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Archive - 2011-05-17
Fighting in Libya's Misrata kills seven
Top News

Fighting in Libya's Misrata kills seven

TUNIS: Seven people were killed on Tuesday in Misrata during clashes between rebels and Libyan forces loyal to leader Mo
Published 17 May, 2011 07:23pm
Correction
Money & Banking

Correction

Apropos a news item “Government takes over troubled bank,” carried by www.brecorder.com on May 16, 2011, it is clar
Published 17 May, 2011 04:14pm
European stocks close lower
Financial

European stocks close lower

LONDON: European stocks markets closed lower Tuesday, with London's FTSE 100 index of leading shares down 1.06 percent a
Published 17 May, 2011 04:10pm
SBP to buy govt paper in reverse repo
Top News

SBP to buy govt paper in reverse repo

KARACHI: State Bank of Pakistan (SBP) said it would buy government paper from commercial banks on Tuesday in three-day r
Published 17 May, 2011 01:17pm
KSE end up; rupee weakens
Markets

KSE end up; rupee weakens

KARACHI: Light trading nonetheless pushed Pakistani stocks higher on Tuesday led by middle-tier shares, as investors sta
Published 17 May, 2011 01:05pm
China a true friend of Pakistan: Gilani
Top News

China a true friend of Pakistan: Gilani

BEIJING: On the eve of his official visit to China, Prime Minister Syed Yousuf Raza Gilani said China is a true friend o
Published 17 May, 2011 12:04pm
UK inflation jumps in April
Top News

UK inflation jumps in April

LONDON: British annual inflation hit a 2-1/2 year high last month and core prices rose at a record pace, deepening the p
Published 17 May, 2011 11:07am
Greece sells 1.625bn euro
Managed Funds

Greece sells 1.625bn euro

ATHENS: Greece's Public Debt Management Agency (PDMA) sold 1.625 billion euros ($2.3 billion) of 3-month T-bills on Tues
Published 17 May, 2011 11:04am
Swap moves favour euros
Managed Funds

Swap moves favour euros

LONDON: SSA issuers' shift to the euro market for funding is likely to continue in 2011 as the erosion of the arbitrage
Published 17 May, 2011 09:53am
Australian flood costs top $6bn
Asia

Australian flood costs top $6bn

SYDNEY: Massive floods and a monster cyclone that swept through northeastern Australia over the summer will cost more th
Published 17 May, 2011 09:23am
Saudis upbeat on spending, bank lending
Top News

Saudis upbeat on spending, bank lending

RIYADH: Saudi Arabia's economic growth should be boosted by an increase in government spending, and its banks are well
Published 17 May, 2011 07:52am
Oil slips on demand worries
Energy

Oil slips on demand worries

SINGAPORE: Oil slipped Tuesday in Asian trade as demand concerns continued to cast a shadow on sentiment, analysts said.
Published 17 May, 2011 05:19am
DAP subsidy on the cards?
BR Research

DAP subsidy on the cards?

Umbalanced fertiliser application is an age-old phenomenon in Pakistan, stemming from the high price differential between DAP and urea, and
Published 17 May, 2011 12:00am
Steady telecom sector
BR Research

Steady telecom sector

There was a time when the telecommunication industry was in growth phase, characterised by double-digit subscriber growth, healthy average r
Published 17 May, 2011 12:00am
Seminar seeks thorough probe into Abbottabad operation

Seminar seeks thorough probe into Abbottabad operation

The Independent Commission appointed through a bipartisan consensus should thoroughly investigate the causes of operation, the sanctuaries and hide out created by Osama Bin Laden, al Qaeda and the allied terrorist networks.
Published 17 May, 2011 12:00am
Lahore Grain Market Rates

Lahore Grain Market Rates

Grain and other commodity rates in rupees on Akbari Mandi on Monday (May 16, 2011).

Published 17 May, 2011 12:00am
Revival of economy: LCCI stresses need for sector-specific measures

Revival of economy: LCCI stresses need for sector-specific measures

President Lahore Chamber of Commerce and Industry (LCCI), Shahzad Ali Malik stressed the need for sector-specific measures for the revival of economy, as the political uncertainty has not only dented businessmen's sentiments but also decelerated economic
Published 17 May, 2011 12:00am
Groundbreaking of Diamer-Bhasha dam next week

Groundbreaking of Diamer-Bhasha dam next week

All arrangements have been finalised for groundbreaking of the multi-billion dollar Diamer-Bhasha dam next week. Official sources in Ministry of Water and Power told APP that the project was of a great national importance and would be completed within the
Published 17 May, 2011 12:00am
Petitions against Hajj policy 2011: CJ LHC adjourns hearing

Petitions against Hajj policy 2011: CJ LHC adjourns hearing

The Lahore High Court Chief Justice here Monday adjourned the hearing in dozens of petitions against Hajj policy 2011 and discriminatory process of allotment of Hajj quota to tour operators after an additional secretary of ministry of religious affairs Ar
Published 17 May, 2011 12:00am
'275 sasti roti tandoors functioning in Punjab'

'275 sasti roti tandoors functioning in Punjab'

Chairman Sasti Roti Authority Hanif Abbasi, MNA met Punjab Chief Minister Shahbaz Sharif here on Monday and presented a report regarding mechanical tandoors in the province.
Published 17 May, 2011 12:00am
Punjab University new website inaugurated

Punjab University new website inaugurated

Punjab University (PU) Vice-Chancellor Professor Dr Mujahid Kamran inaugurated new website of the varsity, launched by Information Technology (IT) Centre on Monday. Registrar Professor Dr Muhammad Akhtar, Director Planning and Development Tariq Majid Qure
Published 17 May, 2011 12:00am
Poultry Rates

Poultry Rates

Wholesale poultry rates on Monday (May 16, 2011) and for Tuesday (May 17, 2011).
Published 17 May, 2011 12:00am
'Pakistan Railways experiencing huge deficit of Rs 62 billion'

'Pakistan Railways experiencing huge deficit of Rs 62 billion'

Pakistan Railways has fallen into a serious crisis, as its deficit has reached rupees 62 billion against the annual income of Rs 20 billion during the current fiscal. "Rampant corruption, shortage of locomotives, mismanagement and heavy operational losses
Published 17 May, 2011 12:00am
Non ferrous metals, ferrous alloy rates

Non ferrous metals, ferrous alloy rates

Non ferrous metals, ferrous alloy rates in rupees prevailing on the commodity markets in Karachi on Monday (May 16, 2011).

Published 17 May, 2011 12:00am
UHS sets up 'Learning Emergency Medicine' institute

UHS sets up 'Learning Emergency Medicine' institute

The University of Health Sciences (UHS) Lahore has established an institute of 'Learning Emergency Medicine' to train medical students, health professionals and emergency relief workers in basic and advanced life support courses.
Published 17 May, 2011 12:00am
LME official prices

LME official prices

The following were Friday official prices.

Published 17 May, 2011 12:00am
'World Hypertension Day' being observed today

'World Hypertension Day' being observed today

Like other parts of the globe, "World Hypertension Day" is being observed here on May 17 (today) with a resolve to continue efforts for creation of healthy society by raising awareness among public about the preventable diseases.
Published 17 May, 2011 12:00am
LME official prices

LME official prices

The following were Friday official prices.

Published 17 May, 2011 12:00am
NIT to open its new branch today

NIT to open its new branch today

The National Investment Trust (NIT) Pakistan, a largest asset management company, will open its third branch in Lahore on Tuesday (today). Mian Tajjamul Hussain, a leading industrialist and senior member of the Board of Directors' of NIT, will inaugurate
Published 17 May, 2011 12:00am
Bullion Rates

Bullion Rates

Gold and silver rates in rupees per 10 grams prevailing in major cities on Monday (May 16, 2011).

Published 17 May, 2011 12:00am
NIT to open its new branch today

NIT to open its new branch today

The National Investment Trust (NIT) Pakistan, a largest asset management company, will open its third branch in Lahore on Tuesday (today). Mian Tajjamul Hussain, a leading industrialist and senior member of the Board of Directors' of NIT, will inaugurate
Published 17 May, 2011 12:00am
Bullion Rates

Bullion Rates

Gold and silver rates in rupees per 10 grams prevailing in major cities on Monday (May 16, 2011).

Published 17 May, 2011 12:00am
Rally demands raise in clerks' salaries

Rally demands raise in clerks' salaries

On the call of All Pakistan Clerks Association (APCA) Punjab Chapter, APCA Multan organised a big rally to press the authorities for acceptance of their demands. The rally started followed by a protest meeting under the chairmanship of Abdul Razzaq Baloch
Published 17 May, 2011 12:00am
The Weather

The Weather

The weather report on Monday (May 16, 2011) and the forecast for Tuesday (May 17, 2011).

Published 17 May, 2011 12:00am
LUMS launches VIEW website

LUMS launches VIEW website

The Lahore University of Management Sciences (LUMS) launched its 'Volunteer Internet Based Environment Watch (VIEW)', website which is an Environment Protection Agency (EPA) Punjab funded project, here on Monday. Punjab Environment Secretary, Sajjad Salee
Published 17 May, 2011 12:00am
Expert warns against levying tax on poultry feed

Expert warns against levying tax on poultry feed

Former Chairman Pakistan Poultry Association (PPA), Abdul Basit Monday urged the government to avoid implementation of 15 percent sales tax on poultry feed as it would not only double chicken prices but a cheap source of finest protein would also be out o
Published 17 May, 2011 12:00am
Tumbling yarn prices: textile millers express mixed views

Tumbling yarn prices: textile millers express mixed views

Textile millers have expressed mixed views on tumbling yarn prices at present with a precise consensus that the upcoming demand from the China would stabilise the market. Factors like a drop in cotton prices internationally on the one hand and closing dow
Published 17 May, 2011 12:00am
Power shortfall likely to occur again

Power shortfall likely to occur again

Power shortfall is likely to be triggered again with short supply of fuel to thermal power generation, sources said. According to the reliable sources, oil supply to thermal generation halted again on Monday, pushing the shortfall again to 5,000MW ahead.
Published 17 May, 2011 12:00am
Abbottabad operation: LHC approached for expulsion of US ambassador

Abbottabad operation: LHC approached for expulsion of US ambassador

A constitutional petition has been filed before the Lahore High Court praying to direct the government to call back Pakistan Ambassador to America to register protest against the violation of Pakistan's territorial sovereignty by carrying out Abattabad op
Published 17 May, 2011 12:00am
Firdous opens Pemra branch

Firdous opens Pemra branch

Federal Minister for Information and Broadcasting Dr Firdous Ashiq Awan on Monday inaugurated the sub-office Pakistan Electronic Media Regularity Authority (Pemra) here. Addressing inaugural ceremony, she said the basic concept of setting up Pemra office
Published 17 May, 2011 12:00am
Agriculture sector has 4.9 percent share in bank loans

Agriculture sector has 4.9 percent share in bank loans

Agriculture sector gets only 4.9 percent share of total loans from the banks, whereas corporate sector is gaining 63.5 percent, bank's staff 2.3 percent, consumer financing attains 8 percent and small and medium enterprises gets 9.9 percent.
Published 17 May, 2011 12:00am
Aashiyana Housing project to be extended to other cities

Aashiyana Housing project to be extended to other cities

Punjab Chief Minister, Shahbaz Sharif has said Aashiyana housing project in Lahore for the low-income people would be extended to the whole province under a phased programme. The chief minister visited under-construction Aashiyana housing project at Sarob
Published 17 May, 2011 12:00am
WAIPA chief executive visits PBIT office

WAIPA chief executive visits PBIT office

Chief Executive of Geneva-based World Association of Investment Promotion Agencies (WAIPA) Carlos Bronzatto visited the office of Punjab Board of Investment and Trade (PBIT) and conducted a special training session with PBIT staff where he studied the inv
Published 17 May, 2011 12:00am
260 people killed in Balochistan since 2008, Supreme Court told

260 people killed in Balochistan since 2008, Supreme Court told

Supreme Court was told on Monday that a total of 260 people were killed whereas 512 injured in different incidents in the Balochistan since 2008. A two-member bench headed by the Chief Justice Iftikhar Muhammad Chaudhry was hearing a petition regarding th
Published 17 May, 2011 12:00am
'Japanese investment to be promoted in Pakistan'

'Japanese investment to be promoted in Pakistan'

Advisor to the Prime Minister on Industries, Basharat Raja said on Monday that the Ministry of Industries looks forward for mutually beneficial investment and for promoting Japanese investment in Pakistan. He said during a meeting with a delegation of Jap
Published 17 May, 2011 12:00am
Dr Asim may take oath as Petroleum Minister today

Dr Asim may take oath as Petroleum Minister today

Dr Asim Hussain, Advisor to Prime Minister on Petroleum and Natural Resources, is likely to take oath as Federal Minister for Petroleum and Natural Resources here on Tuesday. President Asif Ali Zardari will administer the oath to him in a ceremony to be h
Published 17 May, 2011 12:00am
SNGPL recovers over Rs 600 million from 277 defaulter industries

SNGPL recovers over Rs 600 million from 277 defaulter industries

The Sui-Northern Gas Pipelines (SNGPL) has recovered over Rs 600 million from 277 large industrial defaulter units on instructions of the Ministry of Petroleum and Natural Resources. According to details, SNGPL had recently cut off connections of 74 large
Published 17 May, 2011 12:00am
UK team, President discuss regional security situation

UK team, President discuss regional security situation

A British delegation led by Alistair Burt, Parliamentary Under-secretary of State for Foreign and Commonwealth Affairs on Monday called on President Asif Ali Zardari at Aiwan-e-Sadr. Briefing the media, spokesperson to President Farhatullah Babar said mat
Published 17 May, 2011 12:00am
ITP's two-day family gala opened

ITP's two-day family gala opened

Islamabad Traffic Police (ITP) has proved to be a people friendly force by improving its image through participation in social activities and provision of recreations to citizens, said Inspector General of Police (IGP) Islamabad Wajid Ali Durrani here on
Published 17 May, 2011 12:00am
Iran, Pakistani ministers discuss security ties

Iran, Pakistani ministers discuss security ties

Iran's Deputy Interior Minister for Security Affairs, Ali Abdullahi who is currently on Pakistan's visit discussed security ties with Interior Minister, Rehman Malik. Abdullahi stressed precise and complete implementation of security pacts between the two
Published 17 May, 2011 12:00am
Public debt reaches Rs 10 trillion mark

Public debt reaches Rs 10 trillion mark

Pakistan's public debt has reached Rs 10 trillion - 57.7 percent of total GDP according to the revised estimates noted in the Budget Strategy Paper (2011-14) approved by the cabinet last week. According to the Debt Policy Statement 2010-11, a requirement
Published 17 May, 2011 12:00am
Amir Muqam still reluctant to join coalition government

Amir Muqam still reluctant to join coalition government

Once the king maker, Pakistan Muslim League (PML-Q) is kneeling with each passing day as another lawmaker Amir Muqam has quit the ministerial slot bestowed on him few days ago. Muqam, who is provincial president of Khyber-Paktunkhwa and a key member of th
Published 17 May, 2011 12:00am
'Roohullah Khan held from Dubai'

'Roohullah Khan held from Dubai'

Pakistan with the help of Interpol succeeded in arresting Roohullah Khan from Dubai, the main accused in the assassination of former attorney general and former judge of Peshawar High Court (PHC), Sardar Khan. Roohullah had escaped to Dubai via Afghanista
Published 17 May, 2011 12:00am
Power suspension notice

Power suspension notice

According to Iesco spokesman, due to electricity maintenance/development work, power supply of the areas falling under the following feeders would remain suspended as under.
Published 17 May, 2011 12:00am
CDA again fails to meet deadline for completion of ZPI project

CDA again fails to meet deadline for completion of ZPI project

Contrary to the claims, Capital Development Authority (CDA) has again failed to meet the deadline for formal opening of the much-awaited Zero Point Interchange (ZPI) project, costing billions of rupees. The CDA had launched the mega project in September 2
Published 17 May, 2011 12:00am
Disruption in service: Mobilink announces phased plan for customers

Disruption in service: Mobilink announces phased plan for customers

With a view to thank its customers for their patience and loyalty, Mobilink has announced a phased plan for customers who experienced disruption in service. This is the first time a reward of this scale has been announced and awarded by any telecom operat
Published 17 May, 2011 12:00am
Direct tea import likely from Bangladesh

Direct tea import likely from Bangladesh

Pakistan is likely to import tea directly from Bangladesh to bring down prices in the local market, sources close to Finance Minister told Business Recorder. The government considered this option at a recent cabinet meeting presided over by the Pri
Published 17 May, 2011 12:00am
'Country's strategic assets are safe'

'Country's strategic assets are safe'

Former Foreign Secretary Riaz Mohammad Khan on Monday said the country's strategic assets are safe and nobody could even dare think about reaching them. "It is not Osama's compound," he said while addressing the members of Pakistan Institute of Internatio
Published 17 May, 2011 12:00am
'Sufi University' at Bhit Shah: Sindh seeking aid from Turkey

'Sufi University' at Bhit Shah: Sindh seeking aid from Turkey

Sindh government is seeking financial help from Turkey for establishment of 'Sufi University' at Bhit Shah (Matiyari), sources told Business Recorder here at Monday. They said that the Sindh government had to start 'Sufi University' from January 20
Published 17 May, 2011 12:00am
Sindh chief minister leaves for South Korea

Sindh chief minister leaves for South Korea

Chief Minister of Sindh, Syed Qaim Ali Shah, left here for South Korea on Sunday night for a five-day visit along with a delegation of the Board of Investment (BoI), an official of the CM House said on Monday. He said the Chief Minister would apprise the
Published 17 May, 2011 12:00am
US MIDDAY: gold flat

US MIDDAY: gold flat

Gold gyrated around unchanged on Monday, as lingering uncertainty about indebted eurozone countries pressured equity markets along with gold, offsetting the positive influence of a weaker dollar. Silver was weak, down 3 percent at one point, as funds cont
Published 17 May, 2011 12:00am
US MIDDAY: copper rises

US MIDDAY: copper rises

Copper ended up for a third straight session on Monday, bouncing from overnight losses with a recovering euro, but concerns about slowing global economic growth left the door open for further downside pressure. Copper's positive close bucked a generally w
Published 17 May, 2011 12:00am
US MIDDAY: grains higher

US MIDDAY: grains higher

Corn, wheat and soyabean futures traded at the Chicago Board of Trade all were higher in early Monday morning activity, supported by harsh weather at a pivotal time of the planting and growing season, traders said. At 9:37 am CDT (1437 GMT), CBOT July cor
Published 17 May, 2011 12:00am
US MIDDAY: coffee drops

US MIDDAY: coffee drops

Arabica coffee futures closed down 2 percent at their lowest settlement in 6 weeks Monday on follow-through selling after dropping 9 percent last week. Raw sugar closed higher while US cocoa was up a shade, in lacklustre dealings after last week's volatil
Published 17 May, 2011 12:00am
Gold steadies in Europe

Gold steadies in Europe

Gold held steady on Monday as the euro lifted off seven-week lows, but the currency remained vulnerable to uncertainty about indebted eurozone countries, which also sparked some safe-haven buying of the precious metal. Spot gold was bid at $1,500.20 a tro
Published 17 May, 2011 12:00am
Gold steadies in Asia

Gold steadies in Asia

Gold held steady and silver slid on Monday, pressured by a firm dollar as fears about the eurozone debt crisis deepened ahead of a meeting of the bloc's finance ministers. The euro slid to a seven-week low against the dollar after IMF Chief Dominique Stra
Published 17 May, 2011 12:00am
Liffe sugar higher

Liffe sugar higher

Liffe August white sugar closed $4.20 higher at $607.00 a tonne on Monday. Dealers eyed a cancelled tender from Egypt due to high prices. Liffe July cocoa ended 2 pounds lower at 1,869 pounds a tonne, consolidating as the resumption of Ivory Coast exports
Published 17 May, 2011 12:00am
Malaysian palm oil up

Malaysian palm oil up

Malaysian crude palm oil futures rose on Monday in light trade, with some investors buying on a survey showing a jump in exports and firm prices in competing soyoil markets. Traders eyed weather developments in the United States where there was rain and f
Published 17 May, 2011 12:00am
Tokyo rubber futures ease

Tokyo rubber futures ease

Key Tokyo rubber futures eased on Monday after gaining 3 percent last week, pulled lower by a drop in oil prices and weaker technical indicators. The benchmark TOCOM rubber futures for October delivery settled down 1.1 yen or 0.3 percent at 370.4 yen per
Published 17 May, 2011 12:00am
Gasoline slides 5 percent, crude off $2

Gasoline slides 5 percent, crude off $2

Gasoline futures tumbled nearly 5 percent on Monday, dragging crude oil down $2 and extending crude's slump this month to about 15 percent as concern mounted about energy demand and the economy. US wholesale gasoline prices fell 4.7 percent to close below
Published 17 May, 2011 12:00am
Copper turns higher

Copper turns higher

Copper turned positive on Monday, as the euro strengthened on expectations a meeting of European finance ministers will offer more clarity on eurozone debt aid, but worries over slowing global economic growth capped gains. Benchmark copper on the London M
Published 17 May, 2011 12:00am
Shanghai copper slips

Shanghai copper slips

Copper ticked lower on Monday as the euro fell to a seven-week trough against the dollar on worries about the eurozone debt crisis, while investors were largely unsure where prices were headed following recent volatility. The most-active July copper contr
Published 17 May, 2011 12:00am
New York cotton settles higher

New York cotton settles higher

US cotton futures settled higher on Monday on investor buying as talk that there will not be enough cotton to be delivered in the spot month stoked a strong advance, analysts said. The key July cotton contract on ICE Futures US increased the 6.00 cent dai
Published 17 May, 2011 12:00am
Nawaz underscores need for good relations with India

Nawaz underscores need for good relations with India

Nawaz Sharif, Chief of Pakistan Muslim League-Nawaz (PML-N), on Monday underscored the need for improving country's relations with India. For this purpose, he added, the government is required to revisit Pakistan's foreign policy in relation to its easter
Published 17 May, 2011 12:00am
20 acre-feet water reservoirs available in dams: Irsa chief

20 acre-feet water reservoirs available in dams: Irsa chief

Chairman Indus River System Authority (Irsa) Rao Irshad Ahmed said on Monday that 20 acre feet water reservoirs are available in dams and there is no shortage of water in the country. Talking to PTV, he said that the present storage of water in the water
Published 17 May, 2011 12:00am
Government determined to implement economic reforms: Prime Minister

Government determined to implement economic reforms: Prime Minister

Prime Minister Syed Yousuf Raza Gilani on Monday said his government is determined to implement economic reforms to ensure macro economic stability in the country. The Prime Minister was talking to Alstair Burt MP, UK Foreign and Commonwealth Office Minis
Published 17 May, 2011 12:00am
Balochistan lawmakers slam attack on minister

Balochistan lawmakers slam attack on minister

The Balochistan Assembly on Monday passed local government bill and a resolution condemning attack on Balochistan Finance Minister, Mir Asim Kurd. The Assembly sitting started with Speaker Muhammad Aslam Bhootani in the chair. Minister for Fisheries Hamal
Published 17 May, 2011 12:00am
Bomb saved Pakistan: Dr Qadeer

Bomb saved Pakistan: Dr Qadeer

The father of Pakistan's nuclear bomb has vigorously defended the programme as sparing his country the fate of Iraq or Libya, amid signs that Islamabad is ramping up its weapons capacities. Writing in Newsweek magazine, Abdul Qadeer Khan said that Pakista
Published 17 May, 2011 12:00am
Dual-office case: PLF assails LHC judgement

Dual-office case: PLF assails LHC judgement

People's Lawyers Forum (PLF) here Monday assailed the Lahore High Court judgement in the dual office case against President Asif Ali Zardari terming it unconstitutional and a continuation of the anti-PPP mindset in judiciary. While addressing a press conf
Published 17 May, 2011 12:00am
Security of Saudi diplomats: Ministry directed to take measures

Security of Saudi diplomats: Ministry directed to take measures

Prime Minister Syed Yousuf Raza Gilani has strongly condemned the assassination of Saudi diplomat in Karachi on Monday and directed the Ministry of Interior to take all measures for security of Saudi diplomats in Karachi. He directed the concerned authori
Published 17 May, 2011 12:00am
LPC Literary Committee holds function for poets from Karachi

LPC Literary Committee holds function for poets from Karachi

Lahore Press Club Literary Committee held a function in honour of poets writers of Karachi and other cities who had come to Lahore to participate in the three day International Literary and Cultural Conference organised by Al Hamra Arts Council here on Mo
Published 17 May, 2011 12:00am
MQM activist among three killed

MQM activist among three killed

At least three persons including an activist of Muttahida Qaumi Movement (MQM) were killed in separate incidents of targeted killings in various parts of metropolis on Monday. According to details, an activist of MQM was shot dead near Crown Garden in the
Published 17 May, 2011 12:00am
US embassy condemns murder of Saudi diplomat

US embassy condemns murder of Saudi diplomat

The United States Embassy in Pakistan strongly condemned the murder of Saudi diplomat Hassan Al-Kahtani in Karachi. "We offer our sincere condolence to the family and friends of the slain diplomat, as well as to the entire Saudi Arabian Mission to Pakista
Published 17 May, 2011 12:00am
Religious Ministry to register HGOs for five years

Religious Ministry to register HGOs for five years

Ministry of Religious Affairs has decided in principle to register the already enrolled Hajj Group Organisers (HGOs) for five years instead of renewing their agreements every year. The decision has been taken to streamline the Hajj affairs and ensure tran
Published 17 May, 2011 12:00am
Three killed as van turns turtle

Three killed as van turns turtle

Three persons were killed when a van's tyre burst and the vehicle turned turtle near Wazirabad on Monday. The vehicle was on its way to Rawalpindi from Gujranwala.
Published 17 May, 2011 12:00am
Rise in remittances

Rise in remittances

It is fortunate that when the country is facing a tough economic situation, remittances sent by overseas Pakistanis continue to be robust. According to the data released by the State Bank on 10th May, these again crossed one billion dollar mark in April,
Published 17 May, 2011 12:00am
Building bridges

Building bridges

President Zardari's visit to Russia last week was in the making for quite some time. That it took place shortly after the May 2 US raid it tends to expand Pakistan's foreign policy options beyond the erstwhile Cold War parameters. Even since Pakistan's fi
Published 17 May, 2011 12:00am
The other realities

The other realities

While our politicians, armed forces and intelligence agencies struggle to restore their shattered credibility in the wake of the Osama tragedy, the Finance Minister plans to announce the Federal Budget for FY12 as early as May 28, despite the differences
Published 17 May, 2011 12:00am
Grief and anger as Palestinians bury Nakba dead

Grief and anger as Palestinians bury Nakba dead

Grief mixed with anger in Ain el-Hilweh, the largest Palestinian refugee camp in Lebanon, as mourners on Monday buried protesters killed during Nakba day commemorations. More than a dozen Palestinians were killed and about 360 wounded on Sunday when Israe
Published 17 May, 2011 12:00am
PTA drama

PTA drama

We have heard a lot about PTV dramas but did anyone hear about PTA drama? Pakistan Telecommunication Authority (PTA) has published an advertisement in different newspapers of Pakistan asking the mobile phone SIM subscribers to get their phone numbers veri
Published 17 May, 2011 12:00am
'Budget to eliminate tax exemptions, focus on undocumented sectors'

'Budget to eliminate tax exemptions, focus on undocumented sectors'

The upcoming Budget FY12 will eliminate tax exemptions and will focus on undocumented sectors to bring them in tax net, analysts said. They predict that the total budget outlay in FY12 is estimated at Rs 3.5-3.7 trillion up 6-12 percent from estimated bud
Published 17 May, 2011 12:00am
'Budget to eliminate tax exemptions, focus on undocumented sectors'

'Budget to eliminate tax exemptions, focus on undocumented sectors'

The upcoming Budget FY12 will eliminate tax exemptions and will focus on undocumented sectors to bring them in tax net, analysts said. They predict that the total budget outlay in FY12 is estimated at Rs 3.5-3.7 trillion up 6-12 percent from estimated bud
Published 17 May, 2011 12:00am
SBP invites applications for selection of primary dealers

SBP invites applications for selection of primary dealers

The State Bank of Pakistan (SBP) has invited applications from interested financial institutions for appointment as primary dealers (PDs) of government securities for financial year 2011-12. Applications must reach the Domestic Markets & Monetary Manageme
Published 17 May, 2011 12:00am
Dr Asim assures early construction of oil terminals

Dr Asim assures early construction of oil terminals

Dr Asim Husain, Advisor to Prime Minister on Petroleum and Natural Resources on Monday assured the representatives of All Pakistan Oil Tankers Owners Association (APOTOA) that he would arrange funds for timely construction of tankers' terminal.
Published 17 May, 2011 12:00am
KSEW hands over two small ships to PN

KSEW hands over two small ships to PN

The Karachi Shipyard and Engineering Works (KSEW) Monday handed over two small tankers-cum-utility ships to Pakistan Navy. The ships, built at the KSEW, are 47-m long with 1600 tons displacement. Vice Admiral Abbas Raza Hl (M), Commander Pakistan Fleet, w
Published 17 May, 2011 12:00am
Release of detained coal ship: PSM seeks federal government help

Release of detained coal ship: PSM seeks federal government help

Pakistan Steel is seeking legal opinion and assistance from federal government for the release of the coal ship detained at Canadian port for past five days. Sources told Business Recorder on Monday that Pakistan Steel Mills Corporation (PSMC) has
Published 17 May, 2011 12:00am
ADP 2010-11: 90 percent of funds remain unutilised

ADP 2010-11: 90 percent of funds remain unutilised

The Sindh government is working on Annual Development Programme (ADP) 2011-12 while around 15 departments of Sindh government including health and education have utilised only 10 percent or even below of the amount released for 183 ongoing schemes, reliab
Published 17 May, 2011 12:00am
Call for Pakistan Army to stand by in hour of trial

Call for Pakistan Army to stand by in hour of trial

Senator Gul Mohammad Lot has said that country's situation demands nation to stand by state institutions for the protection of its geographical and ideological frontiers. "This is not a time to demoralise our army but to realise that this is the army that
Published 17 May, 2011 12:00am
President and Prime Minister condemn killing

President and Prime Minister condemn killing

President Asif Ali Zardari strongly condemned the killing of Saudi diplomat in Karachi. Taking notice of the incident, the President ordered the Sindh government to hold an immediate inquiry into the incident and arrest the culprits.
Published 17 May, 2011 12:00am
Business community grieved

Business community grieved

Siraj Kassam Teli, Chairman Businessmen Group (BMG) and former President of Karachi Chamber of Commerce & Industry (KCCI), Tahir Khaliq, M. Zubair Motiwala, Haroon Farooqi, Anjum Nisar, Vice Chairmen BMG & former Presidents of KCCI, Muhammad Saeed Shafiq,
Published 17 May, 2011 12:00am
Three more killed in Quetta firing incident

Three more killed in Quetta firing incident

Three more persons were killed in another incident of firing took place in Lacpass area on Monday. "Unidentified armed men opened fire on three persons near Qadri Petrol Pump at Lacpass area located between Quetta and Mastung districts, killing them," pol
Published 17 May, 2011 12:00am
Import of CNG Compressors: KCCI recommends waiver of five percent duty

Import of CNG Compressors: KCCI recommends waiver of five percent duty

The Karachi Chamber of Commerce and Industry (KCCI) has recommended to the Federal Board of Revenue (FBR) to waive the existing 5 percent custom duty on the import of the CNG Compressor. The chamber further recommended that no other taxes be levied on the
Published 17 May, 2011 12:00am
World Museum Day on May 18

World Museum Day on May 18

International Museum Day will be observed all over the world on Wednesday May 18. It had been organising regularly since 1977. Peshawar Museum will also celebrate it on that day. It has arranged a photographic exhibition of archaeological sites and buildi
Published 17 May, 2011 12:00am
CDA taking all measures to make city clean and green

CDA taking all measures to make city clean and green

The Capital Development Authority (CDA) is taking all possible measures to make the city clean and green, but the dream has not become a reality yet. During the month of April, the civic body launched drive to make the city clean, but the authority was pa
Published 17 May, 2011 12:00am
IPPs' issues to be resolved on priority: Qamar

IPPs' issues to be resolved on priority: Qamar

Federal Minister for Water and Power Naveed Qamar has assured the independent power producers (IPPs) that their issues would be resolved on priority. Presiding over a meeting of Advisory Council of independent power producers held here on Monday he said t
Published 17 May, 2011 12:00am
Qamar assents to setting up IWTA

Qamar assents to setting up IWTA

Federal Minister for Water and Power Syed Naveed Qamar has agreed to set up Inland Water Transport Authority (IWTA) and has directed formulation of draft legislation for approval from the Council of Common Interest (CII). He took this decision while presi
Published 17 May, 2011 12:00am
Pakistani students to participate in US technology competition

Pakistani students to participate in US technology competition

Pakistani students are famous world-wide for their information technology skills. This year, a group of students from Fast - National University of Computer and Emerging Sciences, Islamabad has been short-listed from Pakistan to participate in the final r
Published 17 May, 2011 12:00am
Documentation of economy: E-notices to be used as an effective tool

Documentation of economy: E-notices to be used as an effective tool

The system-based issuance of legal notices would be used as an effective tool for documentation of economy by the Federal Board of Revenue to electronically ensure compliance by the non-compliant persons. Sources told Business Recorder on Monday th
Published 17 May, 2011 12:00am
Rs 1,500 prize bonds draw held at SBP

Rs 1,500 prize bonds draw held at SBP

The 46th draw of Rs 1500 prize bonds was held on Monday at State Bank of Pakistan Peshawar. Central Directorate of National Savings, Islamabad, Ministry of Finance and State Bank of Pakistan has jointly organised the draw. A draw committee comprising a Ch
Published 17 May, 2011 12:00am
Nato, Isaf may opt for central Asian routes for Afghan supplies

Nato, Isaf may opt for central Asian routes for Afghan supplies

As both Pakistan and the United States flex their muscles in the aftermath of the surgical operation that killed bin Laden, the pros and cons of existing partnership are in question. Pakistan has threatened to disallow providing logistical facilities to N
Published 17 May, 2011 12:00am
Bail to IMF chief denied

Bail to IMF chief denied

IMF chief Dominique Strauss-Kahn was denied bail on Monday on attempted rape and other criminal charges, and prosecutors said they are investigating whether he may have engaged in similar conduct once before. Defence lawyers, who sought unsuccessfully for
Published 17 May, 2011 12:00am
UAE defends use of contractors to beef up military

UAE defends use of contractors to beef up military

The United Arab Emirates on Monday defended the use of foreign military contractors, including one tied to Blackwater's founder, saying the deals are legal and help it develop a strong armed force. Foreign companies aid the Emirati military through planni
Published 17 May, 2011 12:00am
US appoints Turkmen envoy after five-year gap

US appoints Turkmen envoy after five-year gap

The new US ambassador in Turkmenistan has presented his credentials to the president of this energy-rich former Soviet republic. Robert Patterson takes up a post left vacated for five year, after a period of a chill in relations between the two countries.
Published 17 May, 2011 12:00am
Afghan blast kills four Nato soldiers

Afghan blast kills four Nato soldiers

Four Nato soldiers were killed Monday in a bomb attack in southern Afghanistan, one of the toughest battlegrounds in a nearly 10-year Taliban insurgency, the alliance said in a statement. The US-led International Security Assistance Force (ISAF), Nato's m
Published 17 May, 2011 12:00am
Israel blocks Malaysia anti-war activists' ship

Israel blocks Malaysia anti-war activists' ship

The Israeli military on Monday blocked a Malaysian anti-war group's ship from reaching the Hamas-ruled Gaza Strip. Israel maintains a naval blockade of Gaza and restricts goods transferred overland to the Palestinian territory, citing concerns they could
Published 17 May, 2011 12:00am
$100 million funds to Palestinian Authority transferred

$100 million funds to Palestinian Authority transferred

Israel on Monday transferred 100 million dollars of Palestinian tax revenues to the Palestinian Authority, unblocking a freeze on the funds imposed after a unity deal between Fatah and Hamas. Israel's Strategic Affairs Minister Moshe Yaalon announced Mond
Published 17 May, 2011 12:00am
Al Qaeda 'cadres' still help Afghan Taliban: US commander

Al Qaeda 'cadres' still help Afghan Taliban: US commander

Fewer than 100 al Qaeda members remain inside Afghanistan, the second-most senior US commander in the country said on Monday, but those fighters act as a "cadre" organisation for the Afghan Taliban providing resources and technical battlefield skills.
Published 17 May, 2011 12:00am
WHO in overhaul as body faces losses

WHO in overhaul as body faces losses

The World Health Organisation needs to be revamped, Director-General Margaret Chan said Monday, as a drop in voluntary contributions by member states has burnt a hole in the body's finances. "Reform is essential. And WHO is now embarking on the most exten
Published 17 May, 2011 12:00am
Italy upgrades Palestinian delegation to mission

Italy upgrades Palestinian delegation to mission

Italian President Giorgio Napolitano said on Monday that his country has decided to upgrade the head of the Palestinian delegation in Rome to ambassadorial status. "I have been authorised to announce the decision of the government to upgrade the status of
Published 17 May, 2011 12:00am
Prosecutor wants warrants for Qadhafi

Prosecutor wants warrants for Qadhafi

Nato-led forces bombed civilian and military targets in Tripoli and nearby Qasr Bin Ghashir causing "material and human damage", state-run Libyan television said on Monday. The written news flash quoted a military source but gave no further details. Loud
Published 17 May, 2011 12:00am
Endeavour blasts off on next-to-last shuttle flight

Endeavour blasts off on next-to-last shuttle flight

The space shuttle Endeavour blasted off Monday toward the International Space Station on the penultimate flight for the US shuttle programme. "We want to thank all the tens of thousands of employees who have put their hands on this incredible ship," shutt
Published 17 May, 2011 12:00am
Syrians find 13 bodies in Deraa mass grave

Syrians find 13 bodies in Deraa mass grave

Syrian villagers pulled 13 bodies from a mass grave near the southern city of Deraa on Monday, residents said, and tanks pushed into a rural border area in the latest crackdown on protests against President Bashar al-Assad. Deraa residents say hundreds of
Published 17 May, 2011 12:00am
US court allows Boeing CIA torture suit dismissal

US court allows Boeing CIA torture suit dismissal

The US Supreme Court let stand on Monday the dismissal of a lawsuit claiming a Boeing Co subsidiary helped the CIA fly foreign terrorism suspects to secret prisons abroad for interrogation and torture. The justices refused to review a federal appeals cour
Published 17 May, 2011 12:00am
Olympic marathon champion dies after fall

Olympic marathon champion dies after fall

Kenyan Olympic marathon champion Samuel Wanjiru plunged to his death from the first-floor balcony of his home after the athlete's wife found him in bed with anotheer woman, police told Reuters Regional police chief Jaspher Ombati said that Wanjiru's wife,
Published 17 May, 2011 12:00am
Maradona signs as coach of Dubai's Al Wasl

Maradona signs as coach of Dubai's Al Wasl

Diego Maradona has signed a two-season contract to coach Dubai's Al Wasl, the club said on Monday. "Al Wasl can now confirm soliciting the services of one of the greatest footballers of all time," the club said in a statement. The deal was finalised "afte
Published 17 May, 2011 12:00am
Djokovic floors Nadal again to claim Rome title

Djokovic floors Nadal again to claim Rome title

Novak Djokovic continued his domination over world number one Rafa Nadal ahead of the French Open by claiming the Rome Masters crown 6-4 6-4 on Sunday to stretch his unbeaten run this year to 37 matches. The Serb, who defeated Nadal for the first time on
Published 17 May, 2011 12:00am
England, Norway, Sweden handed extra Europa berth

England, Norway, Sweden handed extra Europa berth

Fulham could be set to play in Europe next season after UEFA announced on Monday that England have been awarded an additional place in next season's Europa League as part of the Respect Fair Play ranking. European football's governing body said that three
Published 17 May, 2011 12:00am
Sweden's Soderling battles back to level tie with US

Sweden's Soderling battles back to level tie with US

French Open runner-up for the last two years Robin Soderling fought back from a set and 5-3 down to beat American Sam Querrey 5-7 7-5 7-6 at the World Team Cup on Monday. The Swede, beaten by Roger Federer in 2009 and Rafa Nadal last year at Roland Garros
Published 17 May, 2011 12:00am
Ronaldo equals La Liga scoring record of 38 goals

Ronaldo equals La Liga scoring record of 38 goals

Valencia ensured third place and an automatic berth in next season's Champions League when they drew 0-0 with city neighbours Levante and nearest rivals Villarreal lost 3-1 at home to Real Madrid in La Liga on Sunday. Real's second and third goals were sc
Published 17 May, 2011 12:00am
Yuan down

Yuan down

The yuan ended down against the dollar on Monday, following a weaker mid-point as the dollar repeatedly hit new peaks, while a Chinese central bank official said he expects political pressure on yuan appreciation to ease. The US dollar index , the US curr
Published 17 May, 2011 12:00am
Indian rupee hits two-month low

Indian rupee hits two-month low

The Indian rupee ended down after falling to its lowest in 2 months on Monday on lower domestic shares, strong dollar demand from importers and an overall weakness in the euro. The partially convertible rupee ended at 45.1550/1650 per dollar after falling
Published 17 May, 2011 12:00am
Sterling falls versus euro

Sterling falls versus euro

Sterling fell versus a firmer euro on Monday and was seen vulnerable before UK data this week, including inflation and jobs numbers, which could add to the view that interest rates will stay on hold in the coming months. Data on Tuesday is expected to sho
Published 17 May, 2011 12:00am
Australian and New Zealand dollars slip

Australian and New Zealand dollars slip

The Australian dollar drifted off four-week lows versus the greenback on Monday, helped by China's upbeat growth outlook, but weakness in Asian equity markets capped its upside. The Aussie last traded at $1.0547, off a session low of $1.0526 after a Chine
Published 17 May, 2011 12:00am
Swiss franc plunges

Swiss franc plunges

The Swiss franc fell to its lowest level in almost a month against the dollar on Monday on a broad greenback rally fuelled by renewed concern over aid for Greece and other indebted eurozone countries. The franc slipped against the dollar to 0.8932 per dol
Published 17 May, 2011 12:00am
Emerging Asian currencies tumble

Emerging Asian currencies tumble

The dollar rose against emerging Asian currencies on Monday, heading for its biggest one-day rise against the Malaysian ringgit in nearly a year, as investors trimmed bets on risky assets on worries about Greece's debt woes. The South Korean won dipped to
Published 17 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 Monday. 73.18/73.22 (previous 73.15/73.20). Call Money Rates: 5.50-7.00 percent (previous 5.00-6.75 percent).
Published 17 May, 2011 12:00am
Euro struggles in London

Euro struggles in London

The euro traded near a seven-week low against the dollar on Monday on doubts that a European finance ministers' meeting would offer more clarity on eurozone debt aid, but losses were limited with demand for the single currency seen around the psychologica
Published 17 May, 2011 12:00am
Early trade in New York: Euro advances

Early trade in New York: Euro advances

The euro rebounded from seven-week lows on Monday, boosted by sovereign demand after last week's sharp sell-off, as optimism grew a European Union meeting would support Greece and avert a restructuring of the country's debt. German Chancellor Angela Merke
Published 17 May, 2011 12:00am
Euro slumps in Asia

Euro slumps in Asia

The euro fell to a seven-week low against the dollar and a two-month trough against the yen on Monday and is seen testing pivotal support areas after IMF chief Dominique Strauss-Kahn was charged with attempted rape on the weekend, increasing uncertainty o
Published 17 May, 2011 12:00am
Ample cash to keep overnight rates subdued

Ample cash to keep overnight rates subdued

Key overnight eurozone money market rates are likely to grind lower this week with surplus cash in the euro system expected to remain at comfortable enough levels to keep them subdued below the ECB's key lending rate.
Published 17 May, 2011 12:00am
Oman approves first Islamic bank

Oman approves first Islamic bank

Bank Nizwa is set to be Oman's first standalone Islamic bank, after the Gulf state moved to keep investment funds within its borders as local investors sought Shariah-compliant investments elsewhere. Bank Nizwa, which has won central bank approval, will b
Published 17 May, 2011 12:00am
Sinking Belarus rouble eats away at savings

Sinking Belarus rouble eats away at savings

The troubled Belarussian rouble sank further in interbank trading on Monday as the country's currency crisis deepened, threatening to erode people's incomes and eat away at the value of savings. In early trading, the national currency tumbled to 6,300 rou
Published 17 May, 2011 12:00am
Spyker turns to China's Pangda for Saab rescue

Spyker turns to China's Pangda for Saab rescue

China's largest listed car distributor has come to the rescue of Saab in a deal worth as much as 110 million euros, staving off the collapse of one of Sweden's best-known brands. Spyker Cars, the Dutch owner of Saab, announced a deal with China's Pangda A
Published 17 May, 2011 12:00am
New York manufacturing growth slowest in 5 months

New York manufacturing growth slowest in 5 months

Manufacturing in New York State grew at its slowest pace in five months in May, while US homebuilders remained deeply pessimistic as buyers stayed away from the market, data released on Monday showed. But even as the Federal Reserve Bank of New York repor
Published 17 May, 2011 12:00am
Japan's machinery orders jump

Japan's machinery orders jump

Japan's core machinery orders rose unexpectedly in March and manufacturers forecast more gains in the second quarter on the back of demand generated by reconstruction from the March 11 earthquake. Analysts had braded for a fall after a slump in industrial
Published 17 May, 2011 12:00am
Consumer confidence dives at record pace

Consumer confidence dives at record pace

Japanese consumer confidence fell at the fastest pace on record in April from the previous month, data showed Monday, after March's earthquake, tsunami and a nuclear crisis cast a shadow on the economy. The data showed consumer sentiment worsening to a tw
Published 17 May, 2011 12:00am
Eurozone core inflation rise signals higher ECB rates

Eurozone core inflation rise signals higher ECB rates

Energy costs pushed up eurozone inflation in April, but core prices jumped as well, confirming ECB concerns about rising inflationary risks and adding to the case for more interest rate hikes. The European Union's statistics office Eurostat said on Monday
Published 17 May, 2011 12:00am
China imposes first anti-subsidy duties on EU

China imposes first anti-subsidy duties on EU

China hit the European Union with its first anti-subsidy duties on Monday just days after the EU imposed a five-year increase in duties on imports of Chinese glossy paper in its first challenge to Chinese state subsidies. The Ministry of Commerce's decisi
Published 17 May, 2011 12:00am
Glencore lifts mid-point of price range for $11 billion IPO

Glencore lifts mid-point of price range for $11 billion IPO

Glencore International Plc has tightened guidance for its planned $11 billion initial public offering (IPO), pushing up the mid-point of the marketing range, a source said, in a sign the commodities trader has seen stronger demand at the higher end of an
Published 17 May, 2011 12:00am
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