Pakistan Property News – Pakistan Property | Pakistan Real Estate | Islamabad Property | Karachi Property | Lahore Property | Buy Sell Rent – PakistanHousing.pk

KARACHI: State Bank of Pakistan (SBP) provided Rs36.950 billion to the banking system which continued to face shortage of funds on Monday despite reduction of Cash Reserves Requirement (CRR) by 1 percent.

SBP spokesman Syed Wasimuddin told that, commercial banks had obtained Rs1.575 billion from SBP on discount rate.

Read the rest of this entry »

KARACHI: Trade activity at Karachi Stock Exchange remained flat on the first day of business on Monday as the benchmark KSE-100 Index gained only 3 points to close at 9,184.

The investors remained on the sidelines, awaiting the outcome of the KSE – SECP meeting scheduled to be held later today.

Read the rest of this entry »

BERLIN: European governments launched a multi-pronged attack on the finance crisis Monday, approving more than a trillion dollars in loans and providing a shot in the arm to ailing world financial markets.

Governments across the continent, rattled by the relentless downward spiral of shares, unveiled rescue packages after agreeing at a weekend summit to guarantee interbank lending and make state funds available to buy bank stocks.

Read the rest of this entry »

HONG KONG: Asian stock markets opened broadly higher Monday after a week of massive losses, as investors reacted with guarded optimism to international efforts to end the global financial crisis.

Hong Kong opened up, recovering some of their losses from last week’s marathon sell-off, after US and European leaders at the weekend agreed to take joint action to end the turmoil.

Read the rest of this entry »

SINGAPORE: World oil traded more than three dollars higher in Asia on Monday after world leaders united to tackle a global financial crisis.

New York’s main contract, light sweet crude for delivery in November, was 3.10 dollars higher at 80.80 dollars a barrel, recovering from one-year lows reached on Friday.

Read the rest of this entry »

European and Asian markets have rallied in response to efforts by world leaders to end the recent financial turmoil.

The UK’s FTSE 100, France’s Cac 40 and Germany’s Dax index all jumped more than 6%, tracking earlier gains on Asian markets.

Major central banks said they would offer financial institutions an unlimited amount of short-term dollar loans to help stem the crisis.

EU leaders said on Sunday no big bank would be be allowed to fail.
Read the rest of this entry »

Stock markets around the world on Monday jumped higher after governments took a series of aggressive steps to address the global financial crisis.

Stocks in Europe were trading up and key markets in Asia closed higher.

"It looks like we’re going to have a nice relief rally today," said David Buik with BGC Partners in London.

Read the rest of this entry »

As the world loses confidence in the foundations of its economic system, the silver lining may be that oil prices are about to get a whole lot cheaper.

In a new report Friday, Deutsche Bank uses a number of interesting yard sticks to suggest crude is currently way too expensive and may fall to the $60 a barrel range as the economy worsens.

And the bank does expect the economy to worsen, painting a bleak picture – caused be the current financial turmoil – but stopping just short of predicting a multi-year recession.

Read the rest of this entry »

Apple will unveil the latest addition to a long line of portable computers that dates back nearly 20 years — to the ungainly, 15.8-pound “Macintosh Portable” that PC World named the 17th worst technology product of all time. (link)

Apple’s notebook offerings have come a long way since 1989. They now outsell Apple desktop machines by nearly 65%. In Q3, they accounted for 29% of Apple’s (AAPL) total revenue. (See All eyes on the MacBook.)
To commemorate Cupertino’s notebook computers past and present (they run too hot these days to be safely designated “laptops”), we’ve assembled the photo gallery that appears below the fold.
Read the rest of this entry »

As the economic downturn continues to hit consumers’ wallets, market analysis firm J.D. Power is predicting even bigger drops in U.S. and global auto sales than it had previously thought.

The company forecast that automakers will sell 10.8 million vehicles to retail customers, as distinct from fleet customers, in all of 2008. That will be about 2 million fewer retail sales than the industry had in 2007, for a drop of about 15.6%.

Read the rest of this entry »

Gasoline prices extended their slide, dropping more than 4 cents a gallon and coming within 25 cents of breaching the $3 level, according to a daily survey of credit card swipes releases Sunday.

The average price of unleaded regular fell to $3.247 a gallon nationwide, down 4.4 cents from $3.291, according to the Daily Fuel Gauge Report issued by motorist group AAA. That brings the two-day total decline to 10.3 cents.

Read the rest of this entry »

NEW YORK (AP) – Spanish bank Banco Santander SA is in "advanced talks" to acquire Philadelphia-based thrift Sovereign Bancorp Inc., the Wall Street Journal reported on Sunday.

Spokesmen at Sovereign (SOV, Fortune 500) and Santander declined comment on the report.

The Journal, citing people familiar with the matter, said the two banks hope to have a deal in place by Monday, with Santander expected to pay roughly Sovereign’s New York Stock Exchange closing stock price Friday of $3.81 a share. That would value Sovereign at about $2.53 billion, the Journal said.

Read the rest of this entry »

WASHINGTON: The World Bank launched a financing facility on Saturday to provide a simple, low cost way for developing countries to share their knowledge and expertise in overcoming poverty.

The new South-South Experience Exchange Facility is a new multi donor trust fund that promotes the idea that the development successes in one country can pull people out of poverty in another.

Read the rest of this entry »

KARACHI: The authorities in KSE have decided to freeze CFS Financing in Karachi Stock Exchange (KSE) at 24 percent, which stands at Rs.13 billion currently, sources said Monday.

Securities and Exchange Commission of Pakistan sources said that the notification declaring the decision would likely be issued in the morning before the start of trade in market.

LONDON: The British Department for International Development (DFID) has decided to double its economic aid to Pakistan, according to Geo News.

The new aid package would be up to 586 million pounds.

KARACHI: The meeting between Board of Directors of Karachi Stock Exchange (KSE) and Security and Exchange Commission of Pakistan (SECP) was held here on Sunday.

The meeting agreed to continue the dialogue process and to hold the third round of talks at 5:00 PM on Monday.

A KSE director on the occasion said that KSE will function as normal on Monday.

DUBAI: A severe recession continues today in the stock markets of the middle east.

According to Arab TV, there is a trend of severe recession today at the start of trading in the stock markets of the United Arab Emirates and Oman due to world monetary crisis.

A decline of six per cent in Dubai stock market, three per cent in Kuwait, four per cent in Abu Dhabi and 3.5 per cent in Muscat stock market has been witnessed.

This may be called that stock markets all over the world are facing the situation of crash due to world monetary crisis during the previous week.

The fate of one of the strongest property markets in the world hangs in the balance as Wall Street stalwarts crumble and job losses loom over the Big Apple.

The days of skyrocketing rents and high sales prices on everything real estate from office buildings to condos are over in New York as the credit crisis chills the city’s lifeblood: the financial services industry.

"It doesn’t look pretty," said Barry Gosin, chief executive of commercial real estate services firm Newmark Knight Frank. "There’s a downturn on Wall Street and jobs will be lost. The question is, how many jobs?"

Read the rest of this entry »

The blonde goddess in the flowing white dress plucked serenely at her golden harp, oblivious to the teeming flow of humanity around her. Her presence on the stand of Ferragamo penthouses in the inventively named Pentominium tower was doubtless intended to emphasise their classiness, but, like most things in these parts, the show was really all about the numbers.

Read the rest of this entry »

Property developers and financiers – including Israeli companies that have invested heavily in everything from trophy office buildings to Brooklyn residential renovations – are being whip-lashed by the spreading credit crisis, which has brought New York’s real estate market to a screeching halt.

Some are rushing to draw down credit lines before they are withdrawn, while others, following the example of Israeli billionaire Lev Leviev, are chasing down rapidly disappearing capital to shore up their balance sheets.

Read the rest of this entry »

Details of the continuing property surge in Saudi civil construction market were revealed at Cityscape Dubai where the latest addition to the world’s largest international business-to-business property development brand, Cityscape Saudi Arabia, was announced. According to the latest analysis, More than 285 civil construction projects in excess of $260 billion are currently underway or in design in Saudi Arabia.

Rohan Marwaha, MD, Cityscape, said, "The Cityscape portfolio now encompasses most of the world with ten separate events. Cityscape Saudi Arabia is a natural addition. Investment in real estate is at an earlier stage in the cycle and has not matured to the same extent as other regional countries."

Read the rest of this entry »

Abyaar, boutique real estate developer, has launched 3 new developments that are set to become icons of Dubai’s burgeoning skyline at Cityscape Dubai 2008. The latest offerings by Abyaar are the ICE tower and Pier 8 in Dubai Marina and Dubai Arts District in International Media Production Zone (IMPZ).

Marzooq Al Rashdan, VC & MD, Abyaar, said, "All developments offer a different spin on lifestyle-living and, as always, we have partnered with accomplished suppliers and service providers to bring our buyers truly signature developments. Our aim is to continually outdo customer satisfaction, and offer design and quality conscious buyers property that surpasses their expectations in terms of luxury and excellence. Our projects are end-user focused, aimed at those wanting to live in less mainstream environments, with enduring high-quality."

Read the rest of this entry »

UAE capital city’s premier real estate developer, ALDAR Properties, PJSC, forms a new subsidiary for making Abu Dhabi an international luxury boating destination. New firm, ALDAR Marinas, will offer a broad range of leisure marine facilities and services and become an important part of ALDAR’s waterfront properties.

Ronald Stephen Barrott, CEO of ALDAR Properties: "Marinas are a salient feature of the world class waterfront communities we are building at various sectors in our waterfront projects in Abu Dhabi coast, and it is only natural that these facilities are run and operated to world-class standards to provide the residents of our communities and visitors of our unique leisure destinations with the ultimate in services and facilities."

Read the rest of this entry »

According to market leading mortgage lenders at Cityscape Dubai 2008, home and contents insurance is critical when investing in a property. Growth in the UAE’s insurance market rose by 27% in 2006, as per the figures released by Moody’s Investors Service earlier this year. The rating agency announced total premiums volumes had reached Dh10 billion in the UAE.

Michael Walton, Director, General Insurance, Nexus, said, "Insurance plays a key role in protecting what is typically an individual’s largest single asset. Homeowners need to realize the importance of purchasing appropriate insurance before opening the door to a new property."

Read the rest of this entry »

WASHINGTON: The International Monetary Fund said Saturday it was ready to lend to countries in need of capital in the financial crisis.

The IMF’s International Monetary and Financial Committee (IMFC) said it "considers that, using its emergency procedures, the Fund stands ready to quickly make available substantial resources to help member countries cover financing needs.

"The Committee calls for further intensive Fund engagement across the membership to discuss and develop robust policy responses to the crisis," the IMFC said in a statement.

Read the rest of this entry »