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Archive - 2011-08-06
Sarkozy, Cameron discuss debt crisis
Top News

Sarkozy, Cameron discuss debt crisis

BRUSSELS : British Prime Minister David Cameron and French President Nicolas Sarkozy discussed the eurozone and US debt
Published 06 Aug, 2011 08:14pm
Sonia Gandhi out of intensive care
Asia

Sonia Gandhi out of intensive care

NEW DELHI: The leader of India's ruling Congress party, Sonia Gandhi, was out of intensive care on Saturday after underg
Published 06 Aug, 2011 10:28am
India calls US downgrade 'grave'
Top News

India calls US downgrade 'grave'

NEW DELHI : The loss by the United States of its top-rank AAA credit rating from Standard & Poor's has created a "grav
Published 06 Aug, 2011 09:58am
5.6 magnitude quake hits Indonesia
Asia

5.6 magnitude quake hits Indonesia

JAKARTA : A moderate 5.6-magnitude earthquake struck off Indonesia on Saturday, the local geophysics agency said, but
Published 06 Aug, 2011 09:44am
Gold prices continue to soar
Top News

Gold prices continue to soar

PESHAWAR: The upward trend in gold prices continues as one tola gold was sold at Rs. 53650 in the market registering an
Published 06 Aug, 2011 04:45am
S&P cut US credit rating for first time
Top News

S&P cut US credit rating for first time

WASHINGTON: Standard & Poor's cut the US credit rating for the first time in history Friday, saying the country's politi
Published 06 Aug, 2011 04:44am
US copper off two percent

US copper off two percent

Copper fell 2 percent on Thursday for its biggest loss in at least two months as fears heightened over the global economy, although a strike at the world's largest copper mine helped limit losses. Copper futures fell to $9,331 a tonne in London, plumbing
Published 06 Aug, 2011 12:00am
New York cotton futures plummet

New York cotton futures plummet

Cotton futures sharply lower on Friday on investor sales sparked by the weak global macro economic environment, but the ability to hold technical support meant fibre contracts should grind higher into next week, analysts said. The key December cotton futu
Published 06 Aug, 2011 12:00am
Thousands of Syrians rally; 10 dead

Thousands of Syrians rally; 10 dead

At least 10 people were shot dead as thousands of Syrians took to the streets to rally against President Bashar al-Assad on the first Friday of Ramazan in support of the protest hub of Hama, activists said. "Seven people were killed in Irbin, another in M
Published 06 Aug, 2011 12:00am
Record number of Americans get food aid

Record number of Americans get food aid

A record 46 million Americans, or 15 percent of the population, have received government aid to buy food this year, according to data released by the US Department of Agriculture (USDA). The jump was driven in large part by a spike in the number of people
Published 06 Aug, 2011 12:00am
874 arrested in Chilean student protests

874 arrested in Chilean student protests

Police arrested 874 people while 90 police officers were injured during student protests in Chile, the authorities said Friday. "They did not just try to paralyse the centre of Santiago, but late at night they plundered and arsoned too," said Deputy Inter
Published 06 Aug, 2011 12:00am
Sonia Gandhi recovering after surgery

Sonia Gandhi recovering after surgery

India's ruling Congress party chief Sonia Gandhi was recovering after a "successful" operation abroad for an undisclosed ailment, a party spokesman said Friday. "Mrs Gandhi underwent surgery on August 4, 2011. The surgeon has indicated that the operation
Published 06 Aug, 2011 12:00am
China to boost 'anti-terrorism' forces after attacks

China to boost 'anti-terrorism' forces after attacks

China will deploy more "anti-terrorism forces" to its far north-west Xinjiang region following a series of deadly attacks there, state media said Friday. Public security minister Meng Jianzhu told officials in Xinjiang that stability in the remote region
Published 06 Aug, 2011 12:00am
Two Canadian terror suspects plotted France attack

Two Canadian terror suspects plotted France attack

Two men, who are suing Canada for millions of dollars alleging they were falsely linked to terror schemes, plotted in 2000 to blow up a plane headed to France, according to a classified document published in a newspaper here Friday. La Presse said it had
Published 06 Aug, 2011 12:00am
Indian foreign minister demands apology from PTI

Indian foreign minister demands apology from PTI

India's foreign minister has demanded a public apology from the Press Trust of India (PTI), after it described him as "absent minded" in parliament, the national news agency said on Friday. PTI had reported Thursday that S.M. Krishna "had to be prodded" b
Published 06 Aug, 2011 12:00am
India's top court partially lifts mining ban

India's top court partially lifts mining ban

India's top court allowed on Friday limited resumption of iron ore mining in a southern state that was suspended a week ago following revelations of a $3.6-billion mining fraud. While activities of private mining companies remain suspended in Bellary in K
Published 06 Aug, 2011 12:00am
Ukraine arrests former Prime Minister Tymoshenko in trial drama

Ukraine arrests former Prime Minister Tymoshenko in trial drama

Ukraine on Friday placed ex-prime minister Yulia Tymoshenko under arrest for contempt of court, in a dramatic twist to her stormy trial on charges of abuse of power. Amid extraordinary scenes, Tymoshenko was driven away from court in a police van at snail
Published 06 Aug, 2011 12:00am
US head of Afghan aid oversight resigns

US head of Afghan aid oversight resigns

The office that oversees billions in aid to Afghanistan will be without a chief for the second time this year, as its leader announced Thursday he was stepping down. Herbert Richardson, acting special inspector general for Afghanistan reconstruction (SIGA
Published 06 Aug, 2011 12:00am
NASA launches spacecraft Juno toward Jupiter

NASA launches spacecraft Juno toward Jupiter

NASA on Friday launched the billion-dollar solar-powered spacecraft Juno on a five-year journey to Jupiter in search of what makes up the solar system's biggest planet. The unmanned satellite observatory propelled into space aboard a 197-foot (60-meter) t
Published 06 Aug, 2011 12:00am
South Africa diamond miners end strike

South Africa diamond miners end strike

Diamond miners in South Africa returned to work on Friday after a 14-day strike, while a wage dispute at state power utility Eskom intensified, with unions threatening a strike that could cut electricity to Africa's biggest economy. South Africa has been
Published 06 Aug, 2011 12:00am
Former UBS banker charged with hiding $215 million

Former UBS banker charged with hiding $215 million

A former UBS banker was charged Thursday for conspiring to hide more than $215 million for US taxpaying clients in undeclared Swiss accounts. Gian Gisler allegedly opened and managed more than 60 hidden accounts on behalf of over 38 US taxpaying clients,
Published 06 Aug, 2011 12:00am
Cuba upholds 15-year sentence for US contractor

Cuba upholds 15-year sentence for US contractor

Cuba's high court on Friday upheld the 15-year sentence imposed on US contractor Alan Gross, jailed since his arrest in late 2009 on accusations of espionage, according to an official statement. The rejection of Gross's appeal is sure to anger long-time f
Published 06 Aug, 2011 12:00am
Thailand elects first female prime minister

Thailand elects first female prime minister

Thailand's House of Representatives on Friday elected Yingluck Shinawatra to become the country's first female prime minster, paving the way for a new government expected by next week. Yingluck's selection, by a 296 to 3 vote in the lower house, will beco
Published 06 Aug, 2011 12:00am
North Korea floods kill 30

North Korea floods kill 30

Floods in North Korea triggered by torrential rain late last month killed 30 people and destroyed more than 6,750 houses, state media said on Friday. More than 15,800 people were left homeless by the floods which also inundated more than 48,000 hectares (
Published 06 Aug, 2011 12:00am
FAO calls for 'immediate action' on drought

FAO calls for 'immediate action' on drought

The world must act urgently to save the lives of millions affected by drought in the Horn of Africa, the UN's Food and Agriculture Organisation (FAO) said Friday. This week the UN announced that famine has struck three new areas of southern Somalia, while
Published 06 Aug, 2011 12:00am
Four Afghans killed as anti-Nato demonstration turns violent

Four Afghans killed as anti-Nato demonstration turns violent

At least four Afghans including a policeman were killed when police fired on an angry crowd in Afghanistan's volatile south on Friday, police said, after protesters claimed Nato forces had killed a number of civilians overnight. Civilian casualties caused
Published 06 Aug, 2011 12:00am
Libya denies report Qadhafi's son killed by Nato

Libya denies report Qadhafi's son killed by Nato

The government of Muammar Qadhafi denied a rebel report on Friday that a Nato air strike had killed the Libyan leader's powerful son Khamis, commander of one of the government's most loyal and best-equipped units. Government spokesman Moussa Ibrahim said
Published 06 Aug, 2011 12:00am
Ten dead as Somali troops, residents loot famine aid

Ten dead as Somali troops, residents loot famine aid

At least 10 Somalis, among them refugees, were killed on Friday during a firefight that broke out in Mogadishu when troops and residents looted truckloads of food meant for famine victims, witnesses said. Government troops had opened fire and unloaded foo
Published 06 Aug, 2011 12:00am
Blast hits Iranian pipeline, oil output not affected

Blast hits Iranian pipeline, oil output not affected

Iran said it was pumping oil at full capacity after news of a blast on a pipeline in its south-west on Friday caused a jump in global oil prices. Pipeline blasts happen occasionally in Iran, the world's fifth-largest oil exporter, and are often attributed
Published 06 Aug, 2011 12:00am
Japan plans new nuclear watchdog to restore faith

Japan plans new nuclear watchdog to restore faith

Japan's nuclear crisis minister unveiled a plan on Friday to form a more independent nuclear safety regulator by next April in an effort to restore faith in the country's ability to effectively police utility firms after the Fukushima crisis.
Published 06 Aug, 2011 12:00am
Zimbabwe gain upper hand in Harare Test

Zimbabwe gain upper hand in Harare Test

A second Test century from Hamilton Masakadza and the late dismissal of dangerous Bangladesh batsman Shahriar Nafeez gave Zimbabwe the upper hand on the second day of their one-off Test at the Harare Sports Club on Friday.
Published 06 Aug, 2011 12:00am
Ferguson wants to take 'emotion' out of City clash

Ferguson wants to take 'emotion' out of City clash

Manchester United manager Sir Alex Ferguson will not change his approach to the Community Shield after playing down the significance of facing neighbours Manchester City in the traditional curtain-raiser to the new English season.
Published 06 Aug, 2011 12:00am
City sign 'keeper Pantilimon

City sign 'keeper Pantilimon

Manchester City have signed goalkeeper Costel Pantilimon from Poli Timisoara, the English Premier League club said Friday. The 24-year-old Romanian joins the FA Cup holders as cover for England international Joe Hart following the departure of Shay Given
Published 06 Aug, 2011 12:00am
Battle of Britain dominates Europa League draw

Battle of Britain dominates Europa League draw

The draw for the Europa League playoffs on Friday threw up a Battle of Britain clash as Scottish club Hearts were paired with English Premier League giants Tottenham Hotspur. Hearts sealed their place in this stage of the competition after beating Hungari
Published 06 Aug, 2011 12:00am
Sehwag out for eight in warm-up match

Sehwag out for eight in warm-up match

Dashing India opener Virender Sehwag was out for just eight on Friday in what could be his only innings before next week's third Test against England at Edgbaston. India captain Mahendra Singh Dhoni won the toss and batted but it was not long before Sehwa
Published 06 Aug, 2011 12:00am
US stars mired in record major win drought

US stars mired in record major win drought

Golf's global growth, including a spot in the 2016 Olympics, has helped push the once-dominant American line-up to a record win drought of six major events entering next week's PGA Championship. Since the Masters began in 1934 as the newest of golf's four
Published 06 Aug, 2011 12:00am
Australia begin Sri Lanka tour with T20

Australia begin Sri Lanka tour with T20

Australia open their campaign in Sri Lanka with two Twenty20 internationals on Saturday and Monday which could set the tone for the rest of the tour. Seasoned Australian fast bowler Brett Lee said he felt the Twenty20 games were the right way to start the
Published 06 Aug, 2011 12:00am
Singapore out in front at World Cup qualifying

Singapore out in front at World Cup qualifying

Singapore's Lam Chih Bing and Mardan Mamat shot a five-under-par 66 on Friday to stay on track for a fifth World Cup appearance but India closed the gap to one shot in Asian qualifying. The duo fired six birdies and had one bogey in the third round's four
Published 06 Aug, 2011 12:00am
Top seed Monfils does double duty to reach quarters

Top seed Monfils does double duty to reach quarters

French top seed Gael Monfils won two matches in 10 hours on Thursday, ousting Russian Dmitry Tursunov 6-2, 7-6 (11/9) in the latter to reach the quarter-finals of the $1.4 million ATP Washington Classic. Seventh-ranked Monfils, a French Open quarter-final
Published 06 Aug, 2011 12:00am
Arsenal reject latest Fabregas bid

Arsenal reject latest Fabregas bid

Barcelona's latest attempt to lure Arsenal captain Cesc Fabregas to the Nou Camp has been rejected by the London club, reports suggested here Friday. According to Sky Sports, Arsenal are standing firm on the £40 million (45 million euro) price tag they ha
Published 06 Aug, 2011 12:00am
Australian and New Zealand dollars on the run after heavy losses

Australian and New Zealand dollars on the run after heavy losses

The Australian and New Zealand dollars, among this week's worst performers in major currencies, nursed deep bruises on Friday following an investor stampede to the safety of cash and bonds on mounting fears of a global recession. The Aussie dollar was pin
Published 06 Aug, 2011 12:00am
Euro lending rates tumble

Euro lending rates tumble

Eurozone interbank lending rates posted their biggest fall in more than two years on Friday in anticipation of a jump in liquidity after the European Central Bank said the previous day it would lend banks as much as they wanted for six months. Benchmark t
Published 06 Aug, 2011 12:00am
Yuan ends lower

Yuan ends lower

The yuan closed slightly lower versus the dollar on Friday after the People's Bank of China set a weaker mid-point, in line with a rebound in the dollar after the US narrowly escaped a disastrous debt default. Dealers said the central bank would like to g
Published 06 Aug, 2011 12:00am
Asian currencies fall

Asian currencies fall

Emerging Asian currencies ended the week lower, led by the Singapore dollar and the Malaysian ringgit, as investors on Friday sought to reduce risk by cutting exposures to these currencies and their stocks. Most of the currencies weakened past Fibonacci r
Published 06 Aug, 2011 12:00am
Indian rupee down

Indian rupee down

The Indian rupee ended weaker on Friday after tumbling to its lowest in five weeks as local equities slumped, tracking the global equity selloff on concerns of a slowdown in the global economy, stoking fears of foreign fund outflows. Week-on-week, the loc
Published 06 Aug, 2011 12:00am
Yen plummets in New York

Yen plummets in New York

The yen fell sharply on Thursday after Japan intervened to curb its strength to support the country's export-led economy, but analysts did not expect any lasting impact given the widespread concerns about the global economy. Official yen-selling pushed th
Published 06 Aug, 2011 12:00am
Early trade in New York: dollar drops versus euro, yen

Early trade in New York: dollar drops versus euro, yen

The dollar fell against the euro and yen on Friday as stronger-than-expected US jobs growth in July assuaged fears that the US economy was sliding into another recession. Nonfarm payrolls accelerated more than expected last month and the unemployment rate
Published 06 Aug, 2011 12:00am
Swiss franc near highs, yen climbs in London

Swiss franc near highs, yen climbs in London

The Swiss franc hovered near record highs and the yen rose on a sharp fall in risk sentiment on Friday as concerns over global growth and eurozone debt contagion kept safe-haven currencies in demand in volatile trade. Stock markets around the world were j
Published 06 Aug, 2011 12:00am
Yen drops in Asia

Yen drops in Asia

The yen plunged briefly against the dollar on Friday, spurring market talk that Japan intervened again after a massive campaign the day before to tame the currency, but there was no official confirmation of government action. The dollar briefly jumped nea
Published 06 Aug, 2011 12:00am
Sterling rises versus dollar

Sterling rises versus dollar

Sterling rose against the dollar on Friday after US jobs numbers beat forecasts and provided relief to investors who had braced for data that could back views that the United States was heading towards recession and boost safe-haven currencies. The pound
Published 06 Aug, 2011 12:00am
FTSE slumps to worst week

FTSE slumps to worst week

Banks and commodity stocks fell sharply on Friday as Britain's top share index extended losses into a sixth straight trading day, roiled by a global debt crisis and unmoved by US jobs data easing fears of another economic recession. London's blue chip ind
Published 06 Aug, 2011 12:00am
Australian shares at two-year low

Australian shares at two-year low

Australian stocks closed at a two-year low on Friday after major miners led the local bourse's worst sell-off since early 2009 as fears about Europe's escalating debt crisis and another US recession hammered investor confidence globally. The Australian ma
Published 06 Aug, 2011 12:00am
Panic pounds Seoul shares

Panic pounds Seoul shares

Fears over a US double-dip recession slammed South Korean stocks for a fourth straight day on Friday, driving the main index down nearly 4 percent. Analysts said investor anxiety had reached a level that could require policy measures in response.
Published 06 Aug, 2011 12:00am
European stocks see biggest weekly fall since 2008

European stocks see biggest weekly fall since 2008

European shares fell on Friday and posted their biggest weekly decline in nearly three years on worries about weak global growth and fears that the eurozone debt crisis could engulf Italy and Spain. A bigger-than-expected rise in US payrolls helped to lim
Published 06 Aug, 2011 12:00am
Nikkei tumbles

Nikkei tumbles

Japanese stocks on Friday tumbled to their lowest since the post-quake rout in March as investors ran for exits after the worsening financial crisis in Europe compounded anxiety over a weak US economy that has come close to stalling. Retail investors and
Published 06 Aug, 2011 12:00am
Indian shares slip two percent

Indian shares slip two percent

Indian shares closed at their lowest level in nearly 14 months on Friday, falling 2.2 percent, following fresh worries of a global economic downturn that sparked a slide in markets globally. The main stock index fell 4.9 percent for the week, its biggest
Published 06 Aug, 2011 12:00am
US bonds soar

US bonds soar

US Treasury debt prices soared on Thursday as recession fears cued investors to flee riskier assets like stocks and seek safety in US government debt. Major US stock indexes plunged about 4.5 percent and the US bond market was on track for its sharpest we
Published 06 Aug, 2011 12:00am
US bonds soar

US bonds soar

US Treasury debt prices soared on Thursday as recession fears cued investors to flee riskier assets like stocks and seek safety in US government debt. Major US stock indexes plunged about 4.5 percent and the US bond market was on track for its sharpest we
Published 06 Aug, 2011 12:00am
Taiwan stocks fall

Taiwan stocks fall

Taiwan stocks dropped 5.58 percent to their lowest close in almost a year on Friday, tracking selloffs on Wall Street and regional bourses, with LCD maker Chimei Innolux Corp limit-down after it posted a worse-than-expected quarterly loss and cut its capi
Published 06 Aug, 2011 12:00am
Wall Street suffers worst selloff in two years

Wall Street suffers worst selloff in two years

Investors fled Wall Street in the worst stock-market selloff since the middle of the financial crisis in early 2009 in what has turned into a full-fledged correction. The Dow and the S&P tumbled more than 4 percent on Thursday and the Nasdaq lost 5 percen
Published 06 Aug, 2011 12:00am
Hong Kong shares sink to 10-month low; China falls

Hong Kong shares sink to 10-month low; China falls

Hong Kong and China shares fell, with the Hang Seng index posting their worst one-day decline since the 2008 financial crisis on Friday, with more losses seen as investors cut positions in cyclicals in a global sell off. Fears of a worsening crisis in Eur
Published 06 Aug, 2011 12:00am
South East Asian markets plunge

South East Asian markets plunge

Southeast Asian stock markets tumbled on Friday, with Indonesia suffering its biggest loss in more than 2-1/2 years and Singapore its biggest in over two years as investors sold big-cap and commodity stocks. The falls came in strong volume and foreign mon
Published 06 Aug, 2011 12:00am
EU under world pressure to stem market rout

EU under world pressure to stem market rout

European leaders faced a chorus of calls for more decisive action to stem an escalating debt crisis on Friday while robust US jobs data brought limited relief to battered world markets. Fears of US recession and the spreading eurozone crisis, now sucking
Published 06 Aug, 2011 12:00am
US payrolls rise soothes recession fears

US payrolls rise soothes recession fears

US job growth accelerated more than expected in July, tamping down fears the economy was sliding into a fresh recession and giving the Federal Reserve some breathing room. Nonfarm payrolls increased 117,000 after slowing abruptly in the past two months, L
Published 06 Aug, 2011 12:00am
Honda to recall over two million vehicles in US, China

Honda to recall over two million vehicles in US, China

Honda Motor said Friday it will recall more than two million vehicles in the United States and China to update the software that controls their automatic transmission. Honda said in a press release on its US site that the vehicles in the voluntary recall
Published 06 Aug, 2011 12:00am
P&G results top views

P&G results top views

Procter & Gamble Co posted a bigger-than-expected rise in quarterly profit on Friday, as cost cuts and price increases helped mitigate the impact of more expensive materials and some sluggish markets such as the United States. P&G also gave its first fore
Published 06 Aug, 2011 12:00am
British producer prices hit three-year peak

British producer prices hit three-year peak

The prices of goods leaving Britain's factories hit three-year highs in July due to a record jump in clothing and textile costs, official data showed on Friday, adding to the country's inflationary pressures. Producer prices climbed 5.9 percent last month
Published 06 Aug, 2011 12:00am
Germans lead resistance to ECB bond buying

Germans lead resistance to ECB bond buying

Germans Jens Weidmann and Juergen Stark led a four-man group who opposed the reactivation of the European Central Bank's bond-buying programme, central bank sources said on Friday. Bundesbank chief Weidmann and Stark, who heads the ECB's economics departm
Published 06 Aug, 2011 12:00am
Germans lead resistance to ECB bond buying

Germans lead resistance to ECB bond buying

Germans Jens Weidmann and Juergen Stark led a four-man group who opposed the reactivation of the European Central Bank's bond-buying programme, central bank sources said on Friday. Bundesbank chief Weidmann and Stark, who heads the ECB's economics departm
Published 06 Aug, 2011 12:00am
RBS slides into red on Greek losses, cuts 2,000 jobs

RBS slides into red on Greek losses, cuts 2,000 jobs

State-rescued Royal Bank of Scotland said Friday that it fell into a net loss of £1.4 billion in the first half on exposure to the struggling Greek economy and said it would cut around another 2,000 jobs. RBS, more than 80 percent owned by the government,
Published 06 Aug, 2011 12:00am
RBS slides into red on Greek losses, cuts 2,000 jobs

RBS slides into red on Greek losses, cuts 2,000 jobs

State-rescued Royal Bank of Scotland said Friday that it fell into a net loss of £1.4 billion in the first half on exposure to the struggling Greek economy and said it would cut around another 2,000 jobs. RBS, more than 80 percent owned by the government,
Published 06 Aug, 2011 12:00am
Obama assures world the US economy will recover

Obama assures world the US economy will recover

President Barack Obama assured the world Friday that the powerhouse US economy would recover after a tumultuous year, as fears rise that a stagnant recovery could degenerate into another recession. "What I want the American people and our partners around
Published 06 Aug, 2011 12:00am
Obama assures world the US economy will recover

Obama assures world the US economy will recover

President Barack Obama assured the world Friday that the powerhouse US economy would recover after a tumultuous year, as fears rise that a stagnant recovery could degenerate into another recession. "What I want the American people and our partners around
Published 06 Aug, 2011 12:00am
Obama assures world the US economy will recover

Obama assures world the US economy will recover

President Barack Obama assured the world Friday that the powerhouse US economy would recover after a tumultuous year, as fears rise that a stagnant recovery could degenerate into another recession. "What I want the American people and our partners around
Published 06 Aug, 2011 12:00am
Mortgage giant Fannie Mae seeks $5.1 billion from US

Mortgage giant Fannie Mae seeks $5.1 billion from US

The semi-public mortgage financing giant Fannie Mae said Friday it would seek an additional $5.1 billion from the US government, following a steep quarterly loss. Fannie Mae said it lost $2.9 billion in the second quarter of 2011 as high unemployment and
Published 06 Aug, 2011 12:00am
China imports more Iran crude; refinery plan stalls

China imports more Iran crude; refinery plan stalls

China's Sinopec Corp is importing around 90,000 barrels a day of a super light crude from Iran, 40 percent more than previously reported, although a refinery deal attached to the oil supply pact has stalled, sources told Reuters. Sinopec is taking the Sou
Published 06 Aug, 2011 12:00am
European insurers' Greek hits fuel debt concerns

European insurers' Greek hits fuel debt concerns

Allianz and Generali followed rivals in aggressively writing down holdings of Greek government bonds on Friday, fuelling investor concerns about the possible impact on insurers of a worsening sovereign debt crisis. Analysts say major European insurers hav
Published 06 Aug, 2011 12:00am
Canada's economy delivering mixed signals

Canada's economy delivering mixed signals

Canada's economy showed mixed signs in July, with jobs being added and the unemployment rate falling to the lowest since December 2008, but with the pace of purchasing managers' activity plunging. The statistics released on Friday provide one of the first
Published 06 Aug, 2011 12:00am
French trade deficit narrows in June

French trade deficit narrows in June

France's trade deficit narrowed in June to 5.6 billion euros from a revised 6.4 billion in May as energy imports dipped and the country sold more Airbus planes, seasonally adjusted customs office data showed on Friday. A Reuters poll of nine economists ha
Published 06 Aug, 2011 12:00am
Japan signals readiness to intervene again

Japan signals readiness to intervene again

Japan's finance minister said he was closely watching yen moves on Friday, signalling a readiness to continue selling the currency after intervention on Thursday that likely totalled a record amount around 4.5 trillion yen ($56 billion).
Published 06 Aug, 2011 12:00am
No let-up in price rise, spot rate up by Rs 200 on cotton market

No let-up in price rise, spot rate up by Rs 200 on cotton market

Persisting demand by mills amid tight supplies pushed the prices further higher on the cotton market on Friday, dealers said. The Karachi Cotton Association (KCA) official spot rate was maintained surge, raising by Rs 200 to Rs 6200, they said. In Sindh s
Published 06 Aug, 2011 12:00am
Vietnam's 2011 paddy output to hit a record 41 million tonnes

Vietnam's 2011 paddy output to hit a record 41 million tonnes

Vietnam, the world's second-largest rice exporter after Thailand, is expected to produce a record high 41.02 million tonnes of paddy this year, up 2.6 percent from 2010, the government said on Friday. Higher production of the staple in Vietnam will not on
Published 06 Aug, 2011 12:00am
Argentine wheat planting nearly completed

Argentine wheat planting nearly completed

Argentine wheat planting for the 2011/12 season is nearly completed and weather conditions are largely favourable, the Buenos Aires Grains Exchange said in its weekly crop progress report on Thursday. Seeds have been sown on 96.5 percent of the country's
Published 06 Aug, 2011 12:00am
Indonesia will not issue more sugar import permits

Indonesia will not issue more sugar import permits

Indonesia will not issue any additional import permits for raw or white sugar in 2011 because of ample supply, the trade minister said on Thursday, dashing hopes of more purchases by Southeast Asia's largest consumer. Earlier this year, Jakarta issued a p
Published 06 Aug, 2011 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 130,317 tonnes of cargo including 113,478 tonnes of import cargo, 16,839 tonnes of export cargo and 5,434 loaded & empty containers during last 24 hours ended at 0700 hours on Friday. The total import cargo of 113,478 tonnes compr
Published 06 Aug, 2011 12:00am
Prices unchanged on grain market

Prices unchanged on grain market

Prices were unchanged on the wholesale grain and see market on Friday as almost all participants were busy in preparations for Juma prayers.
Published 06 Aug, 2011 12:00am
US Plains HRW wheat bids steady

US Plains HRW wheat bids steady

Hard red winter wheat basis bids held steady Friday in mostly quiet market as producer selling dried up amid a market slide. Protein premiums for railcar wheat to and through Kansas City climbed 10 cents a bushel for 14 percent protein wheat and jumped 4-
Published 06 Aug, 2011 12:00am
Ramazan begins in Karachi under death's shadow

Ramazan begins in Karachi under death's shadow

Karachi -the economic hub of Pakistan is on fire. No 'panacea' is available in the market to ameliorate the situation; no knight-errant in the nation to bind and gag the Bigfoot of destruction. What about involving the Scotland Yard to investigate the mat
Published 06 Aug, 2011 12:00am
KARACHI CHRONICLE: Peace Drive nowhere

KARACHI CHRONICLE: Peace Drive nowhere

'In view of the current law and order situation in Karachi city, the Peoples Government of Sindh initiated a programme entitled "PEACE DRIVE" for comprehensive and sustainable peace in the city.' There were so many irritating points in this announcement q
Published 06 Aug, 2011 12:00am
LITERARY NOTES: Prime Minister-Writers' Dialogue A commendable step

LITERARY NOTES: Prime Minister-Writers' Dialogue A commendable step

The Prime Minister's idea to hold a dialogue with poets, critics and intellectual was undoubtedly a novel idea. Invitations to reach Islamabad were extended to 32 writers and the place to assemble was the Cabinet Hall in PM House. Three or four writers co
Published 06 Aug, 2011 12:00am
World stocks slide for eighth day

World stocks slide for eighth day

World stocks fell for an eighth day on Friday in a dizzying descent that has wiped around $2.5 trillion off the value of global equities this week, but hopes the European Central Bank will buy bonds of crisis-hit Italy helped lift markets off the lows of
Published 06 Aug, 2011 12:00am
Ramazan across the world

Ramazan across the world

The month of Ramazan is a test of self-control and an opportunity to make stronger the relationship with GOD. Fasting assists the building of good personality traits; therefore, it is much more than abstention from eating and drinking.
Published 06 Aug, 2011 12:00am
World stocks slide for eighth day

World stocks slide for eighth day

World stocks fell for an eighth day on Friday in a dizzying descent that has wiped around $2.5 trillion off the value of global equities this week, but hopes the European Central Bank will buy bonds of crisis-hit Italy helped lift markets off the lows of
Published 06 Aug, 2011 12:00am
ART FACTS: Soulful reflections

ART FACTS: Soulful reflections

People in the Muslim world are especially fond of calligraphic work as they relate this art to their religion and have a great respect for it. May they live in any corner of the world the Muslim artists necessarily do calligraphic paintings other than the
Published 06 Aug, 2011 12:00am
World stocks slide for eighth day

World stocks slide for eighth day

World stocks fell for an eighth day on Friday in a dizzying descent that has wiped around $2.5 trillion off the value of global equities this week, but hopes the European Central Bank will buy bonds of crisis-hit Italy helped lift markets off the lows of
Published 06 Aug, 2011 12:00am
BRIDGE NOTES: Taking the best shot

BRIDGE NOTES: Taking the best shot

A man is judged by his character, a bridge player by his dummy play. Undoubtedly dummy play in bridge is its most important facet and one which forms the bench mark to distinguish better players from the rest. Of course in dummy play, apart from common se
Published 06 Aug, 2011 12:00am
KSE sheds hefty 471 points

KSE sheds hefty 471 points

The KSE-100 index on Friday plunged by a massive 471.07 points to close at 14 weeks low level of 11,375.09 points after global stock markets crashed due to weakening of US economy, analysts said. Panic selling was witnessed, mainly by local investors, whi
Published 06 Aug, 2011 12:00am
KSE sheds hefty 471 points

KSE sheds hefty 471 points

The KSE-100 index on Friday plunged by a massive 471.07 points to close at 14 weeks low level of 11,375.09 points after global stock markets crashed due to weakening of US economy, analysts said. Panic selling was witnessed, mainly by local investors, whi
Published 06 Aug, 2011 12:00am
New York cotton

New York cotton

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

Published 06 Aug, 2011 12:00am
KSE sheds hefty 471 points

KSE sheds hefty 471 points

The KSE-100 index on Friday plunged by a massive 471.07 points to close at 14 weeks low level of 11,375.09 points after global stock markets crashed due to weakening of US economy, analysts said. Panic selling was witnessed, mainly by local investors, whi
Published 06 Aug, 2011 12:00am
New York cotton

New York cotton

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

Published 06 Aug, 2011 12:00am
BRIndex30 loses 421.25 points

BRIndex30 loses 421.25 points

On Friday, the BRIndex30 opened at 8,338.46 points and remained in negative throughout the trading session. It touched the intra-day high of 8,235.34 points and low of 7,823.19 points and closed at 7,917.21 points with a net negative change of -421.25 poi
Published 06 Aug, 2011 12:00am
Bullion Rates

Bullion Rates

Gold and silver rates in rupees per 10 grams prevailing in major cities on Friday (August 05, 2011).

Published 06 Aug, 2011 12:00am
BRIndex30 loses 421.25 points

BRIndex30 loses 421.25 points

On Friday, the BRIndex30 opened at 8,338.46 points and remained in negative throughout the trading session. It touched the intra-day high of 8,235.34 points and low of 7,823.19 points and closed at 7,917.21 points with a net negative change of -421.25 poi
Published 06 Aug, 2011 12:00am
Government given four days to de-notify six PCO judges

Government given four days to de-notify six PCO judges

The Supreme Court (SC) Friday sought the implementation of its verdict relating to six Provisional Constitutional Order (PCO) judges in letter and spirit within four days and issued directives to the federal government to de-notify six judges who had take
Published 06 Aug, 2011 12:00am
State Bank of Pakistan conversion rates

State Bank of Pakistan conversion rates

Rates applicable for conversion into rupees of Foreign Currency Deposits, Dollar Bearer Certificates, Foreign Currency Bearer Certificates, Special US Dollar bonds and profits thereon by all banks and also for providing forward cover on foreign currency d
Published 06 Aug, 2011 12:00am
Government given four days to de-notify six PCO judges

Government given four days to de-notify six PCO judges

The Supreme Court (SC) Friday sought the implementation of its verdict relating to six Provisional Constitutional Order (PCO) judges in letter and spirit within four days and issued directives to the federal government to de-notify six judges who had take
Published 06 Aug, 2011 12:00am
Barclays bid rates and maximum rates for payment of interest

Barclays bid rates and maximum rates for payment of interest

Barclays bid rates, maximum rates for payment of interest by authorised dealers on deposits (other than those brought under FE Circular No: 45 of 1985) and on deposits (brought under FE Circular No: 45 of 1985) - issued by the Foreign Exchange Rates Commi
Published 06 Aug, 2011 12:00am
Exchange rates: buying and selling

Exchange rates: buying and selling

Exchange rates issued by the Treasury Management Division of National Bank of Pakistan on Friday (August 05, 2011).

Published 06 Aug, 2011 12:00am
Conversion for foreign currency deposits

Conversion for foreign currency deposits

Conversion for foreign currency deposits, DBC/FCBC, special USD bond & profits thereon (excluding FE-25 deposits) on Friday (August 05, 2011).

Published 06 Aug, 2011 12:00am
Currency notes: exchange rates

Currency notes: exchange rates

Exchange rates for Currency Notes issued by the Treasury Management Division of National Bank of Pakistan (NBP) here on Friday (August 05, 2011).

Published 06 Aug, 2011 12:00am
Power shortage: President asks ministers to sort out issues

Power shortage: President asks ministers to sort out issues

Taking a serious note of the continuing power shortage in the country, President Asif Ali Zardari on Friday directed the three key ministers dealing with the subject to sort out administrative, financial and technical issues among themselves and submit a
Published 06 Aug, 2011 12:00am
Power shortage: President asks ministers to sort out issues

Power shortage: President asks ministers to sort out issues

Taking a serious note of the continuing power shortage in the country, President Asif Ali Zardari on Friday directed the three key ministers dealing with the subject to sort out administrative, financial and technical issues among themselves and submit a
Published 06 Aug, 2011 12:00am
Power shortage: President asks ministers to sort out issues

Power shortage: President asks ministers to sort out issues

Taking a serious note of the continuing power shortage in the country, President Asif Ali Zardari on Friday directed the three key ministers dealing with the subject to sort out administrative, financial and technical issues among themselves and submit a
Published 06 Aug, 2011 12:00am
CCoP approves HEC, NPCC shares sell-off

CCoP approves HEC, NPCC shares sell-off

The Cabinet Committee on Privatisation (CCoP), which met with Finance Minister Abdul Hafeez Shaikh in the chair on Friday, approved privatisation of 88 percent shares of National Power Construction Corporation (NPCC), and 96 percent shares of Heavy Electr
Published 06 Aug, 2011 12:00am
Bill buying rates per unit of currency

Bill buying rates per unit of currency

Bill Buying Rates per unit of currency -- issued by the Treasury Management Division of the National Bank of Pakistan on Friday (August 05, 2011).

Published 06 Aug, 2011 12:00am
CCoP approves HEC, NPCC shares sell-off

CCoP approves HEC, NPCC shares sell-off

The Cabinet Committee on Privatisation (CCoP), which met with Finance Minister Abdul Hafeez Shaikh in the chair on Friday, approved privatisation of 88 percent shares of National Power Construction Corporation (NPCC), and 96 percent shares of Heavy Electr
Published 06 Aug, 2011 12:00am
CCoP approves HEC, NPCC shares sell-off

CCoP approves HEC, NPCC shares sell-off

The Cabinet Committee on Privatisation (CCoP), which met with Finance Minister Abdul Hafeez Shaikh in the chair on Friday, approved privatisation of 88 percent shares of National Power Construction Corporation (NPCC), and 96 percent shares of Heavy Electr
Published 06 Aug, 2011 12:00am
Money Market Report

Money Market Report

Money market report by Khadim Ali Shah Bukhari & Co on Friday (August 05, 2011).
Published 06 Aug, 2011 12:00am
Levy of 3.5 percent WHT: PCGA decides to stop phutti buying

Levy of 3.5 percent WHT: PCGA decides to stop phutti buying

The Pakistan Cotton Ginners Association (PCGA) has decided to stop the purchase of seed-cotton (phutti) from August 6 as protest against the levy of 3.5 percent withholding tax. Presiding over a general body meeting here on Friday afternoon, PCGA Chairman
Published 06 Aug, 2011 12:00am
Spot dollar rates

Spot dollar rates

Spot Dollar rates from Khadim Ali Shah Bukhari & Co Ltd on Friday (August 05, 2011).

Published 06 Aug, 2011 12:00am
Levy of 3.5 percent WHT: PCGA decides to stop phutti buying

Levy of 3.5 percent WHT: PCGA decides to stop phutti buying

The Pakistan Cotton Ginners Association (PCGA) has decided to stop the purchase of seed-cotton (phutti) from August 6 as protest against the levy of 3.5 percent withholding tax. Presiding over a general body meeting here on Friday afternoon, PCGA Chairman
Published 06 Aug, 2011 12:00am
Levy of 3.5 percent WHT: PCGA decides to stop phutti buying

Levy of 3.5 percent WHT: PCGA decides to stop phutti buying

The Pakistan Cotton Ginners Association (PCGA) has decided to stop the purchase of seed-cotton (phutti) from August 6 as protest against the levy of 3.5 percent withholding tax. Presiding over a general body meeting here on Friday afternoon, PCGA Chairman
Published 06 Aug, 2011 12:00am
Ogra increases LPG prices

Ogra increases LPG prices

The Oil and Gas Regulatory Authority (Ogra) has increased the price of liquefied petroleum gas (LPG) by Rs 108 per domestic cylinder of 11.8 kg, or over Rs 9 per kg. The Authority issued a notification in this regard here on Friday.
Published 06 Aug, 2011 12:00am
Closing of sterling rates

Closing of sterling rates

Closing of sterling rates at 1730 GMT - on Friday (August 05, 2011).

Published 06 Aug, 2011 12:00am
Ogra increases LPG prices

Ogra increases LPG prices

The Oil and Gas Regulatory Authority (Ogra) has increased the price of liquefied petroleum gas (LPG) by Rs 108 per domestic cylinder of 11.8 kg, or over Rs 9 per kg. The Authority issued a notification in this regard here on Friday.
Published 06 Aug, 2011 12:00am
Ogra increases LPG prices

Ogra increases LPG prices

The Oil and Gas Regulatory Authority (Ogra) has increased the price of liquefied petroleum gas (LPG) by Rs 108 per domestic cylinder of 11.8 kg, or over Rs 9 per kg. The Authority issued a notification in this regard here on Friday.
Published 06 Aug, 2011 12:00am
800 killed in Karachi this year: HRCP

800 killed in Karachi this year: HRCP

Ethnic and politically linked violence in Karachi has killed 800 people so far this year, the country's independent human rights organisation said Friday. "About 800 people have been the victims of violent shootings in the last seven months," Zohra Yusuf,
Published 06 Aug, 2011 12:00am
800 killed in Karachi this year: HRCP

800 killed in Karachi this year: HRCP

Ethnic and politically linked violence in Karachi has killed 800 people so far this year, the country's independent human rights organisation said Friday. "About 800 people have been the victims of violent shootings in the last seven months," Zohra Yusuf,
Published 06 Aug, 2011 12:00am
Dismal development finance: high interest, power outages main culprits

Dismal development finance: high interest, power outages main culprits

The State Bank of Pakistan (SBP) on Friday said that high interest rate, power outages, poor law and order, and unclear taxation policies are hurting development finance (DF) in the country. According to it, non-performing loans (NPLs) of DF sector have r
Published 06 Aug, 2011 12:00am
Dismal development finance: high interest, power outages main culprits

Dismal development finance: high interest, power outages main culprits

The State Bank of Pakistan (SBP) on Friday said that high interest rate, power outages, poor law and order, and unclear taxation policies are hurting development finance (DF) in the country. According to it, non-performing loans (NPLs) of DF sector have r
Published 06 Aug, 2011 12:00am
Dismal development finance: high interest, power outages main culprits

Dismal development finance: high interest, power outages main culprits

The State Bank of Pakistan (SBP) on Friday said that high interest rate, power outages, poor law and order, and unclear taxation policies are hurting development finance (DF) in the country. According to it, non-performing loans (NPLs) of DF sector have r
Published 06 Aug, 2011 12:00am
US military to shorten soldier tours of duty

US military to shorten soldier tours of duty

The US Army will shorten the length of tours of duty for personnel deployed in combat zones from a year to nine months, as it pursues its withdrawal from Iraq and Afghanistan, the Pentagon said Friday. "This policy will not affect personnel or units curre
Published 06 Aug, 2011 12:00am
LSE index down 149.33 points

LSE index down 149.33 points

Equities on Friday registered further declines amid bearish sentiments dominated on the Lahore Stock Exchange (LSE) on account of selling pressure in all the blue chips, as investors preferred getting out of the market ahead of weekend. The LSE-25 index w
Published 06 Aug, 2011 12:00am
LSE index down 149.33 points

LSE index down 149.33 points

Equities on Friday registered further declines amid bearish sentiments dominated on the Lahore Stock Exchange (LSE) on account of selling pressure in all the blue chips, as investors preferred getting out of the market ahead of weekend. The LSE-25 index w
Published 06 Aug, 2011 12:00am
ISE index loses 116.37 points

ISE index loses 116.37 points

Bears continued to stay on the driving seat at the Islamabad Stock Exchange (ISE) where equities showed negative signs under the lead of hot favourite amid decrease in index. ISE Ten Index was down by 116.37 points, as the Index moved from 2,633.92 points
Published 06 Aug, 2011 12:00am
ISE index loses 116.37 points

ISE index loses 116.37 points

Bears continued to stay on the driving seat at the Islamabad Stock Exchange (ISE) where equities showed negative signs under the lead of hot favourite amid decrease in index. ISE Ten Index was down by 116.37 points, as the Index moved from 2,633.92 points
Published 06 Aug, 2011 12:00am
Customs officials to go on strike

Customs officials to go on strike

Pakistan Customs Officers Association has announced to go on an indefinite strike following the arrest of two custom officers Mohammed Riaz and Farhan Bhatti. This was decided in an emergency meeting held here on Friday. Federal Investigation Agency (FIA)
Published 06 Aug, 2011 12:00am
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