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Author Archives: Shazad Ahmed

Nationstar Mortgage Holdings Inc. announces net income of $221m

Dallas, TX: Nationstar Mortgage Holdings Inc. announced net income for the year of $221 million, or $2.45 per share, up from $217 million, or $2.40 per share for full-year 2013. Nationstar generated core EPS of $2.86 per share, up 61% from 2013, due to greater earnings contribution from core operations versus increases in the fair value of mortgage servicing rights. ... Read More »

150m smartphone users as of 2014: Myntra says 90% of traffic generated through mobile services

Bengaluru: Myntra.Com said that 90 percent of its traffic is being generated through mobile devices. It said close to 85 percent of this traffic is driven by Android, iOS and Windows platforms, and interestingly, over 50 percent of the mobile traffic is coming from Tier II & III cities. Myntra.Com is India’s leading online fashion retailer. Referring to a recent ... Read More »

Vehicles reaching 7m by 2020: Indian auto sector needs infrastructural changes for growth

New Delhi: In major auto markets like China, Europe and Brazil, the slowdown has offered India an opportunity to attract foreign investments. Nevertheless, infrastructural improvement along with ease of doing business, and better policies are required to ensure this sector`s growth, says JD Power, a US-based global marketing information services firm. The slowdown may have affected the Indian market for ... Read More »

Bearish trend at KSE afoot as 100 index falls by 303.19 points to 32263.40 due to multiple factors

KARACHI: The Karachi Stock Exchange witnessed bearish activities with shares price falling continuously in early trade on Wednesday as the KSE-100 Index plummeted to 32263.40 points with huge fall of 303.19 points or 0.93 percent due to proposed gas tariff hike, expected SBP rate cut, foreign selling and profit taking. Likely negative impact of expected raise in gas tariff next ... Read More »

KSE-100 Index recovers initials loss of 240 points, reaches 32503.47 from 32263.40 till mid day

KARACHI: The KSE-100 Index after falling by 303.19 points or 0.93 percent in the early trade on Wednesday bounced back, recovered some initial losses and reached 32503.47 points from 32263.40 till mid day trading of the same day. In the early trading, the Karachi Stock Exchange witnessed bearish activities with shares price falling continuously in early trade as the the ... Read More »

KSE-100 Index nosedives to 32552.88 points by 307.69 due to foreign selling, SBP rate cut fear

KARACHI: Extending the initial losses on Tuesday, the benchmark KSE-100 index further decreased to 32552.88 points by losing 307.69 points or 0.94 percent an hour before the session’s closing. The High and Low were 32899.31 and 32547.29 respectively while the total volume traded in the market was 73,689,610. The early trade of the same day the index plummeted to 32689.41 ... Read More »

Spain’s imports $150m, exports $300m: Envoy wants boosted ties with Pakistan

ISLAMABAD: Spainish Ambassador in Pakistan Javier Carbajosa Sanchez met with Minister of State and Board of Investment (BOI) Chairman Dr Miftah Ismail to discuss and explore investment opportunities. Sanchez said Spain was intending to enhance bilateral ties with Pakistan, and added that it would settle issues of bilateral investment treaties and memoranda of understanding with Pakistan.  Showing interest particularly in ... Read More »

60pc of university students saving an average of $353 every month

Sydney: Sixty per cent of university students are saving an average of $353 every month, Westpac research reveals. Three quarters (75 per cent) of university students believe they will achieve their financial goals. Only 18 per cent of university students today admit to regularly borrowing money from their parents, compared to 35 per cent of past students. Three in five ... Read More »

Westpac Small Business Index increases 3.8pc in 12 months

Sydney: Westpac Small Business Index has increased 3.8 per cent (4.6 points) over the past 12 months, with over half (56.9 per cent) of small business owners agreeing that their business’ financial situation is better than it was this time last year. The Index measures the confidence, current performance and future plans of the Australian small business sector. Westpac’s General ... Read More »

Federal Home Loan Bank of Des Moines reports net income of $121.0m

Des Moines, Iowa: The Federal Home Loan Bank of Des Moines reported net income of $121.0 million for 2014 compared to $109.8 million in 2013. The primary drivers of the Bank’s net income in 2014 were net interest income, a reversal for credit losses on mortgage loans, and other (loss) income. Net interest income totaled $250.7 million in 2014 compared ... Read More »

Most popular for 40 years, Horse & Cattle show 2015 begins anew in Lahore

LAHORE: The Horse and Cattle Show, the biggest cultural event of Pakistan which remained discontinued since 2004 owing to security concerns, has kicked off at Fortress Stadium, Lahore. On the opening ceremony of the show, President Mamnon Hussain was the chief guest. Over the last 40 years, the show had become one of the most popular events featuring the best ... Read More »

Volatility at KSE persists, 100 index rises to 33250.35 points with 7.40 points or 0.02pc gain

KARACHI: Paring the last session modest recovery from recent low, the benchmark KSE-100 Index surged to 33250.35 points with a minor gain of 7.40 points or 0.02 percent in the early trading of Thursday. The hike may be due to lower international oil prices, record growth in cement sales, falling CPI Inflation and PIB yields indicating imminent SBP Policy rate ... Read More »

KSE snaps prolonged losing streak, 100 index jumps to 33415.52 points by 226.75 or 0.68pc

KARACHI: Snapping the prolonged losing streak, the benchmark KSE-100 Index in early trade till 11:27am on Wednesday unexpectedly gained 226.75 points or 0.68 percent to reach 33415.52. Meanwhile, the High and Low were 33464.70 and 33188.77 while the total volume traded in the market was 48,890,970 with value of 3,531,339,551. At the closing of the last week, it was expected ... Read More »

Exports could be enhanced from Rs8b to Rs12b as Pakistan produces world’s 40pc martial arts garments

SIALKOT – There is a great scope of growth for garments industry in Sialkot city which produces the world’s 40 percent quality martial arts garments, and that exports of Sialkot-based garments could be enhanced to worth Rs12 billion from Rs8 billion, an industrialists’ body said. Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) Central Chairman Ejaz A Khokhar said the ... Read More »

Reserves rise to $16.036b from $15.238b; SBP’s by $777m to $11.194b from $10.417b

KARACHI: During the week ending Feb 13, Pakistan’s total liquid foreign exchange reserves stood at $16.036 billion compared to $15.238bn the previous week, the State Bank of Pakistan (SBP) said. The SBP reserves during the week increased by $777 million to reach $11.194bn from $10.417bn. The other banks’ holdings were $4.842bn as compared to $4.821bn. The bank received $717m on ... Read More »

Crisil says DBT for food subsidy can help govt save Rs 25,000 crore

Mumbai: Crisil said implementing direct benefit transfer (DBT) for food subsidy will help government save Rs 25,000 crore by eliminating costs associated with procurement, distribution and storage of food grains. Apart from saving money for the government, implementing the DBT, which would entail cash transfers into beneficiary accounts in lieu of food material, will also push up consumption in the ... Read More »

Nepra delays Rs3.21/unit or 28pc cut in tariff: Cost Rs13.50/kWh including Rs9.53/unit fuel

ISLAMABAD – Nepra Chairman Tariq Saddozai public hearing in Islamabad said that Nepra agreed to a Rs3.21 or 28 percent per unit average cut in the fuel cost component of electricity prices for the month of December 2014. Nevertheless, the decision was then put on hold after he was told that the CPPA had not factored in the cost of ... Read More »

Nawaz for expeditious completion of TAPI gas project as original cost of US$ 3.3b revises to $ 7.6b

ISLAMABAD – Prime Minister Muhammad Nawaz Sharif said that Pakistan wanted expeditious completion of the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project which is of vital importance for the region. The capital cost of the project was originally estimated at US$ 3.3 billion, which has been revised to US $ 7.6 billion (2008), using the current steel and construction costs. An ADB-funded ... Read More »

Hudson City Bancorp, Inc. announces quarterly net income of $39.1m against $45.8 million

Paramus, New Jersey: Hudson City Bancorp, Inc. announced net income of $39.1 million for the quarter ended December 31, 2014 as compared to net income of $45.8 million for the quarter ended December 31, 2013. Diluted earnings per share amounted to $0.08 for the fourth quarter of 2014 as compared to diluted earnings per share of $0.09 for the fourth ... Read More »

Individual investors enhance assets base by 32pc to Rs 5.24 lakh crore

New Delhi: Individual investors enhanced their assets base by 32 percent over the last nine months of the current fiscal year to Rs 5.24 lakh crore. Data from the Association of Mutual Funds of India (AMFI) shows, “Individual investors held Rs 5.24 lakh crore in mutual funds as of December 2014, an increase of 31.68 per cent over March 2014.” ... Read More »