by admin on January 6, 2009
in Economy
UAE markets came back strongly on the first trading day of the New Year with domestic retail investors returning in substantial numbers amid recent encouraging gains in global markets and some recovery in oil prices. In Dubai, volumes surged almost 189 per cent to 454.56 million shares valued at Dh641.02 million. The benchmark closed 7.76 [...]
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DUBAI : Dubai’s rapid expansion in recent years provided jobs for millions. But the global financial meltdown has abruptly ended the dream for many people as more and more firms sack staff to cut costs. Spectacular economic growth, spurred by a robust construction sector, lured people from far and wide to the booming city on [...]
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The high level of delinquencies in the portfolio has persisted as repayment capacity of a large number of borrowers has been constrained on account of the escalated interest rates. The company had to set aside higher amounts in provisions against the delinquent portfolio in 2008, while management continues to actively pursue the overdue receivables. Balance [...]
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by admin on January 5, 2009
in Economy
The State Bank of Pakistan announced it’s plan on the last day of Shamshad Akhtar’s tenure – File photo KARACHI : The State Bank’s announcement to extract Rs565 billion from the banking sector through treasury bills has shocked many bankers as banking sector’s market value plunged by 70 per cent during 2008,. The State Bank [...]
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by admin on January 5, 2009
in Economy
File photo: Barack Obama with his economic team at a press conference. WASHINGTON: US president-elect Barack Obama Saturday unveiled a broad proposal to boost job growth and the troubled American economy, a top priority for the incoming administration. ‘Economists from across the political spectrum agree that if we don’t act swiftly and boldly, we could [...]
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KARACHI: Pakistan shares gained ground for the first time in nearly three weeks on Friday, adding 0.70 per cent on news that the government’s much-awaited market bailout fund would be launched next week. The Karachi Stock Exchange’s benchmark KSE-100 index gained 40.38 points to close at 5,793.56. At mid-session, the index had gained 105 points [...]
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by admin on January 4, 2009
in Economy
KARACHI : Syed Salim Raza took over the office of Governor State Bank of Pakistan on Friday vacated by Dr Shamshad Akhtar after completion of her three-year term. Dr Shamshad left the State Bank in a difficult situation especially when the country is facing tough time amid melting down of global financial system. Despite all [...]
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NEW YORK: Oil prices ended higher on the first day of 2009 trading on Friday as investors focused on commodities amid tensions over Israel’s onslaught on Gaza, and a Russia-Ukraine gas row. New York’s main contract, light sweet crude for February, rose 1.74 dollars from its closing price on Wednesday to end at 46.34 dollars [...]
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ISLAMABAD (January 01 2009): Pakistan will receive $500 million from China by January 4 or 5, and would also avail $500 million tranche during this quarter (January-March), says Advisor to PM on Finance Shaukat Tarin. He said that the government stock market fund would start buying in market from next week. Talking to media after [...]
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Forex reserves decline 40.1pc: Karachi: The rupee depreciated at a mind-boggling rate in the calendar year 2008 and recorded a decline of 27.8 per cent against the dollar, due to depletion of foreign exchange reserves and widening twin deficits. The rupee was traded against dollar at Rs61.94 on January 1, 2008. It depreciated by 27.8 [...]
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