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Archive - 2012-03-04
PA session to resume Monday
Pakistan

PA session to resume Monday

LAHORE: The Punjab Assembly will resume its session after two-day break here on Monday at 3 pm. Besides, taking up priv
Published 04 Mar, 2012 11:34am
Grey smoke seen in Brazzaville
Africa

Grey smoke seen in Brazzaville

BRAZZAVILLE: Three large explosions rocked Brazzaville, the capital of Congo Republic, and a cloud of grey smoke rose ov
Published 04 Mar, 2012 09:53am
Six dead in Kathmandu market fire
Asia

Six dead in Kathmandu market fire

KATHMANDU: Six people were killed as a fire tore through the main vegetable market in the Nepali capital of Kathmandu on
Published 04 Mar, 2012 08:42am
Marvi Memon joins PML-N
Top News

Marvi Memon joins PML-N

KARACHI: Marvi Memon, former PML (Q) leader, formally joined Pakistan Muslim Leaque Nawaz (PLM-N). Marvi Memon announ
Published 04 Mar, 2012 06:50am
Tornadoes kill 38 in US
North America

Tornadoes kill 38 in US

CHICAGO: Residents of Midwestern states mourned their dead Sunday after a string of killer tornadoes tore through the US
Published 04 Mar, 2012 05:31am
Marvi likely to join PML-N
Top News

Marvi likely to join PML-N

RECORDER REPORT LAHORE : Former legislator of the Pakistan Muslim League-Q Marvi Memon is going to unfold her future
Published 04 Mar, 2012 05:27am
BP payoff a milestone in bid to shed oil spill legacy

BP payoff a milestone in bid to shed oil spill legacy

It had been dubbed the trial of the century, aimed at dealing with the consequences of the massive BP oil spill known as the Deepwater Horizon disaster in the Gulf of Mexico two years ago. But now the trial is off - at least for the time being - after BP
Published 04 Mar, 2012 12:00am
Prosecutors' plight

Prosecutors' plight

It is submitted that on 10-11-2010 through a notification issued by the Chief Minister Punjab all those employees on contract basis, except for prosecutors, were made permanent. The affected prosecutors filed a writ petition in the Lahore High Court which
Published 04 Mar, 2012 12:00am
Global rubber output seen up 2.6 percent

Global rubber output seen up 2.6 percent

Global natural rubber output is expected to rise to 10.529 million tonnes in 2012, up 2.6 percent from 2011 because of better yields in some key growers, the Association of Natural Rubber Producing Countries (ANRPC) said on Wednesday.
Published 04 Mar, 2012 12:00am
Asian rice demand lifts prices in Thailand, Vietnam

Asian rice demand lifts prices in Thailand, Vietnam

Buyers seeking Thai rice to cover shortage due to port congestion in India has lifted prices in the world's top export nation this week, while demand from China and Africa also helped boost Vietnamese rice prices, traders said on Wednesday.
Published 04 Mar, 2012 12:00am
Thailand sees steady growth in sugar output

Thailand sees steady growth in sugar output

Thai sugar production is forecast to rise by around 5 percent per year over the next five years and reach 12 million tonnes by around 2017, a senior official at the Office of Cane and Sugar Board (OCSB) said on Tuesday.
Published 04 Mar, 2012 12:00am
Gold can scale new peaks without QE springboard

Gold can scale new peaks without QE springboard

Gold can still make new highs this year, even as the Federal Reserve shows no sign of continuing market-sweetening bond purchases and the European Central Bank hints it won't supply any more half-trillion euro sugar rushes.
Published 04 Mar, 2012 12:00am
US gold falls 3.5 percent, more weakness seen

US gold falls 3.5 percent, more weakness seen

Gold fell on Friday as the dollar rallied, notching its biggest weekly decline this year, and the metal remained vulnerable to drop further after a tumble earlier in the week shook bullion investor confidence.
Published 04 Mar, 2012 12:00am
Australia's wheat output seen down

Australia's wheat output seen down

Australia's wheat output is likely to slide more than 15 percent in 2012/13 from a record-large crop this year as lower global prices may prompt farmers to shift to other crops such as canola and barley.
Published 04 Mar, 2012 12:00am
India's cotton cultivation area seen falling

India's cotton cultivation area seen falling

The area under cotton cultivation in India could fall up to 10 percent in 2012/13 season beginning in October, as lower returns from the fibre in 2011 may prompt farmers to switch to other crops, said the Cotton Association of India (CAI), a trade body.
Published 04 Mar, 2012 12:00am
China to raise cotton purchase price by three percent

China to raise cotton purchase price by three percent

The central government will raise its purchase price for cotton this year by 3 percent, aiming to forestall a decline in domestic cotton acreage, the China Cotton Association. Reduced acreage could prompt China, the world's largest cotton consumer, to imp
Published 04 Mar, 2012 12:00am
Traders protest against desecration of the Holy Quran

Traders protest against desecration of the Holy Quran

Condemning the desecration of Holy Quran in Afghanistan, members of trading community held a protest demonstration outside the Peshawar Press Club here on Saturday. The demonstrators led by Khalid Ayub, Tajir Ittehad, University Town Peshawar were holding
Published 04 Mar, 2012 12:00am
'Textile, cotton prime sectors of economy'

'Textile, cotton prime sectors of economy'

Federal Minister for Textile Makhdoom Shahabuddin said on Saturday that the government considered textile and cotton as the prime sectors of the economy. "I have opposed the procurement of cotton through Trading Corporation of Pakistan (TCP) because it wa
Published 04 Mar, 2012 12:00am
No one can utter a word of Pakistan in Balochistan: Qazi

No one can utter a word of Pakistan in Balochistan: Qazi

Former Chief of Jamaat-i-Islami (JI), Qazi Hussain Ahmad, on Saturday showed apprehension over the deteriorated political and security situation in Balochistan, saying "no one can utter a word of Pakistan in the province".
Published 04 Mar, 2012 12:00am
'Land record to be maintained in transparent manner'

'Land record to be maintained in transparent manner'

Punjab Chief Minister Shahbaz Sharif said on Saturday that the record of lands would be maintained in a most transparent and an organised manner through computerisation of revenue records. He was presiding over a meeting regarding land record management a
Published 04 Mar, 2012 12:00am
Supreme Court to resume hearing of various cases from tomorrow

Supreme Court to resume hearing of various cases from tomorrow

The Supreme Court will resume hearing of various cases during the week commencing March 5. A seven-member special bench will hear the contempt proceedings against Prime Minister Yousuf Raza Gilani over non-compliance with the court's December 16, 2009 ord
Published 04 Mar, 2012 12:00am
US honours Pakistani sacrifices

US honours Pakistani sacrifices

The United States offers sincere condolences to the people and Government of Pakistan and especially to the Pakistani military, for the soldiers killed and wounded in the fight against militants in Khyber Agency on Friday. "Our thoughts and prayers go out
Published 04 Mar, 2012 12:00am
Electricity, gas shortage: three percent GDP growth lost last year: LCCI

Electricity, gas shortage: three percent GDP growth lost last year: LCCI

The Lahore Chamber of Commerce and Industry (LCCI) President Irfan Qaiser Sheikh has said that Pakistan has lost 3 percent GDP growth last year due to electricity and gas shortage. He was addressing the MBA students at Jinnah Islamia College of Commerce o
Published 04 Mar, 2012 12:00am
Global challenges may be met by competitive education: Gilani

Global challenges may be met by competitive education: Gilani

Prime Minister Syed Yusuf Raza Gilani on Saturday said global challenges could be met by competitive education and government was giving special focus on quality education. Speaking to the inauguration ceremony of Air University Multan Campus, the PM said
Published 04 Mar, 2012 12:00am
KMC fumigation drive: no proper strategy chalked out

KMC fumigation drive: no proper strategy chalked out

While the Karachi Metropolitan Corporation is embarking on new fumigation drive in the city, sources claimed that no proper strategy could be chalked out in a meeting held in this connection, here on Saturday. Sources said although KMC has announced a fum
Published 04 Mar, 2012 12:00am
Call to steer Radio Pakistan out of financial crisis

Call to steer Radio Pakistan out of financial crisis

The Director General Pakistan Broadcasting Corporation Ghulam Murtaza Solangi has called for adopting effective strategy on the part of the government, public representatives and political leadership of the country for bringing out Radio Pakistan from the
Published 04 Mar, 2012 12:00am
American-born Qaeda associate jailed for 27 years

American-born Qaeda associate jailed for 27 years

A New York man was on Friday sentenced to 27 years in jail for conspiring to kill American soldiers stationed overseas and on related terror charges, the US Justice Department said. Betim Kaziu travelled from Brooklyn to Cairo, Egypt, in February 2009 to
Published 04 Mar, 2012 12:00am
Four dead in south Yemen blasts

Four dead in south Yemen blasts

Two suicide bombers drove a car packed with explosives into a Yemeni army base in the southern province of al-Bayda on Saturday, killing one soldier, the Defence Ministry said, in an attack for which al Qaeda claimed responsibility. Another soldier was ki
Published 04 Mar, 2012 12:00am
Portugal prays for rain as drought adds to crisis

Portugal prays for rain as drought adds to crisis

After Portugal's driest February in 80 years, farmers are praying for a miracle as drought ravages pastures and sparks forest fires, exacerbating the country's economic crisis. Worse still, official forecasters expect the freak weather pattern to prevail
Published 04 Mar, 2012 12:00am
Nepal, India deny presence of US special forces teams

Nepal, India deny presence of US special forces teams

Nepal and India denied congressional testimony by a US military commander that special forces troops were stationed in South Asian countries, including Nepal. Nepal's Defence Ministry and the army said they were not aware of any such arrangements, accordi
Published 04 Mar, 2012 12:00am
Suu Kyi falls ill addressing huge Mandalay crowds

Suu Kyi falls ill addressing huge Mandalay crowds

Myanmar's opposition leader Aung San Suu Kyi fell ill on Saturday as she addressed the largest crowd of her election campaign so far in the second biggest city of Mandalay. More than 100,000 people gathered to cheer on the tired-looking Nobel Peace Prize
Published 04 Mar, 2012 12:00am
Indians vote in final leg of key state elections

Indians vote in final leg of key state elections

India's most populous state along with one of its smallest went to the polls Saturday in the last leg of local elections that could influence who rules the world's largest democracy in two years. Voters in vast northern Uttar Pradesh and tiny coastal Goa
Published 04 Mar, 2012 12:00am
Putin poised to regain Kremlin; protests likely

Putin poised to regain Kremlin; protests likely

Vladimir Putin appears all but certain to return to the Kremlin in Sunday's Russian presidential election, but he'll find himself in charge of a country far more willing to challenge him. An unprecedented wave of massive protests showed a substantial port
Published 04 Mar, 2012 12:00am
Smoke bomb set off at Chelsea training ground

Smoke bomb set off at Chelsea training ground

Chelsea have launched an investigation after a smoke bomb was detonated at the club's training ground in the latest offbeat incident at the complex, it was reported Saturday. The Daily Mail reporters players and officials were forced to evacuate the train
Published 04 Mar, 2012 12:00am
Syrian forces pound Homs again, block aid convoy

Syrian forces pound Homs again, block aid convoy

Syrian forces bombarded parts of the shattered city of Homs on Saturday and for a second day blocked Red Cross aid meant for civilians stranded for weeks without food and fuel in the former rebel stronghold, activists and aid workers said. The renewed gov
Published 04 Mar, 2012 12:00am
China calls on both sides to end violence

China calls on both sides to end violence

China on Saturday called on the Syrian government and other "parties concerned" to cease all acts of violence and seek a peaceful resolution to the crisis, Xinhua reported, citing the Chinese foreign ministry. The state news agency said the ministry had r
Published 04 Mar, 2012 12:00am
US judge says sorry to Obama over racist joke

US judge says sorry to Obama over racist joke

A senior US judge has written to President Barack Obama apologising for a racist joke he sent in an email, and has also initiated a judicial complaint procedure against himself. Richard Cebull, chief US district judge in Montana, said earlier this week th
Published 04 Mar, 2012 12:00am
Muslim Brotherhood sets up political party

Muslim Brotherhood sets up political party

Libya's Muslim Brotherhood teamed up with other Islamists on Friday to establish a new political party that is set to be a leading player in the country's first elections since the overthrow of Muammar Qadhafi in a Nato-backed uprising. Islamist and secul
Published 04 Mar, 2012 12:00am
Egypt lawmakers clash over writing constitution

Egypt lawmakers clash over writing constitution

Egyptian lawmakers clashed Saturday over who should have the right to draft the country's constitution, in a heated debate focused on the influence of Islamists on the crucial document and on how religiously conservative Egypt will be. The joint meeting o
Published 04 Mar, 2012 12:00am
Tajikistan blocks access to Facebook, news sites

Tajikistan blocks access to Facebook, news sites

Tajikistan blocked local access to Facebook and two Russian-language sites that published an article critical of its long-serving president on Saturday, representatives of two Internet providers said. The shutdown was ordered by the state-run communicatio
Published 04 Mar, 2012 12:00am
African currencies outlook: Ugandan shilling to depreciate

African currencies outlook: Ugandan shilling to depreciate

The Ugandan shilling is likely to depreciate next week as foreign investors pull back from the bond market amid falling yields. In Kenya, the local currency could slide after the acting finance minister expressed concerns about a strengthening shilling.
Published 04 Mar, 2012 12:00am
Speculators cut dollar bets, turn short on yen

Speculators cut dollar bets, turn short on yen

Currency speculators in the latest week reduced bets in favour of the US dollar and turned short on the Japanese yen for the first time since at least September last year, according to data from the Commodity Futures Trading Commission released on Friday.
Published 04 Mar, 2012 12:00am
Canadian dollar retreats

Canadian dollar retreats

The Canadian dollar retreated against its US counterpart on Friday after touching a year-high this week, as the greenback climbed broadly amid a risk-off tone in global markets. The euro fell against the US dollar on revived worries about Europe's fiscal
Published 04 Mar, 2012 12:00am
Euro falls as Greece moves back in spotlight

Euro falls as Greece moves back in spotlight

The euro ended a roller coaster week sharply lower and may come under further selling pressure as Greece's bailout moves back into focus, and as the European Central Bank chimes in on monetary policy next week. The euro dropped against the dollar for a th
Published 04 Mar, 2012 12:00am
Latam currencies weaken

Latam currencies weaken

Latin American currencies weakened against the US dollar on Friday as investors cut exposure to Brazil in the wake of new Brazilian taxes on investments and as expectations for economic growth in the United States and Europe flagged. Brazil's real slipped
Published 04 Mar, 2012 12:00am
Money markets: key dollar funding measure rises

Money markets: key dollar funding measure rises

One measure of dollar funding costs rose on Friday after ECB loans in the US currency expired, but a glut of cash in the banking system should ensure a falling trend resumes. The three month euro/dollar cross currency basis swap, which measures the cost o
Published 04 Mar, 2012 12:00am
New Greek bonds to price in high risk of default

New Greek bonds to price in high risk of default

New bonds that Greece will issue this month as part of its debt restructuring are likely to be the highest yielding in the euro zone as creditors price in a high risk of being forced to take yet more losses. Greece is trying to convince banks, insurers an
Published 04 Mar, 2012 12:00am
New Greek bonds to price in high risk of default

New Greek bonds to price in high risk of default

New bonds that Greece will issue this month as part of its debt restructuring are likely to be the highest yielding in the euro zone as creditors price in a high risk of being forced to take yet more losses. Greece is trying to convince banks, insurers an
Published 04 Mar, 2012 12:00am
Chelsea woe as City stretch lead

Chelsea woe as City stretch lead

West Bromwich Albion piled the pressure on Chelsea with a 1-0 victory on Saturday as Premier League leaders Manchester City downed Bolton to open up a five-point lead at the top of the table. An 82nd minute strike from Gareth McAuley secured all three poi
Published 04 Mar, 2012 12:00am
Training camp for U-16 football tomorrow

Training camp for U-16 football tomorrow

Pakistan Football Federation (PFF) is holding a training camp for the 22 incumbents of Pakistan U-16 football players at Pakistan Sports Board (PSB) Coaching Centre, Karachi from Monday (March 5). This training camp is part of "PFF Fast Track Programme" u
Published 04 Mar, 2012 12:00am
Pakistan drop Malik, Imran and Adnan for Asia Cup

Pakistan drop Malik, Imran and Adnan for Asia Cup

Pakistan's new selection panel Saturday left out struggling all-rounder Shoaib Malik and opener Imran Farhat from the 15-man squad announced for Asia Cup in Dhaka later this month. The four-nation event includes defending champions India, Pakistan, Sri La
Published 04 Mar, 2012 12:00am
Sri Lanka drop Herath for Asia Cup

Sri Lanka drop Herath for Asia Cup

Sri Lanka's cricket selectors on Saturday left out left-arm spinner Rangana Herath for the upcoming four-nation Asia Cup tournament in Bangladesh. Herath, part of the Sri Lankan squad for the ongoing triangular One-day series in Australia, was replaced by
Published 04 Mar, 2012 12:00am
India's disastrous Australia tour over

India's disastrous Australia tour over

India leave for home Saturday after a disastrous tour of Australia to face likely recriminations after Sri Lanka ended their hopes of reaching the finals of the tri-nations one-day series. Sri Lanka held their nerve to end India's late bid for a spot in t
Published 04 Mar, 2012 12:00am
IFAB approve goal-line technology and hijab

IFAB approve goal-line technology and hijab

Goal-line technology was approved in principle by the soccer's lawmakers on Saturday and could be used for the first time at FIFA's Club World Cup finals in Japan at the end of the year. The eight-man International Football Association Board said that the
Published 04 Mar, 2012 12:00am
South Africa complete New Zealand whitewash

South Africa complete New Zealand whitewash

Marchant de Lange took four wickets as South Africa completed a 3-0 whitewash of New Zealand in a withering display of pace bowling with a five-wicket win in the third and final one-day international on Saturday. The tourists cruised to victory with 40 ba
Published 04 Mar, 2012 12:00am
Federer beats Murray for fifth Dubai title

Federer beats Murray for fifth Dubai title

Roger Federer underlined his status as an enduring front line contender with the 72nd title of his career which extended his record of Dubai Open trophies to five with victory over Andy Murray on Saturday. The 16-time former Grand Slam champion from Switz
Published 04 Mar, 2012 12:00am
Birdie-birdie finish lifts Woods

Birdie-birdie finish lifts Woods

A birdie-birdie finish lifted Tiger Woods to a two-under par 68 on Friday, ensuring the former world number one will be around for the weekend at the Honda Classic. Woods, a 14-time major champion who is without a tour-level victory in more than two years
Published 04 Mar, 2012 12:00am
Credit Suisse to face National Century fraud case

Credit Suisse to face National Century fraud case

A federal judge rejected Credit Suisse Group Inc's bid to dismiss a lawsuit by National Century Financial Enterprises bondholders that accused the Swiss bank of deceiving them about the health care finance company and missing its vast, roughly $2.9 billio
Published 04 Mar, 2012 12:00am
Singapore Airlines raises fuel surcharge

Singapore Airlines raises fuel surcharge

Singapore Airlines (SIA) said Friday it would raise fuel surcharges by up to $28 for each leg of a flight due to high oil prices, a persistent problem that has ravaged airline earnings world-wide. It blamed "continued high fuel prices" for the hike, which
Published 04 Mar, 2012 12:00am
Moody's downgrades Greece after debt swap

Moody's downgrades Greece after debt swap

Moody's Investors Service on Friday cut Greece's sovereign debt rating to the lowest possible level after a debt-restructuring deal that imposes hefty economic losses for private creditors. Moody's lowered Greece's local and foreign-currency bond ratings
Published 04 Mar, 2012 12:00am
Some heavy video users may leave AT&T for Sprint

Some heavy video users may leave AT&T for Sprint

Big fans of services like mobile video streaming may switch to Sprint Nextel Corp after AT&T Inc's move to impose usage caps on its unlimited data customers, but analysts do not expect a mass exodus. AT&T announced a new policy on Thursday limiting high-s
Published 04 Mar, 2012 12:00am
US trade panel to review Microsoft, Motorola decision

US trade panel to review Microsoft, Motorola decision

A US trade panel, which hears patent infringement cases, said on Friday that it would undertake a wide-ranging review of its preliminary decision over whether Motorola Mobility violated Microsoft patents. The International Trade Commission said Friday it
Published 04 Mar, 2012 12:00am
IMO set to collide with EU over vessel CO2 emissions

IMO set to collide with EU over vessel CO2 emissions

The International Maritime Organisation (IMO) is making little headway on market-based measures to curb carbon dioxide emissions from international shipping, putting it on a policy collision course with the European Union, observers said. A committee of t
Published 04 Mar, 2012 12:00am
Merkel faces challenge at home on fiscal pact

Merkel faces challenge at home on fiscal pact

German Chancellor Angela Merkel faces an unexpected challenge in getting new euro zone budget discipline rules approved at home, after the government confirmed on Saturday the new treaty will require a two-thirds majority in both houses of parliament.
Published 04 Mar, 2012 12:00am
US export growth put at risk by Republicans: Eximbank chief

US export growth put at risk by Republicans: Eximbank chief

The head of US Export-Import Bank blamed Republicans on Friday for delaying the renewal of the nearly 80-year-old bank's charter and said the inaction creates business uncertainty, thwarts exports and threatens jobs. "I do not know how this is going to en
Published 04 Mar, 2012 12:00am
$1.3 billion needed for Austrian Kommunalkredit: Fekter

$1.3 billion needed for Austrian Kommunalkredit: Fekter

Nationalised Austrian lender Kommunalkredit could need as much as 1 billion euros ($1.3 billion) as it tries to address its exposure to Greece, the country's finance minister told Austrian radio on Saturday. Austria has already said Kommunalkredit will ne
Published 04 Mar, 2012 12:00am
JP Morgan puts metal concentrates biz up for sale

JP Morgan puts metal concentrates biz up for sale

J.P. Morgan Chase & Co is looking to sell its metal concentrates business due to US regulatory restrictions following its acquisition of RBS Sempra Commodities, and currently faces a deadline of mid-year, industry sources told Reuters. Stamford, Connectic
Published 04 Mar, 2012 12:00am
CFTC poised to raise swap dealer threshold to $3 billion

CFTC poised to raise swap dealer threshold to $3 billion

The US futures regulator may agree to raise the threshold used to identify the biggest swaps market traders to $3 billion, an agency official told Reuters on Friday, providing more relief to commodity merchants and corporations that have fiercely fought t
Published 04 Mar, 2012 12:00am
Court sides with Nevada in BoA foreclosure case

Court sides with Nevada in BoA foreclosure case

A federal appeals court on Friday granted Nevada's request to send its lawsuit alleging mortgage modification and foreclosure abuses against Bank of America Corp back to Nevada state court. The 9th US Circuit Court of Appeals reversed a decision by a lowe
Published 04 Mar, 2012 12:00am
Eurozone debt crisis easing, not over

Eurozone debt crisis easing, not over

The eurozone sovereign debt crisis has eased in recent weeks, ECB Governing Council member Athanasios Orphanides said on Saturday, adding more needed to be done to convince markets the eurozone had an effective crisis handling mechanism in place. "We have
Published 04 Mar, 2012 12:00am
Dutch government ally wants referendum on leaving eurozone

Dutch government ally wants referendum on leaving eurozone

Dutch politician Geert Wilders, who opposes eurozone bailouts and is a key ally for the Dutch minority government, wants a referendum to let citizens choose to return to the guilder or stay with the euro currency. Wilders, who has seen his popularity decl
Published 04 Mar, 2012 12:00am
EU mulls plan for systemic bank buffer compromise

EU mulls plan for systemic bank buffer compromise

Local supervisors would have powers to force banks to hold extra capital on top of globally agreed minimum's, according to a draft compromise from EU president Denmark that would allow Britain to strengthen safeguards for retail lenders. The EU is tighten
Published 04 Mar, 2012 12:00am
Nomura, George Soros cut stakes in Taiwan bank

Nomura, George Soros cut stakes in Taiwan bank

Nomura Holdings and billionaire investor George Soros have cut their stakes in Taishin Financial to about 1 percent each from about 3 percent last year, marking the latest exodus by foreign investors from Taiwan's over-banked market. "Soros thought that T
Published 04 Mar, 2012 12:00am
Channel Tunnel set for mobile phones under the sea: report

Channel Tunnel set for mobile phones under the sea: report

Passengers in the Channel Tunnel linking Britain and continental Europe will soon be able to use their mobile phones in the undersea rail link, a newspaper reported Saturday. The Daily Telegraph said a French technology group had sorted out a way of conne
Published 04 Mar, 2012 12:00am
Hyundai global sales jump 28 percent

Hyundai global sales jump 28 percent

Hyundai Motor, South Korea's top automaker, said on Friday its February global sales jumped 28 percent from a year earlier, fuelled by brisk overseas sales that offset a lull in sales at home. Hyundai's US sales hit a record monthly high in February, with
Published 04 Mar, 2012 12:00am
China's official services PMI falls

China's official services PMI falls

The official Purchasing Managers Index for non-manufacturing sectors fell to 48.4 in February from 52.9 in January, the National Bureau of Statistics said on Saturday, providing the central bank further reason to ease policy in an effort to bolster econom
Published 04 Mar, 2012 12:00am
China may target slower economic growth

China may target slower economic growth

China might set an annual economic growth target below 8.0 percent for this year, state media said Saturday, as the leaders of the world's second largest economy acknowledge it is slowing. The report in the official Shanghai Securities News came before Ch
Published 04 Mar, 2012 12:00am
State firms investing $12.7 billion in Tibet

State firms investing $12.7 billion in Tibet

China's state-owned enterprises last year embarked on an 80 billion yuan ($12.7 billion) five-year investment programme in Tibet, the official Xinhua News Agency reported on Saturday. According to the State-owned Assets Supervision and Administration Comm
Published 04 Mar, 2012 12:00am
New jolt for debt-hit Kingfisher Airlines

New jolt for debt-hit Kingfisher Airlines

India's Kingfisher Airlines received a fresh jolt after federal revenue officials froze 40 bank accounts of the debt-crippled carrier, a report said on Saturday. The Press Trust of India said Indian authorities had sealed the accounts because of non-payme
Published 04 Mar, 2012 12:00am
US economist Sachs seeks job heading World Bank

US economist Sachs seeks job heading World Bank

American economist Jeffrey Sachs threw his name into the ring for the presidency of the World Bank on Friday in an unusual public campaign for the top global development job. In an opinion piece in The Washington Post, Sachs argued his credentials made hi
Published 04 Mar, 2012 12:00am
US closes 12th bank

US closes 12th bank

US regulators closed a Georgia community bank on Friday bringing total closures to 12 so far this year. Global Commerce Bank of Doraville, Georgia, which had about $143.7 million in total assets, was closed and its deposits are being assumed by Metro City
Published 04 Mar, 2012 12:00am
Support cited for F-35 fighter after joint meeting

Support cited for F-35 fighter after joint meeting

The United States and eight other countries helping to develop the new F-35 Joint Strike Fighter underscored their full and continued support for the program, according to two sources who attended a gathering hosted by Canada. Despite US plans to put off
Published 04 Mar, 2012 12:00am
Citigroup taps O'Neill to replace Parsons

Citigroup taps O'Neill to replace Parsons

Citigroup on Friday named Michael O'Neill as its chairman, succeeding Richard Parsons who is not seeking reelection after helping guide the major US bank through the global financial crisis. O'Neill, who headed the Bank of Hawaii from 2000 to 2004, is a C
Published 04 Mar, 2012 12:00am
US economic outlook is brighter: Fed's Bullard

US economic outlook is brighter: Fed's Bullard

St. Louis Federal Reserve Bank President James Bullard said on Friday the US economic outlook is brighter and household confidence has improved, suggesting he sees no need for further steps to ease financial conditions. "I think the data is coming stronge
Published 04 Mar, 2012 12:00am
Wall Street slips but S&P up for third straight week

Wall Street slips but S&P up for third straight week

The S&P and Nasdaq notched their eighth week of gains out of the last nine, but momentum ran out on Friday as stocks ended the day lower in a thinly traded session. Energy shares were the big losers in the broad decline, falling alongside crude oil prices
Published 04 Mar, 2012 12:00am
Bonds gain on Fed buys, break three-day fall

Bonds gain on Fed buys, break three-day fall

US Treasury debt prices rose on Friday after a three-day losing streak, as long-dated government debt led the market higher, supported by purchases of 30-year bonds by the Federal Reserve. The Fed bought $1.97 billion of Treasuries maturing between Februa
Published 04 Mar, 2012 12:00am
Bonds gain on Fed buys, break three-day fall

Bonds gain on Fed buys, break three-day fall

US Treasury debt prices rose on Friday after a three-day losing streak, as long-dated government debt led the market higher, supported by purchases of 30-year bonds by the Federal Reserve. The Fed bought $1.97 billion of Treasuries maturing between Februa
Published 04 Mar, 2012 12:00am
China's COFCO eyes Hong Kong for property unit IPO

China's COFCO eyes Hong Kong for property unit IPO

China's top grain trader, COFCO Group, will seek to list its commercial property unit in Hong Kong, its chairman told Reuters on Saturday, without clarifying the timing or scale of the offering. Previously, the company had said it would consider mainland
Published 04 Mar, 2012 12:00am
China's COFCO eyes Hong Kong for property unit IPO

China's COFCO eyes Hong Kong for property unit IPO

China's top grain trader, COFCO Group, will seek to list its commercial property unit in Hong Kong, its chairman told Reuters on Saturday, without clarifying the timing or scale of the offering. Previously, the company had said it would consider mainland
Published 04 Mar, 2012 12:00am
Brazil stocks hit over 10-month high on rate cut bets

Brazil stocks hit over 10-month high on rate cut bets

Brazilian stocks shrugged off global jitters on Friday, climbing to a more than 10-month high on bets the central bank will slash its key interest rate deeper into the single digits than expected. Brazil's President Dilma Rousseff vowed on Thursday to pro
Published 04 Mar, 2012 12:00am
Investor equity holdings hit 11-month high

Investor equity holdings hit 11-month high

Investors boosted their equity holdings to a 11-month high in February while they slashed bonds and cash allocation as monetary easing from major central banks, especially from the euro zone, eased concerns about the sovereign debt crisis. The surveys of
Published 04 Mar, 2012 12:00am
Investor equity holdings hit 11-month high

Investor equity holdings hit 11-month high

Investors boosted their equity holdings to a 11-month high in February while they slashed bonds and cash allocation as monetary easing from major central banks, especially from the euro zone, eased concerns about the sovereign debt crisis. The surveys of
Published 04 Mar, 2012 12:00am
Turkish shares flat, lira slips

Turkish shares flat, lira slips

The Turkish lira weakened on Friday driven by easier liquidity, while bond yields steadied in thin trading despite rising oil prices which created upside risks for Turkey's double-digit inflation ahead of next week's debt auctions. The Turkish central ban
Published 04 Mar, 2012 12:00am
Taiwan stocks fall

Taiwan stocks fall

Taiwan stocks fell 0.36 percent in rare Saturday session as investors took profits from recent gains, but still finished this week with a 2 percent gain in the best weekly rise since early December. The main TAIEX index shed 29.60 points to 8,114.44, with
Published 04 Mar, 2012 12:00am
Sri Lankan stocks down, rupee retreats

Sri Lankan stocks down, rupee retreats

Sri Lanka's rupee rose sharply in early trade on Friday after the central bank slashed commercial banks' net dollar opening positions, but retreated to close at marginally stronger. The rupee touched 119.00 a dollar, a gain of 2.8 percent from Thursday's
Published 04 Mar, 2012 12:00am
ADR report: Chinese shares outperform on bank lending

ADR report: Chinese shares outperform on bank lending

US-listed shares of Chinese companies outperformed in New York on Friday after China said it would ease lending conditions in the housing market, alleviating concerns a sharp price correction in the sector could hurt economic growth. China's big four stat
Published 04 Mar, 2012 12:00am
Indian shares end flat in special trade

Indian shares end flat in special trade

Indian shares ended flat in a short special trading session on Saturday as investors remained cautious ahead of results from state elections due this week. Shares in Indian hospitality firm EIH rose as much as 15 percent on the Bombay Stock Exchange after
Published 04 Mar, 2012 12:00am
Indian cash rate eases

Indian cash rate eases

The Indian cash rate ended down on Friday, after hovering around 9 percent in early trades, as banks covered positions in the first half of the day. The three-day call rate ended at 8.40/8.45 percent, compared with Thursday's close of 9.00/9.05 percent fo
Published 04 Mar, 2012 12:00am
TSX slides to 10-day low

TSX slides to 10-day low

Canadian stocks hit a 10-day low on Friday as resource issues slumped on weaker oil and gold prices and as optimism over progress in Europe's debt crisis faded after Spain set a deficit target bigger than allowed by the euro zone's new fiscal pact. Six of
Published 04 Mar, 2012 12:00am
Facebook adding banks for IPO

Facebook adding banks for IPO

Facebook Inc will add banks in coming weeks to help underwrite its initial public offering, two sources familiar with its plans said on Friday. Deutsche Bank, Credit Suisse and Citigroup are among the banks that will likely be added, said the sources, who
Published 04 Mar, 2012 12:00am
Facebook adding banks for IPO

Facebook adding banks for IPO

Facebook Inc will add banks in coming weeks to help underwrite its initial public offering, two sources familiar with its plans said on Friday. Deutsche Bank, Credit Suisse and Citigroup are among the banks that will likely be added, said the sources, who
Published 04 Mar, 2012 12:00am
UK investors return to stocks

UK investors return to stocks

British investors put the fears that gripped markets in the latter months of last year firmly behind them in February and allocated more money to stocks at the expense of safe havens such as cash and bonds, according to a Reuters poll. The average exposur
Published 04 Mar, 2012 12:00am
Kenya's 2012 sugar output forecast to rise 13 percent

Kenya's 2012 sugar output forecast to rise 13 percent

Kenya's 2012 sugar production is forecast to rise 13 percent to a potential record high buoyed by expected good weather and bigger factory crushing capacity, the industry regulator said. The east African nation of 39 million people has an annual sugar def
Published 04 Mar, 2012 12:00am
Belarus threatens to ban farm imports from Ukraine

Belarus threatens to ban farm imports from Ukraine

Belarus has threatened to ban imports of Ukrainian sunflower oil, corn and several other agriculture commodities after Ukraine announced it was barring imports of Belarussian milk and dairy products, Ukraine's farm ministry said on Saturday. The retaliato
Published 04 Mar, 2012 12:00am
Karachi Port's activities

Karachi Port's activities

The Karachi Port handled 74,011 tonnes of cargo comprising1 51,157 tonnes of import cargo and 22,854 tonnes of export cargo including 4,373 loaded & empty containers during last 24 hours ended at 0700 hours on Saturday. The total import cargo of 51,157 to
Published 04 Mar, 2012 12:00am
Soya export premiums firm at US Gulf Coast

Soya export premiums firm at US Gulf Coast

Soyabean export premiums at the US Gulf Coast were firm on Friday on good demand from top importer China for both old- and new-crop US supplies amid logistical woes and a lack of adequate farmer sales in South America, traders said. New-crop CIF basis val
Published 04 Mar, 2012 12:00am
Dryness a mixed blessing for Brazil's coffee

Dryness a mixed blessing for Brazil's coffee

Brazil's key coffee zones were much drier than usual in February, helping stop bacterial halo blight disease in its tracks but causing concern that developing coffee beans may not have enough water to swell out to an optimal size. The larger arabica coffe
Published 04 Mar, 2012 12:00am
Chinese refined copper importers delay shipments

Chinese refined copper importers delay shipments

Chinese refined copper importers have delayed some February-March shipments and diverted some arriving shipments to South Korea due to weak demand in top copper consumer China, raising availability in the global market, traders said on Thursday.
Published 04 Mar, 2012 12:00am
US Midwest corn, soyabeans bids firm

US Midwest corn, soyabeans bids firm

Spot basis bids for corn and soyabeans were firm on the Illinois River and largely steady elsewhere in the US Midwest on Friday as the pick up in farmer sales this week was offset by better demand for each commodity, dealers said. Growing export demand at
Published 04 Mar, 2012 12:00am
Russia's oil output stays at post-Soviet high

Russia's oil output stays at post-Soviet high

Oil output in Russia, the world's top crude producer, stayed at a post-Soviet monthly high of 10.36 million barrels per day (bpd) in February as companies tried to reap extra gains from high oil prices, the Energy Ministry said on Friday. The same level w
Published 04 Mar, 2012 12:00am
Rains lift Argentine 2011-12 early-seeded soyabean

Rains lift Argentine 2011-12 early-seeded soyabean

Rains that soaked Argentina's fields over the past week improved the outlook for even the worst-hit early-seeded 2011/12 soyabeans, the government said on Friday in a weekly crop report. Argentina is one of the world's top exporters of corn, soyabeans, so
Published 04 Mar, 2012 12:00am
Purchasing differentials little changed on European coffee market

Purchasing differentials little changed on European coffee market

Purchasing differentials on the European cash coffee market were little changed this week, with strong demand for nearby contracts and very little interest from major industry players who have ample supplies in stock, traders said. "There was strong deman
Published 04 Mar, 2012 12:00am
Indonesia's February cocoa bean exports fall 20 percent

Indonesia's February cocoa bean exports fall 20 percent

Indonesia's cocoa bean exports from its main growing island of Sulawesi slipped 20 percent in February from the same month a year ago, and was down 11 percent from the previous month, industry data showed on Thursday. Sulawesi cocoa exports were at 7,917.
Published 04 Mar, 2012 12:00am
Lacklustre business witnessed on cotton market

Lacklustre business witnessed on cotton market

Sluggish business was again witnessed on the cotton market on Saturday as mills and spinners did not take interest in fresh buying owing to slow demand throughout the world, dealers said. The official spot rate was unchanged at Rs 5,300, they said.
Published 04 Mar, 2012 12:00am
Oil cake market rates

Oil cake market rates

Both the contracts were higher on the forward cottonseed oilcake market on Saturday in process of trading, dealers said. The March vaida that had closed at 768.50 opened with a rise of 30 paisa to Rs 768.80. The May vaida which closed at Rs 686.50 also co
Published 04 Mar, 2012 12:00am
Exporters' buying pushes guwar rates higher

Exporters' buying pushes guwar rates higher

Strong demand by exporters pushed the guwar prices sharply higher on the wholesale grain market on Saturday, dealers said. On the cereal side, panic buying of guwar by exporters pushed the rates sharply higher in Sindh and Punjab rose by Rs 5000 to Rs 240
Published 04 Mar, 2012 12:00am
World currencies and dollar

World currencies and dollar

Value of the dollar in terms of other world currencies as prevailing in the week ended Saturday (March 03, 2012).

Published 04 Mar, 2012 12:00am
Member to Member

Member to Member

The following transactions member to member subsequently reported on Saturday (March 03, 2012).

Published 04 Mar, 2012 12:00am
THE RUPEE: dollar gains

THE RUPEE: dollar gains

Downward trend was seen on the money market on Saturday as the rupee fell due to persistent demand for dollars, dealers said. The rupee drifted lower against dollar, shedding another five paisa for buying and selling at 91.05 and 91.25, they said.
Published 04 Mar, 2012 12:00am
THE RUPEE: dollar gains

THE RUPEE: dollar gains

Downward trend was seen on the money market on Saturday as the rupee fell due to persistent demand for dollars, dealers said. The rupee drifted lower against dollar, shedding another five paisa for buying and selling at 91.05 and 91.25, they said.
Published 04 Mar, 2012 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Saturday (March 03, 2012).

Published 04 Mar, 2012 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Saturday (March 03, 2012).

Published 04 Mar, 2012 12:00am
Karachi tea rates

Karachi tea rates

Tea rates in rupees prevailing on the commodity markets in Karachi on Saturday (March 03, 2012).

Published 04 Mar, 2012 12:00am
Milk powder rates

Milk powder rates

Milk Powder rates in rupees prevailing on the commodity markets in Karachi on Saturday (March 03, 2012).

Published 04 Mar, 2012 12:00am
Raw rubber rates

Raw rubber rates

Raw Rubber rates in rupees prevailing on the commodity markets in Karachi on Saturday (March 03, 2012).

Published 04 Mar, 2012 12:00am
Jute goods rates

Jute goods rates

Jute goods rates in rupees prevailing on the commodity markets in Karachi on Saturday (March 03, 2012).

Published 04 Mar, 2012 12:00am
Rates of dry fruit

Rates of dry fruit

Rates of dry fruit in rupees prevailing on the commodity markets in Karachi on Saturday (March 03, 2012).

Published 04 Mar, 2012 12:00am
Grain market rates

Grain market rates

Karachi grain market rates in rupees on Saturday (March 03, 2012).

Published 04 Mar, 2012 12:00am
Hides and skin rates

Hides and skin rates

Hides and skin rates in rupees prevailing on the commodity markets in Karachi on Saturday (March 03, 2012).

Published 04 Mar, 2012 12:00am
Lahore Grain Market Rates

Lahore Grain Market Rates

Grain and other commodity rates in rupees on Akbari Mandi on Saturday (March 03, 2012).

Published 04 Mar, 2012 12:00am
Poultry Rates

Poultry Rates

Wholesale poultry rates on Saturday (March 03, 2012) and for Sunday (March 04, 2012).
Published 04 Mar, 2012 12:00am
Cotton Spot Rates

Cotton Spot Rates

Official KCA spot rates for local dealings in Pakistan rupees on Saturday (March 03, 2012).

Published 04 Mar, 2012 12:00am
The Weather

The Weather

The weather report on Saturday (March 03, 2012) and the forecast for Sunday (March 04, 2012).

Published 04 Mar, 2012 12:00am
Army chief won't speculate on Pasha's tenure

Army chief won't speculate on Pasha's tenure

"Let the time come," stated Chief of Army Staff (COAS) General Pervaz Ashfaq Kayani during his recent visit to Jacobabad in response to a question about the extension in the tenure of Director General (DG) of the Inter-Services Intelligence (ISI) Lieutena
Published 04 Mar, 2012 12:00am
Army chief won't speculate on Pasha's tenure

Army chief won't speculate on Pasha's tenure

"Let the time come," stated Chief of Army Staff (COAS) General Pervaz Ashfaq Kayani during his recent visit to Jacobabad in response to a question about the extension in the tenure of Director General (DG) of the Inter-Services Intelligence (ISI) Lieutena
Published 04 Mar, 2012 12:00am
Jilani to take charge as foreign secretary tomorrow

Jilani to take charge as foreign secretary tomorrow

Syed Jalil Abbas Jilani, a top Pakistani diplomat will take charge as foreign secretary on Monday as his predecessor Salman Bashir retired on Saturday. The Foreign Office sources told Business Recorder that Jilani is the foreign secretary from Satu
Published 04 Mar, 2012 12:00am
Jilani to take charge as foreign secretary tomorrow

Jilani to take charge as foreign secretary tomorrow

Syed Jalil Abbas Jilani, a top Pakistani diplomat will take charge as foreign secretary on Monday as his predecessor Salman Bashir retired on Saturday. The Foreign Office sources told Business Recorder that Jilani is the foreign secretary from Satu
Published 04 Mar, 2012 12:00am
30 mmcfd gas to be added to system by March 15: Asim

30 mmcfd gas to be added to system by March 15: Asim

Special Assistant to Prime Minister on Petroleum and Natural Resources, Dr Asim Hussain has said that 30 mmcfd gas would be added to the system by March 15. Talking to Business Recorder on Saturday, Asim said the additional gas would come from Badi
Published 04 Mar, 2012 12:00am
30 mmcfd gas to be added to system by March 15: Asim

30 mmcfd gas to be added to system by March 15: Asim

Special Assistant to Prime Minister on Petroleum and Natural Resources, Dr Asim Hussain has said that 30 mmcfd gas would be added to the system by March 15. Talking to Business Recorder on Saturday, Asim said the additional gas would come from Badi
Published 04 Mar, 2012 12:00am
30 mmcfd gas to be added to system by March 15: Asim

30 mmcfd gas to be added to system by March 15: Asim

Special Assistant to Prime Minister on Petroleum and Natural Resources, Dr Asim Hussain has said that 30 mmcfd gas would be added to the system by March 15. Talking to Business Recorder on Saturday, Asim said the additional gas would come from Badi
Published 04 Mar, 2012 12:00am
Second Phase of laying of IP gas pipeline begins

Second Phase of laying of IP gas pipeline begins

The second phase of laying of Pak-Iran gas pipeline has started, a senior official said on Saturday. Petroleum Secretary Ejaz Chaudhry said 17 short listed companies have been issued tender papers. He said no company has yet been given the contract to lay
Published 04 Mar, 2012 12:00am
Second Phase of laying of IP gas pipeline begins

Second Phase of laying of IP gas pipeline begins

The second phase of laying of Pak-Iran gas pipeline has started, a senior official said on Saturday. Petroleum Secretary Ejaz Chaudhry said 17 short listed companies have been issued tender papers. He said no company has yet been given the contract to lay
Published 04 Mar, 2012 12:00am
Second Phase of laying of IP gas pipeline begins

Second Phase of laying of IP gas pipeline begins

The second phase of laying of Pak-Iran gas pipeline has started, a senior official said on Saturday. Petroleum Secretary Ejaz Chaudhry said 17 short listed companies have been issued tender papers. He said no company has yet been given the contract to lay
Published 04 Mar, 2012 12:00am
Iran touts high turnout, Ahmadinejad faction losing

Iran touts high turnout, Ahmadinejad faction losing

Iran, under intense Western pressure over its disputed nuclear programme, on Saturday declared an initial turnout of 64 percent in a parliamentary election shunned by most reformists as a sham. Iran's Islamic clerical leadership is eager to restore the da
Published 04 Mar, 2012 12:00am
Iran touts high turnout, Ahmadinejad faction losing

Iran touts high turnout, Ahmadinejad faction losing

Iran, under intense Western pressure over its disputed nuclear programme, on Saturday declared an initial turnout of 64 percent in a parliamentary election shunned by most reformists as a sham. Iran's Islamic clerical leadership is eager to restore the da
Published 04 Mar, 2012 12:00am
Iran discovers huge oil field

Iran discovers huge oil field

Iran has discovered one of its biggest oil fields with high quality crude in a southern province, the semi-official Mehr news agency quoted an official as saying on Saturday. "The preliminary studies show enormous crude reserves in this oil field, which c
Published 04 Mar, 2012 12:00am
Iran discovers huge oil field

Iran discovers huge oil field

Iran has discovered one of its biggest oil fields with high quality crude in a southern province, the semi-official Mehr news agency quoted an official as saying on Saturday. "The preliminary studies show enormous crude reserves in this oil field, which c
Published 04 Mar, 2012 12:00am
Iran discovers huge oil field

Iran discovers huge oil field

Iran has discovered one of its biggest oil fields with high quality crude in a southern province, the semi-official Mehr news agency quoted an official as saying on Saturday. "The preliminary studies show enormous crude reserves in this oil field, which c
Published 04 Mar, 2012 12:00am
Female presiding officers pardon Waheeda Shah

Female presiding officers pardon Waheeda Shah

The female Presiding Officer Habiba Memon and Assistant Presiding Officer Shagufta Memon, both came to record their statements in supervision of Waheeda Shah's personal staff, have pardoned the PPP's lady candidate for slapping them during the polling day
Published 04 Mar, 2012 12:00am
Female presiding officers pardon Waheeda Shah

Female presiding officers pardon Waheeda Shah

The female Presiding Officer Habiba Memon and Assistant Presiding Officer Shagufta Memon, both came to record their statements in supervision of Waheeda Shah's personal staff, have pardoned the PPP's lady candidate for slapping them during the polling day
Published 04 Mar, 2012 12:00am
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