in latest layoffs Bank of America (BofA) plans to cut about 2,000 jobs from its investment banking, commercial banking and non-US wealth management units as it struggles to rein in costs to make up for weak revenue growth. The cuts will include the planned sale of a division handling wealth management in Europe, Latin America and Asia, the Los Angeles Times reported on Tuesday. As part of the layoffs, the b ...

ISLAMABAD: The government has revised the tax target to Rs1.929 trillion, Rs23 billion less than budgetary projections after Federal Board of Revenue failed to hit monthly goalposts for consecutive two months. The target has been slashed on the pretext that Sindh Revenue Board’s efforts of collecting taxes on services has dented FBR’s revenue collection. Sources said the FBR will still notionally present th ...

Canadian college students have once again taken to the streets to protest against a planned tuition hike in the universities in Canada’s Quebec province as part of an effort to rein in the country’s budget deficit. The infuriated students from across Quebec marched in downtown Montreal on Sunday to express their opposition to the proposed tuition increase. Police in riot gear also walked by as students chan ...

SINGAPORE: Oil prices edged lower in Asia , with investors fretting over stuttering growth in the US as political and economic uncertainty in the eurozone weighed, analysts said. New York’s main contract, West Texas Intermediate crude for delivery in June was down 21 cents to $104.72 per barrel while Brent North Sea crude for June shed 25 cents to $119.58 in morning trade. Economic growth in the US slowed s ...

BEIJING: China Eastern Airlines says it’s buying 20 Boeing 777 jets worth nearly $6 billion while also selling five Airbus A340s worth $708 million to the US planemaker. The Shanghai-based airline said Monday it’s selling the Airbus A340-600 airplanes to Boeing because they have high operating costs and “relatively weak route competitiveness.” The Airbus jets are about 8.3 years old, on average, and fly lon ...

SINGAPORE: Pakistan State Oil (PSO) is set to buy 1.17 million tonnes of oil products for delivery over May to July, its largest purchase of fuel in the spot market for this year, industry sources said on Monday. The majority of the potential purchase - 910,000 tonnes - is for fuel oil which is used for power generation during the summer. PSO is also set to buy 210,000 tonnes of gasoline and 50,000 tonnes o ...

ISLAMABAD: Liquefied Petroleum Gas (LPG) marketing companies are likely to decrease LPG prices by Rs 15 per kg and price of domestic cylinder to Rs 175 while price of commercial cylinder to Rs 700. This decrease has been decided following the reduction of LPG in the international market where LPG prices have been decreased by $ 132 and prices decreased from $993 to $861. After this decrease LPG price in loc ...

SINGAPORE/SYDNEY: The dollar hit a fresh two-month low versus the yen and eight-month trough against sterling on Monday, staying under pressure after data last week showed disappointing first-quarter U.S economic growth. The dollar fell to 80.10 yen at one point on trading platform EBS, its lowest level since late February, and was last changing hands at 80.18 yen, down 0.1 percent from late U.S. trade on F ...

SINGAPORE: Brent crude edged lower towards $119 per barrel on Monday as economic woes in developed economies stoked fears of lower fuel demand, although the prospect of a third round of monetary easing by the United States limited its decline. U.S. economic growth cooled in the first quarter, raising expectations that the Federal Reserve could start a third round of government bond buying, or quantitative e ...

BEIJING:Revival of the ancient Silk Route can benefit Pakistan’s ailing economy, if the country upgrades its infrastructure along modern lines, says a Chinese minister. “The Silk Route was a famous trade route in the ancient times. This proves that we have a long history of trade. Nowadays, the form of trade has changed. It needs to be developed along modern lines. I hope that this can benefit Pakistan’s ec ...