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Archive - 2011-01-02
Input tax adjustment: facility not applicable to CNG stations

Input tax adjustment: facility not applicable to CNG stations

A major facility of refund of excess unadjusted input tax related to supplies, other than zero-rated, would not be applicable to the CNG stations. In this regard, the FBR has issued instructions to Large Taxpayer Units (LTUs) and Regional Tax Offices (RTO
Published 02 Jan, 2011 12:00am
Pipeline begins supplying oil from Russia to China

Pipeline begins supplying oil from Russia to China

The first oil pipeline between Russia and China, feted as a mark of growing ties between the world's biggest oil producer and its biggest energy consumer, started operation Saturday, state media said. Oil began flowing through the pipeline that links Sibe
Published 02 Jan, 2011 12:00am
Pipeline begins supplying oil from Russia to China

Pipeline begins supplying oil from Russia to China

The first oil pipeline between Russia and China, feted as a mark of growing ties between the world's biggest oil producer and its biggest energy consumer, started operation Saturday, state media said. Oil began flowing through the pipeline that links Sibe
Published 02 Jan, 2011 12:00am
Pipeline begins supplying oil from Russia to China

Pipeline begins supplying oil from Russia to China

The first oil pipeline between Russia and China, feted as a mark of growing ties between the world''s biggest oil producer and its biggest energy consumer, started operation Saturday, state media said. Oil began flowing through the pipeline that links Sib
Published 02 Jan, 2011 12:00am
Pending ST refund claims: take task force to task: World Bank

Pending ST refund claims: take task force to task: World Bank

The World Bank (WB) review mission has informed the Federal Board of Revenue (FBR) that the clearance of pending sales tax refund is slow and the Task Force constituted for its clearance should be held accountable for delay in disposal of pending claims.
Published 02 Jan, 2011 12:00am
Pending ST refund claims: take task force to task: World Bank

Pending ST refund claims: take task force to task: World Bank

The World Bank (WB) review mission has informed the Federal Board of Revenue (FBR) that the clearance of pending sales tax refund is slow and the Task Force constituted for its clearance should be held accountable for delay in disposal of pending claims.
Published 02 Jan, 2011 12:00am
Pending ST refund claims: take task force to task: World Bank

Pending ST refund claims: take task force to task: World Bank

The World Bank (WB) review mission has informed the Federal Board of Revenue (FBR) that the clearance of pending sales tax refund is slow and the Task Force constituted for its clearance should be held accountable for delay in disposal of pending claims.
Published 02 Jan, 2011 12:00am
No ST reduced rate for manufacturers-cum-retailers

No ST reduced rate for manufacturers-cum-retailers

The Federal Board of Revenue (FBR) has excluded manufacturers-cum-retailers from special procedure pertaining to the payment of sales tax on reduced rates by retail sector. Now, all manufactures who were directly retailing their goods or selling their goo
Published 02 Jan, 2011 12:00am
No ST reduced rate for manufacturers-cum-retailers

No ST reduced rate for manufacturers-cum-retailers

The Federal Board of Revenue (FBR) has excluded manufacturers-cum-retailers from special procedure pertaining to the payment of sales tax on reduced rates by retail sector. Now, all manufactures who were directly retailing their goods or selling their goo
Published 02 Jan, 2011 12:00am
No ST reduced rate for manufacturers-cum-retailers

No ST reduced rate for manufacturers-cum-retailers

The Federal Board of Revenue (FBR) has excluded manufacturers-cum-retailers from special procedure pertaining to the payment of sales tax on reduced rates by retail sector. Now, all manufactures who were directly retailing their goods or selling their goo
Published 02 Jan, 2011 12:00am
No ST reduced rate for manufacturers-cum-retailers

No ST reduced rate for manufacturers-cum-retailers

The Federal Board of Revenue (FBR) has excluded manufacturers-cum-retailers from special procedure pertaining to the payment of sales tax on reduced rates by retail sector. Now, all manufactures who were directly retailing their goods or selling their goo
Published 02 Jan, 2011 12:00am
Two new power plants inaugurated

Two new power plants inaugurated

The Federal Minister for Water and Power, Pervez Ashraf, on Saturday regretted giving deadline for end of power load shedding in the country. However, in the same breath he said that the government has hammered out a roadmap to overcome this crisis, and n
Published 02 Jan, 2011 12:00am
Two new power plants inaugurated

Two new power plants inaugurated

The Federal Minister for Water and Power, Pervez Ashraf, on Saturday regretted giving deadline for end of power load shedding in the country. However, in the same breath he said that the government has hammered out a roadmap to overcome this crisis, and n
Published 02 Jan, 2011 12:00am
Two new power plants inaugurated

Two new power plants inaugurated

The Federal Minister for Water and Power, Pervez Ashraf, on Saturday regretted giving deadline for end of power load shedding in the country. However, in the same breath he said that the government has hammered out a roadmap to overcome this crisis, and n
Published 02 Jan, 2011 12:00am
US in secret talks with Syria over peace deal with Israel

US in secret talks with Syria over peace deal with Israel

The United States has been in secret contact with Syrian officials in the hopes of realising a comprehensive Israel-Syrian peace treaty, the Kuwaiti al-Rai newspaper reported Saturday. The past few weeks had witnessed an "unprecedented Syrian co-operation
Published 02 Jan, 2011 12:00am
Reception to mark commencement of Pak-China Friendship Year 2011

Reception to mark commencement of Pak-China Friendship Year 2011

Prime Minister Syed Yousuf Raza Gilani said that there were sincere sentiments of everlasting friendship and brotherhood between the peoples of Pakistan and China. This he said in his message on the occasion of commencement of Pakistan-China Friendship Ye
Published 02 Jan, 2011 12:00am
Obama condemns Egypt, Nigeria bombings

Obama condemns Egypt, Nigeria bombings

President Barack Obama on Saturday denounced separate "outrageous" bombing attacks in Egypt and Nigeria. "I strongly condemn the separate and outrageous terrorist bombing attacks in Egypt and Nigeria," said Obama, who was visiting Hawaii. "The attack on a
Published 02 Jan, 2011 12:00am
Iran denies WikiLeaks report that Ahmadinejad was slapped

Iran denies WikiLeaks report that Ahmadinejad was slapped

Iran has denied a WikiLeaks report that Iranian President Mahmoud Ahmadinejad was slapped by the chief of the country's Revolutionary Guards, the Tehran press reported Saturday. A Revolutionary Guards spokesman told Fars news agency that "those behind Wik
Published 02 Jan, 2011 12:00am
SECP approves appointment of KSE acting managing director

SECP approves appointment of KSE acting managing director

The Securities and Exchange Commission of Pakistan (SECP) has approved the appointment of acting managing director of Karachi Stock Exchange (KSE) for an interim period. According to a press release issued here on Saturday, the SECP and KSE resolved vario
Published 02 Jan, 2011 12:00am
SECP approves appointment of KSE acting managing director

SECP approves appointment of KSE acting managing director

The Securities and Exchange Commission of Pakistan (SECP) has approved the appointment of acting managing director of Karachi Stock Exchange (KSE) for an interim period. According to a press release issued here on Saturday, the SECP and KSE resolved vario
Published 02 Jan, 2011 12:00am
SECP approves appointment of KSE acting managing director

SECP approves appointment of KSE acting managing director

The Securities and Exchange Commission of Pakistan (SECP) has approved the appointment of acting managing director of Karachi Stock Exchange (KSE) for an interim period. According to a press release issued here on Saturday, the SECP and KSE resolved vario
Published 02 Jan, 2011 12:00am
Man dies of swine flu

Man dies of swine flu

A young man has died of swine flu, official sources said here on Saturday. Twenty-eight-year-old Iftikharullah Khan was under treatment at the Abbasi Shaheed Hospital here, they said and added the patient tested positive for H1N1 Swine Flu virus infection
Published 02 Jan, 2011 12:00am
Man dies of swine flu

Man dies of swine flu

A young man has died of swine flu, official sources said here on Saturday. Twenty-eight-year-old Iftikharullah Khan was under treatment at the Abbasi Shaheed Hospital here, they said and added the patient tested positive for H1N1 Swine Flu virus infection
Published 02 Jan, 2011 12:00am
FBR collects Rs 151 billion in December: monthly target surpassed

FBR collects Rs 151 billion in December: monthly target surpassed

Breaking all previous records of revenue collection, the Federal Board of Revenue (FBR) provisionally collected around Rs 151 billion in December 2010, against the target of Rs 147 billion, showing an increase of Rs 4 billion. Sources told Business Rec
Published 02 Jan, 2011 12:00am
FBR collects Rs 151 billion in December: monthly target surpassed

FBR collects Rs 151 billion in December: monthly target surpassed

Breaking all previous records of revenue collection, the Federal Board of Revenue (FBR) provisionally collected around Rs 151 billion in December 2010, against the target of Rs 147 billion, showing an increase of Rs 4 billion. Sources told Business Rec
Published 02 Jan, 2011 12:00am
FBR collects Rs 151 billion in December: monthly target surpassed

FBR collects Rs 151 billion in December: monthly target surpassed

Breaking all previous records of revenue collection, the Federal Board of Revenue (FBR) provisionally collected around Rs 151 billion in December 2010, against the target of Rs 147 billion, showing an increase of Rs 4 billion. Sources told Business Rec
Published 02 Jan, 2011 12:00am
Punjab government to sell wheat to exporters

Punjab government to sell wheat to exporters

The Punjab Food Department has decided to sell wheat to local exporters on 30 to 45 days' letter of credit for facilitating them in exporting the commodity present with the department and is in excess of domestic requirement. Punjab Food Secretary Irfan E
Published 02 Jan, 2011 12:00am
Punjab government to sell wheat to exporters

Punjab government to sell wheat to exporters

The Punjab Food Department has decided to sell wheat to local exporters on 30 to 45 days' letter of credit for facilitating them in exporting the commodity present with the department and is in excess of domestic requirement. Punjab Food Secretary Irfan E
Published 02 Jan, 2011 12:00am
Punjab government to sell wheat to exporters

Punjab government to sell wheat to exporters

The Punjab Food Department has decided to sell wheat to local exporters on 30 to 45 days'' letter of credit for facilitating them in exporting the commodity present with the department and is in excess of domestic requirement. Punjab Food Secretary Irfan
Published 02 Jan, 2011 12:00am
APTTA to be effective after exchange of ratification instruments

APTTA to be effective after exchange of ratification instruments

Ministry of Commerce on Saturday said that the Afghanistan-Pakistan Transit Trade Agreement (APTTA) will come into effect on 31st day after exchange of instruments of ratification between the two countries. A statement issued here said that it has been wr
Published 02 Jan, 2011 12:00am
APTTA to be effective after exchange of ratification instruments

APTTA to be effective after exchange of ratification instruments

Ministry of Commerce on Saturday said that the Afghanistan-Pakistan Transit Trade Agreement (APTTA) will come into effect on 31st day after exchange of instruments of ratification between the two countries. A statement issued here said that it has been wr
Published 02 Jan, 2011 12:00am
APTTA to be effective after exchange of ratification instruments

APTTA to be effective after exchange of ratification instruments

Ministry of Commerce on Saturday said that the Afghanistan-Pakistan Transit Trade Agreement (APTTA) will come into effect on 31st day after exchange of instruments of ratification between the two countries. A statement issued here said that it has been wr
Published 02 Jan, 2011 12:00am
Three US missile attacks kill 18

Three US missile attacks kill 18

Three US missile strikes hours apart killed 18 people in the North Waziristan on Saturday, two Pakistani intelligence officials said. At least nine people were killed in the first strike when missiles destroyed a moving vehicle in the North Waziristan tri
Published 02 Jan, 2011 12:00am
Three US missile attacks kill 18

Three US missile attacks kill 18

Three US missile strikes hours apart killed 18 people in the North Waziristan on Saturday, two Pakistani intelligence officials said. At least nine people were killed in the first strike when missiles destroyed a moving vehicle in the North Waziristan tri
Published 02 Jan, 2011 12:00am
Pakistan, India exchange lists of nuclear installations

Pakistan, India exchange lists of nuclear installations

Pakistan and India on Saturday honoured their decades-old commitment and exchanged lists of nuclear installations despite lingering tensions that heightened in the aftermath of Mumbai attacks. The exchange of lists of their respective nuclear installation
Published 02 Jan, 2011 12:00am
Pakistan, India exchange lists of nuclear installations

Pakistan, India exchange lists of nuclear installations

Pakistan and India on Saturday honoured their decades-old commitment and exchanged lists of nuclear installations despite lingering tensions that heightened in the aftermath of Mumbai attacks. The exchange of lists of their respective nuclear installation
Published 02 Jan, 2011 12:00am
Brazil welcomes first woman president

Brazil welcomes first woman president

Brazil's first female president, Dilma Rousseff, was to take control of Latin America's biggest economy Saturday from outgoing popular leader Luiz Inacio Lula da Silva in a triumphant handover ceremony. Rousseff, a 63-year-old economist and Lula's former
Published 02 Jan, 2011 12:00am
Brazil welcomes first woman president

Brazil welcomes first woman president

Brazil's first female president, Dilma Rousseff, was to take control of Latin America's biggest economy Saturday from outgoing popular leader Luiz Inacio Lula da Silva in a triumphant handover ceremony. Rousseff, a 63-year-old economist and Lula's former
Published 02 Jan, 2011 12:00am
Mohammad Hussain takes charge as DCO Karachi

Mohammad Hussain takes charge as DCO Karachi

Mohammad Hussain Syed on Saturday took the charge of District Co-ordination Officer (DCO), City District Government Karachi (CDGK). Due to the illness of Administrator Karachi, Fazlur Rehman, Sindh Government had appointed Mohammad Hussain Syed as DCO Kar
Published 02 Jan, 2011 12:00am
Robbery bid at MQM MNA's house

Robbery bid at MQM MNA's house

Police foiled a robbery attempt at the house of Mutahida Qaumi Movement's (MQM), Member National Assembly (MNA), Abdul Waseem and arrested alleged dacoit here on Saturday. Three unknown armed robbers entered the house of MNA, Abdul Waseem in North Nazimab
Published 02 Jan, 2011 12:00am
PACRA upgrades entity rating of BoK to "A-"

PACRA upgrades entity rating of BoK to "A-"

The Pakistan Credit Rating Agency (PACRA) has upgraded long-term entity rating of Bank of Khyber (BoK) to "A-" (Single A minus) [previous: BBB+(Triple B Plus)], while maintaining short-term entity rating at "A2" (A two). The ratings denote low expectation
Published 02 Jan, 2011 12:00am
Hike in POL prices: Transporters planning to increase fares by Rs 2

Hike in POL prices: Transporters planning to increase fares by Rs 2

Transporters strongly condemned the recent hike in petroleum products' prices and said they were planing to increase public transport fares by Rs 2 in wake of hike in POL prices. President, Karachi Transport Ittehad (KTI), Irshad Hussain Bukhari while tal
Published 02 Jan, 2011 12:00am
SBP amends MFBs' Prudential Regulation No 17

SBP amends MFBs' Prudential Regulation No 17

The State Bank of Pakistan (SBP) has amended Prudential Regulation No 17 for Microfinance Banks (MFBs) with immediate effect to introduce minimum requirements to maintain records of transactions and identification data in a systematic manner.
Published 02 Jan, 2011 12:00am
Karachi University announcement

Karachi University announcement

The postponed papers of B.Sc and MBBS would be held on January 2, this was announced by the Controller of Examinations of Karachi University on Saturday. He said that the B.Sc Annual Examinations 2010 paper Chemistry-III and MBBS First Professional Part B
Published 02 Jan, 2011 12:00am
No import of five-year old vehicles: government retracts its decision

No import of five-year old vehicles: government retracts its decision

The government has finally retracted its decision on the import of used cars, reliable sources told Business Recorder here on Saturday. According to sources, an SRO was issued by the Ministry of Commerce on Saturday, saying that the ECC decision of
Published 02 Jan, 2011 12:00am
MQM to support democratic process: Raza Haroon

MQM to support democratic process: Raza Haroon

The Muttahida Qumi Movement (MQM) believes in democracy and would not abandon its policy of reconciliation, said Sindh Minister for Information Technology, Raza Haroon. He was talking to media men outside the Bilawal House after attending the signing cere
Published 02 Jan, 2011 12:00am
Nine suspects arrested

Nine suspects arrested

Islamabad Police nabbed nine outlaws for their alleged involvement in arms and drugs pushing, thefts along with other crimes and recovered two pistols, 1.24 kilogram charas, seven bottles of liquor and stolen commodities from their possession.
Published 02 Jan, 2011 12:00am
Seven people injured in firing incident

Seven people injured in firing incident

Seven persons were injured in firing incident that took place between two rival groups in village Karlot near `Chattar' in suburban area of Islamabad. The two groups collided in Chattar area in the jurisdiction of Bhara kahu Police Station, in which seven
Published 02 Jan, 2011 12:00am
Transporters demand representation in OGRA

Transporters demand representation in OGRA

The transporters have demanded the government to induct their representatives in Oil & Gas Regulatory Authority (OGRA) to bring the matters to the public transparently regarding the hike on petroleum products.
Published 02 Jan, 2011 12:00am
PTI rejects increase in POL prices

PTI rejects increase in POL prices

The Pakistan Tehreek-e-Insaf (PTI) has on Saturday rejected the increase in petrol prices and stated that the current incompetent government has no more justification to run the affairs of the country. During a meeting of PTI Punjab, PTI President Punjab
Published 02 Jan, 2011 12:00am
Supreme Court decides important cases during 2010

Supreme Court decides important cases during 2010

The Supreme Court despite having a hectic schedule last year decided a number of important cases, which will have long lasting impacts upon the judicial history of the country. The most prominent case taken up by the apex Court in 2010, was a challenge to
Published 02 Jan, 2011 12:00am
'Punjab to be made 100 percent literate by 2015'

'Punjab to be made 100 percent literate by 2015'

Provincial Minister for Education and Transport, Mian Mujtaba Shuja-ur-Rehman has said that Punjab government is initiating a vigorous campaign to boost primary enrolment this year by fixing a target of 90 percent literacy rate for 2013, and steps are bei
Published 02 Jan, 2011 12:00am
Agriculture sector: flood-hit people demand quick rehabilitation

Agriculture sector: flood-hit people demand quick rehabilitation

Over 1000 small farmers and their children from Southern Punjab took out rally and held a peaceful protest in front of Multan Press Club (MPC) on Saturday demanding immediate rehabilitation of agricultural sector in the flood hit areas.
Published 02 Jan, 2011 12:00am
LHC moved against increase in POL prices

LHC moved against increase in POL prices

A petition has been filed before the Lahore High Court on Saturday challenging nine percent increase in prices of petrol. Petitioner Hameed Goryia through his counsel Muteen-ul-Haq Chaudhry filed the civil miscellaneous into his main petition pending befo
Published 02 Jan, 2011 12:00am
Mansoor elected President LERA

Mansoor elected President LERA

Elections of Lahore Education Reporters Association (LERA) was held at Punjab University on Saturday which elected Mansoor Malik (Dawn) as President, Abdul Ghafoor Hayee (Jinnah) as General Secretary, Rana Muhammad Ali (Din) Vice-President, Aun Zahoor (Ju
Published 02 Jan, 2011 12:00am
Need stressed to overcome economic crisis through RGST

Need stressed to overcome economic crisis through RGST

Professor Dr Karamat Ali, former Vice Chancellor of Bahauddin Zakariya University and renowned economist has cautioned, here on Thursday, that if the macroeconomic crisis is not overcome in time through implementation of Reformed General Sales Tax (RGST),
Published 02 Jan, 2011 12:00am
Acute gas shortage hits routine life

Acute gas shortage hits routine life

Despite the tall claims of Sui Northern Gas Pipelines Limited (SNGPL), an acute shortage of gas for domestic users has paralysed the routine life in various areas of the city. The unavailability of gas on Saturday forced the people to take to streets. The
Published 02 Jan, 2011 12:00am
Business community criticises increase in POL prices

Business community criticises increase in POL prices

Business community has expressed its serious apprehension about the notification of increase in oil prices issued by Oil and Gas Regulatory Authority (OGRA) and increase in export refinance rate by one percent and said increase in petroleum prices not onl
Published 02 Jan, 2011 12:00am
Coalition responsible for lawlessness in Karachi: Ahsan

Coalition responsible for lawlessness in Karachi: Ahsan

Pakistan Muslim League-Nawaz (PML-N) Information Secretary Ahsan Iqbal has said that the parties, who are in coalition government in Sindh, are responsible for the lawlessness in Karachi.
Published 02 Jan, 2011 12:00am
Academic session 2010-11: GCT Hyderabad classes started

Academic session 2010-11: GCT Hyderabad classes started

The Registrar, Government College of Technology Hyderabad has informed that the classes of new academic session 2010-11 of three years Diploma of Associate Engineer 1st Year, 2nd Year and 3rd Year (morning, evening self finance basis and double shift prog
Published 02 Jan, 2011 12:00am
It was due to hike in world prices: Naveed

It was due to hike in world prices: Naveed

Federal Minister for Petroleum and Natural Resources Syed Naveed Qamar has said the latest surge in prices of petroleum products was caused by escalation in crude oil price in the international market. "Oil price in the global market has increased by over
Published 02 Jan, 2011 12:00am
CNG Sector: government considering further gas cut, says Bijarani

CNG Sector: government considering further gas cut, says Bijarani

The government is considering the proposal to further cut gas supply to CNG sector to meet the demand of textile sector. This was disclosed by Federal Minister for Industries, Mir Hazar Khan Bijarani, during the first session on the Prime Minister's Quali
Published 02 Jan, 2011 12:00am
'Talented Researcher Exchange Programme' conludes

'Talented Researcher Exchange Programme' conludes

Four-month 'Talented Researcher Exchange Programme' (TRXP), under the auspices of British Council-Higher Education Commission Pakistan joint venture "International Strategic Partnerships in Research & Education (INSPIRE) Programme", concluded at Governmen
Published 02 Jan, 2011 12:00am
Pakistani businessmen should enter Sri Lankan market: CG

Pakistani businessmen should enter Sri Lankan market: CG

Sri Lanka is the next economic miracle success story emerging in Asia, and Pakistani businessmen and investors should enter this promising market. These views were expressed by the Consul General of the Republic of Sri Lanka in Karachi, D W Jinadasa, whil
Published 02 Jan, 2011 12:00am
CBC board meeting approves repairing of DHA roads

CBC board meeting approves repairing of DHA roads

The board meeting of Cantonment Board Clifton (CBC) was held at CBC office. Station Commander 5 Corps, Brigadier Anis Ahmed, who is also the president of CBC, announced that construction work which was stopped due to the disapproval of building by-laws an
Published 02 Jan, 2011 12:00am
Fishermen resent POL prices hike

Fishermen resent POL prices hike

With hundreds of boats already at moorage for reduced fishing activity, the new surge in prices of petroleum products by the government, many fishermen see as hard as a nail, warning about their inevitable financial collapse.
Published 02 Jan, 2011 12:00am
2010 - KESC's best in a century

2010 - KESC's best in a century

In 2010, the Karachi Electric Supply Company faced some of its most outstanding challenges and achieved extraordinary successes. During the year, the company upgraded its generation, transmission, distribution and maintenance capacity and network at a spe
Published 02 Jan, 2011 12:00am
CDA misses second deadline to complete Zero Point Interchange

CDA misses second deadline to complete Zero Point Interchange

The Capital Development Authority (CDA) has again missed the deadline of December 31, to open Zero Point Interchange (ZPI) for vehicular traffic, as the construction company could not complete work on the two important roads ie Faisal Avenue and Kashmir H
Published 02 Jan, 2011 12:00am
IHC Chief Justice to take oath on January 3

IHC Chief Justice to take oath on January 3

Newly appointed Chief Justice of Islamabad High Court (IHC) Iqbal Hameed-ur-Rehman will take oath in his office on January 3 from President Asif Ali Zardari. President Zardari will take oath from him in Governor House Sindh, APP learnt from officials on S
Published 02 Jan, 2011 12:00am
President condoles Chaudhry Abdul Majeed's brother's death

President condoles Chaudhry Abdul Majeed's brother's death

President Asif Ali Zardari on Saturday telephoned Chaudhry Abdul Majeed, President Pakistan Peoples Party (PPP) AJK and condoled with him over the death of his brother Chaudhry Sakhi Wilayat Advocate. The President prayed to Almighty Allah to rest the dep
Published 02 Jan, 2011 12:00am
Civil society stages peace rally

Civil society stages peace rally

Like other parts of the country a peace solidarity rally was taken out in the provincial metropolis of Khyber Pakhtunkhwa here on Saturday. The rally was started from Saddar Road and culminated at Peshawar Press Club (PPC). The participants of the rally w
Published 02 Jan, 2011 12:00am
Hoti rejects increase in POL prices

Hoti rejects increase in POL prices

Former federal minister and chief of the anti-graft caucus, Nawabzada Khawaja Mohammad Khan Hoti MNA has rejected increase in the prices of the petroleum products on the eve of the new calendar year, saying it will cause price hike in the country. In a st
Published 02 Jan, 2011 12:00am
MSM stages rally against hike in POL prices

MSM stages rally against hike in POL prices

Mutahidda Shehri Mahaz (MSM) on Saturday organised a rally and staged a demonstration in front of Multan Press Club against the unjust increase in the prices of Petroleum products describing it a drone attack on the masses. The rally was led by Tariq Naee
Published 02 Jan, 2011 12:00am
Essential items' prices increased by 10-30 percent in 2010

Essential items' prices increased by 10-30 percent in 2010

Prices of the entire range of essential kitchen items increased by 10 to 30 percent last year, a survey carried out by Business Recorder showed. Traders at Rawalpindi/ Islamabad wholesale markets were of the view that suppliers of most of the kitch
Published 02 Jan, 2011 12:00am
Surge in POL prices irks masses

Surge in POL prices irks masses

People in twin cities of Rawalpindi and Islamabad on Saturday has expressed concern over surge in petroleum prices, as they are already suffering from huge prices of the basic commodities of daily life. Government had raised the Petroleum Oil and Lubrican
Published 02 Jan, 2011 12:00am
Arrangements for IPMG conference finalised

Arrangements for IPMG conference finalised

A meeting of the Social Welfare and Women Development Department and other stakeholders was held at the Directorate of Social Welfare on Saturday with Khyber Pakhtunkhwa Minister for Social Welfare, Sitara Ayaz in the chair. The meeting finalised the agen
Published 02 Jan, 2011 12:00am
Second Neuro-Intervention and Therapeutic Training Workshop on January 3

Second Neuro-Intervention and Therapeutic Training Workshop on January 3

The Second Neuro-Intervention and Therapeutic training workshop will be organised on Monday (tomorrow) at Lahore General Hospital. Senior consultants including interventional neurologist of Western General Hospital Edinburgh, Dr Peter Keston would deliver
Published 02 Jan, 2011 12:00am
GHL serving humanity with great zeal

GHL serving humanity with great zeal

The staff of General Hospital Lahore spent year 2010 providing service to the suffering humanity under the dynamic leadership of Principal Tariq Salahuddin. The hospital made arrangements in such a way that the patients and their near and dear ones did no
Published 02 Jan, 2011 12:00am
Cargo Complex at Sialkot International airport inaugurated

Cargo Complex at Sialkot International airport inaugurated

Federal Minister for Population Welfare, Dr Firdous Ashiq Awan has said Pakistan International Airline (PIA) is considering constructing a four-star hotel in Sialkot and has asked Sialkot airport management to identify a suitable piece of land for the con
Published 02 Jan, 2011 12:00am
Surge in POL prices: PML-N to hold protest inside, outside parliament

Surge in POL prices: PML-N to hold protest inside, outside parliament

Pakistan Muslim League-Nawaz (PML-N) has rejected hefty surge in petroleum prices and announced to hold forceful protest against this increase inside and outside the parliament. The PML-N Organising Secretary Khawaja Saad Rafique in his reaction said the
Published 02 Jan, 2011 12:00am
Increase in POL prices outright extortion: MCCI vehemently criticises

Increase in POL prices outright extortion: MCCI vehemently criticises

The trade and industry have termed the unjustified increase in POL prices as outright extortion, which is meant to ruin the economy. In a statement issued here on Saturday President of MULTAN Chamber of Commerce & Industry (MCCI) Shahid Naseem Khokhar sai
Published 02 Jan, 2011 12:00am
Thousands protest gas supply disruption

Thousands protest gas supply disruption

Thousands of residents of Shahdara Bagh blocked the main Grand Trunk Road near match factory on Saturday for about three hours to protest against shortage of natural gas, which is affecting domestic consumers. The protesters were holding banners inscribed
Published 02 Jan, 2011 12:00am
Asma concerned over kids' kidnapping, targeted killing

Asma concerned over kids' kidnapping, targeted killing

President Supreme Court Bar Association, Asma Jahangir has expressed her concern over the kidnapping of children for ransom and target killing of Punjabis in Balochistan. She expressed grief over the issue while talking to newsmen during a "Peace and Soli
Published 02 Jan, 2011 12:00am
Power shortfall remains over 2000 megawatts

Power shortfall remains over 2000 megawatts

Power shortfall remained over 2000MW amidst acute gas loadshedding. According to the PEPCO sources the electricity generation systems generated 9830MW against a demand of 12212MW. Supply to the KESC also fell to 670MW. Power generation through hydel stood
Published 02 Jan, 2011 12:00am
Five-year power generation plan

Five-year power generation plan

Pepco has firmed up a five-year Public Sector Power Generation Enhancement Plan (2010-15) under which 10,000 megawatts of additional generation capacity will be added to the national grid, according to official sources quoted in a Recorder Report.
Published 02 Jan, 2011 12:00am
Protecting consumer rights

Protecting consumer rights

It is surprising, but true that Sindh is this country's only province which is yet to enact consumer protection laws. Speaking at the "6th Consumer Choice Award" in Karachi the other day, President of the Consumer Association of Pakistan demanded that lik
Published 02 Jan, 2011 12:00am
Anti-corruption drive: Scope of disclosure

Anti-corruption drive: Scope of disclosure

"An anti-corruption drive will be launched to collect declaration of assets of officers of BS-19 to BS.22 of lucrative departments and of all the cadres of the federal government." (Business Recorder dated 3 October 2010 regarding direction of the Interio
Published 02 Jan, 2011 12:00am
RGST - an issue of rich to damage the poor

RGST - an issue of rich to damage the poor

The lobby of the rich within and outside of the parliament is opposing the Sales Tax (Reformed) to evade taxes at the cost of poor, observed independent analysts said. They said that government should keep an eye on such elements and take steps for the pa
Published 02 Jan, 2011 12:00am
Kidney patients in grim wait for donors in Philippines

Kidney patients in grim wait for donors in Philippines

Carmen delos Santos smiled meekly as a nurse turned on the dialysis machine that has been keeping her alive for the past five years. The 50-year-old mother of two sons has been visiting a private dialysis centre in Manila three times a week since she was
Published 02 Jan, 2011 12:00am
Prime Minister's performance questioned

Prime Minister's performance questioned

The performance of Prime Minister Syed Yousuf Raza Gilani presents a very dismal picture of his tenure. His government has miserably failed to control increase in inflation and unemployment, besides deteriorating law and order situation, curb grievances o
Published 02 Jan, 2011 12:00am
Commodities prices end golden year on record note

Commodities prices end golden year on record note

Copper prices struck all-time highs and silver hit the highest level for 30 years during a shortened trading week as commodities ended a record-breaking year in rampant style. It has been a remarkable 2010 for trading of raw materials, with gold futures a
Published 02 Jan, 2011 12:00am
Indonesia likely to chase cheap Indian white sugar

Indonesia likely to chase cheap Indian white sugar

Indonesia, Southeast Asia's largest sugar consumer, could turn to Indian supplies despite quality concerns, while a few deals for Thai raws were struck in an otherwise slow physical market, dealers said on Tuesday.
Published 02 Jan, 2011 12:00am
India sets deadline for cotton exports

India sets deadline for cotton exports

India's cotton export deadline will expire on February 25, Trade Secretary Rahul Khullar said on Thursday, for the remaining unshipped quantity of the 5.5 million bales allowed for overseas sales in the 2010/11 season. India, the world's second top cotton
Published 02 Jan, 2011 12:00am
Vietnam 2010 rice output up

Vietnam 2010 rice output up

Rice production this year in Vietnam, the world's second-largest exporter after Thailand, rose 2.7 percent from 2009 to 39.99 million tonnes thanks to an increase in planted area and a higher yield, the government said. Farmers planted a combined 7.51 mil
Published 02 Jan, 2011 12:00am
Australia set for record cotton output despite flood losses

Australia set for record cotton output despite flood losses

Australia is set to reap a record cotton crop in 2011 despite crop losses caused by severe flooding in north-eastern Australian state of Queensland, a top cotton trading firm said on Thursday. About 7,500 hectares of crop had been destroyed in Queensland
Published 02 Jan, 2011 12:00am
Harmonic backs metals, high-quality wheat in 2011

Harmonic backs metals, high-quality wheat in 2011

Hedge fund Harmonic Capital Partners, one of the best-performing managed futures funds in 2010 with an estimated 28.1 percent return through November 30, says metals are likely to trump agricultural markets next year. The London-based fund believes the ma
Published 02 Jan, 2011 12:00am
Sugar contracts re-list on India exchanges amid strong volume

Sugar contracts re-list on India exchanges amid strong volume

Sugar futures took off at their relaunch on India's National Commodity and Derivatives Exchange (NCDEX) on Monday, with interest from end-users and institutions pushing volumes near levels seen in 2009 when they last traded.
Published 02 Jan, 2011 12:00am
US gold closes up 30 percent, silver adds 84 percent in 2010

US gold closes up 30 percent, silver adds 84 percent in 2010

US gold futures finished 2010 strong, with gains of more than 1.0 percent on Friday, that contributed to its 30 percent advance this year, its biggest increase since 2007, driven higher by economic uncertainty and accommodative monetary policies.
Published 02 Jan, 2011 12:00am
Copper caps 2010 with run of records; more to come

Copper caps 2010 with run of records; more to come

Copper concluded 2010 with a run of record highs, rising 2 percent on Friday as undimmed demand from China and the prospect of fresh fund investment had analysts pointing to further gains next year.
Published 02 Jan, 2011 12:00am
India's gold imports seen down

India's gold imports seen down

India, the world's largest consumer of gold, is seen importing 35 tonnes of the metal in December, down 12.1 percent from a year ago, the median estimate in a poll of 10 importers and wholesalers showed. The fall in imports would be for a second straight
Published 02 Jan, 2011 12:00am
New York cheers in the 2011 ball drop

New York cheers in the 2011 ball drop

An estimated million people, monitored by a high-tech police force, crammed into New York's Times Square to watch the traditional ball drop at the start of 2011. The party was one of the biggest in the world marking the start of 2011, and centred around t
Published 02 Jan, 2011 12:00am
Tornado kills six in southern US

Tornado kills six in southern US

Tornados tore through parts of the US states of Arkansas, Missouri and Illinois on Friday, killing at least six people and leaving damage and power outages in its wake, authorities said. "Three fatalities have been reported in Washington County," the Arka
Published 02 Jan, 2011 12:00am
Japan population shrinks by record in 2010

Japan population shrinks by record in 2010

Japan's population fell by a record amount last year as the number of deaths climbed to an all-time high in the quickly ageing country, the government said Saturday. Japan faces a looming demographic squeeze. Baby boomers are moving toward retirement, wit
Published 02 Jan, 2011 12:00am
Hundreds stuck on ships in ice Russia's Okhotsk Sea

Hundreds stuck on ships in ice Russia's Okhotsk Sea

Two icebreakers were on their way to help three ships carrying 555 people in the Okhotsk Sea in Russia's Far East Saturday after they were stuck in ice, Transport Minister Igor Levitin said. "Three big vessels found themselves in an area of drifting ice w
Published 02 Jan, 2011 12:00am
Three dead after Russian plane bursts into flames

Three dead after Russian plane bursts into flames

Three people were killed on Saturday and dozens injured when an aircraft burst into flames before take-off on a runway at an airport in Russia's Far North, officials said. The Tupolev plane with 116 passengers and eight crew on board had been due to fly f
Published 02 Jan, 2011 12:00am
Rioting prisoners set fire to British jail

Rioting prisoners set fire to British jail

Rioting prisoners torched buildings at a low-security British jail on Saturday, an incident the prison guards' union said highlighted the risks of government plans to slash spending on the justice system. About 40 prisoners took part in rioting at Ford pr
Published 02 Jan, 2011 12:00am
Italy recalls Brazil envoy over failed extradition

Italy recalls Brazil envoy over failed extradition

Italy's ambassador to Brazil has been recalled after Brazilian President Luiz Inacio Lula da Silva opted not to extradite a leftist extremist facing murder charges in Italy on Friday, his last day in office. Ambassador Gherardo La Francesca will be recall
Published 02 Jan, 2011 12:00am
North Korea calls for end to hostility with South

North Korea calls for end to hostility with South

North Korea on Saturday called for an end to confrontation with the South, urging dialogue after one of the most violent years on the divided peninsula since the 1950-53 Korean War. Tension between the rival Koreas has risen sharply after the North shelle
Published 02 Jan, 2011 12:00am
Blast kills four in Abuja

Blast kills four in Abuja

An explosion at a crowded market in Nigeria's capital Abuja killed at least four people and injured more than a dozen more during New Year's Eve celebrations late on Friday, police said. President Goodluck Jonathan blamed the blast on a militant group tha
Published 02 Jan, 2011 12:00am
Direct negotiations best path to peace: Israel

Direct negotiations best path to peace: Israel

Face-to-face negotiations are still the best path to peace with the Palestinians, an Israeli official said Saturday dismissing calls for a new peace plan as premature. On Friday, Palestinian president Mahmud Abbas called for the international community, s
Published 02 Jan, 2011 12:00am
21 killed, 43 injured in Egypt church bombing

21 killed, 43 injured in Egypt church bombing

At least 21 people were killed and 43 injured when a car bomb went off outside a church in the northern city of Alexandria, according to official estimates on Saturday. Witnesses said that a car that was parked outside the church exploded around 20 minute
Published 02 Jan, 2011 12:00am
Two troops die in Afghanistan

Two troops die in Afghanistan

Two foreign soldiers were killed Saturday in Afghanistan, coalition forces said, in the year's first deaths among Nato-led foreign forces after the war's highest-ever annual death toll in 2010. "An International Security Assistance Force (ISAF) service me
Published 02 Jan, 2011 12:00am
Eight insurgents killed

Eight insurgents killed

Nato says it has killed at least eight insurgents and captured a Taliban leader in several operations throughout Afghanistan. The coalition said Saturday that five of the insurgents were killed a day earlier in an operation targeting a Taliban leader in t
Published 02 Jan, 2011 12:00am
Ten killed in South Africa New Year stampede

Ten killed in South Africa New Year stampede

Ten people were killed in a stampede in a bar in a South African township during a New Year's Eve celebration, an official said on Saturday. Most of the dead were believed to be between the ages of 18 and 25, but police were still investigating whether an
Published 02 Jan, 2011 12:00am
Hungary takes over EU presidency

Hungary takes over EU presidency

Hungary took the helm of the European Union on Saturday even as a new law which sparked concern about media freedom in the country came into force in the teeth of fierce opposition. The challenges currently facing the 27-nation bloc are daunting enough: t
Published 02 Jan, 2011 12:00am
Stalin statue blown up in Ukraine

Stalin statue blown up in Ukraine

Extremists blew up a controversial monument to Soviet dictator Joseph Stalin on New Year's night in south-eastern Ukraine in an "act of terror", the local Communist Party said on Saturday. The bust in the city of Zaporizhia, unveiled this May, caused a he
Published 02 Jan, 2011 12:00am
Freed Indian rebel leader invites peace dialogue

Freed Indian rebel leader invites peace dialogue

A separatist leader released on bail Saturday said he was committed to peace talks with the Indian government to end his group's 30-year insurgency in the north-eastern state of Assam. Arabinda Rajkhowa was greeted by hundreds of supporters as he left the
Published 02 Jan, 2011 12:00am
Taiwan's president calls for democracy in China

Taiwan's president calls for democracy in China

Taiwan President Ma Ying-jeou on Saturday called for democracy in China, saying the island's experience could serve as a model for the future development on the mainland. "We hope one day that all descendants of Emperors Yen and Huang will enjoy freedom,
Published 02 Jan, 2011 12:00am
Manmohan Singh vows to tackle corruption

Manmohan Singh vows to tackle corruption

Indian Premier Manmohan Singh in a New Year message promised to provide clean governance amid growing public anger over corruption. The message posted on the government website Saturday addressed the crisis of credibility for an administration accused of
Published 02 Jan, 2011 12:00am
Skype to be designated illegal in China

Skype to be designated illegal in China

China will crack down on what it called illegal Internet telephone providers, according to a circular from the Chinese government, a policy that could hurt the popular service Skype. The statement, from the powerful Ministry of Information and Industry Te
Published 02 Jan, 2011 12:00am
Russia in milestone oil pipeline supply to China

Russia in milestone oil pipeline supply to China

Russia, the world's top crude exporter, said it had begun scheduled oil shipments to China via an East Siberian link on Saturday as the Kremlin cements ties with its energy-hungry neighbour. So far, Russia's 50,000-km oil pipeline network has been concent
Published 02 Jan, 2011 12:00am
China's factory inflation abates, output moderates

China's factory inflation abates, output moderates

China's factory inflation cooled in December as manufacturers expanded more slowly after a strong run in growth, lessening the need for the country's central bank to tighten monetary policy too far. The official Chinese purchasing managers' index (PMI) ed
Published 02 Jan, 2011 12:00am
German 2010 growth strongest since unity: minister

German 2010 growth strongest since unity: minister

The German economy likely had post-unification record growth in 2010 despite severe winter weather that curtailed activity in December, Economy Minister Rainer Bruederle said on Saturday. The government is forecasting 3.4 percent growth in 2010 - equallin
Published 02 Jan, 2011 12:00am
India to overhaul decade-old telecoms policy

India to overhaul decade-old telecoms policy

India plans to overhaul its decade-old telecoms policy, framing new rules on mergers and on radiowaves, the telecoms minister said on Saturday, seeking to revamp a high-growth sector hit by several scandals. Kapil Sibal, who took over in November after hi
Published 02 Jan, 2011 12:00am
Ahmadinejad's old Peugeot sees million dollar bid

Ahmadinejad's old Peugeot sees million dollar bid

Iranian President Mahmoud Ahmadinejad's 1977 Peugeot 504 has received a one million dollar bid after the car was put on an international auction Saturday, state media reported. Iran's official IRNA news agency quoted Ahmad Esfandiari, the head of Iran's W
Published 02 Jan, 2011 12:00am
China Eastern to buy 50 Airbus airliners

China Eastern to buy 50 Airbus airliners

China Eastern Airlines said Thursday it had agreed with Europe-based Airbus to buy 50 A320 airliners with a list price of 3.22 billion dollars, in the latest sign of the country's aviation boom. China Eastern said in an announcement to the Hong Kong stock
Published 02 Jan, 2011 12:00am
New Year's resolution: Obama pledges to do everything to create jobs

New Year's resolution: Obama pledges to do everything to create jobs

President Barack Obama has set his New Year's resolution high for 2011: repair the struggling US economy. In his weekly radio and Internet address on Saturday, the vacationing president said recent data showed the economic recovery was gaining traction ev
Published 02 Jan, 2011 12:00am
Bolivia's president scraps fuel hike after protests

Bolivia's president scraps fuel hike after protests

Leftist Bolivian President Evo Morales on Friday reversed a hefty fuel price increase that sparked nation-wide protests, landing him with one of the biggest crises of his five years in power. The decision on Sunday to slash fuel subsidies - sending prices
Published 02 Jan, 2011 12:00am
Britons fear hard year ahead amid austerity cuts

Britons fear hard year ahead amid austerity cuts

Two-thirds of Britons believe the economy will fare badly in 2011 as harsh austerity cuts designed to tackle a record deficit begin to bite, a poll showed on Monday. One in five also said they could see themselves being involved in demonstrations against
Published 02 Jan, 2011 12:00am
UK charities call for bank bonus tax to help fund them

UK charities call for bank bonus tax to help fund them

Britain should tax bank bonuses and give the proceeds to charities to help cushion them from funding cuts that will hit elderly and disabled people, a leader of the charity sector said on Saturday. Stephen Bubb, chief executive of the Association of Chief
Published 02 Jan, 2011 12:00am
Egypt mobile phone ownership passes 80 percent

Egypt mobile phone ownership passes 80 percent

More than 80 percent of Egyptians will start 2011 with mobile telephones, according to latest official figures which showed cell phone subscriptions grew by nearly a quarter during the year. A state website said subscriptions as of October were 65.488 mil
Published 02 Jan, 2011 12:00am
Venezuela sees economy shrinking 1.9 percent

Venezuela sees economy shrinking 1.9 percent

Venezuela's economy shrank an estimated 1.9 percent in 2010 in a second year of recession as the South American nation lags in the recovery cycle after the global financial crisis, the Central Bank said on Thursday. The Opec member's economy contracted 3.
Published 02 Jan, 2011 12:00am
FIFA Members Association Elite Referees Course concludes

FIFA Members Association Elite Referees Course concludes

Members Association Elite Referee course concluded on Saturday at FIFA Football House. As many as 30 referees participated in the course. They were also awarded certificates. The FIFA referee instructor, Masoud Enayat, said that he was happy with the perf
Published 02 Jan, 2011 12:00am
PBCC announces team for Australia tour

PBCC announces team for Australia tour

Pakistan Blind Cricket Council (PBCC) on Saturday announced the team selected for touring Australia, which is going to be started from February 20. The Pakistani team would play three Twenty-20 and three one- day matches with Australia during the tour, wh
Published 02 Jan, 2011 12:00am
Big guns get set for Asian Cup

Big guns get set for Asian Cup

Australia, Japan and South Korea head into the Asian Cup as clear favourites in a tournament that will test Qatar's ability to host a major event after being controversially awarded the 2022 World Cup. The three-week football festival, featuring the regio
Published 02 Jan, 2011 12:00am
United and City march on, Cole fires Liverpool

United and City march on, Cole fires Liverpool

Premier League pacesetters Manchester United and Manchester City ground out wins to stay clear at the top on Saturday while Joe Cole struck late to earn Liverpool a much-needed 2-1 victory over Bolton Wanderers. United were well below their best but trium
Published 02 Jan, 2011 12:00am
First Sprite Golf Tournament kicks off

First Sprite Golf Tournament kicks off

The three-day first Sprite Golf Tournament commenced here at Lahore Gymkhana Golf Course with vibrant events for the ladies, veterans (above 70 years of age), seniors (above 55 years of age), amateurs, ball boys and caddies.
Published 02 Jan, 2011 12:00am
World Cup referee Webb honoured by Queen

World Cup referee Webb honoured by Queen

World Cup final referee Howard Webb has been awarded an MBE in the Queen's New Year's Honours. Webb became the first Englishman to referee the World Cup final since 1974 when he took charge of the showpiece between Spain and the Netherlands.
Published 02 Jan, 2011 12:00am
Pakistan-born spinner eligible for South Africa

Pakistan-born spinner eligible for South Africa

Pakistan-born leg-spinner Imran Tahir has been granted South African citizenship and is eligible to represent the country, Cricket South Africa announced on Saturday. In a statement CSA said Tahir had been granted citizenship by naturalisation on Friday a
Published 02 Jan, 2011 12:00am
Shahid Afridi, Waqar to appear in ICC spot-fixing hearing

Shahid Afridi, Waqar to appear in ICC spot-fixing hearing

Pakistan cricket chiefs said on Saturday they would allow one-day captain Shahid Afridi and coach Waqar Younis to appear at a hearing into spot-fixing allegations in Doha during the coming week. The decision was taken after the International Cricket Counc
Published 02 Jan, 2011 12:00am
Dhoni, Smith agree small details will decide final Test

Dhoni, Smith agree small details will decide final Test

Attention to detail will be the key to the outcome of the third and deciding Test between South Africa and India starting at Newlands on Sunday, according to the opposing captains. India, the world's top-ranked side, are keen to win their first series in
Published 02 Jan, 2011 12:00am
Chittagong asks residents to paint for the World Cup

Chittagong asks residents to paint for the World Cup

Residents of the Bangladesh port city of Chittagong have been asked to give their homes and shops a new lick of paint to make a bright, colourful impression on cricket World Cup visitors. Gearing up to host two group and a warm-up match, the Chittagong Ci
Published 02 Jan, 2011 12:00am
No home advantage in Sydney for Ashes debutant Beer

No home advantage in Sydney for Ashes debutant Beer

While Australia will hope to use local knowledge to their advantage in the fifth Ashes Test at the Sydney Cricket Ground (SCG) next week, debutant Michael Beer has admitted that his contribution will be zero. Plucked from obscurity to join the Australia s
Published 02 Jan, 2011 12:00am
Venezuelan currency devalued again

Venezuelan currency devalued again

Venezuelan President Hugo Chavez's government devalued its bolivar currency for the second time in 12 months on Thursday, abolishing the lowest exchange rate as the Opec member fights to revive its economy. Intended to spur local production in the largely
Published 02 Jan, 2011 12:00am
Chinese banker sees more challenges in 2011

Chinese banker sees more challenges in 2011

China's economic outlook will be more complicated in 2011 and the country will face many "new tasks and challenges", the central bank governor said on Friday. In the text of a speech published on the central bank's website, Zhou Xiaochuan also reiterated
Published 02 Jan, 2011 12:00am
Dollar up in 2010, Euro posts worst year since 2005

Dollar up in 2010, Euro posts worst year since 2005

The US dollar ended a volatile year on Friday a bit firmer than where it began with investors gearing up for gains in early 2011 on expectations the US economic recovery was gaining momentum. The euro, which had its worst year against the dollar since 200
Published 02 Jan, 2011 12:00am
East African currencies likely to ease next week

East African currencies likely to ease next week

Kenya and Uganda's shillings could weaken next week as import-oriented companies restart operations after the Christmas break, stimulating demand for dollars.
Published 02 Jan, 2011 12:00am
Canadian dollar hits 2-1/2 year high

Canadian dollar hits 2-1/2 year high

Canada's dollar hit its highest in more than 30 months on Friday, boosted by rallying commodities, to close out the year above parity with the US currency on scant New Year's Eve trading volumes. The Canadian dollar reached as high as C$0.9925 to the US d
Published 02 Jan, 2011 12:00am
Beginning of the end of dollar's supremacy?

Beginning of the end of dollar's supremacy?

The coming year should provide new impetus to a long-debated reform of the international monetary system that could spell the end of the dollar's status as the world's favourite currency. Talk of the greenback's demise is anything but new. Back in Septemb
Published 02 Jan, 2011 12:00am
Politics versus economics are big euro test: analysis

Politics versus economics are big euro test: analysis

In the mid-1990s, around the time when the European Union was seriously getting to grips with creating the euro zone project, the Reuters bureau in Brussels received a call from a British analyst working for a US bank. The London-based currency specialist
Published 02 Jan, 2011 12:00am
Wall Street ends year with strong gains

Wall Street ends year with strong gains

US stocks closed out a year of double-digit gains and the S&P's best December since 1991 with a quiet and little changed session on Friday as investors found no reason to make big bets ahead of the new year. Improving economic indicators late in 2010 and
Published 02 Jan, 2011 12:00am
Emerging Markets: LatAm stocks post 12 percent gain

Emerging Markets: LatAm stocks post 12 percent gain

Mexican stocks rose to a record high on Friday as investors bet improving growth in the United States will support local exports, capping a strong year for most of the region's markets. Gains in Mexico, the only major Latin American market open on Friday,
Published 02 Jan, 2011 12:00am
Emerging Markets: LatAm stocks post 12 percent gain

Emerging Markets: LatAm stocks post 12 percent gain

Mexican stocks rose to a record high on Friday as investors bet improving growth in the United States will support local exports, capping a strong year for most of the region's markets. Gains in Mexico, the only major Latin American market open on Friday,
Published 02 Jan, 2011 12:00am
South African stocks, rand jump in 2010

South African stocks, rand jump in 2010

South Africa's rand ended 2010 near three-year highs and stocks booked gains for a second consecutive year, after 12 months in which investors favoured high-risk assets over underperforming developed markets. On Friday, Johannesburg's Top-40 index of blue
Published 02 Jan, 2011 12:00am
Treasuries higher

Treasuries higher

US Treasury debt prices rose on Friday as the few traders in for the holiday-shortened session bought longer-dated debt in an effort to square up their books for the year-end. With very little in the way of economic data, no Treasury debt auctions and no
Published 02 Jan, 2011 12:00am
Treasuries higher

Treasuries higher

US Treasury debt prices rose on Friday as the few traders in for the holiday-shortened session bought longer-dated debt in an effort to square up their books for the year-end. With very little in the way of economic data, no Treasury debt auctions and no
Published 02 Jan, 2011 12:00am
London IPOs soar in 2010

London IPOs soar in 2010

Funding for initial public offerings on the London Stock Exchange soared more than 500 percent in 2010 compared with the previous year, it said in a statement on Wednesday. The IPOs, including from India's Essar Energy and African Barrick Gold, raised a t
Published 02 Jan, 2011 12:00am
US Treasury Outlook: debt may underperform in 2011

US Treasury Outlook: debt may underperform in 2011

US Treasuries may struggle to replicate this year's relatively strong returns in 2011 if the economy grows as much as some expect, as riskier assets could continue to outperform the government debt. Government debt may be poised to see a strong first quar
Published 02 Jan, 2011 12:00am
US Treasury Outlook: debt may underperform in 2011

US Treasury Outlook: debt may underperform in 2011

US Treasuries may struggle to replicate this year's relatively strong returns in 2011 if the economy grows as much as some expect, as riskier assets could continue to outperform the government debt. Government debt may be poised to see a strong first quar
Published 02 Jan, 2011 12:00am
Toronto stocks index end 2010 on high note

Toronto stocks index end 2010 on high note

Toronto's main stock index pushed higher on Friday in sparse New Year's Eve trade, as strong metal prices and a rally by miners kept the market on track for its best December in five years and double-digit growth in 2010. The index was up 3.8 percent for
Published 02 Jan, 2011 12:00am
Bond yields rise

Bond yields rise

Canadian government bond yields closed out the year on Friday with a modest decline in quiet trade, but analysts said the year ahead should see them climb, particularly in the second half of the 2011. Market watchers are mixed about the timing of future i
Published 02 Jan, 2011 12:00am
Bond yields rise

Bond yields rise

Canadian government bond yields closed out the year on Friday with a modest decline in quiet trade, but analysts said the year ahead should see them climb, particularly in the second half of the 2011. Market watchers are mixed about the timing of future i
Published 02 Jan, 2011 12:00am
Turkish stocks up, bond yields hit all-time lows

Turkish stocks up, bond yields hit all-time lows

Turkey's benchmark bond yield hit all-time lows in thin end-of-year trading on Friday, while shares rose in line with other emerging markets and the lira strengthened slightly. The yield on the August 8, 2012 benchmark bond traded at 7.11 percent at 1200
Published 02 Jan, 2011 12:00am
Indian bond yields largely steady in 2010

Indian bond yields largely steady in 2010

Indian federal bond yields ended largely steady in thin year-end trade on Friday but dealers expected yields to surge in 2011 on stronger growth expectations and inflation worries. The most-traded 8.08 percent 2022 bond ended steady at 8.05 percent and th
Published 02 Jan, 2011 12:00am
Indian bond yields largely steady in 2010

Indian bond yields largely steady in 2010

Indian federal bond yields ended largely steady in thin year-end trade on Friday but dealers expected yields to surge in 2011 on stronger growth expectations and inflation worries. The most-traded 8.08 percent 2022 bond ended steady at 8.05 percent and th
Published 02 Jan, 2011 12:00am
Morocco's foreign debt at $19.8 billion

Morocco's foreign debt at $19.8 billion

Morocco's public foreign debt stood at $19.8 billion at the end of the third quarter of 2010, up from $19.4 billion at the end of 2009 and at its highest since at least 2005, the finance ministry said on Friday. Morocco plans to disburse $2.1 billion to s
Published 02 Jan, 2011 12:00am
Morocco's foreign debt at $19.8 billion

Morocco's foreign debt at $19.8 billion

Morocco's public foreign debt stood at $19.8 billion at the end of the third quarter of 2010, up from $19.4 billion at the end of 2009 and at its highest since at least 2005, the finance ministry said on Friday. Morocco plans to disburse $2.1 billion to s
Published 02 Jan, 2011 12:00am
Nunavut Iron ups bid in battle for Baffinland

Nunavut Iron ups bid in battle for Baffinland

Nunavut Iron hiked its bid for Baffinland Iron Mines late on Friday, refusing to back down in a fight with steel giant ArcelorMittal for control of the junior miner and its vast undeveloped iron ore deposit in Canada's Arctic.
Published 02 Jan, 2011 12:00am
VAT rise pushes back 2011 British tax freedom day

VAT rise pushes back 2011 British tax freedom day

Britons will have to work three more days in 2011 to pay off their annual tax bill, a think tank said Wednesday, after calculating that "tax freedom day" would fall on May 30. The Adam Smith Institute forecast that, in effect, everything earned by the ave
Published 02 Jan, 2011 12:00am
Peru trims tariffs to further open economy

Peru trims tariffs to further open economy

Peru's tariffs will fall again starting next year and the average levy on imports will decline to 3.4 percent from 5 percent, the finance ministry said on Friday. The measure will help limit pressure on inflation, which is already mild and running about 2
Published 02 Jan, 2011 12:00am
Air traffic growth slows

Air traffic growth slows

Growth in international air traffic slowed in November, industry association IATA said Thursday, noting that the expansion in demand was dipping to normal levels after a sharp recovery. "The industry is shifting gears in the recovery cycle. Growth is slow
Published 02 Jan, 2011 12:00am
Holidays, fee confusion slows Russian grain market

Holidays, fee confusion slows Russian grain market

Russian grain market activity slowed down last week ahead of long year-end holidays and amid confusion about fees for transportation of grain from the south of Russia to drought-hit regions, analysts said on Monday. The announcement of a forthcoming start
Published 02 Jan, 2011 12:00am
Vietnam coffee prices near 29-month high

Vietnam coffee prices near 29-month high

Coffee prices in Vietnam's domestic market jumped around 4 percent this week to 37.1 million dong ($1,907) per tonne on Friday, even though supply is ample as the harvest draws to an end, traders said. Robusta beans jumped from around 35.7 million dong pe
Published 02 Jan, 2011 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 97,207 tonnes of cargo including 63,055 tonnes of import cargo, 34,152 tonnes of export cargo, 3,955 loaded and empty containers during last 24 hours ended at 0700 hours on Saturday. The total import cargo of 63,055 tonnes compris
Published 02 Jan, 2011 12:00am
Ukraine's winter wheat crop likely to rise

Ukraine's winter wheat crop likely to rise

Ukraine's winter wheat harvest is likely to rise to about 21 million tones in 2011 from about 17 million in 2010, UkrAgroConsult agriculture consultancy said on Thursday. The consultancy said in a report that farms were likely to harvest 6.5 million hecta
Published 02 Jan, 2011 12:00am
La Nina dryness threatens Argentina's corn crop

La Nina dryness threatens Argentina's corn crop

Parched, hot conditions caused by the La Nina weather phenomenon are threatening corn yields in Argentina, the world's No 2 exporter of the cereal, and rains are urgently needed, the government said on Friday. Argentine farmers gathered a record corn crop
Published 02 Jan, 2011 12:00am
Canadian canola posts biggest yearly gain in four years

Canadian canola posts biggest yearly gain in four years

ICE Canadian canola futures rose on Friday, finishing off 2010 with the biggest yearly gain in four years. Registers yearly gain 43 percent, quarterly gain 22 percent, monthly increase of 8.8 percent. Weather problems in Canada and Argentina, expansion of
Published 02 Jan, 2011 12:00am
New Year begins with modest activity on grain market

New Year begins with modest activity on grain market

The New Year began with modest trading on the wholesales grain and seed market on Saturday as most of the dealers and participants were on the sidelines due to scant interest in fresh purchasing, dealers said. On the cereal side makai gained Rs 25 to Rs 2
Published 02 Jan, 2011 12:00am
KCA spot rate raised to Rs 9,200 amid thin business

KCA spot rate raised to Rs 9,200 amid thin business

Further increase was seen in the official spot rate on the cotton market on Saturday in process of subdued business, brokers said. The Karachi Cotton Association (KCA) spot rate was given a fresh rise of Rs 100 to Rs 9200, they said. Seed cotton prices in
Published 02 Jan, 2011 12:00am
Oil cake market rates

Oil cake market rates

Contracts were mixed on the forward cottonseed oilcake market on Saturday in process of trading, dealers said. The January vaida that had closed at Rs 1252.00 opened with a loss of Re.1 to Rs 1251.00. The March vaida which ended at Rs 1240.00 commenced wi
Published 02 Jan, 2011 12:00am
US Midwest corn and soya bids steady

US Midwest corn and soya bids steady

Corn and soyabean spot basis bids were steady around the US Midwest on Friday in slow trading ahead of the New Year's Day holiday, grain merchants said. Farmer selling was near non-existent even as corn set a new 29-month high and soyabeans a 27-1/2 month
Published 02 Jan, 2011 12:00am
Member to Member

Member to Member

The following transactions member to member subsequently reported on Saturday (January 01, 2011).

Published 02 Jan, 2011 12:00am
THE RUPEE: New Year starts on positive note

THE RUPEE: New Year starts on positive note

The rupee commenced the New Year 2011 on a happy note against the dollar, it however, fell versus euro on the open market on Saturday, dealers said. The rupee gained sharply by 20 paisa against dollar for buying at 85.50 and rose by 10 paisa for selling a
Published 02 Jan, 2011 12:00am
THE RUPEE: New Year starts on positive note

THE RUPEE: New Year starts on positive note

The rupee commenced the New Year 2011 on a happy note against the dollar, it however, fell versus euro on the open market on Saturday, dealers said. The rupee gained sharply by 20 paisa against dollar for buying at 85.50 and rose by 10 paisa for selling a
Published 02 Jan, 2011 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Saturday (January 01, 2011).

Published 02 Jan, 2011 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Saturday (January 01, 2011).

Published 02 Jan, 2011 12:00am
World Shipping Schedule

World Shipping Schedule

Karachi Port's world-wide shipping schedule beginning Saturday (January 01, 2011).

Published 02 Jan, 2011 12:00am
World Shipping Schedule

World Shipping Schedule

Karachi Port's world-wide shipping schedule beginning Saturday (January 01, 2011).

Published 02 Jan, 2011 12:00am
Automart: car prices in Karachi

Automart: car prices in Karachi

The prices of different makes and models of cars prevailing in Karachi in the week ended Saturday (January 01, 2011).

Published 02 Jan, 2011 12:00am
Iron, steel and other metal rates

Iron, steel and other metal rates

Iron, steel and other metal rates in rupees prevailing on the commodity markets in Karachi on Saturday (January 01, 2011).

Published 02 Jan, 2011 12:00am
Rates of Pipe Fittings

Rates of Pipe Fittings

Pipe fitting rates in rupees prevailing in the markets in Karachi on Saturday (January 01, 2011).

Published 02 Jan, 2011 12:00am
Karachi tea rates

Karachi tea rates

Tea rates in rupees prevailing on the commodity markets in Karachi on Saturday (January 01, 2011).

Published 02 Jan, 2011 12:00am
Milk powder rates

Milk powder rates

Milk Powder rates in rupees prevailing on the commodity markets in Karachi on Saturday (January 01, 2011).

Published 02 Jan, 2011 12:00am
Raw rubber rates

Raw rubber rates

Raw Rubber rates in rupees prevailing on the commodity markets in Karachi on Saturday (January 01, 2011).

Published 02 Jan, 2011 12:00am
Jute goods rates

Jute goods rates

Jute goods rates in rupees prevailing on the commodity markets in Karachi on Saturday (January 01, 2011).

Published 02 Jan, 2011 12:00am
Rates of dry fruit

Rates of dry fruit

Rates of dry fruit in rupees prevailing on the commodity markets in Karachi on Saturday (January 01, 2011).

Published 02 Jan, 2011 12:00am
Grain market rates

Grain market rates

Karachi grain market rates in rupees on Saturday (January 01, 2011).

Published 02 Jan, 2011 12:00am
Hides and skin rates

Hides and skin rates

Hides and skin rates in rupees prevailing on the commodity markets in Karachi on Saturday (January 01, 2011).

Published 02 Jan, 2011 12:00am
Lahore Grain Market Rates

Lahore Grain Market Rates

Grain and other commodity rates in rupees on Akbari Mandi on Saturday (January 01, 2011).

Published 02 Jan, 2011 12:00am
Poultry Rates

Poultry Rates

Wholesale poultry rates on Saturday (January 01, 2011) and for Sunday (January 02, 2011).
Published 02 Jan, 2011 12:00am
Cotton Spot Rates

Cotton Spot Rates

Official KCA spot rates for local dealings in Pakistan rupees on Saturday (January 01, 2011).

Published 02 Jan, 2011 12:00am
Bullion Rates

Bullion Rates

Gold and silver rates in rupees per 10 grams prevailing in major cities on Saturday (January 01, 2011).

Published 02 Jan, 2011 12:00am
Bullion Rates

Bullion Rates

Gold and silver rates in rupees per 10 grams prevailing in major cities on Saturday (January 01, 2011).

Published 02 Jan, 2011 12:00am
The Weather

The Weather

The weather report on Saturday (January 01, 2011) and the forecast for Sunday (January 02, 2011).

Published 02 Jan, 2011 12:00am
19th Amendment Bill: President accords his formal assent

19th Amendment Bill: President accords his formal assent

President Asif Ali Zardari on Saturday gave his formal assent to the 19th Amendment Bill, making it a part of the Constitution. The signing ceremony was attended by Senate Chairman Farooq H. Naek, National Assembly Speaker Dr Fehmida Mirza, Chairman of Pa
Published 02 Jan, 2011 12:00am
19th Amendment Bill: President accords his formal assent

19th Amendment Bill: President accords his formal assent

President Asif Ali Zardari on Saturday gave his formal assent to the 19th Amendment Bill, making it a part of the Constitution. The signing ceremony was attended by Senate Chairman Farooq H. Naek, National Assembly Speaker Dr Fehmida Mirza, Chairman of Pa
Published 02 Jan, 2011 12:00am
19th Amendment Bill: President accords his formal assent

19th Amendment Bill: President accords his formal assent

President Asif Ali Zardari on Saturday gave his formal assent to the 19th Amendment Bill, making it a part of the Constitution. The signing ceremony was attended by Senate Chairman Farooq H. Naek, National Assembly Speaker Dr Fehmida Mirza, Chairman of Pa
Published 02 Jan, 2011 12:00am
Ecnec refuses to approve water conservation plan

Ecnec refuses to approve water conservation plan

The Executive Committee of the National Economic Council (Ecnec) has reportedly refused to approve a project called 'Water conservation and productivity enhancement through high efficiency', across the country at the federal level, after USAID showed inte
Published 02 Jan, 2011 12:00am
Ecnec refuses to approve water conservation plan

Ecnec refuses to approve water conservation plan

The Executive Committee of the National Economic Council (Ecnec) has reportedly refused to approve a project called 'Water conservation and productivity enhancement through high efficiency', across the country at the federal level, after USAID showed inte
Published 02 Jan, 2011 12:00am
Ecnec refuses to approve water conservation plan

Ecnec refuses to approve water conservation plan

The Executive Committee of the National Economic Council (Ecnec) has reportedly refused to approve a project called ''Water conservation and productivity enhancement through high efficiency'', across the country at the federal level, after USAID showed in
Published 02 Jan, 2011 12:00am
Input tax adjustment: facility not applicable to CNG stations

Input tax adjustment: facility not applicable to CNG stations

A major facility of refund of excess unadjusted input tax related to supplies, other than zero-rated, would not be applicable to the CNG stations. In this regard, the FBR has issued instructions to Large Taxpayer Units (LTUs) and Regional Tax Offices (RTO
Published 02 Jan, 2011 12:00am
Input tax adjustment: facility not applicable to CNG stations

Input tax adjustment: facility not applicable to CNG stations

A major facility of refund of excess unadjusted input tax related to supplies, other than zero-rated, would not be applicable to the CNG stations. In this regard, the FBR has issued instructions to Large Taxpayer Units (LTUs) and Regional Tax Offices (RTO
Published 02 Jan, 2011 12:00am
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