LATEST NEWS UPDATE:18.04.2012

Foreign Investment falls 64pc

KARACHI, April 17: The country is losing charm for foreign investors as both direct and portfolio investment fell sharply during the nine months of the current fiscal year.
The State Bank reported on Tuesday that foreign private investment fell by 64.7 per cent during July-March 2012. In terms of dollar, the investment fell by $946 million during this period.
The country has been in problem, especially in the eyes of foreign investors who gradually left the country or minimised their investment owing to law and order situation.
Many analysts believe that ties with US matter more than anything else, particularly in the case of foreign investment.
Observers believe that relations with the US in the previous decade helped achieve economic growth, and normalisation of relations would encourage investors.
The country hopes to receive about $1.2 billion as coalition support fund from US this year but it depends on normalisation of relations between the two countries.
According to SBP, foreign direct investment (FDI) fell by 48.2 per cent to $599 million compared to $1157 million received during the same period of last year.
The FDI is limited to a few sectors like power generation, exploration of oil and gas and telecommunications.
The portfolio investment is more disappointing since there is an outflow of $388 million compared to an inflow of $305 million during the nine months.

Seven more dead in Karachi target killing

KARACHI: The metropolis continues to bleed as seven more people lost their lives and several sustained injuries in unabated violence in Karachi over the past 24 hours, SAMAA reports.

The incidents of firing took place at Pahar Ganj area, Nazimabad, Tariq Road and SITE area. Police say a father and son and a women were also among the victims.

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Business News

Wed, 18 Apr 2012 - Talks over TAPI gas pipeline project fail ISLAMABAD: Talks on the Turkmenistan-Afghanistan-Pakistan India (TAPI) gas project ended here on Tuesday without a - Oil prices mixed in Asian trade SINGAPORE: Oil prices were mixed in Asian trade Wednesday as concerns over Europe s sovereign debt crisis continue - Rupee ends firmer at 90.66/71 to dollar KARACHI: In currency markets, the rupee ended firmer at 90.66/71 to the dollar, compared with Monday s close of 90 - KSE ends marginally lower KARACHI: The Karachi Stock Exchange (KSE) benchmark 100-share index closed 0.05 percent lower, or 6.48 points, at - Five major challenges identified for FY 2012-13 ISLAMABAD: The budget paper prepared by the Finance Ministry has identified five major challenges for the next year - PSO financial crunch, furnace oil supply in peril KARACHI: Pakistan State Oil (PSO) facing financial crunch may not continue supplying furnace oil to the power sect - Asian markets mixed amid new Europe fears HONG KONG: Renewed fears over Europe s sovereign debt crisis continued to dampen sentiment in Asia Tuesday as investment - Euro lower on concerns over Spanish debt TOKYO: The euro edged lower in Asian trade on Tuesday amid growing concerns over Spain s sovereign debt outlook ah - Oil mixed in Asian trade SINGAPORE: Oil prices were mixed in Asian trade Tuesday as investors weighed easing concerns over a supply disrupt - Gold down at Rs48,857/10gm KARACHI: Gold slipped by Rs214 to Rs48,857 per 10 grams in the local market Monday as its international price drop - KSE falls as SBP raises minimum deposit rate KARACHI: Stocks at the local capital market ended lower on Monday, led by the banking sector after the State Bank - Rupee loses against dollar; O/n rates up KARACHI: The rupee Monday ended weaker at 90.70/75 to the dollar, compared with Friday s close of 90.65/70. br - Pak-India cement trade resumes through Wahga LAHORE: Cement trade between Pakistan and India has resumed as businessmen from the neighbouring country placed - World Bank to choose new chief; US pick likely WASHINGTON: The World Bank s directors meet Monday to decide who will be the powerful institution s next chief, - Multan region faces CNG closure for three days MULTAN: Multan region is facing CNG closure for three consecutive days while the citizens are forced to buy expenses MOHAMMED SALEEM MANSOORI