Dubai's "build and they will come" model is in a state of flux, rather than broken, as the emirate suffers growing pains in its evolution from emerging economy to global business hub, one of its key developers said.

The Federal Finance Ministry has been asked to do something which is not usually allowed: it has reportedly forwarded a summary for the appointment of Vazir Ali Khoja as Managing Director, National Investment Trust, it is reliably learnt. Khoja is a forme

Spain's government approved a new law on Friday to boost productivity and lift the struggling economy's competitiveness over the next ten years. The Economic Sustainability Law, equipped with 25 billion euros ($34 billion) of funds, aims to shift Spain's

A petition, seeking direction for chairman of Federal Board of Revenue (FBR) to scrutinise tax record of politicians for determining their total assets/income along with assessed amount of tax on them, was filed before the Supreme Court on Friday.

China and Bangladesh pledged closer co-operation on Friday after they signed an agreement on oil and gas during an official visit to Beijing by Prime Minister Sheikh Hasina. The two countries issued a joint statement Friday in which they agreed to strengt

A petition, seeking direction for chairman of Federal Board of Revenue (FBR) to scrutinise tax record of politicians for determining their total assets/income along with assessed amount of tax on them, was filed before the Supreme Court on Friday.

Global miner Rio Tinto signed a $2.9 billion pact with Chinese metals group Chinalco to jointly develop an African iron ore project, amid tense iron ore price talks with China's steel mills and just ahead of a trial of four Rio employees.

A petition, seeking direction for chairman of Federal Board of Revenue (FBR) to scrutinise tax record of politicians for determining their total assets/income along with assessed amount of tax on them, was filed before the Supreme Court on Friday.

The authorities in Bangladesh have shut down three private telecommunications operators in the country on suspicion of running illegal telephony over the internet, a spokesman for the telephone regulatory body said Friday. The Bangladesh Telecommunication

Bears dominated the proceedings at the Islamabad Stock Exchange (ISE) where equities showed negative signs under the lead of hot favourite amid decrease in the index. ISE Ten Index showed a decrease of 1.76 points, as the Index moved from 2,457.77 to 2,45

China on Friday said it was sending an envoy to Washington to try to ease trade frictions as its currency regime comes under fire, warning that threats from US legislators could stifle room for progress. The announcement, along with conciliatory comments

Bears dominated the proceedings at the Islamabad Stock Exchange (ISE) where equities showed negative signs under the lead of hot favourite amid decrease in the index. ISE Ten Index showed a decrease of 1.76 points, as the Index moved from 2,457.77 to 2,45

Last-ditch talks aimed at preventing a strike by some 12,000 British Airways (BA) cabin crew collapsed Friday, leaving thousands of travellers facing chaos within hours. After a bitter public war of words, BA chief executive Willie Walsh and the joint lea

The United States on Friday said it has made "huge advances" in its relationship with Pakistan and pledged "serious intense" discussions with the key ally on enhancing economic and security co-operation at next week''s strategic dialogue.

Foreign central banks' holdings of US Treasuries and agency debt at the Federal Reserve rose in the latest week, data from the US central bank showed on Thursday. The combined holdings of Treasuries and agency securities by foreign central banks at the Fe

The United States on Friday said it has made "huge advances" in its relationship with Pakistan and pledged "serious intense" discussions with the key ally on enhancing economic and security co-operation at next week's strategic dialogue.

Nearly 400,000 unemployed Russians found jobs last month, but the economy contracted as investment continued to fall and growth in retail sales and disposable incomes was very slow, data showed on Friday. Russia's economy started to recover from its first

The United States on Friday said it has made "huge advances" in its relationship with Pakistan and pledged "serious intense" discussions with the key ally on enhancing economic and security co-operation at next week's strategic dialogue.

The European Union's monetary affairs chief urged the bloc's leaders on Friday to agree a standby aid package for Greece next week but France and Germany struck different notes and the euro slid. EU heads of state and government will discuss the issue at

Advisor to Prime Minister on Finance, Dr Hafeez Shaikh on Friday said financial management, economic discipline, good governance and microeconomic framework would be his priorities. Talking to newsmen here, Hafeez said in the past benefits of economic gro

The International Monetary Fund called on Friday for the creation of a European Resolution Authority to deal with failures of cross-border financial institutions. IMF Managing Director Dominique Strauss-Kahn said such an authority should be part of a broa

Advisor to Prime Minister on Finance, Dr Hafeez Shaikh on Friday said financial management, economic discipline, good governance and microeconomic framework would be his priorities. Talking to newsmen here, Hafeez said in the past benefits of economic gro

India's central bank on Friday surprised markets with an inter-meeting rate increase by raising key policy rates by 25 basis points citing rising inflation pressure and robust growth. The Reserve Bank of India (RBI) increased the repo rate, the rate at wh

Advisor to Prime Minister on Finance, Dr Hafeez Shaikh on Friday said financial management, economic discipline, good governance and microeconomic framework would be his priorities. Talking to newsmen here, Hafeez said in the past benefits of economic gro

A global pact to halt smuggling and counterfeiting of tobacco products, which costs governments up to $40 billion a year in lost taxes, has become bogged down over ways to trace products, officials said on Friday. The agreement would also ban duty-free sa

Pakistan Electric Power Company (Pepco) has requested the government to increase power tariff by Rs 1.44 per unit, a private news channel reported on Friday. According to the channel, Pepco sources said that if the government has no objection on the incre

Foreign criticism of Germany's trade surplus, most recently from France, is a compliment, Finance Minster Wolfgang Schaeuble said on Friday. "Hidden behind the comments from our French friends is praise," etitiveness," he said, while "those who are maybe

Pakistan Electric Power Company (Pepco) has requested the government to increase power tariff by Rs 1.44 per unit, a private news channel reported on Friday. According to the channel, Pepco sources said that if the government has no objection on the incre

Bailed out British lender Lloyds Banking Group said on Friday it would return to profit this year thanks to a bigger than expected drop in bad debts, wrong-footing forecasts for another loss, and sending its shares sharply higher. Lloyds, which sank 6.3 b

Pakistan Electric Power Company (Pepco) has requested the government to increase power tariff by Rs 1.44 per unit, a private news channel reported on Friday. According to the channel, Pepco sources said that if the government has no objection on the incre

Bailed out British lender Lloyds Banking Group said on Friday it would return to profit this year thanks to a bigger than expected drop in bad debts, wrong-footing forecasts for another loss, and sending its shares sharply higher. Lloyds, which sank 6.3 b

The government has expressed inability to improve power supply situation in the jurisdiction of Pakistan Electric Power Company (Pepco), but has enhanced credit line by 100 percent for Karachi Electric Power Company (KESC) due to political pressure, sourc

Canadian core inflation stayed unexpectedly high in February and retailers posted solid sales gains in January, according to reports on Friday that helped push the Canadian dollar closer to parity with the greenback.

The government has expressed inability to improve power supply situation in the jurisdiction of Pakistan Electric Power Company (Pepco), but has enhanced credit line by 100 percent for Karachi Electric Power Company (KESC) due to political pressure, sourc

Technology powerhouses Samsung Electronics and LG Electronics reinforced market optimism that strong demand recovery is in place, while cautioning that competition from global rivals is heating up. The comments from Samsung, the world's top maker of LCD f

The government has expressed inability to improve power supply situation in the jurisdiction of Pakistan Electric Power Company (Pepco), but has enhanced credit line by 100 percent for Karachi Electric Power Company (KESC) due to political pressure, sourc

Italy's cabinet on Friday approved a package of around 300 million euros in industrial incentives, including white goods and scooters but excluding the key car sector. The measures mark a sharp reduction from last year's 1.2 billion euros of incentives, w

The Ministry of Finance has fixed Rs 1710 billion as revenue collection target for the Federal Board of Revenue for 2010-11 against Rs 1,380 billion for 2009-10, reflecting an increase of Rs 330 billion. Sources told Business Recorder on Friday the

A strike by 3,000 dockers that crippled Finland's foreign trade for more than two weeks is to end, after both sides accepted a compromise agreement, the conciliator's office said Friday. "They have accepted the proposal and the walkout will end," Outi Pel

The Ministry of Finance has fixed Rs 1710 billion as revenue collection target for the Federal Board of Revenue for 2010-11 against Rs 1,380 billion for 2009-10, reflecting an increase of Rs 330 billion. Sources told Business Recorder on Friday the

Hotel loan defaults could double in the United States, reaching 30 percent, by 2012 as the lodging industry struggles with a drop in cash flows and lower property values, Fitch Ratings said on Thursday. Hotel revenues have fallen nearly 20 percent since 2

The Ministry of Finance has fixed Rs 1710 billion as revenue collection target for the Federal Board of Revenue for 2010-11 against Rs 1,380 billion for 2009-10, reflecting an increase of Rs 330 billion. Sources told Business Recorder on Friday the

Chile's central bank held its benchmark interest rate unchanged for the eighth straight month on Thursday to help fuel an economy that had just pulled out of recession when a destructive earthquake hit last month.

The World Trade Organisation is to issue a ruling Tuesday on a US complaint charging the European Union with illegal subsidies to aircraft manufacturer Airbus, an industry source said Friday. "The decision will be made public on Tuesday afternoon," the so

European aerospace giant EADS may submit a new offer to supply the US air force with tanker jets if revised Pentagon tender rules give it a fair chance of success, the firm said Friday. Last week, EADS angrily pulled out of the race for the 35-billion-dol

A measure of future US economic growth rose for the seventh straight week, while its yearly growth gauge rebounded after a 12-week slide, indicating a pullback in the pace of recovery in the coming months, a research group said on Friday.

Japanese government bond futures inched down on Friday as investors unwound long positions in the wake of weaker US Treasuries and Tokyo's Nikkei stock average rising back towards a two-month high. Foreign investors such as hedge funds also continued unwi

Japanese government bond futures inched down on Friday as investors unwound long positions in the wake of weaker US Treasuries and Tokyo's Nikkei stock average rising back towards a two-month high. Foreign investors such as hedge funds also continued unwi

Toronto's main stock index closed moderately lower on Thursday as concerns about tighter credit in China and doubts about an aid plan for debt-stricken Greece increased investor caution over the global economic outlook and pressured commodity prices. Both

Taiwan stocks inched up 0.15 percent on Friday to a fresh eight-week closing high, led by gains in Acer and other heavyweights, as investor confidence continued to get a lift from foreign buying. The TAIEX share index rose 11.57 points to 7,897.91, with t

The Dow industrials rose for an eighth consecutive session on Thursday, lifted by a rise in Boeing's stock, while a mixed group of economic figures kept the broader S&P 500 in check. The Dow's gains came even though more stocks declined than advanced on t

Shares in China and Hong Kong eked out small gains in a cautious session on Friday, with wary investors expecting Beijing to further tighten liquidity by lifting bank reserve ratios. The Shanghai Composite Index closed up 0.71 at 3,067 points, its highest

US Treasuries fell on Thursday as investors cleared room for next week's supply, overshadowing tame inflation data that reinforced the view the Federal Reserve can leave short-term interest rates near zero percent. The Treasury Department, as expected, sa

US Treasuries fell on Thursday as investors cleared room for next week's supply, overshadowing tame inflation data that reinforced the view the Federal Reserve can leave short-term interest rates near zero percent. The Treasury Department, as expected, sa

Seoul shares ended 0.7 percent higher on Friday, fuelled by continued foreign buying and rises in key technology and auto issues including Samsung Electronics and Kia Motors. The Korea Composite Stock Price Index (KOSPI) finished up 10.94 points at 1,686.

Japan's Nikkei average rose 0.8 percent on Friday, with retailer Aeon climbing in the wake of an upbeat profit forecast and as shares rebounded broadly after a resilient performance from the Dow industrials. The Nikkei climbed after succumbing to profit-t

Asian spreads widened on Friday, taking further away from eight-week lows, as investor worries about Greece triggered profit-taking. Convern about stretched valuations and excess supplies also pressured prices and caused spreads to inch wider. "Many globa

Asian spreads widened on Friday, taking further away from eight-week lows, as investor worries about Greece triggered profit-taking. Convern about stretched valuations and excess supplies also pressured prices and caused spreads to inch wider. "Many globa

The yuan was little changed against the dollar in offshore forwards on Friday, stabilising as steadily mounting US pressure for resumed yuan appreciation met with repeated insistence from China that it will keep the currency stable. Benchmark dollar/yuan

The euro stabilised but remained under pressure on Friday after Greece said it could not achieve promised deficit cuts if its borrowing costs remain so high. The euro had fallen broadly the previous day on worries over Greece's debt problems after a media

The euro fell against the dollar on Thursday on persistent worries over Greece's debt problems after a report said the country was not optimistic about aid from euro zone members. The euro also fell to a 17-month low versus the Swiss franc after a Swiss N

The Taiwan dollar traded largely flat on Friday as the central bank moved to offset mild gains from expectations of a sustained economic recovery in Asia despite new doubts about debt in Europe, dealers said. The island's central bank, which is keen to co

The Australian dollar was strong near a record high against a beleaguered euro on Friday as worries about Greece's fiscal problems kept the common currency under pressure. The euro struggled at A$1.4769, a whisker from a record low of A$1.4759 hit offshor

The Swiss franc consolidated gains on Friday, trading close to Thursday's new 17-month highs after a Swiss National Bank policy maker said firms and consumers should prepare for a return to foreign exchange rates set by markets. The franc spiked higher fo

Punjab University vice-chancellor Professor Dr Mujahid Kamran has stated that the Punjab University is not only making rapid strides in academic and research excellence but its students have also made enviable achievements in co-curricular and extra-curri

The Champions League took a trip down memory lane on Friday as the draw for the last eight set up rematches of two recent finals and kept Manchester United and Barcelona on course for a May showdown at the Bernabeu. United and Bayern Munich were paired in

In the four rounds Royal Palm National Golf Championship currently in progress at the Royal Palm Golf Course, the contender in command of the situation is Ali Hai of Karachi who occupies the top slot on the leader board with another stunning round of two

Pakistan gave permission Friday for banned former captain Shoaib Malik and all-rounder Rana Naved-ul-Hasan to play in a domestic Twenty20 league in Bangladesh. Earlier this month the Pakistan Cricket Board (PCB) banned Malik and Naved from all forms of th

In an expected move, Pakistan Cricket Board (PCB) ignored three former skippers Younus Khan, Mohammad Yousuf and Shoaib Malik and pacers Rana Naveed ul Hasan and Shoaib Akhtar, when it formally announced central contracts to 37 cricketers for one year sta

Football Development Officer for four regions, Muhammad Irfan Khan Niazi, has congratulated Pakistan Football Federation (PFF) President, Syed Faisal Saleh Hayat for winning heart of Sepp blatter, President of Fédération Internationale de Football Associa

The World Cup in South Africa has helped FIFA's revenues past the billion dollar mark for the first time, world football's governing body said Friday. "We are very confident, not only confident but very proud, that we can deliver the World Cup to Africa a

England have accepted injured David Beckham is out of contention for a place at the World Cup but coach Fabio Capello has invited the crestfallen midfielder to join the squad in South Africa anyway. The 34-year-old midfielder tore an Achilles tendon playi

Hard-hitting Saifullah showed attractive batting display to propel Lahore Muhammadan to seven wickets win over Lahore Eagles in the first SPM Lahore Veterans Cricket League at Race Course Ground, Jail Road, Lahore on Friday. Eagles managed 228-8 with Sali

Rocketing house prices in China's booming south are forcing low-earners to turn to cheap homes made out of shipping containers, state press said Friday. Clusters of container villages are cropping up around the boomtown of Shenzhen, near Hong Kong, where

The frustrations of companies in coastal China trying to hire enough workers may become a permanent headache, foreshadowing higher wages, according to a top labour economist. Labour shortages, especially in export hubs in China's coastal provinces, have i

The mother of a British teenager killed in India faces a possible jail term after she admitted falsely claiming 19,000 pounds (21,000 euros, 29,000 dollars) in state benefits Friday. Fiona MacKeown's 15-year-old daughter Scarlett Keeling was found dead on

The world's most powerful atom smasher has been brought up to a record energy level, the European Organisation for Nuclear Research said Friday, in readiness for collisions that could generate new discoveries in particle physics. "At just after 5.20 this

A teenaged daughter of Osama bin Laden has been allowed to fly out of Tehran where she had taken refuge in Saudi Arabia's embassy, a Saudi-financed newspaper reported on Friday. Asharq Al-Awsat said Iman bin Laden arrived in Damascus on a commercial fligh

Thirty-three suspects, among them three admirals, will stand trial in Turkey over alleged plans to carry out attacks against non-Muslim minorities in a bid to discredit the government, the Anatolia news agency reported Friday.

Gambia's justice ministry on Thursday accused 10 people, including top military brass, of treason over a foiled attempt last year to overthrow President Yahya Jammeh. The alleged coup plotters are said to have bought arms and equipment and recruited merce

Staff at the Dinnington library are used to people bringing books back late but the package they received last month was in a class of its own. It contained a paperback first edition copy of "Quatermass and the Pit" by Nigel Kneale which had been borrowed

"May I please request the President to look above?"

The United States on Thursday left open the possibility of further arms sales to Taiwan, with a senior official saying that China's military build-up was aimed squarely at the self-governing island. President Barack Obama's administration in January appro

A Lockheed Martin Corp F-35 fighter aircraft landed vertically for the first time on Thursday, a bright spot in the Pentagon's priciest arms purchase programme, troubled by cost increases and delays. Test pilot Graham Tomlinson, in a radar-evading F-35B,

Singapore authorities on Friday charged an Indian man with the murder this week of a 30-year-old Philippine tourist, a media report said. Gopinathan Nair Remadevi Bijukumar, 34, was suspected of stabbing Roselyn Reyes Pascua to death, the online edition o

Chile's new President Sebastian Pinera has pledged to create 60,000 jobs as part of reconstruction efforts after the massive 8.8-magnitude earthquake that struck the country last month. Pinera's week-old administration will "re-launch the production secto

India's federal cabinet Friday approved changes to an anti-hijacking law to award the death penalty to hijackers, news reports said. The proposed amendments also allow the Indian Air Force to shoot down a hijacked plane if there is evidence that it could

A former Iranian vice president and prominent reform activist convicted of spreading propaganda against the ruling clerical establishment has begun a one-year prison sentence, a close relative said Friday. An appeals court upheld Hossein Marashi's convict

An al Qaeda-linked militant group that claimed responsibility for recent bombings in Baghdad has declared a new military campaign against Iraqi political parties, according to a group that monitors insurgents' communications. The threat from Islamic State

President Barack Obama, under pressure to keep a campaign promise to revamp US immigration policy, embraced a "promising, bipartisan framework" on Thursday offered by two senior US senators. Obama said the proposal by Democrat Charles Schumer and Republic

The White House is nearing a bipartisan deal with US lawmakers to close the Guantanamo Bay prison by putting more detainees on trial before military commissions, a report said Friday. The prospective deal would allow military tribunals to try alleged Sept

The US Federal Reserve may be required to make public some of its records on emergency lending programmes to banks in the financial bailout, an appeals court ruled on Friday in cases brought by news organisations. Fox News Network, a unit of News Corp, an

Yemeni President Ali Abdullah Saleh declared an end to a long-running war with northern Shia rebels that drew in neighbouring Saudi Arabia last year, according to a television interview to be aired on Friday. But the president, under international pressur

A small, cash-strapped website that publishes documents governments want kept secret has caught the attention of the Pentagon, which says the site poses a possible threat to US troops. A report by the US Army Counterintelligence Center says the whistleblo

The US military in 2008 shut down a website set up by the CIA and Saudi Arabia to expose terror plots, angering both parties, who saw the site as a vital intelligence tool, the Washington Post reported Friday.

Britain and France will work together more closely on nuclear defence, Prime Minister Gordon Brown said Friday, after a report that the two countries could share submarine patrols. Brown said he had reached an agreement with French President Nicolas Sarko

Egyptian President Hosni Mubarak on Friday appointed a new head of Al-Azhar, Sunni Islam's most prestigious institution, after the death of its top cleric last week, the official MENA agency reported. Mubarak, who is recovering from surgery in Germany, "h

The European Union plans to take action against Iran for its jamming of European satellite broadcasts, according to a draft statement by EU foreign ministers ahead of a meeting on Monday. The statement, obtained by Reuters, follows talks among EU foreign

Armed rebel groups in Somalia are using the Internet for fundraising and recruitment, and they achieve better results through the Web than they do on the ground, a United Nations report said. The report by the UN Monitoring Group on Somalia also highlight

Thai stocks scaled a 20-month peak on Friday as investors snapped up banks and energy shares on renewed confidence in its economy, while most other Southeast Asian stock markets fizzled or managed just small gains. Singapore and Indonesia each posted smal