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Archive - 2012-01-26
IMF chief, Ukraine PM hold talks
Top News

IMF chief, Ukraine PM hold talks

WASHINGTON: IMF chief Christine Lagarde held talks with Ukraine Prime Minister Mykola Azarov as the Fund maintained a fr
Published 26 Jan, 2012 05:03pm
US new home sales tumble in December
Top News

US new home sales tumble in December

WASHINGTON: Sales of new homes in the United States skidded in December, a fresh sign of distress in the collapsed housi
Published 26 Jan, 2012 04:44pm
SC admits plea against Sharmila Farooqui
Top News

SC admits plea against Sharmila Farooqui

ISLAMABAD: The Supreme Court on Thursday admitted a petition for regular hearing against Sharmila Farooqui's eligibility
Published 26 Jan, 2012 04:10pm
Libyan oil output hits 1.3mn bpd: NOC
Top News

Libyan oil output hits 1.3mn bpd: NOC

TRIPOLI: Oil production in Libya has reached 1.3 million barrels per day, the state-owned National Oil Corporation said
Published 26 Jan, 2012 12:45pm
Turkey says imports at $238bn in 2011
Top News

Turkey says imports at $238bn in 2011

ISTANBUL: Turkish Economy Minister Zafer Caglayan said on Thursday Turkish imports reached $238 billion in 2011, compare
Published 26 Jan, 2012 10:32am
Toyota targets Lexus sales
Industry

Toyota targets Lexus sales

TOKYO: Toyota Motor Corp said on Thursday it aims to boost worldwide sales of its Lexus luxury cars by about a quarter t
Published 26 Jan, 2012 09:40am
USAID signs agreement with KPK CCI
Top News

USAID signs agreement with KPK CCI

ISLAMABAD: United States Agency for International Development (USAID) has signed an agreement with Khyber Pakhtunkhwa Ch
Published 26 Jan, 2012 08:14am
KSE-mid day update
Top News

KSE-mid day update

RECORDER REPORT KARACHI : On Thursday, from the start of the market session until 12:30 P.M. , KSE-100 Index has rem
Published 26 Jan, 2012 07:40am
Hong Kong shares up 1.16pc
Financial

Hong Kong shares up 1.16pc

HONG KONG: Hong Kong shares rose 1.16 percent on Thursday morning as traders returning from a long Lunar New Year holida
Published 26 Jan, 2012 06:49am
PPL lives up to the expectations
BR Research

PPL lives up to the expectations

At a time where the country is falling in a gasless pit, Pakistan Petroleum Limited (PPL) has emerged as a survivor. When it comes to its pe
Published 26 Jan, 2012 12:00am
NIB in the spotlight
BR Research

NIB in the spotlight

Rumor has it that Industrial and Commercial Bank of China (ICBC), one of the largest banks in the world, is eyeing expansion in Pakistan.
Published 26 Jan, 2012 12:00am
Containers backlog reducing at ports: GM KCAA

Containers backlog reducing at ports: GM KCAA

Due to timely decision of Collectorates of Paccs, P.I.C.T. management and efforts of Karachi Customs Agents Association (KCAA), the backlog of container which was risking choking of ports has been eliminated to a comfortable level, said Faisal Mushtaq Gen
Published 26 Jan, 2012 12:00am
Funeral prayers of ASWJ workers offered

Funeral prayers of ASWJ workers offered

Following the killings on Tuesday of two activists of Ahle Sunnat Wal Jamat (ASWJ), formerly banned Sipah Sahabah Pakistan (SSP), the police have nominated three persons in this dual murder case. According to Risala SHO Arif Hussain Shah, the case was reg
Published 26 Jan, 2012 12:00am
Awareness of tax related matters: FBR survey shows astonishing results

Awareness of tax related matters: FBR survey shows astonishing results

A national tax survey conducted by the Federal Board of Revenue (FBR) showed astonishing results that different categories of taxpayers are totally unaware of their tax obligations, rights/understanding related to taxation and functioning of FBR with lack
Published 26 Jan, 2012 12:00am
Some taxpayers see low level of transparency in tax machinery

Some taxpayers see low level of transparency in tax machinery

Some categories of taxpayers, including individuals, small businesses and opinion makers, still believe that there is low level of transparency in the tax machinery, and complaints against the tax officials had increased in the recent past.
Published 26 Jan, 2012 12:00am
Workshop on 'Customs Connect and Borders Divide'

Workshop on 'Customs Connect and Borders Divide'

The world economy has grown very fast in recent decades. The regional borders are under great pressure because of the ever-increasing interdependence of states, as mutual trade is touching unprecedented heights. The trade is thus the most solid connect be
Published 26 Jan, 2012 12:00am
Schneider Electric wins prestigious Zayed Future Energy Prize

Schneider Electric wins prestigious Zayed Future Energy Prize

Schneider Electric, the global specialist in energy management, was recognised, on January 17, at the Zayed Future Energy Prize (ZFEP 2012) in the category of 'Large Corporations' for leading efforts in renewable energy and sustainability. General Sheikh
Published 26 Jan, 2012 12:00am
Most taxpayers admit usefulness of ERS: survey

Most taxpayers admit usefulness of ERS: survey

Most of the taxpayers have admitted that the Expeditious Refund System (ERS) has achieved the objective of speedy payments of sales tax refunds, says "Stakeholders Perception Survey" of the Federal Board of Revenue (FBR).
Published 26 Jan, 2012 12:00am
Invest in innovations or let millions starve: Bill Gates

Invest in innovations or let millions starve: Bill Gates

Bill Gates, Co-Chair of the Bill & Melinda Gates Foundation, challenged global leaders in his fourth annual letter to invest in innovations that are accelerating progress against poverty, or risk a future in which millions needlessly starve. The letter de
Published 26 Jan, 2012 12:00am
Meeting of EOBI Board of trustees held

Meeting of EOBI Board of trustees held

The 101th meeting of Board of Trustees of EOBI was held in the chair of Mohammad Ahsan Federal Secretary for Human Resources Development here at new office of EOBI located in PECHS on Wednesday. The Chairman EOBI Zafar Iqbal Gondal, DG Operations Javaid I
Published 26 Jan, 2012 12:00am
HASCOL to implement Oracle's JD Edwards EnterpriseOne ERP

HASCOL to implement Oracle's JD Edwards EnterpriseOne ERP

HASCOL Petroleum Limited signed an agreement with Systems Limited last week for the implementation of Oracle's JD Edwards EnterpriseOne ERP solution to automate its Financial and Supply Chain business functions.
Published 26 Jan, 2012 12:00am
HASCOL to implement Oracle's JD Edwards EnterpriseOne ERP

HASCOL to implement Oracle's JD Edwards EnterpriseOne ERP

HASCOL Petroleum Limited signed an agreement with Systems Limited last week for the implementation of Oracle's JD Edwards EnterpriseOne ERP solution to automate its Financial and Supply Chain business functions.
Published 26 Jan, 2012 12:00am
Pacra downgrades TIBL's entity ratings

Pacra downgrades TIBL's entity ratings

The Pakistan Credit Rating Agency (Pacra) has downgraded the long-term entity ratings of Trust Investment Bank Limited (TIBL) to "BBB-" (Triple B Minus) [Previous: BBB] while maintaining the short-term entity ratings at 'A3' (A Three). Meanwhile the ratin
Published 26 Jan, 2012 12:00am
Pacra downgrades TIBL's entity ratings

Pacra downgrades TIBL's entity ratings

The Pakistan Credit Rating Agency (Pacra) has downgraded the long-term entity ratings of Trust Investment Bank Limited (TIBL) to "BBB-" (Triple B Minus) [Previous: BBB] while maintaining the short-term entity ratings at 'A3' (A Three). Meanwhile the ratin
Published 26 Jan, 2012 12:00am
Position holder student awarded Rs 25,000

Position holder student awarded Rs 25,000

According to an announcement issued by Gulistan Shah Abdul Latif Girls Secondary School, Karachi Aqsa Yasin D/O Muhammad Yasin Motiwala Dhoraji Wala has secured 2nd position in Matric Examination, General Group 2011, held by Board of Secondary Education,
Published 26 Jan, 2012 12:00am
191 more HIV/Aids carriers reported in Sindh

191 more HIV/Aids carriers reported in Sindh

HIV/Aids are rapidly spreading in Sindh province as 191 more people have been tested positive at various government-run-centers from October to December, 2011. It has been revealed in a report compiled by Sindh Aids Control Programme (SACP), which is avai
Published 26 Jan, 2012 12:00am
Graffiti on city's walls to be removed

Graffiti on city's walls to be removed

All graffiti on city's walls would be removed in wake of the 12th Rabi-ul-Awwal, it was decided at a meeting held at KMC office to review arrangements for upcoming Eid Milad-un-Nabi (SAW), with Municipal Commissioner KMC Matanat Ali Khan in the chair. The
Published 26 Jan, 2012 12:00am
Businessmen invited to Sri Lanka Expo 2012

Businessmen invited to Sri Lanka Expo 2012

Consul General of Sri Lanka, D W Jinadasa has invited the businessmen and traders of Hyderabad to participate in Sri Lanka Expo 2012 being held by Sri Lanka Export Development Board in collaboration with the Ministry of Commerce in Colombo from 28th to 30
Published 26 Jan, 2012 12:00am
SECP approves TRG Pakistan exit from NBFC sector

SECP approves TRG Pakistan exit from NBFC sector

The Securities and Exchange Commission of Pakistan (SECP) has provided its approval for the exit of TRG Pakistan Limited from the ambit of NBFC rules and to operate as a normal public listed company in Karachi Stock Exchange.
Published 26 Jan, 2012 12:00am
FPCCI President's office: SHC orders counting of votes

FPCCI President's office: SHC orders counting of votes

The Sindh High Court has allowed the election commission of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) to count the votes polled by the three candidates for the office of President of FPCCI for the year 2012, in the elections hel
Published 26 Jan, 2012 12:00am
Call to resume teaching activities at SU

Call to resume teaching activities at SU

A peace rally here on Wednesday appealed to the teachers of University of Sindh to resume teaching activities at the campus and play their due role for the betterment of the students. A peace rally organised by Sindh University Officers Welfare Associatio
Published 26 Jan, 2012 12:00am
Sustainable Development of Coastal Areas workshop held

Sustainable Development of Coastal Areas workshop held

Academicians and professionals brainstormed alike and agreed upon a common strategy to pursue Research and Development activities in the coastal areas of Sindh at a Workshop on "Sustainable Development of Coastal Areas" in Karachi. This Workshop was organ
Published 26 Jan, 2012 12:00am
Improved governance, transparency must to resolve power crisis

Improved governance, transparency must to resolve power crisis

Improved governance, transparency, accountability and public participation in policy making, planning and regulatory framework are necessary for resolving the current crisis of electricity in country. There is a dire need to look beyond the routine techni
Published 26 Jan, 2012 12:00am
PQA dock workers hold protest demonstration

PQA dock workers hold protest demonstration

Hundreds of dock workers of Port Qasim Authority (PQA) on Wednesday staged a protest demonstration against the authority for not providing them with work, saying ships were 'deliberately' being steered towards a private cargo terminal at the harbour.
Published 26 Jan, 2012 12:00am
Root cause of crimes be addressed: Wasan

Root cause of crimes be addressed: Wasan

The root cause of the crimes like torture on women and children, `Karokari' and sectarian target killings is illiteracy and ignorance. This was stated by the Sindh Home Minister, Manzoor Hussain Wasan, here on Wednesday. He directed the concerned official
Published 26 Jan, 2012 12:00am
US MIDDAY: gold surges two percent

US MIDDAY: gold surges two percent

Gold rallied 2 percent early on Wednesday, rising above $1,700 an ounce for the first time since mid-December after the US Federal Reserve said it will likely not raise rates for longer than previously expected due to a sluggish economic recovery. Bullion
Published 26 Jan, 2012 12:00am
US MIDDAY: copper jumps

US MIDDAY: copper jumps

Copper climbed to a 4-month peak late Wednesday, building on the strength of its 2012 risk-on rally after the Federal Reserve said it would keep interest rates low through 2014. The Fed, after a two-day policy meeting, repeated its view that the economy f
Published 26 Jan, 2012 12:00am
US MIDDAY: wheat rises

US MIDDAY: wheat rises

US wheat futures rose about 1 percent in their fifth straight session of gains on Wednesday on growing concerns that Russia could curb its exports as the country nears a self-imposed quota in the coming months. Russia, which is projected to be the third-l
Published 26 Jan, 2012 12:00am
Gold stays lower

Gold stays lower

Gold eased for a second day on Wednesday, ahead of the US Federal Reserve's monetary policy decision and its first longer-term policy forecasts, and under pressure from the dollar's strength against the euro. With little consumer demand for gold this week
Published 26 Jan, 2012 12:00am
Gold edges up in Asia

Gold edges up in Asia

Gold regained strength on Wednesday after an early dip spurred buying from jewellers in Asia, but prices were stuck in a range as investors awaited the outcome of the US Federal Reserve's policy meeting, which could weigh on the dollar. Gold added $2.29 a
Published 26 Jan, 2012 12:00am
Gold plunges in New York

Gold plunges in New York

Gold fell on Tuesday after its previous session's six-week high, as the euro paused its recent rallies after European talks to restructure Greek debt faltered, and ahead of a key policy statement by the US Federal Reserve. Gold fell along with decline in
Published 26 Jan, 2012 12:00am
Cocoa climbs

Cocoa climbs

Cocoa futures climbed in active trading on Wednesday to their highest since November, extending the previous session's rally, on more short-covering, while early strength in the US dollar helped push sugar and arabica coffee lower Cocoa's gains were attri
Published 26 Jan, 2012 12:00am
Wheat and corn jump two percent

Wheat and corn jump two percent

US wheat and corn surged on Wednesday due to buying and short-covering fuelled by rumours that Russia and Argentina planned to curb exports. Soyabean futures also rallied, notching a two-week high. Argentina said it had no plans to limit exports, while Ru
Published 26 Jan, 2012 12:00am
Palm oil edges up

Palm oil edges up

Malaysian crude palm oil futures edged up in post-holiday trade on Wednesday as traders focused on dry south American weather affecting soy yields, although concerns of a looming Greek debt default curbed gains. Investors shifted their focus to the US Fed
Published 26 Jan, 2012 12:00am
Tokyo rubber futures jump two percent

Tokyo rubber futures jump two percent

Tokyo rubber futures jumped 2 percent to a 3-month high on Wednesday on the back of intervention by the Thai government, but the upside was still capped as investors were cautious at a time of lingering fears over EU debt, dealers said. The benchmark rubb
Published 26 Jan, 2012 12:00am
Crude oil rises

Crude oil rises

Crude oil futures rose in choppy trading on Wednesday as investors cheered the US Federal Reserve's intention to keep interest rates low at least through late 2014. The Fed, in a statement following a two-day policy meeting, said that, while the economy w
Published 26 Jan, 2012 12:00am
Halt in Iran oil could push crude up 30 percent: IMF

Halt in Iran oil could push crude up 30 percent: IMF

The International Monetary Fund warned on Wednesday that global crude prices could rise as much as 30 percent if Iran halts oil exports as a result of US and European Union sanctions. If Iran halts exports to countries without offsets from other sources i
Published 26 Jan, 2012 12:00am
Copper moves higher

Copper moves higher

Copper rose on Wednesday, underpinned by a flurry of technical buying, signs of a modest US economic recovery and data showing falling inventory levels of the metal, but a firm dollar and concerns over the euro zone economy restrained more gains. Three-mo
Published 26 Jan, 2012 12:00am
New York cotton settles easier

New York cotton settles easier

Cotton futures closed easier on Wednesday on technical selling by investor sales for the second straight session, and analysts said momentum pointed to more losses over the next few days. Benchmark March cotton on ICE Futures US fell 1.26 cents, or 1.2 pe
Published 26 Jan, 2012 12:00am
Rifts on show a year after Egypt's uprising

Rifts on show a year after Egypt's uprising

Tens of thousands massed in Cairo's Tahrir Square and other Egyptian cities on Wednesday, a year after an uprising erupted that toppled Hosni Mubarak, spurred on revolts across the region and exposed rifts in the Arab world's most populous state.
Published 26 Jan, 2012 12:00am
Pentagon budget to cut military, cancel programmes

Pentagon budget to cut military, cancel programmes

The Pentagon will preview a budget proposal this week that begins to implement $487 billion in spending cuts over the next decade by trimming the size of the military and cancelling or scaling back some weapons programs. Defence Secretary Leon Panetta wil
Published 26 Jan, 2012 12:00am
Talks 'possible' if Israel agrees on borders: Abbas

Talks 'possible' if Israel agrees on borders: Abbas

The Palestinians could resume talks with Israel if the two sides first agree on borders, president Mahmud Abbas said after meeting Jordan's king, the Palestinian state news agency reported on Wednesday. Abbas made the remarks after discussions with King A
Published 26 Jan, 2012 12:00am
Saudi Arabia warns of possible Midlde East nuclear arms race

Saudi Arabia warns of possible Midlde East nuclear arms race

An influential member of the Saudi royal family is warning if the Middle East does not become a nuclear weapon-free zone, a nuclear arms race is inevitable and could possibly include Iraq, Egypt, Saudi Arabia and even Turkey. Prince Turki Al Faisal said i
Published 26 Jan, 2012 12:00am
Clashes between Tibetans, government spread in China

Clashes between Tibetans, government spread in China

Deadly clashes between ethnic Tibetans and Chinese security forces have spread to a second area in south-western China, the government and an overseas activist group said Wednesday. The group Free Tibet said two Tibetans were killed and several more were
Published 26 Jan, 2012 12:00am
Britons 'becoming less honest'

Britons 'becoming less honest'

Britons are more tolerant of extramarital affairs and drink-driving than they were a decade ago but more likely to condemn people cheating on welfare benefits, research showed Wednesday. The study from the University of Essex, which questioned more than 2
Published 26 Jan, 2012 12:00am
HRW raps United Arab Emirates over free speech

HRW raps United Arab Emirates over free speech

Human Rights Watch accused the United Arab Emirates of cracking down on freedom of expression, during a news conference on Wednesday which was disrupted by men who claimed to be UAE officials and demanded the rights group end its presentation. The UAE, wh
Published 26 Jan, 2012 12:00am
US commandos free two pirate hostages in Somalia

US commandos free two pirate hostages in Somalia

US special forces swooped into Somalia on Wednesday and rescued an American and a Dane after a shootout with pirates holding them hostage, in a rare raid into the Horn of Africa nation to free foreign captives. The aid workers, American Jessica Buchanan a
Published 26 Jan, 2012 12:00am
Rampaging bus driver kills nine in Indian city

Rampaging bus driver kills nine in Indian city

A government bus driver sped through the streets of the Indian city of Pune on Wednesday smashing his empty bus into dozens of vehicles, killing nine people and injuring 27, police said. "He just went berserk," city police commissioner Meeran Borwanker to
Published 26 Jan, 2012 12:00am
Romney self-deportation plan a fantasy: Gingrich

Romney self-deportation plan a fantasy: Gingrich

Republican presidential candidate Newt Gingrich on Wednesday ridiculed rival Mitt Romney's call for self-deportation of illegal immigrants as an "Obama-level fantasy" that would be inhumane to long-established families living in the United States. The for
Published 26 Jan, 2012 12:00am
Resilient England restrict Pakistan in Abu Dhabi

Resilient England restrict Pakistan in Abu Dhabi

England's pace-cum-spin attack delivered the goods to keep Pakistan down to 256-7 on the opening day of the second Test at Abu Dhabi Stadium here on Wednesday. Paceman Stuart Broad took 3-47 while spinner Graeme Swann (3-52) bowled well to keep England's
Published 26 Jan, 2012 12:00am
India face huge task

India face huge task

Double centuries by Michael Clarke and Ricky Ponting and another shaky start by India's stuttering batsman left the visitors under pressure in the fourth Test in Adelaide on Wednesday. Skipper Clarke declared for the second time in the one-sided series -
Published 26 Jan, 2012 12:00am
European clubs lost 1.6 billion euros in 2010: UEFA

European clubs lost 1.6 billion euros in 2010: UEFA

Losses incurred by top European clubs in 2010 leapt 36 percent from the year before to 1.6 billion euros ($2bn) due to lower revenues from transfers, UEFA said on Wednesday. The deteriorating bottom line means that 56 percent of first-division clubs made
Published 26 Jan, 2012 12:00am
Punjab Sports Festival 2012

Punjab Sports Festival 2012

Competitions in various sports events were staged throughout the province on the third day of Punjab Sports Festival 2012. In first phase of the mega event teams belonging to as many as 3,464 union council teams are competing each other in athletics, foot
Published 26 Jan, 2012 12:00am
Pakistan's Gulf ambassador wants India cricket ties

Pakistan's Gulf ambassador wants India cricket ties

Pakistan's ambassador in the United Arab Emirates on Wednesday said he was using his contacts to convince India to resume bilateral ties with his country and hopes for a breakthrough next year. India froze all bilateral ties with Pakistan in the wake of t
Published 26 Jan, 2012 12:00am
Kvitova, Sharapova set up re-match

Kvitova, Sharapova set up re-match

Burgeoning superstar Petra Kvitova and glamorous Russian Maria Sharapova set up a hotly anticipated rematch of last year's Wimbledon decider in the Australian Open quarter-finals Wednesday. Kvitova, who enjoyed a breakthrough victory over Sharapova at Wim
Published 26 Jan, 2012 12:00am
Afridi prefers Pakistan over Bangladesh league

Afridi prefers Pakistan over Bangladesh league

Dashing all-rounder Shahid Afridi said Wednesday he will skip most of the lucrative Bangladesh league in order to play Pakistan's limited overs series against England. The 31-year-old hard hitting batsman and skilled leg-spinner was signed for $70,000 - t
Published 26 Jan, 2012 12:00am
Cardiff stun Palace to reach League Cup final

Cardiff stun Palace to reach League Cup final

Cardiff battled through to the League Cup final on Tuesday, overcoming a first leg deficit to defeat Championship rivals Crystal Palace on penalties. Palace, who had captain Patrick McCarthy sent off late in the game, had withstood wave after wave of Card
Published 26 Jan, 2012 12:00am
Djokovic sets up Murray showdown

Djokovic sets up Murray showdown

Defending champion Novak Djokovic set up a repeat of last year's Australian Open final with Andy Murray Wednesday, outlasting David Ferrer to ensure the "Big Four" all reached the semis. The world number one was worked hard by the fifth-seeded Spaniard, w
Published 26 Jan, 2012 12:00am
Sterling falls versus dollar

Sterling falls versus dollar

Sterling fell against the dollar on Wednesday, weighed down by data showing Britain's economy contracted in the fourth quarter and by concerns the Bank of England will ease monetary policy even further. Britain's economy shrank by 0.2 percent in the last
Published 26 Jan, 2012 12:00am
Won, ringgit breach resistance

Won, ringgit breach resistance

The South Korean won and the Malaysian ringgit breached technical resistance levels on Wednesday, leading most emerging Asian currencies higher on expectations of increased fund flow to the region this year. Trading was subdued as financial markets in Chi
Published 26 Jan, 2012 12:00am
Indian rupee falls

Indian rupee falls

The Indian rupee fell on Wednesday as dollar demand from oil importers for month-end payments offset a rise in the local share market, although traders said likely dollar sales by the central bank pulled it off the day's low. The partially convertible rup
Published 26 Jan, 2012 12:00am
Australian dollar near multi-month peaks

Australian dollar near multi-month peaks

The Australian dollar rose near multi-month peaks against the US dollar and yen on Wednesday, brushing aside a tame inflation report that left the door open for a cut in interest rates as early as next month. The Aussie firmed to $1.0516, from $1.0473 in
Published 26 Jan, 2012 12:00am
Bangladesh interbank forex, interest rates

Bangladesh interbank forex, interest rates

Interbank buy/sell rates for the taka against the dollar on Wednesday. 84.42-84.43 (previous 84.38-84.42). Call Money Rates: 20.00 percent (previous 14.00-22.00 percent).
Published 26 Jan, 2012 12:00am
Euro retreats

Euro retreats

The euro retreated from a near three-week high against the dollar on Tuesday as a stalemate in the talks to restructure Greece's debt raised concerns that Greece might succumb to a disorderly default. Greece's private creditors pleaded with European offic
Published 26 Jan, 2012 12:00am
Early trade in New York: dollar rises versus euro and yen

Early trade in New York: dollar rises versus euro and yen

The dollar firmed against the euro and the yen on Wednesday ahead of a US Federal Reserve meeting and first-ever individual interest rate projections from policymakers, while Japan's first trade deficit since 1980 fuelled yen weakness. The dollar reached
Published 26 Jan, 2012 12:00am
Yen slides in London

Yen slides in London

The yen dropped to a two-month low against the dollar on Wednesday as speculators and investors took data showing Japan had logged its first annual trade deficit since 1980 as a cue to unwind bullish bets on the Japanese currency. The euro fell from sessi
Published 26 Jan, 2012 12:00am
Euro tumbles in Asia

Euro tumbles in Asia

The yen dropped to one-month lows against the dollar and the euro on Wednesday, as traders took data showing Japan had logged its first annual trade deficit since 1980 as a cue to snap up gains in the Japanese currency. Selling in the yen picked up steam
Published 26 Jan, 2012 12:00am
Eurozone rates seen falling further

Eurozone rates seen falling further

Shifts in demand at European Central Bank cash tenders this week are pointing towards a large take-up of three-year loans by eurozone banks in February, strengthening the case for lower short-term interest rates in the near term. Investors who are nervous
Published 26 Jan, 2012 12:00am
Banks drag on FTSE

Banks drag on FTSE

Britain's top shares closed lower on Wednesday as banks fell out of favour after brokers urged caution on the sector after recent gains, while poor growth in the UK highlighted the challenges facing corporates to meet earnings expectations. London's blue
Published 26 Jan, 2012 12:00am
European shares fall on Greece, earnings

European shares fall on Greece, earnings

European shares fell to a one-week closing low on Wednesday on worries about the outcome of debt talks in Greece, while weak earnings news was also a major drag after Ericsson's results came in below expectations. Investors were worried an agreement would
Published 26 Jan, 2012 12:00am
Exporters drive Nikkei to three-month high

Exporters drive Nikkei to three-month high

Japan's Nikkei average scaled a new three-month high on Wednesday, boosted by gains in exporters such as Toyota Motor and Canon as the yen weakened following data showing Tokyo posted its first annual trade deficit since 1980. Battered electronics firms s
Published 26 Jan, 2012 12:00am
Most Southeast Asian stocks down; Singapore up

Most Southeast Asian stocks down; Singapore up

Most Southeast Asian stock markets slid on Wednesday as foreigner investors took profits after last week's rally, but Singapore rose to a three-month high on earning hopes. Regional analysts said investors were still awaiting developments on the European
Published 26 Jan, 2012 12:00am
Longer-dated Treasuries ease

Longer-dated Treasuries ease

Longer-dated US Treasuries eased marginally on Tuesday as efforts by investors to push for concessions in new debt auctions this week were offset by sagging global stocks and a clash by Greek bondholders and euro zone officials over the terms of a debt sw
Published 26 Jan, 2012 12:00am
Longer-dated Treasuries ease

Longer-dated Treasuries ease

Longer-dated US Treasuries eased marginally on Tuesday as efforts by investors to push for concessions in new debt auctions this week were offset by sagging global stocks and a clash by Greek bondholders and euro zone officials over the terms of a debt sw
Published 26 Jan, 2012 12:00am
Australian shares jump

Australian shares jump

Australian shares jumped 1.1 percent to close at a near seven-week high on Wednesday, as the banks jumped on hopes of a rate cut and signs that borrowing costs may be coming down in Europe. Australia's consumer prices were unexpectedly soft in the Decembe
Published 26 Jan, 2012 12:00am
Wall Street ends five-day rally

Wall Street ends five-day rally

US stocks edged lower on Tuesday, ending a five-day rally for the S&P 500, as talks to resolve Greece's debt crisis hit a snag and earnings from a number of blue chips disappointed investors. Greece moved closer to the possibility of a chaotic default as
Published 26 Jan, 2012 12:00am
Wednesday's early trade: S&P 500, Dow rise after Fed statement

Wednesday's early trade: S&P 500, Dow rise after Fed statement

The S&P 500 and Dow turned higher on Wednesday after the Federal Reserve said it would keep interest rates "exceptionally low" at least through 2014. The Nasdaq added to gains. The Dow Jones industrial average was up 4.99 points, or 0.04 percent, at 12,68
Published 26 Jan, 2012 12:00am
Indian shares climb

Indian shares climb

Indian shares added 0.48 percent on Wednesday to their highest close in more than two months, powered by gains in IT bellwether Infosys and automaker Tata Motors, as investors resorted to selective buying amid settlement of monthly derivatives contracts.
Published 26 Jan, 2012 12:00am
Seoul shares flat

Seoul shares flat

Seoul shares ended nearly flat on Wednesday, back-pedalling after an early rally that saw the main bourse touch a six-month intraday peak as retail and institutional investors cashed in on recent gains, despite an extended buying run by offshore investors
Published 26 Jan, 2012 12:00am
Dubai's bourse at six-week high

Dubai's bourse at six-week high

Dubai's bourse jumped to a six-week high on Wednesday, as property stocks surged on hopes that Abu Dhabi's decision to restart stalled projects including the Louvre and Guggenheim museum branches would lift the struggling real estate market. Most other Gu
Published 26 Jan, 2012 12:00am
Britain's economy heads for recession, may draw more QE

Britain's economy heads for recession, may draw more QE

Britain's economy may have entered a mild recession in the last three months of 2011, hampering the government's core policy aim of spurring growth and raising the chances that the Bank of England will inject more cash soon. Britain's recovery from the 20
Published 26 Jan, 2012 12:00am
Eurozone must act before IMF gets new funds: Cameron

Eurozone must act before IMF gets new funds: Cameron

New cash for the International Monetary Fund should not be considered until the euro zone takes determined action to end the crisis in the single currency area, British Prime Minister David Cameron said on Wednesday. "Our message has been very clear - tha
Published 26 Jan, 2012 12:00am
Britain fines fund manager for market abuse

Britain fines fund manager for market abuse

David Einhorn, the high-profile American hedge fund manager who foresaw major problems at Lehman Brothers before the Wall Street bank collapsed, got a 3.6 million pound ($5.6 million) fine in Britain on Wednesday for trading on inside information. Britain
Published 26 Jan, 2012 12:00am
Britain fines fund manager for market abuse

Britain fines fund manager for market abuse

David Einhorn, the high-profile American hedge fund manager who foresaw major problems at Lehman Brothers before the Wall Street bank collapsed, got a 3.6 million pound ($5.6 million) fine in Britain on Wednesday for trading on inside information. Britain
Published 26 Jan, 2012 12:00am
Dollar crunch forces Zimbabwe to draw down IMF cash

Dollar crunch forces Zimbabwe to draw down IMF cash

Zimbabwe is having to bolster its $4 billion 2012 budget with $110 million from an 2009 emergency IMF fund, a measure of the extent of an acute foreign exchange shortage in the southern African nation. Finance Minister Tendai Biti, who has previously oppo
Published 26 Jan, 2012 12:00am
US housing data points to slowdown in sales

US housing data points to slowdown in sales

Signed contracts for the sale of existing US homes retreated from a 1-1/2-year high in December and demand for home loans fell last week, pointing to a moderation in home sales after recent hefty gains. But the reports on Wednesday did not change percepti
Published 26 Jan, 2012 12:00am
Apple's revenue surges

Apple's revenue surges

Apple Inc's fiscal first-quarter results blew past Wall Street expectations, fuelled by robust holiday sales of its iPhones and iPads. The world's most valuable technology corporation sold 37.04 million iPhones - its flagship product - and 15.43 million i
Published 26 Jan, 2012 12:00am
Apple's revenue surges

Apple's revenue surges

Apple Inc's fiscal first-quarter results blew past Wall Street expectations, fuelled by robust holiday sales of its iPhones and iPads. The world's most valuable technology corporation sold 37.04 million iPhones - its flagship product - and 15.43 million i
Published 26 Jan, 2012 12:00am
French unemployment up

French unemployment up

French unemployment rose again in December with the number of registered jobseekers increasing by 29,700 to reach 2.87 million, the labour ministry said on Wednesday. The number of jobseekers in France had hit its highest level since 1999 in November, wit
Published 26 Jan, 2012 12:00am
South Sudan halves oil output, signs pipeline deal

South Sudan halves oil output, signs pipeline deal

South Sudan's oil output is on track to be more than halved as it moves toward a full shutdown, an official said on Wednesday, one day after the country signed a deal to build a new export pipeline through Kenya rather than its old civil war foe Sudan. La
Published 26 Jan, 2012 12:00am
Ahmadinejad ups rates to stem money crisis

Ahmadinejad ups rates to stem money crisis

Iran increased bank interest rates on Wednesday and indicated it would further restrict sales of foreign currency, hoping to halt a spiralling currency crisis after new Western sanctions accelerated a dash for dollars by Iranians worried about their econo
Published 26 Jan, 2012 12:00am
Boeing profit rises

Boeing profit rises

Boeing Co said on Wednesday that a pension expense larger than Wall Street had anticipated would weigh on its 2012 earnings, but it handed investors good news with expectations for increased commercial aircraft deliveries this year. Plane-maker Boeing Co
Published 26 Jan, 2012 12:00am
Boeing profit rises

Boeing profit rises

Boeing Co said on Wednesday that a pension expense larger than Wall Street had anticipated would weigh on its 2012 earnings, but it handed investors good news with expectations for increased commercial aircraft deliveries this year. Plane-maker Boeing Co
Published 26 Jan, 2012 12:00am
Hedgies braving battered markets to go it alone

Hedgies braving battered markets to go it alone

Several high-profile hedge fund managers are preparing to strike out on their own this year, supported by strong followings and unfazed by a year of poor industry performance that has shaken investor confidence in the $2 trillion sector.
Published 26 Jan, 2012 12:00am
Hedgies braving battered markets to go it alone

Hedgies braving battered markets to go it alone

Several high-profile hedge fund managers are preparing to strike out on their own this year, supported by strong followings and unfazed by a year of poor industry performance that has shaken investor confidence in the $2 trillion sector.
Published 26 Jan, 2012 12:00am
Kuwait's inflation at three-year high

Kuwait's inflation at three-year high

Kuwait's average inflation climbed to a three-year high of 4.8 percent in 2011, in line with analysts' forecasts, data showed, but price pressures are expected to subside this year. Consumer price growth in the Opec member, which was spared the unrest swe
Published 26 Jan, 2012 12:00am
Ericsson fourth quarter profit halves

Ericsson fourth quarter profit halves

Ericsson, the world's biggest maker of equipment for mobile phone networks, stunned markets with a 50 percent drop in quarterly profit, adding to signs from the corporate world that economic growth may be grinding to a halt. Shares in the Swedish company
Published 26 Jan, 2012 12:00am
Ericsson fourth quarter profit halves

Ericsson fourth quarter profit halves

Ericsson, the world's biggest maker of equipment for mobile phone networks, stunned markets with a 50 percent drop in quarterly profit, adding to signs from the corporate world that economic growth may be grinding to a halt. Shares in the Swedish company
Published 26 Jan, 2012 12:00am
France seeks support for financial transaction tax

France seeks support for financial transaction tax

France outlined on Tuesday a blueprint of its own tax on financial transactions to other EU countries, in a fresh attempt to win backing for such a scheme across the European Union. President Nicolas Sarkozy is hoping the tax will be introduced in France
Published 26 Jan, 2012 12:00am
Farming is key to meeting environmental challenge: FAO chief

Farming is key to meeting environmental challenge: FAO chief

Agriculture is part of the solution to the world's environmental challenge and must play a key role at next June's Rio summit on sustainable development, the Brazilian head of the UN food agency said here Tuesday. "Agriculture ministers from the entire wo
Published 26 Jan, 2012 12:00am
Novartis to pay $99 million in sales rep overtime case

Novartis to pay $99 million in sales rep overtime case

Novartis Pharmaceuticals Corp has agreed to pay $99 million to settle a lawsuit by current and former sales representatives who claimed they were denied overtime pay despite working more than 40 hours per week. The settlement resolves a 2006 lawsuit cover
Published 26 Jan, 2012 12:00am
Prices remain mostly firm on grain market

Prices remain mostly firm on grain market

Prices were almost unchanged on grain and seed wholesale market on Wednesday in lackluster conditions due to abundant supply and lack of interest among the traders, dealers said. The changes noted were: grams Australia No 1 was higher by Rs 100, both the
Published 26 Jan, 2012 12:00am
Oil cake markets rates

Oil cake markets rates

The trend on the cake futures market was on down side on Wednesday, market participants said. The January contract matured and finally closed a Rs 1250, they said. The March vaida which ended at Rs 773.50 opened with a less a loss of 10 paisa at 773.40 du
Published 26 Jan, 2012 12:00am
Kenyan coffee prices jump

Kenyan coffee prices jump

The top price for Kenyan benchmark grade AA coffee jumped to $526 per 50-kg bag at this week's auction from $442 per bag at the auction last week on January 17, while the volume sold also rose, the Nairobi Coffee Exchange said on Wednesday. Kenya is a sma
Published 26 Jan, 2012 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 84,284 tonnes of cargo comprising 38,622 tonnes of import cargo and 45,662 tonnes of export cargo including 2,897 loaded & empty containers during last 24 hours ended at 0700 hours on Wednesday. The total import cargo of 38,622 to
Published 26 Jan, 2012 12:00am
Global soyameal use to exceed output: Oil World

Global soyameal use to exceed output: Oil World

Global 2011/12 soyameal output is likely to be below consumption and recent soyameal price strength is justified by the tight supply fundamentals, Hamburg-based oilseeds analysts Oil World said on Tuesday. "Soyameal prices recovered in recent weeks and we
Published 26 Jan, 2012 12:00am
US Midwest corn and soyabean bids firm

US Midwest corn and soyabean bids firm

Corn spot basis bids were firm at elevators, river terminals and rail markets around the US Midwest on Tuesday as grain merchants continued to sweeten bids in an effort to spur sales from bullish farmers. Soyabean bids were firm at an elevator in northern
Published 26 Jan, 2012 12:00am
Message from Prime Minister, Islamic Republic of Pakistan

Message from Prime Minister, Islamic Republic of Pakistan

Every year, Pakistan Customs joins the other members of the World Customs Organisation to observe International Customs Day on January 26, 2012. This is a great moment to appreciate the significant work carried out by Pakistan Customs. This year's theme o
Published 26 Jan, 2012 12:00am
Message from Federal Minister for Finance and Revenue

Message from Federal Minister for Finance and Revenue

Each year on the 26th of January Customs organizations around the globe celebrate the International Customs Day. The day is celebrated under the aegis of World Customs Organisation (WCO), which has 177 members world-wide. The WCO Secretariat in Brussels h
Published 26 Jan, 2012 12:00am
Message from Former Chairman, FBR

Message from Former Chairman, FBR

Pakistan Customs is celebrating International Customs day on 26th January, 2012. I extend my warm felicitations to all officers and officials of the department on this special day. The concepts of Customs operations are developed in accordance with the la
Published 26 Jan, 2012 12:00am
Message from Member, Customs

Message from Member, Customs

World Customs community is celebrating International Customs Day on 26th January, 2012. Customs play a pivotal role in economic development through efficient targeted controls and the facilitation of legitimate trade. In the prevailing scenario global tra
Published 26 Jan, 2012 12:00am
Message from Secretary General, World Customs Organisation

Message from Secretary General, World Customs Organisation

As the World Customs Organisation prepares to celebrate its 60th anniversary this year, it is only fitting that we use this opportunity to acknowledge the heritage that the founders of the Customs Co-operation Council bestowed on us, namely the importance
Published 26 Jan, 2012 12:00am
Message from Chief Collector of Customs (South)

Message from Chief Collector of Customs (South)

I sincerely congratulate the Pakistan Customs and Customs fraternity world over on International Customs Day. International Customs Day is always a pleasant reminder of the significant role that Pakistan Customs play in facilitating international trade th
Published 26 Jan, 2012 12:00am
Message from Collector, MCC (Preventive)

Message from Collector, MCC (Preventive)

The International Customs Day is celebrated every year by the customs community across the globe. The Brussels based 177 member World Customs organisation is celebrating its 60th anniversary this year and the slogan for the year is "Borders divide, Custom
Published 26 Jan, 2012 12:00am
Message from Collector Customs, Port Qasim

Message from Collector Customs, Port Qasim

International Customs Day is celebrated all over the world on 26th January to enhance public awareness about the unifying role of Customs in a world divided by borders.
Published 26 Jan, 2012 12:00am
Message from President, Karachi Customs Agents Association

Message from President, Karachi Customs Agents Association

Each year on 26th January every Customs Administration around the world celebrates International Customs Day. The World Customs Organisation sets a theme which serves as priority mission objective for all its member countries for the year ahead. The Inter
Published 26 Jan, 2012 12:00am
Davos elite confronts crisis of Western capitalism

Davos elite confronts crisis of Western capitalism

Leaders of the global business elite were confronted on Wednesday with the fear that the Western model of capitalism has failed and is about to be shoved aside by emerging powers. Over four decades, the annual World Economic Forum in the Swiss ski resort
Published 26 Jan, 2012 12:00am
Message from General Secretary, Karachi Customs Agents Association

Message from General Secretary, Karachi Customs Agents Association

It is a matter of great pleasure for me to extend warm felicitations to the Federal Board of Revenue and Pakistan Customs on the occasion of the 60th anniversary of International Customs Day on 26th January 2012. Pakistan joins World Customs Organisation
Published 26 Jan, 2012 12:00am
Davos elite confronts crisis of Western capitalism

Davos elite confronts crisis of Western capitalism

Leaders of the global business elite were confronted on Wednesday with the fear that the Western model of capitalism has failed and is about to be shoved aside by emerging powers. Over four decades, the annual World Economic Forum in the Swiss ski resort
Published 26 Jan, 2012 12:00am
Davos elite confronts crisis of Western capitalism

Davos elite confronts crisis of Western capitalism

Leaders of the global business elite were confronted on Wednesday with the fear that the Western model of capitalism has failed and is about to be shoved aside by emerging powers. Over four decades, the annual World Economic Forum in the Swiss ski resort
Published 26 Jan, 2012 12:00am
MCC PaCCS - Economic Bulwark of Pakistan Customs

MCC PaCCS - Economic Bulwark of Pakistan Customs

Global customs communities are well organised under the umbrella of World Customs Organisation-WCO, which helps member countries in trade facilitation developing customs standards, simplification and harmonisation of customs procedures. Every organisation
Published 26 Jan, 2012 12:00am
Japan posts first annual trade deficit in 31 years

Japan posts first annual trade deficit in 31 years

Japan announced its first annual trade deficit for more than 30 years on Wednesday after the March quake-tsunami and strong yen hit exports in 2011, while high fuel costs pushed up import bills. The first calendar-year deficit in goods since 1980 came to
Published 26 Jan, 2012 12:00am
Japan posts first annual trade deficit in 31 years

Japan posts first annual trade deficit in 31 years

Japan announced its first annual trade deficit for more than 30 years on Wednesday after the March quake-tsunami and strong yen hit exports in 2011, while high fuel costs pushed up import bills. The first calendar-year deficit in goods since 1980 came to
Published 26 Jan, 2012 12:00am
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