NEW YORK: Responding to extraordinary demand, Facebook said Wednesday that it would sell more stock in the company’s initial public offering. But ahead of the IPO, a debate emerged between two of the nation’s largest automakers: Does it pay to advertise on the social network? General Motors, the nation’s largest automaker, said it would abandon [...]
ISLAMABAD: The meeting of National Economic Counsel (NEC) will be held tomorrow (Friday) to approve a Rs.825 billion next development budget. The meeting of National Economic Counsel is scheduled to meet tomorrow (Friday) which would be chaired by Prime Minister Yousaf Raza Gilani.“The volume of Public Sector Development programs (PSDP) may increase in the meeting [...]
KARACHI: The State Bank of Pakistan (SBP) has decided to implement International Bank Account Number (IBAN) standard in the country with a view to bringing about account code standardization and efficiency in processing of payments for domestic as well as cross border transactions. The IBAN guidelines issued by SBP Tuesday contain details for IBAN generation, [...]
LAHORE: Pakistan’s economy requires immediate reforms to overcome challenges because any more delay in initiating much-needed sector-specific reforms would further aggravate the situation. This was the upshot of the presentation given by the USAID Chief Economist Thomas Morris on the state of Pakistan’s economy here at Lahore Chamber of Commerce and Industry (LCCI) on Tuesday.LCCI [...]
ISLAMABAD: Former Planning Commission chief economist Fasihuddin has said that the lack of consistency in policies of the successive regimes and avoidance of democratic norms in decision making are the main reasons behind the economic woes of the country. He was addressing an in-house seminar at the Institute of Policy Studies, Islamabad, where he deliberated [...]
KARACHI: State Bank of Pakistan (SBP) has made amendments in Prudential Regulations (PR) for corporate/commercial banking in order to provide flexibility to the banks/Development Finance Institutions (DFIs). According to the amendments made in paragraph 2 of Regulation R-7 of the above mentioned PR, the existing limit of $250,000, for issuance of unsecured guarantees by the [...]
NEW YORK: Yahoo Inc. Chief Executive Scott Thompson is stepping down after a controversy over a fake computer science college degree on his biography, the third CEO to leave the company in three years, according to a source familiar with the situation. The move is a victory for hedge fund manager Daniel Loeb of Third [...]
News reports published in the Business Recorder on Friday quoted official sources as having said that the government is not ready to take any risk of announcing new taxation measures through Finance Bill 2012-13 to give a clear message to the masses that “the upcoming budget will be investment, employment and growth-oriented”. On the other [...]
Compelled to cut prices: Entering Kharif season with more than a million ton inventory and limited storage capacities, fertilizer manufacturers were compelled to cut urea price by PKR 145/bag. Huge inventory pile up amid cheaper imported urea, remained the main impetus behind the price reduction. According to industry sources, the reduced price of PKR 1,650/bag [...]
LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) on Wednesday threatened the government to close down businesses if the government fails to control over 14 hours daily load shedding immediately by making payments to the Independent Power Producers (IPPs). LCCI President Irfan Qaiser Sheikh said that the chamber was being forced by all the [...]
