The Arab world is anxiously expecting action, rather than words, from US President Barack Obama, the former Saudi Arabian ambassador to Washington has said. In an exclusive interview with the German Press Agency dpa, Prince Turki al-Faisal, who was ambass

Two bottles of acid were thrown into a crowd in a popular shopping district in downtown Hong Kong on Saturday, injuring 30 people, police and news reports said. It was the second such attack in five months in the neighbourhood. Television footage showed f

Afghanistan's election authority complained Saturday about the calibre of some of the 44 candidates for the August 20 presidential polls, charging they were unknown and had no clear programme. All met the basic legal requirements but some had never even w

Indonesian President Susilo Bambang Yudhoyono faces a twin challenge from his vice president and opposition leader Megawati Sukarnoputri in a July election to set the pace of reform in Southeast Asia's biggest economy. With only hours left before a deadli

Industrial production contracted by 4.8 percent in Kazakhstan in the first four months of the year compared with growth of 3.5 percent in the same period of last year, the state statistics agency said on Friday. Kazakhstan is a significant oil and metals

Remittances from overseas Filipinos reached a record $1.47 billion in March, the central bank said on Friday, suggesting domestic growth will remain resilient despite the global downturn. The latest number surpassed the previous monthly high of $1.45 bill

Russia and several southern European nations are expected to sign a deal for a new pipeline to carry natural gas to Europe. The Russian-lobbied South Stream project could hamper EU plans for a separate pipeline that would reduce its energy dependence on M

The European Bank for Reconstruction and Development is investing billions of euros in central and Eastern Europe to help free the ex-Soviet bloc from deep recession, it announced here on Friday. Kicking off its annual meeting, the EBRD said it had invest

Singapore's state-linked investment firm Temasek Holdings will reduce its exposure to Western nations after suffering massive losses amid the global financial crisis, its chief executive said. To balance risks and growth, Temasek will give greater importa

The Dutch economy shrank at the fastest rate since World War Two in the first quarter, driven by double-digit contractions in business investments, exports and imports. Gross domestic product (GDP) declined at a rate of 4.5 percent in the first quarter ov

Beijing will urge the European Union at a summit next week to relax limits on high-tech exports to China and review its anti-dumping policies, an official said Friday. "We will address again the acknowledgement of China's market economy status and the Eur

Leaders of the G20 nations must use their meeting in New York in September to help Africa to recover from the global economic crisis, a senior World Bank official said on Friday. Shanta Devarajan, chief economist for Africa, said offers of help for the co

The Obama administration's plan to reshape the opaque world of derivatives trading, unveiled on Wednesday, is only a preview of sweeping financial reform proposals that may be announced as soon as next week. The White House and Treasury, responding to the

China announced new measures to improve direct shipping to Taiwan, in a meeting which coincided with the opening of a cross-strait forum on Saturday evening in Xiamen, local media reported. Five new ports will be opened, bringing the total to 68, said Son

Egypt's central bank cut its overnight deposit rate by 50 basis points to 9.5 percent and its overnight lending rate by 100 basis points to 11 percent, the bank said on Friday, in a move that should encourage more lending.

Thousands of workers from Italy's auto group Fiat marched through the streets of Turin on Saturday shouting for job guarantees as the company moves to create what would be the world's second-biggest auto maker. Blowing whistles, sounding horns and waving

Thousands of German workers marched through Berlin on Saturday to demand the government do more to protect jobs, highlighting popular concerns about unemployment in the run up to September's federal election. Germany is facing its deepest recession since

Two US Securities and Exchange Commission enforcement lawyers are under investigation by federal criminal authorities for allegedly using insider information to trade stocks, a report by the SEC's internal watchdog said. The Federal Bureau of Investigatio

Chancellor Angela Merkel called on Saturday for tax cuts in Germany, despite growing strain on government finances. Tax cuts, investment and a solid budget policy should be at the core of economic policy, she said. "That is the triad with which we will ac

SemGroup LP on Friday filed a bankruptcy reorganisation plan with the court, saying it has lined up $500 million in financing, and expects to emerge from Chapter 11 as a publicly traded company later this year. SemGroup, an oil and gas services company, w

A decision by troubled automaker General Motors to drop 20 percent of its dealers in the US is due in part to an oversized network that created stiff internal competition and gave shoppers too much leverage to talk down prices, hurting chances for future

EBRD shareholders on Saturday decided to bring forward a planned review of the development bank's available capital as some countries criticised its lending practices for leaving eastern Europe and Central Asia exposed to the global financial crisis.

The International Monetary Fund is prepared to ease the fiscal conditions attached to its programmes with European Union members Latvia, Hungary and Romania due to worsening economic downturns, a senior Fund official said on Saturday. Anne-Marie Gulde-Wol

Kuwaiti conglomerate Al Ghanim Industries is looking at industrial acquisitions in Asia to help it diversify away from the Gulf region, where its revenues have been flat this year, the CEO said on Saturday. Omar Kutayba Alghanim said the company, with ann

Oil hit a six-month high above 60 dollars last week, boosted by a falling US currency, but later retreated on a worsening demand outlook which also pushed down base metals prices, analysts said.

Thai sugar exports to South Korea are expected to rise by about 10 percent in 2010 due to the elimination of the Korean import tariff under a new free trade agreement (FTA), traders and industry officials said on Friday. Thailand and the other nine countr

US soyabean futures extended gains on Friday, carried to a fresh 7-1-2 month high by a steady flow of exports and tightening global supplies that supported the market. Soyabeans have risen nearly 4 percent this week as US exports exceeded expectations aga

India may allow a further one million tonnes of non-basmati rice export to Africa, taking sales overseas sales to 2.5 million tonnes, the Economic Times reported on Thursday. A committee of top government officials has decided to allow the additional expo

US rice futures on the Chicago Board of Trade ended weak on Friday on lingering concerns about the government's burdensome global stocks forecast issued this week, traders said. An improved planting outlook in the top rice state of Arkansas was also beari

Palm oil output in Malaysia will struggle to rise in the next few months and may not even hit strong double digit peaks this year as the current hot and dry weather hurts yields, plantation officials said on Tuesday. Production in the world's second large

The US Agriculture Department set the prevailing world market price for upland cotton at 45.83 cents per pound, effective through May 21. The price is adjusted to US quality and location for Strict Low Middling, 1-1/16 inch upland cotton. USDA also announ

Major palm oil buyers face being graded for their green credentials after figures showing they have bought only a fraction of the sustainable palm oil available, environmental group WWF said on Tuesday. About 1.3 million tonnes of certified sustainable pa

Raw sugar futures reeled from investor liquidation to end sharply lower Friday after rallying to near a three-year high, with brokers saying the market may consolidate close to a key support level next week. The July raw sugar contract slid 0.52 cent, or

US soybean futures fell in quiet dealings on Friday, with profit-taking countering bullish input from big soy exports and shrinking soy supplies. Corn sagged along with soy on improved seeding weather forecast for next week in the United States, while whe

New York gold futures ended higher on Friday after data showed that US core inflation rose more than expected in April, bolstering the status of gold as a hedge against inflation. However, when food and energy are included, US consumer prices were unchang

Cocoa beans from Indonesia's main growing island of Sulawesi were offered $250 below New York futures on a free-on-board basis, its lowest in at least five years, as grinders cut purchases, dealers said on Thursday. Indonesia mainly exports beans to Malay

US copper futures ended down Friday as mixed economic data from Europe and the US underscored concerns about the health of the global economy and fed a price correction from over-heated levels that may extend into the coming week, analysts said. Copper fo

ICE Canadian canola closed mixed with choppy trade on Friday amid position-squaring before the long weekend in Canada. The benchmark July canola contract gained $1.40 to close at $476.80 on volume of 13,634 contracts while new-crop November edged down 10

Spot basis bids for corn and soyabeans held mostly steady around the US Midwest on Friday as farmers held onto supplies while futures drifted lower, dealers said. Corn bids fell by 1-1/2 cents per bushel while soyabean bids fell by 1 cent at an Iowa termi

The Karachi Port handled 124,873 tonnes of cargo including 98,614 tonnes of import and 26,259 tonnes of export, 3,528 loaded and empty containers (TEUs) during last 24 hours ending at 0700 hours on Saturday.

US wheat futures closed lower on Friday on slow export sales of US wheat and on persistent weight from a big global stockpile of wheat. CBOT July wheat was down 15-3/4 cents per bushel at $5.77-1/2. Underlying support from slow seedings of the US spring w

Following are selected highlights from a report issued by a US Department of Agriculture attache in Honduras: "The sugar industry in Honduras aims at increasing refining capacity and improving efficiency. Area planted has increased slightly as a preventiv

Coffee exports from Mexico rose 9 percent in April to 327,874 60-kg bags, according to the national coffee organisation's website on Friday. Mexico exported 300,804 bags of coffee in April 2008. Cumulative exports for the 2008/09 coffee year, which began

US corn futures closed lower on Friday following falling soyabeans and on outlooks for better corn planting weather next week in the US Midwest. CBOT July corn was down 11 cents per bushel at $4.17-1/4. Break in US Midwest rains next week to boost plantin

Hard red winter wheat futures at the Kansas City Board of Trade closed lower on Friday on slow exports of US wheat and a big global wheat surplus. KCBT HRW wheat for July was down 13-1/4 cents per bushel at $6.30-1/2. Underlying support from slow seedings

Cameroonian cocoa farm gate prices have fallen slightly since the start of May as a result of increased supply of beans as the mid-crop season gradually gets under way, farmers said on Friday. Despite the fall, prices are still well above the average for

The trading in Kenyan tea closed higher on Jodia Bazar here on Saturday. The following changes were noted.

Lacklustre condition was seen on the cotton market on Saturday as hide-and-seek attitude was adopted by the mills, dealers said. The official spot rate was left unchanged at Rs 3,700, they said. According to the market sources, mills were conspicuous by t

The weather report on Saturday (May 16, 2009) and the forecast for Sunday (May 17, 2009).

Thin business was seen on the wholesale grain and seed market on Saturday as the main buyers kept on the sidelines due to lack of buying interest, dealers said. On the cereal side wheat old and new Bardana (with bag) shed Rs 15 to Rs 2,485 and 2,500; they

Gold and silver rates in rupees per 10 grams prevailing in major cities on Saturday (May 16, 2009).

At the week-end, the May vaida commenced with Rs 1.50 gain at Rs 872.60 due to strong demand, dealers said. The other July contract opened with 50 paisa rise at Rs 976.20, they added.

Gold and silver rates in rupees per 10 grams prevailing in major cities on Saturday (May 16, 2009).

US soyabean export premiums at the Gulf of Mexico on Friday were firm amid solid demand and export snags in South America, while corn and wheat values were mostly steady, traders said. Soyabean export premiums were up about 5 cents from a week ago despite

British Prime Minister Gordon Brown said on Saturday parliament must do more than clean up its expenses system to restore public trust, after his ruling Labour party suspended a second lawmaker in a damaging perks scandal. On its ninth day of disclosures

World Telecom and Information Society (WTIS) Day is being celebrated on May 17 and theme for this year - "Protecting Children in Cyber Space" holds special significance for Pakistan. Children and youth are future of our nation.

British Prime Minister Gordon Brown said on Saturday parliament must do more than clean up its expenses system to restore public trust, after his ruling Labour party suspended a second lawmaker in a damaging perks scandal. On its ninth day of disclosures

It is gratifying to note that the World Telecommunication and Information Society Day is being celebrated this year under the theme as "Protecting Children in Cyberspace", in Pakistan as well as across the globe to mark the 144th anniversary of the establ

The Sensitive Price Indicator (SPI), for the week ended on May 14, for the lowest income group up to Rs 3,000, has registered increase of 0.27 percent over the previous week. The SPI for the week under review in the above mentioned group was recorded at 2

World Telecommunication and Information Society Day marks the founding of the International Telecommunication Union on 17 May 1865, and commemorates its role in connecting the world.

Pakistan would miss even the revised GDP growth target for the current fiscal year as the National Account Committee was informed that the actual growth would be 2.37 percent and not 2.5 percent. Sources said that the NAC meeting chaired by Secretary Stat

Cyberspace is the nursery for young minds to grow and expand their horizons. It is the font of knowledge and information in the digital age and the incubator of fresh ideas and new innovations.

Pakistan would miss even the revised GDP growth target for the current fiscal year as the National Account Committee was informed that the actual growth would be 2.37 percent and not 2.5 percent. Sources said that the NAC meeting chaired by Secretary Stat

The World Telecommunication and Information Society day celebrated on 17th May, 2009 is indeed a landmark in the global community's efforts to address the issues related to Information and Communication Technologies world-wide.

Pakistan would miss even the revised GDP growth target for the current fiscal year as the National Account Committee was informed that the actual growth would be 2.37 percent and not 2.5 percent. Sources said that the NAC meeting chaired by Secretary Stat

It is an honour to greet the Pakistani Nation on World Telecommunication and Information Society Day (WTISD) on behalf of Pakistan Telecommunication Company Limited (PTCL). 17th May marks the creation of the International Telecommunication Union and hence

The Sensitive Price Indicator (SPI), for the week ended on May 14, for the lowest income group up to Rs 3,000, has registered increase of 0.27 percent over the previous week. The SPI for the week under review in the above mentioned group was recorded at 2

The recent developments in the Information Communication Technologies (ICTs) have effectively improved the international communication systems leaving a great impact on the developing countries as well. According to International Telecommunication Union (

The Sensitive Price Indicator (SPI), for the week ended on May 14, for the lowest income group up to Rs 3,000, has registered increase of 0.27 percent over the previous week. The SPI for the week under review in the above mentioned group was recorded at 2

The Information and Communications Technology (ICT) infrastructure in the whole world is becoming an increasingly important component of the economy. The significance of ICT can be seen from the fact that it has penetrated almost every aspect of our daily

Sri Lankan President Mahinda Rajapaksa on Saturday said the Tamil Tigers had been militarily defeated as soldiers seized control of the entire coastline for the first time in a 25-year war. Rajapaksa, on a visit to Jordan, said he would return to Sri Lank

Steady investment environment is a prerequisite to attract foreign investment. A right case for Foreign Direct Investment (FDI) would entail sustainable financial environment, low inflation, low fiscal deficit, low mark-up, controlled credit expansion and

Sri Lankan President Mahinda Rajapaksa on Saturday said the Tamil Tigers had been militarily defeated as soldiers seized control of the entire coastline for the first time in a 25-year war. Rajapaksa, on a visit to Jordan, said he would return to Sri Lank

If a denizen of the early twentieth century could be called back from his sleep and brought to the modern times, he will be astonished to see the various advancements made by science in the field of telecommunications. In educational institutions he will

Germany is to sell main battle tanks to Qatar, ending a long ban on selling heavy weapons to Arabian peninsula nations, the news magazine Der Spiegel said on Saturday. But a sale of stealth submarines to Pakistan was on hold till, after Germany's general

All timings are in PST (Pakistan Standard Time).

Germany is to sell main battle tanks to Qatar, ending a long ban on selling heavy weapons to Arabian peninsula nations, the news magazine Der Spiegel said on Saturday. But a sale of stealth submarines to Pakistan was on hold till, after Germany's general

Karachi interbank rates on Saturday (May 16, 2009).

In its pursuit to separate judiciary from the executive, the National Judicial Policy Making Committee (NJPMC) is weighing options to discontinue the practice of assigning election duties to judiciary. With an aim to ensure speedy justice, eliminate corru

Rates applicable for conversion into rupees of Foreign Currency Deposits, Dollar Bearer Certificates, Foreign Currency Bearer Certificates, Special US Dollar bonds and profits thereon by all banks and also for providing forward cover on foreign currency d

In its pursuit to separate judiciary from the executive, the National Judicial Policy Making Committee (NJPMC) is weighing options to discontinue the practice of assigning election duties to judiciary. With an aim to ensure speedy justice, eliminate corru

Barclays bid rates, maximum rates for payment of interest by authorised dealers on deposits (other than those brought under FE Circular No: 45 of 1985) and on deposits (brought under FE Circular No: 45 of 1985) -- issued by the Foreign Exchange Rates Comm

Indian Prime Minister Manmohan Singh's ruling coalition won an overwhelming election victory on Saturday, boosting hopes of a stable government as the emerging Asian power faces economic downturn and tensions with Pakistan. Singh's Congress-led coalition,

Exchange rates issued by the Treasury Management Division of National Bank of Pakistan on Saturday (May 16, 2009).

Indian Prime Minister Manmohan Singh's ruling coalition won an overwhelming election victory on Saturday, boosting hopes of a stable government as the emerging Asian power faces economic downturn and tensions with Pakistan. Singh's Congress-led coalition,

London Interbank Offer Rates on for calculating interest on special US dollar on Saturday (May 16, 2009).

Oil and Gas Regulatory Authority (Ogra) has determined Rs 22 per Million British Thermal Unit (mmbtu) or 8.75 percent reduction in gas tariff effective July 1, 2009. Ogra has submitted its determination to the Petroleum and Natural Resources Ministry. The

Exchange rates for Currency Notes issued by the Treasury Management Division of National Bank of Pakistan (NBP) here on Saturday (May 16, 2009).

Oil and Gas Regulatory Authority (Ogra) has determined Rs 22 per Million British Thermal Unit (mmbtu) or 8.75 percent reduction in gas tariff effective July 1, 2009. Ogra has submitted its determination to the Petroleum and Natural Resources Ministry. The

Conversion for foreign currency deposits, DBC/FCBC, special USD bond & profits thereon (excluding FE-25 deposits) on Saturday (May 16, 2009).

Oil and Gas Regulatory Authority (Ogra) has determined Rs 22 per Million British Thermal Unit (mmbtu) or 8.75 percent reduction in gas tariff effective July 1, 2009. Ogra has submitted its determination to the Petroleum and Natural Resources Ministry. The

Interest rates on old and incremental FCY deposits on Saturday (May 16, 2009).

The Federal Board of Revenue (FBR) is likely to introduce legal changes in tax laws for effective enforcement and return filing by the non-compliant taxpayers in the 2009-10 budget. Sources told Business Recorder on Saturday that the non-filing rat

The selling/buying rates for currency notes of major currencies issued by National Bank (NBP) here on Saturday (May 16, 2009).

The Federal Board of Revenue (FBR) is likely to introduce legal changes in tax laws for effective enforcement and return filing by the non-compliant taxpayers in the 2009-10 budget. Sources told Business Recorder on Saturday that the non-filing rat

Bill Buying Rates per unit of currency -- issued by the Treasury Management Division of the National Bank of Pakistan on Saturday (May 16, 2009).

The Federal Board of Revenue (FBR) is likely to introduce legal changes in tax laws for effective enforcement and return filing by the non-compliant taxpayers in the 2009-10 budget. Sources told Business Recorder on Saturday that the non-filing rat

Money market report by Khadim Ali Shah Bukhari & Co on Saturday (May 16, 2009).

The State Bank of Pakistan (SBP) on Saturday instructed sponsor shareholders of microfinance banks to deposit their sponsor, bonus and right shares in a blocked account of Central Depository Company. The SBP further directed sponsor shareholders of microf

Spot Dollar rates from Khadim Ali Shah Bukhari & Co Ltd on Saturday (May 16, 2009).