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Jun 17, 2024 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Print - 2017-05-05
Surging mortgage demand adds to Irish house price pressure

Surging mortgage demand adds to Irish house price pressure

The value of mortgage drawdowns in Ireland grew 40 percent year-on-year in the first quarter, data showed on Thursday, with surging demand likely to put further pressure on house prices currently posting double-digit growth. Irish mortgage lending collaps
Published 05 May, 2017 12:00am
Surging mortgage demand adds to Irish house price pressure

Surging mortgage demand adds to Irish house price pressure

The value of mortgage drawdowns in Ireland grew 40 percent year-on-year in the first quarter, data showed on Thursday, with surging demand likely to put further pressure on house prices currently posting double-digit growth. Irish mortgage lending collaps
Published 05 May, 2017 12:00am
Canada trade deficit narrows sharply in possible boost to Q1 GDP

Canada trade deficit narrows sharply in possible boost to Q1 GDP

Canada's trade deficit narrowed sharply to just C$135 million ($99 million) in March as exports surged to a new high on shipments of energy products, an early sign the first quarter ended strongly. Statistics Canada said on Thursday that the value of expo
Published 05 May, 2017 12:00am
Peugeot to test driverless cars in Singapore

Peugeot to test driverless cars in Singapore

French automaker PSA said Wednesday it was teaming up with nuTonomy to integrate the US startup's software into one of its vehicles for on-road testing of fully autonomous cars in Singapore. nuTonomy will install its software, along with sensors and compu
Published 05 May, 2017 12:00am
UAE delays launch of first nuclear power reactor

UAE delays launch of first nuclear power reactor

The commercial start-up of the first of four nuclear reactors that South Korea's KEPCO is building in United Arab Emirates is set to be delayed because the local operating company is not ready to run the reactors, a nuclear industry source said.
Published 05 May, 2017 12:00am
Italy to start taking Alitalia bids in next 15 days

Italy to start taking Alitalia bids in next 15 days

Alitalia's administrators will start taking bids for the troubled Italian airline within the next 15 days, the government said on Wednesday. Speaking on Italian radio, the minister of economic development, Carlo Calenda, said that while "no negotiations a
Published 05 May, 2017 12:00am
HSBC pre-tax profit slides but hails 'good result'
Exchange

HSBC pre-tax profit slides but hails 'good result'

HSBC said on Thursday that pre-tax profit fell 19 percent in the first three months of the year but the bank's chief described them as "a good set of results" after a turbulent 2016. The London-based giant has been on a recovery drive over the past two ye
Published 05 May, 2017 12:00am
HSBC pre-tax profit slides but hails 'good result'
Exchange

HSBC pre-tax profit slides but hails 'good result'

HSBC said on Thursday that pre-tax profit fell 19 percent in the first three months of the year but the bank's chief described them as "a good set of results" after a turbulent 2016. The London-based giant has been on a recovery drive over the past two ye
Published 05 May, 2017 12:00am
EU declares Brexit battle over euro clearing

EU declares Brexit battle over euro clearing

The EU fired a fresh salvo at Britain on Thursday, proposing fresh rules that would require a huge slice of London's banking business to leave the UK after Brexit. The new rules unveiled by European Commission vice-president Valdis Dombrovskis would deny
Published 05 May, 2017 12:00am
Spain reports record monthly drop in joblessness

Spain reports record monthly drop in joblessness

The number of people in Spain registering as jobless marked its sharpest monthly fall on record in April, the Labour Ministry said on Thursday, after the busy Easter holiday prompted a boost in restaurant and hotel hires. Registered joblessness fell by 3.
Published 05 May, 2017 12:00am
Iran in talks with UK over jetliner export funding

Iran in talks with UK over jetliner export funding

Iran is in talks with Britain's export credit agency to facilitate the financing of aircraft sales to state airline IranAir as part of its pact with world powers to lift sanctions over its nuclear programme, a senior Iranian official said. IranAir's plan
Published 05 May, 2017 12:00am
Societe Generale says Q1 hit by Libyan settlement

Societe Generale says Q1 hit by Libyan settlement

French bank Societe Generale said Thursday that net profits were hit in the first quarter by a provision covering the settlement of a long-running legal dispute with Libya's sovereign fund. Societe Generale said in a statement that its net profit fell by
Published 05 May, 2017 12:00am
Societe Generale says Q1 hit by Libyan settlement

Societe Generale says Q1 hit by Libyan settlement

French bank Societe Generale said Thursday that net profits were hit in the first quarter by a provision covering the settlement of a long-running legal dispute with Libya's sovereign fund. Societe Generale said in a statement that its net profit fell by
Published 05 May, 2017 12:00am
Shell quarterly profits surge

Shell quarterly profits surge

Net profit at Royal Dutch Shell increased more than sevenfold in the first quarter as oil prices recovered from heavy declines, the energy giant said on Thursday. Profit after tax came in at $3.538 billion (3.240 billion euros) in the three months to Marc
Published 05 May, 2017 12:00am
Shell quarterly profits surge

Shell quarterly profits surge

Net profit at Royal Dutch Shell increased more than sevenfold in the first quarter as oil prices recovered from heavy declines, the energy giant said on Thursday. Profit after tax came in at $3.538 billion (3.240 billion euros) in the three months to Marc
Published 05 May, 2017 12:00am
World food prices fall for third straight month in April

World food prices fall for third straight month in April

World food prices fell for the third month in a row in April as values declined for all agricultural commodities except meat, the United Nations food agency said on Thursday. The Food and Agriculture Organisation's (FAO) food price index has been falling
Published 05 May, 2017 12:00am
Eurozone businesses race into Q2 on six-year high

Eurozone businesses race into Q2 on six-year high

Eurozone businesses raced into the second quarter, increasing activity at the fastest rate in six years in April, according to a survey on Thursday which suggested the bloc's economic recovery is broadly based and sustainable. Activity expanded slightly f
Published 05 May, 2017 12:00am
US labour market tightening; productivity drops in Q1

US labour market tightening; productivity drops in Q1

New applications for US jobless benefits fell sharply last week and the number of Americans on unemployment rolls hit a 17-year low, pointing to a tightening labour market that could allow the Federal Reserve to raise interest rates next month. Diminishin
Published 05 May, 2017 12:00am
Dubai's Arabtec shines, Egypt rises in slack markets

Dubai's Arabtec shines, Egypt rises in slack markets

Arabtec's shares rose after the Dubai builder swung to its first quarterly net profit since September 2014, bucking the trend in most of the region's markets which followed global bourses and oil prices lower on Thursday. "The return to profitability (at
Published 05 May, 2017 12:00am
Sri Lankan shares gain

Sri Lankan shares gain

Sri Lankan shares ended firmer on Thursday, helped by foreign buying in blue chips, after the International Monetary Fund said it may consider the country's request for a second loan review. The Colombo stock index ended 0.59 percent stronger at 6,602.44,
Published 05 May, 2017 12:00am
Thursday's early afternoon trade: stocks drop with oil prices

Thursday's early afternoon trade: stocks drop with oil prices

US stocks were lower in early afternoon trading on Thursday as a steep fall in crude oil prices weighed on energy shares and with healthcare stocks in focus ahead of a cliffhanger vote on repealing Obamacare. Lawmakers will vote later in the afternoon on
Published 05 May, 2017 12:00am
Wall Street lower as Fed holds on rates; financials gain

Wall Street lower as Fed holds on rates; financials gain

Wall Street kept losses on Wednesday after the US Federal Reserve held interest rates unchanged following its two-day policy meeting, and as investors digested another heavy round of earnings reports. The US central bank downplayed weak first-quarter econ
Published 05 May, 2017 12:00am
Hong Kong shares fall

Hong Kong shares fall

Hong Kong stocks slipped slightly on Thursday, as a jump in index heavyweight HSBC Holdings largely counterbalanced any bearish sentiment stemming from the US Federal Reserve's hawkish policy statement. The Hang Seng index fell 0.1 percent, to 24,683.88,
Published 05 May, 2017 12:00am
Treasury yields rise

Treasury yields rise

Benchmark US Treasury yields rose after the Federal Reserve kept interest rates unchanged and downplayed weak first-quarter economic growth, keeping a rate increase in June on the table. In a bullish statement following the end of a two-day meeting, the c
Published 05 May, 2017 12:00am
Treasury yields rise

Treasury yields rise

Benchmark US Treasury yields rose after the Federal Reserve kept interest rates unchanged and downplayed weak first-quarter economic growth, keeping a rate increase in June on the table. In a bullish statement following the end of a two-day meeting, the c
Published 05 May, 2017 12:00am
Taiwan stocks flat

Taiwan stocks flat

Taiwan stocks traded flat on Thursday, pausing after an eight-session winning streak as overseas markets slipped tracking a subdued Wall Street. As of 0452 GMT, the main TAIEX index was unchanged at 9,958.39, after closing up 0.1 percent on Wednesday, its
Published 05 May, 2017 12:00am
Indian shares rise

Indian shares rise

Indian shares ended higher on Thursday as bank stocks climbed on a government move to tackle surging bad loans, while ICICI Bank rallied 9 percent after it said additions to non-performing loans would be lower this year. The broader NSE index closed up 0.
Published 05 May, 2017 12:00am
China stocks at three-month lows

China stocks at three-month lows

China stocks extended losses on Thursday to close at three-month lows, after a survey showing softer services sector activity raised concerns over growing economic risks. The blue-chip CSI300 index fell 0.3 percent, to 3,404.39 points, while the Shanghai
Published 05 May, 2017 12:00am
Earnings, data, politics push buoyant European shares higher

Earnings, data, politics push buoyant European shares higher

European shares powered ahead on Thursday as earnings, economic data and politics aligned to boost the market to further highs. The pan-European STOXX 600 index rose 0.7 percent, holding at 20-month highs, while German blue chips soared to an all-time hig
Published 05 May, 2017 12:00am
Australian, New Zealand shares dip

Australian, New Zealand shares dip

Australian shares fell on Thursday as softer metal prices and technical selling drove miners and banks lower, pulling the index down for a third straight session. The Australian was weakened by a strengthening in the US dollar after the Federal Reserve ke
Published 05 May, 2017 12:00am
Southeast Asian stocks largely up

Southeast Asian stocks largely up

Most Southeast Asian stock markets rose on Thursday, with the Philippines posting its highest close since September 2016, buoyed by mining stocks after the ouster of the country's environment minister over her anti-mining advocacy. Philippine lawmakers en
Published 05 May, 2017 12:00am
British stocks lag Europe as miners, retailer Next sink

British stocks lag Europe as miners, retailer Next sink

British blue-chip stocks rose slightly on Thursday but lagged European peers, with miners falling and retailer Next slumping as a difficult consumer environment bit into its profits. The FTSE inched up 0.2 percent, while the main German and French indexes
Published 05 May, 2017 12:00am
Dollar takes breather in Asia

Dollar takes breather in Asia

The dollar hit a six-week high against the yen on Thursday, after the US Federal Reserve downplayed weak first-quarter economic growth and was seen as leaving the door open to raising interest rates in June. The Fed kept interest rates unchanged on Wednes
Published 05 May, 2017 12:00am
Euro jumps in Europe after French debate, Fed expectations top out

Euro jumps in Europe after French debate, Fed expectations top out

The euro surged towards 6-month highs around $1.0950 on Thursday as support for the dollar from Wednesday's Federal Reserve statement faded and investors took heart from French centrist Emmanuel Macron's performance in a TV presidential debate. The dollar
Published 05 May, 2017 12:00am
Early trade in NY: Euro hits roughly six-month high against dollar

Early trade in NY: Euro hits roughly six-month high against dollar

The euro hit its highest level in roughly six months against the US dollar on Thursday as traders looked beyond the French elections to the potential for the European Central Bank to signal further reduction in bond-buying, while the greenback was steady
Published 05 May, 2017 12:00am
Dollar rallies in NY after Fed signals rate hike likely

Dollar rallies in NY after Fed signals rate hike likely

The US dollar rallied broadly on Wednesday and hit more than six-week highs against the yen after the Federal Reserve signalled it was still on track for two more interest rate hikes this year. The Fed kept interest rates unchanged, downplayed weak first-
Published 05 May, 2017 12:00am
Bangladesh's interbank forex rates

Bangladesh's interbank forex rates

Interbank buy/sell rates for the taka against the dollar on Thursday. 80.44-80.45 (previous 80.40-80.40).
Published 05 May, 2017 12:00am
Asian currencies nudge lower on hawkish Fed
Exchange

Asian currencies nudge lower on hawkish Fed

Most Asian currencies fell modestly on Thursday as the dollar retained gains made after the US Federal Reserve's hawkish policy statement. At the end of its two-day meeting, the Fed kept its benchmark interest rate steady, as expected, but downplayed weak
Published 05 May, 2017 12:00am
Sri Lankan rupee edges up

Sri Lankan rupee edges up

The Sri Lankan rupee ended slightly higher on Thursday as exporters sold the dollar and a statement from the International Monetary Fund (IMF) that it may review the country's request to complete a second loan review boosted the sentiment. Rupee forwards
Published 05 May, 2017 12:00am
Sterling climbs back above $1.29

Sterling climbs back above $1.29

Sterling rose above $1.29 on Thursday after stronger-than-expected data from Britain's huge services sector, which was seen bolstering the case for the Bank of England to raise interest rates sooner rather than later. The Markit/CIPS Services Purchasing M
Published 05 May, 2017 12:00am
Aussie falls, kiwi up

Aussie falls, kiwi up

The Australian dollar fell to four-month lows on Thursday, while the New Zealand dollar was vulnerable after the Federal Reserve remained upbeat on economic growth, setting a fire under the US dollar. The Australian dollar skidded to $0.7408, its lowest s
Published 05 May, 2017 12:00am
Juventus close on final as Higuain hurts Monaco

Juventus close on final as Higuain hurts Monaco

Gonzalo Higuain scored both goals as an imperious Juventus beat Monaco 2-0 in their Champions League semi-final first leg on Wednesday to take a huge step towards next month's final in Cardiff. Both of Higuain's goals came from Dani Alves assists, with th
Published 05 May, 2017 12:00am
Spanish court orders Neymar to stand trial for fraud

Spanish court orders Neymar to stand trial for fraud

Barcelona forward Neymar and his parents will stand trial over alleged fraud and corruption, making the Brazilian the latest football superstar to have to take the stand, a Spanish court ordered on Thursday. The National Court also ordered Barcelona presi
Published 05 May, 2017 12:00am
Wiping world records 'not cowardly': IAAF

Wiping world records 'not cowardly': IAAF

The radical plan to wipe out athletics' world records set before 2005 was not a cowardly proposal, a senior member of the sport's governing body said Thursday. Olivier Gers was responding to criticism from Britain's Paula Radcliffe, the women's marathon w
Published 05 May, 2017 12:00am
Mixed-gender relays could be Olympic sport

Mixed-gender relays could be Olympic sport

Mixed-gender relays are being considered as an Olympic event to ramp up interest in athletics, a senior member of the sport's governing body said on Thursday. "As a sport we are looking at different formats," Olivier Gers, chief executive of the Internati
Published 05 May, 2017 12:00am
India breaks into FIFA top 100 after 21 years

India breaks into FIFA top 100 after 21 years

The Indian men's football team on Thursday climbed to the 100th spot in the latest FIFA world rankings - their best rating in more than two decades. Despite having a population of well over one billion, India languishes as a footballing minnow, ranked equ
Published 05 May, 2017 12:00am
Peshawar win KP Full Body Contact Karate title

Peshawar win KP Full Body Contact Karate title

Peshawar lifted the trophy of the Khyber Pakhtunkhwa Full Body Contact Karate Championship organised by KP Full Body Contact Karate Association in collaboration with Allama Iqbal Public School at Village Mandani, District Charsadda on Thursday.
Published 05 May, 2017 12:00am
AFC punishes Guangzhou over 'British dogs' banner

AFC punishes Guangzhou over 'British dogs' banner

Chinese giants Guangzhou Evergrande escaped Thursday with a fine and a suspended two-match stadium ban from Asia's football governing body after supporters unfurled a "British dogs" banner during a match in Hong Kong. The anti-independence banner, which r
Published 05 May, 2017 12:00am
Morgan promises no let-up against Ireland

Morgan promises no let-up against Ireland

England one-day captain Eoin Morgan has insisted the absence of three first-choice players due to Indian Premier League duty is not a sign they are taking this week's matches against Ireland less than seriously. Dublin-born Morgan is set to captain agains
Published 05 May, 2017 12:00am
Pakistan Jr Girls Netball team leaves for South Korea

Pakistan Jr Girls Netball team leaves for South Korea

Pakistan Junior Girls Netball Team left here Thursday for South Korea to take part in the '10th Asian Youth Girls Netball Championship' being staged at Jeonju from May 6-13. Malaysia, Hong Kong, Singapore, Sri Lanka, Maldives, Japan, Thailand, Brunei, Chi
Published 05 May, 2017 12:00am
LHC issues notices in appeal against PCB's tribunal

LHC issues notices in appeal against PCB's tribunal

A division bench of the Lahore High Court on Thursday denying stay against proceedings before an anti-corruption tribunal of the Pakistan Cricket Board (PCB) against cricketer Khalid Latif on spot fixing charges, sought replies from the ministry of sports
Published 05 May, 2017 12:00am
Latest: West Indies win

Latest: West Indies win

Shannon Gabriel's five-wicket haul inspired West Indies to a 106 run victory over Pakistan on the final day of the second Test in Bridgetown on Thursday. Pakistan started the fifth day at the Kensington Oval requiring 188 runs but the visitors were blown
Published 05 May, 2017 12:00am
Pakistan flounder against Gabriel-inspired West Indies

Pakistan flounder against Gabriel-inspired West Indies

Shannon Gabriel led a West Indies fast bowling assault that decimated Pakistan's top-order batting and reduced them to 35 for five at lunch on the final day of the second Test. Pakistan had been set a victory target of 188 at Kensington Oval in Barbados o
Published 05 May, 2017 12:00am
'World's heaviest woman' leaves Indian hospital

'World's heaviest woman' leaves Indian hospital

An Egyptian once believed to be the 'world's heaviest woman' left an Indian hospital Thursday for the United Arab Emirates where she will continue treatment following drastic weight-loss surgery, doctors said. Eman Ahmed Abd El Aty weighed roughly 500 kil
Published 05 May, 2017 12:00am
Germany challenges Russia over alleged cyberattacks

Germany challenges Russia over alleged cyberattacks

The head of Germany's domestic intelligence agency accused Russian rivals of gathering large amounts of political data in cyber attacks and said it was up to the Kremlin to decide whether it wanted to put it to use ahead of Germany's September elections.
Published 05 May, 2017 12:00am
China vows friendship despite North Korean media attack

China vows friendship despite North Korean media attack

China vowed to remain a good neighbour to North Korea on Thursday, despite a rare and stinging critique in Pyongyang's state media of its main diplomatic protector and economic benefactor. Beijing offered a measured response to a signed commentary carried
Published 05 May, 2017 12:00am
Swiss spy 'ran mole' in German tax office
Exchange

Swiss spy 'ran mole' in German tax office

A Swiss spy allegedly monitoring German finance officials who hunt cross-border tax cheats also ran a mole in a state finance ministry office, media reports said Thursday. If confirmed, "the scandal has reached a new dimension", charged Norbert Walter-Bor
Published 05 May, 2017 12:00am
Legendary Swiss climber cremated near Everest

Legendary Swiss climber cremated near Everest

The body of legendary Swiss climber Ueli Steck, who died on Mount Everest, was cremated on Thursday at a Buddhist monastery that lies in the shadow of the world's highest peak. Steck - one of the most feted mountaineers of his generation - became the firs
Published 05 May, 2017 12:00am
Dust storm blows across north China, flights cancelled

Dust storm blows across north China, flights cancelled

A major dust storm engulfed northern China and Beijing on Thursday, prompting authorities to cancel dozens of flights and urge children and the elderly to stay indoors. Buildings were shrouded by the greyish haze in the capital while residents who venture
Published 05 May, 2017 12:00am
Protesters hurl eggs at Le Pen at campaign stop

Protesters hurl eggs at Le Pen at campaign stop

Protesters hurled eggs at French far-right presidential candidate Marine Le Pen on Thursday during a campaign stop three days ahead of the election. Around 50 people were on hand as Le Pen arrived at a shipping company in the western town of Dol-de-Bretag
Published 05 May, 2017 12:00am
Venezuela protests rage, death toll hits 33

Venezuela protests rage, death toll hits 33

Anti-government protests raged on in Venezuela Thursday as students launched fresh marches after a day of flames and tear gas brought the death toll to 33. Scores of students started marching in the sunshine in Caracas in the latest rallies against Presid
Published 05 May, 2017 12:00am
Brexit rancour as UK holds local elections

Brexit rancour as UK holds local elections

Theresa May faced her first nationwide electoral test as Britain's prime minister, just weeks before a crucial general election, as the rancour around Brexit swirled on Thursday. Britons were choosing thousands of new local councillors in a vote that will
Published 05 May, 2017 12:00am
Iraq forces launch new push on IS in west Mosul

Iraq forces launch new push on IS in west Mosul

Iraqi forces thrust into west Mosul from the north on Thursday, opening a new front in the more than six-month-old offensive to dislodge the Islamic State group from the country's second city. The assault is aimed at sealing the siege of the Old City, whe
Published 05 May, 2017 12:00am
Hopes fade for Iran miners after 26 die in failed rescue bid

Hopes fade for Iran miners after 26 die in failed rescue bid

Rescuers battled hazardous conditions Thursday at a coal mine in northern Iran where 26 miners died as attempts failed to save workmates trapped deep underground after an explosion. Hopes of finding nine missing miners alive were fading more than 36 hours
Published 05 May, 2017 12:00am
Russia, Turkey, Iran ink deal on safe zones in Syria

Russia, Turkey, Iran ink deal on safe zones in Syria

Syrian regime allies Russia and Iran and rebel supporter Turkey on Thursday signed a pact on a Moscow-backed plan to create safe zones in Syria meant to halt fighting in the war-torn country. The Kremlin has been touting a plan to create safe zones in Syr
Published 05 May, 2017 12:00am
ANF seizes narcotics worth Rs 10.5 billion in 19 operations

ANF seizes narcotics worth Rs 10.5 billion in 19 operations

ANF Pakistan seized huge cache of narcotics weighing 6.05 tons worth Rs 10.5 billion internationally and arrested 23 persons in 19 operations across the country. The seized drugs included 5.16 ton Hashish, 893Kg Heroin, 1.5 Kg Methamphetamine and 1.5 Kg O
Published 05 May, 2017 12:00am
US-funded English access micro-scholarship programme launched
Exchange

US-funded English access micro-scholarship programme launched

US Consul General Lahore Yuriy Fedkiw has inaugurated US State-Department funded English Access Micro-scholarship Program, Faisalabad Chapter meant for polishing English skills that will help flourish in their respective field. This program is launched in
Published 05 May, 2017 12:00am
PPP vows to hold protests and public meetings across Punjab

PPP vows to hold protests and public meetings across Punjab

Pakistan Peoples Party (PPP) has announced to organize protests and public meetings against the government throughout Punjab after holding a protest against load shedding in the provincial headquarter on Thursday. Leader of the Opposition in National Asse
Published 05 May, 2017 12:00am
'Shadow cabinet'ICA filed against rejection of plea

'Shadow cabinet'ICA filed against rejection of plea

The Lawyers' Foundation for Justice through an intra-court appeal challenged the single bench order of dismissing its petition seeking direction to establish a 'shadow cabinet'. The petitioner through AK Dogar said that in a parliamentary system of govern
Published 05 May, 2017 12:00am
MCB Bank launches flagship branch featuring digital lounge

MCB Bank launches flagship branch featuring digital lounge

MCB Bank, "Pakistan's Best Bank" (Euromoney & Finance Asia Awards, 2016), launched its flagship branch featuring its first State-of-the-Art Digital Lounge at Packages Mall in Lahore. The new branch is testament to MCB Bank's innovative customer services t
Published 05 May, 2017 12:00am
Government urged to regulate real estate sector

Government urged to regulate real estate sector

The business community of Southern Punjab urged the government to regulate the real estate sector to bring a property investment into formal economy, which has an estimated size of around Rs 7 trillion. President of Multan Chamber of Commerce & Industry (
Published 05 May, 2017 12:00am
OPC, LCCI to help facilitate expats

OPC, LCCI to help facilitate expats

Overseas Pakistanis Commission (OPC)'s Commissioner Punjab Afzaal Bhatti on Thursday said the OPC intends to establish working relations with the Lahore Chamber of Commerce and Industry (LCCI) to facilitate expatriate Pakistanis regarding their investment
Published 05 May, 2017 12:00am
UBL, Punjab government sign agreement

UBL, Punjab government sign agreement

UBL recently joined hands with The Government of Punjab for the provision of subsidized loans to small farmers under Government of Punjab's 'Empowerment of Kissan Through Digital & Financial Inclusion' Facility. A signing ceremony was held on April 20, 20
Published 05 May, 2017 12:00am
International Firefighters Day observed

International Firefighters Day observed

Like other parts of the globe, the International Firefighters Day-2017 was marked here on Thursday to pay tribute to the firefighters who rendered their lives while serving their communities and also to raise awareness among people to ensure safety of the
Published 05 May, 2017 12:00am
Pak-Iran banking channel to boost trade up to $5 billion: FPCCI

Pak-Iran banking channel to boost trade up to $5 billion: FPCCI

The State Bank of Pakistan will soon select some Pakistani banks to facilitate bilateral trade with Iran to the level of US$ 5 billion in a year, President Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Zubair Tufail, told Business Re
Published 05 May, 2017 12:00am
Shanghai copper falls
Exchange

Shanghai copper falls

Shanghai Futures Exchange copper fell 3.2 percent to 45,180 yuan ($6,551) a tonne on Thursday. Shanghai zinc and nickel were also hit hard, falling 3 percent and more than 4 percent respectively and tracking weakness in China steel. "The LME delivery trig
Published 05 May, 2017 12:00am
Copper slides to five-month lows as inventories surge
Exchange

Copper slides to five-month lows as inventories surge

Copper fell to five-months lows on Thursday, posting its biggest two-day loss since July 2015, on rising inventories and worries over cooling demand. Inventories in London Metal Exchange (LME) warehouses rose nearly 33,000 tonnes on Wednesday, exchange da
Published 05 May, 2017 12:00am
Oil dives five percent; Opec looks unlikely to deepen output cuts

Oil dives five percent; Opec looks unlikely to deepen output cuts

Oil prices tumbled about 5 percent on Thursday, breaking below $50 a barrel to the lowest since late November on signs that Opec and other producing countries would not take more drastic steps to reduce the world's stubbornly persistent glut of crude. The
Published 05 May, 2017 12:00am
Honduras coffee exports jump 62 percent in March

Honduras coffee exports jump 62 percent in March

Coffee exports from Honduras jumped 62 percent in March, compared with the same month last season, the national coffee institute, or IHCAFE, said on Monday, citing increased production. Shipments from the largest coffee exporter in Central America totaled
Published 05 May, 2017 12:00am
Palm oil rebounds on weaker ringgit, stronger soyaoil
Vegetable Oil

Palm oil rebounds on weaker ringgit, stronger soyaoil

Malaysian palm oil futures bounced back on Thursday, after recording their sharpest fall in a week in the previous session, helped by a weaker ringgit and stronger performing soyaoil. The ringgit, palm oil's traded currency, weakened 0.2 percent to reach
Published 05 May, 2017 12:00am
Cocoa rallies above technical support, bucks weak trend
Exchange

Cocoa rallies above technical support, bucks weak trend

Cocoa futures on ICE rallied on Thursday, bucking the sharply lower trend in other commodity markets on support from the weak US dollar index and chart-based buy signals. Sugar and coffee futures tumbled on broad-based selling, as the 19-market Thomson Re
Published 05 May, 2017 12:00am
Gold down in NY

Gold down in NY

Gold fell to a one-month low as the dollar firmed on Wednesday, after the US Federal Reserve kept interest rates unchanged as expected and the market reduced expectations of a surprise win by France's far-right presidential candidate. The Fed concluded it
Published 05 May, 2017 12:00am
Gold falls in Asia

Gold falls in Asia

Gold fell to a six-week low on Thursday as the dollar rose to a two-week high on expectations that the US Federal Reserve may raise interest rates as early as June. Spot gold fell 0.3 percent to $1,234.52 per ounce by 0724 GMT, after hitting its lowest si
Published 05 May, 2017 12:00am
Gold tumbles to six-week low in Europe

Gold tumbles to six-week low in Europe

Gold prices tumbled to six-week lows on Thursday, pressured by a stronger dollar on expectations of further US interest rate rises this year and receding political uncertainty in Europe. Spot gold was down 1 percent at $1,225.56 an ounce by 1352 GMT after
Published 05 May, 2017 12:00am
Morocco's import tax hike keeps lid on EU wheat prices
Exchange

Morocco's import tax hike keeps lid on EU wheat prices

Euronext wheat was little changed on Thursday as support from concerns about the weather and covering of positions before the expiry of May futures was offset by ample global supplies and a move by Morocco to effectively halt imports. May milling wheat on
Published 05 May, 2017 12:00am
Cotton moves higher
Cotton

Cotton moves higher

ICE cotton futures edged higher on Thursday in thin volume trading on a better-than-expected US export sales report amid a weaker dollar. "Export sales were modestly greater than expected... The market traded higher post the report's release, but volume w
Published 05 May, 2017 12:00am
US MIDDAY: wheat plunges

US MIDDAY: wheat plunges

US wheat futures fell 3.7 percent on Thursday, pressured by results from a crop tour that showed yield prospects in Kansas remained above average despite a severe snow storm, traders said. A round of profit-taking also pressured wheat prices, which rallie
Published 05 May, 2017 12:00am
US MIDDAY: gold prices hit six-week low

US MIDDAY: gold prices hit six-week low

Gold prices fell to the lowest in more than six weeks on Thursday, on expectations of further US interest rate increases this year and receding political uncertainty in Europe. Spot gold was down 0.8 percent at $1,227.94 an ounce by 3:02 pm EDT (1902 GMT)
Published 05 May, 2017 12:00am
Three militants convicted by military courts executed

Three militants convicted by military courts executed

Military say authorities have executed three Pakistani Taliban militants after they were convicted by military courts over links to acts of terrorism. In a statement, it said the latest executions were carried out Thursday. Govt has executed 428 prisoners
Published 05 May, 2017 12:00am
Writer's response

Writer's response

Ministry's lengthy reiteration of the provisions of the EDF Act, and a breakdown of allocations, doesn't address our principal line of enquiry: correlation between EDF spending and export gains. It is not the intent but tangible gains that our column ques
Published 05 May, 2017 12:00am
'EDF: Fix it or finish it': MoC rejoinder

'EDF: Fix it or finish it': MoC rejoinder

Ministry of Commerce refutes categorically the said article, which relies entirely upon hearsay and innuendo. The said article conveys false and unsubstantiated opinion. Established in 1992, Export Development Fund (EDF) was meant to "strengthen and devel
Published 05 May, 2017 12:00am
Spot-fixing: NA body seeks impartial inquiry

Spot-fixing: NA body seeks impartial inquiry

The National Assembly Standing Committee on Inter-Provincial Co-ordination has expressed serious concern over the incidents of spot-fixing and directed Pakistan Cricket Board (PCB) to conduct an impartial inquiry and punish the players and other people, i
Published 05 May, 2017 12:00am
Huge investment opportunities exist for Japanese investors: PM
Exchange

Huge investment opportunities exist for Japanese investors: PM

Prime Minister Nawaz Sharif on Thursday said that Pakistan now offers great investment opportunities in various sectors that can be utilised by Japanese investors. He was talking to Nobuo Kishi, State Minister for Foreign Affairs of Japan who called on hi
Published 05 May, 2017 12:00am
Names of 6 additional LHC judges approved by SC

Names of 6 additional LHC judges approved by SC

The Judicial Commission of Pakistan (JCP) on Thursday approved names of six additional judges of the Lahore High Court (LHC) for permanent appointment while turned down confirmation of a judge in the court.
Published 05 May, 2017 12:00am
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