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Archive - 2011-10-29
Iraq violence kills five
Middle East

Iraq violence kills five

BAGHDAD: Attacks across Iraq killed five people, including two brothers shot at a family jewellery store, security offic
Published 29 Oct, 2011 03:27pm
England restrict India to 120-9
Cricket

England restrict India to 120-9

KOLKATA: Fast bowler Steven Finn grabbed 3-22 as England kept India down to 120-9 in the Twenty20 international at the E
Published 29 Oct, 2011 02:57pm
Portugal wants US help in euro crisis
Top News

Portugal wants US help in euro crisis

ASUNCION : Portugal asked Mexico on Saturday to tell fellow G20 members next week that the United States should of
Published 29 Oct, 2011 02:52pm
Weekly inflation goes up by 0.55 percent
Top News

Weekly inflation goes up by 0.55 percent

ISLAMABAD : The Sensitive Price Indicator (SPI) for the week ended on September 27, for the lowest income group up to Rs
Published 29 Oct, 2011 02:20pm
LSE index gains 63.49 points
Markets

LSE index gains 63.49 points

RECORDER REPORT LAHORE: Bullish sentiments dominated on the Lahore Stock Exchange (LSE) on Friday and the equities re
Published 29 Oct, 2011 05:59am
Key Commonwealth reforms under threat
Top News

Key Commonwealth reforms under threat

PERTH : Commonwealth leaders Saturday met to thrash out key reform proposals seen as critical to the bloc remaining rele
Published 29 Oct, 2011 04:30am
First 'National Ambulance Service College' established at UHS

First 'National Ambulance Service College' established at UHS

First National Ambulance Service College of Pakistan has been established at the University of Health Sciences (UHS) to streamline this essential life saving service and to train paramedics according to international standards. The college has been establ
Published 29 Oct, 2011 12:00am
More than 200,000 rain victims return homes

More than 200,000 rain victims return homes

More than 200,000 people affected by torrential rains in Badin district and provided shelter in 414 relief camps have returned to their homes. Officials of the district told APP that relief camps at talukas Badin, Matli and Golarchi, respectively have bee
Published 29 Oct, 2011 12:00am
Free medical camp for women in Orangi

Free medical camp for women in Orangi

Bait-ul-Sukoon, a cancer hospital, is organising a free medical clinic to diagnose breast cancer among women of above 20 years in Orangi area of Karachi city on October 30, 2011. Bait-ul-Sukoon is taking this initiative of free breast screening clinic wit
Published 29 Oct, 2011 12:00am
Siemens donates goods worth Rs 7.5 million for flood relief

Siemens donates goods worth Rs 7.5 million for flood relief

With the latest consignment of goods that included food hampers and tents for the flood affected people of Sindh, the total amount donated by Siemens for this catastrophe stands at Rs 7.5 million. A statement here on Friday said that this is in addition t
Published 29 Oct, 2011 12:00am
All agriculture inputs: FAP demands withdrawal of GST

All agriculture inputs: FAP demands withdrawal of GST

Farmers Associates Pakistan (FAP) demanding withdrawal of General Sales Tax (GST) from all agriculture inputs including tractors and agriculture implements has urged the government to convene an immediate meeting of the farmers' bodies to discuss various
Published 29 Oct, 2011 12:00am
Water purification plant inaugurated

Water purification plant inaugurated

Managing Director of PIA, Nadeem Khan Yousufzai, inaugurated the water purification plant facility at PIA Technical Ground Support Office, Jinnah Terminal, for the supply of purified portable water to the PIA aircraft as well as foreign carriers operating
Published 29 Oct, 2011 12:00am
Nawaz meets Istanbul governor

Nawaz meets Istanbul governor

Pakistan Muslim League (N) chief, Mian Nawaz Sharif attended a luncheon, hosted in his honour by Governor Istanbul Hussain Owani Motlu, during his visit to Turkey. Both the leaders exchanged views on the matters of mutual interest. According to a message
Published 29 Oct, 2011 12:00am
Shareholders appreciate SSGC's performance

Shareholders appreciate SSGC's performance

The 57th Annual General Meeting (AGM) of Sui Southern Gas Company (SSGC), held on Friday and approved the Financial Statements along with the Auditors' Report for the financial year ending June 30, 2011. Salim Abbas Jilani, Chairman SSGC chaired the AGM.
Published 29 Oct, 2011 12:00am
US MIDDAY: gold little changed

US MIDDAY: gold little changed

Commodities mostly fell in thin trading on Friday as euphoria from the eurozone debt deal faded, and investors reweighed their outlook after big weekly price gains in metals and oil. Volume in US gold and crude oil futures were at least a third below thei
Published 29 Oct, 2011 12:00am
US MIDDAY: copper roars

US MIDDAY: copper roars

Copper pushed higher for a third straight day on Friday, albeit at a less aggressive rate and in lighter-than-usual volumes, as the market paused to catch its breath from a blistering 14-percent rally this week. Fed by investor optimism toward Europe's in
Published 29 Oct, 2011 12:00am
US MIDDAY: soyabeans fall

US MIDDAY: soyabeans fall

Soyabean futures fell more than 1 percent on Friday, setting back from a 2 percent rise a day earlier on worries about slowing US soya export demand and a rebound in the dollar. At the Chicago Board of Trade as of 11:52 am CDT (1652 GMT), CBOT January soy
Published 29 Oct, 2011 12:00am
Gold eases in London

Gold eases in London

Gold eased on Friday but was still on course for its biggest weekly rise in two months after the eurozone's last-minute deal on containing debt crisis buoyed commodities and equities in the previous session. Spot gold retreated from a one-month high of $1
Published 29 Oct, 2011 12:00am
Gold down in Asia

Gold down in Asia

Spot gold edged lower on Friday, still on course for its biggest weekly rise in two months after the eurozone's last-minute deal on containing debt crisis buoyed commodities and equities. Spot gold retreated from a one-month high of $1,751.99, falling to
Published 29 Oct, 2011 12:00am
Gold rises in New York

Gold rises in New York

Gold rose 1.5 percent on Thursday, boosted by gains in equities and commodities as the dollar dropped after a eurozone agreement to boost the region's bailout fund and slash Greece's debt. Even as many investors returned to riskier assets, gold also benef
Published 29 Oct, 2011 12:00am
Soft commodities mostly lower

Soft commodities mostly lower

Soft commodity futures finished mostly lower on Friday as investors mulled whether a deal to end the euro zone debt crisis will stick. US and European shares were little changed and the euro eased as investor confidence remained shaky despite the deal. "I
Published 29 Oct, 2011 12:00am
Palm oil dips

Palm oil dips

Malaysian palm oil futures ended lower on Friday, snapping a four-day winning streak, but prices remained near a five-week high as optimism stemming from a deal to solve Europe's debt problems checked losses. Eurozone leaders struck a deal with private ba
Published 29 Oct, 2011 12:00am
US wheat leaps four percent

US wheat leaps four percent

Wheat jumped 4 percent on Thursday posting its biggest one day gain in over two weeks as European leaders moved to solve the region's debt crisis. Corn and soybeans rallied over 2 percent also notching their biggest one day gain in two weeks as optimism a
Published 29 Oct, 2011 12:00am
Tokyo, Shanghai rubber jump

Tokyo, Shanghai rubber jump

Tokyo rubber futures ended more than 3 percent higher on Friday, heading for their biggest weekly gain since April, after equities jumped on optimism over Europe's initiative to solve its debt crisis. The most active rubber contract on Tokyo Commodity Exc
Published 29 Oct, 2011 12:00am
Oil falls on EU rescue deal scepticism

Oil falls on EU rescue deal scepticism

Oil prices retreated on Friday in light volume trading as uncertainties about Europe's plan to tackle its debt problems prompted some profit taking after the previous session's rally. Brent crude managed a small weekly gain, but its bigger losses on Frida
Published 29 Oct, 2011 12:00am
Abdullah Gul, President of Turkey

Abdullah Gul, President of Turkey

His election as president makes him the first politician with an Islamist background to become head of state since the Turkish Republic was established in 1923. Secularist parties boycotted a parliamentary vote on Mr Gul's candidacy in April, blocking his
Published 29 Oct, 2011 12:00am
Recep Tayyip Erdogan, Prime Minister of Turkey

Recep Tayyip Erdogan, Prime Minister of Turkey

Full Name: Recep Tayyip Erdogan. Born: February 26, 1954. Significance: One of Turkey's most popular and charismatic leaders, he led the resurgence of Islamic-oriented politics in the Muslim world's most secular democracy. Current Status: Prime Minister o
Published 29 Oct, 2011 12:00am
Message from Minister of State, Chairman Board of Investment

Message from Minister of State, Chairman Board of Investment

I am glad to congratulate Turkey on its 88th National Day. We pray for a self-sufficient and strong Turkey which is the 16th largest economy in the world and the 6th largest economy when compared to the EU countries. The recent earthquake in Turkey has sh
Published 29 Oct, 2011 12:00am
Investment in Pakistan

Investment in Pakistan

Attracting investment is a fiercely competitive activity amongst developing countries because the ongoing economic crisis has made this task more arduous. Countries around the globe have experienced significant reductions in the flow of Foreign Direct Inv
Published 29 Oct, 2011 12:00am
Copper moves higher

Copper moves higher

Copper rose on Friday as optimism on the US economy and on Europe's initiatives to tackle the euro debt crisis helped the metal add to a sharp rise in the previous session and stage its biggest weekly gain in nearly three years. Three-month copper on the
Published 29 Oct, 2011 12:00am
Shanghai copper gains

Shanghai copper gains

Shanghai copper rose on Friday, with prices headed for their biggest weekly gain in more than five years, after US economic growth accelerated and eurozone leaders unveiled a plan to prevent the two-year-old debt crisis from spreading. The most-active Jan
Published 29 Oct, 2011 12:00am
US copper soars

US copper soars

Copper exploded above $8,000 per tonne on Thursday after a deal by European leaders to resolve the two-year-old eurozone sovereign debt crisis ignited a cross-commodity relief rally. For the week, prices of copper are up more than 14 percent - in line for
Published 29 Oct, 2011 12:00am
New York cotton ends marginally higher

New York cotton ends marginally higher

Cotton futures ended fractionally higher on Friday, rising for the sixth straight session as players mulled Europe's initiatives to tackle its regional debt crisis, analysts said. The key December cotton contract on ICE Futures US added 0.05 cent to close
Published 29 Oct, 2011 12:00am
PMSA, Customs foil bid to smuggle diesel

PMSA, Customs foil bid to smuggle diesel

Pakistan Maritime Security Agency (PMSA) and Pakistan Customs on Friday thwarted an attempt to smuggle approximately 60,000 liters of diesel oil into Pakistan from a neighbouring country. Lieutenant Commander Farooq of PSMA giving details of the joint ope
Published 29 Oct, 2011 12:00am
Topline Securities ranked as top brokerage firm in Pakistan

Topline Securities ranked as top brokerage firm in Pakistan

Asiamoney, a leading magazine on financial markets, in its latest Brokers Poll 2011 has ranked Topline Securities as the Best Brokerage House in Pakistan. According to Asiamoney, these results are based on their biggest Brokers Poll yet. Asiamoney receive
Published 29 Oct, 2011 12:00am
Qadhafi son eyes safety, talks to Hague

Qadhafi son eyes safety, talks to Hague

From deep in the Sahara, fearing that he will share his father's bloody fate at the hands of vengeful Libyans and calling in old favours bought with oil from desert tribes and African strongmen, Saif al-Islam Gadhafi may be bartering a future. The Interna
Published 29 Oct, 2011 12:00am
Boy pulled out alive

Boy pulled out alive

Rescue workers pulled a 13-year-old boy alive out of the rubble of an apartment block on Friday, five days after a powerful earthquake that killed at least 570 people in eastern Turkey. "It is a great miracle," Neriman, the boy's 34-year-old mother told R
Published 29 Oct, 2011 12:00am
BlackBerry puts monitoring centre in India

BlackBerry puts monitoring centre in India

Research In Motion (RIM) has set up a facility in Mumbai to help the Indian government conduct surveillance checks on the company's BlackBerry services, the Wall Street Journal said on Friday. The financial daily quoted unnamed people familiar with the ma
Published 29 Oct, 2011 12:00am
5.1 billion people lack social security: UN

5.1 billion people lack social security: UN

Two thirds of the world's population live without social security protection, according to a United Nations report released Thursday which prompted calls from key leaders for improved welfare. About 5.1 billion people out of the 7.0 billion global populat
Published 29 Oct, 2011 12:00am
Islamists to rule Tunisia

Islamists to rule Tunisia

The leader of the Islamist party which won Tunisia's first free election appealed for calm in the town where the "Arab Spring" began, accusing forces linked to the ousted president of fanning violence there. Party officials said coalition talks were alrea
Published 29 Oct, 2011 12:00am
35 killed in Syria as activists call for 'no-fly' zone

35 killed in Syria as activists call for 'no-fly' zone

Syrian security forces killed at least 35 people on Friday as they pursued a crackdown on pro-democracy protesters after activists called for a no-fly zone to protect civilians and soldiers deserting the army, a rights group said.
Published 29 Oct, 2011 12:00am
Thousands of Iraqis protest Baathist arrest campaign

Thousands of Iraqis protest Baathist arrest campaign

Thousands of Iraqis blocked a highway in western Anbar province on Friday to protest against a campaign to arrest former military officers and members of Saddam Hussein's banned Baath Party.
Published 29 Oct, 2011 12:00am
'Dr Death's' machine, memorabilia go on sale

'Dr Death's' machine, memorabilia go on sale

The machine used by the late Dr Jack Kevorkian, popularly dubbed "Doctor Death," in his campaign to help people commit suicide will go on sale in New York on Friday. The deceptively simple device, essentially consisting of three syringes and an electric s
Published 29 Oct, 2011 12:00am
Commonwealth to scrap 'outdated' royal succession laws

Commonwealth to scrap 'outdated' royal succession laws

Commonwealth nations on Friday agreed to scrap centuries-old laws barring first-born daughters or anyone married to a Roman Catholic from inheriting the British throne. British Prime Minister David Cameron said the agreement, unanimously backed by all 16
Published 29 Oct, 2011 12:00am
Small plane crashes on road in Vancouver, pilot dies

Small plane crashes on road in Vancouver, pilot dies

A small plane crash-landed on a busy road, hit a car and burst into flames after take-off in Vancouver, killing the pilot and injuring 10 others, authorities said Friday. The Kelowna-bound flight had looped back soon after departure from Vancouver Interna
Published 29 Oct, 2011 12:00am
Russia successfully tests new long-range missile

Russia successfully tests new long-range missile

Russia on Friday successfully test fired its nuclear-capable Bulava ballistic missile in the hope of making it into the backbone of a more streamlined but effective new nuclear force. The defence ministry said the 37 tonne inter-continental missile was fi
Published 29 Oct, 2011 12:00am
South Korea, US to beef up defence against North provocation

South Korea, US to beef up defence against North provocation

The United States and South Korea are working on additional steps to deter future North Korean provocations, including advancing their "readiness capabilities" in disputed west-coast waters, the allies' defence chiefs said on Friday.
Published 29 Oct, 2011 12:00am
Tens of thousands flee Bangkok fearing breach of river banks

Tens of thousands flee Bangkok fearing breach of river banks

Traffic clogged roads out of the Thai capital on Friday as tens of thousands of people fled ahead of a high tide expected to worsen floods that have inundated factories and prompted foreign governments to warn their citizens to stay away.
Published 29 Oct, 2011 12:00am
China key suspect in US satellite hacks

China key suspect in US satellite hacks

At least two US government civilian satellites were interfered with four or more times in 2007 and 2008 via a ground station in Norway, and China's military is a prime suspect, a draft of a report to Congress said.
Published 29 Oct, 2011 12:00am
US charges 11 people over $1 billion pension fraud

US charges 11 people over $1 billion pension fraud

New York prosecutors on Thursday charged 11 people over a $1 billion US pension fraud in which retired workers claimed disability benefits despite regularly playing golf and going to the gym. Prosecutors laid out an elaborate scheme in which ex-employees
Published 29 Oct, 2011 12:00am
West Indies, Bangladesh set for decider

West Indies, Bangladesh set for decider

Bangladesh and the West Indies hope to master the slow, dry pitch with an improved batting display when the series-deciding second and final Test starts in Dhaka on Saturday. Mushfiqur Rahim, leading Bangladesh in his first Test series, said the hosts wer
Published 29 Oct, 2011 12:00am
England seek T20 revival in India

England seek T20 revival in India

England are looking to end their dismal tour of India on a high note by winning Saturday's Twenty20 international in Kolkata to show they remain a major force in the shortest version of the game. The reigning world Twenty20 champions endured an embarrassi
Published 29 Oct, 2011 12:00am
World's top Wozniacki crashes out in Istanbul

World's top Wozniacki crashes out in Istanbul

Caroline Wozniacki, who celebrated becoming year-end world number one for the second successive year on Wednesday, marked the occasion by crashing out of the WTA Championships on Thursday. Although the 21-year-old Dane has topped the rankings for fully 64
Published 29 Oct, 2011 12:00am
Swann claims death threats after England flop

Swann claims death threats after England flop

England spinner Graeme Swann said Friday he had received death threats via Twitter following his team's 5-0 drubbing by India in the recent one-day series. A memorable year for English cricket ended on a downbeat note on Tuesday, when England lost 10 wick
Published 29 Oct, 2011 12:00am
Aussies name new chief selector

Aussies name new chief selector

Former Test batsman John Inverarity was Friday handed the task of helping revive Australia's flagging Test fortunes after chief selector Andrew Hilditch lost his job following a sweeping review. The seven-month review was sparked by the Test team's humili
Published 29 Oct, 2011 12:00am
Sri Lanka thwart Pakistan in Dubai

Sri Lanka thwart Pakistan in Dubai

Sri Lanka put on an improved batting display in their second innings as they began to eat into a big Pakistan lead in the second Test at Dubai Stadium here on Friday. Sri Lanka, who conceded a big 164-run lead in the first innings, moved to 88-1 at stumps
Published 29 Oct, 2011 12:00am
Massa fastest as Hamilton woe deepens

Massa fastest as Hamilton woe deepens

Ferrari's Felipe Massa upset the form books with the quickest practice drive Friday as Lewis Hamilton suffered yet another setback on Formula One's first ever day of action in India. Massa conquered Buddh International Circuit's dusty new track with a tim
Published 29 Oct, 2011 12:00am
Yuan ends up

Yuan ends up

The yuan ended up against the dollar on Friday, with the central bank setting a record high mid-point after the dollar index slumped following a European debt deal which sparked a massive relief rally in risk assets. "The key reason is a really weak dolla
Published 29 Oct, 2011 12:00am
Swiss franc lower

Swiss franc lower

The Swiss franc traded lower against the euro and the dollar on Friday after tracking the single currency sharply higher against the greenback a day earlier on hopes a plan agreed by European leaders could help keep a lid on the euro zone debt crisis. The
Published 29 Oct, 2011 12:00am
Emerging Asian currencies up

Emerging Asian currencies up

Most emerging Asian currencies rose on Friday as investors added risk assets including them in the wake of Europe's debt deal, and the South Korean won was poised to strengthen the most this week and month among regional peers. While Thursday's news on Eu
Published 29 Oct, 2011 12:00am
Indian rupee vaults

Indian rupee vaults

The Indian rupee logged its biggest single session gain in nearly 11 months on Friday, buoyed by strong foreign fund inflows into local shares as EU leaders' efforts to contain the eurozone debt crisis stoked appetite for riskier assets. The partially con
Published 29 Oct, 2011 12:00am
Dollar posts record beating versus range of currencies

Dollar posts record beating versus range of currencies

The dollar took its strongest beating against a broad range of currencies in more than two years on Thursday as investors celebrated Europe's plan to contain its long-running debt crisis by dumping the safe-haven greenback. The dollar appeared the biggest
Published 29 Oct, 2011 12:00am
Early trade in New York: euro down from seven-week peak

Early trade in New York: euro down from seven-week peak

The euro eased on Friday from the seven-week peak it struck the prior session following a deal on Europe's debt crisis, after an Italian bond auction showed investors are sceptical about the proposed resolution. The euro slipped after the auction yield on
Published 29 Oct, 2011 12:00am
Euro dips in London

Euro dips in London

The euro eased on Friday from the seven-week peak it struck after a deal on Europe's debt crisis, with an Italian bond auction showing investors have yet to be convinced the region's problems are on the way to being solved. The single currency was last do
Published 29 Oct, 2011 12:00am
Euro eases in Asia

Euro eases in Asia

The euro came off a seven-week peak on Friday as investors took a breather after a huge relief rally in riskier assets following a deal on Europe's debt crisis, though investors were eyeing more short-term gains in the currency. The deal included an agree
Published 29 Oct, 2011 12:00am
Sterling steadies

Sterling steadies

Sterling was steady against the dollar on Friday, sticking close to a seven-week high, while it recovered against the euro after suffering steep losses the previous day in the wake of an agreement by European leaders on the eurozone debt crisis. Sterling
Published 29 Oct, 2011 12:00am
Interbank rates seen high into year-end

Interbank rates seen high into year-end

Bank-to-bank borrowing costs edged up on Friday and are likely to stay high in coming weeks with doubts over progress in the implementation of a new European plan to shore up the financial sector adding to banks' inclination to hoard cash into year-end.
Published 29 Oct, 2011 12:00am
Banks pull FTSE back

Banks pull FTSE back

Britain's FTSE 100 share index closed down on Friday, as investors gave pause to the sharp gains made on the outline deal announced by government leaders on Thursday to tackle the eurozone debt crisis, with banking stocks among the top fallers. London's b
Published 29 Oct, 2011 12:00am
European shares slip after Italy rattles investors

European shares slip after Italy rattles investors

European shares slipped on Friday after the previous session's rally on the European Union's debt deal, as a disappointing Italian bond auction fuelled investors' scepticism about the plan to tackle the region's debt crisis. The FTSEurofirst 300 index mad
Published 29 Oct, 2011 12:00am
Seoul shares trim gains

Seoul shares trim gains

Seoul shares edged up on Friday as investor sentiment was buoyed by an agreement on Europe's debt crisis, but falls in technology and defensive stocks including LG Electronics and SK Telecom dented upside momentum. Analysts cautioned against excessive opt
Published 29 Oct, 2011 12:00am
Indian shares post best weekly gain in two months

Indian shares post best weekly gain in two months

Indian shares logged their biggest weekly gain in nearly two months on Friday, bolstered by gains in financials as hopes of an end to the monetary policy tightening cycle in Asia's third-largest economy drew investors back into beaten down stocks. The gai
Published 29 Oct, 2011 12:00am
Nikkei average climbs

Nikkei average climbs

The Nikkei stock average rose more than 1 percent to mark a two-month closing high above 9,000, extending gains scored the previous day on the European debt deal with some stocks rising after revisions to profit outlooks were not as bad as feared. Softban
Published 29 Oct, 2011 12:00am
US bonds tumble

US bonds tumble

A long-awaited plan to contain Europe's debt crisis caused investors to spurn safe-haven US government debt on Thursday, pushing bond prices down and benchmark yields to their highest in 2-1/2 months. Investors' decision to eschew US debt in favour of ris
Published 29 Oct, 2011 12:00am
US bonds tumble

US bonds tumble

A long-awaited plan to contain Europe's debt crisis caused investors to spurn safe-haven US government debt on Thursday, pushing bond prices down and benchmark yields to their highest in 2-1/2 months. Investors' decision to eschew US debt in favour of ris
Published 29 Oct, 2011 12:00am
Australian shares cut gains

Australian shares cut gains

Australian shares pared early gains to end barely positive on Friday, as investors booked profits from recent gains made on relief that European leaders hammered out a plan to contain the debt crisis. "This is typical of our market's underperformance and
Published 29 Oct, 2011 12:00am
US stocks soar three percent

US stocks soar three percent

US stocks surged 3 percent on Thursday as an agreement by European leaders to help contain the region's two-year debt crisis lifted a cloud hovering over markets. Optimism that a deal would be struck to prevent widespread financial distress fuelled the ma
Published 29 Oct, 2011 12:00am
Friday's afternoon trade: Wall Street edges lower

Friday's afternoon trade: Wall Street edges lower

US stocks edged lower on Friday as investors paused after a rally that lifted the S&P 500 index almost 20 percent from near bear market levels where it had sunk earlier this month. Stock indexes had soared 3 percent in the previous session after a deal on
Published 29 Oct, 2011 12:00am
Hong Kong shares mark best week in 2-1/2 years

Hong Kong shares mark best week in 2-1/2 years

Hong Kong shares gained 1.7 percent on Friday, rounding off its best week in almost 2-1/2 years, boosted by property and financial stocks with global risk aversion ebbing following a deal that could ease Europe's debt problems.
Published 29 Oct, 2011 12:00am
Southeast Asian markets: optimism on Europe deal extends gains

Southeast Asian markets: optimism on Europe deal extends gains

Southeast Asian stock markets extended gains in strong volumes on Friday as the appetite for risky assets remained high on optimism that the eurozone deal to lower Greece's debt burden would aid the global economy. Commodities and banks were major gainers
Published 29 Oct, 2011 12:00am
Sumitomo Life to put new money mostly into yen bonds

Sumitomo Life to put new money mostly into yen bonds

Japan's Sumitomo Life plans to put almost all of its new money into domestic bonds in the six months to March as foreign debt has become unattractive after sharp yield drops, a company official said. The nation's fourth-largest life insurer said it bought
Published 29 Oct, 2011 12:00am
Sumitomo Life to put new money mostly into yen bonds

Sumitomo Life to put new money mostly into yen bonds

Japan's Sumitomo Life plans to put almost all of its new money into domestic bonds in the six months to March as foreign debt has become unattractive after sharp yield drops, a company official said. The nation's fourth-largest life insurer said it bought
Published 29 Oct, 2011 12:00am
Bill Gates to urge G20 not turn backs on poor

Bill Gates to urge G20 not turn backs on poor

Billionaire philanthropist Bill Gates said on Monday it was critical that rich donors continue to fund health and agriculture projects in developing countries despite budget cuts in the United States and Europe. In an interview with Reuters, Gates said he
Published 29 Oct, 2011 12:00am
Poland's top sugar maker mulls investment in cane

Poland's top sugar maker mulls investment in cane

Poland's leading sugar producer KSC is looking into buying a foreign sugarcane producer and setting up a cane refinery in Poland in a move to diversify its beet-dominated output, KSC CEO Marcin Kulicki said on Tuesday. The investment is aimed at diversify
Published 29 Oct, 2011 12:00am
EU likely to halt development aid to emerging states

EU likely to halt development aid to emerging states

The European Union will likely wind down its aid to developing nations in coming years, as it seeks to focus squeezed resources on the world's neediest countries, the EU's aid commissioner said in an interview. Emerging countries featured prominently on t
Published 29 Oct, 2011 12:00am
'Indecent' language: MQM to hold protest rally

'Indecent' language: MQM to hold protest rally

Condemning the remarks of Chief Minister Punjab Shahbaz Sharif against President Asif Ali Zardari, Muttahida Qaumi Movement (MQM) announced it would hold a protest rally on Sunday, Aaj News reported. In a statement, MQM chief Altaf Hussain endorsed
Published 29 Oct, 2011 12:00am
Is Israel's romance with Nasdaq over?

Is Israel's romance with Nasdaq over?

Israeli technology companies, once the darlings of New York's Nasdaq, have turned their backs on the exchange and are looking for suitors to acquire them. As recently as 2009 Israel was the country with the most listings on Nasdaq outside of North America
Published 29 Oct, 2011 12:00am
'Indecent' language: MQM to hold protest rally

'Indecent' language: MQM to hold protest rally

Condemning the remarks of Chief Minister Punjab Shahbaz Sharif against President Asif Ali Zardari, Muttahida Qaumi Movement (MQM) announced it would hold a protest rally on Sunday, Aaj News reported. In a statement, MQM chief Altaf Hussain endorsed
Published 29 Oct, 2011 12:00am
Gulf debt restructurings may enter tougher phase

Gulf debt restructurings may enter tougher phase

Two years after the Dubai debt crisis erupted, contributing to a wave of loan restructurings across the Gulf, those restructurings may be entering a more difficult phase as banks become reluctant to extend maturities further. Government-related and privat
Published 29 Oct, 2011 12:00am
Babar Awan terms rally 'comedy show'

Babar Awan terms rally 'comedy show'

Former federal law minister and senior leader of Pakistan People's Party (PPP) Babar Awan on Friday dubbed PML-N rally in Lahore as a 'comedy show' and accused the PML-N leadership of misusing Punjab government's resources for the rally. Reacting to Punja
Published 29 Oct, 2011 12:00am
UPS, FedEx poised to gain from Postal Service pain

UPS, FedEx poised to gain from Postal Service pain

United Parcel Service Inc and FedEx Corp, which have long been undercut by the US Postal Service's low prices for package delivery, could have much to gain as the agency faces a painful restructuring. Lawmakers are weighing a suite of options for the stru
Published 29 Oct, 2011 12:00am
Babar Awan terms rally 'comedy show'

Babar Awan terms rally 'comedy show'

Former federal law minister and senior leader of Pakistan People's Party (PPP) Babar Awan on Friday dubbed PML-N rally in Lahore as a 'comedy show' and accused the PML-N leadership of misusing Punjab government's resources for the rally. Reacting to Punja
Published 29 Oct, 2011 12:00am
Music streaming site Deezer to launch in 100 countries

Music streaming site Deezer to launch in 100 countries

French on-line music streaming service Deezer will launch in more than 100 countries in the coming weeks, and the start-up is negotiating with roughly a dozen telecom operators on partnerships in a bid to expand its global reach. Chief Executive Axel Dauc
Published 29 Oct, 2011 12:00am
Multi-tube stealth cruise missile test fired successfully

Multi-tube stealth cruise missile test fired successfully

Pakistan on Friday conducted successful test-firing of an indigenously developed multi-tube Cruise Missile Hatf-VII (Babur), having stealth capabilities. 'Babur' has a target range of 700 km, according to an ISPR news release here. The missile test was co
Published 29 Oct, 2011 12:00am
Kingfisher to double Turkey business in five years

Kingfisher to double Turkey business in five years

Kingfisher, Europe's biggest home improvements retailer, plans to double the size of its business in Turkey over five years and then expand it into neighbouring countries as it looks to step up sales growth. Chief Executive Ian Cheshire told Reuters on We
Published 29 Oct, 2011 12:00am
Multi-tube stealth cruise missile test fired successfully

Multi-tube stealth cruise missile test fired successfully

Pakistan on Friday conducted successful test-firing of an indigenously developed multi-tube Cruise Missile Hatf-VII (Babur), having stealth capabilities. 'Babur' has a target range of 700 km, according to an ISPR news release here. The missile test was co
Published 29 Oct, 2011 12:00am
Base metals 2012 prices cut as economic woes weigh

Base metals 2012 prices cut as economic woes weigh

Analysts have revised down their base metals price forecasts for next year after recent financial market turmoil took its toll on the sector and as the global economic outlook remains fragile, a Reuters poll showed. The survey of 23 analysts, carried out
Published 29 Oct, 2011 12:00am
Foreign office rejects Financial Times report

Foreign office rejects Financial Times report

The Foreign Office on Friday rejected media reports that, days after Osama bin Laden's killing in Abbottabad on May 2, President Asif Ali Zardari had asked US administration to stop Army chief, General Ashfaq Parvez Kayani, from staging a coup to oust civ
Published 29 Oct, 2011 12:00am
US consumer spending rises, weak incomes a worry

US consumer spending rises, weak incomes a worry

Sluggish income growth led US households to cut back on saving in September to raise their spending, showing the economy's recovery remains fragile. Consumer spending increased 0.6 percent, the Commerce Department said on Friday, after a 0.2 percent gain
Published 29 Oct, 2011 12:00am
Foreign office rejects Financial Times report

Foreign office rejects Financial Times report

The Foreign Office on Friday rejected media reports that, days after Osama bin Laden's killing in Abbottabad on May 2, President Asif Ali Zardari had asked US administration to stop Army chief, General Ashfaq Parvez Kayani, from staging a coup to oust civ
Published 29 Oct, 2011 12:00am
Spain's unemployment hits 15-year high

Spain's unemployment hits 15-year high

Spain's unemployment hit a 15-year high in the third quarter with little hope new jobs will be created any time soon by a battered economy that remains at the forefront of investor concerns about Europe's debt commitments. Meanwhile, consumer prices rose
Published 29 Oct, 2011 12:00am
India, Pakistan hockey players fight on field

India, Pakistan hockey players fight on field

Hockey players of India and Pakistan teams fought on Friday in Busselton in the tri-nation tournament match here. India were leading 3-0. When Pakistan's Sohail Abbas struck two goals and Captain Shakeel Abbasi scored the last goal just in time to end the
Published 29 Oct, 2011 12:00am
Transaero to buy 4 Airbus A380 jets in first for Russia

Transaero to buy 4 Airbus A380 jets in first for Russia

Transaero, Russia's second-largest airline, has agreed to buy four Airbus A380 jets, becoming the first carrier in the ex-Soviet Union and Eastern Europe to order the world's biggest passenger jet. Under a preliminary deal signed between European plane ma
Published 29 Oct, 2011 12:00am
India, Pakistan hockey players fight on field

India, Pakistan hockey players fight on field

Hockey players of India and Pakistan teams fought on Friday in Busselton in the tri-nation tournament match here. India were leading 3-0. When Pakistan's Sohail Abbas struck two goals and Captain Shakeel Abbasi scored the last goal just in time to end the
Published 29 Oct, 2011 12:00am
Whirlpool to cut 5,000 jobs

Whirlpool to cut 5,000 jobs

US home appliance maker Whirlpool Corp on Friday announced it would slash more than 5,000 jobs in North America and Europe and reduce capacity, citing soft demand in the weakening global economy. The company said the action would reduce its workforce in t
Published 29 Oct, 2011 12:00am
PCT, FTAs and PTAs: FBR to introduce over 1,000 major changes

PCT, FTAs and PTAs: FBR to introduce over 1,000 major changes

The government has decided to introduce over 1,000 major changes in the Pakistan Customs Tariff (PCT), Free Trade Agreements (FTAs), Preferential Trade Agreements (PTAs), auto tariff regime, exemption/concessionary notifications and duty drawback/trade po
Published 29 Oct, 2011 12:00am
Greek protesters call president 'traitor', halt parade

Greek protesters call president 'traitor', halt parade

Greeks protesting at austerity measures demanded by foreign lenders blocked a major national parade on Friday to commemorate Greek resistance in World War Two, shouting "traitors" at President Karolos Papoulias and other officials. The protest in Thessalo
Published 29 Oct, 2011 12:00am
PCT, FTAs and PTAs: FBR to introduce over 1,000 major changes

PCT, FTAs and PTAs: FBR to introduce over 1,000 major changes

The government has decided to introduce over 1,000 major changes in the Pakistan Customs Tariff (PCT), Free Trade Agreements (FTAs), Preferential Trade Agreements (PTAs), auto tariff regime, exemption/concessionary notifications and duty drawback/trade po
Published 29 Oct, 2011 12:00am
Russia holds rates, plays down liquidity risks

Russia holds rates, plays down liquidity risks

The Russian central bank left all key rates unchanged on Friday, taking a pause from gradual narrowing of the spread between lending and deposit rates, and indicating that it sees the current shortage of liquidity as a near-term supply shock. The decision
Published 29 Oct, 2011 12:00am
PCT, FTAs and PTAs: FBR to introduce over 1,000 major changes

PCT, FTAs and PTAs: FBR to introduce over 1,000 major changes

The government has decided to introduce over 1,000 major changes in the Pakistan Customs Tariff (PCT), Free Trade Agreements (FTAs), Preferential Trade Agreements (PTAs), auto tariff regime, exemption/concessionary notifications and duty drawback/trade po
Published 29 Oct, 2011 12:00am
Thai floods batter global electronics, auto supply chains

Thai floods batter global electronics, auto supply chains

Manufacturers of car parts to computer hard drives are worst hit in Thailand and face a bleak key holiday selling season due to massive floods, which have shut down production. Japanese car makers that had just started to recover from the March earthquake
Published 29 Oct, 2011 12:00am
Value-added textile associations: FBR agrees to all major tax proposals

Value-added textile associations: FBR agrees to all major tax proposals

The Federal Board of Revenue (FBR) on Friday agreed to all major tax proposals of the value-added textile associations, including rationalisation of higher rate of sales tax (22 percent), separation of procedure of audit and adjudication under Sales Tax A
Published 29 Oct, 2011 12:00am
London 'under constant attack' from EU directives: Cameron

London 'under constant attack' from EU directives: Cameron

British Prime Minister David Cameron said London's financial district was under "constant attack" from European Union directives, the BBC reported Friday. During a flight from the EU leaders' summit in Brussels to the Commonwealth Heads of Government Meet
Published 29 Oct, 2011 12:00am
Value-added textile associations: FBR agrees to all major tax proposals

Value-added textile associations: FBR agrees to all major tax proposals

The Federal Board of Revenue (FBR) on Friday agreed to all major tax proposals of the value-added textile associations, including rationalisation of higher rate of sales tax (22 percent), separation of procedure of audit and adjudication under Sales Tax A
Published 29 Oct, 2011 12:00am
Samsung surges past Apple in smartphones, upbeat on fourth quarter

Samsung surges past Apple in smartphones, upbeat on fourth quarter

Samsung Electronics Co overtook Apple Inc as the world's top smartphone maker in the July-September period with a 44 percent jump in shipments, and forecast strong sales in the current quarter in a clear warning to its rivals. Samsung only entered the sma
Published 29 Oct, 2011 12:00am
Value-added textile associations: FBR agrees to all major tax proposals

Value-added textile associations: FBR agrees to all major tax proposals

The Federal Board of Revenue (FBR) on Friday agreed to all major tax proposals of the value-added textile associations, including rationalisation of higher rate of sales tax (22 percent), separation of procedure of audit and adjudication under Sales Tax A
Published 29 Oct, 2011 12:00am
Japan's factory output posts first post-quake slump

Japan's factory output posts first post-quake slump

Japanese factory output fell in September for the first time since the devastating March earthquake, a sign the economy's recovery from the disaster is tailing off in the face of slowing global growth, the strong yen and Europe's lingering debt woes. The
Published 29 Oct, 2011 12:00am
Goldman sued for $1.07 billion over Timberwolf CDO

Goldman sued for $1.07 billion over Timberwolf CDO

Goldman Sachs Group Inc has been hit with a new $1.07 billion lawsuit for having allegedly sold risky debt that it expected would tumble in value to an Australian hedge fund, causing that fund to become insolvent. The lawsuit by the Basis Yield Alpha Fund
Published 29 Oct, 2011 12:00am
No change on grain market

No change on grain market

No change was seen on the wholesale grain and oilseeds market on Friday as almost all the participants were busy in preparation for Juma prayers, grain and seed merchants group's press release said.
Published 29 Oct, 2011 12:00am
Europe fund chief cautious on China deal

Europe fund chief cautious on China deal

The head of Europe's bailout fund sought financial support from China on Friday to help resolve the bloc's debt crisis, saying that while no quick deal was in sight he was still confident Beijing would keep buying bonds issued by his fund.
Published 29 Oct, 2011 12:00am
Active mills' buying continues; prices stable on cotton market

Active mills' buying continues; prices stable on cotton market

Active mills' purchasing was again witnessed on the cotton market on Friday as ginners were not so much interested in keeping the stock with them following the decline in the rates as a result of higher phutti arrivals, dealers said. The Karachi Cotton As
Published 29 Oct, 2011 12:00am
Europe fund chief cautious on China deal

Europe fund chief cautious on China deal

The head of Europe's bailout fund sought financial support from China on Friday to help resolve the bloc's debt crisis, saying that while no quick deal was in sight he was still confident Beijing would keep buying bonds issued by his fund.
Published 29 Oct, 2011 12:00am
Kazakh new-crop grain exports could reach 15 million tonnes

Kazakh new-crop grain exports could reach 15 million tonnes

Kazakhstan could potentially export more than 15 million tonnes of grain from this year's crop, forecast to be the biggest since independence from the Soviet Union, Agriculture Minister Asylzhan Mamytbekov said on Wednesday. Grain exports from Kazakhstan,
Published 29 Oct, 2011 12:00am
Europe fund chief cautious on China deal

Europe fund chief cautious on China deal

The head of Europe''s bailout fund sought financial support from China on Friday to help resolve the bloc''s debt crisis, saying that while no quick deal was in sight he was still confident Beijing would keep buying bonds issued by his fund.
Published 29 Oct, 2011 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 111,589 tonnes of cargo comprising 100,701 tonnes of import cargo and 10,888 tonnes of export cargo including 3,023 loaded & empty containers during last 24 hours ended at 0700 hours on Friday. The total import cargo of 100,701 to
Published 29 Oct, 2011 12:00am
S&P keeps EU emergency fund rating at AAA

S&P keeps EU emergency fund rating at AAA

Standard & Poor's on Friday reiterated the AAA rating of the European Financial Stability Facility, the emergency fund slated to be greatly expanded under this week's eurozone crisis deal. S&P said the EFSF's "integral" link with EU governments and the gu
Published 29 Oct, 2011 12:00am
Ivory Coast cocoa farmgate prices rise

Ivory Coast cocoa farmgate prices rise

Cocoa farmgate prices in Ivory Coast were mainly up last week, supported by grinders' purchases and firm port prices, while continued smuggling gave some support to prices in eastern regions, farmers said on Thursday. In the eastern region of Abengourou,
Published 29 Oct, 2011 12:00am
S&P keeps EU emergency fund rating at AAA

S&P keeps EU emergency fund rating at AAA

Standard & Poor's on Friday reiterated the AAA rating of the European Financial Stability Facility, the emergency fund slated to be greatly expanded under this week's eurozone crisis deal. S&P said the EFSF's "integral" link with EU governments and the gu
Published 29 Oct, 2011 12:00am
Europe's cash cocoa price differentials rise

Europe's cash cocoa price differentials rise

Price differentials in Europe's cash cocoa market rose this week on increased demand spurred by speculative buying, but gains were limited by abundant supplies, traders said. Ivory Coast differentials were about 75 pounds ($120.443)over London nearby coco
Published 29 Oct, 2011 12:00am
S&P keeps EU emergency fund rating at AAA

S&P keeps EU emergency fund rating at AAA

Standard & Poor''s on Friday reiterated the AAA rating of the European Financial Stability Facility, the emergency fund slated to be greatly expanded under this week''s eurozone crisis deal. S&P said the EFSF''s "integral" link with EU governments and the
Published 29 Oct, 2011 12:00am
Argentina's Rosario port gets grains despite strike

Argentina's Rosario port gets grains despite strike

Grains shipping was normal at Argentina's key port of Rosario on Thursday despite a strike by trucking firms demanding that Buenos Aires province set a guaranteed minimum hauling tariff, an industry official said. The FETRA group of trucking companies beg
Published 29 Oct, 2011 12:00am
S&P keeps EU emergency fund rating at AAA

S&P keeps EU emergency fund rating at AAA

Standard & Poor''''s on Friday reiterated the AAA rating of the European Financial Stability Facility, the emergency fund slated to be greatly expanded under this week''''s eurozone crisis deal. S&P said the EFSF''''s "integral" link with EU governments a
Published 29 Oct, 2011 12:00am
Ukraine's grain exports down in October

Ukraine's grain exports down in October

Ukraine's grain exports totalled about 1.0 million tonnes in October 1-24 against 1.07 million in the same period in September, UkrAgroConsult agriculture consultancy said on Thursday. The consultancy said in a report the volume had included 173,000 tonne
Published 29 Oct, 2011 12:00am
Naqvi made new TCP chief

Naqvi made new TCP chief

Prime Minister Syed Yousuf Raza Gilani has replaced Chairman Trading Corporation of Pakistan (TCP), S. Anjum Bashir with Syed Tahir Raza Naqvi, a BS 21 officer of District Management Group (DMG).
Published 29 Oct, 2011 12:00am
Solar share buybacks fail to soothe investors

Solar share buybacks fail to soothe investors

Chinese solar companies are snapping up their own shares amid a brutal selloff in the stock market, spending crucial resources on the effort rather than conserving cash or spending on new strategic projects. The buyback programs come as the industry strug
Published 29 Oct, 2011 12:00am
Naqvi made new TCP chief

Naqvi made new TCP chief

Prime Minister Syed Yousuf Raza Gilani has replaced Chairman Trading Corporation of Pakistan (TCP), S. Anjum Bashir with Syed Tahir Raza Naqvi, a BS 21 officer of District Management Group (DMG).
Published 29 Oct, 2011 12:00am
South Africa's prudent fiscal plans may irk unions

South Africa's prudent fiscal plans may irk unions

South Africa's Finance Minister Pravin Gordhan on Tuesday outlined a fiscal path that will assure investors and keep credit ratings safe, but his plans to control non-investment spending may annoy leftist allies of the ruling ANC party. Since becoming Fin
Published 29 Oct, 2011 12:00am
Naqvi made new TCP chief

Naqvi made new TCP chief

Prime Minister Syed Yousuf Raza Gilani has replaced Chairman Trading Corporation of Pakistan (TCP), S. Anjum Bashir with Syed Tahir Raza Naqvi, a BS 21 officer of District Management Group (DMG).
Published 29 Oct, 2011 12:00am
Running out of options, Ukraine set to comprise with IMF

Running out of options, Ukraine set to comprise with IMF

Ukraine, pressed by the IMF to enact unpopular reforms, is likely to seek a compromise on some of the Fund's tougher demands in a bid to retain political capital ahead of parliamentary elections next year, analysts say. An IMF mission arrived in Kiev on T
Published 29 Oct, 2011 12:00am
Kishanganga issue: Pakistan offers no comments to CoA

Kishanganga issue: Pakistan offers no comments to CoA

Pakistan has reportedly failed to offer comments on additional technical data on the controversial 330 MW Kishanganga hydroelectric project provided by India on the instruction of International Court in The Hague (Holland). India is working day and night
Published 29 Oct, 2011 12:00am
Cautious on copper, China waits for prices to halve

Cautious on copper, China waits for prices to halve

Copper will not recover any lustre soon after losing a quarter of its value since July, as China, the metal's top user and last hope in the face of crumbling Western demand, waits for prices to halve before it begins to rebuild stocks.
Published 29 Oct, 2011 12:00am
Kishanganga issue: Pakistan offers no comments to CoA

Kishanganga issue: Pakistan offers no comments to CoA

Pakistan has reportedly failed to offer comments on additional technical data on the controversial 330 MW Kishanganga hydroelectric project provided by India on the instruction of International Court in The Hague (Holland). India is working day and night
Published 29 Oct, 2011 12:00am
Cerebos Pacific sees coffee growth boosting sales

Cerebos Pacific sees coffee growth boosting sales

Singapore's Cerebos Pacific Ltd hopes to cross S$1 billion ($791 million) in sales this year for the first time and aims to double its revenue in six to seven years, fuelled by growth in its health supplements and coffee businesses, its chief executive sa
Published 29 Oct, 2011 12:00am
Kishanganga issue: Pakistan offers no comments to CoA

Kishanganga issue: Pakistan offers no comments to CoA

Pakistan has reportedly failed to offer comments on additional technical data on the controversial 330 MW Kishanganga hydroelectric project provided by India on the instruction of International Court in The Hague (Holland). India is working day and night
Published 29 Oct, 2011 12:00am
Indian farmers chasing tractors to beat labour shortage

Indian farmers chasing tractors to beat labour shortage

Tractor sales in India are set to rise 15 percent in 2011/12, posting double-digit growth for a third consecutive year, as farmers increasingly seek mechanisation to overcome a severe shortage of rural labour, a senior industry official said.
Published 29 Oct, 2011 12:00am
Index registers healthy gains

Index registers healthy gains

Across the board buying, on dips, by local investors and institutions on Friday supported the KSE-100 index to register healthy gain of 278.18 points to close at 11,561.67 points. Foreign investors, however, remained net sellers of shares and withdrew $1.
Published 29 Oct, 2011 12:00am
Palestinian exchange rides regional upheavals

Palestinian exchange rides regional upheavals

The Palestinian stock exchange has proved resilient in the face of regional political upheaval, but is still heavily undervalued because of the territory's reputation for violence and strife, the bourse's CEO said on Monday. Since the start of the year, t
Published 29 Oct, 2011 12:00am
Index registers healthy gains

Index registers healthy gains

Across the board buying, on dips, by local investors and institutions on Friday supported the KSE-100 index to register healthy gain of 278.18 points to close at 11,561.67 points. Foreign investors, however, remained net sellers of shares and withdrew $1.
Published 29 Oct, 2011 12:00am
Credit markets poised for decade of dislocation

Credit markets poised for decade of dislocation

Global credit markets are poised for a decade of dislocation with sovereign debt issues in the eurozone and United States providing attractive entry points to distressed debt investors, Todd Morley, co-founder and chairman of asset management firm G2 Inve
Published 29 Oct, 2011 12:00am
Index registers healthy gains

Index registers healthy gains

Across the board buying, on dips, by local investors and institutions on Friday supported the KSE-100 index to register healthy gain of 278.18 points to close at 11,561.67 points. Foreign investors, however, remained net sellers of shares and withdrew $1.
Published 29 Oct, 2011 12:00am
Defence firms post profits

Defence firms post profits

Defence contractors Raytheon Co and L-3 Communications Holdings topped Wall Street profit estimates on Thursday, citing rising backlogs even as sales softened in wake of budget challenges. Results at Goodrich, a supplier of plane parts, were buoyed by str
Published 29 Oct, 2011 12:00am
BRIndex30 up 272.37 points

BRIndex30 up 272.37 points

On Friday, the BRIndex30 opened at 8,587.72 points and remained in positive throughout the trading session. It touched the intra-day high of 8,878.37 points and low of 8,590.33 points, and closed at 8,860.09 points, with a net positive change of 272.37 po
Published 29 Oct, 2011 12:00am
Iraq's finance minister says aims to slash deficit

Iraq's finance minister says aims to slash deficit

Iraq plans to slash its budget deficit by two-thirds in the next three years by raising oil production and allowing more private sector involvement in the state-dominated economy, Finance Minister Rafie al-Essawi said on Saturday.
Published 29 Oct, 2011 12:00am
BRIndex30 up 272.37 points

BRIndex30 up 272.37 points

On Friday, the BRIndex30 opened at 8,587.72 points and remained in positive throughout the trading session. It touched the intra-day high of 8,878.37 points and low of 8,590.33 points, and closed at 8,860.09 points, with a net positive change of 272.37 po
Published 29 Oct, 2011 12:00am
EU executive names Finland's Rehn its new eurozone tsar

EU executive names Finland's Rehn its new eurozone tsar

The European Commission on Thursday appointed finance chief Olli Rehn as its number two, with special responsibility for the euro currency area. Commission president Jose Manuel Barroso said the Finn, central to joint EU-IMF bailouts of Greece, Ireland an
Published 29 Oct, 2011 12:00am
Inland remittances transactions: SBP declines permission to ECAP

Inland remittances transactions: SBP declines permission to ECAP

The State Bank of Pakistan (SBP) has reportedly turned down a request of the Exchange Companies Association of Pakistan (ECAP) seeking permission to handle inland remittances transactions, it is learnt. Sources said that a request was made by the exchange
Published 29 Oct, 2011 12:00am
Venezuelan heavy metals mining starved for cash

Venezuelan heavy metals mining starved for cash

At the start of 1960, a group of American urban planners arrived in the south-eastern Venezuelan state of Guayana to design an industrial city, a so-called 'Pittsburgh of the Tropics'. The terrain was perfect. Located where two major rivers meet, the Orin
Published 29 Oct, 2011 12:00am
Inland remittances transactions: SBP declines permission to ECAP

Inland remittances transactions: SBP declines permission to ECAP

The State Bank of Pakistan (SBP) has reportedly turned down a request of the Exchange Companies Association of Pakistan (ECAP) seeking permission to handle inland remittances transactions, it is learnt. Sources said that a request was made by the exchange
Published 29 Oct, 2011 12:00am
Singapore to toughen rules against illicit money transfers

Singapore to toughen rules against illicit money transfers

Singapore plans to make transfer of money into the country that involves tax evasion a crime, the central bank said on Thursday, stepping up its fight against the inflow of illicit funds. "Singapore intends to make criminal (any) laundering of proceeds fr
Published 29 Oct, 2011 12:00am
Inland remittances transactions: SBP declines permission to ECAP

Inland remittances transactions: SBP declines permission to ECAP

The State Bank of Pakistan (SBP) has reportedly turned down a request of the Exchange Companies Association of Pakistan (ECAP) seeking permission to handle inland remittances transactions, it is learnt. Sources said that a request was made by the exchange
Published 29 Oct, 2011 12:00am
Growing US interest seen for nuclear test ban pact

Growing US interest seen for nuclear test ban pact

US politicians are showing growing interest in a treaty to outlaw nuclear tests, the head of the agency set up to monitor the ban said on Thursday, but it is uncertain when or whether lawmakers will adopt a pact that they rejected in 1999. Tibor Toth, exe
Published 29 Oct, 2011 12:00am
Misdeclaration of tinplate: millions of rupees duty being lost

Misdeclaration of tinplate: millions of rupees duty being lost

The national exchequer is being deprived of millions of rupees due to misdeclaration of tinplate, according to local manufacturers. Local markets, they said, are flooded with tinplate and cold rolled coils (CRC) through misdeclaration of the goods importe
Published 29 Oct, 2011 12:00am
Jordan's new Prime Minister vows to rebuild trust after tension

Jordan's new Prime Minister vows to rebuild trust after tension

Jordan's new prime minister Awn Khasawneh said on Wednesday he hoped to include opposition Islamists in the government for the first time in two decades as he sought to form a broad-based cabinet and ease months of street tensions. Khasawneh, an internati
Published 29 Oct, 2011 12:00am
Misdeclaration of tinplate: millions of rupees duty being lost

Misdeclaration of tinplate: millions of rupees duty being lost

The national exchequer is being deprived of millions of rupees due to misdeclaration of tinplate, according to local manufacturers. Local markets, they said, are flooded with tinplate and cold rolled coils (CRC) through misdeclaration of the goods importe
Published 29 Oct, 2011 12:00am
SEC and Rakoff to reunite in Citi CDO case

SEC and Rakoff to reunite in Citi CDO case

And so they meet again. Through a random selection process, the Securities and Exchange Commission's $285 million settlement with Citigroup Inc over a collateralized debt obligation was assigned to US District Court Judge Jed Rakoff, who will decide wheth
Published 29 Oct, 2011 12:00am
Misdeclaration of tinplate: millions of rupees duty being lost

Misdeclaration of tinplate: millions of rupees duty being lost

The national exchequer is being deprived of millions of rupees due to misdeclaration of tinplate, according to local manufacturers. Local markets, they said, are flooded with tinplate and cold rolled coils (CRC) through misdeclaration of the goods importe
Published 29 Oct, 2011 12:00am
RIM undecided on telecoms compensation

RIM undecided on telecoms compensation

Research in Motion (RIM) has yet to decide if it will compensate telecoms carriers for a network outage that left tens of millions of BlackBerry users without mobile email and messaging, its Middle East managing director said on Thursday. "That is a discu
Published 29 Oct, 2011 12:00am
Senate passes air carriage bill

Senate passes air carriage bill

The Senate on Friday approved 'The Carriage by Air Bill, 2011' unanimously under which a carrier is liable to compensate Rs 5 million to a passenger in case of death due to destruction of or damage to an airplane. The liability of compensation shall be in
Published 29 Oct, 2011 12:00am
Kenya cuts 2011 growth forecast

Kenya cuts 2011 growth forecast

Kenya's planning minister revised down on Wednesday the East African country's growth outlook to 4 percent this year from 4.2-4.5 percent on the back of a weak performing shilling and exchange rate volatility. The economic slowdown has been further driven
Published 29 Oct, 2011 12:00am
Senate passes air carriage bill

Senate passes air carriage bill

The Senate on Friday approved 'The Carriage by Air Bill, 2011' unanimously under which a carrier is liable to compensate Rs 5 million to a passenger in case of death due to destruction of or damage to an airplane. The liability of compensation shall be in
Published 29 Oct, 2011 12:00am
Kazakh oil firm eyes Russia, Mideast acquisitions

Kazakh oil firm eyes Russia, Mideast acquisitions

Oil producer KazMunaiGas Exploration Production plans to spend up to $1 billion expanding beyond its home market of Kazakhstan and is looking at assets in Russia and the Middle East, the company's head said on Thursday. The planned expansion is part of KM
Published 29 Oct, 2011 12:00am
Senate passes air carriage bill

Senate passes air carriage bill

The Senate on Friday approved ''The Carriage by Air Bill, 2011'' unanimously under which a carrier is liable to compensate Rs 5 million to a passenger in case of death due to destruction of or damage to an airplane. The liability of compensation shall be
Published 29 Oct, 2011 12:00am
A tribute to Turkey

A tribute to Turkey

'Turkiye', as the locals say, is the real name for Turkey. It's a land of dreams, colors, happiness and spectacular sights and sounds. It is only Turkey where you will find a highly unique blend of the traditional Eastern culture blended with the glitz an
Published 29 Oct, 2011 12:00am
Senate passes air carriage bill

Senate passes air carriage bill

The Senate on Friday approved ''''The Carriage by Air Bill, 2011'''' unanimously under which a carrier is liable to compensate Rs 5 million to a passenger in case of death due to destruction of or damage to an airplane. The liability of compensation shall
Published 29 Oct, 2011 12:00am
KARACHI CHRONICLE: Two-day weekend again

KARACHI CHRONICLE: Two-day weekend again

The revival of two-day weekend is good even if it will not help the government resolve the energy crisis. It is astonishing, however, that some people object to two holidays per week. Their arguments sound reasonable but that is just what they are, mere n
Published 29 Oct, 2011 12:00am
Eid-ul-Azha on November 7

Eid-ul-Azha on November 7

The moon of Zilhajj was sighted in Pakistan on Friday, and Eid-ul-Azha would fall on Monday, November 7, 2011. This announcement was made by the Chairman of Central Ruet-e-Hilal Committee, Mufti Muneeb-ur-Rehman, on Friday evening. Announcing the date of
Published 29 Oct, 2011 12:00am
ART FACTS: Strong expressions

ART FACTS: Strong expressions

The impressive paintings portraying Tassaduq Sohail's rich imagination converting his canvases amusingly unusual with surreal art overwhelm the visitors at Fine Art Pakistan gallery, Karachi. Tassaduq has been a practising professional for over five decad
Published 29 Oct, 2011 12:00am
Eid-ul-Azha on November 7

Eid-ul-Azha on November 7

The moon of Zilhajj was sighted in Pakistan on Friday, and Eid-ul-Azha would fall on Monday, November 7, 2011. This announcement was made by the Chairman of Central Ruet-e-Hilal Committee, Mufti Muneeb-ur-Rehman, on Friday evening. Announcing the date of
Published 29 Oct, 2011 12:00am
BOOK REVIEWS: Communicating with the past

BOOK REVIEWS: Communicating with the past

Derived from miniature painting - a conceptual art form, Professor Bashir Ahmad's work is basically comprises abstract colour compositions. His artistic efforts - whether in the realms of paintings, ceramics or sculpture forms - have earned him world-wide
Published 29 Oct, 2011 12:00am
Pakistan, Australia ink MoU on long-term partnership

Pakistan, Australia ink MoU on long-term partnership

Pakistan and Australia on Friday inked a Memorandum of Understanding (MoU) aimed at paving way for a "sustained and continued partnership" to boost political ties and enhance development in all spheres. The MoU was signed on the sidelines of Prime Ministe
Published 29 Oct, 2011 12:00am
Culture of global trade

Culture of global trade

Pakistanis specially members of business community are not much known for writing books on researched based technical subjects such as "A Study of World Trade Organisation", with special emphasis on Pakistan's textile sector.
Published 29 Oct, 2011 12:00am
Pakistan, Australia ink MoU on long-term partnership

Pakistan, Australia ink MoU on long-term partnership

Pakistan and Australia on Friday inked a Memorandum of Understanding (MoU) aimed at paving way for a "sustained and continued partnership" to boost political ties and enhance development in all spheres. The MoU was signed on the sidelines of Prime Ministe
Published 29 Oct, 2011 12:00am
BRIDGE NOTES: Good but not enough

BRIDGE NOTES: Good but not enough

When played between the top notch internationals, bridge standard rises to its apex. For then the battle is not only for ascendancy in the particular match played but for the ascendancy in the standard bridge displayed. For there is nothing more exhilarat
Published 29 Oct, 2011 12:00am
Pakistan, Australia ink MoU on long-term partnership

Pakistan, Australia ink MoU on long-term partnership

Pakistan and Australia on Friday inked a Memorandum of Understanding (MoU) aimed at paving way for a "sustained and continued partnership" to boost political ties and enhance development in all spheres. The MoU was signed on the sidelines of Prime Ministe
Published 29 Oct, 2011 12:00am
Prime Minister speaks about losses caused by quake, floods

Prime Minister speaks about losses caused by quake, floods

Prime Minister Syed Yusuf Raza Gilani on Friday said Pakistan was a courageous nation with unmatched resolve and urged the Commonwealth countries to be more relevant to the needs of its member by being more resilient. Gilani was speaking at the second Exe
Published 29 Oct, 2011 12:00am
New York cotton

New York cotton

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

Published 29 Oct, 2011 12:00am
Prime Minister speaks about losses caused by quake, floods

Prime Minister speaks about losses caused by quake, floods

Prime Minister Syed Yusuf Raza Gilani on Friday said Pakistan was a courageous nation with unmatched resolve and urged the Commonwealth countries to be more relevant to the needs of its member by being more resilient. Gilani was speaking at the second Exe
Published 29 Oct, 2011 12:00am
New York cotton

New York cotton

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

Published 29 Oct, 2011 12:00am
Prime Minister speaks about losses caused by quake, floods

Prime Minister speaks about losses caused by quake, floods

Prime Minister Syed Yusuf Raza Gilani on Friday said Pakistan was a courageous nation with unmatched resolve and urged the Commonwealth countries to be more relevant to the needs of its member by being more resilient. Gilani was speaking at the second Exe
Published 29 Oct, 2011 12:00am
Gilani for reactivation of Pak-Malaysia JMC, joint ventures

Gilani for reactivation of Pak-Malaysia JMC, joint ventures

Prime Minister Syed Yusuf Raza Gilani Friday called for reactivation of the Joint Ministerial Commission (JMC) between Pakistan and Malaysia and for the increased co-operation between their two private sectors to initiate joint projects in agriculture, en
Published 29 Oct, 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 29 Oct, 2011 12:00am
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