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Archive - 2011-06-29
Baroin as new finance minister
Europe

Baroin as new finance minister

PARIS : President Nicolas Sarkozy appointed Francois Baroin, budget minister and government spokesman, as France 's new
Published 29 Jun, 2011 04:06pm
US pending home sales rise
Real Estate

US pending home sales rise

WASHINGTON : Pending sales of existing US homes bounced back from a seven-month in May, but demand for home loans sank
Published 29 Jun, 2011 03:04pm
Greece OK's austerity steps
Top News

Greece OK's austerity steps

BUDAPEST : Central Europe 's currencies and bonds were broadly steady on Wednesday after the Greek parliament passed au
Published 29 Jun, 2011 02:31pm
Five Saudi women detained for driving
Top News

Five Saudi women detained for driving

RIYADH : Saudi Arabian police detained five women for defying the conservative kingdom's driving ban, an activist said o
Published 29 Jun, 2011 02:03pm
Fruit exporters demand cargo facilities
Top News

Fruit exporters demand cargo facilities

PESHAWAR : The farmers and exporters of fruits and vegetables have asked the government and Pakistan International Autho
Published 29 Jun, 2011 09:14am
Australia-China trade breaks $100bn mark
Top News

Australia-China trade breaks $100bn mark

SYDNEY: Australia's two-way trade with China topped Aus$100 billion ($US105.64 billion) for the first time last year, da
Published 29 Jun, 2011 07:30am
Tokyo shares gain 1.54pc
Financial

Tokyo shares gain 1.54pc

TOKYO: Tokyo shares rose 1.54 percent Wednesday, trailing overnight gains on Wall Street amid growing hopes that Europe
Published 29 Jun, 2011 07:10am
14 dead in Philippine flash flood
Asia

14 dead in Philippine flash flood

DAVAO : At least 14 people were killed as a flash flood triggered by heavy rains devastated a riverside community in the
Published 29 Jun, 2011 06:27am
US cost of war around $3.7 trillion
Top News

US cost of war around $3.7 trillion

NEW YORK : When President Barack Obama cited cost as a reason to bring troops home from Afghanistan, he referred to a $1
Published 29 Jun, 2011 05:51am
AJK EC refutes rigging charges
Top News

AJK EC refutes rigging charges

MIRPUR: The Azad Jammu & Kashmir Election Commission on Wednesday categorically refuted the rigging allegations in June
Published 29 Jun, 2011 05:48am
Oil eases in Asian trade
Energy

Oil eases in Asian trade

SINGAPORE : Oil fell in Asian trade Wednesday as investors took profits from sharp gains the previous day on hopes Gree
Published 29 Jun, 2011 04:05am
Country crashers
BR Research

Country crashers

Ask any avid traveller about the most hospitable country theyve been to, and chances of Pakistan being mentioned would be slim because of th
Published 29 Jun, 2011 12:00am
Tareen, Fatah named acting President, GS of PML Balochistan

Tareen, Fatah named acting President, GS of PML Balochistan

President of Pakistan Muslim League Senator Salim Saifullah Khan has appointed Nur Khan Tareen as PML Acting Provincial President and Fatah Jamali as PML Acting General Secretary of Balochistan. Nur Khan Treen and Fatah Jamali will hold their offices till
Published 29 Jun, 2011 12:00am
Pakistan Railways, a drain on exchequer

Pakistan Railways, a drain on exchequer

Pakistan Railways have presented a deficit budget of 62 billion rupees for 2011-12 with earnings forecast at 20 billion rupees and expenditure at a high 82 billion rupees. This was revealed to the National Assembly Standing Committee on Railways.
Published 29 Jun, 2011 12:00am
The parting of ways by political bedmates

The parting of ways by political bedmates

The Muttahida Qaumi Movement has once again parted company with the PPP-led ruling coalition in the Centre and province of Sindh, but not without attracting the charge of déjà vu. Its departure from the corridors of power is stated to be irrevocable, much
Published 29 Jun, 2011 12:00am
AJK election

AJK election

In the just-concluded elections for the ninth legislative Assembly of AJK, the PPP has achieved a thumping victory by winning 21 seats out of the 41 directly electable slots. It might add to its tally of seats, when elections are held in the three constit
Published 29 Jun, 2011 12:00am
Trade barriers towards EU

Trade barriers towards EU

Becoming a part of the world's most integrated custom unions is an unmet dream of many precarious economies including Pakistan, which is seeking export-led growth for sustainable development. Quite recently, Pakistan, demonstrating as a civilised and true
Published 29 Jun, 2011 12:00am
Beginning of an end?

Beginning of an end?

President Obama's all-important foreign policy speech on June 22 outlining the American drawdown strategy from Afghanistan represents the same policy confusion, which marked the formulation of his surge and exit strategy in December 2009. The President's
Published 29 Jun, 2011 12:00am
Us, the wretched imprudent people!

Us, the wretched imprudent people!

While addressing an election rally in Azad Jammu and Kashmir (AJK), our woefully inarticulate, incoherent, mostly ill or uninformed Prime Minister Gilani, declared in an admonishing manner, "I want to tell those imprudent people that PPP is a vision, a ph
Published 29 Jun, 2011 12:00am
Speedy justice

Speedy justice

Through this newspaper, I wish to draw the kind attention of the Chief Justice of Pakistan towards Sindh High Court appeal 77 of 2000, whose subject matter dates back to 1982. The Quran and Sunnah advocate fair and speedy justice. The Honourable Supreme C
Published 29 Jun, 2011 12:00am
Fatima Fertiliser signs accord with German company

Fatima Fertiliser signs accord with German company

Fatima Fertiliser Co has entered into an agreement with N. Serve Environmental Services GMBH, a German Limited Liability Company, for development and implementation of a Clean Development Mechanism (CDM) project at the plant.
Published 29 Jun, 2011 12:00am
JCR-VIS reaffirms ratings of UBL at 'AA+/A-1+'

JCR-VIS reaffirms ratings of UBL at 'AA+/A-1+'

JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the entity ratings of United Bank Limited (UBL) at 'AA+/A-1+' (Double A Plus/A-One Plus). Ratings of the four outstanding subordinated debt instruments, TFC-1, TFC-2, TFC-3 and TFC-4, issued b
Published 29 Jun, 2011 12:00am
JCR-VIS reaffirms ratings of UBL at 'AA+/A-1+'

JCR-VIS reaffirms ratings of UBL at 'AA+/A-1+'

JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the entity ratings of United Bank Limited (UBL) at 'AA+/A-1+' (Double A Plus/A-One Plus). Ratings of the four outstanding subordinated debt instruments, TFC-1, TFC-2, TFC-3 and TFC-4, issued b
Published 29 Jun, 2011 12:00am
JCR-VIS reaffirms CPF rating of KCPGF

JCR-VIS reaffirms CPF rating of KCPGF

JCR-VIS Credit Rating Company Limited has reaffirmed the Capital Protected Fund (CPF) Rating of KASB Capital Protected Gold Fund (KCPGF) at 'AA (cpf)'(double A (cpf)). The rating reflects very high probability of timely repayment of principal investment.
Published 29 Jun, 2011 12:00am
JCR-VIS reaffirms CPF rating of KCPGF

JCR-VIS reaffirms CPF rating of KCPGF

JCR-VIS Credit Rating Company Limited has reaffirmed the Capital Protected Fund (CPF) Rating of KASB Capital Protected Gold Fund (KCPGF) at 'AA (cpf)'(double A (cpf)). The rating reflects very high probability of timely repayment of principal investment.
Published 29 Jun, 2011 12:00am
JI Shoora meeting begins today

JI Shoora meeting begins today

A two-day meeting of the Central Shoora of the Jamaat-e-Islami will begin here at Mansoora on Wednesday (today). The Shoora will discuss the political situation in the country and decide its future line of action.
Published 29 Jun, 2011 12:00am
Standard Chartered named Best International Trade Bank in Pakistan

Standard Chartered named Best International Trade Bank in Pakistan

Standard Chartered has won "Best International Trade Bank in Pakistan" award for excellence from Euromoney for its outstanding performance in Trade Finance for the year 2011. The Standard Chartered Trade team in Pakistan is recognised in the industry for
Published 29 Jun, 2011 12:00am
Pakistani businessman honoured by Thai Chamber of Commerce

Pakistani businessman honoured by Thai Chamber of Commerce

The Thai-Pakistan Chamber of Commerce (TPCC) has honoured Pakistan's leading businessman Arif Suleman for his 'distinguished services for the promotion' of Pakistan-Thailand trade, economic, cultural and tourism exchanges.
Published 29 Jun, 2011 12:00am
Balochistan Assembly passes budget 2011-12

Balochistan Assembly passes budget 2011-12

The Balochistan Assembly on Tuesday passed Balochistan Fiscal Budget 2011-12 unanimously. Speaker Muhammad Aslam Bhootani presided over the assembly sitting which started 20 minutes late than its schedule time. Finance Minister Mir Asim Kurd tabled 50 dem
Published 29 Jun, 2011 12:00am
PTCL upgrades telephone exchanges

PTCL upgrades telephone exchanges

Pakistan Telecommunication Company Limited (PTCL) is upgrading its Telephone Exchanges from Time Division Multiplexing (TDM) based technology to latest Next Generation Network (NGN) technology for providing better and improved services to its valued custo
Published 29 Jun, 2011 12:00am
Stock market volume plunges to nine-year low in fiscal year 2011

Stock market volume plunges to nine-year low in fiscal year 2011

It was another bad year for Pakistan's capital markets as activities in the local bourses plunged to nine-year low, analysts said. Buying selling of shares, floating of new companies and fund raising through right shares, all remained depressed in FY11, t
Published 29 Jun, 2011 12:00am
Seven persons killed in different incidents

Seven persons killed in different incidents

At least seven persons including a cop and a businessman of Shershah scrap market were killed in different incidents in various parts of the metropolis, here on Tuesday. According to the details, a man was gunned down by stray-bullet during exchange of fi
Published 29 Jun, 2011 12:00am
LHC summons CCPO

LHC summons CCPO

The Lahore High Court on Tuesday summoned Lahore CCPO in a habeas corpus petition filed by a woman seeking recovery of her minor son from the custody of her ex-husband. Shagufta from South Cantonment submitted that her husband Rafique divorced her and exp
Published 29 Jun, 2011 12:00am
Hero Showroom opening ceremony organised

Hero Showroom opening ceremony organised

The opening ceremony of grand Hero Show Room of renowned Fateh Group, Hyderabad, was inaugurated by Seth Gohar Ullah of Fateh Group and President of Hyderabad Chamber of Commerce & Industry, Seth Asad Barkat and Seth Humayoon Barkat of Fateh Group.
Published 29 Jun, 2011 12:00am
SSC position holders in conflict-hit areas awarded

SSC position holders in conflict-hit areas awarded

To encourage the students of conflict-hit areas, the district administration of Upper Dir distributed prizes among position holder students of state run high schools.
Published 29 Jun, 2011 12:00am
ZONG, ISIC Association sign MoU

ZONG, ISIC Association sign MoU

ZONG, the fastest growing telecom network of Pakistan, has signed an MoU with ISIC Association represented by Alive Asia in Pakistan for providing exclusive telecom services to all International Student Identity Card (ISIC) holders in Pakistan. The MoU wa
Published 29 Jun, 2011 12:00am
MQM ministers formally resign

MQM ministers formally resign

Muttahida Qaumi Movement (MQM) ministers have formally resigned from the federal and provincial cabinets on Tuesday. Two Federal Ministers, Dr Farooq Sattar and Babar Ghouri, and a Minister of State Dr Nadeem Ahsan have tendered their resignations to the
Published 29 Jun, 2011 12:00am
PACRA maintains ratings of First Habib Modaraba

PACRA maintains ratings of First Habib Modaraba

The Pakistan Credit Rating Agency (PACRA) has maintained the long-term and short-term ratings of "AA+" (Double A plus) and "A1+" (A-One Plus), respectively, of First Habib Modaraba (FHM). These ratings denote a very low expectation of credit risk emanatin
Published 29 Jun, 2011 12:00am
PACRA maintains ratings of First Habib Modaraba

PACRA maintains ratings of First Habib Modaraba

The Pakistan Credit Rating Agency (PACRA) has maintained the long-term and short-term ratings of "AA+" (Double A plus) and "A1+" (A-One Plus), respectively, of First Habib Modaraba (FHM). These ratings denote a very low expectation of credit risk emanatin
Published 29 Jun, 2011 12:00am
107 successful candidates of SPSC to move SHC

107 successful candidates of SPSC to move SHC

107 successful candidates of DDOs and SOs have decided to knock the door of Sindh High Court (SHC) for provision of justice, Business Recorder learnt. Sindh Public Service Commission (SPSC) had declared 107 candidates successful on 26th January 201
Published 29 Jun, 2011 12:00am
Digital library at Karachi University yet to start functioning

Digital library at Karachi University yet to start functioning

Digital library at University of Karachi is yet to start functioning in an appropriate way due to non-availability of adequate funds besides lack of skilful staff, sources said on Tuesday. The project remains a dream as the administration failed to comple
Published 29 Jun, 2011 12:00am
Post of Lecturer of Urdu SPSC: Hyderabad announces names of candidates

Post of Lecturer of Urdu SPSC: Hyderabad announces names of candidates

The Sindh Public Service Commission Hyderabad has announced the names of successful candidates for the post of Lecturer of Urdu (male/female), BPS-17, in Education and Literacy Department, Government of Sindh, who were interviewed in the month of June 201
Published 29 Jun, 2011 12:00am
US MIDDAY: gold soars

US MIDDAY: gold soars

Gold rose above $1,500 an ounce on Tuesday, poised to snap a three-session losing streak as hopes that Greece would pass unpopular austerity measures, which boosted the euro and fuelled investor risk appetite on commodities across the board.
Published 29 Jun, 2011 12:00am
US MIDDAY: copper rises

US MIDDAY: copper rises

Copper ended up over 1 percent early on Tuesday, as a rallying euro and optimism in front of a Greek vote on austerity measures this week spurred improved risk appetite across the broader markets. Copper's gains counterbalanced further soft economic readi
Published 29 Jun, 2011 12:00am
US MIDDAY: grain futures climb

US MIDDAY: grain futures climb

US grain futures climbed 2 percent early on Tuesday before paring gains in light trading, supported by a weaker dollar and rebounding from multimonth lows ahead of a government crop report due on Thursday. Chicago Board of Trade corn for July delivery was
Published 29 Jun, 2011 12:00am
US MIDDAY: sugar soars

US MIDDAY: sugar soars

Sugar prices surged 4.9 percent to 3-1/2 month highs early on Tuesday, on lower-than-expected crush data in top grower Brazil, while arabica coffee prices vaulted after a minor Brazilian coffee region was hit by frost. Cocoa settled up a shade in quiet tr
Published 29 Jun, 2011 12:00am
Gold springs back

Gold springs back

Gold rose back above $1,500 an ounce in Europe on Tuesday, following three days of losses, as hopes that Greece's debt crisis may be contained tempered risk aversion and helped the euro to regain some ground. Prices remain rangebound, however, as traders
Published 29 Jun, 2011 12:00am
Gold steadies in Asia

Gold steadies in Asia

Spot gold held steady on Tuesday as investors watched moves in the currency market while waiting for a vote by Greece's parliament later this week on an unpopular austerity plan needed to avoid a sovereign debt default. Spot gold barely changed at $1,496.
Published 29 Jun, 2011 12:00am
US gold falls

US gold falls

Gold fell for a third session on Monday, weighed down by economic optimism as investors bet debt-laden Greece would take action needed to avoid a default, pressuring safe-haven demand. Spot gold was down 0.3 percent at $1,495.55 an ounce at 3:26 pm EDT (1
Published 29 Jun, 2011 12:00am
Liffe coffee climbs

Liffe coffee climbs

Liffe September robusta coffee ended $113 higher at $2,490 a tonne on Tuesday. Market soared after frost reached at least two minor coffee regions in top coffee grower Brazil. Liffe August white sugar closes $38.80 higher at $764.80 per tonne boosted by l
Published 29 Jun, 2011 12:00am
Malaysian palm oil up

Malaysian palm oil up

Malaysian palm oil futures bounced on Tuesday from eight-month lows hit the previous day as traders came back into the market on hopes of higher demand and a technical correction. "The market is bound for a correction and retracement on the back of strong
Published 29 Jun, 2011 12:00am
New York sugar lower

New York sugar lower

Sugar prices closed mostly lower on Monday, driven down for most of the session by an oil-led decline in commodity markets, technical influences and abundant supplies, particularly in top consumer India, dealers and analysts said. Coffee and cocoa, howeve
Published 29 Jun, 2011 12:00am
Tokyo rubber up, Shanghai falls

Tokyo rubber up, Shanghai falls

Tokyo rubber futures ended higher on Tuesday, supported by firmer oil prices, which helped overshadow worries over Greece's debt problems, but gains were still limited by rising supply in major producing countries, dealers said. The benchmark rubber contr
Published 29 Jun, 2011 12:00am
Oil rises over two percent

Oil rises over two percent

Oil prices rose more than 2 percent on Tuesday on optimism that Greece can pass an unpopular austerity program as Europe fashions a solution to Athens' debt woes and also on lift from a weak dollar. The weak dollar boosted oil and other dollar-denominated
Published 29 Jun, 2011 12:00am
Copper gains

Copper gains

Copper rose on Tuesday as an agreement by French banks to rollover Greek debt supported appetite for riskier assets but caution remained ahead of Greece's vote on austerity measures later in the week. Three-month copper on the London Metal Exchange (LME)
Published 29 Jun, 2011 12:00am
Shanghai copper up

Shanghai copper up

Copper edged up on Tuesday on increasing confidence that the Greek parliament will pass an unpopular austerity plan and hopes that a package proposed by France to voluntarily rollover debt would gain wider acceptance. The most-active September copper cont
Published 29 Jun, 2011 12:00am
US copper lower

US copper lower

Copper ended lower on Monday, dragged down in a general retreat across other commodity markets, as uncertainty surrounding Greece's debt crisis and China's grip on inflation withdrew confidence from the markets.
Published 29 Jun, 2011 12:00am
New York spot cotton contract falls

New York spot cotton contract falls

US cotton futures ended higher on Tuesday, as a weak dollar and accelerated cross-commodity rally helped fibre values overcome initial selling pressures tied to weaker overseas markets. The key December cotton contract on ICE Futures US eked out a 0.02-ce
Published 29 Jun, 2011 12:00am
Associate teams back as ICC make 2015 World Cup u-turn

Associate teams back as ICC make 2015 World Cup u-turn

The International Cricket Council (ICC) on Tuesday retained the 14-team format for the 2015 World Cup, succumbing to pressure from non-test playing nations who will have four representations in the elite 50-overs tournament. "The ICC Executive Board opted
Published 29 Jun, 2011 12:00am
Wildcard Lisicki reaches Wimbledon semi-final

Wildcard Lisicki reaches Wimbledon semi-final

Sabine Lisicki became the first German woman to reach a Wimbledon semi-final since Steffi Graf in 1999 when she defeated French ninth seed Marion Bartoli 6-4, 6-7 (4/7), 6-1 on Tuesday. As thunder rumbled over the All England Club and torrential rain lash
Published 29 Jun, 2011 12:00am
Prize money for Pakistan Premier League enhanced

Prize money for Pakistan Premier League enhanced

In a special meeting called by Makhdoom Syed Faisal Saleh Hayat, President, Pakistan Football Federation (PFF) has enhanced the prize money of Pakistan Premier League for winning teams and players.
Published 29 Jun, 2011 12:00am
Sharapova storms into semi-finals

Sharapova storms into semi-finals

Maria Sharapova stormed into the Wimbledon semi-finals for the first time since 2006 here Tuesday, blasting aside Dominika Cibulkova with an emphatic 6-1, 6-1 quarter-final victory. Cibulkova, who had stunned world number one and top seed Caroline Wozniac
Published 29 Jun, 2011 12:00am
Fish last American in Wimbledon pool

Fish last American in Wimbledon pool

Americans have traditionally dominated Wimbledon, but this year only the unheralded Mardy Fish has reached the singles quarter-finals, leading some to question whether US tennis is in decline. Jimmy Connors, John McEnroe, Martina Navratilova, Billie Jean
Published 29 Jun, 2011 12:00am
Landstrom on target for Swedes in World Cup opener

Landstrom on target for Swedes in World Cup opener

A second-half goal from Jessica Landstrom got Sweden's women's World Cup campaign off the mark here on Tuesday with a 1-0 win over newcomers Colombia in their opening Group C tie. The 57th-minute goal came after a string of near misses from the bungling S
Published 29 Jun, 2011 12:00am
Man City legend dies

Man City legend dies

Former Manchester City captain and England international defender Mike Doyle has died at the age of 64, the club confirmed on Tuesday. Doyle, who could also play in midfield, was part of the City team which won the league title, FA Cup, European Cup Winne
Published 29 Jun, 2011 12:00am
Appetite grows for Asian soccer

Appetite grows for Asian soccer

Japan, China and South Korea fuelled the surge in the appetite for Asian football, viewership data of the 2011 Asian Cup revealed on Tuesday. The tournament's viewership in Japan grew from 131 million in the previous edition to nearly 210 million, while t
Published 29 Jun, 2011 12:00am
Rampaul leaves Indians reeling

Rampaul leaves Indians reeling

West Indies fast bowler Ravi Rampaul took three wickets in the opening session of the second Test with India here on Tuesday to leave the world ranked number one test team on 44-4 at lunch. Rampaul had astonishing figures of three for four from eight over
Published 29 Jun, 2011 12:00am
Samsung opens 'Everyone's Olympic Games' campaign

Samsung opens 'Everyone's Olympic Games' campaign

Samsung Electronics Co Ltd, a market leader in consumer electronics and World-wide Olympic Partner has launched its London 2012 Olympic Games campaign, as 'Everyone's Olympic Games' featuring Samsung's Olympic Games Ambassador - David Beckham. The theme o
Published 29 Jun, 2011 12:00am
Nuclear suppliers tighten trade rules, may irk India

Nuclear suppliers tighten trade rules, may irk India

A 46-nation export control group has acted to bar states that shun a global anti-nuclear weapons pact from obtaining technology which can be used to make atomic bombs, diplomats and experts say. Last week's decision by the Nuclear Suppliers Group to tight
Published 29 Jun, 2011 12:00am
Prosecutor sees Qadhafi endgame, China cautious

Prosecutor sees Qadhafi endgame, China cautious

The International Criminal Court's chief prosecutor said on Tuesday it could be "game over" within months for Muammar Qadhafi, but China reacted cautiously to the issuing of an arrest warrant for the Libyan leader on charges of crimes against humanity.
Published 29 Jun, 2011 12:00am
Iran fires medium-range missile in war game

Iran fires medium-range missile in war game

Iran's elite Revolutionary Guards fired 14 missiles in an exercise Tuesday, one of them a medium-range weapon capable of striking Israel or US targets in the Gulf, state media said. The Guards' aerospace commander, Brigadier General Amir Ali Hajizadeh, in
Published 29 Jun, 2011 12:00am
Sudanese leader Bashir arrives late in China

Sudanese leader Bashir arrives late in China

Sudanese leader Omar al-Bashir arrived in China on Tuesday for talks with President Hu Jintao, as the United States and rights groups criticised Beijing for hosting an alleged war criminal. An AFP journalist saw Bashir's presidential plane touch down in B
Published 29 Jun, 2011 12:00am
MPs' boycott mars new term for Erdogan

MPs' boycott mars new term for Erdogan

Turkish Prime Minister Tayyip Erdogan's third term got off to a turbulent start on Tuesday when the main opposition party and minority Kurds boycotted parliament's swearing-in to protest against bans on elected candidates. The boycott meant more than 30 p
Published 29 Jun, 2011 12:00am
Blackwater guard jailed over Afghan shooting

Blackwater guard jailed over Afghan shooting

A US federal judge sentenced a former Blackwater security guard on Monday to 30 months in prison for shooting and killing an Afghan citizen in 2009. The judge also ordered 29-year-old Justin Cannon to serve two years of supervised release after his prison
Published 29 Jun, 2011 12:00am
Space debris a growing problem

Space debris a growing problem

A scare triggered by orbital debris that on Tuesday came within a couple of hundred metres (yards) of the International Space Station (ISS) sheds light on an acutely worsening problem. Millions of chunks of metal, plastic and glass are whirling round Eart
Published 29 Jun, 2011 12:00am
Worst drought in 60 years hits 10 million in Horn of Africa

Worst drought in 60 years hits 10 million in Horn of Africa

Ten million people in the Horn of Africa have been hit by the worst drought in 60 years, with some areas on the verge of famine and thousands on the march in seach of food and water, the UN said Tuesday. A poor rainy season coupled with rising food prices
Published 29 Jun, 2011 12:00am
Gulf troops 'redeploy' in Bahrain

Gulf troops 'redeploy' in Bahrain

Gulf troops sent to back Bahraini security forces in their crackdown on Shia-led protests are to be "redeployed" but will not withdraw completely, a Saudi official said on Tuesday. "It is normal to redeploy the Peninsula Shield force but the danger is not
Published 29 Jun, 2011 12:00am
Asia on maritime crash course: Think-tank

Asia on maritime crash course: Think-tank

Nationalism and hunger for resources are stoking maritime disputes in Indo-Pacific Asia, with China showing "troubling signs of assertiveness at sea", an Australian think-tank warned Tuesday. The Lowy Institute foreign policy group said there had been an
Published 29 Jun, 2011 12:00am
Saudi Arabia, Argentina sign nuclear cooperation deal

Saudi Arabia, Argentina sign nuclear cooperation deal

Saudi Arabia has signed a nuclear energy co-operation deal with nuclear desalination specialist Argentina, the Saudi government said on Tuesday. Argentina's Atomic Energy Commission and technology firm INVAP have a simplified pressurised water reactor des
Published 29 Jun, 2011 12:00am
Mubarak-linked councils to be dissolved

Mubarak-linked councils to be dissolved

An Egyptian court on Tuesday ordered the dissolution of local councils elected under ousted President Hosni Mubarak, after protesters called for remnants of the old political order to be dismantled. The councils, like other elected bodies in Egypt, were f
Published 29 Jun, 2011 12:00am
Egypt accepts retrial for Qaeda chief's brother

Egypt accepts retrial for Qaeda chief's brother

An Egyptian military court on Tuesday accepted a retrial for al Qaeda chief Ayman al-Zawahiri's brother, who had been condemned to death in absentia on terror-related charges, a military source said. In March, Egyptian authorities had rearrested Mohammed
Published 29 Jun, 2011 12:00am
Dutch vote to ban religious slaughter of animals

Dutch vote to ban religious slaughter of animals

The Dutch parliament voted on Tuesday to ban ritual slaughter of animals, a move strongly opposed by the country's Muslim and Jewish minorities, but left a loophole that might let religious butchering continue. The bill by the small Animal Rights Party, t
Published 29 Jun, 2011 12:00am
Money markets: Debt crisis worries hit bank fund raising

Money markets: Debt crisis worries hit bank fund raising

Growing nervousness over the eurozone debt crisis has clogged up financial markets, making it difficult for banks to raise funds, but pressure is expected to ease if the Greek parliament passes a vote to implement further austerity measures this week. Squ
Published 29 Jun, 2011 12:00am
Won, ringgit rise

Won, ringgit rise

The South Korean won and the Malaysian ringgit rose on Tuesday but speculators kept selling other regional currencies on rallies, suggesting quarter-end dollar demand and risk reduction related to Greece's austerity vote will keep their upside limited. "W
Published 29 Jun, 2011 12:00am
Indian rupee steadies

Indian rupee steadies

The Indian rupee sat tight on Tuesday, in the absence of any fresh directional cues, as a strong but choppy euro chipped away support from local share gains and strong Asian currencies. The partially convertible rupee ended 45.03/04 per dollar, steady fro
Published 29 Jun, 2011 12:00am
Australian and New Zealand dollars struggle

Australian and New Zealand dollars struggle

The Australian and New Zealand dollars struggled to gain traction on Tuesday after bouncing from multi-week lows as worries about Greece's debt problems lingered, even as some hoped for a positive outcome. The Aussie last stood at $1.0441, having traded i
Published 29 Jun, 2011 12:00am
Swiss franc up versus euro

Swiss franc up versus euro

The Swiss franc ticked up against the euro on Tuesday, paring losses made in the previous session, as investors kept their focus on a Greek parliamentary vote on austerity steps needed to avoid a default. The franc rose 0.1 percent against the euro, compa
Published 29 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 Tuesday. 74.10/74.14 (previous 74.08/74.10). Call Money Rates: 6.00-10.50 percent (previous 6.00-12.00 percent).
Published 29 Jun, 2011 12:00am
Euro rallies in New York

Euro rallies in New York

The euro rose on Monday as investors bet Greece's parliament will approve a fiscal austerity package needed for the country to get emergency aid and avoid defaulting on its debt. A French plan aimed at sorting out how banks will roll over Greek loans to h
Published 29 Jun, 2011 12:00am
Early trade in New York: Euro rises

Early trade in New York: Euro rises

The euro rose on Tuesday on optimism Greece would pass a crucial austerity package needed to avert a debt default though further gains looked limited as uncertainty about a long-term solution remained. Traders said the euro could see a relief rally if the
Published 29 Jun, 2011 12:00am
Euro slips in London

Euro slips in London

The euro slipped on Tuesday, relinquishing early gains as investors worried about how Greece will repay its debts even if it passes austerity measures this week. The common currency slipped 0.2 percent to $1.4260, unable to maintain an early rally to $1.4
Published 29 Jun, 2011 12:00am
Euro holds gains in Asia

Euro holds gains in Asia

The euro inched higher on Tuesday but stalled just below chart resistance, as investors awaited to see if Greece's parliament will approve austerity steps that are critical for international aid that the country needs to avoid a default. The euro briefly
Published 29 Jun, 2011 12:00am
Sterling tumbles

Sterling tumbles

Sterling fell to its lowest in nearly eight weeks against a firmer euro on Tuesday as Bank of England policymakers kept alive the possibility of more monetary easing while data showed lower annual first quarter growth. The euro rose as high as 89.80 pence
Published 29 Jun, 2011 12:00am
Yuan inches up

Yuan inches up

The yuan ended slightly higher against the dollar on Tuesday after the People's Bank of China set a stronger mid-point, with dealers expecting further gains. "The yuan's uptrend is clear but the pace should be gradual," said a dealer at a Chinese bank in
Published 29 Jun, 2011 12:00am
FTSE rallies as hopes of Greek deal spurs banks

FTSE rallies as hopes of Greek deal spurs banks

Financial stocks helped Britain's top share index climb on Tuesday as hopes of a resolution to Greece's debt problems spurred appetite for riskier assets. Banks were in demand, led by part state-owned Royal Bank of Scotland as investors bet the Greek parl
Published 29 Jun, 2011 12:00am
Indian shares rise for fourth day

Indian shares rise for fourth day

Indian shares climbed for a fourth consecutive session on Tuesday, their longest winning streak in three months, as global appetite for risk perked up on hopes for containing Greece's debt problems. Trading, however, was choppy, indicating resistance afte
Published 29 Jun, 2011 12:00am
Taiwan stocks fall to three-month low

Taiwan stocks fall to three-month low

Taiwan stocks fell 0.25 percent to a fresh three-month closing low on Tuesday, paced by tech exporters such as HTC, amid concerns about the eurozone debt problems and about global economic growth prospects. Further selling pressure is expected, with the m
Published 29 Jun, 2011 12:00am
Greek austerity vote hopes lift European shares

Greek austerity vote hopes lift European shares

European shares closed higher on Tuesday as hopes grew that Greece's parliament will vote through the tough austerity measures needed to secure financial aid from international lenders and avoid a default on the country's debt. The pan-European FTSEurofir
Published 29 Jun, 2011 12:00am
Hong Kong, China shares flat

Hong Kong, China shares flat

Hong Kong and China stocks finished largely flat with declining volumes on Tuesday as Chinese banks holding hefty local government debt were seen as unattractive in the near term even as market players remain optimistic about China's economy. The first-ev
Published 29 Jun, 2011 12:00am
South East Asian stocks post limited gains

South East Asian stocks post limited gains

Southeast Asian stock posted limited gains on Tuesday as relief over an outline French bank agreement on Greek debt helped revive sentiment and investors bought sectors seen as beneficiaries of domestic consumption, like banking stocks. The mild market re
Published 29 Jun, 2011 12:00am
Treasuries slip

Treasuries slip

US government bond prices fell on Monday as investors returned to riskier assets amid expectations the Greek parliament would pass an austerity plan that would allow Greece to roll over its debt. As demand for safe-haven US debt abated, at least for the m
Published 29 Jun, 2011 12:00am
Treasuries slip

Treasuries slip

US government bond prices fell on Monday as investors returned to riskier assets amid expectations the Greek parliament would pass an austerity plan that would allow Greece to roll over its debt. As demand for safe-haven US debt abated, at least for the m
Published 29 Jun, 2011 12:00am
Wall Street rises as banks rally

Wall Street rises as banks rally

US stocks rose from three days of losses on Monday, led by banks after news of more favourable capital requirements and optimism over Greece's austerity plan, but investors cautioned against high hopes. Monday's gains were a welcome sign of strength but i
Published 29 Jun, 2011 12:00am
Tuesday's afternoon trade: stocks extend gains

Tuesday's afternoon trade: stocks extend gains

US stocks extended gains for a second day on Tuesday as optimism grew that a solution to the Greek debt problem was near, boosting investor appetite for risky assets. Buyers snapped up shares that had fallen sharply in the past week, mostly in commodities
Published 29 Jun, 2011 12:00am
Nikkei average soars

Nikkei average soars

The Nikkei average rose on Tuesday as investors bought stocks tied to domestic demand with hopes Greece will get through its debt crisis boosting confidence, but further gains may be limited as the index nears the top of its well-worn range. Shares relate
Published 29 Jun, 2011 12:00am
Middle East markets: Dubai stocks at three-month low

Middle East markets: Dubai stocks at three-month low

Dubai stocks slipped to a three-month low in slow summer trading on Tuesday and Oman's index slumped to a 23-month low, dragged by Dhofar Bank which continued to fall after losing a lawsuit. Saudi and Egypt stocks ended higher, tracking oil prices and glo
Published 29 Jun, 2011 12:00am
Greek protests turn violent as EU warns of default

Greek protests turn violent as EU warns of default

Anti-austerity protests turned violent in Athens on Tuesday as the European Union warned Greek lawmakers the country faces immediate default unless they back an unpopular economic plan this week. Hooded youths throwing stones and wielding sticks set fire
Published 29 Jun, 2011 12:00am
Up to 15 EU banks to fail stress test

Up to 15 EU banks to fail stress test

Up to one in six European banks is set to fail an EU-wide financial health check, according to eurozone sources close to the stress-testing, as officials scramble to set up backstops for those at risk. The result, which the European Central Bank and other
Published 29 Jun, 2011 12:00am
Kuwait approves two mega oil projects

Kuwait approves two mega oil projects

Kuwait's Supreme Petroleum Council (SPC) has given the green light for two long-stalled oil mega projects worth more than eight billion dinars ($29 billion), a Kuwaiti daily reported on Tuesday. Citing unidentified oil sources, the Al-Jarida newspaper sai
Published 29 Jun, 2011 12:00am
US urges banks to step up online fraud protections

US urges banks to step up online fraud protections

US bank regulators warned banks to be on guard against increasingly clever computer hacking on Tuesday, indicating heightened alert against security breaches that have plagued government and corporate institutions in recent weeks.
Published 29 Jun, 2011 12:00am
US home price decline eases, consumers gloomy

US home price decline eases, consumers gloomy

The drastic plunge in US home prices continued to level off in April, hinting at stabilisation in the housing market, but job market worries pushed consumer confidence to a seven-month low in June. Although house prices were helped by the start of the spr
Published 29 Jun, 2011 12:00am
BoE split on policy as UK consumption slides

BoE split on policy as UK consumption slides

Tough times for British consumers look set to continue, Bank of England policymakers said on Tuesday, though they differed over whether more monetary stimulus might be needed for the struggling economy. Official data released just before BoE Governor Merv
Published 29 Jun, 2011 12:00am
Singapore bank rules to be tougher than Basel III

Singapore bank rules to be tougher than Basel III

Singapore on Tuesday announced it will introduce new banking rules tougher than international standards designed to cushion the effects of future financial crises. The Monetary Authority of Singapore (MAS) said regulations that will require four locally i
Published 29 Jun, 2011 12:00am
US, India seek financial revamp, US retailer access

US, India seek financial revamp, US retailer access

Talks to modernise India's financial sector and allow major retailers like Wal-Mart into the country's vast consumer market opened on Tuesday between top US and Indian financial officials. US Treasury Secretary Timothy Geithner and Indian Finance Minister
Published 29 Jun, 2011 12:00am
China vows EU 'helping hand' with debt crisis

China vows EU 'helping hand' with debt crisis

Chinese Premier Wen Jiabao offered Europe a "helping hand" with its debt crisis during a visit to Germany on Tuesday and said his country could buy the sovereign debt of some troubled eurozone nations if needed. "China has expressed support for Europe at
Published 29 Jun, 2011 12:00am
Microsoft takes Office into the 'cloud'

Microsoft takes Office into the 'cloud'

Microsoft took its Office software into the Internet "cloud" on Tuesday, moving the suite of popular business tools online amid budding competition from Google's Web-based products. Microsoft chief executive Steve Ballmer presided over an event here for t
Published 29 Jun, 2011 12:00am
StanChart keeps lid on costs, heads for record profit

StanChart keeps lid on costs, heads for record profit

Staff cuts coupled with growth in Hong Kong and other key Asian markets have put Standard Chartered Plc on track for record profits in the first half of this year, up over 10 percent on a year earlier. The Asia-focused bank on Tuesday said income and prof
Published 29 Jun, 2011 12:00am
StanChart keeps lid on costs, heads for record profit

StanChart keeps lid on costs, heads for record profit

Staff cuts coupled with growth in Hong Kong and other key Asian markets have put Standard Chartered Plc on track for record profits in the first half of this year, up over 10 percent on a year earlier. The Asia-focused bank on Tuesday said income and prof
Published 29 Jun, 2011 12:00am
Swedish central bank chief gets another six-year term

Swedish central bank chief gets another six-year term

Sweden's central bank Governor Stefan Ingves will stay in his post for another six years, the Riksbank said on Tuesday, boosting analysts' hopes for continuity and predictability in policy making. The 58-year-old, who has been governor since January 2006,
Published 29 Jun, 2011 12:00am
Grams prices tend higher on grain market

Grams prices tend higher on grain market

Upward trend was seen on wholesale grain market on Tuesday as most of the buyers opted for sidelines due to dwindling interest, dealers said. On the grams side, grams Australia gained Rs 100 to Rs 4700-4900, grams dal Australia followed the same pattern,
Published 29 Jun, 2011 12:00am
US Plains HRW wheat bids higher

US Plains HRW wheat bids higher

Hard red winter wheat basis bids were steady to higher Tuesday due to limited farmer selling even as the harvest advanced, grain merchants said. One trader in central-eastern Oklahoma said new-crop wheat had protein levels of up to 16 percent, adding that
Published 29 Jun, 2011 12:00am
Seedcotton prices drift lower on cotton market

Seedcotton prices drift lower on cotton market

Prices of seedcotton fell on the cotton market on Tuesday in process of slow business, dealers said. The Karachi Cotton Association (KCA) official spot rate was left unchanged at Rs 8,650, they said. In Sindh prices of new Phutti came down sharply, sheddi
Published 29 Jun, 2011 12:00am
Oil cake market rates

Oil cake market rates

The July vaida was higher on the forward cottonseed oilcake market on Tuesday and December vaida was unchanged in process of trading, dealers said. The July contract that had closed at 1425.40 opened with 30 paisa gain at Rs 1425.70. The December vaida wh
Published 29 Jun, 2011 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 45,273 tonnes of cargo including 22,929 tonnes of import cargo, 22,344 tonnes of export cargo and 2,304 loaded & empty containers during last 24 hours ended at 0700 hours on Tuesday. The total import cargo of 22,929 tonnes compris
Published 29 Jun, 2011 12:00am
China's June, July soya imports seen lower on year

China's June, July soya imports seen lower on year

China, the world's largest soya importer, is expected to import 4.78 million tonnes of soyabean in July, down from an estimated 5.38 million tonnes in June, China's commerce ministry said in a statement seen on Tuesday. The estimate for July was 3.4 perce
Published 29 Jun, 2011 12:00am
US wheat futures fall on economic worries

US wheat futures fall on economic worries

US wheat futures fell on Monday on concerns that global economic weakness would limit demand for agricultural commodities, triggering more liquidation of long positions by funds, traders said. The benchmark CBOT contract dropped 2.6 percent, its ninth los
Published 29 Jun, 2011 12:00am
India's Orissa port iron ore exports fall

India's Orissa port iron ore exports fall

Exports of iron ore from Orissa's Paradip port in eastern India have fallen 13.6 percent so far in the first quarter to June due to stringent rules imposed by the local government and a four-fold increase in export tax, a port official told Reuters.
Published 29 Jun, 2011 12:00am
Corn and soyabean export premiums steady at US Gulf Coast

Corn and soyabean export premiums steady at US Gulf Coast

Corn and soyabean export premiums at the US Gulf Coast were steady on Monday amid moderate export demand and flat CIF basis values, traders said. Recent steep decline in futures prices has revived some export demand for corn, but ample supplies of less ex
Published 29 Jun, 2011 12:00am
Vietnamese coffee prices rise, stocks shrink

Vietnamese coffee prices rise, stocks shrink

Vietnamese coffee prices edged up this week, tracking a rebound in London robusta futures, while a fall in stocks has slowed trading on domestic and export markets, which could seize up completely in coming weeks, traders said on Tuesday. They said any fu
Published 29 Jun, 2011 12:00am
New York cotton

New York cotton

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

Published 29 Jun, 2011 12:00am
New York cotton

New York cotton

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

Published 29 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 29 Jun, 2011 12:00am
Barclays bid rates and maximum rates for payment of interest

Barclays bid rates and maximum rates for payment of interest

Barclays bid rates, maximum rates for payment of interest by authorised dealers on deposits (other than those brought under FE Circular No: 45 of 1985) and on deposits (brought under FE Circular No: 45 of 1985) - issued by the Foreign Exchange Rates Commi
Published 29 Jun, 2011 12:00am
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