30 August 2014

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Solid US data lifts dollar vs. euro, yen

NEW YORK  The dollar rose against the euro and the yen Friday as traders appeared to look past a disappointing US consumer spending report to focus on mostly brighter economic data.A small, unexpected fall in US consumer spending in July -- the first drop in six months -- made little impression on the market. US data has been mostly upbeat this week, in contrast to persistent weakness in the eurozone economy."The US dollar is seeing long-term sentiment start to build as economic data has improved considerably

Pak Steel receives Rs 2.125 bln more from Govt

KARACHI:  Pakistan Steel Mills has received Rs 2.125 billion out of Rs 2.875 billion of 4th installment of 1st tranche of its restructuring package of Rs 18.5 billion approved by the Federal Government.A PSM release said that the amount of Rs 2.125 billion released by Federal Finance Ministry has been utilized for payment of thirty days’ salary (half of June and half of July) to PSM employees. Letters of Credit (L/Cs) for procurement of raw materials will be opened, and the remaining amount will be used for capital repairs and

Oil prices up on Ukraine tensions

Oil prices up on Ukraine tensionsSINGAPORE: Oil prices rose in Asia Friday supported by renewed Russia-Ukraine tensions and upbeat US economic data, analysts said.US benchmark West Texas Intermediate for October delivery was up 27 cents at $94.82 while Brent crude for October advanced 33 cents to $102.79 in afternoon trade. Ukraine and the West said Thursday that Russian troops are actively involved supporting pro-Kremlin separatists who have been fighting against Kiev´s rule since April. NATO said at least 1,000

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