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Archive - 2012-03-31
The price of petrol goes up by Rs8
Top News

The price of petrol goes up by Rs8

ISLAMABAD: The price of petrol has once again been increased, and this time by a jaw dropping Rs8.02 per litre , diesel
Published 31 Mar, 2012 08:17pm
Earth hour day observed in Karachi
Top News

Earth hour day observed in Karachi

KARACHI: Karachi Metropolitan Corporation participated in the observance of World Earth Hour Day on Saturday by switchin
Published 31 Mar, 2012 04:28pm
PASSCO to sell 0.450mn tonnes wheat
Top News

PASSCO to sell 0.450mn tonnes wheat

LAHORE: Pakistan Agriculture Storage and Services Corporation Limited (PASSCO) has contacted interested local buyers to
Published 31 Mar, 2012 03:17pm
Karachi violence kills more than 14
Top News

Karachi violence kills more than 14

KARACHI: At least 14 people have been killed in renewed violence in the last 24 hours, the media reported on Saturday.
Published 31 Mar, 2012 10:42am
BoP posts Rs347.973mn profit after tax
Top News

BoP posts Rs347.973mn profit after tax

RECORDER REPORT KARACHI: The Bank of Punjab (BoP) has posted Rs 347.973 million as profit after tax in the year ended
Published 31 Mar, 2012 05:12am
Obama moves to choke Iran oil exports
Top News

Obama moves to choke Iran oil exports

  WASHINGTON: President Barack Obama gave the go-ahead for fresh sanctions against Iran's oil sector Friday, judging
Published 31 Mar, 2012 04:41am
$640mn US record lottery prize
Top News

$640mn US record lottery prize

NEW YORK: The record $640 million lottery prize that sent the United States into a gambling frenzy reportedly had at lea
Published 31 Mar, 2012 04:40am
Sterling climbs against dollar

Sterling climbs against dollar

Sterling rose to its highest in more than four months against a weak dollar on Friday, with the US currency under pressure on month and quarter-end rebalancing flows combined with expectations US monetary policy will stay ultra-loose Gains against the gre
Published 31 Mar, 2012 12:00am
Repo rates lower as banks pause for quarter-end

Repo rates lower as banks pause for quarter-end

Preparations for both the end of the quarter and Japan's fiscal year dominated global money markets on Friday, as quiet trading in the Treasury market and a muted reaction to new developments in Europe kept repo and interbank lending rates mostly steady.
Published 31 Mar, 2012 12:00am
Swiss franc rises

Swiss franc rises

The Swiss franc tracked the euro higher against the dollar on Friday ahead of a two day meeting in Copenhagen where eurozone finance ministers are seen raising the combined lending ceiling of two bailout funds. The franc rose 0.5 percent against the dolla
Published 31 Mar, 2012 12:00am
Asian currencies rise

Asian currencies rise

Most emerging Asian currencies rose on Friday as short-term players bought the battered units and on exporters' demand, but they were headed for monthly losses in March on worries about the slowing global economy and higher oil prices. Despite losses in r
Published 31 Mar, 2012 12:00am
Indian rupee scores worst fall in four months

Indian rupee scores worst fall in four months

The Indian rupee suffered the worst fall in four months, shedding 3.68 percent in March, hammered by investor jitters over the impact of high global oil prices on an economy still licking the wounds of a fierce inflation battle that has crimped growth and
Published 31 Mar, 2012 12:00am
Euro slips in New York

Euro slips in New York

The euro fell against the dollar and the yen on Thursday with investors expressing caution ahead of Spain's budget presentation at the end of the week amid concerns about the euro zone's sovereign debt crisis. The single currency has declined steadily in
Published 31 Mar, 2012 12:00am
Early trade in New York: Euro up versus dollar and yen

Early trade in New York: Euro up versus dollar and yen

The euro rallied against the dollar and the yen on Friday after budget cuts in Spain boosted hopes the country could stick to an austerity path, though mixed US data capped gains. Spain presented a budget that aims to save more than 27 billion euros in 20
Published 31 Mar, 2012 12:00am
Dollar hits one-month low

Dollar hits one-month low

The dollar fell to its lowest in a month against a basket of currencies on Friday, extending falls made on expectations of more US monetary stimulus and helping the euro hold its ground as the bloc agreed steps to prevent the debt crisis spreading. Eurozo
Published 31 Mar, 2012 12:00am
Yen briefly jumps

Yen briefly jumps

The yen briefly jumped to a three-week high against the dollar on Friday as speculators bought the currency, triggering stop losses, but a lack of expected strong follow-through buying by businesses saw the yen edge back. Short-term players had hoped repa
Published 31 Mar, 2012 12:00am
Yuan slightly up

Yuan slightly up

The yuan ended Friday slightly higher against the dollar, but marked its first quarterly decline since the fourth quarter of 2009, slipping 0.06 percent. Traders expect the PBOC to permit more volatility for the yuan/dollar exchange rate in the second qua
Published 31 Mar, 2012 12:00am
Australian and New Zealand dollars struggle versus yen

Australian and New Zealand dollars struggle versus yen

The Australian and New Zealand dollars were struggling against the yen on Friday as investors took profits on short yen positions for Japan's fiscal year-end amid caution ahead of key Chinese data due this weekend. The NZ dollar edged up to $0.8190, from
Published 31 Mar, 2012 12:00am
Gaffes aside, Romney tightens grip on Republican race

Gaffes aside, Romney tightens grip on Republican race

Step by step, Mitt Romney is tightening his grip on the Republican presidential nomination race despite a continued penchant for gaffes on the campaign trail. Romney was in Houston on Thursday to accept the endorsement of former President George H.W. Bush
Published 31 Mar, 2012 12:00am
Manila offers US wider military access, seeks weapons

Manila offers US wider military access, seeks weapons

The Philippines is offering the United States greater access to its airfields and may open new areas for soldiers to use, as the Pacific country seeks stronger military ties with its closest ally, moves likely to further raise tensions with China.
Published 31 Mar, 2012 12:00am
Indian teenage maid locked up while employers holiday

Indian teenage maid locked up while employers holiday

An Indian couple, both doctors, locked up a 13-year-old girl working as their domestic help when they left on vacation to Thailand, police said Friday. The girl was rescued from a New Delhi flat late Thursday with the help of the fire brigade after neighb
Published 31 Mar, 2012 12:00am
British anti-war firebrand Galloway in shock election win

British anti-war firebrand Galloway in shock election win

Britain's mainstream parties were reeling Friday after firebrand George Galloway, a fierce critic of the wars in Afghanistan and Iraq, won a sensational return to parliament. The Scottish politician becomes his Respect party's only lawmaker after crushing
Published 31 Mar, 2012 12:00am
Mali coup leader seeks help as rebels take town

Mali coup leader seeks help as rebels take town

Mali's junta leader appealed on Friday for outside help to secure the West African country after separatist Tuareg rebels took the strategic northern town of Kidal. Arms spilling out of Libya from last year's conflict have bolstered a northern rebellion i
Published 31 Mar, 2012 12:00am
Philippine police docked pay for unsolved murders

Philippine police docked pay for unsolved murders

Nearly two dozen high-ranking Philippine police officers have been docked a month's salary as punishment for failing to solve hundreds of murders in a southern city, the government said Friday. The disciplinary action was handed down by the Ombudsman Conc
Published 31 Mar, 2012 12:00am
Sun Hung Kai dives as billionaire Kwok brothers arrested

Sun Hung Kai dives as billionaire Kwok brothers arrested

More than $5 billion was wiped off the market value of Sun Hung Kai Properties on Friday, after the billionaire owners of Asia's largest real estate developer were arrested on suspicion of corruption. Hong Kong's Independent Commission Against Corruption
Published 31 Mar, 2012 12:00am
Hungary president cancels plans amid plagiarism scandal

Hungary president cancels plans amid plagiarism scandal

Hungarian President Pal Schmitt cancelled all his engagements Friday, news agency MTI reported, amid speculation he could resign after he was stripped of his university doctorate over plagiarism. Schmitt's spokesman also said the president would make an a
Published 31 Mar, 2012 12:00am
Five al Qaeda suspects, three others killed in Yemen

Five al Qaeda suspects, three others killed in Yemen

Eight people, including five suspected al Qaeda members, were killed in an air strike and a shooting in Yemen on Friday, local officials and tribal sources said. An official in Shabwa province in eastern Yemen said two drone attacks, apparently carried ou
Published 31 Mar, 2012 12:00am
Europe's reform drive risks running out of steam

Europe's reform drive risks running out of steam

European leaders are caught between former White House chief of staff Rahm Emanuel's injunction "You never want a serious crisis to go to waste" and Luxembourg Prime Minister Jean-Claude Juncker's admission that "We all know what to do. We just don't know
Published 31 Mar, 2012 12:00am
Pfizer says Europe undermining drug innovation

Pfizer says Europe undermining drug innovation

Europe is undermining drug innovation by cutting prices, raising barriers to new medicines and "freeloading" off others in Asia and the United States who are more willing to pay, the boss of Pfizer, the world's largest drugmaker, said. European government
Published 31 Mar, 2012 12:00am
Mabanaft exits speculative paper oil

Mabanaft exits speculative paper oil

German oil trader Mabanaft GmbH has ceased to make speculative bets in derivatives, a business in which it has little competitive advantage, to focus on trading physical oil in Asia and Europe, the chief executive of its parent company said. Christian Fla
Published 31 Mar, 2012 12:00am
Statoil eyes UK exploration push

Statoil eyes UK exploration push

Norway's Statoil, fresh from exploration success in its home country, is looking for opportunities in Britain's North Sea, where it believes large oil and gas deposits can still be found, a top executive told Reuters. Statoil largely abandoned the mature
Published 31 Mar, 2012 12:00am
Italy union says Hitachi eyes Finmeccanica rail operations

Italy union says Hitachi eyes Finmeccanica rail operations

Japanese Group Hitachi is interested in possible partnerships with Finmeccanica rail sector units AnsaldoBreda and Ansaldo STS, but any deal would take time, an Italian union leader told Reuters on Tuesday. "Hitachi is interested. Any marriage would need
Published 31 Mar, 2012 12:00am
Greentech eyes wind, solar mergers by 2013

Greentech eyes wind, solar mergers by 2013

Danish renewable energy developer Greentech Energy Systems hopes to merge with two European wind or solar companies by 2013 to help boost its capacity to one gigawatt by 2014, the firm's chief executive told Reuters on Tuesday. Greentech, which is listed
Published 31 Mar, 2012 12:00am
Djibouti finalising finances for new ports

Djibouti finalising finances for new ports

Djibouti's port authority is close to securing $4.4 billion from international banks to finance the building of five new ports in the next four years to meet growing demand for trade boosted by South Sudan's gaining of independence. The horn of Africa nat
Published 31 Mar, 2012 12:00am
Weak UK lending highlights recovery struggle

Weak UK lending highlights recovery struggle

Approvals for home loans in Britain fell to an 8-month low in February, and banks expect to tighten lending in the next few months, Bank of England data showed, highlighting the tough path ahead for the recovery. The figures come after mortgage lender Nat
Published 31 Mar, 2012 12:00am
Indonesia's rich bulge on commodities boom leaves many behind

Indonesia's rich bulge on commodities boom leaves many behind

Fitria Yusuf is a bag lady, but you won't find her sleeping rough in Jakarta. Her bag of choice is Hermes, a French brand so coveted in the Indonesian capital it can cost as much as a luxury car. Yusuf owns five of them, having cut down from the early day
Published 31 Mar, 2012 12:00am
Akamai CEO sets $5 billion revenue target by 2020

Akamai CEO sets $5 billion revenue target by 2020

Akamai Technologies Inc's chief executive said he wants to grow the Internet content delivery company's revenue five-fold to $5 billion by the end of this decade. "There is significant opportunity in mobile, cloud, video and security. Each of this is a mu
Published 31 Mar, 2012 12:00am
Akamai CEO sets $5 billion revenue target by 2020

Akamai CEO sets $5 billion revenue target by 2020

Akamai Technologies Inc's chief executive said he wants to grow the Internet content delivery company's revenue five-fold to $5 billion by the end of this decade. "There is significant opportunity in mobile, cloud, video and security. Each of this is a mu
Published 31 Mar, 2012 12:00am
UAE mulls uniform corporate tax rate, not for two years

UAE mulls uniform corporate tax rate, not for two years

The United Arab Emirates is looking at introducing a uniform corporate tax rate across its seven states as it wants to reduce its dependence on oil revenue, the IMF said on Monday, but a government official said there would be no new taxes for at least tw
Published 31 Mar, 2012 12:00am
Pollution the big barrier to freer trade in rare earths

Pollution the big barrier to freer trade in rare earths

Tackling pollution, not freeing up trade, is regarded as the solution to a global shortage of rare earths, the metals that are the building blocks of the 21st century. The United States, Europe and Japan have lodged a formal trade complaint against China,
Published 31 Mar, 2012 12:00am
Tycoon-controlled Sateri eyes product shake-up

Tycoon-controlled Sateri eyes product shake-up

Sateri Holdings aims to reshuffle its product mix and further integrate business chains to enhance profitability, its chief executive said on Wednesday after the fibre producer posted a 41 percent fall profits in its debut full-year results.
Published 31 Mar, 2012 12:00am
India cancer ruling opens door for cheaper drugs

India cancer ruling opens door for cheaper drugs

India's move to strip German drugmaker Bayer of its exclusive rights to a cancer drug has set a precedent that could extend to other treatments, including modern HIV/AIDS drugs, in a major blow to global pharmaceutical firms, experts say. On Monday, the I
Published 31 Mar, 2012 12:00am
Hedge funds register, wait for SEC to visit

Hedge funds register, wait for SEC to visit

Hedge fund managers are increasingly nervous about getting a knock on the door from US securities regulators now that a new rule requires them to register as investment advisers and provide lots of data about their inner workings as a result. Hundreds of
Published 31 Mar, 2012 12:00am
Hedge funds register, wait for SEC to visit

Hedge funds register, wait for SEC to visit

Hedge fund managers are increasingly nervous about getting a knock on the door from US securities regulators now that a new rule requires them to register as investment advisers and provide lots of data about their inner workings as a result. Hundreds of
Published 31 Mar, 2012 12:00am
Japan cuts Iran crude imports by 27 percent in February

Japan cuts Iran crude imports by 27 percent in February

Japan's imports of oil from Iran fell 27.3 percent in February from a month earlier, customs-cleared data showed on Thursday, as the third-biggest buyer of Iranian crude complied with US demands to curb purchases. The United States last week exempted Japa
Published 31 Mar, 2012 12:00am
Italy 10-year borrowing costs at seven-month low

Italy 10-year borrowing costs at seven-month low

Italy's 10-year borrowing costs fell to 5.24 percent, the lowest since August 2011, in an auction on Thursday that continued a trend of easing tensions in the euro zone, at least for now. Demand from Italian banks helped Rome raise 8 billion euros in 10-
Published 31 Mar, 2012 12:00am
Nigeria loses $5 billion annually to oil thieves: Shell

Nigeria loses $5 billion annually to oil thieves: Shell

Nigeria loses $5 billion annually to oil theft, the head of Shell's Nigerian branch has said, the latest sign of a flourishing and organised black market for crude in Africa's largest oil producer. "Nigeria is losing at least $5 billion every year as a re
Published 31 Mar, 2012 12:00am
H&M eyes new chain as costs hold back first quarter

H&M eyes new chain as costs hold back first quarter

World number two clothes retailer H&M AB, which has built a reputation for cheap and cheerful fashion, set out plans for a new chain of stores as part of investments which held back its first quarterly profit growth in more than a year.
Published 31 Mar, 2012 12:00am
H&M eyes new chain as costs hold back first quarter

H&M eyes new chain as costs hold back first quarter

World number two clothes retailer H&M AB, which has built a reputation for cheap and cheerful fashion, set out plans for a new chain of stores as part of investments which held back its first quarterly profit growth in more than a year.
Published 31 Mar, 2012 12:00am
Global miners to stay in the game despite rule changes

Global miners to stay in the game despite rule changes

Indonesia's decision to shut the door on foreign control of its mines has gone down badly with global miners but none are yet threatening to quit the country: the truth is, they no longer have any easy investment destinations to turn to. After a decade of
Published 31 Mar, 2012 12:00am
IMF sees Sri Lanka growth cooling below 7.5 percent

IMF sees Sri Lanka growth cooling below 7.5 percent

The International Monetary Fund (IMF) on Monday forecast Sri Lanka's economic growth would cool to less than 7.5 percent due to its tighter monetary policy and currency depreciation measures, aimed at cutting the trade and current account deficits.
Published 31 Mar, 2012 12:00am
IMF sees Sri Lanka growth cooling below 7.5 percent

IMF sees Sri Lanka growth cooling below 7.5 percent

The International Monetary Fund (IMF) on Monday forecast Sri Lanka's economic growth would cool to less than 7.5 percent due to its tighter monetary policy and currency depreciation measures, aimed at cutting the trade and current account deficits.
Published 31 Mar, 2012 12:00am
Japan's Lawson sees possible 10 percent profit rise

Japan's Lawson sees possible 10 percent profit rise

The president of Lawson Inc said on Wednesday that operating profit at Japan's No 2 convenience store chain could rise by as much as 10 percent year-on-year in the year to February 2013 due to supply chain improvements. President and CEO Takeshi Niinami a
Published 31 Mar, 2012 12:00am
Japan's Lawson sees possible 10 percent profit rise

Japan's Lawson sees possible 10 percent profit rise

The president of Lawson Inc said on Wednesday that operating profit at Japan's No 2 convenience store chain could rise by as much as 10 percent year-on-year in the year to February 2013 due to supply chain improvements. President and CEO Takeshi Niinami a
Published 31 Mar, 2012 12:00am
Politics push China's property tax towards Beijing

Politics push China's property tax towards Beijing

China's capital could be the next major testing ground for a national property tax, putting the central government at risk of vocal criticism close to home that underscores its determination to roll out an unpopular fiscal plan that has been a decade in t
Published 31 Mar, 2012 12:00am
Delta-Boeing clash threatens Obama bid to renew Eximbank

Delta-Boeing clash threatens Obama bid to renew Eximbank

Concerns raised by Delta Air Lines about the fairness of US Export-Import Bank loans to help Boeing export aircraft are complicating President Barack Obama's push to quickly renew the bank's charter. The fight pits the second-biggest US air carrier agains
Published 31 Mar, 2012 12:00am
ECB, BoE to switch off money pumps

ECB, BoE to switch off money pumps

The European Central Bank and Bank of England have probably reached the end of their campaign to prime the banking system with hundreds of billions of euros and pounds, a Reuters poll showed on Wednesday. A further loosening in monetary policy by the two
Published 31 Mar, 2012 12:00am
Eurozone agrees to boost rescue capacity

Eurozone agrees to boost rescue capacity

Eurozone finance ministers agreed on Friday to increase their financial firewall to 700 billion euros to ward off a new flare-up of Europe's sovereign debt crisis, drawing a positive initial reaction from markets and G20 partners. The 17-nation currency a
Published 31 Mar, 2012 12:00am
World Bank chief deflects criticism of US monopoly

World Bank chief deflects criticism of US monopoly

Outgoing World Bank president Robert Zoellick said Friday that emerging markets were well represented among the Bank's staff as he sought to deflect criticism of the US lock on the top job. A nearly seven-decade carve-up has seen Americans lead the World
Published 31 Mar, 2012 12:00am
Opec output at new high

Opec output at new high

Opec oil output has risen in March to its highest since October 2008 as higher supply from Iraq and further recovery in Libya's production offset a drop in shipments from Iran, a Reuters survey found on Friday. Supply from the 12 members of the Organisati
Published 31 Mar, 2012 12:00am
Denmark in recession

Denmark in recession

Denmark has entered a recession, official data showed on Friday, after growth figures for the fourth quarter of 2011 were revised to show a 0.1-percent contraction. In February, the national statistics institute had forecast slight growth of 0.2 percent i
Published 31 Mar, 2012 12:00am
Brazil posts largest primary surplus on record

Brazil posts largest primary surplus on record

Brazil posted in February the largest primary budget surplus on record for the month, the central bank said on Friday, underscoring the government's efforts to rein in public spending and paving the way for lower interest rates.
Published 31 Mar, 2012 12:00am
EU clears Lufthansa's sale of bmi to British Airways

EU clears Lufthansa's sale of bmi to British Airways

EU antitrust regulators gave a conditional greenlight Friday to a bid by International Consolidated Airlines Group (IAG), owner of British Airways, to buy rival bmi from Lufthansa. The decision is conditional on IAG releasing 14 daily pairs of slots at Lo
Published 31 Mar, 2012 12:00am
US consumer spending jumps, GDP prospects brighten

US consumer spending jumps, GDP prospects brighten

US consumer spending increased by the most in seven months in February as households shook off a rise in gasoline prices, leading economists to raise forecasts for first-quarter growth. Even with gasoline around $4 a gallon, Americans were more optimistic
Published 31 Mar, 2012 12:00am
Visa, MasterCard scramble after massive data breach

Visa, MasterCard scramble after massive data breach

Credit card giants Visa and MasterCard were scrambling on Friday to thwart cyber crooks who looted a massive trove of precious account data, evidently from a payment processor in New York. Gartner analyst Avivah Litan said that industry sources revealed t
Published 31 Mar, 2012 12:00am
Russia halves Ukraine gas shipments

Russia halves Ukraine gas shipments

Gazprom said on Friday it had recently halved Russia's natural gas shipments to Europe through Ukraine as part of efforts to reduce deliveries through the troublesome transit nation. The Russian monopoly said it had cut back its deliveries across the form
Published 31 Mar, 2012 12:00am
Apple, Foxconn set new standard for Chinese workers

Apple, Foxconn set new standard for Chinese workers

Apple Inc and its main contract manufacturing Foxconn agreed to tackle violations of conditions among the 1.2 million workers assembling iPhones and iPads in a landmark decision that could change the way Western companies do business in China.
Published 31 Mar, 2012 12:00am
Pakistan will continue to harness its military potential: Prime Minister

Pakistan will continue to harness its military potential: Prime Minister

Prime Minister Syed Yusuf Raza Gilani on Friday said Pakistan would continue to develop its military potential as weakness invites aggression from stronger nations. Addressing the soft launch of the prestigious military hardware exhibition - IDEAS-2012, P
Published 31 Mar, 2012 12:00am
US farmers boost corn acres to 75-year high

US farmers boost corn acres to 75-year high

US farmers will expand their corn plantings by 4 percent this spring to the largest in 75 years, topping expectations due to surprise reductions in soyabeans and spring wheat, according to a government survey on Friday. Soybean prices jumped to hit their
Published 31 Mar, 2012 12:00am
Pakistan will continue to harness its military potential: Prime Minister

Pakistan will continue to harness its military potential: Prime Minister

Prime Minister Syed Yusuf Raza Gilani on Friday said Pakistan would continue to develop its military potential as weakness invites aggression from stronger nations. Addressing the soft launch of the prestigious military hardware exhibition - IDEAS-2012, P
Published 31 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 31 Mar, 2012 12:00am
Rental power projects: Contracts rescinded

Rental power projects: Contracts rescinded

In a landmark judgement, the Supreme Court of Pakistan on Friday rescinded all Rental Power Plants contracts, declaring them illegal and non-transparent. The apex court issued directives to Chairman National Accountability Bureau (NAB) to proceed against
Published 31 Mar, 2012 12:00am
Irish food exports set to match record

Irish food exports set to match record

Ireland's food and drink exports, one of the brightest spots in its struggling economy, will remain at record highs this year despite weak economic growth in key European export markets, the agriculture minister said in an interview.
Published 31 Mar, 2012 12:00am
Rental power projects: Contracts rescinded

Rental power projects: Contracts rescinded

In a landmark judgement, the Supreme Court of Pakistan on Friday rescinded all Rental Power Plants contracts, declaring them illegal and non-transparent. The apex court issued directives to Chairman National Accountability Bureau (NAB) to proceed against
Published 31 Mar, 2012 12:00am
Peru's growth seen at 5.5 percent versus year ago

Peru's growth seen at 5.5 percent versus year ago

Peru's economy is expected to have expanded 5.5 percent in January from a year earlier, slowing its pace slightly from December, according to the median forecast of 16 economists surveyed by Reuters. Their estimates varied between 5 and 6.5 percent. An in
Published 31 Mar, 2012 12:00am
Rental power projects: Contracts rescinded

Rental power projects: Contracts rescinded

In a landmark judgement, the Supreme Court of Pakistan on Friday rescinded all Rental Power Plants contracts, declaring them illegal and non-transparent. The apex court issued directives to Chairman National Accountability Bureau (NAB) to proceed against
Published 31 Mar, 2012 12:00am
Vestas still hopeful for US tax credit renewal

Vestas still hopeful for US tax credit renewal

Danish wind turbine maker Vestas remains optimistic that US lawmakers will extend a key tax credit for renewable energy investment, despite the failure of a proposal in the Senate, recently. A Senate proposal attached to a transport bill to extend tax bre
Published 31 Mar, 2012 12:00am
BISP must not spread itself too thin: Hafeez

BISP must not spread itself too thin: Hafeez

Finance Minister, Dr Abdul Hafeez Shaikh has reportedly expressed serious concerns over increasing reliance on foreign borrowing and excessive proliferation of the much-talked about Benazir Income Support Program (BISP), official sources told Business
Published 31 Mar, 2012 12:00am
Vestas still hopeful for US tax credit renewal

Vestas still hopeful for US tax credit renewal

Danish wind turbine maker Vestas remains optimistic that US lawmakers will extend a key tax credit for renewable energy investment, despite the failure of a proposal in the Senate, recently. A Senate proposal attached to a transport bill to extend tax bre
Published 31 Mar, 2012 12:00am
BISP must not spread itself too thin: Hafeez

BISP must not spread itself too thin: Hafeez

Finance Minister, Dr Abdul Hafeez Shaikh has reportedly expressed serious concerns over increasing reliance on foreign borrowing and excessive proliferation of the much-talked about Benazir Income Support Program (BISP), official sources told Business
Published 31 Mar, 2012 12:00am
Idea of healthcare overhaul gets wide support

Idea of healthcare overhaul gets wide support

An overhaul of the US healthcare system remains popular even though Americans are not enamoured with the law that President Barack Obama signed in 2010, according to a Reuters/Ipsos poll released on Wednesday. The poll found that 44 percent of respondents
Published 31 Mar, 2012 12:00am
BISP must not spread itself too thin: Hafeez

BISP must not spread itself too thin: Hafeez

Finance Minister, Dr Abdul Hafeez Shaikh has reportedly expressed serious concerns over increasing reliance on foreign borrowing and excessive proliferation of the much-talked about Benazir Income Support Program (BISP), official sources told Business
Published 31 Mar, 2012 12:00am
Mitsubishi UFJ eyes overseas hires, revenue hike

Mitsubishi UFJ eyes overseas hires, revenue hike

Japan's Mitsubishi UFJ Financial Group (MUFG) eyes a big hike in overseas revenue, hiring staff in its European investment bank and lending more to foreign customers as rivals retreat, a top executive told Reuters. The Japanese lender wants to be in the t
Published 31 Mar, 2012 12:00am
Three recommendations dropped by PCNS

Three recommendations dropped by PCNS

The Parliamentary Committee on National Security (PCNS) has dropped its recommendations in relation to foreign intelligence agencies and the use of Pakistani airbases by foreign troops, it is learnt. According to sources, as many as three recommendations
Published 31 Mar, 2012 12:00am
Weak Kuwait government caves in to wage pressures

Weak Kuwait government caves in to wage pressures

In most countries, a 25 percent pay rise would buy peace from labour unions, at least temporarily. When Kuwait's cabinet announced such a rise for government employees this month, customs workers responded by going on strike, followed by staff at the stat
Published 31 Mar, 2012 12:00am
Three recommendations dropped by PCNS

Three recommendations dropped by PCNS

The Parliamentary Committee on National Security (PCNS) has dropped its recommendations in relation to foreign intelligence agencies and the use of Pakistani airbases by foreign troops, it is learnt. According to sources, as many as three recommendations
Published 31 Mar, 2012 12:00am
Ecobank eyes top spot in African markets

Ecobank eyes top spot in African markets

Pan-African Ecobank Transnational is near the end of its geographic expansion across Africa and now plans to focus on organic growth to be among the top three banks in each of the over 30 countries it operates in, its CEO said on Wednesday. The independen
Published 31 Mar, 2012 12:00am
Obama moves to choke Iran oil exports

Obama moves to choke Iran oil exports

President Barack Obama gave the go-ahead for fresh sanctions against Iran's oil sector Friday, judging there is enough oil on world markets to ensure the move will not hit US consumers. With just hours to go before a legal deadline, Obama determined the U
Published 31 Mar, 2012 12:00am
Indonesia markets lag peers as country's glow fades

Indonesia markets lag peers as country's glow fades

At the start of 2012, Indonesia was basking in accolades for its economic performance. It was home to the world's best-performing emerging stock market over 2009-2011, and Jakarta had just been restored to investment grade after 14 years by two rating age
Published 31 Mar, 2012 12:00am
Obama moves to choke Iran oil exports

Obama moves to choke Iran oil exports

President Barack Obama gave the go-ahead for fresh sanctions against Iran's oil sector Friday, judging there is enough oil on world markets to ensure the move will not hit US consumers. With just hours to go before a legal deadline, Obama determined the U
Published 31 Mar, 2012 12:00am
UK could whet appetite with loss leader RBS stake

UK could whet appetite with loss leader RBS stake

Britons take a dim view of the billions it cost taxpayers to rescue the banks four years ago, so they will take some convincing if the government sells a stake in bailed-out Royal Bank of Scotland at a loss. Britain and Abu Dhabi are holding talks on the
Published 31 Mar, 2012 12:00am
Obama moves to choke Iran oil exports

Obama moves to choke Iran oil exports

President Barack Obama gave the go-ahead for fresh sanctions against Iran''s oil sector Friday, judging there is enough oil on world markets to ensure the move will not hit US consumers. With just hours to go before a legal deadline, Obama determined the
Published 31 Mar, 2012 12:00am
Goldman board meets in India amid talk of splitting top jobs

Goldman board meets in India amid talk of splitting top jobs

Half a world away from Wall Street, the board of directors of embattled Goldman Sachs Group Inc were meeting in India amid reports that senior executives have talked about splitting the roles of chief executive and chairman, both held now by Lloyd Blankfe
Published 31 Mar, 2012 12:00am
Turkey to cut imports by a tenth

Turkey to cut imports by a tenth

Turkey said on Friday it will cut imports of oil from Iran by a tenth, ceding to US pressure a week after Washington warned Tehran's customers they could incur US sanctions unless they significantly reduce purchases. Pressure from Washington and Brussels,
Published 31 Mar, 2012 12:00am
HSBC to buy UAE banking operations from Britain's Lloyds

HSBC to buy UAE banking operations from Britain's Lloyds

HSBC on Thursday said that its Middle East unit had agreed to buy UAE-based assets worth $769 million (579 million euros) that belonged to its part-nationalised rival Lloyds Banking Group. "HSBC Bank Middle East ... has entered into an agreement to acquir
Published 31 Mar, 2012 12:00am
Turkey to cut imports by a tenth

Turkey to cut imports by a tenth

Turkey said on Friday it will cut imports of oil from Iran by a tenth, ceding to US pressure a week after Washington warned Tehran's customers they could incur US sanctions unless they significantly reduce purchases. Pressure from Washington and Brussels,
Published 31 Mar, 2012 12:00am
France seeks eurozone firewall close to trillion euros

France seeks eurozone firewall close to trillion euros

France wants the eurozone's debt rescue fund raised to around one trillion euros ($1.3 trillion), Finance Minister Francois Baroin said on Thursday, a day before ministers meet to find a compromise. "That is the position I will defend in the name of Franc
Published 31 Mar, 2012 12:00am
Turkey to cut imports by a tenth

Turkey to cut imports by a tenth

Turkey said on Friday it will cut imports of oil from Iran by a tenth, ceding to US pressure a week after Washington warned Tehran''s customers they could incur US sanctions unless they significantly reduce purchases. Pressure from Washington and Brussels
Published 31 Mar, 2012 12:00am
French vote may change economic team, not course

French vote may change economic team, not course

The man who could become France's first Socialist president in nearly two decades may have turned his campaign rhetoric against bankers and the rich, but in office his policies would be guided by advisers steeped in commerce and public service. Francois H
Published 31 Mar, 2012 12:00am
Modaraba, Delimitation of Constituencies (Amendment) Bills passed

Modaraba, Delimitation of Constituencies (Amendment) Bills passed

Joint session of the Parliament on Friday unanimously passed "The Modaraba Companies and Modaraba (Floatation and Control) (Amendment) Bill, 2009 to safeguard the interest of Modaraba investors and to bring efficiency in the Modaraba management and streng
Published 31 Mar, 2012 12:00am
No change seen on grain market

No change seen on grain market

no transaction, no price change was seen on grain and seed wholesale market as almost all the participants were busy in preparations for Juma prayers, acc0rding to grain and seed merchants group's statement.
Published 31 Mar, 2012 12:00am
Modaraba, Delimitation of Constituencies (Amendment) Bills passed

Modaraba, Delimitation of Constituencies (Amendment) Bills passed

Joint session of the Parliament on Friday unanimously passed "The Modaraba Companies and Modaraba (Floatation and Control) (Amendment) Bill, 2009 to safeguard the interest of Modaraba investors and to bring efficiency in the Modaraba management and streng
Published 31 Mar, 2012 12:00am
Saudi wheat output seen down nine percent

Saudi wheat output seen down nine percent

Following are selected highlights from a report issued by a US Department of Agriculture attache in Saudi Arabia. "In MY 2012/2013, Saudi Arabia wheat production is forecasted to decline by 9 percent to 1 million tonnes compared to 1.1 million tonnes of M
Published 31 Mar, 2012 12:00am
Modaraba, Delimitation of Constituencies (Amendment) Bills passed

Modaraba, Delimitation of Constituencies (Amendment) Bills passed

Joint session of the Parliament on Friday unanimously passed "The Modaraba Companies and Modaraba (Floatation and Control) (Amendment) Bill, 2009 to safeguard the interest of Modaraba investors and to bring efficiency in the Modaraba management and streng
Published 31 Mar, 2012 12:00am
Cotton prices retain overnight levels in slow trade

Cotton prices retain overnight levels in slow trade

Steady condition was again witnessed on the cotton market as buyers were interested in fresh purchasing, dealers said. Some broker said it appears that buying may emerge from mills and spinners as a result of token demand. They further said that exporters
Published 31 Mar, 2012 12:00am
Modaraba, Delimitation of Constituencies (Amendment) Bills passed

Modaraba, Delimitation of Constituencies (Amendment) Bills passed

Joint session of the Parliament on Friday unanimously passed "The Modaraba Companies and Modaraba (Floatation and Control) (Amendment) Bill, 2009 to safeguard the interest of Modaraba investors and to bring efficiency in the Modaraba management and streng
Published 31 Mar, 2012 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 83,327 tonnes of cargo including 47,313 tonnes of import, 36,014 tonnes of export cargo and 4,541 loaded and empty containers (TEUs) during the last 24 hours of business activities ended at 0700 hours on Friday. The total import c
Published 31 Mar, 2012 12:00am
Modaraba, Delimitation of Constituencies (Amendment) Bills passed

Modaraba, Delimitation of Constituencies (Amendment) Bills passed

Joint session of the Parliament on Friday unanimously passed "The Modaraba Companies and Modaraba (Floatation and Control) (Amendment) Bill, 2009 to safeguard the interest of Modaraba investors and to bring efficiency in the Modaraba management and streng
Published 31 Mar, 2012 12:00am
FOB Gulf corn offers slip on weak CIF

FOB Gulf corn offers slip on weak CIF

US corn export premiums at the Gulf Coast were lower on Thursday, sinking in tandem with the easing CIF barge market, amid quiet demand for Gulf shipments ahead of an upcoming government acreage and stocks report. Most of the demand for US corn this week
Published 31 Mar, 2012 12:00am
Index breaches 13,700 level

Index breaches 13,700 level

A bullish trend continued on the Karachi share market on Friday and the KSE-100 index breached 13,700 psychological level on the back of strong interest of local investors and institutions. The KSE-100 index surged by 202.66 points and closed near its int
Published 31 Mar, 2012 12:00am
US corn futures end lower on liquidation

US corn futures end lower on liquidation

Chicago Board of Trade corn futures closed lower on Thursday on speculative long liquidation and positioning ahead of the release early Friday of a key government seedings and stocks report. Position-squaring was dominating dealings ahead of the release e
Published 31 Mar, 2012 12:00am
Index breaches 13,700 level

Index breaches 13,700 level

A bullish trend continued on the Karachi share market on Friday and the KSE-100 index breached 13,700 psychological level on the back of strong interest of local investors and institutions. The KSE-100 index surged by 202.66 points and closed near its int
Published 31 Mar, 2012 12:00am
US wheat futures dip three percent on pre-report sell-off

US wheat futures dip three percent on pre-report sell-off

US wheat futures fell 3 percent to a two-month low on Thursday as traders steered clear of the buy-side before the release the following day of a closely watched US government crop report. Wheat was down nearly 6-1/2 percent for the week, on track for its
Published 31 Mar, 2012 12:00am
Index breaches 13,700 level

Index breaches 13,700 level

A bullish trend continued on the Karachi share market on Friday and the KSE-100 index breached 13,700 psychological level on the back of strong interest of local investors and institutions. The KSE-100 index surged by 202.66 points and closed near its int
Published 31 Mar, 2012 12:00am
US Midwest basis steady-firm as sales slow to halt

US Midwest basis steady-firm as sales slow to halt

Spot basis bids for corn and soyabeans were steady to firm around the US Midwest on Thursday as corn futures plunged more than 2 percent and soyabeans also dropped, bringing country sales of each commodity to a halt, grain merchants said. Light corn sales
Published 31 Mar, 2012 12:00am
BRIndes30 gains 228.34 points

BRIndes30 gains 228.34 points

On Friday, BRIndex30 opened at 10,327.93 and remained positive throughout the trading session. It touched an intraday high of 10,569.46 and an intraday low of 10,327.93 and closed at 10,556.27 which was 228.34 points or 2.21 percent higher than previous c
Published 31 Mar, 2012 12:00am
Canadian canola futures down one percent

Canadian canola futures down one percent

Canadian canola futures fell about 1 percent on Thursday as tumbling soyabean futures in Chicago triggered a profit-taking plunge after front-month canola hit a 13-month high the previous day, traders said. Many traders squared positions ahead of US Depar
Published 31 Mar, 2012 12:00am
BRIndes30 gains 228.34 points

BRIndes30 gains 228.34 points

On Friday, BRIndex30 opened at 10,327.93 and remained positive throughout the trading session. It touched an intraday high of 10,569.46 and an intraday low of 10,327.93 and closed at 10,556.27 which was 228.34 points or 2.21 percent higher than previous c
Published 31 Mar, 2012 12:00am
AB de Villiers reaches No 1 batting spot

AB de Villiers reaches No 1 batting spot

South Africa's AB de Villiers has reached the number-one batting position for the first time in his career where he has been joined by Australia captain Michael Clarke in the latest Reliance ICC Player Rankings which were released on Friday. De Villiers'
Published 31 Mar, 2012 12:00am
Equities register gains on LSE

Equities register gains on LSE

Bullish sentiments dominated on the Lahore Stock Exchange on Friday and the equities registered gains across the board amid improved trading turnover following fresh buying in cement, oil and banking companies shares. The LSE-25 index was increased to 370
Published 31 Mar, 2012 12:00am
Brazil World Cup needs action, not words: Blatter

Brazil World Cup needs action, not words: Blatter

FIFA chief Sepp Blatter told Brazilian organisers of the 2014 World Cup that actions not words will boost the tournament's embattled profile. Blatter also insisted that a line has been drawn beneath FIFA general secretary Jerome Valcke's notorious outburs
Published 31 Mar, 2012 12:00am
Equities register gains on LSE

Equities register gains on LSE

Bullish sentiments dominated on the Lahore Stock Exchange on Friday and the equities registered gains across the board amid improved trading turnover following fresh buying in cement, oil and banking companies shares. The LSE-25 index was increased to 370
Published 31 Mar, 2012 12:00am
Victorious Phelps has room to improve

Victorious Phelps has room to improve

Michael Phelps won the 100m butterfly and was runner-up in the 100m freestyle at the Indianapolis Grand Prix on Thursday, but the Olympic swim star did not impress coach Bob Bowman. Nathan Adrian managed to ignore his torn swimsuit to hold off hard-chargi
Published 31 Mar, 2012 12:00am
Fai gets US prison term in lobbying case

Fai gets US prison term in lobbying case

A US judge on Friday gave an American of Kashmiri origin a two-year prison sentence after he allegedly admitted secretly receiving millions of dollars from Pakistan and its spy service while lobbying in the United States. Syed Ghulam Nabi Fai, 62, a natur
Published 31 Mar, 2012 12:00am
Faysal Bank T20: Lions, Panthers, Stallions, Dolphins in semis

Faysal Bank T20: Lions, Panthers, Stallions, Dolphins in semis

Lahore Lions, Karachi Dolphins, Peshawar Panthers and Sialkot Stallions moved into the semi-finals of Faysal Bank Super Eight Twenty 20 Cup underway at Rawalpindi Stadium. Lahore Lions will play Karachi Dolphins in the first semi-final while Peshawar Pant
Published 31 Mar, 2012 12:00am
Fai gets US prison term in lobbying case

Fai gets US prison term in lobbying case

A US judge on Friday gave an American of Kashmiri origin a two-year prison sentence after he allegedly admitted secretly receiving millions of dollars from Pakistan and its spy service while lobbying in the United States. Syed Ghulam Nabi Fai, 62, a natur
Published 31 Mar, 2012 12:00am
Strauss under scrutiny as England slump

Strauss under scrutiny as England slump

England captain Andrew Strauss faces close scrutiny of his batting and leadership skills as he attempts to keep his spin-shattered team on top of the world Test rankings. England, who toppled India from the mantle with a memorable 4-0 whitewash on seaming
Published 31 Mar, 2012 12:00am
All tax facilitation centres to remain open today

All tax facilitation centres to remain open today

The Federal Board of Revenue has announced that the FBR headquarters and all Model Customs Collectorates/Regional Tax Offices/large tax payers units/tax facilitation centres shall remain open on March 31, up to 2200 hours, in order to facilitate the trade
Published 31 Mar, 2012 12:00am
Pakistan wrestlers to take part in India SBS event

Pakistan wrestlers to take part in India SBS event

Two teams from Pakistan comprising over 50 prominent wrestlers are expected to participate in three day mega Shaheed Bhagat Singh International Wrestling event being organised at indoor PAP stadium in Jalandhar Cantonment from April 13, said Kartar Singh,
Published 31 Mar, 2012 12:00am
All tax facilitation centres to remain open today

All tax facilitation centres to remain open today

The Federal Board of Revenue has announced that the FBR headquarters and all Model Customs Collectorates/Regional Tax Offices/large tax payers units/tax facilitation centres shall remain open on March 31, up to 2200 hours, in order to facilitate the trade
Published 31 Mar, 2012 12:00am
UK Universities team due on April 2

UK Universities team due on April 2

The British Universities cricket team coming in Pakistan on April 2, to play two one-day matches with Pakistan Under-19 team. The British Universities team will reach Lahore on April 2. Both the matches will be played during the day time at Gaddafi Stadiu
Published 31 Mar, 2012 12:00am
All tax facilitation centres to remain open today

All tax facilitation centres to remain open today

The Federal Board of Revenue has announced that the FBR headquarters and all Model Customs Collectorates/Regional Tax Offices/large tax payers units/tax facilitation centres shall remain open on March 31, up to 2200 hours, in order to facilitate the trade
Published 31 Mar, 2012 12:00am
Llorente double puts Raul in shade

Llorente double puts Raul in shade

Fernando Llorente grabbed a brace as Athletic Bilbao proved their Europa League conquest of Manchester United was no fluke with a 4-2 win at Schalke in Thursday's quarter-final first leg. Llorente struck in the 20th and 73rd minutes in Gelsenkirchen after
Published 31 Mar, 2012 12:00am
UN says India should scrap 'excessive' security law in IHK

UN says India should scrap 'excessive' security law in IHK

India should scrap a controversial law which gives security forces battling militancy in the Occupied Kashmir and the north-east sweeping powers to search, arrest or shoot people, the United Nations said on Friday. Human rights groups say the Armed Forces
Published 31 Mar, 2012 12:00am
Whatmore eager to find new talent

Whatmore eager to find new talent

Pakistan coach Dav Whatmore has shown he meant business as he spent most of his time this week at the Rawalpindi cricket stadium where National Super Eights T20 championship is underway. Whatmore along with fielding coach, Julian Fountain spent lot of tim
Published 31 Mar, 2012 12:00am
UN says India should scrap 'excessive' security law in IHK

UN says India should scrap 'excessive' security law in IHK

India should scrap a controversial law which gives security forces battling militancy in the Occupied Kashmir and the north-east sweeping powers to search, arrest or shoot people, the United Nations said on Friday. Human rights groups say the Armed Forces
Published 31 Mar, 2012 12:00am
Sharapova face Radwanska in Miami final

Sharapova face Radwanska in Miami final

Three-time runner-up Maria Sharapova booked her second straight Miami final Thursday, rallying to beat disgruntled Caroline Wozniacki and set up a title clash with Agnieszka Radwanska. Sharapova clinched a 4-6, 6-2, 6-4 semi-final victory over the Dane af
Published 31 Mar, 2012 12:00am
Pakistan equity market: best first quarter after six years

Pakistan equity market: best first quarter after six years

Despite the challenging security environment, prevalent energy crisis and structural weakness bearing on the economic condition, Pakistan's equities have given a sterling performance in the first quarter of 2012, analysts said. During the three-month peri
Published 31 Mar, 2012 12:00am
Djokovic downs determined Ferrer

Djokovic downs determined Ferrer

Defending champion Novak Djokovic booked a semi-final match with Juan Monaco at the Miami Masters on Thursday, holding off a determined David Ferrer of Spain to win 6-2, 7-6 (7/1). The Serbian world number one started the match playing superb tennis, dict
Published 31 Mar, 2012 12:00am
Pakistan equity market: best first quarter after six years

Pakistan equity market: best first quarter after six years

Despite the challenging security environment, prevalent energy crisis and structural weakness bearing on the economic condition, Pakistan's equities have given a sterling performance in the first quarter of 2012, analysts said. During the three-month peri
Published 31 Mar, 2012 12:00am
Bookmakers say Olympic spot-fixing fears overstated

Bookmakers say Olympic spot-fixing fears overstated

Britain's leading bookmakers say fears that the London Olympics could be hit by match-fixing are "over-stated" and the result of a lack of understanding. Jacques Rogge, the president of the International Olympic Committee (IOC), has previously stated that
Published 31 Mar, 2012 12:00am
Pakistan equity market: best first quarter after six years

Pakistan equity market: best first quarter after six years

Despite the challenging security environment, prevalent energy crisis and structural weakness bearing on the economic condition, Pakistan''s equities have given a sterling performance in the first quarter of 2012, analysts said. During the three-month per
Published 31 Mar, 2012 12:00am
ADB sees robust ASEAN growth in 'difficult' 2012

ADB sees robust ASEAN growth in 'difficult' 2012

Southeast Asian economies are forecast to grow by 5.2 percent in 2012, the chief of Asian Development Bank said Friday, though he urged nations to be "vigilant" in an uncertain global environment. "Despite a difficult external environment, we still expect
Published 31 Mar, 2012 12:00am
US drone strike kills four

US drone strike kills four

A US drone strike killed four suspected militants and wounded three others on Friday in Pakistan's North Waziristan tribal region near the Afghan border, intelligence officials and militants said. The remotely piloted aircraft targeted a residential compo
Published 31 Mar, 2012 12:00am
China to cut import duties on some energy, materials

China to cut import duties on some energy, materials

China, the world's second-biggest importer, will cut import duties on some energy and raw materials products as well as consumer goods, to boost purchases, the Chinese cabinet said in a statement on Friday. The decision underlines Beijing's intent to buy
Published 31 Mar, 2012 12:00am
US drone strike kills four

US drone strike kills four

A US drone strike killed four suspected militants and wounded three others on Friday in Pakistan's North Waziristan tribal region near the Afghan border, intelligence officials and militants said. The remotely piloted aircraft targeted a residential compo
Published 31 Mar, 2012 12:00am
China to cut import duties on some energy, materials

China to cut import duties on some energy, materials

China, the world's second-biggest importer, will cut import duties on some energy and raw materials products as well as consumer goods, to boost purchases, the Chinese cabinet said in a statement on Friday. The decision underlines Beijing's intent to buy
Published 31 Mar, 2012 12:00am
NBP pre-tax profit up Rs 26 billion

NBP pre-tax profit up Rs 26 billion

Owing to higher core revenues, pre-tax profit of National Bank of Pakistan (NBP) increased by seven percent from Rs 24.4 billion to Rs 26 billion however, after tax profit remained at last year level of Rs 17.6 billion due to prior year's tax reversal of
Published 31 Mar, 2012 12:00am
South Korea cuts ratio of dollar assets in FX reserves

South Korea cuts ratio of dollar assets in FX reserves

South Korea's central bank, which manages the world's seventh-biggest foreign reserves, reduced the ratio of US dollar assets in its reserves by more than 3 percentage points in 2011, it said in its annual report released on Friday.
Published 31 Mar, 2012 12:00am
NBP pre-tax profit up Rs 26 billion

NBP pre-tax profit up Rs 26 billion

Owing to higher core revenues, pre-tax profit of National Bank of Pakistan (NBP) increased by seven percent from Rs 24.4 billion to Rs 26 billion however, after tax profit remained at last year level of Rs 17.6 billion due to prior year's tax reversal of
Published 31 Mar, 2012 12:00am
Germany, Swiss try to rescue tax deal after hitch

Germany, Swiss try to rescue tax deal after hitch

Germany and Switzerland scrambled on Friday to salvage a landmark deal on taxing secret offshore accounts after the main German opposition party raised 11th hour objections to a compromise plan it branded full of "loopholes".
Published 31 Mar, 2012 12:00am
NBP pre-tax profit up Rs 26 billion

NBP pre-tax profit up Rs 26 billion

Owing to higher core revenues, pre-tax profit of National Bank of Pakistan (NBP) increased by seven percent from Rs 24.4 billion to Rs 26 billion however, after tax profit remained at last year level of Rs 17.6 billion due to prior year''s tax reversal of
Published 31 Mar, 2012 12:00am
Trading pick-up masks investment bank pain ahead

Trading pick-up masks investment bank pain ahead

A pick-up in trading revenue in the first quarter of 2012 disguises a chilling future for investment banks who need to drastically cull their business under new regulation. Many banks have cut down their activities in the past year, but the reductions hav
Published 31 Mar, 2012 12:00am
NBP pre-tax profit up Rs 26 billion

NBP pre-tax profit up Rs 26 billion

Owing to higher core revenues, pre-tax profit of National Bank of Pakistan (NBP) increased by seven percent from Rs 24.4 billion to Rs 26 billion however, after tax profit remained at last year level of Rs 17.6 billion due to prior year''''s tax reversal
Published 31 Mar, 2012 12:00am
US Treasury's Miller confirmed as under secretary

US Treasury's Miller confirmed as under secretary

The US Senate confirmed Mary Miller as the US Treasury Department's chief policy co-ordinator for financial regulation and federal debt financing in a vote late on Thursday. Miller steps up to the position of under secretary for domestic finance from her
Published 31 Mar, 2012 12:00am
Profit rates of saving schemes upwardly revised

Profit rates of saving schemes upwardly revised

The Central Directorate of National Savings (CDNS) has upwardly revised the profit rates of the saving schemes as Special Saving Certificates have gone up from 11.67 percent to 11.87 percent. The profit rates of Regular Income Certificate (RIC) have been
Published 31 Mar, 2012 12:00am
US Treasury's Miller confirmed as under secretary

US Treasury's Miller confirmed as under secretary

The US Senate confirmed Mary Miller as the US Treasury Department's chief policy co-ordinator for financial regulation and federal debt financing in a vote late on Thursday. Miller steps up to the position of under secretary for domestic finance from her
Published 31 Mar, 2012 12:00am
Profit rates of saving schemes upwardly revised

Profit rates of saving schemes upwardly revised

The Central Directorate of National Savings (CDNS) has upwardly revised the profit rates of the saving schemes as Special Saving Certificates have gone up from 11.67 percent to 11.87 percent. The profit rates of Regular Income Certificate (RIC) have been
Published 31 Mar, 2012 12:00am
Canada's economy slows, factories strong

Canada's economy slows, factories strong

Economic growth in Canada slowed in January after a sharp jump in December as strength in manufacturing and financial services was offset by a decline in natural gas extraction. The very modest growth reported by Statistics Canada on Friday, however, did
Published 31 Mar, 2012 12:00am
Profit rates of saving schemes upwardly revised

Profit rates of saving schemes upwardly revised

The Central Directorate of National Savings (CDNS) has upwardly revised the profit rates of the saving schemes as Special Saving Certificates have gone up from 11.67 percent to 11.87 percent. The profit rates of Regular Income Certificate (RIC) have been
Published 31 Mar, 2012 12:00am
India may tax foreign institutional investors

India may tax foreign institutional investors

India's finance minister said on Friday the country will look into the possible tax liability of foreign institutional investors, raising the prospect that brokerages and other financial firms with registered licenses in India could be liable to pay taxes
Published 31 Mar, 2012 12:00am
Vodafone rushes to head off fresh India tax demand

Vodafone rushes to head off fresh India tax demand

British mobile phone giant Vodafone said on Friday that it was urgently looking at ways to head off a potential fresh Indian tax demand for $2.2 billion. It comes after the Indian government said in its recent budget that it would change a law to allow it
Published 31 Mar, 2012 12:00am
Vodafone rushes to head off fresh India tax demand

Vodafone rushes to head off fresh India tax demand

British mobile phone giant Vodafone said on Friday that it was urgently looking at ways to head off a potential fresh Indian tax demand for $2.2 billion. It comes after the Indian government said in its recent budget that it would change a law to allow it
Published 31 Mar, 2012 12:00am
France beats deficit target for 2011

France beats deficit target for 2011

France beat its deficit-cutting target for 2011 and saw higher-than-expected consumer spending in February in a boost for President Nicolas Sarkozy's government three weeks from a presidential election. The 2011 public deficit fell to 5.2 percent of gross
Published 31 Mar, 2012 12:00am
Japan submits tax hike plan, heads into political showdown

Japan submits tax hike plan, heads into political showdown

Japan's government on Friday submitted laws to double its sales tax by 2015 to fund swelling social security costs in the world's fastest-ageing nation, setting up a showdown that could split the ruling party, force early elections and deepen policy paral
Published 31 Mar, 2012 12:00am
BP, BG, Total, Fullow win Uruguay offshore bids

BP, BG, Total, Fullow win Uruguay offshore bids

Uruguay's state energy company Ancap said on Friday it awarded contracts for eight offshore exploration blocks in an effort to reduce the country's dependence on imports of oil and natural gas. The discovery of massive deep-water reserves off Brazil's Atl
Published 31 Mar, 2012 12:00am
BAE Systems wins Eurofighter Typhoon support contract

BAE Systems wins Eurofighter Typhoon support contract

Arms manufacturer BAE Systems said Friday that it has won a key contract to provide support for the 321-strong fleet of Eurofighter Typhoon jets used by Britain, Germany, Italy and Spain. BAE said in a statement that the support deal, worth £446 million (
Published 31 Mar, 2012 12:00am
PCNS recommendations: PML-N says its reservations not addressed yet

PCNS recommendations: PML-N says its reservations not addressed yet

Pakistan Muslim League-Nawaz (PML-N) on Friday said that its reservations over the recommendations of Parliamentary Committee on National Security were not yet addressed. Speaking at a news conference after the PML-N consultative meeting on PSNC's recomme
Published 31 Mar, 2012 12:00am
Deadly strikes

Deadly strikes

The drone strikes which the US has conducted with relentless regularity in Pakistani areas bordering Afghanistan, despite vociferous protests by Islamabad, represent the zenith of aerial warfare in precision bombing, though the human element involved in i
Published 31 Mar, 2012 12:00am
Altaf urges people to form vigilance committees

Altaf urges people to form vigilance committees

Muttahida Qaumi Movement (MQM) Chief Altaf Hussain has expressed serious concerns over the sharp increase in incidents of terrorism, robbery, car and motorcycle snatching, street crimes, extortion and kidnapping for ransom. He appealed to the public to fo
Published 31 Mar, 2012 12:00am
Why is education so important?

Why is education so important?

The National Education Policy 2009 envisages a graded raise in education budget from 2.05 percent of GDP at present to as high as 7 percent by 2015, in a move that is intended to meet the MDG on education, while the formula for proportional allocation out
Published 31 Mar, 2012 12:00am
KARACHI CHRONICLE: The cancer no one talks about

KARACHI CHRONICLE: The cancer no one talks about

Diseases are a popular topic of conversation, but no one ever talks about prostate cancer. I do not know if men who have the disease ever mention it even to their close, male friends, but they definitely do not openly discuss it. One can sympathise with t
Published 31 Mar, 2012 12:00am
Four shot dead at Banaras flyover

Four shot dead at Banaras flyover

Four people including a father and his young son were killed and two others injured, when unidentified armed assailants sprayed volley of bullets on motorcyclists at Banaras flyover here on late Friday night, police said Earlier, two person including an A
Published 31 Mar, 2012 12:00am
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