The State Bank of Pakistan (SBP) has issued revised Prudential Regulations (PRs) for Microfinance Banks (MFBs) to further improve their governance structure, consumer protection practices and Anti-Money Laundering (AML) policies. Presently, 10 MFBs are pr
Jihadists overran Iraq's second city of Mosul, the surrounding Nineveh province and parts of Kirkuk, in a major blow on Tuesday that Washington warned threatens the entire region. Prime Minister Nuri al-Maliki responded by asking parliament to declare a s
Jihadists overran Iraq's second city of Mosul, the surrounding Nineveh province and parts of Kirkuk, in a major blow on Tuesday that Washington warned threatens the entire region. Prime Minister Nuri al-Maliki responded by asking parliament to declare a s
The European Commission said on Tuesday it believes British-based broker ICAP may have helped rig interest rates vital for the global financial markets in a global scandal which has cost billions in fines. The Commission, the European Union''s executive a
The European Commission said on Tuesday it believes British-based broker ICAP may have helped rig interest rates vital for the global financial markets in a global scandal which has cost billions in fines. The Commission, the European Union's executive ar
The European Commission said on Tuesday it believes British-based broker ICAP may have helped rig interest rates vital for the global financial markets in a global scandal which has cost billions in fines. The Commission, the European Union's executive ar
The Directorate General of Post Clearance Audit (DGPCA) has initiated inquiry against customs officials, who cleared over 50000 vehicles under 'Vehicle Amnesty Scheme' in 2013; it is learnt here Tuesday. According to sources, DGPCA has initially served no
The opposition in Senate Tuesday rejected the federal budget, saying it was influenced by the International Monetary Fund (IMF). Opening the debate on the federal budget 2014-15, Pakistan People''s Party (PPP) leader Mian Raza Rabbani said the SRO regime
The opposition in Senate Tuesday rejected the federal budget, saying it was influenced by the International Monetary Fund (IMF). Opening the debate on the federal budget 2014-15, Pakistan People's Party (PPP) leader Mian Raza Rabbani said the SRO regime i
The opposition in Senate Tuesday rejected the federal budget, saying it was influenced by the International Monetary Fund (IMF). Opening the debate on the federal budget 2014-15, Pakistan People's Party (PPP) leader Mian Raza Rabbani said the SRO regime i
Two men on a motorcycle shot dead on Monday a politician from the ruling party of Indian Prime Minister Narendra Modi in Uttar Pradesh, the second such killing in a week, prompting concern about lawlessness in the northern state. Omveer Singh, a local pol
Two men on a motorcycle shot dead on Monday a politician from the ruling party of Indian Prime Minister Narendra Modi in Uttar Pradesh, the second such killing in a week, prompting concern about lawlessness in the northern state. Omveer Singh, a local pol
The Directorate General of Post Clearance Audit (DGPCA) has initiated inquiry against customs officials, who cleared over 50000 vehicles under ''Vehicle Amnesty Scheme'' in 2013; it is learnt here Tuesday. According to sources, DGPCA has initially served
Chairman Federal Board of Revenue (FBR) Tariq Bajwa said that the government did not violate any law for the issuance of statutory regulatory orders (SROs), as the federal government has the legal authority to revise tax rates under Income Tax Ordinance 2
Punjab government and the Chinese company, Sino Hydro, signed an agreement, here on Tuesday, for the rehabilitation and up-gradation of Sulemanki Barrage and Pakpattan Canal. Punjab Chief Minister Shahbaz Sharif was the chief guest on the occasion. Under
Slovakian Deputy Prime Minister Miroslav Lajcak called on Punjab Chief Minister Shahbaz Sharif, here on Tuesday. Matters of mutual interest and promotion of bilateral relations were discussed in the meeting. Ambassador of Slovakia Jan Bory, provincial min
Punjab Minister for Forests and Fisheries Malik Muhammad Asif has said that barren land could be made useful by constructing fish farms which would not only lead to increased production of fish in the province but also ensure reasonable income to the grow
The Punjab government on Tuesday approved seven development schemes at an estimated cost of Rs 4196.966 million. The schemes were approved in the 44th meeting of Provincial Development Working Party of current fiscal year 2013-14 presided over by Punjab P
Farmers in some cotton growing areas of southern Punjab are shifting to other crops especially corn because cotton is no more profitable for them; thanks to the non-availability of quality BT cotton seeds. Growers in these areas are mainly adopting high-y
Islamabad Special Branch Police held a training workshop for the security staff of well-reputed hotels and briefed them about security measures as per standard operating procedure (SOP). The purpose of this workshop was to ensure effective security measur
Sterling hit an 18-month high against the euro and hovered near a 5-1/2 year high versus a basket of currencies on Tuesday, after data showed Britain's industrial output expanded at its fastest annual pace in more than three years in April. The National I
Most emerging Asian currencies dipped on Tuesday as US Treasury yields underpinned the dollar, while the Chinese yuan rose to its strongest level in more than three weeks after the central bank's firm guidance. The rupiah fell after foreign investors sold
The Indian rupee weakened for a second day on Tuesday as good demand for the greenback from importers and weakness in domestic shares through a large part of the day, as also in other Asian currencies, hurt sentiment. Traders will continue to monitor fore
Interbank buy/sell rates for the taka against the dollar on Tuesday. 77.63-77.63 (previous 77.63-77.6320). Call Money Rates: 05.70-07.25 percent (* previous 05.50-07.25 percent) (* revised).
The dollar rose against a basket of major currencies on Monday as a rise in US government bond yields underpinned support for the greenback following last week's strong US jobs report. The dollar extended gains against the euro after the European Central
The dollar extended gains against the euro on Tuesday after expectations that the Federal Reserve could raise US interest rates sooner than previously expected, but fell against the yen on safe-haven demand for the Japanese currency. The US dollar index,
The euro fell against the dollar and yen on Tuesday, feeling the pressure of a rise in the premium for holding the US currency since the European Central Bank cut all of its main rates last week. The jury remains out on whether a series of policy moves by
The dollar held steady versus a basket of major currencies on Tuesday, clinging to gains made the previous day thanks to higher US bond yields after last week's solid US jobs report. The dollar index stood at 80.607, keeping above a near two-week trough o
The Australian dollar held near six-month highs against the euro and Swiss franc on Tuesday as yield-hungry investors piled into carry trades, giving it a fillip against the US dollar. The New Zealand dollar consolidated gains ahead of an expected hike in
Britain's top stock index recovered in late trading on Tuesday to end flat, with a surge in SABMiller on merger talks offset by a drop in BT Group shares following news of rising competition in the sector. SABMiller, up 5.6 percent, added the most points
Thai shares rose to a near eight-month high on Tuesday, buoyed by a rally in Thai Airways after the military government said it would tackle expenses at state firms, while the Malaysian index ended at a near two-week high on plantation stocks. Thai key SE
Sri Lankan shares ended at their highest close in nearly two weeks, helped by banking stocks, but the market could undergo a technical correction as retail investors are waiting for profit-taking, stockbrokers said. The main stock index ended 0.11 percent
European stocks inched up on Tuesday, extending a three-week rally, led by gains in defensive Swiss bluechips such as pharma group Novartis and food giant Nestle. The FTSEurofirst 300 index of top European shares ended 0.3 percent higher at 1,398.18 point
Hong Kong shares closed 0.86 percent higher on Tuesday following another record close on Wall Street and data showing Chinese inflation accelerated in May. The benchmark Hang Seng Index added 198.27 points to 23,315.74 on turnover of HK$60.17 billion (US
Tokyo shares slipped 0.85 percent Tuesday as profit-taking and a stronger yen erased early gains. The benchmark Nikkei 225 index shed 129.20 points to finish at 14,994.80, while the Topix index of all first-section shares fell 0.49 percent, or 6.05 points
Australian shares edged 0.1 percent higher on Monday, underpinned by bluechips as Wall Street extended its run of record highs, though a slew of profit downgrades from retailers restrained buyers. The S&P/ASX 200 index added 5.7 points to 5,469.7 at the c
US Treasuries prices slipped on Monday in quiet trading, pressured by a $62 billion sale of new coupon-bearing government debt this week and steady risk appetite following a strong US jobs report last Friday. Yields on US long-term securities rose for a s
US Treasuries prices slipped on Monday in quiet trading, pressured by a $62 billion sale of new coupon-bearing government debt this week and steady risk appetite following a strong US jobs report last Friday. Yields on US long-term securities rose for a s
Taiwan stocks rose 0.7 percent to close at their highest level in more than six years on Tuesday, outperforming most regional bourses, as investors shrugged off disappointing May export data. The main TAIEX index ended at 9,222.37 points, a level not seen
The Dow and S&P 500 ended at record highs again on Monday as more deal news raised enthusiasm for stocks, though Wall Street's fear gauge advanced. It was a fourth straight record closing high for the S&P 500 and a third for the Dow. The gains, though, ha
US stocks fell modestly on Tuesday as investors found few reasons to keep buying with the Dow and S&P 500 coming off a string of record highs. The day's losses were slight but broad, with eight of the ten primary S&P 500 sectors down on the day. The bigge
Indian shares ended flat on Tuesday after hitting record highs for the third consecutive session as gains in defensive stocks such as healthcare and technology were offset by profit-taking in the broader market. Investors took profits in recent outperform
Stock markets in the United Arab Emirates extended losses on Tuesday, led by Dubai builder Arabtec which dominated trading volume, while Egypt pulled back slightly after leaping in the previous two sessions. Shares in Arabtec dropped their daily limit of
Emerging giants China, Russia and Brazil are losing some of the driving steam which helped prevent a global economic slump, but advanced economies are now increasingly able to pick up the slack, according to key data published on Tuesday. The OECD said it
Brazil's International Monetary Fund representative has criticised the tough reforms demanded of Greece, saying the Fund and its bailout partners appear to want to run the Greek economy themselves. Paulo Nogueira Batista, who represents Brazil and 10 othe
British industry enjoyed its strongest annual growth in over three years in April, in a further sign that the country's rapid economic expansion is becoming less reliant on consumer demand. Industrial output grew 3.0 percent, beating forecasts to record i
Greece, which swore in a new cabinet on Tuesday, is expected to miss targets to tame its runaway debt and faces a financing gap of 12.6 billion euros ($17.1 billion) next year, the IMF said in a report. "Public debt sustainability risks remain significant
The Kuwaiti government has decided in principle to end subsidies on diesel fuel but will deal with any negative impacts on consumers before implementing the decision, the cabinet said. Last month, the Opec member's government warned that spending outpaced
The Turkish economy grew at an annual rate of 4.3 percent in the first quarter of 2014 despite political turmoil and a sharp rise in the interest rates, official data showed on Tuesday. On a quarterly basis, output grew by 1.7 percent in the first three m
South Korea on Tuesday said it had green-lighted a German firm supplying industrial needles to set up as the first foreign company in the Kaesong joint industrial zone run with North Korea. Groz-Beckert will provide its needles to South Korean firms opera
US Botox maker Allergan on Tuesday rejected for a third time a takeover bid from Canadian drugs maker Valeant, saying the increased offer still "substantially undervalues" the company. Allergan's board of directors unanimously rejected the $53.5 billion o
China's annual inflation rose sharply in May to its highest level in four months, official data showed Tuesday, easing concerns about deflationary risks in the world's second-biggest economy. The consumer price index increased 2.5 percent year-on-year las
The US economy has decisively turned the corner with small business confidence hitting its highest level in more than 6-1/2 years in May and the number of jobs available rising to pre-recession levels in April. The brightening growth picture was further b
A US law, and efforts by technology firms, have helped limit the use of "conflict minerals" from Africa for consumer electronics, according to a report released Tuesday. The report by the Enough Project activist group said that armed groups responsible fo
Cautious US aviation regulators announced Tuesday they have given oil company BP the first commercial license to fly a drone aircraft over land. The Federal Aviation Administration gave BP and unmanned aircraft system (UAS) builder AeroVironment permissio
General Motors Co does not plan more employee dismissals relating to the company's handling of a defective ignition switch linked to at least 13 deaths, Chief Executive Mary Barra said on Tuesday. "We feel we've taken the appropriate actions as it relates
Czech companies are growing more confident and slowly starting to look at new investment as a succession of strong data shows the beaten-down economy is beginning to spring back. A year after the central European country climbed out of a record-long reces
The number of people unemployed in eurozone-nation Ireland fell slightly in May, but the rate was steady, official data showed on Thursday as the country pulls away from a crippling debt crisis. The unemployment rate was 11.8 percent in May, the same as t
The German central bank or Bundesbank said Friday it is upgrading its growth forecast for the German economy this year, saying Europe's economic powerhouse is on a "robust" growth path. "The German economy made a very buoyant start to 2014," the Bundesban
The Greek economy did markedly better than expected in the first quarter of this year, shrinking by 0.9 percent over a year instead of 1.1 percent estimated in May, the statistics office said on Friday. The bailed-out and austerity-shocked economy has bee
Prices moved both ways on the wholesale grain market on Tuesday in the process of modest trading, dealers said. On the cereals side, Tuwar Sindh and Punjab drifted lower by Rs 100 to Rs 5300 and Rs 5500 due to steady arrivals, other commodities maintained
The top price of the benchmark Kenyan coffee grade fell to $312 per 50 kg bag at this week's auction from $328 last week, the Nairobi Coffee Exchange said. Kenya is a relatively small producer of coffee but its beans are much sought after by roasters to b
Prices maintained stable trend on the cotton market on Tuesday in the process of modest trading, dealers said. The official spot rate held the overnight level at Rs 6,800, they added. In the ready session, around 1600 bales of cotton changed hands between
The July vaida was up while the December contract was inert on the forward cottonseeds oilcake market on Tuesday in the process of trading, dealers said. The July contract closed at Rs 1751.80 and it opened with 20 paisa gain at Rs 1752.00 in the early se
The Karachi Port handled 85,810 tonnes of cargo comprising 43,757 tonnes of import cargo and 42,053 tonnes of export cargo including c loaded and empty containers during the last 24 hours ending at 0700 hours on Tuesday. The total import cargo of 43,757 t
Vietnamese coffee prices fell again this week, extending a downwards trend that began in mid-May, with both farmers and traders holding back from the market in hopes of a rebound. Weak global coffee futures added pressure on Vietnam's outright prices, whi
France exported 1.1 million tonnes of soft wheat outside the European Union in April, taking the volume since the start of the 2013/14 season in July to 10.5 million tonnes, up 19 percent on the same period in 2012/13, customs data showed on Tuesday. Tota
The Philippines has reduced its sugar stocks for exports by 90,000 tonnes, or a third of the allocation for world markets for the 2013/14 crop year, to boost domestic supply and arrest further local price increases, the industry regulator said. The move i
Spot cash basis bids for hard red winter were unchanged on Tuesday in the southern US Plains, where wet conditions were delaying the harvest, dealers said. The National Weather Service posted flood warnings in parts of central Kansas after storms generate
Wheat futures on the Chicago Board of Trade fell on Monday, retreating from early strength on plentiful global wheat supplies and strong export competition as the winter wheat harvest approaches in the Northern Hemisphere, traders said. Spillover weakness
On Tuesday at Pakistan Mercantile Exchange (PMEX) value traded was recorded at PKR 2,031 million. Number of lots traded was 7,972 and PMEX Commodity Index closed at 2,997. Major business was contributed by crude oil amounting to PKR 1,535 million - up by
Rates applicable for conversion into rupees of Foreign Currency Deposits, Dollar Bearer Certificates, Foreign Currency Bearer Certificates, Special US Dollar bonds and profits thereon by all banks and also for providing forward cover on foreign currency d
Rates applicable for conversion into rupees of Foreign Currency Deposits, Dollar Bearer Certificates, Foreign Currency Bearer Certificates, Special US Dollar bonds and profits thereon by all banks and also for providing forward cover on foreign currency d
Barclays bid rates, maximum rates for payment of interest by authorised dealers on deposits (other than those brought under FE Circular No: 45 of 1985) and on deposits (brought under FE Circular No: 45 of 1985) - issued by the Foreign Exchange Rates Commi
The government has decided to set up Export-Import (Exim) Bank of Pakistan to enhance export credit and reduce cost of borrowing for export sector on long-term basis besides help reduce risks through export credit guarantees and insurance facilities. This
The government has decided to set up Export-Import (Exim) Bank of Pakistan to enhance export credit and reduce cost of borrowing for export sector on long-term basis besides help reduce risks through export credit guarantees and insurance facilities. This