Business articles

East Asia booming, but rising currencies a risk: World Bank

East Asia booming, but rising currencies a risk: World Bank

TOKYO: East Asia is leading the global recovery, but its success has attracted a surge of capital that has inflated currencies, spelling a risk to exports and future growth, the World Bank said Tuesday.
While the rebound is sluggish in the United States, EU and Japan, emerging East Asia, led by China, is growing at close to pre-2008 global crisis levels, with an expected real economic growth rate of 8.9 percent this year, it said. “East Asia remains the fastest growing world

LSE contracts as slump continues

LAHORE: The Lahore Stock Exchange (LSE) remained range bound and underwent a slump in volume to close in red zone on Tuesday.
The LSE-25 shares index agonisingly depreciated by 4.27 points to close at 3,265.56 against its opening at 3,269.83 levels. Volume of the market disturbingly reduced by 1.23 million shares and stayed at 3.61 million shares.
Out of 127 active scrips, 23 went up, 39 declined and 65 experienced stagnancy. Byco Petroleum ended as the leader in volume

KSE runs out of breath

KARACHI: The KSE-100 Index, finally losing its momentum, went up by 47 points within a few minutes of the trading session but then lost its bearings and on closing had lost 20 points.
Experts believe that the bullish run might have created a transaction heavy market condition with equilibrium restored in a short-term correction. The escalating row between the government and the judiciary may also have hurt morale and reduced volume traded. Support from external investors remains

Bank of Khyber stakes a claim in Islamic banking

LAHORE: Bank of Khyber (BoK) is planning to commence operations in Afghanistan and Dubai next year, said BoK Managing Director (MD) Bilal Mustafa on Tuesday.
Islamic banking is gaining popularity amongst consumers and it is the primary reason BoK is emphasising on Islamic banking and expanding special Islamic banking branches. He was addressing the media on the inauguration of BoK’s new branch in Lahore.
Mustafa maintained that bank is going from strength to strength rapidly

SECP dispells rumours of MTS approval

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has approved the inauguration of Margin Trading System (MTS) in Karachi Stocks Exchange, Pakistan Today has reliably learnt.
According to sources, SECP Chairman, Salman Shaikh, had agreed and permitted the most awaited trading system and informed that the SECP would formally announce the launching of MTS in Karachi bourse in a couple of days. However, a spokesman from the SECP denied that the chairman had approved

Pakistan’s current account deficit dwindles to $545m

KARACHI: Pakistan’s current account deficit for July-September diminished to a provisional $545 million, in comparison to $587 million in the same period last year, the Central Bank disclosed on Tuesday.
According to the State Bank of Pakistan, the current account refreshingly stood at a provisional surplus of $447 million in September, compared to a deficit of $372 million in August.
“The two primal reasons for surplus in September are an increase in private current

India cotton farmers eye more price rise

AHMADABAD: Indian cotton farmers, salivating over the prospect of higher prices, are not releasing their entire harvested produce into the market, resulting in a shortage in a global market where the prices are already at record highs.
Arrivals were expected to rise from mid-October, but unseasonal rains over western states of Gujarat and Maharashtra, the top two producers in the country, have delayed harvesting. Jagannath Dharme, a farmer from Akola district in Maharashtra,

‘Parliament should have been consulted on APTTA’

LAHORE: The Afghan-Pakistan Transit Trade Agreement (APTTA) should have been raised in the parliament because the entire nation was the stakeholder. This was stated by Chairman National Assembly Standing Committee on Commerce MNA Khurram Dastgir while speaking at the Lahore Chamber of Commerce and Industry on Tuesday.
Khurram Dastgir said that it was very unfortunate that the government did not take the business community into confidence before accepting the APTTA, which is

Sindh industrial directorate a shadow of itself

KARACHI: The directorate of industries of the Sindh government has almost no discretionary powers to maintain a check upon industrial units and no longer is in a position to facilitate the implementation process of new projects and smooth operations in existing industries.
The directorate, located in the Sindh Secretariat, once a proud bastion of the state prior to 1991, today presents a deserted look with hardly a visitor to boast of, as all its functions have gradually been

Weekly inflation rises by 0.88pc

ISLAMABAD: The Sensitive Price Indicator (SPI), for the week ended on October 14, inflation index for the lowest income group rose by up to Rs 3,000 and has registered a increase of 0.88 percent over the previous week.
The SPI for the week under review in the above mentioned group was recorded at 288.52 points compared to 286.01 points registered in the previous week, according to provisional figures of Federal Bureau of Statistics (FBS).
The weekly SPI is calculated with

LG Optimus 7 opens a new window to content sharing

LAHORE: LG Electronics recently announced the global launch of its first Windows Phone 7 devices, LG Optimus 7 and LG Optimus 7Q.
Building on Microsoft’s new operating system that offers people the ability to do more in fewer steps, the LG Optimus 7 series introduces a new era for smartphones and offers consumers a whole new experience of mobile life.
A direct result of LG and Microsoft’s close work together in the smartphone market, the LG Optimus 7 series offers the glance

Kaizan can help Pakistan expand trade: Japanese envoy

KARACHI: Japanese General of Karachi, Masaharu Sato, at a certificate distribution ceremony, expressed that Kaizan is imperative for the world and believed it can help Pakistan achieve numerous goals and objectives.
Sato informed the ceremony that the Kaizan technique is appropriate for any area, and helps individuals improve their careers, while corporations and industries can enhance their services and product output.
He said adoption of principles of Kaizan could

EU trade package clears another hurdle

LONDON: The European Commission has put forward a package covering 75 products worth up to 176 million pounds over two years to help Pakistan recover from the flood disaster and bolster political stability.
This emerged from the briefing Monday by David Martin, Scotland’s most senior member of the European Parliament (MEP), to Glasgow Central MP Anas Sarwar about the latest moves in the European Union (EU) proposal to grant Pakistan privileged access to EU markets.

Elite Visa cardholders to enjoy exclusive benefits

LAHORE: Visa, one of the leading global payment solution providers, has revealed a new group of rewards and privileges for its premium cardholders in Pakistan.
The leading payment solutions provider has teamed up with BCD Travel and Gerry International’s holiday packages, part of its Visa premium privileges programme in Pakistan which rewards all Visa gold and Visa platinum cardholders with rewards stretching from discounts, meet and assist, free ticket delivery and VISA

India cotton seen up on global prices, demand

MUMBAI: Indian cotton is likely to edge up this week tracking higher global prices and on good domestic demand, but an arrival delay that spilled into exports, already capped at 5.5 million bales, may limit gains, traders said on Monday. “Domestic prices are on the boil. Our exporters are getting very good prices even as only 5.5 million bales are allowed for export,” said an official with the federal textile ministry.
Indian cotton dealers, buoyed by tight global supplies and

SBP clears issuance of the ‘biggest’ CAA sukuk bonds

KARACHI: The State Bank of Pakistan has approved the biggest ever issuance of Sukuk bonds worth over Rs 30 billion against the assets of Civil Aviation Authority, Pakistan Today has learnt from reliable sources.
The move came after the Ministry of Finance and Sindh settled their long dispute over the imposition of stamp duty on conversion of assets into the bonds. According to sources, this would be Pakistan’s biggest sukuk bonds issuance, as the central bank was likely to

BHP and Rio scrap giant iron ore joint venture

MELBOURNE: The end was swift but not unexpected. BHP Billiton and Rio Tinto ditched plans to form the world’s biggest iron ore joint venture, in a victory for steel makers and a move that could prompt both miners to step up rival campaigns of expansion.
The deal, mired in disputes from the beginning, is the second failed attempt in three years by BHP CEO Marius Kloppers to buy into Rio’s superior iron ore assets and strengthens the hand of steel mills, which had feared the pair