National Assembly's Standing Committee on Finance has approved the proposed State Bank of Pakistan (Amendment) Bill 2015 envisaging establishment of monetary policy committee aimed at taking independent decisions on monetary policy. The committee whose ch
National Assembly's Standing Committee on Finance has approved the proposed State Bank of Pakistan (Amendment) Bill 2015 envisaging establishment of monetary policy committee aimed at taking independent decisions on monetary policy. The committee whose ch
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
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
A meeting held under the chairmanship of Chief Minister Khyber Pakhtunkhwa Pervez Khattak on Monday approved construction project of Nowshera Medical College which would be completed in two phases at an estimated cost of 1914 million rupees.
The Indus River remained in high flood at Taunsa, Guddu, Sukkur and Kotri barrages from Muzaffargarh to Hyderabad/Kotri covering a distance of 400 kms. The river is likely to remain in this state during next eight days, authorities said Monday. The Flood
Armed men kidnapped 10 labourers engaged in development work and set a school building on fire here on Monday. Political administration sources said that unidentified miscreants carrying arms abducted 10 labourers who were busy in work in an under constru
Balochistan Assembly on Monday adopted resolution against Muttahida Qaumi Movement (MQM) chief Altaf Hussain's provocative speeches. The resolution condemned MQM chief's spouts against Pakistan and its defense institutions.
Devastating floods have forced nearly one million people to evacuate their homes across the country of which over 163,000 flood victims are still in relief camps. According to National Disaster Management Authority (NDMA) and Provincial Disaster Managemen
"The observance of the Minorities Day, every year on August 11, is an occasion to renew our pledge to social and political integration of our Non Muslim brethren in Pakistan, address their concerns as well as acknowledge and pay tributes to their role in
Prime Minister Nawaz Sharif on Monday held a meeting with the businesspeople accompanying him on his three-day official visit to Belarus. During the meeting, they discussed the prospects of economic cooperation and making Pak-Belarus Business Forum an opp
Ambassador Sabine Sparwasser, German Special Representative for Afghanistan and Pakistan (SRAP), visited GHQ and called on Chief of Army Staff General Raheel Sharif on Monday. During the meeting, matters of mutual interest and regional security came under
Directorate of Intelligence and Investigation (DI and I)-FBR Karachi has seized huge quantity of poppy seeds at Port Qasim; it was learnt here on Monday. According to official sources, the DI and I Export division on secret information intercepted three e
Overseas Pakistani workers remitted $1.664 billion in the first month of this fiscal year. The remittances inflows that arrived in July FY16, is about one percent higher than the same period of last fiscal year (FY15), in which an amount of $1.649 billion
Punjab Oil Mills Limited (PMOL) is a leading manufacturer of edible oils and fats, company established in Islamabad. The company was founded in 1983 as a manufacturer of Banaspati and Cooking Oil and started its commercial production in 1984. Since then t
Punjab Oil Mills Limited (PMOL) is a leading manufacturer of edible oils and fats, company established in Islamabad. The company was founded in 1983 as a manufacturer of Banaspati and Cooking Oil and started its commercial production in 1984. Since then t
This is in response to Business Recorder's editorial 'Theatre of the absurd'. The newspaper has raised a profound question. Pointing out that the Muttahida Qaumi Movement (MQM) chief's highly objectionable and irrational remarks against state institutions
Debt-ridden Greece and its creditors appeared on track Monday to finalise the terms of a third bailout agreement despite the misgivings of EU paymaster Germany. Amid reports that a deal could be announced by Tuesday, Greek ministers took a break from talk
Mircea Blajinu had been looking forward to expanding his 200 hectare apple and nut plantation in northern Moldova this year. But a credit squeeze in Europe's poorest country - hit by one of the biggest bank frauds in history - has killed off his hope of s
During the past three months, Pakistan's minor rating/perception upgrades by Moody's, S&P, and Bloomberg were repeatedly cited by the finance minister as signs of Pakistan's progress. Now the Forbes magazine too has joined this optimistic lot. Great, but
Things finally seem to be moving on the right track in Balochistan. While presiding over the Balochistan Apex Committee meeting on Thursday, attended among others by the provincial Governor, Chief Minister, Army Chief, and Commander Southern Command; Prim
The economic team led by Finance Minister Ishaq Dar was granted two waivers during the mandated eighth quarterly review held in Dubai under the 6.64 billion dollar Extended Fund Facility. The waivers were for missing the (i) agreed deficit target of 4.9 p
ICE cotton futures on Monday rose for the first time in six days as the contract reached technically oversold territory, and a move to the lowest levels in more than six months prompted short-covering and some new speculative buying.
Russian export prices for wheat remained flat last week as shippings were slow after delayed harvesting and a state wheat export tax launched on July 1, analysts said on Monday. Russia has exported 2.3 million tonnes of grains, including 1.4 million tonne
Copper rebounded from six-year lows on Monday, after stronger than expected imports of the metal from top consumer China offset a faltering picture for the economy as a whole. A scramble by some bearish investors to cover short positions also fuelled wide
Oil jumped almost 4 percent on Monday after a rally in US gasoline and diesel due to a refinery outage helped crude futures advance from multi-month lows. The dollar's drop to a near two-week low also made oil and other commodities denominated in the gree
Benchmark Tokyo rubber futures rose on Monday, rebounding from a nearly-7-month low hit earlier in the day, as a gain in Shanghai futures in the wake of stronger Chinese equities prompted fresh buying, dealers said.
Copper production in Chile rose slightly in the first six months of 2015 compared to a year ago, with substantial growth at some large projects countered by scheduled maintenance and disruptive protests at others, the government said on Monday.
Malaysian palm oil futures ticked lower on Monday, extending losses into a seventh week as traders remained cautious due to trade and production data, despite signs that shipments from the world's second-largest producer increased this month.
Raw sugar futures on ICE dropped to a seven-year low on Monday due to pressure from a large cane crush in top producer Brazil's main growing region, while arabica coffee had its biggest rally in more than four months on heavy short-covering and spreading.
Gold ticked higher but stayed within striking distance of a 5-1/2-year low on Monday, after solid US job gains in July suggested the Federal Reserve could raise interest rates as early as next month. US nonfarm payrolls increased 215,000 in July, less tha
Gold extended a recovery from recent lows on Monday as its resilience below $1,100 an ounce disappointed those expecting a deeper decline, but expectations that US interest rates could rise as early as September kept up pressure on prices.
ICE Canada canola futures jumped to a two-week high on Monday, lifted by concerns about dry areas of the US Midwest. The US dryness concerns boosted prices of soybeans and support for the rival oilseed spilled over to canola, a trader said. Traders seen a
Chicago Board of Trade corn futures rose more than 4 percent for their largest daily gains in nearly six weeks on Monday, lifted by investor short covering ahead of a government crop report due on Wednesday, traders said.
Chicago Board of Trade corn and soybean futures climbed to two-week highs on Monday on concern about stressful weather in the United States and Europe, coupled with positioning ahead of a monthly US government crop report, traders said.
Patchy rain and intermittent sunshine in the last week over most of Ivory Coast's cocoa regions is helping the main crop grow but there is concern elsewhere over cooler weather, farmers said on Monday. In the western region of Soubre at the heart of the c
Russian export prices for wheat remained flat last week as shippings were slow after delayed harvesting and a state wheat export tax launched on July 1, analysts said on Monday. Russia has exported 2.3 million tonnes of grains, including 1.4 million tonne
Indonesia's Bulog is unlikely to import rice this year but overseas buys are possible by March or April 2016 due to delays in planting caused by a dry El Nino weather pattern, the head of the state food buyer said on Monday. Bulog currently has 1.5 millio
Mills played an active role in fresh buying on the cotton market on Monday in the process of moderate trading, dealers said. The official spot rate was unchanged at Rs 4,450, dealers said. Seed cotton prices in Sindh were at Rs 2100 and Rs 2350 and in Pun
China, the world's top soya buyer, is likely to import a record 76 million tonnes of the oilseed in the year ending September, up 8 percent from the previous year, according to the latest estimate from an official think tank.
Indian soyaoil and soyabean futures rose on Monday due to patchy rains in some key growing areas, shrugging off gains in the overseas palm oil market. Malaysian palm oil futures ticked lower on Monday, extending losses into a seventh week as traders remai
A rising trend prevailed on the local grain market on Monday in the process of trading, dealers said. On the cereals side, Makai low type was higher by Rs 250 to Rs 2125 and the best variety was higher by Rs 125 to Rs 2250, Barley Sindh and Mardan low typ
On Friday, at Pakistan Mercantile Exchange (PMEX), value traded was PKR 10.17 billion. The number of lots traded was 48.52 million. PMEX Commodity Index closed at 2,496. Major business was contributed by gold amounting to PKR 9.30 billion followed by crud
Jordan's state grain buyer has issued an international tender to purchase 100,000 tonnes of hard milling wheat which can be sourced from optional origins, European traders said on Monday. The tender closes on Wednesday, August 12, they said.
Saudi Arabia's state wheat buying agency, the Grain Silos and Flour Mills Organisation (GSFMO), said on Thursday it had issued an international tender to purchase 495,000 tonnes of hard wheat. The tender deadline is Friday, August 7, the GSFMO said, addin
China will buy 1 million tonnes of rice from Thailand, the Thai commerce minister said on Monday, easing pressure on a military government struggling to shift stockpiles of the grain accumulated under a previous farm-subsidy programme.
Shanghai rebar futures dropped to two-week lows on Monday, reflecting weak demand in China that pushed producers to sell more overseas, with shipments last month the second highest on record. China exported 9.73 million tonnes of steel products in July, u
A group of Israeli private buyers has issued an international tender to purchase up to 110,000 tonnes of corn sourced from optional origins, European traders said on Monday. The tender closes on Thursday, August 13, traders said.
Soyabean spot basis bids eased by 5 cents per bushel at a processing plant in Lafayette, Indiana, on Friday after a 2 percent jump in futures sparked light selling of the beans by farmers, grain merchants said. Bids in Lafayette declined to 95 cents per b
China, the world's largest coal buyer, imported 21.26 million tonnes of coal in July, up 28.1 percent on the month as buyers took advantage of weak global prices, customs data showed on Saturday. Coal deliveries reached their highest level since last Dece
The Karachi Port handled 318,656 tonnes of cargo comprising 227,467 tonnes of import cargo and 91,189 tonnes of export cargo including 7,026 loaded and empty containers during the last 48 hours ending at 0700 hours on Monday.
Ukraine exported 2.86 million tonnes of grains in July, topping officially reported figures, the UkrAgroConsult consultancy said on Tuesday. It said exports included 1.076 million tonnes of wheat, 756,000 tonnes of maize and 974,000 tonnes of barley.
Chicago Board of Trade wheat futures closed higher on Friday for a third straight session on bargain buying after the September contract hit a six-week low early in the week, traders said. K.C. hard red winter and MGEX spring wheat futures also ended high
Spot basis bids for hard red winter (HRW) wheat were steady to softer in the southern US Plains on Friday, led by sluggish demand at the US Gulf amid adequate supplies, grain dealers said.
Bastketball's international ruling body FIBA has lifted a ban on Russia's national teams taking part in competitions, local media reported. FIBA last month barred Russian national teams from all competitions over a bitter legal dispute between the current
Home favourite Tommy Sugiarto cruised into the second round of the badminton world championships with a two-set victory over European Games victor Pablo Abian as the tournament got under way Monday in Jakarta. Sugiarto, Indonesia's top medal hopeful, defe
Japan's abject failure at the East Asian Cup triggered alarm in local media Monday with some slamming coach Vahid Halilhodzic for making excuses. A photograph of the Franco-Bosnian coach hunched over, banging a water bottle against his head in frustration
Former cricket boss Lalit Modi admitted Monday his involvement in a plot to overthrow the sport's establishment, aiming to create a new world governing body affiliated with the Olympic movement. The ex-Indian Premier League chairman, who is wanted by poli
Rugby League convert Sam Burgess will have a chance to book his place in the England rugby union side's World Cup squad after being handed a Test debut in the team named on Monday by coach Stuart Lancaster for Saturday's warm-up match against France at Tw
England captain Alastair Cook and fellow Ashes-winners Moeen Ali, Ian Bell and Jos Buttler have all been cleared to play for their counties in this week's domestic Twenty20 quarter-finals, the England and Wales Cricket Board announced Monday.
India hope to end a 22-year wait for a Test series win in Sri Lanka when the three-match rubber marking Kumar Sangakkara's farewell opens in Galle on Wednesday. The Sri Lankan batting great, whose 12,305 runs make him Test cricket's leading scorer among t
Pakistan's Muhammad Asif and Asjad Iqbal with defending champion Pankaj Advani of India and China's Bintao breezed into the semi-final of IBSF World 6-Red World Snooker Championship after winning their quarter-finals on Monday evening.
Ireland flanker Tommy O'Donnell will miss next month's World Cup after suffering a dislocated hip in last weekend's opening warm-up win against Wales, the Irish Rugby Football Union announced Monday.
India's dependable opener Murali Vijay has been ruled out of the first Test against Sri Lanka after failing to recover from a hamstring injury, team director Ravi Shastri said on Monday. Vijay suffered the injury during last month's limited-overs tour of
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