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Archive - 2011-08-01
Biden confident of debt deal approval
Top News

Biden confident of debt deal approval

WASHINGTON : US Vice President Joe Biden said Monday he was confident that Congress would aprove a major austerity plan
Published 01 Aug, 2011 07:21pm
Taliban kill two Pakistani soldiers
Top News

Taliban kill two Pakistani soldiers

PESHAWAR : A group of Taliban fighters Tuesday gunned down two Pakistani soldiers in South Waziristan, security official
Published 01 Aug, 2011 02:15pm
Oman slips on Formosa shutdown
Energy

Oman slips on Formosa shutdown

SINGAPORE : The Middle East crude market slid on Monday after Formosa Petrochemical Corp, one of the largest refiners in
Published 01 Aug, 2011 12:07pm
Oil prices surge on US debt deal
Energy

Oil prices surge on US debt deal

LONDON : Crude prices rebounded with a bang Monday on relief at the announcement of an elusive debt deal for the United
Published 01 Aug, 2011 11:40am
Syrian army kills 136 in crackdown
Top News

Syrian army kills 136 in crackdown

DAMASCUS : Syrian forces killed nearly 140 people on Sunday including at least 100 when the army stormed the flashpoint
Published 01 Aug, 2011 09:08am
PM, Gen Wyne discuss security situation
Top News

PM, Gen Wyne discuss security situation

ISLAMABAD: Chairman Joint Chiefs of Staff Committee, General Khalid Shamim Wyne called on Prime Minister Syed Yusuf Raza
Published 01 Aug, 2011 08:24am
Two rounds of cuts in US debt deal
Top News

Two rounds of cuts in US debt deal

WASHINGTON : President Barack Obama late Sunday announced a deal with congressional leaders to raise the legal level of
Published 01 Aug, 2011 08:20am
Australia shares gain 1.9pc
Financial

Australia shares gain 1.9pc

MELBOURNE: Australian stocks extended early gains to trade up 1.9 percent on Monday, boosted by the announcement of an a
Published 01 Aug, 2011 04:48am
It is good, it is FFC
BR Research

It is good, it is FFC

Fauji Fertilizer Company (FFC) posted its half-yearly results for CY11 and showed just why it is a diamond jewel in the investment crown. Th
Published 01 Aug, 2011 12:00am
Welcoming TPL
BR Research

Welcoming TPL

When a small company decides to list its shares on a stock exchange, there could be two major driving forces: the need for liquidity and mot
Published 01 Aug, 2011 12:00am
UBL going great guns
BR Research

UBL going great guns

Come rain or sunshine, the top five big banks in Pakistan reap hefty returns to shareholders. United Bank Limited (UBL), the third largest c
Published 01 Aug, 2011 12:00am
Emaar profits slip 52 percent in second quarter

Emaar profits slip 52 percent in second quarter

Dubai-based real estate giant Emaar Properties on July 26 said that it posted 422 million dirhams ($115 million) in net profits for the second quarter of 2011, down 52 percent from the year before. Net profits for the second quarter of 2010 were 896 milli
Published 01 Aug, 2011 12:00am
Microsoft ordered to pay $70 million to Alcatel

Microsoft ordered to pay $70 million to Alcatel

A US federal jury on July 29 ordered Microsoft to pay $70 million to French telecom company Alcatel-Lucent in a patent infringement case. The US software giant had been ordered to pay $358 million to Alcatel-Lucent by a different court but the damages awa
Published 01 Aug, 2011 12:00am
Yahoo! settles dispute with Chinese partner

Yahoo! settles dispute with Chinese partner

US Internet firm Yahoo! and Japan's SoftBank said on July 29 that they had reached agreement with their Chinese partners at Alibaba Group in a dispute over online payments platform Alipay.
Published 01 Aug, 2011 12:00am
De Beers first-half net earnings nearly triple

De Beers first-half net earnings nearly triple

Diamond mining group De Beers said on July 26 that "exceptional" sales had nearly tripled net earnings in the first half to $694 million (479 million euros), up from $255 million in the first half of 2010.
Published 01 Aug, 2011 12:00am
London restaurant goes high-tech to speed up orders

London restaurant goes high-tech to speed up orders

In the Asian restaurant Inamo in London guests are speeding up their food orders by using an electronic system at the table that sends their orders directly to the kitchen.
Published 01 Aug, 2011 12:00am
Google buys computer vision startup 'PittPatt'

Google buys computer vision startup 'PittPatt'

Google on July 25 said it has bought a computer vision startup spun out of the robotics institute at Carnegie Mellon University. "The Pittsburgh Pattern Recognition team has developed innovative technology in the area of pattern recognition and computer v
Published 01 Aug, 2011 12:00am
Samsung sells five million new-model Galaxy handsets

Samsung sells five million new-model Galaxy handsets

South Korea's Samsung Electronics, the world's second-largest mobile phone maker, said on July 27 it had sold five million Galaxy S II smartphones worldwide since the device debuted in April. The new model, which is spearheading the company's smartphone p
Published 01 Aug, 2011 12:00am
Facebook offers rewards to security bug hunters

Facebook offers rewards to security bug hunters

Facebook began offering rewards of dollars 500 or more on July 29 to security researchers who identify vulnerabilities in the social network. "To show our appreciation for our security researchers, we offer a monetary bounty for certain qualifying securit
Published 01 Aug, 2011 12:00am
Handset makers get Windows Phone update 'Mango'

Handset makers get Windows Phone update 'Mango'

Microsoft on July 26 made the latest version of its mobile phone software available to handset partners as it seeks to claw back market share from Apple and Google.
Published 01 Aug, 2011 12:00am
Skyfire unveils app for Flash videos on iPhone

Skyfire unveils app for Flash videos on iPhone

Private-equity backed video technology firm Skyfire, best known for its mobile browser, on July 28 has unveiled an application for watching Flash videos on Apple's iPhones. Apple has been a strong opponent of Adobe's Flash technology, criticising its powe
Published 01 Aug, 2011 12:00am
Google launches 'Hotel Finder'

Google launches 'Hotel Finder'

Google, which purchased a leading flight software company earlier this year, has launched a new tool for finding hotels on July 29. Hotel Finder is an "experimental search tool" designed to help users locate and book hotels, Google software engineer Andre
Published 01 Aug, 2011 12:00am
More Americans watching online video: survey

More Americans watching online video: survey

More Americans are watching online video amid greater access to broadband and improved mobile networks, according to a survey published on July 26. Seventy-one percent of online Americans were using video-sharing sites such as YouTube and Vimeo as of May,
Published 01 Aug, 2011 12:00am
More than 1 in 3 US consumers want to buy new iPhone 5

More than 1 in 3 US consumers want to buy new iPhone 5

More than one in three US consumers want to buy the forthcoming iPhone 5, which is expected to be released in early September, according to a new survey released on July 27. The signs of strong demand will be welcomed at Apple in light of a market researc
Published 01 Aug, 2011 12:00am
Facebook tackles face-recognition privacy concern

Facebook tackles face-recognition privacy concern

Facebook has made it easier for users to opt out of its controversial facial-recognition technology for photographs, an effort to address concerns that it had violated consumers' privacy.
Published 01 Aug, 2011 12:00am
Hackers access data on 35 million South Koreans: agency

Hackers access data on 35 million South Koreans: agency

Hackers using an Internet address registered in China have gained access to major South Korean websites and may have stolen the private information of 35 million users, authorities said on July 28. They breached the systems of Nate (www.nate.com) and Cywo
Published 01 Aug, 2011 12:00am
RIM embeds BBM chat in work & play apps

RIM embeds BBM chat in work & play apps

Research In Motion wants software developers to use its popular instant messaging tool within their applications to enable friends to play games, share and discuss news, and decide where they will eat dinner.
Published 01 Aug, 2011 12:00am
Germany declares end to E. coli outbreak

Germany declares end to E. coli outbreak

Germany's federal disease control institute declared on July 26 that an E. coli outbreak which killed more than 50 people is now over and no cases have been reported in the past three weeks.
Published 01 Aug, 2011 12:00am
Fat is more dangerous for South Asians

Fat is more dangerous for South Asians

Weight gain can be more dangerous for South Asians than for Caucasians because the fat clings to organs like the liver instead of the skin, said a study published on July 28.
Published 01 Aug, 2011 12:00am
Third of the world infected with hepatitis: WHO

Third of the world infected with hepatitis: WHO

Around one third of the global population, or 2 billion people, have been infected with one of the viruses that causes the liver disease hepatitis, which kills about a million victims annually, the World Health Organisation said.
Published 01 Aug, 2011 12:00am
Mobile use doesn't alter kids' cancer risk

Mobile use doesn't alter kids' cancer risk

Children and adolescents who use mobile phones are at no bigger risk of developing brain cancer than those who do not use them, according to a study of patients aged 7 to 19.
Published 01 Aug, 2011 12:00am
'Trojan' asteroid shares Earth's orbit

'Trojan' asteroid shares Earth's orbit

Earth is not alone in its orbit around the Sun - a small 'Trojan' asteroid sits in front of our planet and leads it, according to British science revue Nature, which published the discovery on July 28. This diminutive asteroid has a diameter of just 300 m
Published 01 Aug, 2011 12:00am
NASA's Juno to circle Jupiter for 'planetary recipe'

NASA's Juno to circle Jupiter for 'planetary recipe'

The US space agency plans to launch a solar-powered spacecraft called Juno that will journey to the gassy planet of Jupiter in search of how the huge, stormy giant was formed.
Published 01 Aug, 2011 12:00am
Iran says oil payment row with India resolved

Iran says oil payment row with India resolved

Iran's oil payments row with India has been resolved before any interruption in crude exports to its second-biggest customer, the Iranian Oil Ministry's website SHANA said on Sunday. After a successful test payment in euros through Turkey's Halkbank, Indi
Published 01 Aug, 2011 12:00am
Caterpillar unit wins UAE locomotive order

Caterpillar unit wins UAE locomotive order

The United Arab Emirates' rail company has ordered seven locomotives for delivery by 2012 from Electro-Motive Diesel (EMD), a unit of Caterpillar Inc , the UAE firm said on Sunday. State-owned Etihad Rail plans to complete UAE's 40 billion dirham ($10.9 b
Published 01 Aug, 2011 12:00am
Chile Collahuasi returns to work, Escondida strikes

Chile Collahuasi returns to work, Escondida strikes

Workers at the world's No 3 copper mine, Chile's Collahuasi, returned to the job after ending a 24-hour strike on Sunday, easing fears of contagion as a stoppage at the giant Escondida deposit enters its 10th day.
Published 01 Aug, 2011 12:00am
Iraqi parliament warns government over delayed oil law

Iraqi parliament warns government over delayed oil law

Iraq's parliament on Sunday warned the government it would force through a new draft of a much-delayed oil law if the cabinet further hold up the original legislation that investors see as a key guarantee of stability.
Published 01 Aug, 2011 12:00am
Saudi lingerie shops drag feet on deadline to hire women

Saudi lingerie shops drag feet on deadline to hire women

Saudi lingerie stores are dragging their feet on an official deadline to avoid embarrassing female shoppers by replacing their male sales clerks with women, saying the change will create staff problems, lose them customers and cost them money.
Published 01 Aug, 2011 12:00am
Abu Dhabi's UNB second quarter net profit rises 23 percent

Abu Dhabi's UNB second quarter net profit rises 23 percent

Union National Bank, jointly owned by the governments of Abu Dhabi and Dubai, posted a 23-percent rise in second-quarter net profit, beating analysts forecasts, as higher impairment losses were offset by a surge in net interest income.
Published 01 Aug, 2011 12:00am
Britain, Japan warn of disaster if no US debt deal

Britain, Japan warn of disaster if no US debt deal

British and Japanese officials warned on Sunday of disastrous consequences for the global economy if last-minute talks among lawmakers in Washington failed to agree on raising the US borrowing limit and averting a debt default.
Published 01 Aug, 2011 12:00am
Britain, Japan warn of disaster if no US debt deal

Britain, Japan warn of disaster if no US debt deal

British and Japanese officials warned on Sunday of disastrous consequences for the global economy if last-minute talks among lawmakers in Washington failed to agree on raising the US borrowing limit and averting a debt default.
Published 01 Aug, 2011 12:00am
Kabul Bank scam involved up to 40 persons

Kabul Bank scam involved up to 40 persons

As many as 40 people were allegedly involved in scams to bilk hundreds of millions of dollars from the Kabul Bank, and nearly half the cases will be sent to the Afghan court system next week, a top Afghan prosecutor said Sunday.
Published 01 Aug, 2011 12:00am
Bangladesh raises electricity price to reduce losses

Bangladesh raises electricity price to reduce losses

The price of electricity in Bangladesh will rise about 6.5 percent from Monday to reduce losses by a state-run power utility, a senior energy official said on Sunday. "The increase has been approved by Bangladesh Energy Regulatory Commission and will take
Published 01 Aug, 2011 12:00am
Honda to build a new car plant in Mexico

Honda to build a new car plant in Mexico

Honda Motor Co is considering building a new automobile plant in Mexico, a company spokesman said on Sunday, as Japan's No.3 automaker looks to expand in the North American car market. "We are looking for a place to build a new plant in Mexico," said the
Published 01 Aug, 2011 12:00am
Sun Yang breaks oldest world record in swimming

Sun Yang breaks oldest world record in swimming

The swimming world championships ended with a bang Sunday when emerging Chinese standout Sun Yang broke the oldest world record in the sport _ Australian great Grant Hackett's 10-year-old mark in the 1,500 meters.
Published 01 Aug, 2011 12:00am
Dyson pips Green to win dramatic Irish Open

Dyson pips Green to win dramatic Irish Open

England's Simon Dyson won the Irish Open in dramatic fashion on Sunday as he held off a ferocious challenge from Australia's Richard Green to take the title by one shot. Dyson carded a four under par 67 to finish on 15 under for the tournament.
Published 01 Aug, 2011 12:00am
UAE beats Kenya in ICC Intercontinental Cup

UAE beats Kenya in ICC Intercontinental Cup

Mohammad Tauqir, Shoaib Sarwar and Amjad Javed take two wickets apiece as the United Arab Emirates complete a convincing 266-run victory over hosts Kenya on the final day of their ICC Intercontinental Cup four-day match in Nairobi:
Published 01 Aug, 2011 12:00am
Button wins 200th Grand Prix

Button wins 200th Grand Prix

Jenson Button marked his 200th Grand Prix with a reminder of his class on Sunday when he drove his McLaren to a stirring victory in a chaotic and incident-filled Hungarian Grand Prix.
Published 01 Aug, 2011 12:00am
Cameroonian goal settles North African derby

Cameroonian goal settles North African derby

A soft early goal gave Esperance of Tunisia a 1-0 victory over Al-Ahly of Egypt in the highest profile match of the African Champions League weekend schedule. Cameroonian Joseph Ndjeng nodded home from point-blank range 14 minutes into the first half of a
Published 01 Aug, 2011 12:00am
Manuel Neuer elected German Footballer of the Year

Manuel Neuer elected German Footballer of the Year

Germany goalkeeper Manuel Neuer was on Sunday named German Footballer of the Year in a election by Kicker sports magazine. Neuer, who left Schalke 04 for Bayern Munich after the past season, garnered 210 votes from the German sports media to win the prest
Published 01 Aug, 2011 12:00am
Bangladesh close in on warm-up win in Zimbabwe

Bangladesh close in on warm-up win in Zimbabwe

Bangladesh's batting crumbled for a second time at the Harare Sports Club on Sunday but the tourists remain on course to win their only warm-up game against a Zimbabwe XI before next week's one-off Test.
Published 01 Aug, 2011 12:00am
Granollers wins in Gstaad

Granollers wins in Gstaad

Marcel Granollers beat fellow Spaniard Fernando Verdasco in three sets to win the Gstaad claycourt tournament on Sunday, shrugging off the after-effects of an injury he suffered at Wimbledon. Eighth-seeded Granollers, 25, saw off fourth seed Verdasco 6-4,
Published 01 Aug, 2011 12:00am
Japan, Australia face tough qualifying

Japan, Australia face tough qualifying

Reigning Asian champions Japan were grouped with North Korea, while Australia and Saudi Arabia came out together in penultimate qualifying for the 2014 World Cup after this weekend's draw. Japan, Asia's top-ranked nation at 16, were Saturday placed in Gro
Published 01 Aug, 2011 12:00am
Reprieved Bell leads England into strong position

Reprieved Bell leads England into strong position

Ian Bell's maiden Test hundred against India allied to a sporting reprieve saw England into a commanding lead on the third day of the second Test at Trent Bridge here on Sunday. England, in their second innings, were 441 for six at the close, giving them
Published 01 Aug, 2011 12:00am
Surging Serena to face Bartoli in final

Surging Serena to face Bartoli in final

Former world number one Serena Williams stormed into the final of the WTA hardcourt tournament, dominating Wimbledon semi-finalist Sabine Lisicki 6-1, 6-2. Williams, a 13-time Grand Slam champion, needed just 59 minutes on Saturday to subdue the big-hitti
Published 01 Aug, 2011 12:00am
Shahid Afridi visits Indus Hospital

Shahid Afridi visits Indus Hospital

Renowned Pakistani cricketer Shahid Afridi on Sunday visited the Indus Hospital, Karachi where he was given a detailed presentation briefing on the hospital's state-of- the-art facilities, scope of services, milestones and future plans by its CEO, Dr Abdu
Published 01 Aug, 2011 12:00am
Muslim Conference and MQM likely to join AJK government

Muslim Conference and MQM likely to join AJK government

The erstwhile ruling party of AJK, Muslim Conference is poised to join PPP-led majority government coalition in Muzaffarabad with MQM to follow the suit soon. Both the MC and MQM have developed sound working understanding with the newly inducted conciliat
Published 01 Aug, 2011 12:00am
Judiciary functioning freely, independently: Firdous

Judiciary functioning freely, independently: Firdous

Federal Minister for Information and Broadcasting Dr Firdous Ashiq Awan said on Sunday that Judiciary has been functioning freely and independently in the country and verdict awarded by the Accountability Court in SGS case is a clear proof in this regard.
Published 01 Aug, 2011 12:00am
World has not done enough for flood victims: UN envoy

World has not done enough for flood victims: UN envoy

UN Secretary-General's special envoy for Pakistan, Rauf Engin Soysal, said Pakistan is still in dire need of support of the international community, especially for the agriculture sector which was destroyed during last year's flood. "We can't say that we
Published 01 Aug, 2011 12:00am
One dead, eight injured in Hub blast

One dead, eight injured in Hub blast

A teenager was killed and eight other persons sustained multiple injuries in an explosion inside a hotel in Hub area, bordering Sindh and Balochistan, some 30km away Karachi city on Sunday. According to rescue and police sources, the blast occurred at aro
Published 01 Aug, 2011 12:00am
Support price for cotton

Support price for cotton

There is a chance that, in order to please certain lobbies and win the next elections, some of the reform measures undertaken after a lot of efforts and hard work over the past many years, may be subjected to a reverse gear. According to reliable sources,
Published 01 Aug, 2011 12:00am
Economic reforms remain stalled

Economic reforms remain stalled

The government is debating requesting the International Monetary Fund (IMF) for a new programme loan as opposed to continuing with the Stand-By Arrangement (SBA) approved on November 20, 2008, according to informed sources. The critical question is whethe
Published 01 Aug, 2011 12:00am
Politics of corruption

Politics of corruption

Corruption, we are led to believe, is a political crime which is precisely why it is increasingly associated with politicians. The fact that politicians in power use it as a tool to victimise their opponents in no way detracts from public perception that
Published 01 Aug, 2011 12:00am
'I am ashamed of our corrupt system'

'I am ashamed of our corrupt system'

It had been a traumatic night in the life of Vivek Pai, a young engineer based in India's western city of Pune. A close friend had been killed in a road crash and Pai needed to provide an embalming certificate to the airline for the body to be flown to Ne
Published 01 Aug, 2011 12:00am
Obama at 50: hair is gray - like US political mood

Obama at 50: hair is gray - like US political mood

President Barack Obama might have a bit of gray in his hair, but as he nears age 50, he still looks like a young man, especially compared with some of the even grayer politicians in Washington and at the helm in other countries. Obama will turn 50 on Thur
Published 01 Aug, 2011 12:00am
Highly questionable performance of KESC

Highly questionable performance of KESC

I want to draw the attention of the CEO of the KESC, the Chief Minister of Sindh and the Nepra chief to why consumers are suffering for the last three months. The KESC management sacked the 4,500 staff but they forced the management to get them all back b
Published 01 Aug, 2011 12:00am
Message from Ambassador of Switzerland

Message from Ambassador of Switzerland

I am pleased to address the readers of this special supplement published by Daily Business Recorder to mark the 720th National Day of Switzerland. I wish that this publication will present a comprehensive picture of my country and will provide usef
Published 01 Aug, 2011 12:00am
Economic sectors

Economic sectors

Switzerland owes the high productivity of its economy to its liberal market system, political stability and close ties with foreign economies. Switzerland is primarily a service economy. 72% of the workforce are employed in the tertiary sector (services),
Published 01 Aug, 2011 12:00am
Counterfeiting issues in Pakistan

Counterfeiting issues in Pakistan

All over the world, counterfeiting is being done in the areas of consumer products, cosmetics, electronics, lubricants, auto spares, computer accessories and pharmaceuticals etc. But due to the vigilance and strict laws the magnitude of this problem is no
Published 01 Aug, 2011 12:00am
Your rupee last week

Your rupee last week

Following currency fluctuations took place in foreign exchange rates during the last week. (July 25 to 30, 2011)

Published 01 Aug, 2011 12:00am
The Weather

The Weather

The weather report on Sunday (July 31, 2011) and the forecast for Monday (August 01, 2011).

Published 01 Aug, 2011 12:00am
Syrian army kills over 136

Syrian army kills over 136

Over 136 people were killed Sunday in fresh government crackdown on pro-democracy protesters across Syria, described by activists as a decisive moment in their fight against President Bashar al-Assad's regime. "The harsh crackdown is a means of telling pr
Published 01 Aug, 2011 12:00am
Syrian army kills over 136

Syrian army kills over 136

Over 136 people were killed Sunday in fresh government crackdown on pro-democracy protesters across Syria, described by activists as a decisive moment in their fight against President Bashar al-Assad's regime. "The harsh crackdown is a means of telling pr
Published 01 Aug, 2011 12:00am
THE RUPEE: all-round decline

THE RUPEE: all-round decline

Higher demand for dollars forced the rupee to hit the lowest level of 86.59 for selling against dollar on the money market during the week ended July 30, 2011. In interbank dealings, the rupee lost 37 paisa versus dollar for buying at 86.55 and 39 paisa f
Published 01 Aug, 2011 12:00am
THE RUPEE: all-round decline

THE RUPEE: all-round decline

Higher demand for dollars forced the rupee to hit the lowest level of 86.59 for selling against dollar on the money market during the week ended July 30, 2011. In interbank dealings, the rupee lost 37 paisa versus dollar for buying at 86.55 and 39 paisa f
Published 01 Aug, 2011 12:00am
Situation warrants only 50 basis points cut?

Situation warrants only 50 basis points cut?

A 50 basis points cut in key policy rate based on inflationary projections showing a declining trajectory is not expected to lower the lending rates unless government reduces its reliance on the banking system. Further, the inflationary expectations are d
Published 01 Aug, 2011 12:00am
Situation warrants only 50 basis points cut?

Situation warrants only 50 basis points cut?

A 50 basis points cut in key policy rate based on inflationary projections showing a declining trajectory is not expected to lower the lending rates unless government reduces its reliance on the banking system. Further, the inflationary expectations are d
Published 01 Aug, 2011 12:00am
Situation warrants only 50 basis points cut?

Situation warrants only 50 basis points cut?

A 50 basis points cut in key policy rate based on inflationary projections showing a declining trajectory is not expected to lower the lending rates unless government reduces its reliance on the banking system. Further, the inflationary expectations are d
Published 01 Aug, 2011 12:00am
Monetary stance accommodative

Monetary stance accommodative

You do well; you get rewarded. SBP gave a carrot to the single biggest player in the credit system - the government - by lowering the discount rate by 50 basis points on Saturday. It appears that the government has impressed the central bank with remarkab
Published 01 Aug, 2011 12:00am
Monetary stance accommodative

Monetary stance accommodative

You do well; you get rewarded. SBP gave a carrot to the single biggest player in the credit system - the government - by lowering the discount rate by 50 basis points on Saturday. It appears that the government has impressed the central bank with remarkab
Published 01 Aug, 2011 12:00am
Monetary stance accommodative

Monetary stance accommodative

You do well; you get rewarded. SBP gave a carrot to the single biggest player in the credit system - the government - by lowering the discount rate by 50 basis points on Saturday. It appears that the government has impressed the central bank with remarkab
Published 01 Aug, 2011 12:00am
SBP estimates FY11 fiscal deficit close to Rs 1.127 trillion

SBP estimates FY11 fiscal deficit close to Rs 1.127 trillion

Fiscal deficit in FY11 may have reached close to Rs1.127 trillion, or 6.2 percent of GDP, according to the State Bank of Pakistan's monetary policy statement. The State Bank of Pakistan on Saturday pointed out that exemptions and ineffective taxation of i
Published 01 Aug, 2011 12:00am
SBP estimates FY11 fiscal deficit close to Rs 1.127 trillion

SBP estimates FY11 fiscal deficit close to Rs 1.127 trillion

Fiscal deficit in FY11 may have reached close to Rs1.127 trillion, or 6.2 percent of GDP, according to the State Bank of Pakistan's monetary policy statement. The State Bank of Pakistan on Saturday pointed out that exemptions and ineffective taxation of i
Published 01 Aug, 2011 12:00am
SBP estimates FY11 fiscal deficit close to Rs 1.127 trillion

SBP estimates FY11 fiscal deficit close to Rs 1.127 trillion

Fiscal deficit in FY11 may have reached close to Rs1.127 trillion, or 6.2 percent of GDP, according to the State Bank of Pakistan''s monetary policy statement. The State Bank of Pakistan on Saturday pointed out that exemptions and ineffective taxation of
Published 01 Aug, 2011 12:00am
Senate blocks Reid debt plan, bipartisan deal close

Senate blocks Reid debt plan, bipartisan deal close

The US Senate defeated a Democratic proposal to raise the debt ceiling on Sunday as lawmakers closed in on a deal that would be acceptable to both parties. By a vote of 50 to 49, Senate Majority Leader Harry Reid's plan fell short of the 60 votes needed t
Published 01 Aug, 2011 12:00am
Senate blocks Reid debt plan, bipartisan deal close

Senate blocks Reid debt plan, bipartisan deal close

The US Senate defeated a Democratic proposal to raise the debt ceiling on Sunday as lawmakers closed in on a deal that would be acceptable to both parties. By a vote of 50 to 49, Senate Majority Leader Harry Reid's plan fell short of the 60 votes needed t
Published 01 Aug, 2011 12:00am
Ramazan to start on August 2

Ramazan to start on August 2

The new Ramazan moon should be sighted today (Monday), according to astronomical parameters. Therefore, the first of Ramazan, 1432 AH will be tomorrow (Tuesday). The moon crossed the conjunction line on Saturday at 2340 Pakistan Standard Time (PST). The s
Published 01 Aug, 2011 12:00am
Ramazan to start on August 2

Ramazan to start on August 2

The new Ramazan moon should be sighted today (Monday), according to astronomical parameters. Therefore, the first of Ramazan, 1432 AH will be tomorrow (Tuesday). The moon crossed the conjunction line on Saturday at 2340 Pakistan Standard Time (PST). The s
Published 01 Aug, 2011 12:00am
Repo, reverse repo rates reduced

Repo, reverse repo rates reduced

The State Bank of Pakistan has reduced the overnight Repo and Reverse-Repo facilities rates by 50 basis points, following cut in key policy rate. According to a circular issued on Saturday, the SBP Overnight Reverse-Repo (Ceiling) rate has been reduced fr
Published 01 Aug, 2011 12:00am
Repo, reverse repo rates reduced

Repo, reverse repo rates reduced

The State Bank of Pakistan has reduced the overnight Repo and Reverse-Repo facilities rates by 50 basis points, following cut in key policy rate. According to a circular issued on Saturday, the SBP Overnight Reverse-Repo (Ceiling) rate has been reduced fr
Published 01 Aug, 2011 12:00am
FBR told to review tax laws: following the passage of 18th Amendment

FBR told to review tax laws: following the passage of 18th Amendment

The implementation commission on the constitutional amendments has directed the Federal Board of Revenue (FBR) to review the existing tax laws with reference to the amendments made in entries numbering 49 and 50 of the Part-I to Fourth Schedule of the Con
Published 01 Aug, 2011 12:00am
FBR told to review tax laws: following the passage of 18th Amendment

FBR told to review tax laws: following the passage of 18th Amendment

The implementation commission on the constitutional amendments has directed the Federal Board of Revenue (FBR) to review the existing tax laws with reference to the amendments made in entries numbering 49 and 50 of the Part-I to Fourth Schedule of the Con
Published 01 Aug, 2011 12:00am
FBR told to review tax laws: following the passage of 18th Amendment

FBR told to review tax laws: following the passage of 18th Amendment

The implementation commission on the constitutional amendments has directed the Federal Board of Revenue (FBR) to review the existing tax laws with reference to the amendments made in entries numbering 49 and 50 of the Part-I to Fourth Schedule of the Con
Published 01 Aug, 2011 12:00am
Sales tax exemption on machinery import: notification to be issued soon

Sales tax exemption on machinery import: notification to be issued soon

The Federal Board of Revenue (FBR) will soon issue a notification to grant sales tax exemption on import of plant and machinery on submission of post-dated cheques by registered manufacturers/industrial importers and bank guarantees/pay orders, etc, by co
Published 01 Aug, 2011 12:00am
Sales tax exemption on machinery import: notification to be issued soon

Sales tax exemption on machinery import: notification to be issued soon

The Federal Board of Revenue (FBR) will soon issue a notification to grant sales tax exemption on import of plant and machinery on submission of post-dated cheques by registered manufacturers/industrial importers and bank guarantees/pay orders, etc, by co
Published 01 Aug, 2011 12:00am
Sales tax exemption on machinery import: notification to be issued soon

Sales tax exemption on machinery import: notification to be issued soon

The Federal Board of Revenue (FBR) will soon issue a notification to grant sales tax exemption on import of plant and machinery on submission of post-dated cheques by registered manufacturers/industrial importers and bank guarantees/pay orders, etc, by co
Published 01 Aug, 2011 12:00am
Up to Rs 5.34 per litre hike in POL prices

Up to Rs 5.34 per litre hike in POL prices

The government Sunday increased oil prices up to Rs5.34 per liter in line with rise in international markets effective from August 1, 2011. The petroleum ministry had proposed the finance ministry to maintain prices of petrol, high speed diesel (HSD) and
Published 01 Aug, 2011 12:00am
Up to Rs 5.34 per litre hike in POL prices

Up to Rs 5.34 per litre hike in POL prices

The government Sunday increased oil prices up to Rs5.34 per liter in line with rise in international markets effective from August 1, 2011. The petroleum ministry had proposed the finance ministry to maintain prices of petrol, high speed diesel (HSD) and
Published 01 Aug, 2011 12:00am
Up to Rs 5.34 per litre hike in POL prices

Up to Rs 5.34 per litre hike in POL prices

The government Sunday increased oil prices up to Rs5.34 per liter in line with rise in international markets effective from August 1, 2011. The petroleum ministry had proposed the finance ministry to maintain prices of petrol, high speed diesel (HSD) and
Published 01 Aug, 2011 12:00am
Auto parts smuggling causes over Rs 21 billion loss to exchequer

Auto parts smuggling causes over Rs 21 billion loss to exchequer

Pakistan is a safe haven for smugglers and a well protected depository for the dumping of smuggled goods from Afghanistan under the garb of Afghan Transit Trade (ATT). According to traders and manufacturers, unprecedented increase in the smuggling of auto
Published 01 Aug, 2011 12:00am
Auto parts smuggling causes over Rs 21 billion loss to exchequer

Auto parts smuggling causes over Rs 21 billion loss to exchequer

Pakistan is a safe haven for smugglers and a well protected depository for the dumping of smuggled goods from Afghanistan under the garb of Afghan Transit Trade (ATT). According to traders and manufacturers, unprecedented increase in the smuggling of auto
Published 01 Aug, 2011 12:00am
Auto parts smuggling causes over Rs 21 billion loss to exchequer

Auto parts smuggling causes over Rs 21 billion loss to exchequer

Pakistan is a safe haven for smugglers and a well protected depository for the dumping of smuggled goods from Afghanistan under the garb of Afghan Transit Trade (ATT). According to traders and manufacturers, unprecedented increase in the smuggling of auto
Published 01 Aug, 2011 12:00am
Raza resigns from NBP chairmanship

Raza resigns from NBP chairmanship

Chairman National Bank of Pakistan (NBP) Syed Ali Raza has reportedly resigned from the chairmanship of the bank. Raza submitted his resignation to the Finance Ministry in the first week of July, however, the process of acceptance of his resignation is st
Published 01 Aug, 2011 12:00am
Raza resigns from NBP chairmanship

Raza resigns from NBP chairmanship

Chairman National Bank of Pakistan (NBP) Syed Ali Raza has reportedly resigned from the chairmanship of the bank. Raza submitted his resignation to the Finance Ministry in the first week of July, however, the process of acceptance of his resignation is st
Published 01 Aug, 2011 12:00am
Raza resigns from NBP chairmanship

Raza resigns from NBP chairmanship

Chairman National Bank of Pakistan (NBP) Syed Ali Raza has reportedly resigned from the chairmanship of the bank. Raza submitted his resignation to the Finance Ministry in the first week of July, however, the process of acceptance of his resignation is st
Published 01 Aug, 2011 12:00am
Index down 286.4 points

Index down 286.4 points

Bearish trend persisted at the Karachi share market during the week ended on July 30, 2011, mainly due to selling by foreign investors. The KSE-100 index declined by 286.40 points, or 2.3 percent, and closed at 12,190.37 points. Trading remained low and t
Published 01 Aug, 2011 12:00am
Index down 286.4 points

Index down 286.4 points

Bearish trend persisted at the Karachi share market during the week ended on July 30, 2011, mainly due to selling by foreign investors. The KSE-100 index declined by 286.40 points, or 2.3 percent, and closed at 12,190.37 points. Trading remained low and t
Published 01 Aug, 2011 12:00am
Index down 286.4 points

Index down 286.4 points

Bearish trend persisted at the Karachi share market during the week ended on July 30, 2011, mainly due to selling by foreign investors. The KSE-100 index declined by 286.40 points, or 2.3 percent, and closed at 12,190.37 points. Trading remained low and t
Published 01 Aug, 2011 12:00am
84.6 percent decline in futures open interest

84.6 percent decline in futures open interest

The total open interest position at the futures counter declined by 84.6 percent during the week ended on July 30, 2011 to Rs 620.59 million. On the other hand, futures spreads increased by 570bps to 10.25 percent. Trading at the futures counter improved
Published 01 Aug, 2011 12:00am
84.6 percent decline in futures open interest

84.6 percent decline in futures open interest

The total open interest position at the futures counter declined by 84.6 percent during the week ended on July 30, 2011 to Rs 620.59 million. On the other hand, futures spreads increased by 570bps to 10.25 percent. Trading at the futures counter improved
Published 01 Aug, 2011 12:00am
84.6 percent decline in futures open interest

84.6 percent decline in futures open interest

The total open interest position at the futures counter declined by 84.6 percent during the week ended on July 30, 2011 to Rs 620.59 million. On the other hand, futures spreads increased by 570bps to 10.25 percent. Trading at the futures counter improved
Published 01 Aug, 2011 12:00am
84.6 percent decline in futures open interest

84.6 percent decline in futures open interest

The total open interest position at the futures counter declined by 84.6 percent during the week ended on July 30, 2011 to Rs 620.59 million. On the other hand, futures spreads increased by 570bps to 10.25 percent. Trading at the futures counter improved
Published 01 Aug, 2011 12:00am
Mufti Popalzai says 1st Ramazan today

Mufti Popalzai says 1st Ramazan today

Mufti Shahabuddin Popalzai has announced that 1st day of the holy month of Ramazan would fall on August 1 (today), Aaj News reported Sunday. Popalzai made the announcement while talking to media men after a meeting at Masjid Qasim Ali Khan, Peshawar, whic
Published 01 Aug, 2011 12:00am
Mufti Popalzai says 1st Ramazan today

Mufti Popalzai says 1st Ramazan today

Mufti Shahabuddin Popalzai has announced that 1st day of the holy month of Ramazan would fall on August 1 (today), Aaj News reported Sunday. Popalzai made the announcement while talking to media men after a meeting at Masjid Qasim Ali Khan, Peshawar, whic
Published 01 Aug, 2011 12:00am
Britain charges suspected Lulz Security spokesman

Britain charges suspected Lulz Security spokesman

British police on Sunday charged an 18-year-old man on suspicion of being a spokesman for the Lulz Security and Anonymous computer hacking groups, Scotland Yard said. Officers from a London-based cybercrime unit detained Jake Davis on Wednesday in a "pre-
Published 01 Aug, 2011 12:00am
Britain charges suspected Lulz Security spokesman

Britain charges suspected Lulz Security spokesman

British police on Sunday charged an 18-year-old man on suspicion of being a spokesman for the Lulz Security and Anonymous computer hacking groups, Scotland Yard said. Officers from a London-based cybercrime unit detained Jake Davis on Wednesday in a "pre-
Published 01 Aug, 2011 12:00am
CIA's Pakistan chief leaves country

CIA's Pakistan chief leaves country

The CIA's Islamabad station chief, who oversaw the intelligence team that uncovered Osama bin Laden's hideout, has left Pakistan for medical reasons, a US official said. The CIA declined to comment on the matter. "The chief of station is a respected, seni
Published 01 Aug, 2011 12:00am
CIA's Pakistan chief leaves country

CIA's Pakistan chief leaves country

The CIA's Islamabad station chief, who oversaw the intelligence team that uncovered Osama bin Laden's hideout, has left Pakistan for medical reasons, a US official said. The CIA declined to comment on the matter. "The chief of station is a respected, seni
Published 01 Aug, 2011 12:00am
Iran acid victim spares attacker from retribution

Iran acid victim spares attacker from retribution

An Iranian woman blinded with acid by her suitor for turning down his marriage proposal spared him at the last minute from being blinded too as punishment for his crime, Iranian media reported on Sunday. Ameneh Bahrami lost her sight in 2004 when Majid Mo
Published 01 Aug, 2011 12:00am
Iran acid victim spares attacker from retribution

Iran acid victim spares attacker from retribution

An Iranian woman blinded with acid by her suitor for turning down his marriage proposal spared him at the last minute from being blinded too as punishment for his crime, Iranian media reported on Sunday. Ameneh Bahrami lost her sight in 2004 when Majid Mo
Published 01 Aug, 2011 12:00am
US military chief cites progress against Haqqanis

US military chief cites progress against Haqqanis

The top US military officer said on Sunday Afghan militants of the anti-American Haqqani network were finding it harder to move into Afghanistan but warned that their safe havens in Pakistan still posed a risk to the decade-old war effort.
Published 01 Aug, 2011 12:00am
US military chief cites progress against Haqqanis

US military chief cites progress against Haqqanis

The top US military officer said on Sunday Afghan militants of the anti-American Haqqani network were finding it harder to move into Afghanistan but warned that their safe havens in Pakistan still posed a risk to the decade-old war effort.
Published 01 Aug, 2011 12:00am
Leader of Indian state quits over mining scandal

Leader of Indian state quits over mining scandal

The chief minister of a southern Indian state ruled by the country's main opposition party resigned on Sunday after an independent probe implicated the politician and several others in a $3.6 billion illegal iron ore mining scandal.
Published 01 Aug, 2011 12:00am
Leader of Indian state quits over mining scandal

Leader of Indian state quits over mining scandal

The chief minister of a southern Indian state ruled by the country's main opposition party resigned on Sunday after an independent probe implicated the politician and several others in a $3.6 billion illegal iron ore mining scandal.
Published 01 Aug, 2011 12:00am
India allows cotton exports for two months

India allows cotton exports for two months

India, the world's second biggest grower and exporter of cotton, has allowed unrestricted exports of the fibre for the remainder of the current season, due to abundant availability of stocks, the Press Trust of India reported, quoting government official.
Published 01 Aug, 2011 12:00am
India allows cotton exports for two months

India allows cotton exports for two months

India, the world's second biggest grower and exporter of cotton, has allowed unrestricted exports of the fibre for the remainder of the current season, due to abundant availability of stocks, the Press Trust of India reported, quoting government official.
Published 01 Aug, 2011 12:00am
India allows cotton exports for two months

India allows cotton exports for two months

India, the world''s second biggest grower and exporter of cotton, has allowed unrestricted exports of the fibre for the remainder of the current season, due to abundant availability of stocks, the Press Trust of India reported, quoting government official
Published 01 Aug, 2011 12:00am
Swiss, Germans to sign tax deal on August 10

Swiss, Germans to sign tax deal on August 10

Switzer-land and Germany will sign a deal to regularise untaxed money stashed in secret Swiss bank accounts on August 10, media in the two countries reported on Sunday. Strict banking secrecy, which helped Switzerland build a multi-trillion dollar offshor
Published 01 Aug, 2011 12:00am
Swiss, Germans to sign tax deal on August 10

Swiss, Germans to sign tax deal on August 10

Switzer-land and Germany will sign a deal to regularise untaxed money stashed in secret Swiss bank accounts on August 10, media in the two countries reported on Sunday. Strict banking secrecy, which helped Switzerland build a multi-trillion dollar offshor
Published 01 Aug, 2011 12:00am
Swiss, Germans to sign tax deal on August 10

Swiss, Germans to sign tax deal on August 10

Switzer-land and Germany will sign a deal to regularise untaxed money stashed in secret Swiss bank accounts on August 10, media in the two countries reported on Sunday. Strict banking secrecy, which helped Switzerland build a multi-trillion dollar offshor
Published 01 Aug, 2011 12:00am
$2.5 billion foreign aid received as loans, grants in 2010-11

$2.5 billion foreign aid received as loans, grants in 2010-11

Pakistan received $ 2.5 billion foreign assistance during 2010-11, including loans worth $ 1.8 billion and grants of $ 668 million, which was around 0.9 billion rupees less than the revised figure for the year, indicated in the 2011-12 budget documents. T
Published 01 Aug, 2011 12:00am
$2.5 billion foreign aid received as loans, grants in 2010-11

$2.5 billion foreign aid received as loans, grants in 2010-11

Pakistan received $ 2.5 billion foreign assistance during 2010-11, including loans worth $ 1.8 billion and grants of $ 668 million, which was around 0.9 billion rupees less than the revised figure for the year, indicated in the 2011-12 budget documents. T
Published 01 Aug, 2011 12:00am
$2.5 billion foreign aid received as loans, grants in 2010-11

$2.5 billion foreign aid received as loans, grants in 2010-11

Pakistan received $ 2.5 billion foreign assistance during 2010-11, including loans worth $ 1.8 billion and grants of $ 668 million, which was around 0.9 billion rupees less than the revised figure for the year, indicated in the 2011-12 budget documents. T
Published 01 Aug, 2011 12:00am
Philippine rebels demand stoppage of oil, gas projects

Philippine rebels demand stoppage of oil, gas projects

The Philippines' largest Muslim guerrilla group has demanded the government halt any planned oil and gas explorations by foreign companies in vast southern areas they claim, warning Sunday that energy projects would complicate peace talks.
Published 01 Aug, 2011 12:00am
Philippine rebels demand stoppage of oil, gas projects

Philippine rebels demand stoppage of oil, gas projects

The Philippines' largest Muslim guerrilla group has demanded the government halt any planned oil and gas explorations by foreign companies in vast southern areas they claim, warning Sunday that energy projects would complicate peace talks.
Published 01 Aug, 2011 12:00am
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