AgenciesOil Declines for a Second Session With Focus on Fed StimulusOil dropped as the dollar strengthened and investors turned their attention to a Federal Reserve meeting this week that’s expected to signal moving toward scaling back stimulus.Futures in New York fell 0.8% toward $71 a barrel amid a broader decline in stocks, led by Hong Kong. The dollar rose for a third day, making commodities priced in the currency less attractive to investors. Policy makers are poised to start laying the groundwork for reducing monthly asset purchases when the Fed meets for two days from Tuesday, a Bloomberg survey of economists showed.“Tapering jitters are back ahead of the U.S. Fed meeting and weighing on oil,” said Vandana Hari, founder of ene...
September 20, 2021 at 10:26 am | Economic Affairs
European officials fully expect British Prime Minister Theresa May's government to ask for a delay to Brexit , and admit they will probably reluctantly agree to one. British MPs will vote Thursday on a government plan to hold a third ballot on May's deal and request a delayed departure, whatever the result. But how would such a postponement be triggered and for how long could London put off severing its four-decade-old ties with the European Union? How would it work? Under current British and EU legislation, the United Kingdom will leave the European Union at 2300 GMT on March 29, on the expiry of the so-called “Article 50” process. This two-year regime is provided for by the European Treaty to allow departing members time t...
March 15, 2019 at 12:23 pm | News Desk
Officials from Pakistan and India on Thursday agreed to expedite work to operationalise the Kartarpur Corridor, Foreign Office Spokesperson Dr Mohammad Faisal said in a press briefing soon after talks on the matter concluded on a cordial note in Attari, India. Dr Faisal, who was heading the Pakistani side during the bilateral dialogue, told reporters after the meeting that though differences persist on a few points, the meeting went well overall. Technical experts from Pakistan and India also had a discussion on key matters, he said, adding that the meeting was held in a positive and conducive environment. The experts discussed issues relating to the corridor, its construction, road, and other technicalities. Dr Faisal termed the m...
March 14, 2019 at 4:47 pm | News Desk
The 2018 inter-Korean summit is planned to take place on April 27, 2018, on the South Korean side of the Joint Security Area, between President Moon Jae-in of South Korea and Kim Jong-un of North Korea. If it goes ahead, it will be the third inter-Korean summit and the first in eleven years. It will also be the first time since the Korean War that a North Korean leader enters South Korean territory.The summit is planned to focus on the North Korean nuclear weapons program and denuclearization of the Korean Peninsula. Below are some questions and answers that explains the purpose and objectives of the summit. QUESTION 1: What is the significance of exchanges of special envoys between South and North Korea and the arrangement of an inte...
April 18, 2018 at 3:09 pm | News Desk
NEW DELHI (Reuters) - India’s finance ministry on Friday cautioned investors about the risks of trading in cryptocurrencies such as bitcoin, saying digital currency investments are like “Ponzi schemes.” Cryptocurrencies are not legal tender and have no regulatory permission or protection in the country, the finance ministry said in a statement, but stopped short of announcing an outright ban or imposing any curbs. Investors and other participants dealing with such digital currencies are doing so “entirely at their risk and should best avoid participating therein,” the statement said. “There is a real and heightened risk of investment bubble of the type seen in Ponzi schemes”, with investors risking a sudden and prolon...
January 1, 2018 at 12:56 pm | News Desk
THE recent ATM card skimming incident is a wake-up call for banks in Pakistan to ensure their customer’s data security against all possible threats. The central bank, on its part, has reminded banks of their responsibility to implement all regulations of Payments Card Security (PCS) that it introduced back in June 2016. Habib Bank Ltd, the bank whose depositors’ ATM cards were skimmed, has started compensating the affected customers. And the Federal Investigation Agency (FIA) is now investigating the matter. Customer data security is one of the biggest challenges that banks the world over face. And all central banks continue to strengthen regulations aimed at preventing a security breach. But Pakistani banks have now become ...
December 12, 2017 at 2:36 pm | News Desk
Pakistan has been upright and principled in slamming US President Donald Trump’s recognition of Jerusalem as the capital of Israel. What happens next, however, given history’s amazing somersaults? What if the way ahead becomes less conducive to its best interests or, as they say, the political ground shifts from under its feet? Consider a quick glance at how some seemingly fundamental beliefs have mutated in South Asia and the Middle East. There was a time when the mere announcement of a US arms sale to Saudi Arabia would send Israeli and Indian diplomats heading to the State Department to lodge their protests. Giora Becher, Israel’s first envoy to India in 1992, wondered why the two didn’t share a cab. There was a time when...
December 8, 2017 at 4:22 pm | News Desk
The Foreign Office announced on Friday that the mother and wife of Kulbhushan Jadhav have been given permission to visit the Indian spy in Pakistan. During the weekly briefing at the FO, spokesperson Dr Mohammad Faisal said that India has been notified of Islamabad's decision to allow Jadhav's wife and mother to visit him. The spokesperson said that the visit will take place on December 25. He added that an official of the Indian High Commission will be allowed to be present during the visit and complete security will be provided to the visitors. Jadhav was handed a death sentence by a Pakistani Field General Court Martial (FGCM) in April after trial for involvement in espionage and sabotage activities in Karachi and Balochistan...
December 8, 2017 at 4:14 pm | News Desk
LONDON: Britain will fail to agree on a free trade deal with the EU before it plans to leave the bloc in 2019 and should seek a transition period to avoid a worst-case scenario of crashing out without an agreement, lawmakers from parliament’s upper house said. The House of Lords EU committee’s report “Brexit: deal or no deal” said on Thursday Britain should consider extending membership of the European Union or set a later date for leaving to give the government longer to negotiate a trade deal. “The overwhelming weight of evidence suggests that ‘no deal’ would be the worst possible outcome for the UK, in terms of the economy, security, the environment and citizens’ rights,” said Michael Jay, a member of the Lords EU...
December 7, 2017 at 3:58 pm | News Desk
MANILA, PHILIPPINES (6 December 2017) — The Asian Development Bank’s (ADB) Board of Directors has approved $330 million in grant financing to support the completion of Afghanistan's national Ring Road, a vital national strategic corridor and a critical part of the country’s regional integration agenda. ADB’s financing will support the construction of 151 kilometers (km) of road connecting the towns of Qaisar and Dari Bum in northwestern Afghanistan. The road is the last section of the 2,200-km Ring Road that connects Afghanistan's major cities and is also a key corridor under the Central Asia Regional Economic Cooperation (CAREC) program. The Ring Road is ranked first among the investment priorities of the road improvement master...
December 6, 2017 at 3:05 pm | News Desk
MANILA, PHILIPPINES (24 November 2017) — Bond yields in emerging East Asian markets rose between 1 September and end-October as the global economy entered its most robust period of synchronized growth since the Global Financial Crisis, according to a new report from the Asian Development Bank (ADB). In the latest quarterly issue of the Asia Bond Monitor, ADB cites strong macroeconomic fundamentals and tightening liquidity as the main sources for rising yields across most emerging East Asian bond markets, but noted that further monetary tightening by advanced-economy central banks will require vigilance by the region’s financial market regulators. “Emerging East Asia currently enjoys strong growth and relative financial stabilit...
November 24, 2017 at 11:29 am | News Desk
SINGAPORE (Reuters) - Oil prices fell more than 1 percent on Wednesday, continuing Tuesday’s slide after the International Energy Agency cast doubts over the past few months’ narrative of tightening fuel markets. Brent crude futures LCOc1 were at $61.33 per barrel at 0515 GMT, down 88 cents, or 1.4 percent from their last close. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55 per barrel, down 70 cents, or 1.3 percent. The price falls mean that crude prices are now down by around 5 percent since hitting 2015 highs last week, ending a 40-percent rally between June and early November. “Crude prices dropped dramatically after the IEA forecast a gloomy outlook for the near future ... The drop was arguably exacerbated b...
November 15, 2017 at 12:20 pm | News Desk
Zimbabwe's military has read out a statement after taking over the national broadcaster, ZBC, saying it has taken action to "target criminals". However, it said this was not "a military takeover of government" and President Robert Mugabe was safe. Heavy gunfire and artillery were heard in northern suburbs of the capital, Harare, early on Wednesday. Zimbabwe's envoy to South Africa, Isaac Moyo, earlier dismissed talk of a coup, saying the government was "intact". The statement read out by Maj Gen Sibusiso Moyo came hours after soldiers overran the headquarters of ZBC. He said: "We wish to assure the nation that his excellency the president... and his family are safe and sound and their security is guaranteed." The statement ad...
November 15, 2017 at 11:40 am | News Desk
BRUSSELS: The commander of the NATO forces in Afghanistan, US Army Gen. John Nicholson, said Thursday that Pakistan had not changed its behaviour since President Donald Trump announced his new policy for Afghanistan. When asked whether he had seen any increased cooperation from Pakistan with regards to eliminating Taliban sanctuaries, Nicholson said "No, I haven't seen any change yet in their behavior." He was speaking to the reporters on the margins of a gathering of NATO defence ministers in Brussels this week. "You've heard the public statements from President Trump, from (Defense Secretary James) Mattis, from (Chairman of the Joint Chiefs Gen. Joseph Dunford) from (Secretary of State Rex) Tillerson, so we are engaging at the ve...
November 10, 2017 at 2:27 pm | News Desk
ABU DHABI/DUBAI (Reuters) - Saudi Arabia’s crackdown on corruption has spread beyond its borders as regulators in the United Arab Emirates ask UAE banks for information about Saudi citizens detained in the investigation, a possible prelude to freezing their accounts. The UAE central bank has requested commercial banks and finance companies in the UAE to provide details of the accounts of 19 Saudis, commercial bankers told Reuters on Thursday, declining to be named because of the sensitivity of the matter. Almost all of the 19, including billionaire Prince Alwaleed bin Talal and former National Guard chief Prince Miteb bin Abdullah, are known to be among dozens of senior officials and businessmen detained in the corruption inquiry. ...
November 9, 2017 at 4:49 pm | News Desk
TOKYO/MIYAZAKI: The IMF urged Japan to maintain its massive monetary stimulus to boost consumer prices, a view echoed by a central bank board member, reinforcing expectations policy will remain accommodative. International Monetary Fund Managing Director Christine Lagarde said Bank of Japan Governor Haruhiko Kuroda was doing the right thing by committing to keep the money spigot wide open until inflation hit his 2 percent target. “One of the strengths of central bankers is to be very clear in their communication and determined in their resolve, which clearly Governor Kuroda has demonstrated,” Lagarde told Reuters on Wednesday. The BOJ has faced mounting criticism that its huge asset purchases are distorting markets and pushing ...
November 9, 2017 at 4:18 pm | News Desk
Pakistan Rupee Exchange Rate