The head of the International Monetary Fund (IMF) on Monday praised Pakistan’s commitment to an $11.3 billion rescue package, despite a delay in imposing a nationwide consumption tax. IMF Managing Director Dominique Strauss-Kahn said that while Pakistan could not be considered a “normal country”...

STOCK MARKETStocks edged up on Tuesday but trade remained dull, while dealers said volume could improve after the start of the new fiscal year on July 1. The Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 0.32 per cent, or 30.48 points, higher at 9,702.03. “At the moment, it is very...

KARACHI: The Oil and Gas Regulatory Authority (OGRA) has sent a summary of reduced oil prices to the government for approval. Under the new plan, oil prices may be reduced by 2 to 5 per cent from July 1. A reduction in international crude prices is what triggered a revision of fuel prices in the domestic...

WASHINGTON: The United States is working hard to regain Pakistan’s trust following years of estrangement in the pre-9/11 period, but the effort is going to take time, according to America’s top military officer. “It’s not going to happen overnight,” Admiral Mike Mullen, Chairman Joint Chief...

NEW ORLEANS: The United States will accept offers from 12 foreign countries to help clean up and contain the BP oil spill in the Gulf of Mexico, officials said on Tuesday. “The United States will accept 22 offers of assistance from 12 countries and international bodies, including two high speed...

WASHINGTON: The head of the International Monetary Fund on Monday praised Pakistan’s commitment to an 11.3 billion-dollar rescue package, despite a delay in setting up a nationwide tax. IMF managing director Dominique Strauss-Kahn said that while Pakistan could not be considered a “normal...

KARACHI: Gold climbed to a record Rs39,950 per tola (11.665 grams) on Monday, following a surge in the international market owing to the economic crisis in European countries, dealers said. The previous record was 39,900 per tola, set on Saturday last. Price of ten-gram gold rose to Rs34,242. Economic...

KARACHI : The Pakistan Credit Rating Agency (Pacra) has maintained the long-term and short-term entity ratings of Bank Alfalah Limited (BAL) at AA (Double A) and A1+ (A one plus) respectively. These ratings denote a very low expectation of credit risk emanating from a very strong capacity for timely...

KARACHI: Gold moved up by Rs 42 to Rs 34,242 per 10 grams in local bullion market Monday, as its international price also increased to $ 1,258 an ounce, market sources said. A leading bullion dealer said that tola (11.664 grams) price also went up by Rs 50 to Rs 39,950. Silver jumped to Rs 492.42 per...

Again Oil Prices Rises in Asia SINGAPORE: Oil prices rose in Asian trade Monday as a major tropical storm churned towards the oil-producing Gulf of Mexico region, analysts said. New York’s main contract, light sweet crude for August delivery climbed 36 cents to 79.22 dollars a barrel while London’s...