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Archive - 2011-06-02
US jobless claims dip
North America

US jobless claims dip

WASHINGTON : New US jobless claims fell slightly last week but still remained above 400,000, official data showed Thurs
Published 02 Jun, 2011 02:51pm
Gold surges to Rs 42,642
Commodities

Gold surges to Rs 42,642

KARACHI: Gold surged by Rs 257 to Rs 42,642 per 10 grams in local bullion market Thursday, as its international price al
Published 02 Jun, 2011 02:50pm
Biotech drugs to prompt sector
Top News

Biotech drugs to prompt sector

LONDON : European biotechnology stocks are set to out-perform as new drugs buoy company profits, possibly triggering mer
Published 02 Jun, 2011 11:42am
Gas exporters boost capacity
Africa

Gas exporters boost capacity

CAIRO : Natural gas producers must boost capacity to meet rising demand for the cleanest fossil fuel but need reliable l
Published 02 Jun, 2011 11:05am
US should delay Pakistan aid: study
Top News

US should delay Pakistan aid: study

WASHINGTON : The United States should delay much of its multibillion-dollar package to Pakistan pending economic reforms
Published 02 Jun, 2011 07:00am
Merkel says no problem with euro
Top News

Merkel says no problem with euro

SINGAPORE : German Chancellor Angela Merkel said Thursday the euro was a "stable currency" but some countries in the eur
Published 02 Jun, 2011 05:45am
Rs14000mn allocated for HEC
Top News

Rs14000mn allocated for HEC

ISLAMABAD: The government has allocated Rs14000.000 million for Higher Education Commission (HEC) in Public Sector devel
Published 02 Jun, 2011 12:00am
PBC crusading for reforms
BR Research

PBC crusading for reforms

When they weren out waging wars over beliefs, the Knights Templar of the 12th Century managed the economic infrastructure and early banking
Published 02 Jun, 2011 12:00am
Oh! I see
BR Research

Oh! I see

The OICCIs business confidence survey shows zero confidence to boost business and investment activities in the country. In fact, if anything
Published 02 Jun, 2011 12:00am
A forewarned, food-starved world
BR Research

A forewarned, food-starved world

Warning bells hollering the onslaught of a food crisis have been struck by the FAO on and off this year, especially in the wake of the clima
Published 02 Jun, 2011 12:00am
Paramedical association demands 100 percent rise in salary

Paramedical association demands 100 percent rise in salary

Para Medical Association, Khyber Paktunkhwa has demanded 100 percent increase in employees' salaries in upcoming budget-2011-12 and announced to stage a sit-in outside Parliament house on Friday (tomorrow) to press the government for implementation of Pay
Published 02 Jun, 2011 12:00am
KSE index gains 65.61 points in May

KSE index gains 65.61 points in May

Despite budget-related uncertainties and geo-political situation, the KSE-100 index increased by 65.61 points, or 0.54 percent in the month of May 2011 to close at 12,123.15 points from April closing of 12,057.54 points.
Published 02 Jun, 2011 12:00am
Tension grips Lyari as four more fall prey to targeted killing

Tension grips Lyari as four more fall prey to targeted killing

Tension remained in Lyari as four more persons were fallen prey to targeted killing at different vicinities of the area on Wednesday. According to details, the first incident took place at Anjuman Hall situated at Memon Society Khadda Market in the limits
Published 02 Jun, 2011 12:00am
CDA retrieves 14,000 kanals from possession of land mafia

CDA retrieves 14,000 kanals from possession of land mafia

Capital Development Authority (CDA) has succeeded in vacating almost 14000 kanals land from land-grabbers, sources told Business Recorder on Wednesday. The authority presents report to the Supreme Court after every fortnight regarding latest status
Published 02 Jun, 2011 12:00am
Prices of soft drinks may be reduced

Prices of soft drinks may be reduced

The prices of soft drinks are likely to be reduced due to the proposed up to 50 percent reduction in the federal excise duty (FED) on beverages in coming budget (2011-2012). Sources told Business Recorder here on Wednesday that the Finance Bill (20
Published 02 Jun, 2011 12:00am
Dubai police face charges in prisoner abuse case

Dubai police face charges in prisoner abuse case

Local media say Dubai prosecutors have charged 13 police officers with beating a Pakistani prisoner so badly that he later died. The National and Gulf News newspapers reported the allegations on Wednesday after they were made public during a court hearing
Published 02 Jun, 2011 12:00am
Pakistani troops off to Liberia

Pakistani troops off to Liberia

A batch of 254 Pakistan troops left here on Wednesday for peace-keeping duties and rehabilitation of infrastructure in the war torn Liberia under the aegis of the United Nations. A press release of the ISPR issued here said. The troops were seen off at th
Published 02 Jun, 2011 12:00am
Doctors end strike

Doctors end strike

Doctors ended their strike at Ayub Medical Complex after holding successful dialogues with the government on Wednesday. The strike was ended on its 15 consecutive days. Now doctors are providing treatment to the patients.
Published 02 Jun, 2011 12:00am
HEC may get Rs 14 billion against Rs 15.8 billion demand

HEC may get Rs 14 billion against Rs 15.8 billion demand

The government has proposed Rs 14 billion allocation for Higher Education Commission (HEC) in the upcoming budget for 2011-12, against its demand of Rs 15.8 billion, it is learnt. Federal government will provide funds to the HEC till legislation is amende
Published 02 Jun, 2011 12:00am
UK's top share index dips

UK's top share index dips

Britain's top share index dropped back on Wednesday as below-par US economic pointers and weak UK manufacturing and housing data intensified investor concerns about the strength of the global economy.
Published 02 Jun, 2011 12:00am
Disappointing macro figures hurt European equities

Disappointing macro figures hurt European equities

European shares ended sharply lower on Wednesday as risk appetite waned after data showed a slowdown in US manufacturing activity in May and a much lower than expected increase in US private sector employment.
Published 02 Jun, 2011 12:00am
Disappointing macro figures hurt European equities

Disappointing macro figures hurt European equities

European shares ended sharply lower on Wednesday as risk appetite waned after data showed a slowdown in US manufacturing activity in May and a much lower than expected increase in US private sector employment.
Published 02 Jun, 2011 12:00am
Seoul shares flat

Seoul shares flat

Seoul shares ended nearly flat on Wednesday after sharp gains in previous session as domestic data including weaker-than-expected export figures prompted investors to lock in profits in much-gained exporters like Hyundai Motor.
Published 02 Jun, 2011 12:00am
Hong Kong shares slip, China flat

Hong Kong shares slip, China flat

Hong Kong shares slipped on Wednesday, getting off to a weak start in June as investors took a more defensive stance, although a pick up in volumes suggested greater market participation by investors.
Published 02 Jun, 2011 12:00am
Indian shares stay higher

Indian shares stay higher

Indian shares rose for a second straight session on Wednesday as investors returned to buy select stocks after the recent sell-off, with hopes of progress on bailout and austerity steps for debt-laden Greece buoying sentiments globally.
Published 02 Jun, 2011 12:00am
Most Southeast Asian stocks up

Most Southeast Asian stocks up

Most Southeast Asian stock markets posted small gains on Wednesday, with regional big-caps climbing with foreign inflows, but investors remained cautious over the outlook for the global economy. The region generally saw active sessions, with turnover of m
Published 02 Jun, 2011 12:00am
Treasuries move up

Treasuries move up

US Treasury debt prices rose on Tuesday as worrisome domestic data overshadowed optimism that Greece is closer to receiving fresh aid, reviving another run of the 10-year yield to 3 percent. The day's gains, due in part to month-end portfolio re-balancing
Published 02 Jun, 2011 12:00am
Treasuries move up

Treasuries move up

US Treasury debt prices rose on Tuesday as worrisome domestic data overshadowed optimism that Greece is closer to receiving fresh aid, reviving another run of the 10-year yield to 3 percent. The day's gains, due in part to month-end portfolio re-balancing
Published 02 Jun, 2011 12:00am
Taiwan stocks hit four-month high

Taiwan stocks hit four-month high

Taiwan stocks rose 0.82 percent to a nearly four-month closing high on Wednesday, led by chip design house Mediatek after it announced a new tie-up with Yahoo . Smartphone maker HTC also ended higher amid investor optimism that it will add more market sha
Published 02 Jun, 2011 12:00am
Greece hopes buoy Wall Street

Greece hopes buoy Wall Street

Wall Street bulls took the upper hand with a 1 percent rally on Tuesday as hopes for a new plan to deal with Greece's debt crisis relieved some investor worry, but grim economic data suggested more hurdles ahead as the S&P 500 closed out its worst month s
Published 02 Jun, 2011 12:00am
Nikkei gains

Nikkei gains

The Nikkei average rose to a three-week closing high on Wednesday, but caution on the pace of economic recovery in the United States and the growing prospect of a split in Japan's ruling party were seen keeping further gains in check.
Published 02 Jun, 2011 12:00am
Global factory growth sags to lowest since September 2010

Global factory growth sags to lowest since September 2010

Global manufacturing growth eased sharply in May to its lowest level since last September, according to a business survey that showed slowdowns across all of its output, new orders, input prices and jobs components.
Published 02 Jun, 2011 12:00am
Japan auto sales worst since 1968; Hyundai rises

Japan auto sales worst since 1968; Hyundai rises

Japanese auto sales fell by a third in May, the lowest total for the month since 1968, as car makers struggled to restart production after the earthquake and tsunami that roiled the country in March.
Published 02 Jun, 2011 12:00am
Nokia on the ropes as analysts slash targets

Nokia on the ropes as analysts slash targets

Analysts predicted more gloom ahead for Nokia on Wednesday and the struggling phone maker was forced to deny talk it would sell its core business to Microsoft.
Published 02 Jun, 2011 12:00am
Toyota recalls 106,000 Prius

Toyota recalls 106,000 Prius

Toyota recalled 106,000 first-generation Prius hybrid cars globally on Wednesday for faulty steering caused by a nut that may come loose. The single minor accident suspected of being related to the problem was reported in the US, according to Toyota Motor
Published 02 Jun, 2011 12:00am
Fiat to invest $1 billion in Russia

Fiat to invest $1 billion in Russia

Italian car giant Fiat is to invest $1.1 billion in Russia to build two auto plants, the latest big investment pledge from a foreign manufacturer, a top economy official said on Wednesday.
Published 02 Jun, 2011 12:00am
ILO must lead in seeking social justice

ILO must lead in seeking social justice

The International Labour Organisation must take the lead in calling for greater social justice and fundamental changes to the world's current growth model, the head of the UN labour agency said Wednesday.
Published 02 Jun, 2011 12:00am
Indonesia lifts wealthy client ban on banks

Indonesia lifts wealthy client ban on banks

Indonesia's central bank said on Wednesday that it would lift the ban on 23 commercial lenders from accepting wealthy customers, after a major embezzlement case at Citibank. The ban, which has been effective since May 2, was triggered after an employee of
Published 02 Jun, 2011 12:00am
Emirates launches $1bn five-year bond

Emirates launches $1bn five-year bond

Fast-growing Dubai-based airline Emirates launched a five-year $1 billion bond in an upsized offering at the lower end of its initial price guidance. The company said the bond launched at 330 basis points over midswaps, as reported earlier by Reuters, wit
Published 02 Jun, 2011 12:00am
Emirates launches $1bn five-year bond

Emirates launches $1bn five-year bond

Fast-growing Dubai-based airline Emirates launched a five-year $1 billion bond in an upsized offering at the lower end of its initial price guidance. The company said the bond launched at 330 basis points over midswaps, as reported earlier by Reuters, wit
Published 02 Jun, 2011 12:00am
US jobs, factory slowdown add to recovery fears

US jobs, factory slowdown add to recovery fears

US companies hired far fewer workers than expected in May and output in the manufacturing sector slowed to its lowest level since 2009, adding to concerns that the US recovery is running out of steam.
Published 02 Jun, 2011 12:00am
Gazprom in long-term LNG deal with India's Petronet

Gazprom in long-term LNG deal with India's Petronet

Gazprom will deliver up to 2.5 million tonnes of liquefied natural gas (LNG) a year to India under a deal signed with Petronet LNG on Wednesday that could be worth more than $32 billion. The 25-year memorandum of understanding (MoU) underscores Indian eff
Published 02 Jun, 2011 12:00am
Australia's GDP posts biggest fall in 20 years

Australia's GDP posts biggest fall in 20 years

Australia's economy shrank 1.2 percent in the first quarter, its biggest decline in 20 years, after extensive flooding hit coal exports, but a once-in-a-lifetime mining boom is expected to help growth bounce back quickly this year.
Published 02 Jun, 2011 12:00am
Millionaires hold 39 percent of global wealth

Millionaires hold 39 percent of global wealth

Around one percent of households have 39 percent of the globe's wealth according to a study published Tuesday, pointing to increased inequalities in the wake of the global downturn. The number of millionaire households across the globe increased 12 percen
Published 02 Jun, 2011 12:00am
GM's US sales fall

GM's US sales fall

US auto giant General Motors said Wednesday its US sales fell 1.2 percent in May from a year earlier, in a sign of slowdown in the recovery of the industry and the US economy at large.
Published 02 Jun, 2011 12:00am
GM's US sales fall

GM's US sales fall

US auto giant General Motors said Wednesday its US sales fell 1.2 percent in May from a year earlier, in a sign of slowdown in the recovery of the industry and the US economy at large.
Published 02 Jun, 2011 12:00am
Greece nears IMF/EU deal, dismisses drachma talk

Greece nears IMF/EU deal, dismisses drachma talk

Greece should complete talks by the end of the week with inspectors from the EU and IMF on a medium-term budget plan plus a vital next slice of international aid, sources close to the negotiations said on Wednesday.
Published 02 Jun, 2011 12:00am
Chinese team visits Shipyard

Chinese team visits Shipyard

A six-member delegation of Economic Daily of China led by its president Xu Rujun visited Karachi Shipyard and Engineering Works (KSEW) here on Wednesday. Commodore Sajid Wazir Khan, KSEW's General Manager Ship Building, gave a detailed briefing on the wor
Published 02 Jun, 2011 12:00am
Commodities' prices depict mixed trend in May

Commodities' prices depict mixed trend in May

The prices of essential commodities registered mixed trend during May as 25 commodities' prices showed downward trend while 23 commodities showed upward trend. Price of seven items remained unchanged during the month.
Published 02 Jun, 2011 12:00am
Parliamentary panel confirms nominations of ECP members

Parliamentary panel confirms nominations of ECP members

The parliamentary committee, headed by Khurshid Shah, Wednesday confirmed nominations of Election Commission of Pakistan (ECP) members, completing the process of setting up an independent election commission under 18th amendment.
Published 02 Jun, 2011 12:00am
Tribal youths demand removal of chairman PCB

Tribal youths demand removal of chairman PCB

Tribal youth of Khyber Agency have said the resignation of Shahid Khan Afridi from international cricket was against the interest of the country. They demanded removal of Chairman Pakistan Cricket Board (PCB), Ejaz Butt.
Published 02 Jun, 2011 12:00am
Gas companies seek cut in ST on gas supply

Gas companies seek cut in ST on gas supply

The gas companies have requested the Federal Board of Revenue (FBR) for reduction in sales tax on supply of gas at the input stage in budget (2011-2012) because their output is less than the input, which result in accumulation of refund.
Published 02 Jun, 2011 12:00am
Prosecutors wrapping up Chicago terrorism case

Prosecutors wrapping up Chicago terrorism case

Prosecutors planned to call FBI agents and other remaining witnesses Wednesday to bolster the testimony of an admitted American terrorist who is the government's star witness in the trial of a Chicago businessman accused in the 2008 Mumbai terrorist attac
Published 02 Jun, 2011 12:00am
HRCP launches 'Economy Watch' project

HRCP launches 'Economy Watch' project

The Human Rights Commission of Pakistan (HRCP) has called upon the federal and provincial finance managers to use the budgetary instruments to ensure the utilisation of national resources in the best interest of the people, especially the poor and the dis
Published 02 Jun, 2011 12:00am
Capital police arrest 29 suspects

Capital police arrest 29 suspects

Islamabad Police have arrested 29 persons including two foreigner women for their alleged involvement in immoral activities, bootlegging and theft incidents, recovering 193 bottles of liquor and stolen items worth Rs 0.5 million from their possession.
Published 02 Jun, 2011 12:00am
CJ LHC transfers two judges

CJ LHC transfers two judges

Chief Justice Lahore High Court (CJ LHC) has made transfers and postings among two District and Sessions Judge (D&SJ). According to a notification issued here D&SJ Masood Arshad has been transferred from M B Din to Jhang and Sheikh Liaqat Ali from Jhang t
Published 02 Jun, 2011 12:00am
'Enemies want to destabilise Pakistan'

'Enemies want to destabilise Pakistan'

S. M. Muneer, renowned industrialist and former president Federation of Pakistan Chambers of Commerce and Industry has said that enemies want to destabilise Pakistan, therefore all political parties must unite for the betterment of country's ailing econom
Published 02 Jun, 2011 12:00am
Emirates summer surprise for children

Emirates summer surprise for children

Emirates Airline, the Dubai based international airline, has launched its summer bonanza offer "Summer Smiles in Dubai" offering families with children under 12 years an incredible offer while they visit Dubai this summer.
Published 02 Jun, 2011 12:00am
ACE Chairman calls to put case against three doctors of ASH before ACC-1

ACE Chairman calls to put case against three doctors of ASH before ACC-1

The Chairman of Anti-corruption Establishment, Ramzan Channa, has rejected the report of Director of ACE Karachi, Ganhwar Laghari, regarding the case against senior doctors of Abbasi Shaheed Hospital, Karachi, and directed to place the case before Anti-Co
Published 02 Jun, 2011 12:00am
MCB implements project Supernova for Unilever

MCB implements project Supernova for Unilever

MCB Bank Limited has successfully implemented 'Project Supernova' for Unilever Pakistan Limited under their 'Collections Mandate'. This is one of the largest collections arrangement awarded by Unilever to any financial institution.
Published 02 Jun, 2011 12:00am
Mini industrial zone at Mithi to be set up

Mini industrial zone at Mithi to be set up

A small industrial estate will be established over 50 acres of land in the outskirts of Mithi city of Tharparkar. Talking to newsmen after inauguration of Shah Abdul Latif Bhitai Colony, Sindh Minister for Commerce and Industries, Rauf Siddiqui said that
Published 02 Jun, 2011 12:00am
KU cancels 18 bogus admissions

KU cancels 18 bogus admissions

Karachi University has cancelled the admissions of 18 students who got admissions on fake intermediate mark sheets in university and its associate degree colleges during academic year 2009-2010. The university cancelled admissions of Syed Mehmood (BL) of
Published 02 Jun, 2011 12:00am
Life threats: Sharmila lodges FIR against trader

Life threats: Sharmila lodges FIR against trader

Former advisor to Sindh Chief Minister, Sharmila Farooqi, on Wednesday registered a case against a Pakistan born American trader over life threats. According to police, Sharmila, who had reached Karachi by flight from Islamabad, engaged in a quarrel with
Published 02 Jun, 2011 12:00am
Six-day training programme on mango research

Six-day training programme on mango research

Pakistan Horticulture Development and Export Company (PHDEC) is collaborating with the Institute of Business and Management Sciences (IBMS), University of Agriculture, Faisalabad, in conducting a 6-day training programme on mango market research under the
Published 02 Jun, 2011 12:00am
Only 84 percent of wheat procurement target achieved

Only 84 percent of wheat procurement target achieved

The government agencies, including Pakistan Agriculture Storage and Services Corporation (Passco), and provincial food departments, after passing the deadline for wheat procurement drive, have managed to achieve only 84 percent of the wheat procurement ta
Published 02 Jun, 2011 12:00am
Pakistan pharma summit to begin on June 14

Pakistan pharma summit to begin on June 14

Pakistan Pharmaceutical Manufacturers Association (PPMA) has announced to host Pakistan Pharma Summit on 14th and 15th June 2011 at Pearl Continental Hotel under the theme "Reshaping Pakistan Pharma Industry: Trends, challenges and opportunities". Speakin
Published 02 Jun, 2011 12:00am
KASB Securities named 'Best Domestic Equities House'

KASB Securities named 'Best Domestic Equities House'

KASB Securities Ltd, Pakistan's leading brokerage firm, has been ranked the Best Domestic Equities House in Pakistan by AsiaMoney, rounding off a fruitful 12 months for KASB, since bagging the same award last year.
Published 02 Jun, 2011 12:00am
KASB Securities named 'Best Domestic Equities House'

KASB Securities named 'Best Domestic Equities House'

KASB Securities Ltd, Pakistan's leading brokerage firm, has been ranked the Best Domestic Equities House in Pakistan by AsiaMoney, rounding off a fruitful 12 months for KASB, since bagging the same award last year.
Published 02 Jun, 2011 12:00am
Second phase of Child Protection Centres Project launched

Second phase of Child Protection Centres Project launched

The Khwendo Kor, a civil society organisation, working for the empowerment of women and children, has launched the second phase of the Child Protection Centres Project in two southern districts of the Khyber Pakhtunkhwa after successful completion of the
Published 02 Jun, 2011 12:00am
Blatter re-elected, vows FIFA clean-up

Blatter re-elected, vows FIFA clean-up

FIFA president Sepp Blatter was re-elected head of world football on Wednesday, vowing to clean up the body's tarnished image following a series of explosive corruption allegations. Blatter, 75, was given a free run at another four-year term following the
Published 02 Jun, 2011 12:00am
Sharapova, Li meet in French Open semi-finals

Sharapova, Li meet in French Open semi-finals

Maria Sharapova of Russia and Li Na of China both put aside years of struggling on claycourts on Wednesday to set up a tantalising French Open semi-final showdown. The seventh seeded Sharapova underlined her new found confidence on the slippery red dirt a
Published 02 Jun, 2011 12:00am
Malaysia's Fernandes bids for West Ham

Malaysia's Fernandes bids for West Ham

Malaysian businessman Tony Fernandes announced Wednesday he had bid for West Ham following their recent relegation from the English Premier League. "For all you West Ham fans an offer has gone to the present owners of West Ham. Let's see if they accept,"
Published 02 Jun, 2011 12:00am
Bartoli into first French Open semi-finals

Bartoli into first French Open semi-finals

Marion Bartoli became the first Frenchwoman since 2005 to reach the Roland Garros semi-finals on Tuesday when she defeated 2009 champion Svetlana Kuznetsova 7-6 (7/4), 6-4. Bartoli, the 11th seed, will tackle defending champion Francesca Schiavone, who ea
Published 02 Jun, 2011 12:00am
Pressure will all be on Djokovic, says Federer

Pressure will all be on Djokovic, says Federer

Roger Federer believes the pressure will all be on Novak Djokovic when the pair meet in the French Open semi-finals on Friday. Victory for Djokovic, the second seed, will see him replace Rafael Nadal as world number one, while he would also equal John McE
Published 02 Jun, 2011 12:00am
London 2012 to grant ranking points

London 2012 to grant ranking points

Ranking points will be awarded at the London Olympics tennis tournament to ensure the highest number of top players take part in an event sandwiched into a crowded schedule, it was announced on Wednesday. It will be the fourth successive Olympics that poi
Published 02 Jun, 2011 12:00am
Afridi accepts code violation: PCB

Afridi accepts code violation: PCB

Former Pakistan cricket captain Shahid Afridi, who is locked in a dispute with the sport's administrator in the country, has admitted breaching its code of conduct, an official said Wednesday. The 31-year-old all-rounder abruptly announced his retirement
Published 02 Jun, 2011 12:00am
Afridi ruled out of Hampshire stint

Afridi ruled out of Hampshire stint

Shahid Afridi said he was "disappointed" to be missing out on playing for defending champions Hampshire in this season's English county Twenty20 competition after the Pakistan Cricket Board (PCB) effectively banned him from playing abroad.
Published 02 Jun, 2011 12:00am
Afridi asks president for help

Afridi asks president for help

Former captain Shahid Afridi appealed to Pakistan's president for help Wednesday after his central contract was suspended when he announced his retirement from international cricket. Afridi said he had appealed to President Asif Ali Zardari to help.
Published 02 Jun, 2011 12:00am
Pakistan whip India to regain BFAME glory after 10 years

Pakistan whip India to regain BFAME glory after 10 years

Pakistan's card masters produced a sterling show in the final of open team event when they defeated their arch-rivals India 127-105 International Points (IMPs) to regain Bridge Federation of Asia and Middle East (BFAME) glory after a decade on Wednesday.
Published 02 Jun, 2011 12:00am
Flower still has faith in Pietersen

Flower still has faith in Pietersen

England coach Andy Flower is "very excited" by what he is seeing from Kevin Pietersen despite the gifted batsman's latest failure against left-arm spin. Flower's men wrapped up an extraordinary innings and 14-run in the first Test in Cardiff after skittli
Published 02 Jun, 2011 12:00am
Former Indian policeman to head ICC anti-corruption unit

Former Indian policeman to head ICC anti-corruption unit

A former Indian policeman with experience of tackling corruption is to be the new head of the International Cricket Council's anti-corruption and security unit (ACSU), it was announced Wednesday.
Published 02 Jun, 2011 12:00am
Pakistani boxers suffer defeat in China Open

Pakistani boxers suffer defeat in China Open

Pakistani interest extinguished in China Open Boxing Championship, underway in Guiyang (China), after both remaining Pakistan boxers - Mohammad Waseem and Amir Khan suffered defeats in quarterfinals. Mohammad Waseem lost his quarterfinal match to Rey Salu
Published 02 Jun, 2011 12:00am
Minor changes in modest trade on grain market

Minor changes in modest trade on grain market

Modest trading was witnessed on the wholesale grain market on Wednesday as balanced demand and supply position did not allow the participants to indulge in panic selling or buying, dealers said. On the cereal side wheat old bardan old and new were up by R
Published 02 Jun, 2011 12:00am
Yarn buying revival improves activity on cotton market

Yarn buying revival improves activity on cotton market

Fresh buying interest of cotton yarn after a long time caused improvement in business activity on the cotton market on Wednesday, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 8,500, they said.
Published 02 Jun, 2011 12:00am
Oil cake market rates

Oil cake market rates

The July vaida was up and December contract was unchanged on the forward cottonseed oilcake market on Wednesday in process of trading, dealers said. The July contract that had closed at 1422.50 opened with a gain of 20 paisa at Rs 1422.70.
Published 02 Jun, 2011 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 107,060 tonnes of cargo including 60,940 tonnes of import cargo, 46,120 tonnes of export cargo and 3,689 loaded & empty containers during last 24 hours ended at 0700 hours on Wednesday.
Published 02 Jun, 2011 12:00am
Wheat prices fall on Russia's export move, Chinese data

Wheat prices fall on Russia's export move, Chinese data

Wheat prices saw further losses on Wednesday, extending a setback triggered by news that Russia was lifting its export ban, while bearish Chinese economic data also weighed on the whole commodity complex.
Published 02 Jun, 2011 12:00am
Rains bring relief to parched west Europe wheat

Rains bring relief to parched west Europe wheat

Rains over the last few days have brought limited relief to wheat crops in parched regions of west Europe although many plants remain in poor condition. Crop experts said the outlook has improved in some regions such as north Germany although in the Europ
Published 02 Jun, 2011 12:00am
Canadian canola futures mixed

Canadian canola futures mixed

ICE Canadian canola futures ended mixed on Tuesday, with concerns about delayed planting on the wet Canadian Prairies lifting new-crop months. Sharply lower Chicago wheat futures, due to news Russia will lift its export ban this summer, dragged down grain
Published 02 Jun, 2011 12:00am
Wheat export premiums steady at US Gulf Coast

Wheat export premiums steady at US Gulf Coast

Wheat export premiums at the US Gulf Coast held mostly steady on Tuesday as worries about weather-reduced crops in western Europe and the United States were offset by the looming reopening of Russia's export market, traders said.
Published 02 Jun, 2011 12:00am
Bank service charges

Bank service charges

Although the deposit taking institutions, commonly known as commercial banks, may have certain reservations, the decision of the State Bank on 27th May, 2011 to prohibit all banks from levying any service charges for opening and maintenance of regular sav
Published 02 Jun, 2011 12:00am
Stillborn commission

Stillborn commission

The Prime Minister-constituted five-member commission to investigate the US raid on Abbottabad resulting in Osama bin Laden's killing is stillbirth - a birth in which the baby is born dead. Not only has prime minister's announcement that he made on Tuesda
Published 02 Jun, 2011 12:00am
A daring journalist

A daring journalist

Journalist Saleem Shahzad disappeared two days after writing an investigative report in Asia Times Online about the militant attack on PNS Mehran naval airbase in Karachi. On Tuesday, Punjab police said they found his body on a canal bank in Mandi Bahaudd
Published 02 Jun, 2011 12:00am
VIEWPOINT: Our pretend democracy

VIEWPOINT: Our pretend democracy

It was exactly a month ago that the US Navy SEALS, violating our national sovereignty, raided a residential compound in Abbottabad to find and kill the world's most wanted terrorist, Osama bin Laden, whose presence they had used to wreak unspeakable death
Published 02 Jun, 2011 12:00am
Anatomy of a discretionary trust

Anatomy of a discretionary trust

  1. Introduction: I'll begin this essay by describing and defining what a discretionary trust is? A discretionary trust is a trust in respect of which the trustees are given a discretion to pay or apply the income, or capital or both to or for the benefit
Published 02 Jun, 2011 12:00am
Bt cotton: a threat to environment?

Bt cotton: a threat to environment?

Cultivation of genetically modified cotton seeds is increasing rapidly in Pakistan. In 2010, it was planted on 2.4 million hectares, 75% of total land dedicated to cotton cultivation. However, little or no attention is paid to the environmental repercussi
Published 02 Jun, 2011 12:00am
People make countries

People make countries

What Zaheer Abbas said about Afridi's decision to retire from international cricket was absolutely amazing. Abbas faulted Afridi for claiming to play for the "people" rather than the country. Abbas needs to learn some basic truths, for instance, that peop
Published 02 Jun, 2011 12:00am
Book launching ceremony

Book launching ceremony

The launching ceremony of book titled "Education in Pakistan: Developmental Milestones" by Professor Dr Hafiz Muhammad Iqbal, will be held on Thursday (today) at Punjab University's Institute of Education & Research (IER). Provincial Education Minister Mi
Published 02 Jun, 2011 12:00am
UVAS organises book fair

UVAS organises book fair

The University of Veterinary and Animal Sciences (UVAS) organised its first annual Book Fair-2011 at its conference hall on Wednesday. Various booksellers displayed books on variety of subjects including human, livestock, literature, science, IT and socia
Published 02 Jun, 2011 12:00am
US MIDDAY: gold regains lustre

US MIDDAY: gold regains lustre

Gold rebounded from early losses on Wednesday to a one-month high on safe-haven buying after US manufacturing data for May came in well below forecasts and below the robust April reading.
Published 02 Jun, 2011 12:00am
US MIDDAY: copper lower

US MIDDAY: copper lower

Copper lost more than 1 percent of its value and ended near session lows on Wednesday, hit by fears of sustained weakness in industrial demand after data showed a further deceleration in global factory growth. In New York, the July COMEX contract dropped
Published 02 Jun, 2011 12:00am
US MIDDAY: wheat and soya down

US MIDDAY: wheat and soya down

US wheat futures fell for a second consecutive day on Wednesday as Russia, which lifts its ban on grain exports in July, wasted no time offering its wheat in a tender by the Lebanese government.
Published 02 Jun, 2011 12:00am
US MIDDAY: coffee plunges

US MIDDAY: coffee plunges

Arabica coffee futures closed at the lowest in nearly four months on Wednesday, on heavy investor selling after a wave of sell-stops were triggered. The key July raw sugar contract fell 0.72 cent, or 3.1 percent, to settle at 22.46 cents a lb.
Published 02 Jun, 2011 12:00am
Gold pares losses in London

Gold pares losses in London

Gold pared losses on Wednesday after US private-sector jobs data cast doubt on the health of the world's largest economy and undermined the dollar. Earlier, gold retreated after European officials met to work on a second bailout package for Greece, which
Published 02 Jun, 2011 12:00am
Gold down in Asia

Gold down in Asia

Spot gold edged lower on Wednesday, as easing worries about the Greek debt crisis dampened some appetite for bullion, but a weaker dollar is expected to provide support. Gold came off a four-week high of $1,540.50 hit in the previous session, as European
Published 02 Jun, 2011 12:00am
US gold slips

US gold slips

Gold fell slightly in lacklustre, post-holiday trade after touching its highest price in nearly four weeks on Tuesday, as new hopes for a debt bailout for Greece restored confidence in riskier assets. There was plenty of interest on both sides. These days
Published 02 Jun, 2011 12:00am
Liffe sugar lower

Liffe sugar lower

Liffe August white sugar closes $7.40 lower at $664.60 a tonne on Wednesday. Market turned lower in late trade weighed by sharp decline in crude oil and many other commodity markets.
Published 02 Jun, 2011 12:00am
New York sugar and coffee and cocoa gain

New York sugar and coffee and cocoa gain

Sugar, coffee and cocoa futures marched higher on Tuesday, getting a positive sheen after a holiday weekend from a weaker dollar and month-end position squaring, analysts said.
Published 02 Jun, 2011 12:00am
Malaysian palm oil falls

Malaysian palm oil falls

Malaysian palm oil futures fell nearly 1 percent on Wednesday in choppy trading as weak technicals and sluggish external markets discouraged position-taking. Palm oil, used in products ranging from shampoo to biofuels, gained almost 4 percent in May, afte
Published 02 Jun, 2011 12:00am
Tokyo rubber futures down

Tokyo rubber futures down

Tokyo rubber futures slipped lower on Wednesday, weighed down by weaker oil prices, but tight supply in major producing countries still provided support, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for November delivery fel
Published 02 Jun, 2011 12:00am
Oil falls over $2

Oil falls over $2

Oil prices fell more than $2 on Wednesday as concerns that slowing economic growth will curb petroleum demand were reinforced by disappointing reports on US private sector employment and manufacturing.
Published 02 Jun, 2011 12:00am
Copper declines

Copper declines

Copper fell on Wednesday, on signs of slowing factory activity in China and Europe, and extended losses after below-consensus jobs and manufacturing data from the United States reinforced worries about demand.
Published 02 Jun, 2011 12:00am
Shanghai copper slips

Shanghai copper slips

Copper futures fell on Wednesday as investors turned cautious on fears of further monetary tightening in China and the health of the US economy ahead of key economic data. The most-active August copper contract on the Shanghai Futures Exchange slipped 0.4
Published 02 Jun, 2011 12:00am
DG Rangers Punjab, three others killed in helicopter crash

DG Rangers Punjab, three others killed in helicopter crash

At least four persons, including Director General of Rangers Punjab, Major General Muhammad Nawaz , pilot Lieutenant Colonel Aamer Abbas, PRO to D-G, Rangers, and another person died on Wednesday when a helicopter Ghazi-16 fell into the deep water of rive
Published 02 Jun, 2011 12:00am
US copper rises

US copper rises

Copper rose to a four-week high on Tuesday, swept up in a wider commodity rally as the dollar fell against the euro and investors increased exposure in the asset class as a hedge against rising inflation.
Published 02 Jun, 2011 12:00am
DG Rangers Punjab, three others killed in helicopter crash

DG Rangers Punjab, three others killed in helicopter crash

At least four persons, including Director General of Rangers Punjab, Major General Muhammad Nawaz , pilot Lieutenant Colonel Aamer Abbas, PRO to D-G, Rangers, and another person died on Wednesday when a helicopter Ghazi-16 fell into the deep water of rive
Published 02 Jun, 2011 12:00am
New York cotton ends at four-week top

New York cotton ends at four-week top

US cotton futures finished at a fresh four-week high on Wednesday as a severe drought in the key growing state of Texas easily wiped out early losses from poor US economic data, brokers said.
Published 02 Jun, 2011 12:00am
No plans for North Waziristan campaign: Lieutenant-General Asif

No plans for North Waziristan campaign: Lieutenant-General Asif

One of top military commanders on Wednesday ruled out an imminent offensive in North Waziristan, contradicting a newspaper report that Pakistan had agreed to assault the militant-infested region following pressure from the United States.
Published 02 Jun, 2011 12:00am
PBC stresses better enforcement of present tax regime

PBC stresses better enforcement of present tax regime

The Pakistan Business Council (PBC) has said that government could generate an additional Rs 300 to 400 billion in revenues within the present tax regime through better coverage and enforcement.
Published 02 Jun, 2011 12:00am
No plans for North Waziristan campaign: Lieutenant-General Asif

No plans for North Waziristan campaign: Lieutenant-General Asif

One of top military commanders on Wednesday ruled out an imminent offensive in North Waziristan, contradicting a newspaper report that Pakistan had agreed to assault the militant-infested region following pressure from the United States.
Published 02 Jun, 2011 12:00am
Gas supply to Engro Fertilizer begins

Gas supply to Engro Fertilizer begins

Engro Corporation Ltd said that Sui Northern Gas Pipeline Company (SNGPL) has started supplying 55 million cubic feet of gas (mmscf) per day to its new fertilizer plant.
Published 02 Jun, 2011 12:00am
Rajab moon not to be sighted today

Rajab moon not to be sighted today

The new Rajab moon will not be sighted today (Thursday) according to astronomical parameters. Therefore, the first of Rajab, 1432 AH will fall on Saturday. The moon crossed the conjunction line today at 0203 Pakistan Standard Time (PST).
Published 02 Jun, 2011 12:00am
Traders unlikely to join strike against loadshedding

Traders unlikely to join strike against loadshedding

Traders are unlikely to join the political parties' wheel-jammed strike on June 3 Friday against the increasing electricity loadshedding in the metropolis, saying the action would further cause losses to the national exchequer and create problems for publ
Published 02 Jun, 2011 12:00am
Rajab moon not to be sighted today

Rajab moon not to be sighted today

The new Rajab moon will not be sighted today (Thursday) according to astronomical parameters. Therefore, the first of Rajab, 1432 AH will fall on Saturday. The moon crossed the conjunction line today at 0203 Pakistan Standard Time (PST).
Published 02 Jun, 2011 12:00am
Zardari, Gilani felicitate Energy Update

Zardari, Gilani felicitate Energy Update

President Asif Ali Zardari has said the government was exploring "out of box" solutions to resolve energy crisis on the one hand, and attempting to tap renewable energy potentials, on the other, to generate more power.
Published 02 Jun, 2011 12:00am
New US report urges duty-free access

New US report urges duty-free access

The United States should offer duty-free access to its markets for Pakistani exports, a new report says, declaring that trade might succeed where aid has not in developing a vibrant economy and stable partner.
Published 02 Jun, 2011 12:00am
No development at Gorakh Hills despite payment to consultants

No development at Gorakh Hills despite payment to consultants

Sindh Tourism department has paid over Rs25 million to different private consultant firms which have conducted surveys instead of solid development at Gorakh Hills; well placed sources told Business Recorder here on Wednesday.
Published 02 Jun, 2011 12:00am
New US report urges duty-free access

New US report urges duty-free access

The United States should offer duty-free access to its markets for Pakistani exports, a new report says, declaring that trade might succeed where aid has not in developing a vibrant economy and stable partner.
Published 02 Jun, 2011 12:00am
New York cotton

New York cotton

Tuesday's closing prices of New York cotton in US cents/lb.
Published 02 Jun, 2011 12:00am
New US report urges duty-free access

New US report urges duty-free access

The United States should offer duty-free access to its markets for Pakistani exports, a new report says, declaring that trade might succeed where aid has not in developing a vibrant economy and stable partner.
Published 02 Jun, 2011 12:00am
New York cotton

New York cotton

Tuesday's closing prices of New York cotton in US cents/lb.
Published 02 Jun, 2011 12:00am
Federal Budget on June 3

Federal Budget on June 3

The National Budget for the Fiscal Year 2011-12, envisaging growth rate acceleration, economic stabilisation, employment generation, broadening of tax base and relief to the common people, will be presented in the National Assembly on Friday. Federal Mini
Published 02 Jun, 2011 12:00am
Federal Budget on June 3

Federal Budget on June 3

The National Budget for the Fiscal Year 2011-12, envisaging growth rate acceleration, economic stabilisation, employment generation, broadening of tax base and relief to the common people, will be presented in the National Assembly on Friday. Federal Mini
Published 02 Jun, 2011 12:00am
Federal Budget on June 3

Federal Budget on June 3

The National Budget for the Fiscal Year 2011-12, envisaging growth rate acceleration, economic stabilisation, employment generation, broadening of tax base and relief to the common people, will be presented in the National Assembly on Friday. Federal Mini
Published 02 Jun, 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 02 Jun, 2011 12:00am
Economic Survey today

Economic Survey today

The Economic Survey of Pakistan for the year 2010-11 will be launched here on Thursday. Federal Minister for Finance Dr Abdul Hafeez Shaikh will launch the pre-budget document highlighting the overall performance of economy during the outgoing fiscal year
Published 02 Jun, 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 02 Jun, 2011 12:00am
Economic Survey today

Economic Survey today

The Economic Survey of Pakistan for the year 2010-11 will be launched here on Thursday. Federal Minister for Finance Dr Abdul Hafeez Shaikh will launch the pre-budget document highlighting the overall performance of economy during the outgoing fiscal year
Published 02 Jun, 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 Wednesday (June 01, 2011).
Published 02 Jun, 2011 12:00am
Economic Survey today

Economic Survey today

The Economic Survey of Pakistan for the year 2010-11 will be launched here on Thursday. Federal Minister for Finance Dr Abdul Hafeez Shaikh will launch the pre-budget document highlighting the overall performance of economy during the outgoing fiscal year
Published 02 Jun, 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 Wednesday (June 01, 2011).
Published 02 Jun, 2011 12:00am
MTS and Futures: KSE to allow securities as margins

MTS and Futures: KSE to allow securities as margins

The Board of Directors of Karachi Stock Exchange (KSE) on Tuesday decided to allow securities as margins in Margin Trading System (MTS) and Futures, it is reliably learnt on Wednesday. Sources said the KSE board has taken this decision with a view to enha
Published 02 Jun, 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 Wednesday (June 01, 2011).
Published 02 Jun, 2011 12:00am
MTS and Futures: KSE to allow securities as margins

MTS and Futures: KSE to allow securities as margins

The Board of Directors of Karachi Stock Exchange (KSE) on Tuesday decided to allow securities as margins in Margin Trading System (MTS) and Futures, it is reliably learnt on Wednesday. Sources said the KSE board has taken this decision with a view to enha
Published 02 Jun, 2011 12:00am
MTS and Futures: KSE to allow securities as margins

MTS and Futures: KSE to allow securities as margins

The Board of Directors of Karachi Stock Exchange (KSE) on Tuesday decided to allow securities as margins in Margin Trading System (MTS) and Futures, it is reliably learnt on Wednesday. Sources said the KSE board has taken this decision with a view to enha
Published 02 Jun, 2011 12:00am
MTS and Futures: KSE to allow securities as margins

MTS and Futures: KSE to allow securities as margins

The Board of Directors of Karachi Stock Exchange (KSE) on Tuesday decided to allow securities as margins in Margin Trading System (MTS) and Futures, it is reliably learnt on Wednesday. Sources said the KSE board has taken this decision with a view to enha
Published 02 Jun, 2011 12:00am
Wall Street tumbles

Wall Street tumbles

Wall Street ended a four-day rally on Wednesday with its worst day since August and could face more losses as investors are faced with more signs the economic recovery is fading.
Published 02 Jun, 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 Wednesday (June 01, 2011).
Published 02 Jun, 2011 12:00am
Wall Street tumbles

Wall Street tumbles

Wall Street ended a four-day rally on Wednesday with its worst day since August and could face more losses as investors are faced with more signs the economic recovery is fading.
Published 02 Jun, 2011 12:00am
Wall Street tumbles

Wall Street tumbles

Wall Street ended a four-day rally on Wednesday with its worst day since August and could face more losses as investors are faced with more signs the economic recovery is fading.
Published 02 Jun, 2011 12:00am
Money Market Report

Money Market Report

Money market report by Khadim Ali Shah Bukhari & Co on Wednesday (June 01, 2011).
Published 02 Jun, 2011 12:00am
Index gains 140.91 points

Index gains 140.91 points

Bullish trend was witnessed at the Karachi share market on Wednesday and the KSE-100 index registered a healthy gain of 140.91 points to close at 12,264.06 points. The investors took fresh positions aggressively on their expectations of some tax incentive
Published 02 Jun, 2011 12:00am
Spot dollar rates

Spot dollar rates

Spot Dollar rates from Khadim Ali Shah Bukhari & Co Ltd on Wednesday (June 01, 2011).
Published 02 Jun, 2011 12:00am
Index gains 140.91 points

Index gains 140.91 points

Bullish trend was witnessed at the Karachi share market on Wednesday and the KSE-100 index registered a healthy gain of 140.91 points to close at 12,264.06 points. The investors took fresh positions aggressively on their expectations of some tax incentive
Published 02 Jun, 2011 12:00am
Index gains 140.91 points

Index gains 140.91 points

Bullish trend was witnessed at the Karachi share market on Wednesday and the KSE-100 index registered a healthy gain of 140.91 points to close at 12,264.06 points. The investors took fresh positions aggressively on their expectations of some tax incentive
Published 02 Jun, 2011 12:00am
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