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Archive - 2011-06-21
PPL declares 50pc dividend
Markets

PPL declares 50pc dividend

KARACHI : The board of directors of Pakistan Petroleum Ltd (PPL) has declared 2nd interim dividend of Rs5 per share
Published 21 Jun, 2011 12:24pm
LPG price increased by Rs5 per kg
Top News

LPG price increased by Rs5 per kg

LAHORE : The domestic cylinder will cost Rs. 59 more as Liquefied Petroleum Gas (LPG) price has been increased by Rs. 5
Published 21 Jun, 2011 12:07pm
Sterling firm vs dollar
Financial

Sterling firm vs dollar

LONDON : Sterling rose on Tuesday, supported by an improvement in risk appetite, but traders were cautious about more
Published 21 Jun, 2011 08:14am
Asia Sugar Trade houses
Commodities

Asia Sugar Trade houses

SINGAPORE : Several trading houses are chasing sugar for next year delivery because of cheaper premiums, but demand for
Published 21 Jun, 2011 08:00am
New York cocoa to rebound
Commodities

New York cocoa to rebound

SINGAPORE : New York cocoa could rise to $3,030 per tonne, as it could be consolidating within a triangle. Labeled as
Published 21 Jun, 2011 07:50am
European stocks rebound
Financial

European stocks rebound

LONDON : European equities rebounded on Tuesday, with the energy sector in focus after BP struck a deal to settle pot
Published 21 Jun, 2011 07:40am
Oil mixed in Asian trade
Energy

Oil mixed in Asian trade

SINGAPORE : Oil was mixed in Asian trade Tuesday as lingering uncertainty over Greece's debt crisis tempered support fro
Published 21 Jun, 2011 07:21am
Oil costs could hit global rebound: IEA
Top News

Oil costs could hit global rebound: IEA

SINGAPORE : There is a "strong potential" that persistently high oil prices could derail the global economic recovery, t
Published 21 Jun, 2011 07:15am
Indian shares raise 1pc
Financial

Indian shares raise 1pc

MUMBAI: Indian shares rose 1 percent on Tuesday, recouping some of the previous day's losses on firm Asian markets, but
Published 21 Jun, 2011 07:12am
Japan pledges to support eurozone
Top News

Japan pledges to support eurozone

TOKYO : Japan will continue to support Europe in its battle to contain a debt crisis, finance minister Yoshihiko Noda sa
Published 21 Jun, 2011 06:35am
Tokyo shares open higher
Financial

Tokyo shares open higher

TOKYO : Tokyo share prices opened 0.71 percent higher on Tuesday following an overnight gain on Wall Street amid optimis
Published 21 Jun, 2011 06:09am
Australia cuts coal export
Industry

Australia cuts coal export

SYDNEY : Top coal supplier Australia cut export forecasts for the coming year by more than 5 percent, as the sector st
Published 21 Jun, 2011 06:07am
India and Chinas common enemy
BR Research

India and Chinas common enemy

Sibling rivalry pales in front of the often derisive comparisons drawn between Pakistan and her regional peers; the Achilles heel often bein
Published 21 Jun, 2011 12:00am
DTS cancels licences of 27 travel agencies

DTS cancels licences of 27 travel agencies

The Department of Tourist Services (DTS) has cancelled licences of 27 travel agencies due to multiple reasons, official sources told Business Recorder. DTS took this step a few days ago because some travel agencies, out of 27, have not paid their r
Published 21 Jun, 2011 12:00am
Call to adopt measures to tackle water crisis

Call to adopt measures to tackle water crisis

In the backdrop of population explosion, deforestation and industrial mobilisation, Pakistan is experiencing an acute water stress. Consequent upon it, lest we fail to adopt requisite remedies, the delayed efforts may hit a snag in confronting an anticipa
Published 21 Jun, 2011 12:00am
One killed, 12 injured in Quetta blast

One killed, 12 injured in Quetta blast

At least one person was killed and 12 others injured in a car bomb blast in the provincial capital here on Monday. "Unknown men had planted explosive material in a car and parked it near the wall of a degree college in Sariab area," police told APP. One p
Published 21 Jun, 2011 12:00am
SU institute denies allegation

SU institute denies allegation

Director Institute of Sindhology, University of Sindh, Muhammad Qasim Maka has denied the allegation by employee Manzoor Ghangro. He said it is true that Ghangro was working as a peon at the department but they did not assign any responsibility or contrac
Published 21 Jun, 2011 12:00am
Mechatronics department organises exhibition

Mechatronics department organises exhibition

An exhibition was held in Air University by Mechatronics students showing their skills by making different projects in the final year, says a press release issued here on Monday. Mechatronics Department organised that exhibition in which robots, solar ene
Published 21 Jun, 2011 12:00am
WeBOC system's future appears uncertain

WeBOC system's future appears uncertain

The future of Web Based One Customs (WeBOC) system, developed by Federal Board of Revenue's (FBR's) subsidiary company, Pakistan Revenue Automation (PRAL), appears uncertain. The reason, according to trade circles, is that even after a month of its launch
Published 21 Jun, 2011 12:00am
Accused involved in cheating students arrested

Accused involved in cheating students arrested

National Accountability Chapter, Khyber Pakhtunkhwa with the assistance of FIA immigration staff has arrested Naseem Malik, Managing Director Overseas Employment Promotional Liaison (OEPL) from Peshawar Airport after being extradited by Interpol Abu Dhabi
Published 21 Jun, 2011 12:00am
KPT to welcome 12.5 metres draft vessels in six weeks

KPT to welcome 12.5 metres draft vessels in six weeks

Karachi Port Trust(KPT), in line with rising shipping demands, has enabled container terminals located at Karachi harbour to handle ships of draft 12.5 metres which is a quantum leap and is bound to provide enormous benefits to ship owners who could now a
Published 21 Jun, 2011 12:00am
Young professionals attend 'Trilateral Summer School'

Young professionals attend 'Trilateral Summer School'

38 young professionals from Afghanistan, Pakistan and Germany met in Islamabad to attend a Trilateral Summer School organised by German Konrad Adenauer Foundation. The participants, at the weeklong school, discussed regional challenges and especially focu
Published 21 Jun, 2011 12:00am
SBP revises Branchless Banking Regulations

SBP revises Branchless Banking Regulations

The State Bank of Pakistan (SBP) has amended the existing Branchless Banking Regulations for Financial Institutions (FIs), which include commercial, Islamic and microfinance banks, for expanding the outreach of branchless banking operations in the country
Published 21 Jun, 2011 12:00am
Meezan Bank to launch Shariah compliant capital protected fund

Meezan Bank to launch Shariah compliant capital protected fund

Meezan Bank and its subsidiary Al Meezan Investment Management Limited (Al Meezan) are jointly launching the second Shariah Compliant Capital Protected Fund - Meezan Capital Protected Fund-II (MCPF-II). The trust deed of the Fund was signed between Al Mee
Published 21 Jun, 2011 12:00am
500 Sikh Yatrees arriving today

500 Sikh Yatrees arriving today

Some 500 Sikh Yatrees would arrive here from India on June 21 to join programmes being held in connection with death anniversary of Maharaja Ranjit Singh. The Yatrees would reach by special train via Wagha Border, stated official sources on Monday.
Published 21 Jun, 2011 12:00am
Students from interior Sindh seek relaxation in KU admission policy

Students from interior Sindh seek relaxation in KU admission policy

Students from interior Sindh seeking admissions in Karachi University face hardships due to 'discriminatory' policy of the university. They have urged the university management to relax rules and regulations to enable them to get admission in the universi
Published 21 Jun, 2011 12:00am
Power shortfall hits 4,600 megawatts mark

Power shortfall hits 4,600 megawatts mark

Power situation is out of the control of Pepco despite a considerable improvement in weather, as the shortfall hits 4,600MW during the last 24 hours and likely to stir up with a rise in mercury ahead. Short supply of fuel and ongoing IPPs controversy has
Published 21 Jun, 2011 12:00am
PDI, Oxfam hold workshop on post-flood land issues

PDI, Oxfam hold workshop on post-flood land issues

Participants of District Level Consultative workshop jointly organised by Participatory Development Initiatives (PDI) and Oxfam on "Post Flood Land Related issues with Women Land Grantees in Shikarpur District" urged the government to address the issues o
Published 21 Jun, 2011 12:00am
KCCI, PTCL sign MoU for mutual cooperation

KCCI, PTCL sign MoU for mutual cooperation

The Karachi Chamber of Commerce and Industry (KCCI) and Pakistan Telecommunication Company Ltd (PTCL) have signed a Memorandum of Underrating (MoU) for mutual co-operation. President KCCI, Mohammad Saeed Shaifq and Senior Executive Vice President Business
Published 21 Jun, 2011 12:00am
Gastro-enteritis on the rise among children

Gastro-enteritis on the rise among children

Continued degradation in the quality of environment in city and widespread use of unsafe water for drinking, particularly in the suburbs is increasingly putting lives of the children at risk to catch diseases such as gastro-enteritis. The epidemic of diar
Published 21 Jun, 2011 12:00am
Jamaat-i-Islami to issue 'white paper' on KESC

Jamaat-i-Islami to issue 'white paper' on KESC

The Karachi chapter of Jamaat-i-Islami (JI) has decided to issue 'Islamic White Paper' on KESC to expose its anti-people and anti-economy moves including retrenchment of thousands of its employees. JI leaders Muzaffar Hashmi, Laeeq Ahmed Khan, Nasrullah S
Published 21 Jun, 2011 12:00am
Licensed custom agents: Condition of written test withdrawn

Licensed custom agents: Condition of written test withdrawn

The Federal Board of Revenue (FBR) has withdrawn condition of written test every year for licensed Customs agents. According to details, a delegation of customs agents headed by President Karachi Customs Agents Association (KCAA) Mohammad Younus Soomro me
Published 21 Jun, 2011 12:00am
LHC dismisses petition

LHC dismisses petition

Lahore High Court Chief Justice here Monday dismissed a petition seeking registration of a criminal case against Punjab law minister, Rana Sanaullah for giving an alleged statement that Babar Awan is liable to be killed. Earlier, when the court asked the
Published 21 Jun, 2011 12:00am
No representation without taxation!

No representation without taxation!

Federal Finance Minister Dr Hafeez Sheikh, while winding up the budget debate, urged parliamentarians to begin to pay tax honestly. Exhortation, his supporters maintain, is the only avenue available to him with respect to taxing the income of the rich lan
Published 21 Jun, 2011 12:00am
No country for women

No country for women

Numbers have an innate ability to enhance the significance of facts and perceptions and highlight the gravity of matter. In a recent survey conducted by the Thomson Reuters to investigate the plight of women across the world, the results were staggering.
Published 21 Jun, 2011 12:00am
Unignorable imperative

Unignorable imperative

Beginning April until June 19, the Auditor General of Pakistan disclosed embezzlement, irregularities and mismanagement of over Rs 722bn in state offices and state-owned enterprises (SOEs) in just one financial year. Even if some of this amount was later
Published 21 Jun, 2011 12:00am
Spanish protests mobilise masses for political renewal

Spanish protests mobilise masses for political renewal

Spain's one-month-old protest movement was Monday seen as gathering momentum, after more than 200,000 people took to the streets around the country. The movement demanding democratic reforms had demonstrated its capacity to peacefully mobilise large numbe
Published 21 Jun, 2011 12:00am
Reko Diq

Reko Diq

As a citizen of this country I see the Supreme Court order in Reko Diq case as good news because again the SC has upheld the supremacy of law - which is the key to eradicating the cancer of corruption in our country.
Published 21 Jun, 2011 12:00am
Ramzan Chhipa owns fatherhood of all discarded children

Ramzan Chhipa owns fatherhood of all discarded children

Eminent human rights activists and patron-in-chief of Chhipa Welfare Association, Ramzan Chhipa has said that his name could be used, if and when required, during admissions in school, hospitals or elsewhere as name of father of the unwanted child. He sai
Published 21 Jun, 2011 12:00am
'Jica to help strengthen Punjab irrigation system'

'Jica to help strengthen Punjab irrigation system'

Close co-operation and technical assistance of Japan International Co-operation Agency (Jica) will help improve and strengthen the irrigation system in Punjab which is the backbone of the country because of its importance in providing canal water for crop
Published 21 Jun, 2011 12:00am
Textile industry contribution of taxes may reach Rs 23.5 billion

Textile industry contribution of taxes may reach Rs 23.5 billion

The textile industry's overall contribution of taxes in 2011-12 is expected to reach Rs 23.5 billion, including payments of withholding taxes and applicability of lower rate of sales tax of 4-6 percent on local supplies. Industry sources told Business
Published 21 Jun, 2011 12:00am
Islamabad Police arrest 119 suspects

Islamabad Police arrest 119 suspects

Islamabad Police in its ongoing drive against criminals have succeeded in arresting 119 street criminals, besides recovering looted items worth hundreds of thousands of rupees, including 119 mobile phones and eleven cars from their possession during the c
Published 21 Jun, 2011 12:00am
'Climate change a serious threat to human, national security'

'Climate change a serious threat to human, national security'

Climate change is a serious threat to human and national security of Pakistan hence comprehensive policies are necessary to deal with the complex devastating effects of the phenomenon. This was the crux of a seminar on "Looming dangers of climate change o
Published 21 Jun, 2011 12:00am
Two women shot dead, one hurt in Rawalpindi

Two women shot dead, one hurt in Rawalpindi

Two women were killed and another injured when a man showered bullets on three sisters over a marriage feud. Police have confirmed on the spot death of two sisters namely Saima and Saira in the firing while third sister namely Sobia was shifted to Distric
Published 21 Jun, 2011 12:00am
President greets intending Hajis

President greets intending Hajis

President Asif Ali Zardari on Monday felicitated the intending pilgrims for Hajj this year, and asked them to pray for the prosperity and progress of the country and to seek Allah Almighty's help in overcoming all challenges. This is for the first time, a
Published 21 Jun, 2011 12:00am
Aseefa Bhutto launches anti-polio drive

Aseefa Bhutto launches anti-polio drive

Aseefa Bhutto, ambassador for polio eradication on Monday kicked off the countrywide anti-polio drive by administrating vaccine to minors and pledging to carry forward her mother's mission. Aseefa is the country's first child who was administered anti-pol
Published 21 Jun, 2011 12:00am
US top court rejects global warming lawsuit

US top court rejects global warming lawsuit

The US Supreme Court on Monday rejected a global warming lawsuit against five big power companies, its most important environmental ruling since 2007 and a victory for the utilities and the Obama administration. The justices unanimously overturned a rulin
Published 21 Jun, 2011 12:00am
ING eyes sale of car leasing unit worth four billion euros

ING eyes sale of car leasing unit worth four billion euros

Dutch financial services group ING said on Monday it has put its car leasing business up for sale, in a deal Dutch media reported may be worth 4 billion euros ($5.7 billion). ING is in the throes of a huge restructuring, forced on it as a condition of its
Published 21 Jun, 2011 12:00am
ICE toughens stance on European oil trade

ICE toughens stance on European oil trade

IntercontinentalExchange energy trading platform narrowed the regulatory gap between the US and Brent oil benchmarks with its first public breakdown of who is dealing its contracts. It also slapped fines on Goldman Sachs for 'disorderly trading' and on J.
Published 21 Jun, 2011 12:00am
EU extends sanctions on Belarus

EU extends sanctions on Belarus

The European Union agreed on Monday to extend sanctions against Belarus, imposing asset freezes on an arms tycoon and three companies linked to him and President Alexander Lukashenko, EU diplomats said. Several other people will also face EU sanctions, ad
Published 21 Jun, 2011 12:00am
Kuwait Airways posts widening losses

Kuwait Airways posts widening losses

Kuwait Airways posted a sharp rise in losses for the 2010/2011 fiscal year to March 31 due to an increase in maintenance and fuel costs, its chairman Hamad al-Falah said on Monday. The state-owned carrier incurred losses of 76 million dinars ($275 million
Published 21 Jun, 2011 12:00am
Kuwait Airways posts widening losses

Kuwait Airways posts widening losses

Kuwait Airways posted a sharp rise in losses for the 2010/2011 fiscal year to March 31 due to an increase in maintenance and fuel costs, its chairman Hamad al-Falah said on Monday. The state-owned carrier incurred losses of 76 million dinars ($275 million
Published 21 Jun, 2011 12:00am
India's FDI inflows climb

India's FDI inflows climb

Foreign direct investment (FDI) flows into India bounced back in April, on an investment surge in services, construction and auto sectors, reversing a steep drop recorded in the previous fiscal year, the government said on Monday. In April, the first mont
Published 21 Jun, 2011 12:00am
Internet body throws open domain names; .anything

Internet body throws open domain names; .anything

good.food, learnto.salsa, glossy.lipstick - people and companies will be able to set up a website with almost any address by the end of next year if they have a legitimate claim to the domain name and can pay a hefty fee. The Internet body that oversees d
Published 21 Jun, 2011 12:00am
Population growth spurs surge to Asia's cities

Population growth spurs surge to Asia's cities

Somewhere in the world - Asia would be a good bet - a pregnant woman is carrying a baby destined to be the planet's seven billionth human being. The historic baby is due to be born on October 31, the United Nations Population Division predicts.
Published 21 Jun, 2011 12:00am
China to slash taxes on luxury handbags, shoes

China to slash taxes on luxury handbags, shoes

China, the world's fastest growing market for luxury goods, is expected to reduce or scrap taxes on imported high-end products to boost domestic consumption, state media reported Monday. A new tax system for luxury products is to be introduced by October
Published 21 Jun, 2011 12:00am
PNC to buy RBC's US retail unit for $3.45 billion

PNC to buy RBC's US retail unit for $3.45 billion

PNC Financial Services Group Inc said it plans to buy Royal Bank of Canada's US retail bank operations for $3.45 billion in cash and stock, allowing PNC to expand in the US Southeast. The deal may be the start of a new consolidation wave among US regional
Published 21 Jun, 2011 12:00am
Afghan bank crisis talks 'a waste of time': minister

Afghan bank crisis talks 'a waste of time': minister

Negotiations between Kabul and the IMF over a banking scandal that put tens of millions of dollars in aid at risk appeared to break down on Monday when Afghanistan's finance minister called future talks "a waste of my time". "We are now negotiating with a
Published 21 Jun, 2011 12:00am
US MIDDAY: gold rises

US MIDDAY: gold rises

Gold settled a notch higher on Monday as investors held to it as a safe bet against growing concerns over eurozone finances, while a relatively strong dollar capped gains in the precious metal. The euro slid against the dollar after the region's finance m
Published 21 Jun, 2011 12:00am
US MIDDAY: copper down

US MIDDAY: copper down

Copper ended lower on Monday as investors reduced risk amid concerns over metals demand and global recovery prospects after the release of financial aid to Greece was delayed. In New York, the key September COMEX contract settled 2.85 cents lower at $4.09
Published 21 Jun, 2011 12:00am
US MIDDAY: wheat drops

US MIDDAY: wheat drops

US wheat futures dropped 2 percent on Monday falling for the sixth straight day to a 6-1/2 month low on advancing harvest of the US crop and improved crop weather in Europe. Corn also fell for the sixth consecutive trading session on better growing weathe
Published 21 Jun, 2011 12:00am
US MIDDAY: coffee dives

US MIDDAY: coffee dives

Arabica coffee futures hit a 4-1/2 month low and robustas also slid to a 4-month low Monday due to investor liquidation, but cocoa and raw sugar futures climbed on suspected consumer buying. New York's September arabica futures declined 4.00 cents to trad
Published 21 Jun, 2011 12:00am
Gold gains in Europe

Gold gains in Europe

Gold gained on Monday as the euro strengthened and the precious metal remained supported by eurozone debt woes after ministers delayed a decision on emergency loans to Greece. Euro zone finance ministers kept up intense pressure on Greece, saying it had t
Published 21 Jun, 2011 12:00am
Gold sheds early gains in Asia

Gold sheds early gains in Asia

Gold shed early gains on Monday but was still supported by debt crisis woes in Europe after the region's ministers delayed a decision on emergency loans to Greece, while bullion priced in sterling struck a lifetime high. Eurozone finance ministers postpon
Published 21 Jun, 2011 12:00am
Liffe coffee down, sugar advances

Liffe coffee down, sugar advances

Liffe September robusta coffee ended $66 weaker at $2,276 a tonne on Monday, after hitting $2,269, the lowest level for the second month since mid-February. Market weighed by harvest progress in top coffee producer Brazil and broad-based losses in oil and
Published 21 Jun, 2011 12:00am
Malaysian palm oil flat

Malaysian palm oil flat

Malaysian palm oil futures ended flat on Monday, after dropping to a five-week low in the previous session, as falling crude and an uncertain supply and demand outlook offset positive export numbers from No 2 producer Malaysia. The benchmark September cru
Published 21 Jun, 2011 12:00am
Tokyo, Shanghai rubber fall

Tokyo, Shanghai rubber fall

Key Tokyo rubber futures inched lower on Monday on demand concerns due to uncertainty over the US economic outlook, though supply worries were likely to limit losses. The benchmark rubber contract on the Tokyo Commodity Exchange for November delivery ease
Published 21 Jun, 2011 12:00am
Oil falls, Brent premium to WTI narrows

Oil falls, Brent premium to WTI narrows

Oil fell on Monday, pressured by uncertainty over austerity measures for Greece and the sell off of a key spread between Brent and US crude oil futures. The premium of Brent crude to West Texas Intermediate narrowed to below $18 a barrel in late trade, af
Published 21 Jun, 2011 12:00am
Copper falls on demand concerns, Greek debt weighs

Copper falls on demand concerns, Greek debt weighs

Copper fell on Monday as investors lost their appetite for risk on concerns over metals demand and after European finance ministers postponed an emergency loan to help Greece avoid defaulting. Three-month copper on the London Metal Exchange ended at $9,00
Published 21 Jun, 2011 12:00am
Shanghai copper falls

Shanghai copper falls

The most-active August copper contract on the Shanghai Futures Exchange closed down 1.1 percent at 67,570 yuan per tonne on Monday. Sentiment was undermined by weakness in the Shanghai Composite index, which fell 0.8 percent, bringing its losses for June
Published 21 Jun, 2011 12:00am
New York cotton settles higher

New York cotton settles higher

US cotton futures settled higher Monday, extending the market's advance as players fretted over the damage the severe drought will inflict on the top cotton growing area of the United States, analysts said. The spot July contract climbed on short-covering
Published 21 Jun, 2011 12:00am
American Jews to join Gaza flotilla

American Jews to join Gaza flotilla

Several American Jews are to board a US boat planning to join a flotilla of about 10 ships seeking to breach Israel's naval blockade of Gaza later this month, an organiser said Monday. "We are seeking justice for Gaza," Leslie Cogan told reporters, noting
Published 21 Jun, 2011 12:00am
US hits Iranian shipping with sanctions

US hits Iranian shipping with sanctions

The US Treasury targeted companies and individuals affiliated with Iran's national shipping line Monday with measures to isolate them from US finance and commerce. In slapping sanctions on 10 shipping companies and three individuals linked to the Islamic
Published 21 Jun, 2011 12:00am
German terror suspect extradited from Austria

German terror suspect extradited from Austria

A German man arrested on suspicion of recruiting for a terror group mounting attacks in Afghanistan and Pakistan was extradited from Austria Monday, federal prosecutors said. The German federal prosecutor's office said in a statement that the suspect iden
Published 21 Jun, 2011 12:00am
UN atom chief urges nuclear safety inspections, tests

UN atom chief urges nuclear safety inspections, tests

The UN nuclear chief called on Monday for countries to carry out risk assessments on their reactors within 18 months and for strengthened international safety checks to help prevent a repeat of Japan's atomic crisis. Yukiya Amano, opening a ministerial me
Published 21 Jun, 2011 12:00am
Hackers bring down UK police Website

Hackers bring down UK police Website

Hackers temporarily knocked offline a Website run by the British police Serious Organised Crime Agency (SOCA), which targets organised crime in Britain and overseas. Lulz Security, a loosely aligned hacker group which said it brought down the SOCA Website
Published 21 Jun, 2011 12:00am
Indonesia recalls ambassador over Saudi beheading

Indonesia recalls ambassador over Saudi beheading

Indonesia on Monday recalled its ambassador to Saudi Arabia amid anger over the beheading of an Indonesian maid convicted of murdering her Saudi employer, Foreign Minister Marty Natalegawa said. Riyadh carried out the execution by sword without giving Ind
Published 21 Jun, 2011 12:00am
Afghanistan executes two over bank attack

Afghanistan executes two over bank attack

The Afghan government has executed two Taliban insurgents for a co-ordinated gun and suicide attack on a bank which left 38 people dead, it said Monday. Zar Ajam, whom the Afghans identified as Pakistani, and an Afghan named Mutihullah were sentenced to d
Published 21 Jun, 2011 12:00am
Californian beauty wins Miss USA pageant

Californian beauty wins Miss USA pageant

California beauty Alyssa Campanella won the 2011 Miss USA pageant in Las Vegas on Sunday, beating out her competition for a spot in the Miss Universe pageant in Brazil in September. Alyssa Campanella, 21, this year's Miss California, took home the crown a
Published 21 Jun, 2011 12:00am
Japanese supercomputer becomes world's fastest

Japanese supercomputer becomes world's fastest

A Japanese supercomputer has become the fastest in the world, making calculations more than three times faster than a Chinese rival, its developers said Monday. The K Computer has achieved 8.162 quadrillion calculations per second, or 8.162 petaflops in c
Published 21 Jun, 2011 12:00am
Assad blames unrest on saboteurs, pledges reforms

Assad blames unrest on saboteurs, pledges reforms

Syrian President Bashar al-Assad on Monday pledged to introduce reforms within months to address a wave of protests against his rule, but blamed saboteurs for the unrest and warned that no deal could be reached with gunmen. Assad said a national dialogue
Published 21 Jun, 2011 12:00am
Libyan civilian deaths sap Nato credibility: Italy

Libyan civilian deaths sap Nato credibility: Italy

The Nato military alliance has endangered its credibility with a bomb that destroyed a house in the Libyan capital, killing several residents, Italy's foreign minister said on Monday. It was the first time Nato had acknowledged causing multiple civilian c
Published 21 Jun, 2011 12:00am
Strong quake rattles Chile

Strong quake rattles Chile

A strong 6.3-magnitude earthquake shook far northern Chile on Monday, but caused no injuries or damage, Chilean and US experts said. The quake struck at 1635 GMT about 90 kilometers (55 miles) north-east of Calama, a city of more than 100,000 people in th
Published 21 Jun, 2011 12:00am
Mubarak has cancer

Mubarak has cancer

Egypt's former President Hosni Mubarak is suffering from cancer, his defence lawyer said on Monday, citing a medical report to assess whether the former leader is fit enough to face trial. "Mubarak has cancer and this was included in the last medical repo
Published 21 Jun, 2011 12:00am
Medvedev wants new term, won't compete with Putin

Medvedev wants new term, won't compete with Putin

President Dmitry Medvedev on Monday added to the uncertainty surrounding Russia's 2012 presidential polls, saying he wanted a second term but would not stand against powerful predecessor Vladimir Putin. With just nine months left before the March election
Published 21 Jun, 2011 12:00am
McIlroy heralds new generation of stars

McIlroy heralds new generation of stars

Rory McIlroy's historic romp to the US Open title on Sunday served notice that a new generation of 20-something golf stars is ready to seize control of major titles from their boyhood idols. McIlroy fired a record 16-under par 268 over 72 holes at Congres
Published 21 Jun, 2011 12:00am
FIFA vice-president resigns

FIFA vice-president resigns

Embattled FIFA vice-president Jack Warner has resigned from all his positions in international football, the world governing body confirmed on Monday. Warner, the influential 68-year-old head of the Caribbean, North and Central American Federation (CONCAC
Published 21 Jun, 2011 12:00am
Nadal and Venus back in the old routine at Wimbledon

Nadal and Venus back in the old routine at Wimbledon

Defending champion Rafael Nadal made an emphatic start to his bid for a third Wimbledon title on Monday while five-time winner Venus Williams was back in the old routine with a dominant display. Nadal, fresh from a record-equalling sixth French Open, was
Published 21 Jun, 2011 12:00am
Europe gives Greece ultimatum

Europe gives Greece ultimatum

Eurozone finance ministers gave Greece two weeks from Monday to approve further spending cuts and tax rises in exchange for another 12 billion euros in emergency loans, piling pressure on Athens to get its ragged finances in order.
Published 21 Jun, 2011 12:00am
Wal-Mart wins US top court ruling

Wal-Mart wins US top court ruling

The US Supreme Court rejected a mammoth class-action lawsuit charging sex discrimination at Wal-Mart Stores Inc on Monday in a ruling that could affect major cases in other industries. The justices unanimously overturned a US appeals court ruling that mor
Published 21 Jun, 2011 12:00am
Eurozone labour costs jump, Greek wages sink

Eurozone labour costs jump, Greek wages sink

Labour costs jumped across the eurozone in the first quarter of 2011 but fell or barely rose in some weaker states, data showed, widening the purchasing power gap between workers in the region's core and its periphery.
Published 21 Jun, 2011 12:00am
Big order helps Airbus glide over glitches

Big order helps Airbus glide over glitches

Airbus bagged billions of dollars of orders for its revamped A320 plane on day one of a rain-sodden Paris Air Show, where it is vying with rival Boeing and trying to recover from pre-show mishaps. Airbus said on Monday it had won an order for 60 narrow-bo
Published 21 Jun, 2011 12:00am
Rare earth prices surge

Rare earth prices surge

Prices of rare earths have skyrocketed this year as China moves to consolidate the sector in order to tighten its grip over the highly coveted minerals used in high-tech products, analysts said Monday. Prices of heavy rare earths, which are more expensive
Published 21 Jun, 2011 12:00am
Iraq awards cement factory contract to Turkish group

Iraq awards cement factory contract to Turkish group

Iraq has awarded Turkey's Partner Teknik a contract to renovate a cement factory as part of plans to rehabilitate its dilapidated state industries after years of wars and sanctions, the government said on Monday. Adel Karim, a deputy minister of industry
Published 21 Jun, 2011 12:00am
Foreign direct investment into the US jumps

Foreign direct investment into the US jumps

The White House said on Monday that foreign direct investment into the United States jumped 49 percent last year as confidence recovered after the financial crisis, dwarfing flows to other countries. President Barack Obama's hopes for re-election in 2012
Published 21 Jun, 2011 12:00am
Ukraine, China ink $3.5 billion in deals

Ukraine, China ink $3.5 billion in deals

Unkraine's president hailed a "historic breakthrough" in relations with China Monday, after signing a declaration of strategic partnership and $3.5 billion worth of deals with his Chinese counterpart. President Viktor Yanukovych and China's Hu Jintao pers
Published 21 Jun, 2011 12:00am
Economic assessment upgraded: Japan posts second-biggest trade deficit

Economic assessment upgraded: Japan posts second-biggest trade deficit

Japan in May posted its second-worst trade deficit since records began as exports tumbled on the impact of the March earthquake and tsunami, data showed Monday. Shipments of automobiles, a key sector for the world's third-biggest economy, plunged due to m
Published 21 Jun, 2011 12:00am
Moody's cuts TEPCO to junk status

Moody's cuts TEPCO to junk status

Ratings agency Moody's on Monday downgraded TEPCO, the operator of Japan's stricken Fukushima nuclear plant, to below investment grade, warning the rating was on review for further possible action. Moody's cited a worse-than-thought situation at the Fukus
Published 21 Jun, 2011 12:00am
Former hedge fund consultant convicted in insider case

Former hedge fund consultant convicted in insider case

Winifred Jiau, the first consultant for a so-called expert network firm to go to trial on insider trading charges, was convicted on Monday of securities fraud and conspiring with hedge funds to gain an illegal market advantage. A Manhattan federal court j
Published 21 Jun, 2011 12:00am
Former hedge fund consultant convicted in insider case

Former hedge fund consultant convicted in insider case

Winifred Jiau, the first consultant for a so-called expert network firm to go to trial on insider trading charges, was convicted on Monday of securities fraud and conspiring with hedge funds to gain an illegal market advantage. A Manhattan federal court j
Published 21 Jun, 2011 12:00am
Wall Street loses appeal on 'hot news' lawsuit

Wall Street loses appeal on 'hot news' lawsuit

A federal appeals court handed a major defeat to Wall Street banks in ruling that a financial news service did not misappropriate their analyst research for its website. Reversing a lower court ruling, the 2nd US Circuit Court of Appeals said Theflyonthew
Published 21 Jun, 2011 12:00am
Australian and New Zealand dollars under pressure

Australian and New Zealand dollars under pressure

The Australian and New Zealand dollars drifted lower against a broadly firmer greenback on Monday amid renewed caution after euro zone finance ministers delayed a decision on the next tranche of emergency loans for Greece. Weakness in commodity prices and
Published 21 Jun, 2011 12:00am
Money markets: Dollar funding costs elevated

Money markets: Dollar funding costs elevated

Dollar funding costs for eurozone banks remained elevated on Monday after ministers delayed the granting of emergency loans to Greece but the stress was not such that banks were seen needing to turn to the ECB for the US currency. Sunday's meeting of Euro
Published 21 Jun, 2011 12:00am
Yuan weakens

Yuan weakens

The yuan ended slightly weaker against the dollar on Monday with rises were capped by banks' corporate clients bidding for large amounts of dollars. Spot yuan ended at 6.4781 versus the dollar, down marginally from 6.4744 at the close on Friday when it hi
Published 21 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 Monday. 73.95/74.02 (previous 73.90/73.99). Call Money Rates: 12.00 percent (previous 12.00 percent).
Published 21 Jun, 2011 12:00am
Singapore dollar, ringgit down

Singapore dollar, ringgit down

The Singapore dollar and the Malaysian ringgit fell on Monday as on profit-booking after finance ministers in Europe delayed a decision on a rescue package to Greece, suggesting emerging Asian currencies are still vulnerable to the euro debt crisis.
Published 21 Jun, 2011 12:00am
Indian rupee hits three-week low

Indian rupee hits three-week low

The Indian rupee closed weaker on Monday after touching a three-week low on the back of negative local shares and a fall in the euro, while dollar demand from oil refiners also weighed. The partially convertible rupee ended at 45.00/01 per dollar, after f
Published 21 Jun, 2011 12:00am
Swiss franc up

Swiss franc up

The Swiss franc rose against the euro on Monday after eurozone finance ministers delayed a final decision on extending emergency loans to Greece. The franc rose 0.5 percent against the euro compared to Friday's New York close, trading at 1.2056 per euro a
Published 21 Jun, 2011 12:00am
Euro falls in London

Euro falls in London

The euro fell on Monday, trading close to recent lows as a delay to the next tranche of Greek bailout funds undermined confidence in the single currency, with the options market and technical charts pointing to more losses. Eurozone finance ministers said
Published 21 Jun, 2011 12:00am
Midday trade in New York: Euro slips versus Swiss franc

Midday trade in New York: Euro slips versus Swiss franc

The euro slid against the Swiss franc on Monday in choppy trading, with further losses likely after European finance ministers delayed a decision on the next tranche of Greece's financial aid. The euro did recoup losses against the dollar, yen, and sterli
Published 21 Jun, 2011 12:00am
Euro dips in Asia

Euro dips in Asia

The euro dipped on Monday as eurozone finance ministers postponed a decision on extending the next tranche of Greek bailout funds, with recent demand for euro put options suggesting investors were bracing for further weakness. Eurozone finance ministers s
Published 21 Jun, 2011 12:00am
Sterling climbs versus dollar

Sterling climbs versus dollar

Sterling turned positive against the dollar on Monday, tracking a bounce in the euro/dollar exchange rate after comments from a top eurozone policymaker calmed immediate fears about stability in the region. Eurogroup chairman Jean-Claude Juncker said the
Published 21 Jun, 2011 12:00am
UK's top share index dips

UK's top share index dips

Banks and commodity stocks dragged Britain's top index lower on Monday, as Greece's lingering debt crisis looks likely to stall the FTSE's progress near-term, analysts said. Investors reacted negatively after European finance ministers postponed a final d
Published 21 Jun, 2011 12:00am
Australian shares down

Australian shares down

Australian stocks suffered another reversal on Monday as initial gains evaporated to send the market to a fresh nine-and-a-half-month low, with doubts about the local economy adding to worries about a Greek debt default. The benchmark index closed below i
Published 21 Jun, 2011 12:00am
Seoul shares dip

Seoul shares dip

Seoul shares dipped on Monday as foreign investor selling continued for a third straight session, with technology issues and crude oil refiners including Samsung Electronics and S-Oil losing ground. The Korea Composite Stock Price Index ended down 0.6 per
Published 21 Jun, 2011 12:00am
Hong Kong, Shanghai shares fall

Hong Kong, Shanghai shares fall

Hong Kong shares fell to a nine-month low on Monday as the property sector slid on fears of more government tightening measures, pushing the benchmark deeper into oversold territory and raising the risk of a short squeeze. Optimism over a possible resolut
Published 21 Jun, 2011 12:00am
Indian shares slide to four-month low

Indian shares slide to four-month low

Indian shares fell for the eighth time in nine session, shedding 2 percent on Monday to their lowest close in more than four months, on concern the government may review a tax treaty with Mauritius, leading to worries foreign inflows could be hit. Market
Published 21 Jun, 2011 12:00am
Anil Ambani group drops nearly eight percent in Mumbai

Anil Ambani group drops nearly eight percent in Mumbai

Shares in Indian billionaire Anil Ambani's flagship Reliance Communications fell nearly eight percent on Monday after the group was removed from the benchmark index of the Bombay Stock Exchange (BSE). RCom, India's second largest mobile phone firm, closed
Published 21 Jun, 2011 12:00am
Monday's midday trade: Wall Street rises

Monday's midday trade: Wall Street rises

US stocks climbed on Monday, as the S&P 500 bounced off a key support level and Greece got an ultimatum from eurozone ministers in the latest effort to deal with its debt crisis. Euro-zone finance ministers gave Greece two weeks from Monday to approve str
Published 21 Jun, 2011 12:00am
Taiwan stocks drop

Taiwan stocks drop

Taiwan stocks dropped 1.22 percent to a nearly three-month closing low on Monday, paced by losses in Acer and other tech exporters amid worries over the outlook for the global economy and the eurozone debt problems. Acer, the world's No 2 PC vendor, shed
Published 21 Jun, 2011 12:00am
European shares at three-month low

European shares at three-month low

European shares fell to a three-month closing low on Monday on growing unease about the eurozone debt crisis, after a delay in the release of aid to Greece and a possible downgrade of Italy's credit rating. Banks were under pressure, with the STOXX Europe
Published 21 Jun, 2011 12:00am
Nikkei average flat

Nikkei average flat

The Nikkei average ended flat on Monday, with investor caution before the Federal Open Market Committee meeting this week offsetting gains in power companies, which rose on a minister's call for the restart of nuclear reactors. Analysts said concerns over
Published 21 Jun, 2011 12:00am
Most Southeast Asian markets remain depressed

Most Southeast Asian markets remain depressed

Most Southeast Asian stock markets remained depressed on Monday as a delay in a final decision on extending emergency loans to Greece ate into risk appetite and a fall in crude prices triggered selling in resource stocks. The markets traded in a fairly na
Published 21 Jun, 2011 12:00am
Middle East markets: UAE banks tumble

Middle East markets: UAE banks tumble

UAE banks tumbled after Goldman Sachs downgraded three lender and cut price targets on Monday to account for negative impact from tighter consumer finance regulation, and most other Middle East markets also fell. Goldman downgraded Abu Dhabi Commercial Ba
Published 21 Jun, 2011 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 154,132 tonnes of cargo including 90,850 tonnes of import cargo, 63,282 tonnes of export cargo and 3,127 loaded & empty containers during last 48 hours ended at 0700 hours on Monday. The total import cargo of 90,850 tonnes compris
Published 21 Jun, 2011 12:00am
Thailand aims to increase 15 percent rice output by 2015

Thailand aims to increase 15 percent rice output by 2015

Thailand, the world's biggest rice exporter, planned to increase annual production by 15 percent to 35 million tonnes of paddy by 2015 to meet rising global demand, a senior Agriculture Ministry official said on Monday. The country currently produces arou
Published 21 Jun, 2011 12:00am
Brazil May fertilizer sales hit record high

Brazil May fertilizer sales hit record high

Fertilizer sales in Brazil rose 63 percent in May from a year earlier to a monthly record level, industry data showed on Friday, in a sign high commodity prices could be leading farmers to invest to raise yields. Taking into account the sale of 2.2 millio
Published 21 Jun, 2011 12:00am
Benazir Bhutto - a great leader

Benazir Bhutto - a great leader

Mohtarma Benazir Bhutto Shaheed, the daughter of the East, was the finest political figure of the country. She had charismatic personality. She was the world's most popular woman politician. She was a symbol of democracy for the people of Pakistan and the
Published 21 Jun, 2011 12:00am
Happy Birthday .....

Happy Birthday .....

"Live amongst people in such a manner that if you are alive they crave for your company and if you die they weep over you," are the immortal words of Hazat Ali (AS). Words that Shaheed Mohtarma Benazir Bhutto committed to her heart. Indeed during her life
Published 21 Jun, 2011 12:00am
Oil cake market rates

Oil cake market rates

July vaida was higher while December contract was unchanged on the forward cottonseed oilcake market on Monday in process of trading, dealers said. The July contract that had last week closed at 1424.20 opened with a gain of 20 paisa at Rs 1424.40. The De
Published 21 Jun, 2011 12:00am
Prices depict higher trend on grain market

Prices depict higher trend on grain market

Prices move up on the wholesale grain and seed market on Monday in process of trading, dealers said. On the cereal side barley Sindh and Mardan picked up Rs 50 to Rs 2600-2650, wheat old bardan and new bardan rose by Rs 20 to Rs 2550-2565, other items mai
Published 21 Jun, 2011 12:00am
Ukraine starts grain harvesting

Ukraine starts grain harvesting

Farmers in southern Ukrainian regions have started the 2011 grain harvest, threshing the first 35,000 tonnes of grain, Farm Minister Mykola Prysyazhnyk said on Monday. "We had some worries but recent rains improved the situation," Prysuazhnyuk told a news
Published 21 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 21 Jun, 2011 12:00am
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