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Oil drops below $95 a barrel as dollar rises

The price of oil dropped below $95 a barrel on Friday as a strengthening dollar made crude more expensive for traders using other currencies. By early afternoon in Europe, benchmark crude for June delivery was down $1.74 to $94.65 a barrel in electronic trading on the New York Mercantile Exchange. The contact lost 23 cents to finish at $96.39 a barrel on the Nymex on ... Read More »

Yen weakens past 100 to dollar, may fan talk of currency war

TOKYO  – The yen weakened past 100 per dollar, giving Japanese Prime Minister Shinzo Abe a symbolic victory for his easy money policies, with markets bracing for further declines in the currency that could raise tensions with trading partners. The yen broke through resistance to fall as low as 101.43 per dollar, down nearly three percent from Thursday’s high around 98.65, and ... Read More »

Oil down near $96 per barrel after supplies uptick

The price of oil fell closer to $96 a barrel on Thursday after reports showed supplies of U.S. crude rose last week and inflation accelerated in China. By early afternoon in Europe, benchmark oil for June delivery was down 49 cents to $96.13 a barrel in electronic trading on the New York Mercantile Exchange. On Wednesday, the Nymex contract rose $1 to finish at $96.62 ... Read More »

Chinese inflation surprise weighs on markets

LONDON — Higher than expected Chinese inflation figures on Thursday gave investors a chance to cash in on recent gains, which have sent some of the world’s stock indexes up to record highs. Government figures showed China’s consumer price index rose 2.4 percent in the year to April, up from 2.1 percent the previous month and ahead of expectations of a more modest advance to ... Read More »

Asian shares gain as upbeat global data, Wall St buoy mood

TOKYO: Encouraging global data and Wall Street’s extended record run underpinned Asian shares on Thursday, with Japanese stocks leading the way to within striking distance of fresh five-year highs. Global equities and the euro rose overnight, buoyed by strong Chinese trade data and signs that Germany may escape a sharp slowdown after the euro zone’s largest economy said its industrial ... Read More »

Dow has its first close above 15,000 points

NEW YORK – The Dow Jones industrial average is punching through another milestone: its first close above 15,000. The Dow rose 87 points to 15,056 points Tuesday, a gain of 0.6 percent. It was another milestone in the market’s epic ascent in 2013. Good economic reports, higher corporate profits and support from central banks have eased investors’ concerns that another ... Read More »

A step ahead: Telenor Pakistan already gearing up for the 4G era

Regardless of whether the new government opts to auctioning the three-year-old 3G mobile spectrum technology or goes a step further by auctioning 4G spectrum licences, Telenor Pakistan’s network modernisation initiatives will reduce energy costs, facilitate the introduction of 3G services and provide a smooth transition to 4G, a top official of the company says. “There are two major advantages of ... Read More »

Weekly Review: KSE-100 crosses 19,000 barrier ahead of elections

The poor law and order situation across the country in the run-up to general elections was unable to prevent the stock market from reaching a new record high. Strong corporate earnings saw the benchmark KSE-100 index smash past the 19,000-point barrier to close at 19,226 points during the week ended May 3. The index recorded only one session in the ... Read More »

PIA looking to double share in mango shipments

KARACHI / UNITEDNEWS: In a bid to fight back and increase its share in mango exports, Pakistan International Airlines (PIA) has said it has finalised a plan to ship maximum quantity of mango this season. Despite huge potential, PIA’s share in mango exports is just 15% while rest of the market is in the hands of private and international airlines. ... Read More »

Rs2bn being spent daily on thermal power

  ISLAMABAD: The government disclosed in the Supreme Court on Thursday that about Rs2 billion was being spent daily (Rs749bn a year) on purchase of furnace oil for thermal power generation. “This Rs749bn is in addition to Rs250bn which the government has to incur in terms of subsidised electricity provided to certain consumers,” Managing Director of the Pakistan Electric Power ... Read More »

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