State Bank has observed that most of the banks and development financial institutions were not following the requirement of making declaration of fidelity and secrecy under the Banking Companies Ordinance 1962.
CSCE coffee futures retreated on Wednesday on producer and speculative selling as origins took advantage of better prices for their beans and short-term traders nailed down profits, said analysts and brokers.
State Bank has observed that most of the banks and development financial institutions were not following the requirement of making declaration of fidelity and secrecy under the Banking Companies Ordinance 1962.
CSCE cocoa closed down sharply on Wednesday after hitting a 3-week low as a higher production estimate for top grower Ivory Coast sparked speculative selling, dealers and brokers said.
Pakistan has prepaid $ 1.17 billion debt to the Asian Development Bank (ADB) ahead of schedule and is hopeful of prepaying another $ 1 billion during 2004, Finance Minister Shaukat Aziz told a press briefing.
Cotton plantings in the United States will surge this year after a recent rally hoisted prices to their highest since late 1995, industry analysts said Wednesday.
Pakistan has prepaid $ 1.17 billion debt to the Asian Development Bank (ADB) ahead of schedule and is hopeful of prepaying another $ 1 billion during 2004, Finance Minister Shaukat Aziz told a press briefing.
Federal Tax Ombudsman retired Justice Saleem Akhtar has said he would recommend review of Section 9 (2) B of the Federal Tax Ombudsman Ordinance as the implications of its interpretation have defeated the purpose of the law. He was talking to the editoria
The Australian Wool Exchange (AWEX) said its eastern market indicator (EMI) slid 20 cents to 791 cents a kg clean at sales in Sydney and Melbourne on Wednesday.
Federal Tax Ombudsman retired Justice Saleem Akhtar has said he would recommend review of Section 9 (2) B of the Federal Tax Ombudsman Ordinance as the implications of its interpretation have defeated the purpose of the law. He was talking to the editoria
Shanghai copper futures rose their three percent daily limit on Thursday as they caught up with the London Metal Exchange after a long Chinese break but are unlikely to climb further in the short run, traders said.
Pakistan is likely to launch and finalise deals of Eurobond on February 12 to 15, after finishing road shows on February 11, said Finance Minister Shaukat Aziz while addressing a press briefing.
Pakistan is likely to launch and finalise deals of Eurobond on February 12 to 15, after finishing road shows on February 11, said Finance Minister Shaukat Aziz while addressing a press briefing.
Pakistan is likely to launch and finalise deals of Eurobond on February 12 to 15, after finishing road shows on February 11, said Finance Minister Shaukat Aziz while addressing a press briefing.
US cotton sales should decline due to the Lunar New Year festival in leading customer China when the weekly USDA export sales report is released on Thursday, cotton brokers said Wednesday.
Extending a major tax concession on the export of goods under 'Temporary Importation Scheme' (SRO 410(I)/2001), the government has decided to charge one percent surcharge on the balance of raw material not utilised in production of finished export goods i
Indian mills are increasingly looking to import cotton, as a rise in local prices and a drop in world rates have narrowed the price gap that recently allowed traditional importer India to sell cotton abroad.
Extending a major tax concession on the export of goods under 'Temporary Importation Scheme' (SRO 410(I)/2001), the government has decided to charge one percent surcharge on the balance of raw material not utilised in production of finished export goods i
CSCE raw sugar futures finished higher on Wednesday on speculative buying, but a further rise could easily be scuppered by solid producer sales in the market, dealers said.
Saudi Arabia along with Pakistan is emerging as a broad "strategic problem" for the United States as it tries to defeat terrorists while opening debate on social reform, General John Abizaid, the top US commander in the region, said on Thursday.
Cocoa butter prices have weakened in Asia because of ample supply but scattered demand ahead of the Easter holiday may provide some support, traders said on Thursday.
Saudi Arabia along with Pakistan is emerging as a broad "strategic problem" for the United States as it tries to defeat terrorists while opening debate on social reform, General John Abizaid, the top US commander in the region, said on Thursday.
Comex gold prices shot to two-week highs on Wednesday, bolstered by a shaky US dollar and news overnight that Japan was considering the low weighting of its gold reserves, dealers and analysts said.
Spot gold shrugged off news that Japan was considering shifting some of its huge reserves into gold, and lost around $1 an ounce in Asia on Thursday as the dollar held steady against other main currencies.
Soyameal buyers in Vietnam, Indonesia and Thailand are asking their suppliers to either defer or cancel shipments, fearing a drop in demand for commercial feed following an outbreak of the bird flu disease.
Rough rice futures at the Chicago Board of Trade ended lower on Wednesday, with the March contract dipping below $8 for the first time since mid-November as speculators continued to liquidate longs, traders said.
Chicago Board of Trade soyabean futures closed lower on Wednesday, falling close to three-week lows as speculators exited long positions before the end of the month, traders said.
Malaysian crude palm oil futures reversed losses by the close on Thursday, helped by technical buying and a rebound in Chicago soyaoil in Asian screen trading.
London cocoa prices ended sharply higher after a volatile session on Thursday as a nervy market tried to gauge the impact of the latest crop estimates for top producer Ivory Coast, which raised estimates for main crop output to a 900,000-1,100,000 range.
Thriving crops in Europe should help pull world wheat supplies back up from last year's weather-damaged levels in 2004, as global output leaps to 601 million tonnes from 554 million in 2003, according to an international grains report on Thursday.
Gold bullion dropped below $400 for the first time in almost two months in Europe on Thursday, shedding $11 on the way, as prices followed a soaring dollar on the back of US jobs data and anticipation of higher interest rates.
London coffee futures weakened on Thursday in a choppy market trying to gauge the size of the downside and pressured by long speculative liquidation, dealers said.
NYCE cotton futures finished down and near a two-month low Thursday as speculative long liquidation punished the market, but robust trade and suspected Chinese buying pruned the losses, dealers said.
Base metals were softer at Thursday's kerb close on the London Metal Exchange (LME) as profit-taking triggered by news of restarts by a US copper producer weighed on sentiment, analysts and traders said.
CSCE cocoa futures eked out a small rise Thursday, holding above three-week lows on speculative buying and short-covering by the trade in reaction to a new crop estimate for top grower Ivory Coast, brokers said.
CSCE raw sugar futures closed unchanged Thursday as speculative buying ran smack into Thai producer selling and operators said the market needs to race past technical barriers soon.
Chicago Board of Trade wheat futures were higher early on Thursday on a mild recovery after Wednesday's 5 to 7 cents break and on supportive export news, traders said.
Profit-taking sent COMEX gold down 2 percent Thursday morning as the dollar strengthened after the Federal Reserve took a cautious rhetorical step toward raising US interest rates for the first time since 2000.
Freddie Mac's federal regulator slapped the No 2 US mortgage finance company with a 30 percent higher minimum capital requirement on Thursday until it sorts out its books after an accounting scandal.
Saudi Arabia has imposed a temporary ban on imports of poultry meat and products from seven countries in response to the outbreak of bird flu sweeping across Asia, Saudi newspapers reported on Thursday.
French business confidence rose slightly in January to hit its highest level since May 2001 as industry leaders grew more optimistic about the general outlook for the eurozone's second biggest economy.
The US job market is showing some signs of life with the number of Americans lining up to claim first-time unemployment aid edging lower last week, but businesses may still be nervous about hiring, reports showed on Thursday.
Exxon Mobil Corp, the world's largest investor-owned oil company, on Thursday said fourth-quarter profit rose more than 60 percent thanks to soaring oil and natural gas prices and a huge tax gain.
India, which has the biggest pool of scientists and computer workers outside the United States, has grabbed a major slice of the multibillion-dollar global computer-based mapping business and is poised to win more, analysts said.
The rise of the euro on foreign exchange markets weakened the competitiveness of eurozone producers by about two percent in the fourth quarter of 2003, the European Commission said on Thursday.
Halliburton Co, which is under fire for its US government contracts to rebuild Iraq, on Thursday posted a wider fourth-quarter loss due to a $1.1 billion charge for settling asbestos injury claims.
Japan's industrial output rose strongly in the final quarter of last year, spurred by demand for electronics goods, with a slight drop in December unlikely to knock the country's economic recovery off track.
MBNA Corp on Thursday said it will offer American Express Co credit cards, marking the first time a major issuer of Visa or MasterCard credit cards will market the cards in the United States.
Consumer confidence in Britain shot up in January to its highest level since November 2002 despite widespread expectations that interest rates will rise next week, a report showed on Thursday.
European Central Bank President Jean-Claude Trichet said on Thursday prospects for a stronger economic recovery and slowing inflation are good, which markets saw as a sign the chances of lower interest rates are receding.
Germany's Commerzbank AG said on Thursday it was in talks over a co-operation in retail and corporate banking with small regional bank SchmidtBank, which sources said may lead to a take-over.
Australia's economy should be in a solid position over the next two financial years as it recovers from severe drought and as a global recovery helps to offset a downturn in housing, a Reuters poll found.
The conditions for an upturn in Switzerland have improved significantly in the last 12 months, helped by improved sentiment and a weaker franc against the euro, Switzerland's top central banker said on Thursday.
Higher prices for food and industrial goods are expected to fuel South Korean inflation in January, but not enough for analysts to expect the central bank to rethink its policy of low interest rates.
ABN Amro has sponsored a project called K2K, which will involve a quadriplegic covering a distance of approximately 2000 kilometers, non-stop using an automobile from Khyber to Karachi.
US Treasury prices fell sharply on Wednesday as investors interpreted a wording change in the Federal Reserve's policy statement as bringing the central bank one step closer to hiking interest rates.
US Treasury prices fell sharply on Wednesday as investors interpreted a wording change in the Federal Reserve's policy statement as bringing the central bank one step closer to hiking interest rates.
Malaysian stocks and bonds fell on Thursday, hit by concerns about the bird flu outbreak sweeping Asia and a change in stance by the US Federal Reserve indicating interest rates may rise sooner than expected.
Philippines stocks closed at their lowest level in two weeks on Thursday after the peso plunged to record depths beyond 56 to the dollar as political uncertainty mounted ahead of elections on May 10.
US stocks tumbled on Wednesday after the Federal Reserve said it will hold interest rates at the lowest level since 1958 but indicated it might be closer to a rate hike.
Taiwan stocks edged away from a 21-month high to close lower on Thursday as investors used Wall Street's weakness as an excuse to pocket recent gains in tech and financial shares like Mega Financial Holding.
China's shares closed almost two percent higher on Thursday after the Lunar New Year break, but worries over the spread of bird flu drove down chicken breeder Dajiang.
Singapore's key share index ended near a two-week low on Thursday as the spread of bird flu across Asia and Wall Street's sharp losses gave investors an excuse to reduce their stock holdings.
Sri Lankan stocks fell on Thursday as political concerns over delayed peace talks with Tamil Tiger rebels returned to the fore, and investors took profit after the index gained 10 percent earlier in the week.
Japanese stocks fell for the fourth straight session on Thursday as investors sold Sony Corp and other exporters on continued worries about the strong yen and after a tumble in Wall Street shares.
Hong Kong's benchmark share index was dragged slightly lower on Thursday by fears of interest rate hikes in the United States and the spread of bird flu in China.
South Korean shares fell for a third straight day on Thursday, led by exporters such as LG Electronics Inc as a steep rise in the won against the dollar threatened profit margins, traders said.
US blue chips pared earlier gains and were little changed at midday on Thursday as positive earnings from Exxon Mobil Corp. and Boeing Co. were offset by a disappointing outlook from Sears, Roebuck and Co.
European corporate bonds fell in value on Thursday as investors focused on telecommunications, with Telecom Italia worst hit as Italian investors dumped credit.
European corporate bonds fell in value on Thursday as investors focused on telecommunications, with Telecom Italia worst hit as Italian investors dumped credit.
Britain's top shares closed at a six-week low on Thursday hit by disappointing numbers from index giant AstraZeneca and by large fund-related sell programmes, dealers said.
The Bangladeshi taka ended little changed against the dollar on Thursday as dealers sold the US currency to borrow local funds ahead of the Eid-ul-Azha festival next week, dealers said.
The Swiss franc eased against the greenback on Thursday after the Federal Reserve held interest rates steady on Wednesday but hinted it may be closer to considering a rate increase. The dollar edged higher to 1.2574/79 francs from levels around 1.2465 fra
The dollar seesawed against the euro on Thursday, drawing some support from the US Federal Reserve's policy statement which suggested the central bank might be a step closer to raising interest rates.
The dollar shot higher on Wednesday, gaining 1 percent against the euro and the Swiss franc after the Federal Reserve shocked traders by dropping the phrase referring to a "considerable period" of loose monetary policy from its statement.
The Hong Kong dollar edged lower on Thursday as the US dollar strengthened against major currencies on expectations for an earlier than expected rise in US interest rates.
Asian currencies bounced back on Thursday from early losses driven by the US dollar's rebound against major currencies after the Federal Reserve hinted it may be closer to raising interest rates.
The Indian rupee set an 11-week closing high against the dollar for the second straight day on Thursday, buoyed by strong foreign capital flows, and traders said more gains were in store for the local currency.