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Saturday 28, March 2015
 
 
 
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Economy


Social welfare bodies extending tremendous help in govt’s efforts: Dar

By: Web Desk, Uploaded: 26th March 2015

Social welfare bodies extending tremendous help in govt’s efforts: Dar KARACHI: Federal Finance Minister for Finance Mohammad Ishaq Dar has emphasised upon the significance of social welfare organisations in complementing government’s efforts to provide basic facilities to the people. Speaking at the inauguration of a state of the art blood bank at Al-Mustafa Medical Centre in Gulshan-e-Iqbal, here on Wednesday, he lauded Al-Mustafa Welfare Society...


Economy shows resilience, results faster than expectations: Ishaq Dar

By: Web Desk, Uploaded: 26th March 2015

Economy shows resilience, results faster than expectations: Ishaq Dar KARACHI: Federal Minister for Finance, Revenue, Statistics, Economic Affairs and Privatisation, Senator Mohammad Ishaq Dar Wednesday said that the economy has shown resilience and results have appeared earlier than our expectations. He said that the global environment has turned in favour of the Islamic banking during the last two years. The Federal Minister said this...


Rates for conversion of FCD, DBC, FCBC, US dollar bonds

By: Web Desk, Uploaded: 24th March 2015

Rates for conversion of FCD, DBC, FCBC, US dollar bonds KARACHI: The following rates will be applicable for conversion into rupees of Foreign Currency Deposits, Dollar Bearer Certificates, Foreign Currency Bearer Certificates, Special U.S. Dollar Bonds and profits thereon by all banks and for providing Forward Cover on Foreign Currency Deposits (excluding F.E- 25 deposits) by the State Bank on March 25, 2015. The rates...


European stocks rise on Greek relief; FTSE at new high

By: Web Desk, Uploaded: 20th March 2015

European stocks rise on Greek relief; FTSE at new high LONDON: European stocks climbed Friday, with London striking a fresh record peak on takeover news and after Greece pledged new plans to reform its bailout, dealers said. In morning deals, London’s benchmark FTSE 100 index soared to a record-high 6,987.92 points, extending this week’s gains won on the back of the British budget and cooling...


US economy generates strong 295,000 new jobs in February

By: Web Desk, Uploaded: 6th March 2015

US economy generates strong 295,000 new jobs in February WASHINGTON: The US economy pumped out a strong 295,000 net new jobs in February despite some severe weather disruptions and mounting layoffs in the oil industry, the Labor Department reported Friday. The better-than-expected jobs number sent the unemployment rate down to 5.5 percent, from 5.7 percent previously and the lowest level since May 2008. Hiring...


EU chief says Greek leader must come clean on election promises

By: Web Desk, Uploaded: 4th March 2015

EU chief says Greek leader must come clean on election promises MADRID: EU chief Jean-Claude Juncker took the unusual step of wading into domestic politics on Wednesday, saying Greece’s new prime minister should tell the Greek people his anti-austerity election promises are untenable. Juncker told the Spanish daily El Pais that Greek Prime Minister Alexis Tsipras had begun to step up to his responsiblities but that...


Uganda wants to enhance trade relations with Pakistan

By: Web Desk, Uploaded: 4th March 2015

Uganda wants to enhance trade relations with Pakistan Islamabad: Pakistan and Uganda enjoyed historic political relations, which should be transformed into growing trade and economic relations as bilateral trade between the two countries was far less than the available potential, observed H.E. Dr. Asuman Kiyingi, Minister of State for Foreign Affairs and In-charge of Regional Cooperation of the Republic of Uganda while addressing...


China manufacturing improves in February: HSBC

By: Web Desk, Uploaded: 2nd March 2015

China manufacturing improves in February: HSBC BEIJING: China’s manufacturing activity in February improved more than initially thought, HSBC said Monday, but weakening foreign demand and declining prices signalled the world’s second largest economy still faces multiple woes. The British bank’s final purchasing managers’ index (PMI) for the month came in at 50.7, up from its preliminary reading of 50.1 and the...


India factory output slides to five-month low: survey

By: Web Desk, Uploaded: 2nd March 2015

India factory output slides to five-month low: survey MUMBAI: India’s factory output in February grew at its slowest pace in five months as business demands remained dim, a survey showed Monday, suggesting strong government steps were needed to reignite growth. Banking giant HSBC’s report comes two days after the right-wing government unveiled its first full year budget, which analysts said skipped big reforms...


Italy’s Malacalza family to become Carige top investor

By: Web Desk, Uploaded: 2nd March 2015

Italy’s Malacalza family to become Carige top investor MILAN: Malacalza Investment agreed on Sunday to buy 10.5 percent of Banca Carige from the Carige banking foundation in a 66.2 million euro deal that makes the family controlled holding the biggest investor in the mid-sized Italian lender. Carige, one of the Italian banks under European supervision, failed a health check of lenders across the...


EFG Hermes eyes Egypt renewables investments, leasing business -CEO

By: Web Desk, Uploaded: 2nd March 2015

EFG Hermes eyes Egypt renewables investments, leasing business -CEO DUBAI: Egyptian investment bank EFG Hermes is studying investments in renewable energy and hopes to start a leasing business in its home country within months as it looks to take advantage of improving economic sentiment. Chief Executive Karim Awad said on Sunday that EFG hopes to launch a leasing business during the first half of...


GLOBAL MARKETS-World stock indexes fall but stay near record after Fed

By: Web Desk, Uploaded: 26th February 2015

GLOBAL MARKETS-World stock indexes fall but stay near record after Fed NEW YORK:  World stock markets fell on Wednesday but stayed within reach of an all-time high as investors welcomed Tuesday’s comments from U.S. Federal Reserve Chair Janet Yellen suggesting that the U.S. central bank is in no rush raise interest rates. Markets, still on a high after the euro zone agreed to extend Greece’s debt...


London set its sight for Islamic finance industry

By: Web Desk, Uploaded: 26th February 2015

London set its sight for Islamic finance industry ISLAMABAD: London has set its sights on becoming the world centre for the Islamic finance industry according to the UK’s foreign office minister for Middle East. Speaking at The Telegraph’s Middle East Congress, Tobias Ellwood, under secretary of state at the Foreign Office, said the capital had ambitions to stand alongside Dubai and Kuala Lumpur...


Argentina’s YPF issues tender to buy light crude oil

By: Web Desk, Uploaded: 24th February 2015

Argentina’s YPF issues tender to buy light crude oil LONDON: Argentina’s YPF issued a rare tender to buy light sweet crude oil from West Africa, the North Sea or the Mediterranean, traders said on Monday. The traders said the tender, whom closes on March 3, was for up to 1.6 million barrels. It requested the oil in two cargoes, one of 600,000 barrels and...


Athens to send reforms list to EU Tuesday: government source

By: Web Desk, Uploaded: 24th February 2015

Athens to send reforms list to EU Tuesday: government source ATHENS: The Greek government will send its definitive list of reforms to the EU on Tuesday morning, government sources said. The EU had given Athens until midnight Monday to submit a list of reforms to secure a four month extension of its debt bailout....


Obama begins sales pitch on trade to wary U.S. public

By: Web Desk, Uploaded: 21st February 2015

Obama begins sales pitch on trade to wary U.S. public President Barack Obamaon Saturday began a broad sales pitch to the U.S. public about the merits of free trade deals, an area in which he faces stiff resistance from many in his own Democratic party. Obama has said he wants to work with Congressional Republicans to finalize the Trans Pacific Partnership (TPP) trade pact, an agreement...


California Exxon plant halts gasoline production since blast manager

By: Web Desk, Uploaded: 21st February 2015

California Exxon plant halts gasoline production since blast manager TORRANCE, Calif: Gasoline production at an Exxon Mobil Corp refinery near Los Angeles has been halted since an explosion there on Wednesday, a plant manager said on Friday, raising the possibility of higher fuel prices in parts of Southern California. Investigators were trying to determine the cause of the blast in Torrance, California, south of...


Contract negotiators for U.S. West Coast ports reach tentative deal

By: Web Desk, Uploaded: 21st February 2015

Contract negotiators for U.S. West Coast ports reach tentative deal LOS ANGELES: A group of shipping companies and a powerful dockworkers union clinched a tentative labor deal on Friday after nine months of negotiations, settling a dispute that disrupted the flow of cargo through 29 U.S. West Coast ports and snarled trans Pacific maritime trade with Asia. The settlement, confirmed in a joint statement by...


Prices fall after Greek bailout agreement

By: Web Desk, Uploaded: 21st February 2015

Prices fall after Greek bailout agreement NEW YORK: U.S. Treasury debt prices fell in seesaw trade on Friday, with benchmark 10-year yields rising for a third straight week, as investors shifted away from safe-haven assets after euro zone negotiators agreed to extend Greece’s bailout. In late trading, benchmark 10-year Treasuries  were off 6/32 and yielding 2.122 percent, compared to 2.112 percent...


White House: U.S. ports deal ‘huge relief’ for workers, economy

By: Web Desk, Uploaded: 21st February 2015

White House: U.S. ports deal ‘huge relief’ for workers, economy WASHINGTON: The White House said on Friday a deal between West Coast ports and the dockworkers union was “a huge relief” for the economy, businesses and workers affected by the lengthy labor dispute. President Barack Obama had received an update on the talks late on Thursday from Labor Secretary Tom Perez, whom he had dispatched...


Emerson eyes move to acquisitions after shedding units president

By: Web Desk, Uploaded: 20th February 2015

Emerson eyes move to acquisitions after shedding units president NEW YORK: Diversified U.S. manufacturer Emerson Electric Co is “moving to being more of a buyer” after shedding businesses worth $3.5 billion in recent years and would consider multi-billion dollar acquisitions, the company’s president said on Thursday. Emerson is still exploring $500 million to $1 billion worth of divestitures to focus the business, but President...


Dutch state bank ABN Amro reports return to Q4 profit sees better 2015

By: Web Desk, Uploaded: 20th February 2015

Dutch state bank ABN Amro reports return to Q4 profit sees better 2015 AMSTERDAM: ABN Amro, the nationalized Dutch bank, reported a return to profit in the fourth quarter and said the outlook for 2015 is good, as it seeks to convince politicians it is ready to become a listed company again. ABN reported an underlying net profit of 400 million euros ($454.20 million), against a loss of...


New Centrica head cuts dividend after energy prices fall

By: Web Desk, Uploaded: 19th February 2015

New Centrica head cuts dividend after energy prices fall LONDON: The new head of Centrica, Britain’s largest utility company, said he was cutting dividend payouts by 30 percent after falling energy prices drove profits down by more than a third in 2014. Iain Conn, who took over as Centrica chief executive in January, warned on Thursday that energy prices would weigh on profit this...


OECD nudges up Italy 2015 GDP forecast to 0.4 pct

By: Web Desk, Uploaded: 19th February 2015

OECD nudges up Italy 2015 GDP forecast to 0.4 pct ROME: The Italian economy will grow by a meagre 0.4 percent this year, the Organisation for Economic Cooperation and Development said on Thursday, raising a previous forecast of 0.2 percent made in November. The OECD’s outlook remains slightly below those of the International Monetary Fund, the Italian government and its central bank, which all see...


Uber picks up another $1 bn from investors

By: Web Desk, Uploaded: 19th February 2015

Uber picks up another $1 bn from investors SAN FRANCISCO: Uber said Wednesday that it expanded its latest funding round to pick another billion dollars from investors eager to put money into the controversial ride sharing service. The company’s Series E financing lid was raised to $2.8 billion overall, not changing Uber’s dizzying valuation of around $41 billion but pumping up its coffers...


Japan trade deficit more than halves in January: govt

By: Web Desk, Uploaded: 19th February 2015

Japan trade deficit more than halves in January: govt TOKYO: Japan’s trade deficit more than halved year on year in January, helped by stronger exports and lower oil prices, official data showed Thursday. The shortfall shrank to 1.18 trillion yen ($9.9 billion) from the year before figure of 2.8 trillion yen, which was the worst record for a single month, the finance ministry said....


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