February 11, 2012
KARACHI: The sales of local automobile companies continued to show an upward trend with a growth of 17 percent to 96,900 units in different brands in the seven months of the current financial year 2011-12 as against 82,767 units in the corresponding period of last fiscal year.
Pakistan Automobiles Manufacturers Association (PAMA) revealed the data of auto sales (car, light commercial vehicles, and pickup) on Friday.
Money
February 11, 2012
KARACHI: Overseas Pakistani workers remitted an amount of $7.436 billion in the first seven months (July to January) of the current fiscal year 2011-12, showing an impressive growth of 21.54 percent or $1.318 billion when compared with $6.118 billion received during the same period (July to January) of the last fiscal year 2011.
Money
February 11, 2012
KARACHI: Balance of trade (BoT) between Pakistan and Germany is expected in the current fiscal year 2011-12 in the favor of Germany due to prevailing energy crisis, political instability and other factors affecting exports of the country.
During the meeting with Karachi Chamber of Commerce and Industry (KCCI) Tilo Klinner, Consul General of the Federal Republic of Germany said that the balance of trade was in favor of Pakistan in the previous fiscal year 2010-11.
Money
February 11, 2012
LONDON: European shares fell on Friday, and are on track to end the week lower, after eurozone leaders imposed further conditions on Greece to receive its next rescue package and the country’s far-right leader said he could not vote in favour of the bailout deal.
Confidence among investors sagged because if an agreement is not reached on the reforms needed for Greece to receive the new bailout a messy default could occur which could have a ramifications across markets.
Money
February 11, 2012
Karachi: The dollar appreciated against the rupee in the interbank market, dealers said Friday. It began the day’s trading at Rs 90.25 for buying, gained five paisas and closed at Rs 90.30 for buying and Rs 90.50 for selling.
Money
February 11, 2012
NEW YORK: US stock index futures fell on Friday as the latest setback in Greek negotiations for a financial bailout package put the S&P 500 on track to snap a three-day winning streak.
Workers in Greece went on strike to oppose fiscal reform measures, while eurozone finance ministers said the fiscally troubled nation will need to make more cuts in order for them to grant bailout funds.
Stocks rose modestly on Thursday to push the S&P up 7.5 percent for the year after an apparent deal was reached between Greek parties on reforms, leaving equities primed for a pullback.
Money
February 11, 2012
MUMBAI: Indian shares closed down 0.46 percent on Friday, reversing early gains, after data showed the country’s industrial output in December slowed sharply and Morgan Stanley cut its allocation for emerging market stocks. India’s industrial output grew just 1.8 percent in December, its slowest in two months, as sluggish global growth, tight monetary policy from the country’s central bank and government policy paralysis stifles economic growth.
Money
February 11, 2012
BRUSSELS/ATHENS: Greek political leaders said they had clinched a deal on economic reforms needed to secure a second EU bailout, but eurozone finance ministers demanded more steps and a parliamentary seal of approval before providing the aid.
The EU and the International Monetary Fund are exasperated by a string of broken promises by Athens and weeks of disagreement over the terms of a 130 billion euro ($172 billion) bailout, with time running out to avoid a default.
Money
February 11, 2012
LONDON: Gold prices slipped in Europe on Friday as the euro eased from a two-month high, coming under pressure as the optimism sparked by Greece’s agreement of the austerity measures it needs in order to receive a second rescue package dissipated. Eurozone finance ministers are seeking further measures from Greece before signing off on a second bailout, keeping the threat of a chaotic default alive and pressuring risk appetite.
Money
