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August 12, 2018 3:32 PM Zilhaj moon sighted, Eidul Azha on August 22

The first day of Eidul Azha will be celebrated across Pakistan on August 22, Central Ruet-i-Hilal Committee Chairman Mufti Muneebur Rehman announced on Sunday following the sighting of the Zilhaj moon. The announcement was preceded by meetings of the moon-sighting committee and other zonal committees in all provincial capitals of the country. The Islamic 2

July 22, 2018 12:00 AM Deutsche to pay $75mln to settle case

WASHINGTON: The U.S. Securities and Exchange Commission has said that Deutsche Bank has agreed to pay nearly $75 million to settle an investigation into the mishandling of pre-release American Depositary Receipts (ADR). Deutsche Bank did not admit or deny the SEC’s findings but agreed to return its “ill-gotten gains” and comply with the SEC’s fine, the regulator 6

July 20, 2018 12:00 AM Need to reform private equity market rules discussed

KARACHI: Industry leaders have advocated the need to reform private equity market regulations in Pakistan and agreed to further liberalise the regulations at a roundtable organised by USAID’s Financial Market Development (FMD) in collaboration with the Securities and Exchange Commission of Pakistan (SECP). The roundtable, attended by chief executive 3

July 20, 2018 12:00 AM Caretaker setup shows lack of control over currency regime

LAHORE: The interim government’s seemingly lost control over the currency regime is being ignored, as all political parties are busy slinging mud on each other that is further damaging the already weak economy of Pakistan. Rupee traded at Rs110 against dollar when the caretaker government was sworn in; however, in less than 50 days the value has dropped 2

July 13, 2018 12:00 AM Philippines, US to start free trade talks

MANILA: The Philippines will begin negotiations on a free trade agreement with the United States in September, its ambassador to Washington said on Thursday, in a bid to expand market access for its agricultural products. Jose Manuel Romualdez told reporters the first round of talks will be held in Washington and would likely focus on labour, intellectual 5

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 6

July 10, 2018 12:00 AM Shell launches Dynaflex technology fuel

KARACHI: Shell Pakistan has launched Dynaflex technology fuel, which has five times the molecules that reduce engine dirt and friction. A Shell fuel scientist, Mae Ascan said that the new Shell V-Power is an innovative new formulation that targets a key enemy of engine performance and efficiency – dirt deposits – and helps clean them away. It also has new friction

July 4, 2018 12:00 AM ICC chief executive Richardson to step down

DUBAI: International Cricket Council (ICC) chief executive David Richardson will step down from his position once his contract expires after the 2019 World Cup, cricket’s world governing body said on Tuesday. Richardson, who became the first person to hold the position of ICC General Manager in 2002, was promoted to chief executive in 2012.“The hardest 3

June 29, 2018 12:00 AM Koreas hold talks on connecting roadways

SEOUL: North and South Korea held talks on Thursday on establishing roadways to run across their border -- part of the initiatives agreed between their leaders to forge closer ties. South Korea’s Moon Jae-in and the North’s Kim Jong Un agreed to a broader plan to re-connect or newly establish railways and roadways between the two countries in a landmark

June 21, 2018 12:00 AM Stocks take a dive on fears of economic outlook

Stocks fell over one percent on Wednesday as investors worried growing external account weaknesses could add more pressure to the country’s sluggish economic growth, dealers said. They added that a lack of clarity on external account outlook and any major likely inflows under tax amnesty scheme, coupled with pressure on oil in international market, trade 7