Budget to be presented on June 01 says Hafeez
Posted by admin on May 17, 2012 | Leave a Comment
ISLAMABAD: Federal Minister for Finance Abdul Hafeez Shaikh has said that upcoming budget will be presented on June 01, adding providing protection to the poor will be government’s top priority, Geo News reported.
This he said while briefing parliamentary committee on finance, which met here under the chair of Fauzia Wahab here Thursday.
Shaikh said overcoming budget deficit will be second priority of the incumbent...
JulyApril ca deficit increases to nearly 34bn
Posted by admin on May 17, 2012 | Leave a Comment
ISLAMABAD: Pakistan’s current account deficit widened to a provisional $3.394 billion in the first 10 months of the 2011/12 fiscal year from $3.081 billion in the first nine, State Bank of Pakistan said on Thursday.
There was a provisional surplus of $466 million in the first ten months of the previous fiscal year, according to data released by the SBP.
The current account had a provisional deficit of $313million...
Rupee ends almost flat to dollar
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KARACHI: In the currency market, the rupee ended almost flat at 90.88/95 to the dollar, compared with Wednesday’s close of 90.86/91.
The rupee has been supported by remittances, which rose 20.2 percent to $10.88 billion in the first 10 months of the 2011/12 fiscal year, compared with $9.05 billion in the same period last year.
In April, remittances totalled $1.14 billion.
Overnight rates in the money market ended...
KSE 100index ends lower on 2nd consecutive day
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Karachi: The Karachi Stock Exchange (KSE) benchmark 100-index ended 0.13 percent, or 17.99 points, lower at 14,063.08 on volume of 103.3 million shares.
Stocks fell for a second day running on Thursday with confidence hit by two days of consecutive net selling by foreign investors and concerns about regional markets, analysts said.
“The mood in the market was dull because of concerns that other markets in the region...
Pakistan forex reserves drop to 16103bn
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ISLAMABAD: Pakistan’s foreign exchange reserves dropped to $16.103 billion in the week ending May 11from $16.416 billion the previous week, State Bank of Pakistan said on Thursday.
Reserves held by SBP fell to $11.784 billion from $11.978 billion a week earlier, while those held by commercial banks dropped to $4.319 billion from $4.438billion.
Foreign exchange reserves hit a record $18.31 billion in July last year,...
Pakistan forex reserves drop to 16103bn
Posted by admin on May 17, 2012 | Leave a Comment
ISLAMABAD: Pakistan’s foreign exchange reserves dropped to $16.103 billion in the week ending May 11from $16.416 billion the previous week, State Bank of Pakistan said on Thursday.
Reserves held by SBP fell to $11.784 billion from $11.978 billion a week earlier, while those held by commercial banks dropped to $4.319 billion from $4.438billion.
Foreign exchange reserves hit a record $18.31 billion in July last year,...
Euro bounces of lows in Asian trade
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TOKYO: The euro strengthened against the dollar in Asia on Thursday after tumbling to a four-month low on rising concern over the eurozone’s fiscal woes as debt-hit Greece gets set for fresh elections.
The single currency, which fell below $1.27 on Wednesday to hit its lowest level since mid-January, bought $1.2745 and 102.34 yen in Tokyo morning trade, up from $1.2715 and 102.13 yen in New York late Wednesday.
On...
Asian markets mixed but Greek fears weigh
Posted by admin on May 17, 2012 | Leave a Comment
HONG KONG: Asian markets were mixed on Thursday as the Greek crisis continued to cast a shadow, while dealers got some upbeat news in data showing Japan’s economy grew faster than expected.
The euro also edged back up after plunging to four-month lows against the dollar on Wednesday, with investors increasingly nervous that Athens will eventually exit the eurozone.
Tokyo fell 0.20 percent by the break, giving up...
Oil mixed amid bargainhunting
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SINGAPORE: Crude was mixed in Asian trade Thursday as bargain-hunters moved in to capitalise on the recent slide in prices, although concerns over Greece’s political future continued to weigh.
New York’s main contract, West Texas Intermediate (WTI) crude for delivery in June was up 26 cents to $93.07 per barrel while Brent North Sea crude for July shed 30 cents to $109.45 in morning trade.
“Oil prices...
Facebook boosts IPO size by 25 percent could top 16 billion
Posted by admin on May 17, 2012 | Leave a Comment
NEW YORK/SAN FRANCISCO: Facebook Inc increased the size of its initial public offering by almost 25 percent, and could raise as much as $16 billion as strong investor demand for a share of the No.1 social network trumps debate about its long-term potential to make money.
Facebook, founded eight years ago by Mark Zuckerberg in a Harvard dorm room, said on Wednesday it will add about 84 million shares to its IPO, floating...
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