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Tag Archives: news

Gold, silver down to 4-year-low as dollar rallies

SINGAPORE: Gold slid for a 5th session in six on Wednesday, tumbling to fresh four-year lows as a strong dollar kept investors away from the safe-haven asset and physical demand failed to provide underlying support. Silver tracked gold lower, hitting its lowest since early 2010, while platinum and palladium also fell. Underscoring the lack of interest in bullion, holdings in ... Read More »

Copper firms on surprise US factory growth pick-up

LONDON: Copper held its ground after global factory growth showed a surprise pick-up in the United States but modest prospects in China and Europe, and a softer dollar cushioned prices. Three month copper on the London Metal Exchange was unchanged at USD 6,720.75 by 0126 GMT having closed a tad firmer the session before. Prices have slipped from near six ... Read More »

Turkey’s inflation high amid falling world commodities prices

ISTANBUL: Despite fall in world commodity prices, primarily oil, inflation rates cannot be brought down to the desired level in Turkey. Central Bank Governor Erdem Başçı announced the Inflation report, saying that they had expected a fall in inflation in October but it happened the otherwise. In October, despite the market expectation of 1.78 percent, the consumer price index (CPI) ... Read More »

First Alibaba result records 15pc hike in income to $1.11b

NEW YORK: Alibaba Group Holding reported quarterly results, showing a 15 percent rise in its net income to $1.11 billion (HK$8.65 billion) for the July- September period, meeting forecasts. It was the mainland e-commerce giant’s first report to investors since its record-setting $25 billion listing in September. The non- Generally Accepted Accounting Principles net income – which excludes the share- ... Read More »

Midday: Cheering KSE shores up gains to 168 points

KARACHI: Buoyancy helped the Karachi Stock Exchange shored up gains to take the tally to 168 points or 0.55 percent to reach 30544 points in the midday trading on Wednesday. Earlier, the market began the week on a positive note and the benchmark 100 index kept on upward march, setting the trend for the trading. The Karachi Stock Exchange KSE-100 ... Read More »

Opening: KSE opens on positive note, gains 107 points

KARACHI: Stocks began the week on a positive note and the Karachi Stock Exchange KSE-100 went up 107 points or 0.35 percent to 30484 points in early trading on Wednesday. The market opened at the weekend’s closing of 30376 points and despite remaining closed for two extra days, appeared positive. The sentiments were high and the index kept on upward ... Read More »

Equalization surcharge deprives power consumers of Rs 27b subsidy

ISLAMABAD: The already entangled electricity consumers, with the exception of those of K-Electric, have been deprived of Rs27 billion annual subsidy with the withdrawal of Rs1.50 per unit subsidy. According to reports, the Ministry of Water and Power has imposed Electricity Equalization Surcharge of Rs1.50 per to cut down subsidy being offfered on electrcity. Although the National Electric Power Regulatory ... Read More »

MoU envisaging olive production promotion signed

ISLAMABAD: With the aim to promote olive products, the Pakistan Agricultural Research Council (PARC) entered into partnership with two private companies through a memorandum of understanding (MoU) signed here. The council has been working to strengthen and promote olive cultivation and use of olive products in the country through olive promotional project. The companies are M/s Eastern Marketing Services (Olive-Pakistan) ... Read More »

Used cars import up by 63pc so as prices

KARACHI: Despite decease in duty and taxes rates on used cars import, the dealers have failed to bring down prices although used cars import has witnessed a drastic surge. As per reports, about 9,569 used vehicles were imported in the first three months of fiscal year 2014-15 as compared to 5,863 units in the same period last year, showing a ... Read More »

Inflation falls 0.53% during outgoing week

ISLAMABAD: The Sensitive Price Indicator (SPI) for the week ended on October 30 witnessed a 0.53% decrease for the lowest income group as compare to the previous week. According to provisional figures released by the Pakistan Bureau of Statistics, the SPI for the lowest income group stood at 207.28 points against 208.38 in the previous week,. The SPI for the ... Read More »

In a decade time: Up to Rs14.68 per litre POL price cut takes effect

ISLAMABAD: Pakistanis finally received good news among the piles of bad reports especially of increasing inflation as Prime Minister Nawaz Sharif Friday announced reduction in the prices of petroleum products up to Rs14.68 per litre. Customs Today has another feather in its cap as this leading community newspaper was first to break this news of reduction in petroleum, oil & ... Read More »

Germany ready to help Pakistan stem crippling energy crisis

LAHORE: German is ready to help Pakistan eliminate energy crisis through renewable energy sources, declared German Ambassador in Pakistan German Ambassador Dr Cyrill Jean Nunn during a visit to Lahore Chamber of Commerce and Industry (LCCI). He urged the private sector to gear up for reaping benefits of the GSP Plus status granted by the European Union, stressing that Pakistan’s ... Read More »

Midday: Buoyancy keeps KSE afloat with 78 points

KARACHI: Buoyancy kept the Karachi Stock Exchange afloat as the benchmark KSE-100 index sustained modest gains of 78 points or 0.26% to cling to the level of 30283 points, though slight below the early gains of 83 point, till the midday trading on Friday. The sentiments remained positive, boosting confidence of the investors and keeping the score board ticking. The ... Read More »

Opening: Buoyant KSE adds 83 point to overnight gains

KARACHI: Stocks remained buoyant and kept on adding to the gains as the Karachi Stocks Exchange benchmark KSE-100 index gained 83 points or 0.28% to reach 30287.36 in early trading on Friday. The market opened at the overnight closing of 30207 points and kept on upward march. The investors responded positively to the positive trend in the market and remained ... Read More »

Forex reserves fall to $13.2b  

KARACHI: Pakistan’s total liquid foreign exchange reserves declined to $13.2 billion during the week ending October 24 as compared to $13.464 billion the previous week, said the State Bank of Pakistan (SBP). The reserves held by the SBP fell by $219 million to reach $8.568 billion from $8.787 billion. While the reserves held by other banks were $4.631 billion as ... Read More »

New Islamabad airport to be functional by Oct 2016

ISLAMABAD: New Islamabad International Airport (NIIA) will to operational by October 2016. Talking to a delegation of Islamabad Chamber of Commerce and Industry (ICCI) led by its President Muzzamil Hussain Sabri, NIIA Project Director Pervez Hayat Khan claimed that 95 percent work of NIIA project had been completed. He informed that the airport was a state-of-the-art facility with three times ... Read More »

PATCO signs MoUs for producing export quality fruit, veg

ISLAMABAD: The Pakistan Agricultural Research Council Agrotech Company (PATCO) signed three memorandum of understandings (MoUs) with different companies for technical and scientific cooperation to promote agriculture in the country. The MoUs were signed with M/s Durrani Associates, Karachi; M/s Iftikhar Ahmed and Company, Karachi and M/s. Fauji Fresh and Freez Limited, Lahore. PATCO carry out business of marketing and promotion ... Read More »

Rs 5.7b uplift okayed: Karachi Port, Port Qasim to get scanners

ISLAMABAD: The Central Development Working Party (CDWP) approved three development projects worth Rs 5,779.25 million while four projects worth Rs 3,3027.298 million were referred to executive committee of National Economic Council (ECNEC) for approval. An official statement issued here said that seven projects worth Rs38,806.548 million were discussed in detail at the CDWP meeting which was chaired by Federal Minister ... Read More »

ICCI lauds Dar’s 14-point future roadmap

ISLAMABAD: The Islamabad Chamber of Commerce and Industry (ICCI) welcomed the 14-point “future roadmap” announced by by Finance Minister Ishaq Dar to improve economy and make Pakistan globally a competitive country. In a statement issued here, ICCI President Muzzamil Hussain Sabri called upon the government to start taking practical measures to ensure implementation of the roadmap in letter and spirit ... Read More »

Afridi tells NA cotton support price raised to Rs 3,000

ISLAMABAD: Federal Minister for Textile and Industry Abbas Khan Afridi told the National Assembly that the government had announced Rs 3,000 per 40-kg support price for cotton. During the question hours in the House, the minister informed that the Trading Corporation of Pakistan (TCP) had been directed to purchase cotton from the farmers at the rate of Rs 3,000 per ... Read More »