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Archive - 2011-10-23
US rating likely to be downgraded again
Top News

US rating likely to be downgraded again

NEW YORK : The United States will likely suffer the loss of its triple-A credit rating from another major rating agenc
Published 23 Oct, 2011 05:35pm
Banks to remain closed on Monday
Top News

Banks to remain closed on Monday

KARACHI : The State Bank of Pakistan (SBP), public and private sector banks will remain closed on Monday. A spokesman
Published 23 Oct, 2011 04:25pm
Kallis, Smith set up big total
Cricket

Kallis, Smith set up big total

PORT ELIZABETH : Veterans Jacques Kallis and Graeme Smith set South Africa on the way to a big total before two of th
Published 23 Oct, 2011 03:21pm
Newly-appointed IB DG calls on PM
Top News

Newly-appointed IB DG calls on PM

LAHORE : The newly-appointed Director General Intelligence Bureau (IB), Aftab Sultan, called on Prime Minister Syed
Published 23 Oct, 2011 02:59pm
Abu Dhabi slumps to new lows
Financial

Abu Dhabi slumps to new lows

DUBAI: Abu Dhabi's shares slumped to a fresh 30-month low, while trading was muted in most Gulf markets as investors wai
Published 23 Oct, 2011 02:09pm
India restrict England to 220
Cricket

India restrict England to 220

MUMBAI: World champions India produced a dazzling display in the field to bowl England out for 220 in the fourth one-day
Published 23 Oct, 2011 01:01pm
Begum Nusrat Bhutto passes away
Top News

Begum Nusrat Bhutto passes away

LARKANA: Begum Nusrat Bhutto, widow of former prime minister Zulfikar Ali Bhutto, died on Sunday in Dubai after protra
Published 23 Oct, 2011 12:48pm
Europe scrambles to shore up its banks
Top News

Europe scrambles to shore up its banks

BRUSSELS : Europe 's leaders were in difficult talks Sunday to support those banks that have been asked to take huge lo
Published 23 Oct, 2011 12:05pm
Van Rompuy new euro-zone overlord
Top News

Van Rompuy new euro-zone overlord

BRUSSELS: European leaders were to name on Sunday EU president Herman Van Rompuy as their new overseer of work agreed in
Published 23 Oct, 2011 12:00pm
FBR to instant withdraw SRO 821: LCCI
Top News

FBR to instant withdraw SRO 821: LCCI

LAHORE: Lahore Chamber of Commerce and Industry President Irfan Qaiser Sheikh has urged the Federal Board of Revenue to
Published 23 Oct, 2011 11:32am
Myanmar flash floods kill 100
Top News

Myanmar flash floods kill 100

YANGON: More than 100 people were killed in flash floods caused by heavy storms in central Myanmar this week, an officia
Published 23 Oct, 2011 09:55am
Bridge collapse kills 32 in India
Top News

Bridge collapse kills 32 in India

KOLKATA: A bridge packed with festival crowds collapsed in northeast India killing at least 32 people, an official said
Published 23 Oct, 2011 09:29am
Turkish bonds fall, shares up

Turkish bonds fall, shares up

Turkish bonds fell again on Friday, with the benchmark yield rising 52 points to a 17-month high, as investors sold after open market operations left liquidity tighter and following Thursday's hike in the central bank's overnight lending rate.
Published 23 Oct, 2011 12:00am
Turkish bonds fall, shares up

Turkish bonds fall, shares up

Turkish bonds fell again on Friday, with the benchmark yield rising 52 points to a 17-month high, as investors sold after open market operations left liquidity tighter and following Thursday's hike in the central bank's overnight lending rate.
Published 23 Oct, 2011 12:00am
Indian bond yields rise

Indian bond yields rise

Indian federal bond yields ended higher in thin trade on Friday, dragged by growing expectations of another rate increase at the central bank's review next Tuesday and supply worries. The 10-year benchmark yield ended up 3 basis points at 8.82 percent, af
Published 23 Oct, 2011 12:00am
Indian bond yields rise

Indian bond yields rise

Indian federal bond yields ended higher in thin trade on Friday, dragged by growing expectations of another rate increase at the central bank's review next Tuesday and supply worries. The 10-year benchmark yield ended up 3 basis points at 8.82 percent, af
Published 23 Oct, 2011 12:00am
Malaysia's Felda to use 350,000ha land in IPO

Malaysia's Felda to use 350,000ha land in IPO

Malaysia's Federal Land Development Authority (FELDA) will inject 350,000 hectares of plantation land into its commercial arm's listing which will take place by mid-2012, its chief said on Friday, in what is likely to be the country's biggest IPO next yea
Published 23 Oct, 2011 12:00am
Sangakkara, Jayawardene salvage draw for Sri Lanka

Sangakkara, Jayawardene salvage draw for Sri Lanka

Kumar Sangakkara hit his eighth double hundred while Prasanna Jayawardene notched up a fighting century to salvage a draw for Sri Lanka in the first Test against Pakistan here on Saturday. Sangakkara scored 211 during a marathon near eleven-hour stay whil
Published 23 Oct, 2011 12:00am
Sloppy fielding let Sri Lanka off hook: Misbah

Sloppy fielding let Sri Lanka off hook: Misbah

Pakistan captain Misbah-ul Haq blamed sloppy fielding as the main reason for his team's failure to win the first Test against Sri Lanka here on Saturday, saying it was the only negative to take from the match. Pakistan, led by 314 runs in the first inning
Published 23 Oct, 2011 12:00am
AFC suspends five over brawl

AFC suspends five over brawl

Asia's football body has ordered one-match suspensions and may take further action against three players and two coaches involved in a brawl that marred a regional Champions League semi-final. Wednesday's game, one of Asia's biggest club matches, between
Published 23 Oct, 2011 12:00am
Dortmund crush Cologne 5-0 to go second

Dortmund crush Cologne 5-0 to go second

Champions Borussia Dortmund crushed Cologne 5-0 with two goals from in-form striker Robert Lewandowski on Saturday to move into second place in the Bundesliga, three points off leaders Bayern Munich. Dortmund bounced back in style from their 3-1 Champions
Published 23 Oct, 2011 12:00am
Newcastle stay unbeaten, send Wigan bottom

Newcastle stay unbeaten, send Wigan bottom

Newcastle United maintained their unbeaten start to the season, sending Wigan Athletic to the bottom of the Premier League with a 1-0 victory at St James' Park after a late winner from Yohan Cabaye on Saturday. Newcastle are fourth on 19 points, level wit
Published 23 Oct, 2011 12:00am
India beat Pakistan in Bermuda Bowl Bridge

India beat Pakistan in Bermuda Bowl Bridge

India avenged their defeat in the final of Bridge Federation of Asia and Middle East (BFAME) by punishing Pakistan 18-12 in the 17th round of 40th Bermuda Bowl World Bridge Championship at Veldhoven (The Netherlands), according to information received her
Published 23 Oct, 2011 12:00am
US teenager breaks world backstroke record

US teenager breaks world backstroke record

US teenager Melissa Franklin set the short course world record for the 200m backstroke on Saturday when she swam 2 mins 00.03 seconds at Berlin's World Cup meet. The 16-year-old from Pasadena, California, set the first world record since the ban on high-t
Published 23 Oct, 2011 12:00am
Monfils sets up Stockholm final with Nieminen

Monfils sets up Stockholm final with Nieminen

Frenchman Gael Monfils set up a return date with Finn Jarkko Niemimen after downing Milos Raonic 6-7 (6/8), 6-4, 6-3 on Saturday to reach the Stockholm Open final. World number 10 Monfils, bidding for a place in the year-ending ATP World Tour Finals next
Published 23 Oct, 2011 12:00am
Taylor second century in vain as New Zealand win

Taylor second century in vain as New Zealand win

For the second successive match, Zimbabwe captain Brendan Taylor hit an unbeaten century and finished on the losing side as New Zealand won the second One-day international by four wickets at Harare Sports Club on Saturday. Taylor made 107 not out off 105
Published 23 Oct, 2011 12:00am
Rudolph back in South African Test squad

Rudolph back in South African Test squad

Left-handed batsman Jacques Rudolph was on Saturday recalled to the South African Test squad for a two-match series against Australia next month. Two uncapped players, leg-spinner Imran Tahir and all-rounder Vernon Philander, were named in the 14-man squa
Published 23 Oct, 2011 12:00am
Play called off in Bangladesh

Play called off in Bangladesh

The second day's play in the first Test between Bangladesh and West Indies at Chittagong was called off on Saturday due to heavy overnight rain that left the outfield damp. The match referee and umpires made the decision after an inspection at 1100 local
Published 23 Oct, 2011 12:00am
Copper boosts Chile peso; EU lifts LatAm forex

Copper boosts Chile peso; EU lifts LatAm forex

Chile's peso led Latin American currencies higher, as copper rebounded from its biggest one-day loss in four weeks, on expectation Europe will find a solution to its debt crisis and signs of stronger Chinese demand. The region's currencies gained on Frida
Published 23 Oct, 2011 12:00am
African currencies outlook

African currencies outlook

Rising domestic interest rates are likely to attract investors to Kenyan and Ugandan debt next week, providing support to the two currencies after a string of record lows triggered by soaring inflation.
Published 23 Oct, 2011 12:00am
Central European currencies recover losses before EU summit

Central European currencies recover losses before EU summit

Central European currencies recovered some of this week's losses on Friday, led by a 1 percent rise in Hungary's forint, but investors were reluctant to take on riskier bets before an EU summit on Sunday to discuss the euro zone debt crisis. The forint wa
Published 23 Oct, 2011 12:00am
Risk rally pummels dollar ahead of EU summits

Risk rally pummels dollar ahead of EU summits

The US dollar tumbled on Friday and hit a record low against the yen on speculation Europe was closer to solving its debt crisis, but most analysts doubt that policy-makers will produce a comprehensive plan soon. France and Germany said in a joint stateme
Published 23 Oct, 2011 12:00am
Europe optimism, strong CPI push Canadian dollar higher

Europe optimism, strong CPI push Canadian dollar higher

The Canadian dollar ended stronger against its US counterpart on Friday as speculation that Europe was closer to solving its debt crisis revived risk appetite, sinking the safe-haven greenback. Optimism on Europe and the possibility of more action from th
Published 23 Oct, 2011 12:00am
Long dollar positions rise in latest week

Long dollar positions rise in latest week

Currency speculators increased bets on the US dollar in the latest week, according to data from the Commodity Futures Trading Commission released on Friday. The value of the dollar's net long position rose to $14.86 billion in the week ended October 18, f
Published 23 Oct, 2011 12:00am
China to slow yuan rises but repeg unlikely

China to slow yuan rises but repeg unlikely

China is set to show the world that its currency policy begins and ends at home, slowing down the yuan's appreciation to shield exporters from a global economic downturn and show US lawmakers they cannot push the pace of reform.
Published 23 Oct, 2011 12:00am
Some Afghan ministers have embezzled millions

Some Afghan ministers have embezzled millions

At least two Afghan cabinet ministers have embezzled millions of dollars of public money, the country's anti-graft chief said at the weekend, adding to Western pressure on President Hamid Karzai to clean up his government.
Published 23 Oct, 2011 12:00am
Algeria's former minister arrested in Geneva over war crimes

Algeria's former minister arrested in Geneva over war crimes

A former Algerian defence minister has been arrested and questioned in Switzerland on suspicion of committing war crimes during Algeria's civil war, a Swiss human rights group said. Retired army general Khaled Nezzar, 73, was arrested in Geneva on Thursda
Published 23 Oct, 2011 12:00am
Obama touts foreign policy successes in Iraq, Libya

Obama touts foreign policy successes in Iraq, Libya

President Barack Obama sought on Saturday to cast himself as a strong leader on foreign policy, highlighting a US pullout from Iraq and the death of Libyan leader Muammar Qadhafi as success stories. In a message Obama is likely to push in his 2012 re-elec
Published 23 Oct, 2011 12:00am
Iraq still seeking US trainers: Maliki

Iraq still seeking US trainers: Maliki

Iraq will continue talks with Washington on how US trainers can work with Iraqi forces after a complete withdrawal of American troops at the end of the year, Prime Minister Nuri al-Maliki said on Saturday. US President Barack Obama announced on Friday tha
Published 23 Oct, 2011 12:00am
Germany arrests two Russians for spying since Cold War

Germany arrests two Russians for spying since Cold War

German authorities have arrested two Russians suspected of espionage since the closing days of the Cold War, according to a report to be published in Der Spiegel news magazine on Monday. Germany's Federal Prosecutor confirmed that two people suspected of
Published 23 Oct, 2011 12:00am
Hollande named French Socialist presidential candidate

Hollande named French Socialist presidential candidate

Francois Hollande was officially named the presidential candidate of France's opposition Socialist Party at a party convention in Paris, a week after he won the party primary. Hollande, a former party leader and member of parliament representing the centr
Published 23 Oct, 2011 12:00am
President, Prime Minister condole demise of Saudi Prince

President, Prime Minister condole demise of Saudi Prince

President, Asif Ali Zardari has expressed his heartfelt condolences over the demise of Saudi Crown Prince, Sultan bin Abdul Aziz Al Saud. In a message of condolence, he said Pakistani nation shares the grief of the royal family and people of Saudi Arabia.
Published 23 Oct, 2011 12:00am
Cache of narcotics seized

Cache of narcotics seized

Golra Police foiled an attempt to smuggle huge cache of narcotics and recovered 60 kilogram hashish, eight kilogram opium from a vehicle during checking at Toll Plaza. The spokesman said police recovered 60-kilogram hashish and eight kilogram of opium fro
Published 23 Oct, 2011 12:00am
'Pakistan to tap Halal food market with poultry products'

'Pakistan to tap Halal food market with poultry products'

Pakistani poultry products are capable enough to fulfil demand for Halal food in European and other western countries, Federal Commerce Minister Makhdoom Amin Fahim stated this while visiting the stall of K&Ns at the Pakistan Expo 2011 here on Friday.
Published 23 Oct, 2011 12:00am
Eradication of polio national obligation: Qazi

Eradication of polio national obligation: Qazi

Speakers at polio seminar have stressed the need for devising a tangible policy for eradication of polio from the country and said that Ulema and rulers should play their due role for creation of awareness to make the country polio free by end of this yea
Published 23 Oct, 2011 12:00am
APTMA Punjab concerned over gas management plan

APTMA Punjab concerned over gas management plan

Chairman All Pakistan Textile Mills Association (APTMA) Punjab Ahsan Bashir has expressed deep concern over the latest gas load management programme issued by the SNGPL, suggesting a gas supply suspension to textile industry for three days a week. He said
Published 23 Oct, 2011 12:00am
'Minister for revival of local skills, crafts'

'Minister for revival of local skills, crafts'

Khyber Pakhtunkhwa Minister for Information and Culture Mian Iftikhar Hussain on Saturday said the provincial government was taking steps to revive the skills of experienced and old skilled persons to make them up to standard of market demand and in this
Published 23 Oct, 2011 12:00am
Russian business delegation visits HCCI

Russian business delegation visits HCCI

Today a nine-member delegation from Federation of Russia visited Hyderabad Chamber of Commerce & Industry on Saturday. The delegation was lead by the Executive Director of Russian Business Council for Co-operation with Pakistan Dr Zahid A. Khan. He inform
Published 23 Oct, 2011 12:00am
Kuwait considering investments in Europe

Kuwait considering investments in Europe

Kuwait is considering buying assets in Europe after prices fell in response to the region's debt crisis, but it has not made specific decisions, the country's finance minister told Reuters. "We haven't defined any sector investing in Europe, but all secto
Published 23 Oct, 2011 12:00am
Italy market watchdog asks Fiat to explain output plans

Italy market watchdog asks Fiat to explain output plans

Italian market watchdog Consob has asked Fiat to clarify its business plan for its Italian factories, a source close to Consob said on Saturday, adding to union pressure on the carmaker to make good on investment pledges in its domestic hub. The request w
Published 23 Oct, 2011 12:00am
European Islamic Investment Bank to cut jobs

European Islamic Investment Bank to cut jobs

European Islamic Investment Bank, which was set up in 2005 to provide Sharia-compliant banking products and services, announced dozens of job cuts and the closure of a representative office in Bahrain as part of a restructuring. The company said it would
Published 23 Oct, 2011 12:00am
General Electric posts 48 percent rise in earnings for third quarter

General Electric posts 48 percent rise in earnings for third quarter

US conglomerate General Electric on Friday posted a solid 48 percent year-on-year rise in third quarter net earnings to $3.27 billion, but was down nearly a half billion from the second quarter. Earnings per share were up 22 percent, to 22 cents from 18 c
Published 23 Oct, 2011 12:00am
General Electric posts 48 percent rise in earnings for third quarter

General Electric posts 48 percent rise in earnings for third quarter

US conglomerate General Electric on Friday posted a solid 48 percent year-on-year rise in third quarter net earnings to $3.27 billion, but was down nearly a half billion from the second quarter. Earnings per share were up 22 percent, to 22 cents from 18 c
Published 23 Oct, 2011 12:00am
Iran central bank dismisses US sanctions threat

Iran central bank dismisses US sanctions threat

Iran dismissed on Saturday a threat by Washington to impose sanctions on its central bank in response to an alleged assassination plot, saying the United Nations would block the plan and other central banks would not accept it. Central bank Governor Mahmo
Published 23 Oct, 2011 12:00am
IMF raises Seychelles forecast to five percent

IMF raises Seychelles forecast to five percent

Seychelles' economy is expected to grow by 5 percent in 2011 and by 4 percent next year as the global economy slows down, while inflation is likely to increase but remain in single digits by year-end, the International Monetary Fund said. Gross domestic p
Published 23 Oct, 2011 12:00am
KKR bets on China slowdown, expands debt unit to Hong Kong

KKR bets on China slowdown, expands debt unit to Hong Kong

Kohlberg Kravis Roberts is placing an early bet on a slowdown in the Chinese economy, and plans to expand into Hong Kong in the next six to nine months with its $2 billion special situations unit, the Financial Times reported on Friday. The buyout group's
Published 23 Oct, 2011 12:00am
Russia eyes $225 billion investment in offshore energy

Russia eyes $225 billion investment in offshore energy

Russia hopes to invest up to $225 billion (163 billion euros) in offshore oil and gas exploration through 2030 and may introduce tax breaks to attract foreign investors, a report said on Friday. The preliminary draft of a government programme to be discus
Published 23 Oct, 2011 12:00am
India's former minister faces November trial in telecom scam

India's former minister faces November trial in telecom scam

A former telecom minister and 13 other people will stand trial next month over alleged massive corruption in the sale of mobile licences that has rocked India's government, a judge said Saturday. The far-reaching scandal, one of several dogging Prime Mini
Published 23 Oct, 2011 12:00am
Mexico jobless rate hits five-month low

Mexico jobless rate hits five-month low

Mexico's jobless rate fell to a five-month low in September but significant labour market slack and the impact of slowing US economic growth still point to an interest rate cut soon, analysts said. The seasonally adjusted unemployment rate slipped to 5.26
Published 23 Oct, 2011 12:00am
EU seeks to break deadlock over bolstering banks

EU seeks to break deadlock over bolstering banks

EU finance ministers neared agreement on Saturday on a framework to provide 100 billion euros to European banks, but were still wrangling over how to do it as Spain, Italy and Portugal raised concerns over the cost. Meetings were being held over the weeke
Published 23 Oct, 2011 12:00am
French bid to leverage euro rescue fund ruled out

French bid to leverage euro rescue fund ruled out

A French bid to turbo-charge the eurozone rescue fund by turning it into a bank that could draw money from the European Central Bank is dead, Dutch Finance Minister Jan Kees De Jager said Saturday. The plan, long championed by President Nicolas Sarkozy an
Published 23 Oct, 2011 12:00am
French bid to leverage euro rescue fund ruled out

French bid to leverage euro rescue fund ruled out

A French bid to turbo-charge the eurozone rescue fund by turning it into a bank that could draw money from the European Central Bank is dead, Dutch Finance Minister Jan Kees De Jager said Saturday. The plan, long championed by President Nicolas Sarkozy an
Published 23 Oct, 2011 12:00am
Germany wants EU court to hammer states on budgets

Germany wants EU court to hammer states on budgets

Germany wants the European Court of Justice to hammer states that break public finance obligations to EU partners under renegotiated treaties, Foreign Minister Guido Westerwelle said Saturday. "We urgently need changes to the treaty so we can have a real
Published 23 Oct, 2011 12:00am
Eurozone crisis 'real danger' to all Europe: Osborne

Eurozone crisis 'real danger' to all Europe: Osborne

The eurozone crisis is "a real danger" to all Europe's economies, including Britain, said Chancellor George Osborne as he arrived for crunch EU talks urging a quick fix to the crisis. "What we're going to be arguing for at this meeting is a comprehensive
Published 23 Oct, 2011 12:00am
Dutch in favour of greater IMF role in eurozone bailout

Dutch in favour of greater IMF role in eurozone bailout

The Netherlands would be in favour of the International Monetary Fund (IMF) taking on a greater financial role in the eurozone bailout fund, or EFSF, the Dutch prime minister told parliament on Saturday. "The Netherlands is in favour of a bigger role for
Published 23 Oct, 2011 12:00am
BofA cuts mortgage chief role for second time

BofA cuts mortgage chief role for second time

Bank of America Corp has cut back the role of its mortgage chief for the second time in less than two months, in a shake-up of its retail banking and mortgage operations, according to an internal memo seen by Reuters. Barbara Desoer, once seen as a potent
Published 23 Oct, 2011 12:00am
Anti-Wall Street protesters march with Verizon workers

Anti-Wall Street protesters march with Verizon workers

Anti-Wall Street protesters joined Verizon Communications workers on Friday in a march to denounce corporate greed as the company and 45,000 employees negotiate a new labour contract. The march by about 500 people to a Verizon store in Lower Manhattan coi
Published 23 Oct, 2011 12:00am
Regulators close four more US banks

Regulators close four more US banks

Regulators closed four banks in the United States on Friday, including one in Colorado with over $1 billion in assets, bringing the total number of closures this year to 84. The largest of the failed banks, the Community Banks of Colorado, had $1.38 billi
Published 23 Oct, 2011 12:00am
Bangladesh's Yunus denies scuppering bridge funding

Bangladesh's Yunus denies scuppering bridge funding

Bangladesh's microcredit pioneer Muhammad Yunus has denied accusations that he told the World Bank to cut off funding to a project to build the country's largest bridge over graft allegations. The World Bank earlier this month halted a $1.2-billion credit
Published 23 Oct, 2011 12:00am
IMF says not seeking more funds from Gulf states

IMF says not seeking more funds from Gulf states

The International Monetary Fund is not seeking more funds from Gulf Arab oil exporters to bolster its resources, and the region faces no major danger from the eurozone debt crisis, the IMF's Deputy Managing Director Nemat Shafik said on Saturday.
Published 23 Oct, 2011 12:00am
Indian Prime Minister warns against economic 'negativism'

Indian Prime Minister warns against economic 'negativism'

Indian Prime Minister Manmohan Singh on Saturday warned against economic "negativism", insisting that the growth slowdown in Asia's third-largest economy was a "short-term phenomenon". India's economy has slowed under the brunt of a dozen interest rate ri
Published 23 Oct, 2011 12:00am
China offers 'full fledged' support for G20 summit

China offers 'full fledged' support for G20 summit

China on Saturday pledged "full fledged support" for next month's G20 leaders summit in France, as the deepening eurozone crisis threatens to tip the global economy back into recession. Vice Premier Wang Qishan, China's top official on financial affairs,
Published 23 Oct, 2011 12:00am
Japan to act decisively on excessive forex moves

Japan to act decisively on excessive forex moves

Japan's finance minister said on Saturday he would take decisive action against excessive and speculative yen moves, Kyodo news agency reported, threatening to conduct currency intervention after the yen rose to a record high against the dollar. Jun Azumi
Published 23 Oct, 2011 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 100,044 tonnes of cargo comprising 75,027 tonnes of import cargo and 25,017 tonnes of export cargo including 6,705 loaded & empty containers during last 24 hours ended at 0700 hours on Saturday. The total import cargo of 75,027 to
Published 23 Oct, 2011 12:00am
Argentine farmers begin 2011-12 soya seeding

Argentine farmers begin 2011-12 soya seeding

Argentine farmers began to plant soya this week for the 2011/12 season as recent rains boosted soil moisture, the Agriculture Ministry said in its latest report on Friday. Argentina is the world's top soyameal and soyaoil exporter and the third-biggest so
Published 23 Oct, 2011 12:00am
Dry September to slightly boost Brazil's sugar output

Dry September to slightly boost Brazil's sugar output

Dry September weather in Brazil's center-south cane belt should slightly boost sugar output at the end of the current season approaches, Canaplan consultants said on Friday. But the lack of rain will count as a negative factor against the performance of t
Published 23 Oct, 2011 12:00am
Modest variations in small trade on grain market

Modest variations in small trade on grain market

Some business was seen on the wholesale grain market on Saturday in process of trading, dealers said. On the cereal side, wheat old and wheat new (Bardan) was higher by Rs 20 to Rs 2660 and 2675, other commodities maintained overnight levels due to balanc
Published 23 Oct, 2011 12:00am
Indonesia's palm oil output to rise over 35 percent

Indonesia's palm oil output to rise over 35 percent

Palm oil output at Indonesia's Bakrie Sumatera will rise by more than 35 percent this year to 300,000 tonnes, Ambono Janurianto, chief executive at the planter, said on Thursday Earlier this year, the Bakrie Group's agricultural unit forecast 2011 output
Published 23 Oct, 2011 12:00am
Canadian canola futures fall

Canadian canola futures fall

ICE Canadian canola futures fell for the fifth straight session on Friday, giving up earlier gains and ending with their biggest weekly loss in four weeks. Stronger Canadian dollar and weaker Chicago soyabeans spilled pressure over to canola. November can
Published 23 Oct, 2011 12:00am
EU to be net sugar importer despite reform

EU to be net sugar importer despite reform

A plan to abolish European Union sugar production limits would lead to a modest increase in output and softer EU beet sugar prices, but the bloc would still remain a net importer for three years or longer. The latest reform plan announced on October 12 wo
Published 23 Oct, 2011 12:00am
Ukraine's winter grain sowing 92 percent complete

Ukraine's winter grain sowing 92 percent complete

Ukrainian farms have sown 7.45 million hectares of winter grains for the 2012 harvest as of October 21, or 92 percent of an initial forecast of 8.15 million hectares, the ministry said on Friday. It said in a statement the sown area included 6.15 million
Published 23 Oct, 2011 12:00am
Spot rate slashed on cotton market on steady phutti arrivals

Spot rate slashed on cotton market on steady phutti arrivals

Official spot rate drifted lower on the cotton market on Saturday due to higher cotton production and partly because of fears about decline exports, dealers said. The Karachi Cotton Association (KCA) official spot rate was lowered by Rs 200 to Rs 5,900, t
Published 23 Oct, 2011 12:00am
Oil cake market rates

Oil cake market rates

The December vaida was slightly higher and January contract was unchanged on the forward cottonseed oilcake market on Saturday in process of trading, dealers said. The December contract that had ended at Rs 1310.20 commenced with 10 paisa gain at Rs 1310.
Published 23 Oct, 2011 12:00am
Message from President Islamic Republic of Pakistan

Message from President Islamic Republic of Pakistan

I wish to congratulate Chief Minister Sindh and Coal and Energy Department, Government of Sindh for organising an International Coal Conference at Karachi. I welcome all the delegates who are participating in this Conference from all over the world.
Published 23 Oct, 2011 12:00am
Message from Prime Minister Islamic Republic of Pakistan

Message from Prime Minister Islamic Republic of Pakistan

It is heartening to see that an event of such an enormous importance is being organised by Government of Sindh to highlight the potential of Coal reserves located in Thar Sindh. This impressive projection of Coal reserves would open a new vista of investm
Published 23 Oct, 2011 12:00am
Message from Governor Sindh

Message from Governor Sindh

It is gratifying to observe that remarkable progress has been made in the coal exploration and coal mining projects. By holding such an important conference on theme of the future prospects of investment in coal to power projects, a new impetus would be i
Published 23 Oct, 2011 12:00am
Message from Chief Minister Sindh

Message from Chief Minister Sindh

The development of Thar Coal is high on the agenda of the present people's government pursuing the vision of our great leader Shaheed Mohtarma Benazir Bhutto. It is the utmost desire of the present government to see the dream of Shaheed Mohtarma coming tr
Published 23 Oct, 2011 12:00am
Message from Federal Minister for Water and Power

Message from Federal Minister for Water and Power

I applaud the efforts of Government of Sindh for organising International Coal Conference to attract investment in Coal sector. Thar region of Sindh is endowed with mammoth coal reserves which are estimated to be 175 billion tonnes and can be a key to our
Published 23 Oct, 2011 12:00am
Message from Chairman, Sindh Board of Investment, Government of Sindh

Message from Chairman, Sindh Board of Investment, Government of Sindh

Sindh province is blessed with abundant coal reserves. I firmly believe that these coal reserves are strategic resource of utmost national importance. Over 90% of Pakistan's coal reserves are in Sindh. Utilisation of these coal resources for power generat
Published 23 Oct, 2011 12:00am
Coal: Way to Achieve the Energy Security of Pakistan

Coal: Way to Achieve the Energy Security of Pakistan

The Province of Sindh is endowed with huge coal resources comprising 185 billion tones, out of which 175 billion tones are at Thar. The Thar resource is the seventh largest coal deposit in the world and first largest single resource having potential of po
Published 23 Oct, 2011 12:00am
Oracle Coalfields PLC/ Sindh Carbon Energy Limited (SCEL)

Oracle Coalfields PLC/ Sindh Carbon Energy Limited (SCEL)

Oracle Coalfields PLC (or the "company") was incorporated in July 2006 in United Kingdom as a public company specifically for investing in the coal mining sector in the Province of Sindh. The company is publicly listed in London and shares are traded on t
Published 23 Oct, 2011 12:00am
Coal Exploration of Thar desert

Coal Exploration of Thar desert

The current acute shortage of energy in Pakistan has developed into a severe crisis and the situation is very grim, grave and alarming. In the wake of the depleting natural gas resources and presence of no sizeable oil reservoirs in the country, people of
Published 23 Oct, 2011 12:00am
Thar Block II Coal Projects

Thar Block II Coal Projects

Project Brief: Sindh Engro Coal Mining Company: Engro Corporation Ltd is one of Pakistan's largest conglomerates with stakes in the fertiliser, food, power generation, petrochemicals, automation and terminal storage industries. Since its establishm
Published 23 Oct, 2011 12:00am
DRD'S Commitment to Energy Treasure of Pakistan The Thar Coal Resource

DRD'S Commitment to Energy Treasure of Pakistan The Thar Coal Resource

I take this opportunity to introduce DRD Private Limited, a private sector drilling company which was established in 1994 with a view to serve the mining industry as a professionally competent, economically viable, socially significant working platform wh
Published 23 Oct, 2011 12:00am
World currencies and dollar

World currencies and dollar

Value of the dollar in terms of other world currencies as prevailing in the week ended Saturday (October 22, 2011).

Published 23 Oct, 2011 12:00am
Member to Member

Member to Member

The following transactions member to member subsequently reported on Saturday (October 22, 2011).

Published 23 Oct, 2011 12:00am
THE RUPEE: firmness seen on open market

THE RUPEE: firmness seen on open market

The rupee extended its fall versus dollar on the currency market on Friday in process of trading, dealers said. The rupee was nearly unchanged in relation to dollar as it did not show any change for buying at 86.70 while it slipped by one paisa for sellin
Published 23 Oct, 2011 12:00am
THE RUPEE: firmness seen on open market

THE RUPEE: firmness seen on open market

The rupee extended its fall versus dollar on the currency market on Friday in process of trading, dealers said. The rupee was nearly unchanged in relation to dollar as it did not show any change for buying at 86.70 while it slipped by one paisa for sellin
Published 23 Oct, 2011 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Saturday (October 22, 2011).

Published 23 Oct, 2011 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Saturday (October 22, 2011).

Published 23 Oct, 2011 12:00am
World Shipping Schedule

World Shipping Schedule

Karachi Port's world-wide shipping schedule beginning Saturday (October 22, 2011).

Published 23 Oct, 2011 12:00am
World Shipping Schedule

World Shipping Schedule

Karachi Port's world-wide shipping schedule beginning Saturday (October 22, 2011).

Published 23 Oct, 2011 12:00am
Automart: car prices in Karachi

Automart: car prices in Karachi

The prices of different makes and models of cars prevailing in Karachi in the week ended Saturday (October 22, 2011).

Published 23 Oct, 2011 12:00am
Karachi tea rates

Karachi tea rates

Tea rates in rupees prevailing on the commodity markets in Karachi on Saturday (October 22, 2011).

Published 23 Oct, 2011 12:00am
Milk powder rates

Milk powder rates

Milk Powder rates in rupees prevailing on the commodity markets in Karachi on Saturday (October 22, 2011).

Published 23 Oct, 2011 12:00am
Raw rubber rates

Raw rubber rates

Raw Rubber rates in rupees prevailing on the commodity markets in Karachi on Saturday (October 22, 2011).

Published 23 Oct, 2011 12:00am
Jute goods rates

Jute goods rates

Jute goods rates in rupees prevailing on the commodity markets in Karachi on Saturday (October 22, 2011).

Published 23 Oct, 2011 12:00am
Rates of dry fruit

Rates of dry fruit

Rates of dry fruit in rupees prevailing on the commodity markets in Karachi on Saturday (October 22, 2011).

Published 23 Oct, 2011 12:00am
Grain market rates

Grain market rates

Karachi grain market rates in rupees on Saturday (October 22, 2011).

Published 23 Oct, 2011 12:00am
Hides and skin rates

Hides and skin rates

Hides and skin rates in rupees prevailing on the commodity markets in Karachi on Saturday (October 22, 2011).

Published 23 Oct, 2011 12:00am
MoL, MoF lock horns over acceptance: IMF review of quota and reform

MoL, MoF lock horns over acceptance: IMF review of quota and reform

The Ministry of Law and Justice has reportedly locked horns with the Finance Ministry over acceptance of IMF declaration regarding review of quota and reform, which has already been endorsed by the State Bank of Pakistan (SBP). Since 1950, Pakistan is a m
Published 23 Oct, 2011 12:00am
Lahore Grain Market Rates

Lahore Grain Market Rates

Grain and other commodity rates in rupees on Akbari Mandi on Saturday (October 22, 2011).

Published 23 Oct, 2011 12:00am
MoL, MoF lock horns over acceptance: IMF review of quota and reform

MoL, MoF lock horns over acceptance: IMF review of quota and reform

The Ministry of Law and Justice has reportedly locked horns with the Finance Ministry over acceptance of IMF declaration regarding review of quota and reform, which has already been endorsed by the State Bank of Pakistan (SBP). Since 1950, Pakistan is a m
Published 23 Oct, 2011 12:00am
MoL, MoF lock horns over acceptance: IMF review of quota and reform

MoL, MoF lock horns over acceptance: IMF review of quota and reform

The Ministry of Law and Justice has reportedly locked horns with the Finance Ministry over acceptance of IMF declaration regarding review of quota and reform, which has already been endorsed by the State Bank of Pakistan (SBP). Since 1950, Pakistan is a m
Published 23 Oct, 2011 12:00am
Cotton Spot Rates

Cotton Spot Rates

Official KCA spot rates for local dealings in Pakistan rupees on Saturday (October 22, 2011).

Published 23 Oct, 2011 12:00am
Bullion Rates

Bullion Rates

Gold and silver rates in rupees per 10 grams prevailing in major cities on Saturday (October 22, 2011).

Published 23 Oct, 2011 12:00am
Bullion Rates

Bullion Rates

Gold and silver rates in rupees per 10 grams prevailing in major cities on Saturday (October 22, 2011).

Published 23 Oct, 2011 12:00am
The Weather

The Weather

The weather report on Saturday (October 22, 2011) and the forecast for Sunday (October 23, 2011).

Published 23 Oct, 2011 12:00am
Non-compliant taxpayers: FBR cannot impose penalty/fine via e-system

Non-compliant taxpayers: FBR cannot impose penalty/fine via e-system

The Federal Board of Revenue (FBR) has informed the World Bank (WB) supervision mission that the tax authorities are not legally empowered to impose penalty/fine automatically through electronic system to the non-compliant taxpayers without providing them
Published 23 Oct, 2011 12:00am
Non-compliant taxpayers: FBR cannot impose penalty/fine via e-system

Non-compliant taxpayers: FBR cannot impose penalty/fine via e-system

The Federal Board of Revenue (FBR) has informed the World Bank (WB) supervision mission that the tax authorities are not legally empowered to impose penalty/fine automatically through electronic system to the non-compliant taxpayers without providing them
Published 23 Oct, 2011 12:00am
Non-compliant taxpayers: FBR cannot impose penalty/fine via e-system

Non-compliant taxpayers: FBR cannot impose penalty/fine via e-system

The Federal Board of Revenue (FBR) has informed the World Bank (WB) supervision mission that the tax authorities are not legally empowered to impose penalty/fine automatically through electronic system to the non-compliant taxpayers without providing them
Published 23 Oct, 2011 12:00am
Energy corridors: Pakistan provides shortest routes, says Zardari

Energy corridors: Pakistan provides shortest routes, says Zardari

President Asif Ali Zardari has said Pakistan provides the shortest routes to energy corridors to the world and its ports and territory offer most viable route from energy rich to energy starved countries. Pakistan is strategically located to exploit its e
Published 23 Oct, 2011 12:00am
Energy corridors: Pakistan provides shortest routes, says Zardari

Energy corridors: Pakistan provides shortest routes, says Zardari

President Asif Ali Zardari has said Pakistan provides the shortest routes to energy corridors to the world and its ports and territory offer most viable route from energy rich to energy starved countries. Pakistan is strategically located to exploit its e
Published 23 Oct, 2011 12:00am
Energy corridors: Pakistan provides shortest routes, says Zardari

Energy corridors: Pakistan provides shortest routes, says Zardari

President Asif Ali Zardari has said Pakistan provides the shortest routes to energy corridors to the world and its ports and territory offer most viable route from energy rich to energy starved countries. Pakistan is strategically located to exploit its e
Published 23 Oct, 2011 12:00am
Middle East power brokers call for 'Marshall Plan' after unrest

Middle East power brokers call for 'Marshall Plan' after unrest

Arab politicians and financiers at the World Economic Forum in Jordan called on Saturday for a huge injection of cash to narrow the inequalities that led to the Arab Spring revolts against authoritarian regimes across the region. Days after the killing of
Published 23 Oct, 2011 12:00am
Middle East power brokers call for 'Marshall Plan' after unrest

Middle East power brokers call for 'Marshall Plan' after unrest

Arab politicians and financiers at the World Economic Forum in Jordan called on Saturday for a huge injection of cash to narrow the inequalities that led to the Arab Spring revolts against authoritarian regimes across the region. Days after the killing of
Published 23 Oct, 2011 12:00am
Middle East power brokers call for ''Marshall Plan'' after unrest

Middle East power brokers call for ''Marshall Plan'' after unrest

Arab politicians and financiers at the World Economic Forum in Jordan called on Saturday for a huge injection of cash to narrow the inequalities that led to the Arab Spring revolts against authoritarian regimes across the region. Days after the killing of
Published 23 Oct, 2011 12:00am
Saudi crown prince Sultan bin Abdul Aziz dies

Saudi crown prince Sultan bin Abdul Aziz dies

Saudi Crown Prince Sultan bin Abdul Aziz has died, according to a palace announcement on state television on Saturday, throwing his brother Prince Nayef into line to succeed King Abdullah as leader of the key oil producer. The crown prince, aged around 86
Published 23 Oct, 2011 12:00am
Saudi crown prince Sultan bin Abdul Aziz dies

Saudi crown prince Sultan bin Abdul Aziz dies

Saudi Crown Prince Sultan bin Abdul Aziz has died, according to a palace announcement on state television on Saturday, throwing his brother Prince Nayef into line to succeed King Abdullah as leader of the key oil producer. The crown prince, aged around 86
Published 23 Oct, 2011 12:00am
Smuggling-prone items' tariff to be rationalised in three months: Salman

Smuggling-prone items' tariff to be rationalised in three months: Salman

Federal Board of Revenue (FBR) Chairman Salman Siddique has said there is a tax gap of 79 percent, out of which 74 percent only relates to income tax. Thus, Pakistan cannot sustain in presence of this huge tax evasion. He was speaking at the Lahore Chambe
Published 23 Oct, 2011 12:00am
Smuggling-prone items' tariff to be rationalised in three months: Salman

Smuggling-prone items' tariff to be rationalised in three months: Salman

Federal Board of Revenue (FBR) Chairman Salman Siddique has said there is a tax gap of 79 percent, out of which 74 percent only relates to income tax. Thus, Pakistan cannot sustain in presence of this huge tax evasion. He was speaking at the Lahore Chambe
Published 23 Oct, 2011 12:00am
EC members' terms, salaries: Cabinet to approve draft bill on Tuesday

EC members' terms, salaries: Cabinet to approve draft bill on Tuesday

The Cabinet which is scheduled to meet on October 25, 2011, with Prime Minister Syed Yousuf Raza Gilani in the chair, will approve a draft bill regarding oath of office, term, salary, allowance, perks and privilege for the members of the Election Commissi
Published 23 Oct, 2011 12:00am
EC members' terms, salaries: Cabinet to approve draft bill on Tuesday

EC members' terms, salaries: Cabinet to approve draft bill on Tuesday

The Cabinet which is scheduled to meet on October 25, 2011, with Prime Minister Syed Yousuf Raza Gilani in the chair, will approve a draft bill regarding oath of office, term, salary, allowance, perks and privilege for the members of the Election Commissi
Published 23 Oct, 2011 12:00am
Sixth Expo Pakistan helps finalise $517 million orders

Sixth Expo Pakistan helps finalise $517 million orders

Presence of foreign delegates at the 6th Expo Pakistan 2011 shows that the global perception about Pakistan is positive, as the fair has helped the country finalise export orders worth $517 million and provide a platform for local businessmen to find new
Published 23 Oct, 2011 12:00am
Sixth Expo Pakistan helps finalise $517 million orders

Sixth Expo Pakistan helps finalise $517 million orders

Presence of foreign delegates at the 6th Expo Pakistan 2011 shows that the global perception about Pakistan is positive, as the fair has helped the country finalise export orders worth $517 million and provide a platform for local businessmen to find new
Published 23 Oct, 2011 12:00am
Sixth Expo Pakistan helps finalise $517 million orders

Sixth Expo Pakistan helps finalise $517 million orders

Presence of foreign delegates at the 6th Expo Pakistan 2011 shows that the global perception about Pakistan is positive, as the fair has helped the country finalise export orders worth $517 million and provide a platform for local businessmen to find new
Published 23 Oct, 2011 12:00am
Qadhafi unburied, Libyans face test of new era

Qadhafi unburied, Libyans face test of new era

As Muammar Qadhafi lay still unburied, Libya's outgoing premier said the coming days posed a crucial test of resolve for the new men of power, who are wrangling over the body, and about a formal end to the war. Mahmoud Jibril confirmed he would step down
Published 23 Oct, 2011 12:00am
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