Business News
Browse all articles and features filed under the News desk.
Oil lower in Asia on profit-taking
Oil prices slid in Asian trade Wednesday as traders took profit from recent gains, with weak US energy demand dampening the market's mood despite concerns over tension in Iran and Nigeria, analysts said. New York's main contract, West Texas Intermediate (WTI) crude for delivery i
Rupee dips to new low but trims losses before close
The rupee fell sharply on Monday to hit a record low of 91.28 to the dollar, but recovered most of the losses before close on suspected central bank intervention, dealers said. The rupee ended at 90.75/80 to the dollar, down from Friday's close of 90.60/68. This is the rupee's we
Oil down in Asian trade
Oil prices were down in Asian trade Monday on concerns the European debt crisis could worsen, analysts said, amid tensions over Iran's threat to block a vital oil shipping lane. New York's main contract, West Texas Intermediate for delivery in February was down 49 cents to $101.0
Euro falls sharply in Asia
The euro fell sharply against major currencies in thin Asian trade Thursday after it hit a 10-year low against the Japanese unit in New York. The euro fell to $1.2903 and 100.49 yen in early Tokyo trade, down from $1.2912 and 100.80 yen late Wednesday in New York. The dollar stoo
KSE 100-share index gains 255 points, ends at 11,338
The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 2.30 percent, or 255.01 points, higher at 11,338.05. Turnover rose sharply to 77.8 million shares from only 36.45million traded on Monday. Stocks gained sharply on Tuesday as investors accumulated shares at attrac
Rupee hits record low of 89.02 to dlr
The Pakistani rupee hit a record low for the fifth consecutive day on Friday due to increased import payments, the country's bleak economic outlook and an overall weakening of regional currencies. "The rupee was traded at 89.02 (to the dollar) and there are some (import) payments
Failure looms for US debt talks
The latest bid to find a long-term solution to the US debt crisis looked doomed to fail Sunday as lawmakers remained at odds over cutting social programs and raising taxes on the rich. A bipartisan "supercommittee" is racing against a Wednesday deadline to reach agreement. Failur
Oil down in Asia amid European jitters
Crude was lower in Asian trade on Monday with traders withdrawing from the market as concerns linger about the depth of the European debt crisis, analysts said. New York's main contract, light sweet crude for delivery in January, fell 32 cents to $97.35 a barrel. Brent North Sea
Crude down in Asia on profit-taking
Crude prices fell in Asian trade Thursday as buyers took profits after an overnight rally saw prices surge to five-month highs, analysts said. New York's main contract, West Texas Intermediate (WTI) light sweet crude for December delivery, fell 41 cents to $102.18 per barrel. Bre
LTC to launch 56 new CNG buses today
As part of expanding urban transport system in Lahore, 56 new CNG buses will become operational in the city from today, Geo News reported Tuesday. According to Lahore Transport Company (LTC) Chairman Khawaja Ahmed Hassan, LTC is implementing a plan to provide affordable and effic
Oil down in Asia on profit taking
Oil prices headed down in Asian trade Friday as traders took profits from a heady overnight rally sparked by a slew of positive economic data from the US, Europe and China, analysts said. New York's main contract, light sweet crude for delivery in December, retreated 23 cents to
PSM's BoD meeting today
Board of Directors (BoD), Pakistan Steel Mills, in their meeting on Saturday would demand government to help getting loan of Rs20 billion from banks or provide Rs50 billion for shutting down the corporation, Geo News reported. The meeting of Board of Directors would be held here
Ginners start buying cotton
Member Pakistan Cotton Ginners Association and renowned ginner, Rana Saleem said that ginning units in Khanewal are purchasing cotton after getting assurance about withdrawal of withholding tax. Talking to APP, he said the Prime Minister's special assistant, Sardar Ahmed Yar Hara
Asian shares higher on dip buying
Asian stocks rose on Tuesday morning thanks to bargain hunting and a positive lead from Wall Street, while Japanese stocks were supported by a stable yen-dollar. Expectations of the imminent defeat of Moamer Kadhafi by rebels in oil-rich Libya also sent crude prices lower. Howeve
Gold touches historic highs reaches Rs 57,000/tola
: The gold prices jumped another record historic high of 48,875 by Rs 1843 per 10 grams in the local market on Monday compared to previous day's 47,014 per grams. "The rise in prices of local bullion market is due to international market's volatile situation," said a bullion deal
LPG price increased by Rs 9 per kg
The price of LPG has been increased by Rs 9 per kg. According to the new rate, the price of domestic household cylinder has been changed to Rs. 1348 whereas the price of imported household cylinder has been changed to Rs. 1487, Geo News reported. OGRA issued the notification for
Gold hits record on global growth worries, Europe debt
SINGAPORE: Gold hit a record high on Wednesday, as investors made a beeline for bullion to shelter from the impact of a deteriorating global economic outlook and Europe's worsening debt crisis. Spot gold rose to an all-time high of $1,671.39 an ounce, hitting its ninth record in
Sensex rises in early trade
A benchmark index for Indian equities markets Tuesday rose in early trade after being battered at the start of the week. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) which opened at 17,574.37 points, was ruling at 17,576.71 points, up 70.08 points or 0
Panic selling at Indian equities markets
Indian equities markets experienced a sharp sell-off triggered by news of India resuming talks on a tax treaty with Mauritius.
India seals biggest military deal with US for 10 C-17 airlifters
India has finalized a landmark $4.1 billion deal with the US for 10 Boeing C-17 Globemaster III heavy-lift aircraft, bolstering its military airlift capabilities. Deliveries are expected by 2015, with significant offset obligations for Boeing.