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Archive - 2011-03-23
Portuguese PM announces resignation
Top News

Portuguese PM announces resignation

LISBON: Portuguese Prime Minister Jose Socrates announced his resignation on Wednesday on the eve of a key EU summit on
Published 23 Mar, 2011 10:52pm
Libya ground invasion likely: Russia
Top News

Libya ground invasion likely: Russia

MOSCOW: Russia believes a ground invasion of Libya is almost a certainty and feels justified in abstaining from a UN Sec
Published 23 Mar, 2011 08:26pm
European stocks close firmer
Financial

European stocks close firmer

LONDON: European stock markets closed firmer on Wednesday in hesitant trade as investors tried to keep a fix on fast mov
Published 23 Mar, 2011 08:23pm
UN chief condemns Jerusalem bombing
Top News

UN chief condemns Jerusalem bombing

UNITED NATIONS: UN Secretary General Ban Ki-moon on Wednesday condemned a bombing in Jerusalem that killed at least one
Published 23 Mar, 2011 08:13pm
European stocks close firmer
Financial

European stocks close firmer

LONDON: Europe's main stock markets closed firmer on Wednesday, with London's FTSE 100 index of leading shares up 0.58 p
Published 23 Mar, 2011 05:30pm
US stocks sag at open
Financial

US stocks sag at open

NEW YORK: US stocks opened lower Wednesday as turmoil across North Africa and the Middle East and fears of spreading r
Published 23 Mar, 2011 02:15pm
Italy suspend foreign takeovers
Top News

Italy suspend foreign takeovers

ROME : The Italian government approved measures on Wednesday that would restrict foreign takeovers of companies in the f
Published 23 Mar, 2011 12:24pm
Hong Kong gold closes lower
Commodities

Hong Kong gold closes lower

HONG KONG: Gold ended at $1,428.00-$1,429.00 an ounce in Hong Kong on Wednesday, down from Tuesday's close of $1,429.00
Published 23 Mar, 2011 08:26am
Laos needs emergency food aid: WFP
Asia

Laos needs emergency food aid: WFP

HANOI: More than 111,000 people in impoverished Laos will need emergency food aid before the next harvest, the United Na
Published 23 Mar, 2011 07:30am
Taiwan missile test flops again
Asia

Taiwan missile test flops again

TAIPEI: Taiwan's air force said Wednesday that two out of four missiles missed their targets during a drill earlier this
Published 23 Mar, 2011 06:51am
Food prices in Pakistan too high: WFP
Top News

Food prices in Pakistan too high: WFP

GENEVA: Pakistan's government has pushed food prices too high for an impoverished population, as malnutrition levels ris
Published 23 Mar, 2011 05:50am
US stands by Pakistan: Clinton
Top News

US stands by Pakistan: Clinton

WASHINGTON: Secretary of State Hillary Clinton has told the people of Pakistan people that the United States backed th
Published 23 Mar, 2011 05:24am
Bahraini woman dies of gunshot wound

Bahraini woman dies of gunshot wound

A Bahraini woman has died after suffering gunshot wounds to the head and disappearing the day security forces launched a crackdown against protesters, the main Shia Muslim opposition group Wefaq said on Tuesday. Wefaq said the funeral of Bahiya al-Aradi w
Published 23 Mar, 2011 12:00am
Turkey seizes rifles on grounded Iranian plane

Turkey seizes rifles on grounded Iranian plane

The Turkish authorities have seized rifles on a Syria-bound Iranian plane, grounded since the weekend, and questioned its seven-man crew, police and judicial sources said Tuesday. The cargo plane, a civilian Ilyushin, was ordered to land in Diyarbakir, in
Published 23 Mar, 2011 12:00am
Yemen president warns of civil war, US concerned

Yemen president warns of civil war, US concerned

Yemen's president said on Tuesday his country would descend into civil war if he were forced to quit and Washington voiced concern about instability in the Arabian state that has become an al Qaeda stronghold. Seven weeks of unrelenting anti-government pr
Published 23 Mar, 2011 12:00am
More Yemeni envoys back opposition

More Yemeni envoys back opposition

Yemeni ambassadors to Pakistan, Qatar, Oman and Spain as well as the Yemeni consul in Dubai have decided to back anti-regime protesters, Gulf News daily reported on Tuesday. "After our long waiting for our homeland's voice and interest to win, we declare
Published 23 Mar, 2011 12:00am
Syria's Daraa hit by protests for fifth day

Syria's Daraa hit by protests for fifth day

The Syrian town of Daraa saw a fifth straight day of anti-regime protests on Tuesday, an activist said, as a rights group reported the arrest of a writer demanding freedom of expression. "Around one thousand protesters gathered in and around the Omari mos
Published 23 Mar, 2011 12:00am
Afghan forces to take control in seven areas: Karzai

Afghan forces to take control in seven areas: Karzai

President Hamid Karzai said Tuesday that his security forces will soon take charge of securing seven areas around Afghanistan - the first step toward his goal of having Afghan police and soldiers protecting the entire nation by the end of 2014.
Published 23 Mar, 2011 12:00am
Blues great Pinetop Perkins dies

Blues great Pinetop Perkins dies

Pinetop Perkins, one of the last of the original Mississippi Delta bluesmen who also became the oldest recipient of a Grammy award this year, has died aged 97. He never gave up touring until the weeks before he passed away Monday at his home in Austin, Te
Published 23 Mar, 2011 12:00am
Children among eight Gazans killed in Israeli fire

Children among eight Gazans killed in Israeli fire

Israeli air strikes and shelling killed eight Palestinians in the Gaza Strip on Tuesday, medical officials said, in the deadliest day of conflict in the enclave in months. Palestinian medical officials said three youths aged 12, 16 and 17 who were playing
Published 23 Mar, 2011 12:00am
Somali Prime Minister vows to defeat rebels in 90 days

Somali Prime Minister vows to defeat rebels in 90 days

Somalia's prime minister pledged to crush a four-year insurgency within three months on Tuesday as his troops backed by African peacekeepers seized new rebel positions in the capital Mogadishu. Prime Minister Mohamed Abdullahi Mohamed told government-run
Published 23 Mar, 2011 12:00am
Euro-MP expelled from voting bloc over scandal

Euro-MP expelled from voting bloc over scandal

A Romanian lawmaker was expelled from the European Parliament's socialist voting bloc on Tuesday, the latest casualty of a cash-for-influence scandal that has forced the resignation of two EU legislators. The leader of the left-leaning group, the legislat
Published 23 Mar, 2011 12:00am
Chief minister Sindh inaugurates International Halal moot 2011

Chief minister Sindh inaugurates International Halal moot 2011

Sindh Board of Investment (SBI) in collaboration with Halal Industry Development Corporation (HDC) of Malaysia has organised International Halal Conference (IHC) 2011 to bring in the concept of Halal industry among local and foreign investors.
Published 23 Mar, 2011 12:00am
Afridi vows to end batting woes

Afridi vows to end batting woes

Pakistan captain Shahid Afridi, who has starred with the ball but failed miserably with the bat at the World Cup, vowed to make amends in the quarter-final against the West Indies on Wednesday. Afridi is the tournament's leading bowler with 17 wickets wit
Published 23 Mar, 2011 12:00am
Tough World Cup cops felled - by biryani

Tough World Cup cops felled - by biryani

Sixty-four security personnel in Bangladesh, who were charged with cricket World Cup security, have been laid low by food poisoning, a top police official said on Tuesday. The security men, some on duty at the main Sher-e-Bangla stadium and others at the
Published 23 Mar, 2011 12:00am
Challenge Cup qualifiers: Pakistan, India match today

Challenge Cup qualifiers: Pakistan, India match today

Football teams of Pakistan and India will face each other in Group B match of the 4th AFC Challenge Cup qualifiers at the MBJP Stadium, Petaling Jaya on Wednesday (today). "A big win is required for Pakistan football team. All the boys are fit for the cru
Published 23 Mar, 2011 12:00am
Gayle, Roach fit; Sammy expects tough fight

Gayle, Roach fit; Sammy expects tough fight

Struggling West Indies will be boosted by the return of star batsman Chris Gayle and pace spearhead Kemar Roach for the World Cup quarter-final against Pakistan on Wednesday. The duo missed the last league match against India in Chennai on Sunday with Gay
Published 23 Mar, 2011 12:00am
Sri Lankan fans fume after $2.72 semi-final tickets sell out

Sri Lankan fans fume after $2.72 semi-final tickets sell out

Angry Sri Lankan fans criticised local organisers after tickets costing just $2.72 for a World Cup semi-final that could feature Kumar Sangakkara's men sold out in just 90 minutes on Tuesday. Around 25,000 fans had queued up from the early hours of Tuesda
Published 23 Mar, 2011 12:00am
India-Australia tie sold out

India-Australia tie sold out

Tickets for the World Cup quarter-final tie between India and Australia were sold out within an hour of going on sale, local media reported Tuesday. The Sardar Patel Stadium will host the day-night clash on Thursday after India beat West Indies to book a
Published 23 Mar, 2011 12:00am
Platini re-elected as UEFA president

Platini re-elected as UEFA president

Frenchman Michel Platini was re-elected unopposed as president of European football's governing body UEFA on Tuesday. The 55-year-old former European Player of the Year will serve a second mandate of four years, having first been elected in 2007 when he t
Published 23 Mar, 2011 12:00am
Seniors Cricket Cup: Lahore Whites, SPM Stags win

Seniors Cricket Cup: Lahore Whites, SPM Stags win

Two matches were decided in the 13th National Seniors Cricket Cup when holders Lahore Whites and SPM Stags earned full points in Central Punjab Zone on Tuesday. In Group A at Ali Garh Ground, SPM Stags defeated Chaudhry Sports by six wickets. Chaudhry Spo
Published 23 Mar, 2011 12:00am
PKICL reassigned CGR 9 rating

PKICL reassigned CGR 9 rating

JCR-VIS Credit Rating Company Limited has reassigned the corporate governance rating of 'CGR 9' to Pak Kuwait Investment Company (Private) Limited (PKICL), which denotes 'very high level of corporate governance'. According to a press release, this rating
Published 23 Mar, 2011 12:00am
PKICL reassigned CGR 9 rating

PKICL reassigned CGR 9 rating

JCR-VIS Credit Rating Company Limited has reassigned the corporate governance rating of 'CGR 9' to Pak Kuwait Investment Company (Private) Limited (PKICL), which denotes 'very high level of corporate governance'. According to a press release, this rating
Published 23 Mar, 2011 12:00am
Reconstruction at PIA Faisalabad office reviewed

Reconstruction at PIA Faisalabad office reviewed

Managing Director Pakistan International Airline (PIA), Nadeem Khan Yousufzai visited PIA office, which was destroyed due to a bomb blast in Faisalabad. He instructed the officials to speed up work process of restoration at the office. MD PIA also visited
Published 23 Mar, 2011 12:00am
PAAPAM sad over death toll in Japan earthquake

PAAPAM sad over death toll in Japan earthquake

Pakistan Automotive Parts & Accessories Manufacturers (PAAPAM) has expressed immense sorrow and grief over the Japanese death toll in the wake of recent earthquake and tsunami disaster. Aamir A. Allawala, Chairman and Syed Nabeel Hashmi paid high tributes
Published 23 Mar, 2011 12:00am
Navy to observe Pakistan Day with traditional zeal

Navy to observe Pakistan Day with traditional zeal

Pakistan Navy will observe the Pakistan Day with traditional zeal and fervour. A Navy statement here on Tuesday said that the day would dawn with a 21-gun salute. Special prayers will be offered in all mosques at PN Units after Namaz-e-Fajr. To pay homage
Published 23 Mar, 2011 12:00am
'Safe City Islamabad' Project: CDA has not received a go-ahead

'Safe City Islamabad' Project: CDA has not received a go-ahead

The Capital Development Authority (CDA) has not received any go-ahead for initiation of the work on 'Safe City Islamabad' Project, informed sources in the CDA revealed to Business Recorder on Tuesday. Safe City Islamabad is a security enhancement p
Published 23 Mar, 2011 12:00am
BISP, SBP to provide mobile banking facility to beneficiaries

BISP, SBP to provide mobile banking facility to beneficiaries

Benazir Income Support Programme (BISP) in collaboration with State Bank of Pakistan (SBP) has decided to provide mobile banking facility to its beneficiaries to ensure transparency in funds distribution. The BISP has distributed over 200,000 mobile phone
Published 23 Mar, 2011 12:00am
Collective efforts needed to avert water crisis: DG Environment

Collective efforts needed to avert water crisis: DG Environment

Pakistan is confronting serious challenges of depleting water resources and water scarcity issue is becoming worse with each passing day, however with collective efforts water crisis could be averted. This was stated by Javaid Ali Khan Director General En
Published 23 Mar, 2011 12:00am
Huawei launches smartphone

Huawei launches smartphone

Huawei, a leader in providing next-generation telecommunications network solutions for operators around the world, launched on Tuesday its IDEOSTM X5 smartphone in Pakistan. The IDEOSTM X5 is a high performance, ultra slim, touch-screen smartphone with ad
Published 23 Mar, 2011 12:00am
SU notification

SU notification

The Controller of Examinations, University of Sindh announced on Tuesday that the viva voce examination in all disciplines of M.A final will be conducted from March 28. Viva voce examination of M.A final students of English, Urdu, Economics, Sindhi, Inter
Published 23 Mar, 2011 12:00am
Yuan at record high

Yuan at record high

The yuan rose to a record high against the dollar on Tuesday after the People's Bank of China set the mid-point at a new peak, signalling the government intends to use the currency to help fight high inflation.
Published 23 Mar, 2011 12:00am
Rupiah hits fresh four-year high

Rupiah hits fresh four-year high

The Philippines peso rose on Tuesday on expectations of an interest rate increase later this week, while its Asian peers gained on a broadly weaker dollar and a return to riskier assets, though continued intervention by regional central banks limited thei
Published 23 Mar, 2011 12:00am
Indian rupee stronger

Indian rupee stronger

The Indian rupee ended stronger on Tuesday on the back of a weak dollar overseas and positive local shares, but traders said oil importers' demand for the US unit could limit gains. The partially convertible rupee closed at 44.9550/9650 per dollar, 0.1 pe
Published 23 Mar, 2011 12:00am
Swiss franc down versus euro

Swiss franc down versus euro

The Swiss franc ticked lower against the euro on Tuesday as traders shrugged off ongoing geopolitical concerns and sold the safe-haven Swissie. Markets were unfazed by continuing Western military action in Libya, and a strong rise on Wall Street rising on
Published 23 Mar, 2011 12:00am
Bangladesh's interbank forex, interest rates

Bangladesh's interbank forex, interest rates

Interbank buy/sell rates for the taka against the dollar on Tuesday. 72.40/72.50 (previous 72.30/72.48). Call Money Rates: 10.00-12.00 percent (previous 7.00-12.00 percent).
Published 23 Mar, 2011 12:00am
Yen slips across the board in New York

Yen slips across the board in New York

The yen fell against the US dollar for a second day on Monday, with investors wary of more central bank selling to weaken the Japanese currency, though markets could test the authorities' resolve by pushing the currency back toward the 80 yen level.
Published 23 Mar, 2011 12:00am
Early trade in New York: Euro eases from 4-1/2-month high

Early trade in New York: Euro eases from 4-1/2-month high

The euro retreated after hitting a 4-1/2-month high against the dollar on Tuesday but expectations of a eurozone interest rate hike next month could limit any downside for the single currency. The yen traded in a tight range, hovering around 81 per dollar
Published 23 Mar, 2011 12:00am
Dollar falls to 15-month low in London

Dollar falls to 15-month low in London

The dollar fell to a 15-month low against a basket of currencies on Tuesday, with sterling among the biggest gainers after a rise in UK inflation increased the chances of a UK interest rate hike sooner rather than later.
Published 23 Mar, 2011 12:00am
Yen rises in Asia

Yen rises in Asia

The yen edged higher on Tuesday, and some traders say a massive build-up of offers to sell dollars may test whether Japanese authorities have a line in the sand at 80 for the USD/JPY to launch intervention. The dollar looked vulnerable on charts following
Published 23 Mar, 2011 12:00am
Sterling hits 14-month high versus dollar

Sterling hits 14-month high versus dollar

Sterling strengthened on Tuesday, hitting a fresh 14-month high against the dollar as stronger-than-expected UK inflation data increased the chances of an interest rate rise within the next few months. Traders said more gains could be in store for the pou
Published 23 Mar, 2011 12:00am
Australian and New Zealand dollars jump

Australian and New Zealand dollars jump

The Australian and New Zealand dollars held around their highest levels in a week on Tuesday, underpinned by improving risk appetite, a stronger euro and hefty stock gains despite troubles in the Middle East and Japan. The Aussie, at around $1.0060, conso
Published 23 Mar, 2011 12:00am
Tokyo shares sharply up

Tokyo shares sharply up

Tokyo stocks surged more than 4.0 percent Tuesday, helped by signs of progress in containing Japan's post-quake nuclear crisis and as the Bank of Japan pumped nearly $25 billion more into the market. But dealers warned any fragile optimism would quickly e
Published 23 Mar, 2011 12:00am
Southeast Asian markets: Singapore gains

Southeast Asian markets: Singapore gains

Singapore's stock market rose on Tuesday but others in the region were flat in light volume, with worries about oil prices and inflation deterring investors. However, some were taking a more positive view on Japan's nuclear crisis and were prepared to buy
Published 23 Mar, 2011 12:00am
FTSE ends lower

FTSE ends lower

Britain's top share index fell on Tuesday, snapping a three-session rally, as further airstrikes against Libya and disruption caused by the earthquake in Japan dented investors' appetite for risk. At the close, the FTSE 100 index was 23.38 points lower, o
Published 23 Mar, 2011 12:00am
Indian shares rise

Indian shares rise

Indian shares snapped a three-day fall and firmed 0.8 percent on Tuesday, supported by a rebound in Japan and gains in other markets but investors were sceptical if the rise would hold in the near term as developments unfolded in the Middle East.
Published 23 Mar, 2011 12:00am
Treasuries decline

Treasuries decline

Investors aren't snapping up safe-haven US debt with the same gusto this week, but analysts said on Monday many in the market were hesitant to take bold positions until global conditions calmed. Treasury prices fell in light trading as progress in solving
Published 23 Mar, 2011 12:00am
Treasuries decline

Treasuries decline

Investors aren't snapping up safe-haven US debt with the same gusto this week, but analysts said on Monday many in the market were hesitant to take bold positions until global conditions calmed. Treasury prices fell in light trading as progress in solving
Published 23 Mar, 2011 12:00am
Seoul shares up

Seoul shares up

Seoul shares ended higher on Tuesday helped by rallies in refiners and automakers including Hyundai Motor, with reports Japan was slowly regaining control over a damaged nuclear plant helping sentiment. The Korea Composite Stock Price Index ended up 0.51
Published 23 Mar, 2011 12:00am
AT&T's big deal lifts Wall Street

AT&T's big deal lifts Wall Street

Buyers emerged on Monday in US stocks, enticed by the biggest proposed merger of the year, though crises in Japan, the Middle East and North Africa meant market volatility would continue. The bulls have held the upper hand for three days, as the S&P 500 h
Published 23 Mar, 2011 12:00am
Tuesday's afternoon trade: stocks edge lower

Tuesday's afternoon trade: stocks edge lower

US stocks edged lower on Tuesday following three days of gains, but the recent rally has investors feeling less edgy about crises in Japan and Libya, and should help keep losses in check. The CBOE Volatility Index fell 2.7 percent to 20.05, not far from i
Published 23 Mar, 2011 12:00am
Hong Kong, China stocks gain

Hong Kong, China stocks gain

Hong Kong and China shares finished higher on Tuesday, helped by banks ahead of earnings this week, and stronger oil markets, but investors remained wary of geo-political risks. The benchmark Hang Seng Index rose 0.76 percent to 22,857.90, while the China
Published 23 Mar, 2011 12:00am
European shares slip

European shares slip

European shares slipped on Tuesday, as investors worried about the outlook for higher interest rates in the eurozone and as tensions in the Middle East intensified. The pan-European FTSEurofirst 300 index of top shares closed down 0.1 percent at 1,107.22
Published 23 Mar, 2011 12:00am
Middle East markets steady

Middle East markets steady

Gulf Arab markets were steady on Tuesday, consolidating recent gains, with investor risk appetite rising as concerns over unrest in Bahrain eased, while traders seemed unfazed by political turmoil in Yemen. UAE markets rose, with traders increasingly bett
Published 23 Mar, 2011 12:00am
UK inflation revives talk of early rate rise

UK inflation revives talk of early rate rise

British inflation surged to a 28-month high of 4.4 percent last month, reviving speculation that the Bank of England will not wait much longer to raise interest rates. Data on Tuesday also showed government borrowing recorded its worst February on record,
Published 23 Mar, 2011 12:00am
Warren Buffett eyes India for investment

Warren Buffett eyes India for investment

US billionaire investor Warren Buffett, on his maiden visit to India, said Tuesday he was looking at investing in the fast-growing South Asian nation. The chairman of investment firm Berkshire Hathaway, which last week bought US lubricant maker Lubrizol f
Published 23 Mar, 2011 12:00am
Hungary won't join 'Euro Pact' to keep its lower taxes

Hungary won't join 'Euro Pact' to keep its lower taxes

Hungary will not join a planned eurozone pact to co-ordinate economic policy, as this would require harmonising the country's tax regime, Prime Minister Viktor Orban announced here Tuesday. "For the time being, Hungary will not join the Competitiveness Pa
Published 23 Mar, 2011 12:00am
Metro to step up investment in Asia and online

Metro to step up investment in Asia and online

Metro AG, the world's No 4 retailer, is stepping up investment in fast-growing emerging markets and the internet after beating 2010 profit forecasts, helped by cost cutting in weaker European markets. The German group, which runs cash & carries, electroni
Published 23 Mar, 2011 12:00am
Japan warns again on yen, extra budget seen by May

Japan warns again on yen, extra budget seen by May

Japan warned markets on Tuesday it would act again to keep the yen in check and prevent its rapid gains from derailing Tokyo's effort to rebuild areas ravaged by this month's deadly earthquake and tsunami and revive the struggling economy.
Published 23 Mar, 2011 12:00am
Japan parts paralysis spreads as firms cut output

Japan parts paralysis spreads as firms cut output

Sony Corp cut output at five more plants and Toyota Motor delayed restarting assembly lines, as the global supply of parts and products began to feel the full impact of Japan's catastrophic earthquake.
Published 23 Mar, 2011 12:00am
EU's Barnier calls for equal treatment in China

EU's Barnier calls for equal treatment in China

European Commissioner Michel Barnier urged China Tuesday to open its financial and insurance markets to companies from Europe and allow them equal treatment in the world's second largest economy. Barnier, who is in charge of Europe's internal market, urge
Published 23 Mar, 2011 12:00am
Fed bans dividends at Illinois, South Carolina banks

Fed bans dividends at Illinois, South Carolina banks

The Federal Reserve Board said on Tuesday it had ordered two small bank holding companies, Northern States Financial Corp and Tidelands Bancshares Inc to refrain from paying dividends or otherwise reducing capital. The Fed said in written agreements the f
Published 23 Mar, 2011 12:00am
Alstom to cut 1,380 jobs

Alstom to cut 1,380 jobs

French engineering giant Alstom group on Tuesday announced plans to cut 1,380 jobs in Germany, Italy and Spain from its transport division "to address the lower demand in these countries".
Published 23 Mar, 2011 12:00am
US business borrowing up in February

US business borrowing up in February

A key measure of US business activity rose sharply in February from a year ago, as companies borrowed more to invest in their operations, but the reading was down slightly from the prior month and credit quality eased, a lender group told Reuters on Tuesd
Published 23 Mar, 2011 12:00am
India introduces key tax reform bill

India introduces key tax reform bill

India's government introduced a wide-ranging tax bill into parliament on Tuesday, but opposition to the move threatened to derail one what is one of the coalition's most ambitious reforms of its second term. In a sign of how corruption scandals are hinder
Published 23 Mar, 2011 12:00am
Belarus halts cash forex sales

Belarus halts cash forex sales

Belarus's central bank has halted foreign currency sales to local banks in a bid to save dwindling reserves, the bank said on Tuesday. The former Soviet republic is running out of foreign currency reserves due to a large trade deficit, earlier overspendin
Published 23 Mar, 2011 12:00am
Major US airlines cut capacity to battle high fuel

Major US airlines cut capacity to battle high fuel

Major US airlines announced further 2011 capacity cutbacks to cope with the dramatic rise in fuel prices, and Delta Air Lines Inc said higher oil and the effects of the Japanese earthquake will hurt earnings in the current quarter.
Published 23 Mar, 2011 12:00am
Major legal blow to European anti-GM crops lobby

Major legal blow to European anti-GM crops lobby

Europe's top court adviser dealt a huge blow to the anti-GM foods lobby Tuesday, saying states broke EU law by halting genetically-modified crop cultivation without first seeking action in Brussels. European Court of Justice advocate-general Paolo Mengozz
Published 23 Mar, 2011 12:00am
Greek minister hopes EFSF won't have to buy Greek bonds

Greek minister hopes EFSF won't have to buy Greek bonds

Greece hopes it will not have to sell its bonds to the eurozone rescue fund but the country cannot go out to markets at current yield prices, Finance Minister George Papaconstantinou said on Tuesday.
Published 23 Mar, 2011 12:00am
Greek minister hopes EFSF won't have to buy Greek bonds

Greek minister hopes EFSF won't have to buy Greek bonds

Greece hopes it will not have to sell its bonds to the eurozone rescue fund but the country cannot go out to markets at current yield prices, Finance Minister George Papaconstantinou said on Tuesday.
Published 23 Mar, 2011 12:00am
Portugal to hold key vote today, government on ropes

Portugal to hold key vote today, government on ropes

Portugal's parliament will vote on the government's latest austerity measures on Wednesday, setting the stage for a potential collapse of the minority Socialist administration a day before a European summit.
Published 23 Mar, 2011 12:00am
Minor changes seen in lean business on grain market

Minor changes seen in lean business on grain market

Subdued business was seen on the wholesale grain market on Tuesday due to balanced demand and supplies from upcountry centres, dealers said. On the cereal side wheat old Bardan new and wheat New Bardan new both types shed Rs 25 to Rs 2550-4565, other item
Published 23 Mar, 2011 12:00am
HRW wheat bids steady

HRW wheat bids steady

Hard red winter wheat basis bids were mostly steady in the US Plains on Tuesday in routine dealings. Protein premiums on railcar hard red winter wheat to and through Kansas City slid 1 to 6 cents a bushel. Dry, warm and windy weather was persisting in the
Published 23 Mar, 2011 12:00am
Spot rate slashed sharply on cotton market

Spot rate slashed sharply on cotton market

Official spot rate was sharply down on the cotton market on Tuesday due to recent dullness after the introduction of tax measures, dealers said. Karachi Cotton Association (KCA) official spot rate was dropped sharply by Rs 500 to Rs 12,000, they said.
Published 23 Mar, 2011 12:00am
Oil cake market rates

Oil cake market rates

Upward trend persisted on the forward cottonseed oilcake market on Tuesday in process of trading, dealers said. The March vaida that had closed at Rs 1248.80 opened with a solid gain of Rs 2.60 at Rs 1251.40. The May contract which closed at Rs 1325.20 op
Published 23 Mar, 2011 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 100,323 tonnes of cargo including 54,677 tonnes of import cargo, 45,646 tonnes of export cargo and 3,094 loaded & empty containers during last 24 hours ended at 0700 hours on Tuesday. The total import cargo of 54,677 tonnes compri
Published 23 Mar, 2011 12:00am
India allows 500,000 tonnes of unrestricted sugar exports

India allows 500,000 tonnes of unrestricted sugar exports

India has allowed 500,000 tonnes of unrestricted sugar exports, a minister said on Tuesday, a move signalling improved output sentiments in the world's second-largest sugar producer that could ease global prices. India spent months deliberating on the exp
Published 23 Mar, 2011 12:00am
India's gold demand seen falling

India's gold demand seen falling

Gold appetite in India, which imported a record quantity of the metal last year, is likely to fall in 2011 by 16 percent, as near-record prices dent demand in the world's largest consumer, resulting in a positive impact on banks' deposit growth, Morgan St
Published 23 Mar, 2011 12:00am
Oil World again cuts Brazil's soyabean crop forecast

Oil World again cuts Brazil's soyabean crop forecast

Late rain damage means Brazil's 2011 soyabean harvest may fall to 69-70 million tonnes from 70-71 million tonnes forecasted last week and the crop might even fall below the 68.6 million tonnes in 2010, Hamburg-based oilseeds analysts Oil World said on Tue
Published 23 Mar, 2011 12:00am
Soyaoil raising global trade share: Oil World

Soyaoil raising global trade share: Oil World

Global September 2010/February 2011 exports of soyaoil are estimated to have surged 34 percent on the year to a 3-year-high of 5.1 million tonnes as business was won from palm oil, Hamburg-based oilseeds analysts Oil World said on Tuesday.
Published 23 Mar, 2011 12:00am
China's March soya imports seen up

China's March soya imports seen up

China's commerce ministry has revised the country's soya imports in March to 3.9 million tonnes, up from earlier estimates of 3.65 million tonnes. The March figure is 68 percent higher than imports in February, when imports fell to the lowest since Novemb
Published 23 Mar, 2011 12:00am
German lobby criticises Ukraine grain export plan

German lobby criticises Ukraine grain export plan

Ukraine's plans for greater state control of grain exports could push foreign grain trading houses out of the country, a German international trade association said on Tuesday. A draft law in Ukraine proposes that traders and exporters would have to buy g
Published 23 Mar, 2011 12:00am
India's tea exports to Japan likely to be hurt

India's tea exports to Japan likely to be hurt

India's export of Darjeeling tea to Japan, the third largest buyer of the premium quality beverage, is likely to be hurt as demand slows from the disaster-hit Asian giant, traders and industry officials said. Japan accounts for less than three percent of
Published 23 Mar, 2011 12:00am
The significance of March 23

The significance of March 23

Anniversaries are important in the life of a nation because these symbolise different turning points in its history, representing the events, days and personalities that leave strong imprints on the course of history.
Published 23 Mar, 2011 12:00am
South Asian Muslims define goal of independence

South Asian Muslims define goal of independence

The nation, although deeply saddened over the prevalent unfortunate state of affairs, is celebrating Pakistan Day today as the day has a great significance because of two very vital events, including one the adoption of the historic Lahore Resolution at t
Published 23 Mar, 2011 12:00am
'Quaid' of the young nation

'Quaid' of the young nation

Quaid-i-Azam's care, consideration and counselling for children, especially for the youth, knew no bounds. There is one enlightening, story after another how he advised, counselled, groomed and rejuvenated the young nation during Pakistan Movement and for
Published 23 Mar, 2011 12:00am
Pakistan Day: a commitment with equal opportunities

Pakistan Day: a commitment with equal opportunities

Seventyone years ago, it was eventful day of 23rd March 1940 when thousands of Muslims from various parts of the sub-continent shared a dream together. To convert the dream into reality, they gathered in Lahore under the able leadership of Quaid-e-Azam Mo
Published 23 Mar, 2011 12:00am
New York cotton

New York cotton

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

Published 23 Mar, 2011 12:00am
New York cotton

New York cotton

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

Published 23 Mar, 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 23 Mar, 2011 12:00am
Pakistan Day today

Pakistan Day today

The nation is celebrating Pakistan Day on Wednesday (today) with a resolve to make the country a strong, progressive and prosperous Islamic welfare state in accordance with the vision of the Father of the Nation Quaid-e-Azam Mohammad Ali Jinnah and poet-p
Published 23 Mar, 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 Commi
Published 23 Mar, 2011 12:00am
Pakistan Day today

Pakistan Day today

The nation is celebrating Pakistan Day on Wednesday (today) with a resolve to make the country a strong, progressive and prosperous Islamic welfare state in accordance with the vision of the Father of the Nation Quaid-e-Azam Mohammad Ali Jinnah and poet-p
Published 23 Mar, 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 Tuesday (March 22, 2011).

Published 23 Mar, 2011 12:00am
Holiday notice

Holiday notice

The offices of Business Recorder will remain closed today, Wednesday (March 23) on account of Pakistan Day. Arrangements have however, been made to bring out the paper and internet edition tomorrow, Thursday (March 24) as usual.
Published 23 Mar, 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 Tuesday (March 22, 2011).

Published 23 Mar, 2011 12:00am
Forward cover facility against imports restored

Forward cover facility against imports restored

The State Bank of Pakistan (SBP), in order to meet the genuine needs of importers, has decided to restore the Forward Cover Facility against imports with immediate effect. According to a circular (FE CIRCULAR NO 02) issued on Tuesday, the restored facilit
Published 23 Mar, 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 Tuesday (March 22, 2011).

Published 23 Mar, 2011 12:00am
Forward cover facility against imports restored

Forward cover facility against imports restored

The State Bank of Pakistan (SBP), in order to meet the genuine needs of importers, has decided to restore the Forward Cover Facility against imports with immediate effect. According to a circular (FE CIRCULAR NO 02) issued on Tuesday, the restored facilit
Published 23 Mar, 2011 12:00am
Forward cover facility against imports restored

Forward cover facility against imports restored

The State Bank of Pakistan (SBP), in order to meet the genuine needs of importers, has decided to restore the Forward Cover Facility against imports with immediate effect. According to a circular (FE CIRCULAR NO 02) issued on Tuesday, the restored facilit
Published 23 Mar, 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 Tuesday (March 22, 2011).

Published 23 Mar, 2011 12:00am
Money Market Report

Money Market Report

Money market report by Khadim Ali Shah Bukhari & Co on Tuesday (March 22, 2011).
Published 23 Mar, 2011 12:00am
Wheat procurement: IMF may object to borrowing from banks

Wheat procurement: IMF may object to borrowing from banks

The International Monetary Fund (IMF) may have some concerns over borrowing from banks for wheat procurement, as it would compromise liquidity available for the private sector, an official said. The Economic Co-ordination Committee of the Cabinet (ECC) ha
Published 23 Mar, 2011 12:00am
Spot dollar rates

Spot dollar rates

Spot Dollar rates from Khadim Ali Shah Bukhari & Co Ltd on Tuesday (March 22, 2011).

Published 23 Mar, 2011 12:00am
Wheat procurement: IMF may object to borrowing from banks

Wheat procurement: IMF may object to borrowing from banks

The International Monetary Fund (IMF) may have some concerns over borrowing from banks for wheat procurement, as it would compromise liquidity available for the private sector, an official said. The Economic Co-ordination Committee of the Cabinet (ECC) ha
Published 23 Mar, 2011 12:00am
Wheat procurement: IMF may object to borrowing from banks

Wheat procurement: IMF may object to borrowing from banks

The International Monetary Fund (IMF) may have some concerns over borrowing from banks for wheat procurement, as it would compromise liquidity available for the private sector, an official said. The Economic Co-ordination Committee of the Cabinet (ECC) ha
Published 23 Mar, 2011 12:00am
MoI&P differs with FBR on retail price of sugar

MoI&P differs with FBR on retail price of sugar

Ministry of Industries and Production (MoI&P) and Federal Board of Revenue (FBR) are presenting different statistics of the impact of the withdrawal of the concession on sales tax on retail price of sugar. FBR maintains that on the basis of applying an av
Published 23 Mar, 2011 12:00am
MoI&P differs with FBR on retail price of sugar

MoI&P differs with FBR on retail price of sugar

Ministry of Industries and Production (MoI&P) and Federal Board of Revenue (FBR) are presenting different statistics of the impact of the withdrawal of the concession on sales tax on retail price of sugar. FBR maintains that on the basis of applying an av
Published 23 Mar, 2011 12:00am
MoI&P differs with FBR on retail price of sugar

MoI&P differs with FBR on retail price of sugar

Ministry of Industries and Production (MoI&P) and Federal Board of Revenue (FBR) are presenting different statistics of the impact of the withdrawal of the concession on sales tax on retail price of sugar. FBR maintains that on the basis of applying an av
Published 23 Mar, 2011 12:00am
Why do we need our own 'ring of steel', and soon?

Why do we need our own 'ring of steel', and soon?

We are currently facing a security situation which is nothing short of a crisis: Forces of terrorism and crime are strong and organised; and Pakistan shows up on virtually every "most dangerous countries of the world" list. And more often than not, Pakist
Published 23 Mar, 2011 12:00am
Why do we need our own 'ring of steel', and soon?

Why do we need our own 'ring of steel', and soon?

We are currently facing a security situation which is nothing short of a crisis: Forces of terrorism and crime are strong and organised; and Pakistan shows up on virtually every "most dangerous countries of the world" list. And more often than not, Pakist
Published 23 Mar, 2011 12:00am
Closing of sterling rates

Closing of sterling rates

Closing of sterling rates at 1730 GMT - on Tuesday (March 22, 2011).

Published 23 Mar, 2011 12:00am
Why do we need our own ''ring of steel'', and soon?

Why do we need our own ''ring of steel'', and soon?

We are currently facing a security situation which is nothing short of a crisis: Forces of terrorism and crime are strong and organised; and Pakistan shows up on virtually every "most dangerous countries of the world" list. And more often than not, Pakist
Published 23 Mar, 2011 12:00am
Gas, power connections: NTN allocation proposed

Gas, power connections: NTN allocation proposed

Some Members of the Tax Reform Co-ordination Group (TRCG) of the Ministry of Finance proposed compulsory allocation of National Tax Number (NTNs) to commercial and industrial connections of gas and electricity and imposition of 10 percent adjustable withh
Published 23 Mar, 2011 12:00am
Gas, power connections: NTN allocation proposed

Gas, power connections: NTN allocation proposed

Some Members of the Tax Reform Co-ordination Group (TRCG) of the Ministry of Finance proposed compulsory allocation of National Tax Number (NTNs) to commercial and industrial connections of gas and electricity and imposition of 10 percent adjustable withh
Published 23 Mar, 2011 12:00am
Gas, power connections: NTN allocation proposed

Gas, power connections: NTN allocation proposed

Some Members of the Tax Reform Co-ordination Group (TRCG) of the Ministry of Finance proposed compulsory allocation of National Tax Number (NTNs) to commercial and industrial connections of gas and electricity and imposition of 10 percent adjustable withh
Published 23 Mar, 2011 12:00am
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