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Archive - 2011-01-07
MQM decides to rejoin govt
Top News

MQM decides to rejoin govt

KARACHI: The Pakistan People's Party's (PPP) estranged ally, Muttahida Qaumi Movement (MQM) in a late night meeting deci
Published 07 Jan, 2011 07:50am
Banking on infrastructure
BR Research

Banking on infrastructure

Tough times call for difficult decisions; while that argument generally holds true in Pakistan, it seems crunch phases call for sanity to pr
Published 07 Jan, 2011 12:00am
US: Remarkably employed
BR Research

US: Remarkably employed

Policymakers in the US must be smiling ear to ear over the past couple of days. After all, their efforts seem to be paying off.
Published 07 Jan, 2011 12:00am
Mobile banking on a roll
BR Research

Mobile banking on a roll

Branchless banking after having a great start with microfinance and commercial banks has now started making its way to government social saf
Published 07 Jan, 2011 12:00am
Trade bodies hail TDAP's decision

Trade bodies hail TDAP's decision

President Sialkot Chamber of Commerce and Industry (SCCI) Ghulam Mustafa in a press statement welcomed the decision of reducing the charges of Certificate of Origin to Rs 100 from Rs 1000 by TDAP. He said that TDAP had announced to increase the fees from
Published 07 Jan, 2011 12:00am
'MCCI providing working environment to women entrepreneurs'

'MCCI providing working environment to women entrepreneurs'

Multan Chamber of Commerce & Industry (MCCI) provides a platform for the women entrepreneurs of South Punjab to work together in a spirit of trust and understanding. It also aims to accelerate the process of economic and social development in member count
Published 07 Jan, 2011 12:00am
Business activities remain slow at lunda bazaars

Business activities remain slow at lunda bazaars

Business activities at second-hand clothes market, commonly known as 'Lunda Baazar', which was supposed to reach its peak during the winter season, has so far remained quite slow due to soaring prices.
Published 07 Jan, 2011 12:00am
Samsung sells 10 million Smartphones

Samsung sells 10 million Smartphones

Samsung Electronics Co Ltd., has sold 10 million of its Android-powered Galaxy S Smartphones. The milestone was reached within seven months after the device was launched, in June 2010.
Published 07 Jan, 2011 12:00am
New SWIFT DX launched

New SWIFT DX launched

The launch of Suzuki Swift in the early 2010 has received great reviews and overwhelming results. In order to cater the target market of 1300cc and expand the customer base of Swift, we proudly have launched a DX version of Swift. The new Swift is having
Published 07 Jan, 2011 12:00am
Zardari telephones Begum Salmaan Taseer

Zardari telephones Begum Salmaan Taseer

President Asif Ali Zardari on Thursday said that Salmaan Taseer wrote with his blood a new chapter in the history of PPP's continued struggle for human rights, democracy and indiscrimination. He said this while talking to Begum Salmaan Taseer on the eve o
Published 07 Jan, 2011 12:00am
Record handling of canola oilseeds at FAP terminal

Record handling of canola oilseeds at FAP terminal

Pakistan's first fully automated dry bulk cargo terminal FAP at PQA has created a record by discharging 16,500 metric tons of canola oilseeds in a day, comfortably bettering the previous one day record of about 9,500 metric tons achieved at Karachi Port T
Published 07 Jan, 2011 12:00am
SDA retires Rs 28.71 million KP finance department loan

SDA retires Rs 28.71 million KP finance department loan

Sarhad Development Authority (SDA) has prematurely retired a loan of Rs 28.71 million loans and disposed of all credit facilities it had availed for various development projects since 1972. Sources in the authority told Business Recorder that the C
Published 07 Jan, 2011 12:00am
Price of LPG surges by Rs 4

Price of LPG surges by Rs 4

Following the expected decline in the production of Liquefied Petroleum Gas (LPG) during winter, the price of locally produced LPG has surged by Rs 4 per kilogram, traders said.
Published 07 Jan, 2011 12:00am
US leans on Pakistan ahead of Zardari's visit

US leans on Pakistan ahead of Zardari's visit

President Asif Ali Zardari visits the United States next week as Washington seeks to put pressure on Islamabad to pursue militants without pushing an already strained relationship to breaking point.
Published 07 Jan, 2011 12:00am
Hong Kong passes city's first minimum wage

Hong Kong passes city's first minimum wage

Hong Kong lawmakers have given final approval for the city's first minimum wage, but critics say it is too low for many low-income people struggling to make ends meet in the financial hub. The city's Legislative Council ushered in the new law by a vote of
Published 07 Jan, 2011 12:00am
British MPs warn against moratorium on deepwater drilling

British MPs warn against moratorium on deepwater drilling

A moratorium on oil drilling in deep waters off Britain would undermine the country's energy security, according to a report by lawmakers published on Thursday in response to the BP spill disaster last year.
Published 07 Jan, 2011 12:00am
Pakistan anti-corruption tribunal underway

Pakistan anti-corruption tribunal underway

A make-or-break anti-corruption tribunal against Pakistan cricketers Salman Butt, Mohammad Asif and Mohammad Aamer opened here Thursday with the players facing lengthy bans if found guilty. The hearing, being held behind closed doors at the Qatar Financia
Published 07 Jan, 2011 12:00am
Jordan's Prince Ali wins FIFA vice-presidency

Jordan's Prince Ali wins FIFA vice-presidency

Jordan's Prince Ali bin Al Hussein stunned powerful South Korean Chung Mong-Joon by unseating him as a FIFA vice-president on Thursday while Mohamad bin Hammam won another term as AFC chief. Chung, the controlling shareholder in industrial giant Hyundai H
Published 07 Jan, 2011 12:00am
FIFA hands out $40 million from World Cup to clubs

FIFA hands out $40 million from World Cup to clubs

FIFA is handing out $40 million to clubs whose players took part in last year's World Cup, though that may not placate European clubs who have labelled the fixed-payment system unrealistic. Bayern Munich have been the most vociferous critics after their D
Published 07 Jan, 2011 12:00am
New Zealand, Pakistan on Test salvage mission

New Zealand, Pakistan on Test salvage mission

New Zealand and Pakistan open their Test series here Friday, keen to salvage reputations despite the series' sideline status on a tour dominated by the short form of the game and eyes focused on the spot-fixing scandal.
Published 07 Jan, 2011 12:00am
Zvonareva beats Venus Williams

Zvonareva beats Venus Williams

World number two Vera Zvonareva crushed five-time Wimbledon champion Venus Williams in straight sets in Hong Kong Thursday as some of the world's top women prepared for the year's first Grand Slam.
Published 07 Jan, 2011 12:00am
Proteas call up Pakistan-born spinner Tahir

Proteas call up Pakistan-born spinner Tahir

South Africa included Pakistan-born legspinner Imran Tahir as one of two uncapped players in its 14-man squad on Thursday for the five-match one-day international series against India.
Published 07 Jan, 2011 12:00am
Pakistan's World Cup selection slammed

Pakistan's World Cup selection slammed

Pakistan's selectors came under scathing attack from former players and media Thursday over the selection of a World Cup squad, saying key talent had been left out of the team. Wicket-keeper batsman Kamran Akmal was named in the preliminary squad after ge
Published 07 Jan, 2011 12:00am
SBP wins Quaid-e-Azam Trophy

SBP wins Quaid-e-Azam Trophy

State Bank of Pakistan has won the Quaid-e-Azam Trophy 2010-2011 (Division-II) Cricket Tournament by beating Khan Research Laboratories (KRL) on the basis of first-innings lead. It may be pointed out that the State Bank cricket team has qualified to parti
Published 07 Jan, 2011 12:00am
South Africa and India draw thrilling series

South Africa and India draw thrilling series

South Africa and India drew the third and final test at Newlands on Thursday to also share the spoils 1-1 in an enthralling series between the world's top-ranked test teams. The final day finished with India, who needed 340 to win in 90 overs, reaching 16
Published 07 Jan, 2011 12:00am
ICC fine Sreesanth, Indian team

ICC fine Sreesanth, Indian team

Indian bowler Shanthakumaran Sreesanth lost 10 percent match fee for kicking the boundary rope while the entire team have been fined separately for slow over rate, the International Cricket Council said on Thursday.
Published 07 Jan, 2011 12:00am
England close in on Ashes series win

England close in on Ashes series win

Relentless England were just three wickets away from their first Down Under series victory in 24 years as Australia folded under pressure in the final Sydney Ashes Test on Thursday.
Published 07 Jan, 2011 12:00am
Police target top official in Delhi Games graft probe

Police target top official in Delhi Games graft probe

Indian police said Thursday they had registered a case against the director-general of the Delhi Commonwealth Games, the most senior organiser of the tainted event named in a widening graft probe.
Published 07 Jan, 2011 12:00am
Collingwood retires from Test cricket

Collingwood retires from Test cricket

England batsmen Paul Collingwood has announced his retirement from Test cricket following the current 5th and final Ashes Test in Sydney. Collingwood, who has represented England at Test level on 68 occasions, will continue as England's Twenty20 captain a
Published 07 Jan, 2011 12:00am
Cotton prices consolidate gains

Cotton prices consolidate gains

With increasing strength on the New York cotton futures market (ICE) coupled with more gains in most of the commodities prices in recent weeks, domestic lint prices have entered a consolidation phase. In the face of upcoming demand for cotton during the i
Published 07 Jan, 2011 12:00am
Cotton prices consolidate gains

Cotton prices consolidate gains

With increasing strength on the New York cotton futures market (ICE) coupled with more gains in most of the commodities prices in recent weeks, domestic lint prices have entered a consolidation phase. In the face of upcoming demand for cotton during the i
Published 07 Jan, 2011 12:00am
India's November tea output rises

India's November tea output rises

India's tea production in November 2010 rose 3.7 percent from a year ago to 93.92 million kgs, data with the state-run Tea Board showed. India is the world's second biggest producer of tea after China. However, output during January to November stood at 9
Published 07 Jan, 2011 12:00am
Prices depict steady trend on cotton market

Prices depict steady trend on cotton market

Firmness prevailed on the cotton market on Thursday as needy mills and spinners stuck deals despite the upward trend in prices, brokers said. The Karachi Cotton Association (KCA) spot rate was unchanged at Rs 9700, they said.
Published 07 Jan, 2011 12:00am
RECORDER REPORT

RECORDER REPORT

Contracts were higher on the forward cottonseed oilcake market on Thursday in process of trading, dealers said. The January vaida that had closed higher at Rs 1251.50 opened with a gain of 70 paisa to Rs 1252.20. The March vaida which also ended on bullis
Published 07 Jan, 2011 12:00am
HRW wheat steady

HRW wheat steady

Hard red winter wheat cash bids in the US Plains were steady on Thursday amid routine dealings. Some demand was noted by for low-protein wheat but general domestic mill demand was thin.
Published 07 Jan, 2011 12:00am
Ivory Coast's cocoa prices fall

Ivory Coast's cocoa prices fall

Cocoa farmgate prices in Ivory Coast's western regions fell last week as growers offloaded heavy volumes of stockpiled beans for fear a political crisis could disrupt trade later, players said on Thursday.
Published 07 Jan, 2011 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 84,576 tonnes of cargo including 55,845 tonnes of import cargo, 28,731 tonnes of export cargo, 4,994 loaded and empty containers during last 24 hours ended at 0700 hours on Thursday.
Published 07 Jan, 2011 12:00am
Mybank Limited declares profit rates

Mybank Limited declares profit rates

The mybank Limited has declared the following profit rates on PLS deposits for the period of six months ended December 31, 2010

Published 07 Jan, 2011 12:00am
Lengthening shadows on the fiscal front

Lengthening shadows on the fiscal front

The forecast of high fiscal deficit during the current year is almost certain to materialise because it is not guesswork any more but coming straight from the horse's mouth. Briefing the Senate Standing Committee on Finance on 4th January, 2011, The finan
Published 07 Jan, 2011 12:00am
Is it the beginning of the end?

Is it the beginning of the end?

Since the day of Nawaz Sharif's ultimatum to Prime Minister Gilani, then described by some as a kind of 'breather' to the crumbling federal government, events that have happened in quick succession tend to shift the goalposts and may prove to be game-chan
Published 07 Jan, 2011 12:00am
Who should not contest elections? "Out of sight, out of mind"

Who should not contest elections? "Out of sight, out of mind"

Apropos to our article "Who should contest election?", published in these columns on 17 December 2010, which seems to have hurt the sentiments of some of our expatriate friends, although the ideas presented therein were to emphasize that unless and until
Published 07 Jan, 2011 12:00am
Challenges facing the new SECP chairman

Challenges facing the new SECP chairman

The government has recently appointed a new Chairman of the SECP. The appointment has received positive reaction from capital markets and investors. There are several reasons that the SECP required a Chairman, who should be familiar with the capital marke
Published 07 Jan, 2011 12:00am
Chinese wooing in Africa: Boom without democracy

Chinese wooing in Africa: Boom without democracy

Once again, China has scored points in Africa. Beijing wants South Africa to become the fifth member of the BRIC countries - the acronym for Brazil, Russia, India and China, the world's leading newly advanced economies.
Published 07 Jan, 2011 12:00am
Gas import agreement

Gas import agreement

The recent gas import agreement with a Central Asian State is good provided it does not go to India through Balochistan. The People's Party government knows that India is behind Balochistan terrorism. Keeping in view that conspiracy of death and destructi
Published 07 Jan, 2011 12:00am
Chinese business delegation due on January 20

Chinese business delegation due on January 20

A 24-member delegation of large Chinese industrial group will visit Pakistan from January 20, to explore the opportunities for setting up industrial base to produce raw materials in the country. This was stated by the chairman Pakistan Chemicals & Dyes Me
Published 07 Jan, 2011 12:00am
State Bank of Pakistan conversion rates

State Bank of Pakistan conversion rates

Rates applicable for conversion into rupees of Foreign Currency Deposits, Dollar Bearer Certificates, Foreign Currency Bearer Certificates, Special US Dollar bonds and profits thereon by all banks and also for providing forward cover on foreign currency d
Published 07 Jan, 2011 12:00am
Barclays bid rates and maximum rates for payment of interest

Barclays bid rates and maximum rates for payment of interest

Barclays bid rates, maximum rates for payment of interest by authorised dealers on deposits (other than those brought under FE Circular No: 45 of 1985) and on deposits (brought under FE Circular No: 45 of 1985) -- issued by the Foreign Exchange Rates Comm
Published 07 Jan, 2011 12:00am
Exchange rates: buying and selling

Exchange rates: buying and selling

Exchange rates issued by the Treasury Management Division of National Bank of Pakistan on Thursday (January 06, 2011).

Published 07 Jan, 2011 12:00am
Conversion for foreign currency deposits

Conversion for foreign currency deposits

Conversion for foreign currency deposits, DBC/FCBC, special USD bond & profits thereon (excluding FE-25 deposits) on Thursday (January 06, 2011).

Published 07 Jan, 2011 12:00am
Currency notes: exchange rates

Currency notes: exchange rates

Exchange rates for Currency Notes issued by the Treasury Management Division of National Bank of Pakistan (NBP) here on Thursday (January 06, 2011).

Published 07 Jan, 2011 12:00am
Bill buying rates per unit of currency

Bill buying rates per unit of currency

Bill Buying Rates per unit of currency -- issued by the Treasury Management Division of the National Bank of Pakistan on Thursday (January 06, 2011).

Published 07 Jan, 2011 12:00am
Money Market Report

Money Market Report

Money market report by Khadim Ali Shah Bukhari & Co on Thursday (January 06, 2011).
Published 07 Jan, 2011 12:00am
Spot dollar rates

Spot dollar rates

Spot Dollar rates from Khadim Ali Shah Bukhari & Co Ltd on Thursday (January 06, 2011).

Published 07 Jan, 2011 12:00am
Closing of sterling rates

Closing of sterling rates

Closing of sterling rates at 1730 GMT - on Thursday (January 06, 2011).

Published 07 Jan, 2011 12:00am
Suspected parcel bombs wound one at US state office

Suspected parcel bombs wound one at US state office

At least one person was injured on Thursday when packages delivered to US state government buildings detonated, with one of them flaring and another giving off smoke, officials and local media said. Maryland's WTOP radio initially reported explosions at a
Published 07 Jan, 2011 12:00am
Suspected parcel bombs wound one at US state office

Suspected parcel bombs wound one at US state office

At least one person was injured on Thursday when packages delivered to US state government buildings detonated, with one of them flaring and another giving off smoke, officials and local media said. Maryland's WTOP radio initially reported explosions at a
Published 07 Jan, 2011 12:00am
US to send 1,400 extra troops to Afghanistan: WSJ

US to send 1,400 extra troops to Afghanistan: WSJ

The United States plans to send 1,400 additional combat Marines to Afghanistan to try to hold on to recent but fragile security gains, only months before a planned US drawdown, The Wall Street Journal reported on Thursday.
Published 07 Jan, 2011 12:00am
US to send 1,400 extra troops to Afghanistan: WSJ

US to send 1,400 extra troops to Afghanistan: WSJ

The United States plans to send 1,400 additional combat Marines to Afghanistan to try to hold on to recent but fragile security gains, only months before a planned US drawdown, The Wall Street Journal reported on Thursday.
Published 07 Jan, 2011 12:00am
Government fails to cut non-interest current expenditure

Government fails to cut non-interest current expenditure

The government has not been able to reduce non-interest current expenditure in the last two years and resorted to the easy option of slashing the development expenditure. Analysis of budgetary expenditure allocations reveals that a decrease of only 0.03 p
Published 07 Jan, 2011 12:00am
Proposed right issues

Proposed right issues

Right issues proposed by companies listed on Karachi Stock Exchange.

Published 07 Jan, 2011 12:00am
Government fails to cut non-interest current expenditure

Government fails to cut non-interest current expenditure

The government has not been able to reduce non-interest current expenditure in the last two years and resorted to the easy option of slashing the development expenditure. Analysis of budgetary expenditure allocations reveals that a decrease of only 0.03 p
Published 07 Jan, 2011 12:00am
Government fails to cut non-interest current expenditure

Government fails to cut non-interest current expenditure

The government has not been able to reduce non-interest current expenditure in the last two years and resorted to the easy option of slashing the development expenditure. Analysis of budgetary expenditure allocations reveals that a decrease of only 0.03 p
Published 07 Jan, 2011 12:00am
Obama picks JP Morgan's Daley as top aide

Obama picks JP Morgan's Daley as top aide

President Barack Obama on Thursday chose J.P. Morgan Chase executive William Daley to be his new White House chief of staff, retooling his team with an experienced businessman at the helm. The selection of the veteran of the Clinton administration is to b
Published 07 Jan, 2011 12:00am
Dividend/Bonus Announcements

Dividend/Bonus Announcements

Dividend/Bonus announcements by the companies listed on the Karachi Stock Exchange.

Published 07 Jan, 2011 12:00am
Board Meetings

Board Meetings

Board Meetings of Companies listed on the Karachi Stock Exchange.

Published 07 Jan, 2011 12:00am
BOARD MEETINGS

BOARD MEETINGS

Board Meetings of Companies listed on the Karachi Stock Exchange.

Published 07 Jan, 2011 12:00am
Record high food prices stoke fears for economy

Record high food prices stoke fears for economy

Record high food prices are moving to the top of policymaker agendas, driven by fears they could stoke inflation, protectionism and unrest and dent consumer demand in key emerging economies. The United Nations' food agency (FAO) said on Wednesday that foo
Published 07 Jan, 2011 12:00am
Record high food prices stoke fears for economy

Record high food prices stoke fears for economy

Record high food prices are moving to the top of policymaker agendas, driven by fears they could stoke inflation, protectionism and unrest and dent consumer demand in key emerging economies. The United Nations' food agency (FAO) said on Wednesday that foo
Published 07 Jan, 2011 12:00am
Record high food prices stoke fears for economy

Record high food prices stoke fears for economy

Record high food prices are moving to the top of policymaker agendas, driven by fears they could stoke inflation, protectionism and unrest and dent consumer demand in key emerging economies. The United Nations'' food agency (FAO) said on Wednesday that fo
Published 07 Jan, 2011 12:00am
Member to Member

Member to Member

The following transactions member to member subsequently reported on Thursday (January 06, 2011).

Published 07 Jan, 2011 12:00am
SBP fixes credit card, personal loan limit at Rs five million

SBP fixes credit card, personal loan limit at Rs five million

The State Bank of Pakistan has directed banks and DFIs to ensure that overall credit card and personal loan limits availed by a person from all banks/DFIs in aggregate should not exceed five million rupees. For implementation, the SBP has amended certain
Published 07 Jan, 2011 12:00am
SBP fixes credit card, personal loan limit at Rs five million

SBP fixes credit card, personal loan limit at Rs five million

The State Bank of Pakistan has directed banks and DFIs to ensure that overall credit card and personal loan limits availed by a person from all banks/DFIs in aggregate should not exceed five million rupees. For implementation, the SBP has amended certain
Published 07 Jan, 2011 12:00am
US MIDDAY: gold falls

US MIDDAY: gold falls

Gold fell for a fourth consecutive session on Thursday as the dollar rose on signs the US economic outlook was improving, but technical buying lifted prices off their lows. Strong economic reports this week including purchasing managers' indexes, new fact
Published 07 Jan, 2011 12:00am
SBP fixes credit card, personal loan limit at Rs five million

SBP fixes credit card, personal loan limit at Rs five million

The State Bank of Pakistan has directed banks and DFIs to ensure that overall credit card and personal loan limits availed by a person from all banks/DFIs in aggregate should not exceed five million rupees. For implementation, the SBP has amended certain
Published 07 Jan, 2011 12:00am
US MIDDAY: copper down

US MIDDAY: copper down

US copper futures extended losses to down more than 2 percent Thursday morning, pressured by a technical breakdown in the euro versus the dollar, analysts said. COMEX copper for March delivery sank 9.65 cents or 2.2 percent to an early-session low at $4.3
Published 07 Jan, 2011 12:00am
Government bans export of onion via land route

Government bans export of onion via land route

The federal government has banned the export of onions via land route in an attempt to stabilise prices in the domestic market, while exports of onions to India will continue through sea route. Sources in the Ministry of Food and Agriculture (MinFA) told
Published 07 Jan, 2011 12:00am
US MIDDAY: sugar down 6 percent

US MIDDAY: sugar down 6 percent

Sugar futures careened lower on Thursday, continuing to move in highly volatile dealings, taking their cue from crude oil whilst under pressure from the strong US dollar. Arabica coffee futures finished steady and less than 10 cents away from the recent 1
Published 07 Jan, 2011 12:00am
Government bans export of onion via land route

Government bans export of onion via land route

The federal government has banned the export of onions via land route in an attempt to stabilise prices in the domestic market, while exports of onions to India will continue through sea route. Sources in the Ministry of Food and Agriculture (MinFA) told
Published 07 Jan, 2011 12:00am
US MIDDAY: soyabean, wheat fell

US MIDDAY: soyabean, wheat fell

US corn, soyabean and wheat fell on Thursday as the dollar rallied amid growing economic optimism and as US grain exports slipped last week, with buyers discouraged by prices near 2008 highs Soybean export sales totalled 489,300 tonnes for 2010/11 shipme
Published 07 Jan, 2011 12:00am
Government bans export of onion via land route

Government bans export of onion via land route

The federal government has banned the export of onions via land route in an attempt to stabilise prices in the domestic market, while exports of onions to India will continue through sea route. Sources in the Ministry of Food and Agriculture (MinFA) told
Published 07 Jan, 2011 12:00am
Gold slips in Europe

Gold slips in Europe

Gold prices fell for a fourth successive session on Thursday, under pressure from investors taking heart from the strength of the dollar following a string of data that suggested the US economy was gaining traction.
Published 07 Jan, 2011 12:00am
Pakistan's foreign exchange reserves jump to $17.19 billion

Pakistan's foreign exchange reserves jump to $17.19 billion

The country's total liquid foreign reserves reached ever highest level of $17.19 billion because of payment of Collation Support Fund by US. According to the State Bank of Pakistan (SBP) that country's total liquid foreign reserves have posted an increase
Published 07 Jan, 2011 12:00am
Gold remains steady in Asia

Gold remains steady in Asia

Spot gold held steady on Thursday, supported by bargain hunting on the physical market, but optimism spurred by strong US private employment data and hopes of a positive showing from Friday's nonfarm payrolls number weighed on sentiment.
Published 07 Jan, 2011 12:00am
Pakistan's foreign exchange reserves jump to $17.19 billion

Pakistan's foreign exchange reserves jump to $17.19 billion

The country's total liquid foreign reserves reached ever highest level of $17.19 billion because of payment of Collation Support Fund by US. According to the State Bank of Pakistan (SBP) that country's total liquid foreign reserves have posted an increase
Published 07 Jan, 2011 12:00am
US gold falls

US gold falls

US gold futures fell on Wednesday as a dollar rally and strong US private-sector employment data dented safe-haven buying, but bullion closed well off lows from earlier in the session as other commodities rebounded. Benchmark COMEX February gold futures s
Published 07 Jan, 2011 12:00am
Pakistan''s foreign exchange reserves jump to $17.19 billion

Pakistan''s foreign exchange reserves jump to $17.19 billion

The country''s total liquid foreign reserves reached ever highest level of $17.19 billion because of payment of Collation Support Fund by US. According to the State Bank of Pakistan (SBP) that country''s total liquid foreign reserves have posted an increa
Published 07 Jan, 2011 12:00am
Ghee/cooking oil sector: CCP fears big units may abuse dominance

Ghee/cooking oil sector: CCP fears big units may abuse dominance

A study conducted by the Competition Commission of Pakistan (CCP) on ghee/cooking oil sector apprehended that the big manufacturing units might abuse their dominance like entry barriers, and over-riding of regulatory framework within the sector.
Published 07 Jan, 2011 12:00am
Ghee/cooking oil sector: CCP fears big units may abuse dominance

Ghee/cooking oil sector: CCP fears big units may abuse dominance

A study conducted by the Competition Commission of Pakistan (CCP) on ghee/cooking oil sector apprehended that the big manufacturing units might abuse their dominance like entry barriers, and over-riding of regulatory framework within the sector.
Published 07 Jan, 2011 12:00am
Oil drops two percent

Oil drops two percent

Oil prices fell more than 2 percent on Thursday to below $89 a barrel as a stronger dollar and weaker US equities deterred buyers. Oil markets weakened as Wall Street dipped on disappointing retail sales, placing more caution on oil investors anxious to s
Published 07 Jan, 2011 12:00am
Ghee/cooking oil sector: CCP fears big units may abuse dominance

Ghee/cooking oil sector: CCP fears big units may abuse dominance

A study conducted by the Competition Commission of Pakistan (CCP) on ghee/cooking oil sector apprehended that the big manufacturing units might abuse their dominance like entry barriers, and over-riding of regulatory framework within the sector.
Published 07 Jan, 2011 12:00am
Liffe sugar and cocoa lower

Liffe sugar and cocoa lower

Liffe March white sugar ends $27.70 at $748.20 per tonne. Market weighed partly by a stronger dollar and weaker crude oil prices. Liffe May cocoa ends 9 pounds lower at 1,933 pounds a tonne. Market hovering just above the prior session's three-week low. P
Published 07 Jan, 2011 12:00am
US soyabeans higher

US soyabeans higher

Soyabean futures on the Chicago Board of Trade closed higher on Wednesday, with the most-active March contract up 1.75 percent, in a reversal of a downtrend established earlier this week. Funds fueled gains, traders said, buying an estimated 6,000 to 7,00
Published 07 Jan, 2011 12:00am
Malaysian palm oil recovers

Malaysian palm oil recovers

Malaysian crude palm oil recovered on Thursday, driven by erratic weather slowing production in major vegetable oil exporting regions at a time of growing global demand. Palm oil prices were also supported by the rally in other agriculture markets on Wedn
Published 07 Jan, 2011 12:00am
New York sugar rises

New York sugar rises

Raw sugar futures reversed early losses to close up 4 percent on Wednesday, as a wave of system buying lifted the market closer to last week's 30-year peak simultaneously with the rebound in the commodity complex.
Published 07 Jan, 2011 12:00am
Government reverses fuel price rise

Government reverses fuel price rise

The government in the face of opposition pressure was left with no option but to reverse the recent increase in petroleum product prices. Prime Minister Syed Yousuf Raza Gilani made this announcement while addressing the National Assembly. He said, "I thi
Published 07 Jan, 2011 12:00am
US MIDDAY: gold falls

US MIDDAY: gold falls

Gold fell for a fourth consecutive session on Thursday as the dollar rose on signs the US economic outlook was improving, but technical buying lifted prices off their lows. Strong economic reports this week including purchasing managers' indexes, new fact
Published 07 Jan, 2011 12:00am
Government reverses fuel price rise

Government reverses fuel price rise

The government in the face of opposition pressure was left with no option but to reverse the recent increase in petroleum product prices. Prime Minister Syed Yousuf Raza Gilani made this announcement while addressing the National Assembly. He said, "I thi
Published 07 Jan, 2011 12:00am
US MIDDAY: copper down

US MIDDAY: copper down

US copper futures extended losses to down more than 2 percent Thursday morning, pressured by a technical breakdown in the euro versus the dollar, analysts said. COMEX copper for March delivery sank 9.65 cents or 2.2 percent to an early-session low at $4.3
Published 07 Jan, 2011 12:00am
Government reverses fuel price rise

Government reverses fuel price rise

The government in the face of opposition pressure was left with no option but to reverse the recent increase in petroleum product prices. Prime Minister Syed Yousuf Raza Gilani made this announcement while addressing the National Assembly. He said, "I thi
Published 07 Jan, 2011 12:00am
US MIDDAY: sugar down 6 percent

US MIDDAY: sugar down 6 percent

Sugar futures careened lower on Thursday, continuing to move in highly volatile dealings, taking their cue from crude oil whilst under pressure from the strong US dollar. Arabica coffee futures finished steady and less than 10 cents away from the recent 1
Published 07 Jan, 2011 12:00am
US not happy with decision

US not happy with decision

US Secre-tary of State Hillary Clinton, who has pushed Pakistan hard to improve its fiscal management, said on Thursday that Islamabad's decision to reverse an unpopular fuel price increase was a "mistake".
Published 07 Jan, 2011 12:00am
US MIDDAY: soyabean, wheat fell

US MIDDAY: soyabean, wheat fell

US corn, soyabean and wheat fell on Thursday as the dollar rallied amid growing economic optimism and as US grain exports slipped last week, with buyers discouraged by prices near 2008 highs Soybean export sales totalled 489,300 tonnes for 2010/11 shipme
Published 07 Jan, 2011 12:00am
US not happy with decision

US not happy with decision

US Secre-tary of State Hillary Clinton, who has pushed Pakistan hard to improve its fiscal management, said on Thursday that Islamabad's decision to reverse an unpopular fuel price increase was a "mistake".
Published 07 Jan, 2011 12:00am
Gold slips in Europe

Gold slips in Europe

Gold prices fell for a fourth successive session on Thursday, under pressure from investors taking heart from the strength of the dollar following a string of data that suggested the US economy was gaining traction.
Published 07 Jan, 2011 12:00am
US not happy with decision

US not happy with decision

US Secre-tary of State Hillary Clinton, who has pushed Pakistan hard to improve its fiscal management, said on Thursday that Islamabad''s decision to reverse an unpopular fuel price increase was a "mistake".
Published 07 Jan, 2011 12:00am
Gold remains steady in Asia

Gold remains steady in Asia

Spot gold held steady on Thursday, supported by bargain hunting on the physical market, but optimism spurred by strong US private employment data and hopes of a positive showing from Friday's nonfarm payrolls number weighed on sentiment.
Published 07 Jan, 2011 12:00am
Cut in oil prices notified

Cut in oil prices notified

Oil and Gas Regulatory Authority on Thursday issued notification relating to reduction in oil prices effective today (Friday). Ogra issued the notification after Prime Minister Yousuf Raza Gilani announced withdrawal of the decision to raise oil prices ta
Published 07 Jan, 2011 12:00am
US gold falls

US gold falls

US gold futures fell on Wednesday as a dollar rally and strong US private-sector employment data dented safe-haven buying, but bullion closed well off lows from earlier in the session as other commodities rebounded. Benchmark COMEX February gold futures s
Published 07 Jan, 2011 12:00am
Cut in oil prices notified

Cut in oil prices notified

Oil and Gas Regulatory Authority on Thursday issued notification relating to reduction in oil prices effective today (Friday). Ogra issued the notification after Prime Minister Yousuf Raza Gilani announced withdrawal of the decision to raise oil prices ta
Published 07 Jan, 2011 12:00am
Cut in oil prices notified

Cut in oil prices notified

Oil and Gas Regulatory Authority on Thursday issued notification relating to reduction in oil prices effective today (Friday). Ogra issued the notification after Prime Minister Yousuf Raza Gilani announced withdrawal of the decision to raise oil prices ta
Published 07 Jan, 2011 12:00am
Oil drops two percent

Oil drops two percent

Oil prices fell more than 2 percent on Thursday to below $89 a barrel as a stronger dollar and weaker US equities deterred buyers. Oil markets weakened as Wall Street dipped on disappointing retail sales, placing more caution on oil investors anxious to s
Published 07 Jan, 2011 12:00am
Liffe sugar and cocoa lower

Liffe sugar and cocoa lower

Liffe March white sugar ends $27.70 at $748.20 per tonne. Market weighed partly by a stronger dollar and weaker crude oil prices. Liffe May cocoa ends 9 pounds lower at 1,933 pounds a tonne. Market hovering just above the prior session's three-week low. P
Published 07 Jan, 2011 12:00am
US soyabeans higher

US soyabeans higher

Soyabean futures on the Chicago Board of Trade closed higher on Wednesday, with the most-active March contract up 1.75 percent, in a reversal of a downtrend established earlier this week. Funds fueled gains, traders said, buying an estimated 6,000 to 7,00
Published 07 Jan, 2011 12:00am
Malaysian palm oil recovers

Malaysian palm oil recovers

Malaysian crude palm oil recovered on Thursday, driven by erratic weather slowing production in major vegetable oil exporting regions at a time of growing global demand. Palm oil prices were also supported by the rally in other agriculture markets on Wedn
Published 07 Jan, 2011 12:00am
New York sugar rises

New York sugar rises

Raw sugar futures reversed early losses to close up 4 percent on Wednesday, as a wave of system buying lifted the market closer to last week's 30-year peak simultaneously with the rebound in the commodity complex.
Published 07 Jan, 2011 12:00am
Diamer-Bhasha Dam: ADB yet to firm up its financing plan

Diamer-Bhasha Dam: ADB yet to firm up its financing plan

Asian Development Bank (ADB) has yet to firm up a financing plan for construction of the $11 billion Diamer-Basha Dam (DBD) which will generate 4,500 MW power nearly two years after it committed to finance the project.
Published 07 Jan, 2011 12:00am
Tokyo rubber futures break new record

Tokyo rubber futures break new record

Tokyo rubber futures rose for a second consecutive day to a new record high on Thursday on the strong US dollar and rissing oil prices, dealers said The benchmark rubber contract on the Tokyo Commodity Exchange for June delivery rose 12 yen, or 2.8 percen
Published 07 Jan, 2011 12:00am
Diamer-Bhasha Dam: ADB yet to firm up its financing plan

Diamer-Bhasha Dam: ADB yet to firm up its financing plan

Asian Development Bank (ADB) has yet to firm up a financing plan for construction of the $11 billion Diamer-Basha Dam (DBD) which will generate 4,500 MW power nearly two years after it committed to finance the project.
Published 07 Jan, 2011 12:00am
Copper slips

Copper slips

Copper slipped on Thursday as the dollar rose against the euro, but strong economic data from the United States indicating a bullish outlook for the world's largest economy helped support sentiment. Benchmark copper on the London Metal Exchange was untrad
Published 07 Jan, 2011 12:00am
Diamer-Bhasha Dam: ADB yet to firm up its financing plan

Diamer-Bhasha Dam: ADB yet to firm up its financing plan

Asian Development Bank (ADB) has yet to firm up a financing plan for construction of the $11 billion Diamer-Basha Dam (DBD) which will generate 4,500 MW power nearly two years after it committed to finance the project.
Published 07 Jan, 2011 12:00am
Shanghai copper rises

Shanghai copper rises

Copper futures rose in London on Thursday, trading around 1.5 percent short of record highs, with sentiment supported by stronger-than-expected jobs and service sector data from the United States.
Published 07 Jan, 2011 12:00am
Index surges by 182.63 points

Index surges by 182.63 points

Bullish trend continued at the local share market on Thursday and the KSE-100 index surged by 182.63 points to close at the level of 12,323.47 points. The market opened on positive note and the index hit 12,376.09 points, intra-day high level. The index r
Published 07 Jan, 2011 12:00am
US copper ends down

US copper ends down

Copper ended down for a second straight day on Wednesday, but the pace of decline slowed from the previous session's swift slide after a double dose of strong US economic data again boosted risk appetite.
Published 07 Jan, 2011 12:00am
Index surges by 182.63 points

Index surges by 182.63 points

Bullish trend continued at the local share market on Thursday and the KSE-100 index surged by 182.63 points to close at the level of 12,323.47 points. The market opened on positive note and the index hit 12,376.09 points, intra-day high level. The index r
Published 07 Jan, 2011 12:00am
US cotton 2011 sowings to hit five-year high: survey

US cotton 2011 sowings to hit five-year high: survey

US cotton sowings in 2011 are expected to hit a five-year high, propelled by a rally in prices of the fiber to 150-year peaks last year, a Reuters survey showed on Thursday. The survey of 10 industry players and analysts showed US cotton farmers would lik
Published 07 Jan, 2011 12:00am
Index surges by 182.63 points

Index surges by 182.63 points

Bullish trend continued at the local share market on Thursday and the KSE-100 index surged by 182.63 points to close at the level of 12,323.47 points. The market opened on positive note and the index hit 12,376.09 points, intra-day high level. The index r
Published 07 Jan, 2011 12:00am
New York cotton

New York cotton

Wednesday's closing prices of New York cotton in US cents/lb.

Published 07 Jan, 2011 12:00am
BRIndex30 up by 120.27 points

BRIndex30 up by 120.27 points

On Thursday, BRIndex30 opened at 8,954.62 and remained positive throughout the trading session. It touched an intraday high of 9,091.97 and an intraday low of 8,954.62 and closed at 9,074.89 which was 120.27 points or 1.34 percent higher than previous clo
Published 07 Jan, 2011 12:00am
New York cotton

New York cotton

Wednesday's closing prices of New York cotton in US cents/lb.

Published 07 Jan, 2011 12:00am
BRIndex30 up by 120.27 points

BRIndex30 up by 120.27 points

On Thursday, BRIndex30 opened at 8,954.62 and remained positive throughout the trading session. It touched an intraday high of 9,091.97 and an intraday low of 8,954.62 and closed at 9,074.89 which was 120.27 points or 1.34 percent higher than previous clo
Published 07 Jan, 2011 12:00am
Tokyo rubber futures break new record

Tokyo rubber futures break new record

Tokyo rubber futures rose for a second consecutive day to a new record high on Thursday on the strong US dollar and rissing oil prices, dealers said The benchmark rubber contract on the Tokyo Commodity Exchange for June delivery rose 12 yen, or 2.8 percen
Published 07 Jan, 2011 12:00am
BRIndex30 up by 120.27 points

BRIndex30 up by 120.27 points

On Thursday, BRIndex30 opened at 8,954.62 and remained positive throughout the trading session. It touched an intraday high of 9,091.97 and an intraday low of 8,954.62 and closed at 9,074.89 which was 120.27 points or 1.34 percent higher than previous clo
Published 07 Jan, 2011 12:00am
Copper slips

Copper slips

Copper slipped on Thursday as the dollar rose against the euro, but strong economic data from the United States indicating a bullish outlook for the world's largest economy helped support sentiment. Benchmark copper on the London Metal Exchange was untrad
Published 07 Jan, 2011 12:00am
BRIndex30 up by 120.27 points

BRIndex30 up by 120.27 points

On Thursday, BRIndex30 opened at 8,954.62 and remained positive throughout the trading session. It touched an intraday high of 9,091.97 and an intraday low of 8,954.62 and closed at 9,074.89 which was 120.27 points or 1.34 percent higher than previous clo
Published 07 Jan, 2011 12:00am
Shanghai copper rises

Shanghai copper rises

Copper futures rose in London on Thursday, trading around 1.5 percent short of record highs, with sentiment supported by stronger-than-expected jobs and service sector data from the United States.
Published 07 Jan, 2011 12:00am
LSE index up 17 points

LSE index up 17 points

In the backdrop of fresh buying activity in selective scrips, equities registered gains at Lahore Stock Exchange (LSE) on Thursday amid ascending transaction volume.
Published 07 Jan, 2011 12:00am
US copper ends down

US copper ends down

Copper ended down for a second straight day on Wednesday, but the pace of decline slowed from the previous session's swift slide after a double dose of strong US economic data again boosted risk appetite.
Published 07 Jan, 2011 12:00am
LSE index up 17 points

LSE index up 17 points

In the backdrop of fresh buying activity in selective scrips, equities registered gains at Lahore Stock Exchange (LSE) on Thursday amid ascending transaction volume.
Published 07 Jan, 2011 12:00am
US cotton 2011 sowings to hit five-year high: survey

US cotton 2011 sowings to hit five-year high: survey

US cotton sowings in 2011 are expected to hit a five-year high, propelled by a rally in prices of the fiber to 150-year peaks last year, a Reuters survey showed on Thursday. The survey of 10 industry players and analysts showed US cotton farmers would lik
Published 07 Jan, 2011 12:00am
Equities move both ways on ISE

Equities move both ways on ISE

Equities moved both ways at the Islamabad Stock Exchange (ISE) where investors adopted a cautious approach under the lead of hot favourite amid increase in index. ISE Ten Index showed an improvement of 78.58 points, as the Index moved from 3,054.38 to 3,1
Published 07 Jan, 2011 12:00am
New York cotton

New York cotton

Wednesday's closing prices of New York cotton in US cents/lb.

Published 07 Jan, 2011 12:00am
Equities move both ways on ISE

Equities move both ways on ISE

Equities moved both ways at the Islamabad Stock Exchange (ISE) where investors adopted a cautious approach under the lead of hot favourite amid increase in index. ISE Ten Index showed an improvement of 78.58 points, as the Index moved from 3,054.38 to 3,1
Published 07 Jan, 2011 12:00am
New York cotton

New York cotton

Wednesday's closing prices of New York cotton in US cents/lb.

Published 07 Jan, 2011 12:00am
Afghan Peace Council team meets Zardari

Afghan Peace Council team meets Zardari

A six-member delegation of High Peace Council of Afghanistan led by Chairman Professor Burhanuddin Rabbani called on President Asif Ali Zardari in Bilawal House Karachi on Thursday evening and exchanged views on situation in Afghanistan and the on-going e
Published 07 Jan, 2011 12:00am
Tariq elected chairman ICMAP Karachi

Tariq elected chairman ICMAP Karachi

The Karachi Branch Council (KBC) of the Institute of Cost and Management Accountants of Pakistan (ICMAP) has elected office bearers for year 2011.
Published 07 Jan, 2011 12:00am
FBR, Agility likely to resume bogged down talks

FBR, Agility likely to resume bogged down talks

The bogged down talks between Federal Board of Revenue (FBR) and Agility - Kuwait based software supplier - are likely to be resumed sometime this week, a reliable source told Business Recorder on Thursday.
Published 07 Jan, 2011 12:00am
THE RUPEE: dollar a bit lower

THE RUPEE: dollar a bit lower

Steady trend was seen on the currency market on Thursday as the rupee resisted fall versus dollar in process of trading, dealers said.
Published 07 Jan, 2011 12:00am
THE RUPEE: dollar a bit lower

THE RUPEE: dollar a bit lower

Steady trend was seen on the currency market on Thursday as the rupee resisted fall versus dollar in process of trading, dealers said.
Published 07 Jan, 2011 12:00am
'29,000 drawback cases pending with banks'

'29,000 drawback cases pending with banks'

As many as 29,000 cases of drawback are lying pending only due to the deficiencies in filing of cases and non co-operative attitude of commercial banks, said Wasim Ahmad, Assistant Director, Foreign Exchange operation Department, State Bank of Pakistan (S
Published 07 Jan, 2011 12:00am
Flood-hit areas: model villages construction to begin from January 25

Flood-hit areas: model villages construction to begin from January 25

Punjab Chief Minister Muhammad Shahbaz Sharif chairing a meeting on flood affected areas Thursday stated that from January 25 construction of 13 model villages in flood affected areas would commence. He said 1500 villages would be constructed in these vil
Published 07 Jan, 2011 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Thursday (January 06, 2011).

Published 07 Jan, 2011 12:00am
HRCP concerned at recovery of two missing persons' bodies

HRCP concerned at recovery of two missing persons' bodies

The Human Rights Commission of Pakistan (HRCP) has expressed concern at the recovery of bodies of two missing persons from Turbat and demanded that both cases must be investigated and the culprits brought to justice. It also demanded release of an activis
Published 07 Jan, 2011 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Thursday (January 06, 2011).

Published 07 Jan, 2011 12:00am
Prime Minister meets Sindh governor

Prime Minister meets Sindh governor

Prime Minister Syed Yousuf Raza Gilani on Thursday said that the challenges being faced by the country demand resolutions through collective wisdom which is the basic objective behind the government's reconciliation policy.
Published 07 Jan, 2011 12:00am
Grant given under KLB: National Assembly panel expresses dissatisfaction

Grant given under KLB: National Assembly panel expresses dissatisfaction

The National Assembly Standing Committee on Women Development Thursday expressed its dissatisfaction over the grant given under Kerry Lugar Bill to Aurat Foundation for Gender Equality Project. The meeting of the Standing Committee was held in Parliament
Published 07 Jan, 2011 12:00am
'Pakistan bearing the brunt of climate change'

'Pakistan bearing the brunt of climate change'

"Pakistan is well aware of the devastating effects of climate change and is one of the lowest emitters of greenhouse gas emissions, yet we are bearing the brunt of climate change in the form of glacial melting, floods, and droughts," said Ambassador Masoo
Published 07 Jan, 2011 12:00am
Lahore Grain Market Rates

Lahore Grain Market Rates

Grain and other commodity rates in rupees on Akbari Mandi on Thursday (January 06, 2011).

Published 07 Jan, 2011 12:00am
Rs 39.50 million fraud detected in AEDB

Rs 39.50 million fraud detected in AEDB

Another fraud of Rs 39.50 million in Alternative Energy Development Board (AEDB) has been detected, as inquiry into the fraud confirms that the AEDB management paid the money against a ghost solar thermal power plant technologies project.
Published 07 Jan, 2011 12:00am
Poultry Rates

Poultry Rates

Wholesale poultry rates on Thursday (January 06, 2011) and for Friday (January 07, 2011).
Published 07 Jan, 2011 12:00am