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Archive - 2012-04-22
Citi appoints Lodhi as CEO for Pakistan
Top News

Citi appoints Lodhi as CEO for Pakistan

DUBAI: Citigroup Inc has appointed Nadeem Lodhi as chief executive officer for its Pakistan business and the US banking
Published 22 Apr, 2012 03:25pm
‘Ready to hit Iran if ordered’
Top News

‘Ready to hit Iran if ordered’

JERUSALEM: Israeli forces are carrying out more special operations beyond the country's borders and will be ready to att
Published 22 Apr, 2012 02:40pm
Yeosu transforms for international expo
Top News

Yeosu transforms for international expo

YEOSU: A former port terminal in Yeosu, a small city on South Korea's south coast, has undergone a $10 billion transform
Published 22 Apr, 2012 08:02am
Iraq PM in Iran for two day visit
Top News

Iraq PM in Iran for two day visit

TEHRAN: Iraqi Prime Minister Nuri al-Maliki arrived in Tehran on Sunday for two days of meetings with Iranian leaders an
Published 22 Apr, 2012 06:17am
UN observers tour Syria hot spots
Top News

UN observers tour Syria hot spots

DAMASCUS: An advance team of observers was touring Syrian hot spots on Sunday, laying the ground for a larger mission un
Published 22 Apr, 2012 06:16am
Japan chemical plant blast kills one
Top News

Japan chemical plant blast kills one

TOKYO: A blast at a chemical plant in westernJapan killed one worker and injured at least fifteen others on Sunday, poli
Published 22 Apr, 2012 05:05am
Landing allowed despite warning
Top News

Landing allowed despite warning

FAZAL SHER ISLAMABAD: In spite of the weather warning from Meteorological Department on Friday, it has been learnt th
Published 22 Apr, 2012 04:57am
PM promises full probe
Top News

PM promises full probe

ASMA RAZAQ ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani on Saturday ordered a judicial probe into the Hussainaba
Published 22 Apr, 2012 04:57am
GDP growth may touch 4pc mark
Top News

GDP growth may touch 4pc mark

NAVEED BUTT ISLAMABAD: Economic managers are optimistic that the country's GDP growth is likely to reach 4 percent in
Published 22 Apr, 2012 04:56am
Bhoja Air's office raided
Top News

Bhoja Air's office raided

RECORDER REPORT KARACHI: The Federal Investigation Agency (FIA) on Saturday raided Bhoja Air's office and took all th
Published 22 Apr, 2012 04:55am
Air Force Two plane carrying Biden struck by birds, lands safely

Air Force Two plane carrying Biden struck by birds, lands safely

The Air Force Two plane carrying Vice President Joe Biden was struck by birds in California on Thursday, a spokeswoman for his office said, but it landed without problem and the vice president, passengers and crew were safe at all times. The incident occu
Published 22 Apr, 2012 12:00am
UN threatens Bissau coup leaders with sanctions

UN threatens Bissau coup leaders with sanctions

The United Nations Security Council said on Saturday it may impose sanctions on the leaders of Guinea-Bissau's military coup, rejecting the junta's planned two-year transition to democracy. Pressure has been mounting domestically and outside the tiny West
Published 22 Apr, 2012 12:00am
Italy to compensate families of Indian fishermen shot by marines

Italy to compensate families of Indian fishermen shot by marines

Italy has agreed to pay 10 million rupees (192,000 dollars) each to the families of two Indian fishermen allegedly shot dead by Italian marines who mistook them for pirates, a lawyer representing one of the families said Saturday. Italian Defence Minister
Published 22 Apr, 2012 12:00am
New Brotherhood candidate pitched into race

New Brotherhood candidate pitched into race

The Muslim Brotherhood's new presidential candidate, pitched into the race after its first choice was disqualified, promised on Saturday to govern in coalition and to steady Egypt after more than a year of political turmoil. Mohamed Mursi, 59, the head of
Published 22 Apr, 2012 12:00am
Murdoch mocks UK government as arrives for ethics inquiry

Murdoch mocks UK government as arrives for ethics inquiry

Rupert Murdoch on Saturday mocked the UK government's "mad" plans to lend more money to the International Monetary Fund and criticised its energy, education and tax policies after arriving in London ahead of his appearance at a media inquiry next week.
Published 22 Apr, 2012 12:00am
Murdoch mocks UK government as arrives for ethics inquiry

Murdoch mocks UK government as arrives for ethics inquiry

Rupert Murdoch on Saturday mocked the UK government's "mad" plans to lend more money to the International Monetary Fund and criticised its energy, education and tax policies after arriving in London ahead of his appearance at a media inquiry next week.
Published 22 Apr, 2012 12:00am
Nepali climber dies in fall on Everest

Nepali climber dies in fall on Everest

A 30-year-old Nepali mountaineer died on Saturday attempting to scale Mount Everest, a government official said, in the second death this season on the world's highest peak. Namgya Tshering Sherpa fell into a deep crevasse while climbing towards Base Camp
Published 22 Apr, 2012 12:00am
Jailed Ukraine former Prime Minister Tymoshenko moved to hospital

Jailed Ukraine former Prime Minister Tymoshenko moved to hospital

Ukraine's former prime minister Yulia Tymoshenko, whose jailing last year soured the former Soviet republic's relations with the West, has been moved to an hospital outside prison, possibly against her will, her party said on Saturday. The imprisonment of
Published 22 Apr, 2012 12:00am
Two women say were raped, punished at US military academies

Two women say were raped, punished at US military academies

Two women who said they were raped while attending US military academies sued military officials on Friday, accusing them of failing to address widespread problems of sexual assault at the elite schools. In the lawsuit filed in Manhattan federal court, th
Published 22 Apr, 2012 12:00am
Key Indonesian mining and energy policy maker dies

Key Indonesian mining and energy policy maker dies

Indonesia's vice minister for energy and minerals, a key policy maker in the government's drive to tighten mining regulations and reform the energy sector, died on Saturday while mountain walking, said a senior government official. Widjajono Partowidagdo
Published 22 Apr, 2012 12:00am
Britain urges restraint over Bahrain F1 protests

Britain urges restraint over Bahrain F1 protests

Britain on Saturday urged Bahrain to show restraint in dealing with protests timed for a controversial Grand Prix, while demonstrators gathered outside Formula One's offices in London. Foreign Secretary William Hague said he had a telephone conversation w
Published 22 Apr, 2012 12:00am
Thousands demo near Manama

Thousands demo near Manama

Thousands of people staged a protest in a Shia village near Manama late Saturday on the eve of Bahrain's Formula One Grand Prix and after the killing of a demonstrator overnight, an activist said. In response to opposition calls, demonstrators gathered at
Published 22 Apr, 2012 12:00am
Djokovic awaits Monte Carlo clay king Nadal

Djokovic awaits Monte Carlo clay king Nadal

World number one Novak Djokovic is the last man standing between king of clay Rafael Nadal and an incredible eighth straight title at the Monte Carlo Masters. The top-ranked Serb, playing this week despite his beloved grandfather's death, has won the last
Published 22 Apr, 2012 12:00am
Australia take control with 2-0 lead in Germany

Australia take control with 2-0 lead in Germany

Australia are on the verge of promotion to the Fed Cup World Group after US Open winner Samantha Stosur and Jarmila Gajdosova put their team 2-0 up in the play-off against hosts Germany on Saturday. Stosur, ranked fifth in the world, needed a tie-break to
Published 22 Apr, 2012 12:00am
Ribery fined after Robben bust-up

Ribery fined after Robben bust-up

Bayern Munich's Franck Ribery has reportedly been fined 50,000 euros ($66,000) for a dressing room bust-up with Arjen Robben at half-time in the Champions League win over Real Madrid, according to Bild. The German daily reports the France international la
Published 22 Apr, 2012 12:00am
Serena puts USA 2-0 up in Ukraine

Serena puts USA 2-0 up in Ukraine

Serena Williams put the United States into a commanding 2-0 lead in the Fed Cup World Group play-off tie with Ukraine at Kharkiv on Saturday by beating Elina Svitolina in straight sets. The 30-year-old Williams was never troubled by her teenage opponent w
Published 22 Apr, 2012 12:00am
Newcastle surge on as Chelsea hold Arsenal

Newcastle surge on as Chelsea hold Arsenal

Newcastle United's charge towards Champions League qualification gathered pace on Saturday with a 3-0 home win over Stoke City which moved them into fourth spot in the Premier League as rivals Arsenal and Chelsea could only draw 0-0.
Published 22 Apr, 2012 12:00am
Sendai keep J-League lead

Sendai keep J-League lead

Vegalta Sendai trounced FC Tokyo 4-0 to stay top of the J-League table Saturday, with forward Shingo Akamine striking the first of the goals against his old club. Akamine, who played for FC Tokyo until 2010, put his side one up three minutes into first ha
Published 22 Apr, 2012 12:00am
Spanish league to challenge government over radio access

Spanish league to challenge government over radio access

The Spanish football league (LFP) is challenging the government over a decree passed on Friday that seeks to end a row with radio broadcasters and allow them back into stadiums to cover La Liga matches, the LFP said on Saturday.
Published 22 Apr, 2012 12:00am
Grace sniffs third title at China Open

Grace sniffs third title at China Open

South African Branden Grace burst into contention for his third title of a dream debut season on the European Tour with a sparkling third round eight-under-par 64 at the $3 million China Open on Saturday. Grace was one of six players to hold the lead on a
Published 22 Apr, 2012 12:00am
Canadian dollar posts best week since early March

Canadian dollar posts best week since early March

The Canadian dollar ended its best week against its US counterpart since early March on Friday as debt concerns eased in Europe ahead of key French elections and the Bank of Canada's rosier outlook raised growth expectations domestically.
Published 22 Apr, 2012 12:00am
Sri Lankan rupee down

Sri Lankan rupee down

Sri Lanka's rupee edged down on Friday due to importer dollar demand despite the central bank saying $574 million inflows are expected within a month. The rupee ended at 120.20/30 against the dollar, weaker than Thursday's close of 129.70/90. It fell to 1
Published 22 Apr, 2012 12:00am
Speculators pare long dollar bets slightly

Speculators pare long dollar bets slightly

Currency speculators slightly pared their bets in favour of the US dollar in the latest week, according to Reuters data and figures from the Commodity Futures Trading Commission released on Friday. The value of the dollar's net long position fell to $22.6
Published 22 Apr, 2012 12:00am
India's call money rates inch up

India's call money rates inch up

India's interbank call money rate rose marginally on Friday, though sentiment improved somewhat after liquidity conditions eased sharply. Repo borrowings on Friday dropped to 688.1 billion rupees from 1.03 trillion rupees on Thursday, closer to the centra
Published 22 Apr, 2012 12:00am
Euro/dollar has best week since: February but gains may fade

Euro/dollar has best week since: February but gains may fade

The euro was on track for its best weekly performance since February on Friday after better-than-expected German business sentiment data but gains may fade next week as Spain's finances and the French presidential election become the focus. The euro also
Published 22 Apr, 2012 12:00am
Euribor rates hit 22-month low

Euribor rates hit 22-month low

Key eurozone bank-to-bank lending rates hit their lowest since June 2010 on Friday, weighed down by the record amount of cash the European Central Bank has pumped into financial markets since late last year. The ECB, which left official eurozone interest
Published 22 Apr, 2012 12:00am
African currencies outlook: Nigeria's naira strengthens

African currencies outlook: Nigeria's naira strengthens

Nigeria's naira strengthened to 157.15 to the dollar on Thursday on the back of large dollar flows from energy companies, but dealers said it would probably weaken a little next week because of demand for the local currency. Dealers said a unit of Chevron
Published 22 Apr, 2012 12:00am
Peru must learn to live with strong currency

Peru must learn to live with strong currency

Peru must learn to live with its strong currency, Finance Minister Luis Miguel Castilla told Reuters on Tuesday, noting that exports have been buoyant even though the sol currency is trading near a 15-year high. The sol's strength is becoming a headache f
Published 22 Apr, 2012 12:00am
Latin American currencies rise

Latin American currencies rise

Latin American currencies gained on Friday, with the Peruvian peso hitting its strongest level in nearly 15 years, as better-than-expected data in Europe improved risk appetite across global foreign exchange markets. Peru's peso rose 0.08 percent to 2.651
Published 22 Apr, 2012 12:00am
Turkish lira weakens

Turkish lira weakens

The Turkish lira weakened on Friday as importers sought dollars and the central bank provided lira liquidity through a cheap one-week repo auction, while bond yields steadied in thin trade before next week's debt auctions. Shares traded just above flat, a
Published 22 Apr, 2012 12:00am
Wall Street up on earnings but tech, banks weigh

Wall Street up on earnings but tech, banks weigh

US stocks mostly rose on Friday, led by solid earnings from McDonald's, General Electric and Microsoft, but declines in banks and technology shares pulled indexes from their day's highs. The Nasdaq Composite fell as SanDisk Corp led a drop in semiconducto
Published 22 Apr, 2012 12:00am
Latam stocks mostly flat

Latam stocks mostly flat

Latin American stocks ended mostly flat on Friday after investors turned cautious on mixed US earnings reports and looked to next week for signs of momentum in the global economy. The MSCI Latin American stock index posted 0.71 percent gain to climb above
Published 22 Apr, 2012 12:00am
Zain Iraq cautious on 2012 listing

Zain Iraq cautious on 2012 listing

The Iraqi unit of Kuwait mobile operator Zain, more than half a year on from missing an initial deadline to list on the local bourse, on Thursday held off guaranteeing it would succeed in 2012. Zain Iraq and rivals Asiacell and Korek are required to list
Published 22 Apr, 2012 12:00am
Zain Iraq cautious on 2012 listing

Zain Iraq cautious on 2012 listing

The Iraqi unit of Kuwait mobile operator Zain, more than half a year on from missing an initial deadline to list on the local bourse, on Thursday held off guaranteeing it would succeed in 2012. Zain Iraq and rivals Asiacell and Korek are required to list
Published 22 Apr, 2012 12:00am
JGBs on ice awaiting next week's BoJ easing decision

JGBs on ice awaiting next week's BoJ easing decision

Japanese government bond prices were nearly unchanged on Friday, with the benchmark 10-year bond hovering just above a 17-month low as political pressure intensified for the Bank of Japan to take fresh easing steps. The market consensus is that the BoJ wi
Published 22 Apr, 2012 12:00am
JGBs on ice awaiting next week's BoJ easing decision

JGBs on ice awaiting next week's BoJ easing decision

Japanese government bond prices were nearly unchanged on Friday, with the benchmark 10-year bond hovering just above a 17-month low as political pressure intensified for the Bank of Japan to take fresh easing steps. The market consensus is that the BoJ wi
Published 22 Apr, 2012 12:00am
TSX posts first weekly gain in eight weeks

TSX posts first weekly gain in eight weeks

Toronto's main stock index ended little changed on Friday but racked up its first weekly gain in eight weeks on improving sentiment about the domestic and global economies. Performance on Friday was mixed, with six of the 10 in negative territory. On the
Published 22 Apr, 2012 12:00am
Hong Kong moves closer to bank liability for IPOs

Hong Kong moves closer to bank liability for IPOs

Hong Kong's financial market watchdog will launch a public consultation in the next couple of weeks that seeks to toughen rules for banks sponsoring initial public offerings, including holding them liable for faulty deal documents. The move is likely to d
Published 22 Apr, 2012 12:00am
Bank of Korea to buy $300 million in Chinese stocks

Bank of Korea to buy $300 million in Chinese stocks

South Korea's central bank will buy $300 million in Chinese stocks over the next three months and has a licence to buy over $300 million in Chinese bonds, a senior Bank of Korea official told Reuters on Wednesday. "The QFII quota we received at the end of
Published 22 Apr, 2012 12:00am
Bank of Korea to buy $300 million in Chinese stocks

Bank of Korea to buy $300 million in Chinese stocks

South Korea's central bank will buy $300 million in Chinese stocks over the next three months and has a licence to buy over $300 million in Chinese bonds, a senior Bank of Korea official told Reuters on Wednesday. "The QFII quota we received at the end of
Published 22 Apr, 2012 12:00am
Hedge funds face 'make or break' year

Hedge funds face 'make or break' year

Large institutional investors who have ploughed tens of billions of dollars into hedge funds may rethink their allocations if the industry performs poorly yet again this year, one large US-based investor said. Christopher Vogt, global head of hedge funds
Published 22 Apr, 2012 12:00am
Hedge funds face 'make or break' year

Hedge funds face 'make or break' year

Large institutional investors who have ploughed tens of billions of dollars into hedge funds may rethink their allocations if the industry performs poorly yet again this year, one large US-based investor said. Christopher Vogt, global head of hedge funds
Published 22 Apr, 2012 12:00am
European banks lead ADR gains

European banks lead ADR gains

US-listed shares of overseas companies rose on Friday, led by gains in European banks following upbeat German business sentiment and UK retail sales data. Shares of Deutsche Bank rose 2.5 percent to $45.36 in New York, while shares of Banco Santander were
Published 22 Apr, 2012 12:00am
European banks lead ADR gains

European banks lead ADR gains

US-listed shares of overseas companies rose on Friday, led by gains in European banks following upbeat German business sentiment and UK retail sales data. Shares of Deutsche Bank rose 2.5 percent to $45.36 in New York, while shares of Banco Santander were
Published 22 Apr, 2012 12:00am
India's debt yields rise

India's debt yields rise

India federal bond yields rose for a third straight session on Friday, erasing the rally in debt prices seen after the central bank's rate cut, on rising expectations that a new benchmark 10-year bond will be introduced. Though Tuesday's Reserve Bank of I
Published 22 Apr, 2012 12:00am
India's debt yields rise

India's debt yields rise

India federal bond yields rose for a third straight session on Friday, erasing the rally in debt prices seen after the central bank's rate cut, on rising expectations that a new benchmark 10-year bond will be introduced. Though Tuesday's Reserve Bank of I
Published 22 Apr, 2012 12:00am
Gulf Capital eyes $500 million-plus from GMS sale

Gulf Capital eyes $500 million-plus from GMS sale

Abu Dhabi private equity firm Gulf Capital expects to raise more than $500 million from the sale of its 79-percent stake in Gulf Marine Services (GMS) before the end of June, the company's chief executive told Reuters on Wednesday. Gulf Capital, which has
Published 22 Apr, 2012 12:00am
Gulf Capital eyes $500 million-plus from GMS sale

Gulf Capital eyes $500 million-plus from GMS sale

Abu Dhabi private equity firm Gulf Capital expects to raise more than $500 million from the sale of its 79-percent stake in Gulf Marine Services (GMS) before the end of June, the company's chief executive told Reuters on Wednesday. Gulf Capital, which has
Published 22 Apr, 2012 12:00am
Saudi's Samba posts 2 percent increase in first quarter net profit

Saudi's Samba posts 2 percent increase in first quarter net profit

Saudi's Samba Financial Group posted first-quarter net profit of 1.145 billion Saudi riyals ($305.32 million), it said on Saturday, nearly matching analysts forecasts. The kingdom's second largest listed lender by market value said that its first quarter
Published 22 Apr, 2012 12:00am
Saudi's Samba posts 2 percent increase in first quarter net profit

Saudi's Samba posts 2 percent increase in first quarter net profit

Saudi's Samba Financial Group posted first-quarter net profit of 1.145 billion Saudi riyals ($305.32 million), it said on Saturday, nearly matching analysts forecasts. The kingdom's second largest listed lender by market value said that its first quarter
Published 22 Apr, 2012 12:00am
Iraq unveils oil, gas exploration auction details

Iraq unveils oil, gas exploration auction details

Baghdad unveiled on Friday a list of signing bonuses and the final contract for a forthcoming energy auction, the latest stage in a bold oil expansion plan that moves on from developing existing oilfields to searching for new reserves. After targeting pro
Published 22 Apr, 2012 12:00am
New board at scandal-hit Olympus

New board at scandal-hit Olympus

The ousted former boss of Olympus who exposed a $1.7 billion cover-up scandal threatened court action Friday after the firm's choices for a new board were approved at a heated shareholders meeting. Angry investors peppered management with questions about
Published 22 Apr, 2012 12:00am
Fewer distressed UK companies add to signs of recovery

Fewer distressed UK companies add to signs of recovery

The number of UK companies in financial distress fell by 17 percent in the first quarter from a year earlier and the improvement was much more pronounced in manufacturing, adding to signs the economy is picking up, a report showed on Friday.
Published 22 Apr, 2012 12:00am
Bharti adds 2.5 million Indian mobile users in March

Bharti adds 2.5 million Indian mobile users in March

Top Indian mobile phone carrier Bharti Airtel signed up 2.5 million subscribers in March, its highest monthly addition in a year, partly helped by a court order revoking the licenses of its smaller rivals over a corruption scandal.
Published 22 Apr, 2012 12:00am
FOB Gulf soya export premiums firm

FOB Gulf soya export premiums firm

Soyabean export premiums at the US Gulf Coast were steady to firm on Friday as good export demand from China and a drought-reduced South American crop supported prices, traders said. China may have bought up to four more cargoes of US old-crop soyabeans f
Published 22 Apr, 2012 12:00am
US Midwest soyabean steady to firm

US Midwest soyabean steady to firm

Soyabean spot basis bids were steady to firm around the US Midwest on Friday as sales of the oilseed remained slow even as CBOT futures jumped more than 2 percent to the highest level in more than seven months. Many farmers have already sold most of their
Published 22 Apr, 2012 12:00am
Philippine sugar output to miss forecast

Philippine sugar output to miss forecast

Following are selected highlights from a report issued by a US Department of Agriculture attache in the Philippines. "Philippine sugar production in Crop Year 2011/12 (September/August) is projected to reach 2.24 million tonnes, down 7 percent from the in
Published 22 Apr, 2012 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 101,581 tonnes of cargo comprising1 84,191 tonnes of import cargo and 17,390 tonnes of export cargo including 3,707 loaded & empty containers during last 24 hours ended at 0700 hours on Saturday. The total import cargo of 84,191 t
Published 22 Apr, 2012 12:00am
Ghana may fall short of cocoa target: Cocobod

Ghana may fall short of cocoa target: Cocobod

Ghana may fall short of its 950,000-tonne cocoa output target this season due to dry weather that has hampered growing, the head of regulator Cocobod said, adding to concerns of a global supply deficit this year. The uncertainty in the world's No 2 cocoa
Published 22 Apr, 2012 12:00am
US corn futures rise on Chinese buying talk

US corn futures rise on Chinese buying talk

US corn futures rose on Friday, buoyed by talk of Chinese purchases, while soyabeans also posted gains but wheat prices were slightly lower. "There have been strong rumours that China was buying US corn overnight, but that has yet to be confirmed," said V
Published 22 Apr, 2012 12:00am
Argentina cuts soya, corn output estimates

Argentina cuts soya, corn output estimates

Argentina cut its official estimates for this season's soya and corn crops, citing bad weather, while a top grains exchange said lower-than-expected yields may force it to trim its expectations as well. Argentina, the world's second largest exporter of co
Published 22 Apr, 2012 12:00am
Ivory Coast happy with cocoa reforms, exporters wary

Ivory Coast happy with cocoa reforms, exporters wary

Ivory Coast's overhaul of its cocoa sector has gotten a thumbs up from foreign partners offering debt relief, but exporters now abiding by the new system say it has placed them in a minefield of financial risk. The reform, they say, may leave them with un
Published 22 Apr, 2012 12:00am
Price differentials little changed in European cocoa market

Price differentials little changed in European cocoa market

Price differentials in the European cash cocoa market were little changed this week and demand was weak due to uncertainty about the crop quality in the world's top producer Ivory Coast, traders said. Ivory Coast differentials were about 75 pounds ($120)
Published 22 Apr, 2012 12:00am
Cautious buying witnessed on cotton market

Cautious buying witnessed on cotton market

Cautious buying was witnessed on the cotton market on Saturday mills showed their interest in fine quality even at the higher rate, dealers said. Official spot rate was unchanged at Rs 5850, they added. Prices of seedcotton in Sindh were inert at Rs 2100
Published 22 Apr, 2012 12:00am
US wheat futures fall

US wheat futures fall

US wheat futures fell on Friday, with the benchmark Chicago Board of Trade May contract hitting a three-month low, on pressure from good weather in key growing areas, traders said. Light demand for US supplies on the global market also pressured prices am
Published 22 Apr, 2012 12:00am
Dutch budget talks collapse

Dutch budget talks collapse

Budget talks between the Netherlands' minority government and its key ally have collapsed, Dutch media cited unnamed sources as saying on Saturday, adding to political tensions that could have repercussions for Europe's crisis-fighting fiscal pact.
Published 22 Apr, 2012 12:00am
Taiwan's property sales fall to 10-year low

Taiwan's property sales fall to 10-year low

Property sales in Taiwan fell almost 40 percent in the first quarter of 2012 to a ten-year low, mainly due to a new "luxury tax" aimed at reining in speculators, the interior ministry said Saturday. About 64,000 properties were sold or purchased in the th
Published 22 Apr, 2012 12:00am
Some claims against Toyota tentatively dismissed

Some claims against Toyota tentatively dismissed

Toyota Motor Corp has won the tentative dismissal of some claims in the class-action lawsuit brought by owners of its vehicles over problems with sudden acceleration. In what would be a victory for Toyota if the ruling becomes definitive, US District Judg
Published 22 Apr, 2012 12:00am
Czechs in mass march against austerity as government wobbles

Czechs in mass march against austerity as government wobbles

Tens of thousands of Czechs on Saturday staged one of the biggest protests since the fall of communism, marching in Prague against spending cuts, tax rises and corruption and calling for the end of a centre-right government already close to collapse. Poli
Published 22 Apr, 2012 12:00am
Czechs in mass march against austerity as government wobbles

Czechs in mass march against austerity as government wobbles

Tens of thousands of Czechs on Saturday staged one of the biggest protests since the fall of communism, marching in Prague against spending cuts, tax rises and corruption and calling for the end of a centre-right government already close to collapse. Poli
Published 22 Apr, 2012 12:00am
J.P Morgan wins second victory in Lehman-linked lawsuit

J.P Morgan wins second victory in Lehman-linked lawsuit

J.P. Morgan Chase & Co on Friday won the dismissal of a pension fund lawsuit accusing it of mishandling its money by investing in notes from its client Lehman Brothers Holdings Inc, which later went bankrupt. The decision by US District Judge Barbara Jone
Published 22 Apr, 2012 12:00am
J.P Morgan wins second victory in Lehman-linked lawsuit

J.P Morgan wins second victory in Lehman-linked lawsuit

J.P. Morgan Chase & Co on Friday won the dismissal of a pension fund lawsuit accusing it of mishandling its money by investing in notes from its client Lehman Brothers Holdings Inc, which later went bankrupt. The decision by US District Judge Barbara Jone
Published 22 Apr, 2012 12:00am
Google dumps publisher payment platform

Google dumps publisher payment platform

The One Pass payment platform for Internet news websites was shut down on Friday as Google continued house cleaning launched when co-founder Larry Page took charge last year. One Pass, which failed to catch on since it launched in February of 2011, was sw
Published 22 Apr, 2012 12:00am
India seeks to calm US concerns over tax move

India seeks to calm US concerns over tax move

India's finance minister has defended the country as an attractive investment destination after the US said new tax proposals had "dampened" investor enthusiasm for the growing Asian giant. Pranab Mukherjee sought to allay concerns over proposed legislati
Published 22 Apr, 2012 12:00am
US presses China to implement yuan reforms

US presses China to implement yuan reforms

The United States pressed China Saturday to make progress on its recently announced currency reform to make the yuan more flexible, calling it key to healthy global economic growth. US Treasury Secretary Timothy Geithner said that despite global trade imb
Published 22 Apr, 2012 12:00am
Japan pledges $7.4 billion aid for Mekong development

Japan pledges $7.4 billion aid for Mekong development

Japan on Saturday pledged $7.4 billion in aid over the next three years to help five Mekong states, in an attempt at fostering development in a resource-rich region also being courted by China. "The stability and prosperity of East Asia will not be possib
Published 22 Apr, 2012 12:00am
BlackBerry maker hires law firm for restructuring

BlackBerry maker hires law firm for restructuring

BlackBerry maker Research In Motion has hired law firm Milbank, Tweed, Hadley & McCloy LLP to work out a restructuring plan that could include selling assets, seeking joint ventures or licensing patents, people briefed on the matter said. As part of the s
Published 22 Apr, 2012 12:00am
US, Italian firms win Concordia salvage contract

US, Italian firms win Concordia salvage contract

Titan Salvage of the United States and Italian firm Micoperi have won the contract to salvage the Costa Concordia, which capsized off the Italian island of Giglio in January, Costa Cruise Lines said on Saturday. The two companies beat out Smit Salvage, an
Published 22 Apr, 2012 12:00am
US regulators close Fort Lee, New Jersey bank

US regulators close Fort Lee, New Jersey bank

US regulators closed a small New Jersey bank on Friday, bringing the total number of closures so far this year to 17. Fort Lee Federal Savings Bank, FSB, of Fort Lee, New Jersey, will reopen on Saturday as a branch of Alma Bank of Astoria, New York, the F
Published 22 Apr, 2012 12:00am
Brazil to pressure banks to cut fund fees

Brazil to pressure banks to cut fund fees

Brazil's government will pressure the country's private banks to slash management fees on investment funds to prevent an exodus of capital into savings accounts should interest rates continue to fall, a local newspaper reported on Saturday.
Published 22 Apr, 2012 12:00am
World currencies and dollar

World currencies and dollar

Value of the dollar in terms of other world currencies as prevailing in the week ended Saturday (April 21, 2012).
Published 22 Apr, 2012 12:00am
Member to Member

Member to Member

The following transactions member to member subsequently reported on Saturday (April 21, 2012).
Published 22 Apr, 2012 12:00am
THE RUPEE: no change versus dollar

THE RUPEE: no change versus dollar

The rupee did not show any change against the dollar on the open market on Saturday in process of trading, dealers said. Firmness prevailed on the open market as the rupee held its overnight levels in terms of the dollar for buying and selling at 91.15 an
Published 22 Apr, 2012 12:00am
THE RUPEE: no change versus dollar

THE RUPEE: no change versus dollar

The rupee did not show any change against the dollar on the open market on Saturday in process of trading, dealers said. Firmness prevailed on the open market as the rupee held its overnight levels in terms of the dollar for buying and selling at 91.15 an
Published 22 Apr, 2012 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Saturday (April 21, 2012).
Published 22 Apr, 2012 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Saturday (April 21, 2012).
Published 22 Apr, 2012 12:00am
World Shipping Schedule

World Shipping Schedule

Karachi Port's world-wide shipping schedule beginning Saturday (April 21, 2012).
Published 22 Apr, 2012 12:00am
World Shipping Schedule

World Shipping Schedule

Karachi Port's world-wide shipping schedule beginning Saturday (April 21, 2012).
Published 22 Apr, 2012 12:00am
Automart: car prices in Karachi

Automart: car prices in Karachi

The prices of different makes and models of cars prevailing in Karachi in the week ended Saturday (April 21, 2012).
Published 22 Apr, 2012 12:00am
Karachi tea rates

Karachi tea rates

Tea rates in rupees prevailing on the commodity markets in Karachi on Saturday (April 21, 2012).
Published 22 Apr, 2012 12:00am
Milk powder rates

Milk powder rates

Milk Powder rates in rupees prevailing on the commodity markets in Karachi on Saturday (April 21, 2012).
Published 22 Apr, 2012 12:00am
Raw rubber rates

Raw rubber rates

Raw Rubber rates in rupees prevailing on the commodity markets in Karachi on Saturday (April 21, 2012).
Published 22 Apr, 2012 12:00am
Jute goods rates

Jute goods rates

Jute goods rates in rupees prevailing on the commodity markets in Karachi on Saturday (April 21, 2012).
Published 22 Apr, 2012 12:00am
Rates of dry fruit

Rates of dry fruit

Rates of dry fruit in rupees prevailing on the commodity markets in Karachi on Saturday (April 21, 2012).
Published 22 Apr, 2012 12:00am
Grain market rates

Grain market rates

Karachi grain market rates in rupees on Saturday (April 21, 2012).
Published 22 Apr, 2012 12:00am
Afghan forces seize 10 tonnes of explosives

Afghan forces seize 10 tonnes of explosives

Afghan security forces have detained five insurgents who planned to use ten tonnes of explosives to inflict "large scale bloodshed" in crowded areas of the capital Kabul, an official said Saturday. Three of the men are Pakistani nationals and two are Afgh
Published 22 Apr, 2012 12:00am
Hides and skin rates

Hides and skin rates

Hides and skin rates in rupees prevailing on the commodity markets in Karachi on Saturday (April 21, 2012).
Published 22 Apr, 2012 12:00am
Afghan forces seize 10 tonnes of explosives

Afghan forces seize 10 tonnes of explosives

Afghan security forces have detained five insurgents who planned to use ten tonnes of explosives to inflict "large scale bloodshed" in crowded areas of the capital Kabul, an official said Saturday. Three of the men are Pakistani nationals and two are Afgh
Published 22 Apr, 2012 12:00am
Weather over airport was not that severe: CAA

Weather over airport was not that severe: CAA

The Civil Aviation Authority (CAA) made no compromise on air safety issues and Bhoja Airline's licence was not issued because of political pressure, CAA's Director-General Nadeem Yousafzai declared on Saturday. "The CAA issued licence to Bhoja Airlines af
Published 22 Apr, 2012 12:00am
Lahore Grain Market Rates

Lahore Grain Market Rates

Grain and other commodity rates in rupees on Akbari Mandi on Saturday (April 21, 2012).
Published 22 Apr, 2012 12:00am
Weather over airport was not that severe: CAA

Weather over airport was not that severe: CAA

The Civil Aviation Authority (CAA) made no compromise on air safety issues and Bhoja Airline's licence was not issued because of political pressure, CAA's Director-General Nadeem Yousafzai declared on Saturday. "The CAA issued licence to Bhoja Airlines af
Published 22 Apr, 2012 12:00am
Weather over airport was not that severe: CAA

Weather over airport was not that severe: CAA

The Civil Aviation Authority (CAA) made no compromise on air safety issues and Bhoja Airline''s licence was not issued because of political pressure, CAA''s Director-General Nadeem Yousafzai declared on Saturday. "The CAA issued licence to Bhoja Airlines
Published 22 Apr, 2012 12:00am
Judicial Commission formed

Judicial Commission formed

A three- member Judicial Commission has been constituted to probe the Bhoja airline tragedy in which 127 passengers were killed in Islamabad on Friday evening. The Commission headed by former Chief Justice of Lahore High Court Zahid Hussain Bukhari also c
Published 22 Apr, 2012 12:00am
Judicial Commission formed

Judicial Commission formed

A three- member Judicial Commission has been constituted to probe the Bhoja airline tragedy in which 127 passengers were killed in Islamabad on Friday evening. The Commission headed by former Chief Justice of Lahore High Court Zahid Hussain Bukhari also c
Published 22 Apr, 2012 12:00am
Bhoja Air's office raided

Bhoja Air's office raided

The Federal Investigation Agency (FIA) on Saturday raided Bhoja Air's office and took all the records into custody, sources said. According to FIA sources, a team of FIA corporate crime circle branch conducted raid at Bhoja Air's office at Sharea Faisal a
Published 22 Apr, 2012 12:00am
Cotton Spot Rates

Cotton Spot Rates

Official KCA spot rates for local dealings in Pakistan rupees on Saturday (April 21, 2012).
Published 22 Apr, 2012 12:00am
Bhoja Air's office raided

Bhoja Air's office raided

The Federal Investigation Agency (FIA) on Saturday raided Bhoja Air's office and took all the records into custody, sources said. According to FIA sources, a team of FIA corporate crime circle branch conducted raid at Bhoja Air's office at Sharea Faisal a
Published 22 Apr, 2012 12:00am
Bullion Rates

Bullion Rates

Gold and silver rates in rupees per 10 grams prevailing in major cities on Saturday (April 21, 2012).
Published 22 Apr, 2012 12:00am
Bhoja Air''s office raided

Bhoja Air''s office raided

The Federal Investigation Agency (FIA) on Saturday raided Bhoja Air''s office and took all the records into custody, sources said. According to FIA sources, a team of FIA corporate crime circle branch conducted raid at Bhoja Air''s office at Sharea Faisal
Published 22 Apr, 2012 12:00am
The Weather

The Weather

The weather report on Saturday (April 21, 2012) and the forecast for Sunday (April 22, 2012).
Published 22 Apr, 2012 12:00am
Zardari directs Mukhtar to hold inquiry

Zardari directs Mukhtar to hold inquiry

President Asif Ali Zardari on Saturday directed Defence Minister Ahmad Mukhtar to inquire about the progress in extending facilitation to the affected families of the plane crash tragedy. Expressing grief, the President directed the Defence Minister that
Published 22 Apr, 2012 12:00am
Zardari directs Mukhtar to hold inquiry

Zardari directs Mukhtar to hold inquiry

President Asif Ali Zardari on Saturday directed Defence Minister Ahmad Mukhtar to inquire about the progress in extending facilitation to the affected families of the plane crash tragedy. Expressing grief, the President directed the Defence Minister that
Published 22 Apr, 2012 12:00am
Eurozone woes hinder emerging Europe, Asia recovery: World Bank

Eurozone woes hinder emerging Europe, Asia recovery: World Bank

Continued crisis in the eurozone hurts the modest recovery under way in emerging European and Central Asian nations, the World Bank said on Friday, warning of the risk of a credit crunch in the region due to exposure to Western banks.
Published 22 Apr, 2012 12:00am
Eurozone woes hinder emerging Europe, Asia recovery: World Bank

Eurozone woes hinder emerging Europe, Asia recovery: World Bank

Continued crisis in the eurozone hurts the modest recovery under way in emerging European and Central Asian nations, the World Bank said on Friday, warning of the risk of a credit crunch in the region due to exposure to Western banks.
Published 22 Apr, 2012 12:00am
Eurozone woes hinder emerging Europe, Asia recovery: World Bank

Eurozone woes hinder emerging Europe, Asia recovery: World Bank

Continued crisis in the eurozone hurts the modest recovery under way in emerging European and Central Asian nations, the World Bank said on Friday, warning of the risk of a credit crunch in the region due to exposure to Western banks.
Published 22 Apr, 2012 12:00am
Jamadi-us-Sani moon may be sighted today

Jamadi-us-Sani moon may be sighted today

The new Jamadi-us-Sani moon may be sighted today (Sunday), according to astronomical parameters. Therefore, the first of Jamadi-us-Sani, 1433 AH may fall on Monday. The moon crossed the conjunction line yesterday (Saturday) at 1218 Pakistan Standard Time
Published 22 Apr, 2012 12:00am
Jamadi-us-Sani moon may be sighted today

Jamadi-us-Sani moon may be sighted today

The new Jamadi-us-Sani moon may be sighted today (Sunday), according to astronomical parameters. Therefore, the first of Jamadi-us-Sani, 1433 AH may fall on Monday. The moon crossed the conjunction line yesterday (Saturday) at 1218 Pakistan Standard Time
Published 22 Apr, 2012 12:00am
FED on cement may be reduced: MoF, FBR studying budget proposal

FED on cement may be reduced: MoF, FBR studying budget proposal

The Ministry of Finance and the Federal Board of Revenue are seriously considering a budget proposal to reduce federal excise duty on cement from fiscal (2012-13) under the government's commitment to totally abolish excise duty on the commodity in phases.
Published 22 Apr, 2012 12:00am
FED on cement may be reduced: MoF, FBR studying budget proposal

FED on cement may be reduced: MoF, FBR studying budget proposal

The Ministry of Finance and the Federal Board of Revenue are seriously considering a budget proposal to reduce federal excise duty on cement from fiscal (2012-13) under the government's commitment to totally abolish excise duty on the commodity in phases.
Published 22 Apr, 2012 12:00am
FED on cement may be reduced: MoF, FBR studying budget proposal

FED on cement may be reduced: MoF, FBR studying budget proposal

The Ministry of Finance and the Federal Board of Revenue are seriously considering a budget proposal to reduce federal excise duty on cement from fiscal (2012-13) under the government''s commitment to totally abolish excise duty on the commodity in phases
Published 22 Apr, 2012 12:00am
Investment opportunities in Pakistan: Hafeez invites US investors

Investment opportunities in Pakistan: Hafeez invites US investors

Emphasising the importance of private sector's role towards full realisation of Pakistan-US relations potential, Finance Minister, Abdul Hafeez Shaikh, has asked the American entrepreneurs to benefit from tremendous investment opportunities in Pakistan.
Published 22 Apr, 2012 12:00am
Investment opportunities in Pakistan: Hafeez invites US investors

Investment opportunities in Pakistan: Hafeez invites US investors

Emphasising the importance of private sector's role towards full realisation of Pakistan-US relations potential, Finance Minister, Abdul Hafeez Shaikh, has asked the American entrepreneurs to benefit from tremendous investment opportunities in Pakistan.
Published 22 Apr, 2012 12:00am
Investment opportunities in Pakistan: Hafeez invites US investors

Investment opportunities in Pakistan: Hafeez invites US investors

Emphasising the importance of private sector''s role towards full realisation of Pakistan-US relations potential, Finance Minister, Abdul Hafeez Shaikh, has asked the American entrepreneurs to benefit from tremendous investment opportunities in Pakistan.
Published 22 Apr, 2012 12:00am
GDP growth may touch 4 percent mark

GDP growth may touch 4 percent mark

Economic managers are optimistic that the country's GDP growth is likely to reach 4 percent in the current fiscal year because of higher than expected growth in agriculture and manufacturing sectors. An official of the Planning Commission said that large-
Published 22 Apr, 2012 12:00am
GDP growth may touch 4 percent mark

GDP growth may touch 4 percent mark

Economic managers are optimistic that the country's GDP growth is likely to reach 4 percent in the current fiscal year because of higher than expected growth in agriculture and manufacturing sectors. An official of the Planning Commission said that large-
Published 22 Apr, 2012 12:00am
GDP growth may touch 4 percent mark

GDP growth may touch 4 percent mark

Economic managers are optimistic that the country''s GDP growth is likely to reach 4 percent in the current fiscal year because of higher than expected growth in agriculture and manufacturing sectors. An official of the Planning Commission said that large
Published 22 Apr, 2012 12:00am
China, Iceland announce deal on oil-rich Arctic

China, Iceland announce deal on oil-rich Arctic

China and Iceland announced a deal on the oil-rich Arctic region Friday after Chinese Premier Wen Jiabao flew in to Reykjavik on the first stage of a four-nation European tour. The deal was part of a package of six agreements signed on the first day of th
Published 22 Apr, 2012 12:00am
China, Iceland announce deal on oil-rich Arctic

China, Iceland announce deal on oil-rich Arctic

China and Iceland announced a deal on the oil-rich Arctic region Friday after Chinese Premier Wen Jiabao flew in to Reykjavik on the first stage of a four-nation European tour. The deal was part of a package of six agreements signed on the first day of th
Published 22 Apr, 2012 12:00am
China, Iceland announce deal on oil-rich Arctic

China, Iceland announce deal on oil-rich Arctic

China and Iceland announced a deal on the oil-rich Arctic region Friday after Chinese Premier Wen Jiabao flew in to Reykjavik on the first stage of a four-nation European tour. The deal was part of a package of six agreements signed on the first day of th
Published 22 Apr, 2012 12:00am
China's military warns of confrontation over seas

China's military warns of confrontation over seas

China's military warned the United States on Saturday that US-Philippine military exercises have raised risks of armed confrontation over the disputed South China Sea in the toughest high-level warning yet after weeks of tensions. China's official Liberat
Published 22 Apr, 2012 12:00am
China's military warns of confrontation over seas

China's military warns of confrontation over seas

China's military warned the United States on Saturday that US-Philippine military exercises have raised risks of armed confrontation over the disputed South China Sea in the toughest high-level warning yet after weeks of tensions. China's official Liberat
Published 22 Apr, 2012 12:00am
Prime Minister promises full probe

Prime Minister promises full probe

Prime Minister Syed Yousuf Raza Gilani on Saturday ordered a judicial probe into the Hussainabad air crash, which killed all 127 people onboard the Bhoja Airlines' plane. The prime minister was on a visit to the Pakistan Institute of Medical Sciences (PIM
Published 22 Apr, 2012 12:00am
Prime Minister promises full probe

Prime Minister promises full probe

Prime Minister Syed Yousuf Raza Gilani on Saturday ordered a judicial probe into the Hussainabad air crash, which killed all 127 people onboard the Bhoja Airlines' plane. The prime minister was on a visit to the Pakistan Institute of Medical Sciences (PIM
Published 22 Apr, 2012 12:00am
Landing allowed despite warning

Landing allowed despite warning

In spite of the weather warning from Meteorological Department on Friday, it has been learnt that Civil Aviation Authority (CAA) allowed the ill-fated Bhoja Air passenger plane to land at Benazir Bhutto International Airport. "The Meteorological Departmen
Published 22 Apr, 2012 12:00am
Landing allowed despite warning

Landing allowed despite warning

In spite of the weather warning from Meteorological Department on Friday, it has been learnt that Civil Aviation Authority (CAA) allowed the ill-fated Bhoja Air passenger plane to land at Benazir Bhutto International Airport. "The Meteorological Departmen
Published 22 Apr, 2012 12:00am
National savings, investment targets clipped

National savings, investment targets clipped

Pakistan's national savings and investment targets have been revised downward for the current fiscal year in the macroeconomic framework finalised by the economic team and submitted for approval, it was learnt. Sources in the finance ministry said that to
Published 22 Apr, 2012 12:00am
National savings, investment targets clipped

National savings, investment targets clipped

Pakistan's national savings and investment targets have been revised downward for the current fiscal year in the macroeconomic framework finalised by the economic team and submitted for approval, it was learnt. Sources in the finance ministry said that to
Published 22 Apr, 2012 12:00am
National savings, investment targets clipped

National savings, investment targets clipped

Pakistan''s national savings and investment targets have been revised downward for the current fiscal year in the macroeconomic framework finalised by the economic team and submitted for approval, it was learnt. Sources in the finance ministry said that t
Published 22 Apr, 2012 12:00am
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