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Archive - 2011-12-16
GM invests in Canadian plant
Industry

GM invests in Canadian plant

OTTAWA: General Motors announced Friday a Can$68 million ($65.5 million) investment in an Oshawa assembly plant assigned
Published 16 Dec, 2011 09:27pm
US stocks close higher
Financial

US stocks close higher

NEW YORK: US stocks finished mostly higher Friday as investors shrugged off a Fitch downgrade of major banks and tame in
Published 16 Dec, 2011 09:20pm
US growth little changed in latest week
Top News

US growth little changed in latest week

NEW YORK: A measure of future US economic growth was little changed in the latest week, while the annualized growth rate
Published 16 Dec, 2011 04:41pm
Generals back probe into memogate
Top News

Generals back probe into memogate

ISLAMABAD : Army and intelligence chiefs have broken with the government to demand an inquiry into a scandal
Published 16 Dec, 2011 03:55pm
Gold slips to Rs 46,585
Markets

Gold slips to Rs 46,585

KARACHI: Gold slipped by Rs 43 to close at Rs 46,585 per 10 grams in the local market Friday, as its international price
Published 16 Dec, 2011 03:11pm
KWSB improving tax recovery
Top News

KWSB improving tax recovery

KARACHI: The chief of the Karachi Water and Sewerage Board (KW&SB), Misbahuddin Farid, has called for improving the tax
Published 16 Dec, 2011 03:05pm
Weekly inflation decreases by 0.45pc
Top News

Weekly inflation decreases by 0.45pc

ISLAMABAD: The Sensitive Price Indicator (SPI), for the week ended on December 15, for the lowest income group up to Rs.
Published 16 Dec, 2011 02:05pm
BMW drives into 2012 full of confidence
Top News

BMW drives into 2012 full of confidence

FRANKFURT: BMW, the world's largest premium carmaker, brushed off gloom-and-doom scenarios for next year and forecast an
Published 16 Dec, 2011 10:28am
The fall of Dhaka: 40 years after
Top News

The fall of Dhaka: 40 years after

DHAKA: It has been 40 years since East Pakistan, now Bangladesh, was separated from Pakistan after a nine-month war on
Published 16 Dec, 2011 08:41am
PML-N concerned over investment halt
Top News

PML-N concerned over investment halt

RECORDER REPORT LAHORE: PML-N Secretary Information, Senator Mushahidullah Thursday said investment in the country ha
Published 16 Dec, 2011 08:10am
Index sheds 161.47 points
Markets

Index sheds 161.47 points

RECORDER REPORT KARACHI: The Karachi share market on Thursday witnessed panic selling due to prevailing political sit
Published 16 Dec, 2011 07:54am
SPI showing downward trend
Top News

SPI showing downward trend

ISLAMABAD: The National Price Monitoring Committee (NPMC) has noted that Sensitive Price Indicator (SPI) which monitors
Published 16 Dec, 2011 07:46am
Tokyo stocks mixed by noon
Financial

Tokyo stocks mixed by noon

TOKYO: Japanese stocks were mixed Friday morning as a smooth Spanish bond auction and better-than-expected jobs data in
Published 16 Dec, 2011 06:35am
Warne fit for Big Bash opener
Cricket

Warne fit for Big Bash opener

SYDNEY: Shane Warne said Friday he was fit to play in Saturday's Big Bash Twenty20 opening game for the Melbourne Stars
Published 16 Dec, 2011 06:20am
Philippines may export rice by 2014
Top News

Philippines may export rice by 2014

MANILA: The Philippines could become a rice exporter by 2014, or a year after attaining self-sufficiency in its national
Published 16 Dec, 2011 05:01am
Poverty Politics!
BR Research

Poverty Politics!

Low growth, high inflation, natural disasters and internal displacements: these are the issues that have dominated the countrys socioeconomi
Published 16 Dec, 2011 12:00am
Enjoy winters with dry fruits
BR Research

Enjoy winters with dry fruits

These winters won be that bad for dry fruit lovers. The global economic slowdown which resulted in stagnation in demand for almost all comm
Published 16 Dec, 2011 12:00am
Bandit escapes from police custody

Bandit escapes from police custody

An alleged bandit on Thursday escaped from police custody in the limits of Khokhrapar police station. According to police sources, the accused Saeed Khan, who was arrested on December 12, 2011 under section 392 of Pakistan Penal Code from Khokhrapar, mana
Published 16 Dec, 2011 12:00am
Alleged bandit killed in police encounter

Alleged bandit killed in police encounter

Police claimed to have killed a bandit in an encounter in Dhabeji area on Thursday. According to police sources, the accused person, identified as Nizamuddin, was intercepted by a police patrolling party in Dhabeji when he was driving a car, snatched from
Published 16 Dec, 2011 12:00am
Election schedule of Sindh University syndicate announced

Election schedule of Sindh University syndicate announced

Registrar University of Sindh has announced schedule of election of Sindh University Syndicate, here on Thursday. According to a notification issued by the registrar, under the constituency of the teachers of the university, nomination papers will be invi
Published 16 Dec, 2011 12:00am
PAS elects new office-bearers

PAS elects new office-bearers

Pakistan Advertisers Society (PAS) held its 14th Annual General Body Meeting on Thursday in Karachi, which was attended by all the major advertisers of Pakistan. Some of the important industry issues were discussed and the agenda for 2012 was proposed to
Published 16 Dec, 2011 12:00am
Two killed in firing incidents

Two killed in firing incidents

At least two persons including a minor boy were fallen prey to targeted killing spree in separate incidents at various parts of the metropolis, here on Thursday. According to police and rescue sources, a bullet-riddled tortured body of twelve-year-old boy
Published 16 Dec, 2011 12:00am
Condolence meeting for Hameed Akhtar

Condolence meeting for Hameed Akhtar

Progressive Writers Association (PWA) is organising a condolence meeting to remember Hameed Akhtar, the progressive movement leader, writer, wordsmith, intellectual, well-known journalist and secretary of Progressive Writers Association, who was passed aw
Published 16 Dec, 2011 12:00am
NHA grilled in Balochistan Assembly session

NHA grilled in Balochistan Assembly session

The lawmakers of the Balochistan Assembly in Thursday session criticised the National Highway Authority (NHA) for not completing road projects in Balochistan. The assembly session started with Speaker Muhammad Aslam Bhootani in chair, which started about
Published 16 Dec, 2011 12:00am
Junaid Iqbal made new Elixir Securities CEO

Junaid Iqbal made new Elixir Securities CEO

Chairman of Elixir Securities, Ghias Khan on Thursday announced the appointment of Junaid Iqbal as the new Chief Executive Officer. Junaid succeeds outgoing CEO, Tariq Choudhry. Prior to joining Elixir Securities, Junaid Iqbal served as the CEO of BMA Fin
Published 16 Dec, 2011 12:00am
LUMHS teachers condole with Adib Rizvi

LUMHS teachers condole with Adib Rizvi

Liaquat University of Medical and Health Sciences (LUMHS) Jamshoro, Vice Chancellor Professor Noshad Ahmed Shaikh and faculty members have expressed deep sorrow and offered condolence on sad demise of Dr Hajra Adib Rizvi wife of Professor Adib Rizvi here
Published 16 Dec, 2011 12:00am
US MIDDAY: gold reverses gains

US MIDDAY: gold reverses gains

Spot gold turned lower in New York early on Thursday, giving up earlier gains and hitting a 2-1/2-month low, on the back of fund selling even as the dollar remained under pressure. Breaking its traditional inverse correlation with the dollar, prices turne
Published 16 Dec, 2011 12:00am
US MIDDAY: copper flat

US MIDDAY: copper flat

Copper closed broadly flat after seesaw trade Thursday, as early technical buying following a plunge on Wednesday was stemmed by persistent fears of a eurozone recession that could hammer demand from top consumer China. In New York, the key March COMEX co
Published 16 Dec, 2011 12:00am
US MIDDAY: soya gains

US MIDDAY: soya gains

US soyabean futures rose on Thursday on short covering due to dry weather in key crop areas of South America that could crimp production and boost demand for supplies from the United States. A weakening dollar helped wheat futures rise, but gains were cap
Published 16 Dec, 2011 12:00am
Gold rebounds

Gold rebounds

Spot gold rebounded on Thursday from sharp falls in the previous session on short-covering and a weak dollar, but prices were still near 2-1/2 month lows as worries about the eurozone debt crisis kept investors cautious. The precious metal has lost 9 perc
Published 16 Dec, 2011 12:00am
US gold dives four percent

US gold dives four percent

Gold dropped 4 percent on Wednesday as a technical sell-off, year-end fund liquidation and plunging commodities fuelled bullion's second-worst rout since the 2008 economic crisis. Bullion's losses snowballed after it broke below its 200-day moving average
Published 16 Dec, 2011 12:00am
Gold extends losses in Asia

Gold extends losses in Asia

Spot gold stretched losses on Thursday, after falling 3.5 percent in the previous session, as investors remained nervous about the eurozone debt crisis amid the year-end rush to liquidate positions. Spot gold lost 0.6 percent to $1,564.89 an ounce by 0646
Published 16 Dec, 2011 12:00am
Coffee hits one-year low

Coffee hits one-year low

Arabica coffee futures slipped to a one-year low on Thursday, as the commodity complex moved down a shade and cocoa changed direction to finish weak for the second straight day. Sugar futures were mixed as dealings remained choppy. Supply concerns prevent
Published 16 Dec, 2011 12:00am
Palm oil tumbles

Palm oil tumbles

Malaysian crude palm oil futures tumbled to a six-week low on Thursday, with a global commodities sell-off stretching from the previous day over concerns the European debt crisis was spiralling out of control. The global economic outlook has darkened afte
Published 16 Dec, 2011 12:00am
Grains plunge

Grains plunge

US grain futures fell Wednesday, with wheat shedding 3.3 percent, in tandem with other commodities as the dollar surged on concern about the lack of a solution to the eurozone debt crisis. Oil was down more than 5 percent and gold tumbled 3.6 percent as t
Published 16 Dec, 2011 12:00am
Tokyo rubber futures fall four percent

Tokyo rubber futures fall four percent

Tokyo rubber futures tumbled more than 4 percent to a two-week low on Thursday after falls in other commodities triggered stop-loss selling, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for May delivery fell 11.4 yen, or 4.1
Published 16 Dec, 2011 12:00am
Brent crude up

Brent crude up

Brent crude futures clung to moderate gains Thursday as persistent worries over Europe's debt crisis took some of the steam out of an early rebound from a 4 percent dive in the previous session. Brent crude remained under pressure on liquidations ahead of
Published 16 Dec, 2011 12:00am
Copper steadies

Copper steadies

Copper closed almost unchanged on Thursday, with signs of economic growth in the United States and a retreating dollar balancing concerns about faltering growth in Europe and top metals user China. Three-month copper on the London Metal Exchange closed at
Published 16 Dec, 2011 12:00am
Shanghai copper and zinc fall

Shanghai copper and zinc fall

Copper prices in Shanghai fell for a sixth day on Thursday, tracking losses in commodities overnight, after Japan's business sentiment worsened and a survey showed China's factory output contracted, deepening fears about the eurozone debt crisis.
Published 16 Dec, 2011 12:00am
US copper falls

US copper falls

Copper fell more than 5 percent on Wednesday as a sell-off swept through the commodities and global stock markets after sky-high borrowing costs for Italy fed fears that Europe's debt crisis could spin out of control. In New York, the key March COMEX cont
Published 16 Dec, 2011 12:00am
US wheat suppliers eye more Egypt sales

US wheat suppliers eye more Egypt sales

US grain suppliers are likely to start winning tenders to sell wheat to Egypt in February, when Russian wheat loses its competitive edge and Argentina retreats from the market, an official with a US industry group said on Thursday. Egypt, the world's larg
Published 16 Dec, 2011 12:00am
CNG in public transport: Ogra asks government to slap ban

CNG in public transport: Ogra asks government to slap ban

Following the rising incidents of CNG cylinder blasts, the Oil and Gas Regulatory Authority has recommended the government to slap ban on use of CNG cylinders in passenger vans and buses. Sources in the OGRA told Business Recorder that following th
Published 16 Dec, 2011 12:00am
Pagri system: Traditional rent arrangements and legal standing

Pagri system: Traditional rent arrangements and legal standing

Pagri system due to its archaic nature maybe an anachronism but is still a part of the way a large number of properties and shops are let out. Traditionally there are two ways in which property is made available on rent:
Published 16 Dec, 2011 12:00am
Pagri system: Traditional rent arrangements and legal standing

Pagri system: Traditional rent arrangements and legal standing

Pagri system due to its archaic nature maybe an anachronism but is still a part of the way a large number of properties and shops are let out. Traditionally there are two ways in which property is made available on rent:
Published 16 Dec, 2011 12:00am
Clarification

Clarification

Spokesperson to the President Farhatullah Babar has contradicted a report carried by Business Recorder on Wednesday. That report had stated that kitchen in the Presidency is being renovated at a cost of 260 million rupees. Meanwhile, clarifying the
Published 16 Dec, 2011 12:00am
Biogas project: KESC, dairy farmers sign accord

Biogas project: KESC, dairy farmers sign accord

Karachi Electric Supply Company has signed a Memorandum of Understanding with Karachi Dairy Farmer Association that marks completion of the on-site testing phase of Bio Waste to Energy Project - a venture that aims to produce electricity from cattle manur
Published 16 Dec, 2011 12:00am
Putin mocks Russia protestors, rejects demands

Putin mocks Russia protestors, rejects demands

Prime Minister Vladimir Putin said Thursday he was untroubled by a protest wave that shook his 12-year domination of Russia but ruthlessly mocked the opposition and rejected claims of election rigging. In a marathon televised phone-in, Putin sought to sho
Published 16 Dec, 2011 12:00am
Thousands rally in China land grab village

Thousands rally in China land grab village

Thousands of residents of a Chinese village under police blockade rallied Thursday to demand the government take action over illegal land grabs and the death in custody of a local leader. The people of Wukan - a fishing village in the wealthy southern pro
Published 16 Dec, 2011 12:00am
China reaches out to Myanmar's Suu Kyi

China reaches out to Myanmar's Suu Kyi

China's ambassador to Myanmar held a rare meeting with pro-democracy leader Aung San Suu Kyi last week, her aide said on Thursday, in the highest level contact in two decades between Beijing and Myanmar's opposition.
Published 16 Dec, 2011 12:00am
Syrian rebels kill 27 soldiers

Syrian rebels kill 27 soldiers

Army deserters killed 27 soldiers in southern Syria on Thursday, an activist group said, in some of the deadliest attacks on forces loyal to President Bashar al-Assad since the start of an uprising nine months ago. The Syrian Observatory for Human Rights
Published 16 Dec, 2011 12:00am
Amnesty says drugs executions in Iran must end

Amnesty says drugs executions in Iran must end

Amnesty International said in a report Thursday that Iran must end its policy of executing people for drugs offences, saying the Islamic republic has launched "a killing spree of staggering proportions." The London-based rights watchdog said in a report t
Published 16 Dec, 2011 12:00am
Iranians to start using own nuclear fuel plates

Iranians to start using own nuclear fuel plates

Iran is to insert its first domestically produced uranium fuel into its Tehran reactor by mid-February, Foreign Minister Ali Akbar Salehi said in comments published by the IRNA state news agency on Thursday. "Within the next two months the first fuel plat
Published 16 Dec, 2011 12:00am
Hazare calls for renewed mass protests

Hazare calls for renewed mass protests

Indian activist Anna Hazare threatened on Thursday to start a new hunger strike and a campaign of civil disobedience unless a long-delayed anti-graft law is passed by next week. Hazare, a 74-year-old campaigner and Gandhi admirer, held a 12-day hunger str
Published 16 Dec, 2011 12:00am
US puts alleged Zarqawi associate on terror list

US puts alleged Zarqawi associate on terror list

The United States has placed on a terror watch list a Saudi militant said to have been an associate of Abu Musab al-Zarqawi, the deceased former leader of Iraq's branch of al Qaeda. Saleh al-Qarawi was identified by the State Department on Thursday as a "
Published 16 Dec, 2011 12:00am
Libya names 10 winners for its 2012 oil supplies

Libya names 10 winners for its 2012 oil supplies

Libya's National Oil Corporation (NOC) named 10 companies that will get priority access to term supplies of its crude oil in 2012, including traditional buyers among European refiners that stood by the country's new leaders in its civil war. A senior sour
Published 16 Dec, 2011 12:00am
Panetta visits key ally Turkey

Panetta visits key ally Turkey

US Defence Secretary Leon Panetta arrived Thursday in "key ally" Turkey from Iraq, for an official visit that will focus on the developments in the Middle East, especially Syria. "It's important for us to work closely with Turkey at this critical time," P
Published 16 Dec, 2011 12:00am
Cyprus austerity strikes shut down airports, ministries

Cyprus austerity strikes shut down airports, ministries

Cyprus government services and airports came to a halt on Thursday as thousands of civil servants went on strike over austerity measures to reduce a bloated fiscal deficit. Thousands of civil servants backed by air traffic controllers are angry over parli
Published 16 Dec, 2011 12:00am
Islamists set to dominate in Egypt vote

Islamists set to dominate in Egypt vote

Egyptians voting on Thursday said they felt empowered by the first free election after Hosni Mubarak's 30-year rule, a vote likely to give Islamists the upper hand in a parliament that will help shape Egypt's new constitution. The army, which took over af
Published 16 Dec, 2011 12:00am
Afghans moot Saudi Arabia, Turkey for Taliban office

Afghans moot Saudi Arabia, Turkey for Taliban office

Afghan authorities on Thursday named Saudi Arabia or Turkey as the best places to set up a Taliban liaison office abroad to enable peace talks to end a devastating 10-year insurgency. President Hamid Karzai convened a top level meeting, the outcome of whi
Published 16 Dec, 2011 12:00am
Roadside bomb kills four civilians in Afghanistan

Roadside bomb kills four civilians in Afghanistan

A roadside bomb killed four civilians in Afghanistan's south-western province of Farah Thursday, the provincial police chief said. "A civilian vehicle hit a roadside bomb planted by terrorists in Parchaman district today, resulting in the death of four of
Published 16 Dec, 2011 12:00am
New mosque attack as Israel moves on settler outpost

New mosque attack as Israel moves on settler outpost

Extremist vandals on Thursday torched another mosque in the latest "price tag" reprisal attack as Israeli troops demolished part of an illegal settlement outpost in the northern West Bank. It was the second time in as many days that attackers had tried to
Published 16 Dec, 2011 12:00am
Over 100 countries recognise Palestine as a state

Over 100 countries recognise Palestine as a state

At least 112 countries around the world have formally recognised Palestine as a state, stretching from Africa to Asia, Europe to Latin America. In Latin America, Uruguay and Peru joined the growing ranks of countries, which recognised Palestine this year,
Published 16 Dec, 2011 12:00am
Insurers boost FTSE in short-covering rebound

Insurers boost FTSE in short-covering rebound

Britain's blue chip index staged a modest rebound in thin volumes on Thursday, with battered insurers and oil stocks boosted by some short-covering ahead of Friday's futures and options expiries. Life insures regained most of the ground lost the previous
Published 16 Dec, 2011 12:00am
European shares gain

European shares gain

European shares rose in thin volume on Thursday as technical factors pointed to oversold levels, while a Spanish bond auction produced good demand and US data helped improve sentiment on the global economy. Investors bought stocks after the eurozone's blu
Published 16 Dec, 2011 12:00am
Taiwan stocks down

Taiwan stocks down

Taiwan stocks ended 2.28 percent lower on Thursday, joining a broad decline in regional bourses, with textile counters and carmakers among the biggest losers, both plummeting close to 4 percent. The main TAIEX index was down 157.98 points at 6,764.59, aft
Published 16 Dec, 2011 12:00am
Hong Kong, China shares down

Hong Kong, China shares down

Hong Kong and China shares suffered their sixth-straight losses on Thursday as resource-related stocks took a beating after a broad commodities selloff overnight deepened already-hefty risk aversion in global markets. The Hang Seng Index fell 1.8 percent,
Published 16 Dec, 2011 12:00am
Indian shares at three-week low

Indian shares at three-week low

Indian shares skidded to their lowest close in nearly three weeks on Thursday as investors fled riskier assets on concerns about worsening near-term outlook for the domestic and global economies. A slumping rupee heightened the prospect of more pain for c
Published 16 Dec, 2011 12:00am
Southeast Asia stocks weak

Southeast Asia stocks weak

Major Southeast Asian stock markets fell on Thursday for the third day, led by banks and commodities as a decline in Chinese factory output added to worries about the global economy and Europe's debt crisis. China's factory output shrank again in December
Published 16 Dec, 2011 12:00am
Treasuries move higher

Treasuries move higher

US Treasuries rose Wednesday, with longer-dated yields dipping to the lowest in three weeks as worries over the outcome of the European debt crisis drove safe-haven buying of US government debt. Traders also cited unwinding of some bets set up before the
Published 16 Dec, 2011 12:00am
Treasuries move higher

Treasuries move higher

US Treasuries rose Wednesday, with longer-dated yields dipping to the lowest in three weeks as worries over the outcome of the European debt crisis drove safe-haven buying of US government debt. Traders also cited unwinding of some bets set up before the
Published 16 Dec, 2011 12:00am
US stocks fall

US stocks fall

US stocks fell for a third day and hit their lowest level in two weeks on Wednesday as widespread risk aversion sank commodity prices, sent the euro to an 11-month low against the dollar and drove Italy's borrowing costs to a euro-era high. Investors are
Published 16 Dec, 2011 12:00am
Thursday's afternoon trade: Wall Street gains

Thursday's afternoon trade: Wall Street gains

Signs of strength in the labour market and manufacturing sector, as well as higher quarterly profit from FedEx, lifted US stocks Thursday, but a stark warning from the IMF about inaction over Europe's crisis weighed on sentiment. FedEx Corp shares shot up
Published 16 Dec, 2011 12:00am
Nikkei down 1.7 percent

Nikkei down 1.7 percent

Japan's Nikkei share average fell to a two-week closing low on Thursday, breaking below its 25-day moving average as worries about European debt woes hit risk appetite, with investors looking to a Spanish debt auction later in the day. Olympus Corp fell m
Published 16 Dec, 2011 12:00am
Olympus former CEO Woodford attacks investors

Olympus former CEO Woodford attacks investors

The whistleblower in Japan's Olympus Corp scandal, ex-CEO Michael Woodford, blasted Japanese shareholders on Thursday for failing to stand up for him, amid signs that domestic and foreign investors are split over his campaign to be reinstated.
Published 16 Dec, 2011 12:00am
UAE markets fall after MSCI snub

UAE markets fall after MSCI snub

The United Arab Emirates' main markets fell more than 1 percent and Qatar ended lower on Thursday after the bourses failed for the third time to gain emerging market status from influential index compiler MSCI. MSCI, which had already denied a promotion t
Published 16 Dec, 2011 12:00am
Sterling near 10-month high

Sterling near 10-month high

Sterling hovered close to its highest in nearly 10 months on Thursday and looked set to benefit from further signs that eurozone policymakers are struggling to tackle the region's debt crisis. The pound also strengthened versus the dollar, recouping some
Published 16 Dec, 2011 12:00am
Europe woes hit Asia FX again

Europe woes hit Asia FX again

Emerging Asian currencies slid on Thursday as investors rushed into safe assets before year-end on expectations for further losses as the eurozone's debt crisis continues. Adding to worries about the global economy on Thursday was a private survey showing
Published 16 Dec, 2011 12:00am
India's central bank defends rupee

India's central bank defends rupee

India's central bank stepped in to defend its battered currency, which sank to a record low on Thursday, by selling dollars in the market and reducing trading limits for banks. The two-pronged defence came after the currency hit a series of record lows, w
Published 16 Dec, 2011 12:00am
Aussie and New Zealand dollars dogged by EU

Aussie and New Zealand dollars dogged by EU

The Australian and New Zealand dollars were nursing hefty losses after a broad retreat from risk on Thursday as worries Europe's debt crisis would not end anytime soon drove long-term bond yields to record lows. The Aussie dollar last stood at $0.9897, fr
Published 16 Dec, 2011 12:00am
Bangladesh interbank forex and interest rates

Bangladesh interbank forex and interest rates

Interbank buy/sell rates for the taka against the dollar on Thursday. 80.45-80.60 (previous 80.29-80.40). Call Money Rates: 20.00 percent (previous 9.90-20.00 percent).
Published 16 Dec, 2011 12:00am
Euro hits 11-month low in New York trade

Euro hits 11-month low in New York trade

The euro fell below $1.30 on Wednesday, marking an 11-month low against the US dollar, on worries that the still-unresolved eurozone sovereign debt crisis is leaving little room for potential economic growth. Also hanging over the euro is the prospect tha
Published 16 Dec, 2011 12:00am
Early trade in New York: euro takes a pause from recent sharp selloff

Early trade in New York: euro takes a pause from recent sharp selloff

The euro rose from an 11-month low against the dollar on Thursday as a successful auction of Spanish debt and strong US data whetted risk appetite, a trend some say could prove temporary. The euro jumped to a global session high of $1.3049 after data show
Published 16 Dec, 2011 12:00am
Euro springs back in London

Euro springs back in London

The euro held above an 11-month low against the dollar on Thursday but fell against the yen, with investors mindful of the eurozone debt crisis and a likely recession in the region looking to sell on any upticks. The single currency fell against the Swiss
Published 16 Dec, 2011 12:00am
Euro steadies in Asia

Euro steadies in Asia

The euro held steady on Thursday, but still hovered near an 11-month low hit the previous day as signs the European debt crisis was far from over prompted investors to sell risky assets and bolstered demand for the dollar. The euro was little changed at $
Published 16 Dec, 2011 12:00am
Yuan ends near limit-down

Yuan ends near limit-down

The yuan closed near its limit down level against the dollar from the central bank's mid-point on Thursday but remained marginally up so far this month as the government showed its determination to dampen speculation of yuan depreciation.
Published 16 Dec, 2011 12:00am
Old Mutual to sell Nordic unit for $3.2 billion

Old Mutual to sell Nordic unit for $3.2 billion

Old Mutual is selling its Nordic business for 22.5 billion Swedish crowns ($3.2 billion) to its Skandia Liv unit, allowing the London-based insurer to cut debt and focus on a rapidly growing African business. Skandia Liv, a mutual insurer - owned by its p
Published 16 Dec, 2011 12:00am
Hungary banks, government strike deal on foreign currency loans

Hungary banks, government strike deal on foreign currency loans

Hungary's government and banks signed a long-awaited deal on Thursday to reduce the burden of foreign currency loans on cash-strapped households, which have been hit hard by a fall in the value of the local forint currency. Shares in OTP Bank, central Eur
Published 16 Dec, 2011 12:00am
Philippine bank okays $1.5 billion global bond sale

Philippine bank okays $1.5 billion global bond sale

The Philippine central bank has approved in principle the government's planned sale of as much as $1.5 billion in global bonds, Deputy Governor Diwa Guinigundo said on Thursday, paving the way for Manila's return to the overseas debt market as early as Ja
Published 16 Dec, 2011 12:00am
Philippine bank okays $1.5 billion global bond sale

Philippine bank okays $1.5 billion global bond sale

The Philippine central bank has approved in principle the government's planned sale of as much as $1.5 billion in global bonds, Deputy Governor Diwa Guinigundo said on Thursday, paving the way for Manila's return to the overseas debt market as early as Ja
Published 16 Dec, 2011 12:00am
US jobless claims at 3-1/2 year low, factories mixed

US jobless claims at 3-1/2 year low, factories mixed

The number of Americans filing new claims for jobless benefits dropped to a 3-1/2-year low last week, suggesting a weak US economy is gradually improving even though factory data proved more mixed. Initial claims for state unemployment benefits dropped 19
Published 16 Dec, 2011 12:00am
FedEx profit rises, updating Boeing fleet

FedEx profit rises, updating Boeing fleet

FedEx Corp reported a higher-than-expected quarterly profit and is updating its fleet with 27 new fuel-efficient Boeing aircraft to cut costs, driving its shares up as much as 5 percent. The company also said it is deferring delivery of some Boeing freigh
Published 16 Dec, 2011 12:00am
FedEx profit rises, updating Boeing fleet

FedEx profit rises, updating Boeing fleet

FedEx Corp reported a higher-than-expected quarterly profit and is updating its fleet with 27 new fuel-efficient Boeing aircraft to cut costs, driving its shares up as much as 5 percent. The company also said it is deferring delivery of some Boeing freigh
Published 16 Dec, 2011 12:00am
Japan's business mood sours

Japan's business mood sours

Big Japanese manufacturers turned pessimistic this quarter, the central bank's tankan survey showed, a sign the stubbornly strong yen, Europe's debt crisis and slowing global growth were taking their toll on the export-reliant economy.
Published 16 Dec, 2011 12:00am
Foreign investment in China down first time in 28 months

Foreign investment in China down first time in 28 months

China's economic growth could be slowing further as data on Thursday showed the first year-on-year drop in foreign direct investment in 28 months and a fresh fall in new orders signalled a further contraction in factory activity. The data highlights incre
Published 16 Dec, 2011 12:00am
Solid UK retail sales, car output offer rare economic hope

Solid UK retail sales, car output offer rare economic hope

UK retail sales held up unexpectedly well in recent months and car production rose in November, providing a glimmer of hope that Britain might avoid a new recession. But a sharp drop in factory orders in the Confederation of British Industry's November su
Published 16 Dec, 2011 12:00am
Bryson urges companies invest in US

Bryson urges companies invest in US

US Commerce Secretary John Bryson urged corporate America on Thursday to open its pocketbook and start making the investments necessary to put millions of Americans back to work. "Having run a large business, I understand that if you've got cash available
Published 16 Dec, 2011 12:00am
Eurozone on right track: ECB chief

Eurozone on right track: ECB chief

Europe's top central banker said on Thursday that eurozone governments are on the right track to restore market confidence but reminded them that an emergency programme to buy their bonds was "neither eternal nor infinite". Mario Draghi's comments came af
Published 16 Dec, 2011 12:00am
Russia could lend $20 billion for IMF eurozone rescue

Russia could lend $20 billion for IMF eurozone rescue

Russia is willing to pump up to $20 billion (15.4 billion euros) through the IMF into rescue funding for indebted eurozone countries, an adviser to President Dmitry Medvedev said on Thursday. Arkady Dvorkovich, economic adviser to Medvedev who is in Bruss
Published 16 Dec, 2011 12:00am
Lagarde says no country immune from rising risk

Lagarde says no country immune from rising risk

The world economic outlook is "quite gloomy" and will require action by all countries, starting with those in Europe, to head off an escalating crisis that carries risks of a global depression, the head of the International Monetary Fund said on Thursday.
Published 16 Dec, 2011 12:00am
Energy bolsters eurozone prices

Energy bolsters eurozone prices

Energy prices helped keep euro zone annual inflation at 3 percent in November, data showed on Thursday, but prices for other goods were unchanged on the month, suggesting the European Central Bank could cut interest rates again. Consumer price inflation w
Published 16 Dec, 2011 12:00am
India's bowlers hammered in tour opener

India's bowlers hammered in tour opener

India's bowlers were hammered as front-line paceman Ishant Sharma came off with an injury on the opening day of their two-day game against a Chairman's XI at Manuka Oval in Canberra on Thursday. Wes Robinson and Tom Cooper scored centuries to steer their
Published 16 Dec, 2011 12:00am
Veteran Cricket League: Amar Cables beat Siddique Motors

Veteran Cricket League: Amar Cables beat Siddique Motors

Amar Cables beat Siddique Motors by 93 runs in the 3rd SPM Lahore Veteran Cricket League played at Ali Garh Cricket Ground. Amar Cables batting first scored 264/4 in 30 overs. Dastgeer Butt 123 not out, Aziz-ur-Rehman 53, Zahid Umar 22 and Muhammad Arif 1
Published 16 Dec, 2011 12:00am
Costa quits post as Spain's Davis Cup captain

Costa quits post as Spain's Davis Cup captain

Albert Costa on Thursday quit his post as Spain's Davis Cup team captain to take up a new position as head of the country's selection committee, the Spanish tennis federation announced. Costa recently steered Spain to their fifth Davis Cup triumph but wil
Published 16 Dec, 2011 12:00am
Protect Test cricket: Dravid

Protect Test cricket: Dravid

Indian batting great Rahul Dravid has urged administrators to cut "meaningless" One-day cricket matches and make efforts to win back fans to Tests, which he said remain the "gold standard" for players. Dravid also cautioned against the menace of match-fix
Published 16 Dec, 2011 12:00am
Philander, technology sink Sri Lanka

Philander, technology sink Sri Lanka

South African opening bowler Vernon Philander claimed his third five-wicket haul in as many Test matches as Sri Lanka were bowled out for 180 on the first day of the first Test at SuperSport Park on Thursday. Philander took five for 53 and fellow fast bow
Published 16 Dec, 2011 12:00am
Top sports court backs UEFA over FC Sion ban

Top sports court backs UEFA over FC Sion ban

The Court of Arbitration for Sport (CAS) on Thursday upheld a decision by football's European ruling body UEFA to refuse FC Sion re-entry to the Europa League after the Swiss club breached player recruitment rules. FC Sion had lodged several appeals with
Published 16 Dec, 2011 12:00am
13,500 troops on duty at London 2012

13,500 troops on duty at London 2012

Britain will have 13,500 troops on duty for the 2012 London Olympics, and will also deploy two warships, warplanes and ground-to-air missiles, the defence minister announced Thursday. Philip Hammond said the games were a "once in a generation" event for t
Published 16 Dec, 2011 12:00am
Major headache for MCC

Major headache for MCC

Former British Prime Minister Sir John Major has resigned from the committee of Marylebone Cricket Club (MCC) because of "fundamental disagreements" over the redevelopment of its Lord's headquarters. Major's move came after the club's recent announcement
Published 16 Dec, 2011 12:00am
Bopanna calls for Indo-Pak tennis

Bopanna calls for Indo-Pak tennis

Indian tennis ace Rohan Bopanna used a visit to Pakistan on Thursday to call for cross-border tennis in a bid to raise the profile of a sport overshadowed by cricket in south Asia. The 31-year-old from Bangalore travelled to Pakistan to attend the wedding
Published 16 Dec, 2011 12:00am
Villa injury mars big Barca victory

Villa injury mars big Barca victory

A weakened Barcelona out-classed Al Sadd 4-0 at the Club World Cup on Thursday to set up a final clash with Santos, but the result was overshadowed by a serious injury to striker David Villa. The Spanish international, who has been linked with a move away
Published 16 Dec, 2011 12:00am
Thompson takes lead at Dubai Ladies Masters

Thompson takes lead at Dubai Ladies Masters

Alexis Thompson made a spectacular move to the top of the leaderboard when the teenage sensation shot a bogey-free round of six-under par 66 in the second round of the Dubai Ladies Masters on Thursday. Playing in the afternoon group, the 16-year-old from
Published 16 Dec, 2011 12:00am
Salzburg through at PSG's expense

Salzburg through at PSG's expense

Paris St Germain went out of the Europa League despite a 4-2 win over Athletic Bilbao on Wednesday, losing their place to fellow big spenders Salzburg who fought back to win 3-2 at Slovan Bratislava. Dynamo Kiev were also knocked out after a squandering a
Published 16 Dec, 2011 12:00am
Big slump seen on cotton market

Big slump seen on cotton market

Big slump was witnessed this week on the cotton market as lint prices fell by Rs 400 to Rs 600 per maund (37.32 Kgs) over the past few days. Disruption, disarray on the financial markets and increasing unemployment and political infighting in the Eurozone
Published 16 Dec, 2011 12:00am
Big slump seen on cotton market

Big slump seen on cotton market

Big slump was witnessed this week on the cotton market as lint prices fell by Rs 400 to Rs 600 per maund (37.32 Kgs) over the past few days. Disruption, disarray on the financial markets and increasing unemployment and political infighting in the Eurozone
Published 16 Dec, 2011 12:00am
Oil cake market rates

Oil cake market rates

The December vaida was higher and the January contract was unchanged on the forward cottonseed oilcake market on Thursday in process of trading, dealers said. The December contract that had ended at Rs 1304.20 opened with a gain of 30 paisa at Rs 1304.50.
Published 16 Dec, 2011 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 77,703 tonnes of cargo comprising 26,913 tonnes of import cargo and 50,790 tonnes of export cargo including 3,620 loaded & empty containers during last 24 hours ended at 0700 hours on Thursday. The total import cargo of 26,913 ton
Published 16 Dec, 2011 12:00am
Top Kenyan coffee prices rise

Top Kenyan coffee prices rise

The top price for Kenyan benchmark grade AA coffee rose to $510 per 50-kg bag from $480 per bag at the last sale a weeks ago, the Nairobi Coffee Exchange said on Wednesday. Kenya is a relatively small producer but its specialty coffee beans are renowned f
Published 16 Dec, 2011 12:00am
US Midwest corn bids steady

US Midwest corn bids steady

Corn spot basis bids held steady to a touch firmer at processors, elevators and river terminals around the US Midwest on Wednesday, buoyed by slow farmer offerings as CBOT corn values fell, grain merchants said. CBOT March corn fell 2.4 percent on Wednesd
Published 16 Dec, 2011 12:00am
Corn and soya export premiums flat at US Gulf Coast

Corn and soya export premiums flat at US Gulf Coast

Export premiums for corn and soyabeans were largely unchanged at the US Gulf Coast on Wednesday as a sharp drop in futures failed to spur a significant bounce in export demand, traders said. FOB wheat premiums were also flat as demand remained strictly ro
Published 16 Dec, 2011 12:00am
Grams prices fall on grain market

Grams prices fall on grain market

Grams prices declined on the wholesale grain market on Thursday in process of trading, dealers said. On the grams sector yellow peas Canada shed Rs 50 to Rs 3850-4050, yellow peas Canada dal followed same pattern, losing equal amount to Rs 4300-4500, yell
Published 16 Dec, 2011 12:00am
Kenyan tea prices slide

Kenyan tea prices slide

The average price for top grade Kenyan tea fell to $2.88 per kg at this week's sale from $2.95 per kg previously, while the amount offered rose, brokers said on Wednesday. Mombasa-based Africa Tea Brokers (ATB) said 142,561 packages were offered for sale
Published 16 Dec, 2011 12:00am
New York cotton

New York cotton

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

Published 16 Dec, 2011 12:00am
New York cotton

New York cotton

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

Published 16 Dec, 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 16 Dec, 2011 12:00am
Barclays bid rates and maximum rates for payment of interest

Barclays bid rates and maximum rates for payment of interest

Barclays bid rates, maximum rates for payment of interest by authorised dealers on deposits (other than those brought under FE Circular No: 45 of 1985) and on deposits (brought under FE Circular No: 45 of 1985) - issued by the Foreign Exchange Rates Commi
Published 16 Dec, 2011 12:00am
Exchange rates: buying and selling

Exchange rates: buying and selling

Exchange rates issued by the Treasury Management Division of National Bank of Pakistan on Thursday (December 15, 2011).

Published 16 Dec, 2011 12:00am
Conversion for foreign currency deposits

Conversion for foreign currency deposits

Conversion for foreign currency deposits, DBC/FCBC, special USD bond & profits thereon (excluding FE-25 deposits) on Thursday (December 15, 2011).

Published 16 Dec, 2011 12:00am
Currency notes: exchange rates

Currency notes: exchange rates

Exchange rates for Currency Notes issued by the Treasury Management Division of National Bank of Pakistan (NBP) here on Thursday (December 15, 2011).

Published 16 Dec, 2011 12:00am
Bill buying rates per unit of currency

Bill buying rates per unit of currency

Bill Buying Rates per unit of currency -- issued by the Treasury Management Division of the National Bank of Pakistan on Thursday (December 15, 2011).

Published 16 Dec, 2011 12:00am
Money Market Report

Money Market Report

Money market report by Khadim Ali Shah Bukhari & Co on Thursday (December 15, 2011).
Published 16 Dec, 2011 12:00am
Air Marshall Noor Khan (R) passes away

Air Marshall Noor Khan (R) passes away

Noor Khan, the former commander-in-chief of Pakistan Air Force passed away Thursday in Rawalpindi, a private TV channel reported. He was admitted to Combined Military Hospital on December 12 and was suffering from anaemia and chest infection. According to
Published 16 Dec, 2011 12:00am
Spot dollar rates

Spot dollar rates

Spot Dollar rates from Khadim Ali Shah Bukhari & Co Ltd on Thursday (December 15, 2011).

Published 16 Dec, 2011 12:00am
Air Marshall Noor Khan (R) passes away

Air Marshall Noor Khan (R) passes away

Noor Khan, the former commander-in-chief of Pakistan Air Force passed away Thursday in Rawalpindi, a private TV channel reported. He was admitted to Combined Military Hospital on December 12 and was suffering from anaemia and chest infection. According to
Published 16 Dec, 2011 12:00am
WTO agrees procurement deal, US urges China to join

WTO agrees procurement deal, US urges China to join

The World Trade Organisation clinched a landmark reform of its Government Procurement Agreement on Thursday after the European Union, Japan and the United States agreed terms for opening up government contracts to foreign competition. US Trade Representat
Published 16 Dec, 2011 12:00am
WTO agrees procurement deal, US urges China to join

WTO agrees procurement deal, US urges China to join

The World Trade Organisation clinched a landmark reform of its Government Procurement Agreement on Thursday after the European Union, Japan and the United States agreed terms for opening up government contracts to foreign competition. US Trade Representat
Published 16 Dec, 2011 12:00am
WTO agrees procurement deal, US urges China to join

WTO agrees procurement deal, US urges China to join

The World Trade Organisation clinched a landmark reform of its Government Procurement Agreement on Thursday after the European Union, Japan and the United States agreed terms for opening up government contracts to foreign competition. US Trade Representat
Published 16 Dec, 2011 12:00am
Chirac convicted of graft

Chirac convicted of graft

Shamed former French leader Jacques Chirac was found guilty of corruption and given a suspended jail sentence on Thursday, becoming France's first ex-president to be convicted for his crimes. The 79-year-old statesman, who was excused from court on medica
Published 16 Dec, 2011 12:00am
Chirac convicted of graft

Chirac convicted of graft

Shamed former French leader Jacques Chirac was found guilty of corruption and given a suspended jail sentence on Thursday, becoming France's first ex-president to be convicted for his crimes. The 79-year-old statesman, who was excused from court on medica
Published 16 Dec, 2011 12:00am
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