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Jan 11, 2025 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Print - 2014-05-18
Lean business on grain market

Lean business on grain market

Small business was seen on the wholesale grain market on Saturday where most of the traders were waiting for Monetary Policy, with the expectations of improvement in activity as the State Bank of Pakistan (SBP) has decided to maintain the policy rate at 1
Published 18 May, 2014 12:00am
US natural gas futures down

US natural gas futures down

US natural gas futures fell 1 percent on Friday and ended the week 2 percent lower, pressured by above-average storage builds, moderate weather forecasts and the lowest next-day prices in New York in almost two years. In New York, next-day gas fell for a
Published 18 May, 2014 12:00am
US Plains HRW wheat bids mixed

US Plains HRW wheat bids mixed

Spot basis bids for hard red winter wheat were mixed in the southern US Plains on Friday, with firmer values in Wichita and Newton, Kansas, as old-crop supplies dwindled with harvest more than a month away, dealers said. But the basis fell in Goodland, Ka
Published 18 May, 2014 12:00am
Indian soyabean, rapeseed rise; sugar down

Indian soyabean, rapeseed rise; sugar down

Indian soyabean futures edged higher on Friday on thin supplies in spot markets, while rapeseed rose on good exports demand for rapeseed meal. Soyaoil futures were treading water as tight supplies offset a drop in overseas palm oil prices. Oilseeds and so
Published 18 May, 2014 12:00am
Asian naphtha crack falls

Asian naphtha crack falls

The Asian naphtha crack for front-month first-half July was at $129.70 a tonne, making this the lowest front-month value since March 19, Thomson Reuters data showed. Buyers replacing a portion of their naphtha with cheaper liquefied petroleum gas (LPG) an
Published 18 May, 2014 12:00am
US FOB Gulf soyabeans mostly steady

US FOB Gulf soyabeans mostly steady

US FOB Gulf grain and soyabean values were mostly steady at the close on Friday, with new-crop soyabeans showing the most strength, traders said. FOB soyabean offers for May/June loadings were unchanged from Thursday at 95 cents a bushel over while new-cr
Published 18 May, 2014 12:00am
Shanghai rebar hits record low, iron ore near 20-month tumble

Shanghai rebar hits record low, iron ore near 20-month tumble

Chinese steel futures dropped to a record low on Friday as supply outpaced fragile demand in the world's top market for the commodity where slower economic growth has hit consumption. Prices of raw material iron ore were near their cheapest level since Se
Published 18 May, 2014 12:00am
European wheat futures edge higher

European wheat futures edge higher

European wheat futures edged higher on Friday as the market held above a technical floor to recover from one-month lows. A drop in the euro against the dollar encouraged the market to steady and shrug off a further fall in US prices. A tender held by Egyp
Published 18 May, 2014 12:00am
Venezuela's April inflation jumps to 5.7 percent

Venezuela's April inflation jumps to 5.7 percent

Venezuela's consumer prices rose 5.7 percent in April, local media reported on Saturday, jumping from 4.1 percent the month before as the Opec nation struggles to control inflation. The central bank this year has routinely delayed the release of economic
Published 18 May, 2014 12:00am
Idea Capital in bad loans project with Italy's banks

Idea Capital in bad loans project with Italy's banks

Italian fund manager Idea Capital Funds Sgr is working on a project to create two vehicles that would pool and manage bad loans of some medium-sized Italian banks, daily Milano Finanza said on Saturday. Citing Chief Executive Officer Mario Barozzi, the pa
Published 18 May, 2014 12:00am
Idea Capital in bad loans project with Italy's banks

Idea Capital in bad loans project with Italy's banks

Italian fund manager Idea Capital Funds Sgr is working on a project to create two vehicles that would pool and manage bad loans of some medium-sized Italian banks, daily Milano Finanza said on Saturday. Citing Chief Executive Officer Mario Barozzi, the pa
Published 18 May, 2014 12:00am
Richemont's net profit up

Richemont's net profit up

Swiss-based luxury giant Richemont on Thursday said its net profit rose by 3.0 percent in its financial 2013-2014 despite falling sales in China and currency instability. The world's second largest luxury goods group, whose stable of brands includes Carti
Published 18 May, 2014 12:00am
Richemont's net profit up

Richemont's net profit up

Swiss-based luxury giant Richemont on Thursday said its net profit rose by 3.0 percent in its financial 2013-2014 despite falling sales in China and currency instability. The world's second largest luxury goods group, whose stable of brands includes Carti
Published 18 May, 2014 12:00am
Italian economy falls back in blow for Renzi

Italian economy falls back in blow for Renzi

Italy's economy unexpectedly moved back into negative territory in the first quarter due to poor industrial results after barely exiting its worst post-war recession, in a blow for Prime Minister Matteo Renzi. The official Istat data agency said on Thursd
Published 18 May, 2014 12:00am
US prosecutors drop two more charges against Rajaratnam's brother

US prosecutors drop two more charges against Rajaratnam's brother

US prosecutors have dropped two insider trading-related charges against former Galleon Group hedge fund portfolio manager Rengan Rajaratnam, the second time in two weeks the government has whittled down its case against him. In a new indictment made publi
Published 18 May, 2014 12:00am
US prosecutors drop two more charges against Rajaratnam's brother

US prosecutors drop two more charges against Rajaratnam's brother

US prosecutors have dropped two insider trading-related charges against former Galleon Group hedge fund portfolio manager Rengan Rajaratnam, the second time in two weeks the government has whittled down its case against him. In a new indictment made publi
Published 18 May, 2014 12:00am
Russian minister says Rosneft stake sale possible in 2014

Russian minister says Rosneft stake sale possible in 2014

Russia could reduce its stake in oil producer Rosneft this year, bringing forward a privatisation that had been scheduled for 2016, the economy minister was quoted as saying on Saturday. Vedomosti newspaper reported last week, citing two government source
Published 18 May, 2014 12:00am
Russian minister says Rosneft stake sale possible in 2014

Russian minister says Rosneft stake sale possible in 2014

Russia could reduce its stake in oil producer Rosneft this year, bringing forward a privatisation that had been scheduled for 2016, the economy minister was quoted as saying on Saturday. Vedomosti newspaper reported last week, citing two government source
Published 18 May, 2014 12:00am
Brazil mulls investor relations unit to reassure investors

Brazil mulls investor relations unit to reassure investors

The Brazilian government is creating a department to foster relations with and explain policy moves to market participants, a source with direct knowledge of the plans said on Friday, after almost four years of confusing economic policy steps. The creatio
Published 18 May, 2014 12:00am
China Southern Airlines orders 80 Airbus aircraft worth $7.3 billion

China Southern Airlines orders 80 Airbus aircraft worth $7.3 billion

China Southern Airlines Co Ltd on Friday said it has ordered 80 aircraft from Airbus Group NV worth at least $7.3 billion. China Southern said it will receive 30 A320 and 50 A320neo airplanes from 2016 to 2020, increasing capacity by over 12 percent. The
Published 18 May, 2014 12:00am
Time to increase bets on emerging markets?

Time to increase bets on emerging markets?

Only a year after talk of a reduction in monetary stimulus in the US sent emerging market bonds into a tailspin, the asset class has staged an impressive recovery - and investors are betting that spreads will continue to grind tighter. Emerging markets so
Published 18 May, 2014 12:00am
Time to increase bets on emerging markets?

Time to increase bets on emerging markets?

Only a year after talk of a reduction in monetary stimulus in the US sent emerging market bonds into a tailspin, the asset class has staged an impressive recovery - and investors are betting that spreads will continue to grind tighter. Emerging markets so
Published 18 May, 2014 12:00am
Romanian assets stable

Romanian assets stable

Romanian assets were steady on Friday after ratings agency Standard & Poor's put the country back at investment grade in a long-awaited move, recognising its improvement in cutting external debt. S&P, which raised its credit rating on Romania to 'BBB-/A3'
Published 18 May, 2014 12:00am
Romanian assets stable

Romanian assets stable

Romanian assets were steady on Friday after ratings agency Standard & Poor's put the country back at investment grade in a long-awaited move, recognising its improvement in cutting external debt. S&P, which raised its credit rating on Romania to 'BBB-/A3'
Published 18 May, 2014 12:00am
RBS's Citizens Financial unit files for IPO

RBS's Citizens Financial unit files for IPO

Citizens Financial Group Inc, the US unit of the Royal Bank of Scotland, filed with US regulators for an initial public offering of common stock that would raise about $100 million. Morgan Stanley, Goldman, Sachs & Co and J.P. Morgan are the lead underwri
Published 18 May, 2014 12:00am
RBS's Citizens Financial unit files for IPO

RBS's Citizens Financial unit files for IPO

Citizens Financial Group Inc, the US unit of the Royal Bank of Scotland, filed with US regulators for an initial public offering of common stock that would raise about $100 million. Morgan Stanley, Goldman, Sachs & Co and J.P. Morgan are the lead underwri
Published 18 May, 2014 12:00am
Allianz ends risk-free status of government bonds

Allianz ends risk-free status of government bonds

Allianz, Europe's biggest insurer, has begun applying a notional charge in its accounts to reflect the risk of holding government bonds as investments, drawing a lesson from the euro zone debt crisis that may prompt others to follow suit. Government bonds
Published 18 May, 2014 12:00am
Allianz ends risk-free status of government bonds

Allianz ends risk-free status of government bonds

Allianz, Europe's biggest insurer, has begun applying a notional charge in its accounts to reflect the risk of holding government bonds as investments, drawing a lesson from the euro zone debt crisis that may prompt others to follow suit. Government bonds
Published 18 May, 2014 12:00am
China relaxes rules for IPOs, share issues on Nasdaq-style stock board

China relaxes rules for IPOs, share issues on Nasdaq-style stock board

China has relaxed rules for firms to list or issue shares on its Nasdaq-style board in Shenzhen, which will support the growth of cash-short smaller companies and the continued outperformance of the so-called ChiNext market over bluechip stocks. New regul
Published 18 May, 2014 12:00am
Greece mulls asset sales through Athens Stock Exchange

Greece mulls asset sales through Athens Stock Exchange

Greece's return from bond market exile and signs of economic revival have attracted international investors to its privatisation drive, providing more options for raising cash to cut debts, the chief of its asset sales agency said. "Interest is reviving a
Published 18 May, 2014 12:00am
US stock fund costs fall; money market fee waivers hit $5.8 billion

US stock fund costs fall; money market fee waivers hit $5.8 billion

US stock fund expenses fell 4 percent last year while the sponsors of money market funds waived $5.8 billion in fees to shield investors from negative returns, an investment industry trade group said on Wednesday. Money market funds have waived nearly $24
Published 18 May, 2014 12:00am
US stock fund costs fall; money market fee waivers hit $5.8 billion

US stock fund costs fall; money market fee waivers hit $5.8 billion

US stock fund expenses fell 4 percent last year while the sponsors of money market funds waived $5.8 billion in fees to shield investors from negative returns, an investment industry trade group said on Wednesday. Money market funds have waived nearly $24
Published 18 May, 2014 12:00am
Hedge fund moguls put money on Asian Internet, low-volume stocks

Hedge fund moguls put money on Asian Internet, low-volume stocks

From Asian Internet stocks, which have boomed over the last year, to food and paper products companies, prominent hedge fund investors listed their favourite stocks on Thursday at an industry meeting dominated by talk of where markets will move. John Burb
Published 18 May, 2014 12:00am
Hedge fund moguls put money on Asian Internet, low-volume stocks

Hedge fund moguls put money on Asian Internet, low-volume stocks

From Asian Internet stocks, which have boomed over the last year, to food and paper products companies, prominent hedge fund investors listed their favourite stocks on Thursday at an industry meeting dominated by talk of where markets will move. John Burb
Published 18 May, 2014 12:00am
TSX hits 2-1/2-week low as miners drag

TSX hits 2-1/2-week low as miners drag

Canada's main stock index slipped on Friday to its lowest in about 2-1/2 weeks as sluggish commodity prices weighed on shares of materials companies in below-average trading volume ahead of a long weekend. Investors appeared hesitant to take major positio
Published 18 May, 2014 12:00am
Wall Street rebounds with small-caps; Dow, S&P dip for week

Wall Street rebounds with small-caps; Dow, S&P dip for week

US stocks ended higher on Friday in a late-day rebound as small-cap names edged up after recent weakness and consumer discretionary shares advanced. The Russell 2000 gained 0.6 percent, recovering after once again approaching correction territory, defined
Published 18 May, 2014 12:00am
Euro would need to reach $1.42 to spur ECB into action

Euro would need to reach $1.42 to spur ECB into action

The euro needs to reach $1.42 before the European Central Bank is spurred to act and weaken the currency, something the vast majority of strategists polled by Reuters also said is unlikely to happen. Over the past year the euro has gained around 7 percent
Published 18 May, 2014 12:00am
Pound set to rise against euro but not dollar

Pound set to rise against euro but not dollar

Sterling is set to rise against the euro over the coming year, anticipating the Bank of England will raise interest rates while speculation persists that the euro zone, Britain's main trading partner, may need more stimulus. Sterling will climb to just ov
Published 18 May, 2014 12:00am
Sri Lankan rupee ends steady

Sri Lankan rupee ends steady

The Sri Lankan rupee ended steady on Friday as late importer dollar demand offset the greenback sales from remittances and inflows from stock-related transactions, with dealers expecting the currency to rise due to steady inflows. The rupee ended at 130.3
Published 18 May, 2014 12:00am
Canadian dollar stays range-bound

Canadian dollar stays range-bound

The Canadian dollar was little changed against the greenback on Friday, sticking to its recent trading range as investors turned their attention to key economic reports on tap next week. After some sharp gains in the last two weeks, the loonie has consoli
Published 18 May, 2014 12:00am
Dollar falls with US yields, data pressure euro

Dollar falls with US yields, data pressure euro

The dollar fell on Thursday with declining US yields on some downbeat economic news, while the euro tumbled to 11-week lows against the yen and greenback. The fall in the euro was due to muted eurozone growth and inflation data that supported bets the Eur
Published 18 May, 2014 12:00am
FX volumes fall on Thomson Reuters, EBS

FX volumes fall on Thomson Reuters, EBS

Daily spot foreign exchange trading volumes on Thomson Reuters fell to the lowest since December last month while those on rival platform EBS were down by almost half. Daily volumes on ICAP-owned EBS, the main venue for trading spot euros, yen and Swiss f
Published 18 May, 2014 12:00am
Speculators turn bullish on US dollar

Speculators turn bullish on US dollar

Speculators turned bullish on the US dollar in the latest week, with net longs climbing to the highest in more than two months, according to data from the Commodity Futures Trading Commission released on Friday. The value of the dollar's net long position
Published 18 May, 2014 12:00am
Indonesia's forex reserves jump

Indonesia's forex reserves jump

Indonesia's foreign reserves at the end of April were at their highest level in a year, the country's central bank said on Wednesday. The reserves were $105.6 billion, compared with $102.6 billion the previous month and June's $98.1 billion when offshore
Published 18 May, 2014 12:00am
Colombia to buy dollars to limit peso's strengthening

Colombia to buy dollars to limit peso's strengthening

Colombia's treasury plans to buy dollars in the foreign exchange market to limit the strength of the peso, Finance Minister Mauricio Cardenas said on Tuesday. "Priority: competitive dollar for the benefit of the country. Treasury to resume purchase of dol
Published 18 May, 2014 12:00am
Sentiment more bullish on Asian forex

Sentiment more bullish on Asian forex

Sentiment toward emerging Asian currencies improved in the last two weeks as the Chinese yuan stabilised and as the US Federal Reserve is expected to keep interest rates low for some time, a Reuters poll showed on Thursday. Bearish bets on the yuan fell t
Published 18 May, 2014 12:00am
ARC Healthcare near $3.7 billion deal

ARC Healthcare near $3.7 billion deal

American Realty Capital Healthcare Trust Inc is in exclusive talks to buy Griffin-American Healthcare REIT II Inc, a deal that could value the healthcare real-estate investment trust at around $3.7 billion, according to people familiar with the matter.
Published 18 May, 2014 12:00am
German finance minister dampens hopes of tax 'bracket creep' reform

German finance minister dampens hopes of tax 'bracket creep' reform

German Finance Minister Wolfgang Schaeuble has dampened hopes of a reform of Germany's "cold progression" or bracket creep during the present legislature, saying in a newspaper interview there were no plans to tackle it in 2016. A German government spokes
Published 18 May, 2014 12:00am
Bitcoin Foundation hit by resignations over new director

Bitcoin Foundation hit by resignations over new director

As the most prominent trade group pushing adoption of the electronic currency Bitcoin begins its annual conference on Friday, it is being roiled by controversy. At least 10 members of the non-profit Bitcoin Foundation have resigned over last week's electi
Published 18 May, 2014 12:00am
Moody's upgrades Ireland again after bailout exit

Moody's upgrades Ireland again after bailout exit

Moody's Investors Service upgraded Ireland's credit rating on Friday, giving a further vote of confidence to the first euro zone country to complete an EU/IMF bailout last year. Moody's raised Ireland's rating by two notches to Baa1 from Baa3 and with a s
Published 18 May, 2014 12:00am
Moody's upgrades Ireland again after bailout exit

Moody's upgrades Ireland again after bailout exit

Moody's Investors Service upgraded Ireland's credit rating on Friday, giving a further vote of confidence to the first euro zone country to complete an EU/IMF bailout last year. Moody's raised Ireland's rating by two notches to Baa1 from Baa3 and with a s
Published 18 May, 2014 12:00am
Cyprus lenders say recession not as bad as expected

Cyprus lenders say recession not as bad as expected

International lenders anticipate a shallower recession in Cyprus this year as private consumption continued to drive the economy, authorities said on Saturday, holding out the possibility of an earlier than envisaged return to international markets. Lende
Published 18 May, 2014 12:00am
Cyprus lenders say recession not as bad as expected

Cyprus lenders say recession not as bad as expected

International lenders anticipate a shallower recession in Cyprus this year as private consumption continued to drive the economy, authorities said on Saturday, holding out the possibility of an earlier than envisaged return to international markets. Lende
Published 18 May, 2014 12:00am
Batista shipbuilder OSX offers to pay debt in 25 years

Batista shipbuilder OSX offers to pay debt in 25 years

Brazil's OSX Brasil SA, the bankrupt shipbuilder controlled by former billionaire Eike Batista, presented a plan to a Brazilian judge on Friday to pay $2.6 billion ($1.2 billion) in debt over 25 years. Under the plan, OSX will start repaying the bulk of i
Published 18 May, 2014 12:00am
Portugal exits bailout but presses on with austerity

Portugal exits bailout but presses on with austerity

Portugal on Saturday exited its 78-billion-euro international bailout programme, but the government warned that it was no time for euphoria. Budgetary discipline and austerity policies remain the mantra for the country which has seen severe pay, pension a
Published 18 May, 2014 12:00am
Cooperative group unanimously accepts reform proposals

Cooperative group unanimously accepts reform proposals

Britain's Co-operative Group voted unanimously on Saturday to accept proposals for far-reaching reforms designed to avoid a repeat of the near-catastrophic mistakes of recent years and secure the mutual's future. Independent director Paul Myners drew up t
Published 18 May, 2014 12:00am
Cooperative group unanimously accepts reform proposals

Cooperative group unanimously accepts reform proposals

Britain's Co-operative Group voted unanimously on Saturday to accept proposals for far-reaching reforms designed to avoid a repeat of the near-catastrophic mistakes of recent years and secure the mutual's future. Independent director Paul Myners drew up t
Published 18 May, 2014 12:00am
Beats music service sued

Beats music service sued

Beats Electronics, which is close to being sold to Apple Inc for $3.2 billion, has been sued by the founder of a music service Beats bought two years ago claiming he has been cheated out of his share of the company. David Hyman, the founder of the music s
Published 18 May, 2014 12:00am
Italy investigates mobile app practices at Apple, Google, Amazon

Italy investigates mobile app practices at Apple, Google, Amazon

US tech giants Apple, Google and Amazon and French game developer Gameloft are under investigation in Italy for alleged unfair commercial practices, the country's antitrust and competition authority said. The investigation will determine whether the four
Published 18 May, 2014 12:00am
Italy investigates mobile app practices at Apple, Google, Amazon

Italy investigates mobile app practices at Apple, Google, Amazon

US tech giants Apple, Google and Amazon and French game developer Gameloft are under investigation in Italy for alleged unfair commercial practices, the country's antitrust and competition authority said. The investigation will determine whether the four
Published 18 May, 2014 12:00am
Taiwan approves 'rich man's tax'

Taiwan approves 'rich man's tax'

Taiwan's parliament has approved a so-called "rich man's tax" on nearly 10,000 of the island's wealthiest people in a bid to narrow the widening income gap. Starting next year, those with annual net income of over Tw$10 million ($333,000), or the richest
Published 18 May, 2014 12:00am
Errani ousts Jankovic to keep Italian dream alive

Errani ousts Jankovic to keep Italian dream alive

Sara Errani beat Jelena Jankovic 6-3, 7-5 on Saturday to book her place in the final of the Rome Masters and maintain her hopes of becoming the first Italian woman to win the tournament in 29 years. Errani, seeded 10, claimed her second consecutive semi-f
Published 18 May, 2014 12:00am
Singapore businessman buys Valencia

Singapore businessman buys Valencia

Singapore businessman Peter Lim has become the new majority owner of debt-ridden Valencia after buying 70.4 percent of the shares owned by the club's foundation, the Spanish club said on Saturday. The Valencia foundation's patrons voted for Lim's proposal
Published 18 May, 2014 12:00am
Phelps chalks up first win in comeback

Phelps chalks up first win in comeback

Michael Phelps was back in familiar waters and on top of the winner's podium in his comeback to competitive swimming at the US Grand Prix in Charlotte on Friday. Competing for just the second time since retiring after the 2012 London Olympics, Phelps tick
Published 18 May, 2014 12:00am
Djokovic, Serena into Rome finals

Djokovic, Serena into Rome finals

Novak Djokovic battled into the Rome Masters final on Saturday after coming through a tough semi-final with Milos Raonic to beat the Canadian 6-7 (5/7), 7-6 (7/4), 6-3. Defending women's champion Serena Williams, meanwhile, secured her place in Sunday's f
Published 18 May, 2014 12:00am
Atletico Madrid win La Liga title

Atletico Madrid win La Liga title

Atletico Madrid claimed their 10th Spanish league crown on Saturday but first in 18 years after coming from behind to draw 1-1 away at title rivals Barcelona. Alexis Sanchez's stunning strike fired Barca into the lead on 33 minutes, but Diego Godin's head
Published 18 May, 2014 12:00am
Ramsey caps Arsenal comeback in FA Cup final

Ramsey caps Arsenal comeback in FA Cup final

Aaron Ramsey scored an extra-time winner as Arsenal ended their nine-year trophy drought by coming from two goals down to beat Hull City 3-2 in a gripping FA Cup final on Saturday. Appearing in their first ever major final, Hull rocked Arsenal by going 2-
Published 18 May, 2014 12:00am
Culture of sexism at Premier League: FA official

Culture of sexism at Premier League: FA official

Premier League chief executive Richard Scudamore should give serious consideration to his position in light of "growing evidence of a closed culture of sexism" at the organisation, said an FA board member. Pressure is mounting on the Premier League to act
Published 18 May, 2014 12:00am
Sri Lanka return to winning ways

Sri Lanka return to winning ways

Sri Lanka secured their first victory on English soil this season with a crushing 128-run win over Kent in a one-day match at Canterbury on Friday. The tourists made 301 for seven in their full 50 overs after losing the toss, Angelo Mathews top-scoring wi
Published 18 May, 2014 12:00am
St Johnstone end 130-year wait for Cup triumph

St Johnstone end 130-year wait for Cup triumph

St Johnstone clinched the Scottish Cup for the first time in their 130-year history with a 2-0 win over Dundee United in a pulsating final at Celtic Park. United had come close to taking the lead on the half hour mark when Ryan Dow's flick came back off t
Published 18 May, 2014 12:00am
PMEX launches android application

PMEX launches android application

Pakistan Mercantile Exchange Limited (PMEX) has launched a free of cost Android application for its brokers. This has been developed by in-house IT Team of the Exchange by integrating two of its existing trading systems, namely Trader Account Management S
Published 18 May, 2014 12:00am
NICOP card: Sindh Assembly adopts motion to endorse Altaf's right

NICOP card: Sindh Assembly adopts motion to endorse Altaf's right

Muttahida Qaumi Movement Co-ordination Committee applauded the Sindh Assembly's motion to support Altaf Hussain's right to attain NICOP card and appreciated for raising the issue at the formal forum. The committee also thanked Sindh Chief Minister Syed Qa
Published 18 May, 2014 12:00am
KASB Bank chief presents Rs 0.075 million to youngest record holder

KASB Bank chief presents Rs 0.075 million to youngest record holder

A ceremony was held at KASB Bank Lahore to honour World's Youngest Record Holder Rai Haris Manzoor for clearing O-levels exams from University of Cambridge UK at the age of nine years. On this occasion, Bilal Mustafa President and CEO KASB Bank congratula
Published 18 May, 2014 12:00am
US releases 10 Pakistani prisoners from Bagram prison

US releases 10 Pakistani prisoners from Bagram prison

At least ten Pakistani prisoners have been quietly released by the American military from the Bagram prison. The men had reportedly spent years in prison without trial and it was not immediately clear where the released Pakistani prisoners had been taken.
Published 18 May, 2014 12:00am
National ICT R&D fund established

National ICT R&D fund established

National ICT R&D Fund established under Ministry of Information Technology, is committed to promote R&D in ICTs with the vision to transform Pakistan's economy into knowledge based economy donated 600 student kits to three interested charitable organisati
Published 18 May, 2014 12:00am
CDGP fails in presenting record of Rs 400.33 million expenditure

CDGP fails in presenting record of Rs 400.33 million expenditure

The Auditor General of Pakistan (AGP) has noted the non-production of record in the expenditure of a huge amount of Rs 400.33 million in the accounts of the City District Government Peshawar (CDGP) during 2011-12, said Audit Report year 2012-13.
Published 18 May, 2014 12:00am
Dr Talat Mahmood elected APFB's vice President

Dr Talat Mahmood elected APFB's vice President

A Pakistani Senior Research scholar and Industrial Economist, Dr Talat Mahmood has been elected as the Vice President of the Board of Directors of the Asia-Pacific Forum, Berlin (APFB) in its Annual General Meeting held here on Saturday. The organisation
Published 18 May, 2014 12:00am
32 polling stations of NA-229: thumb impression verification ordered

32 polling stations of NA-229: thumb impression verification ordered

An election tribunal on Saturday ordered to verify the thumb prints on ballot papers of 32 polling station of NA-229 Tharparker from National Database Regulatory Authority (NADRA). The election tribunal has issued the order on a petition submitted by Arba
Published 18 May, 2014 12:00am
Prices of essential kitchen items rise

Prices of essential kitchen items rise

Prices of most of the essential kitchen items remained on high side last week as compared to the preceding week, reveals a survey conducted by Business Recorder here on Saturday. Perishable and non-perishable items showed an upward trend in their p
Published 18 May, 2014 12:00am
Government opens fronts on all sides: Fazl

Government opens fronts on all sides: Fazl

Jamiat Ulema-e-Islam-Fazl (JUI-F) head Maulana Fazlur Rehman on Saturday urged all state institutions to remain within their set parameters. Speaking to media persons in Islamabad, Fazlur Rehman said that Imran Khan should have raised the issue of electio
Published 18 May, 2014 12:00am
Rabbani wishes PML-N government to complete tenure

Rabbani wishes PML-N government to complete tenure

Pakistan Peoples Party (PPP) leader, Senator Raza Rabbani has said that the honeymoon period of Federal Government has ended, adding that his party is supporting the PML-N Government up to an extent, to which democracy is not feared to be derailed. Talkin
Published 18 May, 2014 12:00am
Worst traffic jams as rainwater inundates roads in Quetta

Worst traffic jams as rainwater inundates roads in Quetta

Quetta city witnessed on Saturday the worst traffic jams as the rain water inundated the main arteries leaving commuters including women and children stuck in their vehicles for hours. The city received precipitation started in the morning and rain water
Published 18 May, 2014 12:00am
Obama allies revive push for Obamacare CEO

Obama allies revive push for Obamacare CEO

A group of healthcare experts close to the White House is urging the Obama administration to appoint a new chief executive officer to oversee Obamacare's online health insurance exchanges and safeguard the next open enrolment period that begins in six mon
Published 18 May, 2014 12:00am
Algeria unveils Bouteflika constitutional reform package

Algeria unveils Bouteflika constitutional reform package

Algeria's government on Friday released details of President Abdelaziz Bouteflika's constitutional reform package that includes delegating more authority to the prime minister and more powers for opposition parties in parliament. Bouteflika, who won re-el
Published 18 May, 2014 12:00am
Syria's army pushes offensive in Daraa

Syria's army pushes offensive in Daraa

Syria's army pressed a counter-offensive against rebels in the south of the country Saturday, firing a surface-to-surface missile and carrying out numerous air strikes in the area, a monitoring group said. The violence comes a day after the army launched
Published 18 May, 2014 12:00am
Syrian election candidate praises Assad's war, wants ties with West

Syrian election candidate praises Assad's war, wants ties with West

One of President Bashar al-Assad's two challengers in next month's election praised his military campaign against Islamist rebels but said Syria must do more to maintain ties with the West and rebuild its economy after three years of war. Hassan al-Nouri
Published 18 May, 2014 12:00am
Laos air force plane crashes, defence minister on board

Laos air force plane crashes, defence minister on board

A Laos air force plane with 14 people on board, including the defence minister, has crashed in the north of the Southeast Asian country, a Laos defence ministry source said on Saturday. The official, who declined to be named because he was not authorised
Published 18 May, 2014 12:00am
France formally investigates citizens suspected of Syria fighting

France formally investigates citizens suspected of Syria fighting

Seven men suspected of fighting in Syria have been placed under formal investigation following their arrest in Strasbourg, said a judicial source on Saturday, weeks after France unveiled policies to prevent French Muslims from becoming radicalised. Confir
Published 18 May, 2014 12:00am
Burundi arrests rights activist endangering state security

Burundi arrests rights activist endangering state security

A Burundi prosecutor has ordered the jailing of a prominent human rights activist on charges of spreading information that could endanger state security, the activist's lawyer said. In recent months Burundi has been cracking down on the opposition and rig
Published 18 May, 2014 12:00am
Thai protest leader promises final push for alternative Prime Minister

Thai protest leader promises final push for alternative Prime Minister

Anti-government protesters in Thailand are to stage mass rallies in coming days to try to get a new prime minister installed, but their leader said if this final push in a six-month fight did not succeed, he would surrender to the authorities on May 27. "
Published 18 May, 2014 12:00am
Rogue trader Kerviel in last-minute bid to avoid prison

Rogue trader Kerviel in last-minute bid to avoid prison

Rogue trader Jerome Kerviel made a last-minute bid to avoid jail on Saturday, announcing he would stay in Italy rather than return to France to begin a three-year prison term. Kerviel, who brought one of Europe's biggest banks to the brink of bankruptcy,
Published 18 May, 2014 12:00am
Top US veterans' healthcare official resigns amid scandal

Top US veterans' healthcare official resigns amid scandal

The top health official at the Department of Veterans Affairs resigned on Friday amid a scandal over allegations of deadly healthcare delays, but critics dismissed the gesture as "damage control" because he planned to retire this year anyway. VA Secretary
Published 18 May, 2014 12:00am
Japan, China ministers hold first meeting since war shrine trip

Japan, China ministers hold first meeting since war shrine trip

The Japanese and Chinese trade ministers held talks Saturday in the first high-level meeting between the two countries since a visit by Japan's premier to a controversial war shrine sparked a furious diplomatic row in December. Toshimitsu Motegi and his C
Published 18 May, 2014 12:00am
Sudan arrests former Prime Minister

Sudan arrests former Prime Minister

Sudan's state security arrested on Saturday opposition leader and ex-premier Sadiq al-Mahdi, his secretary said, after he reportedly accused a counter-insurgency unit of rape and other abuses of civilians in Darfur. "At 8:45 pm (1745 GMT) a number of stat
Published 18 May, 2014 12:00am
More than 3,000 Chinese nationals evacuated from Vietnam

More than 3,000 Chinese nationals evacuated from Vietnam

More than 3,000 Chinese nationals have been evacuated from Vietnam as of Saturday afternoon, state media reported, after a wave of anti-China unrest following Beijing's deployment of an oil rig in contested waters. "They returned to China with the assista
Published 18 May, 2014 12:00am
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