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May 13, 2025 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Print - 2007-08-28
US home re-sales fall, inventories soar

US home re-sales fall, inventories soar

The pace of sales of pre-owned US homes fell slightly in July but the inventory of unsold properties soared to the highest level in over 15 years as troubles in the subprime mortgage market continued to wreak havoc on the housing sector. Home sales slid 0
Published 28 Aug, 2007 12:00am
Hungary's central bank leaves rates unchanged

Hungary's central bank leaves rates unchanged

Hungary's central bank left interest rates unchanged on Monday at 7.75 percent, in line with most expectations and raised its forecast for 2008 average annual inflation significantly. The bank cut rates by 25 basis points in June, its first cut in 8 month
Published 28 Aug, 2007 12:00am
Slow export raises fears for Thai economy

Slow export raises fears for Thai economy

Exports, a pillar of strength in Thailand's wobbly economy, have suddenly slowed due to cooling foreign demand and a strong currency, raising fears the kingdom will miss already modest growth targets. Thailand counts on exports for 60 percent of its econo
Published 28 Aug, 2007 12:00am
Strike by temporary workers cripples Kia Motors

Strike by temporary workers cripples Kia Motors

A strike by temporary workers seeking better wages and job security has crippled production at South Korea's second largest carmaker Kia Motors, officials said Monday. About 400 workers from Kia's subcontractors have occupied the company's main plant at H
Published 28 Aug, 2007 12:00am
General Electric to buy Czech aircraft engine maker

General Electric to buy Czech aircraft engine maker

General Electric Company, the giant US conglomerate, said Monday it had agreed to buy Prague-based Walter Engines a.s., a manufacturer of aircraft engines. GE did not disclose how much it was paying to take over the Czech company which makes turboprop air
Published 28 Aug, 2007 12:00am
China Construction Bank holds $1.06 billion in subprime securities

China Construction Bank holds $1.06 billion in subprime securities

China Construction Bank, the country's third largest lender, said Monday it held 1.06 billion dollar of securities backed by US subprime mortgages but added it will have limited impact on the group. The lender said it has set aside 139 million yuan (18.3
Published 28 Aug, 2007 12:00am
Kazakhstan halts ENI-run oil field over environment

Kazakhstan halts ENI-run oil field over environment

Kazakhstan halted work on Monday at a vast oil field operated by the Italian group ENI, in the latest squeeze on foreigners who bought into the region's massive resource wealth in the 1990s.
Published 28 Aug, 2007 12:00am
France's Strauss-Kahn pushes IMF reform

France's Strauss-Kahn pushes IMF reform

Former French finance minister Dominique Strauss-Kahn pledged Monday to push for reform of the International Monetary Fund as his campaign to win the top job at the IMF drew to a close.
Published 28 Aug, 2007 12:00am
Sinopec, Aramco refinery on track, discuss reserves

Sinopec, Aramco refinery on track, discuss reserves

Asia's biggest oil refiner Sinopec Corp said its plans with Saudi Arabia's Saudi Aramco for a refinery in east China were on track and the companies were also talking of building commercial oil reserves. Sinopec is in talks with state oil company Saudi Ar
Published 28 Aug, 2007 12:00am
China blames design for Mattel recalls

China blames design for Mattel recalls

A design fault was mostly to blame for US toy giant Mattel's recall of millions of products, not the Chinese manufacturers, China's chief safety watchdog said Monday.
Published 28 Aug, 2007 12:00am
Australia's Suncorp reports record profit

Australia's Suncorp reports record profit

Australia's second-largest general insurer, Suncorp Metway Ltd, said Monday its annual net profit rose 16.2 percent to a record 1.06 billion dollars (883,000 US), aided by 15 weeks of contributions from Promina Group. Suncorp bought general insurer Promin
Published 28 Aug, 2007 12:00am
Afghanistan's opium harvest jumps

Afghanistan's opium harvest jumps

Afghanistan's opium harvest jumped by 34 percent this year to a new high with the country almost the exclusive supplier of the world's deadliest drug, the United Nations announced Monday.
Published 28 Aug, 2007 12:00am
Asean to seek $2 billion for transnational railway

Asean to seek $2 billion for transnational railway

Southeast Asian nations will seek to raise $2 billion later this year to complete a railway system that will eventually stretch from China to Singapore and link eight countries in the region.
Published 28 Aug, 2007 12:00am
Saudi airline moves towards privatisation

Saudi airline moves towards privatisation

State-owned Saudi Arabian Airlines took a step towards privatisation on Monday, the official SPA news agency reported. The oil-rich kingdom's cabinet agreed at its weekly meeting to allow the airline to convert some of its "strategic units" into companies
Published 28 Aug, 2007 12:00am
Airlines body sees end of paper tickets in 2008

Airlines body sees end of paper tickets in 2008

The global airlines body IATA said on Monday it had placed its last order for paper tickets, clearing the way for air travel to be based entirely on electronic ticketing from June 1 next year.
Published 28 Aug, 2007 12:00am
Malaysia palm oil slips

Malaysia palm oil slips

Malays-ian crude palm oil futures edged lower on Monday as expectations of a cyclical upturn in production offset a slight increase in exports, traders said. But losses were limited by Indonesia's plans to announce a flexible export for the crude palm oil
Published 28 Aug, 2007 12:00am
Tokyo rubber rises

Tokyo rubber rises

Tokyo rubber futures rose 1 percent on Monday as a weakening yen helped bolster buying at levels near an eight-month low. But trade was subdued as concerns that the US supreme mortgage fallout could have a mid- to long-term impact on other financial marke
Published 28 Aug, 2007 12:00am
Malaysian tin down

Malaysian tin down

Malaysian tin slipped $50 a tonne on Monday, tracking losses in London Metal Exchange prices, but strong Japanese buying limited losses, one dealer said.
Published 28 Aug, 2007 12:00am
Asian rubber: China shops around, rains curb supplies

Asian rubber: China shops around, rains curb supplies

China, the world's largest rubber consumer, is likely to snap up more nearby cargoes as local stocks dry up, while persistent rains in Thailand and Indonesia have restricted supplies of raw material.
Published 28 Aug, 2007 12:00am
Indonesian palm oil down

Indonesian palm oil down

Indonesian palm oil prices fell on Monday, hit by losses in Malaysian palm oil futures and as players awaited a government announcement on palm oil export tax. At the state marketing centre in Jakarta, crude palm oil was sold at 7,060 rupiah ($0.753) a kg
Published 28 Aug, 2007 12:00am
Dutch court backs Arcelor Mittal against holdouts

Dutch court backs Arcelor Mittal against holdouts

A Rotterdam court on Monday ruled in favour of Arcelor Mittal in a row with minority shareholders. The court said Mittal can proceed with finalising its merger with Arcelor, of which it already owns 94 percent of the shares and that it had not been proven
Published 28 Aug, 2007 12:00am
Thai share prices end flat

Thai share prices end flat

Thai share prices closed flat on Monday with thin volumes as the army-backed government's announcement on the new election date failed to boost market sentiment, dealers said. They said investors chose to stay on the sidelines to wait for this week's US F
Published 28 Aug, 2007 12:00am
Malaysian shares slightly firmer

Malaysian shares slightly firmer

Malaysian share prices closed 0.4 percent higher on Monday on cautious trading, with last week's gains on Wall Street and positive US home sales data failing to excite the market, dealers said. They said investors had yet to shake off their jitters follow
Published 28 Aug, 2007 12:00am
Taiwan stocks rise

Taiwan stocks rise

Taiwan stocks rose 0.32 percent on Monday as big exporters including chip designer Mediatek Inc got a boost from a rally on Wall Street, but low turnover reflected lingering fears about subprime sector woes. Taiwan's main TAIEX rose to a two-week intraday
Published 28 Aug, 2007 12:00am
Woolworths second-half profit up

Woolworths second-half profit up

Woolworths Ltd, Australia's largest supermarket chain, posted a 27 percent jump in second-half profit after grabbing market share from rival Coles Group Ltd, and tipped more growth this year. Woolworths, which has been cutting prices to cement its dominan
Published 28 Aug, 2007 12:00am
Woolworths second-half profit up

Woolworths second-half profit up

Woolworths Ltd, Australia's largest supermarket chain, posted a 27 percent jump in second-half profit after grabbing market share from rival Coles Group Ltd, and tipped more growth this year. Woolworths, which has been cutting prices to cement its dominan
Published 28 Aug, 2007 12:00am
SAIC, Nanjing Auto to set tie-up plan

SAIC, Nanjing Auto to set tie-up plan

China's biggest car maker Shanghai Automotive Industry Corp (SAIC) and Nanjing Automobile (Group) Corp are hammering out a detailed merger agreement, which is expected be completed by October 1, state press said Monday.
Published 28 Aug, 2007 12:00am
Bangkok Bank sees loan growth tougher in second-half

Bangkok Bank sees loan growth tougher in second-half

Bangkok Bank said on Monday it would be more difficult to expand loans over the rest of this year as global market volatility would add risks to a Thai economy already suffering from political uncertainty.
Published 28 Aug, 2007 12:00am
Bangkok Bank sees loan growth tougher in second-half

Bangkok Bank sees loan growth tougher in second-half

Bangkok Bank said on Monday it would be more difficult to expand loans over the rest of this year as global market volatility would add risks to a Thai economy already suffering from political uncertainty.
Published 28 Aug, 2007 12:00am
Bosnia food price rise won't spark inflation

Bosnia food price rise won't spark inflation

The recent surge in the prices of bread and other staple food products in Bosnia will not fuel inflation or jeopardise the country's stability, the Bosnian central bank governor was quoted as saying on Monday. Bread prices have gone up by up to 50 percent
Published 28 Aug, 2007 12:00am
Hong Kong stocks rally to life high

Hong Kong stocks rally to life high

Hong Kong-listed shares in mainland companies shot up 6.2 percent on Monday, feeding on expectations that mainland investors would snatch them as China's move to allow direct offshore investment kicks off this week. Heavy buying drove turnover to record l
Published 28 Aug, 2007 12:00am
Auction of first A380 seats underway

Auction of first A380 seats underway

An online auction for seats on the first commercial flight of the super jumbo Airbus A380, between Singapore and Sydney, began Monday night, the eBay online marketplace said. "A380 First Flight Charity Auction has begun," said eBay's Singapore website aft
Published 28 Aug, 2007 12:00am
Merkel tells China to respect trade rules

Merkel tells China to respect trade rules

German Chancellor Angela Merkel raised human rights and other sensitive issues with China's leaders on Monday, while bluntly telling them to respect the rules of international trade and development.
Published 28 Aug, 2007 12:00am
Sarkozy urges more market transparency

Sarkozy urges more market transparency

French President Nicolas Sarkozy on Monday repeated his call for improved transparency in financial markets and said the recent market turmoil could happen again unless steps were taken. Sarkozy has called for a discussion of new measures to increase tran
Published 28 Aug, 2007 12:00am
Taiwan's Acer to buy Gateway, foils Lenovo

Taiwan's Acer to buy Gateway, foils Lenovo

Taiwan's Acer will buy Gateway for $710 million, creating the world's No 3 PC maker and doubling its US presence while dealing a blow to arch-foe Lenovo's efforts to grow in Europe. Lenovo's plans were set back when Gateway declared on Monday that it woul
Published 28 Aug, 2007 12:00am
Isuzu, Hino to co-develop emission traps, truck cab

Isuzu, Hino to co-develop emission traps, truck cab

Japanese truck makers Isuzu Motors Ltd and Hino Motors Ltd said on Monday they will jointly develop emissions-cleaning systems for diesel engines and a truck cab for large commercial vehicles. The two companies - both partly owned by Toyota Motor Corp - s
Published 28 Aug, 2007 12:00am
China to kick off construction on West-East gas pipeline

China to kick off construction on West-East gas pipeline

China will start building its second West-East natural gas pipeline in 2008, with gas transmission to come on stream in 2010, China National Petroleum Corporation, builder of the pipeline, said Monday.
Published 28 Aug, 2007 12:00am
Australia's Suncorp reports record profit

Australia's Suncorp reports record profit

Australia's second-largest general insurer, Suncorp Metway Ltd, said Monday its annual net profit rose 16.2 percent to a record 1.06 billion dollars (883,000 US), aided by 15 weeks of contributions from Promina Group. Suncorp bought general insurer Promin
Published 28 Aug, 2007 12:00am
Pak Suzuki Motor's earnings may drop by 21 percent

Pak Suzuki Motor's earnings may drop by 21 percent

The earnings of Pak Suzuki Motor Company Limited during the half year period ending June 30 are expected to drop by 21 percent to Rs 1,627 million (EPS Rs 20.07) as compared to Rs 2,061 million (EPS Rs 25.42) in the same period of last year.
Published 28 Aug, 2007 12:00am
MCB opens 1007th branch

MCB opens 1007th branch

The tally of the network of MCB Bank has touched the figure of 1007. MCB Bank General Manager Imtiaz Ahmad inaugurated the 1007th branch of MCB Bank here at Jamrud Road on Monday. A larger number of businessmen and officers of the bank attended the ceremo
Published 28 Aug, 2007 12:00am
Government slammed for pathetic attitude toward mealy bug attack

Government slammed for pathetic attitude toward mealy bug attack

Cotton glowers are accusing the government of pathetic attitude toward mealy bug's attack on cotton crops, ill planning to take effective measures to counter it and failure to store sufficient stock of pesticides for the purpose.
Published 28 Aug, 2007 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Monday (August 27, 2007).

Published 28 Aug, 2007 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Monday (August 27, 2007).

Published 28 Aug, 2007 12:00am
Flour mills body holds workshop

Flour mills body holds workshop

Punjab's Pakistan Flour Mills Association (PFMA) Chairman Haji Maqsood Ahmed has said his association is creating awareness for flour mills about the latest technological advancements.
Published 28 Aug, 2007 12:00am
Seminar for homeopathic doctors today

Seminar for homeopathic doctors today

Population Welfare Ministry is conducting one-day orientation seminar in Lahore for homeopathic doctors on Population Control Programme and Reproductive Health under Public-Private Partnership Sector Organisation (PPSO).
Published 28 Aug, 2007 12:00am
Anaemic women more prone to bear weak child

Anaemic women more prone to bear weak child

Anaemia has appeared to be one of the most common deficiencies among local women in child bearing age, exposing them and their babies to severe complications during delivery and after wards. Breathlessness, dizziness, exhaustion and constant weakness are
Published 28 Aug, 2007 12:00am
Karachi tea rates

Karachi tea rates

Tea rates in rupees prevailing on the commodity markets in Karachi on Monday (August 27, 2007).

Published 28 Aug, 2007 12:00am
LGH improve facilities for patients

LGH improve facilities for patients

Nurses will provide medicines to patients at their beds in Lahore General Hospital's emergency department while the student nurses will help them in this pursuit round-the-clock. This was decided by Postgraduate Medical Institute (LGH) Principal Professor
Published 28 Aug, 2007 12:00am
Milk powder rates

Milk powder rates

Milk Powder rates in rupees prevailing on the commodity markets in Karachi on Monday (August 27, 2007).

Published 28 Aug, 2007 12:00am
Maulana Aziz's wife and daughter granted bail

Maulana Aziz's wife and daughter granted bail

An Anti Terrorist Court (ATC) on Monday granted bail to Ume Hassaan, former Principal of Jamia Hafsa and her daughter Tayyaba Dua in different cases filed in Lal Masjid case. After resuming the hearing against Ume Hassaan and her daughter along with 31 ot
Published 28 Aug, 2007 12:00am
Raw rubber rates

Raw rubber rates

Raw Rubber rates in rupees prevailing on the commodity markets in Karachi on Monday (August 27, 2007).

Published 28 Aug, 2007 12:00am
Call to activate, revamp Seerat Study Centre

Call to activate, revamp Seerat Study Centre

Socio-political circles have urged upon the Seerat Study Centre's management to take immediate steps to activate and revamp its centre. After receiving a large number of calls and complaints this scribe visited Seerat Study Centre on Monday for assessing
Published 28 Aug, 2007 12:00am
Jute goods rates

Jute goods rates

Jute goods rates in rupees prevailing on the commodity markets in Karachi on Monday (August 27, 2007).

Published 28 Aug, 2007 12:00am
WRCP's youth leadership programme on August 31

WRCP's youth leadership programme on August 31

White Ribbon Campaign Pakistan (WRCP) is holding the first session of a youth leadership programme on August 31 with German Technical Co-operation and the University of Central Punjab.
Published 28 Aug, 2007 12:00am
PML-N rules out any deal with government

PML-N rules out any deal with government

Pakistan Muslim League-Nawaz (PML-N) has outrightly ruled out possibilities of striking any deal with the incumbent military-led regime for the return of Sharif brothers from exile, alleging that such rumours were being spread by the regime to divert the
Published 28 Aug, 2007 12:00am
Rates of dry fruit

Rates of dry fruit

Rates of dry fruit in rupees prevailing on the commodity markets in Karachi on Monday (August 27, 2007).

Published 28 Aug, 2007 12:00am
PML-N team leaves for London

PML-N team leaves for London

Pakistan Muslim League-Nawaz (PML-N) Secretary General Iqbal Zafar Jhagra and a party delegation left for London to meet the party leadership and decide a date about the return of Nawaz and Shahbaz Sharif.
Published 28 Aug, 2007 12:00am
Pesco detects 30 more power theft cases

Pesco detects 30 more power theft cases

The chief executive, Peshawar Electric Supply Company (Pesco), Brigadier Sakhi Marjan has directed gearing up of the ongoing drive against power pilferage and curbing of kunda culture to strengthen the financial position of the company. The Pesco has alre
Published 28 Aug, 2007 12:00am
Grain market rates

Grain market rates

Karachi grain market rates in rupees on Monday (August 27, 2007).

Published 28 Aug, 2007 12:00am
Supreme Court refuses to pardon education department employee

Supreme Court refuses to pardon education department employee

A Supreme Court full bench on Monday refused to pardon appellant Muhammad Younas, saying he had failed to mention the date of his removal but stopped short of brining it to the court notice. The court said when the appellant had asked the court to order t
Published 28 Aug, 2007 12:00am
Hides and skin rates

Hides and skin rates

Hides and skin rates in rupees prevailing on the commodity markets in Karachi on Monday (August 27, 2007).

Published 28 Aug, 2007 12:00am
Two new ministers sworn in

Two new ministers sworn in

President General Pervez Musharraf on Monday administered oath to two new ministers in the federal Cabinet. The newly-inducted ministers are Iqbal Mohammad Ali Khan as the federal minister and Dr Abdul Kadir Khanzada as the minister of state here at the A
Published 28 Aug, 2007 12:00am
Opposition to resist Musharraf's re-election: PML-N

Opposition to resist Musharraf's re-election: PML-N

Chairman of PML-N Raja Zafar-ul-Haq has said that opposition would not let General Pervez Musharraf to get himself elect as President of Pakistan at the cost of federation and government should stop military operation in Balochistan.
Published 28 Aug, 2007 12:00am
Lahore Grain Market Rates

Lahore Grain Market Rates

Grain and other commodity rates in rupees on Akbari Mandi on Monday (August 27, 2007).

Published 28 Aug, 2007 12:00am
Benazir to chair joint meeting of CEC, FC

Benazir to chair joint meeting of CEC, FC

A combined meeting of the Central Executive Committee (CEC) and the Federal Council (FC) of the Pakistan People's Party (PPP) will be held on Friday (August 31) in London. An announcement to this effect was made by PPP Secretary General, Jahangir Badar in
Published 28 Aug, 2007 12:00am
Qazi for early hearing of petition against Musharraf

Qazi for early hearing of petition against Musharraf

The President of Muttahida Majlis-i-Amal (MMA), Qazi Hussain Ahmad, has filed an application in the Supreme Court for hearing of his petition against President Musharraf pending in the court.
Published 28 Aug, 2007 12:00am
Bandits kill two persons on resistance

Bandits kill two persons on resistance

Two persons were shot dead by bandits when they resisted the dacoity bid in Pandora area in the vicinity of New Town Police Station here on Monday. According to details, three armed men entered the shop at Pandora and looted Rs 112,000.
Published 28 Aug, 2007 12:00am
World Bank asks FBR to reduce number of members

World Bank asks FBR to reduce number of members

The World Bank (WB) has asked the Federal Board of Revenue (FBR) to reduce the number of Members directly reporting to the FBR Chairman under the Tax Administration Reform Project (TARP). Sources told Business Recorder on Monday that the issue came
Published 28 Aug, 2007 12:00am
Cotton Spot Rates

Cotton Spot Rates

Official KCA spot rates for local dealings in Pakistan rupees on Monday (August 27, 2007).

Published 28 Aug, 2007 12:00am
Evasion of taxes: drive against importers, clearing agents directed

Evasion of taxes: drive against importers, clearing agents directed

The Collectorate of Customs, (Appeals), Islamabad, has asked the Directorate General of Intelligence and Investigation to launch a drive against importers and clearing agents of transit mixers who violate Import Policy Order to evade duties and taxes.
Published 28 Aug, 2007 12:00am
Khakwani resigns

Khakwani resigns

Minister of State for Information Technology Ishaq Khan Khakwani Monday resigned from the cabinet but he will retain his membership of the National Assembly. He said he would support President for his re-election if he will doff uniform to contest electio
Published 28 Aug, 2007 12:00am
Khakwani resigns

Khakwani resigns

Minister of State for Information Technology Ishaq Khan Khakwani Monday resigned from the cabinet but he will retain his membership of the National Assembly. He said he would support President for his re-election if he will doff uniform to contest electio
Published 28 Aug, 2007 12:00am
Key stock and currency market movements

Key stock and currency market movements

The latest close of key indices on major world stock exchanges and the London closing values of the euro, the Japanese yen, the British pound and gold bullion (previous day's closes in brackets).

Published 28 Aug, 2007 12:00am
Afgan suffering from mental disorder, petition filed

Afgan suffering from mental disorder, petition filed

A petition for permission to appear as defence counsel for Dr Sher Afgan, Minister for Parliamentary Affairs, was filed in the Supreme Court on Monday. The petitioner alleged that Afgan is suffering from serious diseases and may not be able to defend hims
Published 28 Aug, 2007 12:00am
New York cotton

New York cotton

Monday's closing prices of New York cotton in US cents/lb.

Published 28 Aug, 2007 12:00am
'Provincial autonomy bill may be tabled in Parliament'

'Provincial autonomy bill may be tabled in Parliament'

The government would soon table the Provincial Autonomy Bill to help remove grievances of Provinces, Deputy Chairman Senate Jan Muhammad Khan Jamali said to a delegation of students from Bolan Medical College/University, Quetta.
Published 28 Aug, 2007 12:00am
New York cotton

New York cotton

Monday's closing prices of New York cotton in US cents/lb.

Published 28 Aug, 2007 12:00am
'Pakistan to continue independent foreign policy'

'Pakistan to continue independent foreign policy'

Reviewing Pakistan's foreign policy of the last 5 years, Foreign Minister Khurshid Mahmud Kasuri Monday declared that Pakistan would continue to conduct its foreign policy in consonance with its national interests without taking dictation from any foreign
Published 28 Aug, 2007 12:00am
The Weather

The Weather

The weather report on Monday (August 27, 2007) and the forecast for Tuesday (August 28, 2007).
Published 28 Aug, 2007 12:00am
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