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Tuesday 28, April 2015
 
 
 
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Economy


China offering Pakistan ‘huge’ financing: Chinese assistant foreign minister

By: Web Desk, Uploaded: 20th April 2015

China offering Pakistan ‘huge’ financing: Chinese assistant foreign minister BEIJING: Pakistan needs a “huge amount of financing” for infrastructure and energy projects and China is ready to announce help when President Xi Jinping visits next week, a foreign ministry official said Friday. Islamabad has for decades been Beijing´s closest ally in South Asia, and China — which is expanding its influence in the region...


German economy minister plays down boost from EU-US trade deal: magazine

By: Web Desk, Uploaded: 11th April 2015

German economy minister plays down boost from EU-US trade deal: magazine BERLIN: Germany’s economy minister warned on Saturday against overblowing expectations for an economic boost from a trade deal between the United States and European Union but said the pact was needed to set high common standards for consumers. The European Commission is trying to finalise a deal on the Transatlantic Trade and Investment Partnership (TTIP),...


Pak-China economic corridor to bring prosperity’

By: Web Desk, Uploaded: 10th April 2015

Pak-China economic corridor to bring prosperity’ LAHORE: The Pakistan China economic corridor has strategic importance and it will bring about a new age of development and prosperity in the region. This was stated by Brig (retd) Muhammad Saeed Sharif,  a defense analyst, while addressing a seminar on the Pakistan  China friendship here at Pakistan Study Centre on Friday. Saeed Sharif said...


Pak forex surge to $16.70603 bln

By: Web Desk, Uploaded: 9th April 2015

Pak forex surge to $16.70603 bln KARACHI: Total liquid foreign exchange reserves of the country increased to dollars 16.70603 billion during the week ending on April 3, said State Bank of Pakistan (SBP). SBP’s weekly statement here Thursday said the foreign reserves held by State Bank were $11.61605 billion and the net foreign reserves with other banks amounted $ 5.08908 billion....


World Bank ready to share experience with China-proposed AIIB

By: Web Desk, Uploaded: 8th April 2015

World Bank ready to share experience with China-proposed AIIB ISLAMABAD: World Bank welcomes the new development banks, such as China-proposed Asian Infrastructure Investment Bank (AIIB) and the New Development Bank established by the BRICS countries, and is ready to share experience with them, World Bank President Jim Yong Kim has said. The new multilateral banks could help bridge financing gaps in areas such as...


Wall St up on deals, biotech boost

By: Web Desk, Uploaded: 7th April 2015

Wall St up on deals, biotech boost NEW YORK: U.S. stocks rose on Tuesday, extending two sessions of gains for the S&P 500, with deals including a bid from FedEx for a Dutch peer indicating companies still see value in the market. Shares of FedEx rose 3.3 percent to $172.14 as it seeks to buy Dutch package delivery company TNT Express for...


US stocks open higher

By: Web Desk, Uploaded: 4th April 2015

US stocks open higher NEW YORK: Wall Street stocks opened higher Friday following a report showing weaker-than-expected US economic growth as the market sought to snap a four-day losing streak. Five minutes into trade, the Dow Jones Industrial Average was at 17,692.58, up 14.35 points (0.08 percent). The broad-based S&P 500 added 2.88 (0.14 percent) at 2,059.03, while the...


Euro under pressure on jitters over Greece debt deal

By: Web Desk, Uploaded: 4th April 2015

Euro under pressure on jitters over Greece debt deal TOKYO: The euro drifted lower in Asia on Tuesday with investors following talks between debt-hit Greece and its international creditors as Athens looks to reform its bailout obligations. In Tokyo, the single currency slipped to $1.0813 and 129.92 yen, from $1.0825 and 130.10 yen in New York, while the dollar was at 120.16 yen against...


US economy generates only 126,000 jobs in March

By: Web Desk, Uploaded: 3rd April 2015

US economy generates only 126,000 jobs in March WASHINGTON:  The US economy produced just 126,000 jobs in March, half of what was expected, a disappointing report after a year of 200,000-plus jobs each month, the Labor Department reported Friday. The department also trimmed 69,000 from the two previous months, but the jobless rate held at 5.5 percent....


WTO members appreciate Pakistan’s economic policies

By: Web Desk, Uploaded: 31st March 2015

WTO members appreciate Pakistan’s economic policies ISLAMABAD: A number of members of World Trade Organization (WTO) have lauded Pakistan government’s policies, which have resulted in putting the economy back on track. During the Trade Policy Review held in Geneva on March 24, they appreciated the government’s economic performance in last two years. They  were of the view that Pakistan’s economy had...


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...


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