Karachi: Standard Chartered Bank today announced the launch of the industry’s first Islamic Euro Nostro Account. Islamic banks across the world will now be able to earn Shariah-compliant profits on their account balances at Standard Chartered Bank Germany Branch in Frankfurt. Bank Alfalah Limited, one of the leading banks in Pakistan is the first to…
Athens: Greece on Monday unveiled a draft budget that forecast a sixth year of recession as the government resumed crucial talks with international creditors to access loans that have been stalled for months.
Washington: Federal Reserve Chairman Ben Bernanke said Monday he is confident the US economy will continue to expand, but he urged the US Congress and the White House to act to support stronger growth.
Islamabad: The practice of Islamic insurance known as Takaful is on the rise in Pakistan and the indicators allude that the phenomenon is on the upward swing in terms of performance and efficiency. The five companies working in Pakistan have been making notable progress with the 12 per cent growth rate.
Karachi: Cellular phone companies have demanded that the government should compensate them for their estimated losses of Rs 1 billion caused due to suspension of their services twice in line with security issues during the past two months.
ZURICH: Swiss mining group Xstrata and commodities giant Glencore said on Monday they had agreed on new terms for their tie-up to create a massive company worth about £53 billion.
Tehran: The Iranian rial has dropped to a record low against the US dollar after it plunged more than 7 percent in open-market trade on Monday and is being traded at 32,250 per dollar.
MADRID: Spain may seek a sovereign bailout within days, financial analysts predicted Monday, after the eurozone’s fourth-largest economy revealed a soaring debt outlook.
Geneva: Airline profits are set to be healthier than initially forecast for 2012 but the industry is balanced on a “knife-edge”, the International Air Transport Association (IATA) announced Monday.
Brussels: Jobless numbers shot up to a record 18.2 million in the eurozone in August, official data showed Monday after a sharp revision to earlier figures highlighted the damage caused by the debt crisis.