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PSX closes negative, sheds 152pts as bears hit back

KARACHI: The Pakistan Stock Exchange lost the bullish trend on Monday and closed negative as benchmark 100-index shed 151.77 points to drop to 34567.52 points level. The stocks recorded the highest trading level of 34806.66 points and lowest level of 34489.97 points, with the volume of 186 million shares, having about Rs7 billion value. As many as 345 companies were ... Read More »

LC WAIKIKI Inaugurates its First Store in Jordan

AMMAN: Under the patronage of Turkish Ambassador to Jordan H.E. Sedat Önal, leading fashion retail company LC WAIKIKI inaugurated its first store in the Kingdom through its exclusive agent Retail Fashion Corner Co. Ltd. The inauguration took place on Thursday 28 April, 2016, at the store’s premises at Galleria Mall in Amman. Joining more than 600 stores spanning 29 countries ... Read More »

Bank of Thailand debunks ATM shut down rumors

BANGKOK: The Bank of Thailand (BoT) has debunked rumors circulating on social networks that all banks will shut down their ATM services on May 4. The BoT has addressed circulating news that due to its order for all commercial banks to upgrade their automatic teller machines to the EMV Chip Card/ISO by May 7, ATM services across the country will ... Read More »

SolarWorld Q1 shipments rise 62% YOY

LONDON: Preliminary first quarter financials published today by Germany’s SolarWorld have revealed that the company increased its shipments year-over-year by 62% for the first three months of 2016. A total of 341 MW was shipped in Q1, up from 210 MW last year, with strong growth in the U.S. and German markets cited as a reason for the increase. Further, the ... Read More »

Unemployment rate drops in Wilson

WASHINGTON: The Wilson County unemployment rate decreased during the month of March along with the rest of the state. Unemployment rates decreased in all 100 counties, with Wilson County’s rate decreasing from 8.8 percent in February to 8.3 percent in March, N.C. Department of Commerce figures show.  The Wilson County labor force of people working or eligible to work improved ... Read More »

South Korea’s inflation likely accelerates slightly in April

SEOUL: South Korea’s headline inflation for April is expected to have accelerated slightly to 1.1% y/y from March’s 1%, according to Societe Generale. Meanwhile, the country’s inflation on a month-on-month basis has likely accelerated to 0.2% in April from -0.3% in March. A moderate recovery is expected to have been observed in energy prices because of increase in crude oil ... Read More »

Unemployment continue to rise in Northland

WASHINGTON: Unemployment has continued to rise in the Northland, in some cases reaching levels not seen in four or five years. But more is driving up the rates than the typical seasonal increase. “What you are seeing is the effect of the layoffs in the mining industry and its support industries,” said Erik White, regional analyst for the Minnesota Department of ... Read More »

Myanmar, Poland trade ties to get big boost

WARSAW: Myanmar is now on Poland’s radar, with high expectations for improving bilateral trade and investment. The Polish Chamber of Commerce organised its first-ever business mission to Myanmar last week. Twelve Polish businesspeople participated. Marek Kloczko, vice president of the chamber and leader of the mission, said in an exclusive interview that he foresaw the entry of Polish businesses in ... Read More »

Finland large enterprises turn over down in March

HELSINKI: The turnover of large enterprises contracted in March 2016, according to Statistics Finland’s preliminary data. Seasonally adjusted turnover decreased in March by 1.0 per cent from February. In February, the seasonally adjusted turnover of large enterprises was 0.2 per cent and in January 0.1 per cent higher than in the preceding month, the data show. The turnover of large ... Read More »

Bangladesh to reject 50,000 tons of wheat on quality woes

DHAKA: Bangladesh will reject yet another cargo of 50,0000 tonnes Russian wheat on concerns over grain quality, a senior official at the state grains agency said, barely two weeks after it refused two shipments totalling 100,000 tonnes for the same reason. Bangladesh imports around 3 million tonnes of wheat annually to meet growing demand as the country’s domestic output has ... Read More »

Wealthy Danish foundations keep pharma groups healthy

COPENHAGEN: Denmark’s biopharmaceutical sector, led by insulin giant Novo Nordisk, is experiencing a golden age as researchers reap the rewards of a unique ownership structure: deep-pocketed, non-profit foundations. In a country where pigs outnumber humans, the story began with “a very early move into industrialisation of agriculture on a scientific basis” leading to an expertise in fermentation, said Allan Kristensen, ... Read More »

Oman’s banks, telecom service providers perform well in Q1

MUSCAT: Omani banksand telecommunication service providers have performed well among listed firms on the Muscat bourse during the first quarter of 2016. Reported growth in total net earnings by Omani banks rose 3.9 per cent in the first quarter (adjusted profit), over the same period last year. Additionally, both Oman’s conventional and Islamic financial institutions achieved a robust 12.45 per ... Read More »

Norway’s oil fund to take on executive pay controversy

OSLO: Norway’s sovereign wealth fund, the biggest in the world with shares in more than 9,000 companies, will take a closer look at the controversial issue of executive pay, the country’s central bank said on Monday. “It is a theme that we will watch,” Martha Skaar, a spokeswoman for the division of the Norwegian central bank responsible for managing the ... Read More »

Faith turns to disbelief in Italy’s banks

ROME: Until very recently, Domenico Bertini, a machinery technician nearing retirement, viewed his local bank in the picturesque Vicenza region of northern Italy as family. The 150-year-old Banca Popolare di Vicenza was a world away from the faceless bankers of Wall Street who brought the global financial system close to collapse almost a decade ago. It was a traditional, safe institution ... Read More »

Sri Lanka’s tourism revenue surges by $2.98bn

COLOMBO: Sri Lanka’s revenue from tourism rose to $2.98 billion from $349 million over the last six years after the island nation’s 26-year-old civil war ended in 2009. In 2009, 4.48 lakh tourists arrived in Sri Lanka and the numbers rose to 17.98 lakhs in 2015, according to the 2015 Annual Report of the Central Bank of Sri Lanka (CBSL). ... Read More »

Dubai Financial Market Q1 profit rises 27% to $23.4m

DUBAI: Dubai Financial Market Company today announced a first quarter net profit of Dh86 million ($23.40 million), a 27 per cent increase compared to Dh67.7 million during the corresponding period of 2015. The company’s total revenue increased by 11 per cent to Dh127 million in Q1-2016 compared to Dh114.5 million during Q1-2015. The revenues comprise Dh105.6 million of operating income and ... Read More »

UAE Exchange sees 6% remittance growth in Q1

DUBAI: UAE Exchange, a top remittance solutions provider, has announced a six per cent year-on-year growth in its remittance transactions to the Arab corridor in the first quarter (Q1) of 2016. The company has also posted rise in remittance transactions to Egypt and Jordan through its network by 14.4 per cent and 13.5 per cent respectively in Q1 2016 compared to ... Read More »

PH, EU to commence free-trade negotiations

MANILA: The Philippines and the four member states of the European Free Trade Association signed a free trade agreement aimed at boosting the commercial and economic relations of the two parties here the other day. The FTA was signed by Trade Secretary Adrian S. Cristobal Jr. in behalf of the Philippine government, and by Johann N Schneider-Amman, President of Switzerland ... Read More »

Dubai residential property prices down 4.9%

DUBAI: The residential property prices in the rental market in Dubai, UAE, plunged 4.9 per cent year-on-year (y-o-y) in March owing to a steep fall in apartment and villa rental prices compared to the same operiod last year, said a report. The Dubai Residential Property Sales Price Index for all residential increased by 2.1 points, from 256.9 to 259.0, which represents ... Read More »

Greece concludes agreement with creditors on sale of NPLs

ATHENS: An agreement between Greece and its lenders will lead to the vast majority of non-performing loans (NPLs) linked to primary residences with a taxable value under 140,000 euros being protected from sale until 2018, Economy Ministry sources have said. The government said on Saturday that the framework for the sale to distressed debt fund of overdue bank loans had ... Read More »