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Feb 16, 2025 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Print - 2018-05-24
Exporters in a quandary over stuck-up refunds

Exporters in a quandary over stuck-up refunds

The worries of exporters are increasing as the federal government is heading towards its last working day because they are not sure whether or not their stuck-up sales tax and duty drawback refunds would be released. Most of the exporters are running from
Published 24 May, 2018 12:00am
SMEDA acquires land for Swat's fruit dehydration unit

SMEDA acquires land for Swat's fruit dehydration unit

Small and Medium Enterprises Development Authority (SMEDA) has acquired a piece of one kanal land for the establishment of Fruit Dehydration Unit (FDU) Swat at Mingora. The purchase of land has cost Rs 59 million. The project is a Public Sector Developmen
Published 24 May, 2018 12:00am
'PAMRA to help replace existing agriculture marketing system'

'PAMRA to help replace existing agriculture marketing system'

Secretary Agriculture Punjab Muhammad Mahmood has said that approval of the Punjab Agriculture Markets Regulatory Authority Act (PAMRA) will help replace existing agriculture marketing (mundi) system in the province. In a statement issued on Wednesday, Mu
Published 24 May, 2018 12:00am
Power supplies to domestic, industrial consumers intact: Lesco

Power supplies to domestic, industrial consumers intact: Lesco

Chief Executive Officer (CFO) of Lahore Electric Supply Company (LESCO) Mujahid Pervez Chatta said on Wednesday that power supplies to domestic and industrial prime users are intact since the start of Ramazan. He was presiding over a meeting to review pow
Published 24 May, 2018 12:00am
COMSATS delegation visits PPIC

COMSATS delegation visits PPIC

A 16-member delegation of the COMSATS University Lahore visited the Punjab Police's Integrated Command Control and Communication Center (PPIC3) at the Punjab Safe Cities Authority's Headquarter on Wednesday. The visiting teachers and students were taken t
Published 24 May, 2018 12:00am
Berger Paints Pakistan Limited
Mutual Funds

Berger Paints Pakistan Limited

Established two centuries ago, Berger paints is one the largest paints manufacturers in the world. In Pakistan, Berger started its operations in 1950. In 1974, it became Berger Paints Pakistan Limited (BPPL) when 49.38 percent of its shares were bought by
Published 24 May, 2018 12:00am
Berger Paints Pakistan Limited
Mutual Funds

Berger Paints Pakistan Limited

Established two centuries ago, Berger paints is one the largest paints manufacturers in the world. In Pakistan, Berger started its operations in 1950. In 1974, it became Berger Paints Pakistan Limited (BPPL) when 49.38 percent of its shares were bought by
Published 24 May, 2018 12:00am
SECP drops proceedings against insurance firm

SECP drops proceedings against insurance firm

The Securities and Exchange Commission of Pakistan (SECP) has dropped proceedings against an insurance company following successful revival of its business operations. According to an order issued by the SECP here on Tuesday, the SECP has noticed that the
Published 24 May, 2018 12:00am
PARC's BoG meeting on May 24

PARC's BoG meeting on May 24

The 43rd meeting of PARC Board of Governors (BoG) is going to be held on 24th May 24, 2018 at PARC HQs, Islamabad on Thursday. The Federal Minister for National Food Security and Research and President of PARC Board of Governors Sikandar Hayat Khan Bosan
Published 24 May, 2018 12:00am
US midday: gold eases

US midday: gold eases

Gold fell on Wednesday as the US dollar rose against a basket of currencies while investors awaited minutes from the US Federal Reserve's latest policy meeting for clues on the pace of interest rate hikes. Spot gold lost 0.1 percent at $1,289.89 per ounce
Published 24 May, 2018 12:00am
US MIDDAY: soyabeans climb

US MIDDAY: soyabeans climb

US soyabean futures scaled to a 2-1/2-week high on Wednesday as signs of renewed Chinese demand for US exports lifted prices for a fourth straight session. Corn advanced on concerns about planting and early crop development due to adverse weather, while w
Published 24 May, 2018 12:00am
Gold falls in Europe
Currency

Gold falls in Europe

Gold prices fell on Wednesday as a stronger dollar outpaced concerns over US-China trade talks, which had earlier boosted the metal's safe-haven appeal. The dollar, in which gold and other commodities are priced, rose versus a basket of currencies as inve
Published 24 May, 2018 12:00am
Gold slips in Asia

Gold slips in Asia

Gold prices slipped on Wednesday, pressured by a firm dollar ahead of the release of the minutes from the Federal Reserve's last policy meeting. Spot gold was 0.1 percent lower at $1,289.71 per ounce as of 0645 GMT. US gold futures for June delivery were
Published 24 May, 2018 12:00am
Gold steadies in New York

Gold steadies in New York

Gold steadied just above a 2018 low on Tuesday as the US dollar fell from a five-month high, although risk appetite in the broader financial markets kept the metal's gains in check. The dollar lost momentum after a rally sparked by rising US bond yields a
Published 24 May, 2018 12:00am
Sugar extends gains to highest in over six weeks

Sugar extends gains to highest in over six weeks

Sugar futures on ICE rose to the highest in more than six weeks on Wednesday, boosted by a diminished crop outlook in top grower Brazil and reports that India may announce measures soon to deal with excess supplies of the sweetener. The New York and Londo
Published 24 May, 2018 12:00am
Palm oil declines
Vegetable Oil

Palm oil declines

Malaysian palm oil futures declined in trade on Wednesday evening, tracking weakness in crude oil prices and as traders booked profit after the vegetable oil jumped to a six-week high in the previous session. The benchmark palm oil contract for August del
Published 24 May, 2018 12:00am
Rubber slips

Rubber slips

Benchmark Tokyo rubber futures slipped on Wednesday from a near four-month high hit in the previous session, hurt by a firmer yen against the dollar on fears that setbacks to U.S-China trade talks would undermine increasingly fragile-looking world growth.
Published 24 May, 2018 12:00am
Oil falls on shock US stock builds, Opec supply worries

Oil falls on shock US stock builds, Opec supply worries

Oil benchmarks fell on Wednesday after an unexpected build in US crude and gasoline inventories despite strong demand, and as traders weighed a possible increase in Opec crude output to cover any shortfalls in supply from Iran and Venezuela. US crude inve
Published 24 May, 2018 12:00am
Rosneft says opens Salman oilfield in Iraq

Rosneft says opens Salman oilfield in Iraq

Russian oil giant Rosneft said on Wednesday it had opened a new oilfield in Iraq. Rosneft said in a press release the new oilfield, called Salman, is an important step towards expanding the company's operations outside Russia. In another report Iraq signe
Published 24 May, 2018 12:00am
Copper posts biggest one-day drop in a month

Copper posts biggest one-day drop in a month

Copper posted its biggest one-day drop in nearly a month on Wednesday as fading optimism that a China-US trade stand-off was at an end knocked appetite for cyclical assets, helping pull the metal from the previous day's high. Stock markets slid and the do
Published 24 May, 2018 12:00am
Shanghai copper up, lead slips

Shanghai copper up, lead slips

The most-traded July copper contract on the Shanghai Futures Exchange tracked overnight gains, closing up 0.6 percent at 51,770 yuan ($8,112) a tonne on Wednesday after US President Donald Trump said he was not pleased with recent trade talks between the
Published 24 May, 2018 12:00am
Trump says 'we'll know next week' about Kim summit

Trump says 'we'll know next week' about Kim summit

US President Donald Trump said Wednesday the fate of a landmark summit with North Korea's Kim Jong Un will be decided "next week," as aides traveled to Singapore on a preparatory mission. "On Singapore we'll see. It could very well happen," Trump said of
Published 24 May, 2018 12:00am
Six Americans injured in Honduras plane crash

Six Americans injured in Honduras plane crash

At least six Americans were injured Tuesday when a plane crashed while landing at the Honduran capital's international airport and split in two. The commercial jet from Austin, Texas left the runway and veered into a ditch, Carlos Cordero, deputy head of
Published 24 May, 2018 12:00am
Pentagon pulls China's invite to Pacific naval exercises

Pentagon pulls China's invite to Pacific naval exercises

The Pentagon has pulled its invitation for China to join maritime exercises in the Pacific because of Beijing's "continued militarization" of the South China Sea, an official said Wednesday, in the latest sign of US-China strains.
Published 24 May, 2018 12:00am
DR Congo Ebola outbreak on 'epidemiological knife edge': WHO

DR Congo Ebola outbreak on 'epidemiological knife edge': WHO

An Ebola outbreak in the Democratic Republic of Congo has a clear "potential to expand", WHO warned Wednesday, amid news three people infected with the deadly virus had fled a local hospital. "We are on the epidemiological knife edge," Peter Salama, in ch
Published 24 May, 2018 12:00am
US policy on Iran puts region in 'further danger': France

US policy on Iran puts region in 'further danger': France

French Foreign Minister Jean-Yves Le Drian said Wednesday that the United States risks further destabilising the Middle East after Washington warned Iran faced the "strongest sanctions in history". "The sanctions to be launched against Iran will not foste
Published 24 May, 2018 12:00am
Berlin agrees to compensate power firms for nuclear exit

Berlin agrees to compensate power firms for nuclear exit

The German government approved a draft law Wednesday that paves the way for energy giants RWE and Vattenfall to receive hundreds of millions of euros in compensation for the country's decision to phase out nuclear power. The exact sum has yet to be determ
Published 24 May, 2018 12:00am
SpaceX rocket blasts off water-tracking satellite duo

SpaceX rocket blasts off water-tracking satellite duo

A SpaceX rocket Tuesday blasted off a duo of sports car-sized satellites built by the US and Germany to reveal changes in sea level rise, ice melt and drought on Earth. "Three, two, one, liftoff!" said a SpaceX commentator as the Falcon 9 rocket launched
Published 24 May, 2018 12:00am
US staffer suffers brain injury after 'sound' incident in China

US staffer suffers brain injury after 'sound' incident in China

The US embassy in China issued a health alert Wednesday after a US government employee experienced an "abnormal" sound and suffered a mild brain injury - in an incident reminiscent of a mysterious illness that hit diplomats in Cuba.
Published 24 May, 2018 12:00am
Palestinians join two UN agencies, chemical weapons pact

Palestinians join two UN agencies, chemical weapons pact

The Palestinians have joined two United Nations agencies and the global convention to halt the spread of chemical weapons, a UN envoy said Wednesday, despite a threat of US funding cuts. At the United Nations, the Palestinians have the status of a non-mem
Published 24 May, 2018 12:00am
Russia calls for global aid to rebuild Syria

Russia calls for global aid to rebuild Syria

Senior Russian military officials on Wednesday called for the United Nations and other international organisations to help rebuild Syrian territory recaptured by government forces, in order to consolidate the "successes" of the military campaign.
Published 24 May, 2018 12:00am
AB de Villiers retires from international cricket

AB de Villiers retires from international cricket

South Africa's star batsman AB de Villiers on Wednesday announced his surprise retirement from international cricket after a glittering 14-year career playing for the Proteas. De Villiers, 34, won fans around the world for mixing traditional and unorthodo
Published 24 May, 2018 12:00am
'Fearless' Pakistan ready to put England under pressure

'Fearless' Pakistan ready to put England under pressure

Pakistan coach Mickey Arthur believes his "fearless" side have everything to gain when they face an "under the pump" England in the first Test at Lord's on Thursday. England will be looking for some much-needed home comfort after recent winless Test tours
Published 24 May, 2018 12:00am
Sarfraz wants Pakistan's senior service to lead at Lord's

Sarfraz wants Pakistan's senior service to lead at Lord's

Pakistan captain Sarfraz Ahmed wants the side's quartet of senior players to help take the pressure off the rest of the team in the first Test against England at Lord's. For at least seven members of the tourists' side, Thursday's opening fixture of a two
Published 24 May, 2018 12:00am
Japan swimmer Koga axed after failed drugs test

Japan swimmer Koga axed after failed drugs test

Former swimming world champion Junya Koga has been kicked out of the Japan squad for this summer's Asian Games after failing a drug test, officials said Wednesday. The 30-year-old, who won the 100 metres backstroke world title in 2009, tested positive for
Published 24 May, 2018 12:00am
USA Gymnastics apologizes for sex abuse scandal

USA Gymnastics apologizes for sex abuse scandal

The new head of USA Gymnastics apologized before Congress on Wednesday for the "despicable" sexual abuse of Olympic gymnasts by disgraced team doctor Larry Nassar and pledged to make athlete safety the top priority. The leader of USA Swimming also express
Published 24 May, 2018 12:00am
Manchester United named most valuable football team

Manchester United named most valuable football team

Manchester United may have finished second in the English Premier League this season but the club is top of the table in terms of overall value, according to a report by accounting firm KPMG on Wednesday. The Red Devils' overall value increased five perce
Published 24 May, 2018 12:00am
Cricket Australia snares major new sponsor despite scandal

Cricket Australia snares major new sponsor despite scandal

Cricket Australia signed a four-year deal with a new shirt sponsor Wednesday, seemingly unperturbed by the ball-tampering scandal that badly damaged the sport's reputation. Alinta Energy will become the principal partner of the men's team in all three for
Published 24 May, 2018 12:00am
Russian footballers cleared after FIFA doping probe

Russian footballers cleared after FIFA doping probe

FIFA has ended a doping investigation into Russian footballers named in the country's provisional World Cup squad after finding "insufficient evidence" of any wrongdoing, it said on Tuesday. World football's governing body launched a probe into "possible
Published 24 May, 2018 12:00am
Axelsen succumbs to Lee on path to Thomas quarters

Axelsen succumbs to Lee on path to Thomas quarters

Veteran Malaysian shuttler Lee Chong Wei enacted his revenge on world number one Viktor Axelsen by stunning the Dane in a two-game match in their final group encounter of the Thomas Cup on Wednesday. Lee, 35, beat the 24-year-old star 21-9, 21-19 in 42 mi
Published 24 May, 2018 12:00am
Hafeez denies criticising ICC

Hafeez denies criticising ICC

All-rounder Mohammad Hafeez in his reply to the Pakistan Cricket Board (PCB)'s show-cause notice for his remarks about ICC rules denied criticising the ICC saying his interview was presented out of context. "I had not criticised the ICC rather I only touc
Published 24 May, 2018 12:00am
Argentina goalkeeper Romero out of World Cup with knee injury

Argentina goalkeeper Romero out of World Cup with knee injury

Argentina's World Cup preparations suffered a blow on Tuesday as goalkeeper Sergio Romero was ruled out of the tournament with a knee injury, the Argentina Football Association (AFA) said. The Manchester United goalkeeper injured his right knee during tra
Published 24 May, 2018 12:00am
PHF condoles demise of athlete Mohammad Fazil

PHF condoles demise of athlete Mohammad Fazil

Pakistan Hockey Federation (PHF) President, Brigadier Khalid Sajjad Khokhar (retd) and Secretary Shahbaz Ahmad have expressed their grief over the demise of athlete Mohammad Fazil. They prayed for the rest of the departed soul in eternal peace and grant c
Published 24 May, 2018 12:00am
Ukraine's: 2018 spring grain sowing near end

Ukraine's: 2018 spring grain sowing near end

Ukrainian farmers had almost completed the 2018 spring grain sowing, seeding 6.9 million hectares, equating to 93 percent of the total area, the country's Agriculture Ministry said on Monday. Farmers have sown about 1.5 million hectares of spring barley,
Published 24 May, 2018 12:00am
CBOT wheat futures rally on technical buying

CBOT wheat futures rally on technical buying

Chicago Board of Trade wheat futures rallied on Tuesday on technical buying and on concern that dry weather in the US Plains wheat belt and other wheat areas around the world could curb grain production, traders said. Late-session profit taking curbed gai
Published 24 May, 2018 12:00am
Lacklustre trade seen on cotton market
Cotton

Lacklustre trade seen on cotton market

Lacklustre condition prevailed on the cotton market on Wednesday owing to the shortage of quality lint, dealers said. The official spot rate was unchanged at Rs 7500, they added. In the ready session, not a single deal reported till our going to the press
Published 24 May, 2018 12:00am
Activities at Karachi and Qasim Ports

Activities at Karachi and Qasim Ports

The Karachi Port handled 146,417 tonnes of cargo comprising 112,314 tonnes of import cargo and 34,103 tonnes of export cargo including 7,280 loaded and empty containers during the last 24 hours ending at 0700 hours on Wednesday. The total import cargo of
Published 24 May, 2018 12:00am
China's steel prices fall to one month low

China's steel prices fall to one month low

China's steel prices fell to their lowest in nearly a month on Tuesday, extending losses into a third session on worries about weakening demand amid strong supply in the world's top producer of the material. Those concerns offset news that the country's s
Published 24 May, 2018 12:00am
Brazil's 2018-2019 coffee output, yield at record highs

Brazil's 2018-2019 coffee output, yield at record highs

Brazil's coffee harvest will rise to a record 60.2 million 60-kg bags in the 2018-19 crop year, up 18 percent year-on-year as the world's biggest producer's yield was projected to reach the highest level ever, a US attache report showed on Monday.
Published 24 May, 2018 12:00am
Crop concerns drive EU wheat to near 10-month high
Currency

Crop concerns drive EU wheat to near 10-month high

Concern about dry conditions for crops in the United States and other major wheat producing countries drove European wheat prices to their highest in nearly 10 months on Tuesday. Benchmark December milling wheat, the most active contract on Paris-based Eu
Published 24 May, 2018 12:00am
PMEX daily trading report
Cotton

PMEX daily trading report

On Tuesday at Pakistan Mercantile Exchange Limited, PMEX Commodity Index closed at 3,500. The traded value of Metals, Energy and COTS/FX was recorded at 4.699 billion and the number of lots traded was 10,308.
Published 24 May, 2018 12:00am
UK admits will pay Brexit bill before agreeing trade deal

UK admits will pay Brexit bill before agreeing trade deal

The British government acknowledged Wednesday it must pay its Brexit divorce bill before securing a new trade deal with the EU, despite previously insisting the cash could be a bargaining chip. Prime Minister Theresa May agreed in December to a financial
Published 24 May, 2018 12:00am
UK annual inflation dips to lowest in 13 months

UK annual inflation dips to lowest in 13 months

Britain's annual inflation rate eased in April to 2.4 percent, the lowest level since March 2017, official data showed Wednesday, weighing on the pound. The Consumer Prices Index 12-month rate had stood at 2.5 percent in March, the Office for National Sta
Published 24 May, 2018 12:00am
IMF urges Saudi Arabia to contain spending as deficit widens

IMF urges Saudi Arabia to contain spending as deficit widens

The International Monetary Fund has called on Saudi Arabia to keep public spending under control, even as a partial recovery of oil prices helps the economy emerge from recession. The lender called on the world's top oil exporter to continue "bold structu
Published 24 May, 2018 12:00am
US new home sales fall, housing market treading water

US new home sales fall, housing market treading water

Sales of new US single-family homes fell less than expected in April amid a rise in transactions in the South and Northeast, and data for the prior three months was revised lower, suggesting the housing market was struggling to regain momentum. Economists
Published 24 May, 2018 12:00am
Deutsche Bank mulls 10,000 job cuts

Deutsche Bank mulls 10,000 job cuts

German financial giant Deutsche Bank could cut up to 10,000 jobs as it looks to convince investors it is serious about returning to profitability, according to media reports Wednesday. Citing "people familiar with internal bank discussions," the Wall Stre
Published 24 May, 2018 12:00am
Congress eases post-crisis bank rules in victory for Trump

Congress eases post-crisis bank rules in victory for Trump

The US House of Representatives passed on Tuesday bipartisan legislation that would ease bank rules introduced in the wake of the 2007-2009 financial crisis, giving President Donald Trump a major legislative victory. The vote eases some of the 2010 Dodd-F
Published 24 May, 2018 12:00am
Macron presses technology giants on taxes, working conditions
Kerb

Macron presses technology giants on taxes, working conditions

French President Emmanuel Macron on Wednesday urged Facebook CEO Mark Zuckerberg and the bosses of other tech companies accused of hoovering up personal data while avoiding taxes to use their clout for global good. Around 60 industry leaders, including Zu
Published 24 May, 2018 12:00am
Eurozone business slowdown suggests best days may be over

Eurozone business slowdown suggests best days may be over

Eurozone economic growth slowed much more sharply than expected this month, a business survey showed, which along with weaker inflation has intensified concerns there will be no return to the bloc's recent boom times. The European Central Bank will end it
Published 24 May, 2018 12:00am
French ILO jobless rate edged up

French ILO jobless rate edged up

France's ILO unemployment rate edged up in the first quarter from the previous quarter, data from the INSEE national statistics office showed, adding to signs of a slowdown in the euro zone's second-biggest economy. The rate stood at 9.2 percent, versus 9
Published 24 May, 2018 12:00am
Global banks scrap for share of expected China MSCI trading boom

Global banks scrap for share of expected China MSCI trading boom

Western banks are scrambling to beef up research coverage of Chinese stocks as they look to cash in on the looming inclusion of mainland stocks in MSCI's flagship emerging markets indexes, which is expected to trigger a surge of foreign inflows. Banks are
Published 24 May, 2018 12:00am
M&S a bright spot as big oil, miners knock FTSE off record high

M&S a bright spot as big oil, miners knock FTSE off record high

The UK's top share index was knocked down of its highs on Wednesday and sustained its biggest loss in two months as oil majors and commodity-related stocks fell but well-received results made Marks & Spencer a bright spot. The blue chip FTSE 100 index clo
Published 24 May, 2018 12:00am
Most South East Asian stocks fall

Most South East Asian stocks fall

Most Southeast Asian stock markets fell on Wednesday, with Malaysia declining the most since January 2016, as risk appetite took a hit after US President Donald Trump tempered optimism over trade talks between the world's top two economies.
Published 24 May, 2018 12:00am
Trade tremors, commodities dent European shares

Trade tremors, commodities dent European shares

European shares pulled back on Wednesday as US-China trade talks stalled and a drop in crude prices slammed the brakes on a stellar run in energy stocks, while uncertainty in Italian politics continued to weigh on banks. The pan-European STOXX 600 index f
Published 24 May, 2018 12:00am
China stocks fall the most in a month

China stocks fall the most in a month

China stocks fell the most in a month on Wednesday, dragged by a slump in coal miners as Beijing intervened to cool the red-hot coal market. The blue-chip CSI300 index fell 1.3 percent to 3,854.58, while the Shanghai Composite Index declined 1.4 percent t
Published 24 May, 2018 12:00am
Australian, New Zealand shares dip

Australian, New Zealand shares dip

Energy stocks drove Australian shares lower on Wednesday, after oil and gas producer Santos rejected US-based firm Harbour Energy's $10.8 billion takeover offer. The S&P/ASX 200 index slipped 0.2 percent or 9.4 points to 6032.5 at the close of trade. The
Published 24 May, 2018 12:00am
Dealers take large share of US two-year note sale

Dealers take large share of US two-year note sale

The US Treasury Department sold $33 billion in two-year notes to fair demand on Tuesday, the first sale of $99 billion in coupon-bearing supply this week. The sale came as two-year yields held just below almost 10-year highs reached on Thursday, as invest
Published 24 May, 2018 12:00am
Indian shares down

Indian shares down

Indian shares fell on Wednesday pulled down by oil companies, while mining and energy conglomerate Vedanta Ltd hit an over 10-month low as protests against its copper plant in south India turned violent. State-owned oil refiners as well as marketing compa
Published 24 May, 2018 12:00am
Wall Street slips on US-China trade talk uncertainty

Wall Street slips on US-China trade talk uncertainty

US stocks ended lower on Tuesday, weighed down by lingering uncertainty over the outcome of trade talks between the United States and China and declines in energy and industrial shares. President Donald Trump on Tuesday said he was not pleased with recent
Published 24 May, 2018 12:00am
Tokyo stocks lower

Tokyo stocks lower

Tokyo stocks closed lower Wednesday with investor sentiment hurt by downbeat remarks from US President Donald Trump on planned talks with North Korea's leader, and trade with China. The benchmark Nikkei 225 index fell 1.18 percent or 270.60 points to clos
Published 24 May, 2018 12:00am
Dubai index down on profit-taking, other Middle East markets mixed

Dubai index down on profit-taking, other Middle East markets mixed

The Dubai market closed lower on Wednesday, ending a two-day rally as investors took profit on a select number of stocks, while blue chips led by Jabal Omar pushed the Saudi market into weaker territory. Other markets were slightly higher, but volumes wer
Published 24 May, 2018 12:00am
Kiwi, Aussie down
Currency

Kiwi, Aussie down

The New Zealand dollar retreated on Wednesday after the central bank said it could slash cash rates to below zero and engage in asset buying programmes in case of a major crisis, with the Australian currency falling in sympathy.
Published 24 May, 2018 12:00am
Sterling slips

Sterling slips

Sterling slid on Wednesday to a new five-month low after weaker-than-expected UK inflation dented the prospect of the Bank of England (BoE) raising interest rates this year. The pound had been one of the best-performing currencies in 2018 but it has given
Published 24 May, 2018 12:00am
Turkey makes sharp emergency rate hike to stem lira losses
Currency

Turkey makes sharp emergency rate hike to stem lira losses

The Turkish central bank said on Wednesday it had hiked one of its key interest rates 300 basis points (bps) to bolster the lira after the currency plunged to historic lows against the US dollar. The bank said after an emergency meeting of its monetary po
Published 24 May, 2018 12:00am
Most Asian currencies weaken

Most Asian currencies weaken

Most emerging Asian currencies weakened on Wednesday as investors trimmed exposure to riskier assets and the dollar edged higher, while the South Korean won climbed a day before a central bank decision in Seoul. Investors sought safer assets after US Pres
Published 24 May, 2018 12:00am
Bangladesh's interbank forex rates

Bangladesh's interbank forex rates

Interbank buy/sell rates for the taka against the dollar on Wednesday. 83.70-83.70 (Previous 83.70-83.70).
Published 24 May, 2018 12:00am
Dollar weakens in New York as focus turns to Fed minutes
Currency

Dollar weakens in New York as focus turns to Fed minutes

The dollar slipped on Tuesday after six straight days of gains, as US Treasury yields dipped and investors looked for fresh incentives to buy the currency following a nearly 7 percent rally since mid-February. The dollar's recent uptrend has been supporte
Published 24 May, 2018 12:00am
Swiss franc, yen surge in Europe
Currency

Swiss franc, yen surge in Europe

The Swiss franc and the Japanese yen rose against the dollar on Wednesday as a wave of caution swept currency markets a day after US President Donald Trump tempered optimism over progress made in trade talks with China.
Published 24 May, 2018 12:00am
Dollar up in Asia

Dollar up in Asia

The dollar inched higher versus a basket of currencies on Wednesday, with investors awaiting minutes of the Federal Reserve's last policy meeting for hints on the pace of further US monetary tightening. The dollar index against a basket of six major peers
Published 24 May, 2018 12:00am
Sri Lankan rupee up
Currency

Sri Lankan rupee up

The Sri Lankan rupee ended marginally firmer on Wednesday on late exporter dollar conversions, but traders expect the currency to be under pressure from a possible slump in the country's top agriculture export, tea, due to heavy rains. The spot rupee ende
Published 24 May, 2018 12:00am
Ministry mulling de-notifying SMEDA CEO

Ministry mulling de-notifying SMEDA CEO

Ministry of Industries and Production ( MoI&) is reportedly mulling de-notifying Sher Ayub Khan, Chief Executive Officer, Small and Medium Enterprises Development Authority (SMEDA) after a casual and inefficient dealing of the case for about one year, wel
Published 24 May, 2018 12:00am
SIC chief calls on PML-Q president

SIC chief calls on PML-Q president

Sunni Ittehad Council Chairman Sahibzada Hamid Raza and Majilis Wahdatul Musalmeen Deputy Secretary Information Nasir Abbas Sheerazi called on Pakistan Muslim League (PML-Q) President and former Prime Minister Ch Shujat Hussain and senior leader Ch Parvez
Published 24 May, 2018 12:00am
PIA generates Rs 23.5 billion revenue in first quarter

PIA generates Rs 23.5 billion revenue in first quarter

PIA in the first quarter of the year 2018 has generated Rs 23.5 billion in revenues, up by PKR 1.6 billion or up 7 per cent when compared with the same period of last year, PIA spokesman said on Wednesday. The key contributors to revenue growth are aggres
Published 24 May, 2018 12:00am
36 years RI for extortionists

36 years RI for extortionists

An Anti-Terrorism Court (ATC) here on Wednesday awarded thirty-six years rigorous imprisonment to Muhammad Irshad and Muhammad Jan after charges of extortion were proven against them. The prosecution succeeded to prove in court that both convicts had dema
Published 24 May, 2018 12:00am
Protester dead in second day of south India clashes

Protester dead in second day of south India clashes

A protester was killed by a rubber bullet in southern India Wednesday, a day after 10 were shot dead when police opened fire on a rally demanding the closure of a copper plant, officials said. Tuesday's police firing, which also left about 80 people injur
Published 24 May, 2018 12:00am
Polish novelist wins Man Booker International Prize

Polish novelist wins Man Booker International Prize

An English translation of Polish novel "Flights", which interweaves narratives of travel with explorations of the human body, was on Tuesday named as the winner of the prestigious Man Booker International Prize. The novel by Olga Tokarczuk, translated by
Published 24 May, 2018 12:00am
French Prime Minister cancels Israel trip

French Prime Minister cancels Israel trip

France's Prime Minister Edouard Philippe has cancelled a planned trip to Israel early next month, citing "domestic agenda" issues, his office said on Wednesday. Philippe had been expected to visit Jerusalem on June 1 for an event promoting ties between Fr
Published 24 May, 2018 12:00am
Maduro expels US diplomats, rejects sanctions

Maduro expels US diplomats, rejects sanctions

Venezuela ordered the expulsion of the top two US diplomats in the country Tuesday, charging it was the victim of a "political and financial lynching" after Washington tightened sanctions over Nicolas Maduro's re-election. Maduro announced the expulsions
Published 24 May, 2018 12:00am
G7 rejects Maduro's Venezuela election win

G7 rejects Maduro's Venezuela election win

The Group of Seven (G7) industrialized nations on Wednesday rejected Venezuela's presidential election outcome, saying Nicolas Maduro's win lacks "legitimacy and credibility" and calling for a new vote. In a joint statement, the G7 leaders of Britain, Can
Published 24 May, 2018 12:00am
New Lebanon parliament re-elects Hezbollah ally Berri as speaker

New Lebanon parliament re-elects Hezbollah ally Berri as speaker

Lebanon's new parliament on Wednesday elected veteran speaker and Hezbollah ally Nabih Berri to a sixth consecutive term, making him one of the longest-serving parliamentary heads in the world. His election followed the country's May 6 parliamentary poll,
Published 24 May, 2018 12:00am
Cameroon summons US ambassador

Cameroon summons US ambassador

Cameroonian authorities summoned the US ambassador in the country on Wednesday, sources said, days after he accused government forces of abuses against separatists in English-speaking regions. Government and diplomatic sources told AFP that the foreign mi
Published 24 May, 2018 12:00am
Thai Q1 GDP grows at best pace in five years

Thai Q1 GDP grows at best pace in five years

Thailand produced its fastest economic growth in five years in the first quarter, boosted by strong exports and tourism plus a slight firming in long-weak private consumption. With the robust January-March performance, the national planning agency raised
Published 24 May, 2018 12:00am
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