CDNS unearths largest-ever ‘scam’ of Rs200 million
Internal control weaknesses, lack of reconciliation of data held in manual and computerized database led to the discovery of this fraud
From JazzCash to Cashless – Hacker steals money from retailers’ mobile accounts
In a recent development that could undermine the government and private sector’s efforts towards financial inclusion, a fraudster siphoned off Rs15 lacs...
Pakistan’s mystery billionaire
“He’s the Howard Hughes of Pakistan. Nobody ever sees him. You’re the first ones (among journalists) who are going to witness him...
SBP raises key interest rate by 150 basis points to 10%
Import growth declined to 5.8% during the first four months (July-October) of FY19 from 26.3% in the same period of last year, indicating an effect of recent tightening measures.
Rupee depreciates to Rs118 against US dollar amid economic strains
LAHORE: The rupee depreciated Rs7.5 against the US dollar to Rs118.0 in the inter-bank market on Tuesday morning compared to its closing...
What happened at Habib Bank in New York?
The Grand Central Terminal in New York is, by some measures, the largest train station in the world, covering 48 acres in...
Consumers lose money amid falling demand for old 100-dollar bills
Moneychangers, banks exploiting situation as regulator looks the other way
SECP adopts three AAOIFI Shariah Standards
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has notified the adoption of three Shariah Standards of the Accounting and Auditing...
How HSBC went kaput three times trying to establish a presence in Pakistan’s banking sector
LAHORE: Many foreign banks have forayed into Pakistan’s banking sector with aplomb in the last few decades, namely Citibank, Barclays, HSBC, Crédit...
A bank sold for just Rs1,000. Does it make any sense?
Profit demystifies the controversy over the sale of KASB Bank
The cluelessness of Standard Chartered’s Pakistan strategy
Stand outside the branch of Standard Chartered Bank Pakistan on Karachi’s historic McLeod Road, and it is difficult to escape a sense...
Bank Alfalah selling Afghanistan operations to Azizi bank
In April, Bank Alfalah in a notification sent to the stock exchange had denied rumours that the bank had been sold
BankIslami becomes victim of $6.5 million cyber-attack
Transactions of approximately $6 million as claimed by the international payment scheme have been denied by the bank.
SBP denies rumours about discontinuation of Rs5000 banknotes
The central bank said in case of demonetization of any bank note, it announces it in advance and gives ample time to the public to change the currency under demonetization process
Is Dewan Yousuf serious or will he hoodwink everyone yet again?
The Group faces a serious credibility crisis as it turns down offers for its cement plants for the umpteenth time – even the lucrative Mega offer – raising doubts about its intent to sell and settle the default.