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Dec 05, 2024 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Print - 2014-06-05
US court rules Citi settlement wrongly blocked

US court rules Citi settlement wrongly blocked

A US federal appeals court Wednesday ruled that a lower court judge abused his discretion when he blocked a settlement between Citigroup and regulators over alleged mortgage-securities fraud. The appeals court overturned a November 2011 decision by US Dis
Published 05 Jun, 2014 12:00am
Fed's Beige Book points to pick-up in US growth

Fed's Beige Book points to pick-up in US growth

Economic growth strengthened throughout the country with a broad pick-up in manufacturing, "brisk growth" at some shipping ports and steady consumer spending, the Federal Reserve said on Wednesday. The central bank's Beige Book of anecdotal economic repor
Published 05 Jun, 2014 12:00am
US launches $1 billion push for off-grid Africa power

US launches $1 billion push for off-grid Africa power

US companies have promised $1 billion for off-grid power projects in Africa, putting a growing focus on small-scale and renewable energy in the push to ease the continent's chronic electricity shortages. President Barack Obama's administration announced c
Published 05 Jun, 2014 12:00am
G7 leaders meet without Russia, take firm line on Ukraine

G7 leaders meet without Russia, take firm line on Ukraine

Germany's Angela Merkel urged Russian President Vladimir Putin on Wednesday to help stem violence in eastern Ukraine and said the West would not hesitate to impose stricter economic sanctions on Russia if it failed to cooperate. Speaking ahead of a summit
Published 05 Jun, 2014 12:00am
Australia economy gathers pace

Australia economy gathers pace

Australia boasted its fastest growth in two years last quarter as exports surged by the most since 1999, though the long-awaited revival may have already been endangered by a government crusade for fiscal rectitude. The year certainly started well enough,
Published 05 Jun, 2014 12:00am
Slowdown in China property market 'normal'

Slowdown in China property market 'normal'

The slowdown in China's property market is a normal adjustment after past stellar performance, a senior housing ministry official said on Wednesday, at a time of concerns that the sector's problems could weigh on the broader economy. Feng Jun, chief econo
Published 05 Jun, 2014 12:00am
UK's house price-income gap widens in London and south

UK's house price-income gap widens in London and south

The gap between house prices and home-buyers' income in London and some other areas of England has widened sharply from before the financial crisis, according to official data likely to catch the eye of the Bank of England. Average house prices in the cap
Published 05 Jun, 2014 12:00am
Global business activity accelerated

Global business activity accelerated

Global business activity accelerated to an eight-month high last month as both the services and manufacturing industries showed renewed vigour, a business survey showed on Wednesday. J.P. Morgan's Global All-Industry Output Index, produced with Markit, ro
Published 05 Jun, 2014 12:00am
Eurozone economy stutters as ECB gears up for action

Eurozone economy stutters as ECB gears up for action

Price cuts by eurozone firms failed to prevent business growth from losing momentum in May, all but sealing the case for looser monetary policy a day before the European Central Bank meets. Markit's Composite Purchasing Managers' Index (PMI) showed that w
Published 05 Jun, 2014 12:00am
Eurozone economy stutters as ECB gears up for action

Eurozone economy stutters as ECB gears up for action

Price cuts by eurozone firms failed to prevent business growth from losing momentum in May, all but sealing the case for looser monetary policy a day before the European Central Bank meets. Markit's Composite Purchasing Managers' Index (PMI) showed that w
Published 05 Jun, 2014 12:00am
US economy on solid ground despite cooler hiring

US economy on solid ground despite cooler hiring

US companies hired far fewer workers than expected in May, but an acceleration in services sector growth supported views the economy was regaining strength after sagging early this year. While other data on Wednesday suggested a widening trade gap could w
Published 05 Jun, 2014 12:00am
Egyptian bourse rebounds, UAE and Qatar remain weak

Egyptian bourse rebounds, UAE and Qatar remain weak

Egypt's bourse rebounded on Wednesday after several days of weakness, while many major stocks in the United Arab Emirates and Qatar extended declines following a jump that their inclusion in MSCI's emerging market index had sparked. Egyptian investors, wh
Published 05 Jun, 2014 12:00am
South East Asian markets: Thai shares snap rising streak

South East Asian markets: Thai shares snap rising streak

Southeast Asian stocks fell on Wednesday, as investors were cautious ahead of the European Central Bank's monetary policy meeting on Thursday, and Thai shares snapped six sessions of gains amid technical-led selling. The Thai SET index ended down 0.3 perc
Published 05 Jun, 2014 12:00am
Tokyo stocks surge

Tokyo stocks surge

Tokyo stocks ended 0.22 percent higher Wednesday as profit-taking held back further gains after the previous day saw the Japanese market post its best finish in two months. The benchmark Nikkei 225 index added 33.71 points to close at 15,067.96, its third
Published 05 Jun, 2014 12:00am
Wednesday's mid-afternoon trade: S&P sets record intraday high

Wednesday's mid-afternoon trade: S&P sets record intraday high

US stocks rose on Wednesday, with the S&P 500 hitting another intraday record high as investors brushed off weaker-than-expected labour market data and focused on an acceleration in services-sector growth. But with the Dow and the S&P 500 near record leve
Published 05 Jun, 2014 12:00am
Wall Street ends a bit lower

Wall Street ends a bit lower

US stocks dipped in thin volume on Tuesday, with the Dow and the S&P 500 retreating from Monday's record closing levels as traders found few reasons to buy following a string of gains. A rise in semiconductor companies' shares limited losses. About half o
Published 05 Jun, 2014 12:00am
Taiwan stocks flat

Taiwan stocks flat

Taiwan stocks were flat on Wednesday, with Farglory Construction leading real estate shares down for a second day on media reports its chairman is being investigated by prosecutors for alleged corruption. But suppliers of Apple Inc got a lift after shares
Published 05 Jun, 2014 12:00am
Treasury yields rise

Treasury yields rise

US Treasury yields rose to their highest in three weeks on Tuesday as investors reset bets that yields are likely to climb after they fell to 11-month lows last week. Yields have risen this week after month-end buying from last week dissipated. Investors
Published 05 Jun, 2014 12:00am
Treasury yields rise

Treasury yields rise

US Treasury yields rose to their highest in three weeks on Tuesday as investors reset bets that yields are likely to climb after they fell to 11-month lows last week. Yields have risen this week after month-end buying from last week dissipated. Investors
Published 05 Jun, 2014 12:00am
Australian shares dip

Australian shares dip

Australian shares lost 0.6 percent on Wednesday to a near 2-week low, driven by losses across the financial sector and a drop among miners as iron ore prices continued to fall - although upbeat GDP data helped to bolster sentiment. Australia's economy gre
Published 05 Jun, 2014 12:00am
Hong Kong, China stocks down

Hong Kong, China stocks down

Hong Kong stocks ended 0.60 percent lower Wednesday, in line with a broad regional downturn after the Dow and S&P 500 on Wall Street retreated from record highs. The benchmark Hang Seng Index shed 139.33 points to close at 23,151.71 on turnover of HK$48.1
Published 05 Jun, 2014 12:00am
European shares flat as eurozone recovery slows, ECB looms

European shares flat as eurozone recovery slows, ECB looms

European shares held steady on Wednesday after data confirmed a slowdown in the euro zone's economic recovery in the first quarter, with investors awaiting fresh action by the European Central Bank to spur growth. The 18-nation bloc's economy expanded by
Published 05 Jun, 2014 12:00am
Sri Lankan shares flat

Sri Lankan shares flat

Sri Lankan shares hovered near their lowest close in more than three weeks and ended little changed on Wednesday, while turnover rose on buying from foreign investors and expectation that interest rates would come down further, brokers said. The main stoc
Published 05 Jun, 2014 12:00am
Indian stocks retreat

Indian stocks retreat

Indian shares fell on Wednesday, retreating from their record closing highs in the previous session as exporters including IT companies such as Tata Consultancy Services dropped amid concerns about the impact of a stronger rupee. Exporters were among the
Published 05 Jun, 2014 12:00am
Tesco sales drop trips FTSE

Tesco sales drop trips FTSE

Britain's top equity index fell on Wednesday, weighed down by Tesco after the supermarket retailer posted its biggest quarterly UK sales drop in 40 years. The bluechip FTSE 100 closed down by 0.3 percent, or 17.67 points, at 6,818.63 points. Tesco's 1.4 p
Published 05 Jun, 2014 12:00am
Euro eases in Asia

Euro eases in Asia

The euro eased on Wednesday as expectations intensified that the European Central Bank will unveil a flurry of measures this week to stave off deflation, while the Aussie dollar gained a brief lift from upbeat economic growth data. The euro gave back some
Published 05 Jun, 2014 12:00am
Dollar hits one-month high versus yen in London

Dollar hits one-month high versus yen in London

The dollar hit its highest in a month against the yen on Wednesday, reflecting a jump in Treasury yields this week that has helped prod the US currency to three-month highs in trade-weighted terms. The Swedish crown was the biggest gainer among the main E
Published 05 Jun, 2014 12:00am
Early trade in New York: dollar's gains trimmed

Early trade in New York: dollar's gains trimmed

The US dollar got a lift on Wednesday from rising Treasury rates and touched a monthly high against the yen before losing some steam on weaker-than-expected US private-sector jobs numbers. The dollar last stood at 102.57 yen after trading as high as 102.7
Published 05 Jun, 2014 12:00am
Euro soars in New York

Euro soars in New York

The euro held gains against the US dollar on Tuesday, recovering ground as subdued euro zone inflation data kept market expectations for European Central Bank stimulus measures intact ahead of Thursday's meeting. Stronger-than-expected US factory orders i
Published 05 Jun, 2014 12:00am
Bangladesh's interbank forex and interest rates

Bangladesh's interbank forex and interest rates

Inter-bank buy/sell rates for the taka against the dollar on Wednesday. 77.63-77.63 (previous 77.63-77.63). Call Money Rates: 05.50-07.25 percent (previous 05.50-07.25 percent).
Published 05 Jun, 2014 12:00am
Indian rupee edges up

Indian rupee edges up

The Indian rupee edged higher on Wednesday on foreign fund inflows into debt and equity, though a sharper rise was capped by heavy dollar demand from importers. Sentiment also remains supported after the Reserve Bank of India's measures on Tuesday to allo
Published 05 Jun, 2014 12:00am
Asia forex: rupiah near four-month low

Asia forex: rupiah near four-month low

The Indonesian rupiah hit a near four-month low on Wednesday, leading a decline among emerging Asian currencies as investors added to their dollar holdings on higher US yields. Spot rupiah fell on importers' dollar demand and its weakness in non-deliverab
Published 05 Jun, 2014 12:00am
Sterling rises

Sterling rises

Sterling rose on Wednesday, bolstered by better-than-expected UK services sector activity in May which kept alive expectations of monetary tightening by the Bank of England early next year. By late afternoon trade, the pound climbed to $1.6755, having tra
Published 05 Jun, 2014 12:00am
Every World Cup player to have drug test

Every World Cup player to have drug test

FIFA is on an ambitious mission to make sure that for the first time every player who takes part in the World Cup has a drug test and carries a 'biological passport'. Football's governing body wants to impose the passport - already used in cycling and ath
Published 05 Jun, 2014 12:00am
Messi world's most valuable player

Messi world's most valuable player

Barcelona and Argentina star Lionel Messi remains the world's most valuable footballer, even though his crown slipped this season, a market study showed on Wednesday. In its annual report on the player market, the Swiss-based CIES Football Observatory put
Published 05 Jun, 2014 12:00am
Halep reaches first Slam semi-final, faces Petkovic

Halep reaches first Slam semi-final, faces Petkovic

Fourth-seeded Romanian Simona Halep reached her first Grand Slam semi-final with a 6-2, 6-2 win over former champion Svetlana Kuznetsova at the French Open on Wednesday. Halep, 22, goes on to face Germany's Andrea Petkovic, who will also be appearing in h
Published 05 Jun, 2014 12:00am
Misbah wants PCB to groom captains

Misbah wants PCB to groom captains

Pakistan cricket team skipper Misbah ul Haq Wednesday said that Pakistan Cricket Board (PCB) should start grooming of youngsters to give them confidence as future leaders. Talking to reporters here at Gaddafi Stadium during summer camp organized by the PC
Published 05 Jun, 2014 12:00am
Pietersen set for Surrey Twenty20 bow

Pietersen set for Surrey Twenty20 bow

Former England star Kevin Pietersen will make his domestic Twenty20 Blast debut for Surrey at home to Essex on Friday, tournament organisers announced on Wednesday. A message published on the competition's Twitter feed said: "NEWS: Kevin Pietersen named i
Published 05 Jun, 2014 12:00am
Sri Lanka win series amid Senanayake row

Sri Lanka win series amid Senanayake row

Sri Lanka proved too strong with both ball and bat as they beat England by six wickets in the fifth and final one-day international at Edgbaston on Tuesday to clinch a 3-2 series victory. First paceman Lasith Malinga took three for 50 as Sri Lanka restric
Published 05 Jun, 2014 12:00am
Hong Kong recalls Tiananmen killings, China muffles dissent

Hong Kong recalls Tiananmen killings, China muffles dissent

Tens of thousands of people held a candlelight vigil in Hong Kong on Wednesday to mark the bloody crackdown on pro-democracy protesters 25 years ago in Beijing's Tiananmen Square, while mainland China authorities sought to whitewash the 1989 event. In Bei
Published 05 Jun, 2014 12:00am
Snowden wants to extend Russia refugee status: lawyer

Snowden wants to extend Russia refugee status: lawyer

Fugitive US intelligence contractor Edward Snowden is seeking to extend his refugee status in Russia, his lawyer said Wednesday, despite Snowden saying recently he wants to move to the United States or Brazil. "Everything is in order. We are working on th
Published 05 Jun, 2014 12:00am
Queen's new state coach encapsulates British history

Queen's new state coach encapsulates British history

Queen Elizabeth II rode to the opening of parliament on Wednesday in a brand new Australian-built state coach that encapsulates nearly a thousand years of British history. Crafted over nearly a decade, the gilded Diamond Jubilee State Coach is only the se
Published 05 Jun, 2014 12:00am
Obama slams 'dark tactics' in Ukraine as G7 preps message for Moscow

Obama slams 'dark tactics' in Ukraine as G7 preps message for Moscow

World leaders hammered out a message for absent Russian leader Vladimir Putin at a summit in Brussels on Wednesday after US President Barack Obama condemned Moscow's "dark tactics" in Ukraine. The worst East-West crisis in decades dominated the meeting of
Published 05 Jun, 2014 12:00am
Guinea Ebola death toll rises above 200

Guinea Ebola death toll rises above 200

More than 200 people have died from the highly contagious Ebola virus in Guinea, making it one of the worst ever outbreaks of the disease, the World Health Organisation said Wednesday. The UN's health agency said it so far had registered 328 confirmed or
Published 05 Jun, 2014 12:00am
Iran says optimistic on nuclear deal by July 20

Iran says optimistic on nuclear deal by July 20

A major nuclear deal between world powers and Iran can still be achieved by next month as planned, Tehran said Wednesday as lack of progress recently raised fears the talks had hit a wall. Iran and the so-called P5+1 - the five permanent members of the UN
Published 05 Jun, 2014 12:00am
Germany opens criminal probe over Merkel phone tapping

Germany opens criminal probe over Merkel phone tapping

Germany's federal prosecutors said Wednesday they had opened an investigation over alleged snooping on Chancellor Angela Merkel's mobile phone by the US National Security Agency (NSA) in a case that has soured relations. The long-anticipated probe, which
Published 05 Jun, 2014 12:00am
Kerry urges Assad allies to end war after 'non-elections'

Kerry urges Assad allies to end war after 'non-elections'

US Secretary of State John Kerry dismissed Syria's election as a "great big zero" Wednesday, urging President Bashar al-Assad's allies Iran, Russia and Hezbollah to end the country's three-year war. His remarks during a surprise trip to Beirut came ahead
Published 05 Jun, 2014 12:00am
EU 'deeply concerned' by threat of North Korea nuclear test

EU 'deeply concerned' by threat of North Korea nuclear test

The EU said Wednesday it was "deeply concerned" about the threat of a new nuclear test by North Korea, which has stepped up activity at one of its main test sites. Pyongyang said earlier this year that it did not rule out a fourth nuclear test, to counter
Published 05 Jun, 2014 12:00am
Music company loses rights to Bob Marley songs

Music company loses rights to Bob Marley songs

A music company on Wednesday lost a court battle in Britain to retain the lucrative rights over 13 songs by Jamaican reggae legend Bob Marley, including his hit "No Woman, No Cry". Cayman Music had launched the challenge against Blue Mountain Music - a co
Published 05 Jun, 2014 12:00am
Irish author wins top Spanish literary award

Irish author wins top Spanish literary award

Irish author John Banville, best known for his crime novels written under the pseudonym of Benjamin Black, has been awarded Spain's prestigious Prince of Asturias literature award, the prize jury said on Wednesday. The 68-year-old edged out 23 other conte
Published 05 Jun, 2014 12:00am
Assad wins Syria's election

Assad wins Syria's election

Syria's President Bashar al-Assad won a controversial election held in regime-controlled territory with a sweeping 88.7 percent of the vote, parliament speaker Mohammad al-Lahham announced late on Wednesday. The other two candidates won 4.3 percent and 3.
Published 05 Jun, 2014 12:00am
Cotton group ramps up efforts to stamp out contract defaults

Cotton group ramps up efforts to stamp out contract defaults

The International Cotton Association may expel members that deal with companies blacklisted for defaulting on contracts, the trade group said on Wednesday, the latest change in 150-year-old rules aimed at stamping out a problem that accelerated three year
Published 05 Jun, 2014 12:00am
Shanghai copper falls

Shanghai copper falls

The most-traded August copper contract on the Shanghai Futures Exchange fell 1.1 percent to 48,120 yuan ($7,700) a tonne on Wednesday. A private sector survey showed an improvement in China's factory activity, but overall factory growth was still contract
Published 05 Jun, 2014 12:00am
Copper falls on worries about Chinese probe

Copper falls on worries about Chinese probe

Copper dropped to a three-week low on Wednesday, in its biggest one-day fall since mid- April, on jitters about the impact on financing deals from a probe at a Chinese port. The metal used in power and construction was also under pressure from signs of a
Published 05 Jun, 2014 12:00am
Brent turns lower, US crude pares gains

Brent turns lower, US crude pares gains

Brent crude turned lower, and US crude pared gains on Wednesday on news that Ukraine's president-elect was working on a peace plan and that a meeting with Russia's leader this week in France was not being ruled out. Rising US distillate stockpiles pressur
Published 05 Jun, 2014 12:00am
Rubber slips

Rubber slips

Benchmark Tokyo rubber futures slipped on Wednesday on stop-loss sales by small investors after prices failed to break above a major resistance of 200 yen, but a weaker Japanese yen lent support, dealers said. The Tokyo Commodity Exchange rubber contract
Published 05 Jun, 2014 12:00am
Wheat and corn hit three-month lows

Wheat and corn hit three-month lows

US corn futures fell 1.6 percent, their fourth straight losing session, on Tuesday on forecasts for rain across the US Midwest that should spur growth of the recently seeded crop, traders said. Expectations for a bumper harvest of corn already were high f
Published 05 Jun, 2014 12:00am
Palm oil surges

Palm oil surges

Malaysian palm oil futures ended higher on Wednesday after an eight-day losing streak, as the steep fall in prices attracted bargain hunters looking for cheap deals, although anticipation of rising production put a lid on gains. Palm prices have slid more
Published 05 Jun, 2014 12:00am
ICE cocoa climbs

ICE cocoa climbs

ICE cocoa futures rose to a 33-month high on Wednesday, boosted by strong cocoa butter prices and lingering expectations of a supply deficit in the 2014/15 season. Arabica coffee futures on ICE Futures US eased, revisiting the prior day's more than two-mo
Published 05 Jun, 2014 12:00am
Gold rises in New York

Gold rises in New York

Gold prices rose for the first time in six days on Tuesday as stock markets beat a retreat after a series of record highs on Wall Street. New York-traded gold futures settled up while the spot price of bullion remained positive in late afternoon trade des
Published 05 Jun, 2014 12:00am
Gold flat in Asia

Gold flat in Asia

Gold was treading water on Wednesday, hovering near a four-month low hit in the previous session, as investors await US economic data, amid increasing optimism about growth and sluggish bullion demand in Asia. Spot gold was flat at $1,245.80 an ounce by 0
Published 05 Jun, 2014 12:00am
Gold soars in Europe

Gold soars in Europe

Gold firmed on Wednesday as the dollar and US bond yields retreated after below-forecast US jobs data, but was still near a four-month low on investor caution ahead of a European Central Bank meeting and a payrolls report. US companies hired 179,000 worke
Published 05 Jun, 2014 12:00am
Novelis forced to sell aluminium outside Asia

Novelis forced to sell aluminium outside Asia

Weaker Chinese demand and overcapacity in the can market will force Novelis Corp to find new markets outside of Asia for the aluminium sheet produced at its newly expanded South Korean rolling mills, Chief Executive Officer Phil Martens said. Challenging
Published 05 Jun, 2014 12:00am
US MIDDAY: wheat moves higher

US MIDDAY: wheat moves higher

US wheat futures edged higher early on Wednesday on a round of mild bargain buying following a 10-session losing streak that pushed prices to a three-month low, traders said. "Wheat is due for a bounce, but any rebound may be limited unless some major pro
Published 05 Jun, 2014 12:00am
World Environment Day SDPI, PNCA organise events

World Environment Day SDPI, PNCA organise events

Sustainable Development Policy Institute (SDPI) held activities on World Environment Day 2014 in collaboration with Pakistan National Council of Arts (PNCA). The activities included a report launch: BDS (Bachelor of Dental Surgery) Curriculum - SDPI Secon
Published 05 Jun, 2014 12:00am
Overcrowding in Sindh prisons causing infectious diseases to inmates

Overcrowding in Sindh prisons causing infectious diseases to inmates

Sindh's prisons have been overcrowded as the number of prisoners in them had swelled from 13, 706 to 18, 437 in the last five years. According to a research, entitled "Through the Lens of Legal Aid May 2014" and conducted by Legal Aid Office-Committee for
Published 05 Jun, 2014 12:00am
Khyber Pakhtunkhwa chief minister condemns suicide blast

Khyber Pakhtunkhwa chief minister condemns suicide blast

KP Chief Minister Pervez Khattak has strongly condemned the killing of two military officers and three civilians and injuring of several others in a gruesome suicide attack near sensitive installations on Fateh Jhang Road Rawalpindi. In a condemnation mes
Published 05 Jun, 2014 12:00am
CCP maintains its rating despite dwindling human resources

CCP maintains its rating despite dwindling human resources

Despite dwindling human resources, the Competition Commission of Pakistan (CCP) has maintained its rating of two and a half stars out of five and its performance has been termed consistent by the Global Competition Review (GCR) in the 14th annual survey o
Published 05 Jun, 2014 12:00am
Education to special children: LHC seeks report about government policy

Education to special children: LHC seeks report about government policy

The Lahore High Court on Wednesday reprimanded Secretary Schools Punjab for calling special children "mentally disable" observing that the words were highly offensive. The court directed the secretary to furnish a report on the government policy about pro
Published 05 Jun, 2014 12:00am
72 alleged criminals held in city

72 alleged criminals held in city

City police on Wednesday claimed to have arrested around 72 alleged criminals in different targeted raids and encounters conducted at various parts of metropolis during last 24 hours. According to police, they have conducted some 79 targeted raids and fou
Published 05 Jun, 2014 12:00am
Performance allowances of 18 tax officials discontinued

Performance allowances of 18 tax officials discontinued

The Federal Board of Revenue has discontinued performance allowances (equivalent to 100 percent of basic pay) of 12 officers (Grade 19-20) of Pakistan Customs Service and six officers (Grade-19) of Inland Revenue Service, with immediate effect. In this re
Published 05 Jun, 2014 12:00am
Musharraf's party sees government hand in Altaf's ordeal

Musharraf's party sees government hand in Altaf's ordeal

All Pakistan Muslim League Central leader and spokesperson Asia Ishaq said the ongoing problems faced by Muttahida Qaumi Movement (MQM) Chief Altaf Hussain were worsened by planned and deliberate delay in issuing national identity card and a passport to h
Published 05 Jun, 2014 12:00am
MQM sit-in continues for second day

MQM sit-in continues for second day

Muttahida Qaumi Movement (MQM) workers and supporters continued their sit-in for the second consecutive at Numaish Chowrangi to express solidarity with their party chief Altaf Hussain over his arrest by police in London. On Wednesday, leaders of different
Published 05 Jun, 2014 12:00am
MQM's sit-in enters second day in Multan

MQM's sit-in enters second day in Multan

Scores of workers of Muttahida Qaumi Movement observed sit-in in front of Multan Press Club against the arrest of MQM Chief Altaf Hussain. Their sit-in on Wednesday entered the second day and they vowed to continue their protest till Altaf Hussain remaine
Published 05 Jun, 2014 12:00am
City in grip of fear for second day

City in grip of fear for second day

Karachi remained in grip of fear for the second consecutive day following MQM chief Altaf Hussain's arrest in London. Almost all commercial and social activities remained suspended in the city on Wednesday as well as petrol pumps, CNG stations, educationa
Published 05 Jun, 2014 12:00am
Industrial activities in city remain paralysed

Industrial activities in city remain paralysed

Industrial activities in the city remained paralysed for the second day as the workers of Muttahida Qaumi Movement (MQM) continued their protest on Wednesday against the arrest of party chief Altaf Hussain in London. A strike-like situation prevailed in t
Published 05 Jun, 2014 12:00am
Two-day cargo suspension costs exchequer Rs 4 billion

Two-day cargo suspension costs exchequer Rs 4 billion

Activities at Customs House remained suspended for the second day in a row on Wednesday as panic gripped the city after MQM chief Altaf Hussain's detention in UK in connection with money laundering charges. The cargo movement - inward and outward - at por
Published 05 Jun, 2014 12:00am
PTCL bill payment date extended

PTCL bill payment date extended

Pakistan Telecommunication Company Limited (PTCL) has announced an extension in the date for payment of the current month's telephone bills, says an announcement made on Wednesday.
Published 05 Jun, 2014 12:00am
Imran asks MQM to stage protests in London

Imran asks MQM to stage protests in London

Pakistan Tehreek-e-Insaf (PTI) chief Imran Khan on Wednesday urged Muttahida Qaumi Movement (MQM) not to "punish" the people of Pakistan for an action carried out in London by the British government. His remarks came as thousands of MQM workers continued
Published 05 Jun, 2014 12:00am
ICAP to host post budget seminar tomorrow

ICAP to host post budget seminar tomorrow

The Southern Regional Committee (SRC) of the Institute of Chartered Accountants of Pakistan (ICAP) has organised a post-budget seminar on Friday (June 6) to discuss and deliberate on the possible consequences of the Federal Budget 2014-15. Dr Miftah Ismai
Published 05 Jun, 2014 12:00am
Arms makers, dealers threaten to launch protest drive

Arms makers, dealers threaten to launch protest drive

Arms manufacturers and dealers have warned that if the provincial government was not lifted ban on issuance of transportation license within a week, then they would launch a protest movement across the province. Speaking a news conference at Peshawar Pres
Published 05 Jun, 2014 12:00am
Interim dividend for HBL Funds approved

Interim dividend for HBL Funds approved

Board of Directors of HBL Asset Management Limited has approved interim dividend payout of Rs 0.64 per unit from HBL Money Market Fund and Rs 0.44 per unit from HBL Islamic Money Market Fund for the year ending June 30. Unit Holders who have opted for cas
Published 05 Jun, 2014 12:00am
Interim dividend for HBL Funds approved

Interim dividend for HBL Funds approved

Board of Directors of HBL Asset Management Limited has approved interim dividend payout of Rs 0.64 per unit from HBL Money Market Fund and Rs 0.44 per unit from HBL Islamic Money Market Fund for the year ending June 30. Unit Holders who have opted for cas
Published 05 Jun, 2014 12:00am
'City admin to support traffic management plan'

'City admin to support traffic management plan'

Commissioner Karachi Shoaib Ahmed Siddiqui has said that the district administration will support Naval police, traffic police and district police in traffic management on important city roads of, whereas lane marking will be done at Dalmia, Karsaz, Lucky
Published 05 Jun, 2014 12:00am
Khyber Pakhtunkhwa Governor slams suicide attack in Rawalpindi

Khyber Pakhtunkhwa Governor slams suicide attack in Rawalpindi

Khyber Pakhtunkhwa Governor Sardar Mahtab Ahmad Khan has strongly condemned the suicide attack in Rawalpindi on Wednesday and expressed his deep shock and sorrow over the loss of precious lives. Expressing his deep sympathies with members of the bereaved
Published 05 Jun, 2014 12:00am
McDonald's wins Best Customer Service Award

McDonald's wins Best Customer Service Award

McDonald's Pakistan was awarded the Best Customer Service Award in Food and Beverage Segmentat the Service Punch 2014 organised by Active8. Service Punch is Pakistan's first ever Service Awards conference to honour organisations that are committed to ensu
Published 05 Jun, 2014 12:00am
120 MMCFD of additional gas to be added to system

120 MMCFD of additional gas to be added to system

The Sui-Southern Gas Company Limited (SSGCL) will add 120 Million Cubic Feet per Day (MMCFD) of additional gas to the system within next few months. According to official sources in the company, within next couple of days SSGCL is to connect Zarghoon Gas
Published 05 Jun, 2014 12:00am
NAB arrests former secretary HERA for alleged embezzlement

NAB arrests former secretary HERA for alleged embezzlement

National Accountability Bureau (NAB) Khyber-Pakhtunkhwa on Wednesday arrested accused Gulzar Ali, ex-secretary to Chairman Higher Education Regulatory Authority (HERA), allegedly involved in embezzlement of public money by depositing the same in his perso
Published 05 Jun, 2014 12:00am
TV programme: hearing adjourned till June 10

TV programme: hearing adjourned till June 10

The Supreme Court on Wednesday adjourned the proceedings of a case regarding the broadcast of a programme by a private television channel till June 10. A three-member bench headed by Justice Ejaz Afzal Khan resumed the hearing of a petition filed by Indep
Published 05 Jun, 2014 12:00am
PHDEC's inaction hurting mango export

PHDEC's inaction hurting mango export

While the Ministry of National Food Security and Research (NFS&R), Department of Plant Protection, and All Pakistan Fruit and Vegetable Exporters, Importers and Merchants Association (PFVA) are up jointly to stall European Union's warning to stop the impo
Published 05 Jun, 2014 12:00am
CoAS meets senior Chinese official

CoAS meets senior Chinese official

Vice Chairman of China's Central Military Commission Fan Changlong met on Wednesday with visiting Pakistani Chief of Army Staff General Raheel Sharif. Calling Pakistan a "true friend" of China, Fan said the development of bilateral "all-weather friendship
Published 05 Jun, 2014 12:00am
Erra to complete 69: IDB-funded projects in Hazara Division

Erra to complete 69: IDB-funded projects in Hazara Division

Earthquake Reconstruction, Rehabilitation Authority (Erra) has set a target to complete 69 development projects funded by Islamic Development Bank, costing US $93 million in 11 months in three districts of Hazara Division, Khyber Pakhtunkhwa. In a monthly
Published 05 Jun, 2014 12:00am
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