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Archive - 2012-03-30
Kallis, Ingram punish India
Cricket

Kallis, Ingram punish India

JOHANNESBURG: Jacques Kallis and Colin Ingram shared a rapid century partnership as South Africa posted a formidable tot
Published 30 Mar, 2012 05:53pm
FIR filed against PTI activists revoked
Top News

FIR filed against PTI activists revoked

LAHORE: An FIR launched against 600 activists of Pakistan Tehreek-e-Insaf(PTI),which included top notch politicians of t
Published 30 Mar, 2012 04:29pm
Russia halves Ukraine gas shipments
Top News

Russia halves Ukraine gas shipments

MOSCOW: Gazprom said on Friday it had recently halved Russia's natural gas shipments to Europe through Ukraine as part o
Published 30 Mar, 2012 04:05pm
Consul General of UAE calls on CM Sindh
Top News

Consul General of UAE calls on CM Sindh

KARACHI: The Consul General of UAE, Suhail Bin Matar A. Ketbi, Friday called on Sindh Chief Minister, Syed Qaim Ali Shah
Published 30 Mar, 2012 02:55pm
Jewellery export up by 108.94pc
Top News

Jewellery export up by 108.94pc

ISLAMABAD: The country's jewellary export grew by 108.94 per cent during the first eight months of current fiscal year (
Published 30 Mar, 2012 12:01pm
Parliament passes Modarba Companies Act
Top News

Parliament passes Modarba Companies Act

ISLAMABAD: The joint sitting of the Parliament on Friday passed Modarba Companies and Modarba (Floatation and Control) A
Published 30 Mar, 2012 11:56am
Weekly inflation surges by 0.22 pc
Top News

Weekly inflation surges by 0.22 pc

ISLAMABAD: The Sensitive Price Indicator (SPI) for the week ended on March 29, for the lowest income group up to Rs 8,00
Published 30 Mar, 2012 11:56am
Turkey urges political reform in Syria
Top News

Turkey urges political reform in Syria

TEHRAN: Syria should heed the will of its people by implementing political reforms and allowing free elections, Turkish
Published 30 Mar, 2012 08:01am
RECORDER REPORT: KSE close of day
Top News

RECORDER REPORT: KSE close of day

KARACHI : Bullish trend continued at the Karachi share market on Friday and the KSE-100 index breached 13,700 psycholo
Published 30 Mar, 2012 08:00am
Euro rebounds in Asian trade
Financial

Euro rebounds in Asian trade

TOKYO: The euro rebounded against the dollar and yen in Asia on Friday after slipping against the greenback in New York
Published 30 Mar, 2012 07:47am
Spain faces toughest budget
Top News

Spain faces toughest budget

MADRID: Hours after facing down a general strike, which descended into violence in places, Spain's right-leaning governm
Published 30 Mar, 2012 06:01am
RECORDER REPORT: KSE mid day update
Top News

RECORDER REPORT: KSE mid day update

KARACHI: On Friday until end of first half, KSE-100 Index remained positive with a general upward trend and was at 13,70
Published 30 Mar, 2012 06:00am
Japan moves closer to doubling sales tax
Top News

Japan moves closer to doubling sales tax

TOKYO: Japan's cabinet on Friday approved a bill to double the nation's sales tax to 10 percent, overcoming an earlier s
Published 30 Mar, 2012 05:56am
Qantas hikes fuel surcharge
Industry

Qantas hikes fuel surcharge

SYDNEY: Qantas Airways on Friday said its fuel costs would rise by Aus$300 million (US$311 million) in the second half o
Published 30 Mar, 2012 05:51am
Oil prices higher in Asian trade
Energy

Oil prices higher in Asian trade

SINGAPORE: Crude rebounded in Asian trade on Friday after the United States said no decision had been made on tapping st
Published 30 Mar, 2012 05:30am
PBS trade data: concerns abound
BR Research

PBS trade data: concerns abound

Trade data for February 2012 released by the Pakistan Bureau of Statistics continued to show a gloomy picture, particularly in terms of expo
Published 30 Mar, 2012 12:00am
Women as economic drivers
BR Research

Women as economic drivers

Women hold up half the sky, an old Chinese proverb remains a desire than a fact. The world would become perfect if gender equality becomes m
Published 30 Mar, 2012 12:00am
Treasuries decline

Treasuries decline

US Treasuries prices fell on Wednesday after weak demand for a debt sale dampened gains built on Federal Reserve Chairman Ben Bernanke's assurances US interest rates will remain low. In a day of choppy trade, the lacklustre reception for $35 billion in fi
Published 30 Mar, 2012 12:00am
Treasuries decline

Treasuries decline

US Treasuries prices fell on Wednesday after weak demand for a debt sale dampened gains built on Federal Reserve Chairman Ben Bernanke's assurances US interest rates will remain low. In a day of choppy trade, the lacklustre reception for $35 billion in fi
Published 30 Mar, 2012 12:00am
Australian shares little changed

Australian shares little changed

Australian shares ended marginally lower on Thursday, dragged down by losses in mining and energy shares as worries about growth in the United States and China depressed commodity prices. However, the market outperformed the Asian region for the second st
Published 30 Mar, 2012 12:00am
US stocks dip

US stocks dip

US stocks declined on Wednesday as sliding oil and metals prices gave investors a reason to sell commodity-related shares. A sharp fall in US crude oil futures hit energy stocks, prompted by talk of a release of some US and European strategic oil reserves
Published 30 Mar, 2012 12:00am
Thursday's midday trade: stocks fall for third day

Thursday's midday trade: stocks fall for third day

US stocks were on track for a third day of losses on Thursday after jobless claims data failed to meet heightened market expectations as stocks come off their best first quarter in 14 years. "The data today is evidence that we're not going to have the rob
Published 30 Mar, 2012 12:00am
Nikkei lower

Nikkei lower

Japan's Nikkei average fell for a second session on Thursday and slipped further from a one-year high hit earlier this week as investors locked in profits from a meteoric January-March rally that is poised to be its best first-quarter performance in 24 ye
Published 30 Mar, 2012 12:00am
Indian shares stay lower

Indian shares stay lower

Indian shares fell for their third session in four, led by technology outsourcing stocks such as Infosys after local media reported the United States raised the cost of employment visas, sparking worries about the outlook in a key market for the sector.
Published 30 Mar, 2012 12:00am
Seoul shares fall

Seoul shares fall

South Korean shares fell to a three-week closing low on Thursday as foreign investors dumped local futures contracts, with sentiment dashed by the latest data that raised questions about the strength of US economic growth. The Korea Composite Stock Price
Published 30 Mar, 2012 12:00am
Most Middle East markets down

Most Middle East markets down

A negative global backdrop weighed on United Arab Emirates bourses on Thursday as risk-averse investors reduced positions, and most other regional markets also ended lower. Dubai's index retreated 2 percent, giving back Wednesday's gains but it remains 21
Published 30 Mar, 2012 12:00am
UBL Islamic Savings Fund's rating harmonised at 'AA-(f)'

UBL Islamic Savings Fund's rating harmonised at 'AA-(f)'

JCR-VIS Credit Rating Company Ltd (JCR-VIS) has harmonised the Fund Stability Rating of UBL Islamic Savings Fund (UISF) at 'AA-(f)' (Double A Minus (f)). UBL Islamic Savings Fund is as an open-end Shari'ah-compliant income fund managed by UBL Fund Manager
Published 30 Mar, 2012 12:00am
UBL Islamic Savings Fund's rating harmonised at 'AA-(f)'

UBL Islamic Savings Fund's rating harmonised at 'AA-(f)'

JCR-VIS Credit Rating Company Ltd (JCR-VIS) has harmonised the Fund Stability Rating of UBL Islamic Savings Fund (UISF) at 'AA-(f)' (Double A Minus (f)). UBL Islamic Savings Fund is as an open-end Shari'ah-compliant income fund managed by UBL Fund Manager
Published 30 Mar, 2012 12:00am
Circular debt issue: Punjab government rejects Governor's assertion

Circular debt issue: Punjab government rejects Governor's assertion

A spokesman of Punjab Finance Department says that the viewpoint of Governor Punjab regarding the role of Punjab Government in circular debt is not based on facts, saying that the net payable amount by Punjab government to Pepco is only Rs 3.1 billion whe
Published 30 Mar, 2012 12:00am
LG systems in line with spirit of 18th Amendment urged

LG systems in line with spirit of 18th Amendment urged

To strengthen democracy in Pakistan, there is no other system than to put in place elected local government systems in the spirit of 18th Constitutional Amendment. This was a consensus of speakers at the end of a multi-party meeting on 'Setting an agenda
Published 30 Mar, 2012 12:00am
Government responsible for power crisis: Nawaz

Government responsible for power crisis: Nawaz

Pakistan Muslim League-Nawaz (PML-N) Chief Mian Nawaz Sharif on Thursday held the federal government responsible for the power crisis in Punjab. Addressing a press conference, Nawaz said that people of Punjab were most affected by the power outages, which
Published 30 Mar, 2012 12:00am
Laptops distributed among students

Laptops distributed among students

Advisor to Chief Minister Punjab Begum Zakia Shahnawaz has said that the young generation is highly talented and the government is committed to train and educate them on modern lines. While addressing laptop distribution ceremony for the brilliant student
Published 30 Mar, 2012 12:00am
LHC seeks reply from education secretary

LHC seeks reply from education secretary

The Lahore High Court on Thursday said that shortage of funds could not be taken as an excuse for enforcement of Article 25-A of the constitution which ensures provision of free education to children up to 16 years of age. The LHC was hearing a petition s
Published 30 Mar, 2012 12:00am
Nato faulted over Libya boat-people deaths

Nato faulted over Libya boat-people deaths

A European rights watchdog rapped Nato on Thursday for failing to help a migrant boat during the Libyan war as aid groups vowed to sue the French military over an incident that left 63 people dead. A small boat left Tripoli in late March 2011 carrying 72
Published 30 Mar, 2012 12:00am
French 'Big Bang' scientist denies terror plot

French 'Big Bang' scientist denies terror plot

A Franco-Algerian nuclear physicist facing terror charges admitted at the start of his trial Thursday to going through a "turbulent" time but denied he intended to carry out attacks in France. The trial of Adlene Hicheur, who is charged with criminal asso
Published 30 Mar, 2012 12:00am
UAE shuts German pro-democracy office in Abu Dhabi

UAE shuts German pro-democracy office in Abu Dhabi

Germany's Konrad-Adenauer-Stiftung, a think tank close to Chancellor Angela Merkel's conservatives which promotes democracy abroad, said on Thursday authorities in Abu Dhabi had ordered it to shut its office there. "We can only react with complete incompr
Published 30 Mar, 2012 12:00am
Spanish court drops rape probe against Saudi prince

Spanish court drops rape probe against Saudi prince

A Spanish court has dropped a probe into allegations a Saudi billionaire prince raped a model on a yacht in Ibiza three years ago, according to a ruling seen by AFP Wednesday. The case concerns Prince Alwaleed bin Talal, a nephew of King Abdullah and one
Published 30 Mar, 2012 12:00am
Former US official gets prison over Afghanistan bribe

Former US official gets prison over Afghanistan bribe

A federal judge in Atlanta sentenced a former US Defense Department official on Wednesday to a year and eight months in prison for taking nearly $100,000 in bribes from a company seeking a contract in Afghanistan. Desi Deandre Wade, 40, of Climax, Georgia
Published 30 Mar, 2012 12:00am
Egypt's former housing minister gets 8 years

Egypt's former housing minister gets 8 years

A Cairo court sentenced former Housing Minister Ibrahim Soliman to eight years in jail on Thursday and fined him 2.18 billion Egyptian pounds ($360.9 million) for squandering public funds in two separate real estate deals. The court also sentenced Magdi R
Published 30 Mar, 2012 12:00am
10 Filipinos among abducted crew members of Iranian-owned ship

10 Filipinos among abducted crew members of Iranian-owned ship

Ten Filipino sailors were among 23 crew members of an Iranian-owned cargo ship abducted by suspected Somali pirates off the coast of India last week, the Philippine government said Thursday. The MV Eglantine was hijacked on March 26 off the south-western
Published 30 Mar, 2012 12:00am
Anti-Iran lobby hits GM-Peugeot deal

Anti-Iran lobby hits GM-Peugeot deal

An influential US anti-Iran lobby group on Wednesday called for newly-tied General Motors and Peugeot to shut down Peugeot's Iran business due to Tehran's suspect nuclear program. The United Against Nuclear Iran group said GM's new investment in PSA Peuge
Published 30 Mar, 2012 12:00am
Billions in cash flees Afghanistan, economy threatened

Billions in cash flees Afghanistan, economy threatened

Wealthy Afghans are carrying about $8 billion - almost double the state budget - in suitcases out of the country each year, an amount likely to rise as the exit of foreign troops nears and threatening to ruin the fragile economy, a senior official said.
Published 30 Mar, 2012 12:00am
Russia raises $7 billion in return to bond market

Russia raises $7 billion in return to bond market

Russian on Wednesday raised $7 billion in a hugely-oversubscribed bond auction that was its first international offering for almost two years. Russia successfully placed a five- and 10-year bond each worth $2 billion and a 30-year bond worth $3 billion, t
Published 30 Mar, 2012 12:00am
Russia raises $7 billion in return to bond market

Russia raises $7 billion in return to bond market

Russian on Wednesday raised $7 billion in a hugely-oversubscribed bond auction that was its first international offering for almost two years. Russia successfully placed a five- and 10-year bond each worth $2 billion and a 30-year bond worth $3 billion, t
Published 30 Mar, 2012 12:00am
US muni defaults another blow for insurers

US muni defaults another blow for insurers

A growing number of US cities are choosing to fund essential services like public safety and garbage collection over making payments on their outstanding debt, as rising costs and falling revenue deplete their budgets.
Published 30 Mar, 2012 12:00am
Air India 'losing nearly $2 million a day'

Air India 'losing nearly $2 million a day'

India's debt-laden national carrier Air India makes a loss of nearly 100 million rupees ($1.9 million) every day, the country's civil aviation minister told parliament on Wednesday. The country's fourth-largest airline by market share has been hit hard by
Published 30 Mar, 2012 12:00am
2011 disaster losses cost insurers $116 billion: Swiss Re

2011 disaster losses cost insurers $116 billion: Swiss Re

Natural disasters, such as Japan's earthquake and floods in Australia and Thailand, cost the global economy a record $370 billion in 2011, with losses for the insurance industry the second largest ever, Swiss Re said on Wednesday. Insured catastrophe loss
Published 30 Mar, 2012 12:00am
Akfen expects to ink sale of hydro unit

Akfen expects to ink sale of hydro unit

Turkey's Akfen Holding expects to complete the sale of its hydropower plants to Germany's Aquila Hydropower early next week, Chairman Hamdi Akin told Reuters on Friday. The annual power generation capacity of plants to be sold is 139 million kWh and an op
Published 30 Mar, 2012 12:00am
Australia Opposition to look to central bank for stimulus

Australia Opposition to look to central bank for stimulus

The man who is set to manage Australia's economy if the government changes pledged on Monday to deliver annual surplus budgets and to look to the central bank to cut interest rates before considering stimulus spending in a future downturn.
Published 30 Mar, 2012 12:00am
Hotel suppliers add jobs as renovations rise

Hotel suppliers add jobs as renovations rise

Kevin Sanders spent much of the past year bolstering his sales force, banking on a recovery in the hotel business. Sanders, vice president of the hospitality group at Shaw Industries, the world's biggest carpet maker, hired 15 new sales representatives in
Published 30 Mar, 2012 12:00am
Malaysia's Top Glove eyes acquisition this year

Malaysia's Top Glove eyes acquisition this year

Top Glove Corp Bhd, the world's largest rubber glove maker by volume, aims to buy at least one other glove producer this year as part of its strategy to gain market share and drive earnings, said its chairman and founder. The Malaysian company is in talks
Published 30 Mar, 2012 12:00am
China calls on private sector to help deal with debt

China calls on private sector to help deal with debt

China's plan to partly privatise its way out of a 10.7 trillion yuan ($1.7 trillion) local government debt problem is music to the ears of investors who have long lobbied Beijing to sell the family silver to shore up faltering finances.
Published 30 Mar, 2012 12:00am
India's central bank stuck in damage control mode

India's central bank stuck in damage control mode

Over the past two years, India's central bank was raising rates in a futile effort to contain stubborn inflation, as the government fumbled on fixing decrepit infrastructure and other supply bottlenecks in the economy. Now, it has switched to pumping huge
Published 30 Mar, 2012 12:00am
Chartis boss says more price hikes coming

Chartis boss says more price hikes coming

Chartis, the global property insurance unit of AIG, will keep raising premiums on commercial policies in the United States as the economy strengthens and the company rebuilds capital after record claims world-wide in 2011, the unit's chief executive said.
Published 30 Mar, 2012 12:00am
Big state, high taxes? No problem for prudent Sweden

Big state, high taxes? No problem for prudent Sweden

Sweden's economy has been likened to a bumblebee - its big-bodied public sector and tax burden should stop it flying. Yet the country is facing a fresh downturn in 2012 in confident mood: public finances are sound, its top companies relatively upbeat desp
Published 30 Mar, 2012 12:00am
Ingenico turns to Asia after US setback

Ingenico turns to Asia after US setback

French payment terminal group Ingenico has turned its focus to services and emerging markets to drive growth after it was forced to abandon a key acquisition in the United States designed to help it take on US giant VeriFone. Ingenico Chief Executive Phil
Published 30 Mar, 2012 12:00am
Versace can meet 2014 targets without sale

Versace can meet 2014 targets without sale

Italian family-owned fashion house Versace has enough resources to meet its growth targets in 2014 without seeking investors, its chief executive said on Tuesday. Versace returned to profit last year for the first time since 2009, when it launched a turna
Published 30 Mar, 2012 12:00am
EU push for ocean energy set to fall short

EU push for ocean energy set to fall short

Europe's wave and tidal power technology is likely to disappoint EU expectations for 2020 and take over a decade to contribute to energy supply in a significant way, even though it is chalking up rapid growth and drawing in big industrial investors. The n
Published 30 Mar, 2012 12:00am
Brazil breaks currency taboo at the WTO

Brazil breaks currency taboo at the WTO

Deep disagreements over global trade tensions will get a rare hearing at the World Trade Organisation this week when diplomats, executives and central bank officials attempt to take the heat out of currency rivalries. The subject is so sensitive that the
Published 30 Mar, 2012 12:00am
Government backs open dialogue with US

Government backs open dialogue with US

Pakistan called Thursday for open dialogue with the United States even before parliament wraps up a protracted debate on repairing an anti-terror alliance that nearly ruptured over a series of crises. "Pakistan attaches enormous value to its contacts with
Published 30 Mar, 2012 12:00am
Colombia sees ethanol output doubling by 2014

Colombia sees ethanol output doubling by 2014

Colombia's ethanol output is on track to nearly double by 2014 as the country seeks to meet growing domestic fuel demand while limiting pricey energy imports, the head of Colombia's biofuels association said in an interview. The Andean nation has spurred
Published 30 Mar, 2012 12:00am
Government backs open dialogue with US

Government backs open dialogue with US

Pakistan called Thursday for open dialogue with the United States even before parliament wraps up a protracted debate on repairing an anti-terror alliance that nearly ruptured over a series of crises. "Pakistan attaches enormous value to its contacts with
Published 30 Mar, 2012 12:00am
World grain prices to stay strong: FAO

World grain prices to stay strong: FAO

World grain prices should remain "very firm" over the near term as demand from Asia exceeds forecasts and dry weather cuts into supply, the senior economist of the UN's Food and Agriculture Organisation (FAO) said on Monday. South American corn and soy yi
Published 30 Mar, 2012 12:00am
General James Mattis departs after series of meetings

General James Mattis departs after series of meetings

General James Mattis, Commander of US Central Command, departed from Pakistan on Thursday after a series of meetings with senior Pakistani leaders. According to detail, General James and General John Allen, Commander of Nato's International Security Assis
Published 30 Mar, 2012 12:00am
UK housing market seen fragile for next 2 years

UK housing market seen fragile for next 2 years

Britain's housing market will remain fragile over the next couple of years, with prices likely to fall a little by the end of this year before picking up modestly in 2013, a quarterly Reuters poll of economists showed on Friday. As has been the case over
Published 30 Mar, 2012 12:00am
General James Mattis departs after series of meetings

General James Mattis departs after series of meetings

General James Mattis, Commander of US Central Command, departed from Pakistan on Thursday after a series of meetings with senior Pakistani leaders. According to detail, General James and General John Allen, Commander of Nato's International Security Assis
Published 30 Mar, 2012 12:00am
Greek nightmare makes poor ad for asset sales

Greek nightmare makes poor ad for asset sales

Greece's wretched experience has been a poor advert for asset sales as a tool to cut state borrowings, but others in the euro zone high debt club are much better placed to make a decent fist of privatisations. Italy, Spain and Ireland, all of which are gr
Published 30 Mar, 2012 12:00am
NRO implementation case: Supreme Court to announce verdict on April 16

NRO implementation case: Supreme Court to announce verdict on April 16

While hearing the National Reconciliation Ordinance (NRO) implementation case, a seven-member special bench of the Supreme Court decided on Thursday to announce its ruling on April 16 over non-implementation of its orders by Prime Minister Syed Yousuf Raz
Published 30 Mar, 2012 12:00am
Greek nightmare makes poor ad for asset sales

Greek nightmare makes poor ad for asset sales

Greece's wretched experience has been a poor advert for asset sales as a tool to cut state borrowings, but others in the euro zone high debt club are much better placed to make a decent fist of privatisations. Italy, Spain and Ireland, all of which are gr
Published 30 Mar, 2012 12:00am
NRO implementation case: Supreme Court to announce verdict on April 16

NRO implementation case: Supreme Court to announce verdict on April 16

While hearing the National Reconciliation Ordinance (NRO) implementation case, a seven-member special bench of the Supreme Court decided on Thursday to announce its ruling on April 16 over non-implementation of its orders by Prime Minister Syed Yousuf Raz
Published 30 Mar, 2012 12:00am
China's rich spend on travel, health and education

China's rich spend on travel, health and education

China's wealthiest citizens are increasingly quality-conscious consumers who spend the bulk of their money on travel, healthcare and education for their children, new research has found. The study of nearly 900 of China's wealthiest individuals by the ind
Published 30 Mar, 2012 12:00am
BRICS sign pacts to boost trade

BRICS sign pacts to boost trade

Five of the world's emerging economic powerhouses Thursday endorsed plans for a new development bank and signed pacts to boost trade ties in steps aimed at raising the group's economic clout. Indian Premier Manmohan Singh, Chinese President Hu Jintao, Bra
Published 30 Mar, 2012 12:00am
Looming political fight puts US farmers on battlefield

Looming political fight puts US farmers on battlefield

US lawmakers are short on time and money to make the biggest cuts in agriculture in a generation and failure risks unintentionally driving up food prices and adding to an already onerous deficit. Just as Congress took the country to the brink of an unprec
Published 30 Mar, 2012 12:00am
BRICS sign pacts to boost trade

BRICS sign pacts to boost trade

Five of the world's emerging economic powerhouses Thursday endorsed plans for a new development bank and signed pacts to boost trade ties in steps aimed at raising the group's economic clout. Indian Premier Manmohan Singh, Chinese President Hu Jintao, Bra
Published 30 Mar, 2012 12:00am
Dow court case pushes limit of US R&D tax credit

Dow court case pushes limit of US R&D tax credit

Dow Chemical Co is challenging the US Internal Revenue Service in a rare court case over expanding the research and development tax credit to cover the costs of supplies used to improve the ways existing products are made. Oral arguments are set for Thurs
Published 30 Mar, 2012 12:00am
BRICS sign pacts to boost trade

BRICS sign pacts to boost trade

Five of the world''s emerging economic powerhouses Thursday endorsed plans for a new development bank and signed pacts to boost trade ties in steps aimed at raising the group''s economic clout. Indian Premier Manmohan Singh, Chinese President Hu Jintao, B
Published 30 Mar, 2012 12:00am
Dow court case pushes limit of US R&D tax credit

Dow court case pushes limit of US R&D tax credit

Dow Chemical Co is challenging the US Internal Revenue Service in a rare court case over expanding the research and development tax credit to cover the costs of supplies used to improve the ways existing products are made. Oral arguments are set for Thurs
Published 30 Mar, 2012 12:00am
BRICS flay West over IMF reform, monetary policy

BRICS flay West over IMF reform, monetary policy

Leaders of the BRICS group of emerging market nations pressed Western powers to cede more voting rights at the IMF this year and flayed the rich world's reflationary monetary policies for putting global economic stability in jeopardy. "This dynamic proces
Published 30 Mar, 2012 12:00am
German government wants fiscal pact approved by summer

German government wants fiscal pact approved by summer

The German government dug in its heels on Wednesday over the timing of a parliamentary vote on a new fiscal discipline pact for Europe, saying it wanted the legislation approved by the summer despite rising calls from opposition parties for a delay.
Published 30 Mar, 2012 12:00am
BRICS flay West over IMF reform, monetary policy

BRICS flay West over IMF reform, monetary policy

Leaders of the BRICS group of emerging market nations pressed Western powers to cede more voting rights at the IMF this year and flayed the rich world's reflationary monetary policies for putting global economic stability in jeopardy. "This dynamic proces
Published 30 Mar, 2012 12:00am
Debt-ridden India makes more claims on its insurance giant

Debt-ridden India makes more claims on its insurance giant

An Indian government company with more than a quarter of a billion customers has once again dug into its pockets to prop up its financially-strapped owner. Policyholders in the Life Insurance Corporation of India, a behemoth that's little known outside th
Published 30 Mar, 2012 12:00am
BRICS flay West over IMF reform, monetary policy

BRICS flay West over IMF reform, monetary policy

Leaders of the BRICS group of emerging market nations pressed Western powers to cede more voting rights at the IMF this year and flayed the rich world''s reflationary monetary policies for putting global economic stability in jeopardy. "This dynamic proce
Published 30 Mar, 2012 12:00am
TV piracy claims heap more pressure on Murdoch empire

TV piracy claims heap more pressure on Murdoch empire

Pressure is building in Britain and Australia for fresh probes into Rupert Murdoch's News Corp, already under siege over phone-hacking claims, after allegations that it ran a secret unit that promoted pirating of pay-TV rivals. The Australian Financial Re
Published 30 Mar, 2012 12:00am
BRICS flay West over IMF reform, monetary policy

BRICS flay West over IMF reform, monetary policy

Leaders of the BRICS group of emerging market nations pressed Western powers to cede more voting rights at the IMF this year and flayed the rich world''''s reflationary monetary policies for putting global economic stability in jeopardy. "This dynamic pro
Published 30 Mar, 2012 12:00am
India's Kingfisher stops flying to many destinations

India's Kingfisher stops flying to many destinations

Ailing Indian carrier Kingfisher Airlines said on Tuesday it has temporarily suspended operations to several destinations as per its revised flight schedule, and has asked most employees at those places to "stay at home." "We are in a 'holding' pattern ri
Published 30 Mar, 2012 12:00am
Term of commission extended by six weeks

Term of commission extended by six weeks

A 10-member of the apex court Thursday granted another six weeks to the Commission investigating the Memogate scandal, to finalise its proceedings, but it did not take up Hussain Haqqani's application that he had filed with a view to recording his stateme
Published 30 Mar, 2012 12:00am
Singapore eyes resources firms to expand regional role

Singapore eyes resources firms to expand regional role

Singapore aims to consolidate its position as the "control tower" for global companies expanding in Asia by attracting commodity and energy firms to the financial centre, a top government official told Reuters. The resources industry is the new focus to s
Published 30 Mar, 2012 12:00am
Term of commission extended by six weeks

Term of commission extended by six weeks

A 10-member of the apex court Thursday granted another six weeks to the Commission investigating the Memogate scandal, to finalise its proceedings, but it did not take up Hussain Haqqani's application that he had filed with a view to recording his stateme
Published 30 Mar, 2012 12:00am
Telenor seeks payback from India in mobile licence row

Telenor seeks payback from India in mobile licence row

Norwegian mobile phone group Telenor will seek compensation from India if a dispute over the cancellation of its Indian unit's telecoms licences cannot be resolved. Telenor's Indian unit is one of several firms set to lose their operating permits in early
Published 30 Mar, 2012 12:00am
Australia economy failing fitness test as trade boost fades

Australia economy failing fitness test as trade boost fades

Australia has benefited hugely as the rise of China boosted the value of its commodity exports to stratospheric heights, gifting the country with mountains of cash. But years of living off the fat of the land have left the economy of the so-called "Lucky
Published 30 Mar, 2012 12:00am
Egypt's economy likely to grow 1.6 percent in 2012-13

Egypt's economy likely to grow 1.6 percent in 2012-13

Egypt's economic growth will remain relatively anaemic in the coming fiscal year as political uncertainty drags on and the global outlook remains weak, but growth should pick up in the following year, a Reuters poll showed on Tuesday. Year-on-year gross d
Published 30 Mar, 2012 12:00am
Sudan lowers oil transit fee demand

Sudan lowers oil transit fee demand

Sudan has lowered its oil transit fees demand to $32.20 a barrel in a bid to resolve a row that has shut in South Sudan's output, Sudan's oil minister said on Tuesday, but the two sides remained far apart as talks continue in Ethiopia. South Sudan shut do
Published 30 Mar, 2012 12:00am
GSA violation: three IPPs blame government for Rs 736 million loss

GSA violation: three IPPs blame government for Rs 736 million loss

Three Independent Power Producers (IPPs) have accused the government and Sui Northern Gas Pipelines Limited (SNGPL) of inflicting on them financial loss of Rs 736 million by suspending gas supply in violation of Gas Supply Agreement (GSA), well informed s
Published 30 Mar, 2012 12:00am
Gulf states' growth prospects improve, budgets strong

Gulf states' growth prospects improve, budgets strong

The economic outlook for most Gulf oil exporters has improved, although this year's expansion will lag 2011, and high oil prices should provide a big enough shield against any global slump, a Reuters poll showed on Tuesday. Gross domestic product in Saudi
Published 30 Mar, 2012 12:00am
GSA violation: three IPPs blame government for Rs 736 million loss

GSA violation: three IPPs blame government for Rs 736 million loss

Three Independent Power Producers (IPPs) have accused the government and Sui Northern Gas Pipelines Limited (SNGPL) of inflicting on them financial loss of Rs 736 million by suspending gas supply in violation of Gas Supply Agreement (GSA), well informed s
Published 30 Mar, 2012 12:00am
S&P cuts South Africa rating outlook to negative

S&P cuts South Africa rating outlook to negative

Ratings agency Standard & Poor's on Wednesday cut South Africa's outlook from 'stable' to 'negative,' citing slow economic growth and persistently high unemployment rates. "The negative outlook reflects the potential for a downgrade if economic and social
Published 30 Mar, 2012 12:00am
GSA violation: three IPPs blame government for Rs 736 million loss

GSA violation: three IPPs blame government for Rs 736 million loss

Three Independent Power Producers (IPPs) have accused the government and Sui Northern Gas Pipelines Limited (SNGPL) of inflicting on them financial loss of Rs 736 million by suspending gas supply in violation of Gas Supply Agreement (GSA), well informed s
Published 30 Mar, 2012 12:00am
US Congress passes jobs bill, sends it to Obama

US Congress passes jobs bill, sends it to Obama

The US House of Representatives passed a broadly supported, Senate-approved jobs bill Tuesday, with the White House and Republican leaders alike hailing it as an example of rare but vital bipartisan co-operation. With both chambers of Congress approving t
Published 30 Mar, 2012 12:00am
Pakistan eyes Russia for IP gas project

Pakistan eyes Russia for IP gas project

Pakistan Thursday said that its technical delegation will visit Moscow early next month to explore possibilities of Russian companies' investment in Iran-Pakistan gas pipeline project amid Chinese reluctance to invest in the multi-billion dollar venture o
Published 30 Mar, 2012 12:00am
Taiwan's Fubon adds voice to push for more China access

Taiwan's Fubon adds voice to push for more China access

Taiwan's Fubon Financial will pursue mutual investment links with Chinese banks as a major part of its growth strategy, adding its weight to a push by the island's financial firms to boost ties with China and break out of a slow, crowded home market.
Published 30 Mar, 2012 12:00am
Pakistan eyes Russia for IP gas project

Pakistan eyes Russia for IP gas project

Pakistan Thursday said that its technical delegation will visit Moscow early next month to explore possibilities of Russian companies' investment in Iran-Pakistan gas pipeline project amid Chinese reluctance to invest in the multi-billion dollar venture o
Published 30 Mar, 2012 12:00am
Latvia mulls anti-inflation plan as eyes euro

Latvia mulls anti-inflation plan as eyes euro

Latvia is considering a plan to combat inflation, possibly including some tax cuts, to get into shape to adopt the euro in two years, Prime Minister Valdis Dombrovskis said, expressing confidence about the shape of the Baltic state's finances. Latvia sees
Published 30 Mar, 2012 12:00am
Pakistan eyes Russia for IP gas project

Pakistan eyes Russia for IP gas project

Pakistan Thursday said that its technical delegation will visit Moscow early next month to explore possibilities of Russian companies'' investment in Iran-Pakistan gas pipeline project amid Chinese reluctance to invest in the multi-billion dollar venture
Published 30 Mar, 2012 12:00am
BoJ rules out 'Operation Twist'; will keep easy policy

BoJ rules out 'Operation Twist'; will keep easy policy

The Bank of Japan is ready to keep monetary policy ultra easy for as long as necessary to beat deflation and support the economy although a Federal Reserve-style "Operation Twist" to cap long-term yields won't be required, policymakers said on Wednesday.
Published 30 Mar, 2012 12:00am
Rental power plants: Supreme Court to announce detailed judgement today

Rental power plants: Supreme Court to announce detailed judgement today

A three-member bench led by the Chief Justice Iftikhar Muhammad Chaudhry will announce its judgement reserved by it in Rental Power Plants (RPPs) corruption case on Friday (today). Minister to write a letter to the Swiss authorities "regardless of the adv
Published 30 Mar, 2012 12:00am
The AIJ scandal and Japan's pension time bomb

The AIJ scandal and Japan's pension time bomb

Tarumi Taxi in western Japan's port city of Kobe is teetering on the brink of bankruptcy, offering a glimpse of the crisis facing tens of thousands of small and mid-sized companies across Japan with little hope of meeting their pension obligations.
Published 30 Mar, 2012 12:00am
Rental power plants: Supreme Court to announce detailed judgement today

Rental power plants: Supreme Court to announce detailed judgement today

A three-member bench led by the Chief Justice Iftikhar Muhammad Chaudhry will announce its judgement reserved by it in Rental Power Plants (RPPs) corruption case on Friday (today). Minister to write a letter to the Swiss authorities "regardless of the adv
Published 30 Mar, 2012 12:00am
Greece's OTE fights to survive with more wage cuts

Greece's OTE fights to survive with more wage cuts

Greece's biggest telecom operator OTE is planning deeper wage cuts to help secure its future as heavy regulation makes customer losses caused by the recession there even worse, its chief executive said. OTE, south-east Europe's biggest telecom firm that c
Published 30 Mar, 2012 12:00am
Rental power plants: Supreme Court to announce detailed judgement today

Rental power plants: Supreme Court to announce detailed judgement today

A three-member bench led by the Chief Justice Iftikhar Muhammad Chaudhry will announce its judgement reserved by it in Rental Power Plants (RPPs) corruption case on Friday (today). Minister to write a letter to the Swiss authorities "regardless of the adv
Published 30 Mar, 2012 12:00am
China mills eye more US corn after six cargoes: trade sources

China mills eye more US corn after six cargoes: trade sources

Private Chinese importers have bought six cargoes, or about 360,000 tonnes, of US corn for shipment in May and June from the US Pacific Northwest in the first large sale to the country since late February, trade sources said. The latest purchases, togethe
Published 30 Mar, 2012 12:00am
KSE index loses 16.31 points

KSE index loses 16.31 points

The Karachi share market on Thursday witnessed mixed trend with the KSE-100 index oscillating between 13,641.89 points intra-day high and 13,468.25 points intra-day low levels. The index finally closed at the level of 13,559.10 points, down 16.31 points.
Published 30 Mar, 2012 12:00am
KSE index loses 16.31 points

KSE index loses 16.31 points

The Karachi share market on Thursday witnessed mixed trend with the KSE-100 index oscillating between 13,641.89 points intra-day high and 13,468.25 points intra-day low levels. The index finally closed at the level of 13,559.10 points, down 16.31 points.
Published 30 Mar, 2012 12:00am
Japan government OKs $43 billion stopgap budget for 2012-13

Japan government OKs $43 billion stopgap budget for 2012-13

Japan's government approved a stopgap budget worth $43 billion on Thursday to cover the first week of the fiscal year from April 1 due to a delay in passage of the main annual budget, illustrating its struggle to legislate in a split parliament.
Published 30 Mar, 2012 12:00am
KSE index loses 16.31 points

KSE index loses 16.31 points

The Karachi share market on Thursday witnessed mixed trend with the KSE-100 index oscillating between 13,641.89 points intra-day high and 13,468.25 points intra-day low levels. The index finally closed at the level of 13,559.10 points, down 16.31 points.
Published 30 Mar, 2012 12:00am
Meagre French growth offers Sarkozy little relief

Meagre French growth offers Sarkozy little relief

France eked out economic growth of 0.2 percent in the last quarter of 2011, avoiding recession but with stagnating purchasing power, giving President Nicolas Sarkozy little respite ahead of next month's presidential election. Confirming preliminary estima
Published 30 Mar, 2012 12:00am
BRIndex30 down by 2.38 points

BRIndex30 down by 2.38 points

On Thursday, BRIndex30 opened at 10,330.31. It touched an intraday high of 10,382.08 and an intraday Low of 10,226.42 and closed at 10,327.93 which was -2.38 points or -0.02 percent lower than previous close. Total volume was 179,389,008, which was 52.06
Published 30 Mar, 2012 12:00am
'Bangladesh to end ban on aromatic rice exports'

'Bangladesh to end ban on aromatic rice exports'

Bangladesh will soon end a three-year-old ban on exports of aromatic rice due to bulging domestic reserves and record crops, a government minister said on Wednesday. Bangladesh, the world's fourth-biggest rice producer, banned overseas shipments of common
Published 30 Mar, 2012 12:00am
BRIndex30 down by 2.38 points

BRIndex30 down by 2.38 points

On Thursday, BRIndex30 opened at 10,330.31. It touched an intraday high of 10,382.08 and an intraday Low of 10,226.42 and closed at 10,327.93 which was -2.38 points or -0.02 percent lower than previous close. Total volume was 179,389,008, which was 52.06
Published 30 Mar, 2012 12:00am
New Zealand business confidence points to brighter outlook

New Zealand business confidence points to brighter outlook

New Zealand's business confidence improved in March, with firms' optimism about their own activity rising to the highest level in seven months and inflation expectations edging higher, a survey showed on Thursday. The National Bank of NZ's monthly busines
Published 30 Mar, 2012 12:00am
Pentagon sees mass layoffs if budget cuts prevail

Pentagon sees mass layoffs if budget cuts prevail

The Pentagon said on Thursday it would expect hundreds of thousands of layoffs across the defense industry if lawmakers did not take action to avert an additional $500 billion in defense budget cuts that could take effect in January 2013.
Published 30 Mar, 2012 12:00am
LSE gains 36.26 points

LSE gains 36.26 points

Mixed sentiment prevailed on the Lahore Stock Exchange on Thursday where equities moved both ways amid volatile situation and finally ended in negative zone because of lacking buying. The LSE-25 index gained 36.26 points and was closed at 3629.05 against
Published 30 Mar, 2012 12:00am
Japan retail sales jump, further gains difficult

Japan retail sales jump, further gains difficult

Japan's retail sales climbed in February at the fastest pace in a year and a half as subsidies on cars and higher fuel prices push up sales, but further gains are unlikely as companies shun requests for higher pay. The 3.5 percent rise in retail sales in
Published 30 Mar, 2012 12:00am
LSE gains 36.26 points

LSE gains 36.26 points

Mixed sentiment prevailed on the Lahore Stock Exchange on Thursday where equities moved both ways amid volatile situation and finally ended in negative zone because of lacking buying. The LSE-25 index gained 36.26 points and was closed at 3629.05 against
Published 30 Mar, 2012 12:00am
Can Canada back up tough talk on securities crimes?

Can Canada back up tough talk on securities crimes?

Lawyer John Mountain watched with frustration last year as the shares of Sino-Forest fell through the floor after short-seller Carson Block accused the China-focused forestry company of fraudulently exaggerating its assets. It took six days before Canadia
Published 30 Mar, 2012 12:00am
Bears dominate ISE proceedings

Bears dominate ISE proceedings

Bears dominated the proceedings at the Islamabad Stock Exchange (ISE) where equities showed negative signs under the lead of hot favourite amid decrease in index. ISE 10 Index was down by 14.70 points as it moved from 2,791.09 to 2,776.39 points. The over
Published 30 Mar, 2012 12:00am
Can Canada back up tough talk on securities crimes?

Can Canada back up tough talk on securities crimes?

Lawyer John Mountain watched with frustration last year as the shares of Sino-Forest fell through the floor after short-seller Carson Block accused the China-focused forestry company of fraudulently exaggerating its assets. It took six days before Canadia
Published 30 Mar, 2012 12:00am
Bears dominate ISE proceedings

Bears dominate ISE proceedings

Bears dominated the proceedings at the Islamabad Stock Exchange (ISE) where equities showed negative signs under the lead of hot favourite amid decrease in index. ISE 10 Index was down by 14.70 points as it moved from 2,791.09 to 2,776.39 points. The over
Published 30 Mar, 2012 12:00am
Canada's Richardson bulking up, not selling out

Canada's Richardson bulking up, not selling out

Fresh off executing the biggest acquisition in its 155-year history, Canadian grain handler Richardson International Limited is eager for more growth and turning a deaf ear to suitors for the family company, president Curt Vossen said in an interview with
Published 30 Mar, 2012 12:00am
Rs 600 million embezzlement: NAB arrests general manager Railways

Rs 600 million embezzlement: NAB arrests general manager Railways

The National Accountability Bureau (NAB) on Thursday arrested Pakistan Railways General Manager Saeed Akhtar, for his alleged involvement in embezzlement of Rs 600 million. The Railways GM was summoned to NAB office in Islamabad from where he was arrested
Published 30 Mar, 2012 12:00am
Devon, Sinopec deal born in South China Sea

Devon, Sinopec deal born in South China Sea

A relationship forged from Devon Energy Corp's operations in the South China Sea helped Sinopec seal a unusual $2.5 billion deal to explore for oil and gas in emerging shale fields in North America, Devon's chief executive said at the Howard Weil Energy c
Published 30 Mar, 2012 12:00am
Rs 600 million embezzlement: NAB arrests general manager Railways

Rs 600 million embezzlement: NAB arrests general manager Railways

The National Accountability Bureau (NAB) on Thursday arrested Pakistan Railways General Manager Saeed Akhtar, for his alleged involvement in embezzlement of Rs 600 million. The Railways GM was summoned to NAB office in Islamabad from where he was arrested
Published 30 Mar, 2012 12:00am
Cargotec marine unit IPO may help fund acquisitions

Cargotec marine unit IPO may help fund acquisitions

Finnish cargo handling equipment maker Cargotec is considering acquisitions and may use funds from a possible Singapore listing of its marine unit to help finance them, its chief executive said on Wednesday. Cargotec said last week it may list the unit, w
Published 30 Mar, 2012 12:00am
Rs 600 million embezzlement: NAB arrests general manager Railways

Rs 600 million embezzlement: NAB arrests general manager Railways

The National Accountability Bureau (NAB) on Thursday arrested Pakistan Railways General Manager Saeed Akhtar, for his alleged involvement in embezzlement of Rs 600 million. The Railways GM was summoned to NAB office in Islamabad from where he was arrested
Published 30 Mar, 2012 12:00am
Cargotec marine unit IPO may help fund acquisitions

Cargotec marine unit IPO may help fund acquisitions

Finnish cargo handling equipment maker Cargotec is considering acquisitions and may use funds from a possible Singapore listing of its marine unit to help finance them, its chief executive said on Wednesday. Cargotec said last week it may list the unit, w
Published 30 Mar, 2012 12:00am
Clarification

Clarification

Referring to a report titled "MoF rejects Petroleum Ministry's request", published in Business Recorder on March 28, 2012, sources at the Ministry of Petroleum and Natural Resources (MP&NR) stated that the proposal on Pakistan Petroleum Limited's (
Published 30 Mar, 2012 12:00am
Libya's oil contracts to be unsure for months more

Libya's oil contracts to be unsure for months more

Uncertainty about oil and gas companies' contracts with Libya, soon to be scrutinised and potentially revised, will persist until new leaders take power after June elections, delaying the industry's return to normal in the post-Gaddafi era.
Published 30 Mar, 2012 12:00am
Clarification

Clarification

Referring to a report titled "MoF rejects Petroleum Ministry's request", published in Business Recorder on March 28, 2012, sources at the Ministry of Petroleum and Natural Resources (MP&NR) stated that the proposal on Pakistan Petroleum Limited's (
Published 30 Mar, 2012 12:00am
Denmark sees EU compromise on bank capital rules

Denmark sees EU compromise on bank capital rules

European Union states are likely to reach a compromise on bank capital rules that would permit leeway to set some requirements on major banks independently while preserving a common approach, Denmark's economics minister said. The 27-country EU is turning
Published 30 Mar, 2012 12:00am
Clarification

Clarification

Referring to a report titled "MoF rejects Petroleum Ministry''s request", published in Business Recorder on March 28, 2012, sources at the Ministry of Petroleum and Natural Resources (MP&NR) stated that the proposal on Pakistan Petroleum Limited''s
Published 30 Mar, 2012 12:00am
Steadiness prevails on cotton market

Steadiness prevails on cotton market

Cotton prices have been depicting a steady posture since last week due to approaching end of the season, higher advises from the New York Cotton Futures (ICE) market and restrictions placed on exports by the Indian government.
Published 30 Mar, 2012 12:00am
SBP to release MPS on April 13

SBP to release MPS on April 13

The State Bank of Pakistan (SBP) will release Monetary Policy Statement (MPS) in second week of April for next two months. The central bank's board will meet on April 13, 2012 at SBP head office to review the monetary policy stances and later will announc
Published 30 Mar, 2012 12:00am
Steadiness prevails on cotton market

Steadiness prevails on cotton market

Cotton prices have been depicting a steady posture since last week due to approaching end of the season, higher advises from the New York Cotton Futures (ICE) market and restrictions placed on exports by the Indian government.
Published 30 Mar, 2012 12:00am
SBP to release MPS on April 13

SBP to release MPS on April 13

The State Bank of Pakistan (SBP) will release Monetary Policy Statement (MPS) in second week of April for next two months. The central bank's board will meet on April 13, 2012 at SBP head office to review the monetary policy stances and later will announc
Published 30 Mar, 2012 12:00am
Grain market remain closed

Grain market remain closed

Business activity was not seen on the wholesale grain and seed market on Thursday as participants could not reach their destinations because transports were not plying well in the main trading centre of the port city due to disturbed law and situation, so
Published 30 Mar, 2012 12:00am
SBP to release MPS on April 13

SBP to release MPS on April 13

The State Bank of Pakistan (SBP) will release Monetary Policy Statement (MPS) in second week of April for next two months. The central bank''s board will meet on April 13, 2012 at SBP head office to review the monetary policy stances and later will announ
Published 30 Mar, 2012 12:00am
Seedcotton prices higher on cotton market

Seedcotton prices higher on cotton market

Seedcotton prices were higher on the cotton market on Thursday. The absence of proper attendance was marked as the major part of the city is in grip of uncertainty after the killing of political workers on Tuesday and Wenesday, dealers said. Official spot
Published 30 Mar, 2012 12:00am
SBP to release MPS on April 13

SBP to release MPS on April 13

The State Bank of Pakistan (SBP) will release Monetary Policy Statement (MPS) in second week of April for next two months. The central bank''''s board will meet on April 13, 2012 at SBP head office to review the monetary policy stances and later will anno
Published 30 Mar, 2012 12:00am
Global Islamic finance assets hit $1.3 trillion

Global Islamic finance assets hit $1.3 trillion

Islamic financial assets around the world hit $1.3 trillion in 2011, a 150 percent increase over five years as the industry expands into new country's beyond core markets in the Middle East and Malaysia, a report on Thursday estimated. Developed markets i
Published 30 Mar, 2012 12:00am
US corn features close lower on liquidation

US corn features close lower on liquidation

Chicago Board of Trade corn futures closed lower on Wednesday on long liquidation ahead of Friday's key government seedlings and grain stocks report. Corn fell despite trade reports that private Chinese importers have purchased six cargoes, or about 360,0
Published 30 Mar, 2012 12:00am
Global Islamic finance assets hit $1.3 trillion

Global Islamic finance assets hit $1.3 trillion

Islamic financial assets around the world hit $1.3 trillion in 2011, a 150 percent increase over five years as the industry expands into new country's beyond core markets in the Middle East and Malaysia, a report on Thursday estimated. Developed markets i
Published 30 Mar, 2012 12:00am
FOB Gulf corn premiums hold steady

FOB Gulf corn premiums hold steady

US corn export premiums at the Gulf Coast mostly held steady on Wednesday, underpinned by tight old-crop stocks and as China made a large purchase of US corn for shipment from the Pacific Northwest this summer. Private buyers in China purchased six cargoe
Published 30 Mar, 2012 12:00am
Global Islamic finance assets hit $1.3 trillion

Global Islamic finance assets hit $1.3 trillion

Islamic financial assets around the world hit $1.3 trillion in 2011, a 150 percent increase over five years as the industry expands into new country''s beyond core markets in the Middle East and Malaysia, a report on Thursday estimated. Developed markets
Published 30 Mar, 2012 12:00am
Indian NCDEX halts guar trading

Indian NCDEX halts guar trading

India's National Commodity and Derivatives Exchange (NCDEX) has halted trading in guar gum and seed contracts on the orders of the markets regulator, a day after the food minister called for another probe into volatile prices. The move is another dent in
Published 30 Mar, 2012 12:00am
Allocation of medicine quota: Supreme Court seeks record from ANF

Allocation of medicine quota: Supreme Court seeks record from ANF

The Supreme Court on Thursday sought a detailed record from Anti-Narcotics Force (ANF) regarding allocation of medicine quota to two pharmaceutical companies by Federal Health Ministry. A three-member bench led by Chief Justice Iftikhar Muhammad Chaudhry
Published 30 Mar, 2012 12:00am
US Midwest basis steady-firm, river weak

US Midwest basis steady-firm, river weak

Corn and soyabean spot basis bids were steady to firm at processors, elevators and ethanol plants around the US Midwest early on Wednesday, supported by slow farmer sales and deliveries of the commodity, grain merchants said. But bids for each crop were w
Published 30 Mar, 2012 12:00am
Allocation of medicine quota: Supreme Court seeks record from ANF

Allocation of medicine quota: Supreme Court seeks record from ANF

The Supreme Court on Thursday sought a detailed record from Anti-Narcotics Force (ANF) regarding allocation of medicine quota to two pharmaceutical companies by Federal Health Ministry. A three-member bench led by Chief Justice Iftikhar Muhammad Chaudhry
Published 30 Mar, 2012 12:00am
US wheat features fall for second day

US wheat features fall for second day

US wheat futures fell for the second day in a row on Wednesday as traders shrugged off signs of rising export demand and focused on the forecasts for good crop weather in the US Plains. Weakness in the corn market also weighed on wheat futures. Another wa
Published 30 Mar, 2012 12:00am
Swiss woman's Yemen captors want Osama wives freed

Swiss woman's Yemen captors want Osama wives freed

A bid to release a Swiss woman kidnapped in Yemen has suffered a blow after her abductors made excessive demands, including for Osama bin Laden's widows to be freed, a tribal chief said Thursday. Al Qaeda militants abducted the woman on March 14 from her
Published 30 Mar, 2012 12:00am
China wealth fund eyes investments in Ireland

China wealth fund eyes investments in Ireland

A subsidiary of China's sovereign wealth fund on Tuesday signed a memorandum of understanding with Dublin's debt agency to explore investment opportunities in Ireland, but gave little detail on what it might be interested in. Europe has been courting coun
Published 30 Mar, 2012 12:00am
Swiss woman's Yemen captors want Osama wives freed

Swiss woman's Yemen captors want Osama wives freed

A bid to release a Swiss woman kidnapped in Yemen has suffered a blow after her abductors made excessive demands, including for Osama bin Laden's widows to be freed, a tribal chief said Thursday. Al Qaeda militants abducted the woman on March 14 from her
Published 30 Mar, 2012 12:00am
China wealth fund eyes investments in Ireland

China wealth fund eyes investments in Ireland

A subsidiary of China's sovereign wealth fund on Tuesday signed a memorandum of understanding with Dublin's debt agency to explore investment opportunities in Ireland, but gave little detail on what it might be interested in. Europe has been courting coun
Published 30 Mar, 2012 12:00am
Doctor Shakeel Afridi sacked

Doctor Shakeel Afridi sacked

Pakistan sacked on Thursday a government surgeon recruited by the CIA to help find Osama bin Laden, officials said, amid calls for him to face treason charges. Doctor Shakeel Afridi, who is in custody, was fired on disciplinary grounds by the government i
Published 30 Mar, 2012 12:00am
Asia weaves strands of social safety net

Asia weaves strands of social safety net

While many European countries struggle to pay for social safety nets, some in Asia are finding they can no longer afford to do without them. The shift is as much about politics as economics. Asia's explosive growth over the past decade has created thousan
Published 30 Mar, 2012 12:00am
Doctor Shakeel Afridi sacked

Doctor Shakeel Afridi sacked

Pakistan sacked on Thursday a government surgeon recruited by the CIA to help find Osama bin Laden, officials said, amid calls for him to face treason charges. Doctor Shakeel Afridi, who is in custody, was fired on disciplinary grounds by the government i
Published 30 Mar, 2012 12:00am
German economy to grow sluggishly to end-2013

German economy to grow sluggishly to end-2013

Germany's export-driven economy will grow just 0.3 percent this year and 0.7 percent next as austerity measures linked to the euro zone debt crisis weigh on foreign demand, three European research institutes said on Thursday. "All hopes that Germany could
Published 30 Mar, 2012 12:00am
BMW recalling 367,000 cars in US to fix cables

BMW recalling 367,000 cars in US to fix cables

US safety regulators and BMW say owners of some 5- and 6-Series cars should park them outside until a battery cable problem can be fixed. The National Highway Traffic Safety Administration on Thursday said BMW is recalling more than 367,000 of the cars in
Published 30 Mar, 2012 12:00am
US fourth quarter income trends up, boost for spending

US fourth quarter income trends up, boost for spending

US household income grew at a faster pace in the fourth quarter than previously thought as the jobs market strengthened, a development that could underpin consumer spending. The Commerce Department said on Thursday real disposable income rose to a seasona
Published 30 Mar, 2012 12:00am
Chinese firm surpasses Exxon in oil production

Chinese firm surpasses Exxon in oil production

Exxon Mobil is no longer the world's biggest publicly traded producer of oil. For the first time, that distinction belongs to a 13-year-old Chinese company called PetroChina. The Beijing company was created by the Chinese government to secure more oil for
Published 30 Mar, 2012 12:00am
West wants Saudi not to neutralise oil release

West wants Saudi not to neutralise oil release

Oil consuming nations may seek reassurance from Saudi Arabia that it will not cut oil production and neutralise the impact on oil prices if consumer countries release emergency reserves, diplomats and industry sources said. The issue may be raised by a US
Published 30 Mar, 2012 12:00am
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