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Print - 2018-08-31
German retailer Ceconomy to review pace of expansion in Turkey

German retailer Ceconomy to review pace of expansion in Turkey

German consumer electronics retailer Ceconomy said it will reconsider its rapid pace of expansion in Turkey in light of the lira's recent collapse, but saw no reason to change its long-term view on the country's prospects. Turkey has been a driver of Ceco
Published 31 Aug, 2018 12:00am
Hyperloop to build $500 million research centre in Spain

Hyperloop to build $500 million research centre in Spain

Virgin Hyperloop One, a US startup developing a near-supersonic rail transit system, has reached an agreement with Spanish state-owned rail infrastructure company Adif to build a $500 million research centre in Spain, its first in Europe, the two companie
Published 31 Aug, 2018 12:00am
After high-profile exits, fewer non-white CEOs in United States

After high-profile exits, fewer non-white CEOs in United States

Following other recent exits by non-white CEOs, Indra Nooyi's departure from PepsiCo announced this week renders America's collective corner office even whiter. The Indian-born Nooyi cut an especially rare figure in corporate America as an immigrant woman
Published 31 Aug, 2018 12:00am
Kiwi, Aussie down
Currency

Kiwi, Aussie down

The New Zealand dollar skidded on Thursday after a gauge of business confidence fell again in August to hit a decade low, while the Australian currency eased on disappointing capital expenditure data. The kiwi snapped four straight sessions of gains to st
Published 31 Aug, 2018 12:00am
British pound moves up in Asia
Currency

British pound moves up in Asia

The British pound held firm in Asian trade on Thursday, after making its biggest gains in seven months the previous day, taking heart from the European Union's offer of a post-Brexit 'partnership'. The pound surged as fears of a 'hard Brexit' eased after
Published 31 Aug, 2018 12:00am
Bangladesh's interbank forex rates

Bangladesh's interbank forex rates

Interbank buy/sell rates for the taka against the dollar on Thursday. 83.75-83.75 (Previous 83.75-83.75).
Published 31 Aug, 2018 12:00am
Sri Lankan rupee weakens further
Currency

Sri Lankan rupee weakens further

The Sri Lankan rupee dropped to an all-time low on Thursday, marking its eighth straight session of setting fresh record lows, as dollar demand from importers remained strong amid sluggish inflows. The rupee, which hit a fresh record low of 161.50 early i
Published 31 Aug, 2018 12:00am
Dollar slips for a fifth day in Europe
Currency

Dollar slips for a fifth day in Europe

The dollar edged lower for a fifth consecutive day on Thursday as easing concerns over trade conflicts fuelled appetite for riskier currencies, though thin month-end markets checked losses.
Published 31 Aug, 2018 12:00am
Early trade in New York: Dollar gains as risk appetite ease

Early trade in New York: Dollar gains as risk appetite ease

The dollar rose on Thursday for the first time in five days, as risk appetite eased and stocks gave up gains notched early in the week, amid nagging concerns about US threats to impose additional tariffs on Chinese imports next month. Heavy losses in emer
Published 31 Aug, 2018 12:00am
Dollar advances against most currencies in New York
Currency

Dollar advances against most currencies in New York

The dollar rose against most currencies on Wednesday, as optimism over a US-Mexico trade deal gave way to concern that a conflict over trade between Washington and Beijing was not about to end soon. The deadline for public comment on US President Donald T
Published 31 Aug, 2018 12:00am
Most Asian currencies weaken
Currency

Most Asian currencies weaken

Most emerging-Asia currencies weakened on Thursday as caution mounted ahead of an upcoming deadline in the China-US trade dispute, while overnight declines in the Turkish lira dulled risk appetite. The dollar index against a basket of six major currencies
Published 31 Aug, 2018 12:00am
Sterling rises
Currency

Sterling rises

Positive signals from London and Brussels over the trade component of Britain's EU divorce talks drove sterling higher against the euro on Thursday, though the risk of a no-deal Brexit kept the pound well off 2018 highs.
Published 31 Aug, 2018 12:00am
Hong Kong shares fall

Hong Kong shares fall

Hong Kong stocks fell on Thursday, as fears of slower China growth amid Beijing's escalating trade war with the United States kept investor sentiment fragile.
Published 31 Aug, 2018 12:00am
Tokyo shares flat

Tokyo shares flat

Tokyo stocks ended flat Thursday, trimming earlier gains as investors locked in profits ahead of new data on the US economy.
Published 31 Aug, 2018 12:00am
Tech leads S&P, Nasdaq to record highs

Tech leads S&P, Nasdaq to record highs

Wall Street extended its rally on Wednesday, with the S&P 500 and the Nasdaq hitting record highs for the fourth straight session as technology companies pushed indexes higher and promising trade negotiations stoked investor sentiment.
Published 31 Aug, 2018 12:00am
Sri Lankan shares up

Sri Lankan shares up

Sri Lankan shares ended higher on Thursday, moving away from their lowest close in 17 months hit earlier this week, as reports that the main state-owned pension fund would return to the equity market boosted sentiment.
Published 31 Aug, 2018 12:00am
Treasury yields little changed

Treasury yields little changed

US Treasury yields were little changed on Wednesday afternoon as an overnight drop in longer-dated yields and a flattening of the yield curve were mostly reversed by an upward revision of US second-quarter gross domestic product.
Published 31 Aug, 2018 12:00am
Treasury yields little changed

Treasury yields little changed

US Treasury yields were little changed on Wednesday afternoon as an overnight drop in longer-dated yields and a flattening of the yield curve were mostly reversed by an upward revision of US second-quarter gross domestic product.
Published 31 Aug, 2018 12:00am
Indian shares lower

Indian shares lower

Indian shares ended marginally lower on Thursday, as gains in consumer and healthcare were offset by losses in financial stocks, in volatile trade due to expiry of derivatives contracts at the end of the session.
Published 31 Aug, 2018 12:00am
China stocks drop for third day

China stocks drop for third day

China stocks fell on Thursday, their third straight session of losses, as worries lingered over the country's economic health amid its trade spat with the United States.
Published 31 Aug, 2018 12:00am
China trade fears end European shares' recovery

China trade fears end European shares' recovery

European shares fell back on Thursday as weakness in Chinese markets and worries over a trade dispute between the United States and China eclipsed optimism that a NAFTA deal could be struck by Friday's deadline.
Published 31 Aug, 2018 12:00am
Australian shares flat; New Zealand slips

Australian shares flat; New Zealand slips

Australian shares ended flat on Thursday after the country's third and fourth-largest telecom operators announced a merger, creating a heavyweight challenger to the top two providers.
Published 31 Aug, 2018 12:00am
FTSE hits two-week low after sterling rise
Currency

FTSE hits two-week low after sterling rise

Britain's top share index fell to a two-week low on Thursday as pressure from a firmer pound hit the index's dollar-earning constituents, though utilities were a relative bright spot. The FTSE 100 index was down 0.6 percent at 7,516.03 at its close, exten
Published 31 Aug, 2018 12:00am
US consumer spending, inflation data point to strong economy

US consumer spending, inflation data point to strong economy

US consumer spending increased solidly in July, suggesting strong economic growth early in the third quarter, while a measure of underlying inflation hit the Federal Reserve's 2 percent target for the third time this year.
Published 31 Aug, 2018 12:00am
Space station reports 'leak', crew not in danger

Space station reports 'leak', crew not in danger

The International Space Station crew on Thursday was repairing a small "leak" most likely caused by a collision with a small meteorite, the head of the Russian space agency said, adding the incident presented no danger.
Published 31 Aug, 2018 12:00am
Macron proposes EU collective defence plan

Macron proposes EU collective defence plan

French President Emmanuel Macron suggested that Europe adopts a form of collective defence on Thursday as he strengthens calls for EU integration in the face of concerns over the United States' security commitments.
Published 31 Aug, 2018 12:00am
Trump says China making things 'much more difficult' with North Korea

Trump says China making things 'much more difficult' with North Korea

US President Donald Trump on Wednesday accused China of complicating Washington's relationship with North Korea, as talks on Pyongyang's denuclearization are at a standstill. "China makes it much more difficult in terms of our relationship with North Kore
Published 31 Aug, 2018 12:00am
Trump insists White House a 'smooth-running machine'

Trump insists White House a 'smooth-running machine'

President Donald Trump insisted Thursday that his daughter played no role in the abrupt departure of his top lawyer and pushed back at the notion of a White House in chaos, calling it "a smooth-running machine with changing parts."
Published 31 Aug, 2018 12:00am
'Soviet Sinatra' Iosif Kobzon dies

'Soviet Sinatra' Iosif Kobzon dies

Popular Russian singer and pro-Kremlin lawmaker Iosif Kobzon - sometimes called "the Soviet Frank Sinatra" - died aged 80 on Thursday. Born in Ukraine's Donbass region to Jewish parents, Kobzon began his career in 1959 and was most popular in the 1970s an
Published 31 Aug, 2018 12:00am
Sisi appoints raft of new governors in new shake-up

Sisi appoints raft of new governors in new shake-up

Egypt's President Abdel Fattah al-Sisi on Thursday appointed a string of new governors to key regions, the latest shake-up since winning re-election in March. Sisi has reshuffled a host of top officials since claiming a second term with 97 percent of the
Published 31 Aug, 2018 12:00am
Qatar World Cup workers given 'cooling vests' to combat heat

Qatar World Cup workers given 'cooling vests' to combat heat

Thousands of World Cup stadium workers in Qatar have been handed "cooling vests" to help them cope with building tournament venues in the desert country's extreme temperatures. The Supreme Committee for Delivery and Legacy, Qatar's World Cup organisers, s
Published 31 Aug, 2018 12:00am
Paul Taylor, US giant of modern dance, dies

Paul Taylor, US giant of modern dance, dies

Paul Taylor, a towering figure of US modern dance who imbued his choreography with joyful, poetic exuberance, has died, his eponymous company said Thursday. He was 88. Taylor, who died Wednesday, played a seminal role in the advent of modern dance.
Published 31 Aug, 2018 12:00am
UN extends sanctions regime in Mali

UN extends sanctions regime in Mali

The UN Security Council extended for a year on Thursday a general sanctions regime against Mali, but stopped short of imposing individual sanctions against leaders of armed groups accused of violating a 2015 peace accord. The extension was approved unanim
Published 31 Aug, 2018 12:00am
Shanghai aluminium, copper down

Shanghai aluminium, copper down

The most-traded October aluminium contract on the Shanghai Futures Exchange closed down 0.1 percent at 14,950 yuan ($2,189.06) a tonne on Thursday. It also hit a two-month high of 15,100 yuan in the previous session.
Published 31 Aug, 2018 12:00am
Aluminium slips from two-month high
Currency

Aluminium slips from two-month high

Aluminium snapped a five-session winning streak on Thursday as trade tensions between the United States and top metals consumer China upstaged optimism over the chances of clinching a new North American Free Trade Agreement (NAFTA).
Published 31 Aug, 2018 12:00am
Crude oil rises to highest since July on sanction concerns
Currency

Crude oil rises to highest since July on sanction concerns

Oil prices rose on Thursday to the highest in more than a month, extending gains on growing evidence of disruptions to crude supply from Iran and Venezuela and after a fall in US inventories. Brent crude oil rose 63 cents a barrel to settle at $77.77. US
Published 31 Aug, 2018 12:00am
Tokyo rubber extends gains

Tokyo rubber extends gains

Benchmark Tokyo rubber futures extended gains on Thursday amid concerns over slowing production in key producers due to weak prices and weather conditions. Rubber inventories at warehouses in and around Tokyo monitored by TOCOM rose by 46 tonnes to 11,012
Published 31 Aug, 2018 12:00am
Palm oil moves higher
Vegetable Oil

Palm oil moves higher

Malaysian palm oil futures inched higher on Thursday evening on a weaker ringgit and expectations that export figures due early next week will show monthly gains. The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exch
Published 31 Aug, 2018 12:00am
Gold climbs in New York

Gold climbs in New York

Spot gold climbed on Wednesday as the US dollar turned negative, but expectations for higher US interest rates limited gains and kept the December gold contract pressured. Spot gold gained 0.4 percent at $1,205.20 per ounce by 2:09 p.m. EDT (1809 GMT). Pr
Published 31 Aug, 2018 12:00am
Gold edges down in Asia
Currency

Gold edges down in Asia

Gold prices inched lower on Thursday as the dollar firmed amid expectations of higher US interest rates, but the precious metal continued to hold above a key support level of $1,200. Spot gold was down 0.4 percent at $1,202.02 an ounce at 0646 GMT, while
Published 31 Aug, 2018 12:00am
Gold slips in Europe
Currency

Gold slips in Europe

Gold dropped back below key support of $1,200 an ounce on Thursday, undermined by a firmer dollar following strong US economic data. Spot gold was down 0.8 percent at $1,197.25 an ounce at 1400 GMT, while US gold futures shed 0.6 percent to $1,203.90 an o
Published 31 Aug, 2018 12:00am
Grain fungus spurs rejection of some North Dakota wheat

Grain fungus spurs rejection of some North Dakota wheat

Elevated levels of the grain fungus ergot are showing up in spring wheat being harvested in south-central North Dakota, prompting grain elevators to impose discounts and even turn some truckloads away, grain merchants said on Tuesday.
Published 31 Aug, 2018 12:00am
US MIDDAY: gold dips
Currency

US MIDDAY: gold dips

Gold slid below key support of $1,200 an ounce on Thursday, undermined by a firmer dollar following strong US economic data. Spot gold lost 0.6 percent to $1,198.84 an ounce by 1:37 p.m. EDT (1737 GMT), while December US gold futures settled down $6.50, o
Published 31 Aug, 2018 12:00am
Forex reserves decline by $38 million

Forex reserves decline by $38 million

The country's liquid foreign reserves declined by $38 million during the last week. According to State Bank of Pakistan's (SBP) weekly report issued on Thursday, the country's totalled liquid foreign exchange reserves stood at $16.685 billion as on Aug 24
Published 31 Aug, 2018 12:00am
FFCL seeks return of penalty amount

FFCL seeks return of penalty amount

Fatima Fertilizer Company Limited (FFCL) has sought refund of penalty amounting to Rs 119 million imposed by State Bank of Pakistan (SBP) for allegedly not exporting urea to Sri Lanka as per the agreement, well informed sources told Business Recorder
Published 31 Aug, 2018 12:00am
APTMA for reducing import duty on polyester staple fibers
Cotton

APTMA for reducing import duty on polyester staple fibers

All Pakistan Textile Mills Association (APTMA) has requested the federal government to bring down import duty on polyester staple fibers to zero percent to revive local industry, well-informed sources in Textile Division told Business Recorder.
Published 31 Aug, 2018 12:00am
Mystery of twin deficits
Currency

Mystery of twin deficits

Standard macroeconomic theory suggests a strong causal relation between fiscal deficit and current account deficit. Higher fiscal deficit leads to higher current account deficit. In other words, large fiscal deficit is accompanied by a large current accou
Published 31 Aug, 2018 12:00am
Overseas Pakistanis: ECP to start voter registration from September 1

Overseas Pakistanis: ECP to start voter registration from September 1

The Election Commission of Pakistan (ECP) Thursday announced to start voter registration process of overseas Pakistanis from September 1 till September 15 for the upcoming by-election in the country. The by-polls on 11 National Assembly and 26 provincial
Published 31 Aug, 2018 12:00am
Two-member team of Standard & Poor's due on September 4

Two-member team of Standard & Poor's due on September 4

A two-member delegation of Standard & Poor's, a credit rating agency, is scheduled to visit Pakistan from September 4-6, 2018 to hold discussions with concerned government authorities on Pakistan's annual sovereign rating review.
Published 31 Aug, 2018 12:00am
Two-member team of Standard & Poor's due on September 4

Two-member team of Standard & Poor's due on September 4

A two-member delegation of Standard & Poor's, a credit rating agency, is scheduled to visit Pakistan from September 4-6, 2018 to hold discussions with concerned government authorities on Pakistan's annual sovereign rating review.
Published 31 Aug, 2018 12:00am
Pakpattan inciden: CJP summons IGP Punjab, Add IGP, DPO

Pakpattan inciden: CJP summons IGP Punjab, Add IGP, DPO

Taking notice of Pakpattan incident, Chief Justice of Pakistan (CJP) Mian Saqib Nisar Thursday summoned Punjab IGP, Additional IGP and DPO Pakpattan Rizwan Gondal today (Friday). IGP Punjab Syed Kaleem Imam, Additional IGP Punjab Abubakar Khuda Baksh (inq
Published 31 Aug, 2018 12:00am
Importance of modern agriculture technology stressed

Importance of modern agriculture technology stressed

Punjab Excise Minister Hafiz Mumtaz Ahmad on Thursday said that the government was committed to address the problems of common man and to move the country towards prosperity. He was talking to University of Agriculture Faisalabad (UAF) senior most profess
Published 31 Aug, 2018 12:00am
Food adulterators to be dealt with sternly: minister

Food adulterators to be dealt with sternly: minister

Punjab Minister for Food Sammiullah Chaudhry warned the adulterators on Thursday to mend their ways or leave the province. He said zero tolerance policy will be observed against those selling adulterated or unhygienic food.
Published 31 Aug, 2018 12:00am
Youth inspired by maverick leadership of PM Khan: minister

Youth inspired by maverick leadership of PM Khan: minister

Mian Mahmood-ur-Rasheed, Minister for Housing, Urban Development and Public Health Engineering, has said that Pakistan has suffered a lot due to inept leadership, and, in the wake of general elections 2018, people of Pakistan have handed over the reins of
Published 31 Aug, 2018 12:00am
OPPO F9 lands in Pakistan

OPPO F9 lands in Pakistan

OPPO, The Selfie Expert, on Wednesday announced the latest addition to its popular F-series - OPPO F9. With VOOC Flash Charging that offers 2 hours of talk with just five minutes of charging and industry first Gradient Color Design, the F9 has been design
Published 31 Aug, 2018 12:00am
NA 65 Talagang: Shujaat files nomination for by-election

NA 65 Talagang: Shujaat files nomination for by-election

President Pakistan Muslim League-Q (PML-Q) and former Prime Minister Ch Shujaat Hussain has filed his nomination papers to contest by-election of NA-65 Talagang as a joint candidate of coalition partners, PML-Q and PTI. NA 65 seat has been vacated by Ch P
Published 31 Aug, 2018 12:00am
Suspended DPO submits reply to inquiry committee

Suspended DPO submits reply to inquiry committee

Suspended Pakpattan District Police Officer (DPO) Rizwan Umar Gondal in his written reply submitted to an inquiry committee constituted to investigate the alleged misconduct of DPO with Khawar Fareed Maneka, the ex-husband of first lady Bushra Imran, cont
Published 31 Aug, 2018 12:00am
10th death anniversary of POF Shuhada observed

10th death anniversary of POF Shuhada observed

The 10th Death Anniversary of POF Shuhada was observed in Wah Cantt. with dignity and honour. In order to pay tribute to these Shuhada, the day is observed in POF every year and a special ceremony is arranged for them. This year too, a simple but impressi
Published 31 Aug, 2018 12:00am
EcGP, PCJCCI to hold global engineering expo from tomorrow

EcGP, PCJCCI to hold global engineering expo from tomorrow

The E-commerce Gateway Pakistan (EcGP) in collaboration with the Pakistan-China Joint Chamber of Commerce (PCJCCI) is organizing three-day "International Engineering and Machinery Exhibition-2018" from September 1, 2018. PCJCCI President S M Naveed and Ec
Published 31 Aug, 2018 12:00am
PRGMEA calls for declaring export emergency

PRGMEA calls for declaring export emergency

Chief Coordinator Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) Ijaz A Khokhar on Thursday urged upon the government to declare Export Emergency to overcome the economic crunch. Talking to Business Recorder on Thursda
Published 31 Aug, 2018 12:00am
Novo Nordisk launches new insulin

Novo Nordisk launches new insulin

World leader in Diabetes care, Novo Nordisk Pakistan launched a New Generation Insulin for the treatment of diabetes, at a press conference here the other day. During the event, Rashed Rafique Butt, Vice President & General Manager, Novo Nordisk Pakistan
Published 31 Aug, 2018 12:00am
Bank Alfalah, CLSA announce partnership

Bank Alfalah, CLSA announce partnership

Bank Alfalah Limited (Bank Alfalah), the majority shareholder of Alfalah Securities (Private) Limited (Alfalah Securities), and CLSA JV Holdings Limited (CLSA), a subsidiary of CITIC Securities, are pleased to announce a strategic partnership in Pakistan
Published 31 Aug, 2018 12:00am
People urged to participate in 'Plant for Pakistan Campaign'

People urged to participate in 'Plant for Pakistan Campaign'

The government has urged the people to actively participate in 'Plant for Pakistan Campaign' to be launched on September 2, 2018. While addressing a press conference here on Thursday, Prime Minister's Advisor on Climate Change Malik Amin Aslam urged the g
Published 31 Aug, 2018 12:00am
ADB official, Turkish envoy meet Shafqat Mahmood

ADB official, Turkish envoy meet Shafqat Mahmood

Federal Minister for Education and Technical Training Shafqat Mahmood was called on by Xiaohong Yang, Country Director Asian Development Bank (ADB) Thursday in Islamabad.
Published 31 Aug, 2018 12:00am
Iranian FM, NA speaker discuss bilateral ties

Iranian FM, NA speaker discuss bilateral ties

Iranian Foreign Minister Dr Mohammad Javad Zarif called on Speaker National Assembly Asad Qaiser in the Parliament House on Thursday and discussed matters pertaining to bilateral relations and regional issues.
Published 31 Aug, 2018 12:00am
Two illegal drinking water units seized

Two illegal drinking water units seized

Pakistan Standards and Quality Control Authority (PSQCA) seized prepared stock of two Bottled Drinking Water units, working illegally and unlicensed.
Published 31 Aug, 2018 12:00am
Japanese envoy calls on NA speaker

Japanese envoy calls on NA speaker

Speaker National Assembly Asad Qaiser has said that there is a need to further strengthen trade and economic relations between Pakistan and Japan. He said that both the countries have stood with each other during testing times. He was speaking to Japanese
Published 31 Aug, 2018 12:00am
SCCI to apprise authorities about business community's issues

SCCI to apprise authorities about business community's issues

Sarhad Chamber of Commerce and Industry (SCCI) will give a roadmap to the newly-elected federal and provincial governments to amicably resolve the issues of business community, under which concrete proposals would be prepared. It will also raise the commu
Published 31 Aug, 2018 12:00am
SECP intensifies efforts against terror financing

SECP intensifies efforts against terror financing

The SECP has intensified its efforts to combat terror financing and money laundering. On the directive of Chairman Shaukat Hussain, the SECP has issued Circular No 16 of 2018, with a view to maintaining a register of ultimate beneficial ownership. This ci
Published 31 Aug, 2018 12:00am
CLSA agrees to buy 24.9 percent shares in Alfalah Securities

CLSA agrees to buy 24.9 percent shares in Alfalah Securities

Hong Kong based firm CLSA is returning to Pakistan after almost two decades and agreed to buy a 24.9 percent shares in Alfalah Securities. CLSA is backed by the World Bank's International Finance Corporation Credit Lyonnais Securities Asia.
Published 31 Aug, 2018 12:00am
CLSA agrees to buy 24.9 percent shares in Alfalah Securities

CLSA agrees to buy 24.9 percent shares in Alfalah Securities

Hong Kong based firm CLSA is returning to Pakistan after almost two decades and agreed to buy a 24.9 percent shares in Alfalah Securities. CLSA is backed by the World Bank's International Finance Corporation Credit Lyonnais Securities Asia.
Published 31 Aug, 2018 12:00am
APCAA for revival of cargo rail service

APCAA for revival of cargo rail service

All Pakistan Customs Agents Association (APCAA) has stressed upon the need of cargo rail service for safe transportation of goods and revival of loss earning Pakistan Railways.
Published 31 Aug, 2018 12:00am
PBEA hails Dr Jehanzeb's appointment as FBR chief

PBEA hails Dr Jehanzeb's appointment as FBR chief

Pakistan Bedwear Exporters Association (PDEA) has welcomed the appointment of Dr Mohammad Jehanzeb Khan as the Chairman of the Federal Board of Revenue and Secretary Revenue. Shabbir Ahmed Patron-in-Chief, Pakistan Bedwear Exporters Association, said that
Published 31 Aug, 2018 12:00am
Degradation of marine resources attributed to pollution

Degradation of marine resources attributed to pollution

Marine pollution, over fishing and poor hunting practices pulled down marine resources in the country's seawaters over the past few decades, experts said on Thursday. Experts at the inauguration ceremony of a long-line fishing boat and distribution of ice
Published 31 Aug, 2018 12:00am
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