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Author Archives: Shazad Ahmed

Transaction value amounts to USD 38.937m: Bank Mandiri determined to facilitate Indonesian expats

Jakarta: Bank Mandiri is determined to facilitate Indonesian people overseas in sending home remittances. To that end, the Bank has teamed up with the state pawnshop operator, Pegadaian, to better serve those sending and receiving remittances. The transaction value of retail international money transfers (retail remittances) conducted through Bank Mandiri last year amounted to USD 38.937 million, up 27% compared ... Read More »

Financial assets by households hit record ¥1.7 quadrillion; BoJ jumps 39.5pc to ¥256tr

TOKYO: Bank of Japan data revealed financial assets held by households as of the end of last December grew 3.0 percent year-on-year to a record high of ¥1.69 quadrillion. For the sixth straight year, the year-end balance of assets rose, as per the data. The growth reflects a continued boost in cash and deposits after companies raised pay scales in ... Read More »

Rs10m machines, 3 metro bus stations, 1 bus ransacked by mob as protest continues

LAHORE: The protesters continued damaging Metro Bus Track on Ferozpur Road from General Hospital to Gaju Mata destroying 3 metro bus stations, Rs10m machines and 1 bus after two days of the attacks on churches in Lahore. The bus service was also partially suspended due to the protest demonstration by the Christian community at the route. An official said that ... Read More »

Sindh to ask federal govt to ensure 650MW for K-Electric, early census, reorganization of Ogra

KARACHI: The Sindh provincial government will ask the Centre to carry out census immediately, reorganise the Oil and Gas Regulatory Authority (Ogra) and to ensure that K-Electric continued to get 650 megawatts from the national grid. Taking the decision at a meeting, the provincial government will also demand due water and power share to the province, and transfer of the ... Read More »

KSE-100 Index pares initial losses, falls to 31852.53 by 489.73 or 1.51pc on foreign selling

KARACHI: Paring the initial loss of 71.73 points, KSE-100 Index plummeted to 31852.53 points from early-day level of 32270.53 points by falling 489.73 points or 1.51 percent till mid day trade on Wednesday. Due to continuous foreign selling, the Karachi Stock Exchange witnessed bearish activities as the index had lost further 71.73 points or 0.22 percent to reach 32270.53 in ... Read More »

3 metro bus stations, Rs10m machines, 1 bus destroyed by mob as protest continues

LAHORE: The protesters continued damaging Metro Bus Track on Ferozpur Road from General Hospital to Gaju Mata destroying 3 metro bus stations, Rs10m machines and 1 bus after two days of the attacks on churches in Lahore. The bus service was also partially suspended due to the protest demonstration by the Christian community at the route. An official said that ... Read More »

400-bales deals done at Rs4,200 to Rs5,200: KCA keeps official rates fixed at Rs5,000/maund

KARACHI: The Karachi Cotton Association (KCA) kept its official rates fixed at Rs5,000 per maund while the cotton analysts said they failed to understand as to why the KCA left its rates unchanged despite substantial increase in prices on ready deals. Major deals finalised on ready counter were: 400 bales from Shahdadpur (conditional) done at Rs4,200, 400 bales Bahawalpur at ... Read More »

Bear-run continues at KSE as 100 index falls by 71.73 points to 32270.53 on foreign selling

KARACHI: Due to continuous foreign selling, the Karachi Stock Exchange witnessed bearish activities as benchmark 100 index lost further 71.73 points or 0.22 percent to reach 32270.53 in early trade on Wednesday. However, the High and Low were 32416.99 and 32228.58 while the total volume traded in the market was 9,983,350. The investors’ cautious stance pushed index down to two ... Read More »

Remittances expected to reach $19b from $15b; exports could be enhanced by $4b to $5b: TDAP

KARACHI: Trade Development Authority of Pakistan (TDAP) has said that delay in refund payment by the government has been hampering Pakistan’s exports that could be enhanced by $4 billion to $5 billion in the next couple of years by settling pending refund claims. Talking to the media, TDAP Chief Executive SM Muneer said that “Aalishan Pakistan” exhibition will be held ... Read More »

KSE-100 index plummets to 32284.76 points by losing 170.15 or 0.52pc due to foreign selling

KARACHI: After plummeting to the year’s lowest level of 32,454.91 points in the last session, the benchmark KSE 100-index pared the huge losses and further decreased to 32284.76 points by losing 170.15 or 0.52 percent till the mid day trade on Tuesday because of foreign selling and SBP rate cut fears. In the last session, the KSE-100 index had posted ... Read More »

Income Tax Department imposes Rs 20,495 crore tax demand on Cairn India Ltd

New Delhi: Income Tax Department imposed a Rs 20,495 crore tax demand on Cairn India Ltd for allegedly failing to pay taxes on gains made in a share transfer transaction. Cairn India does not agree with the tax demand and will pursue all possible options to protect its interest, it said. In a regulatory filing, Cairn India said the demand ... Read More »

Cairn India Ltd receives demand of about Rs204b

Mumbai: Cairn India Ltd received a demand of about 204 billion rupees ($3.26 billion) from the Indian tax office on Friday in relation to the 2007 listing of the company. Cairn India Ltd, a unit of London-listed Vedanta Group Plc, said in a statement to the stock exchanges that it did not agree with the demand and would pursue all ... Read More »

Karachi cheapest, Singapore most expensive among 133 cities: Survey

SINGAPORE: Among 133 cities, Pakistani city Karachi is the cheapest to live in while Singapore is the ‘most expensive city in the world for second consecutive year, revealed a new survey. The survey compared the cost of living in the 133 cities. It revealed Singapore is the most expensive city followed by Paris, Oslo, Zurich, Sydney, Melbourne, Geneva, Hong Kong ... Read More »

SBI to turn down Adani’s $1b loan request for $7b coal project in Australia

Singapore/Mumbai: SBI is preparing to reject a $1 billion loan request from Adani Enterprises intended for a $7 billion coal project in Australia, sources with direct knowledge of the move said. The State Bank of India will scrap a preliminary deal signed last year. The sources said India`s largest bank had not yet given Adani official notice of the internal ... Read More »

UTI mutual fund to raise USD 300m after mopping up USD 300m in 2014

Singapore: UTI mutual fund will raise USD 300 million in Dublin next month by launching a second offshore equity fund, shortly after mopping up USD 300 million through a similar fund last year which tapped vast European investments. At the “Emerging India Forum 2015” organised by an Indian media house in Singapore, Leo Puri, managing director of UTI, said, “We ... Read More »

BNP Paribas Group to recruit 1,500 staff, 2,950 interns, provides 260 overseas internships in 2015

Paris: The BNP Paribas Group took part in the first-ever Twitter Job Fair in Europe. BNP Paribas will this year be recruiting 1,500 permanent staff, 2,950 interns, and also providing 260 overseas internships. The Group is delighted to be taking part in this ground-breaking Twitter event for employers and job seekers. It is aimed to link up employers and job ... Read More »

Industry for withdrawal of duty on sorbitol import, hike in MFN-based duty from 20pc to 30pc

ISLAMABAD: Follosing a demand of local industry, the National Tariff Commission (NTC) may withdraw concessionary duty on import of sorbitol as it has been causing injury to the local industry which also demanded increase in the current MFN-based customs duty from 20pc to 30pc. Sorbitol is mainly used by the pharmaceutical industry as carrier, and bodying agent in products such ... Read More »

Wapda, Chinese firm sign Rs14.538b, Rs2.713b MoUs for 2,160MW hydropower project

LAHORE: The Wapda signed two agreements for relocation of Karakuram Highway (KKH) and construction of Right Bank Access Road in the area of Dasu Hydropower Project of 2160MW generation capacity for the implementation of its first stage. During a ceremony, the contracts were signed between WAPDA and China Civil Engineering Construction Company (CCECC) here. The contract namely Dasu-KKH-01 worth Rs.14.538 ... Read More »

KSE thwarts profit-taking, foreign selling impact as 100 index up by 229.67 points to 32812.35

KARACHI: Snapping prolonged losing streak at the Karachi Stock Exchange, the benchmark KSE-100 Index advanced by 229.67 points or 0.70 percent to reach 32812.35. However, the High and Low were 32812.62 and 32582.68 respectively while the total volume traded in the market was 21,099,520. The bearish activities were at the bourse were because of volatile security situation of city with ... Read More »

KSE thwarts profit-taking, foreign selling impact as 100 index up by 229.67 points to 32812.35

KARACHI: Snapping prolonged losing streak at the Karachi Stock Exchange, the benchmark KSE-100 Index advanced by 229.67 points or 0.70 percent to reach 32812.35. However, the High and Low were 32812.62 and 32582.68 respectively while the total volume traded in the market was 21,099,520. The bearish activities were at the bourse were because of volatile security situation of city with ... Read More »