30 sheds 597 points

On Friday, all indices remained red throughout the trading time. BRIndex30 closed at 21,371.20 points, which was 597 points lower than last day's close. Total turnover of the index was 186,293,100 shares. Top trading company among BRIndex30 companies was
Published 22 Aug, 2015 12:00am
BRIndex30 sheds 597 points

BRIndex30 sheds 597 points

On Friday, all indices remained red throughout the trading time. BRIndex30 closed at 21,371.20 points, which was 597 points lower than last day's close. Total turnover of the index was 186,293,100 shares. Top trading company among BRIndex30 companies was
Published 22 Aug, 2015 12:00am
BOARD MEETINGS

BOARD MEETINGS

Board Meetings of Companies listed on the Karachi Stock Exchange.

Published 22 Aug, 2015 12:00am
Stocks sag in volatile trade

Stocks sag in volatile trade

The Karachi share market remained volatile on the last trading day of the week Friday mainly due to panic selling by local and foreign investors. The benchmark KSE-100 index lost 700 points to close at 34,519 points compared to 35,219 points Thursday. Ahs
Published 22 Aug, 2015 12:00am
Stocks sag in volatile trade

Stocks sag in volatile trade

The Karachi share market remained volatile on the last trading day of the week Friday mainly due to panic selling by local and foreign investors. The benchmark KSE-100 index lost 700 points to close at 34,519 points compared to 35,219 points Thursday. Ahs
Published 22 Aug, 2015 12:00am
Proposed right issues

Proposed right issues

Right issues proposed by companies listed on Karachi Stock Exchange.

Published 22 Aug, 2015 12:00am
Stocks sag in volatile trade

Stocks sag in volatile trade

The Karachi share market remained volatile on the last trading day of the week Friday mainly due to panic selling by local and foreign investors. The benchmark KSE-100 index lost 700 points to close at 34,519 points compared to 35,219 points Thursday. Ahs
Published 22 Aug, 2015 12:00am
Pakistan rejects 'advice'

Pakistan rejects 'advice'

Pakistan on Friday turned down Indian government's "advice" to call off a scheduled meeting of Adviser to Prime Minister on National Security and Foreign Affairs Sartaj Aziz with Hurriyat leaders. "Responding to the 'advice' of Government of India, convey
Published 22 Aug, 2015 12:00am
Pakistan rejects 'advice'

Pakistan rejects 'advice'

Pakistan on Friday turned down Indian government's "advice" to call off a scheduled meeting of Adviser to Prime Minister on National Security and Foreign Affairs Sartaj Aziz with Hurriyat leaders. "Responding to the 'advice' of Government of India, convey
Published 22 Aug, 2015 12:00am