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Archive - 2011-06-06
Banks drag US stocks down
Financial

Banks drag US stocks down

NEW YORK : Falling bank shares dragged US stock markets down Monday, with worries their margins would be under pressu
Published 06 Jun, 2011 08:26pm
Ban seeks new term as UN chief
Top News

Ban seeks new term as UN chief

UNITED NATIONS: Ban Ki-moon on Monday put himself forward for a second five-year term as UN secretary general and dip
Published 06 Jun, 2011 07:20pm
IMF backs Britain's economic policy
Top News

IMF backs Britain's economic policy

LONDON : The International Monetary Fund said Monday it saw no reason for the British government to change its economic
Published 06 Jun, 2011 02:37pm
CNG weekly closure
Business & Finance

CNG weekly closure

LAHORE: All the CNG filling stations of Lahore, Multan and Gujranwala region remained closed on Monday to observe two we
Published 06 Jun, 2011 09:14am
Euro firmer against dollar
Financial

Euro firmer against dollar

TOKYO: The euro strengthened slightly against the dollar in Asian trade on Monday amid growing relief over Europe's co
Published 06 Jun, 2011 03:38am
Creating a Flintstonian society
BR Research

Creating a Flintstonian society

Yabba dabba doo! The latest economic survey is here. But thats all the excitement there is to be, for the bedrock of the review shows the ec
Published 06 Jun, 2011 12:00am
An auto-friendly budget
BR Research

An auto-friendly budget

Realising that the local auto manufacturers have been scared away by a combination of high production cost, economic uncertainty and an inco
Published 06 Jun, 2011 12:00am
Your rupee last week

Your rupee last week

Following currency fluctuations took place in foreign exchange rates during the last week. (May 30 - June 04, 2011)

Published 06 Jun, 2011 12:00am
The Weather

The Weather

The weather report on Sunday (June 05, 2011) and the forecast for Monday (June 06, 2011).

Published 06 Jun, 2011 12:00am
THE RUPEE: all-round losses

THE RUPEE: all-round losses

All round decline was seen on the money market as rupee drifted lower against both dollar and euro during the week ended on June 4, 2011. On inter-bank market, the rupee shed 15 paisa versus dollar for buying and selling at Rs 85.95 and Rs 86.00.
Published 06 Jun, 2011 12:00am
THE RUPEE: all-round losses

THE RUPEE: all-round losses

All round decline was seen on the money market as rupee drifted lower against both dollar and euro during the week ended on June 4, 2011. On inter-bank market, the rupee shed 15 paisa versus dollar for buying and selling at Rs 85.95 and Rs 86.00.
Published 06 Jun, 2011 12:00am
No flood surcharge beyond June 30

No flood surcharge beyond June 30

The Finance Bill 2011-2012 has not proposed any continuation of section 4A of the Income Tax Ordinance 2001, which clearly reflects government's intention for not extending 15 percent income tax surcharge beyond June 30, 2011.
Published 06 Jun, 2011 12:00am
No flood surcharge beyond June 30

No flood surcharge beyond June 30

The Finance Bill 2011-2012 has not proposed any continuation of section 4A of the Income Tax Ordinance 2001, which clearly reflects government's intention for not extending 15 percent income tax surcharge beyond June 30, 2011.
Published 06 Jun, 2011 12:00am
No flood surcharge beyond June 30

No flood surcharge beyond June 30

The Finance Bill 2011-2012 has not proposed any continuation of section 4A of the Income Tax Ordinance 2001, which clearly reflects government''s intention for not extending 15 percent income tax surcharge beyond June 30, 2011.
Published 06 Jun, 2011 12:00am
FED on cement to be abolished in three years

FED on cement to be abolished in three years

The federal government has decided to completely abolish federal excise duty (FED) on cement in the next three years. On the demand of cement manufacturers the federal government has announced several relief measures for the cement sector in the budget fo
Published 06 Jun, 2011 12:00am
FED on cement to be abolished in three years

FED on cement to be abolished in three years

The federal government has decided to completely abolish federal excise duty (FED) on cement in the next three years. On the demand of cement manufacturers the federal government has announced several relief measures for the cement sector in the budget fo
Published 06 Jun, 2011 12:00am
FED on cement to be abolished in three years

FED on cement to be abolished in three years

The federal government has decided to completely abolish federal excise duty (FED) on cement in the next three years. On the demand of cement manufacturers the federal government has announced several relief measures for the cement sector in the budget fo
Published 06 Jun, 2011 12:00am
Mixed trend on KSE

Mixed trend on KSE

With mixed trend prevalent at the stock market during the week ended on June 3, 2011, the KSE-100 index closed at 12,236.66 points with a meagre gain of 11.14 points. The market remained in the grip of budget-related uncertainties throughout the week as a
Published 06 Jun, 2011 12:00am
Mixed trend on KSE

Mixed trend on KSE

With mixed trend prevalent at the stock market during the week ended on June 3, 2011, the KSE-100 index closed at 12,236.66 points with a meagre gain of 11.14 points. The market remained in the grip of budget-related uncertainties throughout the week as a
Published 06 Jun, 2011 12:00am
Mixed trend on KSE

Mixed trend on KSE

With mixed trend prevalent at the stock market during the week ended on June 3, 2011, the KSE-100 index closed at 12,236.66 points with a meagre gain of 11.14 points. The market remained in the grip of budget-related uncertainties throughout the week as a
Published 06 Jun, 2011 12:00am
Bakery blast kills 18 in Nowshera

Bakery blast kills 18 in Nowshera

At least 18 people were killed on Sunday in a bomb blast at a bakery in Nowshera, police and government officials said, an attack claimed by the Pakistani Taliban. More than 28 people were injured in the explosion in the garrison town of Nowshera, which l
Published 06 Jun, 2011 12:00am
Nandipur Power Plant: Work hits snags

Nandipur Power Plant: Work hits snags

The construction of the 426 megawatt power plant in public sector at Nandipur, Gujranwala at a cost of $329 million has hit snags after billions of rupees have been spent on it, as Ministry of Law and Parliamentary Affairs has not yet given its legal opin
Published 06 Jun, 2011 12:00am
Nandipur Power Plant: Work hits snags

Nandipur Power Plant: Work hits snags

The construction of the 426 megawatt power plant in public sector at Nandipur, Gujranwala at a cost of $329 million has hit snags after billions of rupees have been spent on it, as Ministry of Law and Parliamentary Affairs has not yet given its legal opin
Published 06 Jun, 2011 12:00am
Nandipur Power Plant: Work hits snags

Nandipur Power Plant: Work hits snags

The construction of the 426 megawatt power plant in public sector at Nandipur, Gujranwala at a cost of $329 million has hit snags after billions of rupees have been spent on it, as Ministry of Law and Parliamentary Affairs has not yet given its legal opin
Published 06 Jun, 2011 12:00am
23 dead as Israel opens fire on occupied Golan

23 dead as Israel opens fire on occupied Golan

Israeli troops opened fire on Sunday as protesters from Syria stormed a cease-fire line in the occupied Golan Heights, with Damascus saying 23 demonstrators were killed. Hundreds of protesters rushed the ceasefire line, cutting through barbed wire as they
Published 06 Jun, 2011 12:00am
23 dead as Israel opens fire on occupied Golan

23 dead as Israel opens fire on occupied Golan

Israeli troops opened fire on Sunday as protesters from Syria stormed a cease-fire line in the occupied Golan Heights, with Damascus saying 23 demonstrators were killed. Hundreds of protesters rushed the ceasefire line, cutting through barbed wire as they
Published 06 Jun, 2011 12:00am
Banks may need more cash to clear derivatives: BIS

Banks may need more cash to clear derivatives: BIS

The world's top 14 derivatives dealers may need extra cash to handle a surge in transaction clearing, especially in choppy markets, the Bank for International Settlements (BIS) said. Clearing is being favoured by regulators because it is backed by a defau
Published 06 Jun, 2011 12:00am
Portugal's opposition wins early election

Portugal's opposition wins early election

Portugal's centre-right opposition Social Democrats (PSD) defeated the ruling Socialists in Sunday's early election, preliminary results showed with 80 percent of electoral districts counted. The PSD captured 40.6 percent of the vote compared to 28.5 perc
Published 06 Jun, 2011 12:00am
Six killed in Matani bomb blast

Six killed in Matani bomb blast

A bomb ripped through a passenger vehicle parked at a bus terminal near Peshawar on Sunday, killing six people and wounding 11 others, police said. The bomb was planted at the terminal near a market in Matani, about 20 kilometres (12 miles) south of Pesha
Published 06 Jun, 2011 12:00am
US weighs timeline on Afghan 'surge force' pullout

US weighs timeline on Afghan 'surge force' pullout

A looming US decision on troop drawdowns in Afghanistan could include a timeline for pulling out 30,000 "surge" forces deployed last year, Defence Secretary Robert Gates said Sunday. In a farewell visit to Afghanistan before stepping down as Pentagon chie
Published 06 Jun, 2011 12:00am
US weighs timeline on Afghan 'surge force' pullout

US weighs timeline on Afghan 'surge force' pullout

A looming US decision on troop drawdowns in Afghanistan could include a timeline for pulling out 30,000 "surge" forces deployed last year, Defence Secretary Robert Gates said Sunday. In a farewell visit to Afghanistan before stepping down as Pentagon chie
Published 06 Jun, 2011 12:00am
Cost of governance in Balochistan has increased: Gilani told

Cost of governance in Balochistan has increased: Gilani told

Prime Minister Syed Yousuf Raza Gilani Sunday said the government is ready for political dialogue with the estranged leaders of Balochistan in the larger national interest. Speaking during a briefing here on security situation in Balochistan the Prime Min
Published 06 Jun, 2011 12:00am
Cost of governance in Balochistan has increased: Gilani told

Cost of governance in Balochistan has increased: Gilani told

Prime Minister Syed Yousuf Raza Gilani Sunday said the government is ready for political dialogue with the estranged leaders of Balochistan in the larger national interest. Speaking during a briefing here on security situation in Balochistan the Prime Min
Published 06 Jun, 2011 12:00am
Two brothers shot dead over property dispute

Two brothers shot dead over property dispute

Two brothers were killed in firing over a property dispute on the Warbarton-Nankana road on Sunday. Police said that Shahid and accused Aslam had a property dispute. On Sunday, Shahid and his brother Zahid were riding a motorcycle when the rival party ope
Published 06 Jun, 2011 12:00am
Canal dip: a risky sport

Canal dip: a risky sport

Canal swimming during the summer may have its pleasures but experts believe that the trifling sport is rife with hazards to human health as well as life. The youths taking a dip in the canal during the scorching heat of summer noons find the activity exhi
Published 06 Jun, 2011 12:00am
Nato container torched in Kachi

Nato container torched in Kachi

Unknown men set ablaze a Nato container here in the precincts of Levis Thana Dhahar on Sunday. Levis officials said that a container carrying logistics for ISAF forces in Afghanistan was way to Afghanistan from Karachi when unidentified armed men intercep
Published 06 Jun, 2011 12:00am
Haris Steel Mill's case: Malik Qayyum clarifies his position

Haris Steel Mill's case: Malik Qayyum clarifies his position

Malik Muhammad Qayyum, former Attorney General on Sunday clarified his position with regard to allegations levelled in a report by Aftab Sultan in the Haris Steel Mill's case. It has been stated in the report that Qayyum and others had a case to answer wi
Published 06 Jun, 2011 12:00am
JI asks US secret agents to leave Pakistan

JI asks US secret agents to leave Pakistan

Harshly criticising, what he called growing interference of the US secret agencies in Pakistan, Jamaat-e-Islami (JI) chief Syed Munawar Hasan demanded that these agencies should leave the country. Addressing a big sit-in on the concluding day of the two-d
Published 06 Jun, 2011 12:00am
Labour department asked to ensure implementation of industrial policy

Labour department asked to ensure implementation of industrial policy

District Co-ordination Officer (DCO) Rawalpindi Saqib Zafar on Sunday called for role of labour department to make sure implementation of Industrial Policy 2003 and for providing minimum monthly wage of Rs 7000 to the labourers and workers. He gave these
Published 06 Jun, 2011 12:00am
Country in grip of severe hot, dry weather

Country in grip of severe hot, dry weather

Almost the whole country has been in the grip of severe hot and dry weather for the past three days forcing the people to remain indoors or under shades to save themselves from the scorching heat. The meteorological department said on Sunday the weather r
Published 06 Jun, 2011 12:00am
Four posts of IHC judges still vacant

Four posts of IHC judges still vacant

The Islamabad High Court (IHC) has completed five months after becoming functional under the 18th Constitutional Amendment but the offices of four judges are still vacant.
Published 06 Jun, 2011 12:00am
Geelani urges activists to continue liberation struggle

Geelani urges activists to continue liberation struggle

In occupied Kashmir, veteran Kashmiri Hurriyet leader, Syed Ali Geelani, has asked the activists of his party, Tehreek-e-Hurriyet Jammu and Kashmir, to carry on the ongoing struggle for securing the inalienable right to self-determination with devotion.
Published 06 Jun, 2011 12:00am
Rise in crops' prices leads to transfer of money to rural areas

Rise in crops' prices leads to transfer of money to rural areas

Inordinate spike in prices of major crops ie sugarcane, cotton, rice and wheat accounted for an estimated Rs 342 billion transfer to the rural areas in 2010-11 alone, says Economic Survey of Pakistan. According to the Economic Survey, Rs 329 billion was t
Published 06 Jun, 2011 12:00am
Government can't give better budget in prevailing circumstances: Malik

Government can't give better budget in prevailing circumstances: Malik

Vice President SAARC Chamber of Commerce and Industry Iftikhar Malik has said that Finance Minister Dr Hafeez Sheikh could not give a better budget in the present circumstances, as the country is facing accumulated chronic economic ills for the past sever
Published 06 Jun, 2011 12:00am
Budget to provide relief to masses: Imtiaz

Budget to provide relief to masses: Imtiaz

President of Pakistan People's Party Punjab Imtiaz Safdar Warraich on Sunday said the present budget was a balance budget and "it will ensure relief to the masses." Talking to APP, he said funds had been allocated for the development projects and sufficie
Published 06 Jun, 2011 12:00am
WCCI lauds budget 2011-12

WCCI lauds budget 2011-12

Women Chamber of Commerce and Industry Islamabad (WCCI) welcomed the fiscal budget and termed it a good effort of the government to give relief to masses in the current financial crunch. Talking to APP here on Sunday President WCCI Samina Fazil said that
Published 06 Jun, 2011 12:00am
Calligraphy course for youngsters from today

Calligraphy course for youngsters from today

A one-year calligraphy course for young and budding artist will start here from June 6 to promote and preserve Muslim heritage for the coming generations. Calligraphy is a unique art, which needs to be preserved and revived, so, National Language Authorit
Published 06 Jun, 2011 12:00am
JKPM calls for Kashmir settlement through talks

JKPM calls for Kashmir settlement through talks

Jammu and Kashmir Peoples Movement (JKPM), a constituent of All Parties Hurriyet Conference has called upon India to create conducive atmosphere for tripartite dialogue to resolve the Kashmir dispute in accordance with the Kashmiris' aspirations.
Published 06 Jun, 2011 12:00am
Government must launch campaign for awareness of environment

Government must launch campaign for awareness of environment

Federal government, all provincial governments including Azad Jammu and Kashmir must launch nation-wide vigorous campaign on top priority for creating effective awareness among the masses about the ever increasing pollution threats hovering around the reg
Published 06 Jun, 2011 12:00am
All resources being used for masses' welfare: chief minister Punjab

All resources being used for masses' welfare: chief minister Punjab

Punjab Chief Minister Muhammad Shahbaz Sharif has said that national resources were looted mercilessly in the name of development projects under the former government, which obliged every Pakistani to hang his head in shame whereas those who were involved
Published 06 Jun, 2011 12:00am
FST bench disposes of record number of service cases

FST bench disposes of record number of service cases

The Lahore Bench of the Federal Services Tribunal (FST) has disposed of a record number of 121 pending service cases during the month of May last. Official sources told APP on Sunday that a two-member bench comprising senior member Muazzam Hayat and G M S
Published 06 Jun, 2011 12:00am
Expatriates urged to help rebuild flood-hit areas

Expatriates urged to help rebuild flood-hit areas

Provincial Disaster Management Authority (PDMA) has urged expatriates to fully participate in supplementing government efforts for reconstruction in flood-hit areas.
Published 06 Jun, 2011 12:00am
My gut reactions to the budget!

My gut reactions to the budget!

The budget speech, the second for Dr Hafeez Sheikh in his lifetime, was marred by loud protests by the PML (N) drowning out his words and the hurling of bangles as well as pages torn from the budget documents towards Finance Minister as well as the Prime
Published 06 Jun, 2011 12:00am
Flood management in 2010 and the power system

Flood management in 2010 and the power system

Two news items have made headlines - the first extremely positive was to the effect that this time around, the country is heading towards a bumper crop and the second, the ADB provides US $650 million to help rebuild the flood-damaged infrastructure. The
Published 06 Jun, 2011 12:00am
Fears over Myanmar deep-sea port plan

Fears over Myanmar deep-sea port plan

Mechanical diggers on the pristine beaches near the sleepy fishing town of Dawei are a sign that change is coming to the remote corner of Myanmar - but not necessarily for the better. The area has been chosen for a vast port complex that is the latest exa
Published 06 Jun, 2011 12:00am
Professor Sheikh's tutorial

Professor Sheikh's tutorial

Next, a little mollified by my humble demeanour, he resumed in his usual tutorial tone - the tone which he had adopted in his new-found role of perceptor. The above lines are an excerpt from Fyodor Dostoyevsky's Poor Folk.
Published 06 Jun, 2011 12:00am
Battle of the airwaves

Battle of the airwaves

It seems that not an entire month can pass by without Pemra coming in news for issuing notices. This time, on Friday, the Pakistan Electronic Media Regulatory Authority (Pemra) issued notices to four private television channels alleging that they were "be
Published 06 Jun, 2011 12:00am
Moving towards an abyss

Moving towards an abyss

It was illuminating to go through the article titled 'Leadership par excellence' by A B Shahid in Business Recorder in its May 31 edition. While the article itself is an excellent piece of writing, the predictions and the likely course of events in
Published 06 Jun, 2011 12:00am
Wall Street Week ahead: market stalls but investors not panicked

Wall Street Week ahead: market stalls but investors not panicked

More bad days may be in store for stocks in coming weeks, but investors aren't pressing the panic button. Not yet. With weak job growth and the end of the Federal Reserve's stimulus program staring investors in the face, the 5 percent drop in S&P 500 from
Published 06 Jun, 2011 12:00am
Greece bourse sees role as merger wave expands

Greece bourse sees role as merger wave expands

Greece's Hellenic Exchanges Group expects to eventually jump into the wave of mergers sweeping the world's exchanges, likely first as a buyer and then as a seller. Socrates Lazaridis, chief executive of the stock and futures market operator, said on Frida
Published 06 Jun, 2011 12:00am
Investors stay wary before Prada's IPO show

Investors stay wary before Prada's IPO show

Wealthy Asian buyers are used to jostling for seats at fashion house Prada's catwalk shows, but investors may baulk at the price of its upcoming $2 billion initial public share offering in Hong Kong.
Published 06 Jun, 2011 12:00am
Bond market rally may signal dark times to come

Bond market rally may signal dark times to come

A torrent of terrible economic data has electrified the US Treasury market, driving the key 10-year note's yield lower and prompting investors to predict a further plunge. On Wednesday, the yield on the benchmark 10-year Treasury note fell below 3 percent
Published 06 Jun, 2011 12:00am
Bond market rally may signal dark times to come

Bond market rally may signal dark times to come

A torrent of terrible economic data has electrified the US Treasury market, driving the key 10-year note's yield lower and prompting investors to predict a further plunge. On Wednesday, the yield on the benchmark 10-year Treasury note fell below 3 percent
Published 06 Jun, 2011 12:00am
Euro's natural drivers restrained by Greek crisis

Euro's natural drivers restrained by Greek crisis

Barely a day goes past on foreign exchange markets when the euro does not suddenly jump or fall on a newspaper report - accurate or otherwise - about the latest plan for a bailout of Greek debt.
Published 06 Jun, 2011 12:00am
Japanese shares may weaken next week

Japanese shares may weaken next week

Japanese shares may come under pressure next week if US payrolls data turn out to be weaker than expected amid jitters over the health of the world's largest economy, brokers said Friday. In the week to June 3, the benchmark Nikkei index at the Tokyo Stoc
Published 06 Jun, 2011 12:00am
One of two plaintiffs withdraws AIB bond challenge

One of two plaintiffs withdraws AIB bond challenge

One of two plaintiffs opposing Irish government plans to make junior bondholders in Allied Irish Banks bear losses of up to 90 percent withdrew its challenge from the Irish High Court on Friday.
Published 06 Jun, 2011 12:00am
One of two plaintiffs withdraws AIB bond challenge

One of two plaintiffs withdraws AIB bond challenge

One of two plaintiffs opposing Irish government plans to make junior bondholders in Allied Irish Banks bear losses of up to 90 percent withdrew its challenge from the Irish High Court on Friday.
Published 06 Jun, 2011 12:00am
Asian hedge funds hit hard in May

Asian hedge funds hit hard in May

Asian hedge funds may have lost up to two-thirds of their year-to-date gains in May alone, with strategies such as macro and CTA, which bet on long-running market trends, hit hardest, said Matt Pecot, head of Credit Suisse's prime broking unit in Asia-Pac
Published 06 Jun, 2011 12:00am
Asian hedge funds hit hard in May

Asian hedge funds hit hard in May

Asian hedge funds may have lost up to two-thirds of their year-to-date gains in May alone, with strategies such as macro and CTA, which bet on long-running market trends, hit hardest, said Matt Pecot, head of Credit Suisse's prime broking unit in Asia-Pac
Published 06 Jun, 2011 12:00am
Palestinian authority to issue $50 million sukuk

Palestinian authority to issue $50 million sukuk

The Palestine Monetary Authority hopes to issue to banks its first ever Islamic bond worth $50 million by the end of June, its governor Jihad al-Wazir said on Sunday. The authority originally aimed to issue the bonds, or sukuk, in the first quarter, but o
Published 06 Jun, 2011 12:00am
Nadal beats Federer for sixth French Open Title

Nadal beats Federer for sixth French Open Title

Rafael Nadal won a 10th Grand Slam crown and equalled Bjorn Borg's record of six French Open titles when he defeated Roger Federer 7-5, 7-6 (7/3), 5-7, 6-1 on Sunday in the rivals' latest epic duel. Top seed Nadal, who was also champion in 2005, 2006, 200
Published 06 Jun, 2011 12:00am
China exults at first grand Slam championship

China exults at first grand Slam championship

China rejoiced Sunday after Li Na's French Open triumph brought Asia its first Grand Slam singles win, sparking confident predictions of a new dawn for the game in the world's most populous nation.
Published 06 Jun, 2011 12:00am
Donald turns down New Zealand bowling coach job

Donald turns down New Zealand bowling coach job

Former South African paceman Allan Donald rejected an offer to become New Zealand's bowling coach Sunday to pursue a job in his homeland, New Zealand Cricket (NZC) said. Donald worked as the Black Caps' bowling coach for three months earlier this year and
Published 06 Jun, 2011 12:00am
South Africa want to knock India off top

South Africa want to knock India off top

South Africa Test captain Graeme Smith said Sunday the priority this season is to challenge India for first position in the world rankings. The Proteas, who are expected to confirm Monday that former India World Cup-winning coach Gary Kirsten will take ch
Published 06 Jun, 2011 12:00am
Former cricketer Mansoor charged with corruption

Former cricketer Mansoor charged with corruption

Former Pakistan batsman Mansoor Akhtar has been forced to step down from his senior position in a leading bank after being charged in a corruption case. According to a report, Mansoor had to step down as head of the United Bank sports complex after being
Published 06 Jun, 2011 12:00am
Pakistan Hockey team selection trials start tomorrow

Pakistan Hockey team selection trials start tomorrow

Trials for selection of Pak hockey team for two tournaments in Europe later this month will be held on June 7 at Naseer Bunda hockey stadium Islamabad. The training camp of national senior probables preparing for both European tour is in progress.
Published 06 Jun, 2011 12:00am
Pakistani Squash players dominate the stage in Selangor

Pakistani Squash players dominate the stage in Selangor

Three Pakistani players - Hammas Ahmed Tarar, Israr Ahmed, Ahmed Fareed and Ali Mujtaba Bokhari clinched titles in different events of Milo All Star Junior Squash Championship - an Asian Squash Federation's Super Series event on Sunday in Selangor, Malays
Published 06 Jun, 2011 12:00am
Kirsten favourite to coach South Africa

Kirsten favourite to coach South Africa

Just over two months after guiding India to the World Cup, Gary Kirsten could become coach of his native South Africa. Cricket South Africa is expected to announce the name of the new coach on Monday after the CSA board has considered a recommendation fro
Published 06 Jun, 2011 12:00am
Dilshan's best boosts Sri Lanka

Dilshan's best boosts Sri Lanka

Sri Lanka captain Tillakaratne Dilshan posted his Test-best score of 193 but suffered in the process against England at Lord's here on Sunday. At the close of a rain-marred third day of the second Test, Sri Lanka were 372 for three in reply to England's f
Published 06 Jun, 2011 12:00am
Afridi's lawyer criticises PCB committee

Afridi's lawyer criticises PCB committee

Shahid Afridi's lawyer has called the Pakistan Cricket Board's disciplinary process "a sham" as it prepares to pass judgement on the former one-day and Twenty20 captain. Afridi is due to appear before a disciplinary committee Wednesday after the allrounde
Published 06 Jun, 2011 12:00am
Cricket: India set to take the Twenty20 momentum into ODIs

Cricket: India set to take the Twenty20 momentum into ODIs

Off to a perfect start by winning the lone Twenty20 game of the tour, a second-string India will have to shift gears quickly and now brace up for an ODI battle against the depleted West Indies in a five-match series starting, here Monday.
Published 06 Jun, 2011 12:00am
Iraq inks gas deals with foreign firms

Iraq inks gas deals with foreign firms

Iraq on Sunday signed deals with Turkish, Kuwaiti and South Korean energy firms to develop two gas fields to boost production in a bid to help rebuild its energy-dependent economy. The final contract agreements came just days after Baghdad initialled a pr
Published 06 Jun, 2011 12:00am
Iraq to start Islamic services at two state banks

Iraq to start Islamic services at two state banks

Iraq is to offer Islamic banking services at its two main state-owned banks under a $42 million plan that will start being implemented this month, the finance ministry and the central bank said on Sunday. In a website posting, the finance ministry said th
Published 06 Jun, 2011 12:00am
White House says needs to deal with housing problems

White House says needs to deal with housing problems

The struggling US housing sector will not stop the country's economic recovery but the Obama administration needs to deal with problems in the market, a top White House economic adviser said on Sunday.
Published 06 Jun, 2011 12:00am
Portuguese vote in shadow of bailout, recession

Portuguese vote in shadow of bailout, recession

Portuguese voters went to the polls on Sunday to elect a government that will lead the nation through a time of deep austerity and recession after it received a 78-billion-euro bailout from the European Union and the IMF.
Published 06 Jun, 2011 12:00am
IMF to lend Egypt $3 billion: ministry

IMF to lend Egypt $3 billion: ministry

The International Monetary Fund has granted Egypt a loan of three billion dollars over 12 months to help put its economy back on track, Finance Minister Samir Radwan announced on Sunday. "Egypt announces the end of negotiations with the IMF and the clinch
Published 06 Jun, 2011 12:00am
Gulf states boost spending in hope of calming unrest

Gulf states boost spending in hope of calming unrest

Oil-rich Oman and Bahrain are planning massive boosts in state spending aimed at calming popular unrest, officials said on Sunday. But analysts said measures intended to buy public support may fail because grievances are deeper than financial worries amon
Published 06 Jun, 2011 12:00am
Raging Greeks stage biggest anti-austerity protest

Raging Greeks stage biggest anti-austerity protest

Tens of thousands Greeks rallied in central Athens on Sunday to denounce politicians, bankers and tax dodgers, as the government prepared to inflict another bout of austerity demanded by its international lenders.
Published 06 Jun, 2011 12:00am
Protest hits Chile key copper mine for second day

Protest hits Chile key copper mine for second day

Chile's fourth biggest copper mine, Codelco's El Teniente, was producing at less than half of capacity for a second day on Sunday after most staff workers stayed home to avoid violence by striking contractors, the company said.
Published 06 Jun, 2011 12:00am
Governments should pop commodity bubbles: UN report

Governments should pop commodity bubbles: UN report

Direct government intervention may be needed to burst bubbles in commodity markets inflated by a new herd of financial investors, a UN study found. Excessive speculation has added around 20 percent to international oil prices, sending false signals to pol
Published 06 Jun, 2011 12:00am
Airlines, EU in escalating trade row over emissions

Airlines, EU in escalating trade row over emissions

Global airlines attacked the European Union on Sunday over its plan to force them into the bloc's emissions trading scheme, as the EU vowed to stand firm against threats of retaliation. Aviation chiefs spoke out against the EU move in Singapore at the sta
Published 06 Jun, 2011 12:00am
Volkswagen to boost Russian production

Volkswagen to boost Russian production

German carmaker Volkswagen plans to boost production in Russia in the medium term, a spokesman for the company said, to tap into growth outside its home market and take advantage of incentives. Moscow expects foreign auto makers to invest $7 billion in Ru
Published 06 Jun, 2011 12:00am
German retailers rationing sugar

German retailers rationing sugar

Some German retailers are limiting the amount of sugar that customers can buy to 4 kilograms per purchase due to a shortage, weekly magazine Focus reported, without citing sources. "Our outlets can decide how much they limit sales," the magazine cited Ger
Published 06 Jun, 2011 12:00am
Qatar bans salad vegetables from Germany, Spain

Qatar bans salad vegetables from Germany, Spain

The Gulf nation of Qatar has temporarily banned imports of fresh cucumbers, tomatoes and lettuces from Spain and Germany because of concerns about a deadly strain of E. coli. All other fresh fruit and vegetable shipments from Europe must carry a health ce
Published 06 Jun, 2011 12:00am
Steady conditions rule domestic commodities market

Steady conditions rule domestic commodities market

Generally steady condition ruled on the commodity wholesale markets, while globally speaking a couple of items showed rise giving way for charity institution to see world food to lose balance in matter of supply.
Published 06 Jun, 2011 12:00am
MONEY WEEK: how to spur investment

MONEY WEEK: how to spur investment

Gross fixed investment has declined from 22.05 percent of GDP to 13.4 percent in the past four years and the investment rate is at its lowest in four decades. This has a profound implication for future growth and job creation for a labour force growing at
Published 06 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 June 01. "Fiat's investment will amount to $1.1 billion," Dmitry Levchenkov,
Published 06 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 June 01. "Fiat's investment will amount to $1.1 billion," Dmitry Levchenkov,
Published 06 Jun, 2011 12:00am
Lockheed Martin willing to outsource F-35 production to Japan

Lockheed Martin willing to outsource F-35 production to Japan

Lockheed Martin is willing to outsource some production of its F-35 Joint Strike Fighter to Japanese firms if the country's government decides to buy them as its next mainstay fighter aircraft, an executive at the US company said on June 03.
Published 06 Jun, 2011 12:00am
Rolls-Royce expanding in United States

Rolls-Royce expanding in United States

Rolls-Royce Motor Cars is adding dealers in the United States as the economy recovers and demand for ultra-luxury vehicles returns, the company's chief executive told Reuters in an interview on June 01. Rolls-Royce ultimately expects to have 38 US dealers
Published 06 Jun, 2011 12:00am
Citi targets commodities, equities in Asia

Citi targets commodities, equities in Asia

Citigroup is looking to boost its Asia markets division by up to 150 positions this year, building on the expansion of its equity, commodity and FX businesses as it seeks to take advantage of a pick-up in client trading activity.
Published 06 Jun, 2011 12:00am
Citi targets commodities, equities in Asia

Citi targets commodities, equities in Asia

Citigroup is looking to boost its Asia markets division by up to 150 positions this year, building on the expansion of its equity, commodity and FX businesses as it seeks to take advantage of a pick-up in client trading activity.
Published 06 Jun, 2011 12:00am
Ricoh to cut 10,000 jobs over three years

Ricoh to cut 10,000 jobs over three years

Japanese office equipment and digital camera maker Ricoh said on June 02 it plans to cut 10,000 jobs world-wide over three years to turn around sagging business operations. Ricoh was hit hard by the 2008-09 global financial crisis and the strong yen and h
Published 06 Jun, 2011 12:00am
Ricoh to cut 10,000 jobs over three years

Ricoh to cut 10,000 jobs over three years

Japanese office equipment and digital camera maker Ricoh said on June 02 it plans to cut 10,000 jobs world-wide over three years to turn around sagging business operations. Ricoh was hit hard by the 2008-09 global financial crisis and the strong yen and h
Published 06 Jun, 2011 12:00am
Hedge funds see bargains in discount retail

Hedge funds see bargains in discount retail

With gas prices and unemployment high, low-income shoppers are not the only ones trying to find the best bargains in discount stores. Some of the largest stock-picking hedge funds jumped into Dollar General Corp, Family Dollar Stores Inc and Big Lots Inc
Published 06 Jun, 2011 12:00am
Hedge funds see bargains in discount retail

Hedge funds see bargains in discount retail

With gas prices and unemployment high, low-income shoppers are not the only ones trying to find the best bargains in discount stores. Some of the largest stock-picking hedge funds jumped into Dollar General Corp, Family Dollar Stores Inc and Big Lots Inc
Published 06 Jun, 2011 12:00am
Barclays India wealth unit assets to grow 35 percent

Barclays India wealth unit assets to grow 35 percent

Barclays Plc's India private banking unit expects its business to expand by a third over the next three years as the British bank looks to capture a bigger share of the growing wealth in Asia's third-largest economy, said a top executive.
Published 06 Jun, 2011 12:00am
Barclays India wealth unit assets to grow 35 percent

Barclays India wealth unit assets to grow 35 percent

Barclays Plc's India private banking unit expects its business to expand by a third over the next three years as the British bank looks to capture a bigger share of the growing wealth in Asia's third-largest economy, said a top executive.
Published 06 Jun, 2011 12:00am
Reliance aims to be debt-free this year

Reliance aims to be debt-free this year

India's largest private company, Reliance Industries, aims to be completely debt-free by the end of this fiscal year, its chairman, Mukesh Ambani, announced on June 03. "Reliance will be completely debt-free this year of 2011-12, which reflects the compan
Published 06 Jun, 2011 12:00am
Coca-Cola eyes China listing

Coca-Cola eyes China listing

US soft-drinks giant Coca-Cola is considering listing on the Shanghai stock exchange as China's main bourse moves toward launching an international board, a report said on June 01. The Hong Kong Economic Journal quoted a company spokesman as saying it is
Published 06 Jun, 2011 12:00am
Nearly 2,000 firms display new products at Taiwan computer show

Nearly 2,000 firms display new products at Taiwan computer show

The annual Computex, the world's second-largest computer show after CeBit in the United States, opened in Taipei on May 31, with local and foreign firms displaying their latest products. President Ma Ying-jeou opened the fair, saying he was happy to see C
Published 06 Jun, 2011 12:00am
Twitter usage rising among US adults: Pew study

Twitter usage rising among US adults: Pew study

More American adults are using Twitter and the micro-blogging service is particularly popular among African-Americans and Latinos, according to a survey released on June 1. Thirteen percent of the online adults aged 18 and older surveyed by the Pew Resear
Published 06 Jun, 2011 12:00am
Broadens reach with 'Follow' buttons

Broadens reach with 'Follow' buttons

Twitter on May 31 broadened its reach by letting websites add "Follow" buttons that visitors can click to begin tracking posts at the globally popular microblogging service. Twitter billed the button as "a new way to follow Twitter accounts directly from
Published 06 Jun, 2011 12:00am
HP prepared to license webOS: chief executive

HP prepared to license webOS: chief executive

Hewlett-Packard chief executive Leo Apotheker said on June 1 that the US computer giant is prepared to license the webOS operating system of newly acquired Palm to other companies. WebOS was designed by Palm for smartphones but HP, which bought Palm for $
Published 06 Jun, 2011 12:00am
Microsoft gives sneak preview of 'Windows 8'

Microsoft gives sneak preview of 'Windows 8'

Microsoft gave a sneak preview on June 1 of the successor to Windows 7, a next-generation operating system designed to work on both personal computers and touchscreen tablets. Steven Sinofsky, President of Microsoft's Windows Division, demonstrated some o
Published 06 Jun, 2011 12:00am
Samsung to stick with Google for its tablets

Samsung to stick with Google for its tablets

Samsung Electronics will depend on Google's Android mobile-device software to run future versions of its tablet computers, a senior Samsung official said in an interview published on May 31. "We'll continue to work with Android on future tablets," J.K. Sh
Published 06 Jun, 2011 12:00am
Phone health risk needs more study: ATT official

Phone health risk needs more study: ATT official

An AT&T official on June 2 called the health risk of cellphones a serious issue meriting more research but downplayed new studies warning of a link to a type of brain cancer.
Published 06 Jun, 2011 12:00am
WHO cellphone report 'inconclusive': Taiwan's HTC

WHO cellphone report 'inconclusive': Taiwan's HTC

Taiwan's leading smartphone maker HTC on June 2 labelled as "inconclusive" a World Health Organisation study that said mobile phone users may be at increased risk of brain cancer. "While the current WHO research results are inconclusive, we continue to ac
Published 06 Jun, 2011 12:00am
Search giants make websites easier to find

Search giants make websites easier to find

Google, Bing and Yahoo are working together to enable websites to tag content in a way that lets search engines better categorise and prioritise the information in results. The Internet rivals on June 2 launched a schema.org initiative to promote a common
Published 06 Jun, 2011 12:00am
Google says Chrome to power only notebooks for now

Google says Chrome to power only notebooks for now

Google Inc will keep the focus of its Chrome operating system on notebooks, and has no immediate plan to make it available on tablets or to merge with its popular Android software for smartphones, said a senior executive.
Published 06 Jun, 2011 12:00am
Internet traffic to quadruple by 2015: Cisco

Internet traffic to quadruple by 2015: Cisco

Internet traffic will quadruple by 2015, network equipment maker Cisco predicted on June 1. The Silicon Valley Company said that the total number of network- connected devices would reach 15 billion in 2015, two for every person on the planet, and that ne
Published 06 Jun, 2011 12:00am
Intel unveils laptops with best tablet features

Intel unveils laptops with best tablet features

Intel unveiled a new category of laptops that it says will include the best features of tablets as the world's top chipmaker struggles to find its footing in the exploding market for mobile gadgets. Netbook pioneer Asustek showed its first new PC in Intel
Published 06 Jun, 2011 12:00am
7,000 people a day still catching AIDS: UN

7,000 people a day still catching AIDS: UN

About 7,000 people are being infected with AIDS each day and about half of the 34 million people with HIV do not know they have it, according to a UN report released to mark the disease's 30th anniversary. The UNAIDS agency said more money, less waste and
Published 06 Jun, 2011 12:00am
IEA sees record CO2 emissions in 2010

IEA sees record CO2 emissions in 2010

Global emissions of carbon dioxide hit their highest level ever in 2010, with the growth driven mainly by booming coal-reliant emerging economies, the International Energy Agency's chief economist said on May 30. Fatih Birol warned that carbon dioxide emi
Published 06 Jun, 2011 12:00am
Head injuries linked to later violence

Head injuries linked to later violence

Young adults who've suffered head injuries are more likely to get into a fight or take part in other kinds of violence, according to new study findings. The link between head injury and violence was particularly strong if the previous head injury had occu
Published 06 Jun, 2011 12:00am
Congo bans plastic bags

Congo bans plastic bags

The Republic of Congo has banned the production, import, sale and use of plastic bags in a move to fight environmental pollution in the Central African nation, government spokesman Bienvenu Okiemy said on June 02.
Published 06 Jun, 2011 12:00am
Smoking can kill eight million a year by 2030: WHO

Smoking can kill eight million a year by 2030: WHO

Tobacco will kill nearly six million people this year, including 600,000 non-smokers, because governments are not doing enough to persuade people to quit or protect others from second-hand smoke, the World Health Organisation (WHO) said on May 31.
Published 06 Jun, 2011 12:00am
Diabetes may shorten working life

Diabetes may shorten working life

People with diabetes may leave the workforce sooner than employees without diabetes - suggesting, French researchers say, that the common disease could be taking a large economic toll. Among more than 3,000 employees of France's national gas and electric
Published 06 Jun, 2011 12:00am
Worst ever outbreak of HUS kidney disease: expert

Worst ever outbreak of HUS kidney disease: expert

The deadly kidney disease reported in a quarter of the recent E. coli cases in Germany and 11 other nations is the worst ever outbreak of Haemolytic Uraemic Syndrome (HUS), a top expert said on June 03.
Published 06 Jun, 2011 12:00am
Five killed in road accident on Super Highway

Five killed in road accident on Super Highway

At least five persons were killed and two others injured in a road accident on Super Highway near New Sabzi Mandi when a dumper truck fell on a Suzuki pick-up on Sunday morning. According to a Motorway police official, the accident occurred on service roa
Published 06 Jun, 2011 12:00am
Yasin appeals Pandits to return to IHK

Yasin appeals Pandits to return to IHK

The Chairman of Jammu and Kashmir Liberation Front (JKLF), Muhammad Yasin Malik, has asked the Kashmiri Pandits to return to the Kashmir Valley.
Published 06 Jun, 2011 12:00am
Dry weather forecast for Quetta

Dry weather forecast for Quetta

The Met Office has forecast dry weather for the city on Monday with maximum temperature expected to range between 34 degrees Centigrade and 36 degrees Centigrade. Dry weather has been forecast for the rest of the region. On Sunday, the highest temperature
Published 06 Jun, 2011 12:00am
No evidence of Taliban presence in Quetta: Malik

No evidence of Taliban presence in Quetta: Malik

Interior Minister Rehman Malik on Sunday said there is no evidence of Taliban presence in the city and the propaganda in this regard was baseless. "The propaganda of Taliban Quetta Shura is baseless, if any one has concrete evidence about their claims, it
Published 06 Jun, 2011 12:00am
10 students injured in police action in IHK: two bodies recovered

10 students injured in police action in IHK: two bodies recovered

In Indian occupied Kashmir, two dead bodies were recovered from occupied Srinagar and Sopore areas. A decomposed unidentified body of a woman was recovered from river Jhelum near Aluchi Bagh in occupied Srinagar. The age of the woman was reported between
Published 06 Jun, 2011 12:00am
PEC installing solar units at 50 places under PMISP

PEC installing solar units at 50 places under PMISP

Pakistan Engineering Council (PEC) is in process of installing solar units at around 50 different places across the country to promote this source of energy among people.
Published 06 Jun, 2011 12:00am
Three killed in gas pipeline explosion

Three killed in gas pipeline explosion

Three people were killed while five others injured in a gas pipeline explosion on Khaiyali road here on Sunday. According to Rescue 1122, the gas pipeline passing near a private hospital on Khaiyali road suddenly burst, causing the collapse of a bank buil
Published 06 Jun, 2011 12:00am
Prime Minister condemns Peshawar blast

Prime Minister condemns Peshawar blast

Prime Minister Syed Yousuf Raza Gilani has strongly condemned the bomb blast in Peshawar resulting in a loss of precious lives and injuries to many others. The Prime Minister reiterated government's resolve to root the cancer of terrorism out of every noo
Published 06 Jun, 2011 12:00am
'Concept of Halal Food growing in Philippines'

'Concept of Halal Food growing in Philippines'

Ambassador of Philippines in Pakistan Jesus I. Yabes has said that Pakistan has great natural resources, outstanding economic potential and a good economic team, which is taking the country's economy forward.
Published 06 Jun, 2011 12:00am
Prime Minister for formulating uniform curriculum for Madaaris

Prime Minister for formulating uniform curriculum for Madaaris

Prime Minister Syed Yousuf Raza Gilani on Sunday directed the Interior Minister to hold meeting with the representatives of Wafaq-Ul-Madaaris Al-Arabia to decide a uniform curriculum for all religious institutions in the country. The Prime Minister was ta
Published 06 Jun, 2011 12:00am
Funeral prayers of Punjab DG Rangers offered

Funeral prayers of Punjab DG Rangers offered

The funeral prayers of the Director General Rangers, who was killed in a helicopter crash in Layyah, were offered at the DG Rangers headquarter in Lahore on Sunday. A helicopter carrying Director-General of Punjab Rangers Major-General Mohammad Nawaz and
Published 06 Jun, 2011 12:00am
Plan for post- Qadhafi Libya 'embryonic': Hague

Plan for post- Qadhafi Libya 'embryonic': Hague

Libyan rebels need to flesh out their plans for post-Qadhafi rule and convince members of the current Libyan administration that they could work together, British Foreign Secretary William Hague said on Sunday.
Published 06 Jun, 2011 12:00am
Bombs hit Iraqi oil tanks in rare southern attack

Bombs hit Iraqi oil tanks in rare southern attack

A bomb attack against an Iraqi oil storage depot set one tank ablaze on Sunday in a rare assault on strategic southern oilfields, but the country's crude exports were unaffected, Iraqi oil officials and police said.
Published 06 Jun, 2011 12:00am
Abbas agrees to peace talks based on 1967 borders

Abbas agrees to peace talks based on 1967 borders

Palestinian president Mahmud Abbas has told France he is ready to attend a Paris peace conference if Israel accepts talks based on the 1967 borders, an aide told AFP on Sunday. Nimr Hammad, a political advisor to Abbas, said the president had told French
Published 06 Jun, 2011 12:00am
German hospitals swamped with E coli victims

German hospitals swamped with E coli victims

German hospitals are struggling to cope with the flood of E.coli victims, health minister Daniel Bahr said on Sunday, as scientists remain puzzled by the deadly bug that has killed 19 and infected 1,700 people across Europe.
Published 06 Jun, 2011 12:00am
Hamas halts Gaza border traffic in row with Egypt

Hamas halts Gaza border traffic in row with Egypt

Hamas stopped travellers from crossing into Egypt on Sunday in a row with Egyptian authorities over restrictions at the Rafah border that have dented Palestinians' hopes of ending Gaza's isolation. Egypt eased border access last weekend to much fanfare, e
Published 06 Jun, 2011 12:00am
Bangladesh paralysed by strike

Bangladesh paralysed by strike

Three small bombs exploded in Bangladesh's capital on Sunday as police clashed with protesters during a nation-wide strike called by opposition parties that brought the country to a halt. The low-intensity explosions went off near the headquarters of the
Published 06 Jun, 2011 12:00am
Scientists close in on antimatter: study

Scientists close in on antimatter: study

Scientists said Sunday they had trapped and stored antihydrogen atoms for a record 16 minutes, a stunning technical feat that promises deeper insights into the mysteries of antimatter.
Published 06 Jun, 2011 12:00am
Relations with US are 'frozen': Venezuela

Relations with US are 'frozen': Venezuela

Venezuela's top diplomat says relations with the United States are "frozen" and President Hugo Chavez's government does not perceive any possibility of improving them after Washington imposed sanctions on the South American nation's state oil company. For
Published 06 Jun, 2011 12:00am
Top UK academics form new university

Top UK academics form new university

A group of prominent British academics said Sunday they are starting a private university in London to rival the country's elite institutions in Oxford and Cambridge.
Published 06 Jun, 2011 12:00am
China says its military no threat to peace in Asia

China says its military no threat to peace in Asia

The strength of China's armed forces is 20 years behind the US and although the military is developing new capabilities, it is not a threat to peace in Asia, the Chinese defence minister said Sundayn. China's military won't be used aggressively against it
Published 06 Jun, 2011 12:00am
Indian police break up guru's anti-graft fast

Indian police break up guru's anti-graft fast

Police broke up a mass fast against graft led by India's most famous yoga guru on Sunday, risking more political headaches for the scandal-tainted government. A senior ruling party figure said the saffron-robed swami Ramdev had used the anti-corruption ev
Published 06 Jun, 2011 12:00am
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