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Archive - 2011-06-10
US stocks end brutal week
Financial

US stocks end brutal week

NEW YORK : It was a brutal week for US stock markets, as investors sold-off shares on signs that growth in the world'
Published 10 Jun, 2011 11:29pm
Syria's Assad rejects UN chief's calls
Top News

Syria's Assad rejects UN chief's calls

UNITED NATIONS: Syrian President Bashar al-Assad is refusing to take telephone calls from UN chief Ban Ki-moon, an ou
Published 10 Jun, 2011 09:43pm
US stocks post heavy losses
Financial

US stocks post heavy losses

NEW YORK : US stock markets closed firmly in the red Friday, with the Dow posting six straight weeks of losses for
Published 10 Jun, 2011 08:19pm
Pandora raises IPO price
Financial

Pandora raises IPO price

WASHINGTON : Internet radio star Pandora is turning up the volume on its initial public offering. Pandora, in a fi
Published 10 Jun, 2011 07:35pm
Cyclone threat ruled out by Met Office
Top News

Cyclone threat ruled out by Met Office

KARACHI : The Meteorological Department has ruled out any threat of cyclone to the coastal areas of Sindh and Balochista
Published 10 Jun, 2011 03:22pm
KSE ended up, rupee firms
Markets

KSE ended up, rupee firms

KARACHI : Karachi Stock Exchange (KSE) ended higher on Friday, as investors accumulated energy sector shares following
Published 10 Jun, 2011 02:05pm
Kenya permits investors to sugar firms
Top News

Kenya permits investors to sugar firms

NAIROBI : Kenya has published laws that allow strategic investors to take up at least a 51 percent stake in the five s
Published 10 Jun, 2011 01:47pm
SBP to sell treasury bills in repo
Top News

SBP to sell treasury bills in repo

KARACHI : State Bank of Pakistan (SBP) said it would sell treasury bills to commercial banks on Friday in 6-day repo to
Published 10 Jun, 2011 11:35am
Trade deficit in May widens to $1.98bn
Top News

Trade deficit in May widens to $1.98bn

ISLAMABAD : Pakistan 's trade deficit widened to $1.98 billion in May from $1.62 billion a year earlier, the Federal Bu
Published 10 Jun, 2011 11:17am
KP Govt budget on Saturday
Top News

KP Govt budget on Saturday

PESHAWAR : Khyber Pakthunkhwa Minister for Finance, Engr Muhammad Hamayun Khan will present annual budget of the provinc
Published 10 Jun, 2011 12:00am
Sindh to raise pay, pension of employees
Top News

Sindh to raise pay, pension of employees

KARACHI: Sindh Minister for Finance Murad Ali Shah in his budget speech on Friday informed that keeping in view the deci
Published 10 Jun, 2011 12:00am
On the rocks, FBR!
BR Research

On the rocks, FBR!

The only difference between the Muslim League and PPP is that politicians from the former mix whiskey with cola, while those from the latter
Published 10 Jun, 2011 12:00am
Opecs (in)decision casts gloom
BR Research

Opecs (in)decision casts gloom

Opec took the world by surprise on Wednesday when its meeting ended in chaos, and was described by the Saudi oil minister as the "worst in O
Published 10 Jun, 2011 12:00am
Mangoes ripening up for Japan
BR Research

Mangoes ripening up for Japan

The king of fruits has been making rounds in the media quite often lately. And the recent announcement of Japan lifting the ban on mango imp
Published 10 Jun, 2011 12:00am
Tokyo rubber flat, Shanghai down

Tokyo rubber flat, Shanghai down

Key Tokyo rubber futures finished almost flat on Thursday with investors taking a wait-and-see stance on uncertainties over the state of the US economy and supply in Thailand. The key Tokyo Commodity Exchange rubber contract for November delivery settled
Published 10 Jun, 2011 12:00am
Malaysian palm oil falls

Malaysian palm oil falls

Malaysian palm oil reversed gains to briefly touch a one-month low late on Thursday, as a bout of technical selling weighed and investors positioned themselves ahead of the release of a flurry of agriculture data. The benchmark August crude palm oil contr
Published 10 Jun, 2011 12:00am
New York sugar rallies

New York sugar rallies

Sugar rallied to a two-month high on Wednesday, buoyed by strong demand ahead of Ramadan while ICE cocoa closed firmer as short speculators took cover amid position rolling. Coffee futures settled higher as the market consolidated from recent volatility a
Published 10 Jun, 2011 12:00am
Copper steadies

Copper steadies

Copper ended almost flat on Thursday as expectations of higher demand from top consumer China balanced against US jobless claims data that signalled further slowing in the economy. Benchmark copper on the London Metal Exchange closed at $9,055 a tonne, fr
Published 10 Jun, 2011 12:00am
Shanghai copper declines

Shanghai copper declines

The most active contract on the Shanghai Futures Exchange, August, fell 0.2 percent to 67,370 yuan per tonne on Thursday. Zinc fell 0.8 percent to $2,275, while Shanghai August futures edged up just 0.03 percent to 17,360 yuan.
Published 10 Jun, 2011 12:00am
US copper down

US copper down

Copper prices fell by their most in a week on Wednesday, hit by worries over slowing US growth and whether the world's largest economy will face a credit rating downgrade. A glum assessment by Federal Reserve Chairman Ben Bernanke of the US economy and Fi
Published 10 Jun, 2011 12:00am
New York cotton rises on USDA output cut

New York cotton rises on USDA output cut

US cotton futures ended higher Thursday on investor buying prompted by a government crop report that cut US 2011/12 cotton production resulting from the worst drought in a century to hit the major growing area of Texas, analysts said.
Published 10 Jun, 2011 12:00am
US sanctions Iranian police for rights abuses

US sanctions Iranian police for rights abuses

The United States said on Thursday it had sanctioned Iran's national police force, its commander, and two other security forces for serious rights violations since Iran's disputed 2009 presidential election. The sanctions, announced jointly by the US depa
Published 10 Jun, 2011 12:00am
Libyan rebels win aid, West sees Qadhafi exit

Libyan rebels win aid, West sees Qadhafi exit

Libya's cash-starved rebels on Thursday won more than $1.1 billion of aid at a conference of Western and Arab powers that focused on the end-game for Muammar Qadhafi and the country's civil war. US Secretary of State Hillary Clinton stepped up pressure on
Published 10 Jun, 2011 12:00am
World powers concerned over Iran nuclear plan

World powers concerned over Iran nuclear plan

World powers expressed "deeper concern" Thursday about the intention behind Iran's controversial atomic drive in face of its refusal to answer questions about possible military dimensions to the work.
Published 10 Jun, 2011 12:00am
Top US counterterrorism official quits

Top US counterterrorism official quits

Michael Leiter, the head of the US National Counterterrorism Center across two administrations, is resigning, officials said Thursday as President Barack Obama paid a warm tribute. Leiter heads the prime government clearing house and analytical point for
Published 10 Jun, 2011 12:00am
18 dead as Indian truck runs over sleeping pilgrims

18 dead as Indian truck runs over sleeping pilgrims

A speeding truck in western India ran over and killed 18 Muslim pilgrims who were sleeping on a roadside early on Thursday morning, police said. The pilgrims were on their way to a festival at a shrine 90 kilometres (55 miles) from Ahmedabad, Gujarat stat
Published 10 Jun, 2011 12:00am
Saudi Arabia arrests five women for driving

Saudi Arabia arrests five women for driving

Police in Saudi Arabia arrested five women on Thursday for breaking a ban on female drivers in the conservative kingdom, one of the women said. The women were arrested north of Riyadh in Hettein district, she told AFP by telephone, saying that they were "
Published 10 Jun, 2011 12:00am
Bangladesh police arrest 'Robin Hood' burglar

Bangladesh police arrest 'Robin Hood' burglar

A "benevolent burglar" hailed as a modern-day Robin Hood for donating his ill-gotten gains to local orphanages has been arrested in south-eastern Bangladesh, police said Thursday. Badiul Haq Nasir, 45, who had earned millions in well-planned heists, was r
Published 10 Jun, 2011 12:00am
Germany honours US Joint Chiefs of Staff Mullen

Germany honours US Joint Chiefs of Staff Mullen

Germany has presented the chairman of the US Joint Chiefs of Staff Adm. Mike Mullen with one of its highest medals of honour. The Defence Ministry says President Christian Wulff has awarded the Grand Cross of Merit with Star to Mullen for ``his personal c
Published 10 Jun, 2011 12:00am
Syrians flee into Turkey

Syrians flee into Turkey

More than 2,400 Syrians have fled to Turkey to escape a feared army crackdown, officials said on Thursday, in another sign that President Bashar al-Assad's struggle with protesters is disturbing Syria's neighbours. With international concern growing over
Published 10 Jun, 2011 12:00am
Divided IAEA sends Syria to Security Council

Divided IAEA sends Syria to Security Council

The UN nuclear watchdog board reported Syria to the Security Council on Thursday for covert atomic work, a US-led move coinciding with Western condemnation of Damascus's crackdown on opposition protests. Russia and China voted against the proposal at the
Published 10 Jun, 2011 12:00am
Malaysia plans amnesty for illegal labour

Malaysia plans amnesty for illegal labour

Malaysia aims to launch a nation-wide amnesty program in July to legalise up to 2 million illegal immigrants in the country, a senior government official said Thursday. Home Ministry deputy secretary-general Raja Azahar Raja Abdul Manap said the move woul
Published 10 Jun, 2011 12:00am
Chinese ship released by pirates: EU

Chinese ship released by pirates: EU

A Chinese warship escorted a Chinese freighter and its crew to a safe port on Thursday after they were released following seven months in captivity, European Union naval forces said. "On the morning of the 8 June (Wednesday), it was confirmed that the MV
Published 10 Jun, 2011 12:00am
Hundreds in alleged Asia money scam detained

Hundreds in alleged Asia money scam detained

Police around Asia arrested several hundred suspects on Thursday in co-ordinated raids to bust a gang that swindled victims through phone calls over the Internet. Indonesian authorities said 170 Taiwanese and Chinese people were arrested in the archipelag
Published 10 Jun, 2011 12:00am
Yemen government says 12 al Qaeda militants killed

Yemen government says 12 al Qaeda militants killed

Yemeni government troops trying to recapture areas held by Islamic militants have killed 12 suspected al Qaeda members in the troubled southern province of Abyan, the Defence Ministry said Thursday. Hundreds of militants seized the provincial capital, Zin
Published 10 Jun, 2011 12:00am
Swedish bar warns Assange's lawyer

Swedish bar warns Assange's lawyer

The Swedish Bar Association has issued a warning to the Swedish lawyer of WikiLeaks frontman Julian Assange, its head said Thursday. "The disciplinary board has decided to hand down a warning to (Bjoern) Hurtig. It was not a united decision," Bar Associat
Published 10 Jun, 2011 12:00am
Sri Lanka recall Jayasuriya

Sri Lanka recall Jayasuriya

Sri Lanka on Thursday recalled veteran left-handed batsman Sanath Jayasuriya for the upcoming limited overs series against England, Ireland and Scotland. Jayasuriya, who turns 42 at the end of this month, is the oldest player in international cricket. Now
Published 10 Jun, 2011 12:00am
12 charged over South Korea match-fixing

12 charged over South Korea match-fixing

South Korean prosecutors said Thursday they have charged 12 people including 10 players with involvement in match-fixing that has rattled the K-League. The players are accused of receiving money from brokers trying to fix results of two games in April, sa
Published 10 Jun, 2011 12:00am
Greats outraged over Katich axing

Greats outraged over Katich axing

Test opening batsman Simon Katich has been stabbed in the back and "appallingly hung" in being dumped from Cricket Australia's 2011-12 contract list, former greats said in reports Thursday. Katich was the notable omission when the list of CA's contracted
Published 10 Jun, 2011 12:00am
India ease to victory over West Indies

India ease to victory over West Indies

Half-centuries from Virat Kohli and Parthiv Patel followed up Amit Mishra's career-best bowling to lead India to a seven-wicket victory over West Indies in the rain-affected second One-day International on Wednesday. Kohli struck six fours and one six in
Published 10 Jun, 2011 12:00am
Premier League income tops pound 2 billion

Premier League income tops pound 2 billion

Premier League clubs' revenues smashed through the £2 billion barrier for the first time last year but soaring wages remain a concern for the world's richest league, a study reported Thursday. The 20th Annual Review of Football Finance from Deloitte repor
Published 10 Jun, 2011 12:00am
Bundesliga remains Europe's most profitable league

Bundesliga remains Europe's most profitable league

Germany's Bundesliga remains the most profitable football league in Europe with a surplus of 138 million euros (200m US dollars) from the 2009/2010 season, according to figures published Thursday. Among Europe's "Big Five" league's from Germany, England,
Published 10 Jun, 2011 12:00am
WARSAW: The Polish government on Thursday announced plans to offer fast-track visas to smooth movement across its borders when it hosts football's 2012 European Championship along with neighbouring Ukraine. "We expect to facilitate visas for people taking

WARSAW: The Polish government on Thursday announced plans to offer fast-track visas to smooth movement across its borders when it hosts football's 2012 European Championship along with neighbouring Ukraine. "We expect to facilitate visas for people taking

the tightly-controlled eastern rim of the European Union. Poland joined the EU in 2004, but Ukraine is trying to seal an association agreement, the first stepping stone to membership. EU authorities are preparing to help Poland handle the extra travellers
Published 10 Jun, 2011 12:00am
Afridi case hearing adjourned till June 16

Afridi case hearing adjourned till June 16

Sindh High Court (SHC) bench on Thursday adjourned the hearing of constitutional petition filed by former cricket captain Shahid Khan Afridi till June 16. A court upheld a decision to revoke permission for former captain Shahid Afridi to play abroad. The
Published 10 Jun, 2011 12:00am
Record-chasing Roddick through to last eight

Record-chasing Roddick through to last eight

Andy Roddick remains in the hunt for a record fifth Queen's crown after advancing to the quarter-finals with a 6-4, 6-4 win over South Africa's Kevin Anderson on Thursday. Since his last Queen's triumph back in 2007, Roddick has been trying to break the r
Published 10 Jun, 2011 12:00am
Monfils delighted to reach quarters in Halle

Monfils delighted to reach quarters in Halle

France's Gael Monfils admitted he was delighted by his form on the grasscourts of Halle's ATP tournament after booking his quarter-final berth with a straight sets win on Thursday. The 24-year-old third seed saw off Croatia's Ivan Dodig with a 6-2, 6-3 se
Published 10 Jun, 2011 12:00am
Flow of effluents in rivers affecting fish growth

Flow of effluents in rivers affecting fish growth

Free flow of untreated industrial effluents has ruined natural growth of fish in Suutlej, Ravi and Chenab rivers DG Fisheries Punjab, Muhammad Ashraf while taking to newsmen on Thursday expressed concern that industrial effluents and sewage waste were dis
Published 10 Jun, 2011 12:00am
People moving to safer places amid cyclone forecast

People moving to safer places amid cyclone forecast

Panic continued to grip the coastal areas of Thatta district amid cyclone and stormy rain forecast for Friday. A large number of people living near the coastal belt have started shifting to safer places and fishermen have ashored their boats on self help
Published 10 Jun, 2011 12:00am
'Provinces given unprecedented uplift funds'

'Provinces given unprecedented uplift funds'

Special Assistant to the Prime Minister MNA Shahnaz Wazir Ali Thursday said that federal government has transferred large funds to the provinces than ever before so that they could develop their own infrastructures.
Published 10 Jun, 2011 12:00am
Yaum-e-Ali: LHC directs to keep shrine open

Yaum-e-Ali: LHC directs to keep shrine open

Lahore High Court here Thursday directed to keep the shrine of Bibi Pak Daman open throughout day and night on the occasion of Yaum-e-Ali to be observed on Rajab 13 and 14 (June 16 and 17). The court allowed the petition filed by one Syed Waqar Hussain Na
Published 10 Jun, 2011 12:00am
Budget termed retrogressive, unimaginative

Budget termed retrogressive, unimaginative

Business leaders, parliamentarian, politicians, economists and intellectual across the spectrum have described the 2011-2012 Federal Budget as retrogressive, unimaginative and directionless and said it would increase budget deficit, inflation, unemploymen
Published 10 Jun, 2011 12:00am
Interest rate futures rally

Interest rate futures rally

The ECB signalled on Thursday it would hike interest rates in July but markets proved reluctant to price in any further tightening this year, with negative news on the euro zone periphery keeping investors wary. By using the words "strong vigilance", Euro
Published 10 Jun, 2011 12:00am
Baht weakens past 200-day moving average

Baht weakens past 200-day moving average

The baht fell through major support levels against the dollar on Thursday, pressured by stock market outflows as investors cut exposure to risky assets, including emerging Asian currencies. The baht is the worst performer among emerging Asian currencies s
Published 10 Jun, 2011 12:00am
Indian rupee weakens

Indian rupee weakens

The Indian rupee gave up ground on Thursday as local equities turned choppy and the euro pulled back before the European Central Bank's rate decision due after the local market hours. The partially convertible rupee ended at 44.73/74 per dollar, weaker th
Published 10 Jun, 2011 12:00am
Australian falls, New Zealand dollar up

Australian falls, New Zealand dollar up

The Australian dollar skidded to a two-week low on Thursday as a disappointing jobs report prompted markets to scale back the risk of a rise in interest rates, while the kiwi got a boost from an increasingly hawkish central bank. The Aussie dollar fell as
Published 10 Jun, 2011 12:00am
Swiss franc falls versus euro

Swiss franc falls versus euro

The Swiss franc fell against the euro on Thursday as markets placed bets the European Central Bank would signal another rate hike for July. The franc fell 0.2 percent against the euro compared to the New York close to trade at 1.2222 by 0652 GMT. The fran
Published 10 Jun, 2011 12:00am
Bangladesh's interbank forex, interest rates

Bangladesh's interbank forex, interest rates

Interbank buy/sell rates for the taka against the dollar on Thursday. 73.82/73.90 (previous 73.77/73.87). Call Money Rates: 6.25-12.00 percent (previous 6.00-12.00 percent).
Published 10 Jun, 2011 12:00am
Dollar, yen rise in New York

Dollar, yen rise in New York

The dollar and yen rose on Wednesday as worries that a slowing US economy may stall global growth fuelled a bid for currencies seen as safe havens. Adding to growth concerns was persistent uncertainty surrounding the resolution of Greece's debt crisis.
Published 10 Jun, 2011 12:00am
Euro slides in early New York trade

Euro slides in early New York trade

The euro slid on Thursday after the European Central Bank kept its inflation forecast for next year unchanged, suggesting the pace of eurozone tightening could slow. Negative headlines on Greece and wider regional debt concerns have also raised doubts abo
Published 10 Jun, 2011 12:00am
Euro rises in London

Euro rises in London

The euro rose on Thursday as investors geared up for the European Central Bank to signal another rate hike in July that would boost the single currency's yield differentials, leaving it poised for further gains. The euro reacted little to the ECB leaving
Published 10 Jun, 2011 12:00am
Euro recovers in Asia

Euro recovers in Asia

The euro recouped some of its losses from the previous day ahead of a European Central Bank policy meeting later on Thursday at which the ECB is expected to lay the groundwork for a rate hike in July, with any hints on tightening possibly driving the curr
Published 10 Jun, 2011 12:00am
Sterling recovers

Sterling recovers

Sterling pulled away from a one-month low against the euro on Thursday as investors booked profits in the common currency after the European Central Bank signalled it will raise rates in July, as was widely expected. ECB President Jean-Claude Trichet shie
Published 10 Jun, 2011 12:00am
Yuan slightly lower

Yuan slightly lower

The yuan closed two pips lower versus the dollar on Thursday, consolidating its gains, as the People's Bank of China fixed the mid-point a shade weaker after letting it hit a slew of record highs recently. Spot yuan closed at 6.4759 versus the dollar on T
Published 10 Jun, 2011 12:00am
Strong commodities boost FTSE

Strong commodities boost FTSE

Miners rebounded from the previous day's sharp sell-off to help push Britain's top share index higher on Thursday, while oil stocks tracked crude higher on supply fears. The FTSE 100 closed up 47.45 points, or 0.8 percent, at 5,856.34, having bounced well
Published 10 Jun, 2011 12:00am
European shares snap losing run

European shares snap losing run

European shares rose sharply on Thursday, bouncing from six days of losses as investors snapped up beaten-down stocks, notably those related to commodities. Wall Street also broke a losing run, boosted by trade data and helping the FTSEurofirst 300 index
Published 10 Jun, 2011 12:00am
Seoul shares slide

Seoul shares slide

Seoul shares fell for a sixth consecutive session on Thursday to a three-week low, weighed by further evidence of a US economic slowdown and caution ahead of a central bank interest rate decision on Friday. The Korea Composite Stock Price Index finished d
Published 10 Jun, 2011 12:00am
Hong Kong and China shares fall

Hong Kong and China shares fall

Hong Kong shares fell for a sixth straight session on Thursday, mainly because of weakness in banking stocks, but closed well above the day's lows after a rally in property stocks on another strong land auction. Despite Chinese banks largely trading at va
Published 10 Jun, 2011 12:00am
Middle East markets: Egypt up after dividend tax scrap

Middle East markets: Egypt up after dividend tax scrap

Egypt's main benchmark rose on Thursday amid rising investor confidence after the government cancelled plans to levy a tax on share dividends, and Qatar's index rebounded on a technical correction. Egypt Finance Minister Samir Radwan confirmed to Reuters
Published 10 Jun, 2011 12:00am
SEC warns investors on reverse merger companies

SEC warns investors on reverse merger companies

The US Securities and Exchange Commission warned investors about the risk of fraud, accounting problems and other abuses at companies that obtain stock listings through so-called reverse mergers. The warning on Thursday comes amid a rash of accounting sca
Published 10 Jun, 2011 12:00am
Chinese stocks in US hit

Chinese stocks in US hit

Chinese stocks listed in the United States took a beating on Wednesday as brokers raised red flags about trading risks following a series of accounting scandals that have afflicted the sector. Interactive Brokers Group Inc sounded the loudest alarm on the
Published 10 Jun, 2011 12:00am
Treasuries rally

Treasuries rally

US Treasuries prices rose on Wednesday, pushing a key benchmark yield below 3 percent as the economy's lagging recovery and a sixth straight day of stock market losses heightened the appeal of safe-haven government debt. A warning from Fitch Ratings agenc
Published 10 Jun, 2011 12:00am
Treasuries rally

Treasuries rally

US Treasuries prices rose on Wednesday, pushing a key benchmark yield below 3 percent as the economy's lagging recovery and a sixth straight day of stock market losses heightened the appeal of safe-haven government debt. A warning from Fitch Ratings agenc
Published 10 Jun, 2011 12:00am
US stocks remain down

US stocks remain down

US stocks extended losses for the sixth straight day on Wednesday as investors worried that a slowing economy could deepen the market's retreat. The latest evidence of a slowdown came in the Federal Reserve's Beige Book, which gives an anecdotal report on
Published 10 Jun, 2011 12:00am
Thursday's early afternoon trade: Wall Street rallies

Thursday's early afternoon trade: Wall Street rallies

US stocks extended gains on Thursday after trade data showed record US exports, easing concerns about a stalled economic recovery following a six-day slide that left the equities market oversold. Various economists said the spike in exports in April could
Published 10 Jun, 2011 12:00am
Nikkei average up

Nikkei average up

The Nikkei share average edged higher on Thursday as buying from foreign investors attracted by cheap valuations offset growing worries over a slowing US economy. Although a drop in US shares to three-month lows and a rise in the yen to a one-month peak a
Published 10 Jun, 2011 12:00am
Southeast Asian stocks mostly down

Southeast Asian stocks mostly down

Most Southeast Asian stock markets closed weaker on Thursday in thin volume as foreign investors sold to reduce exposure to risky assets because of worries about sluggish global growth. Mounting evidence of weaker growth, on top of China's steady monetary
Published 10 Jun, 2011 12:00am
Indian shares ease

Indian shares ease

Indian shares eased for a second day on Thursday as risk appetite waned on slowing growth concerns and accelerating food inflation meant more upward pressure on interest rates. Data showed car sales in India rose 7 percent in May, their slowest pace of gr
Published 10 Jun, 2011 12:00am
Taiwan stocks flat

Taiwan stocks flat

Taiwan stocks closed flat on Thursday, with a decline in cement counters offsetting a rise in biotech and plastics plays. Hon Hai Precision Industry rose 1.49 percent on positive company guidance. The electronics giant said it sees revenue jumping this ye
Published 10 Jun, 2011 12:00am
Vietnam government to step up state firm sales

Vietnam government to step up state firm sales

The Vietnamese government will accelerate privatisation of state-owned companies and will not rescue failing banks, Deputy Prime Minister Nguyen Sinh Hung said on Thursday, signalling plans to loosen the state's grip on key parts of the economy.
Published 10 Jun, 2011 12:00am
French trade deficit hits record in April

French trade deficit hits record in April

France's trade balance slumped to a record deficit in April, deteriorating more sharply than expected due to increased imports of refined oil and airplanes. French customs data showed that the seasonally adjusted trade deficit widened to 7.1 billion euros
Published 10 Jun, 2011 12:00am
China unveils new incentives to spur lending to small firms

China unveils new incentives to spur lending to small firms

China has unveiled fresh incentives to encourage commercial banks to lend more to cash-strapped small businesses, the official Financial News reported on Wednesday. It cited the China Banking Regulatory Commission as saying that the regulator would tolera
Published 10 Jun, 2011 12:00am
African Union wants non-European to head IMF

African Union wants non-European to head IMF

With just one day to go before nominations close for the next head of the IMF, the African Union said on Thursday it would like to see a non-European in the position, preferably an African. The AU has not put forth a name for their preferred candidate to
Published 10 Jun, 2011 12:00am
Belarus slashes fuel price rise after protests

Belarus slashes fuel price rise after protests

Belarussian President Alexander Lukashenko, responding to rare public protests, on Wednesday slashed a big rise in fuel prices announced only the previous day. Mounting discontent over soaring consumer prices against the backdrop of a currency crisis is p
Published 10 Jun, 2011 12:00am
SCCI holds workshop on CSR

SCCI holds workshop on CSR

A one-day workshop on Corporate Social Responsibility (CSR) was organised at Sialkot Chamber of Commerce and Industry (SCCI), here on Thursday. The aim of holding workshop was to create awareness among the business community about the importance of CSRs i
Published 10 Jun, 2011 12:00am
MCCI demands withdrawal of proposed sales tax on exports

MCCI demands withdrawal of proposed sales tax on exports

Expressing his concern on the proposal of levy of 5 percent sales tax on cotton yarn and raw material of textile and cottage industry, President of Multan Chamber of Commerce and Industry (MCCI) Shahid Naseem Khokhar said that this levy would cause increa
Published 10 Jun, 2011 12:00am
MCCI flays withdrawal of ST exemption on machinery import

MCCI flays withdrawal of ST exemption on machinery import

The Multan Chamber of Commerce and Industry (MCCI) Tuesday flayed the issuance of SRO 448 (1) 2011 whereby the government has withdrawn sales tax exemption on import of machinery. It was a discouraging step against investors who wanted to adopt modern tec
Published 10 Jun, 2011 12:00am
Prime Minister visits Educational Broadband Centre in Multan

Prime Minister visits Educational Broadband Centre in Multan

Prime Minister Pakistan, Syed Yousaf Raza Gilani in his recent visit here inspected Educational Broadband Centre established by Pakistan Telecommunication Company Limited (PTCL) in partnership with Universal Service Fund (USF) in Jalalpur Pirwala.
Published 10 Jun, 2011 12:00am
World Bank to collaborate with Smeda on promotion of SMEs

World Bank to collaborate with Smeda on promotion of SMEs

The World Bank has expressed interest to collaborate with Small and Medium Enterprises Development Authority (Smeda) on promotion of SMEs in Pakistan. Johan F. Speakman, Private Sector Development Specialist of the World Bank, while leading a 7-member del
Published 10 Jun, 2011 12:00am
Poverty survey completed in Lahore: DG BISP

Poverty survey completed in Lahore: DG BISP

Director General Benazir Income Support Programme (BISP) Punjab Shahid Aslam Mohar has said that poverty survey has been completed in Lahore as well as in some other Districts. He said the survey process would be completed in Punjab as well as in the othe
Published 10 Jun, 2011 12:00am
Seminar on 'Pak-US Relations: Key Challenges' held at PU

Seminar on 'Pak-US Relations: Key Challenges' held at PU

Punjab University Vice-Chancellor Professor Dr Mujahid Kamran has stated that the expulsion of America from the region is possible and Pakistan, Iran and Turkey will have to extend co-operation to Russia and China. He was addressing the participants of se
Published 10 Jun, 2011 12:00am
LCCI urges government to impose tax on agriculture income

LCCI urges government to impose tax on agriculture income

The Lahore Chamber of Commerce and Industry (LCCI) has demanded of the government to impose Agriculture Tax without any further delay and ensure business community representation in all economy related policy-making government bodies and institutions.
Published 10 Jun, 2011 12:00am
Mobilink Jazz, Shell Rimula campaign receives overwhelming response

Mobilink Jazz, Shell Rimula campaign receives overwhelming response

Muhammad Rafeeq Anwar, a farmer from Bhawalnagar with a family of eight, could not believe his eyes as he held the papers to his very own tractor, something he had only dreamed of. "We had to rent a tractor every season which was expensive and we often ha
Published 10 Jun, 2011 12:00am
Record US exports temper slowdown fears

Record US exports temper slowdown fears

Record US exports in April tempered fears that the economic recovery was running off the rails, even though first-time claims for jobless benefits edged higher last week. A Commerce Department report on Thursday showed the US trade deficit narrowed unexpe
Published 10 Jun, 2011 12:00am
Sharp drop in consumer demand narrows UK trade deficit

Sharp drop in consumer demand narrows UK trade deficit

Britain's goods trade deficit with the rest of the world narrowed more than expected in April, although the improvement was driven by a sharp fall in demand for consumer goods, rather than any big improvement in exports. The Office for National Statistics
Published 10 Jun, 2011 12:00am
Microsoft loses US top court case on patent

Microsoft loses US top court case on patent

The US Supreme Court ruled against Microsoft Corp on Thursday, rejecting its appeal of a record $290 million jury verdict for infringing a small Canadian software firm's patent. The justices unanimously upheld a US appeals court ruling that went against t
Published 10 Jun, 2011 12:00am
ECB holds rates

ECB holds rates

The European Central Bank signalled a July interest rate rise and raised the stakes on Thursday in its stand-off with governments over a new bailout for Greece by rejecting any form of debt restructure. ECB President Jean-Claude Trichet said the bank woul
Published 10 Jun, 2011 12:00am
ECB holds rates

ECB holds rates

The European Central Bank signalled a July interest rate rise and raised the stakes on Thursday in its stand-off with governments over a new bailout for Greece by rejecting any form of debt restructure. ECB President Jean-Claude Trichet said the bank woul
Published 10 Jun, 2011 12:00am
ECB holds rates

ECB holds rates

The European Central Bank signalled a July interest rate rise and raised the stakes on Thursday in its stand-off with governments over a new bailout for Greece by rejecting any form of debt restructure. ECB President Jean-Claude Trichet said the bank woul
Published 10 Jun, 2011 12:00am
BoE keeps rates steady

BoE keeps rates steady

The Bank of England kept interest rates at a record low on Thursday, springing no surprises as growing signs of economic weakness at home and abroad outweighed concern about above-target inflation. The central bank's decision means that rates will stay at
Published 10 Jun, 2011 12:00am
BoE keeps rates steady

BoE keeps rates steady

The Bank of England kept interest rates at a record low on Thursday, springing no surprises as growing signs of economic weakness at home and abroad outweighed concern about above-target inflation. The central bank's decision means that rates will stay at
Published 10 Jun, 2011 12:00am
BoE keeps rates steady

BoE keeps rates steady

The Bank of England kept interest rates at a record low on Thursday, springing no surprises as growing signs of economic weakness at home and abroad outweighed concern about above-target inflation. The central bank''s decision means that rates will stay a
Published 10 Jun, 2011 12:00am
ECB takes hard line on Greece in rebuff to Berlin

ECB takes hard line on Greece in rebuff to Berlin

The European Central Bank said on Thursday it opposed forcing private creditors to take part in debt relief for Greece, pushing back against Germany, which has demanded a bond swap to lengthen Greek debt maturities. ECB President Jean-Claude Trichet signa
Published 10 Jun, 2011 12:00am
Firm yuan to help rebalance China economy: IMF Lipsky

Firm yuan to help rebalance China economy: IMF Lipsky

The International Monetary Fund on Thursday urged China to allow the yuan to rise further to rebalance its vast economy and Should lean more on conventional policy tools, such as interest rates, to wrestle inflation under control. Speaking at a press brie
Published 10 Jun, 2011 12:00am
Afghan Taliban attack Pakistani checkpost, eight soldiers killed

Afghan Taliban attack Pakistani checkpost, eight soldiers killed

More than 100 Taliban armed with rocket launchers attacked a Pakistani checkpost near the Afghan border in South Waziristan on Thursday, triggering gunbattles that killed eight soldiers. It was the second time in a week that scores of militants besieged a
Published 10 Jun, 2011 12:00am
Revised data shows Japan's economy shrinks in first quarter

Revised data shows Japan's economy shrinks in first quarter

Revised data showed Japan's economy shrank 0.9 percent in the first quarter, unchanged from the initial estimate as inventory adjustments offset weaker corporate spending, but analysts said a recovery is on track as industrial production rebounds. Manufac
Published 10 Jun, 2011 12:00am
Afghan Taliban attack Pakistani checkpost, eight soldiers killed

Afghan Taliban attack Pakistani checkpost, eight soldiers killed

More than 100 Taliban armed with rocket launchers attacked a Pakistani checkpost near the Afghan border in South Waziristan on Thursday, triggering gunbattles that killed eight soldiers. It was the second time in a week that scores of militants besieged a
Published 10 Jun, 2011 12:00am
Canada's trade deficit doubles

Canada's trade deficit doubles

Canada posted an unexpectedly larger trade deficit of CAN$924 million ($944 million US) in April, twice the amount registered in the previous month, a government agency announced Thursday. Exports decreased 1.9 percent to CAN$36.3 billion while imports fe
Published 10 Jun, 2011 12:00am
Gates says no hasty US troop cut in Afghanistan

Gates says no hasty US troop cut in Afghanistan

US Defence Secretary Robert Gates said on Thursday there would be no hasty US troop withdrawal from Afghanistan and Washington expected the same from its allies. Gates, speaking ahead of the start of President Barack Obama's planned troop cuts in Afghanis
Published 10 Jun, 2011 12:00am
China calls for US action on debt crisis

China calls for US action on debt crisis

China, the top holder of US debt, urged Washington to put its fiscal house in order Thursday after a third ratings agency issued a warning over a possible US debt default. "I'd like point out that we hope the United States can adopt effective measures to
Published 10 Jun, 2011 12:00am
Gates says no hasty US troop cut in Afghanistan

Gates says no hasty US troop cut in Afghanistan

US Defence Secretary Robert Gates said on Thursday there would be no hasty US troop withdrawal from Afghanistan and Washington expected the same from its allies. Gates, speaking ahead of the start of President Barack Obama's planned troop cuts in Afghanis
Published 10 Jun, 2011 12:00am
Bangladesh announces $22 billion budget

Bangladesh announces $22 billion budget

Bangladesh on Thursday announced a $22 billion budget for the 2011-2012 financial year, aimed at spurring economic growth to seven percent and checking runaway inflation. Finance Minister A.M.A Muhith unveiled the 1.635 trillion taka budget for the fiscal
Published 10 Jun, 2011 12:00am
Technical problems at refineries cause petrol shortages

Technical problems at refineries cause petrol shortages

The current shortage of petrol across the country especially in Punjab is attributed to non-availability coupled with non-functioning of plate-formers of three refineries, well informed sources told Business Recorder. Non-availability of petrol con
Published 10 Jun, 2011 12:00am
Regulators pressuring banks after Citi data breach

Regulators pressuring banks after Citi data breach

Major US banks came under growing pressure from banking regulators to improve the security of their customer account information after Citigroup Inc became the latest high-profile victim of a large-scale cyber attack. While Citigroup insisted the breach h
Published 10 Jun, 2011 12:00am
Technical problems at refineries cause petrol shortages

Technical problems at refineries cause petrol shortages

The current shortage of petrol across the country especially in Punjab is attributed to non-availability coupled with non-functioning of plate-formers of three refineries, well informed sources told Business Recorder. Non-availability of petrol con
Published 10 Jun, 2011 12:00am
Tighter prices due to depletion of domestic cotton stocks

Tighter prices due to depletion of domestic cotton stocks

As and how domestic current crop (2010-2011) cotton stocks are being exhausted, lint prices are perking up showing stability and steadiness. There are only an estimated 60,000 bales of unsold cotton left in the market which are likely to be lifted within
Published 10 Jun, 2011 12:00am
Technical problems at refineries cause petrol shortages

Technical problems at refineries cause petrol shortages

The current shortage of petrol across the country especially in Punjab is attributed to non-availability coupled with non-functioning of plate-formers of three refineries, well informed sources told Business Recorder. Non-availability of petrol con
Published 10 Jun, 2011 12:00am
Tighter prices due to depletion of domestic cotton stocks

Tighter prices due to depletion of domestic cotton stocks

As and how domestic current crop (2010-2011) cotton stocks are being exhausted, lint prices are perking up showing stability and steadiness. There are only an estimated 60,000 bales of unsold cotton left in the market which are likely to be lifted within
Published 10 Jun, 2011 12:00am
Prime Minister for measures to ensure smooth supply

Prime Minister for measures to ensure smooth supply

Prime Min-ister, Syed Yusuf Raza Gilani on Thursday directed the Petroleum Ministry to take immediate measures to ensure regular supply of petrol across the country. The Prime Minister asked Secretary Petroleum to instruct Attock Oil Refinery to remove te
Published 10 Jun, 2011 12:00am
Prime Minister for measures to ensure smooth supply

Prime Minister for measures to ensure smooth supply

Prime Min-ister, Syed Yusuf Raza Gilani on Thursday directed the Petroleum Ministry to take immediate measures to ensure regular supply of petrol across the country. The Prime Minister asked Secretary Petroleum to instruct Attock Oil Refinery to remove te
Published 10 Jun, 2011 12:00am
Message from Ambassador of the Russian Federation

Message from Ambassador of the Russian Federation

It is a great pleasure for me to address you on the occasion of national holiday - the Day of Russia. Since my arrival to Pakistan in 2008 I've had lots of opportunities to see that Pakistani people have friendly feelings towards Russia.
Published 10 Jun, 2011 12:00am
Prime Minister for measures to ensure smooth supply

Prime Minister for measures to ensure smooth supply

Prime Min-ister, Syed Yusuf Raza Gilani on Thursday directed the Petroleum Ministry to take immediate measures to ensure regular supply of petrol across the country. The Prime Minister asked Secretary Petroleum to instruct Attock Oil Refinery to remove te
Published 10 Jun, 2011 12:00am
Message from Consul General of the Russian Federation in Karachi

Message from Consul General of the Russian Federation in Karachi

We are celebrating the National Day of the Russian Federation - the Russia Day. We are proud of belonging to a dynamic nation - to a country that plays a very important role in each and every world processes. This year we proudly celebrated the 50th anniv
Published 10 Jun, 2011 12:00am
Fuel shortage to continue in Karachi: consignment may be delayed

Fuel shortage to continue in Karachi: consignment may be delayed

The persisting fuel shortage, which is affecting the country's economy at large, will continue for the next 3 to 4 days as the consignment of imported gasoline may be further to reach the port, industry sources said on Thursday. As a result, the motorists
Published 10 Jun, 2011 12:00am
Message from President Pakistan Russia Business Forum PRBF

Message from President Pakistan Russia Business Forum PRBF

On behalf of Pakistan Russia Business Forum, I have the honor to express my heartiest greetings and best wishes to the government and people of the Russian Federation on celebration of its 21th National Day on 12th June, 2011.
Published 10 Jun, 2011 12:00am
Fuel shortage to continue in Karachi: consignment may be delayed

Fuel shortage to continue in Karachi: consignment may be delayed

The persisting fuel shortage, which is affecting the country's economy at large, will continue for the next 3 to 4 days as the consignment of imported gasoline may be further to reach the port, industry sources said on Thursday. As a result, the motorists
Published 10 Jun, 2011 12:00am
Fuel shortage to continue in Karachi: consignment may be delayed

Fuel shortage to continue in Karachi: consignment may be delayed

The persisting fuel shortage, which is affecting the country''s economy at large, will continue for the next 3 to 4 days as the consignment of imported gasoline may be further to reach the port, industry sources said on Thursday. As a result, the motorist
Published 10 Jun, 2011 12:00am
Message from Secretary General Pakistan Russia Business Forum PRBF

Message from Secretary General Pakistan Russia Business Forum PRBF

Today is the National day of Russian Federation The day has a great meaning for the people of Russian Federation. At this auspicious occasion as Secretary General of Pakistan Russia Business Forum I extend my heartfelt facilitation myself and on behalf of
Published 10 Jun, 2011 12:00am
Message from Joint Secretary PRBF and Chairman Supplement Committee

Message from Joint Secretary PRBF and Chairman Supplement Committee

From the platform of Pakistan Russia Business Forum (PRBF), we are honored to congratulate the Russian Federation Government and people on their 20th National Day. The relations of the two countries are very cordial and hope to strengthen in future.
Published 10 Jun, 2011 12:00am
Activities of the Russian Federation in Pakistan

Activities of the Russian Federation in Pakistan

Trade Representation of the Russian Federation in Pakistan is the governmental agency of the Russian Federation that promotes trade and economic cooperation. It represents and safeguards state interests in all aspects of external economic activities, incl
Published 10 Jun, 2011 12:00am
Flood victims: compensation instalment before June 30

Flood victims: compensation instalment before June 30

The government has said that two equal instalments of Rs 20,000 would be distributed among the flood victims as compensation involving an amount of Rs 24 billion in the first instalment, prior to June 30, 2011.
Published 10 Jun, 2011 12:00am
History of Islam in Russia

History of Islam in Russia

The Russian Federation covers a great territory stretching from Eastern Europe to Northern Asia. The history of its development from an unstable conglomeration of small Slavic principalities into great Eurasian power is closely connected to one of the lar
Published 10 Jun, 2011 12:00am
Flood victims: compensation instalment before June 30

Flood victims: compensation instalment before June 30

The government has said that two equal instalments of Rs 20,000 would be distributed among the flood victims as compensation involving an amount of Rs 24 billion in the first instalment, prior to June 30, 2011.
Published 10 Jun, 2011 12:00am
Russian Business Council for cooperation with Pakistan

Russian Business Council for cooperation with Pakistan

Formation of RBCCP: A constituent meeting to form the 'Russian Business Council for Cooperation with Pakistan' (RBCCP) was held on May 4, 2011, in Moscow at the premises of the 'Russian Federation Chamber of Commerce & Industry' (RF CCI).
Published 10 Jun, 2011 12:00am
Punjab and Sindh budgets today

Punjab and Sindh budgets today

Punjab Law Minister Rana Sanaullah during pre-budget session briefing at the PA cafeteria here Thursday said that total size of the budget 2011-2012 being presented in the assembly on Friday would be over Rs 660 billion. He said Annual Development Program
Published 10 Jun, 2011 12:00am
The education system in the Russian Federation

The education system in the Russian Federation

Russia has a long-standing tradition in high-quality education for all citizens. It probably has also one of the best mass-education systems in the world producing a literacy rate (98%) exceeding most Western European countries. Education is split into a
Published 10 Jun, 2011 12:00am
Punjab and Sindh budgets today

Punjab and Sindh budgets today

Punjab Law Minister Rana Sanaullah during pre-budget session briefing at the PA cafeteria here Thursday said that total size of the budget 2011-2012 being presented in the assembly on Friday would be over Rs 660 billion. He said Annual Development Program
Published 10 Jun, 2011 12:00am
Punjab and Sindh budgets today

Punjab and Sindh budgets today

Punjab Law Minister Rana Sanaullah during pre-budget session briefing at the PA cafeteria here Thursday said that total size of the budget 2011-2012 being presented in the assembly on Friday would be over Rs 660 billion. He said Annual Development Program
Published 10 Jun, 2011 12:00am
Oil cake market rates

Oil cake market rates

July vaida was higher and December contract was unchanged on the forward cottonseed oilcake market on Wednesday in process of trading, dealers said. The July contract that had closed at 1423.10 and it opened with a gain of 40 paisa at Rs 1423.50 and the D
Published 10 Jun, 2011 12:00am
Punjab and Sindh budgets today

Punjab and Sindh budgets today

Punjab Law Minister Rana Sanaullah during pre-budget session briefing at the PA cafeteria here Thursday said that total size of the budget 2011-2012 being presented in the assembly on Friday would be over Rs 660 billion. He said Annual Development Program
Published 10 Jun, 2011 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 108,425 tonnes of cargo including 66,706 tonnes of import cargo, 41,719 tonnes of export cargo and 5,084 loaded & empty containers during last 24 hours ended at 0700 hours on Thursday. The total import cargo of 66,706 tonnes compr
Published 10 Jun, 2011 12:00am
TCP told to import 50,000 tons of urea on urgent basis

TCP told to import 50,000 tons of urea on urgent basis

The federal government has asked Trading Corporation of Pakistan (TCP) to import 50,000 tons of urea on urgent basis to curtail local shortage. Sources told Business Recorder on Thursday, that owing to rising shortage of urea in the country, the st
Published 10 Jun, 2011 12:00am
Rates of most items fall sharply on grain market

Rates of most items fall sharply on grain market

Bearish trend was seen on the wholesale grain market on Thursday as most of the commodity items tended lower due to comfortable arrivals from upcountry centres, dealers said. On the cereal side, asoor Canada was lower by Rs 500 to Rs 5500, asoor dal Canad
Published 10 Jun, 2011 12:00am
TCP told to import 50,000 tons of urea on urgent basis

TCP told to import 50,000 tons of urea on urgent basis

The federal government has asked Trading Corporation of Pakistan (TCP) to import 50,000 tons of urea on urgent basis to curtail local shortage. Sources told Business Recorder on Thursday, that owing to rising shortage of urea in the country, the st
Published 10 Jun, 2011 12:00am
Canadian canola futures rise

Canadian canola futures rise

ICE Canadian canola futures rose on Wednesday to their biggest daily percentage gain in nearly two weeks on support from wet Canada planting conditions and strong US markets, traders said. Crushers and exporters were strong buyers, helped by weaker Canadi
Published 10 Jun, 2011 12:00am
TCP told to import 50,000 tons of urea on urgent basis

TCP told to import 50,000 tons of urea on urgent basis

The federal government has asked Trading Corporation of Pakistan (TCP) to import 50,000 tons of urea on urgent basis to curtail local shortage. Sources told Business Recorder on Thursday, that owing to rising shortage of urea in the country, the st
Published 10 Jun, 2011 12:00am
Index down 37.15 points

Index down 37.15 points

After witnessing a bullish trend during the last three consecutive sessions, investors on Thursday opted for profit-taking on available margins and the KSE-100 index registered a correction of 37.15 points to close at 12,330.14 points. Trading activities
Published 10 Jun, 2011 12:00am
Ukraine's grain harvest likely to rise 11 percent

Ukraine's grain harvest likely to rise 11 percent

ProAgro agriculture consultancy said on Thursday Ukraine's 2011 grain harvest was likely to rise 11 percent to 44.15 million tonnes. The consultancy forecast an increase in the Ukrainian wheat and maize harvests while projecting a significant fall in the
Published 10 Jun, 2011 12:00am
Index down 37.15 points

Index down 37.15 points

After witnessing a bullish trend during the last three consecutive sessions, investors on Thursday opted for profit-taking on available margins and the KSE-100 index registered a correction of 37.15 points to close at 12,330.14 points. Trading activities
Published 10 Jun, 2011 12:00am
Index down 37.15 points

Index down 37.15 points

After witnessing a bullish trend during the last three consecutive sessions, investors on Thursday opted for profit-taking on available margins and the KSE-100 index registered a correction of 37.15 points to close at 12,330.14 points. Trading activities
Published 10 Jun, 2011 12:00am
New York cotton

New York cotton

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

Published 10 Jun, 2011 12:00am
BRIndex30 down 20.96 points

BRIndex30 down 20.96 points

On Thursday, BRIndex30 opened at 8,958.64 points. It touched an intraday high of 9,011.82 points and an intraday low of 8,926.37 points and closed at 8,937.68 points, which was -20.96 points or -0.23 percent lower than previous close. Total volume was 67,
Published 10 Jun, 2011 12:00am
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