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Apr 17, 2025 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Print - 2014-12-29
Army and ISI chiefs to attend meeting on December 30

Army and ISI chiefs to attend meeting on December 30

Prime Minister Nawaz Sharif has convened an important meeting on Tuesday to review the progress on the National Action Plan to counter terrorism. The meeting to be chaired by the Prime Minister and attended by Interior Minister, Chief of Army Staff Genera
Published 29 Dec, 2014 12:00am
Army and ISI chiefs to attend meeting on December 30

Army and ISI chiefs to attend meeting on December 30

Prime Minister Nawaz Sharif has convened an important meeting on Tuesday to review the progress on the National Action Plan to counter terrorism. The meeting to be chaired by the Prime Minister and attended by Interior Minister, Chief of Army Staff Genera
Published 29 Dec, 2014 12:00am
THE RUPEE: divergent trend

THE RUPEE: divergent trend

The rupee moved both ways against the dollar on the local currency market during the week, ended on 27 Dec, 2014. In the inter-bank market, the rupee gained 40 paisa versus the dollar for buying and selling at Rs 100.15 and Rs 100.80. In the open market,
Published 29 Dec, 2014 12:00am
THE RUPEE: divergent trend

THE RUPEE: divergent trend

The rupee moved both ways against the dollar on the local currency market during the week, ended on 27 Dec, 2014. In the inter-bank market, the rupee gained 40 paisa versus the dollar for buying and selling at Rs 100.15 and Rs 100.80. In the open market,
Published 29 Dec, 2014 12:00am
Another planeload of passengers vanishes in 2014

Another planeload of passengers vanishes in 2014

Indonesia suspended until first light the search for an AirAsia plane that went missing Sunday in the Java Sea with 162 people on board after the crew requested a change of flight plan due to stormy weather. The Airbus A320-200 disappeared en route from S
Published 29 Dec, 2014 12:00am
Another planeload of passengers vanishes in 2014

Another planeload of passengers vanishes in 2014

Indonesia suspended until first light the search for an AirAsia plane that went missing Sunday in the Java Sea with 162 people on board after the crew requested a change of flight plan due to stormy weather. The Airbus A320-200 disappeared en route from S
Published 29 Dec, 2014 12:00am
Gaddani coal projects run into murky waters

Gaddani coal projects run into murky waters

Ten imported coal power projects of 6600 MW capacity proposed to be established at Gaddani (Balochistan) have hit serious obstacles with significant differences between the project sponsors and Private Power & Infrastructure Board (PPIB) on different matt
Published 29 Dec, 2014 12:00am
Gaddani coal projects run into murky waters

Gaddani coal projects run into murky waters

Ten imported coal power projects of 6600 MW capacity proposed to be established at Gaddani (Balochistan) have hit serious obstacles with significant differences between the project sponsors and Private Power & Infrastructure Board (PPIB) on different matt
Published 29 Dec, 2014 12:00am
Gaddani coal projects run into murky waters

Gaddani coal projects run into murky waters

Ten imported coal power projects of 6600 MW capacity proposed to be established at Gaddani (Balochistan) have hit serious obstacles with significant differences between the project sponsors and Private Power & Infrastructure Board (PPIB) on different matt
Published 29 Dec, 2014 12:00am
Petroleum prices: FBR asked to assess impact of decline

Petroleum prices: FBR asked to assess impact of decline

Federal Minister for Finance Mohammad Ishaq Dar Sunday directed the Federal Board of Revenue (FBR) to prepare an assessment report on impact of reduction in petroleum prices. Chairing a meeting at the FBR headquarters, the finance minister directed the FB
Published 29 Dec, 2014 12:00am
Petroleum prices: FBR asked to assess impact of decline

Petroleum prices: FBR asked to assess impact of decline

Federal Minister for Finance Mohammad Ishaq Dar Sunday directed the Federal Board of Revenue (FBR) to prepare an assessment report on impact of reduction in petroleum prices. Chairing a meeting at the FBR headquarters, the finance minister directed the FB
Published 29 Dec, 2014 12:00am
Petroleum prices: FBR asked to assess impact of decline

Petroleum prices: FBR asked to assess impact of decline

Federal Minister for Finance Mohammad Ishaq Dar Sunday directed the Federal Board of Revenue (FBR) to prepare an assessment report on impact of reduction in petroleum prices. Chairing a meeting at the FBR headquarters, the finance minister directed the FB
Published 29 Dec, 2014 12:00am
Petroleum prices: FBR asked to assess impact of decline

Petroleum prices: FBR asked to assess impact of decline

Federal Minister for Finance Mohammad Ishaq Dar Sunday directed the Federal Board of Revenue (FBR) to prepare an assessment report on impact of reduction in petroleum prices. Chairing a meeting at the FBR headquarters, the finance minister directed the FB
Published 29 Dec, 2014 12:00am
Afghanistan lives up to its history

Afghanistan lives up to its history

Nato formally ended its war in Afghanistan on Sunday, holding a low-key ceremony in Kabul after 13 years of conflict that have left the country in the grip of worsening insurgent violence. The event was arranged in secret due to the threat of Taliban stri
Published 29 Dec, 2014 12:00am
Afghanistan lives up to its history

Afghanistan lives up to its history

Nato formally ended its war in Afghanistan on Sunday, holding a low-key ceremony in Kabul after 13 years of conflict that have left the country in the grip of worsening insurgent violence. The event was arranged in secret due to the threat of Taliban stri
Published 29 Dec, 2014 12:00am
Equities turn bullish

Equities turn bullish

Karachi share market witnessed 3.2 per cent gain during last week ended on December 26, 2014, due to progress in Foreign Portfolio Investment (FPI). The benchmark KSE-100 index closed at 31,993.01 points, up by 981.86 points or 3.2 per cent on Week on Wee
Published 29 Dec, 2014 12:00am
Equities turn bullish

Equities turn bullish

Karachi share market witnessed 3.2 per cent gain during last week ended on December 26, 2014, due to progress in Foreign Portfolio Investment (FPI). The benchmark KSE-100 index closed at 31,993.01 points, up by 981.86 points or 3.2 per cent on Week on Wee
Published 29 Dec, 2014 12:00am
Equities turn bullish

Equities turn bullish

Karachi share market witnessed 3.2 per cent gain during last week ended on December 26, 2014, due to progress in Foreign Portfolio Investment (FPI). The benchmark KSE-100 index closed at 31,993.01 points, up by 981.86 points or 3.2 per cent on Week on Wee
Published 29 Dec, 2014 12:00am
Futures spreads down by 863 basis points

Futures spreads down by 863 basis points

The futures spreads declined by 863 basis points to reach 11.72 per cent during the outgoing week ended on December 26, 2014. During the last week, trading activity on the futures counter witnessed a positive trend and average daily volume increased by 13
Published 29 Dec, 2014 12:00am
Futures spreads down by 863 basis points

Futures spreads down by 863 basis points

The futures spreads declined by 863 basis points to reach 11.72 per cent during the outgoing week ended on December 26, 2014. During the last week, trading activity on the futures counter witnessed a positive trend and average daily volume increased by 13
Published 29 Dec, 2014 12:00am
Futures spreads down by 863 basis points

Futures spreads down by 863 basis points

The futures spreads declined by 863 basis points to reach 11.72 per cent during the outgoing week ended on December 26, 2014. During the last week, trading activity on the futures counter witnessed a positive trend and average daily volume increased by 13
Published 29 Dec, 2014 12:00am
Futures spreads down by 863 basis points

Futures spreads down by 863 basis points

The futures spreads declined by 863 basis points to reach 11.72 per cent during the outgoing week ended on December 26, 2014. During the last week, trading activity on the futures counter witnessed a positive trend and average daily volume increased by 13
Published 29 Dec, 2014 12:00am
China's trade growth seen falling short of target in 2014

China's trade growth seen falling short of target in 2014

China's trade will grow 3.5 percent in 2014, implying the country will fall short of a current 7.5 percent official growth target, according to a report on the Ministry of Commerce's website that was subsequently revised to remove the numbers.
Published 29 Dec, 2014 12:00am
Arab Dairy take-over bid deadline extended until January 15

Arab Dairy take-over bid deadline extended until January 15

Egypt's financial regulator has extended until January 15 the deadline for bids to acquire Arab Dairy, which is at the centre of a take-over battle involving Europe's biggest dairy group, Lactalis. The extension allows rivals to make counteroffers as a bi
Published 29 Dec, 2014 12:00am
Vietnam's economy grows

Vietnam's economy grows

Vietnam's gross domestic product growth in 2014 quickened to an estimated 5.98 percent from last year, the government said on Saturday, after an expansion of 5.42 percent in 2013. Vietnam has targeted annual growth next year at 6.2 percent on stronger man
Published 29 Dec, 2014 12:00am
Novo Nordisk CEO sees short-term challenges to growth

Novo Nordisk CEO sees short-term challenges to growth

Novo Nordisk, the world's biggest insulin maker, is confident about its long-term growth plans but needs to secure approval for its new long-acting insulin Tresiba in the United States, its chief executive said in a newspaper interview on Saturday.
Published 29 Dec, 2014 12:00am
Novo Nordisk CEO sees short-term challenges to growth

Novo Nordisk CEO sees short-term challenges to growth

Novo Nordisk, the world's biggest insulin maker, is confident about its long-term growth plans but needs to secure approval for its new long-acting insulin Tresiba in the United States, its chief executive said in a newspaper interview on Saturday.
Published 29 Dec, 2014 12:00am
Doubts as giant China project's water reaches capital

Doubts as giant China project's water reaches capital

A towering dam in central China holds back a vast expanse of water destined to travel over 1,000 kilometres north to Beijing, but critics say it will only temporarily quench the city's thirst. China's capital on Saturday received its first flows from the
Published 29 Dec, 2014 12:00am
Zardari accuses Musharraf of trying to destabilise Sindh government

Zardari accuses Musharraf of trying to destabilise Sindh government

Co-Chairman PPP former President Asif Ali Zardari has asked democratic political parties to take notice of the attempts to de-stabilise the provincial government of Sindh by some elements. In a statement the PPP Co-Chairman said that the Party had reasons
Published 29 Dec, 2014 12:00am
Zardari accuses Musharraf of trying to destabilise Sindh government

Zardari accuses Musharraf of trying to destabilise Sindh government

Co-Chairman PPP former President Asif Ali Zardari has asked democratic political parties to take notice of the attempts to de-stabilise the provincial government of Sindh by some elements. In a statement the PPP Co-Chairman said that the Party had reasons
Published 29 Dec, 2014 12:00am
Khaqan denies report on IP gas pipeline

Khaqan denies report on IP gas pipeline

Federal Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi has rejected statement attributed to him by a foreign publication on the Iran-Pakistan gas pipeline. A UK-based newspaper purportedly wrote: Energy-starved Pakistan has convinced Ir
Published 29 Dec, 2014 12:00am
Khaqan denies report on IP gas pipeline

Khaqan denies report on IP gas pipeline

Federal Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi has rejected statement attributed to him by a foreign publication on the Iran-Pakistan gas pipeline. A UK-based newspaper purportedly wrote: Energy-starved Pakistan has convinced Ir
Published 29 Dec, 2014 12:00am
Khaqan denies report on IP gas pipeline

Khaqan denies report on IP gas pipeline

Federal Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi has rejected statement attributed to him by a foreign publication on the Iran-Pakistan gas pipeline. A UK-based newspaper purportedly wrote: Energy-starved Pakistan has convinced Ir
Published 29 Dec, 2014 12:00am
Karachi's Timber Market: massive fire causes huge financial losses

Karachi's Timber Market: massive fire causes huge financial losses

A massive fire that broke out at Karachi's biggest timber market in the early hours of Sunday, was extinguished by fire fighters after a rescue effort lasting over 12 hours. The fire caused billions of rupees losses to traders and others; however, no casu
Published 29 Dec, 2014 12:00am
Karachi's Timber Market: massive fire causes huge financial losses

Karachi's Timber Market: massive fire causes huge financial losses

A massive fire that broke out at Karachi's biggest timber market in the early hours of Sunday, was extinguished by fire fighters after a rescue effort lasting over 12 hours. The fire caused billions of rupees losses to traders and others; however, no casu
Published 29 Dec, 2014 12:00am
Karachi''s Timber Market: massive fire causes huge financial losses

Karachi''s Timber Market: massive fire causes huge financial losses

A massive fire that broke out at Karachi''s biggest timber market in the early hours of Sunday, was extinguished by fire fighters after a rescue effort lasting over 12 hours. The fire caused billions of rupees losses to traders and others; however, no cas
Published 29 Dec, 2014 12:00am
AGP takes notice of Rs 41.32 million illegal expenditure by KP PSEs

AGP takes notice of Rs 41.32 million illegal expenditure by KP PSEs

The Accountant General of Pakistan (AGP) has noticed two cases, a wasteful expenditure of Rs 22.32 million and an unauthorised investment of Rs19.00 million, in violation of the investment policy, said an audit report on the accounts of Public Sector Ente
Published 29 Dec, 2014 12:00am
Journalists Panel wins NPC election

Journalists Panel wins NPC election

The Journalists panel has won 2014-15 National Press Club (NPC), Islamabad, election with overwhelming majority. Shaharyar Khan was elected President by securing 1329 votes and Tariq Chaudhry was elected Secretary by getting 1249 and Waqar Satti was elect
Published 29 Dec, 2014 12:00am
Malik rejects reports of rift between Zardari and Bilawal

Malik rejects reports of rift between Zardari and Bilawal

Former Interior Minister and PPP leader Rehman Malik has said that there is no rift between Asif Ali Zardari and Bilwal Bhutto Zardari as being speculated by some quarters. Talking to media after laying floral wreath on the graves of Benazir Bhutto, Zulfi
Published 29 Dec, 2014 12:00am
Government may convene National Assembly session on January 5

Government may convene National Assembly session on January 5

The government may convene session of the National Assembly on January 5 to get a legislation passed for establishment of military courts to try terrorists and militants. An official of parliament told Business Recorder on Saturday that the governm
Published 29 Dec, 2014 12:00am
Labour and HR bodies urged to work together for a social change

Labour and HR bodies urged to work together for a social change

Secretary General of Human Rights Commission of Pakistan (HRCP) I A Rahman, on Sunday, asked the trade unions and human rights organisations to work together for a social change and implementation of all the fundamental rights and international convention
Published 29 Dec, 2014 12:00am
Rs 200 million allocated for establishing slaughter house in KP

Rs 200 million allocated for establishing slaughter house in KP

Khyber Pakhtunkhwa Minister for Local Government and Rural Development Inayatullah Khan approved an ADP project on developing modern slaughter house. Rs 200 million have been allocated for establishing a model slaughter house at Ring Road Peshawar.
Published 29 Dec, 2014 12:00am
Prime Minister and chief minister Punjab discuss anti-terrorism plan

Prime Minister and chief minister Punjab discuss anti-terrorism plan

Prime Minister Muhammad Nawaz Sharif on Sunday had an extensive meeting with Chief Minister Punjab Shahbaz Sharif at his Raiwind residence to discuss the counter-terrorism strategy and its implementation in Punjab province, an official spokesman said. The
Published 29 Dec, 2014 12:00am
LPG prices reduced by Rs 50 per kg

LPG prices reduced by Rs 50 per kg

The local dealers of liquefied petroleum gas (LPG) reduced prices of LPG by Rs 50 per kg after swift action by the city district administration against the black-marketers here on Sunday. According to reports, the dealers have reduced prices of LPG from R
Published 29 Dec, 2014 12:00am
FESCO issues shutdown programme

FESCO issues shutdown programme

The Faisalabad Electric Supply Company (FESCO) has issued shutdown programme for necessary repair, maintenance and expansion of electricity lines. According to the program issued by the company, power supply from Wanbachran, Golaywala, Mohar, Muzaffar Pur
Published 29 Dec, 2014 12:00am
Industrial zones, estates: MEPCO to set up grid stations, feeders: CEO

Industrial zones, estates: MEPCO to set up grid stations, feeders: CEO

Chief Executive Officer of Multan Electric Power Company (MEPCO) Muzaffar Ali Abbasi has said that independent grid stations and feeders would be established for industrial zones and estates in the MEPCO region and the system would be upgraded to improve
Published 29 Dec, 2014 12:00am
Punjab government allocates Rs 2 billion for education

Punjab government allocates Rs 2 billion for education

Punjab Finance Minister Mujtaba Shuja-ur-Rehman has said that in order to achieve the Millennium Development Goals (MDGs), Rs 2 billion has been reserved for current fiscal year as the Punjab government considers education as a tool to development and rec
Published 29 Dec, 2014 12:00am
Qadri advises PAT to shun politics of point scoring

Qadri advises PAT to shun politics of point scoring

Punjab government spokesperson Syed Zaeem Hussain Qadri has said that in present circumstances, all political parties have agreed on national agenda for countering terrorism and extremism. He said that Pakistan Awami Tehreek (PAT) should also support the
Published 29 Dec, 2014 12:00am
Shahbaz condoles over death

Shahbaz condoles over death

Punjab Chief Minister Muhammad Shahbaz Sharif went to the residence of Maqsood Butt, Chief Reporter of daily Jang, and expressed condolences with the family members over the death of his brother. The Chief Minister also offered Fateha for the departed sou
Published 29 Dec, 2014 12:00am
Elimination of poverty imperative to uprooting terrorism: Siraj

Elimination of poverty imperative to uprooting terrorism: Siraj

Chief of Jamaat-i-Islami, Pakistan, Sirajul Haq, has said that the elimination of poverty and exploitative socio-economic system was imperative for uprooting terrorism. While addressing a big Awami Huqooq (public rights) rally at the Mall Road organised b
Published 29 Dec, 2014 12:00am
PEF launches phase 6 of new school program

PEF launches phase 6 of new school program

The Punjab Education Foundation (PEF) has launched the expansion phase 6 of its new school program (NSP). The purpose of this expansion is to extend the opportunity of free school education to more deserving students in different districts of the province
Published 29 Dec, 2014 12:00am
Aamir Khan meets Shahbaz, condemns Peshawar incident

Aamir Khan meets Shahbaz, condemns Peshawar incident

UK-based Pakistani boxer Aamir Khan met Punjab Chief Minister Muhammad Shahbaz Sharif, here Sunday. Aamir Khan condemned the Peshawar tragedy and expressed deep sense of sorrow and grief over the martyrdom of innocent children and teachers. Prayers were a
Published 29 Dec, 2014 12:00am
Date for admission fee extended

Date for admission fee extended

Controller Examination, Karachi University, Prof Arshad Azmi has announced extension in the last date for depositing examination forms for BA and BCom, for private candidates, till December 31. The candidates may deposit their fees worth Rs 3075 for BA pa
Published 29 Dec, 2014 12:00am
Japan plans law to speed up overseas deployment of troops

Japan plans law to speed up overseas deployment of troops

Japan plans to draw up a law to speed the deployment of troops overseas for peacekeeping operations and to support allies, reports said Sunday, in a move that could strain relations with neighbours wary about Japan's wartime history. Prime Minister Shinzo
Published 29 Dec, 2014 12:00am
One dead as rescuers race to save passengers from burning Italian ferry

One dead as rescuers race to save passengers from burning Italian ferry

Rescuers battled in the dark Sunday to save more than 300 trapped passengers from a burning Italian ferry as coastguards reported the first death in the high-seas drama. As darkness fell, teams from Greece, Italy and Albania who had coped with gale-force
Published 29 Dec, 2014 12:00am
EU aid shipment arrives in Ebola-hit West Africa

EU aid shipment arrives in Ebola-hit West Africa

An EU aid shipment including vehicles and medical equipment for the three west African nations hardest hit by the Ebola epidemic has arrived in Guinea, officials said Sunday. The Dutch navy's largest ship, the Karel Doorman, arrived in Guinea on Saturday
Published 29 Dec, 2014 12:00am
Ukraine shuts down faulty nuclear power plant reactor

Ukraine shuts down faulty nuclear power plant reactor

Ukraine on Sunday shut down one of the six reactors in its most powerful nuclear power plant for the second time in a month due to an apparent electrical malfunction. The Zaporizhia Nuclear Power Plant said on its website that radiation levels in the area
Published 29 Dec, 2014 12:00am
Latvia to grapple with Russia as EU president

Latvia to grapple with Russia as EU president

Latvia takes over as European Union president on Thursday, putting it on the front line of negotiations with neighbouring Russia over the deadly crisis in Ukraine. The small Baltic state will also grapple with thorny issues ranging from energy security to
Published 29 Dec, 2014 12:00am
Former minister blames Merkel for rise of anti-immigrant groups

Former minister blames Merkel for rise of anti-immigrant groups

A former cabinet minister and member of Angela Merkel's conservative bloc blamed Germany's chancellor on Sunday for steering a course that has strengthened the eurosceptic AfD party and a new anti-immigrant grass-roots movement.
Published 29 Dec, 2014 12:00am
Snow brings chaos to Europe

Snow brings chaos to Europe

Heavy snowfall brought both chaos and joy across Europe, with some 15,000 people stranded overnight Sunday in the French Alps while skiers revelled in the fresh powder blanketing slopes. A winter storm left thousands of Britons without power, sent trucks
Published 29 Dec, 2014 12:00am
Muslims ditch Sri Lanka president ahead of snap polls

Muslims ditch Sri Lanka president ahead of snap polls

Sri Lanka's main Muslim party Sunday quit the government and pledged support to the opposition in a move seen as the biggest setback yet to President Mahinda Rajapakse's re-election bid. The Sri Lanka Muslim Congress leader Rauf Hakeem also announced his
Published 29 Dec, 2014 12:00am
Egypt reduces sentences for 23 young activists

Egypt reduces sentences for 23 young activists

An Egyptian appeals court reduced the jail terms on Sunday for 23 young activists convicted of violating a law banning protests without a permit, judicial sources said. The arrest of the activists in June while they demonstrated against the law which tigh
Published 29 Dec, 2014 12:00am
Four die of bird flu in Libya

Four die of bird flu in Libya

Four people have died of bird flu in Libya in recent days, the health minister of the country's internationally recognised government said on Saturday. Rida al-Awkali said a fifth person suspected of having contracted the virus is currently in hospital in
Published 29 Dec, 2014 12:00am
Dozens of Rwandan Hutu rebels surrender in DR Congo

Dozens of Rwandan Hutu rebels surrender in DR Congo

A group of 83 Rwandan Hutu rebels turned themselves in on Sunday in the face of threatened action by UN and Congolese troops as part of efforts to restore calm in the Democratic Republic of Congo's restive east. The rebels from the Democratic Forces for t
Published 29 Dec, 2014 12:00am
Wall Street week ahead: big questions for markets for 2015

Wall Street week ahead: big questions for markets for 2015

Wall Street was generally calmer in 2014 than in previous years, but that doesn't mean the stock market was devoid of drama. Big selloffs in biotechnology and social media stocks had strategists predicting doom in the spring, and the plunge in oil prices
Published 29 Dec, 2014 12:00am
Egyptian pound steady

Egyptian pound steady

The Egyptian pound held steady at a central bank dollar sale on Sunday and on the black market. The bank offered $40 million and said it had sold $38.4 million at a cut-off price of 7.1401 pounds to the dollar, a rate unchanged from its last sale on Thurs
Published 29 Dec, 2014 12:00am
Brazil's Tombini says may reduce FX intervention in 2015

Brazil's Tombini says may reduce FX intervention in 2015

Brazil's central bank will keep intervening in the foreign exchange market next year but could reduce the scale of these operations, which are aimed at countering the slide in the country's currency, the real, which has stoked inflation.
Published 29 Dec, 2014 12:00am
Emerging currency volatility spikes on oil, high-yield risks

Emerging currency volatility spikes on oil, high-yield risks

Implied volatility in emerging market currencies - a gauge of expected swings in their exchange rates - rocketed to multi-month highs on Monday, fuelled by massive price falls in commodity and credit markets. One-month implied volatility derived from opti
Published 29 Dec, 2014 12:00am
Sri Lankan stocks rise

Sri Lankan stocks rise

Sri Lankan stocks closed at its highest in five weeks on Friday in thin trading, led by large caps such as Ceylon Tobacco Company Plc even as investors stayed away amid holiday season and political uncertainty before the January 8 presidential polls. The
Published 29 Dec, 2014 12:00am
Indian stocks seen rallying again in 2015, driven by reforms

Indian stocks seen rallying again in 2015, driven by reforms

Indian shares will continue this year's big rally in 2015, propelled by the passage of key fiscal reforms, according to analysts in a Reuters poll who see another year of 20 percent-plus gains. The poll of 18 analysts, taken in the past week, predicts the
Published 29 Dec, 2014 12:00am
Gulf markets rise despite oil's weakness

Gulf markets rise despite oil's weakness

Gulf stock markets rose on Sunday despite oil's weakness as Saudi Arabia's plan to maintain government spending at a high level boosted investor confidence. The Saudi government released a 2015 state budget last Thursday that provides for a 0.6 percent in
Published 29 Dec, 2014 12:00am
Help for British house buyers could end up hurting building stocks

Help for British house buyers could end up hurting building stocks

Government moves to help most British home buyers have boosted housebuilding stocks - helping the likes of Barratt Developments and Taylor Wimpey extend a multi-month rally. But those gains could soon come under pressure, warn brokers, as the impact of pa
Published 29 Dec, 2014 12:00am
Trade-weighted euro may be set for shock upswing in 2015

Trade-weighted euro may be set for shock upswing in 2015

While investors are betting the euro will fall against the dollar next year, hopes that the European economy will therefore get a boost could be premature: it may not depreciate at all against currencies of other major trading partners.
Published 29 Dec, 2014 12:00am
UAE regulator urges brokerages to obey margin trading rules

UAE regulator urges brokerages to obey margin trading rules

The United Arab Emirates Securities and Commodities Authority urged brokerages that extend margin trading services to obey regulations and sell clients' shares if shortages in their accounts are not filled on time. The market regulator said it was making
Published 29 Dec, 2014 12:00am
UAE regulator urges brokerages to obey margin trading rules

UAE regulator urges brokerages to obey margin trading rules

The United Arab Emirates Securities and Commodities Authority urged brokerages that extend margin trading services to obey regulations and sell clients' shares if shortages in their accounts are not filled on time. The market regulator said it was making
Published 29 Dec, 2014 12:00am
Norway has firm policy against currency intervention

Norway has firm policy against currency intervention

Norway's central bank has a firm policy against intervening in the currency market and has no position on where the crown currency should be, central bank Governor Oeystein Olsen told national daily DN, confirming the bank's stance. The crown has been hit
Published 29 Dec, 2014 12:00am
Ruble fall creates turbulence for Russian airlines

Ruble fall creates turbulence for Russian airlines

Their international competitors may be cheering tumbling oil prices, but the collapse in the ruble has meant major financial turbulence for Russian airlines who have expenses in foreign currencies. The ruble has slumped by 40 percent this year against the
Published 29 Dec, 2014 12:00am
Sony's PlayStation back online after Christmas hack

Sony's PlayStation back online after Christmas hack

Sony's PlayStation reported that its network was back online and claimed that it had been attacked, three days after it and Microsoft's Xbox went down in an outage. An allegedly co-ordinated Christmas day hack brought down the gaming consoles, both hot gi
Published 29 Dec, 2014 12:00am
Kuwait's Al Ahli Bank's chairman resigns

Kuwait's Al Ahli Bank's chairman resigns

The chairman of Kuwait's Al Ahli Bank has resigned due to ill health and been replaced by the lender's deputy chairman, it said on Sunday. Ahmed Yousef Behbehani stepped down with effect from December 24, with deputy chairman Talal Mohamed Reda Yousef Beh
Published 29 Dec, 2014 12:00am
South Korea's department store sales fall

South Korea's department store sales fall

Sales at South Korea's top department stores fell in November by the fastest pace in nearly two years on an annual basis, official data showed on Sunday, adding to concerns that Asia's fourth-largest economy is losing steam. Combined sales last month at d
Published 29 Dec, 2014 12:00am
Russian government allocates $110 million for arms exporters

Russian government allocates $110 million for arms exporters

The Russian government said on Sunday it has pledged 6 billion roubles ($110 million) to help arms exporters service loans from domestic banks, in a further show of state support for companies hit by the country's financial crisis. The government has take
Published 29 Dec, 2014 12:00am
Algerian energy minister says OPEC should cut oil output

Algerian energy minister says OPEC should cut oil output

Algeria said on Sunday that OPEC should cut production to push oil prices up, adding that it did not share the views of big producers inside the cartel who prefer to let the market regulate prices, energy minister Youcef Yousfi was quoted as saying by the
Published 29 Dec, 2014 12:00am
Europe 'not doing so badly': Bundesbank chief

Europe 'not doing so badly': Bundesbank chief

Europe's economy is not doing as badly as some people think, Germany's central bank chief Jens Weidmann said Sunday as he gave an upbeat prediction for Germany, its biggest component. On Germany's outlook for 2015, he said: "As things are right now, and i
Published 29 Dec, 2014 12:00am
German government sees low oil prices helping economy

German government sees low oil prices helping economy

The German government expects low oil prices to boost growth in Europe's biggest economy by 0.2-0.3 percent next year, Der Spiegel magazine reported on Sunday, citing an internal economy ministry memo. Prices for oil have fallen by around 45 percent to ab
Published 29 Dec, 2014 12:00am
Beijing expands subway system, increases fares

Beijing expands subway system, increases fares

China's capital, Beijing, expanded its subway system on Sunday, extending three lines and opening one more at the same time it ushers in a price rise that has sparked complaints. Beijing seeks to tackle worsening congestion and reduce subsidies for transp
Published 29 Dec, 2014 12:00am
Beijing expands subway system, increases fares

Beijing expands subway system, increases fares

China's capital, Beijing, expanded its subway system on Sunday, extending three lines and opening one more at the same time it ushers in a price rise that has sparked complaints. Beijing seeks to tackle worsening congestion and reduce subsidies for transp
Published 29 Dec, 2014 12:00am
China to widen deposit base for banks

China to widen deposit base for banks

The People's Bank of China (PBOC) will change rules governing how loan-to-deposit ratios are calculated at banks starting from next year, according to a copy of a central bank document seen by Reuters, in a move that will boost liquidity conditions. The P
Published 29 Dec, 2014 12:00am
Saudi Arabia's 2015 budget based on oil price around $60: analysts

Saudi Arabia's 2015 budget based on oil price around $60: analysts

Saudi Arabia's 2015 state budget assumes an oil price close to current levels of around $60 a barrel for Brent crude, a shift from past budgets which were based on prices well below market levels, analysts say. The kingdom doesn't reveal the oil prices wh
Published 29 Dec, 2014 12:00am
Elder-care challenges prompt tech executives to create startups, apps

Elder-care challenges prompt tech executives to create startups, apps

For years, Google Inc's commerce chief, Stephanie Tilenius, held a demanding job and helped oversee the medical care of her parents, an experience that led her to leave the Internet search giant in 2012 and start a company to help patients combat chronic
Published 29 Dec, 2014 12:00am
Amir Khan visits Data Darbar

Amir Khan visits Data Darbar

British boxer Amir Khan here on Sunday visited Data Darbar and prayed for safety and prosperity of Pakistan. The Pakistani origin boxer also laid a wreath on the shrine of the saint. Talking to press he stated that he was deeply hurt by the incident in Pe
Published 29 Dec, 2014 12:00am
Boult double gives New Zealand crucial break

Boult double gives New Zealand crucial break

Two late wickets by Trent Boult put New Zealand back in control of the first Test against Sri Lanka Sunday after a maiden Test century by Dimuth Karunaratne had briefly given the tourists a glimmer of hope. Sri Lanka were closing in on wiping out their 30
Published 29 Dec, 2014 12:00am
Rahane, Kohli tons as India close on Australia

Rahane, Kohli tons as India close on Australia

India counter-punched their way back into the third Test on the back of centuries from Virat Kohli and Ajinkya Rahane in a record stand at the Melbourne Cricket Ground on Sunday. Kohli savaged the Australian bowlers, particularly Mitchell Johnson, for his
Published 29 Dec, 2014 12:00am
Ferrari, McLaren take a hit from Marussia collapse

Ferrari, McLaren take a hit from Marussia collapse

Ferrari and McLaren stand to lose millions as a result of the collapse of the Marussia Formula One team, the Sunday Telegraph newspaper reported. It said documents from administrators FRP Advisory dated December 18 showed that Ferrari, Formula One's oldes
Published 29 Dec, 2014 12:00am
Brathwaite, Samuels defy South Africa

Brathwaite, Samuels defy South Africa

Kraigg Brathwaite and Marlon Samuels hit half-centuries as the West Indies fought back on the third day of the second Test against South Africa at St George's Park on Sunday. Brathwaite made 65 not out and Samuels was unbeaten on 60 as the West Indies rea
Published 29 Dec, 2014 12:00am
Chelsea and Man City suffer festive slumps

Chelsea and Man City suffer festive slumps

Leaders Chelsea and second-place Manchester City both succumbed to post-Christmas hangovers on Sunday as the two pace-setters dropped points in the Premier League title race. Chelsea drew 1-1 at Southampton, which presented City with a chance to close to
Published 29 Dec, 2014 12:00am
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