Islamic Banking is spreading its wings in Pakistan and is positioning for growth but it is also drawn against challenges owing to the actuality that conventional banking in the country is more penetrative and holds a larger share in the economy. Islamic deposits – held by fully-fledged Islamic banks and Islamic windows of conventional banks – at present stand at 9.7% of total bank deposits in the country; meaning that every 10th rupee is now being deposited in an Islamic bank account. Correspondingly, assets managed by banks offering Islamic financial services are 8.6% of total banking assets in the country. Net Islamic savings and investments are 8.19% of the total savings and investment in the banking sector of Pakistan. There a...
August 30, 2013 at 10:28 am | News Desk
IRAN, like Mexico, has a new and more reform-minded president who wants to loosen the national oil company’s grip on his country’s massive reserves, and bring in private investment to boost output. One big difference is that Iran’s ability to do so is severely curtailed by international sanctions on the country over its nuclear programme. Nevertheless, the president, Hassan Rohani, has brought back a former oil minister, Bijan Zanganeh, who in his previous stint, in 1997-2005, ushered in what some Iranians remember as a golden age of oil investment.Back then, Mr Zanganeh signed deals with many foreign oil majors, bringing billions of petrodollars to Iran. He decentralised the powerful National Iranian Oil Company (NIOC) ...
August 30, 2013 at 3:15 am | News Desk
UNTIL August 23rd few people would have described Steve Ballmer as “retiring”. Microsoft’s chief executive has played both tiger and Tigger: snarling (toothlessly, as it turned out) at Apple’s gadgets; and bouncing, with a whoop, onto conference stages to extol his company’s wares. But retiring he is, within a year.Mr Ballmer’s departure is a surprise. He had announced a reorganisation of the company only in July and had hoped to oversee much of the change. Some celebrated his going: Microsoft’s share price went up by 7.3% on the day the news broke. Mr Ballmer has plenty of critics, although Microsoft’s revenues have trebled on his 13-year watch, to $77.8 billion in the year to June, and pro...
August 30, 2013 at 3:15 am | News Desk
Cool air, hot heads THE European Union loves its acronyms and initials. So officials in Brussels must be relishing the battle between R134a and R1234yf. These two refrigerants for cars’ air-conditioning systems are at the centre of an industrial and environmental row between the French government and Daimler, the German maker of Mercedes cars. This week a French court awarded the latest round in the dispute to Mercedes.In 2006 the EU recognised that the fluid in air-conditioners was a powerful greenhouse gas. R134a, the most commonly used compound, has about 1,400 times the effect, per kilogram, as carbon dioxide. So the EU passed a law saying that coolants used in new models of vehicle after January 2011 should have a “globa...
August 30, 2013 at 3:15 am | News Desk
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August 27, 2013 at 3:06 am | News Desk
August 15 (Bloomberg) -- In this installment of Secret Valley, Bloomberg Businessweek's Ashlee Vance visits NASA's Ames Research Center where a forgotten McDonald's, nicknamed "McMoon's," serves as the headquarters for a project to digitize fifty year old photographs of the surface of the moon. (Source: Bloomberg) Click here for more information Businessweek.com -- Most Popular
August 26, 2013 at 4:37 am | News Desk
Pakistan Rupee Exchange Rate