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Archive - 2011-12-23
European stocks close higher
Financial

European stocks close higher

LONDON: European stock markets closed higher on Friday, with Paris' CAC-40 climbing 0.99 percent to 3,102.09 points and
Published 23 Dec, 2011 06:04pm
US new home sales high
Real Estate

US new home sales high

WASHINGTON: New US single-family home sales rose to a seven-month high in November and the months' supply of houses on t
Published 23 Dec, 2011 03:48pm
EU carbon price swing
Industry

EU carbon price swing

LONDON: Benchmark European Union carbon prices fell to a record low earlier this month, as prospects of a slowing econom
Published 23 Dec, 2011 02:17pm
US consumer spending tepid in Nov
Top News

US consumer spending tepid in Nov

WASHINGTON: US consumer spending rose less than expected in November as tepid income growth put a squeeze on households,
Published 23 Dec, 2011 02:02pm
Shaheed Benazir's vision on energy
Top News

Shaheed Benazir's vision on energy

KARACHI: Pakistan's energy requirements over the next 15 years are expected to grow at a rate of between 4.4 to 6.1 perc
Published 23 Dec, 2011 12:25pm
Syria blasts kill civilians, soldiers
Top News

Syria blasts kill civilians, soldiers

BEIRUT: Several people were killed in the two blasts on Syrian security sites in Damascus, state television said on Frid
Published 23 Dec, 2011 10:39am
Coup speculation false: General Kayani
Top News

Coup speculation false: General Kayani

ISLAMABAD: Pakistan's army chief General Ashfaq Pervez Kayani said on Friday that any speculation that the military was
Published 23 Dec, 2011 10:30am
KP Assembly session today
Pakistan

KP Assembly session today

RECORDER REPORT PESHAWAR: The Governor Khyber Pakhtunkhwa summoned the provincial assembly to meet on 23rd December (
Published 23 Dec, 2011 06:38am
Moody's retains Austria's AAA rating
Top News

Moody's retains Austria's AAA rating

VIENNA: Moody's on Friday said Austria would retain its AAA rating due to its "well diversified economy," low unemployme
Published 23 Dec, 2011 06:04am
Bears dominate ISE
Markets

Bears dominate ISE

RECORDER REPORT ISLAMABAD: Bears dominated the proceedings at the Islamabad Stock Exchange (ISE) where equities showe
Published 23 Dec, 2011 06:02am
KSE index up 37.55 points
Markets

KSE index up 37.55 points

RECORDER REPORT KARACHI: The KSE-100 index on Thursday gained 37.55 points to close at 11,306.10 points on the back o
Published 23 Dec, 2011 06:01am
CJP rules out military takeover
Top News

CJP rules out military takeover

ISLAMABAD: Chief Justice of the Supreme Court of Pakistan Iftikhar Muhammad Chaudhry on Friday ruled out any question of
Published 23 Dec, 2011 06:00am
PSO to re-tender base oil import
Top News

PSO to re-tender base oil import

ISLAMABAD: Pakistan State Oil (PSO) has decided to re-tender base oil import SN 150 and SN 500 after finding discrepanci
Published 23 Dec, 2011 05:40am
Air China's parent company raises stake
Top News

Air China's parent company raises stake

SHANGHAI: The parent company of Air China Ltd has raised its stake in the airline by purchasing 13.8 million shares on t
Published 23 Dec, 2011 05:28am
Spot gold signals mixed
Commodities

Spot gold signals mixed

SINGAPORE: Signals are mixed for spot gold as it is bound within a range of $1,597-$1,618 an ounce, and a move outside t
Published 23 Dec, 2011 05:15am
Hong Kong stocks open higher
Financial

Hong Kong stocks open higher

HONG KONG: Hong Kong stocks opened higher on Friday, reflecting gains on Wall Street and in Europe due to encouraging US
Published 23 Dec, 2011 04:22am
1,000 missing in Philippine floods
Top News

1,000 missing in Philippine floods

CAGAYAN DE ORO: More than 1,000 people remain missing in the Philippines after devastating floods that have already left
Published 23 Dec, 2011 03:59am
Indo-Pak trade: look beyond MFNs
BR Research

Indo-Pak trade: look beyond MFNs

In his 2005 bestseller, "The World is Flat", Thomas Friedman, the renowned NYT columnist, presented a theory called "The Dell Theory of Conf
Published 23 Dec, 2011 12:00am
Indecisive auctions
BR Research

Indecisive auctions

Where are interest rates heading? Acceptance of bids, at a relatively high level, in the last PIB auction held two days back, has called an
Published 23 Dec, 2011 12:00am
CNG ban - a practical approach?
BR Research

CNG ban - a practical approach?

As if the fear of a suicide attack or a blast just around the corner was not enough, masses are now travelling on a omb itself. The recent
Published 23 Dec, 2011 12:00am
Vigorous efforts to protect rights of children stressed

Vigorous efforts to protect rights of children stressed

Khyber Pakhtunkhwa Governor, Barrister Masood Kausar has stressed the need for making vigorous efforts at every level to protect the rights of children and ensure their welfare and said, "consistent struggle with utmost political will and commitment is re
Published 23 Dec, 2011 12:00am
KPC office-bearers call on Sindh chief minister

KPC office-bearers call on Sindh chief minister

Sindh Chief Minister, Syed Qaim Ali Shah, on Thursday held a meeting at CM House here to review the progress of development works of Housing Society for members of the Karachi Press Club (KPC).
Published 23 Dec, 2011 12:00am
Khyber Pakhtunkhwa Assembly session today

Khyber Pakhtunkhwa Assembly session today

The Governor Khyber Pakhtunkhwa summoned the provincial assembly to meet on 23rd December (today), here on Thursday. According to a notification issued by the Khyber Pakhtunkhwa Assembly Secretariat, said the Governor Khyber Pakhtunkhwa has summoned the s
Published 23 Dec, 2011 12:00am
Fruit, vegetable export rise

Fruit, vegetable export rise

Fruits and vegetable export during the first five months of current financial year has registered an increase of 13.94 percent and 28.47 percent respectively. According to the data released by the Federal Bureau of Statistics (FBS), the fruit export from
Published 23 Dec, 2011 12:00am
Bill passed to give university status to Sindh Madressa-tul-Islam

Bill passed to give university status to Sindh Madressa-tul-Islam

The Sindh Assembly on Thursday unanimously passed a bill to elevate the status of historic Sindh Madressa-tul-Islam to a modern university to provide higher education "indiscriminately". Sindh Education Minister Pir Mazhar-ul-Haq moved the bill, saying th
Published 23 Dec, 2011 12:00am
Two receive burn injuries in fire incident

Two receive burn injuries in fire incident

At least two persons including an elder woman and a fireman received burn injuries when fire broke out in two houses located in the limits of North Nazimabad police station.
Published 23 Dec, 2011 12:00am
Afaq files petition against DG Rangers

Afaq files petition against DG Rangers

Mohajir Qaumi Movement (MQM-H) chief Afaq Ahmed on Thursday filed petition against the DG Rangers in the Sindh High Court for contempt of court. The application was filed after the Rangers failed to provide security to the MQM-H chief on the court's order
Published 23 Dec, 2011 12:00am
DC takes notice of officials' absence

DC takes notice of officials' absence

The Divisional Commissioner Hyderabad, Ahmed Bux Narejo has taken serious notice for leaving Divisional Headquarter by regional and divisional heads of the government departments without any prior intimation. He categorically directed to all the incumbent
Published 23 Dec, 2011 12:00am
Nadra reminder

Nadra reminder

National Database Registration Authority (Nadra) has reminded the citizens of deadline for the computerisation of Arms Licenses that is 31 December 2011, spokesman stated this in a statement issued here on Thursday. This deadline encompasses all Pakistan
Published 23 Dec, 2011 12:00am
KCCI chief urges youth to focus on self-employment

KCCI chief urges youth to focus on self-employment

President, Karachi Chamber of Commerce and Industry (KCCI), Mian Abrar Ahmed has urged the young generation of the country to focus their energies on self-employment and entrepreneurship rather seeking jobs. Speaking at opening ceremony of National conven
Published 23 Dec, 2011 12:00am
Banks can get Rs 5 note exchanged till December 2012: SBP

Banks can get Rs 5 note exchanged till December 2012: SBP

The State Bank of Pakistan on Thursday directed all commercial banks and the field offices of SBP Banking Services Corporation (SBP BSC) operating throughout the country to get the existing Rs 5 banknote exchanged with banknotes/coins of all denominations
Published 23 Dec, 2011 12:00am
MTL suspends production

MTL suspends production

Millat Tractors Limited has suspended tractor production till December 22, 2011. In an information sent to Karachi Stock Exchange, the company said that due to prevailing market conditions and piling up of stocks, the tractor production will remain suspen
Published 23 Dec, 2011 12:00am
Member directors: KSE elections on December 29

Member directors: KSE elections on December 29

The annual elections for five seats of member directors at the Karachi Stock Exchange (KSE) Board for the next term of 2012 would be held on December 29, 2011. As many as seven candidates are contesting the elections while five of them would be elected as
Published 23 Dec, 2011 12:00am
Silkbank joins hands with Dawood Family Takaful

Silkbank joins hands with Dawood Family Takaful

Silkbank Limited and Dawood Family Takaful Limited have entered into a strategic partnership whereby Silkbank shall sell Shariah compliant family Takaful products through its branch network under "Bancatakaful Agreement".
Published 23 Dec, 2011 12:00am
Silkbank joins hands with Dawood Family Takaful

Silkbank joins hands with Dawood Family Takaful

Silkbank Limited and Dawood Family Takaful Limited have entered into a strategic partnership whereby Silkbank shall sell Shariah compliant family Takaful products through its branch network under "Bancatakaful Agreement".
Published 23 Dec, 2011 12:00am
ST on Services Act: ICAP open house discussion on December 26

ST on Services Act: ICAP open house discussion on December 26

Southern Regional Committee of Institute of Chartered Accountants of Pakistan is holding an open house discussion on legal and procedural issues in Sindh Sales Tax on Services Act 2011 and Sindh Sales Tax on Services Rules 2011 on December 26, 2011 at ICA
Published 23 Dec, 2011 12:00am
ST on Services Act: ICAP open house discussion on December 26

ST on Services Act: ICAP open house discussion on December 26

Southern Regional Committee of Institute of Chartered Accountants of Pakistan is holding an open house discussion on legal and procedural issues in Sindh Sales Tax on Services Act 2011 and Sindh Sales Tax on Services Rules 2011 on December 26, 2011 at ICA
Published 23 Dec, 2011 12:00am
World Bank lists factors having negative impact on Tarp

World Bank lists factors having negative impact on Tarp

The volatile political situation, terror threats, terrorist attacks, widespread perception of corruption, unfavourable economic circumstances and weak basic infrastructure services have negative impact on the World Bank's funded Tax Administration Reform
Published 23 Dec, 2011 12:00am
Tahir confers non-operational military awards

Tahir confers non-operational military awards

Vice Chief of Air Staff, Pakistan Air Force, Air Marshal Tahir Rafique Butt conferred non-operational military awards on the personnel of Pakistan Air Force at a ceremony held here at Air Headquarters on Thursday. A total of 116 Airmen and civilians were
Published 23 Dec, 2011 12:00am
'Investors being offered favourable incentives'

'Investors being offered favourable incentives'

Chairman Sindh Board of Investment, Muhammad Zubair Motiwala has said the province has lot of investment opportunities in the sectors of alternate energy, infrastructure development, resort development, mass transit, circular railway and Thar Coal and for
Published 23 Dec, 2011 12:00am
SU employees assured of issues resolution

SU employees assured of issues resolution

The pro vice chancellor of University of Sindh, Dr Parveen Shah has assured the employees of the university that their genuine problems would be resolved and the administration is sincerely paying attention on their legal issues. She was presiding over a
Published 23 Dec, 2011 12:00am
Aptma opposes decision to raise gas tariff

Aptma opposes decision to raise gas tariff

Muhammad Yasin Siddik, Chairman, Sindh-Balochistan Region of APTMA, has strongly opposed decision of the government for increasing gas tariff by 14 percent from 1st January 2012. In a statement issued to the press, M Yasin Siddik said that increase in gas
Published 23 Dec, 2011 12:00am
CNG stations in Karachi, Hub to remain closed for 24 hours

CNG stations in Karachi, Hub to remain closed for 24 hours

In view of the continuing gas shortage due to increased winter load and in accordance with the recent ECC decision, it has been decided to shut down gas to the CNG stations in Karachi and Hub for 24 hours from 9 am on Friday, December 23 till 9 am on Satu
Published 23 Dec, 2011 12:00am
US MIDDAY: grains rise

US MIDDAY: grains rise

Grains edged higher Thursday, with soyabeans heading for a sixth straight daily gain, as investors covered short positions ahead of the holidays and anticipated a resumption of stressful crop weather in Argentina next week. Corn and soyabeans got further
Published 23 Dec, 2011 12:00am
Cuba says nickel venture to top 37,700 tonnes

Cuba says nickel venture to top 37,700 tonnes

A Cuban nickel venture with Canadian mining company Sherritt International is headed toward a record output of unrefined nickel plus cobalt, state media in eastern Holguin province, said on Wednesday. "Today the Pedro Soto Alba plant met its production ta
Published 23 Dec, 2011 12:00am
Gold slips in London

Gold slips in London

Gold extended losses on Thursday as the dollar rose to session highs against the euro, with concerns over the depth of the eurozone crisis pressuring the single currency, and as traders remained reluctant to add to long positions ahead of year-end. Spot g
Published 23 Dec, 2011 12:00am
Gold down in Asia

Gold down in Asia

Gold prices inched down in thin trade on Thursday as investors remained sceptical of the eurozone's ability to tackle its debt crisis after the European Central Bank's latest moves to keep credit flowing in the region. Spot gold edged down 0.2 percent to
Published 23 Dec, 2011 12:00am
US gold lower

US gold lower

Gold closed lower Wednesday, tracking the euro's declines against the dollar, after a tender for cheap European Central Bank loans failed to convince investors the new lending program would go far in easing Europe's massive debt problems. Spot gold surren
Published 23 Dec, 2011 12:00am
Soft commodity futures mixed

Soft commodity futures mixed

Soft commodity futures were mixed on Thursday in very thin business as most investors left for the Christmas and New Year holidays, with raw sugar on track for its lowest daily volume in three years. "It's slow all around. A lot of peoples' books are clos
Published 23 Dec, 2011 12:00am
Palm oil moves up

Palm oil moves up

Malaysian crude palm oil futures rose to a near two week high on Thursday as traders focused more on heavy rains potentially disrupting production than fixating on concerns of eurozone debt crisis eroding global economic growth. Palm oil is 18 percent dow
Published 23 Dec, 2011 12:00am
Grains bounce

Grains bounce

Grains rose on Wednesday, setting multi-week highs on short-covering and technical buying, as investors eyed stressful crop conditions in South America. Rain was expected to arrive on Wednesday night in dry areas of Argentina, the world's No 2 corn and No
Published 23 Dec, 2011 12:00am
Tokyo rubber futures inch lower

Tokyo rubber futures inch lower

Tokyo rubber futures inched lower on Thursday due to falls in shares weighed down by unclear plan to solve the European debt crisis, but steadier oil prices and limited supply provided some support to rubber prices, dealers said. The newly-launched benchm
Published 23 Dec, 2011 12:00am
Oil up on supply worry, US data

Oil up on supply worry, US data

Oil rose on Thursday in choppy trading, with US crude reaching $100 a barrel, as violence in Iraq and news of upcoming Iranian navy exercises raised fears of potential supply disruptions. Oil also received a boost from separate reports showing jobless cla
Published 23 Dec, 2011 12:00am
Copper advances

Copper advances

Copper advanced in thin trade on Thursday as upbeat economic data from the United States raised hopes about the outlook for growth in the world's largest economy and demand for metals, with a weak dollar helping cement gains. Three-month copper on the Lon
Published 23 Dec, 2011 12:00am
Shanghai copper up

Shanghai copper up

The most-traded March copper contract on the Shanghai Futures Exchange was at 54,870 yuan ($8,600) a tonne, up 0.46 percent on Thursday. Shanghai copper has lost almost a quarter of its value in 2011. Demand for copper for nearer delivery pushed the Janua
Published 23 Dec, 2011 12:00am
US copper off highs

US copper off highs

Copper hit a one-week high before settling off its peaks on Wednesday as the market's initial fervour to cheap loans for European banks faded as it became clear the move offered little hope for the region's debt crisis. In New York, the most-active US cop
Published 23 Dec, 2011 12:00am
New York cotton scores small gains

New York cotton scores small gains

Cotton futures closed with small gains on Thursday on buying by small investors as the market drifted quietly in a band with many investors gone for the Christmas and New Year holidays, analysts said. The key March cotton futures went up 0.40 cent to clos
Published 23 Dec, 2011 12:00am
Large quantity of Indian origin goods seized

Large quantity of Indian origin goods seized

Customs authorities have seized a large quantity of Indian origin goods including coconut, black paper, red chillis, black tea and onion from tariff areas of Pakistan which were traded through Cross Line of Control (LOC) Trade. Sources told Business Re
Published 23 Dec, 2011 12:00am
Additional identification types allowed for taxpayers

Additional identification types allowed for taxpayers

In order to facilitate withholding agents in electronic submission of withholding tax statements, the Federal Board of Revenue (FBR) has allowed additional identification types for the taxpayers which were earlier restricted to the National Tax Numbers (N
Published 23 Dec, 2011 12:00am
Cotton prices start increasing after Prime Minister's directive

Cotton prices start increasing after Prime Minister's directive

The cotton prices in the domestic market have started increasing soon after the Trading Corporation of Pakistan (TCP) have been directed to purchase 1 million cotton bales by the Prime Minister, Syed Yousuf Raza Gilani. Market sources told Business Rec
Published 23 Dec, 2011 12:00am
US Ambassador calls on Hina

US Ambassador calls on Hina

US Ambassador Cameron Munter on Thursday called on Foreign Minister Hina Rabbani Khar and discussed mutual relations as well as regional situation. As no official account to the meeting was available, but sources said that the ambassador met the Foreign M
Published 23 Dec, 2011 12:00am
National Working Women's Day celebrated

National Working Women's Day celebrated

Ministry of Human Rights organised a walk from China Chowk to D Chowk celebrating December 22, as National Working Women's Day in collaboration with different NGOs aimed at highlighting economic, political and social achievements of the working women in P
Published 23 Dec, 2011 12:00am
Medvedev unveils political reforms

Medvedev unveils political reforms

Russian President Dmitry Medvedev on Thursday unveiled political reforms in response to an outburst of protests, but warned that "provocateurs and extremists" were seeking to stir unrest in the country. Two days ahead of a new mass rally accusing the auth
Published 23 Dec, 2011 12:00am
Putin has modest income

Putin has modest income

Russian Prime Minister Vladimir Putin earns only $140,000 a year and owns just one home, a small apartment in his home town, an official income statement showed on Thursday. Putin's wealth has long been the focus of speculation by opponents who portray Ru
Published 23 Dec, 2011 12:00am
Syria clashes kill 6,200 adults, children

Syria clashes kill 6,200 adults, children

More than 6,200 people including hundreds of children have died in Syria's crackdown on an anti-government revolt, a human rights group said on Thursday. Syria is facing increasingly fierce international condemnation for its handling of months of demonstr
Published 23 Dec, 2011 12:00am
Chinese scientist gets 7 years for stealing US secrets

Chinese scientist gets 7 years for stealing US secrets

A Chinese scientist on Wednesday was sentenced to more than seven years in prison for stealing trade secrets of major US agribusiness firms to benefit China. Huang Kexue, 46, stole secrets on organic insecticides from Dow AgroSciences, where he worked fro
Published 23 Dec, 2011 12:00am
US sets bounty for Iran-based al Qaeda financier

US sets bounty for Iran-based al Qaeda financier

The United States Thursday announced it was establishing a reward of up to $10 million for information leading to Yasin al-Suri, who it accused of operating from Iran as a facilitator and financier for al Qaeda. The bounty is the first offered for an al Q
Published 23 Dec, 2011 12:00am
66 journalists killed, 1,044 held

66 journalists killed, 1,044 held

Sixty-six journalists were killed and more than 1,000 arrested this year, Reporters Without Borders (RSF) said Thursday, naming cities in Syria, Egypt and Libya among the world's most dangerous places for the media. The press freedom group for the first t
Published 23 Dec, 2011 12:00am
British soldier killed in Afghanistan explosion

British soldier killed in Afghanistan explosion

A British soldier was killed in Afghanistan on Thursday when the vehicle he was travelling in was blown up in an explosion to the south of Kabul, the Ministry of Defence said. "It is with great sadness that the Ministry of Defence must confirm that a Roya
Published 23 Dec, 2011 12:00am
Large Hadron Collider finds new variant of particle

Large Hadron Collider finds new variant of particle

The Large Hadron Collider (LHC), famously engaged in the quest for the Higgs boson, has turned up a heavier variant of a sub-atomic particle first discovered a quarter-century ago, scientists reported on Thursday. The newcomer is called Chi-b(3P), which w
Published 23 Dec, 2011 12:00am
US, Mexico seize $80 million in counterfeit goods

US, Mexico seize $80 million in counterfeit goods

US and Mexican authorities have seized $76.8 million in counterfeit goods in a pre-holiday crackdown, the US customs agency announced Thursday. As part of "Operation Holiday Hoax II," law enforcement agents targeted ports, shops and flea markets, confisca
Published 23 Dec, 2011 12:00am
Yemen protesters demand Saleh trial, denounce government

Yemen protesters demand Saleh trial, denounce government

Thousands of Yemenis marched toward the capital on Thursday, to demand President Ali Abdullah Saleh face trial for killing protesters during 11 months of demonstrations against him, and to denounce a new government that would spare him prosecution.The Uni
Published 23 Dec, 2011 12:00am
Kazakhstan sacks top official, energy chiefs after riots

Kazakhstan sacks top official, energy chiefs after riots

Kazakhstan's veteran leader, facing the biggest challenge to stability in his vast oil-producing nation, flew on Thursday to a western region hit by violent riots and sacked some of the country's top energy officials over the crisis. President Nursultan N
Published 23 Dec, 2011 12:00am
UK may not be united for much longer

UK may not be united for much longer

The United Kingdom faces an "enormous challenge" in maintaining the Union in the face of increasing pressure for Scottish independence, the country's leading civil servant said Thursday. Cabinet Secretary Gus O'Donnell, who is due to step down as the head
Published 23 Dec, 2011 12:00am
Australian teen jailed over Indian's murder

Australian teen jailed over Indian's murder

An Australian teenager who fatally stabbed an Indian graduate, during a spate of attacks that fuelled a bitter diplomatic row with New Delhi over racist violence, was Thursday jailed for 13 years. The youth - whose identity has been suppressed - was just
Published 23 Dec, 2011 12:00am
Tunisia's Prime Minister unveils cabinet lineup

Tunisia's Prime Minister unveils cabinet lineup

Tunisia's Prime Minister Hamadi Jebali on Thursday announced his new cabinet lineup, with key ministerial posts allotted to his dominant Islamist Ennahda party. The list of 41 cabinet members was drawn up two months after Tunisia's first free elections on
Published 23 Dec, 2011 12:00am
Hamas joins PLO committee

Hamas joins PLO committee

Paving the way for possible membership of the Palestine Liberation Organisation (PLO), Hamas on Thursday joined a committee aimed at reforming the umbrella organisation of Palestinian groups. "Hamas has become part of the temporary committee that will fro
Published 23 Dec, 2011 12:00am
FA appoints first woman director in its 148 years

FA appoints first woman director in its 148 years

The English FA appointed its first woman board member since it was formed in 1863 when it named Heather Rabbatts as one of two new independent non-executive directors on Thursday. Rabbatts, aged 56, is a former director at London club Millwall who has vas
Published 23 Dec, 2011 12:00am
Pakistan beat China 5-3

Pakistan beat China 5-3

Pakistan came from two goals down Thursday to beat a much improved China 5-3, taking the lead 2-0 in a four-match series. Forwards Waqas Sharif and Haseem Khan hit two goals each with Ali Shah netting once to lead Pakistan's fight-back after China dominat
Published 23 Dec, 2011 12:00am
Villarreal fire coach following Cup exit

Villarreal fire coach following Cup exit

Juan Carlos Garrido has been sacked as coach of Spanish league strugglers Villarreal following their elimination from the Kings Cup at the hands of second division Mirandes. Garrido said he has accepted the decision and was expecting the axe to fall as Vi
Published 23 Dec, 2011 12:00am
Arsenal move fixture over London strike

Arsenal move fixture over London strike

Arsenal have postponed their Boxing Day Premier League fixture with Wolves after threatened industrial action on London's Underground system, the club announced Thursday. The Gunners were due to face Wolves as part of the traditional programme on December
Published 23 Dec, 2011 12:00am
Warne unveils weighty likeness

Warne unveils weighty likeness

Newly-svelte Australian legspin legend Shane Warne joked that a hefty bronze statue of him unveiled at the Melbourne Cricket Ground Thursday was a "lifelike" memento of his time in Test cricket. "It's 300 kilos that statue, it's pretty lifelike for when I
Published 23 Dec, 2011 12:00am
Messi voted Argentine sports personality of the year

Messi voted Argentine sports personality of the year

Barcelona's Lionel Messi was named as Argentina's sports personality of the year on Wednesday, winning the Olimpia de Oro (gold) for the first time. The prize, his first in his home country, is awarded by Argentina's sports writers and follows a year in w
Published 23 Dec, 2011 12:00am
Australian Drewett named ATP's new president

Australian Drewett named ATP's new president

Former tennis professional Brad Drewett has been appointed the ATP's new executive chairman and president, it was announced Thursday by the body which runs the men's professional game. The 53-year-old Australian, currently the ATP's senior executive, will
Published 23 Dec, 2011 12:00am
Strauss aims for four straight Ashes wins

Strauss aims for four straight Ashes wins

England captain Andrew Strauss is aiming to complete four successive Ashes series victories over Australia with wins at home in 2013 and again on the return leg in 2013-14. "Playing in back-to-back Ashes series would be a realistic goal," Strauss told BBC
Published 23 Dec, 2011 12:00am
City on top as five-star United stay in touch

City on top as five-star United stay in touch

Manchester City maintained their two-point lead at the top of the Premier League with a 3-0 defeat of Stoke as rivals Manchester United destroyed Fulham 5-0 to stay in touch. City ensured they will lead the top-flight at Christmas for the first time since
Published 23 Dec, 2011 12:00am
Action to eradicate narcotics, drug abuse emphasised

Action to eradicate narcotics, drug abuse emphasised

Chief Secretary Sindh Raja Muhammad Abbas has emphasised upon taking concrete action to eradicate the menace of narcotics and drug abuse, in accordance with the National Anti-Narcotics Policy 2010 (NANP-2010). He was presiding a meeting being the head of
Published 23 Dec, 2011 12:00am
'Eunuchs to get inheritance rights soon'

'Eunuchs to get inheritance rights soon'

The eunuchs of Sindh province would get rights of inheritance very soon, well-placed sources privy to social welfare department told Business Recorder on Thursday. Following the verdict of Supreme Court of Pakistan regarding the provision of equal
Published 23 Dec, 2011 12:00am
Cowasjee receives 'Jinnah Award'

Cowasjee receives 'Jinnah Award'

This year The Jinnah Society presented The Jinnah Award to renowned columnist and philanthropist, Ardeshir Cowasjee in recognition of his outstanding and dedicated services to Pakistan at a ceremony held at Oxford University Press head office. Former Paki
Published 23 Dec, 2011 12:00am
Dollar funding strains widen

Dollar funding strains widen

A key measure of dollar funding strains for eurozone banks widened on Thursday, as the supply of greenbacks to money markets remained scarce relative to the massive boost to euro liquidity from the ECB. Traders said the banks' usual higher cash needs befo
Published 23 Dec, 2011 12:00am
Asian currencies dip broadly

Asian currencies dip broadly

Asian currencies dipped broadly versus the dollar on Thursday as persistent worries about the eurozone's debt crisis deterred risky investments. The South Korean won lost roughly 0.7 percent against the dollar and the Indonesian rupiah shed 0.9 percent in
Published 23 Dec, 2011 12:00am
Aussie dollar near all-time high

Aussie dollar near all-time high

The Australian dollar held near all-time highs against the euro on Thursday, as doubts remained over how much of a massive 489 billion European Central Bank tender will actually flow into struggling eurozone economies and help restore confidence. The euro
Published 23 Dec, 2011 12:00am
Indian rupee weakens

Indian rupee weakens

The Indian rupee closed weaker but off its intraday low on Thursday as domestic equities turned positive after early losses and on signs that the European Central Bank's massive loans to banks will avert a eurozone credit crunch for now. The rupee ended a
Published 23 Dec, 2011 12:00am
Swiss franc up versus dollar

Swiss franc up versus dollar

The Swiss franc rose against the dollar on Thursday as it tracked the euro higher on renewed demand for riskier assets as European stocks rose in early trade. The Swiss franc was trading up 0.5 percent against the greenback at 0.9308 at 0816 GMT compared
Published 23 Dec, 2011 12:00am
Bangladesh's interbank forex, interest rates

Bangladesh's interbank forex, interest rates

Interbank buy/sell rates for the taka against the dollar on Thursday. 81.30-81.50 (previous 80.95-81.30). Call Money Rates: 20.00 percent (previous 14.00-22.00 percent).
Published 23 Dec, 2011 12:00am
Euro nearly flat

Euro nearly flat

The euro pared early gains to trade near flat against the dollar on Wednesday as investors fretted that new three-year lending from the European Central Bank to regional banks would do little to solve the monetary union's ongoing debt crisis. The euro ros
Published 23 Dec, 2011 12:00am
Early trade in New York: euro seesaws versus dollar

Early trade in New York: euro seesaws versus dollar

The euro seesawed against the dollar Thursday and was last little changed as concerns mounted that the eurozone debt crisis will intensify next year, driving investors to sell into any rebounds in the single currency. Analysts said the European Central Ba
Published 23 Dec, 2011 12:00am
Euro pares gains in London

Euro pares gains in London

The euro pared gains against the dollar on Thursday in choppy year-end conditions with ongoing concerns that the eurozone debt crisis could intensify next year driving investors to sell into any rebounds in the single currency. Analysts said the European
Published 23 Dec, 2011 12:00am
Euro struggles in Asia

Euro struggles in Asia

The euro languished near an 11-month low against the dollar on Thursday, struggling to make much headway after the European Central Bank's tender brought little respite to funding markets and nudged traders to snap up gains. The ECB's first ever limit-fre
Published 23 Dec, 2011 12:00am
Sterling stays up

Sterling stays up

Sterling stayed closed to an 11-month high against the euro on Thursday as ongoing concerns about the eurozone's debt crisis weighed on the common currency, while slightly better risk appetite supported the pound against the softer US dollar. Data showing
Published 23 Dec, 2011 12:00am
Yuan little changed

Yuan little changed

The yuan ended little changed against the dollar on Thursday after the People's Bank of China set a slightly lower mid-point, underscoring the central bank's intention to keep the Chinese currency boxed in a narrow range in the near-term. The yuan could m
Published 23 Dec, 2011 12:00am
Banks buoy FTSE as index stumbles past key hurdle

Banks buoy FTSE as index stumbles past key hurdle

Banks buoyed Britain's FTSE 100 on Thursday as Goldman Sachs analysts said the take-up by lenders of ECB loans should be seen as an "important positive" and market bulls attempted to push the index through important technical levels. London's blue chips c
Published 23 Dec, 2011 12:00am
Indian shares rise

Indian shares rise

Indian shares erased early losses and rose for a second day on Thursday, with sentiment helped by gains in European markets though investors were cautious because of domestic economic concerns and government policy inaction. Banks led the gains in the mai
Published 23 Dec, 2011 12:00am
Australian shares drop

Australian shares drop

Australian shares closed down 1.2 percent on Thursday, reversing half of Wednesday's rally on worries about Europe's lingering debt crisis and poor Christmas sales for local retailers, even after two interest rate cuts. Dealers and analysts said they expe
Published 23 Dec, 2011 12:00am
European shares rise on upbeat US data; banks gain

European shares rise on upbeat US data; banks gain

European shares rose on Thursday, boosted by mostly upbeat data from the United States, the world's biggest economy, and with banks gaining after taking advantage of cheap finance offered by the European Central Bank. The pan-European FTSEurofirst 300 ind
Published 23 Dec, 2011 12:00am
Hong Kong and Chinese shares dip

Hong Kong and Chinese shares dip

Hong Kong and Shanghai shares fell on Thursday weighed by tight cash conditions on the mainland although mild buying in large-caps helped China's benchmark stock index recover from a 33-month intra-day low hit during the session.
Published 23 Dec, 2011 12:00am
Treasuries decline

Treasuries decline

US Treasuries price fell on Wednesday as traders sold positions ahead of year-end and long bonds underperformed as investors unwound trades that were designed to profit from Federal Reserve purchases of longer-dated debt. Demand for safe-haven US governme
Published 23 Dec, 2011 12:00am
Treasuries decline

Treasuries decline

US Treasuries price fell on Wednesday as traders sold positions ahead of year-end and long bonds underperformed as investors unwound trades that were designed to profit from Federal Reserve purchases of longer-dated debt. Demand for safe-haven US governme
Published 23 Dec, 2011 12:00am
Taiwan stocks flat

Taiwan stocks flat

Taiwan shares ended flat on Thursday, with declines in defensives such as transportation and paper makers offset by gains in banking shares. The main TAIEX index dropped 0.13 points to 6,966.35, after opening flat. The financials sub-index was the top gai
Published 23 Dec, 2011 12:00am
Oracle sinks Nasdaq; Dow, S&P stay up

Oracle sinks Nasdaq; Dow, S&P stay up

Technology shares slumped Wednesday and pushed the Nasdaq down 1 percent after Oracle reported results that cast doubts on the sector's health, even as broader markets closed mostly flat in a thinly traded day. Outside the Nasdaq, the market recovered fro
Published 23 Dec, 2011 12:00am
Thursday's early afternoon trade: Wall Street gains

Thursday's early afternoon trade: Wall Street gains

US stocks edged higher on Thursday, putting the benchmark S&P 500 index on track for its third straight advance after data pointed to ongoing improvement in the labour market and reinforced expectations for a rally into the end of the year. Many traders w
Published 23 Dec, 2011 12:00am
Nikkei snaps two-day winning run

Nikkei snaps two-day winning run

Japan's blue chip index snapped a two-day winning run on Thursday and met strong resistance near its 25-day moving average, with the machine tools sector weighed down by a brokerage downgrade. Industrial robot maker Fanuc Corp lost 3.4 percent and was the
Published 23 Dec, 2011 12:00am
Seoul shares little changed

Seoul shares little changed

Seoul shares ended flat on Thursday as scepticism prevailed that the European central Bank's offer of cheap loans may relieve the eurozone credit crunch but would not ensure a flow of liquidity into the troubled economies that need it most. "The market is
Published 23 Dec, 2011 12:00am
Southeast Asian markets mostly flat to weak

Southeast Asian markets mostly flat to weak

Southeast Asian stock markets were mostly steady to weaker on Thursday as short term players quickly booked profits amid weaknesses in Asia and nagging concerns over the eurozone debt crisis. Doubts remained over how much of the funds that banks raised fr
Published 23 Dec, 2011 12:00am
US jobless claims at 3-1/2 year low, third quarter growth cut

US jobless claims at 3-1/2 year low, third quarter growth cut

The number of Americans filing new claims for jobless benefits hit a 3-1/2 year low last week, bolstering views the economy was gaining momentum, even though third-quarter growth was revised down. Other data on Thursday underscored the firming tone in the
Published 23 Dec, 2011 12:00am
S&P 'junk' downgrade adds to Hungary woes

S&P 'junk' downgrade adds to Hungary woes

Hungary was under increased pressure on Thursday to secure IMF support after a second rating agency cut its debt rating to "junk" status and the ECB warned Budapest over central bank independence. Hungary is seeking a 15-20-billion-euro ($19.7-26.2 billio
Published 23 Dec, 2011 12:00am
British Airways buys bmi for Heathrow growth

British Airways buys bmi for Heathrow growth

British Airways owner IAG has agreed to buy Lufthansa's British unit bmi for 172.5 million pounds ($270 million), seeing off rival bidder Virgin in the race to grab loss-making bmi's coveted runway slots at London Heathrow. The all-cash deal, which requir
Published 23 Dec, 2011 12:00am
Better UK growth masks recession risks

Better UK growth masks recession risks

Britain's economy unexpectedly grew faster than first thought between July and September, official figures showed, but they also revealed that growth was on shaky foundations and analysts said the economy may be about to slide into recession. The Office f
Published 23 Dec, 2011 12:00am
Immigration to Germany from debt-wracked euro states soars

Immigration to Germany from debt-wracked euro states soars

Germany saw a sharp rise in immigration in the first half of the year, due mainly to newcomers from crisis-wracked European states, according to official statistics released Thursday. The eurozone's top economy had a 19 percent rise in new arrivals at 435
Published 23 Dec, 2011 12:00am
Idle staff surf the net in London's Iranian banks

Idle staff surf the net in London's Iranian banks

If it were not for the light blue Persian-lettered sign outside, you might mistake Bank Saderat for just another foreign bank operating in the City of London financial centre. Sitting in a grey stone building in the heart of the City, the Iranian-owned ba
Published 23 Dec, 2011 12:00am
World Bank halves Ukraine growth forecast

World Bank halves Ukraine growth forecast

The World Bank has cut its forecast for Ukraine's economic growth next year to 2.5 percent from 5.0 percent, it said on Thursday citing falling demand for the former Soviet republic's exports and financial market instability. The bank said it had also cut
Published 23 Dec, 2011 12:00am
India's food inflation dives to four-year low

India's food inflation dives to four-year low

India's food inflation plunged to a near four-year low as prices of vegetables and cereals tumbled, official data showed Thursday, marking a rare piece of good news for the embattled government. Food price inflation has been in double digits all year, cau
Published 23 Dec, 2011 12:00am
Yahoo to weigh deals for Asian assets, shares surge

Yahoo to weigh deals for Asian assets, shares surge

Yahoo Inc is considering a plan to unload most of its prized Asian assets in a complex deal valued at roughly $17 billion, sources familiar with the matter said Wednesday, winning nods of approval from Wall Street and driving its shares higher.
Published 23 Dec, 2011 12:00am
Yahoo to weigh deals for Asian assets, shares surge

Yahoo to weigh deals for Asian assets, shares surge

Yahoo Inc is considering a plan to unload most of its prized Asian assets in a complex deal valued at roughly $17 billion, sources familiar with the matter said Wednesday, winning nods of approval from Wall Street and driving its shares higher.
Published 23 Dec, 2011 12:00am
Pension reform strike paralyses Belgium

Pension reform strike paralyses Belgium

Angry public sector workers protesting pension reforms shut down Belgium's schools, post offices and almost its entire transport grid Thursday in the latest anti-austerity protest to grip Europe. Called the day parliament debated the controversial reform,
Published 23 Dec, 2011 12:00am
RWE, Gazprom scrap talks on joint power ventures

RWE, Gazprom scrap talks on joint power ventures

RWE AG and Gazprom have terminated talks about joint power production ventures, a setback in the German utility's efforts to seek Russian-funded growth to help make up for its domestic market's exit from nuclear power. "Although our discussions were condu
Published 23 Dec, 2011 12:00am
Airbus expands order record, Boeing set to rebound

Airbus expands order record, Boeing set to rebound

Airbus is on course to end 2011 with well over 1,600 orders, pushing Boeing to the lowest market share of their 40-year rivalry, but Boeing has stored up momentum for a comeback as both companies put fresh vigour into their most-sold jets. Although Boeing
Published 23 Dec, 2011 12:00am
Latam economic growth to slow in 2012

Latam economic growth to slow in 2012

Economic growth in Latin America and the Caribbean will slow to an average of 3.7 percent in 2012, hit by turmoil in the global economy, a regional United Nations commission said Wednesday. The Economic Commission for Latin America and the Caribbean (ECLA
Published 23 Dec, 2011 12:00am
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