Friday , 19 January 2018
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SBP forms special unit to deal with discriminatory practices at banks

SBP forms special unit to deal with discriminatory practices at banks

SBP’s instructions already prohibit discrimination on the basis of specific occupation, trade, region, gender and other factors while providing financial services in normal course of business. The central bank has therefore, reiterated that banks/DFIs should not discriminate any customer merely on the ground that he/she belongs to a particular category of customers. In this respect, State Bank has also advised ... Read More »

Pakistan’s liquid foreign reserves reach $18,497m

Pakistan’s liquid foreign reserves reach $18,497m

According to the SBP’s weekly statement, the break-up of the foreign reserves position is as under:-   Foreign reserves held by the State Bank of Pakistan:    US$  13,460.5  million Net foreign reserves held by banks                           :    US$    5,036.5  million Total liquid foreign reserves                                      :    US$  18,497.0  million   During the week ending on August28, 2015, SBP’s Liquid FX Reserves ... Read More »

Pakistan’s Leading Logistics Company To Expand Transportation & Warehousing Division in 2016

SGL

One of the leading logistics companies of Pakistan, SeaGold Private Limited, is currently working towards expanding their newly established division that focuses on transportation and warehousing. The company has ventured into the trucking and warehousing division with 6 fully owned trucks and a 24,000 sq ft warehouse. They are further aiming towards owning approximately 70 vehicles of their own and ... Read More »

Pakistan Petroleum Limited (PPL) announces discovery in Hala

Photo - Fazl X-1

 KARACHI, September 2, 2015: Pakistan Petroleum Limited, operator of the Hala Block with 65 percent working interest (WI) along with its joint venture partner Mari Petroleum Company Limited with 35 percent WI, announced another gas and condensate discovery at its exploration well Fazl X-1 located in District Matiari, Sindh. This is the third discovery in the block. Fazl X-1 was ... Read More »

SOLAR ENERGY FOR CELLULAR TOWERS

Nellis_AFB_Solar_panels

Lahore: 2nd September, 2015 – With the teledensity having reached a 70 percent mark in Pakistan, cellular towers are now expanding their networks to the remotest of locations. However an unreliable grid supply and presence of Base Transceiver Stations (BTS) in off-grid areas has left the telecom companies dependent on diesel generators to fill the electricity gap.   High operating costs and ... Read More »

Oil prices extend losses in Asian trade

Oil prices extend losses in Asian trade

US benchmark West Texas Intermediate (WTI) for October delivery fell $1.03 to $44.38, while Brent crude for October sank $1.02 to $48.54 in afternoon trade. WTI sank $3.79 and Brent lost $4.59 on Tuesday after China and the United States, the world’s top two crude consumers, posted weak factory activity data. Beijing’s official Purchasing Managers Index (PMI) for the manufacturing ... Read More »

Asia doing pretty well despite China slow down: Lagarde

Asia doing pretty well despite China slow down: Lagarde

Lagarde’s comments in Indonesia come as financial markets gyrate over concerns about the health of China’s economy — the world’s second-largest — and its effect emerging economies and their currencies. World stock markets plunged further this week as more evidence emerged of China’s economic slowdown, triggering heavy sell-offs from Tokyo to New York and spurring cuts to global growth forecasts. ... Read More »

Hit by cheap oil, Canada’s economy falls into recession

Hit by cheap oil, Canada’s economy falls into recession

Gross domestic product contracted at an annualized 0.5 percent rate in the second quarter, Statistics Canada said on Tuesday. That was better than forecast, though revisions showed the first quarter’s contraction was steeper than first reported. Two consecutive quarters of contraction are typically considered the textbook definition of a recession. The confirmation of a modest recession is likely to figure ... Read More »

Oil falls more than 4 percent on weak Chinese data

Oil falls more than 4 percent on weak Chinese data

China’s official Purchasing Managers’ Index (PMI) dropped to 49.7 in August from 50.0 in July, reinforcing concerns over the world’s second-largest economy. The figures helped spur a retreat in oil prices after three days of hefty gains. Investors took profits after Brent and U.S. crude both soared more than 8 percent on Monday, traders said. “It was primarily the China ... Read More »

Law firm targets Google foes for private damages claims

Law firm targets Google foes for private damages claims

The law firm said the Google Redress & Integrity Platform (GRIP) is aimed at those affected by alleged anti-competitive behavior by Google in Europe. It said the platform would build on the European Commission’s April charge sheet, which accuses Google of unfairly promoting its own shopping service to the disadvantage of rivals. “GRIP offers corporations, consumers and other entities harmed ... Read More »