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Print - 2016-06-01
Drone strike widens Pak-US trust deficit

Drone strike widens Pak-US trust deficit

The death of Taliban chief Mullah Akhtar Mansour in a US drone attack on May21 has not only complicated the Afghan peace process but widened the trust deficit between Pakistan and the United States, officials said. Background discussions with diplomats an
Published 01 Jun, 2016 12:00am
The state of government-run schools

The state of government-run schools

How weak is the government commitment towards public sector education is plain from the findings of "Pakistan District Education Rankings, 2016" report jointly prepared by the Sustainable Development Policy Institute and an advocacy group, AlifAilaan. The
Published 01 Jun, 2016 12:00am
Balancing the budget

Balancing the budget

Extraordinary. Budget-making exercises had already been relegated to obscurity as the Panama-leaks scandal hit the headlines in the first week of April. And now the holding of the National Economic Council meeting as well as the budget related cabinet mee
Published 01 Jun, 2016 12:00am
Export diagnostics: A death foretold?

Export diagnostics: A death foretold?

Pakistan's exports are on a declining path. The best estimates for this fiscal are well below $23 billion, some $ 2.5billion off 2011. In real terms (i.e. at constant prices) the fall is even sharper. Export/GDP ratio has plummeted to 8.8% and Pakistan's
Published 01 Jun, 2016 12:00am
Pakistan's government has done a lot to stabilise economy

Pakistan's government has done a lot to stabilise economy

This week in New York City, America and Pakistan are partnering together to host the fourth annual US-Pakistan Business Opportunities Conference. The Conference on June 2-3 will bring together over 250 industry representatives, investors, and government l
Published 01 Jun, 2016 12:00am
'Mullah Mansour exits'

'Mullah Mansour exits'

Naqi Zafar's letter titled "Mullah Mansour exits" (May 25, 2016) in response to my article of the same name published on May 24, 2016, attempts to justify Pakistan's interventions in Afghanistan by reference to the threat to Pakistan's security from the S
Published 01 Jun, 2016 12:00am
'A belated reckoning'

'A belated reckoning'

This is apropos a Business Recorder op-ed 'A belated reckoning' carried by the newspaper yesterday. The writer, Rashed Rahman, has made a profound comment on how the US supported the right-wing dictators of South America to unleash terror on their
Published 01 Jun, 2016 12:00am
Oil dips but notches fourth straight monthly gain

Oil dips but notches fourth straight monthly gain

Oil prices dipped on Tuesday as a stronger dollar and slide in equity prices sparked profit-taking, but crude futures posted a fourth straight monthly gain as investors bet that the global glut was slowly easing. Crude futures had gained early in the sess
Published 01 Jun, 2016 12:00am
Unregistered persons: WHT rate may be raised to 17 percent

Unregistered persons: WHT rate may be raised to 17 percent

In a move to ensuring withholding of sales tax, the government on the recommendation of the Federal Board of Revenue (FBR), is going to impose penalty if no sales tax is withheld, in coming budget 2016-17. It has been proposed that the FBR has no provisio
Published 01 Jun, 2016 12:00am
Sindh government to safeguard rights of writers: Chandio

Sindh government to safeguard rights of writers: Chandio

Advisor to the Chief Minister Sindh on Information & Archives Moula Bux Chandio said that the rights of intellectuals and writers would be safeguarded at all levels. He said this while talking to Chairman of All Pakistan Writers Forum who met with him at
Published 01 Jun, 2016 12:00am
India not in fair diplomatic business: official

India not in fair diplomatic business: official

Secretary Defence Production Lt Gen Syed Muhammad Owais (Retd) on Tuesday said that India instead of engaging in fair diplomacy was promoting intrigues against Pakistan. "India is playing intrigue diplomacy," Gen Owais said in his keynote at the workshop
Published 01 Jun, 2016 12:00am
Nurses stage sit-in against government

Nurses stage sit-in against government

A sit-in by protesting public hospital nurses disrupted traffic on the Chairing Cross and nearby roads on Monday to pressure the Punjab government to accept their demands. The protest followed a call by the Young Nurses Association to press the government
Published 01 Jun, 2016 12:00am
Seminar on cooperative vocational training held

Seminar on cooperative vocational training held

The speakers at a seminar on Cooperative Vocational Training (CVT), highlighted the importance of engagement of the industry in designing and delivering vocational training to produce a skilled workforce according to the demands of the job market. They al
Published 01 Jun, 2016 12:00am
NAB chief asks officers to strictly follow code of conduct

NAB chief asks officers to strictly follow code of conduct

Qamar Zaman Chaudhry, Chairman National Accountability Bureau (NAB) while addressing the officers during his visit to NAB Karachi Regional Bureau said Father of the Nation Quaid-e-Azam Muhammad Ali Jinnah in his address to the Constituent Assembly of Paki
Published 01 Jun, 2016 12:00am
Two FC personnel martyred in explosion

Two FC personnel martyred in explosion

At least two security personnel of Frontier Corps (FC) were killed and three others injured in two different improvised explosive devices (IEDs) blasts in the Mohmand tribal region on Tuesday morning, say security officials. Officials said that the first
Published 01 Jun, 2016 12:00am
Summer vacation fee: Education Department directed to act under law

Summer vacation fee: Education Department directed to act under law

The Punjab Education Department has been told to act under the law against private schools collecting summer vacation fees in advance. On Tuesday, the Lahore High Court also told the department to communicate its policy more effectively after the deputy s
Published 01 Jun, 2016 12:00am
LLB, LLM Programmes: PBC seeks explanation from UMT Lahore

LLB, LLM Programmes: PBC seeks explanation from UMT Lahore

Pakistan Bar Council (PBC) on Tuesday sought explanation from the management of University of Management and Technology, Lahore for inviting applications for admission to LLB and LLM Programmes despite the fact that its recognition matter is still in prog
Published 01 Jun, 2016 12:00am
More regional benches: LHCBA rejects resolution

More regional benches: LHCBA rejects resolution

The Lahore High Court Bar Association has rejected a resolution against establishing more regional benches of the Lahore High Court. Lawyer Allah Bakhsh Gondal has claimed that the court principal seat could lose its significance after more regional bench
Published 01 Jun, 2016 12:00am
FCCI terms Panama Leaks a conspiracy against CPEC

FCCI terms Panama Leaks a conspiracy against CPEC

Panama Leaks is a deep-rooted conspiracy to sabotage Pak-China economic collaboration by promoting confusion and chaos in order to delay the implementation on China-Pakistan Economic Corridor (CPEC) and Gwadar Sea Port, said Chaudhary Muhammad Nawaz, Pres
Published 01 Jun, 2016 12:00am
Afghan consulate in Peshawar closed

Afghan consulate in Peshawar closed

Afghan Consulate in Peshawar was closed in protest against "checking of vehicle of Consular General, Aaj News reported on Tuesday. Vehicle of Afghan Consul General was stopped at a check post in Peshawar that irked the Afghan diplomat who ordered c
Published 01 Jun, 2016 12:00am
Government urged to set up Rice Development Company

Government urged to set up Rice Development Company

President Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Hussain has suggested that the government immediately establish Rice Development Company to cater for the basmati and non-basmati sectors, give rice mills status of industry with ze
Published 01 Jun, 2016 12:00am
Imran accused of making hate speeches against Prime Minister

Imran accused of making hate speeches against Prime Minister

A city resident has sought court action against the Pakistan Tehreek-e-Insaf party head for his alleged hate speeches against the prime minister. Nawaz Sharif is currently hospitalised in London. Atif Sattar's lawyer, AK Dogar, has accused Imran Khan of m
Published 01 Jun, 2016 12:00am
Senate body irked by government's dithering over information bill

Senate body irked by government's dithering over information bill

The senate committee has directed Secretary Information, Broadcasting and National Heritage to make interim report on BOL channel issue and present it in the senate for further correspondence. After repeated absence of ministry of interior representation,
Published 01 Jun, 2016 12:00am
Cancer hospital treats patients for free

Cancer hospital treats patients for free

The Bait-ul-Sukoon Cancer Hospital treated over 15,000 cancer patients entirely free of cost since its inception. The hospital spends around one to two million rupees on average while charging them nothing in return. Moreover, it provides tertiary and pal
Published 01 Jun, 2016 12:00am
KP Governor prays for early recovery of Prime Minister

KP Governor prays for early recovery of Prime Minister

Governor Khyber Pakhtunkhwa Iqbal Zafar Jhagra has prayed for the successful heart surgery and early recovery of Prime Minister Mohammad Nawaz Sharif and hoped that he will be recovered soon and continue to serve the nation with same commitment. He wished
Published 01 Jun, 2016 12:00am
Dar, IDB President discuss financing programmes

Dar, IDB President discuss financing programmes

Federal Minister for Finance, Senator Muhammad Ishaq Dar and President Islamic Development Bank (IDB), Ahmad Mohamed Ali Al Madani met here on Tuesday and discussed issues relating finance programmes in the country. During the meeting current profile of I
Published 01 Jun, 2016 12:00am
NA session adjourned over death of MNA Mehdi

NA session adjourned over death of MNA Mehdi

The National Assembly on Monday offered prayers for the departed soul of a sitting MNA of the PML-N and speedy recovery of Prime Minister Nawaz Sharif, who underwent an open-heart surgery in London. The ruling party's MNA from Jhelum Nawabzada Iqbal Mehdi
Published 01 Jun, 2016 12:00am
Pakistani arrest in Barcelona

Pakistani arrest in Barcelona

Spanish police arrested a man from Pakistan in Barcelona on Tuesday accused of promoting militancy via social media, the Interior Ministry said in a statement. The man had been promoting the actions of various groups operating in the conflict zones of Syr
Published 01 Jun, 2016 12:00am
PQA's annual revenue increases to over Rs 12 billion: chairman

PQA's annual revenue increases to over Rs 12 billion: chairman

Chairman Port Qasim Authority (PQA), Agha Jan Akhtar said on Tuesday despite inheriting a number of problems, PQA's annual revenue increased to more than Rs 12 billion. He stated this while addressing a meeting with the members of the Federation of Pakist
Published 01 Jun, 2016 12:00am
APBF concerned at 'Rs 500 billion new taxes' in budget

APBF concerned at 'Rs 500 billion new taxes' in budget

The All Pakistan Business Forum has expressed serious concerns over the government's decision to impose new taxes of Rs500 billion in the upcoming national budget. The common man across the nation is already suffering, and the masses are not ready to acce
Published 01 Jun, 2016 12:00am
APBF concerned at 'Rs 500 billion new taxes' in budget

APBF concerned at 'Rs 500 billion new taxes' in budget

The All Pakistan Business Forum has expressed serious concerns over the government's decision to impose new taxes of Rs500 billion in the upcoming national budget. The common man across the nation is already suffering, and the masses are not ready to acce
Published 01 Jun, 2016 12:00am
Engro mulling making $840 million investment in power sector: CEO

Engro mulling making $840 million investment in power sector: CEO

With construction having been started on its $ 2 billion coal-based electricity plant at Tharparker, Engro Corporation is planning to invest at least $840 million in the energy-starved country as a part of the conglomerate's "shift" towards power sector.
Published 01 Jun, 2016 12:00am
Education pre-requisite for achieving prosperity: KP Governor

Education pre-requisite for achieving prosperity: KP Governor

Governor Khyber Pakhtunkhwa, Iqbal Zafar Jhagra has said that knowledge and research are the main steps towards peace and development of any nation. He said education is prerequisite for achieving prosperity and development. He said that our youth are bri
Published 01 Jun, 2016 12:00am
K-E urges Nepra to continue existing MYT for five more years

K-E urges Nepra to continue existing MYT for five more years

K-Electric has proposed to the National Electric Power Regulatory Authority (Nepra) to continue the existing multiyear tariff (MYT) for five more years, sources said on Tuesday. The present MYT, which had been enforced in FY 2002, is going to expire on Ju
Published 01 Jun, 2016 12:00am
PRGMEA thanks Dar for announcing zero-rated regimes

PRGMEA thanks Dar for announcing zero-rated regimes

Shaikh Mohammad Shafiq, central chairman, Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA), has said that PRGMEA's members are very thankful to Finance Minister, Senator Mohammad Ishaq Dar for the announcement of the zero-rated
Published 01 Jun, 2016 12:00am
Dr Zahir new UIT Director

Dr Zahir new UIT Director

Usman Institute of Technology - Pakistan's premier technology institution that now enjoys affiliation with NED University of Engineering & Technology - is honored to appoint Dr. Zahir A. Syed as the new Director. In addition to his present position at Usm
Published 01 Jun, 2016 12:00am
War is not an option: HC Basit

War is not an option: HC Basit

Asserting that the two Asian neighbours are co-operating on the Pathankot terror attack probe, Pakistan's High Commissioner Abdul Basit has said war is not an option, adding only fools can think that confrontation would solve the problems between India an
Published 01 Jun, 2016 12:00am
July-April 2015-16: seafood export plummets to $270.733 million

July-April 2015-16: seafood export plummets to $270.733 million

Pakistan's seafood export continues to plummet to $270.733 million in July-April 2015-16, down by six percent, official figures say. Total fall in fisheries export in July-April 2015-16 comes to the tune of $16.155 million as compared to their export of $
Published 01 Jun, 2016 12:00am
Power sector: PSO maintains furnace oil supplies

Power sector: PSO maintains furnace oil supplies

Pakistan State Oil (PSO) trying its best to maintain furnace oil supplies on continuous basis to power sector despite of the fact that it owes PSO's Rs 201 billion. "During this summer, PSO is supplying approximately 18,000 MTs of furnace oil per day to i
Published 01 Jun, 2016 12:00am
KP Assembly to meet on June 6

KP Assembly to meet on June 6

The Governor Khyber Pakhtunkhwa has summoned the Provincial Assembly to meet on June 6, 2016 (Monday) at 4:00pm in the Provincial Assembly building, Khyber road Peshawar, says a notification issued by Provincial Assembly Secretariat in Peshawar on Tuesday
Published 01 Jun, 2016 12:00am
MSCI Emerging Market Status: Zubair, MD PSX, others make a pitch

MSCI Emerging Market Status: Zubair, MD PSX, others make a pitch

JS Global Capital Limited-one of the largest brokerage and investment banking firm, has successfully concluded the Pakistan Investment Conference (PIC) 2016 in London. The Privatisation Commission, the Ministry of Finance (MoF), Government of Pakistan and
Published 01 Jun, 2016 12:00am
SKMCH&RC holds anti-tobacco poster competition

SKMCH&RC holds anti-tobacco poster competition

Shaukat Khanum Memorial Cancer Hospital and Research Centre organised its annual "Anti-Tobacco Poster Competition" to create awareness among the masses to prevent the incidences which is on the rise due to smoking on the eve of the World No Tobacco Day ob
Published 01 Jun, 2016 12:00am
IESCO mobile unit facilitates customers at doorsteps

IESCO mobile unit facilitates customers at doorsteps

The IESCO is facilitating its customers at their doorsteps to provide its best services throughout Islamabad, Rawalpindi, Chakwal, Jhelum and Attock Circles. IESCO appeals to its valued customers to contact Mobile Unit for the month of June 2016. 1 June D
Published 01 Jun, 2016 12:00am
President urges OIC to raise budget for scientific research

President urges OIC to raise budget for scientific research

President Mamnoon Hussain on Tuesday urged the Organisation of Islamic Cooperation (OIC) member sates to increase budget for scientific research to end poverty, ensure provision of basic facilities, and overcome water crisis and climate change challenges.
Published 01 Jun, 2016 12:00am
Nineteen women visit US under summer exchanges

Nineteen women visit US under summer exchanges

US Consul General Brian Heath greeted here Tuesday 19 Pakistani women prior to their departure for summer exchange programs in the United States."My sincere congratulations to all of the participants in the Summer Sisters 2016 exchange program," said Heat
Published 01 Jun, 2016 12:00am
Power shutdown notice

Power shutdown notice

According to IESCO Spokesman, Due to electricity maintenance/development work the Power supply of the following Feeders / Grid Stations would remain suspended as on 01 June 08:00am 04:00pm, Azhar Abad, Raja Abad feeders, 10:00am 03:00pm, Line Park, KSM-2,
Published 01 Jun, 2016 12:00am
Pakistan Investment Conference attracts huge interest

Pakistan Investment Conference attracts huge interest

JS Global Capital Limited - Pakistan's premier and one of the largest Brokerage & Investment Banking firms has successfully concluded the Pakistan Investment Conference (PIC) 2016 in London.
Published 01 Jun, 2016 12:00am
Pakistan Investment Conference attracts huge interest

Pakistan Investment Conference attracts huge interest

JS Global Capital Limited - Pakistan's premier and one of the largest Brokerage & Investment Banking firms has successfully concluded the Pakistan Investment Conference (PIC) 2016 in London.
Published 01 Jun, 2016 12:00am
Sindh health department: CJP expresses dismay over merit violation

Sindh health department: CJP expresses dismay over merit violation

Resuming the hearing of a suo motu case about 279 illegal appointments in Health Department of the Sindh province on Tuesday, Chief Justice Anwar Zaheer Jamali expressed dismay over the merit violation in the matter. A three-member judge bench led by Chie
Published 01 Jun, 2016 12:00am
BankIslami signs pact with Akhuwat

BankIslami signs pact with Akhuwat

BankIslami Pakistan has signed an agreement with Akhuwat Foundation, an Interest free Micro-finance NGO. Under the agreement, BankIslami will provide Cash Management solutions to Akhuwat for the distribution of Qarz-e-Hasna Scheme (Interest Free Loans). L
Published 01 Jun, 2016 12:00am
Blast near Chinese engineer's vehicle: case registered

Blast near Chinese engineer's vehicle: case registered

The case of explosion near Chinese engineer's vehicle in Gulshan-e-Hadeed area of Karachi was registered at the CTD Garden Police Station on Monday. Provisions of anti-terrorism and attempted murder were included in the case. Chinese engineer and his driv
Published 01 Jun, 2016 12:00am
Navy conducts 'Tahaffuz-e-Sahil' exercise

Navy conducts 'Tahaffuz-e-Sahil' exercise

Pakistan Navy conducted Coastal Security Exercise, code named "Tahaffuz-e-Sahil" at Karachi Port Complex to check the efficacy of security mechanism in place at Karachi Port and associated infrastructure against any Maritime terrorist threat. A press rele
Published 01 Jun, 2016 12:00am
'Whereabouts of missing KDA official still not known'

'Whereabouts of missing KDA official still not known'

After the police failed to recover Karachi Development Authority's (KDA) Head of Anti-Encroachment cell Jamil Baloch, Rangers officials have denied reports that the missing KDA official was in their custody. During the hearing of the Jamil Baloch Disappea
Published 01 Jun, 2016 12:00am
'Oxford Dictionary Week' begins

'Oxford Dictionary Week' begins

The Oxford Dictionary Week is being celebrated in the country. An official of the Oxford University Press (OUP), Pakistan, said here on Tuesday that the celebrations would continue till June 5. On the occasion, the Oxford dictionaries have been put on dis
Published 01 Jun, 2016 12:00am
SECP organises seminar on VPS for HR professionals

SECP organises seminar on VPS for HR professionals

The Securities and Exchange Commission of Pakistan (SECP) under its investor awareness initiative conducted a seminar on Voluntary Pension System (VPS) at a local hotel for the senior HR professionals of the corporate sector. The SECP chairman in his mess
Published 01 Jun, 2016 12:00am
Rajputana Hospital to start liver transplant facility

Rajputana Hospital to start liver transplant facility

The management of Rajputana Hospital has decided to introduce the facility of liver transplant. It was announced at a seminar on liver transplant, organised by the management of Rajputana Hospital Hyderabad here the other day which followed by free outdoo
Published 01 Jun, 2016 12:00am
By-polls in Sindh: Army, Rangers to be deployed: ECP

By-polls in Sindh: Army, Rangers to be deployed: ECP

The Election Commission of Pakistan (ECP) on Tuesday decided to deploy Army and Rangers both inside and outside of the polling stations in bye-election of different constituencies of the Sindh Assembly. Letters have been sent to the secretaries Interior a
Published 01 Jun, 2016 12:00am
Meritorious students given cash awards

Meritorious students given cash awards

Twenty meritorious students of the University College for Boys, University of Peshawar (UoP) were given cash awards of rupees 20 thousand each in a ceremony held at the college conference hall. Vice Chancellor UoP Prof Dr Muhammad Rasul Jan was the chief
Published 01 Jun, 2016 12:00am
Ramazan package to be announced today

Ramazan package to be announced today

Minister for Industries and Production (MoI&P) Ghulam Murtaza Khan Jatoi is to announce Ramazan Relief Package 2016 on Wednesday (today) according to which subsidy of Rs 1.4 billion will be extended on 18 items to be available at USC outlets across Pakist
Published 01 Jun, 2016 12:00am
Fourth US-Pak Business Conference in New York from June 2

Fourth US-Pak Business Conference in New York from June 2

Following the successful conferences in London and Dubai, and Islamabad, the US Government is scheduled to host fourth US - Pak Business Opportunities Conference in New York on June 2-4. The conference will identify trade and investment opportunities betw
Published 01 Jun, 2016 12:00am
Delegation of Federal Ombudsman's Secretariat calls on CJP

Delegation of Federal Ombudsman's Secretariat calls on CJP

A delegation of Federal Ombudsman's Secretariat headed by M Salman Faruqui, Wafaqi Mohtasib-i-Aala, called on the Chief Justice of Pakistan Justice Anwar Zaheer Jamali at Supreme Court Islamabad on Tuesday and presented reports on prison, police stations
Published 01 Jun, 2016 12:00am
10 power culprits apprehended during IESCO raids

10 power culprits apprehended during IESCO raids

Islamabad Electric Supply Company (IESCO) apprehended 10 electricity thieves upon the special directives of Chief Executive Officer Dr. Rana Abdul Jabbar Khan in different areas of IESCO Region. According to the details 04 culprits were caught red handed
Published 01 Jun, 2016 12:00am
20 percent cut in urea price: MoF weighs different options

20 percent cut in urea price: MoF weighs different options

The Ministry of Finance has reportedly started working on reducing price of urea by 20 percent or Rs 350 per bag in federal budget 2016-17 in the light of directions given by Prime Minister Nawaz Sharif, well-informed sources told Business Recorder
Published 01 Jun, 2016 12:00am
Horticulture sector: FPCCI for special incentives for GB in budget

Horticulture sector: FPCCI for special incentives for GB in budget

Federation of Pakistan Chambers of Commerce and Industry (FPCCI) demanded the special incentives for horticulture sector of Gilgit-Baltistan in upcoming budget. The demand was made by Chairman Regional Standing Committee, FPCCI Ahmad Jawad while speaking
Published 01 Jun, 2016 12:00am
National Refinery Limited

National Refinery Limited

National Refinery Limited (PSX: NRL) was incorporated on August 19, 1963 as a public limited company. The government took over the management of NRL under the Economic Reforms Order, 1972 exercising control through its shareholding in State Petroleum Refi
Published 01 Jun, 2016 12:00am
National Refinery Limited

National Refinery Limited

National Refinery Limited (PSX: NRL) was incorporated on August 19, 1963 as a public limited company. The government took over the management of NRL under the Economic Reforms Order, 1972 exercising control through its shareholding in State Petroleum Refi
Published 01 Jun, 2016 12:00am
Panama Papers: parliamentary panel fails to make progress

Panama Papers: parliamentary panel fails to make progress

The deadlock between opposition and government is still persists, as meeting of the 12-member parliamentary committee working on framing terms of reference for holding probe into Panama leaks ended on Tuesday without a breakthrough. At the outset of the m
Published 01 Jun, 2016 12:00am
FTSE snaps three-month winning streak as Brexit poll weighs

FTSE snaps three-month winning streak as Brexit poll weighs

Britain's top share index broke a three-month streak of gains after the results of a telephone poll showed British voters were favouring a vote to leave the European Union in a June 23 referendum. The FTSE 100 index was down 0.6 percent at 6,230.79 points
Published 01 Jun, 2016 12:00am
Australian shares down

Australian shares down

Australian shares ended lower on Tuesday, lacking direction due to the absence of impetus from the United States, where markets were closed for a public holiday on Monday. The S&P/ASX 200 index ended down 0.54 percent, or 29.417 points at 5378.600 New Zea
Published 01 Jun, 2016 12:00am
Nigeria stocks post biggest daily fall in 16 months on FX risk
Currency

Nigeria stocks post biggest daily fall in 16 months on FX risk

Nigerian stocks posted their biggest daily decline in 16 months on Monday as investors waiting for clarity on a new central bank currency policy sold shares to book profits after a recent rally. The All Share Index closed down 4.26 percent, its biggest dr
Published 01 Jun, 2016 12:00am
Sri Lankan shares at over one-month low

Sri Lankan shares at over one-month low

Sri Lankan shares edged down on Tuesday as investors sold banking and large cap stocks amid lack of new catalysts for buying risky assets, and on concerns over foreign investment outflows and rising interest rates. The benchmark Colombo stock index ended
Published 01 Jun, 2016 12:00am
European shares fall but mark third month of gains

European shares fall but mark third month of gains

European shares fell on Tuesday, hit by weakness among banking stocks and Volkswagen, whose shares retreated after the carmaker reported first-quarter earnings. The pan-European STOXX 600 and FTSEurofirst 300 indexes both closed down around 0.8 percent, a
Published 01 Jun, 2016 12:00am
China stocks post biggest rise in three months
Currency

China stocks post biggest rise in three months

Chinese shares posted their biggest daily gain in three months on Tuesday on growing expectations US market index provider MSCI could add mainland stocks to its emerging market benchmark for the first time. The CSI300 index of the largest listed companies
Published 01 Jun, 2016 12:00am
Taiwan stocks fall

Taiwan stocks fall

Taiwan stocks fell on Tuesday in line with losses in overseas markets and on profit-taking after the main index hit highs not seen since late April in the previous session. Asian shares wobbled in early trade and were on track for a monthly loss. As of 02
Published 01 Jun, 2016 12:00am
Southeast Asian stocks flat to lower

Southeast Asian stocks flat to lower

Southeast Asian stocks closed flat to lower on Tuesday as investors waited for cues from US inflation and employment data due this week, the two most important indicators for a "data-dependent" US Federal Reserve. Investors will also be keeping a keen eye
Published 01 Jun, 2016 12:00am
Hong Kong shares up

Hong Kong shares up

Hong Kong shares closed up 0.9 percent on Tuesday at their highest level in more than four weeks, tracking gains in Chinese stocks as investors bet that MSCI will add mainland shares to its index for the first time next month. The Hang Seng Index rose to
Published 01 Jun, 2016 12:00am
Tokyo stocks rise
Currency

Tokyo stocks rise

Tokyo's benchmark index rose Tuesday, notching up its longest winning streak this year, as investors cheered at the growing likelihood Japan will delay a sales tax hike, while the yen's decline lifted exporters. Tokyo published lacklustre data earlier Tue
Published 01 Jun, 2016 12:00am
Indian shares down

Indian shares down

Indian shares edged down on Tuesday after five consecutive sessions of gains as investors took profits, but indexes were still up for a third straight month, outperforming all regional markets. The benchmark BSE index fell 0.22 percent to end at 26,667.96
Published 01 Jun, 2016 12:00am
ME indexes diverge but end the month at a loss

ME indexes diverge but end the month at a loss

Share market indexes in the Middle East diverged on Tuesday, with Saudi Arabia's index outperforming peers as some positive news lifted shares, but all markets ended with losses for the month. Riyadh's index rebounded 1.4 percent, ending three sessions of
Published 01 Jun, 2016 12:00am
US consumer spending increase strongest in over six years

US consumer spending increase strongest in over six years

US consumer spending recorded its biggest increase in more than six years in April as households stepped up purchases of automobiles, suggesting an acceleration in economic growth that could persuade the Federal Reserve to raise interest rates soon. Thoug
Published 01 Jun, 2016 12:00am
German unemployment rate falls to record low in May

German unemployment rate falls to record low in May

German unemployment fell more than expected in May and the jobless rate sank to its lowest level in more than 25 years, boosting expectations that private consumption will continue to drive growth in Europe's biggest economy this year. The seasonally adju
Published 01 Jun, 2016 12:00am
VW profits whiplashed by 'dieselgate' scandal

VW profits whiplashed by 'dieselgate' scandal

Volkswagen suffered whiplash from a massive engine-rigging scandal as profits slumped in the first quarter, but the embattled German auto giant Tuesday insisted things were not as bad as they look. Volkswagen, which owns 12 brands in all, from VW to Audi,
Published 01 Jun, 2016 12:00am
VW profits whiplashed by 'dieselgate' scandal

VW profits whiplashed by 'dieselgate' scandal

Volkswagen suffered whiplash from a massive engine-rigging scandal as profits slumped in the first quarter, but the embattled German auto giant Tuesday insisted things were not as bad as they look. Volkswagen, which owns 12 brands in all, from VW to Audi,
Published 01 Jun, 2016 12:00am
Iran seeks to amend post-sanctions oil contracts

Iran seeks to amend post-sanctions oil contracts

Iran's first vice president has asked Oil Minister Bijan Zanganeh to amend new petroleum contracts aimed at facilitating foreign investment in the post-sanctions era, a government website reported on Tuesday. "Thank you for your efforts to take critical v
Published 01 Jun, 2016 12:00am
Hong Kong April retail sales fall for 14th straight month

Hong Kong April retail sales fall for 14th straight month

Hong Kong's retail sales fell for the 14th successive month in April, as a drop in tourists and weak local consumption deepened the pain for retailers in the city. Retail sales in April slid 7.5 percent from a year earlier to HK$35.2 billion ($4.5 billion
Published 01 Jun, 2016 12:00am
New Zealand business confidence rises in May

New Zealand business confidence rises in May

Business sentiment in New Zealand rose in May, led by gains across all sectors, particularly construction, an ANZ Bank survey showed on Tuesday. The survey's headline measure showed a net 11.3 percent of respondents expect the economy to improve over the
Published 01 Jun, 2016 12:00am
Brazil posts primary budget surplus but record deficit on track

Brazil posts primary budget surplus but record deficit on track

Brazil had a steep primary budget surplus in April, beating market expectations and recovering from a deficit the previous month, but not nearly enough to avert an expected record shortfall this year. The country posted a public sector primary surplus of
Published 01 Jun, 2016 12:00am
Missed Rio payment 'credit negative' for all Brazilian states: Moody's

Missed Rio payment 'credit negative' for all Brazilian states: Moody's

Missed debt payments by Rio de Janeiro underscore credit risks facing all Brazilian states, adding to pressure on the federal government to offer more generous relief to struggling states, Moody's Investors Service said on Monday. Moody's analyst Paco Deb
Published 01 Jun, 2016 12:00am
Canada first quarter economic pick-up disappoints, weakness seen ahead

Canada first quarter economic pick-up disappoints, weakness seen ahead

Canada's economic growth accelerated at a weaker pace than expected in the first three months of the year and lost momentum at the end of the quarter, boding poorly for a second quarter that is expected to be further impacted by Alberta's wildfires. Altho
Published 01 Jun, 2016 12:00am
US MIDDAY: gold gains ground

US MIDDAY: gold gains ground

Gold rose 1 percent early on Tuesday, rebounding from the prior session's three-and-a-half-month low, but remained on track for its biggest monthly decline since November on dollar strength and growing expectations of an imminent US interest rate hike. Sp
Published 01 Jun, 2016 12:00am
US MIDDAY: wheat falls

US MIDDAY: wheat falls

US wheat futures sank 2.9 percent on Tuesday, on track for their biggest daily decline in four weeks as forecasts called for improving harvest conditions for the winter crop good weather for spring wheat development. "Drier weather begins to develop in th
Published 01 Jun, 2016 12:00am
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