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Archive - 2011-05-18
US stocks open mixed
Financial

US stocks open mixed

NEW YORK: US stocks opened mixed Wednesday as retail giant Target reported better than expected earnings but said consum
Published 18 May, 2011 01:54pm
Asia Rice Prices slip
Commodities

Asia Rice Prices slip

BANGKOK: Asian rice prices eased on Wednesday and are likely to drop further over the next few weeks as supply is rising
Published 18 May, 2011 08:24am
Compass profit better
Commodities

Compass profit better

LONDON: Compass Group Plc., the world's biggest caterer, shrugged off a 5 million pound ($8 million) hit from the earthq
Published 18 May, 2011 08:09am
LSE staving off takeover bids
Financial

LSE staving off takeover bids

LONDON: The London Stock Exchange has become a credible takeover target as it faces a battle to merge with its Toronto c
Published 18 May, 2011 05:54am
Smart talks needed at WTO
BR Research

Smart talks needed at WTO

The controversial matter of EU concessions for imports from Pakistan is doing the rounds amongst local newspapers again. This time, the ques
Published 18 May, 2011 12:00am
Met department forecasts hot, dry weather

Met department forecasts hot, dry weather

The provincial capital sizzled on Tuesday when the mercury touched 45.2 Celsius degrees, making it the hottest day of the ongoing summer session, and the Pakistan Meteorological Department forecast hotter and dry weather for the next few days.
Published 18 May, 2011 12:00am
20-member Pakistani delegation leaves for Dhaka: Saarc CCI meetings

20-member Pakistani delegation leaves for Dhaka: Saarc CCI meetings

A 20-member Pakistan delegation led by Iftikhar Ali Malik, Vice President Saarc CCI and former President Tariq Sayeed, left for Dhaka, Bangladesh to attend the 51st Executive Committee and the 16th General Assembly meeting of Saarc Chamber & Industry begi
Published 18 May, 2011 12:00am
Mobilink shares success with its customers

Mobilink shares success with its customers

We all have a social responsibility to each other and to our environment. Everything we do has a domino effect on the environment around us. The same is true for businesses, whether large or small, public or private. The actions they take have a rippling
Published 18 May, 2011 12:00am
Mian Mansha eyes majority stake in Dubai bank

Mian Mansha eyes majority stake in Dubai bank

Pakistan's richest man, Mian Muhammed Mansha, is hoping to buy a majority stake in a Dubai-based bank within the next two or three years. The businessman is chairman of Muslim Commercial Bank (MCB), Pakistan's largest lender by market value, in which the
Published 18 May, 2011 12:00am
MAP elects new Executive Committee

MAP elects new Executive Committee

Kamal A. Chinoy was elected President of Management Association of Pakistan, while Saadia Naveed as Vice President, Sarfaraz Rehman as Honorary Secretary, Syed Masood Hashmi as Honorary Treasurer, and Tariq Kaleem, Wali Durrani, Sarmad Ali and Talib Karim
Published 18 May, 2011 12:00am
MAP elects new Executive Committee

MAP elects new Executive Committee

Kamal A. Chinoy was elected President of Management Association of Pakistan, while Saadia Naveed as Vice President, Sarfaraz Rehman as Honorary Secretary, Syed Masood Hashmi as Honorary Treasurer, and Tariq Kaleem, Wali Durrani, Sarmad Ali and Talib Karim
Published 18 May, 2011 12:00am
Saudi diplomat: investigators divided on cause of killing

Saudi diplomat: investigators divided on cause of killing

Following the killing of a Saudi diplomat in drive-by shooting on Monday morning, the investigators, who gathered at a meeting to find logical conclusion of this incident, were divided in two different groups.
Published 18 May, 2011 12:00am
Four bodies of security personnel found

Four bodies of security personnel found

Dead bodies of four security forces personnel were found at Dasht-Digari Cross along Quetta-Sibi national highway on Tuesday. Levies sources told that four dead bodies of security forces personnel were found at Dasht-Digari Cross along national highway. H
Published 18 May, 2011 12:00am
Capital police performance hailed

Capital police performance hailed

Islamabad Police have fought on front lines against terrorists and added a golden chapter in its history, said Wajid Ali Khan Durrani, Inspector General of Police (IGP) Islamabad here on Tuesday.
Published 18 May, 2011 12:00am
CDA helpless in purging capital of encroachers

CDA helpless in purging capital of encroachers

The Capital Development Authority (CDA) seems helpless, as it failed to purge the federal capital of encroachers despite frequent operations to dismantle their makeshift, huts and kiosks.
Published 18 May, 2011 12:00am
Martyrdom week in IHK commences

Martyrdom week in IHK commences

Martyrdom Week commences on Tuesday to mark the martyrdom anniversaries of prominent liberation leaders, Mirwaiz Moulvi Muhammad Farooq and Khawaja Abdul Ghani Lone. According to Kashmir Media Service, the martyrdom Week announced by the All Parties Hurri
Published 18 May, 2011 12:00am
STEVTA to train 3,000 eunuchs in various trade

STEVTA to train 3,000 eunuchs in various trade

Sindh Technical Education and Vocational Training Authority (STEVTA) to train more than 3,000 government-registered she-males in various trades, which will help them earn a decent living, well-placed sources told Business Recorder here on Tuesday.
Published 18 May, 2011 12:00am
Ashden Awards 2011: Pakistani project selected as a finalist

Ashden Awards 2011: Pakistani project selected as a finalist

The world's leading green energy prize announced that eight sustainable energy pioneers from the African continent, India and Pakistan have been selected as finalists for the prestigious Ashden Awards for Sustainable Energy 2011. The finalists will compet
Published 18 May, 2011 12:00am
Japanese Ambassador calls on President

Japanese Ambassador calls on President

Japanese Ambassador in Pakistan Hiroshi Oe called on President Asif Ali Zardari at the Aiwan-e-Sadr on Tuesday. Matters relating to Pak-Japan bilateral relations, mutual co-operation in various areas with particular focus on the promotion of trade and inv
Published 18 May, 2011 12:00am
Malik directs LEAs to beef up security across country

Malik directs LEAs to beef up security across country

Federal Minister for Interior Rehman Malik has directed the law enforcement agencies to take special measures to strengthen the security across the country. It is need of the hour to strengthen the security apparatus and make them more vibrant, vigilant a
Published 18 May, 2011 12:00am
Moderate quake jolts Chitral

Moderate quake jolts Chitral

The earthquake measuring 5.0 on the Richter scale was recorded in Chitral on Tuesday morning, according to Met Office. The epicentre of the earthquake was located 90 kilometres south-west of Chitral in Hindukush Range. Panic gripped the people after the q
Published 18 May, 2011 12:00am
Implementation of joint session of parliament resolutions

Implementation of joint session of parliament resolutions

PML-N Chief and former Prime Minister Nawaz Sharif says his party members will soon requisition National Assembly session in order to press the government for implementing resolutions of joint session of parliament by constituting an independent commissio
Published 18 May, 2011 12:00am
Abbottabad operation: Pakistan to return tail of helicopter to US

Abbottabad operation: Pakistan to return tail of helicopter to US

Pakistan has shown its willingness in returning the wrecked tail of modified Stealth, US helicopter to US administration which was torched during Abbottabad operation on May 2. During a briefing to media persons at Islamabad, US Senator John Kerry said th
Published 18 May, 2011 12:00am
Man killed over old enmity

Man killed over old enmity

Unidentified armed men gunned down a man on Tuesday over an old enmity in Goth Sarangani area of Jhal Magsi district, Levies Force said. The victim identified as Abdul Majeed was on his way to village when the gunmen opened fire on him. Resultantly, he di
Published 18 May, 2011 12:00am
No Pak-US 'secret deal' will be accepted: Chaudhry Nisar

No Pak-US 'secret deal' will be accepted: Chaudhry Nisar

Leader of the Opposition in the National Assembly, Chaudhry Nisar Ali Khan on Tuesday declared that no Pak-US 'secret deal' will be accepted, which he said was struck bypassing the recent unanimous resolution of the parliament. Speaking at a news conferen
Published 18 May, 2011 12:00am
JI Bajaur Ameer for probe into drone attacks

JI Bajaur Ameer for probe into drone attacks

Former MNA and JI Ameer from Bajaur Agency, Sahibzada Haroon Rasheed on Tuesday called for extension of the inquiry by recently formed independent commission, to Federally Administered Tribal Areas (Fata). Speaking at a news conference here at Peshawar Pr
Published 18 May, 2011 12:00am
Remaining ministries', devolution by June 30

Remaining ministries', devolution by June 30

Implementation Commission on 18th Amendment has decided to devolve all the remaining ministries in one phase within the given constitutional timeframe till June, 30, it is learnt. According to the sources, earlier, the Implementation Commission had to tra
Published 18 May, 2011 12:00am
PPM terms Abbottabad raid anti-Pakistan act

PPM terms Abbottabad raid anti-Pakistan act

Chairman, Pakistan Patriotic Movement (PPM), Abdul Rasheed Yousafzai, has termed that the Abbottabad operation attack on integrity and sovereignty of the country. Addressing a press conference here on Tuesday, he said that the US had taken full benefit fr
Published 18 May, 2011 12:00am
Malik for breaking begging bowl

Malik for breaking begging bowl

Rehman Malik Federal Minister for Interior has stressed the need for breaking the begging bowl and strengthening the country's economy by remaining within our own resources.
Published 18 May, 2011 12:00am
US MIDDAY: gold falls

US MIDDAY: gold falls

Gold fell for a third straight session on Tuesday as a strong dollar and weak US retail and corporate earnings triggered fund liquidation amid a broad sell-off in commodities. Investors questioned the metal's ability to extend its decade-long rally after
Published 18 May, 2011 12:00am
US MIDDAY: copper dips

US MIDDAY: copper dips

Copper ended down for the first time in four sessions on Tuesday, pressured by a firmer dollar and disappointing data that raised further doubts about the global economic recovery. In New York, prices managed to eke out modest gains by the close, with the
Published 18 May, 2011 12:00am
US MIDDAY: wheat jumps

US MIDDAY: wheat jumps

US wheat futures jumped nearly 3 percent early on Tuesday, aiming for the largest daily gain in over a week, as harsh weather damaged crops and stoked concerns about supply meeting demand. Chicago Board of Trade wheat for July delivery gained 2.8 percent
Published 18 May, 2011 12:00am
US MIDDAY: coffee bounces

US MIDDAY: coffee bounces

Arabica coffee rebounded to close higher on Tuesday, bouncing up from Monday's six-week low and returning above the 100-day moving average. Raw sugar likewise finished firmer while US cocoa settled lower on pressure from both fundamentals and technicals.
Published 18 May, 2011 12:00am
Gold slides in Europe

Gold slides in Europe

Gold reversed course on Tuesday to fall after a rally in the dollar exacerbated a sell-off in the already-fragile commodity complex and offset the positive impact on bullion of the concern over the eurozone debt crisis. Spot gold was down 0.8 percent at $
Published 18 May, 2011 12:00am
Gold, silver up in Asia

Gold, silver up in Asia

Gold and silver inched higher on Tuesday, supported by light physical buying in Asia as investors scrutinise the currency market for direction. Spot gold edged up 0.3 percent to $1,493.66 an ounce by 0540 GMT. US gold futures inched up 0.2 percent to $1,4
Published 18 May, 2011 12:00am
US silver falls, gold flat

US silver falls, gold flat

Silver fell 4 percent on Monday as funds continued to liquidate bullish bets that had doubled prices to a record late last month, while gold was steady as uncertainty about indebted eurozone countries offset the positive influence of a weaker dollar.
Published 18 May, 2011 12:00am
Oil falls on weak US data

Oil falls on weak US data

Oil prices slipped on Tuesday in choppy trading as weak economic data fuelled concerns about demand that have contributed to crude's 15 percent decline so far in May. The dollar index seesawed with the euro and the greenback's weakness late helped oil par
Published 18 May, 2011 12:00am
Copper declines

Copper declines

Copper fell on Tuesday along with a drop across the commodities complex as weak US data and a rising dollar against a basket of currencies weighed on markets. Benchmark copper on the London Metal Exchange closed at $8,799 a tonne versus $8,840 on Monday.
Published 18 May, 2011 12:00am
Shanghai copper rises

Shanghai copper rises

The most-active July copper contract on the Shanghai Futures Exchange closed 1 percent higher at 66,540 yuan on Tuesday. Its daily movements have roughly matched those of the Shanghai Stock Exchange for over a week now. The most-active July aluminium cont
Published 18 May, 2011 12:00am
US copper soars

US copper soars

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. In New York, the COMEX July contract eked ou
Published 18 May, 2011 12:00am
Tokyo rubber futures rise

Tokyo rubber futures rise

Key Tokyo rubber futures rose 3 percent on Tuesday, supported by a weaker yen and strength in the Shanghai rubber futures market. The benchmark TOCOM rubber futures for October delivery settled up 11 yen or 3 percent at 381.4 yen per kg. The benchmark set
Published 18 May, 2011 12:00am
Liffe sugar higher, nearby premium widens

Liffe sugar higher, nearby premium widens

Liffe August white sugar closes $5.60 higher at $612.60 a tonne on Tuesday. Delays to shipments from Brazil caused by port congestion has helped to widen the nearby premium. Liffe September cocoa ends 13 pounds lower at 1,880 pounds a tonne. A pick-up in
Published 18 May, 2011 12:00am
US soyabeans lower

US soyabeans lower

US soyabean futures ended lower on Monday, reversing gains late on lower crude oil futures, traders said. The soy complex had been following the upside leadership of corn and wheat earlier in the day until it faltered late. Soyabeans for July delivery sli
Published 18 May, 2011 12:00am
New York sugar, cocoa mix

New York sugar, cocoa mix

Raw sugar futures and cocoa futures ended mixed on Monday, while arabica coffee was hit by fund liquidation, but dealings across the softs complex were lacklustre, traders said. Volumes in sugar was 15 percent below the 30-day norm, arabica coffee a quart
Published 18 May, 2011 12:00am
New York cotton settles higher

New York cotton settles higher

US cotton futures settled higher Tuesday on investor buying as talk there will not be enough cotton to be delivered in the spot month fuelled the contract's surge, analysts said. Benchmark July cotton contract on ICE Futures US increased 3.89 cents to con
Published 18 May, 2011 12:00am
US fines BAE over arms-control breaches

US fines BAE over arms-control breaches

Britain's BAE Systems Plc agreed to pay up to $79 million in US government fines for more than 2,500 alleged breaches of rules governing military exports, the State Department said on Tuesday. The civil settlement is the biggest in the department's histor
Published 18 May, 2011 12:00am
Britain's Queen honours Irish nationalists

Britain's Queen honours Irish nationalists

Queen Elizabeth honoured Irish people killed fighting for independence from Britain on Tuesday in a powerful gesture of reconciliation few people would have believed possible even in recent times. The queen laid a wreath at Dublin's Garden of Remembrance,
Published 18 May, 2011 12:00am
Israeli troops shot Gaza photographer

Israeli troops shot Gaza photographer

A Palestinian photographer who was shot on Sunday while covering protests in the Gaza Strip may have been "deliberately targeted" by an Israeli soldier, a media rights group said on Tuesday. "Reporters Without Borders was told that (Mohammed) Othman was c
Published 18 May, 2011 12:00am
Tanks storm south Syria city, US piles on pressure

Tanks storm south Syria city, US piles on pressure

The West warned of more pressure on Syria on Tuesday if a crackdown against pro-democracy protests continues, hours after tanks stormed a city in the south, cradle of an uprising against Baathist rule. US Secretary of State Hillary Clinton said that both
Published 18 May, 2011 12:00am
Mubarak's wife released

Mubarak's wife released

Ousted president Hosni Mubarak's wife was released on Tuesday after handing over her assets to the Egyptian state, as her husband pledged to do the same in a bid to secure an amnesty. Suzanne Mubarak had been held on corruption charges in a hospital of th
Published 18 May, 2011 12:00am
Ball in major powers' court on nuclear talks: Iran

Ball in major powers' court on nuclear talks: Iran

Iran said on Tuesday that the ball was in the court of the six major powers that have been trying to resolve concerns over Tehran's nuclear programme after it expressed readiness for new talks. "Our talks with the 5+1 depends on the other side, we've anno
Published 18 May, 2011 12:00am
Rwanda's Former army chief jailed for 30 years

Rwanda's Former army chief jailed for 30 years

The UN court for Rwanda handed former army chief Augustin Bizimungu a 30-year jail term for his role in the 1994 genocide, including for calling for the murder of minority Tutsis. It also jailed two senior officers for ordering their men to assassinate th
Published 18 May, 2011 12:00am
Libya's top oil official defects

Libya's top oil official defects

The chairman of Libya's National Oil Corporation has defected from Muammar Qadhafi's administration and fled to neighbouring Tunisia, a Tunisian security source said on Tuesday. Libyan rebels also said they had information that Shokri Ghanem, 68, had defe
Published 18 May, 2011 12:00am
Russia sacks defence chiefs over contract failures

Russia sacks defence chiefs over contract failures

President Dmitry Medvedev has fired several Russian defence industry chiefs and military officers for failing to fulfil arms contracts, the Kremlin said on Tuesday. Russia has promised to spend between 19 and 20 trillion roubles ($724.6 billion) over the
Published 18 May, 2011 12:00am
US Navy recruits gamers to help in piracy strategy

US Navy recruits gamers to help in piracy strategy

The US Navy is turning to the wisdom of the crowd to forge military strategy, inviting the public to join an online game in which Somali pirates have hijacked commercial ships. The Office of Naval Research plans this month to launch the US military's firs
Published 18 May, 2011 12:00am
Berlusconi suffers serious setback in Italy polls

Berlusconi suffers serious setback in Italy polls

Italian Prime Minister Silvio Berlusconi has suffered a serious blow in local elections that punctured his image of political invincibility and could usher in a period of instability. Aides said he was "surprised and saddened" by the results. Both Berlusc
Published 18 May, 2011 12:00am
Blatter accuses English of sour grapes

Blatter accuses English of sour grapes

FIFA president Sepp Blatter on Tuesday accused the English of sour grapes over their lost bid to host the 2018 World Cup. FIFA has been rocked by new allegations of graft after a British parliamentary committee last week heard testimony about bribes being
Published 18 May, 2011 12:00am
FIFA future depends on my reelection, says Blatter

FIFA future depends on my reelection, says Blatter

FIFA president Sepp Blatter insisted Tuesday that the future of world football's governing body was dependant on his reelection to a fourth term in office. Blatter, who has served as FIFA president since 1998, will be challenged by Qatari Mohammed Bin Ham
Published 18 May, 2011 12:00am
Sangakkara to give Cowdrey Lecture

Sangakkara to give Cowdrey Lecture

Former Sri Lanka captain Kumar Sangakkara will become the first active international cricketer to deliver the MCC Spirit of Cricket Cowdrey Lecture at Lord's on July 4, it was announced on Tuesday. Top-order batsman Sangakkara, also the first Sri Lankan i
Published 18 May, 2011 12:00am
SBP Inter-School T20 Kamran Public, Khan School win

SBP Inter-School T20 Kamran Public, Khan School win

Two more matches were decided in the First State Bank of Pakistan Inter School T-20 Cricket Tournament at SBP Sports Complex, North Nazimabad, Karachi. In the first match, Khan School beat City School by 6 wickets. Summarised scores were: City School: 133
Published 18 May, 2011 12:00am
Tony Greig calls for end to India 'domination' of ICC

Tony Greig calls for end to India 'domination' of ICC

Former England captain Tony Greig has called for an end to India's "domination" of the International Cricket Council (ICC), saying it was the first thing he'd change if in charge of the governing body. "Number one, we have got to try and get the ICC right
Published 18 May, 2011 12:00am
France to host 2018 Ryder Cup

France to host 2018 Ryder Cup

The 2018 Ryder Cup will be played on Le Golf National course in Versailles, near Paris after the French bid won a five-way contest on Tuesday to host the biennial match against the United States. European Tour officials made the announcement at their base
Published 18 May, 2011 12:00am
Sehwag eyes comeback before England tour

Sehwag eyes comeback before England tour

India's injured opener Virender Sehwag is hopeful of recovering from injury in time for the high-profile tour of England starting in July, reports said Tuesday. Sehwag, captain of the Delhi Daredevils franchise in the Indian Premier League, underwent an o
Published 18 May, 2011 12:00am
Africa has record entry for 2014 World Cup

Africa has record entry for 2014 World Cup

Africa has a record entry for the 2014 World Cup finals and the qualification process will begin before the end of the year, the Confederation of African Football said on Tuesday. Only Mauritania has failed to enter from Africa's 53 member countries, who
Published 18 May, 2011 12:00am
Bresnan set to miss Sri Lanka series

Bresnan set to miss Sri Lanka series

Ashes-winning England seamer Tim Bresnan is "likely" to miss the upcoming Test series against Sri Lanka with a recurrence of a calf injury, the England and Wales Cricket Board (ECB) said Tuesday. "England medical staff confirmed that England and Yorkshire
Published 18 May, 2011 12:00am
Women cricketers get first central contract

Women cricketers get first central contract

Nineteen Pakistan women cricketers have been awarded 12-month central contracts for the first time as an acknowledgement that their game is now becoming professional. Last year the national women's team won the Asian Games Twenty20 title and last month th
Published 18 May, 2011 12:00am
Akram Raza protests innocence

Akram Raza protests innocence

Former Pakistan off-spinner Akram Raza has protested his innocence after being arrested during a raid on a bookmakers den. Akram Raza, 46, was granted bail and will appear in court next week after Pakistani police in Gulberg, Lahore charged him and six ot
Published 18 May, 2011 12:00am
Salman Butt opts not to appear in court

Salman Butt opts not to appear in court

Pakistan's banned captain Salman Butt will not appear at Southwark Crown Court on Friday to face charges of taking bribes brought against him by Britain's Crown Prosecution Service (CPS), a source close to the batsman said. Salman Butt, along with pace bo
Published 18 May, 2011 12:00am
Zulqarnain to face PCB disciplinary commmitee

Zulqarnain to face PCB disciplinary commmitee

Pakistan wicketkeeper Zulqarnain Haider could face disciplinary charges for fleeing the team hotel in Dubai and seeking asylum in Britain after the Pakistan Cricket Board (PCB) set up a panel to probe the case. "We can confirm receipt of response from Zul
Published 18 May, 2011 12:00am
Japan withdraw from Copa America

Japan withdraw from Copa America

Japan said Tuesday it had scrapped plans to play in the prestigious Copa America football tournament after initially deciding to compete in the wake of the devastating March 11 quake and tsunami. "We are sorry to inform you that the Japanese team cannot p
Published 18 May, 2011 12:00am
Sterling steadies

Sterling steadies

Sterling trimmed its gains on Tuesday after rallying on a jump in UK consumer prices, as investors acknowledged that higher inflation for now was unlikely to lead to an interest rate rise before year-end. The view that higher price risks may hold back the
Published 18 May, 2011 12:00am
Yuan rises versus dollar

Yuan rises versus dollar

The yuan ended up slightly against the dollar on Tuesday even though the Chinese central bank set a weaker mid-point, underpinned by market expectations for a stronger yuan in the long term as inflationary pressures linger. Spot yuan closed at 6.5060 vers
Published 18 May, 2011 12:00am
Australian and New Zealand dollars up

Australian and New Zealand dollars up

The Australian and New Zealand dollars climbed off multi-week lows against the greenback on Tuesday, lifted by a firmer euro and a rebound in Chinese stocks. The Aussie advanced to $1.0610 from $1.0584 in New York, pulling off a four-week low after short
Published 18 May, 2011 12:00am
Swiss franc lower versus euro

Swiss franc lower versus euro

The Swiss franc was lower against the euro on Tuesday as the single currency climbed off recent lows after eurozone finance ministers approved a large loan programme to help out struggling Portugal. The three-year 78 billion euro ($110.8 billion) loan pro
Published 18 May, 2011 12:00am
Euro springs back

Euro springs back

The euro bounced from a seven-week low against the dollar on Monday, buoyed by sovereign demand following last week's sell-off as a European Union meeting softened concerns about debt-burdened countries. The euro remains vulnerable to selling on periphera
Published 18 May, 2011 12:00am
Early trade in New York: Euro vulnerable versus dollar

Early trade in New York: Euro vulnerable versus dollar

The euro slipped against the dollar in choppy trading on Tuesday, and could remain vulnerable this week, on concerns Greece might restructure its massive debt, which could damage the eurozone's credibility. The US dollar also got a boost against most majo
Published 18 May, 2011 12:00am
Euro off lows in London

Euro off lows in London

The euro pulled away from a seven-week low against the US dollar on Tuesday, but remained vulnerable on the downside as investors looked at opportunities to trim bullish bets while uncertainty over Greek debt lingers. The yen was under broad pressure on t
Published 18 May, 2011 12:00am
Euro steadies in Asia

Euro steadies in Asia

The euro held steady against the dollar on Tuesday, pulling away from a seven-week low hit the previous day, but downside risks persisted after its recent breach of a technical support level and due to the lingering threat of further long liquidation. The
Published 18 May, 2011 12:00am
Eonia seen staying below ECB rate

Eonia seen staying below ECB rate

Banks' demand for European Central Bank cash at a tender on Tuesday was seen as high enough to keep overnight borrowing costs below the bank's benchmark rate in the short term as excess liquidity remained ample. Banks took 119 billion euros ($169 billion)
Published 18 May, 2011 12:00am
FTSE index drops

FTSE index drops

Britain's leading share index was driven down by weakness in commodity issues and banks on concerns over global growth which countered results-driven gains by market heavyweight Vodafone. At the close on Tuesday, the FTSE 100 index was off 62.69 points, o
Published 18 May, 2011 12:00am
Indian shares at eight-week low

Indian shares at eight-week low

Indian shares fell 1.1 percent on Tuesday to their lowest close in eight weeks after the country's largest lender posted an unexpected slump in quarterly profit, spooking investor confidence that has been hobbled by rising interest ratess. State Bank of I
Published 18 May, 2011 12:00am
Asian markets closed

Asian markets closed

Stocks and financial and commodity markets in Singapore, Kuala Lumpur, Jakarta and Bangkok were closed for public holidays. Trading resumes on Wednesday.
Published 18 May, 2011 12:00am
European shares hit four-week low

European shares hit four-week low

European equities hit a four-week closing low on Tuesday as disappointing economic numbers hurt sentiment, while a cut in outlook by the world's top technology company, Hewlett-Packard, put pressure on tech shares. Figures showed US housing starts and per
Published 18 May, 2011 12:00am
Hong Kong clings to key support, Shanghai shares up

Hong Kong clings to key support, Shanghai shares up

Hong Kong shares hovered near a key chart support level on Tuesday while China shares rose on coal plays although light trading volumes suggested market players see benchmark indices staying within recent trading ranges in the near-term. The benchmark Han
Published 18 May, 2011 12:00am
Seoul shares tad lower

Seoul shares tad lower

Seoul shares ended slightly lower on Tuesday, pressured by foreign investor selling for a fourth straight session and declines in technology issues such as Samsung Electronics. Foreign investors were sellers of a net 233 billion won ($213.4 mln) worth of
Published 18 May, 2011 12:00am
Treasuries rise as US hits debt ceiling

Treasuries rise as US hits debt ceiling

US Treasury investors were calm on Monday as the United States hit its debt limit, with prices rising on faith lawmakers will reach a deal to increase the debt ceiling before a default. Declining risk appetite across markets also helped lift bond prices a
Published 18 May, 2011 12:00am
Treasuries rise as US hits debt ceiling

Treasuries rise as US hits debt ceiling

US Treasury investors were calm on Monday as the United States hit its debt limit, with prices rising on faith lawmakers will reach a deal to increase the debt ceiling before a default. Declining risk appetite across markets also helped lift bond prices a
Published 18 May, 2011 12:00am
Taiwan stocks down

Taiwan stocks down

Taiwan stocks ended lower for a third consecutive session on Tuesday, down 0.31 percent, with glass and ceramics counters the biggest losers, plunging over 6 percent. The main TAIEX index was down 27.62 points at 8,884.09, after opening flat. Masterlink I
Published 18 May, 2011 12:00am
Nasdaq Composite leads Wall Street lower

Nasdaq Composite leads Wall Street lower

The Nasdaq sank, leading US stocks lower on Monday, as investors sold recent winners in a sign of growing unease with pockets of US economic weakness. Worries about the market's ability to extend its recent gains have increased. The expected end to the Fe
Published 18 May, 2011 12:00am
Tuesday's early afternoon trade: stocks fall

Tuesday's early afternoon trade: stocks fall

US stocks fell on Tuesday, as a disappointing outlook from Hewlett-Packard Co and another batch of soft US data added to growing trepidation about the strength of the economy. The declines caused both the benchmark S&P and Nasdaq at times to fall below th
Published 18 May, 2011 12:00am
Nikkei average flat

Nikkei average flat

Japan's Nikkei average was nearly flat on Tuesday after slipping earlier as a weaker yen offset losses in the utility sector which was dragged down by Tokyo Electric Power Co. The benchmark index was lower most of the day due to a pullback in other risk a
Published 18 May, 2011 12:00am
Mideast markets: developers lift Egypt bourse

Mideast markets: developers lift Egypt bourse

Egypt's bourse rose on Tuesday for a seventh day as property shares rose on a possible easing of payments, while bargain hunters lifted UAE markets and Kuwait's Jazeera Airways hit a year high. Egyptian newspapers said on Sunday that the housing ministry
Published 18 May, 2011 12:00am
EU breaks taboo, talks of Greek debt restructuring

EU breaks taboo, talks of Greek debt restructuring

Europe's top financial officials broke a taboo on Tuesday and acknowledged for the first time that Greece may have to restructure its debts, a move which could stoke Europe's sovereign debt crisis. Speaking on the sidelines of an EU finance ministers' mee
Published 18 May, 2011 12:00am
US data suggests soft: patch continues

US data suggests soft: patch continues

US factory output slipped for the first time in 10 months in April as a shortage of parts from Japan crimped activity while home building slumped, showing the economy got off to a weak start in the second quarter. Signs of lacklustre economic activity wer
Published 18 May, 2011 12:00am
Wal-Mart tops view; key US sales down

Wal-Mart tops view; key US sales down

Wal-Mart Stores Inc's US same-store sales have fallen for two straight years, as customers struggle with high unemployment and wages that are not keeping up with rising prices for food and other basics. The world's largest retailer's breadth offset the im
Published 18 May, 2011 12:00am
EU watchdogs raid container shipping companies

EU watchdogs raid container shipping companies

European Union regulators raided several liner shipping companies on Tuesday, including Danish group A.P. Moller-Maersk, France's CMA CGM and Germany's Hapag-Lloyd, on suspicion of price fixing, the Commission and those companies said.
Published 18 May, 2011 12:00am
HP slashes outlook

HP slashes outlook

Hewlett-Packard Co slashed its 2011 profit forecast as it prepares to spend heavily to revamp a troubled corporate services division. Chief Executive Leo Apotheker, who took the helm in September, blamed the division's "missed opportunities" under his pre
Published 18 May, 2011 12:00am
BP's Arctic oil deal with: Rosneft collapses

BP's Arctic oil deal with: Rosneft collapses

BP's plan to gain a foothold in Russia's offshore Arctic oilfields through a deal with state-controlled Rosneft has collapsed, opening the way for other oil groups to try to fill its place. The tie-up unravelled because BP failed to mollify partners in it
Published 18 May, 2011 12:00am
Surging British inflation stokes rate hike prospect

Surging British inflation stokes rate hike prospect

British inflation soared to 4.5 percent in April, official data showed Tuesday, hitting a two-and-a-half-year high and stoking the prospect of an interest rate hike from the Bank of England. Consumer Prices Index (CPI) inflation - the government's target
Published 18 May, 2011 12:00am
Belarus asks IMF for aid, sees help from Russia

Belarus asks IMF for aid, sees help from Russia

Belarus said on Tuesday it will ask the International Monetary Fund for financial help and that Russia would extend about $6 billion to support the troubled economy of its western neighbour. "Belarus does not exclude the possibility of asking the IMF for
Published 18 May, 2011 12:00am
BoJ warns economy in severe state

BoJ warns economy in severe state

Bank of Japan Governor Masaaki Shirakawa said the country's economy was in a very severe state due to damage from the March earthquake, signalling that the central bank was sticking to its ultra-loose monetary policy bias. Shirakawa repeated that the BoJ
Published 18 May, 2011 12:00am
Emerging markets reshaping landscape: World Bank

Emerging markets reshaping landscape: World Bank

Growth in emerging-market countries is outpacing developed countries so greatly that the global economic landscape will be wholly altered over the next 15 years, a World Bank study on Tuesday predicted. "By 2025, six major emerging economies - Brazil, Chi
Published 18 May, 2011 12:00am
Bangladesh rents African land to boost food output

Bangladesh rents African land to boost food output

Bangladesh has leased tens of thousands of hectares of farmland in Africa as part of a government drive to improve food security in the poverty-stricken South Asian nation, an official said Tuesday. Two Bangladeshi companies have leased 40,000 hectares (9
Published 18 May, 2011 12:00am
Strauss-Kahn in jail, French,: IMF seek new faces

Strauss-Kahn in jail, French,: IMF seek new faces

France's Socialists and the international financial community grappled for a future without Dominique Strauss-Kahn on Tuesday after the IMF chief was remanded in a New York prison on attempted rape charges. Many Socialist leaders voiced outrage at the way
Published 18 May, 2011 12:00am
India's State Bank net plunges

India's State Bank net plunges

State Bank of India posted an unexpected plunge in net profit, slammed by higher provisions, operating costs and taxes, sending its shares down more than 8 percent. The state-run bank's total provisions in the fourth quarter, including bad loans and inves
Published 18 May, 2011 12:00am
India's State Bank net plunges

India's State Bank net plunges

State Bank of India posted an unexpected plunge in net profit, slammed by higher provisions, operating costs and taxes, sending its shares down more than 8 percent. The state-run bank's total provisions in the fourth quarter, including bad loans and inves
Published 18 May, 2011 12:00am
Moong Punjab falls sharply on grain market

Moong Punjab falls sharply on grain market

Moong Punjab rate declined steeply on the grain market on Tuesday in process of modest trading, dealers said. On the cereal side, moong Punjab was down by Rs 1000 to Rs 8,500, gur low quality was higher by Rs 500 to Rs 7000 while the superior type was unc
Published 18 May, 2011 12:00am
US Plains HRW wheat bids steady

US Plains HRW wheat bids steady

Hard red winter wheat basis bids were steady on Tuesday as harvesting of the new crop continued to move northward through sparse, drought-hit fields. The Fort Worth Grain Exchange said it had analysed 46 new wheat samples from May 13-16 and found good tes
Published 18 May, 2011 12:00am
Trading slows down; prices remain range bound on cotton market

Trading slows down; prices remain range bound on cotton market

Trading activity came down on the cotton market on Tuesday as a result of price war between ginners and spinners, some brokers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 8,500, they said. In Sindh and Punjab phutti p
Published 18 May, 2011 12:00am
Oil cake market rates

Oil cake market rates

The May vaida was down on the forward cottonseed oilcake market on Tuesday in process of trading, dealers said. The May vaida that had closed at Rs 1334.30 opened with a fall of 80 paisa at Rs 1333.50.The July vaida commenced with no change at Rs 1421.10,
Published 18 May, 2011 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 101,212 tonnes of cargo including 61,954 tonnes of import cargo, 39,258 tonnes of export cargo and 4,097 loaded & empty containers during last 24 hours ended at 0700 hours on Tuesday. The total import cargo of 61,954 tonnes compri
Published 18 May, 2011 12:00am
Vietnam's coffee sales slow as prices drop

Vietnam's coffee sales slow as prices drop

Coffee trading in Vietnam slowed on Tuesday after London prices lost ground, pushing domestic prices off their record highs, and stocks dwindled, traders said. Liffe July robusta coffee ended Monday down $54 at $2,473 a tonne, pulling Vietnamese robusta b
Published 18 May, 2011 12:00am
Russian exporters buy wheat awaiting early lifting of export ban

Russian exporters buy wheat awaiting early lifting of export ban

The price of fourth-grade milling wheat, Russia's main export cereal, rose last week, as traders kept buying it on expectations of an early lifting of an export ban, analysts said on Monday. Russia, hit by a severe drought unrivalled in more than a centur
Published 18 May, 2011 12:00am
Dry weather to cut EU 2011 rapeseed crop to three-year low

Dry weather to cut EU 2011 rapeseed crop to three-year low

Dry weather may cut the European Union's 2011 rapeseed crop to a three-year low of 19.5 million tonnes from 20.59 million tonnes in 2010, Hamburg-based oilseeds analysts Oil World said on Tuesday. "The deterioration of rapeseed production prospects is abo
Published 18 May, 2011 12:00am
Ghana's cocoa purchases up 56.7 percent

Ghana's cocoa purchases up 56.7 percent

Cocoa purchases declared by private buyers to Ghana's Cocobod industry regulator hit 846,385 tonnes by May 5 since the start of the season in October, data from industry regulator Cocobod showed on Tuesday. The purchases, which covered the first 31 weeks
Published 18 May, 2011 12:00am
Canadian canola futures rise

Canadian canola futures rise

ICE Canadian canola futures rose on Monday in thin volume, shrugging off improved planting weather in Western Canada. Mostly warm, dry forecast is favourable for canola planting this week on Canadian Prairies, but much land in eastern Saskatchewan and in
Published 18 May, 2011 12:00am
Message from President, Islamic Republic of Pakistan

Message from President, Islamic Republic of Pakistan

The World Telecommunication and Information Society day celebrated on 17th May, 2011, is indeed a landmark in the global community's efforts to involve all stakeholders including special people, in the development of ICT sector in various countries of the
Published 18 May, 2011 12:00am
Message from Prime Minister, Islamic Republic of Pakistan

Message from Prime Minister, Islamic Republic of Pakistan

On the anniversary of the founding of the International Telecommunication Union (ITU), we join the international telecommunication fraternity to commemorate the World International Telecommunication and Information Society (WTIS) Day, under the theme, "Be
Published 18 May, 2011 12:00am
Message from ITU Secretary-General

Message from ITU Secretary-General

ICTs are constantly reshaping the way the world communicates while creating opportunities for a better life through long-term, sustainable development, not least among the most disadvantaged sections of our society. This year, as we celebrate ITU's 146th
Published 18 May, 2011 12:00am
Message from Chairman PTA

Message from Chairman PTA

In the continuous wave of development and globalisation the role of telecommunication technologies is getting crucial day by day. One cannot underestimate the value of sustained development of telecommunication technology. The pivotal role of telecommunic
Published 18 May, 2011 12:00am
Message from Secretary IT

Message from Secretary IT

Information and Communication Technologies (ICTs) are the driving force for the development of knowledge based prosperous economies and offers unparalleled opportunities, commensurate with social benefits, which lead to the improvement of life in urban as
Published 18 May, 2011 12:00am
Message from Chief Executive Officer National ICT R&D Fund

Message from Chief Executive Officer National ICT R&D Fund

We are glad to report on "World Telecom and Information Society Day" that National ICT R&D Fund operations are gaining momentum every day. We intend to follow the theme of this year "Better Life in Rural Communities with ICTs" by funding projects and prog
Published 18 May, 2011 12:00am
Universal Service Fund Programmes For Rural Communities

Universal Service Fund Programmes For Rural Communities

Above 63% tele-density and still a "Fund" is needed to expand the networks? It may seem strange to some, but the answer is Yes. And the reason is simple. Although tremendous strides have been made in telecom in Pakistan but there are vast areas that still
Published 18 May, 2011 12:00am
PTA: Regions Leading Regulator

PTA: Regions Leading Regulator

In today's world of telecommunication evolution, regulators tend to have a fairly consistent and imperative role to ensure that telecoms customers receive the best possible service in terms of quality, choice and value for money. They have to keep a consi
Published 18 May, 2011 12:00am
PTCL and WTISD 2011 theme: Better life in rural communities with ICT

PTCL and WTISD 2011 theme: Better life in rural communities with ICT

ICTs are increasingly in demand to meet the Millennium Development Goals. In the rural context, ICTs provide enhanced opportunities to generate income and combat poverty, hunger, ill health and illiteracy. We know that half of the world's population resid
Published 18 May, 2011 12:00am
New York cotton

New York cotton

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

Published 18 May, 2011 12:00am
New York cotton

New York cotton

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

Published 18 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 18 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 18 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 Tuesday (May 17, 2011).

Published 18 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 Tuesday (May 17, 2011).

Published 18 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 Tuesday (May 17, 2011).

Published 18 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 Tuesday (May 17, 2011).

Published 18 May, 2011 12:00am
Money Market Report

Money Market Report

Money market report by Khadim Ali Shah Bukhari & Co on Tuesday (May 17, 2011).
Published 18 May, 2011 12:00am
Spot dollar rates

Spot dollar rates

Spot Dollar rates from Khadim Ali Shah Bukhari & Co Ltd on Tuesday (May 17, 2011).

Published 18 May, 2011 12:00am
Government asked to improve debt management

Government asked to improve debt management

The IMF said on Tuesday that Pakistan needs to improve debt management and broaden its tax base after talks on its $11.3 billion loan program to help Islamabad deal with financial challenges. There was no mention of any new disbursement from the Internati
Published 18 May, 2011 12:00am
Government asked to improve debt management

Government asked to improve debt management

The IMF said on Tuesday that Pakistan needs to improve debt management and broaden its tax base after talks on its $11.3 billion loan program to help Islamabad deal with financial challenges. There was no mention of any new disbursement from the Internati
Published 18 May, 2011 12:00am
Government asked to improve debt management

Government asked to improve debt management

The IMF said on Tuesday that Pakistan needs to improve debt management and broaden its tax base after talks on its $11.3 billion loan program to help Islamabad deal with financial challenges. There was no mention of any new disbursement from the Internati
Published 18 May, 2011 12:00am
Index gains 28.12 points

Index gains 28.12 points

Fresh buying on dips supported the KSE-100 index on Tuesday to recover 28.12 points and to close at 11,930.24 points. After positive opening the index breached 12,000 points level to hit 12,032.80 points, up 130.68 points. Trading improved and the volume
Published 18 May, 2011 12:00am
Index gains 28.12 points

Index gains 28.12 points

Fresh buying on dips supported the KSE-100 index on Tuesday to recover 28.12 points and to close at 11,930.24 points. After positive opening the index breached 12,000 points level to hit 12,032.80 points, up 130.68 points. Trading improved and the volume
Published 18 May, 2011 12:00am
Index gains 28.12 points

Index gains 28.12 points

Fresh buying on dips supported the KSE-100 index on Tuesday to recover 28.12 points and to close at 11,930.24 points. After positive opening the index breached 12,000 points level to hit 12,032.80 points, up 130.68 points. Trading improved and the volume
Published 18 May, 2011 12:00am
BRIndex30 up 38.4 points

BRIndex30 up 38.4 points

On Tuesday, the BRIndex30 opened at 8,566.95 points and remained in positive throughout the trading session. It touched the intra-day high of 8,661.90 points and low of 8,566.95 points and closed at 8,605.35 points with a net positive change of 38.4 point
Published 18 May, 2011 12:00am
Closing of sterling rates

Closing of sterling rates

Closing of sterling rates at 1730 GMT - on Tuesday (May 17, 2011).

Published 18 May, 2011 12:00am
BRIndex30 up 38.4 points

BRIndex30 up 38.4 points

On Tuesday, the BRIndex30 opened at 8,566.95 points and remained in positive throughout the trading session. It touched the intra-day high of 8,661.90 points and low of 8,566.95 points and closed at 8,605.35 points with a net positive change of 38.4 point
Published 18 May, 2011 12:00am
Army protests Nato incursion

Army protests Nato incursion

Nato helicopters from Afghanistan intruded into Pakistan in North Waziristan on Tuesday, wounding two soldiers, officials said, prompting a protest from the military already seething over the secret US operation to kill Osama bin Laden.
Published 18 May, 2011 12:00am
Army protests Nato incursion

Army protests Nato incursion

Nato helicopters from Afghanistan intruded into Pakistan in North Waziristan on Tuesday, wounding two soldiers, officials said, prompting a protest from the military already seething over the secret US operation to kill Osama bin Laden.
Published 18 May, 2011 12:00am
July-April current account shows $748 million surplus

July-April current account shows $748 million surplus

The country's current account has become surplus by $748 million in ten months of current fiscal year 2010-11 as a result of massive inflows of home remittance and rise in exports. "The rising and average over one billion dollars home remittances during l
Published 18 May, 2011 12:00am
July-April current account shows $748 million surplus

July-April current account shows $748 million surplus

The country's current account has become surplus by $748 million in ten months of current fiscal year 2010-11 as a result of massive inflows of home remittance and rise in exports. "The rising and average over one billion dollars home remittances during l
Published 18 May, 2011 12:00am
July-April current account shows $748 million surplus

July-April current account shows $748 million surplus

The country''s current account has become surplus by $748 million in ten months of current fiscal year 2010-11 as a result of massive inflows of home remittance and rise in exports. "The rising and average over one billion dollars home remittances during
Published 18 May, 2011 12:00am
China urges world to support Pakistan

China urges world to support Pakistan

China on Tuesday praised Pakistan for its "great sacrifices" in the fight against terrorism and pledged "unswerving support" for its long-term ally. "Pakistan has made important contributions in fighting terrorism and made great sacrifices," Foreign Minis
Published 18 May, 2011 12:00am
China urges world to support Pakistan

China urges world to support Pakistan

China on Tuesday praised Pakistan for its "great sacrifices" in the fight against terrorism and pledged "unswerving support" for its long-term ally. "Pakistan has made important contributions in fighting terrorism and made great sacrifices," Foreign Minis
Published 18 May, 2011 12:00am
Prime Minister hails Beijing ties amid strains with Washington

Prime Minister hails Beijing ties amid strains with Washington

Pakistan's prime minister declared China his country's best friend in an apparent dig at Washington as he began a visit to China on Tuesday with US ties tested over Osama bin Laden's killing. Yousuf Raza Gilani's trip follows the killing of the al Qaeda l
Published 18 May, 2011 12:00am
Prime Minister hails Beijing ties amid strains with Washington

Prime Minister hails Beijing ties amid strains with Washington

Pakistan's prime minister declared China his country's best friend in an apparent dig at Washington as he began a visit to China on Tuesday with US ties tested over Osama bin Laden's killing. Yousuf Raza Gilani's trip follows the killing of the al Qaeda l
Published 18 May, 2011 12:00am
Gilani's China visit hurts ties: US senator

Gilani's China visit hurts ties: US senator

Prime Minister Yousuf Raza Gilani's visit to China, which he declared his country's best friend, makes it harder to sell an angry US public on aid to Islamabad, a key US senator said Tuesday. "Frankly, I'm getting tired of it, and I think Americans are ge
Published 18 May, 2011 12:00am
Gilani's China visit hurts ties: US senator

Gilani's China visit hurts ties: US senator

Prime Minister Yousuf Raza Gilani's visit to China, which he declared his country's best friend, makes it harder to sell an angry US public on aid to Islamabad, a key US senator said Tuesday. "Frankly, I'm getting tired of it, and I think Americans are ge
Published 18 May, 2011 12:00am
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