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Archive - 2011-07-30
England 24-1 at stumps
Cricket

England 24-1 at stumps

NOTTINGHAM: England were 24 for one in their second innings, a deficit of 43 runs, against India at stumps on the second
Published 30 Jul, 2011 06:58pm
Chile mine chaos deepens
Industry

Chile mine chaos deepens

SANTIAGO: Workers at the world's No. 3 copper mine, Chile's Collahuasi, put down their tools over labour demands, th
Published 30 Jul, 2011 01:12pm
England's Swann still sidelined
Cricket

England's Swann still sidelined

NOTTINGHAM: England off-spinner Graeme Swann remained off the field at the start of the second day's play in the second
Published 30 Jul, 2011 10:32am
SPI based inflation rises
Markets

SPI based inflation rises

ISLAMABAD : The Sensitive Price Indicator (SPI), for the week ended on 28 July 2011, for the lowest income group up to R
Published 30 Jul, 2011 09:29am
NATO says it hit Libyan TV transmitters
Top News

NATO says it hit Libyan TV transmitters

BRUSSELS : NATO announced Saturday it had carried out precision strikes on three Libyan television transmitters to silen
Published 30 Jul, 2011 06:20am
Gunmen kill 11 in Quetta
Top News

Gunmen kill 11 in Quetta

QUETTA : At least eleven men were killed when gunmen opened fire in Quetta on Saturday, police said. "Gunmen opened
Published 30 Jul, 2011 05:37am
Fauji Fertiliser posts over Rs eight billion net profit

Fauji Fertiliser posts over Rs eight billion net profit

Fauji Fertiliser Co (FFC) posted Rs 8.188 billion as net profit after tax in the half year period ended on June 30, 2011 as compared to Rs 5.101 billion earned in the corresponding period in 2010. The company's earning per share increased to Rs 9.65 in th
Published 30 Jul, 2011 12:00am
Lyallpur Museum BoG constituted

Lyallpur Museum BoG constituted

Punjab Chief Minister has constituted the board of governors for Lyallpur Museum, Faisalabad for a period of three years. Commissioner Faisalabad Division Faisalabad, Secretary Information, Culture & Youth Affairs Department, Secretary Finance Department
Published 30 Jul, 2011 12:00am
Qatari delegation calls on President

Qatari delegation calls on President

A Qatari delegation headed by Sheikh Ali Bin Abdullah Bin Thani, member of Royal family of Qatar, called on President Asif Ali Zardari at the Aiwan-e-Sadr on Friday. The delegation included Sheikh Khalid Al-Thani, member of Ruling family, Ambassador Ahmed
Published 30 Jul, 2011 12:00am
MIF to distribute Ramazan food packs among vulnerable households

MIF to distribute Ramazan food packs among vulnerable households

The Muslim INGO Forum Pakistan (MIF) which links together Muslim INGOs operating in Pakistan announced today that this Ramazan they are joining together to distribute Ramazan food packs to poor families in Balochistan. Initially, 20,000 people will benefi
Published 30 Jul, 2011 12:00am
Director KASB Finance meets Governor Punjab

Director KASB Finance meets Governor Punjab

Mahmud Ali Shah Bokhari, Director KASB Finance along-with Salman Raza, Regional Head of KASB bank here met Governor Punjab, Latif Khan Khosa at the Governor House. They discussed banking and financial matters in the meeting. Punjab governor appreciated th
Published 30 Jul, 2011 12:00am
Hesco's receivables stand at Rs 10 billion

Hesco's receivables stand at Rs 10 billion

Hyderabad Electric Supply Company (Hesco) receivables from public as well as private consumers as on June 2011 stood at Rs 10 billion. According to documents available with Business Recorder, the utility's receivables were Rs 7.605 billion in June, 2010 w
Published 30 Jul, 2011 12:00am
Militants link release of Swiss couple with Dr Aafia

Militants link release of Swiss couple with Dr Aafia

Taliban militants holding a Swiss couple said Friday that they were ready to swap them for Aafia Siddiqui, who has been convicted in the US on charges of terrorism. Olivier David Och, 31, and Daniela Widmer, 28, were taken away by gunmen on July 1 in the
Published 30 Jul, 2011 12:00am
PFOWA holds certificate distribution ceremony

PFOWA holds certificate distribution ceremony

Pakistan Foreign Office Women's Association held a certificate distribution ceremony at the Foreign Office on Friday to give away prizes to the position/distinction holders and participants of the computer course who successfully completed their training.
Published 30 Jul, 2011 12:00am
PDIP organises workshop for Discos' management

PDIP organises workshop for Discos' management

The USAID Power Distribution Improvement Programme (PDIP) on Friday organised a workshop of senior Disco management to introduce latest financial management system as part of the assistance from USAID to Discos to improve their accounting manuals, interna
Published 30 Jul, 2011 12:00am
Record 1,000 companies registered with SECP in Balochistan

Record 1,000 companies registered with SECP in Balochistan

A record corporate growth has been witnessed in Balochistan and the total companies registered with the SECP's Company Registration Office in Quetta has crossed the 1,000 mark. During the financial year 2010-11, a total of 57 companies were registered in
Published 30 Jul, 2011 12:00am
Selection of CEO: PSM Board meeting today

Selection of CEO: PSM Board meeting today

Pakistan Steel Mills (PSM) Board will meet on Saturday (today) in Islamabad to consider the name of Chief Executive Officer (CEO) of the Mill as three candidates have been short-listed for approval, official sources told Business Recorder.
Published 30 Jul, 2011 12:00am
Farooq Abdullah terms Pak-India peace talks positive

Farooq Abdullah terms Pak-India peace talks positive

President of National Conference and Union Minister, Dr Farooq Abdullah described the peace talks between Foreign Ministers of Pakistan and India as positive. According to a private news channel on Friday, he said that all issues could be solved through b
Published 30 Jul, 2011 12:00am
'Sports curb inclination of youth towards negative activities'

'Sports curb inclination of youth towards negative activities'

Professor Dr Muhammad Khaleeq-ur-Rahman, Vice Chancellor, Government College University Lahore, said on Friday that sports and co-curricular activities must be promoted in all educational institutions as they play a crucial role in the training of student
Published 30 Jul, 2011 12:00am
Multan lawyers concerned over judiciary, executive clash

Multan lawyers concerned over judiciary, executive clash

The High Court Bar Association (HCBA), Multan, on Friday expressed its deep concern over the clash between judiciary and executive, saying that it could result in destabilising the country, and the democratic process. The HCBA Executive Committee held a m
Published 30 Jul, 2011 12:00am
Newly elected office-bearers of SPC congratulated

Newly elected office-bearers of SPC congratulated

Minister for Information and Broadcasting, Dr Firdous Ashiq Awan on Friday congratulated the newly elected Chairman Sialkot Press Club, Hamayun Iqbal Malik and other office bearers on their election and expressed hope that the newly elected representative
Published 30 Jul, 2011 12:00am
'New era'

'New era'

If the "new era" that the foreign ministers of Pakistan and India claim to have ushered in by meeting in New Delhi on Wednesday, is the right description of the evolving relationship between the two countries, then over half a century-old Kashmir dispute
Published 30 Jul, 2011 12:00am
The question of new provinces

The question of new provinces

That the Federation is to be recast beyond the present four provinces is almost a certainty now. The PPP took an important step in that direction last March when President Zardari directed his party's manifesto committee to make the creation of a Seraiki
Published 30 Jul, 2011 12:00am
Containing food and nutritional inflation?

Containing food and nutritional inflation?

As expected the arguments about national debt and about printing of money will continue but the root cause will never be eliminated. The root cause emanates from the mind and the way we are organised. Seldom have we seen the Pakistani mind seriously invol
Published 30 Jul, 2011 12:00am
Reviewing terms of engagement

Reviewing terms of engagement

The train of events set into motion by the Abottabad incident on May 2 has brought the relations between Pakistan-US to an all-time low. While Pakistan's establishment felt betrayed and humiliated after the American raid, it also came in for strong critic
Published 30 Jul, 2011 12:00am
Threat from India is real

Threat from India is real

The military threat from India has always been a cornerstone of Pakistan's defence planning and remains so today. Recently some journalists and politicians have expressed views to the contrary. One needs to examine if there are any cogent reasons to justi
Published 30 Jul, 2011 12:00am
Wastage of food at weddings

Wastage of food at weddings

I want to express my viewpoint and address all those who get the opportunity to attend wedding-cum-dinner invitations. I have observed people have the bad habit to take as much food as they can for them or their family or friends, never thinking who is be
Published 30 Jul, 2011 12:00am
Jamaat-e-Islami demands withdrawal of new Fata, Pata Regulations

Jamaat-e-Islami demands withdrawal of new Fata, Pata Regulations

Terming the FATA and PATA regulations as negation of all humanitarian laws, Jamaat-e-Islami (JI) on Friday called upon President Asif Ali Zardari to withdraw the regulations otherwise it would start movement that could also extend to besiege Awan-e-Sadr a
Published 30 Jul, 2011 12:00am
Meeting of NJPMC today

Meeting of NJPMC today

Meeting of the National Judicial (Policy Making) Committee (NJPMC) is scheduled on Saturday (today) under the Chairmanship of Justice Iftikhar Muhammad Chaudhry Chief Justice of Pakistan. The meeting will critically analyse/review data received from High
Published 30 Jul, 2011 12:00am
Seven held, looted items recovered

Seven held, looted items recovered

Islamabad Police have arrested seven persons including three proclaimed offenders and recovered looted items as well as hashish from their possession, said spokesman of Capital Police, here on Friday. Sabzi Mandi Police nabbed two thieves Abdul Jabbar and
Published 30 Jul, 2011 12:00am
'Eradication of piracy a must to overcome economic crisis'

'Eradication of piracy a must to overcome economic crisis'

Police, Federal Investigation Agency (FIA), Customs, Pemra and Intellectual Property Organization of Pakistan (IPOP) have a key role in eradicating the menace of piracy to bail out the country from economic crisis, said Sajjad Ahmed Bhutta, Director Gener
Published 30 Jul, 2011 12:00am
FBR transfers, postings

FBR transfers, postings

In pursuance of Establishment Division notification, Khawaja Shaukat Ali BS-21 officer of Inland Revenue Service has assumed the charge of the post of Member, Federal Board of Revenue (Hq), Islamabad from July 27, 2011. In this regard, the FBR issued a no
Published 30 Jul, 2011 12:00am
Blast derails four bogies of Bolan Mail

Blast derails four bogies of Bolan Mail

At least four bogies of Quetta-bound Bolan Mail derailed after a blast damaged railway track near Dera Allah Yar area of Jaffarabad district, some 280 km east of provincial capital, police said on Friday.
Published 30 Jul, 2011 12:00am
National Assembly body for relief, respite from power loadshedding

National Assembly body for relief, respite from power loadshedding

The meeting of Standing Committee on Water & Power was held here on Friday with Syed Ghulam Mustafa Shah in the chair. The agenda of the meeting was as follow: performances of Iesco, Sepco and Fesco. All the members of the committee were of the unanimous
Published 30 Jul, 2011 12:00am
PTCL brings EVO Wi-Fi Cloud offer

PTCL brings EVO Wi-Fi Cloud offer

Pakistan Telecommunication Company Limited (PTCL) brought an exciting EVO Wi-Fi Cloud offer for its customers, who can now get the device with two months unlimited internet access and enjoy the third month's usage absolutely free.
Published 30 Jul, 2011 12:00am
Sindh government undecided about Rs 20 billion DDP

Sindh government undecided about Rs 20 billion DDP

The prospects of District Development Program (DDP) getting Rs 20 billion seem to be dim as the Sindh government appears indecisive regarding its implementation, Business Recorder learnt on Friday. The Sindh government could not take any decision w
Published 30 Jul, 2011 12:00am
SAP offers Business Intelligence for SMEs

SAP offers Business Intelligence for SMEs

Today, SAP Pakistan introduces Business Intelligence solutions especially aimed for Small and Medium Enterprises (SMEs). SAP has been named the overall market share leader in the world-wide BI market, owning nearly a quarter of the market according to the
Published 30 Jul, 2011 12:00am
Indus Motor launches 'Corolla Ecotec'

Indus Motor launches 'Corolla Ecotec'

Indus Motor Company (IMC) has today launched the new environment friendly Corolla Ecotec XLi/GL1, a factory fitted CNG variant. The new Corolla Ecotec Xli/GLi has been specifically developed with factory fitted dual fuel option, ie, petrol and CNG. This m
Published 30 Jul, 2011 12:00am
Junaid Siddiqui assumes charge of Deputy DG CAA

Junaid Siddiqui assumes charge of Deputy DG CAA

Air-Vice Marshal, Junaid Ahmed Siddiqui assumed the charge of Deputy Director General Civil Aviation Authority (CAA) on Friday. A CAA official said here on Friday that AVM Junaid was commissioned in Pakistan Air Force (PAF) as GD Pilot in 1981 and since t
Published 30 Jul, 2011 12:00am
Barclays opens doors to customers at Tufail Road

Barclays opens doors to customers at Tufail Road

Barclays Bank PLC, Pakistan inaugurated its branch at Tufail Road, Cantt Lahore. Branch was inaugurated by CEO, Shazad Dada. Speaking on the occasion, he said, "I am delighted to be here today. The opening of our branch at Tufail Road, Lahore, affirms our
Published 30 Jul, 2011 12:00am
Bank robbery of Rs 3.3 million in Gulshan Iqbal

Bank robbery of Rs 3.3 million in Gulshan Iqbal

At least six unidentified armed robbers looted around Rs 3.3 million from a bank in broad daylight on Friday. According to police, at around 9:50am, the robbers entered in a bank situated at Gulshan Iqbal block 6 in the limits of Gulshan Iqbal police stat
Published 30 Jul, 2011 12:00am
Pakistan Cables organises awards giving ceremony

Pakistan Cables organises awards giving ceremony

Pakistan Cables Limited organised its annual sales achievement award distribution ceremony for their dealers and distributors. Kamal A Chinoy Chief Executive Officer of Pakistan Cables said the award has been instituted to recognise distributors and deale
Published 30 Jul, 2011 12:00am
Every organisation drifting towards bankruptcy: KCCI

Every organisation drifting towards bankruptcy: KCCI

Every organisation in the country is drifting towards bankruptcy, said President of Karachi Chamber of Commerce and Industry ((KCCI) Mohammad Saeed Shafiq here of Friday. Speaking at a meeting of Heath and Education Sub-committee of KCCI, he said that eco
Published 30 Jul, 2011 12:00am
DHA Lahore announces ballot result of plots

DHA Lahore announces ballot result of plots

DHA is the prime housing society of Pakistan. The management of this organisation has always been trying to live up to its image and also trying to create a modern city with cultural and ecological environments appropriate for work and living, equipped wi
Published 30 Jul, 2011 12:00am
Munter calls on Ibad

Munter calls on Ibad

Sindh Governor Dr Ishratul Ibad Khan said on Friday that the present coalition had produced positive results in the past and will continue to play its role in maintain a pleasant atmosphere in the province in future. He was talking to US Ambassador in Pak
Published 30 Jul, 2011 12:00am
CID martyrs' memorial: - lauds police sacrifices in war on terrorism

CID martyrs' memorial: - lauds police sacrifices in war on terrorism

US Ambassador Cameroon Munter on Friday visited the site of CID building blast to show solidarity with the martyrs and injured police personnel and condole with bereaved families. He was accompanied by his spouse Dr Marilyn Wyatt, US Consul General Willia
Published 30 Jul, 2011 12:00am
Antidumping Tribunal protecting domestic industry

Antidumping Tribunal protecting domestic industry

The federal government established Antidumping Appellate Tribunal last year under Section 64 of the Antidumping Duties Ordinance 2000. Former Justice Munir A Sheikh is the Chairman of the Tribunal, whereas former Justice Zawar Hussain Jaffery and Arshad M
Published 30 Jul, 2011 12:00am
Monsoon spell: no fear of damage to Kharif crops in Punjab

Monsoon spell: no fear of damage to Kharif crops in Punjab

There is no fear of damage to the major Kharif crops like sugarcane, cotton and rice from the recent monsoon spell, as the Punjab Disaster Management Authority, in collaboration with National Disaster Management Authority, has completed the inspection of
Published 30 Jul, 2011 12:00am
NAB rendered dysfunctional as government fails to appoint chairman

NAB rendered dysfunctional as government fails to appoint chairman

The National Accountability Bureau (NAB) is paralysed and dysfunctional as the President has not yet appointed a Chairman after the ouster of Justice Deedar Shah in March 2011, sources in NAB told Business Recorder on Friday. The Supreme Court on J
Published 30 Jul, 2011 12:00am
ITP chalks out special plan for Ramazan

ITP chalks out special plan for Ramazan

Islamabad Traffic Police (ITP) has chalked out a special plan for Holy month of Ramazan to meet the traffic related problems and ensure maximum convenience to road users. The plan was finalised by ITP in a special Darbar held here on Friday in consultatio
Published 30 Jul, 2011 12:00am
MWM threatens to hold long march to Peshawar

MWM threatens to hold long march to Peshawar

Majlis Wahdat-e-Muslimeen, Pakistan (MWM) has warned that the workers will hold long march to Peshawar, in case Khyber Pakhtunkhwa government fails to allow impounded food and logistic peace caravan within the next 24 hours to depart for Parachinar, Kurra
Published 30 Jul, 2011 12:00am
Two women among four killed over old enmity

Two women among four killed over old enmity

Four people, including two women, were shot dead and a woman was injured by their rivals over an old enmity near here on Friday. Sadar Police Station SHO Hassan Mansor Butt said three armed men gunned down Muhmmad Azam, Ghulam Mustafa, Zahida Perveen and
Published 30 Jul, 2011 12:00am
45,000 flood-hit families being provided homes

45,000 flood-hit families being provided homes

UNHCR is working for provision of home facility to more than 45,000 vulnerable families affected by the devastating floods in the country. The UN agency has nearly completed construction on around 30,000 transitional shelters for families who plan to repa
Published 30 Jul, 2011 12:00am
Ambassadors, HC designate meet Zardari

Ambassadors, HC designate meet Zardari

Ambassadors and High Commissioner designate separately called on President Asif Ali Zardari at Aiwan-e-Sadr here on Friday.
Published 30 Jul, 2011 12:00am
KMH receives 'Customer Excellence' award

KMH receives 'Customer Excellence' award

The Karachi Marriott Hotel (KMH) has been recognised and awarded the "Customer Excellence"-Problem Experienced Award for the year 2010. This prestigious award was conferred upon the KMH at the recently held Middle East and Africa General Managers' Confere
Published 30 Jul, 2011 12:00am
US MIDDAY: gold hits another record

US MIDDAY: gold hits another record

Gold hit another all-time high on Friday as investors sought a safe haven, after anaemic US growth data raised the prospect of recession if a deadlock over Washington's debt fails to be resolved quickly Gold volatility climbed as Republicans pressed ahead
Published 30 Jul, 2011 12:00am
US MIDDAY: copper up

US MIDDAY: copper up

Copper ended up a shade in choppy trade on Friday, failing to sustain a surge to three-month highs as economic jitters limited the bullish impact of Chilean supply shocks. Copper posted its second straight monthly gain as investors bet on improved demand
Published 30 Jul, 2011 12:00am
US MIDDAY: sugar extends losses

US MIDDAY: sugar extends losses

ICE raw sugar futures closed lower in choppy dealings on Friday amid profit-taking on the last trading day of July, while cocoa closed little changed as its spreads hit contract lows on heavy West African supplies. Coffee traded higher, while the commodit
Published 30 Jul, 2011 12:00am
Gold jumps to record high

Gold jumps to record high

Gold hit record highs on Friday after weak economic growth data from the United States raised the prospect of further monetary easing and a weaker dollar, while the impasse over the country's debt ceiling reinforced positive sentiment. Spot gold touched a
Published 30 Jul, 2011 12:00am
Gold edges down in Asia

Gold edges down in Asia

Gold edged down on Friday as the dollar regained strength on Moody's warning to downgrade Spain, while investors continued to watch US debt ceiling talks after Republicans delayed a vote on a debt plan. Spot gold lost 0.2 percent to $1,613.46 an ounce by
Published 30 Jul, 2011 12:00am
US gold pauses

US gold pauses

Gold paused on Thursday after the previous session's run to a record high, as investors sidelined themselves ahead of a close US House vote on a controversial Republican deficit-reduction plan. Silver dropped over 1 percent as Wall Street rose ahead of th
Published 30 Jul, 2011 12:00am
Liffe sugar falls, coffee up

Liffe sugar falls, coffee up

Sugar futures closed lower in choppy dealings on Friday amid profit-taking on the last trading day of July, while cocoa closed little changed as its spreads hit contract lows on heavy West African supplies. Coffee traded higher, while the commodity comple
Published 30 Jul, 2011 12:00am
Malaysian palm oil falls

Malaysian palm oil falls

Malaysian palm oil futures fell on Friday, but ended the month up almost 1 9 percent, on concerns that the United States may not meet an August 2 deadline to raise its debt limit, hitting global economic growth. A possible US sovereign credit rating downg
Published 30 Jul, 2011 12:00am
New York sugar crumbles

New York sugar crumbles

Raw sugar futures on ICE tumbled in thin dealings on Thursday, on stop-loss sales and investment liquidation as ample supplies and a dearth of cash interest finally took its toll on the sweetener. Arabica coffee tapped a six-month low and cocoa closed low
Published 30 Jul, 2011 12:00am
US soyabeans down

US soyabeans down

Chicago Board of Trade soyabean futures closed lower on Thursday on forecasts for cooler temperatures and increased rains in the US Midwest next week, traders said. A low number for soyabeans in USDA's weekly export sales report released on Thursday also
Published 30 Jul, 2011 12:00am
Tokyo rubber futures lower

Tokyo rubber futures lower

Tokyo rubber futures ended 1.2 percent lower on Friday due to profit-taking after recent rises, while the US debt stalemate still weighed on prices, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for January 2012 delivery fell
Published 30 Jul, 2011 12:00am
Oil falls on weak US GDP data

Oil falls on weak US GDP data

Oil prices fell on Friday, headed for a weekly loss after a report showed weak US economic growth and as Congress kept wrangling ahead of the August 2 deadline to raise the government debt ceiling and avoid default. The US economy stumbled in the first ha
Published 30 Jul, 2011 12:00am
Copper steadies

Copper steadies

Copper steadied on Friday as worries about the US debt crisis escalated and data showed lower-than-expected US growth, cutting gains from a surge early in the day to its highest in more than three months as uncertainty about supplies from top producer Chi
Published 30 Jul, 2011 12:00am
Shanghai copper falls

Shanghai copper falls

The most-active October copper contract on the Shanghai Futures Exchange fell 0.1 percent to 72,660 yuan per tonne, also after touching its highest since April 11. Its monthly rise of 3.6 percent will also be the year's highest.
Published 30 Jul, 2011 12:00am
US copper rises

US copper rises

Copper prices rose on Thursday on healthy US economic data and supply worries stoked by a declaration of force majeure at the world's biggest copper mine, but uncertainty over the US debt crisis capped gains. In New York, the key September COMEX contract
Published 30 Jul, 2011 12:00am
New York cotton falls

New York cotton falls

Cotton futures settled lower Friday as the market swung from daily limit down to slightly firmer on the day in a reflection of the deep uncertainty gripping investors worried over the US debt crisis, analysts said. "Maybe there a lot of nervous 'Nellies'
Published 30 Jul, 2011 12:00am
Egypt Islamists rally in show of strength

Egypt Islamists rally in show of strength

Tens of thousands packed Cairo's Tahrir Square on Friday as Islamists flexed their political muscle in perhaps Egypt's largest protest since a popular revolt overthrew president Hosni Mubarak in February. Islamists from across the country flocked into the
Published 30 Jul, 2011 12:00am
Nixon's secret Watergate testimony ordered released

Nixon's secret Watergate testimony ordered released

More than 36 years later, the secret grand jury testimony of President Richard Nixon in the Watergate scandal was ordered released on Friday by a federal judge because of its significance in American history. US District Judge Royce Lamberth granted a req
Published 30 Jul, 2011 12:00am
Polish defence minister quits over damning crash report

Polish defence minister quits over damning crash report

Polish Defence Minister Bogdan Klich resigned on Friday after a government report listed a litany of errors and neglect by the crew of the military plane that crashed in Russia last year killing Poland's President Lech Kaczynski and 95 others.
Published 30 Jul, 2011 12:00am
Head of Britain's press watchdog to step down

Head of Britain's press watchdog to step down

The head of Britain's Press Complaints Commission said Friday she was leaving the job, after facing criticism over the regulator's role in the phone-hacking scandal. "Baroness (Peta) Buscombe's three-year term of office comes to an end in the New Year. Sh
Published 30 Jul, 2011 12:00am
British man convicted of Murdoch pie assault

British man convicted of Murdoch pie assault

A British man was convicted Friday of assaulting Rupert Murdoch with a foam pie at a parliamentary hearing into phone-hacking, as MPs demanded the tycoon and his son clarify their evidence from the session.
Published 30 Jul, 2011 12:00am
US soldier in court cites accused Fort Hood killer

US soldier in court cites accused Fort Hood killer

US Army soldier Naser Jason Abdo shouted the name of a military psychiatrist accused of a 2009 shooting rampage at Fort Hood, Texas, during his first appearance in court on Friday on a charge related to an alleged terror plot. "Abeer Qassim al-Janabi Iraq
Published 30 Jul, 2011 12:00am
20 dead in Ukraine twin mine tragedies

20 dead in Ukraine twin mine tragedies

Twenty miners died and another 17 were missing Friday in two separate accidents at coal mines in the east of Ukraine, an industrial region notorious for its mining safety record. The twin disasters were the country's worst mining accidents since more than
Published 30 Jul, 2011 12:00am
Kyrgyzstan topples disliked 'Statue of Liberty'

Kyrgyzstan topples disliked 'Statue of Liberty'

Kyrgyzstan on Friday dismantled a "Statue of Liberty" in the centre of the capital Bishkek, mocked for its apparent resemblance to a widely disliked former First Lady. Workers in the early hours took down the towering statue, which depicted a female angel
Published 30 Jul, 2011 12:00am
Indian firms start Iran oil payments via Turkey

Indian firms start Iran oil payments via Turkey

Indian refiners will pay for Iranian crude oil through Turkey's Halkbank after MRPL made a test payment to end a US-inspired impasse that has built up over $5 billion of debts and prompted Iran to halt supplies making up 12 percent of India's demand.
Published 30 Jul, 2011 12:00am
18 civilians killed in Helmand bomb

18 civilians killed in Helmand bomb

Eighteen civilians died when a roadside bomb destroyed their minivan in southern Afghanistan's Helmand province on Friday, a day after a Taliban attack in Uruzgan killed 21 people. The latest bomb blast came as UN figures show civilian deaths are up 15 pe
Published 30 Jul, 2011 12:00am
Hariri killing: Lebanon tribunal names four suspects

Hariri killing: Lebanon tribunal names four suspects

The UN-backed Lebanon tribunal on Friday released the names, photographs and details of four men wanted for killing statesman Rafik al-Hariri, saying it acted in a bid to speed up their arrest. Lebanon received the indictments and four arrest warrants fro
Published 30 Jul, 2011 12:00am
Thousands protest as tensions flare in Yemen capital

Thousands protest as tensions flare in Yemen capital

Yemen opposition forces deployed armoured vehicles across streets in the capital Sanaa as tens of thousands gathered for prayers and protests both for and against President Ali Abdullah Saleh's three-decade rule. General Ali Mohsen, a top military command
Published 30 Jul, 2011 12:00am
Around 100 feared dead in DR Congo boat collision

Around 100 feared dead in DR Congo boat collision

Around 100 people were feared dead in the Democratic Republic of Congo on Friday after the latest in a string of boat accidents in the central African country, officials said. "We've counted 110 survivors out of over 200 that were on the canoe," said Rebe
Published 30 Jul, 2011 12:00am
Norway buries first victims as police question gunman

Norway buries first victims as police question gunman

Norway began burying Friday the 76 people killed in twin attacks exactly one week before, as police said psychiatrists would assess the mental health of perpetrator Anders Behring Breivik. Police said prosecutors had appointed two psychiatrists to determi
Published 30 Jul, 2011 12:00am
Syrian forces kill four at demonstrations

Syrian forces kill four at demonstrations

Security forces shot dead at least four civilians and wounded dozens more as thousands of Syrians gathered Friday to call for regime change and to chide world powers for inaction in the face of a brutal crackdown. Responding to a call under the slogan "Yo
Published 30 Jul, 2011 12:00am
Libya's rebel capital mourns slain army chief Yunis

Libya's rebel capital mourns slain army chief Yunis

Tens of thousands of Libyans mourned slain rebel military chief General Abdel Fatah Yunis on Friday as insurgent fighters pounded forces loyal to Moamer Kadhafi in the west of the country. "The blood of martyrs will not be spilled for nothing," the crowd,
Published 30 Jul, 2011 12:00am
Money markets: cash squeeze fears rise as US deadlock drags on

Money markets: cash squeeze fears rise as US deadlock drags on

Dollar funding costs for eurozone banks hit six-month highs on Friday and could rise to levels that may send lenders running to the ECB for greenbacks if the US fails to lift its debt ceiling. The European Central Bank's dollar swap line with the Federal
Published 30 Jul, 2011 12:00am
Debt woes slow Asian currencies gains

Debt woes slow Asian currencies gains

The South Korean won eased for the week, while its peers recorded smaller weekly gains than before, weighed by worries of the sovereign crises in the US and eurozone and on intervention by foreign exchange authorities. Interbank speculators and some model
Published 30 Jul, 2011 12:00am
Indian rupee falls

Indian rupee falls

The Indian rupee fell on Friday dragged by euro's slide as worries over eurozone debt resurfaced, but the local unit managed to post a second consecutive month of gains as inflows stayed robust. The partially convertible rupee ended at 44.1850/1950 per do
Published 30 Jul, 2011 12:00am
New Zealand and Australian dollars take breather

New Zealand and Australian dollars take breather

The New Zealand and Australian dollars marked time following recent hefty gains on Friday, as investors pared long positions on fears about Europe and US debt crises. The Aussie edged back to $1.0980, 0.2 percent on the day, after hitting a trough of $1.0
Published 30 Jul, 2011 12:00am
Yuan hits fresh record high

Yuan hits fresh record high

The yuan hit a record high against the dollar on Friday even after the Chinese central bank set a weaker mid-point as traders said banks' clients were bidding for large amounts of yuan to meet month-end requirements, on expectations of a weak dollar.
Published 30 Jul, 2011 12:00am
Swiss franc up

Swiss franc up

The Swiss franc pushed towards record levels against the euro on Friday as ratings agency Moody's said it may downgrade Spain's debt and a spike in Italian borrowing costs added to eurozone debt concerns. The franc also closed in on the all time high agai
Published 30 Jul, 2011 12:00am
Euro falls broadly in New York

Euro falls broadly in New York

The euro fell broadly on Thursday as dour European data and a jump in Italy's borrowing costs fanned fears of a spreading debt crisis in the eurozone. The euro's direction against the dollar could change overnight as investors mull the result of a vote on
Published 30 Jul, 2011 12:00am
Friday's midday trade: dollar slumps versus Swiss franc, yen

Friday's midday trade: dollar slumps versus Swiss franc, yen

The dollar tumbled to all-time lows against the Swiss franc and four-month troughs versus the yen on Friday as data showing lacklustre US growth and debt worries on both sides of the Atlantic prompted investors to seek refuge in traditional safe havens.
Published 30 Jul, 2011 12:00am
Dollar, euro underperform in London

Dollar, euro underperform in London

The dollar fell to a four-month low against the yen and hovered near record lows versus the Swiss franc on Friday, while the euro came under fresh pressure as debt jitters on both sides of the Atlantic drove edgy investors towards safe-haven currencies.
Published 30 Jul, 2011 12:00am
Dollar under pressure in Asia

Dollar under pressure in Asia

The dollar came under broad pressure on Friday, sinking to a four-month low against the yen while risk currencies faltered after the House of Representatives delayed a vote on a Republican proposal to raise the US government's debt limit, adding to uncert
Published 30 Jul, 2011 12:00am
Sterling soars versus dollar

Sterling soars versus dollar

Sterling rose to a seven-week high against a broadly weaker dollar on Friday after data showed tepid US growth while talks in Washington on a deal to raise the debt ceiling before an August 2 deadline remained deadlocked. The pound's gains versus the doll
Published 30 Jul, 2011 12:00am
UK's top share index falls

UK's top share index falls

Financials were the main drag on Britain's top share index on Friday, which fell sharply as concerns grew over the fragile state of the US economy and the country's bitter battle to deal with its debts. The UK's benchmark index shed 58.02 points or 1 perc
Published 30 Jul, 2011 12:00am
Australian shares weaker

Australian shares weaker

Australian stocks closed weaker for the third consecutive session on Friday as fears the United States will default on its debt and worries about a local interest rate rise pushed the market to near 11-month lows. Major banks ended weaker despite early ga
Published 30 Jul, 2011 12:00am
Taiwan stocks fall

Taiwan stocks fall

Taiwan stocks fell 1.4 percent in their worst daily percentage drop in nearly three weeks on Friday, with TSMC leading tech heavyweights down after the world's top contact chip maker gave a subdued outlook. The main TAIEX index dropped 123.02 points to 8,
Published 30 Jul, 2011 12:00am
European shares decline

European shares decline

European shares fell on Friday and suffered their biggest weekly loss since March after US GDP data came in weaker than expected, while disappointing company results added to the pressure on stock prices. Miners, whose growth is dependent on a strong econ
Published 30 Jul, 2011 12:00am
Hong Kong, China shares down

Hong Kong, China shares down

Hong Kong and China shares drifted lower in lacklustre turnover on Friday as optimism about the just-started earnings season was cancelled out by concerns over the unresolved United State debt-ceiling crisis. Debt concerns about Europe and the US, along w
Published 30 Jul, 2011 12:00am
Seoul shares extend losses

Seoul shares extend losses

Seoul shares extended losses on Friday on continued foreign selling after urgent US efforts to avoid a debt default suffered a new blow. "News that debt talks are likely to be prolonged into next week depressed investor sentiment the more the issue drags
Published 30 Jul, 2011 12:00am
Treasuries rise

Treasuries rise

US Treasuries prices rose on Thursday as credit worries about Europe fed safety demand for US bonds, temporarily pushing aside concern over the potential of a US default due to the debt ceiling gridlock. Disappointing demand at an Italian debt auction spa
Published 30 Jul, 2011 12:00am
Treasuries rise

Treasuries rise

US Treasuries prices rose on Thursday as credit worries about Europe fed safety demand for US bonds, temporarily pushing aside concern over the potential of a US default due to the debt ceiling gridlock. Disappointing demand at an Italian debt auction spa
Published 30 Jul, 2011 12:00am
US stocks mostly lower

US stocks mostly lower

US stocks faded in the afternoon on Thursday to end mostly lower, with investors sceptical a key vote by Congress would lead to a deal to avoid a US default. The S&P 500 fell for a fourth straight day as buyers kept to the sidelines while lawmakers tried
Published 30 Jul, 2011 12:00am
Friday's early afternoon trade: Wall Street falls

Friday's early afternoon trade: Wall Street falls

US stocks slid back into the red on Friday after remarks from a prominent Senate Democrat gave investors another reason to back away from stocks heading into a weekend full of uncertainty over default. The S&P has fallen four straight days as the stalemat
Published 30 Jul, 2011 12:00am
Nikkei falls for third day

Nikkei falls for third day

Tokyo stocks fell on Friday, losing ground for a third straight day as the deadlock over raising the US debt ceiling pushed the yen higher while Nintendo plunged as much as 20 percent on a crumbling earnings outlook. Shares of Nintendo, a non-Nikkei compo
Published 30 Jul, 2011 12:00am
Indian shares post biggest monthly fall since January

Indian shares post biggest monthly fall since January

Indian shares posted their biggest monthly decline in six months and closed 0.1 percent lower on Friday as investors fretted over slowing domestic growth after a series of interest rate increases and the possibility of a US debt default.
Published 30 Jul, 2011 12:00am
Most Southeast Asia markets lower

Most Southeast Asia markets lower

Most Southeast Asian stock markets edged down in moderate to light volume on Friday as investors worried about the possible outcome to the US debt problems and some big caps retreated as results failed to attract fresh buying interest.
Published 30 Jul, 2011 12:00am
Retail giant Metro cuts 2011 sales forecast

Retail giant Metro cuts 2011 sales forecast

Metro, the world's third biggest retailer, has cut its 2011 growth forecast, a spokesman said Friday as economic activity slows down in many parts of Europe. Metro now expects sales to increase by zero to four percent, compared with a previous forecast of
Published 30 Jul, 2011 12:00am
Mid Europa fund to spend up to 1 billion euros in CEE

Mid Europa fund to spend up to 1 billion euros in CEE

Private equity fund Mid Europa Partners plans to spend up to 1 billion euros ($1.4 billion) over the next two to three years in central and eastern Europe, which may include the retail chain of Polish Emperia , one of its partners told Reuters.
Published 30 Jul, 2011 12:00am
Mid Europa fund to spend up to 1 billion euros in CEE

Mid Europa fund to spend up to 1 billion euros in CEE

Private equity fund Mid Europa Partners plans to spend up to 1 billion euros ($1.4 billion) over the next two to three years in central and eastern Europe, which may include the retail chain of Polish Emperia , one of its partners told Reuters.
Published 30 Jul, 2011 12:00am
Russell cool on China, mulls new global fund

Russell cool on China, mulls new global fund

China's uncertain property market outlook and potential for new policy is driving global investors to its sidelines, and they are investing in their distressed home markets, said US fund manager Russell Investments. "A lot of foreign investors feel they m
Published 30 Jul, 2011 12:00am
Lower fuel prices pull down Canada producer prices

Lower fuel prices pull down Canada producer prices

Lower fuel prices helped cut prices for both Canadian industrial products and raw materials in June over May, Statistics Canada said on Friday. Industrial product prices dropped for the second month in a row, falling by 0.3 percent. Market analysts had pr
Published 30 Jul, 2011 12:00am
Japan banks, brokerages grapple with weak home market

Japan banks, brokerages grapple with weak home market

Lacklustre lending activity in Japan's earthquake-ravaged economy and a shrinking retail investment business capped earnings of the country's top banks and brokerages in the fiscal first quarter, raising pressure on them to take more risks and find revenu
Published 30 Jul, 2011 12:00am
China may help fund Greek bond buybacks

China may help fund Greek bond buybacks

China could provide loans to Greece to fund government bond buybacks in the secondary market to help cut the country's debt burden, a Greek finance ministry official said on Friday, but analysts were sceptical. While talks with private creditors on a debt
Published 30 Jul, 2011 12:00am
China may help fund Greek bond buybacks

China may help fund Greek bond buybacks

China could provide loans to Greece to fund government bond buybacks in the secondary market to help cut the country's debt burden, a Greek finance ministry official said on Friday, but analysts were sceptical. While talks with private creditors on a debt
Published 30 Jul, 2011 12:00am
EADS eyes higher profit as Airbus orders surge

EADS eyes higher profit as Airbus orders surge

EADS, whose Airbus unit has outpaced US rival Boeing in the battle for plane orders so far this year, forecast a significant rise in operating profit next year as demand for aircraft grows. EADS predicted Airbus would sell more than 1,000 planes in 2011,
Published 30 Jul, 2011 12:00am
EADS eyes higher profit as Airbus orders surge

EADS eyes higher profit as Airbus orders surge

EADS, whose Airbus unit has outpaced US rival Boeing in the battle for plane orders so far this year, forecast a significant rise in operating profit next year as demand for aircraft grows. EADS predicted Airbus would sell more than 1,000 planes in 2011,
Published 30 Jul, 2011 12:00am
Michelin, Continental lift sales goals

Michelin, Continental lift sales goals

Tyre makers Michelin and Continental raised their full-year sales targets and said price hikes were compensating for the surging cost of rubber, their main raw material. Cost inflation and the impact of supply chain disruption from Japan's earthquake in M
Published 30 Jul, 2011 12:00am
Debt-ridden English football needs revamp: MPs

Debt-ridden English football needs revamp: MPs

English football needs a major overhaul to the way it is run in order to tackle the levels of debt and financial instability that threaten the game's future, a parliamentary report found Friday. The report on football governance said clubs "spend up to th
Published 30 Jul, 2011 12:00am
Golden Lochte gives US relay record

Golden Lochte gives US relay record

Ryan Lochte wrote another golden chapter in his memorable world championships Friday as he pushed the USA to a record fourth straight 4x200m freestyle win and claimed his third individual title. The American team were lagging after out-of-sorts Michael Ph
Published 30 Jul, 2011 12:00am
Greece edge China for first-ever water polo gold

Greece edge China for first-ever water polo gold

Greece edged hosts China 9-8 in the water polo final Friday to secure their first ever women's gold medal in any sport at the world aquatics championships. In a tight contest in Shanghai in front of 1,600 spectators, the Europeans struck first but the tea
Published 30 Jul, 2011 12:00am
Argentina appoint Sabella as new coach

Argentina appoint Sabella as new coach

Argentina on Thursday appointed Alejandro Sabella as national team coach to replace sacked Sergio Batista, the federation's general secretary Jose Luis Meiszner announced. "The decision has been taken. Sabella is the choice," Meiszner told official news a
Published 30 Jul, 2011 12:00am
Klinsmann named United States coach

Klinsmann named United States coach

Former Germany World Cup winner and manager Juergen Klinsmann was named United States coach on Friday, the US soccer federation said. Klinsmann, who took over after Bob Bradley was sacked on Thursday, became the first foreign-born coach to lead the US sin
Published 30 Jul, 2011 12:00am
Pakistan U-16 football team leaves for Kathmandu

Pakistan U-16 football team leaves for Kathmandu

Pakistan National U-16 football team on Friday left for Katmandu via Karachi to take part in SAFF (South Asian Football Federation) U-16 Tournament, Pokhara, Nepal being staged there from 1st to 10th August 2011. Six countries including host Nepal, India,
Published 30 Jul, 2011 12:00am
England collapse in second Test

England collapse in second Test

India's seamers reduced England to 124 for eight at tea on the first day of the second Test at Trent Bridge here on Friday as they looked to level the series. India, albeit in helpful, overcast conditions, took six wickets for 55 runs in 24 overs after lu
Published 30 Jul, 2011 12:00am
England all out 221

England all out 221

Stuart Broad struck 66 from 64 balls to help England reach 221 all out on the first day of the second Test against India at Trent Bridge on Friday. India had reduced England to 124 for eight at tea under overcast conditions ideal for swing bowling. Broad
Published 30 Jul, 2011 12:00am
AFC puts off presidential vote to 2012

AFC puts off presidential vote to 2012

Asian football bosses on Friday decided against holding immediate elections to replace disgraced former chief Mohamed bin Hammam, who was banned for life by FIFA over corruption. Despite calls from some members including Japan and Jordan for an immediate
Published 30 Jul, 2011 12:00am
Oman awarded win after violence stopped match

Oman awarded win after violence stopped match

Oman advanced to the next stage of the Asian World Cup qualifying campaign on Friday after FIFA awarded them victory over Myanmar in a match abandoned in the 92nd minute because of crowd violence.
Published 30 Jul, 2011 12:00am
PFF chief chairs 8th AFC Legal Committee meeting

PFF chief chairs 8th AFC Legal Committee meeting

The 8th AFC Legal Committee meeting was held on Thursday, at Kuala Lumpur Malaysia. The Chairman AFC Legal Committee and president of Pakistan Football Federation (PFF) Makhdoom Syed Faisal Saleh Hayat presided over the meeting and the following members a
Published 30 Jul, 2011 12:00am
Stars come out for World Cup qualifying draw

Stars come out for World Cup qualifying draw

The countdown to the 2014 World Cup in Brazil starts Saturday when FIFA holds the preliminary draw for the 20th edition of the world's top sporting event. In all, some 200 countries will have ploughed through 824 qualifiers for the right to claim one of 3
Published 30 Jul, 2011 12:00am
No decision on World Cup final venue: FIFA

No decision on World Cup final venue: FIFA

No decision has yet been made concerning the venue of the 2014 World Cup final despite comments attributed to FIFA secretary general Jerome Valcke that it would be staged in Rio de Janeiro, world football's governing body insisted on Thursday night.
Published 30 Jul, 2011 12:00am
Prices firm amid persisting demand on cotton market

Prices firm amid persisting demand on cotton market

Firmness prevailed on the cotton market on Friday as buyers are ready to grab the floating stock just to save themselves from losses in days to come, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 5,500, they sai
Published 30 Jul, 2011 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 102,743 tonnes of cargo including 69,480 tonnes of import cargo, 33,263 tonnes of export cargo and 4,362 loaded & empty containers during last 24 hours ended at 0700 hours on Friday. The total import cargo of 69,480 tonnes compris
Published 30 Jul, 2011 12:00am
Ivory Coast 2011-12 cocoa output likely to fall 15 percent

Ivory Coast 2011-12 cocoa output likely to fall 15 percent

Ivory Coast and Ghana 2011-12 cocoa production is expected to fall 15 percent on the year, helping switch the global market into a deficit of over 100,000 tonnes, international trade house Armajaro Trading Limited said on Wednesday. Ideal weather conditio
Published 30 Jul, 2011 12:00am
No change on grain market

No change on grain market

Rates did not show any change on the wholesale grain and seed market as almost all participants were busy in preparations for Juma prayers, grain and seed merchants group's press release said on Friday.
Published 30 Jul, 2011 12:00am
Canadian canola futures mixed

Canadian canola futures mixed

ICE Canadian canola futures were mixed on Thursday, with no clear direction from fundamentals or outside markets. Canola underpinned by crop concerns in Western Canada and US Midwest, but facing resistance to go higher with prices already relatively high-
Published 30 Jul, 2011 12:00am
Obama tells Congress to find way out of debt 'mess'

Obama tells Congress to find way out of debt 'mess'

With four days remaining until the United States hits its debt limit, President Barack Obama on Friday told deeply divided Republicans and Democrats to stop bickering and find a way "out of this mess." Obama said a deficit-reduction plan being advanced by
Published 30 Jul, 2011 12:00am
Revenue collection controversy: FBR chief submits findings to minister

Revenue collection controversy: FBR chief submits findings to minister

The Chairman Federal Board of Revenue (FBR) Salman Siddiq has finalised his findings and provided a detailed report to Federal Finance Minister Dr Abdul Hafeez Sheikh, it is learnt. On Friday, tax authorities convened meetings with all relevant FBR Member
Published 30 Jul, 2011 12:00am
US Treasury, Fed meet dealers as debt clock ticks

US Treasury, Fed meet dealers as debt clock ticks

The US Treasury and New York Federal Reserve used a hastily expanded meeting with Wall Street's biggest banks on Friday to discuss a potential default by the United States on its debt. The Treasury officials confirmed the meeting was originally to be with
Published 30 Jul, 2011 12:00am
Revenue collection controversy: FBR chief submits findings to minister

Revenue collection controversy: FBR chief submits findings to minister

The Chairman Federal Board of Revenue (FBR) Salman Siddiq has finalised his findings and provided a detailed report to Federal Finance Minister Dr Abdul Hafeez Sheikh, it is learnt. On Friday, tax authorities convened meetings with all relevant FBR Member
Published 30 Jul, 2011 12:00am
India's top court bans mining in key iron-ore rich region

India's top court bans mining in key iron-ore rich region

India's top court has imposed an interim ban on mining in a key iron-ore rich region in southern Karnataka state on concerns of environment degradation, legal sources said on Friday, a move which is likely to further delay exports and lift global prices.
Published 30 Jul, 2011 12:00am
Revenue collection controversy: FBR chief submits findings to minister

Revenue collection controversy: FBR chief submits findings to minister

The Chairman Federal Board of Revenue (FBR) Salman Siddiq has finalised his findings and provided a detailed report to Federal Finance Minister Dr Abdul Hafeez Sheikh, it is learnt. On Friday, tax authorities convened meetings with all relevant FBR Member
Published 30 Jul, 2011 12:00am
EU members agree Brussels draft as basis for budget talks

EU members agree Brussels draft as basis for budget talks

EU nations agreed Friday to use controversial plans from Brussels as the basis for talks on the bloc's next budget, though austerity-focused governments have blasted proposed hikes. "The vast majority of member states - 24 out of 27 -- accepted our propos
Published 30 Jul, 2011 12:00am
Turkey military command quits in row with government

Turkey military command quits in row with government

Turkey's army chief-of-staff and the entire military command have resigned in a row with the government over promotions for generals held in an alleged anti-government plot, media reported Friday. General Isik Kosaner stepped down after several meetings i
Published 30 Jul, 2011 12:00am
Japan factory output below forecast but recovery on track

Japan factory output below forecast but recovery on track

Japan's industrial output rose further in June, confirming that the world's third-largest economy was recovering from a slump triggered by the massive March earthquake and deadly tsunami, although the upswing has lost some of its initial momentum.
Published 30 Jul, 2011 12:00am
Turkey military command quits in row with government

Turkey military command quits in row with government

Turkey's army chief-of-staff and the entire military command have resigned in a row with the government over promotions for generals held in an alleged anti-government plot, media reported Friday. General Isik Kosaner stepped down after several meetings i
Published 30 Jul, 2011 12:00am
Eurozone inflation falls, may help pause rate hikes

Eurozone inflation falls, may help pause rate hikes

Euro zone year-on-year inflation slowed unexpectedly in July, the first official estimate showed on Friday, casting new doubt on whether the European Central Bank will raise interest rates again this year. The European Union's statistics office Eurostat e
Published 30 Jul, 2011 12:00am
'US, Israeli mercenaries' blow up Iran-Turkey gas line

'US, Israeli mercenaries' blow up Iran-Turkey gas line

A bombing of a pipeline carrying gas from Iran to Turkey early Friday was carried out by "mercenaries" in the pay of Israel and the United States, and forced a cut in supply, Iranian officials said. "The export of gas to Turkey has been temporarily halted
Published 30 Jul, 2011 12:00am
Volvo recalls 8,400 cars in US

Volvo recalls 8,400 cars in US

Volvo Cars, owned by China's Geely, is recalling 8,406 S80 cars for a potential power steering fluid problem that could increase the risk of a crash, according to a federal safety regulator website. Volvo is recalling the 2007 model year cars, built betwe
Published 30 Jul, 2011 12:00am
'US, Israeli mercenaries' blow up Iran-Turkey gas line

'US, Israeli mercenaries' blow up Iran-Turkey gas line

A bombing of a pipeline carrying gas from Iran to Turkey early Friday was carried out by "mercenaries" in the pay of Israel and the United States, and forced a cut in supply, Iranian officials said. "The export of gas to Turkey has been temporarily halted
Published 30 Jul, 2011 12:00am
US growth anaemic, debt fight poses recession risk

US growth anaemic, debt fight poses recession risk

The US economy stumbled badly in the first half of 2011 and came dangerously close to contracting in the January-March period, raising the risk of a recession if a stand-off over the nation's debt does not end quickly. The Commerce Department data on Frid
Published 30 Jul, 2011 12:00am
Apple, Samsung overtake Nokia in smartphone market

Apple, Samsung overtake Nokia in smartphone market

Apple and Samsung have overtaken long-time leader Nokia for the top two spots in the global smartphone market, a report said Friday, underscoring the Finnish handset maker's ongoing struggles. US-based research firm Strategy Analytics said the US and Kore
Published 30 Jul, 2011 12:00am
Chevron profit jumps

Chevron profit jumps

Chevron Corp, the second-largest US oil company, reported a 43 percent jump in quarterly profit on Friday, beating Wall Street forecasts as high oil prices and fat refinery margins offset a drop in its oil output. Chevron's surging earnings were the lates
Published 30 Jul, 2011 12:00am
Chevron profit jumps

Chevron profit jumps

Chevron Corp, the second-largest US oil company, reported a 43 percent jump in quarterly profit on Friday, beating Wall Street forecasts as high oil prices and fat refinery margins offset a drop in its oil output. Chevron's surging earnings were the lates
Published 30 Jul, 2011 12:00am
Subsidy for KESC raised to Rs 60 billion

Subsidy for KESC raised to Rs 60 billion

The government has decided to revise the subsidy of Karachi Electric Supply Company (KESC) to Rs 60 billion from Rs 24.588 billion allocated in the federal budget for 2011-12, sources told Business Recorder. According to budget documents, the Finan
Published 30 Jul, 2011 12:00am
Russia faces oil price battle as Iraqi output grows

Russia faces oil price battle as Iraqi output grows

Five large Iraqi oil cargoes are heading to Europe this and next month in a rare development that is the opening shot in a pricing war with rival Russia and could help to bring down high oil prices. The exports of Iraqi Basra oil, an unaccustomed guest in
Published 30 Jul, 2011 12:00am
Subsidy for KESC raised to Rs 60 billion

Subsidy for KESC raised to Rs 60 billion

The government has decided to revise the subsidy of Karachi Electric Supply Company (KESC) to Rs 60 billion from Rs 24.588 billion allocated in the federal budget for 2011-12, sources told Business Recorder. According to budget documents, the Finan
Published 30 Jul, 2011 12:00am
US playing with fire on debt limit: World Bank head

US playing with fire on debt limit: World Bank head

The United States is courting calamity with the continuing stalemate in Congress over raising the country's debt limit, the World Bank's chief said on Friday. "Whatever the logic about the tactics, it's a very dangerous environment," Robert Zoellick told
Published 30 Jul, 2011 12:00am
Subsidy for KESC raised to Rs 60 billion

Subsidy for KESC raised to Rs 60 billion

The government has decided to revise the subsidy of Karachi Electric Supply Company (KESC) to Rs 60 billion from Rs 24.588 billion allocated in the federal budget for 2011-12, sources told Business Recorder. According to budget documents, the Finan
Published 30 Jul, 2011 12:00am
Alibaba, Yahoo, Softbank strike pact on Alipay

Alibaba, Yahoo, Softbank strike pact on Alipay

Alibaba Group stands to get up to $6 billion in a spinoff of its Alipay e-payment division under a long-awaited deal the Chinese company struck with partners Softbank Corp and Yahoo Inc. Shares of Yahoo, which owns 43 percent of Alibaba, initially jumped
Published 30 Jul, 2011 12:00am
KESC to issue 7.25 percent right shares: SECP nod needed

KESC to issue 7.25 percent right shares: SECP nod needed

The Board of Directors of Karachi Electric Supply Company in its meeting on Friday approved the issue of 7.25 percent Right Share, subject to approval of SECP, ie 29 ordinary right shares for every four hundred (400) ordinary shares held by stakeholders a
Published 30 Jul, 2011 12:00am
Forecasting the future

Forecasting the future

Forecasting is a perilous and thankless exercise. Conceptually it hinges upon analysis of historic trends which when modified for current variations form the basis for projecting the future. While financial analysts also have the luxury of the Excel sheet
Published 30 Jul, 2011 12:00am
KESC to issue 7.25 percent right shares: SECP nod needed

KESC to issue 7.25 percent right shares: SECP nod needed

The Board of Directors of Karachi Electric Supply Company in its meeting on Friday approved the issue of 7.25 percent Right Share, subject to approval of SECP, ie 29 ordinary right shares for every four hundred (400) ordinary shares held by stakeholders a
Published 30 Jul, 2011 12:00am
KARACHI CHRONICLE: Tree life and death

KARACHI CHRONICLE: Tree life and death

Officials of parks and horticulture maintain that every year eight to ten thousand trees are planted in Karachi. If that is true, then by now we should have achieved the target of one tree per person or 18 million trees flourishing in the metropolis. But
Published 30 Jul, 2011 12:00am
KESC to issue 7.25 percent right shares: SECP nod needed

KESC to issue 7.25 percent right shares: SECP nod needed

The Board of Directors of Karachi Electric Supply Company in its meeting on Friday approved the issue of 7.25 percent Right Share, subject to approval of SECP, ie 29 ordinary right shares for every four hundred (400) ordinary shares held by stakeholders a
Published 30 Jul, 2011 12:00am
ART FACTS: Soft images of Nature

ART FACTS: Soft images of Nature

When I entered the Fine Art Pakistan Gallery, Karachi I was amazed by the number of people who were there to attend the group exhibition of six watercolorists. Watercolour is taken as the most powerful indigenous medium in visual art in the region of sub-
Published 30 Jul, 2011 12:00am
KESC to issue 7.25 percent right shares: SECP nod needed

KESC to issue 7.25 percent right shares: SECP nod needed

The Board of Directors of Karachi Electric Supply Company in its meeting on Friday approved the issue of 7.25 percent Right Share, subject to approval of SECP, ie 29 ordinary right shares for every four hundred (400) ordinary shares held by stakeholders a
Published 30 Jul, 2011 12:00am
The benefits of fasting

The benefits of fasting

Fasting in the month of Ramazan is not just to give up foods from dawn to dusk but also a spiritual exercise to strengthen the relationship with GOD. A person on fasting inclines to follow spirituality and learns to control his physical appetite. Fasting
Published 30 Jul, 2011 12:00am
BRIDGE NOTES: Either five or seven

BRIDGE NOTES: Either five or seven

A lot has been written on the delicate subtleties of bridge which include the technical set up of squeeze, end plays, trump coups and other such final line adoption, which call for the scissors coups, the ducking play, loser on loser play etc. But bridge
Published 30 Jul, 2011 12:00am
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