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Archive - 2011-07-19
IMF tells Europe to take action now
Top News

IMF tells Europe to take action now

WASHINGTON : The International Monetary Fund told Europe to take action now to contain the eurozone crisis and prevent a
Published 19 Jul, 2011 07:21pm
European stocks close higher
Financial

European stocks close higher

LONDON : European stock markets closed higher on Tuesday, with London's benchmark FTSE 100 index of top shares rising 0.
Published 19 Jul, 2011 06:53pm
Goldman Sachs profit disappoints
Top News

Goldman Sachs profit disappoints

NEW YORK : Goldman Sachs reported on Tuesday that its second-quarter net income was $1.05 billion, more than double the
Published 19 Jul, 2011 02:21pm
Yields soar on Spanish bonds
Financial

Yields soar on Spanish bonds

MADRID : Spain was forced to offer sharply higher returns on Tuesday to sell 4.45 billion euros ($6.32 billion) in gov
Published 19 Jul, 2011 09:32am
SBP conducts open market operation
Top News

SBP conducts open market operation

KARACHI: State Bank of Pakistan conducted its rev repo open market operation (injection) in the Government of Pakistan M
Published 19 Jul, 2011 08:58am
Oil rises on bargain-hunting
Energy

Oil rises on bargain-hunting

LONDON: World oil prices climbed on Tuesday as traders snapped up cheap crude after European and US debt strains had pul
Published 19 Jul, 2011 08:51am
Tokyo shares end down 0.85pc
Financial

Tokyo shares end down 0.85pc

TOKYO : Tokyo stocks fell 0.85 percent to their lowest finish in more than two weeks Tuesday with a strong yen denting e
Published 19 Jul, 2011 08:07am
PM accepts SBP head's resignation
Top News

PM accepts SBP head's resignation

ISLAMABAD : Prime Minister Yousuf Raza Gilani has accepted the resignation of the head of the State Bank of Pakistan (SB
Published 19 Jul, 2011 07:04am
India reveals massive uranium discovery
Top News

India reveals massive uranium discovery

NEW DELHI : A new mine in south India could contain the largest reserves of uranium in the world, a government officia
Published 19 Jul, 2011 05:05am
Debt - tough stuff for US
BR Research

Debt - tough stuff for US

The time bomb for a revision of the United States debt ceiling is ticking away. When the humongous debt ceiling of $14.29 trillion was reach
Published 19 Jul, 2011 12:00am
The urea goldmine
BR Research

The urea goldmine

You are a smart investor, if you invested in Fauji Fertilizer Company a year ago. Fewer investors in the local market or elsewhere would be
Published 19 Jul, 2011 12:00am
Indian rupee falls

Indian rupee falls

The Indian rupee weakened on Monday in thin trade as the euro and domestic equities fell on escalating US and eurozone debt worries, but traders said foreign fund inflows would prevent a sharp fall in the local currency. The partially convertible rupee en
Published 19 Jul, 2011 12:00am
Euro struggles in London

Euro struggles in London

The euro fell on Monday, hitting a record low against the Swiss franc and dropping against the yen as investors grabbed perceived safe-haven currencies on concerns that the eurozone debt crisis could worsen in the near term.
Published 19 Jul, 2011 12:00am
Early trade in New York: Swiss franc hits record highs

Early trade in New York: Swiss franc hits record highs

The euro hit a record low against the Swiss franc on Monday and dropped against the yen on concerns the eurozone debt crisis will worsen in the near term. The euro fell sharply against the Swiss franc early in the global trading day, hitting a record low
Published 19 Jul, 2011 12:00am
Euro and dollar tumble versus Swiss franc

Euro and dollar tumble versus Swiss franc

The euro and dollar both plumbed record lows against the Swiss franc on Monday, with European bank stress tests shrugged off as not tough enough and fear ruling over debt problems plaguing the European Union and United States.
Published 19 Jul, 2011 12:00am
Sovereign woes to keep interbank market on edge

Sovereign woes to keep interbank market on edge

Concerns over the health of sovereign finances cast a shadow over interbank market sentiment on Monday, even after European banking stress tests revealed few unexpected weak spots in the region's financial sector.
Published 19 Jul, 2011 12:00am
FTSE plummets as banks hit two-year low

FTSE plummets as banks hit two-year low

Britain's top shares fell sharply on Monday after the results of stress tests on European banks were met with disappointment over their credibility while investors were also fearful over the threat of a US default on the nation's debt. The banking sector
Published 19 Jul, 2011 12:00am
Australian shares flat

Australian shares flat

Australian stocks ended little changed on Monday, with some relief on European bank stress tests offset by uncertainty over a US debt deal, while News Corp shares took another hit. News Corp shares tumbled more than 7 percent to two-year low, as the phone
Published 19 Jul, 2011 12:00am
European shares tumble

European shares tumble

European shares fell on Monday to a four-month closing low, led by banks on worries this week's eurozone meeting would fail to agree a second bailout package for Greece and concerns that the latest bank stress tests were unrealistic.
Published 19 Jul, 2011 12:00am
Seoul shares down

Seoul shares down

Seoul shares fell 0.7 percent on Monday as uncertainty over US and European debt issues continued to weigh on the market and dampened the earnings outlook for large caps such as Samsung Electronics and steel firm POSCO. The number of gainers, however, out
Published 19 Jul, 2011 12:00am
Middle East markets: Kuwaiti shares at 7-year low, Egypt down

Middle East markets: Kuwaiti shares at 7-year low, Egypt down

Kuwaiti shares slumped to a new seven-year low on Monday after the central bank governor said the economy needed correction, and Egypt's market fell on renewed concerns over an uncertain political outlook. Central bank governor Sheikh Salem Abdul-Aziz al-
Published 19 Jul, 2011 12:00am
Tokyo markets closed

Tokyo markets closed

Japanese stocks, financial and commodity markets were closed on Monday for a public holiday. Trading resumes on Tuesday.
Published 19 Jul, 2011 12:00am
Hong Kong and Shanghai shares fall

Hong Kong and Shanghai shares fall

Hong Kong shares traded lower on Monday, as uncertainty about resolution of the world's debt crises and a setback for major index stock Citic Pacific depressed the market. The Hang Seng Index, which last week had its worst week since March, ended down 0.3
Published 19 Jul, 2011 12:00am
South East Asian markets: Jakarta, Manila at record high

South East Asian markets: Jakarta, Manila at record high

Stocks in Indonesia and the Philippines closed at record highs on Monday, outperforming most of their Southeast Asian peers, despite worries about mounting US and eurozone debt problems which are driving investors from riskier assets in much of the rest o
Published 19 Jul, 2011 12:00am
Indian shares extend losses

Indian shares extend losses

Indian shares extended the previous week's losses and shed 0.3 percent on Monday, tracking a fall in global equities, as growing United States and eurozone debt worries kept investors away from risk. Financial health checks on European banks failed to add
Published 19 Jul, 2011 12:00am
Taiwan stocks down

Taiwan stocks down

Taiwan stocks ended down 0.42 percent on Monday, with smartphone maker HTC falling after Apple won a preliminary ruling from a US trade panel that HTC infringed on two of the US company's patents. The sell-off came despite HTC announcing a share buyback o
Published 19 Jul, 2011 12:00am
World Bank chief slams US leadership on trade deal

World Bank chief slams US leadership on trade deal

The president of the World Bank criticised the United States on Monday for its lack of leadership in pushing through a new global trade agreement that he said would boost economic growth. Robert Zoellick, a former US trade negotiator under President Georg
Published 19 Jul, 2011 12:00am
Iraq asks China to set up reconstruction fund

Iraq asks China to set up reconstruction fund

Iraq has asked China to set up a fund to help with the reconstruction of the war-battered country, an Iraqi government official said on Monday during a visit to Beijing by Iraqi Prime Minister Nuri al-Maliki. Iraqi government spokesman Ali al-Dabbagh also
Published 19 Jul, 2011 12:00am
Lukashenko sacks Belarus central bank chief

Lukashenko sacks Belarus central bank chief

President Alexander Lukashenko on Monday sacked the head of the Belarussian central bank, the presidency said, amid an economic crisis that poses the biggest test of his 17 year rule. National Bank of Belarus chief Pyotr Prokopovich was "relieved of his d
Published 19 Jul, 2011 12:00am
VTB puts $9 billion price tag on Bank of Moscow

VTB puts $9 billion price tag on Bank of Moscow

Russia's second-largest bank VTB said Monday it would acquire full ownership of its debt-ridden rival Bank of Moscow for $9.15 billion in a deal establishing its dominance in the Moscow retail market.
Published 19 Jul, 2011 12:00am
EU banks told to come clean on fees

EU banks told to come clean on fees

Banks in the European Union have until mid-September to come clean on fees they charge customers or face mandatory transparency rules. "We think the fees should be easy to understand across the board, with comparable fees charged for comparable services.
Published 19 Jul, 2011 12:00am
SEC sues three Swiss firms, alleges insider trading in Arch

SEC sues three Swiss firms, alleges insider trading in Arch

The US Securities and Exchange Commission filed an insider-trading lawsuit accusing three Swiss entities of suspicious trading in Arch Chemicals Inc before the company agreed on July 11 to a $1.2 billion take-over by Switzerland's Lonza Group AG.
Published 19 Jul, 2011 12:00am
SEC sues three Swiss firms, alleges insider trading in Arch

SEC sues three Swiss firms, alleges insider trading in Arch

The US Securities and Exchange Commission filed an insider-trading lawsuit accusing three Swiss entities of suspicious trading in Arch Chemicals Inc before the company agreed on July 11 to a $1.2 billion take-over by Switzerland's Lonza Group AG.
Published 19 Jul, 2011 12:00am
Fitch reiterates warning on US credit rating

Fitch reiterates warning on US credit rating

Fitch Ratings on Monday reiterated its view that if the US debt ceiling is not raised prior to August 2, the agency will place the US AAA rating on what it terms "ratings watch negative," meaning it could downgrade it within three to six-months. Fitch pre
Published 19 Jul, 2011 12:00am
Fitch reiterates warning on US credit rating

Fitch reiterates warning on US credit rating

Fitch Ratings on Monday reiterated its view that if the US debt ceiling is not raised prior to August 2, the agency will place the US AAA rating on what it terms "ratings watch negative," meaning it could downgrade it within three to six-months. Fitch pre
Published 19 Jul, 2011 12:00am
New Zealand inflation hits 21-year high

New Zealand inflation hits 21-year high

Inflation in New Zealand has hit a 21-year high of 5.3 percent. Prices for food, airfares and housing were all up in the second quarter, according to the government agency Statistics New Zealand. The cost of vegetables, which are in short supply thanks to
Published 19 Jul, 2011 12:00am
China boosts holdings of US Treasury securities

China boosts holdings of US Treasury securities

China, the biggest buyer of US Treasury debt, increased its holdings in May for the second straight month, after five months of declines. China boosted its holdings by $7.3 billion to $1.16 trillion, the Treasury Department said Monday. Total foreign hold
Published 19 Jul, 2011 12:00am
China boosts holdings of US Treasury securities

China boosts holdings of US Treasury securities

China, the biggest buyer of US Treasury debt, increased its holdings in May for the second straight month, after five months of declines. China boosted its holdings by $7.3 billion to $1.16 trillion, the Treasury Department said Monday. Total foreign hold
Published 19 Jul, 2011 12:00am
Goldman Sachs cuts US growth estimates

Goldman Sachs cuts US growth estimates

Goldman Sachs has cut its forecast for US second-quarter growth to 1.5 percent from 2 percent, citing weak consumer spending. The downgrade follows last week's raft of weak reports on retail sales, manufacturing and consumer sentiment, which have raised c
Published 19 Jul, 2011 12:00am
Halliburton profit jumps

Halliburton profit jumps

Halliburton Co, the world's second-largest oilfield services company, reported a forecast-topping 54 percent jump in profit on Monday as a US onshore drilling boom showed no sign of cooling off.
Published 19 Jul, 2011 12:00am
No consensus as Europe limps towards Greece summit

No consensus as Europe limps towards Greece summit

Government officials and commercial bankers remained divided over competing policy proposals on Monday as Europe struggled to put together a second bailout for Greece and prevent the region's debt crisis from spreading.
Published 19 Jul, 2011 12:00am
Europe should step up debt crisis efforts: Geithner

Europe should step up debt crisis efforts: Geithner

US Treasury Secretary Timothy Geithner on Monday urged European Union leaders to step up efforts to contain contagion from debt troubles in certain eurozone countries. "What Europe obviously needs to do is to work more forcefully to contain the risk of an
Published 19 Jul, 2011 12:00am
Europe should step up debt crisis efforts: Geithner

Europe should step up debt crisis efforts: Geithner

US Treasury Secretary Timothy Geithner on Monday urged European Union leaders to step up efforts to contain contagion from debt troubles in certain eurozone countries. "What Europe obviously needs to do is to work more forcefully to contain the risk of an
Published 19 Jul, 2011 12:00am
Obama wants big debt deal but open to fallback plan

Obama wants big debt deal but open to fallback plan

President Barack Obama would like to see a comprehensive deficit-reduction package but is exploring a possible fallback plan with congressional leaders to avert a US debt default by August 2, the White House said on Monday.
Published 19 Jul, 2011 12:00am
Obama wants big debt deal but open to fallback plan

Obama wants big debt deal but open to fallback plan

President Barack Obama would like to see a comprehensive deficit-reduction package but is exploring a possible fallback plan with congressional leaders to avert a US debt default by August 2, the White House said on Monday.
Published 19 Jul, 2011 12:00am
Battered US home builder sentiment creeps up

Battered US home builder sentiment creeps up

US home building firms were a little bit more optimistic in July but confidence levels remained near historic lows, the National Association of Home Builders said on Monday. The NAHB/Wells Fargo Housing Market index (HMI) rose to 15 in July after falling
Published 19 Jul, 2011 12:00am
Mandatory certification code: SECP grants extension of timeline

Mandatory certification code: SECP grants extension of timeline

Securities and Exchange Commission of Pakistan (SECP) has granted extension of the timeline prescribed in the code for mandatory certification of minimum one director on such companies' boards under corporate governance orientation programmes up to June 3
Published 19 Jul, 2011 12:00am
Nust organises 'EXYLENT' workshop

Nust organises 'EXYLENT' workshop

With a view to promote creativity and innovation among youngsters, School of Electrical Engineering and Computer Science-Nust has organised a two-week workshop titled 'EXYLENT'-Exploring Young Leaders Natural Talent. The inaugural ceremony of the workshop
Published 19 Jul, 2011 12:00am
JACPIA Employees expresses sorrow over Amir's death

JACPIA Employees expresses sorrow over Amir's death

The Convenor of Joint Action Committee of PIA Employees, JACPIA Captain Sohail Baluch along with other members of committee has strongly condemned the killing of Syed Arnir Shah, President of the Peoples Unity of Pakistan International Airlines (PIA) and
Published 19 Jul, 2011 12:00am
'Corruption major impediment to economic growth in developing countries'

'Corruption major impediment to economic growth in developing countries'

Corruption is the single major impediment to sustainable development and economic growth in developing countries like Pakistan, said Dr Wadho, contesting the earlier theoretical advocates of development and friendly facet of corruption having examples fro
Published 19 Jul, 2011 12:00am
'Competition regime imperative for healthy business conduct'

'Competition regime imperative for healthy business conduct'

Pakistan has entered a new regime of competition with a vigilant Competition Commission which is important for steering a competitive and healthy business conduct and maintaining a level playing field in the business - key to innovation, cost-control and
Published 19 Jul, 2011 12:00am
Cop shot dead at Swabi

Cop shot dead at Swabi

One police official was killed while another injured when unknown armed men opened fire on police mobile here at Marghuz area on late Sunday night.
Published 19 Jul, 2011 12:00am
QMobile brings real power of communication

QMobile brings real power of communication

Qmobile was launched in 2009 bringing the real power of communication through a wide range of mobile phones packed with top of the line innovative features and international quality standards became the second most selling brand of Pakistan in short perio
Published 19 Jul, 2011 12:00am
Work on Hindko pronunciation dictionary in progress

Work on Hindko pronunciation dictionary in progress

The work on a Hindko pronunciation dictionary and another publication having words shared by Hindko, Pashto and Urdu is in progress and the research-based books would be published soon.
Published 19 Jul, 2011 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 257,748 tonnes of cargo including 201,024 tonnes of import cargo, 56,724 tonnes of export cargo and 4,394 loaded & empty containers during last 48 hours ended at 0700 hours on Monday.
Published 19 Jul, 2011 12:00am
Grain market remains closed

Grain market remains closed

Grain and seed markets were closed on Monday on account of Shab-e-Barat holiday, grain and seed merchants group's press release said.
Published 19 Jul, 2011 12:00am
China boosts Vietnam, Thai sugar imports to ease shortage

China boosts Vietnam, Thai sugar imports to ease shortage

China is estimated to face a sugar shortage of 2 million tonnes this year, Vietnamese officials and a state-run newspaper said, in line with estimates by Chinese officials, leading to more imports from neighbouring Vietnam and Thailand.
Published 19 Jul, 2011 12:00am
India's iron ore exports seen falling to eight-year low

India's iron ore exports seen falling to eight-year low

Iron ore exports from India are likely to fall by more than a quarter to their lowest level in eight years because of higher costs and slow efforts in a key state to resume shipments, a Reuters poll showed.
Published 19 Jul, 2011 12:00am
US corn falls over one percent; wheat down on Russian supplies

US corn falls over one percent; wheat down on Russian supplies

US corn slid more than 1 percent on Monday, weighed down by concerns over US and European debt, after strong gains last week on forecasts of hot weather which could threaten crop yields. Wheat also dropped 1.4 percent, falling for a third straight day as
Published 19 Jul, 2011 12:00am
Russia harvests 14.6 million tonnes of grain

Russia harvests 14.6 million tonnes of grain

Russia has harvested 14.6 million tonnes of grain by bunker weight in the year to date, the Agriculture Ministry said on Monday, lower than a year ago when farmers had to accelerate harvesting due to drought. The Ministry did not provide a comparison to y
Published 19 Jul, 2011 12:00am
Ivorian cocoa arrivals seen 24pc up on last season

Ivorian cocoa arrivals seen 24pc up on last season

Cocoa arrivals at ports in top grower Ivory Coast reached around 1,332,000 tonnes by July 17, surging ahead of the previous season's arrivals by 24 percent, exporters estimated on Monday. The figure compared with 1,074,304 tonnes in the same period of the
Published 19 Jul, 2011 12:00am
Slight fall in trading activity on cotton market

Slight fall in trading activity on cotton market

Modest business was seen on the cotton market on Monday as most of the mills didn't take interest in new purchasing due to huge stock of cotton yarn with them, dealers said The Karachi Cotton Association (KCA) official spot was unchanged at Rs 6,200, they
Published 19 Jul, 2011 12:00am
Ivorian rainy weather mixed for cocoa crop

Ivorian rainy weather mixed for cocoa crop

Rainy weather punctuated by occasional bursts of sunshine in Ivory Coast's principal cocoa regions last week had mixed results on the last stage of the mid-crop, farmers said on Monday.
Published 19 Jul, 2011 12:00am
Allied Bank Limited declares profit rates

Allied Bank Limited declares profit rates

Allied Bank Limited has declared the profit rates on PLS deposits for the period of six months from 1st January to 30th June 2011.

Published 19 Jul, 2011 12:00am
Allied Bank Limited declares profit rates

Allied Bank Limited declares profit rates

Allied Bank Limited has declared the profit rates on PLS deposits for the period of six months from 1st January to 30th June 2011.

Published 19 Jul, 2011 12:00am
Habib Bank Limited declares profit rates

Habib Bank Limited declares profit rates

Habib Bank Limited has declared the profit rates on PLS deposits for the period of six months from 1st January to 30th June 2011.

Published 19 Jul, 2011 12:00am
Habib Bank Limited declares profit rates

Habib Bank Limited declares profit rates

Habib Bank Limited has declared the profit rates on PLS deposits for the period of six months from 1st January to 30th June 2011.

Published 19 Jul, 2011 12:00am
Capital police budget to be enhanced: Akbar

Capital police budget to be enhanced: Akbar

Budget of Islamabad Police would be enhanced to make the force more vibrant and every possible step would be taken to improve its functioning, besides upgrading police training school to college level as per the commitment made by Prime Minister Gilani an
Published 19 Jul, 2011 12:00am
FBR officials' addl charge, leave notifications issued

FBR officials' addl charge, leave notifications issued

Ijaz Hussain, BS-21 officer of Inland Revenue Service, presently posted as Chief Commissioner, Inland Revenue, Large Taxpayers Unit, Islamabad, has been assigned additional charge of Member (Legal), FBR and FBR Member (Enforcement & Accounting), as both M
Published 19 Jul, 2011 12:00am
Telenor opens S&S Centre in Multan

Telenor opens S&S Centre in Multan

Telenor Pakistan has started operations at a new sale & service Centre in Multan on Abdali Road, which will provide support services to four franchises and cover areas of Khanewal, Kabirwala, Muzaffargarh to Lodhran, Bahawalpur and Khanpur.
Published 19 Jul, 2011 12:00am
Kuwait worried about economic imbalances; stocks drop

Kuwait worried about economic imbalances; stocks drop

Opec member Kuwait needs to correct imbalances in its economy, the country's central bank governor said in comments which raised investor concerns, prompting a sharp drop in the Gulf state's stock market on Monday.
Published 19 Jul, 2011 12:00am
Japan win World Cup for first time

Japan win World Cup for first time

Japan won the women's World Cup on Sunday for the first time, stunning the heavily favoured United States 3-1 on penalties after a 2-2 draw in extra time. Japan was in need of a good news story after the tsunami disaster which rocked the country in March
Published 19 Jul, 2011 12:00am
Wasim Akram included in ICC's all-time Test XI

Wasim Akram included in ICC's all-time Test XI

In the week when England host India at Lord's in the 2,000th Test match, there was no room for any English players in an ICC poll to decide cricket fans' greatest Test team of all time.
Published 19 Jul, 2011 12:00am
Inter to keep 2006 Serie A title

Inter to keep 2006 Serie A title

The Italian Football Federation (FIGC) announced on Monday that Inter Milan will be allowed to keep the 2006 Serie A title, attributed to them in the wake of that year's Calciopoli scandal. A motion by the FIGC's federal council declaring that there was "
Published 19 Jul, 2011 12:00am
Shabbir Iqbal lifts Independence Day Golf trophy

Shabbir Iqbal lifts Independence Day Golf trophy

The third Independence Day Cup Open Golf Tournament 2011 concluded at Defence Authority Country & Golf Club here on Sunday with Shabbir Iqbal of Islamabad Golf Club (IGC) winning the coveted trophy of the high profile DHA tournament.
Published 19 Jul, 2011 12:00am
India will miss aggressive Sehwag: Chappell

India will miss aggressive Sehwag: Chappell

The absence of hard-hitting Virender Sehwag could affect India's hopes of imposing themselves early in the Test series in England that starts Thursday, former Australia captain Ian Chappell has warned.
Published 19 Jul, 2011 12:00am
Pakistan to play Malaysia in Champions Trophy opener

Pakistan to play Malaysia in Champions Trophy opener

Pakistan will take on Malaysia in its opening match of the 1st Men's Asian Champions Trophy Hockey Tournament being played on September 3 in China. The participating teams of the nine-day competition are the hosts China, India, Japan, Korea, Malaysia and
Published 19 Jul, 2011 12:00am
Brazil exit as Venezuela shock Chile at Copa

Brazil exit as Venezuela shock Chile at Copa

Paraguay dumped holders Brazil out of the Copa America on Sunday, winning a quarter-final penalty shootout 2-0 after a poor match ended goalless after extra-time. A day after hosts Argentina slid out, also on penalties, to Uruguay, the shocks kept coming
Published 19 Jul, 2011 12:00am
Unbeatable Ishchenko wins synchro technical duets

Unbeatable Ishchenko wins synchro technical duets

Russia's Natalia Ishchenko scooped her 12th world championships gold medal as she combined with Svetlana Romashina to win the synchronised swimming duets technical competition on Monday.
Published 19 Jul, 2011 12:00am
Japan sets new benchmark for Asia

Japan sets new benchmark for Asia

It was case of "anything you can do, I can do better" for Japan's women footballers as they defied the odds to lift the World Cup just six months after the country's men had captured a record fourth Asian title.
Published 19 Jul, 2011 12:00am
Pakistan swimming team leaves for China

Pakistan swimming team leaves for China

The Pakistan swimming team left for China on Monday to participate in the 14th FINA World Swimming Championship. The tournament began on July 16 and will go till July 31. The team received no objection certificates (NoC) by the Pakistan Sports Board (PSB)
Published 19 Jul, 2011 12:00am
KSE suspends trading in shares of four companies

KSE suspends trading in shares of four companies

The Karachi Stock Exchange (KSE) on Monday announced that trading in the shares of four insurance companies shall remain suspended for a further period of 60 days with effect from July 19, 2011.
Published 19 Jul, 2011 12:00am
Piler's conference on domestic workers today

Piler's conference on domestic workers today

The proceedings of International Labour Organisation's (ILO's) 100th annual conference and salient features of the convention on domestic workers will be discussed at a meeting convened by Pakistan Institute of Labour Education and Research (Piler) here o
Published 19 Jul, 2011 12:00am
Business community welcomes MQM decision

Business community welcomes MQM decision

Business community has welcomed MQM Chief, Altaf Hussain's directive to Dr Ishrat-ul-Ibad Khan to reassume charge as Governor Sindh. President Karachi Chamber of Commerce and Industry, Mohammad Saeed Shafiq said that it is a welcoming decision and will he
Published 19 Jul, 2011 12:00am
Pir Mazhar, Dr Nazir visit Degree College Dadu

Pir Mazhar, Dr Nazir visit Degree College Dadu

The Provincial Minister for Education and Literacy Pir Mazharul Haq and Vice-Chancellor University of Sindh Dr Nazir A.Mughal visited the Degree College Dadu to inspect the provision of starting classes of Sindh University Campus during the current year.
Published 19 Jul, 2011 12:00am
Sindh CMIT probing Sufi University land dispute

Sindh CMIT probing Sufi University land dispute

Sindh Chief Minister's Inspection Team (CMIT) has called Ilyas Rajput, a private person who had allegedly occupied the land allotted for the purpose of establishing 'Sufi University' at Bhit Shah, sources told Business Recorder.
Published 19 Jul, 2011 12:00am
Government urged to revamp livestock policy

Government urged to revamp livestock policy

Chairman, Pakistan Tanners Association (PTA) (SZ), Aziz Ahmed has urged the government to revamp livestock policy in consultation with leather and leather garments exporters.
Published 19 Jul, 2011 12:00am
Punjab tops with 7.2 million household women workforce: survey

Punjab tops with 7.2 million household women workforce: survey

Around 12 million women were engaged in different domestic-based business in the country, in which Punjab is the top with 7.2 million household women workforce, said in a survey report launched by Roots Equality here on Monday.
Published 19 Jul, 2011 12:00am
Zardari presides over meeting

Zardari presides over meeting

A meeting was held at Bilawal House here on Monday presided by President Asif Ali Zardari and attended by Sindh Chief Minister Syed Qaim Ali Shah, Finance Minister, Sindh Chief Secretary, Additional Chief Secretary Home, Finance and Home Secretary and IGP
Published 19 Jul, 2011 12:00am
Chicken meat price reduces

Chicken meat price reduces

The price of chicken broiler has declined to Rs 262 per kg during the last two days after its demand reduced on the local market. Talking to Business Recorder, General Secretary of Sindh Poultry Wholesalers and Retailers Association, Kamal Akhtar Siddiqi,
Published 19 Jul, 2011 12:00am
PC clarification

PC clarification

Referring to a news item, carried by daily 'Business Recorder', Islamabad, in its issue dated July 14, 2011, titled 'PC refuses to give SOEs 12 percent shares to employees,' a spokesman of the Privatisation Commission (PC), while refuting the contents of
Published 19 Jul, 2011 12:00am
Results announced

Results announced

The University of Sindh has announced college side result of BA Pass Part-II annual examination 2010 here on Monday. A total number of 11,379 candidates appeared at the examination while 8,556 candidates declared successful. Out of them 685 candidates pas
Published 19 Jul, 2011 12:00am
150 police commandos to be deployed in Lyari

150 police commandos to be deployed in Lyari

Following the directives of President Zardari, the Sindh police on Monday announced to depute 150 commandos at Lyari to avert any untoward situation. According to official sources, the meeting chaired by president Zardari at Karachi on Sunday reviewed the
Published 19 Jul, 2011 12:00am
BoK handles over Rs 7 billion as home remittances

BoK handles over Rs 7 billion as home remittances

The Bank of Khyber (BoK) handled over Rs 7 billion as home remittances during the last six months, till June 30 2011, which shows confidence of the overseas Pakistanis on the bank, said Managing Director BoK, Bilal Mustafa while inaugurating BoK Half-Year
Published 19 Jul, 2011 12:00am
NGO prepares volunteers for rehabilitation of drug addicts

NGO prepares volunteers for rehabilitation of drug addicts

Horizon, a welfare organisation working on rehabilitation of drug addicts, has prepared 200 volunteers at national level for the mental and health rehabilitation of the drug addicts in the country. This was stated by the Chairman of Horizon, Dr Khalid Muf
Published 19 Jul, 2011 12:00am
No unlawful leasing of housing scheme by KPT

No unlawful leasing of housing scheme by KPT

KPT's Board of Trustees leased out seabed of 130 acres under Section 18 of the KPT Act. 1886 to the KPT Officers Co-operative Housing Society registered in 1949. It was made in 3 stages starting from 1989 (78 acres) 1990 (27 acres) and finally in 1996 (25
Published 19 Jul, 2011 12:00am
PCGA urges government to take measures to end energy crisis

PCGA urges government to take measures to end energy crisis

The central committee of Pakistan Cotton Ginners Association (PCGA) has urged upon the government to take measures on war footing basis to end the energy crisis in the country which had shattered our economy.
Published 19 Jul, 2011 12:00am
'Britain committed to having friendly relations with Pakistan'

'Britain committed to having friendly relations with Pakistan'

Deputy High Commissioner and Director UK Trade and Investment, Francis Campbell has said the British government is committed to have long-term, productive and friendly relations with Pakistan. Campbell further said that the British government also conside
Published 19 Jul, 2011 12:00am
LHC reserves verdict in Danial Aziz's petition

LHC reserves verdict in Danial Aziz's petition

A Lahore High Court election tribunal here on Monday reserved its verdict in an election petition seeking disqualification of PPP MNA and former state minister Tariq Anees. Daniyal Aziz of PML-Q filed the petition after he had lost his general election in
Published 19 Jul, 2011 12:00am
PML-Q leader raps PML-N leaders

PML-Q leader raps PML-N leaders

Pakistan Muslim League-Q Punjab General Secretary and the party's parliamentary leader in the Punjab Assembly, Chaudhry Zaheer Uddin has strongly condemned the VIPs who were caught on Shab-e-Bara'at night at a dance party in Lahore.
Published 19 Jul, 2011 12:00am
Handlooms sector urges government to bring down cost of doing business

Handlooms sector urges government to bring down cost of doing business

The Chairman of All Pakistan Handloom and Traditional Textiles Manufacturers and Exporters Association (APHTTMEA), Muhammad Aasim Shah, has sought government functionaries' intervention for removal of budget irritants confronting textile industry by spurr
Published 19 Jul, 2011 12:00am
50 grams of heroin seized

50 grams of heroin seized

The Customs export staff has recovered heroin from a parcel-bound from Lahore to China. According to a press release issued here Monday, the Custom export staff inspectors Waheed Bhatti and Asim Qamar were conducting examination of the exportable gift par
Published 19 Jul, 2011 12:00am
ABL donates Rs 1 million to GCU EFT

ABL donates Rs 1 million to GCU EFT

Allied Bank of Pakistan Monday donated rupees one million to Government College University Lahore Endowment Fund Trust (GCU EFT) for initiating a lifetime golden scholarship for the deserving students. The perpetual golden scholarship, to be named after A
Published 19 Jul, 2011 12:00am
ATH gets 'Best Industrial Company' Award

ATH gets 'Best Industrial Company' Award

Dr Hilal Hussain Al-Tuwairqi, Chairman Al-Tuwairqi Holding and the elected Chairman of Arab Iron & Steel Union (AISU) received "Best GCC Industrial Development Company" Award on behalf of Al Tuwairqi Holding Company. It is for the astounding achievements
Published 19 Jul, 2011 12:00am
JI warns against usurping rights of Baloch people

JI warns against usurping rights of Baloch people

Jamaat-e-Islami chief, Syed Munawar Hasan has said that all those persistently ignoring the rights of the Balochistan people would soon be in the people's court. He said people all over the country would have to intensify pressure on the government for re
Published 19 Jul, 2011 12:00am
'BISP helping families overcome financial problems'

'BISP helping families overcome financial problems'

Benazir Income Support Programme is the practical manifestation of dreams of Shaheed Zulfiqar Ali Bhutto and Shaheed Mohtarama Benzair Bhutto. Direct financial assistance to the beneficiary families would help them overcome their financial problems.
Published 19 Jul, 2011 12:00am
Farming community: Punjab to introduce solar water pump technology

Farming community: Punjab to introduce solar water pump technology

Punjab government will introduce solar water pump technology for the benefit of farming community. The pumps to be operated through solar energy will provide abundant water for irrigation purposes free of cost, which will also result in increase in agri-p
Published 19 Jul, 2011 12:00am
Ghazipur fire incident: Faisal Joiya made head of inquiry team

Ghazipur fire incident: Faisal Joiya made head of inquiry team

Punjab Food Minister, Chaudhry Abdul Ghafoor, taking notice of fire incident in Ghazipur wheat storage centre, has appointed Deputy Director, Faisal Joiya as inquiry officer and directed to submit inquiry report in two days. Joiya has immediately been sen
Published 19 Jul, 2011 12:00am
Name of GIL enlisted on HEC website

Name of GIL enlisted on HEC website

The Chairman Global Institute Lahore, Muhammad Kashif Khan, has thanked the chairperson Higher Education Commission, Dr Javaid Laghari for enlisting the name of GIL on the HEC website reflecting names of chartered universities/degree awarding institutes i
Published 19 Jul, 2011 12:00am
Government urged to take advantage of pro-textile world market factors

Government urged to take advantage of pro-textile world market factors

Chairman Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) North Zone Mubashar Naseer said Monday that factors like a shift in orders from increasing costly China, much-likely trade concessions from the European Union and the re
Published 19 Jul, 2011 12:00am
SMEDA undertakes 19 projects worth Rs 2.176 billion

SMEDA undertakes 19 projects worth Rs 2.176 billion

Small and Medium Enterprises Development Authority (SMEDA) has undertaken 19 Public Sector Development Projects worth Rs 2.176 billion across the country, apart from devising sector development strategies and providing Business Development Services to the
Published 19 Jul, 2011 12:00am
KP governor stresses result-oriented efforts for eradication of polio

KP governor stresses result-oriented efforts for eradication of polio

The Governor Khyber Pakhtunkhwa Barrister Masood Kausar on Monday underlined the need for serious and result-oriented efforts for eradication of polio from FATA and Khyber Pakhtunkhwa in line with the Emergency Action Plan at the country level, saying tha
Published 19 Jul, 2011 12:00am
US MIDDAY: gold surges to all-time high

US MIDDAY: gold surges to all-time high

Gold surged to an all-time high above $1,600 an ounce on Monday, extending a record rally as investors sought a safe haven on fears that US lawmakers could fail to raise the debt limit, resulting in a default.
Published 19 Jul, 2011 12:00am
US MIDDAY: gold surges to all-time high

US MIDDAY: gold surges to all-time high

Gold surged to an all-time high above $1,600 an ounce on Monday, extending a record rally as investors sought a safe haven on fears that US lawmakers could fail to raise the debt limit, resulting in a default.
Published 19 Jul, 2011 12:00am
US MIDDAY: gold surges to all-time high

US MIDDAY: gold surges to all-time high

Gold surged to an all-time high above $1,600 an ounce on Monday, extending a record rally as investors sought a safe haven on fears that US lawmakers could fail to raise the debt limit, resulting in a default.
Published 19 Jul, 2011 12:00am
US MIDDAY: copper higher

US MIDDAY: copper higher

London copper ended up for a second straight day on Monday, recouping earlier losses and maintaining its positive momentum despite a host of discouraging macro-economic developments. In New York, prices failed to sustain late gains. The key September COME
Published 19 Jul, 2011 12:00am
US MIDDAY: corn falls

US MIDDAY: corn falls

US corn prices slid 1.5 percent on Monday as a heat wave across the Corn Belt which lifted prices 9 percent last week appeared less severe according to the latest weather forecasts. Wheat fell 2 percent, following the slump in corn and on an advancing whe
Published 19 Jul, 2011 12:00am
US MIDDAY: sugar and coffee drop

US MIDDAY: sugar and coffee drop

Sugar and coffee futures fell on Monday, weighed down by mounting risk aversion among investors due to the deepening debt crisis in the eurozone and the potential for a US debt default. Volume though was light in New York soft commodities, ranging from 40
Published 19 Jul, 2011 12:00am
Gold rises above $1,600 in Europe

Gold rises above $1,600 in Europe

Gold prices rallied to record highs above $1,600 an ounce in Europe on Monday as investors spooked by the eurozone debt crisis and the threat of a US default bought into the metal as a haven from risk.
Published 19 Jul, 2011 12:00am
Gold hits record high in Asia

Gold hits record high in Asia

Spot gold touched a record high on Monday, on track for its longest winning run in at least four decades, reflecting persistent worries about the eurozone debt crisis and a growing threat of a US government default. Spot gold rose to an all-time peak of $
Published 19 Jul, 2011 12:00am
Copper moves higher

Copper moves higher

Copper edged higher on Monday, taking heart from recent Chinese import data and supply problems in Chile and elsewhere, but gains were limited by a wave of risk aversion that swept through the markets due to the eurozone debt crisis and the threat of a US
Published 19 Jul, 2011 12:00am
Shanghai copper rises

Shanghai copper rises

Copper edged higher on Monday, supported by near-term supply risks although a cloudy outlook for global demand limited gains. In Shanghai, the most-traded September copper contract closed up 0.3 percent at 71,840 yuan a tonne on Monday.
Published 19 Jul, 2011 12:00am
Malaysian palm oil falls

Malaysian palm oil falls

Malaysian palm oil futures fell 1.2 percent on Monday as weaker overseas soy complex weighed on market sentiment at the time when stocks are growing. Palm oil inventories in the world's No 2 producer hit 18-month highs in June as strong production due to
Published 19 Jul, 2011 12:00am
Oil falls on US, European debt fears

Oil falls on US, European debt fears

Crude oil prices fell on Monday due to growing fears of a sovereign debt default on either side of the Atlantic and on the possibility of another emergency stock release from the International Energy Agency.
Published 19 Jul, 2011 12:00am
Liffe sugar edges lower

Liffe sugar edges lower

Liffe October white sugar ended down $3.20 at $753.10 a tonne on Monday, in line with weaker commodity markets, as Europe's debt crisis triggers risk aversion. Liffe September robusta coffee ended $26 lower at $2,250 a tonne, tracking weakness on ICE as t
Published 19 Jul, 2011 12:00am
New York cotton ends at nine-month low

New York cotton ends at nine-month low

Cotton futures finished Monday at a 9-month low due to debt woes in the US and Europe as the historic rally in the market appears to be at an end, analysts said. Cotton had posted its sixth straight weekly loss last week and the biggest single weekly decl
Published 19 Jul, 2011 12:00am
Rising defaults

Rising defaults

Loan defaults has always been a major problem for the banking industry in Pakistan despite State Bank's efforts to contain their level within reasonable limits during the last few years. According to the latest "quarterly compendium" released by the SBP,
Published 19 Jul, 2011 12:00am
Handing over Afghanistan to Afghans

Handing over Afghanistan to Afghans

The Hazara-majority province of Bamiyan was handed over to the Afghan authorities on Sunday marking the beginning of the official transition that is expected to allow the foreign troops to completely vacate Afghanistan by 2014. Straddling the mountainous
Published 19 Jul, 2011 12:00am
Shocking one-man shows

Shocking one-man shows

What happened in Karachi on July 14 appeared a 'one-man show'. With his abusive outburst against Urdu-speaking Pakistanis and the MQM, Dr Zulfiqar Mirza revived the spell of insanity that began to fade after four days of unchallenged targeted killings in
Published 19 Jul, 2011 12:00am
IT developments and business environment

IT developments and business environment

Andrew Grove, the co-founder of Intel Corporation once said that the Internet will become so pervasive that in the future every business will be an Internet business or no business at all. He was right as we presently see businesses critically dependent o
Published 19 Jul, 2011 12:00am
Fear and fears

Fear and fears

Since the Soviet invasion of Afghanistan and more so after the 9/11 episode, the state has focused more and more on pushing Russia back and then on the war on terror and not at all on Pakistan's real issues. With short-term solutions and short-sighted lea
Published 19 Jul, 2011 12:00am
CFA programme: An overview

CFA programme: An overview

On 15 June 1963, 284 senior analysts sat for the first CFA(r) examination at various cities throughout the United States and Canada (during the initial year, the equivalent of the current Level III examination was the only examination required to earn the
Published 19 Jul, 2011 12:00am
Message from President, CFA Pakistan

Message from President, CFA Pakistan

I take this opportunity to congratulate all individuals and institutions who received the Excellence Awards this year. The Excellence Awards from CFA Association of Pakistan are in their 8th year now and they have become an industry standard today and are
Published 19 Jul, 2011 12:00am
CFA designation

CFA designation

When someone has achieved the CFA designation-make no mistake he or she is well aware of ethical responsibilities. He upholds the Code of Ethics and Standards of Professional Conduct. She knows why GIPS standards were created and to whom they apply. He ha
Published 19 Jul, 2011 12:00am
CFA charter

CFA charter

The CFA charter is a global gold standard that demonstrates an investment professional's expertise, skill, and ethical focus. It is a designation of distinction to the financial community and is recognised and sought by employers for their employees, resp
Published 19 Jul, 2011 12:00am
NBP - a glorious journey of service of the nation

NBP - a glorious journey of service of the nation

National Bank of Pakistan, the largest banking institution of the country has completed sixty two years of service to the nation. It was established through an ordinance on November 09, 1949 and started its operation with an issued capital of Rs 15 Milli
Published 19 Jul, 2011 12:00am
KASB Securities

KASB Securities

At KASB Securities, our goal is to be Pakistan's premier brokerage franchise, providing clients with exceptional service, real-time market and economic developments and value-added, return-generating investment insights and recommendations.
Published 19 Jul, 2011 12:00am
Meezan Bank Limited

Meezan Bank Limited

Meezan Bank is the first and largest Islamic Bank in Pakistan with a network of over 225 Branches in over 60 cities across Pakistan. The bank has embarked on an aggressive branch expansion strategy and plans to open 47 more branches this year, as a result
Published 19 Jul, 2011 12:00am
Benefits of CFA programme

Benefits of CFA programme

Global Recognition: Nearly 90,000 CFA charterholders work in over 130 countries.
Published 19 Jul, 2011 12:00am
ENGRO RUPIYA CERTIFICATE: Transaction of the year 2010

ENGRO RUPIYA CERTIFICATE: Transaction of the year 2010

Engro Rupiya Certificate (ERC) has been acknowledged as the "Transaction of the year 2010" by the CFA Association of Pakistan. The CFA Association recognised ERC as being a landmark transaction in Pakistan, recognising innovativeness of its offering to ca
Published 19 Jul, 2011 12:00am
HSBC Bank Middle East Limited - Pakistan

HSBC Bank Middle East Limited - Pakistan

HSBC is one of the most trusted banks in the region, recognised not only for its expertise and knowledge of the market but also for its comprehensive range of financial services. Our branches across Pakistan give our customers access to the international
Published 19 Jul, 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 19 Jul, 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 19 Jul, 2011 12:00am
Exchange rates: buying and selling

Exchange rates: buying and selling

Exchange rates issued by the Treasury Management Division of National Bank of Pakistan on Monday (July 18, 2011).

Published 19 Jul, 2011 12:00am
Conversion for foreign currency deposits

Conversion for foreign currency deposits

Conversion for foreign currency deposits, DBC/FCBC, special USD bond & profits thereon (excluding FE-25 deposits) on Monday (July 18, 2011).

Published 19 Jul, 2011 12:00am
Currency notes: exchange rates

Currency notes: exchange rates

Exchange rates for Currency Notes issued by the Treasury Management Division of National Bank of Pakistan (NBP) here on Monday (July 18, 2011).

Published 19 Jul, 2011 12:00am
PSDP projects: Ecnec-directed audit opposed by MoF

PSDP projects: Ecnec-directed audit opposed by MoF

Finance Ministry has opposed biannual audit of public sector development projects as directed by the Executive Council of the National Economic Council (Ecnec) to ensure transparency and timely execution of the projects, it was reliably learnt. Sources sa
Published 19 Jul, 2011 12:00am
PSDP projects: Ecnec-directed audit opposed by MoF

PSDP projects: Ecnec-directed audit opposed by MoF

Finance Ministry has opposed biannual audit of public sector development projects as directed by the Executive Council of the National Economic Council (Ecnec) to ensure transparency and timely execution of the projects, it was reliably learnt. Sources sa
Published 19 Jul, 2011 12:00am
PSDP projects: Ecnec-directed audit opposed by MoF

PSDP projects: Ecnec-directed audit opposed by MoF

Finance Ministry has opposed biannual audit of public sector development projects as directed by the Executive Council of the National Economic Council (Ecnec) to ensure transparency and timely execution of the projects, it was reliably learnt. Sources sa
Published 19 Jul, 2011 12:00am
Bill buying rates per unit of currency

Bill buying rates per unit of currency

Bill Buying Rates per unit of currency -- issued by the Treasury Management Division of the National Bank of Pakistan on Monday (July 18, 2011).

Published 19 Jul, 2011 12:00am
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