Tag Archives: Rate

World’s highest hotel opens in Hong Kong

World’s highest hotel opens in Hong Kong

HONG KONG – The world’s highest hotel opened its doors in Hong Kong on Tuesday, housed in the city’s tallest skyscraper and offering unrivalled panoramic views of the world famous Victoria Harbour.
Towering some 490 metres (1,600 feet) above the bustling, chaotic streets of the Southern Chinese city, the Ritz-Carlton Hotel is making a grand comeback after temporarily closing in 2008.
Visitors peered out of the floor-to-ceiling windows of the 118th floor of the International

State Bank policy rate same, inflation down

KARACHI/LAHORE – Warning against complacency, the State Bank of Pakistan (SBP) on Saturday decided to keep the policy rate unchanged at 14 percent on the back of favourable external accounts and relatively disciplined government borrowings from the central bank.
According to the central bank, inflation in Pakistan had come down year-on-year from 15.5 percent in December 2010 to 12.9 percent in February 2011. The central bank, however, noted that inflation persistence in the

Central Bank expected to keep 14 percent policy rate

Central bank expected to leave its key policy rate unchanged at 14 percent when it meets on Saturday for the subsequent two months because of an improving external current account and some respite in government borrowing.
Pakistan’s current account deficit for July-February period was a provisional $98 million, compared with a deficit of $3.027 billion in the same period last year, which provides a window of opportunity for the State Bank of Pakistan to keep the key policy rate

Corporate tax rate set to reach 40pc

KARACHI – After the imposition of the 15 percent flood surcharge by the Federal Board of Revenue (FBR) Pakistan now ranks amongst the higher corporate tax regimes of the world. Japan tops the list with 39.5 percent tax rate followed by the US (39.2 percent) and France (34.4 percent). While, amongst the prominent lowest corporate tax charging countries are Singapore (17 percent), Saudi Arabia (20 percent) and Iran (25 percent). It is worth mentioning that FBR has finalised the

China raises reserve rate again

BEIJING – China raised banks’ required reserves again in a decision; the latest installment in its monetary tightening cycle that many had thought would be put on hold after Japan’s devastating earthquake.
Its persistance with a campaign to rein in prices that has cooled hopes for the scale of world growth showed that the People’s Bank of China views inflation, not an economic slowdown resulting from Japan’s disaster, as the bigger risk.
China’s announcement came just hours

No respite in inflation as 8.78 percent rate feared

KARACHI – Deterioration in economic indicators like broad money supply (M2) is indicative of the fact that inflationary pressures will remain unabated in Pakistan in the foreseeable future. State Bank of Pakistan (SBP) statistics highlight that monetary expansion in the country continues to be alarmingly high as government bank borrowing mounts and a higher number of net foreign assets (NFA). The provisional data released by the State Bank reveals that Broad Money (M2), an economic

Pakistan eye run rate boost

STATS CORNER – With two victories in as many matches, Pakistan take on minnows Canada in their third match of the 10th World Cup at R Premadasa Stadium, Colombo, today. It will be the second one-day international match between the two teams and also the second in the World Cup.
Pakistan defeated Canada by eight wickets with 119 balls remaining when the two teams met only time in a limited overs international as well as World Cup match at Leeds on June 9,1979. Having won the

Russia imposes first rate hike since crisis

MOSCOW – The Russian central bank, on Friday, said it was raising its main refinancing rate 0.25 basis points to eight percent, its first hike in interest rates since the economic crisis over two years ago. The Bank of Russia said in a statement that the rate hike, effective from Monday, was needed due to expectations of higher inflation in Russia and high global oil prices.
“The decision was taken due to continued high inflation expectations,” it said in a statement. The rate

Inflation rate eases by 1.27pc

KARACHI – Inflation in the country has eased by 1.27 percent during last month. According to sources, the consumer price index (CPI), a benchmark for inflation has stood at 14.19 percent during January 2011.
The CPI was recorded at 15.46 percent during the preceding month, December of the current fiscal year. It showed a decrease of 1.27 percent in the inflation rate, Khurram Shehzad, an analyst from InvestCap Research opined.

SBP keeps policy rate at 14pc

KARACHI – The State Bank of Pakistan (SBP) has decided to keep its policy rate unaltered at 14 percent for the upcoming two months, February and March, of the current fiscal year. The decision came under special circumstances as the central bank is closely watching and expecting the country’s political leadership to take responsible measures to jointly devise a strategy or agenda.
The central bank has allowed the cost of borrowing to stay at 14 percent following an agreement with

Weekly inflation rate eases slightly

ISLAMABAD – The Sensitive Price Indicator (SPI), for the week ended on January 27, for the lowest income group up to Rs 3,000, has registered decrease of 0.91 per cent over the previous week. The SPI for the week under review was recorded at 297.34 points against 300.06 points registered in the previous week, according to provisional figures of Federal Bureau of Statistics (FBS).
The weekly SPI was computed with the base of 2000 =100 covering 17 urban centers and 53 essential

Businessmen dismayed by high interest rate

KARACHI – The country’s traders and industrialists expressed dissatisfaction over a status-quo in the discount rate announced by the State Bank of Pakistan on Saturday.
The Korangi Association of Trade and Industry (KATI) Patron in-Chief SM Muneer and Chairman Syed Johar Ali Qandhari said that a rising trend of discount rates had mounted non-performing loans (NPLs).
Industrialists said that a reduction in the interest rate was need of the hour. The SBP should look to

100pc literacy rate must for country’s uplipt: Mujtaba

GUJRANWALA – The Punjab government is allocating billions of rupees for the education sector 100 per cent literacy rate is necessary for the development and progress of the country. This was stated by Punjab Minister for Education Mian Mujtaba Shuja-ur-Rehman while addressing the first convocation of Government Degree College People’s Colony.
The members of the Punjab Assembly, Muhammad Saeed Mughal and Shazia Ashfaq, Director Colleges Rana Mushtaq Ahmad, Director Excise Arshad

Government increases rate of return on MTBs

KARACHI – With its rising appetite for budgetary borrowing from the scheduled banks, the government has increased the cut-off yield on three and six months treasury bills by 18 and nine basis points, respectively. The government seems to have shifted its borrowing focus to the scheduled banks, perhaps in a bid to avoid the State Bank loans that, analysts believe, are essentially inflationary.
According to the central bank, government borrowing from scheduled banks is made mainly

Crime rate is on the up and up

ISLAMABAD – As was the situation in the previous year, the crime rate in capital city is increasing with each passing day this year, too, with robbers striking at 12 different places and carjackers lifting 10 vehicles from the different parts of the city in the last week.
The persistent rise in crimes in the capital city shows that police have made no effective strategy to control the worsening situation. Robbers struck at 12 places and carjackers lifters stole 10 vehicles from

CRIME ROUND UP – Lahore Police shows an 11% increase in crime rate

LAHORE – Lahore Police showed an increase in crime rate by 11 per cent in its annual report while the ground reality is different from what it has been depicted, Pakistan Today has learnt.
Official figures of the Lahore Police reveal that 1838 more crime cases were registered by the Lahore Police in 2010 as compared to 2009. Data revealed that in 2010, Lahore Police registered 18116 cases, out of which investigators have traced 8770 cases, 5455 remained untraced, 1589 cases were

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