Pakistan News

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  • EPICURIOUS: A Really Hot Hotpot at Wang Wang

    My foodie friend Agha Imran informs me that there are now two supermarkets in Islamabad where you can get virtually every Chinese ingredient you could want...

    One new authentic restaurant I checked out with Imran and Azhar the other evening was the Wang Wang on Karachi’s Khayaban-i-Seher...

  • Bank Alfalah declared best bank for 2017

    KARACHI: Bank Alfalah received the Best Bank Award for 2017 for demonstrating “the most significant contribution to national development and the most effective management of its resources, including its employees, clients, franchise community and financials”...

    United Bank received the same award last year...

  • India central bank says linking national ID number to bank accounts mandatory

    MUMBAI: India’s central bank on Saturday dismissed media reports that it was not necessary to link national identity card numbers, known as Aadhar numbers, to bank accounts...

    “The Reserve Bank clarifies that, in applicable cases, linkage of Aadhaar number to bank account is mandatory under the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017,” it said in a statement...

  • Summit Bank eyes Burj Bank for Islamic banking entry

    KARACHI: Summit Bank has received approval from the State Bank of Pakistan (SBP) to conduct due diligence on Burj Bank, it said in a stock exchange filing, in the latest bid for the unlisted lender, which is seeking to boost capital through a stake sale...

    The acquisition of a majority shareholding in Burj Bank would fit the long term strategy of Summit Bank, which is planning to convert its operations to conform to Islamic principles...

  • Withholding tax slows down bank deposit growth: State Bank

    KARACHI: Withholding tax (WHT) on financial transactions is acting against the goal of achieving financial depth, a State Bank of Pakistan’s (SBP) report said on Friday, highlighting that for the first time since 2009-10 the monetary expansion came more from currency in circulation than the bank deposit growth...

    The campaign could not sustain despite the fact that the business community, particularly retailers and medium-sized...

  • Bahrain's Bank Alkhair gets nod to sell stake in Pakistan's Burj Bank

    Bahrain-based Bank Alkhair said on Wednesday it had received approval from the State Bank of Pakistan to sell its stake in Pakistan's Burj Bank to a subsidiary of Bahrain's Al Baraka Banking Group...

    Al Baraka, one of the Gulf's top Islamic banks, had said in September that its Pakistani unit, Al Baraka Pakistan, would merge with Burj Bank to create an institution with assets totalling more than $1...

  • Islamabad urges World Bank to restart arbitration

    WASHINGTON: Pakistan has asked the World Bank to restart the process of arbitration in its water dispute with India despite New Delhi’s objections...

    In its communications with the bank, Pakistan argued that only arbitration can save the Indus Waters Treaty (IWT), which has successfully resolved water disputes between India and Pakistan for more than half a century...

  • WI bank on Hope

    ST JOHN’S (Antigua): Rookie batsman Shai Hope has been rewarded for his heavy scoring in the recent first-class tournament with a place in West Indies’ 14-man squad to face England in the first Test starting on Monday...

    The 21-year-old right-hander was one of the two uncapped players selected in the squad announced on Friday, with fellow Barbadian Carlos Brathwaite also called up
  • Slowing emerging markets hamper oil recovery: World Bank

    WASHINGTON: The World Bank warned on Tuesday that slowing emerging-market economies were hampering an oil recovery, and prices could sink further in a blow to a “fragile” global economy...

    Crude oil in 2016 is projected to come in at $37 a barrel, down from its October estimate of $51, the World Bank said in a new quarterly report...

  • New $100bn BRICS bank opens in China to challenge US-led lenders

    SHANGHAI: A new $100 billion international bank dedicated to the emerging BRICS countries opened in China’s commercial hub Shanghai on Tuesday, officials said, as an alternative to other multilateral lenders...

    The “New Development Bank”, backed by the so-called emerging BRICS nations Brazil, Russia, India, China and South Africa, has been viewed as a challenge to Washington-based institutions...

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