Severstal, Russia's largest steelmaker, posted a forecast-lagging second consecutive quarterly loss, hit by falling output, weak prices and big exchange rate losses as the industry's global slump persisted.
Japan's Panasonic Corp announced Friday the year's net loss of 378.96 billion yen (3.95 billion dollars) due to the economic downturn and warned its bottom line would stay in the red this year. The group, which is in the midst of cutting 15,000 jobs and c
Severstal, Russia's largest steelmaker, posted a forecast-lagging second consecutive quarterly loss, hit by falling output, weak prices and big exchange rate losses as the industry's global slump persisted.
Shares in Anglo-Australian mining giant Rio Tinto gained more than seven percent Friday after it reaffirmed its commitment to a proposed 19.5 billion US dollar tie-up with China's Chinalco. Rio closed up 7.43 percent at 61.88 Australian dollars (46.76 dol
Shares in Anglo-Australian mining giant Rio Tinto gained more than seven percent Friday after it reaffirmed its commitment to a proposed 19.5 billion US dollar tie-up with China's Chinalco. Rio closed up 7.43 percent at 61.88 Australian dollars (46.76 dol
Japanese Finance Minister Kaoru Yosano said he would do his best to keep the jobless rate from rising to a new record, vowing to remain on guard even as the government looked set to upgrade its official view of the world's No 2 economy.
Belgium's dominant telecom operator, Belgacom, on Friday reported a bigger-than-expected 5 percent drop in core profit and repeated its forecast for 2009. First-quarter earnings before interest, tax, depreciation and amortisation (EBITDA) fell to 492 mill
Belgium's dominant telecom operator, Belgacom, on Friday reported a bigger-than-expected 5 percent drop in core profit and repeated its forecast for 2009. First-quarter earnings before interest, tax, depreciation and amortisation (EBITDA) fell to 492 mill
A big rise in new selling space, a possible steep fall in food price inflation and signs of recovery at rivals in the non-food sector are likely to test the resilience of Britain's top grocers in the coming months. Supermarkets have been among the best pe
More European insurers unveiled writedowns on their investments in a second wave of first-quarter results on Thursday, although some said sales were proving relatively resilient. Analysts said investors were left with something of a mixed picture, with si
Singapore Airlines (SIA) said Friday it will take delivery of five Airbus A380 super jumbos as planned this year despite a 92 percent fall in fourth quarter net profit blamed on the global downturn. Company chief executive Chew Choon Seng said the carrier
France is for the first time allowing people to make voluntary disclosures so that those who have stashed untaxed money in secret foreign accounts can quietly come clean. Since launching a special unit, or disclosure desk, more than three weeks ago, the g
Europe sank to what may have been the recession's low point in the first quarter of this year as tumbling German exports and investment plus further sharp drops in output elsewhere hastened the pace of a year-old contraction. Official GDP estimates showed
North Korea on Friday unilaterally declared all existing contracts with South Korea on a joint industrial park at the border town of Kaesong invalid. "We declare the nullification of all incumbent regulations and contracts regarding the Kaesong industrial
Japan's biggest bank Mitsubishi UFJ Financial Group said it had cancelled its plan to buy a Japanese banking unit of US financial giant Citigroup. Mitsubishi UFJ Trust and Banking Corp, a unit of the Tokyo-based group, announced last December it agreed wi
The latest close of key indices on major world stock exchanges and the London closing values of the euro, the Japanese yen, the British pound and gold bullion (previous day's closes in brackets).
The global recession has struck exporting giant Germany the biggest blow since records began 40 years ago, with data on Friday showing a first-quarter output slump of 3.8 percent. The quarter-on-quarter contraction in Europe's biggest economy, accounting
Six major American insurance companies have received preliminary approval to receive billions of dollars in government bailout funds, a Treasury official and the firms said. A Treasury spokesman named the six as Prudential, Lincoln National, Allstate, Pri
The international response to the economic crisis is good in terms of monetary and fiscal policy, but more must be done on cross-border regulation of finance, IMF Managing Director Dominique Strauss-Kahn said on Friday. On a visit to Austria, he commended
France on Friday announced a 300 million euro aid in economic assistance and another 12 million Euros for the rehabilitation of Internally Displaced Persons in Pakistan. France also pledged to hammer out a Framework for Co-operation Agreement within the n
US consumer prices were unchanged last month and industrial output declined at a slower pace, reports showed on Friday, providing more evidence that the worst phase of the recession may be over. Signs the 17-month-old recession may be nearing an end helpe
France on Friday announced a 300 million euro aid in economic assistance and another 12 million Euros for the rehabilitation of Internally Displaced Persons in Pakistan. France also pledged to hammer out a Framework for Co-operation Agreement within the n
US officials have urged Bank of America Corp to revamp its board and bring in directors with more banking experience, the Wall Street Journal said. A committee led by Walter Massey, the bank's new chairman, is expected to examine the strength of the board
France on Friday announced a 300 million euro aid in economic assistance and another 12 million Euros for the rehabilitation of Internally Displaced Persons in Pakistan. France also pledged to hammer out a Framework for Co-operation Agreement within the n
Mizuho Financial Group said it would raise up to 800 billion yen ($8.4 billion) in new capital, after reporting a third-straight quarterly loss, hit by a sharp recession and the tumbling value of its stock holdings. Japan's second largest bank on Friday r
British Prime Minister Gordon Brown on Friday suspended a junior minister whose expense claims are under investigation in the latest escalation of the embarrassing row. The announcement came after The Daily Telegraph revealed that junior justice minister
The chief executives of the nine largest US banks had no choice but to accept capital infusions from the Treasury Department in October, government documents have confirmed.
Political leadership on Friday supported the military operation in Malakand Division but said it should be completed within minimum possible time. Giving in-camera briefing on Swat and IDPs situation to all the political parties at the Prime Minister Hous
Gold was little changed on Friday, just off a six-week high hit earlier this week, torn between a soft dollar and firmer equities. Gold rose to as high as $930.40 per ounce on Wednesday, the highest since April 1, buoyed by purchases by gold-backed exchan
British Prime Minister Gordon Brown on Friday suspended a junior minister whose expense claims are under investigation in the latest escalation of the embarrassing row. The announcement came after The Daily Telegraph revealed that junior justice minister
US gold futures ended up on Thursday after trading in a narrow range, helped by investor demand for portfolio protection against inflation as well as a weaker US dollar. Gold for June delivery settled up $2.50 at $928.40 an ounce on the COMEX division of
Over 900,000 people have been displaced by fighting between armed militants and government forces in Swat Valley since the beginning of the month, the United Nations said on Friday. Also, the UN said its humanitarian staff were receiving threats from mili
Shanghai copper rose on Friday, supported by a rally in equity markets, with investors focusing on economic data to assess the health of global economy. Asian stocks rose on Friday as investors bought shares that stood to benefit the most from an expected
Over 900,000 people have been displaced by fighting between armed militants and government forces in Swat Valley since the beginning of the month, the United Nations said on Friday. Also, the UN said its humanitarian staff were receiving threats from mili
Political leadership on Friday supported the military operation in Malakand Division but said it should be completed within minimum possible time. Giving in-camera briefing on Swat and IDPs situation to all the political parties at the Prime Minister Hous
US copper futures ended barely lower on Thursday, then moved firmly into positive territory in after-hours trade when US equity markets rallied, as recent selling drew investors looking for places to work their cash. Copper for July delivery closed down 0
France and Pakistan have agreed to cooperate in the nuclear field, officials said Friday, with Islamabad claiming an important breakthrough in its bid to be seen as a responsible nuclear power. Following talks between France's President Nicolas Sarkozy an
Malaysian palm futures closed lower for a second consecutive day on Friday, wiping out earlier gains of up to 2.6 percent, as volatile soy prices overshadowed the impact of strong exports, traders said. The benchmark July contract settled down 21 ringgit,
France and Pakistan have agreed to cooperate in the nuclear field, officials said Friday, with Islamabad claiming an important breakthrough in its bid to be seen as a responsible nuclear power. Following talks between France's President Nicolas Sarkozy an
Soyabean futures on the Chicago Board of Trade surged to a fresh seven-month top on Thursday, boosted by strong export sales and crush data, traders said. May soyabeans rose 16 cents to $11.66 per bushel, before expiring at midday. July soyabeans closed u
Domestic shocks such as worst law and order situation, negative economic indicators, power shortage and future uncertainty have largely hurt foreign investment, which has posted a sharp decline of over 43 percent during the first 10 months of current fisc
Raw sugar futures closed with small gains Thursday as the market consolidated after a steep decline followed a rally that had hoisted values to nearly a three-year top, brokers said. The July raw sugar contract added 0.07 cent to finish at 15.47 cents per
France and Pakistan have agreed to cooperate in the nuclear field, officials said Friday, with Islamabad claiming an important breakthrough in its bid to be seen as a responsible nuclear power. Following talks between France''s President Nicolas Sarkozy a
US rice futures on the Chicago Board of Trade tumbled on Thursday as the government's burdensome global stocks forecast for the coming season overhangs the market, traders said. Also bearish was an improved planting outlook in the top rice state of Arkans
Domestic shocks such as worst law and order situation, negative economic indicators, power shortage and future uncertainty have largely hurt foreign investment, which has posted a sharp decline of over 43 percent during the first 10 months of current fisc
Key Tokyo rubber futures fell 2 percent to near 160 yen on Friday, erasing earlier gains after traders factored in a fire at a Thai rubber factory this week. A fire at a Thai rubber factory east of Bangkok owned by Thai Hua PCL, the nation's third-largest
Pakistan will receive $2.3 billion from US and other donors before end of June, Advisor to Prime Minister on Finance Shaukat Tarin told a news conference here on Friday. Giving details of his meetings at Japan, Libya, US and with International Monetary Fu
Indian sugar futures erased early losses to end steady on Friday due to bargain buying, but uncertainty over government policy kept prices under pressure, analysts said. "Lower-level buying is supporting prices. But market is still sceptical about the gov
Domestic shocks such as worst law and order situation, negative economic indicators, power shortage and future uncertainty have largely hurt foreign investment, which has posted a sharp decline of over 43 percent during the first 10 months of current fisc
Oil prices paused below $59 on Friday as European equities opened higher, shrugging off gloomy German economic data and a firmer dollar. Europe's main stock indexes started stronger on Friday despite data showing Germany's gross domestic product (GDP) plu
Pakistan will receive $2.3 billion from US and other donors before end of June, Advisor to Prime Minister on Finance Shaukat Tarin told a news conference here on Friday. Giving details of his meetings at Japan, Libya, US and with International Monetary Fu
The May vaida on Friday commenced with no change at Rs 871.50 amid slow trading, dealers said. The other July contact opened with 30 paisa gain at Rs 975.70, they added.
Pakistan will receive $2.3 billion from US and other donors before end of June, Advisor to Prime Minister on Finance Shaukat Tarin told a news conference here on Friday. Giving details of his meetings at Japan, Libya, US and with International Monetary Fu
Prices showed steady trend on the cotton market on Friday, as several mills took part in fresh purchasing in anticipation of further rise in the rate, dealers said. The official spot rate was left unchanged at Rs 3,700. Nearly 10,000 bales of low and fine
Jordan's King Abdullah II on Friday called for the Middle East to become an economic "powerhouse" that could help reshape the global economy after the credit crunch. Speaking on the opening day of the World Economic Forum by the Dead Sea, the king said.
Jordan's King Abdullah II on Friday called for the Middle East to become an economic "powerhouse" that could help reshape the global economy after the credit crunch. Speaking on the opening day of the World Economic Forum by the Dead Sea, the king said.
US corn futures closed higher on Thursday, following a strong rally in soybeans and big exports of US corn. CBOT May expired at noon and closed up 2 cents per bushel at $4.21-1/2. July was up 1-3/4 at $4.28-1/4. Funds bought 2,500 lots. USDA pegs export s
Pakistan has reportedly refused to extend road transit facilities to India for trade with Afghanistan, which was a longstanding demand of New Delhi, having been conveyed to Islamabad through different international channels, sources told Business Recor
Spot basis bids for soyabeans were steady to higher in the US Midwest on Thursday amid slow farmer selling and tight supplies, while corn was steady. Farmers held tightly to their supplies of old-crop soyabeans as CBOT futures marched toward $12 a bushel
Jordan''s King Abdullah II on Friday called for the Middle East to become an economic "powerhouse" that could help reshape the global economy after the credit crunch. Speaking on the opening day of the World Economic Forum by the Dead Sea, the king said.
US wheat futures rose on Thursday, led by a 1.8 percent gain in Minneapolis Grain Exchange spring wheat, as fears about total production overcame bearish factors such as abundant global supplies and poor exports, traders said. Gains in US stock markets an
Pakistan has reportedly refused to extend road transit facilities to India for trade with Afghanistan, which was a longstanding demand of New Delhi, having been conveyed to Islamabad through different international channels, sources told Business Recor
The Karachi Port handled 91,071 tonnes of cargo including 68,884 tonnes of import and 22,187 tonnes of export, 3,122 loaded and empty containers (TEUs) during last 24 hours ending at 0700 hours on Friday.
Pakistan has reportedly refused to extend road transit facilities to India for trade with Afghanistan, which was a longstanding demand of New Delhi, having been conveyed to Islamabad through different international channels, sources told Business Recor
US soyabean export premiums at the Gulf of Mexico on Thursday were firm for nearby shipping periods amid tight old-crop supplies and steady in deferred months, underpinned by solid demand, traders said. Persistent demand from top buyer China supportive, e
The Federal Cabinet is said to have blocked Prime Minister Syed Yousuf Raza Gilani's proposal to ratify Economic Co-ordination Committee's (ECC) decisions. The ECC is now being headed by Prime Minister's Advisor on Finance Shaukat Tarin after the Prime Mi
The human tragedy unfolding in the North and North-west of Pakistan with millions displaced and countless loss of property and life, is a grim sequel of our government's spineless obeisance to dictates of Washington.
The Federal Cabinet is said to have blocked Prime Minister Syed Yousuf Raza Gilani's proposal to ratify Economic Co-ordination Committee's (ECC) decisions. The ECC is now being headed by Prime Minister's Advisor on Finance Shaukat Tarin after the Prime Mi
Rwanda's tea production rose 28 percent to 1,893 tonnes in March from 1,479 tonnes in the previous month on favourable weather conditions, the Rwanda Tea Authority said on Friday. Export sales leapt 65.6 percent to $5.3 million in March, compared with $3.
Sixty-three governments approved a UN convention Friday that aims to make the business of scrapping the world''s freighters, luxury liners and oil tankers safer and greener by requiring higher standards at recycling yards mostly located in South Asia.
Pakistan is known to have one of the fastest developing economies in the world. At present, our economy is going through a political and economical turmoil. Recently, we went through a major financial crisis. Research by Bloomberg and Hess shows that the
Sixty-three governments approved a UN convention Friday that aims to make the business of scrapping the world's freighters, luxury liners and oil tankers safer and greener by requiring higher standards at recycling yards mostly located in South Asia.
Who is ardently following Machiavelli's famous advice in The Prince, that "a wise ruler invents enemies and then slays them in order to control his own subjects"? The answer is obvious-though everybody wants to avoid pronouncing it under the prevailing ci
Sixty-three governments approved a UN convention Friday that aims to make the business of scrapping the world's freighters, luxury liners and oil tankers safer and greener by requiring higher standards at recycling yards mostly located in South Asia.
Once again this year, a number of textbooks of Class IX and X are not available in the market, more than a month after the commencement of the new academic session in the city's schools. This chronic problem is undoubtedly due to the fact that the Sindh T
The Karachi share market experienced a volatile session on Friday and the KSE-100 index moved both ways to hit 7,220.60 points intra-day high and 7,124.22 points low before closing at 7,177.64 points with a gain of 35.22 points. Trading volume at ready co
"You'd be happy if you could die on your land, go back to your land and be there. That would be the best thing, the most important thing - but you can't!" An internally displaced person. When in February the ANP-led government in NWFP signed a deal with t
The Karachi share market experienced a volatile session on Friday and the KSE-100 index moved both ways to hit 7,220.60 points intra-day high and 7,124.22 points low before closing at 7,177.64 points with a gain of 35.22 points. Trading volume at ready co
The revival of the Karachi Circular Railway (KCR) is one of the few public welfare projects which has remained victim either of lop-sided priorities of the successive governments or their proverbial apathy to the problems of common man.
The Karachi share market experienced a volatile session on Friday and the KSE-100 index moved both ways to hit 7,220.60 points intra-day high and 7,124.22 points low before closing at 7,177.64 points with a gain of 35.22 points. Trading volume at ready co
M A Bukhari is largely inspired by Islamic motifs and traditions. From the beginning he was involved in working on modern calligraphic forms which exhibit design pattern, bold brush strokes and detailed inscriptions, all of which are characteristic of his
The Federal Cabinet is said to have blocked Prime Minister Syed Yousuf Raza Gilani''s proposal to ratify Economic Co-ordination Committee''s (ECC) decisions. The ECC is now being headed by Prime Minister''s Advisor on Finance Shaukat Tarin after the Prime
Saadet Hassan Manto (1912-1955) is a name synonymous to the humanistic mannerism and enlivened conscience of his era. He was gifted with a pen which never compromised with the brutal and ruthless forces of vested interests rather always unleashed its assa
Mixed trend was observed at Islamabad Stock Exchange (ISE) where equities moved both ways under the lead of hot favourite amid increase in index. ISE Ten Index showed an increase of 2.01 points, as the Index moved from 1,633.31 to 1,635.33 points. The ove
This time the opinion that Pakistan is the most dangerous country in the world has come from Canada, from its defence minister, Peter Mackay. Such a negative opinion has clearly not received the media attention that it has done in the past. But whither Pa
Mixed sentiment was observed on Lahore Stock Exchange on Friday and equities registered gains amid ascending transaction volume on account of fresh buying in select shares. The LSE-25 index improved by 23.87 points to close at 2119.25 against 2095.15 of T
After losing five-match One-day International (ODI) to Australia 3-2, Pakistan defeated Australia in the one-off Twenty20 match by seven wickets, providing a sigh of relief to the Pakistan Cricket Board (PCB). Pakistan's track record against Australia is
Mixed sentiment was observed on Lahore Stock Exchange on Friday and equities registered gains amid ascending transaction volume on account of fresh buying in select shares. The LSE-25 index improved by 23.87 points to close at 2119.25 against 2095.15 of T
Bridge is a battle of wits between the declarer and the defenders. Like a see-saw, the balance swings to and fro as each stroke of the declarer is countered by an equally brilliant stroke of defence, quashing any advantage declarer hopes to gain. In this
President Asif Ali Zardari has announced an "emergency relief package" (ERP) to support the internally displaced persons (IDPs) at different camps immediately. Under this programme 6,100 families, residing in the camps, were registered and more than Rs 10
President Asif Ali Zardari has announced an "emergency relief package" (ERP) to support the internally displaced persons (IDPs) at different camps immediately. Under this programme 6,100 families, residing in the camps, were registered and more than Rs 10
On Friday, the BRIndex30 opened in the positive zone, at 6,675.91 points, and remained there for whole of the trading time and closed at 6,786.92 with a net positive change of 123.04 points and percentage change of 1.85. It experienced intra-day high of 6
