Business News

UK lawmakers say Libor case shows Barclays flawed

LONDON: Company culture at Barclays  was “deeply flawed” and the Bank of England’s hand in ditching its chief executive Bob Diamond was hard to justify, a UK parliamentary report into the “disgraceful” rigging of Libor interest rates said on Saturday. Few emerge unscathed from the Treasury Select Committee’s 300-page report, based on a string of […]

August 19, 2012 / No Comment / Read More

India-Pakistan trade expected to receive another boost

NEW DELHI: India, in a move to facilitate and promote trade ties with Pakistan, is aiming to exclude 254 items which make up to 30 per cent of the total sensitive products’ list. The proposal has been drafted under the South Asian Free Trade Agreement (Safta) and will be considered by the Cabinet members on […]

August 17, 2012 | Filed under Business News | Read More

SCB in talks to settle Iran laundering probe

NEW YORK/LONDON: British bank Standard Chartered is trying to reach an early settlement over charges it hid $250 billion of transactions tied to Iran, backing down under pressure from US regulators and shareholders. Despite chief executive Peter Sands’s strong denial last week of charges leveled by New York’s Department of Financial Services, the bank’s US […]

August 14, 2012 | Filed under Business News | Read More

Gold falls on doubts over central banks’ stimulus

NEW YORK: Gold fell on Monday as lingering uncertainty about whether central banks will take further steps to boost their economies prompted investors to take profits after the previous week’s gain. The metal, a traditional inflation hedge, fell after data showed Japan’s economy expanded just 0.3 per cent in April-June, half the pace expected, raising […]

August 14, 2012 | Filed under Business News | Read More

Oil hits three-month high above $114 on supply concern

LONDON: Oil rose above $114 per barrel on Monday to the highest in more than three months as concern about supplies and hopes that  governments will roll out more stimulus measures trumped signs of weakening fuel demand. Supply of the North Sea crudes underpinning the Brent crude contract is set to hit a record low. […]

August 13, 2012 | Filed under Business News | Read More

Pakistan stocks hit four-year high; rupee weakens

ISLAMABAD: Pakistan’s main stock market rallied on Monday to close at a four-year high as investors cheered the central bank’s decision to cut its key policy rate, analysts said. The Karachi Stock Exchange benchmark 100-share index gained 150.48 points, or 1.02 per cent, to close at 14,911.97, its highest close since May 2008, on volume […]

August 13, 2012 | Filed under Business News | Read More

Oil down in Asia after weak China trade data

SINGAPORE: Crude was lower in Asia Friday as weak Chinese trade data provided a further indication that economic growth in the world’s largest energy consumer is slowing, analysts said. New York’s main contract, light sweet crude for delivery in September, retreated 36 cents to $93.00 a barrel while Brent North Sea crude for September delivery […]

August 11, 2012 | Filed under Business News | Read More

Asian markets mostly rise, Europe fears cap gains

HONG KONG: Asian markets mostly edged up early Thursday with Chinese inflation data lifting hopes for fresh easing measures by Beijing, but gains were limited as weak European data dented recent optimism. Wall Street and European traders were unable to provide a strong lead after a three-day rally on central bank stimulus hopes lost momentum, […]

August 11, 2012 | Filed under Business News | Read More

Forex reserves jump to $ 15,542bn

KARACHI: Country’s foreign exchange reserves have surged by $ 967 million to more than $ 15,542 billion as on August 3, 2012 on receipt of $ 1.18 billion under Coalition Support Fund (CSF). According to State Bank of Pakistan here on Thursday, the foreign exchange reserves held by the Central Bank climbed to $ 11.089 […]

August 11, 2012 | Filed under Business News | Read More

Weak China data hits stocks, stimulus still eyed

NEW YORK: Global shares lost momentum on Friday, falling for the first time in five days, on weak Chinese trade data, though declines were limited by expectations policymakers could act to shore up the world’s economies. Stock markets’ recent rally has been underpinned by comments by European Central Bank President Mario Draghi two weeks ago […]

August 11, 2012 | Filed under Business News | Read More

Eid new currency notes from today

KARACHI: Adequate quantity of fresh currency notes for Eid will be available to the general public from Wednesday, Geo News reported. The State Bank of Pakistan (SBP) has made elaborate arrangements for the supply of adequate quantity of fresh currency notes particularly of small denominations (Rs10/ to Rs100/) to commercial banks depending upon their branch […]

August 2, 2012 | Filed under Business News | Read More

POL prices to increase at midnight

ISLAMABAD: The government on the advice of Oil and Gas Regulatory Authority (OGRA) has approved an increase in the prices of petroleum products which will go into effect from midnight for the next fortnight. According to sources, after the revision of POL rates, the price of petrol will go up by Rs7.66 per litre, diesel […]

July 31, 2012 | Filed under Business News | Read More

Stocks slip; rupee strengthens slightly vs. dollar

ISLAMABAD: Pakistan’s main stock market closed almost flat in thin volume on Tuesday, with many investors cautious about taking big positions while a court case that could jeopardise the country’s prime minister remains unresolved, dealers said. The Karachi Stock Exchange benchmark 100-share index lost 15.18 points, or 0.1 per cent, to close at 14,512.07 on […]

July 24, 2012 | Filed under Business News | Read More

Euro steadies after China PMI data, Aussie rises

TOKYO: The euro steadied against the yen and the US dollar in Asia on Tuesday, as investors’ risk appetite perked up after data showed signs of improvement in China’s manufacturing output.  China’s manufacturing output in July grew at its fastest pace in nine months which offered some relief amid mounting worries that Spain, the euro […]

July 24, 2012 | Filed under Business News | Read More

KSE higher but bearish

KARACHI: The Karachi Stock Exchange indices rose in mid-day trade on Tuesday, but market sentiments were bearish overall. The KSE-100 index rose by 2.38 points at the time of publishing, whereas the All-share and KMI-30 indices rose by 4.23 and 5.68 respectively. The KSE-30 index declined by 14.14 points. Market volumes stood at 109 million […]

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