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UK urged to ensure bank fines not tax deductible

LONDON: The head of a committee of UK lawmakers called on Chancellor of the Exchequer George Osborne to guarantee banks won’t be able to offset the cost of fines against their corporation-tax bills. Treasury Committee Chairman Andrew Tyrie wrote to Osborne asking him to clarify whether fines and other payments [...]

Intizar Hussain paid glowing tribute at 7th KLF

KARACHI: Distinguished authors and prominent speakers paid a glowing tribute to famous Intizar Hussain throughout at the 7th Karachi Literature Festival who not only contributed richly to Urdu literature but he was one of the keynote speakers at literature festival of past many years. Hussain’s personality and his works were [...]

China’s central bank to fine tune policy, keep yuan stable

BEIJING: China’s central bank will “fine tune policy in a timely manner” and “flexibly use various policy tools … to help maintain appropriate liquidity and reasonable growth in credit and social financing,” says People’s Bank of China. China’s central bank will “fine tune policy in a timely manner” and “flexibly [...]

Rakbank reports Dh1.4 billion profit for 2015

DUBAI: Rakbank declared a six per cent decline in its net profit for 2015 on higher provisions. The bank announced a Dh1.4 billion net profit for the year, showing a marginal decrease of Dh49.3 million over the previous year. Its board believes that the bank is well placed to meet [...]

No more easy credit for emerging markets: BIS

LONDON: The surge in lending to emerging markets that helped fuel their own – and much of the world’s – growth over the past 15 years has come to a halt, and may now give way to a “vicious circle” of deleveraging, financial market turmoil and a global economic downturn, [...]

PIA privatization

IT is unfortunate that the privatization of PIA has become a controversial issue. The matter has been hanging fire for more than a year now but the authorities did not foresee the crisis building up. Negotiations came to a stop a few weeks ago, with the employees warning of striking [...]

Bridgewater’s bosses are fighting over something

ONE video shows Mr. Dalio standing at a dry-erase board and demonstrating how the marker ink won’t fully rub out with an eraser, according to people familiar with the video. Mr. Dalio prods Bridgewater employees at length about why they bought the dry-erase board, why it doesn’t work and how [...]

World disorder

HENRY Kissinger’s last book World Order could more aptly have been entitled ‘ World Disorder’. As he observes, there has never been a ‘ world order’. Today, in a globalised world, as disparate civilisations meet in the midst of a historic transition from Western domination to multipolarity, constructing a world [...]

ICC bans Yasir Shah for three months

DUBAI: Pakistan leg-spinner Yasir Shah has been banned for three months after testing positive for a banned substance in December. The 29-year-old will be available to play again on March 27. Shah was provisionally suspended on December 27 after his “A” sample contained a banned substance – chlortalidone – which [...]

Dean Jones backs Ajmal for Pakistan return

LAHORE: Pakistan’s out of favour off-spinner once again knocked on the doors of the selectors with an impressive bowling display for his Pakistan Super League (PSL) side Islamabad United against a star-studded Peshawar Zalmi. A capacity crowd at the Dubai Sports City stadium witnessed the Islamabad-Peshawar match with most of [...]