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Archive - 2011-08-08
US stocks plunge on downgrade
Financial

US stocks plunge on downgrade

NEW YORK : The Dow Jones Industrial Average fell 1.55 percent in opening trade Monday, less than had been feared after
Published 08 Aug, 2011 02:50pm
EDF Energy restarts UK Torness
Energy

EDF Energy restarts UK Torness

LONDON : EDF Energy restarted its 640-megawatt (MW) Torness 1 nuclear reactor on Monday, the utility said. "We can co
Published 08 Aug, 2011 02:00pm
Stocks tumble 2.5pc
Financial

Stocks tumble 2.5pc

LONDON : Emerging equities plumbed fresh 11-month lows on Monday and high-yield currencies fell to multi-month lows, rea
Published 08 Aug, 2011 11:30am
Obama defends America's credit
Top News

Obama defends America's credit

WASHINGTON: US President Barack Obama vowed Monday that America would always be a "triple A country," fiercely defending
Published 08 Aug, 2011 10:30am
Gold soars over $1,700 on debt fears
Top News

Gold soars over $1,700 on debt fears

NEW YORK : Gold surged more than 3 percent on Monday, surpassing $1,700 an ounce for the first time, after Standard & Po
Published 08 Aug, 2011 10:29am
BMW posts record sales in July
Industry

BMW posts record sales in July

FRANKFURT : The world's leading luxury automaker, BMW, reported on Monday record sales in July as deliveries gained 7.6
Published 08 Aug, 2011 09:48am
Most Gulf bourses bounce back
Financial

Most Gulf bourses bounce back

DUBAI : Gulf bourses recovered some of their losses Monday as they appeared to have mostly absorbed the shock of the his
Published 08 Aug, 2011 09:24am
Gold strikes record high above $1,700
Top News

Gold strikes record high above $1,700

HONG KONG : The price of gold struck a record high above $1,700 an ounce on Monday with dealers flocking to the safe hav
Published 08 Aug, 2011 04:59am
Bomb wounds 10 soldiers: officials
Top News

Bomb wounds 10 soldiers: officials

MIRANSHAH: A bomb attack on Monday wounded at least 10 soldiers in the Taliban and al-Qaeda hotspot of Waziristan on the
Published 08 Aug, 2011 04:55am
KSE-100: Confidence matters
BR Research

KSE-100: Confidence matters

Stock markets across the world are having that déjà vu feeling; fears of that dreaded fall of 2008 mount as the world frets over the possibi
Published 08 Aug, 2011 12:00am
Glimpse of bulls in rice
BR Research

Glimpse of bulls in rice

After international rice prices saw a dip uptil May 2011, a rebound was witnessed during the last two months.
Published 08 Aug, 2011 12:00am
Lawn is back
BR Research

Lawn is back

Even though the weather has almost transitioned from the hot summers to the humid monsoon, lawn continues to remain the hot favorite fabric
Published 08 Aug, 2011 12:00am
Death toll in Lyari building collapse rises to 31

Death toll in Lyari building collapse rises to 31

Lack of skilled efforts in rescue operation has caused to increase the death toll in this mishap. Memorising the golden reminiscences since his childhood, one of the fifth owners of Qasr-e-Ruqqaiya termed the recent renovations in several houses as one of
Published 08 Aug, 2011 12:00am
Sindh government notifies creation of Tando Allahyar, Matiari districts

Sindh government notifies creation of Tando Allahyar, Matiari districts

The Sindh government in continuation of its Revenue Department's notification No.PS/SMBR/2011/222, dated 09-07-2011, has restored the notification No.8/41/2005/Revenue I (IV) 352,353, dated 04.04,2005 regarding creation of districts of Tando Allahyar, Tan
Published 08 Aug, 2011 12:00am
Electricity demand touches new peak

Electricity demand touches new peak

The electricity demand in the country touched a new peak of 19,100MW on Sunday against the generation of 14,740MW, leaving a shortfall of 4,360MW. A PEPCO official giving details of the Sunday's power situation said that the hydro-power units produced 5,9
Published 08 Aug, 2011 12:00am
Girl students to be given Rs one million stipends

Girl students to be given Rs one million stipends

Chairman Punjab Education Foundation (PEF), Raja Muhammad Anwar has said that educational stipend worth rupees one billion will be distributed among the girl students belonging to the remote and far-flung areas. This programme is aimed to encourage educat
Published 08 Aug, 2011 12:00am
Proposed sales tax return: MCCI chief criticises various provisions

Proposed sales tax return: MCCI chief criticises various provisions

President Multan Chamber of Commerce and Industry (MCCI), Shahid Naseem Khokhar, criticised the different provisions of proposed sales tax return. Talking to the media the other day, he maintained that the new proposed sales tax return form contains numbe
Published 08 Aug, 2011 12:00am
Shahbaz visits Itwar bazaar

Shahbaz visits Itwar bazaar

Punjab Chief Minister Muhammad Shahbaz Sharif has said that provision of quality essential items to the people at govt fixed rates is the responsibility of the government which will be fulfilled at any cost. He was talking to consumers during his visit t
Published 08 Aug, 2011 12:00am
National debates summer camp launched

National debates summer camp launched

Government College University (GCU) Lahore Debating Society has launched National Debates Summer Camp to train the young aspiring students in the art of English and Urdu parliamentary-style debates.
Published 08 Aug, 2011 12:00am
'LPG prices being enhanced thrice a month'

'LPG prices being enhanced thrice a month'

The Jamaat-e-Islami Secretary General, Liaquat Baloch, has said that the governments at the centre and in the provinces have added to the miseries of the masses during the holy month of Ramazan instead of providing them any relief.
Published 08 Aug, 2011 12:00am
BZU declares result of BA annual exam

BZU declares result of BA annual exam

Bahauddin Zakariya University (BZU) Multan has declared the result of BA/BSc annual examination 2011 on Sunday. According to the notification all the top positions were annexed by the girls and they all belong to private school except a student Shaista Ma
Published 08 Aug, 2011 12:00am
Edhi Foundation treated 2,953 patients last month

Edhi Foundation treated 2,953 patients last month

Edhi Foundation Lahore provided free treatment and medicines to 2,953 patients in its free dispensary at Allama Iqbal Town during July. The foundation admitted 69 persons including women and children to Edhi Home Gulberg and Bilquess Edhi Home Township in
Published 08 Aug, 2011 12:00am
FAP seeks government intervention to stabilise Phutti prices

FAP seeks government intervention to stabilise Phutti prices

Farmers Associates Pakistan (FAP) has demanded intervention of the government to stabilise fluctuating "Phutti prices" for safeguarding financial interests of the cotton growers. It urged the government to immediately direct the TCP to enter the market an
Published 08 Aug, 2011 12:00am
PU teachers demand removal of Dean

PU teachers demand removal of Dean

The Punjab University teachers on Sunday unanimously demanded the chief minister for immediate removal of Hafiz Muhammad Iqbal from deanship of Institute of Education and Research who possesses third division.
Published 08 Aug, 2011 12:00am
Two children killed as truck falls on donkey cart

Two children killed as truck falls on donkey cart

Two children were killed and four others injured when a truck fell on a donkey cart at T-5, Bund road, Islampura area on Sunday. Police said Muhammad Abid along-with his wife and four children was going to Talat Park Farukhabad on a donkey cart when a tr
Published 08 Aug, 2011 12:00am
'SOPs set for emergency must be implemented in hospitals'

'SOPs set for emergency must be implemented in hospitals'

Secretary Health Punjab Mohammad Jehanzeb Khan has directed all the EDOs (H) and Medical Superintendents of government hospitals that the Standard Of Procedures (SOPs) set for emergency must be implemented in hospitals and training of operating life savin
Published 08 Aug, 2011 12:00am
Dengue domestic mosquito flourishes in clean stagnant water: DG health

Dengue domestic mosquito flourishes in clean stagnant water: DG health

Director General Health Punjab Dr. Muhammad Aslam Ch. here on Sunday said that dengue is a domestic mosquito which flourishes in clean stagnant water, therefore, people should not left water in things like room coolers, old tyres and flower pots etc.
Published 08 Aug, 2011 12:00am
Bahrain releases two former MPs pending trial

Bahrain releases two former MPs pending trial

Bahrain has ordered the release of two former MPs arrested in May after a crackdown on Shia-led protests pending their trial in a civilian court, state new agency BNA said on Sunday. The public prosecutor has decided to "release several detainees ... unti
Published 08 Aug, 2011 12:00am
Militants escape in Nigerian jailbreak

Militants escape in Nigerian jailbreak

Five militants escaped from a prison in Nigeria's main oil-hub Port Harcourt on Sunday by using their metal beds as ladders to climb over the walls, a spokesman for the prison said.
Published 08 Aug, 2011 12:00am
US military trainers could be targets: al-Sadr

US military trainers could be targets: al-Sadr

Iraq's fiercely anti-US cleric Moqtada al-Sadr has warned that US military trainers will be targets if they stay in the country beyond a year-end deadline for American troops to leave.
Published 08 Aug, 2011 12:00am
American to attempt 60-hour Cuba-to-Florida swim

American to attempt 60-hour Cuba-to-Florida swim

Veteran long-distance swimmer Diana Nyad will take on time and Mother Nature when she jumps into the Florida Straits on Sunday to begin what would be a world record swim from Cuba to Florida.
Published 08 Aug, 2011 12:00am
Eight killed in Iraqi violence

Eight killed in Iraqi violence

Insurgents killed at least six people in a bomb attack on the home of a Shiite family in a mainly Sunni town south of Baghdad on Sunday, part of nation-wide violence that left a total of eight dead.
Published 08 Aug, 2011 12:00am
Two French soldiers killed in Afghanistan

Two French soldiers killed in Afghanistan

Two French Foreign Legion soldiers were among four Nato troops killed Sunday in two separate insurgent attacks in Afghanistan, the French presidency said. The French soldiers were killed in the Tagab valley in Kapisa province north of Kabul, it said. Thei
Published 08 Aug, 2011 12:00am
Pope urges dialogue on Syria and Libya

Pope urges dialogue on Syria and Libya

Pope Benedict XVI called Sunday for a redoubling of efforts to restore peace in conflict-torn Syria and Libya. In his weekly address to pilgrims, the pontiff asked for the "legitimate aspirations" of the Syrian people to be met, while urging the internati
Published 08 Aug, 2011 12:00am
Fighting erupts in Somali capital after rebels say leaving

Fighting erupts in Somali capital after rebels say leaving

Fighting erupted on Sunday in Mogadishu between government troops and al Shabaab insurgents a day after the rebels said they were leaving the Somali capital and the government declared it controlled most of the city, residents and officials said.
Published 08 Aug, 2011 12:00am
Libyan rebels say they hold gains south of capital

Libyan rebels say they hold gains south of capital

Libyan rebels said on Sunday they were firmly in control of the town of Bir al-Ghanam, a staging post about 80 km (50 miles) south of Tripoli, rejecting a government assertion they had been pushed back.
Published 08 Aug, 2011 12:00am
Karzai orders inquiry into Nato air strike deaths

Karzai orders inquiry into Nato air strike deaths

Afghan President Hamid Karzai ordered an investigation on Sunday into a Nato air strike that killed eight civilians in the volatile south of the country, adding more fuel to an already contentious issue between Kabul and foreign forces.
Published 08 Aug, 2011 12:00am
Yemen President Saleh leaves Saudi hospital

Yemen President Saleh leaves Saudi hospital

Yemen's President Ali Abdullah Saleh left hospital in Saudi Arabia on Sunday, government and medical sources said, two months after suffering severe injuries in an assassination attempt at his palace compound in Sanaa.
Published 08 Aug, 2011 12:00am
Suu Kyi to make 'political' Myanmar trip

Suu Kyi to make 'political' Myanmar trip

Myanmar's democracy icon Aung San Suu Kyi is to make her first overtly political trip outside her home city since she was freed from house arrest, her spokesman said Sunday, defying authorities' warnings.
Published 08 Aug, 2011 12:00am
Sukuk market needs three years to turn: Noor Islamic

Sukuk market needs three years to turn: Noor Islamic

Noor Islamic Bank does not expect the Islamic bond market to turn around for another three years, given the financial and political uncertainty in the region, its chief executive said on Wednesday.
Published 08 Aug, 2011 12:00am
Sukuk market needs three years to turn: Noor Islamic

Sukuk market needs three years to turn: Noor Islamic

Noor Islamic Bank does not expect the Islamic bond market to turn around for another three years, given the financial and political uncertainty in the region, its chief executive said on Wednesday.
Published 08 Aug, 2011 12:00am
Tel Aviv shares fall seven percent on US woes

Tel Aviv shares fall seven percent on US woes

Key Israeli stock indices fell around seven percent and trading on the Tel Aviv stock exchange was temporarily halted on Sunday after news of a US credit rating downgrade, the bourse said. According to its website, the benchmark TA-25 index closed down 6.
Published 08 Aug, 2011 12:00am
Middle East markets: Gulf stocks fall on US rating cut, Saudi recovers

Middle East markets: Gulf stocks fall on US rating cut, Saudi recovers

Most Gulf bourses slumped to lows of at least several months on Sunday, rattled by a US rating downgrade which sparked worries the global economy may retreat into recession. Concerns are high that the US economy may slide back into recession as it grappl
Published 08 Aug, 2011 12:00am
Global Markets Weekahead: investors in crisis mode again

Global Markets Weekahead: investors in crisis mode again

Almost three years on, memories of the market turmoil that followed the collapse of Lehman Brothers are coming back to haunt investors. World stocks, which hit an 11-month low on Friday, are on track for their biggest weekly loss since Nov 2008 - part of
Published 08 Aug, 2011 12:00am
Sterling to gain on euro debt crisis

Sterling to gain on euro debt crisis

Sterling will gain against the euro so long as investors slash exposure to the spiralling sovereign debt crisis that threatens some of the eurozone's biggest economies, a Reuters poll showed on Friday. Investors have had little choice but to look across
Published 08 Aug, 2011 12:00am
Growth, debt worries set to dominate FTSE

Growth, debt worries set to dominate FTSE

The London stock market, which plunged almost ten percent this week on fears of another vicious global downturn, will focus again next week on worries of weak economic growth and eurozone debt contagion. London's FTSE 100 index shed 9.8 percent over the p
Published 08 Aug, 2011 12:00am
High-flying Aussie, kiwi to cruise for now

High-flying Aussie, kiwi to cruise for now

The high-flying Australian dollar is seen pulling back slightly in coming months, but is still forecast to stay above parity as lofty domestic rates and a robust economy attract yield-hungry investors.
Published 08 Aug, 2011 12:00am
Wall Street Weekahead: investors struggle to see past the panic

Wall Street Weekahead: investors struggle to see past the panic

Wall Street hit the panic button this week and survived. But the shocks have left investors stranded. Following its worst week in almost three years, the S&P 500 has fallen into correction territory and year-end forecasts are already being lowered. Safe-h
Published 08 Aug, 2011 12:00am
Dealers expect volatility in Japan stocks

Dealers expect volatility in Japan stocks

The Japanese stock market is expected to be highly volatile next week, dealers said Friday, following a huge sell-off in the global markets on worries over the US economy and European debt crisis. In the week to August 5, the Nikkei index on the Tokyo Sto
Published 08 Aug, 2011 12:00am
Safe-haven bids to battle yen intervention

Safe-haven bids to battle yen intervention

Safe-haven demand will keep the yen strong as increasingly worried investors act as a counterweight against authorities intent on weakening the Japanese currency through intervention, a Reuters poll showed.
Published 08 Aug, 2011 12:00am
Unloved BRIC stocks may gain as rate rises taper

Unloved BRIC stocks may gain as rate rises taper

Steep rate rise cycles in Brazil, India and China are nearing peaks, potentially ending a year-long run of weakness for their equities by tempting investors who reckon domestic demand will allow companies to weather the slowing global economy. This year
Published 08 Aug, 2011 12:00am
Australia has ammunition to deal with global uncertainty

Australia has ammunition to deal with global uncertainty

Australia is well equipped to take steps to bolster its economy should global market turmoil see a re-run of the 2009 financial crisis, Treasurer Wayne Swan said on Friday, one of the first leaders to comment on such a step in the current sell-off.
Published 08 Aug, 2011 12:00am
Oil prices should rebound: Kuwaiti minister

Oil prices should rebound: Kuwaiti minister

Crude oil prices should bounce back once global markets regain confidence after last week's startling downgrade of the United States' credit rating, the oil minister of OPEC-member Kuwait said on Sunday.
Published 08 Aug, 2011 12:00am
Egypt reserves slip

Egypt reserves slip

Egypt's net foreign reserves slipped to $25.71 billion in July but economists said there was a slowdown in the rate of the decline which may now suggest the worst of the capital flight since the uprising to topple Hosni Mubarak was over. Foreign reserves
Published 08 Aug, 2011 12:00am
Resource nationalism is biggest risk to miners

Resource nationalism is biggest risk to miners

Resource nationalism is the biggest threat facing the mining sector this year and next as governments seek to take advantage of higher commodity prices to try to restore fragile finances, advisory and accountancy firm Ernst && Young (E&Y) said on Sunday.
Published 08 Aug, 2011 12:00am
UK minister sees growth rate cuts

UK minister sees growth rate cuts

Britain's business secretary Vince Cable warned that growth forecasts are likely to be slashed this week, adding to fears that the UK is tumbling towards a double dip recession, as global markets are expected to open heavily down on Monday.
Published 08 Aug, 2011 12:00am
Iran oil minister sees big future for Guards' firm

Iran oil minister sees big future for Guards' firm

An engineering conglomerate belonging to the Revolutionary Guards, Iran's elite military force, should further expand its role in the economy sector, Oil Minister Rostam Qasemi said on Sunday, days after leaving the company to join the government.
Published 08 Aug, 2011 12:00am
IfW institute sees German economy outlook darkening

IfW institute sees German economy outlook darkening

The outlook for Germany's economic growth in 2012 has darkened over the past few weeks as the risk of a world-wide recession grows, the German Institute for World Economy (IfW) told Handelsblatt daily. The Kiel-based institute said in June it expected Eu
Published 08 Aug, 2011 12:00am
France's outlook stable: S&P

France's outlook stable: S&P

The Standard and Poor's ratings agency said Sunday that France's outlook remained stable amid a deepening eurozone debt crisis and the fallout from its US credit downgrade. "France's rating has a stable outlook with Standard and Poor's," chief economist J
Published 08 Aug, 2011 12:00am
Iraqi Prime Minister dismisses electricity minister over deals

Iraqi Prime Minister dismisses electricity minister over deals

Iraqi Prime Minister Nuri al-Maliki has ordered his electricity minister to step down after the government said a probe had uncovered irregularities in power contracts with two foreign companies, a source in Maliki's office said on Sunday.
Published 08 Aug, 2011 12:00am
Iraq qualifies 41 companies for 4th energy bid

Iraq qualifies 41 companies for 4th energy bid

Iraq has qualified 41 companies to participate in its 4th energy bidding round, which is scheduled to take place in late January, Abdul-Mahdy al-Ameedi, director of the oil ministry's contracts and licensing directorate, told Reuters on Sunday.
Published 08 Aug, 2011 12:00am
UAE supports peg, Oman says no alternative to US debt

UAE supports peg, Oman says no alternative to US debt

The United Arab Emirates will keep its currency peg to the US dollar even after Standard & Poor's downgraded the world's biggest economy, and Oman sees no risk in investing in US treasuries, officials said on Sunday. Gulf central bankers were huddled in
Published 08 Aug, 2011 12:00am
Nigeria's SEC suspends trading on nationalised banks

Nigeria's SEC suspends trading on nationalised banks

Nigeria's Securities and Exchange Commission (SEC) said on Sunday it had suspended trading on the shares of Afribank, Spring Bank and Bank PHB , following the nationalisation of the three lenders. SEC also approved a technical suspension on the trading o
Published 08 Aug, 2011 12:00am
Kuwait will build megaport despite threat

Kuwait will build megaport despite threat

Kuwait said on Sunday that threats by Iraqi militants will not deter the oil-rich emirate from completing the construction of a controversial megaport between the two nations. "We are not scared by threats and we are continuing the construction work in th
Published 08 Aug, 2011 12:00am
Former Obama economist warns of new US recession

Former Obama economist warns of new US recession

President Barack Obama's former top economic advisor warned Sunday of a new recession, attacking the recent US credit downgrade as an unwarranted piling on atop an already weak economy.
Published 08 Aug, 2011 12:00am
Foreign coach to be hired till September: Lodhi

Foreign coach to be hired till September: Lodhi

Pakistan Football Federation (PFF), Secretary, Lt. Col. (R) Ahmed Yar Khan Lodhi said on Sunday that a foreign coach will be hired till the end of September for the national team. Lodhi told APP on Sunday that the PFF has short listed a few names of some
Published 08 Aug, 2011 12:00am
Barcelona beat America 2-0 in friendly match

Barcelona beat America 2-0 in friendly match

David Villa's first-half header and Seydou Keita's 89th-minute strike lifted European champions Barcelona to a 2-0 victory over Mexico's Club America in a friendly football match on Saturday.
Published 08 Aug, 2011 12:00am
Nani double fires United fightback

Nani double fires United fightback

Manchester United underlined their determination to hold off the challenge from title rivals Manchester City as Nani's last-gasp winner clinched a 3-2 victory in the Community Shield on Sunday. Sir Alex Ferguson's side trailed 2-0 at half-time after big-s
Published 08 Aug, 2011 12:00am
Celtic maintain perfect start, Motherwell top table

Celtic maintain perfect start, Motherwell top table

A late winner from Anthony Stokes handed Celtic a 1-0 away win at Aberdeen on Sunday to maintain the Glasgow giants perfect start to the season. However, it was not enough to top the table as Motherwell's 1-0 victory over Hearts, both sides finishing with
Published 08 Aug, 2011 12:00am
South Africa captain Smith weds Irish singer

South Africa captain Smith weds Irish singer

South African skipper Graeme Smith married Irish singer and model Morgan Deane at a private ceremony in Cape Town, media reported on Sunday. The Sunday Times weekly newspaper said the couple exchanged vows at an intimate ceremony at St Bernard Catholic Ch
Published 08 Aug, 2011 12:00am
Toshack to take over as Macedonia coach

Toshack to take over as Macedonia coach

Former Wales manager John Toshack has reached a deal to take over as Macedonia coach later this month, the Balkan country's football federation (FFM) said on Sunday. He was in charge of Wales from 2004-2010 and will face an emotional clash with his compa
Published 08 Aug, 2011 12:00am
Hanif expects a white-wash from colts in Egypt

Hanif expects a white-wash from colts in Egypt

Former Pakistan hockey Olympian and chief Hanif Khan on Sunday praised Pakistan junior team, who has a 2-1 win over Egypt senior side in the opening match of five-match Test series on Saturday in Cairo.
Published 08 Aug, 2011 12:00am
India's Zaheer needs surgery, to miss rest of tour

India's Zaheer needs surgery, to miss rest of tour

India seamer Zaheer Khan needs surgery for ankle and hamstring problems and has been ruled out for the remainder of the England series, the Indian cricket board (BCCI) said on Sunday. Left-arm paceman Rudra Pratap Singh will replace Zaheer for the remain
Published 08 Aug, 2011 12:00am
Taylor ton edges Zimbabwe closer to victory

Taylor ton edges Zimbabwe closer to victory

Zimbabwe captain Brendan Taylor scored an unbeaten 105 before Bangladesh were restricted to 112-3 at the Harare Sports Club on Sunday, still needing another 263 runs to win the one-off Test match. Taylor declared his team's second innings on 291 for five
Published 08 Aug, 2011 12:00am
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