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Print - 2015-05-02
Italy may owe pensioners 5 billion euros as court overturns reform

Italy may owe pensioners 5 billion euros as court overturns reform

Italy's constitutional court has overturned a key plank of the debt-laden country's pension reforms in a ruling that could require the government to pay retirees back at least 5 billion euros ($5.6 billion). In December 2011, when the country was under se
Published 02 May, 2015 12:00am
SBP clarifies

SBP clarifies

This is reference to an article appearing in Business Recorder yesterday which contains some serious incorrect statements attributed to KASB Bank. While inaccuracies are substantial in number, the factual position with respect to only some key poin
Published 02 May, 2015 12:00am
SBP clarifies

SBP clarifies

This is reference to an article appearing in Business Recorder yesterday which contains some serious incorrect statements attributed to KASB Bank. While inaccuracies are substantial in number, the factual position with respect to only some key poin
Published 02 May, 2015 12:00am
SBP clarifies

SBP clarifies

This is reference to an article appearing in Business Recorder yesterday which contains some serious incorrect statements attributed to KASB Bank. While inaccuracies are substantial in number, the factual position with respect to only some key poin
Published 02 May, 2015 12:00am
Wheat procurement target may be scaled up

Wheat procurement target may be scaled up

The government is likely to revise upward wheat procurement target for Passco to 1.5 million tons from 0.8 million tons for the current fiscal year to avoid backlash of farmers which entails a financial impact of Rs 24 billion, it is learnt. Sources said
Published 02 May, 2015 12:00am
Wheat procurement target may be scaled up

Wheat procurement target may be scaled up

The government is likely to revise upward wheat procurement target for Passco to 1.5 million tons from 0.8 million tons for the current fiscal year to avoid backlash of farmers which entails a financial impact of Rs 24 billion, it is learnt. Sources said
Published 02 May, 2015 12:00am
Wheat procurement target may be scaled up

Wheat procurement target may be scaled up

The government is likely to revise upward wheat procurement target for Passco to 1.5 million tons from 0.8 million tons for the current fiscal year to avoid backlash of farmers which entails a financial impact of Rs 24 billion, it is learnt. Sources said
Published 02 May, 2015 12:00am
Altaf should apologise to nation: Shahbaz

Altaf should apologise to nation: Shahbaz

Punjab Chief Minister Muhammad Shahbaz Sharif has said Altaf Hussain has hurt the sentiments of millions of Pakistanis by requesting Indian intelligence agency RAW to extend help and that he should immediately apologise to the nation. He was replying to a
Published 02 May, 2015 12:00am
Altaf should apologise to nation: Shahbaz

Altaf should apologise to nation: Shahbaz

Punjab Chief Minister Muhammad Shahbaz Sharif has said Altaf Hussain has hurt the sentiments of millions of Pakistanis by requesting Indian intelligence agency RAW to extend help and that he should immediately apologise to the nation. He was replying to a
Published 02 May, 2015 12:00am
US Navy may offer protection to other ships in Gulf

US Navy may offer protection to other ships in Gulf

US naval forces providing protection for American-flagged ships passing through the Strait of Hormuz may extend the assistance to other countries' commercial vessels using the waterway, officials said Friday. Pentagon officials said Thursday that warships
Published 02 May, 2015 12:00am
US Navy may offer protection to other ships in Gulf

US Navy may offer protection to other ships in Gulf

US naval forces providing protection for American-flagged ships passing through the Strait of Hormuz may extend the assistance to other countries' commercial vessels using the waterway, officials said Friday. Pentagon officials said Thursday that warships
Published 02 May, 2015 12:00am
Indian BSF kills Pakistani citizen on WB

Indian BSF kills Pakistani citizen on WB

Indian Border Security Forces (BSF) Friday gunned down an innocent Pakistani citizen after kidnapping him from Pakistani territory while he was harvesting the wheat crop in a border village in Shakargarh sector of Sialkot Working Boundary.
Published 02 May, 2015 12:00am
Indian BSF kills Pakistani citizen on WB

Indian BSF kills Pakistani citizen on WB

Indian Border Security Forces (BSF) Friday gunned down an innocent Pakistani citizen after kidnapping him from Pakistani territory while he was harvesting the wheat crop in a border village in Shakargarh sector of Sialkot Working Boundary.
Published 02 May, 2015 12:00am
DSP among three policemen killed

DSP among three policemen killed

At least three policemen, including a DSP, were killed when some unidentified armed men opened fire on their vehicle in Gulshan-e-Hadeed area of the city, here on Friday. According to police, DSP Fateh Muhammad Sangi was on the way to office with his driv
Published 02 May, 2015 12:00am
DSP among three policemen killed

DSP among three policemen killed

At least three policemen, including a DSP, were killed when some unidentified armed men opened fire on their vehicle in Gulshan-e-Hadeed area of the city, here on Friday. According to police, DSP Fateh Muhammad Sangi was on the way to office with his driv
Published 02 May, 2015 12:00am
One killed, six taken hostage in north Mali attack

One killed, six taken hostage in north Mali attack

Dozens of gunmen stormed a northern Mali town, killing one and taking six other people hostage in an attack blamed on Tuareg rebels, officials told AFP Friday. "More than 50 armed men from the Coordination for the Movements of Azawad (CMA) came Thursday t
Published 02 May, 2015 12:00am
Tunis protesters seek 'truth' about reporters' fate

Tunis protesters seek 'truth' about reporters' fate

Protesters took to the streets of Tunis Friday demanding to know the truth about the fate of two journalists whose execution-style killing in Libya was claimed by the Islamic State group. "Give us back Sofiene; give us back Nadhir," the crowd of almost 20
Published 02 May, 2015 12:00am
Parents experience FOMO on Internet speak

Parents experience FOMO on Internet speak

If you tell your mum she's fleek, she probably won't get the compliment - social media is driving a rapid evolution of the English language that is leaving parents baffled, a study suggested Friday. A survey of 2,000 British parents found that 86 percent
Published 02 May, 2015 12:00am
Japan launches 'cool biz' campaign as mercury climbs

Japan launches 'cool biz' campaign as mercury climbs

Japan launched its annual "Cool Biz" campaign on Friday, an energy conservation drive that calls on business people to ditch their jackets and ties so offices can keep air conditioning to a minimum. Many workers in Tokyo could be seen dressed down while s
Published 02 May, 2015 12:00am
6.8 magnitude earthquake hits Papua New Guinea: USGS

6.8 magnitude earthquake hits Papua New Guinea: USGS

A 6.8 magnitude earthquake hit Papua New Guinea on Friday, 106 kilometres (66 miles) south-southwest of the town of Kokopo, the US Geological Survey said, just a day after a 6.7 magnitude tremor in the region. The quake hit at 0806 GMT, 693 kilometres nor
Published 02 May, 2015 12:00am
Show-cause notices to TV channels

Show-cause notices to TV channels

Expressing serious concerns over airing 'hate speech' last night by some of the private TV channels, the government on Friday issued show cause notices to 14 private TV channels. Altaf Hussain, during his controversial speech had said: "We are called RAW
Published 02 May, 2015 12:00am
Show-cause notices to TV channels

Show-cause notices to TV channels

Expressing serious concerns over airing 'hate speech' last night by some of the private TV channels, the government on Friday issued show cause notices to 14 private TV channels. Altaf Hussain, during his controversial speech had said: "We are called RAW
Published 02 May, 2015 12:00am
Altaf did not criticise Army: MQM

Altaf did not criticise Army: MQM

Muttahida Qaumi Movement (MQM) on Friday clarified that party chief Altaf Hussain did not criticise the Army during his overnight speech. The MQM said Altaf Hussain praised Army Chief Raheel Sharif during his speech and urged him to provide justice to MQM
Published 02 May, 2015 12:00am
Altaf did not criticise Army: MQM

Altaf did not criticise Army: MQM

Muttahida Qaumi Movement (MQM) on Friday clarified that party chief Altaf Hussain did not criticise the Army during his overnight speech. The MQM said Altaf Hussain praised Army Chief Raheel Sharif during his speech and urged him to provide justice to MQM
Published 02 May, 2015 12:00am
Karachi operation producing great results: Prime Minister

Karachi operation producing great results: Prime Minister

Prime Minister Muhammad Nawaz Sharif Friday said it was the government's top priority to ensure the establishment of peace in the country as it was vital to make progress, prosperity and development in real terms. "We are striving towards establishing pea
Published 02 May, 2015 12:00am
Karachi operation producing great results: Prime Minister

Karachi operation producing great results: Prime Minister

Prime Minister Muhammad Nawaz Sharif Friday said it was the government's top priority to ensure the establishment of peace in the country as it was vital to make progress, prosperity and development in real terms. "We are striving towards establishing pea
Published 02 May, 2015 12:00am
Altaf extends apology

Altaf extends apology

Muttahida Qaumi Movement (MQM) Chief Altaf Hussain has extended an apology over his statement for allegedly seeking help from Indian spy agency RAW, says a press statement. Hussain said, "My last night's speech was presented out of context. The remarks ab
Published 02 May, 2015 12:00am
Altaf extends apology

Altaf extends apology

Muttahida Qaumi Movement (MQM) Chief Altaf Hussain has extended an apology over his statement for allegedly seeking help from Indian spy agency RAW, says a press statement. Hussain said, "My last night's speech was presented out of context. The remarks ab
Published 02 May, 2015 12:00am
MQM chief issued stern warning

MQM chief issued stern warning

Director General, Inter Service Public Relations (ISPR), Maj. Gen. Asim Saleem Bajwa said Friday that Altaf Hussain's speech containing remarks about Army and its leadership were uncalled for and disgusting. Such reference to Army or its leadership as rea
Published 02 May, 2015 12:00am
MQM chief issued stern warning

MQM chief issued stern warning

Director General, Inter Service Public Relations (ISPR), Maj. Gen. Asim Saleem Bajwa said Friday that Altaf Hussain's speech containing remarks about Army and its leadership were uncalled for and disgusting. Such reference to Army or its leadership as rea
Published 02 May, 2015 12:00am
SME financing up six percent in CY14

SME financing up six percent in CY14

Following the State Bank of Pakistan''s initiatives, Small and Medium Enterprises (SMEs) financing witnessed a 6 percent growth during the last calendar year (CY14). According to SBP''s Quarterly SME Finance Review December 2014, SMEs significantly contri
Published 02 May, 2015 12:00am
SME financing up six percent in CY14

SME financing up six percent in CY14

Following the State Bank of Pakistan's initiatives, Small and Medium Enterprises (SMEs) financing witnessed a 6 percent growth during the last calendar year (CY14). According to SBP's Quarterly SME Finance Review December 2014, SMEs significantly contribu
Published 02 May, 2015 12:00am
SME financing up six percent in CY14

SME financing up six percent in CY14

Following the State Bank of Pakistan's initiatives, Small and Medium Enterprises (SMEs) financing witnessed a 6 percent growth during the last calendar year (CY14). According to SBP's Quarterly SME Finance Review December 2014, SMEs significantly contribu
Published 02 May, 2015 12:00am
2014-15 budget initiatives: Dar reviews implementation status

2014-15 budget initiatives: Dar reviews implementation status

Finance Minister Senator Ishaq Dar Friday presided over meeting to review implementation status of the budget initiatives 2014-15. The Minister was informed that out of the thirty three such initiatives, most of the initiatives had been fully implemented
Published 02 May, 2015 12:00am
2014-15 budget initiatives: Dar reviews implementation status

2014-15 budget initiatives: Dar reviews implementation status

Finance Minister Senator Ishaq Dar Friday presided over meeting to review implementation status of the budget initiatives 2014-15. The Minister was informed that out of the thirty three such initiatives, most of the initiatives had been fully implemented
Published 02 May, 2015 12:00am
2014-15 budget initiatives: Dar reviews implementation status

2014-15 budget initiatives: Dar reviews implementation status

Finance Minister Senator Ishaq Dar Friday presided over meeting to review implementation status of the budget initiatives 2014-15. The Minister was informed that out of the thirty three such initiatives, most of the initiatives had been fully implemented
Published 02 May, 2015 12:00am
1,000 Europeans still missing after Nepal quake

1,000 Europeans still missing after Nepal quake

One thousand EU citizens are still unaccounted for in Himalayan Nepal, diplomats said Friday, almost a week after a massive earthquake that has claimed more than 6,300 lives and left survivors desperate for aid. The Europeans had mostly been climbing in t
Published 02 May, 2015 12:00am
1,000 Europeans still missing after Nepal quake

1,000 Europeans still missing after Nepal quake

One thousand EU citizens are still unaccounted for in Himalayan Nepal, diplomats said Friday, almost a week after a massive earthquake that has claimed more than 6,300 lives and left survivors desperate for aid. The Europeans had mostly been climbing in t
Published 02 May, 2015 12:00am
Appellate bench sets aside SECP order against PSMA

Appellate bench sets aside SECP order against PSMA

An appellate bench of Securities and Exchange Commission of Pakistan (SECP) has set aside an order of SECP against Pakistan Sugar Mills Association (PSMA) and endorsed a valid meeting was held by the said association.
Published 02 May, 2015 12:00am
Appellate bench sets aside SECP order against PSMA

Appellate bench sets aside SECP order against PSMA

An appellate bench of Securities and Exchange Commission of Pakistan (SECP) has set aside an order of SECP against Pakistan Sugar Mills Association (PSMA) and endorsed a valid meeting was held by the said association.
Published 02 May, 2015 12:00am
Appellate bench sets aside SECP order against PSMA

Appellate bench sets aside SECP order against PSMA

An appellate bench of Securities and Exchange Commission of Pakistan (SECP) has set aside an order of SECP against Pakistan Sugar Mills Association (PSMA) and endorsed a valid meeting was held by the said association.
Published 02 May, 2015 12:00am
Saving schemes: CDNS asks FBR to clarify WHT exemption on profit

Saving schemes: CDNS asks FBR to clarify WHT exemption on profit

The Central Directorate of National Savings (CDNS) has asked the Federal Board of Revenue (FBR) to issue an income tax clarification to the directorate to legally clarify exemption of withholding tax on profit of National Savings Schemes earned through in
Published 02 May, 2015 12:00am
Saving schemes: CDNS asks FBR to clarify WHT exemption on profit

Saving schemes: CDNS asks FBR to clarify WHT exemption on profit

The Central Directorate of National Savings (CDNS) has asked the Federal Board of Revenue (FBR) to issue an income tax clarification to the directorate to legally clarify exemption of withholding tax on profit of National Savings Schemes earned through in
Published 02 May, 2015 12:00am
Saving schemes: CDNS asks FBR to clarify WHT exemption on profit

Saving schemes: CDNS asks FBR to clarify WHT exemption on profit

The Central Directorate of National Savings (CDNS) has asked the Federal Board of Revenue (FBR) to issue an income tax clarification to the directorate to legally clarify exemption of withholding tax on profit of National Savings Schemes earned through in
Published 02 May, 2015 12:00am
FBR's powers taken away: ECC authorised to grant tax exemptions

FBR's powers taken away: ECC authorised to grant tax exemptions

The government has withdrawn powers of the Federal Board of Revenue (FBR) to grant concessions and exemptions of duties/taxes through Statutory Regulatory Orders (SROs) and the Economic Coordination Committee of the Cabinet is now the competent authority
Published 02 May, 2015 12:00am
FBR's powers taken away: ECC authorised to grant tax exemptions

FBR's powers taken away: ECC authorised to grant tax exemptions

The government has withdrawn powers of the Federal Board of Revenue (FBR) to grant concessions and exemptions of duties/taxes through Statutory Regulatory Orders (SROs) and the Economic Coordination Committee of the Cabinet is now the competent authority
Published 02 May, 2015 12:00am
FBR's powers taken away: ECC authorised to grant tax exemptions

FBR's powers taken away: ECC authorised to grant tax exemptions

The government has withdrawn powers of the Federal Board of Revenue (FBR) to grant concessions and exemptions of duties/taxes through Statutory Regulatory Orders (SROs) and the Economic Coordination Committee of the Cabinet is now the competent authority
Published 02 May, 2015 12:00am
GST on petroleum products raised

GST on petroleum products raised

The Federal Board of Revenue (FBR) has increased sales tax from 18 to 20 percent on motor spirit excluding HOBC and 32 to 34 percent on high speed diesel from May 1, 2015. The FBR has amended SRO 175(I)/2015 dated February 27, 2015 through an. SRO383(I)/2
Published 02 May, 2015 12:00am
GST on petroleum products raised

GST on petroleum products raised

The Federal Board of Revenue (FBR) has increased sales tax from 18 to 20 percent on motor spirit excluding HOBC and 32 to 34 percent on high speed diesel from May 1, 2015. The FBR has amended SRO 175(I)/2015 dated February 27, 2015 through an. SRO383(I)/2
Published 02 May, 2015 12:00am
GST on petroleum products raised

GST on petroleum products raised

The Federal Board of Revenue (FBR) has increased sales tax from 18 to 20 percent on motor spirit excluding HOBC and 32 to 34 percent on high speed diesel from May 1, 2015. The FBR has amended SRO 175(I)/2015 dated February 27, 2015 through an. SRO383(I)/2
Published 02 May, 2015 12:00am
UNSC fails to back Russian appeal on Yemen

UNSC fails to back Russian appeal on Yemen

The UN Security Council was unable on Friday to agree on a Russian-drafted statement demanding an immediate ceasefire or at least humanitarian pauses in the fighting in Yemen. Russian Ambassador Vitaly Churkin criticized the 15-member council, saying fell
Published 02 May, 2015 12:00am
UNSC fails to back Russian appeal on Yemen

UNSC fails to back Russian appeal on Yemen

The UN Security Council was unable on Friday to agree on a Russian-drafted statement demanding an immediate ceasefire or at least humanitarian pauses in the fighting in Yemen. Russian Ambassador Vitaly Churkin criticized the 15-member council, saying fell
Published 02 May, 2015 12:00am
Violent clashes overshadow start of Milan Expo

Violent clashes overshadow start of Milan Expo

The opening of Expo 2015 was marred Friday by violent clashes between police and opponents of Milan's hosting of the first world fair since Shanghai five years ago. Police fired tear gas at stone-throwing, masked protestors who had smashed windows and tor
Published 02 May, 2015 12:00am
Violent clashes overshadow start of Milan Expo

Violent clashes overshadow start of Milan Expo

The opening of Expo 2015 was marred Friday by violent clashes between police and opponents of Milan's hosting of the first world fair since Shanghai five years ago. Police fired tear gas at stone-throwing, masked protestors who had smashed windows and tor
Published 02 May, 2015 12:00am
PQFTL announces unit prices

PQFTL announces unit prices

Pak-Qatar Family Takaful Managed Fund (PQFTL) announced unit prices for the following funds on April 28, 2014.

Published 02 May, 2015 12:00am
PQFTL announces unit prices

PQFTL announces unit prices

Pak-Qatar Family Takaful Managed Fund (PQFTL) announced unit prices for the following funds on April 28, 2014.

Published 02 May, 2015 12:00am
PQFTL announces unit prices

PQFTL announces unit prices

Pak-Qatar Family Takaful Managed Fund (PQFTL) announced unit prices for the following funds on April 28, 2014.

Published 02 May, 2015 12:00am
The Weather

The Weather

The weather report on Friday (May 01, 2015) and the forecast for Saturday (May 02, 2015).

Published 02 May, 2015 12:00am
LME official prices

LME official prices

The following were Thursday official prices.

Published 02 May, 2015 12:00am
LME official prices

LME official prices

The following were Thursday official prices.

Published 02 May, 2015 12:00am
New York cotton

New York cotton

The fluctuations observed during the day:

Published 02 May, 2015 12:00am
New York cotton

New York cotton

The fluctuations observed during the day:

Published 02 May, 2015 12:00am
Big turnout on store day shows rebirth of vinyl

Big turnout on store day shows rebirth of vinyl

Music lovers lined up for blocks and sellers reported bumper trade on Record Store Day, a sign of the rebirth of vinyl in one bright point for the long-troubled recording industry. Some 3,000 independent stores last Saturday in nearly two dozen countries
Published 02 May, 2015 12:00am
Bridge Notes: Judicious discard in defense

Bridge Notes: Judicious discard in defense

Defense in Bridge is nothing but partnership rapport. A good steady partnership has all the ingredients for executing a good defense at Bridge specially in those deals where a farsighted defense is not so obvious. Of course when partners are not of equal
Published 02 May, 2015 12:00am
Han Solo revs up 'Star Wars' fans in new 'Force Awakens' trailer

Han Solo revs up 'Star Wars' fans in new 'Force Awakens' trailer

So declares Harrison Ford's Han Solo in a new trailer released last Thursday for "Star Wars: The Force Awakens," the much anticipated return of one the most celebrated movie franchises of all time. The trailer was the highlight of the annual "Star Wars Ce
Published 02 May, 2015 12:00am
Music Mela Conference and Festival: The lively world of music

Music Mela Conference and Festival: The lively world of music

The art of music enriches soul and spirit of listeners. Traditionally, music can be found everywhere, it needs no boundaries. Music brings peace to innumerable people around the world it helps to develop creativity and gives new avenue of expression. A re
Published 02 May, 2015 12:00am
Bionic ants could be tomorrow's factory workers

Bionic ants could be tomorrow's factory workers

Robotic ants the size of a human hand that work together could be the future of factory production systems. The developers, German technology firm Festo, say it's not just the unusual anatomy of real-world ants that inspired the bionic version - the colle
Published 02 May, 2015 12:00am
Earthquake warning on your smartphone?

Earthquake warning on your smartphone?

Countries looking for cheap earthquake warning systems might want to try apps and smartphones after scientists discovered that smartphones could be used as an affordable alternative to sophisticated earthquake monitoring networks. The Global Positioning S
Published 02 May, 2015 12:00am
'Tiny songbird can fly the Atlantic'

'Tiny songbird can fly the Atlantic'

A diminutive songbird weighing the equivalent of just three teaspoons of sugar can fly over the north Atlantic, scientists said on Tuesday, resolving a 50-year mystery. The tiny superbird is the blackpoll warbler (Setophaga striata), they reported in the
Published 02 May, 2015 12:00am
That alluring 'new car smell' is never left to chance

That alluring 'new car smell' is never left to chance

Slip into the driver's seat and feel at home: comfy seats and handsome bodywork lure buyers into the showroom. But if a new car does not smell right, the sale may never complete. All the carmakers employ olfactory experts, co-called aroma chemists, to cre
Published 02 May, 2015 12:00am
Researchers link Shakespeare to disputed play

Researchers link Shakespeare to disputed play

"This is the short and the long of it," as William Shakespeare wrote in "The Merry Wives of Windsor." A play called "Double Falsehood" published in 1728 by a man who claimed it was based on a lost Shakespeare play but has long been dismissed as a forgery
Published 02 May, 2015 12:00am
How the 19th century art masters mastered the art of the selfie

How the 19th century art masters mastered the art of the selfie

Relaxed, cool, maybe posing against a spectacular backdrop or with celebrity-style affectation: The projected image of the selfie is a social and professional calling card - and it was hardly different for the pioneers of the self-portrait. What we now mo
Published 02 May, 2015 12:00am
Art Facts: Pure and simple expressions

Art Facts: Pure and simple expressions

Using creative imagination and skills the artists manifested their concerns towards society in their paintings exhibited in a group exhibition at Grandeur Gallery, Karachi. The paintings by the artists Shahnaz Adamjee, Saleem Bhopali and Muhammad Hashim K
Published 02 May, 2015 12:00am
The man who keeps Napoleon's memory alive on St Helena

The man who keeps Napoleon's memory alive on St Helena

Michel Dancoisne-Martineau knows that the story of Napoleon's life in exile is timeless - and irresistible. The Frenchman is tasked with preserving the property where Napoleon Bonaparte lived after being exiled to the remote South Atlantic island of Saint
Published 02 May, 2015 12:00am
Cantonment board polls: hopes & fears

Cantonment board polls: hopes & fears

As I have no political loyalty, the big question for me was who to vote for? I was still wondering as I walked to the polling station, the same where I cast my vote in the general elections. I was still undecided as they checked my bonafides, took a thumb
Published 02 May, 2015 12:00am
Ratings agencies say no default if Greece misses ECB, IMF payments

Ratings agencies say no default if Greece misses ECB, IMF payments

Most top credit rating agencies say they would not cut Greece's rating to default if it misses a payment to the International Monetary Fund or European Central Bank, a stance that could keep vital ECB funding flowing into the financial system. Greece owes
Published 02 May, 2015 12:00am
Strong truck demand drives US auto industry to April rise

Strong truck demand drives US auto industry to April rise

General Motors Co and Ford Motor Co both reported stronger-than-expected US auto sales in April on Friday as robust demand for trucks, and crossover and sports utility vehicles kept the industry on track for its best year in almost a decade. GM sales rose
Published 02 May, 2015 12:00am
British companies to invest $400 million in Cuba

British companies to invest $400 million in Cuba

British companies will invest $400 million in Cuba initiatives, in areas that reportedly include agriculture, tourist infrastructure and energy, a business delegation said Thursday. Agreements were signed in Cuba during an economic forum that brought toge
Published 02 May, 2015 12:00am
Saudi Arabia restructures oil giant Aramco

Saudi Arabia restructures oil giant Aramco

Saudi Arabia is restructuring the world's biggest energy company, Saudi Aramco, in a move apparently aimed at letting it operate more at arm's length from the powerful oil ministry. Analysts expected technocrats to get a freer hand in running the state-ow
Published 02 May, 2015 12:00am
Prudential names new boss

Prudential names new boss

British insurance giant Prudential on Friday named Mike Wells as its new chief executive to succeed Tidjane Thiam, who is leaving to join Swiss bank Credit Suisse. Wells, has been head of London-based Prudential's US unit, Jackson National Life, for the p
Published 02 May, 2015 12:00am
Lloyds posts falling Q1 net profit

Lloyds posts falling Q1 net profit

Britain's state-rescued Lloyds Banking Group announced Friday that net profits sank by a fifth in the first quarter, after taking a charge against the disposal of its TSB retail division. Earnings after taxation slid to £913 million ($1.40 billion, 1.25 b
Published 02 May, 2015 12:00am
Lloyds posts falling Q1 net profit

Lloyds posts falling Q1 net profit

Britain's state-rescued Lloyds Banking Group announced Friday that net profits sank by a fifth in the first quarter, after taking a charge against the disposal of its TSB retail division. Earnings after taxation slid to £913 million ($1.40 billion, 1.25 b
Published 02 May, 2015 12:00am
Japanese inflation ticks up, but spending still weak

Japanese inflation ticks up, but spending still weak

Japanese inflation picked up in March for the first time in 10 months, data showed Friday, but household spending tumbled in a worrying sign for consumer confidence. Core inflation, excluding volatile fresh food prices, hit 2.2 percent year-on-year, accel
Published 02 May, 2015 12:00am
China announces measures to boost creativity, jobs

China announces measures to boost creativity, jobs

China on Friday announced measures aimed at promoting innovation and job creation, state media said, as authorities seek to ensure that slowing economic growth doesn't harm employment. According to measures released by the State Council, which functions a
Published 02 May, 2015 12:00am
Anemic US factory data points to moderate growth bounce

Anemic US factory data points to moderate growth bounce

US factory activity failed to gain steam in April after slowing for five straight months, but stronger-than-expected vehicle sales suggested the economy was finding some momentum after almost stalling in the first quarter. Still, the sluggishness in the m
Published 02 May, 2015 12:00am
US, UK, China manufacturing all in slow lane

US, UK, China manufacturing all in slow lane

Manufacturing activity growth remained sluggish in some of the world's major economies in April, suggesting that global economic growth remains "moderate and uneven," as the International Monetary Fund described it in its World Economic Outlook in April.
Published 02 May, 2015 12:00am
TSX falls as earnings reports fail to impress

TSX falls as earnings reports fail to impress

Canada's main stock index fell on Thursday as investors, positioning their portfolios at the end of the month, appeared less than impressed by a host of quarterly results. Still, the Toronto Stock Exchange's S&P/TSX composite index rose 2.2 percent in Apr
Published 02 May, 2015 12:00am
LinkedIn follows Twitter, shocks social media investors

LinkedIn follows Twitter, shocks social media investors

Another day, another shock for investors in social media stocks. Shares of LinkedIn Corp, operator of the most popular social network for professionals, fell 20 percent in early trading on Friday, wiping out more than $6 billion of market value, after the
Published 02 May, 2015 12:00am
Australian shares post worst weekly performance since mid-January

Australian shares post worst weekly performance since mid-January

Australian shares rose 0.4 percent on Friday led by financials, resources and energy-related shares as bargain hunters emerged after three straight sessions of losses. The S&P/ASX 200 index rose 24.4 points to 5,814.4 at the close of trade but posted its
Published 02 May, 2015 12:00am
Friday's afternoon trade: Nasdaq snaps four-day losing streak

Friday's afternoon trade: Nasdaq snaps four-day losing streak

Wall Street was higher in afternoon trading on Friday, with the Nasdaq poised to close higher for the first time this week, as healthcare and technology stocks rebounded, and as data pointed to a pick up in economic activity. A majority of the 10 major S&
Published 02 May, 2015 12:00am
Wall Street drops with tech shares; LinkedIn falls late

Wall Street drops with tech shares; LinkedIn falls late

US stocks, led by the Nasdaq, sold off on Thursday as Apple shares declined, and tech and biotech quarterly results disappointed. Upbeat economic reports added to uncertainty about the outlook for interest rates, a day after data showed the US economy had
Published 02 May, 2015 12:00am
German yield jump all but wipes out QE effect as bloc exits deflation

German yield jump all but wipes out QE effect as bloc exits deflation

German Bund yields recorded on Thursday the biggest two-day jump seen since the darkest days of the euro zone crisis in 2011, as poor market liquidity exacerbated the impact of data confirming the euro zone had ended four months of deflation. The data cam
Published 02 May, 2015 12:00am
German yield jump all but wipes out QE effect as bloc exits deflation

German yield jump all but wipes out QE effect as bloc exits deflation

German Bund yields recorded on Thursday the biggest two-day jump seen since the darkest days of the euro zone crisis in 2011, as poor market liquidity exacerbated the impact of data confirming the euro zone had ended four months of deflation. The data cam
Published 02 May, 2015 12:00am
European, Asian markets closed

European, Asian markets closed

The stocks, financial markets in Europe and in China, Hong Kong, Thailand, Singapore, India, the Philippines, Malaysia, Indonesia, Taiwan and South Korea are closed on Friday for Labour Day while some markets in Asia closed for public holidays.
Published 02 May, 2015 12:00am
US yields flat as late buying offsets promising data

US yields flat as late buying offsets promising data

US Treasuries yields ended little changed on Thursday, as a late bout of month-end portfolio buying erased earlier losses sparked by encouraging economic data, a day after the US Federal Reserve hinted it was in no hurry to raise interest rates. For April
Published 02 May, 2015 12:00am
US yields flat as late buying offsets promising data

US yields flat as late buying offsets promising data

US Treasuries yields ended little changed on Thursday, as a late bout of month-end portfolio buying erased earlier losses sparked by encouraging economic data, a day after the US Federal Reserve hinted it was in no hurry to raise interest rates. For April
Published 02 May, 2015 12:00am
Data storage startup Pure Storage taps banks for IPO

Data storage startup Pure Storage taps banks for IPO

Pure Storage Inc is making preparations for an initial public offering, including hiring underwriters, one year after a private placement valued the data storage company at more than $3 billion, according to people familiar with the matter. The offering w
Published 02 May, 2015 12:00am
Data storage startup Pure Storage taps banks for IPO

Data storage startup Pure Storage taps banks for IPO

Pure Storage Inc is making preparations for an initial public offering, including hiring underwriters, one year after a private placement valued the data storage company at more than $3 billion, according to people familiar with the matter. The offering w
Published 02 May, 2015 12:00am
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