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Archive - 2011-06-07
S. Korea revises Q1 growth downward
Top News

S. Korea revises Q1 growth downward

SEOUL : South Korea 's economy grew at a slightly slower pace than previously estimated in the first quarter after d
Published 07 Jun, 2011 11:20pm
Labour force increased by 1.20 million
Top News

Labour force increased by 1.20 million

ISLAMABAD : Labour force in the country during the  outgoing fiscal 2010-11 has increased by 1.20 million as compared
Published 07 Jun, 2011 08:59pm
Yum to enter Argentina
World

Yum to enter Argentina

GURGAON: Yum Brands Inc. parent of the KFC, Taco Bell and Pizza Hut chains, plans to enter Argentina within a year as
Published 07 Jun, 2011 12:47pm
Spain rain adequate for crops
Europe

Spain rain adequate for crops

MADRID : Spanish rainfall has been more than adequate for the ongoing winter grain harvest, farmers say, and the latest
Published 07 Jun, 2011 11:56am
SBP announces conversion rates
Top News

SBP announces conversion rates

KARACHI : The State Bank of Pakistan (SBP) on Tuesday announced the rates applicable for conversion into rupee of Foreig
Published 07 Jun, 2011 11:24am
Libya rebels not lead OPEC
Europe

Libya rebels not lead OPEC

VIENNA : Libya 's rebels will not be sending a representative to Wednesday's OPEC meeting, sources familiar with the ma
Published 07 Jun, 2011 11:13am
Australia keeps rates steady at 4.75pc
Top News

Australia keeps rates steady at 4.75pc

SYDNEY : Australia held official interest rates steady at 4.75 percent Tuesday, saying floods and cyclones had thrown th
Published 07 Jun, 2011 05:39am
Tokyo shares flat by noon
Financial

Tokyo shares flat by noon

TOKYO : Tokyo shares were flat on Tuesday morning amid pressure from a firm yen and an overnight fall in New York sh
Published 07 Jun, 2011 04:45am
Dollar firms against yen
Financial

Dollar firms against yen

TOKYO: The dollar firmed against the yen in Asia on Tuesday, helped by purchases from Japanese importers, following it
Published 07 Jun, 2011 04:13am
CBOT corn may fall more
Commodities

CBOT corn may fall more

SINGAPORE : CBOT July corn may dip further, as a double-top pattern is likely to be confirmed soon. The sharp fall du
Published 07 Jun, 2011 04:06am
Taxation reforms found wanting
BR Research

Taxation reforms found wanting

Saturdays press conference saw Finance Minister Hafeez Shaikh assert what he did last year: downplay the importance of budget as a merely on
Published 07 Jun, 2011 12:00am
Felicitation

Felicitation

Vice Chairman Pakistan Pharmaceutical Manufacturers Association (PPMA), Khawaja Shahzeb Akram and other members have congratulated Mian Mujtaba Shuja-ur-Rehman for holding the provincial ministry of finance. They said it is a great honour for PPMA that on
Published 07 Jun, 2011 12:00am
Power demand increases to 2,000 megawatts

Power demand increases to 2,000 megawatts

The power demand on Monday increased to 2000MW due to rise in mercury. Power generation stood at 14019MW against a demand of 16009MW, leaving the system with a shortfall of 1990MW. Power generation through hydel, thermal, IPPs and RPPs remained 5485MW, 17
Published 07 Jun, 2011 12:00am
Budget session: 'PML-N's protest violated sanctity of parliament'

Budget session: 'PML-N's protest violated sanctity of parliament'

Peerzada Abdul Ali Zakir Usmani, a senior PPP leader and a close aide of Quaid-i-Awam Zulfikar Ali Bhutto on Monday said that the outrageous behaviour and anti-democratic attitude of the PML-N during the budget speech in the National Assembly proved that
Published 07 Jun, 2011 12:00am
Workshop on international trade financing on June 14

Workshop on international trade financing on June 14

Trade Development Authority of Pakistan (TDAP) is organising a one-day workshop on International Trade Financing on June 14, 2011. The workshop has been designed to help Pakistani companies on the methods of fund remittance, types of letters of credit, in
Published 07 Jun, 2011 12:00am
Concerns voiced over illegal detention of tribal people

Concerns voiced over illegal detention of tribal people

Tribal students from Mohmand Agency have expressed anguish over the alleged illegal detention of tribal people by Frontier Corps at the behest of Political Administration, and appealed Chief Justice of Supreme Court, Justice Iftikhar Mohammad Chaudhry to
Published 07 Jun, 2011 12:00am
NGOs see budget as irrelevant to common man

NGOs see budget as irrelevant to common man

Some non-government organisations (NGOs) have termed the budget for 2011-12 as irrelevant to the common man, lacking mechanism for transparency and accountability, besides ignoring higher education and environmental challenges. While talking to Business R
Published 07 Jun, 2011 12:00am
14 dead as coach falls into ravine

14 dead as coach falls into ravine

At-least 14 people were killed and eight others injured when a passenger coach fell into a ravine in Kozak top, some 15km off the border town of Chaman, Levies sources conformed. According to the officials, the Quetta-bound passenger coach was on its way
Published 07 Jun, 2011 12:00am
Supreme Court directive to Pemra

Supreme Court directive to Pemra

Supreme Court on Monday directed the Pakistan Electronic Media Regulatory Authority (Pemra) to grant the broadcasting licence to a local private television sports channel and submit compliance report within next three days.
Published 07 Jun, 2011 12:00am
Asma concerned over increased killings in Balochistan

Asma concerned over increased killings in Balochistan

President Supreme Court Bar Association Asma Jahangir has expressed her concern over rising number of people being gunned down in Balochistan. In a statement issued here on Monday, Asma said hardly any culprit has been apprehended or convicted for these g
Published 07 Jun, 2011 12:00am
PNCA organises puppet show

PNCA organises puppet show

The National Puppet Theater of Pakistan National Council of the Arts (PNCA) here on Monday enthralled the children of various educational institutions with its colourful puppet show. The show entertained children with movement of puppets featuring stories
Published 07 Jun, 2011 12:00am
Arbab justifies budget under present fiscal constraints

Arbab justifies budget under present fiscal constraints

Federal Minister for Communication, Dr Arbab Alamgir Khan Khalil, termed that the Budget-2011-12 as more balanced and people-friendly, saying that in prevailing situation PPP-led coalition government is exploiting all available resources to address key is
Published 07 Jun, 2011 12:00am
Pak-Tajik bilateral trade could jump to $300 million

Pak-Tajik bilateral trade could jump to $300 million

The exports from Pakistan to Tajikistan could jump to $300 million from exiting $20 million after signing trilateral agreement with Tajikistan and Afghanistan, this was the mutual consensus between the two brotherly countries following conclusion of third
Published 07 Jun, 2011 12:00am
KEPZ registers 34 percent growth in exports

KEPZ registers 34 percent growth in exports

Exports from Karachi Export Processing Zones (KEPZ) showed a record growth of 34 percent during the month of May 2011. According to the statistics released by EPZA, exports during the period under review stood by 34 percent higher at over US $31.951 as co
Published 07 Jun, 2011 12:00am
Rauf Tabani's nomination

Rauf Tabani's nomination

There is a tremendous potential to enhance trade and economic ties between Pakistan and Russia in various sectors. This was the stated by Abdul Rauf Tabani, Vice Chairman of Tabani Group of Companies after his nomination as Chairman Pakistan-Russia Busine
Published 07 Jun, 2011 12:00am
Property under-valuation to create problems for provinces: analysts

Property under-valuation to create problems for provinces: analysts

The longstanding trend of under-valuation of immovable property will create serious problems for provincial governments for proper collection of capital value tax (CVT), stamp duty and other local levies during 2011-12. Analysts told Business Recorder
Published 07 Jun, 2011 12:00am
PSO intensifies CSR drive

PSO intensifies CSR drive

Pakistan State Oil (PSO), the largest public sector organisation, intensified its CSR drive by pledging support through donations to stakeholders across the platforms of healthcare, education and community building. PSO in an effort to uplift the communit
Published 07 Jun, 2011 12:00am
Wateen Telecom achieves Cisco Gold Certification

Wateen Telecom achieves Cisco Gold Certification

Wateen Telecom announced Monday that it has successfully re-certified for Cisco Gold Certification. To earn the certification, Wateen Telecom had to meet rigorous standards set forth by Cisco in networking competency, service, and support and customer sat
Published 07 Jun, 2011 12:00am
Dell and Mobilink bring Dell Streak 5 to Pakistan

Dell and Mobilink bring Dell Streak 5 to Pakistan

Dell, with its exclusive partner Mobilink, today announced the launch of the much-awaited Dell Streak 5 in Pakistan. The Dell Streak 5 is an all-in-one ultra-portable five-inch Android(TM)-based Pocket Tablet designed to provide users with the best web-br
Published 07 Jun, 2011 12:00am
Ufone shortlisted for Communications Awards

Ufone shortlisted for Communications Awards

Ufone's Priority Service Initiative has been short-listed for the CSI-Customer Service Initiative at the Asia Communication Awards 2011. It is a moment of great pride and honour that only five telecom companies across Asia have been short-listed to receiv
Published 07 Jun, 2011 12:00am
Over 70,000 women receive financial literacy training

Over 70,000 women receive financial literacy training

In partnership with Kashf Foundation, a leading microfinance institution in Pakistan, United States Agency for International Development (USAID), through its Entrepreneurs Project, has successfully provided "Basic Financial Literacy Training" to more than
Published 07 Jun, 2011 12:00am
Moving wheels of economy: proposed measures in budget appreciated

Moving wheels of economy: proposed measures in budget appreciated

Siraj Kassim Teli, leader of Businessmen Group (BMG) and a former president of Karachi Chamber of Commerce and Industry (KCCI), has said that impact of the budgetary measures adopted to move the wheel of economy will mitigate if government did not fail to
Published 07 Jun, 2011 12:00am
Pak-Qatar Takaful declares 48 percent surplus

Pak-Qatar Takaful declares 48 percent surplus

The Pak-Qatar Family Takaful Limited (PQFTL) has declared a surplus of 48 percent of Takaful Donation for its BancaTakaful customers for the financial year ending 2010. This was announced by CEO of PQFTL, P Ahmed, in a statement issued here on Monday.
Published 07 Jun, 2011 12:00am
Pak-Qatar Takaful declares 48 percent surplus

Pak-Qatar Takaful declares 48 percent surplus

The Pak-Qatar Family Takaful Limited (PQFTL) has declared a surplus of 48 percent of Takaful Donation for its BancaTakaful customers for the financial year ending 2010. This was announced by CEO of PQFTL, P Ahmed, in a statement issued here on Monday.
Published 07 Jun, 2011 12:00am
KESC condemns killing of senior official

KESC condemns killing of senior official

KESC has strongly condemned the target killing of one of its senior officials, Colonel Muhammad Ali Saqi (Retd) who was an integral part of KESC's security department, says a press release issued here on Monday. The statement said that Colonel Saqi (Retd)
Published 07 Jun, 2011 12:00am
KESC alerts citizens about vicious circle

KESC alerts citizens about vicious circle

The Karachi Electric Supply Company (KESC) has alerted the general public against the corrupt employees of the utility who are reportedly extorting illegal money for repairing local faults during these days of extreme crisis.
Published 07 Jun, 2011 12:00am
PTA chairman visits customer service centres

PTA chairman visits customer service centres

Pakistan Telecommunication Authority (PTA) Chairman Dr Mohammed Yaseen visited Ufone Call Centre located at Sector I-9 Islamabad and Telenor Customer Service Center, Mall Road Rawalpindi to check the various services offered to the consumers by the operat
Published 07 Jun, 2011 12:00am
Budget termed detrimental to automobile industry

Budget termed detrimental to automobile industry

In the current budget the government has removed zero rated exemption on commercial vehicles (trucks, buses and CNG buses) which is detrimental to the already adversely affected commercial automobile industry.
Published 07 Jun, 2011 12:00am
PBEA slams raise in GST on textiles

PBEA slams raise in GST on textiles

The Budget has been a disappointment. It is an accountant's budget, which talks about where the money is to be raised through tax measures to meet the appetite for spending. The disappointing part of the budget is there were no strategic policy steps to b
Published 07 Jun, 2011 12:00am
ZTBL chief visits grave of Hakim Zardari

ZTBL chief visits grave of Hakim Zardari

President ZTBL, Chaudhry Muhammad Zaka Ashraf, along-with the Abadgars of Punjab, visited the graves of deceased mother and father of President of Pakistan Asif Ali Zardari. They offered Fateha for the departed souls and prayed for Allah's blessings for t
Published 07 Jun, 2011 12:00am
SBP, IFC booklets to help enhance lending to SMEs

SBP, IFC booklets to help enhance lending to SMEs

The State Bank of Pakistan (SBP) and International Finance Corporation (IFC), a member of the World Bank Group, have launched a series of publications to help Pakistani banking sector expand access to finance for small and medium enterprises (SMEs) which
Published 07 Jun, 2011 12:00am
PTCL gives high priority to customer care

PTCL gives high priority to customer care

Pakistan Telecommunication Company Limited (PTCL) gives high priority to customer care and is constantly endeavouring to provide its valued customers quality care and support - a responsibility befitting Pakistan's national carrier.
Published 07 Jun, 2011 12:00am
IAEA fears recent Iran military-linked atom work

IAEA fears recent Iran military-linked atom work

Iran seems to have carried out nuclear-related activities with possible military links until recently, the UN atomic watchdog chief said on Monday, citing new information adding to concerns about Tehran's work. Yukiya Amano, director general of the Intern
Published 07 Jun, 2011 12:00am
Strauss-Kahn pleads not guilty

Strauss-Kahn pleads not guilty

Former IMF chief Dominique Strauss-Kahn pleaded not guilty on Monday to charges he sexually assaulted a New York hotel maid in a case that cost him his job and a chance at the French presidency. Wearing a dark suit, Strauss-Kahn arrived at the courthouse
Published 07 Jun, 2011 12:00am
Humala wins Peru poll

Humala wins Peru poll

Left-wing former army commander Ollanta Humala won Peru's presidential election and vowed the poor will share in the country's new wealth but financial markets plummeted on fears that he will ruin the economy. Humala claimed victory on Sunday night as res
Published 07 Jun, 2011 12:00am
Probe targets German bean sprouts, no E.coli found

Probe targets German bean sprouts, no E.coli found

German scientists found no traces of E.coli bacteria at an organic vegetable farm believed to be the source of an outbreak that has killed 22 people, but said this did not mean their suspicions were wrong. Even though first lab tests on bean sprouts from
Published 07 Jun, 2011 12:00am
Saudi council calls for women to get local vote

Saudi council calls for women to get local vote

Saudi Arabia's advisory Shoura Council said on Monday that women should be allowed to vote and run as candidates in future municipal elections. Saudi authorities announced in March that half the seats in municipal councils would in future be elected, a ra
Published 07 Jun, 2011 12:00am
Hackers attack FBI partner website

Hackers attack FBI partner website

A group of shadowy hackers responsible for a string of recent high-profile cyberattacks has claimed to have stolen email addresses and passwords from associates of an FBI-affiliated security programme. The hackers who call themselves "Lulz Security," or L
Published 07 Jun, 2011 12:00am
US urges immediate Yemen move to democracy

US urges immediate Yemen move to democracy

The United States on Monday called on Yemen to move towards democracy while President Ali Abdullah Saleh recovers from shrapnel wounds in Saudi Arabia. While Yemen's acting leader insisted Saleh would return in days, diplomats and analysts feel Saleh's st
Published 07 Jun, 2011 12:00am
India okays $4 billion deal to buy US-made aircraft

India okays $4 billion deal to buy US-made aircraft

India's cabinet has approved a proposal to buy 10 American C-17 military aircraft for more than $4 billion, the largest defence deal between the two nations, a defence official said Monday. The deal requires the aircraft maker, Boeing Co, to invest 30 per
Published 07 Jun, 2011 12:00am
Five US troops killed in Iraq attack

Five US troops killed in Iraq attack

Five US service members were killed in a rocket attack in Iraq on Monday, in the worst single toll for American troops in the country for at least two years, the US military and Iraqi security officials said. The attack showed Iraq's security situation is
Published 07 Jun, 2011 12:00am
Libyan rebels seize mountain town

Libyan rebels seize mountain town

Libyan rebels seized all of the mountain town of Yafran on Monday, driving out Muammar Qadhafi's forces in a sign Nato air strikes may be paying off. Yafran is spread over a hill, the bottom part of which had been controlled by pro-Qadhafi forces for more
Published 07 Jun, 2011 12:00am
Millions displaced by natural disasters last year

Millions displaced by natural disasters last year

About 42 million people were forced to flee their homes because of natural disasters around the world in 2010, more than double the number during the previous year, experts said Monday. One reason for the increase in the figure could be climate change, an
Published 07 Jun, 2011 12:00am
Millions displaced by natural disasters last year

Millions displaced by natural disasters last year

About 42 million people were forced to flee their homes because of natural disasters around the world in 2010, more than double the number during the previous year, experts said Monday. One reason for the increase in the figure could be climate change, an
Published 07 Jun, 2011 12:00am
Ban to stand for new term as UN chief

Ban to stand for new term as UN chief

Ban Ki-moon announced Monday that he will stand for a second five-year term as UN secretary general and diplomats said he could win a vote before the end of the month. The 66-year-old former South Korean foreign minister told a press conference he had sen
Published 07 Jun, 2011 12:00am
US MIDDAY: gold climbs

US MIDDAY: gold climbs

Gold rose to its highest price level in more than a month on Monday, as fears about a slowing economy and expectations of easy US money policies prompted safe-haven demand. Bullion prices have gained nearly 6 percent in the past three weeks, boosted by a
Published 07 Jun, 2011 12:00am
US MIDDAY: copper rises

US MIDDAY: copper rises

Copper ended the first trading day of the new week on firmer footing early on Monday, buoyed by a softer dollar and output disruptions in Chile, the world's top producer. The Chilean production woes added a layer of support to the copper market, even as a
Published 07 Jun, 2011 12:00am
US MIDDAY: wheat and corn tumble

US MIDDAY: wheat and corn tumble

US grain futures extended losses by mid-morning on Monday due to improved crop weather in the United States and Europe, with wheat and corn each sliding about 2 percent as a firm dollar added to the pressure. Wheat for July delivery was down 18-1/4 cents
Published 07 Jun, 2011 12:00am
US MIDDAY: coffee, sugar and cocoa down

US MIDDAY: coffee, sugar and cocoa down

Arabica coffee futures closed down 3.9 percent early on Monday, correcting lower in its biggest one-day tumble in nearly three months, although the day's range was well inside that of Friday when the market surged. The key July raw sugar contract eased 0.
Published 07 Jun, 2011 12:00am
Gold at one-month high in Europe

Gold at one-month high in Europe

Gold rose to levels around 1.5 percent away from record highs on Monday after surprisingly weak US employment data kept the dollar at one-month lows and suppressed investor risk appetite. Friday's key US monthly jobs report showed employers hired the smal
Published 07 Jun, 2011 12:00am
Gold strengthens in Asia

Gold strengthens in Asia

Gold strengthened on Monday, extending gains made in the previous session, as a disappointing US jobs data fuelled fears of a slowdown in recovery of the world's biggest economy and a softer dollar lent support. "The weak US data has increased the possibi
Published 07 Jun, 2011 12:00am
Liffe cocoa hits 21-month low

Liffe cocoa hits 21-month low

Liffe September cocoa ended 7 pounds weaker at 1,793 pounds a tonne on Monday after hitting a 21-month low for the benchmark second month of 1,787 pounds. Supplies remain plentiful with a large global surplus seen in 2010/11. Liffe September robusta coffe
Published 07 Jun, 2011 12:00am
Malaysian palm oil slips

Malaysian palm oil slips

Malaysian palm oil closed lower on Monday with China shut for a holiday and as investors stayed on the sidelines ahead of a flurry of data due at the end of the week. The benchmark August crude palm oil contract on the Bursa Malaysia Derivatives Exchange
Published 07 Jun, 2011 12:00am
Tokyo rubber futures rise

Tokyo rubber futures rise

Key Tokyo rubber futures rose on Monday but traded in narrow ranges due to a lack of trading incentives with Chinese markets closed for a holiday while a stronger yen against the dollar kept a lid on gains. The benchmark rubber contract on the Tokyo Commo
Published 07 Jun, 2011 12:00am
Oil falls on Opec hike possibility

Oil falls on Opec hike possibility

Oil fell on Monday in choppy trading on raised expectations that Opec will raise production targets this week and on continuing concerns about high prices curbing oil demand. Indications that high prices are hurting demand for oil in the consuming West, r
Published 07 Jun, 2011 12:00am
Copper climbs

Copper climbs

Copper climbed on Monday, buoyed by a softer dollar and output disruptions in top world producer Chile. Three-month copper on the London Metal Exchange finished up less than half a percent at $9,135 a tonne from a close of $9,099 on Friday. There was no t
Published 07 Jun, 2011 12:00am
New York cotton futures plummet

New York cotton futures plummet

US cotton futures settled sharply lower on Monday on switch trade and liquidation as players moved out of the spot contract but the worst drought in a century in the key growing state of Texas kept losses in new-crop contracts to a minimum, analysts said.
Published 07 Jun, 2011 12:00am
Food, energy security on table at big Europe-Asia meet

Food, energy security on table at big Europe-Asia meet

Forty-six nations from Asia and Europe gathered here Monday eyeing ways of averting a global food crisis and fresh nuclear disasters, but looked set to diverge on human rights or a new boss for the IMF. Fom tiny Laos to EU powerhouse Germany, foreign mini
Published 07 Jun, 2011 12:00am
North Korea to set up economic zone on China border

North Korea to set up economic zone on China border

North Korea announced Monday it would set up an economic zone on two islands on the border with China, just days after leader Kim Jong-Il returned from a trip to study his neighbour's dramatic economic rise. Pyongyang "decided to set up the Hwanggumphyong
Published 07 Jun, 2011 12:00am
China accuses Google of 'political games'

China accuses Google of 'political games'

The Chinese Communist Party's main newspaper has lashed out at Google, saying its latest complaints of hacking traced to China are false and politically motivated. The People's Daily on Monday accused the Internet search service of "political games" and s
Published 07 Jun, 2011 12:00am
Greece starts austerity push as nation seethes

Greece starts austerity push as nation seethes

Greek Prime Minister George Papandreou started a campaign on Monday to secure a new international bailout by imposing years of austerity on a nation already seething over corruption and economic mismanagement.
Published 07 Jun, 2011 12:00am
Bankers, regulators meet to put Islamic finance back on track

Bankers, regulators meet to put Islamic finance back on track

Top Islamic banking officials will meet in Singapore this week to discuss ways to revive an industry which has stalled as interest in new markets cool and legal uncertainties cloud the role of sukuk as funding tools.
Published 07 Jun, 2011 12:00am
Iran to send caretaker oil minister to Opec

Iran to send caretaker oil minister to Opec

The man President Mahmoud Ahmadinejad put in charge of the Oil Ministry less than a week ago will represent Iran at Wednesday's Opec meeting in Vienna, the Oil Ministry said on its website on Monday. "The new caretaker of the Islamic Republic of Iran's Oi
Published 07 Jun, 2011 12:00am
Sri Lankan tea workers get 25 percent raise

Sri Lankan tea workers get 25 percent raise

Sri Lanka, one of the world's largest exporters of tea, on Monday raised wages for hundreds of thousands of workers by nearly 25 percent as the island heads for a record crop. Workers will now be paid 515 rupees ($4.70) a day for the next two years, up fr
Published 07 Jun, 2011 12:00am
Russia to top up oil fund with central bank interventions

Russia to top up oil fund with central bank interventions

Russia will replenish its oil reserve wealth fund, used to prop up the budget during the 2008-2009 crisis, with hard currency from the interventions the central bank makes to cap gains in the rouble, the bank said on Monday. At present the proceeds of suc
Published 07 Jun, 2011 12:00am
IMF backs UK policy but warns of growth risks

IMF backs UK policy but warns of growth risks

The International Monetary Fund backed the British government's plans to reduce the budget deficit on Monday, but said tax cuts or more quantitative easing may be needed if growth proves persistently weak.
Published 07 Jun, 2011 12:00am
Osborne defends deficit-cutting plan

Osborne defends deficit-cutting plan

British finance minister George Osborne defended his economic plan on Monday, dismissing criticism by a group of economists that his blueprint for rapid deficit cuts was endangering economic recovery. "What our plan provides is credibility where there was
Published 07 Jun, 2011 12:00am
Airlines cut 2011: profit forecast to $4 billion

Airlines cut 2011: profit forecast to $4 billion

Global airlines have cut their 2011 profit forecast by more than half to $4 billion as high oil prices and turmoil in Japan, North Africa and the Middle East weigh on the industry's recovery. The International Air Transport Association (IATA), which repre
Published 07 Jun, 2011 12:00am
Airlines cut 2011: profit forecast to $4 billion

Airlines cut 2011: profit forecast to $4 billion

Global airlines have cut their 2011 profit forecast by more than half to $4 billion as high oil prices and turmoil in Japan, North Africa and the Middle East weigh on the industry's recovery. The International Air Transport Association (IATA), which repre
Published 07 Jun, 2011 12:00am
Riyadh to push Opec to lift oil output, cut prices

Riyadh to push Opec to lift oil output, cut prices

Gulf Arab Opec members led by Saudi Arabia will push for an increase in supplies at a meeting of the oil cartel this week in an effort to support flagging world economic growth by bringing crude prices back below $100 a barrel. Data indicating that econom
Published 07 Jun, 2011 12:00am
US warns of repeating British regulatory 'tragedy'

US warns of repeating British regulatory 'tragedy'

Treasury Secretary Timothy Geithner vowed not to repeat the mistakes of Britain's "light touch" financial regulation Monday, as the United States and Europe continued to tangle over banking reforms. Speaking days after a senior European envoy pointedly ca
Published 07 Jun, 2011 12:00am
US economy to slow this year

US economy to slow this year

-US economic growth will slow this year as inflation rises, a pattern that will reverse next year, according to participants in an auto outlook symposium held last week by the Federal Reserve Bank of Chicago. US gross domestic product will grow 2.6 percen
Published 07 Jun, 2011 12:00am
England take lead

England take lead

England wrapped up the Sri Lanka first innings on Monday after rain had washed out the opening session to take a seven-run first innings lead on the fourth day of the second Test at Lord's. Sri Lanka, comfortably placed at 372 for three overnight in reply
Published 07 Jun, 2011 12:00am
Klose quits Bayern, poised to join Valencia

Klose quits Bayern, poised to join Valencia

Veteran Germany striker Miroslav Klose is to quit Bayern Munich, the Bavarian giants announced Monday, and he is now set to join Spanish side Valencia, according to a report in German daily Bild. Klose, who turns 33 on Thursday, will part company with Bay
Published 07 Jun, 2011 12:00am
Afridi seeks independent tribunal to decide his future

Afridi seeks independent tribunal to decide his future

The row between sacked one-day captain Shahid Afridi and the Pakistan Cricket Board (PCB) escalated on Monday after the all-rounder demanded an independent tribunal should evaluate the disciplinary charges brought against him.
Published 07 Jun, 2011 12:00am
PCB reiterates to provide just opportunity to Afridi

PCB reiterates to provide just opportunity to Afridi

Pakistan Cricket Board (PCB) will have no objection if the Disciplinary Committee allows Shahid Afridi to be assisted by his counsel during the disciplinary proceedings. A spokesman of PCB, in response to certain reports in a section of media says PCB wil
Published 07 Jun, 2011 12:00am
Iran to protest hijab ban on women's football team

Iran to protest hijab ban on women's football team

Iran will lodge a formal complaint to the world football body after its women's team were barred from playing in an Olympic qualifier for wearing the traditional Islamic headscarf, media reports said Monday. "We will file a complaint against the match's F
Published 07 Jun, 2011 12:00am
Major changes for South Africa as Kirsten takes charge

Major changes for South Africa as Kirsten takes charge

Gary Kirsten will take charge of the South African cricket team in August, heading an almost completely new leadership group. Kirsten's appointment as team director and head coach was announced by Cricket South Africa (CSA) Monday.
Published 07 Jun, 2011 12:00am
Qatar to build first World Cup soccor stadium by 2015

Qatar to build first World Cup soccor stadium by 2015

Qatar plans to complete construction of the first stadium for the 2022 soccer World Cup by 2015, its state news agency said on Monday. "We are looking to complete the first stadium with cooling system technology by 2015," Qatar News Agency cited Qatar 202
Published 07 Jun, 2011 12:00am
Aisam improved his doubles ATP ranking

Aisam improved his doubles ATP ranking

Pakistan's tennis star, Aisam ul Haq has achieved his career best ranking of No 8 on ATP World Ranking List of Doubles Players. Aisam has bettered his ranking due to his good performance at French Open last week, said the information made available here.
Published 07 Jun, 2011 12:00am
Tanzania shock Nigeria in Olympics qualifier

Tanzania shock Nigeria in Olympics qualifier

Tanzania continued their giant-killing run in the 2012 London Olympic Games football qualifiers with a 1-0 win over powerful Nigeria at the weekend . Thomas Ulimwengu nodded a quick throw-in past goalkeeper Dele Ajiboye eight minutes from full-time at a h
Published 07 Jun, 2011 12:00am
Swiss franc near high versus dollar

Swiss franc near high versus dollar

The Swiss franc hovered near an all-time low against the dollar on Monday, after disappointing US jobs data weighed on sentiment against the greenback, prodding cautious investors into the safe-haven currency. By 0628 GMT the dollar was trading at 0.8345
Published 07 Jun, 2011 12:00am
Bangladesh's interbank forex, interest rates

Bangladesh's interbank forex, interest rates

Inter bank buy/sell rates for the taka against the dollar on Monday. 73.75/73.85 (previous 73.59/73.73). Call Money Rates: 6.00-9.00 percent (previous 6.00-9.50 percent).
Published 07 Jun, 2011 12:00am
Rupiah at seven-year high

Rupiah at seven-year high

Investors hunting for higher yield lifted the Indonesian rupiah to a seven-year high on Monday, while the Malaysian ringgit and the Thai baht also rose as disappointing US job data boosted views that the dollar will remain under pressure for some time.
Published 07 Jun, 2011 12:00am
Indian rupee up

Indian rupee up

The Indian rupee strengthened on Monday tracking local equities and a firm euro, but moved in a thin band as strong exporter dollar sales nearly matched robust importer demand. The partially convertible rupee ended at 44.7550/7650 per dollar, 0.1 percent
Published 07 Jun, 2011 12:00am
Sterling falls versus euro, dollar

Sterling falls versus euro, dollar

Sterling fell to a one-month low against the euro on Monday as favourable rate differentials boosted the single currency and an International Monetary Fund report raised the prospect of further loose UK monetary policy. The IMF's annual economic assessmen
Published 07 Jun, 2011 12:00am
Euro dips versus dollar in London

Euro dips versus dollar in London

The euro dipped versus the dollar on Monday as a German official cast doubt over fresh aid for Greece, but it stayed near a one-month high as focus switched to rate differentials ahead of this week's ECB policy decision. The euro has risen almost 4 percen
Published 07 Jun, 2011 12:00am
Early trade in New York: Euro slips

Early trade in New York: Euro slips

The euro fell on Monday after a German official suggested a second Greek bailout was not yet certain, but traders said the prospect of higher eurozone interest rates would probably limit the currency's losses. Policymakers have inched toward a new bailout
Published 07 Jun, 2011 12:00am
Euro hovers near high in Asia

Euro hovers near high in Asia

The euro hovered near a one-month high on Monday, bolstered by news that Greece may receive a vital slice of aid in July to avoid a default, and some traders said a widening gap between US and eurozone interest rates could push the euro up to $1.50 in com
Published 07 Jun, 2011 12:00am
Australian dollar sneaks up

Australian dollar sneaks up

The Australian dollar drifted higher on Monday ahead of a central bank meeting that could prove a close call for a hike in interest rates, while the New Zealand dollar held firm. The Aussie inched up to $1.0740, from $1.0722 in New York on Friday, having
Published 07 Jun, 2011 12:00am
Money markets confident on ECB rate rise

Money markets confident on ECB rate rise

Money markets are confident of a July rate hike by the European Central Bank, with the prospect of a solution to Greece's solvency problems limiting the risk of a dovish surprise at this week's policy meeting. Overnight rates are pricing in an 80-90 perce
Published 07 Jun, 2011 12:00am
UK's top share index rises

UK's top share index rises

Strength in commodity stocks helped Britain's leading share index edge higher on Monday, offsetting weakness in banks and travel stocks, as some of the recent gloom lifted in the absence of further glum data. The FTSE 100 closed up 8.15 points, or 0.1 per
Published 07 Jun, 2011 12:00am
Australian shares slip

Australian shares slip

Australian shares fell 0.3 percent after the weakest US jobs data in 8 months rekindled concerns about an economic slowdown and sent investors away from risky assets. Foster's Group bucked the trend to rise 2 percent to A$4.52 on continued speculation tha
Published 07 Jun, 2011 12:00am
Indian central bank sees no stress on liquidity in short term

Indian central bank sees no stress on liquidity in short term

India's central bank is closely monitoring liquidity in the banking system and does not see any sign of stress as of now, going by the current call rates, one of its deputy governors said on Monday. Shyamala Gopinath was responding to a query on whether t
Published 07 Jun, 2011 12:00am
Indian central bank sees no stress on liquidity in short term

Indian central bank sees no stress on liquidity in short term

India's central bank is closely monitoring liquidity in the banking system and does not see any sign of stress as of now, going by the current call rates, one of its deputy governors said on Monday. Shyamala Gopinath was responding to a query on whether t
Published 07 Jun, 2011 12:00am
European stocks decline

European stocks decline

European shares slid for a fourth straight session on Monday, on concerns the pace of growth in the global economy could be slowing and with traders cautious on expectations the ECB may signal a July rate rise. The FTSEurofirst 300 index fell 0.6 percent
Published 07 Jun, 2011 12:00am
South East Asian markets: Thai stocks at two-month low

South East Asian markets: Thai stocks at two-month low

Southeast Asian stock markets fell in thin volume on Monday, led by market big-caps, as concern about US growth prospects and the possible impact on regional exports dented sentiment. Singapore shares hit their lowest in almost two weeks and Thai stocks w
Published 07 Jun, 2011 12:00am
Monday's midday trade: Wall Street slide

Monday's midday trade: Wall Street slide

The S&P 500 hit a more than two-month low on Monday as US stocks extended a five-week decline on signs of a slowing economy. Banks were among the hardest-hit sectors, with the S&P financial sector index down 1 percent. "This seems like a continuation of s
Published 07 Jun, 2011 12:00am
Hong Kong, China markets closed

Hong Kong, China markets closed

Hong Kong and China stock, financial and commodity markets are closed on Monday, June 6 for a public holiday. However markets in South Korea and Taiwan were also closed for a public holiday on Monday. Trading will resume on Tuesday.
Published 07 Jun, 2011 12:00am
European IPOs need to be cheap to win over investors

European IPOs need to be cheap to win over investors

With Europe's market for new stock market listings in the doldrums, bankers and investors seem agreed on what's needed to give it a shot in the arm. "The simple answer is larger IPO discounts," said one global head of equity capital markets (ECM) at an in
Published 07 Jun, 2011 12:00am
Nikkei falls below key support at 9,400 mark

Nikkei falls below key support at 9,400 mark

The Nikkei average closed at an 11-week low on Monday as speculation that Tokyo Electric Power Co could enter court-led restructuring pummelled its shares and fanned bearish sentiment that set in after soft US data. The Nikkei's break below key support hi
Published 07 Jun, 2011 12:00am
Indian shares snap two-day fall

Indian shares snap two-day fall

Indian shares snapped a two-day fall and ended 0.24 percent higher on Monday as a drop in global crude oil prices eased worries over the impact of high domestic inflation. Financials led the gain, with leading lenders State Bank of India, ICICI Bank and H
Published 07 Jun, 2011 12:00am
Markets rattled as Peru leftist claims victory

Markets rattled as Peru leftist claims victory

Trade was halted on the Lima stock exchange and world silver prices spiked Monday, as markets gave a quick and negative reaction to a leftist's apparent victory in Peru's presidential vote. Ex-military man Ollanta Humala claimed victory after Sunday's pol
Published 07 Jun, 2011 12:00am
US Midwest corn, soyabean bids mostly steady

US Midwest corn, soyabean bids mostly steady

Spot basis bids for corn and soyabeans held mostly steady around the US Midwest on Monday, supported by slow country sales of each crop as farmers remained busy in the fields and balked at lower overnight futures trade, dealers said. Farmers in the easter
Published 07 Jun, 2011 12:00am
Brazil's coffee zones will see light rain till Friday

Brazil's coffee zones will see light rain till Friday

Coffee growing areas in Brazil will see light rains during the week, forecaster Somar predicted Monday, topping up soil moisture after weeks of dryness and fortifying trees carrying a large, ripening crop. A cold front will push rain across the south-east
Published 07 Jun, 2011 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 250,500 tonnes of cargo including 164,032 tonnes of import cargo, 86,468 tonnes of export cargo and 5,655 loaded & empty containers during last 48 hours ended at 0700 hours on Monday. The total import cargo of 164,032 tonnes compr
Published 07 Jun, 2011 12:00am
India's Maharashtra cuts 2010-11 sugar output forecast

India's Maharashtra cuts 2010-11 sugar output forecast

India's western Maharashtra state, the biggest sugar producer in the country, has revised downward its 2010/11 sugar output forecast to 9 million tonnes from the previous 9.1 million tonnes, said a senior state government official. "Production of 9 millio
Published 07 Jun, 2011 12:00am
Ivorian cocoa output seen 15 percent over last year

Ivorian cocoa output seen 15 percent over last year

Ivory Coast cocoa output is running 15 percent over last year, exporters said on Monday, reinforcing hopes the West African country's recent post-election conflict spared its main industry. Some 1,166,560 tonnes of beans arrived from Ivorian plantations t
Published 07 Jun, 2011 12:00am
US grain futures fall due to improved crop weather

US grain futures fall due to improved crop weather

US grain futures fell sharply on Monday due to improved crop weather in the United States and Europe, with wheat futures sliding 1.5 percent after crop concerns last week drove prices higher for two sessions. Corn futures touched the lowest level in about
Published 07 Jun, 2011 12:00am
Prices stay firm on directionless cotton market

Prices stay firm on directionless cotton market

Firmness prevailed on the cotton market on Monday as there was cautious buying in the absence of fresh leads, dealers said. The Karachi Cotton Association (KCA) official spot rate retained the last week level at Rs 8,500, they said. In Sindh and Punjab ph
Published 07 Jun, 2011 12:00am
Oil cake market rates

Oil cake market rates

Falling trend was seen on the forward cottonseed oilcake market on Monday in process of trading, dealers said. The July contract that had closed at Rs 1422.90 opened with 40 paisa fall at Rs 1422.50. The December vaida which ended at Rs 1314.80 showed no
Published 07 Jun, 2011 12:00am
Modest trading seen as rates fall on grain market

Modest trading seen as rates fall on grain market

Modest trading was seen on the wholesale grain and seed market on Monday as prices showed falling trend due to steady arrivals from upcountry centres, dealers said. On the cereal side, barley Sindh and Mardan were registered higher at Rs 2500-2600, wheat
Published 07 Jun, 2011 12:00am
Prove it Wrong and Win 10 Million Dollars: How to Save Pakistan

Prove it Wrong and Win 10 Million Dollars: How to Save Pakistan

A Complete Perfect and Permanent Solution for all problems of Pakistan: ABSTRACT: I have developed a new financial instrument which will be much more valuable than the bonds or the treasury bills government sells in the open market to raise much needed fu
Published 07 Jun, 2011 12:00am
BEDAR BUDGET 2011-12 (Rs 20 Trillion)

BEDAR BUDGET 2011-12 (Rs 20 Trillion)

Economic Prosperity in days instead of years and months: Pakistan has projected an estimated budget of Rs 2.7 trillion for the current fiscal year 2011-12. Unfortunately by the conclusion of the fiscal year actual expenses will exceed Rupees 4,000 Billion
Published 07 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 07 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 07 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 Monday (June 06, 2011).

Published 07 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 Monday (June 06, 2011).

Published 07 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 Monday (June 06, 2011).

Published 07 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 Monday (June 06, 2011).

Published 07 Jun, 2011 12:00am
Closing of sterling rates

Closing of sterling rates

Closing of sterling rates at 1730 GMT - on Monday (June 06, 2011).

Published 07 Jun, 2011 12:00am
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