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Archive - 2011-04-06
IMF says 'ready to assist' Portugal
Top News

IMF says 'ready to assist' Portugal

WASHINGTON: The IMF on Wednesday said it stood ready to help Portugal as the country admitted it needed a European bailo
Published 06 Apr, 2011 08:57pm
Bill Gates telephones President Zardari
Top News

Bill Gates telephones President Zardari

ISLAMABAD: Bill Gates, Chairman of Microsoft Corporation telephoned President Asif Ali Zardari and talked about health r
Published 06 Apr, 2011 08:49pm
MTBs worth Rs184.71bn accepted
Top News

MTBs worth Rs184.71bn accepted

KARACHI: State Bank of Pakistan (SBP) Wednesday accepted bids worth Rs 184.7 billion for Government of Pakistan Market T
Published 06 Apr, 2011 02:29pm
US defence secretary visits Saudi Arabia
Top News

US defence secretary visits Saudi Arabia

RIYADH: US Secretary of Defence Robert Gates arrived in Riyadh on Wednesday to meet with Saudi King Abdullah, as the Ara
Published 06 Apr, 2011 11:16am
Tokyo stocks lower by noon
Financial

Tokyo stocks lower by noon

TOKYO: Tokyo stocks slipped on Wednesday despite a weaker yen and progress in stopping radioactive leaks at a stricken n
Published 06 Apr, 2011 07:00am
WTO warns Australia on mining boom
Asia

WTO warns Australia on mining boom

SYDNEY: An Asia-led resources boom had helped Australia dodge recession but its reliance on mining exports and a rallyin
Published 06 Apr, 2011 06:55am
Factors to watch on April 6
Financial

Factors to watch on April 6

LONDON: Britain's FTSE 100 index was expected to open higher on Wednesday, with heavyweight mining shares seen supported
Published 06 Apr, 2011 06:34am
Its heating - its oil
BR Research

Its heating - its oil

Oil price touched $121/bbl on Tuesday, a level last seen in August 2008 - and Mahmoud Ahmadinejad has spiced up what could be a fast rally t
Published 06 Apr, 2011 12:00am
An eye for an eye?
BR Research

An eye for an eye?

The issue of strike against extortion in Karachi is multifaceted - and it is increasingly becoming complex particularly on account of a clea
Published 06 Apr, 2011 12:00am
Japan nuclear crisis evacuees face hardship, uncertainty

Japan nuclear crisis evacuees face hardship, uncertainty

Setsuko Nagahashi and her family were holding a funeral at their house near the now-stricken nuclear power station when a powerful earthquake struck the region on March 11. "The house shook violently and we were in a state of panic," Nagahashi recalled.
Published 06 Apr, 2011 12:00am
Ever-living Bhutto

Ever-living Bhutto

Today, after 32 years, the name of Zulfiqar Ali Bhutto, is still beating in the hearts of the people of Pakistan. His philosophy is living. His politics is still ruling the country. There are many reasons for the popularity of Zulfiqar Ali Bhutto. The mai
Published 06 Apr, 2011 12:00am
PTV licence fee

PTV licence fee

The masses are being fleeced in Pakistan by all and sundry, be it the government or the corporations, institutions, shopkeepers or the mill owners, without any check or control under the consumer protection regulations in vogue. Against this backdrop, it
Published 06 Apr, 2011 12:00am
'China buying leather goods from world markets at high prices'

'China buying leather goods from world markets at high prices'

China is buying huge quantities of leather products from available stocks in world markets at very high prices. Fawad Ijaz Khan, Chairman of Pakistan Leather Garments Manufacturers & Exporters Association (PLGMEA) said on Tuesday that Pakistan leather ind
Published 06 Apr, 2011 12:00am
Chinese delegation visits EPZA Karachi

Chinese delegation visits EPZA Karachi

A 5-member Chinese delegation visited EPZA on Monday. Aftab Ahmed Memon, Chairman EPZA along with the officers of EPZA welcomed the delegates. Li Jiashou Chairman, Chamber of Yunnan Province of China was leading the delegation. The Chairman EPZA briefed t
Published 06 Apr, 2011 12:00am
Student's death at SU condoled

Student's death at SU condoled

Vice Chancellor University of Sindh, Professor Dr Nazir A. Mughal has expressed deep sorrow on the sad demise of student of M.A Previous Political Science Rameez Suhag at Karachi's hospital on Tuesday. In his condolence message, Professor Dr Mughal said t
Published 06 Apr, 2011 12:00am
ICAP organises CFO conference in Lahore

ICAP organises CFO conference in Lahore

The Institute of Chartered Accountants of Pakistan (ICAP) organised a CFO Conference in Lahore on the theme "Scaling New Heights, Facing New Challenges," which was attended by more than 500 professionals from different walks of life, says a press release
Published 06 Apr, 2011 12:00am
Rs 500 old-design banknote to be demonetized from October 1

Rs 500 old-design banknote to be demonetized from October 1

The State Bank of Pakistan (SBP) has reminded the general public to exchange the old-design and bigger-size banknote of Rs 500/- from the field offices of SBP Banking Services Corporation and the branches of all commercial banks throughout the country up
Published 06 Apr, 2011 12:00am
Newborn's body found from 'nullah'

Newborn's body found from 'nullah'

Sindh police claimed to have found a drowned body of a baby-girl from the nullah (drainage) of Mujahid Colony in the precincts of Nazimabad police station. Police found the day-old body from the nullah situated at Mujahid Colony no. 4 Nazimabad. It was sh
Published 06 Apr, 2011 12:00am
ETDB approves SME financing to Orix Leasing

ETDB approves SME financing to Orix Leasing

ECO Trade and Development Bank (ETDB) board of directors, in its meeting held on February 23, 2011 at its headquarters in Istanbul, approved small & medium enterprises (SMEs) credit facility to Orix Leasing Pakistan Limited for a total limit of up to USD
Published 06 Apr, 2011 12:00am
Chinese delegation calls on secretary TDAP

Chinese delegation calls on secretary TDAP

A four member delegation led by Li Jiashou, Chairman CCPIT (China Council for International Trade) Yunnan, Sub-Council, called on Secretary TDAP on Tuesday. Secretary, TDAP while welcoming the delegation, informed that the government of Pakistan is celebr
Published 06 Apr, 2011 12:00am
JCR-VIS reassigns 'CGR 9' rating to PKICL

JCR-VIS reassigns 'CGR 9' rating to PKICL

JCR-VIS Credit Rating Company Limited has reassigned corporate governance rating 'CGR 9' to Pak Kuwait Investment Company Private Limited (PKICL), which denotes 'very high level of corporate governance'. The rating is based on scale ranging from CGR-1 (lo
Published 06 Apr, 2011 12:00am
JCR-VIS reassigns 'CGR 9' rating to PKICL

JCR-VIS reassigns 'CGR 9' rating to PKICL

JCR-VIS Credit Rating Company Limited has reassigned corporate governance rating 'CGR 9' to Pak Kuwait Investment Company Private Limited (PKICL), which denotes 'very high level of corporate governance'. The rating is based on scale ranging from CGR-1 (lo
Published 06 Apr, 2011 12:00am
SAB shows concern over imposition of tax on agriculture sector

SAB shows concern over imposition of tax on agriculture sector

Sindh Abadgar Board (SAB) has suggested number of suggestions on taxes; repair of embankments, withholding taxes and on wheat purchase during the board's monthly meeting held under the chairmanship of Abdul Majeed Nizamani.
Published 06 Apr, 2011 12:00am
Eigth International Plastic & Pack, Iftech-2011 exhibition inaugurated

Eigth International Plastic & Pack, Iftech-2011 exhibition inaugurated

The 8th International Plastic and Packaging Industry Exhibition - PLASTI & PACK Pakistan 2011 and 8th International Food & Technology Exhibition Incorporating Pharmaceutical Technology and Food Chemicals -IFTECH Pakistan 2011 was inaugurated at Karachi Ex
Published 06 Apr, 2011 12:00am
US MIDDAY: gold jumps to record over $1,450

US MIDDAY: gold jumps to record over $1,450

Gold jumped to an all-time high above $1,450 an ounce on Tuesday, as new peaks for crude and corn prices fanned inflation fears and Portuguese credit downgrade drew attention back to eurozone woes. Bullion rose more than 1 percent, its biggest gain after
Published 06 Apr, 2011 12:00am
US MIDDAY: copper rises

US MIDDAY: copper rises

Copper ended higher on Tuesday, after a much-anticipated rate hike in China failed to rattle the market, even as the metal-consuming giant's appetite for the metal has softened at the start of the year. COMEX May copper rose 0.95 cent to settle at $4.2645
Published 06 Apr, 2011 12:00am
US MIDDAY: corn, wheat up

US MIDDAY: corn, wheat up

US May corn and wheat futures were slightly higher on Tuesday, with both reversing a lower opening. A Chinese rate hike weighed on grains early, but traders said lower corn prices were used as a buying opportunity. Wheat turned higher on concerns about we
Published 06 Apr, 2011 12:00am
US MIDDAY: cocoa and sugar weak

US MIDDAY: cocoa and sugar weak

US cocoa futures closed lower in double the average volume on Tuesday, as Ivory Coast's Laurent Gbagbo suggested he wants to surrender, raising the expectation that exports will soon flow from the world's top producer. Arabica coffee futures soared in hea
Published 06 Apr, 2011 12:00am
Gold eases in Europe

Gold eases in Europe

Gold eased on Tuesday as the dollar strengthened, oil prices slipped, and China raised interest rates for the second time this year, while silver also retreated after reaching a 31-year high in earlier trade. Moves in the precious metals were limited, how
Published 06 Apr, 2011 12:00am
US silver surges to 31-year highs

US silver surges to 31-year highs

Gold rose and silver surged to 31-year highs on Monday, as fresh gains that pushed oil and grain prices to their highest since 2008 stoke inflation worries. While silver streaked ahead, rising to its strongest relative to gold since 1983 after the Hunt Br
Published 06 Apr, 2011 12:00am
Silver jumps in Asia

Silver jumps in Asia

Silver jumped to its highest since early 1980 on Tuesday on inflation concerns, a rise in ETF holdings to another record and growing industrial demand, helping gold defy pressure from a firming dollar against the euro. Silver, widely used in electronics m
Published 06 Apr, 2011 12:00am
Liffe coffee higher

Liffe coffee higher

Liffe May robusta coffee ended $159 higher at $2,498 a tonne on Tuesday with the premium to July rebounding to around $100 from about $30 at the close on Monday. Market supported by surge in ICE arabicas and tight supply outlook. Liffe July cocoa ended 44
Published 06 Apr, 2011 12:00am
Malaysian palm oil futures fall

Malaysian palm oil futures fall

Malaysian palm oil futures fell on Tuesday after hitting a two-week high earlier in the session as traders shifted their focus to ample supplies of the tropical oil and the incoming South American soy crop. The market initially rose on expectations of imp
Published 06 Apr, 2011 12:00am
US soyabean ends down

US soyabean ends down

Chicago Board of Trade soyabean futures unofficially closed lower on Monday on a slowdown in US soy exports amid advancing harvest of a likely record large South American soybean crop. Declines were slowed by soaring corn futures. Favourable harvest weath
Published 06 Apr, 2011 12:00am
US cocoa pares gains

US cocoa pares gains

Cocoa futures pared earlier gains and closed up a shade in heavy volume on Monday, as many waited out the latest assault by presidential claimant Alassane Ouattara to remove Laurent Gbagbo in top grower Ivory Coast, which underpinned the market.Sugar futu
Published 06 Apr, 2011 12:00am
Tokyo rubber futures hit one-month high

Tokyo rubber futures hit one-month high

Tokyo rubber futures rose to a one-month high on Tuesday, as sentiment improved on rising oil prices and concerns over supply. The key Tokyo Commodity Exchange rubber contract for September delivery settled up 14 yen or 3.2 percent at 458.1 yen per kg. It
Published 06 Apr, 2011 12:00am
Brent jumps to 2-1/2 year peak, crude slips

Brent jumps to 2-1/2 year peak, crude slips

Brent crude jumped to a 2-1/2 year peak above $122 a barrel on Tuesday, gaining for a fourth straight day as conflict and unrest in Africa and the Middle East more than offset China's latest interest rate hike. US crude futures slipped in choppy trading a
Published 06 Apr, 2011 12:00am
Copper rises

Copper rises

Copper rose on Tuesday on prospects for improved demand in Asia, recovering from losses earlier in the day after China announced an interest rate hike. Copper for three-months delivery on the London Metal Exchange (LME) closed at $9,390 a tonne from a clo
Published 06 Apr, 2011 12:00am
US copper lower

US copper lower

Copper ended lower on Monday, failing to sustain an earlier rise as investors weighed the potential bullish impact of a big mining acquisition against a more subdued Chinese presence at the start of 2011. In New York, COMEX copper for May delivery eased 0
Published 06 Apr, 2011 12:00am
New York cotton rises 2.8 percent

New York cotton rises 2.8 percent

Benchmark US cotton futures ended up 2.8 percent on Tuesday, on position juggling in heavy, indecisive trade before the release of a government crop report at the end of the week, brokers said. Much of the business was in spreads, as players traded the di
Published 06 Apr, 2011 12:00am
Strikes destroy 30 percent of Libya military power: Nato

Strikes destroy 30 percent of Libya military power: Nato

Western powers have destroyed nearly a third of Libyan leader Muammar Qadhafi's military since launching air strikes last month but Nato has been forced to change bombing tactics because of human shields. The besieged city of Misrata, the only big populat
Published 06 Apr, 2011 12:00am
Libya war costs $4 million a day: US Air Force

Libya war costs $4 million a day: US Air Force

The war in Libya is costing the US Air Force $4 million a day but the cost likely will drop now that American fighter jets pulled out of the operation, the air force secretary said Tuesday. As of Tuesday morning, "we're probably (at) about 75 million doll
Published 06 Apr, 2011 12:00am
Obama, Peres look at Middle East peace

Obama, Peres look at Middle East peace

President Barack Obama held talks Tuesday with Israeli President Shimon Peres in hopes of finding ways to boost Middle East peace efforts, despite a new settlement move in Jerusalem. Peres, a veteran statesman and Nobel laureate whose position is largely
Published 06 Apr, 2011 12:00am
Australian military dog awarded rare bravery medal

Australian military dog awarded rare bravery medal

A bomb detection dog that spent a year lost in Afghanistan's Taliban heartland Tuesday became only the second Australian military animal to receive the country's most prestigious animal bravery award. The black Labrador retriever called "Sarbi" was awarde
Published 06 Apr, 2011 12:00am
Iran arrests militants in restive province

Iran arrests militants in restive province

Iran has arrested members of a rebel group in Kurdistan province, the official IRNA news agency reported on Tuesday, after several attacks on security forces in the restive border province in recent days. IRNA quoted an unidentified informed source as say
Published 06 Apr, 2011 12:00am
Nato forces kill six Afghans

Nato forces kill six Afghans

Six civilians were killed by international forces in a night operation in northern Afghanistan, an official said Tuesday. "Nato-led forces in an operation killed six civilians, all men, and injured four others in Sayad district of Sar-i-Pul province," Gov
Published 06 Apr, 2011 12:00am
Fukushima operator says may have slowed radioactive leak

Fukushima operator says may have slowed radioactive leak

The operator of Japan's crippled Fukushima nuclear power plant said it had reduced the flow of highly radioactive water out of a reactor, a possible sign of progress in an almost month-long battle to contain the world's biggest nuclear disaster in quarter
Published 06 Apr, 2011 12:00am
First ban on all Japanese food

First ban on all Japanese food

India banned all food imports from Japan Tuesday, the first country to impose a blanket block over radiation from a stricken nuclear plant, as shares in its operator plunged to an all-time low. With workers pumping toxic water from the Fukushima atomic pl
Published 06 Apr, 2011 12:00am
Nazarbayev sweeps Kazakh polls with 95.55 percent

Nazarbayev sweeps Kazakh polls with 95.55 percent

President Nursultan Nazarbayev won 95.55 percent of the vote in Kazakhstan's presidential polls, extending his hold on power by five years, the Central Election Commission said in its final report Tuesday. The final tally slightly revised up the 95.5 perc
Published 06 Apr, 2011 12:00am
Nine people killed in Iraq attacks

Nine people killed in Iraq attacks

Nine people were killed in two separate attacks in Iraq on Tuesday, according to police sources. Three civilians were killed and two injured in a suicide bombing attack in Mosul, a city located some 400 kilometres north of Baghdad. The bomber blew up his
Published 06 Apr, 2011 12:00am
Gbagbo negotiating exit from Ivory Coast

Gbagbo negotiating exit from Ivory Coast

Ivory Coast's Laurent Gbagbo was negotiating the terms of his departure from power on Tuesday following a fierce assault by forces loyal to his presidential rival backed by UN and French helicopter airstrikes. France said it expected a swift exit by Gbagb
Published 06 Apr, 2011 12:00am
Saleh urges talks in Saudi Arabia, clashes kill three

Saleh urges talks in Saudi Arabia, clashes kill three

Yemen's president urged the opposition to join talks in Saudi Arabia to try to end weeks of turmoil and violence in which at least three more people were killed on Tuesday. Faced with mass demonstrations demanding an end to his 32-year rule, President Ali
Published 06 Apr, 2011 12:00am
No plans to suspend military aid to Yemen: US

No plans to suspend military aid to Yemen: US

The Pentagon said Tuesday there were no plans to suspend US military assistance to Yemen but urged a swift transition of power amid a wave of anti-regime protests. Asked at a news conference if the US administration was considering withholding military ai
Published 06 Apr, 2011 12:00am
Two men arrested in UK tabloid phone hacking probe

Two men arrested in UK tabloid phone hacking probe

Two men were arrested in an investigation into phone-hacking at Britain's top-selling newspaper, police said on Tuesday, in a case that has rocked the media and forced the prime minister's spokesman to resign. The men were held on suspicion of conspiring
Published 06 Apr, 2011 12:00am
No budget deal after White House talks

No budget deal after White House talks

Republicans and Democrats failed to reach agreement on Tuesday during White House talks aimed at forging a budget deal that would keep the US government operating beyond Friday. House of Representatives Speaker John Boehner, facing his first big test as l
Published 06 Apr, 2011 12:00am
Thieves steal 145 Islamic relics from Cairo University

Thieves steal 145 Islamic relics from Cairo University

Thieves got away with 145 Islamic artefacts from the American University in Cairo over a two-day period in March, Egypt's minister for antiquities said on Tuesday. The relics, along with 50 replicas, were stolen from a storage house belonging to the unive
Published 06 Apr, 2011 12:00am
Kabul students protest against Holy Quran burning

Kabul students protest against Holy Quran burning

Hundreds of students protested Tuesday at Kabul University against the burning of a Holy Quran by a US church. In the fifth day of anti-US protests in Afghanistan, the students chanted slogans like "Death to America and Jews." Students from different univ
Published 06 Apr, 2011 12:00am
Miandad offered batting coach job

Miandad offered batting coach job

Former Test captain Javed Miandad was offered the job of Pakistan batting coach on Tuesday in a bid to rid the side of inconsistencies which have blighted their recent performances. Miandad, one of Pakistan's batting greats, was approached after deliberat
Published 06 Apr, 2011 12:00am
Afridi supports Miandad appointment

Afridi supports Miandad appointment

Skipper Pakistan cricket team Shahid Afridi has supported the idea of appointment of cricket legend Javed Miandad as batting coach of the national team. Talking to reporters at Qaddafi Stadium after meeting Chairman and members of selection committee, Afr
Published 06 Apr, 2011 12:00am
South Africa captain Smith to wed Irish singer

South Africa captain Smith to wed Irish singer

South Africa skipper Graeme Smith is engaged to marry Irish singer and model Morgan Deane, a Cricket South Africa (CSA) official said Tuesday. Smith flew to Ireland to pop the question after the Proteas' shock 49-run defeat to New Zealand sent them crashi
Published 06 Apr, 2011 12:00am
Muralitharan faces new test for British visa

Muralitharan faces new test for British visa

Sri Lanka's legendary spinner Muttiah Muralitharan is struggling to qualify to play English county cricket this year - because he is scared of computers and examinations. A recent change in Britain's work visa rules means the world record holder must prov
Published 06 Apr, 2011 12:00am
Departing Kirsten hails Dhoni as world's best leader

Departing Kirsten hails Dhoni as world's best leader

Departing India coach Gary Kirsten hailed World Cup winning-captain Mahendra Singh Dhoni as the best leader in contemporary cricket as he bid an emotional goodbye on Tuesday following a successful three years in charge. The former South Africa opener, who
Published 06 Apr, 2011 12:00am
Messi wears Argentine heart on sleeve

Messi wears Argentine heart on sleeve

Barcelona star Lionel Messi said Tuesday he could never imagine playing for world champions Spain, despite living in the country since his formative years. Messi came to Barca in 2000 and hence has spent half his life outside Argentina - yet 'la pulga' (f
Published 06 Apr, 2011 12:00am
ICC confirms World Cup slashed to 10 teams

ICC confirms World Cup slashed to 10 teams

The International Cricket Council has confirmed a controversial decision to slash the 2015 and 2019 World Cups to just 10 teams, despite widespread objections. The world governing body endorsed the move at an executive board meeting in Mumbai, following S
Published 06 Apr, 2011 12:00am
Poland announces Euro 2012 hooligan clampdown

Poland announces Euro 2012 hooligan clampdown

With their nation's football hooligans spotlighted after a string of high-profile incidents, Polish authorities on Tuesday launched a new legal crackdown aimed at stemming trouble at Euro 2012. "This sporting event cannot be dominated by aggression, by ho
Published 06 Apr, 2011 12:00am
Sangakkara quits as ODI, T20 captain

Sangakkara quits as ODI, T20 captain

Sri Lanka's cricket captain Kumar Sangakkara on Tuesday quit his job three days after his team lost to India in the World Cup final to allow new blood and fresh thinking into the team. "It was a planned departure made known to selectors and the governing
Published 06 Apr, 2011 12:00am
Afridi says anti-India comments 'out of context'

Afridi says anti-India comments 'out of context'

Pakistan captain Shahid Afridi said on Tuesday his derogatory remarks about Indians and the Indian media had been taken out of context as he sought to dampen anger over the televised outburst. Speaking to AFP, the World Cup skipper vowed to play a positiv
Published 06 Apr, 2011 12:00am
India rushes to reward World Cup heroes

India rushes to reward World Cup heroes

India's World Cup-winning cricket team has been showered with gifts ranging from plots of land and free train tickets to luxury cars and hard cash as the country pays homage to its new heroes. Keen to hitch a ride on the wave of national pride unleashed b
Published 06 Apr, 2011 12:00am
PU Girls Athletics Championship: Sehrish wins all three gold medals

PU Girls Athletics Championship: Sehrish wins all three gold medals

Punjab University Hailey College of Banking & Finance Sports student Sehrish Asghar has won three gold medals in 200 meter, 800 meter and 1,500 meter race categories respectively, during the 64th PU Inter-collegiate Girls Athletics Championship. It is wor
Published 06 Apr, 2011 12:00am
School sports gala opens at POF Sports Complex

School sports gala opens at POF Sports Complex

School sports gala was inaugurated at POF Sports Complex on the special instructions of Chairman POF Board. Brigadier Fiaz Mehmood Qamar was the chief guest on the occasion, says a press release received here on Tuesday. Brigadier Ishtiaqe CO-POF Hospital
Published 06 Apr, 2011 12:00am
UK short-term rates up

UK short-term rates up

Short-term UK rates rose on Tuesday after surprisingly strong services data but doubts over the sustainability of growth mean markets may be pricing in too much in terms of interest rate hikes. The Bank of England looks set to leave interest rates at a re
Published 06 Apr, 2011 12:00am
Won, peso weaken

Won, peso weaken

The South Korean won and the Philippine peso weakened on Tuesday as investors covered dollar-short positions, but continued interest from foreign investors in Asian shares checked declines in most regional currencies. Australia's central bank kept interes
Published 06 Apr, 2011 12:00am
Indian rupee at five-month high

Indian rupee at five-month high

The Indian rupee rose to a five-month high on Tuesday, the first trading day of this fiscal year, helped by large dollar inflows which more than offset weakness in Asian peers and the euro. The partially convertible rupee ended at 44.4200/4300 per dollar,
Published 06 Apr, 2011 12:00am
Australian and New Zealand dollars pause

Australian and New Zealand dollars pause

The Australian dollar took a breather on Tuesday after scaling new highs in recent sessions, while the country's central bank reiterated its view the economy is on a sound track and rates are fine for the time being. The Reserve Bank of Australia (RBA) ke
Published 06 Apr, 2011 12:00am
Euro hovers near recent peaks in New York

Euro hovers near recent peaks in New York

The euro hovered near a five-month peak against the dollar and an 11-month high against the yen on Monday, with near-term strength seen limited as an expected eurozone interest rate rise was mostly priced in. The European Central Bank, at its policy meeti
Published 06 Apr, 2011 12:00am
Early trade in New York: Euro little changed

Early trade in New York: Euro little changed

The euro was little changed against the dollar on Tuesday after a report suggesting the European Central Bank would tighten rates this week and again in the future helped the currency recover from losses. The euro was last up 0.04 percent at $1.4224, clos
Published 06 Apr, 2011 12:00am
Euro falls versus dollar in London

Euro falls versus dollar in London

The euro fell from a five-month high versus the dollar on Tuesday, knocked by a Portugal ratings downgrade and a rise in Chinese interest rates, while sterling jumped after strong data boosted the chances of a UK rate hike. The Chinese hike, by 25 basis p
Published 06 Apr, 2011 12:00am
Euro rally stalled in Asia

Euro rally stalled in Asia

The euro hovered below a five-month high against the dollar on Tuesday as investors assessed whether it can make fresh gains given that market players have already positioned themselves for a series of interest rate hikes in the eurozone during 2011. The
Published 06 Apr, 2011 12:00am
Sterling soars versus dollar

Sterling soars versus dollar

Sterling rallied to a two-week high against the US dollar on Tuesday and extended gains against the euro after a surprisingly strong rise in Britain's services sector rekindled expectations of a near-term rate hike. With most investors already factoring i
Published 06 Apr, 2011 12:00am
Swiss franc rises

Swiss franc rises

The Swiss franc rose against the euro on Tuesday as investors became more wary about riskier investments and instead favoured safe-haven assets such as the Swissie, but some analysts see the franc easing in coming weeks. At 0648 GMT, the franc was up 0.35
Published 06 Apr, 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. 72.79/72.82 (previous 72.79/72.81). Call Money Rates: 4.50-6.00 percent (previous 4.00-8.50 percent).
Published 06 Apr, 2011 12:00am
FTSE slips

FTSE slips

Britain's top share index edged lower on Tuesday as miners fell on concerns that an interest rate hike in China could hurt demand for metals and banks dropped on worries over European debt. The FTSE 100 closed down 9.92 points, or 0.2 percent, at 6,007.06
Published 06 Apr, 2011 12:00am
Indian shares down

Indian shares down

Indian shares closed 0.1 percent lower in flip-flop trade on Tuesday, weighed by weak global markets and high oil prices, and as investors booked profits after the main index saw its highest close in nearly three months in the previous session. Top engine
Published 06 Apr, 2011 12:00am
Seoul shares at new high

Seoul shares at new high

Seoul shares set a new closing high for the benchmark index helped by foreign investors buying and supported by a gain in technology and refining stocks. The Korea Composite Stock Price Index ended up 0.69 percent at 2,130.43 points, the highest level eve
Published 06 Apr, 2011 12:00am
Nikkei down

Nikkei down

Japan's Nikkei average slipped more than 1 percent on Tuesday with the mood soured by Tokyo Electric Power's fall to an all-time low, while the market's post-quake rebound looks to have run its course. The Nikkei's climb over the previous two sessions too
Published 06 Apr, 2011 12:00am
European shares hit four-week high

European shares hit four-week high

European shares edged up to their highest close in nearly four weeks on Tuesday, with energy firms gaining after further unrest in the Middle East pushed crude prices to a two-and-a-half year high. The FTSEurofirst 300 index of top European shares rose 0.
Published 06 Apr, 2011 12:00am
Treasuries move higher

Treasuries move higher

US Treasury debt prices rose on Monday after the Federal Reserve purchases reminded investors that influential Fed officials believe it is too soon to talk of lifting the accelerator on monetary ease, a view that should support bonds in the weeks ahead.
Published 06 Apr, 2011 12:00am
Treasuries move higher

Treasuries move higher

US Treasury debt prices rose on Monday after the Federal Reserve purchases reminded investors that influential Fed officials believe it is too soon to talk of lifting the accelerator on monetary ease, a view that should support bonds in the weeks ahead.
Published 06 Apr, 2011 12:00am
Australia to veto Singapore Exchange's ASX bid

Australia to veto Singapore Exchange's ASX bid

Australia intends to reject Singapore Exchange Ltd's proposed $7.8 billion bid for Australia's ASX Ltd on national interest grounds, underscoring the political challenges facing other cross-border exchange deals. The two exchange operators wanted to team
Published 06 Apr, 2011 12:00am
S&P fails to break through resistance

S&P fails to break through resistance

The S&P 500 met tough resistance on Monday, failing to break a level that has held since mid-February and ending flat even as a spate of deals and underlying strength in the economy spurred optimism. But caution ahead of earnings season held volume to its
Published 06 Apr, 2011 12:00am
Tuesday's afternoon trade: Wall Street rises

Tuesday's afternoon trade: Wall Street rises

US stocks rose on Tuesday, led by tech shares after the proposed merger of two major semiconductor companies and an updating of a key Nasdaq index attracted buyers to the sector. Investors will scour the minutes from the latest meeting of the Federal Rese
Published 06 Apr, 2011 12:00am
Most Southeast Asian stocks pull back

Most Southeast Asian stocks pull back

Most Southeast Asian stock markets eased on Tuesday as investors cashed in recent gains in resource and financials, with weak palm oil prices helping put a lid on palm plantation stocks. Sharemarkets took a breather after their recent rally. Trading was g
Published 06 Apr, 2011 12:00am
Middle East markets: Saudi bourse falls

Middle East markets: Saudi bourse falls

The Saudi bourse fell for a third day on Tuesday, with the first of the earnings results disappointing investors, and Air Arabia dropped to an all-time low in Dubai on a dividend price adjustment. Almarai Co, the Gulf's biggest dairy firm by market value,
Published 06 Apr, 2011 12:00am
China ups rates fourth time since October

China ups rates fourth time since October

China's central bank increased interest rates on Tuesday for the fourth time since October, raising suspicions that data next week may show inflation rose more than expected in March. China's rate rise adds to six official increases in bank reserves since
Published 06 Apr, 2011 12:00am
India, Thailand agree to double trade by 2014

India, Thailand agree to double trade by 2014

India and Thailand on Tuesday agreed to double their trade by 2014 and expedite negotiations for a free trade agreement on goods, services and investments. The announcement was made following talks between Indian Prime Minister Manmohan Singh and Thai pre
Published 06 Apr, 2011 12:00am
Anil Ambani faces parliament panel in telecom probe

Anil Ambani faces parliament panel in telecom probe

Anil Ambani, the chairman of India's Reliance ADA group, appeared on Tuesday before a parliamentary panel investigating a multi-billion dollar telecoms graft scandal that has rocked the country's political and business establishment. Ambani testified days
Published 06 Apr, 2011 12:00am
European service sectors surge, US slows

European service sectors surge, US slows

Service industries powered ahead in Britain and the eurozone in March but slowed in the United States, surveys showed on Tuesday, highlighting the different challenges faced by policymakers. The US Institute for Supply Management's index of non-manufactur
Published 06 Apr, 2011 12:00am
EU proposes giving investors say on manager pay

EU proposes giving investors say on manager pay

Company managers across Europe may have to put their pay packets to a shareholder vote and introduce a quota for women executives under proposals from the European Commission announced on Tuesday. The European Union's executive Commission published its pr
Published 06 Apr, 2011 12:00am
EU, IMF to press Greece on fiscal plans, privatisations

EU, IMF to press Greece on fiscal plans, privatisations

An inspection team for Greece's international lenders will this week press the country to deliver on promises to make extra budget savings over the next three years and speed up privatisations. The EU and International Monetary Fund inspectors starting a
Published 06 Apr, 2011 12:00am
Australia posts first trade deficit in a year

Australia posts first trade deficit in a year

Australia has posted its first monthly trade deficit in almost a year as exports fell after floods hurt coal production and imports rose steeply in February, figures showed Tuesday. The Australian Bureau of Statistics seasonally adjusted figures showed a
Published 06 Apr, 2011 12:00am
British Airways ups longhaul fuel surcharge

British Airways ups longhaul fuel surcharge

British Airways announced that it would raise its fuel surcharge on longhaul flights as the high price of oil further squeezes European consumers struggling with rising inflation and wage freezes. BA, which formed the International Airlines Group (IAG) wh
Published 06 Apr, 2011 12:00am
Treasury working on corporate tax plan: Geithner

Treasury working on corporate tax plan: Geithner

The Obama administration is preparing a comprehensive proposal for corporate tax reform in an effort to kick-start the legislative process in Congress, US Treasury Secretary Timothy Geithner said on Tuesday. For months, the administration and lawmakers ha
Published 06 Apr, 2011 12:00am
US services growth retreats from five-year high

US services growth retreats from five-year high

Growth in the US economy's vast services sector slowed last month, an industry report showed on Tuesday, held back in part by supply disruptions caused by Japan's earthquake. After hitting a five-year high in February, the Institute for Supply Management'
Published 06 Apr, 2011 12:00am
Benazir Bhutto's assassination: Bilawal unhappy with Malik's report?

Benazir Bhutto's assassination: Bilawal unhappy with Malik's report?

Bilawal Bhutto Zardari, Chairman Pakistan People's Party (PPP) expressed his dismay over the investigation report on Benazir Bhutto's murder presented by Rehman Malik, Federal Minister for Interior, in a special meeting of top PPP leaders, sources privy t
Published 06 Apr, 2011 12:00am
Satyam to pay $10 million to settle SEC charges

Satyam to pay $10 million to settle SEC charges

Satyam Computer Services has agreed to pay $10 million to settle US charges that former top managers inflated the Indian company's revenue, the US Securities and Exchange Commission said Tuesday. The SEC, in a complaint filed in US District Court here, al
Published 06 Apr, 2011 12:00am
Benazir Bhutto's assassination: Bilawal unhappy with Malik's report?

Benazir Bhutto's assassination: Bilawal unhappy with Malik's report?

Bilawal Bhutto Zardari, Chairman Pakistan People's Party (PPP) expressed his dismay over the investigation report on Benazir Bhutto's murder presented by Rehman Malik, Federal Minister for Interior, in a special meeting of top PPP leaders, sources privy t
Published 06 Apr, 2011 12:00am
Russia criticises US Fed over stimulus

Russia criticises US Fed over stimulus

Russia's Finance Minister Alexei Kudrin took the US Federal Reserve to task on Tuesday for its ongoing stimulus programme, which he said was hurting emerging markets. "The continuation of the quantitative easing programme, which is designed to support the
Published 06 Apr, 2011 12:00am
Pakistan orders safety review of nuclear plants

Pakistan orders safety review of nuclear plants

Pakistan's nuclear regulator on Tuesday ordered a safety review of the country's two atomic power plants in the wake of Japan's nuclear disaster, warning that further steps could be required. The Pakistan Nuclear Regulator Authority (PNRA) said it asked t
Published 06 Apr, 2011 12:00am
Portugal banks threaten to shun debt, urge bailout

Portugal banks threaten to shun debt, urge bailout

Portugal's main banks have threatened to stop buying government debt, urging the caretaker cabinet to seek a short-term loan to tide it over a pre-election limbo that prompted another credit rating downgrade on Tuesday. Financial sources told Reuters the
Published 06 Apr, 2011 12:00am
Pakistan orders safety review of nuclear plants

Pakistan orders safety review of nuclear plants

Pakistan's nuclear regulator on Tuesday ordered a safety review of the country's two atomic power plants in the wake of Japan's nuclear disaster, warning that further steps could be required. The Pakistan Nuclear Regulator Authority (PNRA) said it asked t
Published 06 Apr, 2011 12:00am
Brazil's soyabean harvest may turn out better: Oil World

Brazil's soyabean harvest may turn out better: Oil World

Brazil's 2011 soyabean harvest could turn out better than expected despite damaging rain with crop yields higher than previously forecast, Hamburg-based oilseeds analysts Oil World said on Tuesday. "Yields obtained in most parts of Brazil have exceeded ex
Published 06 Apr, 2011 12:00am
Population, housing census 2011 kicks off

Population, housing census 2011 kicks off

The much-awaited sixth Population and Housing Census 2011 kicked off on Tuesday with house listing operation all across the country. The house listing operation would continue till April 19 which would be followed by the main population and housing census
Published 06 Apr, 2011 12:00am
Grain market remains closed

Grain market remains closed

Grain and seed markets were closed on Tuesday due to traders' strike in the city.
Published 06 Apr, 2011 12:00am
Population, housing census 2011 kicks off

Population, housing census 2011 kicks off

The much-awaited sixth Population and Housing Census 2011 kicked off on Tuesday with house listing operation all across the country. The house listing operation would continue till April 19 which would be followed by the main population and housing census
Published 06 Apr, 2011 12:00am
No business witnessed on cotton market

No business witnessed on cotton market

Listless business was again witnessed on the cotton market on Tuesday as mills remained on the sideline due to traders' strike, dealers said. Karachi Cotton Association (KCA) official spot rate was steady at Rs 12,500, they said. In Sindh and Punjab phutt
Published 06 Apr, 2011 12:00am
Food export bans: poor nations seek exemption

Food export bans: poor nations seek exemption

Poorer countries vulnerable to soaring food prices demanded on Tuesday formal exemption under world trade rules from the export restrictions that have proliferated in recent years. In a proposal linked to the long-running Doha round of World Trade Organis
Published 06 Apr, 2011 12:00am
Oil cake market rates

Oil cake market rates

The May vaida was higher and the July contract was unchanged on the forward cottonseed oilcake market on Monday in process of trading, dealers said. The May vaida opened at Rs 1327.10 but it opened with a gain of 30 paisa at Rs 1327.40, while, the July co
Published 06 Apr, 2011 12:00am
Food export bans: poor nations seek exemption

Food export bans: poor nations seek exemption

Poorer countries vulnerable to soaring food prices demanded on Tuesday formal exemption under world trade rules from the export restrictions that have proliferated in recent years. In a proposal linked to the long-running Doha round of World Trade Organis
Published 06 Apr, 2011 12:00am
Demand for Vietnamese rice up; Japan may resume imports

Demand for Vietnamese rice up; Japan may resume imports

Demand for Vietnamese rice is strengthening, with deals totalling over 1 million tonnes sealed in recent weeks, while Japan may resume imports of the grain from the Southeast Asian country, state media and traders said. The possible return of Japan, once
Published 06 Apr, 2011 12:00am
Food export bans: poor nations seek exemption

Food export bans: poor nations seek exemption

Poorer countries vulnerable to soaring food prices demanded on Tuesday formal exemption under world trade rules from the export restrictions that have proliferated in recent years. In a proposal linked to the long-running Doha round of World Trade Organis
Published 06 Apr, 2011 12:00am
Cuba buys 250,000 tonnes of rice from Vietnam

Cuba buys 250,000 tonnes of rice from Vietnam

Cuba has bought 250,000 tonnes of Vietnamese rice, a state-run newspaper reported on Tuesday, after the Latin American nation reported production falling at home last year. The purchase was under a government contract signed recently, Vietnam Food Associa
Published 06 Apr, 2011 12:00am
IMF endorses some capital controls for first time

IMF endorses some capital controls for first time

The International Monetary Fund on Tuesday endorsed capital controls for the first time, under certain conditions, in a package of proposals for governments to manage volatile capital inflows. In a blueprint proposal aimed at averting destabilising imbala
Published 06 Apr, 2011 12:00am
Bangladesh to buy 100,000 tonnes of Vietnamese rice

Bangladesh to buy 100,000 tonnes of Vietnamese rice

Bangladesh has signed a deal to import 100,000 tonnes of parboiled rice at $575 a tonne, CIF, from Vietnam in a government deal and will ink a deal for another 100,000 tonnes of rice, a senior official said on Tuesday. A deal will be signed for another 10
Published 06 Apr, 2011 12:00am
IMF endorses some capital controls for first time

IMF endorses some capital controls for first time

The International Monetary Fund on Tuesday endorsed capital controls for the first time, under certain conditions, in a package of proposals for governments to manage volatile capital inflows. In a blueprint proposal aimed at averting destabilising imbala
Published 06 Apr, 2011 12:00am
'Global palm oil demand to rise near-term'

'Global palm oil demand to rise near-term'

Current competitive prices could push up global palm oil demand in coming weeks but this in turn will make palm oil more expensive, Hamburg-based oilseeds analysts Oil World said on Tuesday. "We expect world import demand for palm oil to pick up in the ne
Published 06 Apr, 2011 12:00am
IMF endorses some capital controls for first time

IMF endorses some capital controls for first time

The International Monetary Fund on Tuesday endorsed capital controls for the first time, under certain conditions, in a package of proposals for governments to manage volatile capital inflows. In a blueprint proposal aimed at averting destabilising imbala
Published 06 Apr, 2011 12:00am
US Midwest corn bids steady to mixed

US Midwest corn bids steady to mixed

Spot basis bids for corn were steady to mixed in the US Midwest interior on Monday and farmers in some areas were selling supplies of old- and new-crop corn, but the offerings were scattered, dealers said. Margin calls were limiting the amount of corn tha
Published 06 Apr, 2011 12:00am
Traders clash at Polo Ground!

Traders clash at Polo Ground!

Representatives of All Karachi Traders Alliance Association (AKTAA) and Karachi Chamber of Commerce and Industry (KCCI) clashed each other during a protest gathering at Polo Ground here on Tuesday. Differences surfaced between the two groups on Monday whe
Published 06 Apr, 2011 12:00am
Karachi Port's activities

Karachi Port's activities

The Karachi Port handled 108,771 tonnes of cargo including 64,504 tonnes of import cargo, 44,267 tonnes of export cargo and 5,312 loaded & empty containers during last 24 hours ended at 0700 hours on Tuesday. The total import cargo of 64,504 tonnes compri
Published 06 Apr, 2011 12:00am
Traders clash at Polo Ground!

Traders clash at Polo Ground!

Representatives of All Karachi Traders Alliance Association (AKTAA) and Karachi Chamber of Commerce and Industry (KCCI) clashed each other during a protest gathering at Polo Ground here on Tuesday. Differences surfaced between the two groups on Monday whe
Published 06 Apr, 2011 12:00am
Indonesian cocoa exports from Sulawesi drop

Indonesian cocoa exports from Sulawesi drop

Indonesian cocoa bean exports from the main growing island of Sulawesi fell 40 percent in March compared to the same month last year as rains hampered the harvest and exporters held beans to avoid a higher export tax, industry data showed on Tuesday.
Published 06 Apr, 2011 12:00am
Traders clash at Polo Ground!

Traders clash at Polo Ground!

Representatives of All Karachi Traders Alliance Association (AKTAA) and Karachi Chamber of Commerce and Industry (KCCI) clashed each other during a protest gathering at Polo Ground here on Tuesday. Differences surfaced between the two groups on Monday whe
Published 06 Apr, 2011 12:00am
Vodafone hits out at India in tax row

Vodafone hits out at India in tax row

British mobile phone giant Vodafone on Tuesday asked India's top court to stop the government fining it over a $2.5 billion tax bill and warned the row could discourage foreign investors. India slapped the disputed $2.5 billion tax bill last October on Vo
Published 06 Apr, 2011 12:00am
Transactions with Iran: banks to submit monthly statements

Transactions with Iran: banks to submit monthly statements

The State Bank of Pakistan on Tuesday directed all the commercial banks to submit details of all transactions with Iran, to meet the condition of Asian Union Clearing Union (ACU). Sources in banking industry told Business Recorder that SBP has aske
Published 06 Apr, 2011 12:00am
IMF agrees seventh Sri Lanka tranche, warns on inflation

IMF agrees seventh Sri Lanka tranche, warns on inflation

The International Monetary Fund agreed the disbursement of the seventh tranche of a $2.6 billion loan to Sri Lanka, saying its economic growth was strong while warning that excess liquidity could stoke inflation. Sri Lanka's government has forecast record
Published 06 Apr, 2011 12:00am
Transactions with Iran: banks to submit monthly statements

Transactions with Iran: banks to submit monthly statements

The State Bank of Pakistan on Tuesday directed all the commercial banks to submit details of all transactions with Iran, to meet the condition of Asian Union Clearing Union (ACU). Sources in banking industry told Business Recorder that SBP has aske
Published 06 Apr, 2011 12:00am
World Bank backs gradual monetary tightening in Thailand

World Bank backs gradual monetary tightening in Thailand

Thailand's central bank has correctly tightened monetary policy to tackle price pressures but increases in interest rates should be more moderate between now and the end of the year, the World Bank said on Tuesday. The Bank of Thailand has raised its benc
Published 06 Apr, 2011 12:00am
Transactions with Iran: banks to submit monthly statements

Transactions with Iran: banks to submit monthly statements

The State Bank of Pakistan on Tuesday directed all the commercial banks to submit details of all transactions with Iran, to meet the condition of Asian Union Clearing Union (ACU). Sources in banking industry told Business Recorder that SBP has aske
Published 06 Apr, 2011 12:00am
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