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KSE sheds 325 points on correction
The Karachi Stock Exchange 100-Index on Monday underwent correction for a second consecutive session, shedding 325 points on profit-taking across the board, dealers said. Aqeel Karim Dhedhi, chairman of AKD Group said foreign selling was witnessed in the market during the working session last week, which triggered local selling as well."Local profit-taking is part of the cause of the ...
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Japanese PM Abes true test rising govt bond yields
TOKYO: Abenomics' massive monetary stimulus was supposed to depress long-term interest rates to spur economic activity, but the Japanese government bond market has other ideas. Banks, unable to make money on their Japanese government bonds (JGBs) anymore, have begun sloughing off their holdings, putting upward pressure on yields. Major banks sold off about 11 percent of their holdings in ...
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Karachi ports handle 276074 tons of cargo
The Karachi Port and Port Qasim handled a cargo volume of 276,074 tons in the last 24 hours, which included 187,050 tons of imports and 89,024 tons of exports, the two ports reported on Monday. Accordingly, the Karachi Port handled imports, including containerised cargo (91,329 tons), bulk cargo (6,169 tons), DAP (9,450 tons) and oil / liquid cargo (51,141 tons). It handled exports, including ...
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Cotton spot rate slashed
Karachi The Karachi Cotton Exchange (KCE) revised down its cotton spot (average) rate by Rs50 per maund (37.324 kilograms) to Rs6,400 per maund after the demand for the commodity continued to decline at the local markets, a dealer said on Monday. "The KCE declined its cotton spot rate in line with the downward trend at the local markets," a broker at the KCE said.No trade deals were ...
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Brent steady around $106
Brent crude futures steadied around $106 a barrel on Monday after hitting more than two-month highs in the previous session, as worries over bulging US inventories and soft global demand forecasts offset supply concerns tied to Middle East tensions. The oil market was also cautious ahead of a US Federal Reserve policy committee two-day meeting starting on Tuesday. Investors are eyeing whether ...
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Lafarge to build cities
KARACHI: Lafarge Pakistan, a subsidiary of Lafarge Group, France, launched Building Better Cities(TM), its new corporate positioning along with a new modernised logo at an event yesterday. This is an updated commitment to its communities and customers and will be reflected in all of its internal and external communications.As a major player in the cement industry in Pakistan, Lafarge's ...
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22000 books donated to IoBM
KARACHIl Asia Foundation donated approximately 22,000 books to the IoBM library recently. These books include 7,147 children's books and the rest cover subjects including business management, marketing, social sciences, IT, health management, environment and energy management, advertising and media. The IoBM library organized a book exhibition, in which representatives of Asia Foundation, ...
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Mango export to begin soon
MULTAN: The export of mangoes to different countries from Multan will commence at the arrival of tasty Chuansa in the local market after July 5, said Maj (Retd) Tariq, president of Mango Growers Association Multan.Talking to APP, he urged the government to facilitate mango growers in order to achieve bumper produce and maximum export of mangos. He said that production cost of mangoes increased ...
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UK bank agrees plan to raise $2.4bn
LONDON: The Co-operative Group said on Monday that it had agreed on a plan with Britain's financial regulator to plug a capital shortfall of 1.5 billion pounds ($2.4 billion) at its banking unit.Co-op said that it agreed to generate capital and provide stability for the Co-operative Bank. The plan would generate one billion pounds of new capital this year and 500 million pounds in 2014. ...
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Apple receives data sharing request
CUPERTINO, California: Apple received over the last six months between 4,000 and 5,000 requests for customer data from US law enforcement authorities relating to criminal investigations and national security matters, the company said on Monday.Microsoft and Facebook Inc published similar data last week after reaching a deal about disclosures with US national security authorities. "We have ...
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Nikkei in negative mode
(32 mins ago) Stocks in Tokyo opened 0.14 percent lower as the market waited the US central bank's policy meeting starting later in the day for clues on the future of its stimulus program. The benchmark Nikkei 225 index, which rose 2.7 percent the previous day, was down 17.97 points to 13,015.15 at the ...
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Nikkei rises on track for longest winning run since May 23 selloff
* Nikkei and Topix both up 0.6 pct * Sony rises after hedge fund ups stake, presses spin-off By Dominic Lau TOKYO, June 18 (Reuters) - Japan's Nikkei rose on Tuesday, heading for a third straight day of gains, which will mark its longest winning run since a sharp selloff on May 23, underpinned by hopes the Federal Reserve will reinforce its commitment to support the U.S. economy. Sony Corp ...
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RBI pauses hints at rate cut in July
MUMBAI: After three consecutive rate cuts in 2013, the Reserve Bank of India (RBI) lived up to market expectations of a status-quo in its mid-quarter policy review on Monday, but raised hopes of a rate cut next month with milder statements on inflation. With no change in policy rates, bankers now forecast a dip in loan rates in the July-September quarter supported by a good monsoon. "While ...
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National roaming to get cheaper
the move will result in local calls getting more expensive as a majority of the mobile users will end up cross-subsidizing a small proportion of the user base that uses the roaming facility. Telecom Regulatory Authority of India (Trai) on Monday asked telecom companies to offer special vouchers for pre-paid customers, who use roaming facility, besides offering customized tariff plans to ...
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Govt set to ease single-brand norms
NEW DELHI: The government is set to issue fresh guidelines that will clearly stipulate that international chains entering India through the 'single-brand' retail window can use multiple trademarks to sell their goods. Existing guidelines allow products to be sold under "single brand only" and also stipulate that the same brand should be used in markets other than India. The ...
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Australia eyes Buddha and baccarat to lure Chinese tourists
By Jane Wardell SYDNEY, June 18 | Mon Jun 17, 2013 7:19pm EDT SYDNEY, June 18 (Reuters) - Australia's coastal Wyong region outside Sydney, a pretty stretch of pristine beaches and wildlife-filled wetlands, isn't high on the travel agenda of most Chinese tourists. But the local mayor and a Chinese businessman have big plans to change that - by building a A$500 million ($480 ...
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Stocks post gains Monday
U.S. markets posted gains Monday, as economic data looked positive in reports not considered particularly major newsmakers. Trading might prove muted for the first half of the week, as investors wait for the results of a two-day meeting of Open Market Committee at the ...
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Toyota to expand early childhood education centers
FRANKFORT - Toyota announced Monday that it is expanding its early childhood learning academies for parents and caregivers to 12 additional schools and will increase its corporate sponsorship to $1 million. Toyota Motor Manufacturing Kentucky in Georgetown and Toyota Motor Engineering and Manufacturing North America in Erlanger announced last year that they were donating more than $500,000 to ...
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Cathay Pacific’s Cargo Volume Dropped in May
reported that Cathay Pacific and Dragonair combined carried 121,529 metric tons of cargo and mail in May, down 1.5 percent year-over-year.The monthly cargo and mail load factor dropped by 1.2 percentage points to 61.1 percent. Capacity, measured in available cargo and mail metric ton kilometers, slid 0.1 percent, while cargo and mail revenue metric ton kilometers decreased 2 percent.In the first ...
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India mulls WeChat ban citing fears over security
The messaging platform WeChat, as a product that Tencent provides to its overseas users, has always complied with all relevant local laws and regulations, the service's operator Tencent said in an e-mail sent to the Global Times on Monday.The reply by Hu Chunnan, spokesperson of the company, came after a report by the India-based Economic Times on Thursday quoting the country's ...
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Trade deficit at 7-month high as gold imports surge
Some investments can offer very attractive returns, but they also carry very high risks. Find out if you have the stomach for these high-risk, high-reward ...
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Asian Currencies Feeling the Sting Netflix Teams up with DreamWorks The Other Side of the Story Easing to Spur Double-digit Stock Growth
CNBC ) For weeks now, uncertainty about how long the Federal Reserve's stimulus support would last has been the primary driver pushing Asian currencies lower. Now it looks like a whole host of pressures will be piling on in the months ahead. The Japanese yen's fall, sovereign risk re-assessment and deteriorating current-account deficits are weakening the monetary growth achieved in ...
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New Rs 5 coins on Motilal Nehrus 150th birth anniv
Samsung's huge share of smartphone mkt persuaded analysts to study data pointing to fast-saturating segment, a reality that is eating into sales of iPhone ...
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Toyota Gets More Time to Win Approval of $1.1 Billion Pact
Toyota Motor Corp. and lawyers suing the company were given more time to win final approval of a $1.1 billion settlement of claims that recalls related to unintended acceleration hurt the value of U.S. customers' vehicles. U.S. District Judge James V. Selna, after a hearing Friday in Santa Ana, California, granted requests from attorneys for both sides to provide updated figures about how ...
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LT eyeing defence orders worth up to $1.4 billion
defence contracts worth up to 80 billion rupees that will be awarded in the next few months, MV Kotwal, president of the company's heavy engineering department, said on Monday. It has bid for four contracts from the Indian coast guard to supply training ships and support vehicles, worth about 40 billion rupees in total. The orders are likely to be finalised in the next six months, Kotwal ...
Hong Kong Feature
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Electoral reform hot topic for Hong Kong
Hong Kong is going through more growing pains, perhaps even the most uncomfortable since the city was handed back to Beijing by Britain. Pro-democracy advocates want to be able to vote for the entire legislative council, a direct challenge to Beijing.
Hong Kong was handed back to China in 1997. At that time, Beijing made an agreement with Britain that under a law called the Basic Law, all the civil liberties which were existent in Hong Kong at the time of the hand over would remain in place for at least 50 years, by which time it is envisioned, by the pro-democracy camp at any rate, that the Special Administrative Region will be fully democratic at any rate. Read more
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