Latest News

Russia Central Bank halts purchase of foreign currency

Moscow: Russia’s central bank halted purchases of foreign currency to replenish the country’s international reserves, a move that may lay the groundwork for a fifth interest-rate cut this year at a meeting on Friday. The operations were suspended on July 28 as a result of “growth in volatility on the [...]

Mixed views on move to dilute powers of RBI Governor

Mumbai: “The interest rate decision should lie with the RBI,” says D.K. Joshi, Chief Economist, Crisil. The Reserve Bank of India’s (RBI) Governors always had the privilege of independent decision-making on issues related to monetary policies, which helped the Indian economy for a long time. Even at times of major [...]

BofA to create junk bond indexes excluding emerging-market notes

Washington: Bank of America Corp said it will create high-yield indexes tied exclusively to developed-market issuers after investors voted to keep emerging- market bonds in existing benchmarks. The lender, which administers more than 5,300 indexes worldwide, said the subsets of its $2.2 trillion global high-yield index will be available from [...]

Sinagpore banks’ loans feared to increase in 2015-2016

Singapore: Moody’s Investors Service has revised its outlook for Singapore’s banking system to stable, reflecting the domestic property market’s soft landing, and moderating domestic and cross-border credit growth. The outlook was previously negative since July 2013. According to a release from Moody’s Investors Service Singapore’s three major banking groups-that account [...]

DIB first half net profit up 35 per cent

Duabi: Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE by total assets, on Wednesday reported a 35 per cent increase in first half net profit to Dh1.8 billion compared to Dh1.33 billion in the same period last year. “DIB’s robust first half results demonstrate the bank’s ability [...]

Government loans

The country’s eminent economists have noted for some time that the present government has been on a borrowing spree due to which the debt burden has risen enormously in the last two years. The latest State Bank data comes as proof of their observation. During 2014-15, the government borrowed Rs1.4 [...]

Nobody knows how much bonds cost

As you may have heard, people are worried about bond market liquidity. One problem is that banks don’t want to trade bonds any more, because that is not such a good business in the modern regulatory environment. One potential solution for that problem is to have investors just trade bonds with each other, cutting out [...]

Change in the air

In the previous article I discussed how a fresh breeze of change is promising to clean the landscape of Pakistan from corruption and to finally start the journey that was once dreamt of by its founding fathers and for which some 600,000 Muslims of former undivided India sacrificed their lives. [...]

Michel Platini to stand for FIFA presidency

Paris: UEFA boss Michel Platini is to stand as a candidate for the presidency of world football s governing body, FIFA, UEFA announced on Wednesday. In a letter sent to the presidents and general secretaries of the 209 member associations of world football’s governing body, he said: “This was a [...]

Pak wins two gold medals in Special Olympic

Karachi: Two Pakistanis bagged a gold and silver medal in the Special Olympics held in Los Angeles. Asim Zar won a gold medal in 100 meters freestyle for Aquatics and Aqsa Ahmed Janjua won the silver medal in 50 meters in free style for Aquatics. About 6,500 athletes from 165 [...]