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News for Friday, 13 May 2011

IBOR set to emerge in Pakistan

Rapidly expanding Islamic banks are working to develop their own KIBOR-like benchmark for the inter-bank Sharia-compliant financing rate in the country. The decision to establish the Islamic Inter-Bank Offer Rate...

Central Bank accumulates Rs 31.5b

The local money market seems to have excess liquidity that forced the State Bank of Pakistan (SBP) on Friday to mop up around Rs 31.5 billion within a short span...

FBR goes on the warpath

Federal Board of Revenue (FBR) has once again decided to take a stick to ensure tax compliance and strict enforcement. The tax administration has pinpointed over 700,000 major tax evaders...

SBP toughens rules for outsourcing in banks, DFIs

The central bank has decided that any investment portfolio of up to 15 percent of the equity of the banks, microfinance banks (MFBs) and development finance institutions (DFIs) would not...

KSE barely edges into green zone

Trading activity at Karachi Stock Exchange on Friday ended on a positive note on the back of, what the analysts believed, recovering global commodities and WTI crude oil closing over...

Lower consumption propels a decline in oil sales

Oil sales in the country have dwindled by four percent in the first 10 months of the FY11 primarily because of, what the analysts believe, lower consumption of High Speed...

Woman fired from Brad and Angelina chateau sues

A woman fired from a French vineyard on an estate used by US film stars Brad Pitt and Angelina Jolie is suing for unfair dismissal, her lawyer said Thursday. The...

Another attack

The attack on Frontier Constabulary (FC) headquarters in Shabqadar led to the killing of 80 freshly trained paramilitary cadets and civilians. Responsibility for the attack was promptly accepted...

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