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Archive - 2011-05-13
Bus bomb kills six in Gujarat
Top News

Bus bomb kills six in Gujarat

ISLAMABAD: At least six people were killed and 10 others wounded on Saturday when a bomb planted in a bus exploded in Gu
Published 13 May, 2011 09:33pm
Azhar, Taufeeq steady Pakistan
Cricket

Azhar, Taufeeq steady Pakistan

GEORGETOWN: Azhar Ali and Taufeeq Umar guided Pakistan to 45 for one in their first innings, after they lost an early wi
Published 13 May, 2011 05:53pm
LCCI for bringing all sectors in tax net
Top News

LCCI for bringing all sectors in tax net

LAHORE: Lahore Chamber of Commerce and Industry (LCCI) Friday rejected government plans to impose Wealth Tax while calli
Published 13 May, 2011 04:47pm
US charges six with aiding TTP
Top News

US charges six with aiding TTP

WASHINGTON: US officials arrested three Pakistani Americans on Saturday and charged them and three others with providing
Published 13 May, 2011 04:05pm
Shanghai rebar steel rises 1.4pc
Asia

Shanghai rebar steel rises 1.4pc

SINGAPORE: Chinese rebar steel futures rose 1.4 percent on Friday as a weaker dollar helped commodities rebound after re
Published 13 May, 2011 10:31am
FTSE helped higher by miners
Financial

FTSE helped higher by miners

LONDON: Strong miners drove Britain's top shares higher on Friday as metals prices recovered their poise and forecast-be
Published 13 May, 2011 09:53am
Hong Kong raises 2011 GDP forecast
Top News

Hong Kong raises 2011 GDP forecast

HONG KONG: Hong Kong on Friday raised its 2011 economic growth forecast to 5.0-6.0 percent, after posting a strong expan
Published 13 May, 2011 09:34am
Economy looking up despite challenges
Top News

Economy looking up despite challenges

ISLAMABAD: Pakistan's economy is gradually moving towards sustained stability despite several internal and external c
Published 13 May, 2011 08:06am
D'Oliveira medals stolen
Cricket

D'Oliveira medals stolen

LONDON: Medals and artefacts belonging to former Worcestershire and England all-rounder Basil D'Oliveira have been stole
Published 13 May, 2011 07:48am
Big 5: too big to fail
BR Research

Big 5: too big to fail

The countrys top five banks - NBP, HBL, UBL, MCB and ABL - delighted investors by announcing cumulative profit of Rs 19.7 billion in the fir
Published 13 May, 2011 12:00am
The remittance story
BR Research

The remittance story

Remittances are up as usual and every sceptic is pretty sure that the PRIs endeavours are only partly responsible for the continuous surge i
Published 13 May, 2011 12:00am
Tokyo rubber futures plunge

Tokyo rubber futures plunge

Key Tokyo rubber futures slumped 5 percent on Thursday on weakness in the oil market and wariness over demand, while a bearish technical outlook on rising supplies from producing countries further weighed on sentiment. The benchmark TOCOM rubber futures f
Published 13 May, 2011 12:00am
Malaysian palm oil falls

Malaysian palm oil falls

Malaysian palm oil futures snapped a three-day winning streak on Thursday, tracking a second major sell-off in commodities, although investors said the demand outlook was improving. The benchmark July crude palm oil contract on Bursa Malaysia Derivatives
Published 13 May, 2011 12:00am
New York sugar and coffee fall

New York sugar and coffee fall

Sugar and coffee futures fell Wednesday, weighed down by weaker commodity markets, a strong dollar and the sting of news that China's economy appears to be cooling. Cocoa bucked the trend to remain steady as dealers eyed the pace of exports out of top pro
Published 13 May, 2011 12:00am
Copper recovers from five-month low

Copper recovers from five-month low

Copper bounced from a five-month low to turn positive on Thursday as the dollar weakened but the metal still looked fragile on fears of slower economic growth and demand from top consumers China and the United States. Copper recovered some poise after Chi
Published 13 May, 2011 12:00am
Shanghai copper falls

Shanghai copper falls

London copper fell on Thursday after plunging overnight to its lowest price since December on concern about slow demand from China, the world's top consumer. The most-active July copper contract on the Shanghai Futures Exchange tracked losses on the Londo
Published 13 May, 2011 12:00am
US copper falls

US copper falls

Copper crumbled to its lowest since December on Wednesday, as signs of a growth slowdown in China signalled sustained softness in demand from the world's largest metals consumer. Selling mounted late in New York as a flight-to-safety bid in the dollar gre
Published 13 May, 2011 12:00am
New York cotton closes at four-month low

New York cotton closes at four-month low

US cotton futures crumbled in the face of investor liquidation to finish Thursday at a four-month low as the sell-off in the commodities sector weighed on fibre contracts. Although analysts said the sell-off seemed to be abating [MKTS/GLOB] cotton futures
Published 13 May, 2011 12:00am
Europe signals tighter border-free travel checks

Europe signals tighter border-free travel checks

Europe moved ahead Thursday with plans that would allow states to restore internal border controls in case a massive wave of migrants overwhelms the continent's passport-free travel area. EU interior ministers vowed at a special meeting to protect one of
Published 13 May, 2011 12:00am
Obama seeks two more years for FBI chief Mueller

Obama seeks two more years for FBI chief Mueller

US President Barack Obama on Thursday proposed extending the decade-long term of FBI Director Robert Mueller by two years, saying continuity was critical to tackling terror threats. FBI directors are limited by law to serving 10-year terms and their appoi
Published 13 May, 2011 12:00am
Bin Laden raid 'not an assassination': Eric Holder

Bin Laden raid 'not an assassination': Eric Holder

The US commando raid that killed Osama bin Laden was "not an assassination", US Attorney General Eric Holder said Thursday after the al Qaeda leader's sons denounced the operation. Holder told the BBC the raid on bin Laden's hideout in Pakistan on May 2 w
Published 13 May, 2011 12:00am
US panel limits Obama's authority on nuclear

US panel limits Obama's authority on nuclear

Republican lawmakers voted Wednesday to limit President Barack Obama's authority to reduce America's nuclear arsenal and implement a US-Russia arms control treaty overwhelmingly approved by the Senate last December. Over the objections of the Defence Depa
Published 13 May, 2011 12:00am
Mubarak, wife questioned over wealth

Mubarak, wife questioned over wealth

Egypt's ousted president Hosni Mubarak and his wife Suzanne were questioned on Thursday over alleged illegal acquisition of wealth, the investigator's office told AFP. "A team of investigators from the illicit gains department headed by Khaled Selim is cu
Published 13 May, 2011 12:00am
Gulf forces to stay in Bahrain after emergency ends

Gulf forces to stay in Bahrain after emergency ends

Saudi-led forces will remain in Bahrain after a state of emergency is lifted next month, the head of Bahrain's military said, as the Gulf state continues to clamp down on protests. Separately, a Western lawyer and an observer from an international human r
Published 13 May, 2011 12:00am
Nato hits Qadhafi compound, rebels seek aid

Nato hits Qadhafi compound, rebels seek aid

Nato bombed Muammar Qadhafi's compound on Thursday, hours after the Libyan leader ended doubt about his fate by making his first television appearance since another air strike killed his son nearly two weeks ago. The leader of the rebels seeking to end Qa
Published 13 May, 2011 12:00am
Yemen crackdown kills 19 as US ups pressure

Yemen crackdown kills 19 as US ups pressure

Gunmen killed three protesters tearing up posters of President Ali Abdullah Saleh on Thursday, raising to 19 the death toll in 24 hours and prompting Washington to say the time has come for a transfer of power. Pro-Saleh gunmen on the roof of the ruling p
Published 13 May, 2011 12:00am
Israel burnishes missile shield as Mideast churns

Israel burnishes missile shield as Mideast churns

Israel's upgraded Arrow air defence system, designed to blow up ballistic missiles in space, could be rushed into deployment before its 2014-15 target date, a senior officer said on Thursday. Partly funded by the United States, Arrow III is envisaged as t
Published 13 May, 2011 12:00am
Russian says Iran atomic plant to operate in weeks

Russian says Iran atomic plant to operate in weeks

Iran's Russian-built Bushehr nuclear power plant will be fully operational within weeks, local news agencies quoted a senior Russian diplomat as saying on Thursday. Deputy Foreign Minister Sergei Ryabkov also said the six global powers seeking to ensure t
Published 13 May, 2011 12:00am
Sanctions hold up Iran nuclear drive: UN report

Sanctions hold up Iran nuclear drive: UN report

International sanctions are slowing Iran's nuclear program but the Islamic Republic has repeatedly sought to breach an arms embargo by shipping weapons to Syria, UN investigators said in a report. Six of the nine violations of a UN ban on conventional arm
Published 13 May, 2011 12:00am
US trade chief recalls abuse as Chinese-American kid

US trade chief recalls abuse as Chinese-American kid

US Secretary of Commerce Gary Locke recalled Thursday the abuse he suffered as a Chinese-American child in the 1950s and said his personal success showed how far immigrants from China have come. "It sure feels a whole lot different to be a Chinese-America
Published 13 May, 2011 12:00am
Assad broadens Syria crackdown, tanks push south

Assad broadens Syria crackdown, tanks push south

Syrian forces spread through southern towns on Thursday and tightened their grip on two other cities, broadening a military crackdown on protests against President Bashar al-Assad's government. While Assad has promised reforms in the hope of dampening dis
Published 13 May, 2011 12:00am
Cyber scams rife at social networks: Microsoft

Cyber scams rife at social networks: Microsoft

Social networks are "lucrative hot beds" for cyber scams as crooks endeavour to dupe members of online communities, according to a Microsoft security report released on Thursday. "Phishing" attacks that use seemingly legitimate messages to trick people in
Published 13 May, 2011 12:00am
First Test match: West Indies 66-1 at lunch against Pakistan

First Test match: West Indies 66-1 at lunch against Pakistan

Pakistan made an early breakthrough, but Lendl Simmons and Darren Bravo held firm as West Indies reached 66-1 at lunch on the first day of the opening Test on Thursday. Mohammad Hafeez - opening the bowling - claimed the scalp of West Indies opener Devon
Published 13 May, 2011 12:00am
Sultan Azlan Shah Cup: Australia secure place in final, India out

Sultan Azlan Shah Cup: Australia secure place in final, India out

World champions Australia booked their place in the final of the Sultan Azlan Shah Cup in Malaysia after they held on to defeat Great Britain 2-1 on Thursday in a top-of-the-table clash. The Australians could meet great rivals New Zealand in the final at
Published 13 May, 2011 12:00am
India to oppose review system

India to oppose review system

India's powerful cricket board on Thursday said it would continue to oppose the umpire decision review system despite a recommendation for its use in all international games. Following a two-day meeting at Lord's, the cricket committee of the Internationa
Published 13 May, 2011 12:00am
Sri Lanka to launch own version of IPL on July 19

Sri Lanka to launch own version of IPL on July 19

Sri Lanka will begin its own version of a Twenty20 league tournament similar to the successful Indian Premier League (IPL) on July 19, the island nation's cricket governing body said on Thursday. The first season of the Sri Lanka Premier League (SLPL), wh
Published 13 May, 2011 12:00am
Zulqarnain Haider reverses retirement decision

Zulqarnain Haider reverses retirement decision

Five months after announcing his retirement, Pakistan wicketkeeper Zulqarnain Haider has reversed his decision saying he is available to play at every level. "I have decided to take back my retirement decision in national interest and also because I want
Published 13 May, 2011 12:00am
ICC say Tests can go day/night if ball alright

ICC say Tests can go day/night if ball alright

International Cricket Council (ICC) chiefs believe floodlit, day/night Tests could take place in the next few years but insist more work needs to be done on the ball before they give the go-ahead. A traditional red leather ball is difficult to see under f
Published 13 May, 2011 12:00am
SBP to organise first Inter-School twenty-20 Cricket Tournament

SBP to organise first Inter-School twenty-20 Cricket Tournament

The Sports Committee of State Bank of Pakistan is organising an Inter School T-20 Cricket Tournament from 14th to 21st May, 2011 at SBP Sports Complex, North Nazimabad, Karachi with a view to promoting healthy sports activities at the grass root level. Qa
Published 13 May, 2011 12:00am
Samsung signs Beckham Olympic Games ambassador

Samsung signs Beckham Olympic Games ambassador

Samsung Electronics Co Ltd, on Thursday announced an exclusive agreement with the legendary footballer David Beckham to be its global brand ambassador for the London 2012 Olympic Games. Beckham will raise awareness of Samsung's sponsorship of London 2012,
Published 13 May, 2011 12:00am
Won leads Asian currencies down

Won leads Asian currencies down

The South Korean won led falls among Asian peers as investors cut risk positions amid a commodity rout and a weaker euro on Thursday with the Malaysian ringgit and the Thai baht weakening past major support levels. Emerging Asian currencies were hit as in
Published 13 May, 2011 12:00am
Indian rupee at over seven-week low

Indian rupee at over seven-week low

The Indian rupee ended at its lowest in over seven weeks on Thursday, weighed by the euro's fall against the dollar and a sharp drop in local shares, and traders expect the Indian unit to extend losses on Friday. The partially convertible rupee ended at 4
Published 13 May, 2011 12:00am
Australian dollar falls

Australian dollar falls

The Australian dollar fell a full cent on Thursday, hit by a surprisingly steep decline in employment that prompted markets to lower the risk of a near-term interest rate hike. The Aussie dollar was knocked across the board, falling around one percent on
Published 13 May, 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 Thursday. 73.13/73.23 (previous 73.12/73.18) Call Money Rates: 5.50-6.75 percent (previous 5.50-6.75 percent).
Published 13 May, 2011 12:00am
Markets may be underpricing ECB rate hike risks

Markets may be underpricing ECB rate hike risks

Markets have wound back their expectations for European Central Bank interest rate hikes this year, but despite increasing jitters over Greece they may now be pricing too dovish a scenario, rate strategists say. After the ECB did not signal a rate hike in
Published 13 May, 2011 12:00am
Swiss franc flat versus euro

Swiss franc flat versus euro

The Swiss franc was treading water against the euro on Thursday, with the market keen for any news on Greece's debt problems. The euro, bruised by concern that the problems in Greece could worsen, hovered just above a three-week low against the dollar.
Published 13 May, 2011 12:00am
Euro falls sharply versus dollar

Euro falls sharply versus dollar

Renewed worries about Greek debt and another sell-off in the commodities market drove the euro sharply lower on Wednesday, with more losses likely as investors grow skittish over the currency's sudden retreat. The eurozone common currency dropped to a thr
Published 13 May, 2011 12:00am
Thursday's midday trade: Euro bounces off six-week low

Thursday's midday trade: Euro bounces off six-week low

The euro bounced off a six-week low against the dollar on Thursday as an ECB policymaker said April's interest rate rise was "certainly not" a one-off. European Central Bank policymaker Luc Coene on Thursday told Reuters, inflation risks in the eurozone h
Published 13 May, 2011 12:00am
Dollar at three-week high in London

Dollar at three-week high in London

The dollar index scaled a three-week high on Thursday as a rout in commodities prompted an unwinding of dollar-funded bets on risky assets, a sell-off that dragged the euro to a six-week low versus the greenback. The euro fell as low as $1.41230, breaking
Published 13 May, 2011 12:00am
Dollar near three-week high in Asia

Dollar near three-week high in Asia

The dollar dipped but held near a three-week high against a basket of currencies on Thursday as a rout in commodities and an uncertain outcome on Greece's debt problems lowered risk appetite and prompted traders to expect more unwinding of dollar-funded b
Published 13 May, 2011 12:00am
Sterling falls versus dollar

Sterling falls versus dollar

Sterling hit a three-week low against the dollar on Thursday after a weak reading of UK industrial output bolstered expectations that a patchy economic recovery will keep UK interest rates low this year. The pound plumbed a session trough of $1.6235, its
Published 13 May, 2011 12:00am
Yuan falls versus dollar

Yuan falls versus dollar

The yuan ended down against the dollar on Thursday after the People's Bank of China set a weaker mid-point as the dollar held near three-week highs. Dealers said spot yuan would meet resistance at 6.49 for now, before the central bank sends a strong signa
Published 13 May, 2011 12:00am
UK's top share index falls

UK's top share index falls

Britain's FTSE 100 was rattled on Thursday as global growth concerns triggered a fall in commodity-linked stocks and boosted appetite for defensive assets. Miners and oil stocks retreated as commodities continued their worst rout since 2008, after China s
Published 13 May, 2011 12:00am
Indian shares decline

Indian shares decline

Indian shares declined 1.3 percent on Thursday, ignoring robust industrial output growth in March, and joined the sell-off in world equities as weaker commodity y prices weighed on investor sentiment for riskier assets. Industrial output grew at a much fa
Published 13 May, 2011 12:00am
European shares lower

European shares lower

European share prices mostly ended lower on Thursday and analysts said the market could be prone to further declines as a sell-off in commodities on demand concerns prompted investors to shun mining and energy shares. A rise in the Euro STOXX 50 volatilit
Published 13 May, 2011 12:00am
Nikkei average falls

Nikkei average falls

Tokyo stocks fell on Thursday, led by declines in energy and commodity shares after sharp overnight falls in commodities prices, offsetting a strong performance by bellwether Toyota Motor Corp. Analysts said a commodities rout was one of the reasons makin
Published 13 May, 2011 12:00am
Southeast Asian stocks retreat

Southeast Asian stocks retreat

Southeast Asian stock markets retreated on Thursday, with investors fretting over another shake-out in the commodities sector, but they were still selectively buying shares in companies with favourable earnings and dividend returns. The rout in commoditie
Published 13 May, 2011 12:00am
Taiwan stocks up

Taiwan stocks up

Taiwan stocks closed up 0.15 percent on Thursday, the only market in the region not affected by a big sell-off in commodities, with car makers and retailers leading the index up. The main TAIEX index rose 13.28 points at 9,033.68, after opening 0.47 perce
Published 13 May, 2011 12:00am
Safety bid boosts Treasuries

Safety bid boosts Treasuries

US Treasuries rose on Wednesday as stock losses revived investors' appetite for safe-haven government debt. Lower oil prices also hinted at slower global growth ahead, a development that would extend the life of accommodative monetary policy. Major stock
Published 13 May, 2011 12:00am
Safety bid boosts Treasuries

Safety bid boosts Treasuries

US Treasuries rose on Wednesday as stock losses revived investors' appetite for safe-haven government debt. Lower oil prices also hinted at slower global growth ahead, a development that would extend the life of accommodative monetary policy. Major stock
Published 13 May, 2011 12:00am
Commodities lead US stocks down

Commodities lead US stocks down

US stocks nearly erased a three-day rally on Wednesday as energy and other commodity shares sank, feeding worries about the market's ability to stay on its upward path. The second major breakdown in commodities in a week fuelled selling in other risky ass
Published 13 May, 2011 12:00am
Thursday's midday trade: Wall Street flat

Thursday's midday trade: Wall Street flat

US stocks recovered from initial declines on Thursday in a choppy session as commodity prices kept the market in flux while a downgrade of Goldman Sachs dragged down financial shares. Commodities rebounded after US data showed a decline in jobless benefit
Published 13 May, 2011 12:00am
Hong Kong, China shares slip

Hong Kong, China shares slip

Hong Kong and China shares fell on Thursday as the resources sector suffered from another selloff in commodities, while a jump in Internet firm Tencent kept the Hang Seng above a key chart support level. Mining companies and oil producers led losses after
Published 13 May, 2011 12:00am
Seoul shares down

Seoul shares down

Seoul shares fell on Thursday amid foreign selling and the expiry of options, with losses among refiners and automakers, including S-Oil Corp and Hyundai Motor, pressuring the market. The Korea Composite Stock Price Index ended down 2.03 percent at 2,122.
Published 13 May, 2011 12:00am
Middle East markets: UAE and Qatar slip, Egypt edges up

Middle East markets: UAE and Qatar slip, Egypt edges up

Most Gulf Arab markets fell on Thursday as investors booked profits in UAE and Qatar, while Renaissance weighed on Oman's bourse for a second day. Dubai's blue chips ended the benchmark's two-session gains. Developer Emaar Properties fell 0.6 percent and
Published 13 May, 2011 12:00am
Summit Power to build three Bangladesh power plants

Summit Power to build three Bangladesh power plants

Summit Power said it signed deals with the Bangladesh Power Development Board (PDB) on Thursday to build three power plants over the next three years with a total generation capacity of 1,017 megawatts. "We will be able to implement three projects with a
Published 13 May, 2011 12:00am
US consumers feel pinch of gasoline costs in April

US consumers feel pinch of gasoline costs in April

The US economy struggled to gain momentum early in the second quarter, with retail sales posting their smallest rise in nine months in April and wholesale prices increasing more than expected. Other data on Thursday showed new claims for unemployment bene
Published 13 May, 2011 12:00am
Obama urges companies to hire, studies housing moves

Obama urges companies to hire, studies housing moves

President Barack Obama urged businesses to "step up" and hire workers, pressing banks and other corporations to do more to help an economy that he said would take "several years" to recover fully. In a town-hall style meeting conducted by CBS News on Wedn
Published 13 May, 2011 12:00am
Gazprom faces $8 billion hit from taxes, price curbs

Gazprom faces $8 billion hit from taxes, price curbs

Russia, looking for new revenue sources and keen to curb inflation before elections, plans to hit Gazprom with a double whammy of a tax increase and a lower gas tariff rise that would cost the company $8 billion. Prime Minister Vladimir Putin, who is cons
Published 13 May, 2011 12:00am
Fed warns politicians to raise US debt ceiling

Fed warns politicians to raise US debt ceiling

US Federal Reserve chairman Ben Bernanke warned politicians Thursday to raise the country's official debt limit soon or risk destabilising the financial system. With the cap expected to be hit Monday and the government still needing to borrow to finance i
Published 13 May, 2011 12:00am
Saab's Chinese rescue deal falls through

Saab's Chinese rescue deal falls through

A rescue deal for Saab involving China's Hawtai Motor Group collapsed on Thursday, leaving owner Spyker chasing new funding alternatives as it attempts to restart production at the Swedish carmaker. Hawtai and Dutch-listed Spyker agreed a deal last week t
Published 13 May, 2011 12:00am
Nissan's annual profit soars

Nissan's annual profit soars

Japan's second-biggest automaker Nissan returned to the black in January-March, despite the impact of a devastating earthquake and tsunami on production, as annual net profit soared more than seven-fold. Nissan President and CEO Carlos Ghosn told reporter
Published 13 May, 2011 12:00am
Nissan's annual profit soars

Nissan's annual profit soars

Japan's second-biggest automaker Nissan returned to the black in January-March, despite the impact of a devastating earthquake and tsunami on production, as annual net profit soared more than seven-fold. Nissan President and CEO Carlos Ghosn told reporter
Published 13 May, 2011 12:00am
'Big Oil' grilled by US Congress

'Big Oil' grilled by US Congress

With Americans furious at sky-high gasoline prices and tax breaks for "Big Oil" under fire, a key US Senate committee put five senior oil executives in the dock on Thursday. The bosses of Chevron, Shell US, BP America, ConocoPhillips, and ExxonMobil appea
Published 13 May, 2011 12:00am
Debt crisis could still spread to EU core: IMF

Debt crisis could still spread to EU core: IMF

Despite bailouts for Greece, Ireland and Portugal, Europe's debt crisis may yet spread to core euro zone countries and emerging eastern Europe, the International Monetary Fund said on Thursday. The warning came as government sources in Athens said interna
Published 13 May, 2011 12:00am
Japan current account surplus slumps after quake

Japan current account surplus slumps after quake

Japan's current account surplus tumbled in March from a year earlier as exports fell and imports rose following a devastating earthquake and tsunami, and the surplus could shrink further as power shortages make it difficult for exporters to restore produc
Published 13 May, 2011 12:00am
Nobody wants Doha trade talks to fail: Lamy

Nobody wants Doha trade talks to fail: Lamy

Countries locked in long-running trade talks do not want the so-called Doha round to fail but may not have the political will to agree on how to cut industrial tariffs, the World Trade Organisation (WTO) said on Thursday. "What members have told me so far
Published 13 May, 2011 12:00am
ECB's Stark signals rate hikes

ECB's Stark signals rate hikes

ECB policymaker Juergen Stark left little doubt on Thursday more eurozone rate hikes were on the agenda, even as the International Monetary Fund urged the bank to tread carefully to help contain the region's debt woes. Warning the fiscal crisis could yet
Published 13 May, 2011 12:00am
China raises bank reserves again to tame inflation

China raises bank reserves again to tame inflation

China lifted bank reserve requirements by 50 basis points on Thursday, signalling that containing inflation and soaking up excess cash remained its top priority even after signs the economy was slowing down. The announcement of more tightening came as a s
Published 13 May, 2011 12:00am
IMF warns Latin America's boom could end in crisis

IMF warns Latin America's boom could end in crisis

Latin America's economic boom could end in a "full-blown" crisis unless the region's governments properly manage the situation, the International Monetary Fund's top regional official said in an unusually stark warning to both policymakers and investors o
Published 13 May, 2011 12:00am
Pressure continues on cotton futures prices

Pressure continues on cotton futures prices

Prices of sundry commodities slumped at midweek when they reacted to uncertainties pertaining to economic and financial concerns regarding the deepening debts of Greece, Portugal, Spain and Ireland and whether they would be addressed and accommodated by t
Published 13 May, 2011 12:00am
Pressure continues on cotton futures prices

Pressure continues on cotton futures prices

Prices of sundry commodities slumped at midweek when they reacted to uncertainties pertaining to economic and financial concerns regarding the deepening debts of Greece, Portugal, Spain and Ireland and whether they would be addressed and accommodated by t
Published 13 May, 2011 12:00am
Trading activity improves on exporters' participation

Trading activity improves on exporters' participation

Activity improved on the cotton market on Thursday following exporters' participation in buying and partly because of recovery in the NY cotton futures, dealers said. The Karachi Cotton Association (KCA) official spot rate was inert at Rs 8,500, they said
Published 13 May, 2011 12:00am
Oil cake market rates

Oil cake market rates

Contracts were unchanged on the forward cottonseed oilcake market on Thursday in process of trading, dealers said. The May vaida that had closed at Rs 1333.50 opened at the same rate. The July vaida commenced with no change at Rs 1421.10, they said.
Published 13 May, 2011 12:00am
Some changes seen in slow business on grain market

Some changes seen in slow business on grain market

Slow business was seen on the wholesales grain market on Thursday as most of the buyers kept to sideline on expectations of decline in the rates, dealers said. On the cereal side, wheat old and new Bardan quoted higher at Rs 2410-2415 and Rs 2425-2430, ot
Published 13 May, 2011 12:00am
US corn, wheat futures fall

US corn, wheat futures fall

Chicago corn futures fell to their lowest level in almost eight weeks on Thursday while wheat and soyabean prices also fell, tracking widespread losses in commodity markets. Oil and silver led the retreat on Thursday as another wave of selling hit the com
Published 13 May, 2011 12:00am
China seeks to buy Argentine soyaoil

China seeks to buy Argentine soyaoil

A Chinese trade delegation now in Argentina may be looking for a bulk purchase of soyaoil and is likely to discuss possible corn purchases, traders said on Thursday. The China National Grain and Oils Information Center (CNGOIC), citing market talk, said b
Published 13 May, 2011 12:00am
Canadian canola futures fall

Canadian canola futures fall

ICE Canada canola futures fell on Wednesday with weakness in US grain and oilseed markets and as investors thinned long positions, traders said. Bearish US Department of Agriculture data weighed down corn, soya and wheat futures, spilling pressure onto ca
Published 13 May, 2011 12:00am
Karachi Port's activities

Karachi Port's activities

The Karachi Port handled 51,000 tonnes of cargo including 28,596 tonnes of import cargo, 22,404 tonnes of export cargo and 2,003 loaded & empty containers during last 24 hours ended at 0700 hours on Thursday. The total import cargo of 28,596 tonnes compri
Published 13 May, 2011 12:00am
Message from Minister for Finance

Message from Minister for Finance

For the advancement and progress of any country, emerging technologies have to be adopted. Therefore, discussion on information technology (IT) is a key part of intellectual discussions for any economy. The 2011 WCO IT conference and Exhibition is a great
Published 13 May, 2011 12:00am
Message from Minister for Commerce

Message from Minister for Commerce

It is a significant development for the world today. Without IT, many trade and commerce activities such as Customs, would have been very difficult to manage. Therefore, an IT conference focused particularly on issues of customs, trade and transport logis
Published 13 May, 2011 12:00am
Message from Chairman FBR

Message from Chairman FBR

It gives me immense pleasure to know that Daily Business Recorder is bring out a special report to coincide with the World Customs Organisation's Conference on Customs, International Trade and Economic Development being held in Seattle on May 11-13
Published 13 May, 2011 12:00am
Message from Member (Customs) FBR

Message from Member (Customs) FBR

At the very outset, I extend my heartiest congratulations and commendation to the Organisers of 2011 WCO IT Conference and Exhibition for providing a comprehensive platform for IT developers, software vendors, Customs and Trade from the world over.
Published 13 May, 2011 12:00am
Message from Chief Executive, TDAP

Message from Chief Executive, TDAP

Pakistani businesses have proven their mettle in the international arena despite heavy odds. While much progress has been made in terms of diversification in the product lines and markets there is still room for accelerating our promotional and marketing
Published 13 May, 2011 12:00am
KICT - company profile

KICT - company profile

Karachi International Container Terminal (KICT) is located west of the Indus Delta in the natural deep-water harbour of the century-old Port of Karachi. KICT was established in 1996 with the signing of a concession agreement between the international proj
Published 13 May, 2011 12:00am
Challenges and opportunities for logistics providers serving in Pakistan

Challenges and opportunities for logistics providers serving in Pakistan

Freight Forwarding and Logistics industry plays an important role in the overall economy of the country. In the Global Context, efficient Logistics industry is a back bone of any economy. It plays a significant role in eliminating wastages and makes the e
Published 13 May, 2011 12:00am
PSQCA aims at protecting consumers' rights through quality culture

PSQCA aims at protecting consumers' rights through quality culture

The PSQCA Act, 1996 equips the Authority with the necessary powers to take all appropriate actions to ensure strict compliance with the standards it has evolved and adopted for thousand of products and processes so that consumers are empowered and their r
Published 13 May, 2011 12:00am
Trading Corporation of Pakistan - the case for market intervention

Trading Corporation of Pakistan - the case for market intervention

Trading Corporation of Pakistan (TCP), a private limited company, was established in 1967 as a premier trading house. Initially, TCP had the role to engage in international commodity exchange. With time, the role evolved in line with the government's free
Published 13 May, 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 13 May, 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 13 May, 2011 12:00am
Exchange rates: buying and selling

Exchange rates: buying and selling

Exchange rates issued by the Treasury Management Division of National Bank of Pakistan on Thursday (May 12, 2011).

Published 13 May, 2011 12:00am
Conversion for foreign currency deposits

Conversion for foreign currency deposits

Conversion for foreign currency deposits, DBC/FCBC, special USD bond & profits thereon (excluding FE-25 deposits) on Thursday (May 12, 2011).

Published 13 May, 2011 12:00am
Currency notes: exchange rates

Currency notes: exchange rates

Exchange rates for Currency Notes issued by the Treasury Management Division of National Bank of Pakistan (NBP) here on Thursday (May 12, 2011).

Published 13 May, 2011 12:00am
Bill buying rates per unit of currency

Bill buying rates per unit of currency

Bill Buying Rates per unit of currency -- issued by the Treasury Management Division of the National Bank of Pakistan on Thursday (May 12, 2011).

Published 13 May, 2011 12:00am
Money Market Report

Money Market Report

Money market report by Khadim Ali Shah Bukhari & Co on Thursday (May 12, 2011).
Published 13 May, 2011 12:00am
Spot dollar rates

Spot dollar rates

Spot Dollar rates from Khadim Ali Shah Bukhari & Co Ltd on Thursday (May 12, 2011).

Published 13 May, 2011 12:00am
SBP bans exchange companies' network expansion

SBP bans exchange companies' network expansion

The State Bank of Pakistan has imposed a ban on the expansion of exchange companies' network with immediate effect. Sources in the banking sector told Business Recorder on Thursday that the SBP directive had taken exchange companies by surprise, as
Published 13 May, 2011 12:00am
SBP bans exchange companies' network expansion

SBP bans exchange companies' network expansion

The State Bank of Pakistan has imposed a ban on the expansion of exchange companies' network with immediate effect. Sources in the banking sector told Business Recorder on Thursday that the SBP directive had taken exchange companies by surprise, as
Published 13 May, 2011 12:00am
SBP bans exchange companies'' network expansion

SBP bans exchange companies'' network expansion

The State Bank of Pakistan has imposed a ban on the expansion of exchange companies'' network with immediate effect. Sources in the banking sector told Business Recorder on Thursday that the SBP directive had taken exchange companies by surprise, a
Published 13 May, 2011 12:00am
Third 330 megawatts nuclear plant becomes operational

Third 330 megawatts nuclear plant becomes operational

Pakistan's third nuclear electric power plant went operational on Thursday, pumping another 330MW into the national grid in a bid to help meet country's growing energy demand and cut down the shortfall. Prime Minister Syed Yousuf Raza Gilani inaugurated t
Published 13 May, 2011 12:00am
Third 330 megawatts nuclear plant becomes operational

Third 330 megawatts nuclear plant becomes operational

Pakistan's third nuclear electric power plant went operational on Thursday, pumping another 330MW into the national grid in a bid to help meet country's growing energy demand and cut down the shortfall. Prime Minister Syed Yousuf Raza Gilani inaugurated t
Published 13 May, 2011 12:00am
Third 330 megawatts nuclear plant becomes operational

Third 330 megawatts nuclear plant becomes operational

Pakistan''s third nuclear electric power plant went operational on Thursday, pumping another 330MW into the national grid in a bid to help meet country''s growing energy demand and cut down the shortfall. Prime Minister Syed Yousuf Raza Gilani inaugurated
Published 13 May, 2011 12:00am
Closing of sterling rates

Closing of sterling rates

Closing of sterling rates at 1730 GMT - on Thursday (May 12, 2011).

Published 13 May, 2011 12:00am
Nuclear power plants functioning safe under IAEA guidelines: PAEC

Nuclear power plants functioning safe under IAEA guidelines: PAEC

Chairman Pakistan Atomic Energy Commission Dr Ansar Pervaiz on Thursday said the country's nuclear power plants were functioning safe in accordance under the safety regulations of International Atomic Energy Agency (IAEA). Talking to reporters after the i
Published 13 May, 2011 12:00am
Nuclear power plants functioning safe under IAEA guidelines: PAEC

Nuclear power plants functioning safe under IAEA guidelines: PAEC

Chairman Pakistan Atomic Energy Commission Dr Ansar Pervaiz on Thursday said the country's nuclear power plants were functioning safe in accordance under the safety regulations of International Atomic Energy Agency (IAEA). Talking to reporters after the i
Published 13 May, 2011 12:00am
Nuclear power plants functioning safe under IAEA guidelines: PAEC

Nuclear power plants functioning safe under IAEA guidelines: PAEC

Chairman Pakistan Atomic Energy Commission Dr Ansar Pervaiz on Thursday said the country''s nuclear power plants were functioning safe in accordance under the safety regulations of International Atomic Energy Agency (IAEA). Talking to reporters after the
Published 13 May, 2011 12:00am
Pakistan, Russia sign four MoUs on energy, other sectors

Pakistan, Russia sign four MoUs on energy, other sectors

Pakistan and Russia on Thursday signed four Memorandum of Understandings (MoUs) on energy co-operation, air space, promotion of investment and co-operation in agriculture sectors. The MoU on air services was inked by Defence Minister Chaudhry Ahmed Mukhta
Published 13 May, 2011 12:00am
Pakistan, Russia sign four MoUs on energy, other sectors

Pakistan, Russia sign four MoUs on energy, other sectors

Pakistan and Russia on Thursday signed four Memorandum of Understandings (MoUs) on energy co-operation, air space, promotion of investment and co-operation in agriculture sectors. The MoU on air services was inked by Defence Minister Chaudhry Ahmed Mukhta
Published 13 May, 2011 12:00am
Pakistan, Russia sign four MoUs on energy, other sectors

Pakistan, Russia sign four MoUs on energy, other sectors

Pakistan and Russia on Thursday signed four Memorandum of Understandings (MoUs) on energy co-operation, air space, promotion of investment and co-operation in agriculture sectors. The MoU on air services was inked by Defence Minister Chaudhry Ahmed Mukhta
Published 13 May, 2011 12:00am
Government extends subsidy on power tariff for another year

Government extends subsidy on power tariff for another year

The government has decided to extend subsidy on power tariff for another year and the amount projected for the financial year 2011-12 is Rs 239 billion. According to the Budget Strategy Paper 2011-2012 approved by the federal cabinet in its meeting on May
Published 13 May, 2011 12:00am
Government extends subsidy on power tariff for another year

Government extends subsidy on power tariff for another year

The government has decided to extend subsidy on power tariff for another year and the amount projected for the financial year 2011-12 is Rs 239 billion. According to the Budget Strategy Paper 2011-2012 approved by the federal cabinet in its meeting on May
Published 13 May, 2011 12:00am
Government extends subsidy on power tariff for another year

Government extends subsidy on power tariff for another year

The government has decided to extend subsidy on power tariff for another year and the amount projected for the financial year 2011-12 is Rs 239 billion. According to the Budget Strategy Paper 2011-2012 approved by the federal cabinet in its meeting on May
Published 13 May, 2011 12:00am
Unilateral US raid condemned

Unilateral US raid condemned

The Defence Committee of the Cabinet (DCC) while condemning the May 2 US unilateral action in Abbottabad in violation of Pakistan's sovereignty on Thursday resolutely reaffirmed the determination of the government to safeguard national honour and interest
Published 13 May, 2011 12:00am
Unilateral US raid condemned

Unilateral US raid condemned

The Defence Committee of the Cabinet (DCC) while condemning the May 2 US unilateral action in Abbottabad in violation of Pakistan's sovereignty on Thursday resolutely reaffirmed the determination of the government to safeguard national honour and interest
Published 13 May, 2011 12:00am
Pakistan due to get $300 million in US security reimbursement

Pakistan due to get $300 million in US security reimbursement

Pakistan is likely to get $300 million from the United States for costs incurred in fighting militants, officials said on Thursday, at a time US legislators have been questioning aid to Pakistan after Osama bin Laden was found there. The funds are part of
Published 13 May, 2011 12:00am
Pakistan due to get $300 million in US security reimbursement

Pakistan due to get $300 million in US security reimbursement

Pakistan is likely to get $300 million from the United States for costs incurred in fighting militants, officials said on Thursday, at a time US legislators have been questioning aid to Pakistan after Osama bin Laden was found there. The funds are part of
Published 13 May, 2011 12:00am
Joint sitting today

Joint sitting today

Defence briefing to the joint-sitting of the parliament on Abbottabad operation and Osama's killing would be held in Parliament House on Friday at 1500 hours. The meeting of Business Advisory Committee would be held at 11 am to finalise the agenda of the
Published 13 May, 2011 12:00am
Joint sitting today

Joint sitting today

Defence briefing to the joint-sitting of the parliament on Abbottabad operation and Osama's killing would be held in Parliament House on Friday at 1500 hours. The meeting of Business Advisory Committee would be held at 11 am to finalise the agenda of the
Published 13 May, 2011 12:00am
Dubai talks with IMF focus economy, budget

Dubai talks with IMF focus economy, budget

The Inter-national Monetary Fund (IMF) is holding talks with the Pakistani officials on the recent economic developments and the upcoming budget. Caroline Atkinson, Director of IMF External Relations said while addressing a video conference in Washington
Published 13 May, 2011 12:00am
Dubai talks with IMF focus economy, budget

Dubai talks with IMF focus economy, budget

The Inter-national Monetary Fund (IMF) is holding talks with the Pakistani officials on the recent economic developments and the upcoming budget. Caroline Atkinson, Director of IMF External Relations said while addressing a video conference in Washington
Published 13 May, 2011 12:00am
Dubai talks with IMF focus economy, budget

Dubai talks with IMF focus economy, budget

The Inter-national Monetary Fund (IMF) is holding talks with the Pakistani officials on the recent economic developments and the upcoming budget. Caroline Atkinson, Director of IMF External Relations said while addressing a video conference in Washington
Published 13 May, 2011 12:00am
RAC drops proposal to replace one percent turnover tax with 'GAT'

RAC drops proposal to replace one percent turnover tax with 'GAT'

The Revenue Advisory Council (RAC) has dropped a major budgetary proposal to replace one percent turnover tax with the proposed Gross Asset Tax (GAT) keeping in view the 18th Constitutional Amendment under which taxation on immovable property is a provinc
Published 13 May, 2011 12:00am
RAC drops proposal to replace one percent turnover tax with 'GAT'

RAC drops proposal to replace one percent turnover tax with 'GAT'

The Revenue Advisory Council (RAC) has dropped a major budgetary proposal to replace one percent turnover tax with the proposed Gross Asset Tax (GAT) keeping in view the 18th Constitutional Amendment under which taxation on immovable property is a provinc
Published 13 May, 2011 12:00am
RAC drops proposal to replace one percent turnover tax with ''GAT''

RAC drops proposal to replace one percent turnover tax with ''GAT''

The Revenue Advisory Council (RAC) has dropped a major budgetary proposal to replace one percent turnover tax with the proposed Gross Asset Tax (GAT) keeping in view the 18th Constitutional Amendment under which taxation on immovable property is a provinc
Published 13 May, 2011 12:00am
Index loses 74.18 points

Index loses 74.18 points

After witnessing a bull run during last three consecutive sessions, the investors opted for profit taking on Thursday and the KSE-100 index lost 74.18 points to close at 11,962.18 points. Trading activities also remained low, as the volumes at ready count
Published 13 May, 2011 12:00am
Index loses 74.18 points

Index loses 74.18 points

After witnessing a bull run during last three consecutive sessions, the investors opted for profit taking on Thursday and the KSE-100 index lost 74.18 points to close at 11,962.18 points. Trading activities also remained low, as the volumes at ready count
Published 13 May, 2011 12:00am
Index loses 74.18 points

Index loses 74.18 points

After witnessing a bull run during last three consecutive sessions, the investors opted for profit taking on Thursday and the KSE-100 index lost 74.18 points to close at 11,962.18 points. Trading activities also remained low, as the volumes at ready count
Published 13 May, 2011 12:00am
BRIndex30 down 2.39 points

BRIndex30 down 2.39 points

On Thursday, BRIndex30 opened at 8,641.31 points. It touched an intraday high of 8,657.88 points and an intraday low of 8,618.82 points and closed at 8,638.92 points, which was -2.39 points or -0.03 percent lower than previous close. Total volume was 44,9
Published 13 May, 2011 12:00am
BRIndex30 down 2.39 points

BRIndex30 down 2.39 points

On Thursday, BRIndex30 opened at 8,641.31 points. It touched an intraday high of 8,657.88 points and an intraday low of 8,618.82 points and closed at 8,638.92 points, which was -2.39 points or -0.03 percent lower than previous close. Total volume was 44,9
Published 13 May, 2011 12:00am
LSE index down 16.79 points

LSE index down 16.79 points

Negative sentiments prevailed at the Lahore Stock Exchange (LSE) where equities closed in red zone amid declining transaction volume on Thursday. The LSE-25 index declined by 16.79 points and was closed at 3207.81 points against 3224.60 points of Wednesda
Published 13 May, 2011 12:00am
LSE index down 16.79 points

LSE index down 16.79 points

Negative sentiments prevailed at the Lahore Stock Exchange (LSE) where equities closed in red zone amid declining transaction volume on Thursday. The LSE-25 index declined by 16.79 points and was closed at 3207.81 points against 3224.60 points of Wednesda
Published 13 May, 2011 12:00am
Bears dominate ISE

Bears dominate ISE

Bears dominated the proceedings at the Islamabad Stock Exchange (ISE) where equities showed negative signs under the lead of hot favourite amid decrease in index. ISE Ten Index was down by 27.61 points, as the Index moved from 2701.64 to 2674.03 points.
Published 13 May, 2011 12:00am
Bears dominate ISE

Bears dominate ISE

Bears dominated the proceedings at the Islamabad Stock Exchange (ISE) where equities showed negative signs under the lead of hot favourite amid decrease in index. ISE Ten Index was down by 27.61 points, as the Index moved from 2701.64 to 2674.03 points.
Published 13 May, 2011 12:00am
Assistance for Pakistan in US interest: State Department

Assistance for Pakistan in US interest: State Department

The Obama Administration believes American assistance for Pakistan and its counter-terrorism co-operation with the key regional country is in the long-term interests of the United States, the State Department said. "We've also been making this point, that
Published 13 May, 2011 12:00am
Proposed right issues

Proposed right issues

Right issues proposed by companies listed on Karachi Stock Exchange.

Published 13 May, 2011 12:00am
US envoy regrets violation of airspace

US envoy regrets violation of airspace

Pakistan on Thursday summoned the US ambassador to Islamabad to protest the violation of national sovereignty through the operation conducted by US forces in Abbottabad, officials and local media said. US ambassador Cameron Munter was summoned to the Paki
Published 13 May, 2011 12:00am
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