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July 16, 2018 7:37 AM Pakistani rupee tumbles, SBP cites "market forces"

ISLAMABAD: The Pakistani rupee dropped sharply in early trade on Monday in what appeared to be another devaluation by the central bank, two market analysts said, the fourth such intervention since early December. The currency was trading at around 125/126 per dollar at 10.30 am local time (0530 GMT) after closing at 121.5 per dollar on Friday. "It looks 1

July 16, 2018 12:00 AM Binder opens Moto2 account in Germany

SACHSENRING, Germany: South African Brad Binder (KTM) won his first Moto2 Grand Prix on Sunday in Germany ahead of Spain’s Joan Mir and his Kalex teammate Luca Marini. Binder finished 0.779 seconds ahead of Mir who held off Marini, Valentino Rossi’s half brother, by 0.154 seconds. "I felt I had a little more power than the others so I decided to go for it and make a break

July 14, 2018 12:00 AM Firms urged to chip in for building dams

ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) while complementing the initiative of the Supreme Court of Pakistan has issued a circular to encourage companies to contribute to the cause of building dams. The SECP has motivated companies that as part of corporate social responsibility (CSR), this initiative will go a long way in resolving 1

July 13, 2018 12:00 AM SC directs media campaign for dams fund

ISLAMABAD: The Supreme Court (SC) on Thursday directed the Information Ministry and Pakistan Electronic Media Regulatory Authority (Pemra) to ensure an efficient media campaign for the fund announced by Supreme Court of Pakistan for Diamer-Bhasha and Mohmand Dams for raising public awareness. A four-member bench headed by Chief Justice of Pakistan (CJP)

July 13, 2018 12:00 AM Tappi believed to be maintaining account with illegal money

ISLAMABAD: Investigators probing one of the country’s biggest money laundering scams informed the Supreme Court (SC) on Thursday that a chunk of illegally parked money went into an account believed to be maintained by former President Asif Ali Zardari’s aide Awais Muzaffar Tappi who is residing in Dubai. Federal Investigation Agency (FIA) Director General

July 12, 2018 8:04 AM SC bars FIA from summoning Zardari, Faryal Talpur in money laundering case

ISLAMABAD: The Supreme Court on Thursday directed the Federeal Investigation Agency not to summon Asif Ali Zardari and his sister Faryal Talpur before general election. The orders came during suo motu hearing of reports about a multi-billion rupee money laundering scam. Senior lawyer Farooq H. Naek represented Zardari in the apex court which said the case could 2

July 12, 2018 12:59 AM Trade gap hits record $37.7bn

ISLAMABAD: Pakistan’s trade deficit widened to an all-time high of $37.7 billion in the outgoing fiscal year, contributing to the rising current account deficit of the country. The deficit soared almost 16 per cent during the 2017-18, posing a serious challenge for the government to control the menace of rising current account deficit, according to official 2

July 12, 2018 12:00 AM Bahrain’s economy shrinks in Q1 as oil production sags

DUBAI: Bahrain´s economy shrank on an annual basis in the first quarter of 2018 for the first time in at least seven years, hit by a fall in oil production, data from the official statistics agency showed on Wednesday. The figures may increase concern about the health of Bahrain´s economy as it struggles with a current account gap and a large state budget 2

July 11, 2018 12:39 PM China rejects Pakistan’s debt risk affects CPEC

BEIJING: China has rejected the reports that Pakistan’s foreign exchanges reserves are in short and would affect China-Pakistan Economic Corridor, which is the flagship project of Belt and Road Initiative proposed by Chinese President Xi Jinping in 2013. Chinese Foreign Ministry spokesperson Hua Chunying said on Wednesday, The Western media reports that Pakistan's 7

July 11, 2018 12:00 AM CMC pledges a day’s salary to dams fund

Karachi: The employees of CMC (Pvt) Ltd will donate one day’s salary to the announced fund for construction of Diamer-Basha and Mohmand dams, a statement said on Tuesday. In doing so, CMC (Pvt) Ltd has become the first private sector firm to pledge a contribution to the fund. The special fund for the construction of two dams has recently been formed