BRIEF: (PAKISTAN)
o
Pakistan bears brunt of Iranian
earthquake, 35 killed
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Govt to submit reply in treason case
against Musharraf
o
Drone strike kills five in South
Waziristan
o
CEC orders foolproof security for
politicians
o
Asfandyar sees plot behind security
withdrawal
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17 killed, 60 wounded in Peshawar ANP
rally blast
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President Zardari approves Election
Tribunal for appeals hearing
WOLRD(Brief News):
o
Iran says it test-fires new
land-to-sea missile in Gulf
o
Earthquake shakes buildings in Indian
capital New Delhi
o
Italy objects to Indian anti-terrorism
agency probing marines' case
o
Hungary proposes to tweak laws to
address EU concerns
o
European court says Britain should not
extradite militant suspect
o
North Korea issues new threats over
protests in South
o
World experts to help China with bird
flu investigation
o
Top Filipino militant wounded in army
attack
o
China poultry sector losses exceed
$1.6 billion on bird flu scare
o
Syria's Assad cuts jail terms,
activists not satisfied
o
China points finger at U.S. over
Asia-Pacific tensions
o
Somali judges need protection from
Islamist rebels: rights group
o
France finds most horsemeat in EU DNA
tests: sources
o
Japan court rejects request to shut
down Ohi nuclear reactors
o
Venezuelan rivals rally supporters
after clashes over election results
o
Bombs kill three people, wound more
than 100 at Boston Marathon
o
U.S. arrests man linked to Israeli
tycoon in Africa graft probe
o
Analysis: Without Hugo, Venezuela's
"Chavismo" loses appeal
o
Albania sacks poll official despite
international warnings
o
Schultz, Baker to lead U.S. delegation
at Thatcher funeral
o
Two bombs rock Boston Marathon, at
least two killed, dozens hurt
o
Venezuela opposition demands vote
recount, protests flare
o
Seventeen illegal miners killed in
Ghana pit collapse
o
Afghan opium cultivation to rise in
2013 - U.N. report
o
Police fire teargas on Venezuelan vote
protesters
o
Obama, Putin set up two rounds of
talks
o
Venezuela rejects OAS, U.S. calls for
election recount
o
Venezuela's Maduro inherits tough
economic problems
o
North Korea may still hold test
missile launch: U.S. official
o
Canada's Conservatives already out
with anti-Trudeau ads
o
Islamist agitation fuels unrest in
Bangladesh
o
Venezuela election board proclaims
Maduro president-elect
o
Mexican drug cartel money laundering
trial begins in Texas
o
Russian anti-Putin protest leader
expects to be jailed
o
Italy's Monti, Bersani seek agreement
over new president
o
Kuwaiti politician jailed for
insulting emir
o
Opposition sources say Capriles won
Venezuela vote by 300,000 votes
o
North Korea issues new military threats
on founder's birthday
o
Somali militants threaten more attacks
after killing 30
WOLRD
BUSINESS(Brief News):
o Glencore-Xstrata
merger passes last hurdle in China
o Glencore
to sell Las Bambas for Xstrata approval
o Stock
futures higher as gold rebounds; earnings, data on tap
o Gold,
oil steady after plunge, shares extend weak streak
o German
state buys more tax data in secret account crackdown
o IMF
says very close to $1.75 bln loan deal with Tunisia
o Nigeria
Fidelity Bank 2012 pre-tax profit hits 21.6 bln naira
o BlackRock
first-quarter profit jumps 10 percent
o Inflation
holds steady, oil price pressures ease
o UK
inflation holds steady, oil price pressures ease
o Ghana
cocoa purchases hit 607,877 T by April 4
o Monte
Paschi seizure freezes "Alexandria" contract: source
o UBS
names Nomura's Vereker as key investment bank exec
o S.Africa
cbank will not change reserves policy over gold price fall: Marcus
Business News:
Pakistan
Foreigners invested $820m in nine months
KARACHI, April 16: The depressed foreign direct investment at the
end of third quarter of this fiscal year reflected the sentiments of investors
who still perceived the country to be dangerous and unstable both economically
and politically. The State Bank reported on Tuesday that the foreign direct investment during July-March stood at $622 million, about 4 per cent higher in the corresponding period of last year.
The second quarterly report of the State Bank said the slight improvement in the foreign investment was due to inflows of Coalition Support Fund (CSF).
During the nine months the total foreign investment (FDI plus portfolio investment) was up by $305m to $820m.
It is believed that the country would not see change in the FDI during the last quarter of this fiscal year in view of ongoing political and economic uncertainty.
Business community and financial analysts see little hope till the next government assumes power. The general elections are scheduled to be held on May 11 and the majority expects a split mandate.
“The case of foreign investors is more complicated than the domestic investors since the country has been facing crippling energy shortages and deteriorating security situation. It would be unrealistic to expect any pick up in FDI in such a situation,” said Aamir Aziz, a textile manufacturer and exporter.
Foreign investors will avoid to land in this country unless general security situation improves, he said. The State Bank last week released second quarterly report that said despite the improvement in the overall external account position, the country’s liquid foreign reserves declined by $1.4 billion during the first half of FY13, mainly due to the repayments to the IMF.
The adverse impact of falling reserves was well reflected in falling rupee value which depreciated by 2.6 per cent against the US dollar during the first half of this fiscal year, the report said.
This fall in the State Bank’s reserves aggravated the weaker position of the local currency which crossed the psychological barrier of Rs100 per dollar many times during the last couple of months.
The poor inflows of FDI and the absence of other sources have raised risk for the country to default. However Pakistan had never defaulted before and was still repaying heavily to IMF against the loans it obtained under the Standby Agreement.
The caretaker government is contemplating to negotiate with the IMF for loans to avoid default-like situation.
EXCHANGE FOR CURRENCY NOTES:
U.S.A 99.18
S.Arabia 26.45
U.K 151.77
Japan 1.0176
Euro 129.59
U.A.E 27.00
BULLION RATES IN RUPEES PER 10 GRAMS
KARACHI
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Gold Tezabi (24-ct) Rs45,863
Silver Tezabi Rs762.85
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Tue,
16 Apr 2013
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KSE opens downbeat for the second
day
KARACHI: Karachi Stock Exchange (KSE) Tuesday morning was seen carrying over yesterday s profit-taking attitude ac |
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Dell, Icahn agree to a share
ownership cap
NEW YORK: Dell says a special committee of its board reached a deal with Carl Icahn to cap his share ownership whi |
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Dollar edges up against yen in
Asia
TOKYO: The dollar recouped some ground against the yen in Asia on Tuesday, while holding steady against the euro a |
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Oil tumbles for second day on
slower Chinese growth
SINGAPORE: Oil prices tumbled further in Asia on Tuesday, dragged by prospects of weaker crude demand from China a |
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Tokyo stocks down 1.47pc in
opening trade
TOKYO: Tokyo stocks fell 1.47 percent in opening trade on Tuesday after Wall Street plunged on deadly explosions i |
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Boston blasts, China data rock US
stocks
NEW YORK: Explosions in Boston and disappointing China economic growth rocked US stocks Monday, sending the broad- |
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Sindh CNG stations shut down
schedule issued for current week
KARACHI: All CNG stations in Sindh will remain closed from 08:00 am on Tuesday April 16, till 08:00 am on Wednesda |
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Gold prices see record decline
KARACHI: All Sindh Sarafa Association recorded a Rs 3000 drop in gold prices per tola on Monday, bringing the pric |
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Oil down as China''s GDP comes in
below expectations
SINGAPORE: Oil prices fell sharply in Asian trade Monday after China s first quarter economic growth came in below |
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IMF recognizes Somali government,
offers economic advice
WASHINGTON: The International Monetary Fund recognized the government of Somalia Friday, ending a 22-year break in |
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US declines to label China
currency manipulator
WASHINGTON: The Obama administration on Friday declined to label China a currency manipulator, although it said th |
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KESC announces 8-hour/day
loadshedding for industries
KARACHI: Owing to a reduced supply of gas to Karachi Electric Supply Company (KESC) industries would have to face |
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Oil mixed in Asian trade after IEA
trims forecast
SINGAPORE: Oil was mixed in Asia on Friday after the International Energy Agency trimmed its forecast for growth i |
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Asian markets mixed at end of
strong week
HONG KONG: Asian markets took a breather Friday at the end of a strong week for equities and the dollar, but senti |
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Power generation: Rs20 bn couldn?t
be released for furnace oil purchase
ISLAMABAD: The government failed to release Rs 20 billion to purchase furnace oil for power generation despite an |
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