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Business & Economy

Greece debt crisis: Global stock markets slide

Stock markets in Europe and Asia have seen big falls after Greece closed its banks and imposed capital controls. The moves by the Greek authorities came after the European Central Bank decided not to extend emergency funding. London's FTSE 100 index fell 2% in early trade. Earlier in Asia, Japan's Nikkei index fell nearly 3%. On the currency markets, the euro had fallen to $1.0953 at one point in Asian trading from $1.1165 on Friday, but it then recovered some ground. Elsewhere in Europe, Germany's Dax share index and France's Cac 40 were both down more than 3%. The Athens Stock Exchange and Greek banks are closed all week. Greek contagion The euro has weakened against the British pound, as investors worry about the singl...

June 29, 2015 at 2:20 pm | News Desk

IMF to lend $506 million to Pakistan

As part of a three-year loan programme, the International Monetary Fund (IMF) has given nod to release around $506 million for Pakistan. In a statement issued in Washington, the IMF said the tranche was released after the board completed the seventh review of Pakistan's economic performance under Extended Fund Facility (EFF), an IMF lending facility to help members with balance of payments problems. With the release of the latest tranche, the total amount so far disbursed to Pakistan comes to about $4.05 billion dollars. This will take the country's foreign exchange reserves to $18.7 billion dollars, Radio Pakistan reported.  

June 28, 2015 at 9:38 pm | News Desk

Foreign investors stage come back at the bourse

The much anticipated visit of Chinese President Xi Jinping and approval of the International Monetary Fund’s sixth tranche and above all the return of foreign buyers put the stock markets on an upward trajectory in April as the KSE-100 index gained more than 3700 points during the month. However, it could not come up to expectations due to main events that took place and saw a weak-ending in the last week. The visit of the Chinese President to Pakistan, the signing of various MOUs by both the countries, investment friendly policies of the government and induction of more companies at the stock exchange have created positive impacts on Pakistan’s stock exchange which is now on the highest level of its history. Moreover, investment in ...

June 10, 2015 at 1:13 am | News Desk

Balochistan: Does Budget Matter In Education?

“An investment in knowledge pays the best interest”. ~Benjamin Franklin Over the past few years, governors, policymakers and other elected officials are having to cut education spending due to immense budget deficits. Within Pakistan, Balochistan comprises 44% of land and only 5% of the total population. The indicators including weak development, low literacy rates and huge poverty levels, making Balochistan different from the rest of the province The government has been struggling for the last six years to endorse education but it still stands behind the other provinces. The educational system in Balochistan is categorized by low primary school enrollment, lack of access to secondary education, a shortage of middle and secondary...

June 10, 2015 at 12:46 am | News Desk

Budget 2015-16: Corridor projects to dominate $14b spending

In a budget dominated by the China-Pakistan Economic Corridor, Pakistan plans to allocate upwards of $14 billion in total development spending for fiscal year 2016, though remarkably only 20% of that will be financed by foreign lenders. The Annual Plan Coordination Committee (APCC) met on May 26, approved a Rs1,418 billion national development programme for the fiscal year that ends June 30, 2016, an allocation that is up 20% from the outgoing fiscal year’s budget. Foreign lenders will finance 20% of the national development programme and provide Rs283.4 billion loans during fiscal 2016. For the federal development budget, this ratio goes higher to 31%, mainly due to projects that are part of the China-Pakistan Economic Corridor (CP...

June 10, 2015 at 12:36 am | News Desk

Economics, Not Politics

No instant change, Reforms take time Prime Minister (PM) Nawaz Sharif inaugurated a 60 kilometre long motorway project in Hazara in November 2014. This road will be completed at a cost of $ 27 million. By laying the foundations of a fenced four-lane motorway there, Pakistan has commenced off the multibillion dollar Pakistan-China Economic Corridor development programme. China-Pakistan economic corridor projects envisage $ 34 billion investment in the energy sector and around $ 11 billion in infrastructure. These projects offer immense opportunities to businesses and will give a boost to Pakistan’s economy. Earlier this month, PM Nawaz Sharif during his visit to China also signed deals worth $ 45.6 billion, which included projects co...

February 4, 2015 at 6:01 pm | News Desk

Samsung Galaxy Note 4 launched in style

Samsung Galaxy Note 4 has been introduced in Pakistan. Famous showbiz icons like the Ali Zafar, Sajjad Ali, Hamza Ali Abbasi, Aysha Umer, QB etc gave breath-taking performances in the colorful evening. ­e iconic Samsung Galaxy Note 4 is featured on Telenor Pakistan’s Sales & Service Centers and franchises for its customers across the country. All Samsung Galaxy Note 4 buyers will receive 6 months free internet along with free apps like Facebook, Whatsapp, Twitter and Line. A pre-order campaign has also been conducted o?ering free S-View Flip covers to Telenor Pakistan’s customers.­ edevice comes with accidental coverage that includes screen breakage, liquid damage and numerous other types of damages. ­e Samsung Galaxy Note 4 i...

January 19, 2015 at 12:09 pm | News Desk

UAE: Milano 2015 and World Expo 2020

Mehmood Ul Hassan Khan The United Arab Emirates has been taking part in many regional and international expos since its inception. It has been highly appreciated in all the expos it has participated. It was among the top ten pavilions at EXPO 2000 in Hannover. It was awarded a gold medal at EXPO Zaragoza 2008. It won a popular vote among the general public in Shanghai and came top in an academic study conducted by staff from UCLA who looked at public diplomacy criteria and the last but not the least received a silver medal in Yeosu.  Furthermore, the main film shown in Yeosu has also won three gold medals at international film festivals. It has been acknowledgement of its superior skills of management, HRM, capacity building, craftsmanshi...

October 9, 2014 at 1:33 pm | News Desk

External Debt; Reason behind this Season in Pakistan’s Economy

An American politician Alexander Hamilton said: A national debt, if it is not excessive, will be to us a national blessing. External debt refers to the money borrowed by a country from foreign investors.  Debtors can be sovereign nations, corporations or private individuals. The debt itself can take the form of money owed to private banks, external governments and global financial institutions including the World Bank or International Monetary Funds. Early phase of economic development, developing countries gather foreign debt as high existing account deficits, shortfall of domestic saving and capital stock. For this purpose, imports are necessary to boost up domestic resources. External debt is applied as a tool to reduce the gap b...

October 9, 2014 at 1:16 pm | News Desk

Business News Bulletin

Storming IPOs at stock exchanges KARACHI: Initial public offerings are back in the headlines and that too with a bang. Stock exchanges round the globe have been tied up with overflowing number of public listings. Some global business groups have even regarded 2014 as the busiest year for book runners, financial advisors and lead managers since 1999-2000 era of the dot-com bubble. Even the record breaking IPO of AliBaba-–the ecommerce titan of the East-–has been marked as the largest ever stock market floatation.  Not to omit the interesting case of Pakistan. The initial and secondary public offerings since last year including Engro Fertilizers, Avanceon, Hascol Petroleum, Lalpir, Pakistan International Bulk Terminal, Unite Bank Limi...

October 5, 2014 at 11:34 am | News Desk

Corporates flush with cash

Dilawar Hussain AFTER a long time, cash is again the king. Corporates and high net-worth individuals are sitting on piles of cash, wondering how to put all the surplus money to profitable use.  The economy is indeed flush with liquidity,” a senior economist associated with a foreign bank agreed. The State Bank of Pakistan’s recently released report, giving data for two-and-a-half months of the current fiscal year (July to mid-September) revealed that the private sector had retired debt instead of borrowing; the net borrowing by the sector during the period was negative Rs74bn. Professor M.A Jabbar, who teaches economics at a local business school, pointed out that a glance at the balance sheets of big companies would show a sizeable...

October 5, 2014 at 9:55 am | News Desk

EDITORIAL: Setback to the economy

The first thing first: there is no threat to the democratic process in the country from the armed forces. It's on record that the forces' high command has exhibited extreme patience and helped the civil rulers in confronting serious challenges by conducting it through heavy waters of poor governance; yet the underlying tone of most of the high-decibel oratory in joint session of parliament was that the sit-ins at the D-Chowk are part of a 'plan' to wrap up the democratic system. The hard fact is that the sit-inners have challenged the government headed by Nawaz Sharif that enjoys a comfortable majority in the parliament, and is fully empowered to handle it. Perhaps, it is the common fear of being wrapped up, based on our history that has ge...

September 18, 2014 at 5:49 pm | News Desk

Kingdom of Saudi Arabia’s Miraculous Transformation

Mehmood ul Hassan Khan The Kingdom of Saudi Arabia plays a crucial role in global and regional economic development. It is a leading player in strengthening partnerships with Arab bilateral and multilateral partners for development assistance and scaling up support for countries in transition in many parts of the world. Despite weak global economic conditions and ongoing financial crunch, it is one of the fastest and most stable economic growth patterns in the world. Undoubtedly it holds a spiritual, economic, and political position that is rarely seen, and is respected all over the world. Nominal GDP and Real Growth Rates (2008-2014) Saudi Arabia is the largest economy in the Gulf Cooperation Council (GCC) and Middle East and Nort...

September 18, 2014 at 12:20 am | News Desk

Too Big To Fail’ Banks: Bigger, Badder…

Jon Queally Dodd-Frank regulations have done little or nothing to diminish systemic threat of large financial institutions as FDIC and Fed regulators say “living wills” are inadequate to avoid repeat of 2008 disaster Nearly six years after the financial crisis of 2008 that helped spur a global economic meltdown, federal regulators in the U.S. on August 5, 2014 declared that much-touted reforms designed to curb the threat of so-called ‘Too Big To Fail’ banks have done not nearly enough to end the prospect that taxpayers will be left holding the bag when the next bubble bursts or a new wave of Wall Street disasters strikes. Presented in a joint review by the Governors of the Federal Reserve System and the Board of Directors o...

August 15, 2014 at 12:28 pm | News Desk

Karachi Diaries: Know Thy Ally

Till 1989, the average Pakistani is better off than the average Chinese or Indian for that matter, in terms of GDP / Capita. The graph would change. By 2012, the Chinese would be 6 times better off than their Pakistani counterparts. Their GDP would rise by 30% - the economic reforms in the 1980’s would leave everyone behind; and a talk on China’s exponential growth and towering skyline would trigger an inadvertent comparison with its trusty ally. Adil Husain, originally from Karachi, and later found in Washington eventually ended up spending 7 year in China, and was recently seen waving a disclaimer in T2F (The Second Floor). The views, he will share are his own. The contrasts he witnesses will be dramatic. And the China from his van...

August 12, 2014 at 3:35 am | News Desk

Role of Information & Communication Technology in Economic Development

Raja Taimur Hassan This age of information and knowledge has emerged as a means to address economic growth and development around the world. Information and Communication Technology (ICT) has enabled countries to be more productive, most efficient, and spur their economic growth. Numerous studies indicate a strong link between ICT and economic growth which means that open ICT policies contribute to higher GDP. During the past many years, due to much delay in spectrum auction for next generation, investors remained reluctant to take any bold decision with regard to investment in ICT. The statistics of past 6 years (2007-2012) reveal the sharp declining trend in investment of telecom sector. According to Economic Survey of Pakistan 2013...

August 12, 2014 at 2:10 am | News Desk

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