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Nov 27, 2024 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Print - 2008-08-07
US rice futures gain

US rice futures gain

US rough rice futures on the Chicago Board of Trade ended higher on Tuesday on a mild rebound from this week's slide to a five-month low, traders said. September closed 15 cents higher at $16.20 per hundredweight; new-crop November ended 15 up at $16.51.
Published 07 Aug, 2008 12:00am
Nuclear assets in safe hands: General Tariq

Nuclear assets in safe hands: General Tariq

Joint Chiefs of Staff Committee (JCSC) Chairman General Tariq Majid has said the nuclear assets of Pakistan are in safe hands under an effective command and control structure of Pakistan Armed Forces.
Published 07 Aug, 2008 12:00am
New York sugar futures higher

New York sugar futures higher

Raw sugar futures finished on Tuesday up nearly 4 percent, reversing Monday's losses as funds bought and participants holding short positions grabbed profits in a volatile market, brokers said. The October sugar contract surged to finish up 0.51 cent, or
Published 07 Aug, 2008 12:00am
President's visit to China re-scheduled for today

President's visit to China re-scheduled for today

President Pervez Musharraf will leave for China on Thursday to attend the Olympics opening ceremony in Beijing. "In view of our special relations with China, the President has decided to attend the opening ceremony of the Beijing Olympics," Foreign Office
Published 07 Aug, 2008 12:00am
Malaysian tin drops

Malaysian tin drops

Malaysian tin fell 2.2 percent on Wednesday due to sharp declines in London Metal Exchange prices and a strong supply increase, one dealer said.
Published 07 Aug, 2008 12:00am
President's visit to China re-scheduled for today

President's visit to China re-scheduled for today

President Pervez Musharraf will leave for China on Thursday to attend the Olympics opening ceremony in Beijing. "In view of our special relations with China, the President has decided to attend the opening ceremony of the Beijing Olympics," Foreign Office
Published 07 Aug, 2008 12:00am
US soya futures hit three-month low

US soya futures hit three-month low

US soybean futures on the Chicago Board of Trade dived to a three-month low on Tuesday amid the broad-based sell-off in commodities, traders said. The market rebounded during the session, but that was short-lived and prices fell again late. Improving US c
Published 07 Aug, 2008 12:00am
BRIndex30 loses 451.18 points

BRIndex30 loses 451.18 points

On Wednesday, the BRIndex30 opened in the negative zone, at 10,380.19, and remained there for whole of the trading time, closing at 9,929.01 with a net negative change of -451.18 points and percentage change of -4.35. It saw intra-day high of 10,380.19 an
Published 07 Aug, 2008 12:00am
Kenyan tea rises

Kenyan tea rises

Kenyan tea prices gained at this week's auction due to reduced volumes of the crop and lingering doubts about recovery prospects for production, traders said on Wednesday. The east African country's tea output fell 21 percent to 157 million kg in the firs
Published 07 Aug, 2008 12:00am
BRIndex30 loses 451.18 points

BRIndex30 loses 451.18 points

On Wednesday, the BRIndex30 opened in the negative zone, at 10,380.19, and remained there for whole of the trading time, closing at 9,929.01 with a net negative change of -451.18 points and percentage change of -4.35. It saw intra-day high of 10,380.19 an
Published 07 Aug, 2008 12:00am
Oil prices slip in Asia

Oil prices slip in Asia

Oil fell to a three-month low on Wednesday, as lingering worries of a weak US economy continued to weigh on demand, but conflicts in Nigeria and dispute over Iran's nuclear plan could counter the bearish effects. US light crude fell by more than $1.00 to
Published 07 Aug, 2008 12:00am
Stocks lower on political woes

Stocks lower on political woes

Karachi share market witnessed heavy selling pressure on Wednesday and the KSE-100 index declined by 3.62 percent or 363.65 points to close at 9,678.82 points level, owing mainly to the uncertainty on the political front over the move to impeach President
Published 07 Aug, 2008 12:00am
Japan data shows expansion may be over

Japan data shows expansion may be over

Japan's longest post-war economic expansion may be over, government figures showed on Wednesday, as an index of indicators including industrial output and corporate profits sank in June. The data reinforced the market view that the Bank of Japan is likely
Published 07 Aug, 2008 12:00am
Stocks lower on political woes

Stocks lower on political woes

Karachi share market witnessed heavy selling pressure on Wednesday and the KSE-100 index declined by 3.62 percent or 363.65 points to close at 9,678.82 points level, owing mainly to the uncertainty on the political front over the move to impeach President
Published 07 Aug, 2008 12:00am
China power shortfall reaches peak

China power shortfall reaches peak

Power shortages across China's State Grid Corp network reached a peak in mid-July of 16.15 gigawatts (GW), well above previous government forecasts for the entire nation, the official Xinhua agency said on Wednesday.
Published 07 Aug, 2008 12:00am
Stocks lower on political woes

Stocks lower on political woes

Karachi share market witnessed heavy selling pressure on Wednesday and the KSE-100 index declined by 3.62 percent or 363.65 points to close at 9,678.82 points level, owing mainly to the uncertainty on the political front over the move to impeach President
Published 07 Aug, 2008 12:00am
EU exports to Iran rising despite sanctions

EU exports to Iran rising despite sanctions

European Union exports to Iran are on the rise again after a three-year decline, despite United Nations sanctions over Tehran's nuclear programme, figures from the EU's statistics office Eurostat show. Exports from the 27-nation bloc to the Islamic Republ
Published 07 Aug, 2008 12:00am
SECP and KSE agree to expedite demutualisation process

SECP and KSE agree to expedite demutualisation process

Securities & Exchange Commission of Pakistan (SECP) and Karachi Stock Exchange have agreed to expedite the demutualisation process in a way to get the KSE corporatised and demutualised by December 31, 2008. This was decided in a meeting on the demutualisa
Published 07 Aug, 2008 12:00am
Thousands march in South Africa over price hikes

Thousands march in South Africa over price hikes

Thousands protested in South Africa on Wednesday as workers disrupted gold mining and other major industries in a national strike over price hikes rattling the continent's economic powerhouse. A sea of protesting workers filled the streets of the capital
Published 07 Aug, 2008 12:00am
SECP and KSE agree to expedite demutualisation process

SECP and KSE agree to expedite demutualisation process

Securities & Exchange Commission of Pakistan (SECP) and Karachi Stock Exchange have agreed to expedite the demutualisation process in a way to get the KSE corporatised and demutualised by December 31, 2008. This was decided in a meeting on the demutualisa
Published 07 Aug, 2008 12:00am
IMF cuts UK growth forecast

IMF cuts UK growth forecast

The British economy will slow sharply this year and next but the Bank of England has little scope to trim interest rates because of soaring inflation, the International Monetary Fund said on Wednesday.
Published 07 Aug, 2008 12:00am
SECP and KSE agree to expedite demutualisation process

SECP and KSE agree to expedite demutualisation process

Securities & Exchange Commission of Pakistan (SECP) and Karachi Stock Exchange have agreed to expedite the demutualisation process in a way to get the KSE corporatised and demutualised by December 31, 2008. This was decided in a meeting on the demutualisa
Published 07 Aug, 2008 12:00am
Britain's economy nears stagnation as BoE meets

Britain's economy nears stagnation as BoE meets

Britain's economy has almost ground to a halt, the consumer spirit is evaporating and jobs are getting harder to find, surveys showed on Wednesday, as the Bank of England begins a tricky two-day interest rate meeting.
Published 07 Aug, 2008 12:00am
FBR allows provident fund balances transfer to VPF

FBR allows provident fund balances transfer to VPF

The Federal Board of Revenue (FBR) has allowed transfer of provident fund balances to the approved Voluntary Pension Funds to promote and regulate development of private pension schemes in the country. In this regard, the board has amended Income Tax Rule
Published 07 Aug, 2008 12:00am
US mortgage applications rise

US mortgage applications rise

Demand for US mortgage applications climbed last week from an eight-year low a week earlier, as home loan rates dipped from near 12-month peaks, according to data from the Mortgage Bankers Association on Wednesday. The trade group's seasonally adjusted mo
Published 07 Aug, 2008 12:00am
FBR allows provident fund balances transfer to VPF

FBR allows provident fund balances transfer to VPF

The Federal Board of Revenue (FBR) has allowed transfer of provident fund balances to the approved Voluntary Pension Funds to promote and regulate development of private pension schemes in the country. In this regard, the board has amended Income Tax Rule
Published 07 Aug, 2008 12:00am
Nissan Motor unveils new prototype electric car

Nissan Motor unveils new prototype electric car

Nissan Motor Co unveiled a new prototype electric vehicle Wednesday with batteries twice as powerful as conventional technology, aiming to take a lead in zero-emission cars. Japan's third-largest automaker said the front-wheel drive, boxy-shaped car has a
Published 07 Aug, 2008 12:00am
FBR allows provident fund balances transfer to VPF

FBR allows provident fund balances transfer to VPF

The Federal Board of Revenue (FBR) has allowed transfer of provident fund balances to the approved Voluntary Pension Funds to promote and regulate development of private pension schemes in the country. In this regard, the board has amended Income Tax Rule
Published 07 Aug, 2008 12:00am
Malaysian minister rejects Nike's factory abuse claims

Malaysian minister rejects Nike's factory abuse claims

Malaysia's human resource minister has rejected allegations that foreign workers at a Nike contract factory here were abused, reports said. Nike Incorporated said last week that it was monitoring Hytex Group, which has been producing Nike garments for mor
Published 07 Aug, 2008 12:00am
EAC directs MoF to bill Shah Mahmood for chartered flights

EAC directs MoF to bill Shah Mahmood for chartered flights

The Economic Advisory Committee (EAC) has taken serious notice of Foreign Minister Shah Mahmood Qureshi''s extravagance, and directed the Ministry of Finance (MoF) to charge bill of two chartered flights of PIA from him which he used for foreign visits.
Published 07 Aug, 2008 12:00am
Freddie posts another loss, plans to slash dividend

Freddie posts another loss, plans to slash dividend

Freddie Mac on Wednesday posted its fourth consecutive quarterly loss, set plans to slash its common stock dividend and doubled its reserves for losses on delinquent loans and home foreclosures.
Published 07 Aug, 2008 12:00am
EAC directs MoF to bill Shah Mahmood for chartered flights

EAC directs MoF to bill Shah Mahmood for chartered flights

The Economic Advisory Committee (EAC) has taken serious notice of Foreign Minister Shah Mahmood Qureshi's extravagance, and directed the Ministry of Finance (MoF) to charge bill of two chartered flights of PIA from him which he used for foreign visits.
Published 07 Aug, 2008 12:00am
Freddie posts another loss, plans to slash dividend

Freddie posts another loss, plans to slash dividend

Freddie Mac on Wednesday posted its fourth consecutive quarterly loss, set plans to slash its common stock dividend and doubled its reserves for losses on delinquent loans and home foreclosures.
Published 07 Aug, 2008 12:00am
EAC directs MoF to bill Shah Mahmood for chartered flights

EAC directs MoF to bill Shah Mahmood for chartered flights

The Economic Advisory Committee (EAC) has taken serious notice of Foreign Minister Shah Mahmood Qureshi's extravagance, and directed the Ministry of Finance (MoF) to charge bill of two chartered flights of PIA from him which he used for foreign visits.
Published 07 Aug, 2008 12:00am
Taiwan eyes Bangladesh as investment outlet

Taiwan eyes Bangladesh as investment outlet

Taiwanese firms invested $200 million in Bangladesh in the first half of this year and are keen to plough more money into the country, a senior Taiwanese trade official said on Wednesday. That is already the biggest foreign direct investment inflow into B
Published 07 Aug, 2008 12:00am
Customs refuse to reduce ITP of steel products

Customs refuse to reduce ITP of steel products

Customs department has refused to reduce the import trade price (ITP) of three steel products, which was raised during last week in line with prices in world market, source said on Wednesday.
Published 07 Aug, 2008 12:00am
Merkel calls for firms' restraint in Iran deals

Merkel calls for firms' restraint in Iran deals

Chancellor Angela Merkel on Wednesday called on German firms to show some sensitivity in their dealings with Iran, following Israel's criticism of a German company's gas plant deal. The German government has said the company's plans to export three liquef
Published 07 Aug, 2008 12:00am
Customs refuse to reduce ITP of steel products

Customs refuse to reduce ITP of steel products

Customs department has refused to reduce the import trade price (ITP) of three steel products, which was raised during last week in line with prices in world market, source said on Wednesday.
Published 07 Aug, 2008 12:00am
Spain stay top of rankings while Brazil tumble

Spain stay top of rankings while Brazil tumble

European champions Spain extended their lead at the top of the latest world soccer rankings published by FIFA on Wednesday, following a quiet month for the sport. Spain, who have not played a match since winning Euro 2008 at the end of June, are now leadi
Published 07 Aug, 2008 12:00am
Customs refuse to reduce ITP of steel products

Customs refuse to reduce ITP of steel products

Customs department has refused to reduce the import trade price (ITP) of three steel products, which was raised during last week in line with prices in world market, source said on Wednesday.
Published 07 Aug, 2008 12:00am
England recall Harmison

England recall Harmison

Steve Harmison and Stuart Broad have been recalled to the England team for the fourth and final test against South Africa starting on Thursday at The Oval. Ryan Sidebottom, England's leading wicket-taker over the last 12 months, and batsman Ravi Bopara we
Published 07 Aug, 2008 12:00am
Sindh eyes $12 billion foreign investment

Sindh eyes $12 billion foreign investment

Sindh government is expecting $12 billion foreign investment from Germany, Poland, Australia and US in the Thar coal power project, the work on which would be started within the next 2-3 months.
Published 07 Aug, 2008 12:00am
India expect middle order to boom in vital Test

India expect middle order to boom in vital Test

India will be looking forward to handsome contributions from their famed middle order in the crucial third and final Test against Sri Lanka starting here on Friday. The series is tied 1-1, with Sri Lanka winning the opening Test by an innings and 239 runs
Published 07 Aug, 2008 12:00am
Sindh eyes $12 billion foreign investment

Sindh eyes $12 billion foreign investment

Sindh government is expecting $12 billion foreign investment from Germany, Poland, Australia and US in the Thar coal power project, the work on which would be started within the next 2-3 months.
Published 07 Aug, 2008 12:00am
Evra and Chelsea groundsman deny FA charges

Evra and Chelsea groundsman deny FA charges

Manchester United defender Patrice Evra and Chelsea groundsman Sam Bethell on Wednesday denied charges levelled against them by the Football Association over their part in the Battle of Stamford Bridge last season.
Published 07 Aug, 2008 12:00am
Sindh eyes $12 billion foreign investment

Sindh eyes $12 billion foreign investment

Sindh government is expecting $12 billion foreign investment from Germany, Poland, Australia and US in the Thar coal power project, the work on which would be started within the next 2-3 months.
Published 07 Aug, 2008 12:00am
Pakistan Navy plans to promote sea sports

Pakistan Navy plans to promote sea sports

Commander Pakistan Navy Coast and Chairman PN Water Sports South, Rear Admiral Muhammad Shafi SI (M) Chairman Water Sports Gala (south), announced that after successful three days of sea sports festival, Pakistan Navy plans to organise such festivals ever
Published 07 Aug, 2008 12:00am
Coup in Mauritania as president, Prime Minister arrested

Coup in Mauritania as president, Prime Minister arrested

Troops staged a coup in the West African nation of Mauritania on Wednesday, arresting the president and prime minister and shutting down state radio and television, security sources said. Troops moved through the capital and detained President Sidi Ould C
Published 07 Aug, 2008 12:00am
ATP delighted as court upholds restructuring plans

ATP delighted as court upholds restructuring plans

The ATP has expressed its delight with a Delaware court's decision to throw out a case that had threatened to derail its plans to restructure the calendar. The case was filed by the German Tennis Federation in response to plans by the governing body of th
Published 07 Aug, 2008 12:00am
Coup in Mauritania as president, Prime Minister arrested

Coup in Mauritania as president, Prime Minister arrested

Troops staged a coup in the West African nation of Mauritania on Wednesday, arresting the president and prime minister and shutting down state radio and television, security sources said. Troops moved through the capital and detained President Sidi Ould C
Published 07 Aug, 2008 12:00am
Smith joins calls for Twenty20 to be in Olympics

Smith joins calls for Twenty20 to be in Olympics

South Africa captain Graeme Smith became Wednesday the latest leading cricketer to say he was in favour of Twenty20 cricket becoming an Olympic sport. Opening batsman Smith, asked his view at a press conference ahead of the fourth Test against England at
Published 07 Aug, 2008 12:00am
''Government did not consult stakeholders''

''Government did not consult stakeholders''

The federal government has not taken any input of stakeholders, including Investment Bank Association of Pakistan, on the most sensitive issue of bringing non-bank financial companies (NBFCs) into the regulatory framework of the State Bank of Pakistan (SB
Published 07 Aug, 2008 12:00am
Smith hoping South Africa give Pietersen a rough ride

Smith hoping South Africa give Pietersen a rough ride

South Africa captain Graeme Smith made it plain here Wednesday that despite leading the series 2-0 the visitors weren't about to give new England captain Kevin Pietersen a free ride in the third and final Test starting at the Oval Thursday. "We want to en
Published 07 Aug, 2008 12:00am
'Government did not consult stakeholders'

'Government did not consult stakeholders'

The federal government has not taken any input of stakeholders, including Investment Bank Association of Pakistan, on the most sensitive issue of bringing non-bank financial companies (NBFCs) into the regulatory framework of the State Bank of Pakistan (SB
Published 07 Aug, 2008 12:00am
Turkey academics protest president's rector choices

Turkey academics protest president's rector choices

More than a dozen senior Turkish academics resigned on Wednesday in protest at President Abdullah Gul's choice of university rectors, a sign of renewed tensions between the secularist establishment and the government. Turkish media said several rectors wh
Published 07 Aug, 2008 12:00am
'Government did not consult stakeholders'

'Government did not consult stakeholders'

The federal government has not taken any input of stakeholders, including Investment Bank Association of Pakistan, on the most sensitive issue of bringing non-bank financial companies (NBFCs) into the regulatory framework of the State Bank of Pakistan (SB
Published 07 Aug, 2008 12:00am
Afghan mullahs protest US detentions

Afghan mullahs protest US detentions

About 200 people, mostly Islamic clerics and mullahs, demonstrated here Wednesday to protest the detention of "innocent people" by US-led forces in eastern Afghanistan, witnesses said. The men blocked a key road between the eastern town of Jalalabad and t
Published 07 Aug, 2008 12:00am
SECP objects SBP proposal

SECP objects SBP proposal

The Securities and Exchange Commission of Pakistan has strongly opposed the State Bank of Pakistan''s proposal to obtain oversight of 23 Non-Bank Financial Companies (NBFCs) and business groups managing both financial and commercial concerns.
Published 07 Aug, 2008 12:00am
Anwar to be prosecuted for sodomy

Anwar to be prosecuted for sodomy

Malaysia's best known opposition politician Anwar Ibrahim is to be charged with sodomy on Thursday, potentially derailing his return to parliament and his plans to push the government out of office.
Published 07 Aug, 2008 12:00am
SECP objects SBP proposal

SECP objects SBP proposal

The Securities and Exchange Commission of Pakistan has strongly opposed the State Bank of Pakistan's proposal to obtain oversight of 23 Non-Bank Financial Companies (NBFCs) and business groups managing both financial and commercial concerns.
Published 07 Aug, 2008 12:00am
Crisis-hit Bissau names new premier

Crisis-hit Bissau names new premier

Guinea-Bissau's president named a new prime minister late on Tuesday to fill a power vacuum left by the dissolution of parliament and govern the tiny country until parliamentary elections in November. President Joao Bernardo Vieira issued a decree naming
Published 07 Aug, 2008 12:00am
SECP objects SBP proposal

SECP objects SBP proposal

The Securities and Exchange Commission of Pakistan has strongly opposed the State Bank of Pakistan's proposal to obtain oversight of 23 Non-Bank Financial Companies (NBFCs) and business groups managing both financial and commercial concerns.
Published 07 Aug, 2008 12:00am
Bangladesh surgeons separate conjoined twins

Bangladesh surgeons separate conjoined twins

Surgeons in Bangladesh have successfully separated four-month-old conjoined twins during an operation that lasted seven hours, a doctor said Wednesday. Banya ("Flood") and Barsha ("Rain"), born in northern Bangladesh, were joined at the stomach and chest
Published 07 Aug, 2008 12:00am
Political turmoil deepens

Political turmoil deepens

The talks on restoration of deposed judges and impeachment of President Pervez Musharraf between PPP and PML (N) remained inconclusive on the second day (Wednesday) as Mian Nawaz Sharif showed indignation on the summary okayed by president and sent to Gov
Published 07 Aug, 2008 12:00am
France moves to dismiss Taiwan warship probe

France moves to dismiss Taiwan warship probe

Paris prosecutors said Wednesday they had called for France's biggest graft probe in 50 years to be dismissed without trial, after being repeatedly refused defence files on a 1991 warships deal with Taiwan. The office of state prosecutor Jean-Claude Marin
Published 07 Aug, 2008 12:00am
Political turmoil deepens

Political turmoil deepens

The talks on restoration of deposed judges and impeachment of President Pervez Musharraf between PPP and PML (N) remained inconclusive on the second day (Wednesday) as Mian Nawaz Sharif showed indignation on the summary okayed by president and sent to Gov
Published 07 Aug, 2008 12:00am
New Yahoo election tally reveals big protest vote

New Yahoo election tally reveals big protest vote

Yahoo Inc on Tuesday released a recount of the vote for its board that revealed a strong protest vote against five of nine directors, including Chief Executive Jerry Yang. The Internet company said revised vote tallies showed 33.7 percent of votes withhel
Published 07 Aug, 2008 12:00am
Xstrata launches six-billion-euro bid for Lonmin

Xstrata launches six-billion-euro bid for Lonmin

Swiss mining giant Xstrata sought to expand its global reach with a 6.0-billion-euro bid for British platinum producer Lonmin termed "opportunistic and unwelcome" by its target. Xstrata, which has interests in copper, coal, ferrochrome, nickel, zinc, gold
Published 07 Aug, 2008 12:00am
BNP profit falls, Commerzbank cautious

BNP profit falls, Commerzbank cautious

BNP Paribas posted a 34-percent fall in quarterly net profit as France's biggest listed bank met forecasts while Germany's Commerzbank gave a cautious outlook in its results, hitting its shares. Last August, BNP froze withdrawals from three funds linked t
Published 07 Aug, 2008 12:00am
BNP profit falls, Commerzbank cautious

BNP profit falls, Commerzbank cautious

BNP Paribas posted a 34-percent fall in quarterly net profit as France's biggest listed bank met forecasts while Germany's Commerzbank gave a cautious outlook in its results, hitting its shares. Last August, BNP froze withdrawals from three funds linked t
Published 07 Aug, 2008 12:00am
UN to issue commemorative stamps for Olympics

UN to issue commemorative stamps for Olympics

The UN postal service announced Wednesday that it would issue a set of six commemorative stamps designed by a South American artist to mark the 2008 Summer Olympics in Beijing. The stamps will be released Friday to coincide with the opening ceremony of th
Published 07 Aug, 2008 12:00am
Connecticut to sue Countrywide over loan practices

Connecticut to sue Countrywide over loan practices

Connecticut plans to sue Countrywide Financial Corp, once the largest US mortgage lender, alleging that its lending practices violated state consumer protection and banking laws. The lawsuit was announced Wednesday by the office of Richard Blumenthal, the
Published 07 Aug, 2008 12:00am
UN to issue commemorative stamps for Olympics

UN to issue commemorative stamps for Olympics

The UN postal service announced Wednesday that it would issue a set of six commemorative stamps designed by a South American artist to mark the 2008 Summer Olympics in Beijing. The stamps will be released Friday to coincide with the opening ceremony of th
Published 07 Aug, 2008 12:00am
Connecticut to sue Countrywide over loan practices

Connecticut to sue Countrywide over loan practices

Connecticut plans to sue Countrywide Financial Corp, once the largest US mortgage lender, alleging that its lending practices violated state consumer protection and banking laws. The lawsuit was announced Wednesday by the office of Richard Blumenthal, the
Published 07 Aug, 2008 12:00am
MQM and PML-Q assure Musharraf of full support

MQM and PML-Q assure Musharraf of full support

The leadership of Pakistan Muslim League-Q and Muttahida Qaumi Movement (MQM) on Wednesday met President Pervez Musharraf and assured their full support if the coalition government moved to impeach him, asking him to play his Constitutional role and defen
Published 07 Aug, 2008 12:00am
Marsh & McLennan earnings fall

Marsh & McLennan earnings fall

Marsh & McLennan Cos Inc MMC.N, the largest global insurance brokerage, posted a drop in second-quarter earnings on Wednesday, hurt by a $115 million write-down of goodwill for its risk consulting and technology division. Net income fell 63 percent to $65
Published 07 Aug, 2008 12:00am
MQM and PML-Q assure Musharraf of full support

MQM and PML-Q assure Musharraf of full support

The leadership of Pakistan Muslim League-Q and Muttahida Qaumi Movement (MQM) on Wednesday met President Pervez Musharraf and assured their full support if the coalition government moved to impeach him, asking him to play his Constitutional role and defen
Published 07 Aug, 2008 12:00am
Marsh & McLennan earnings fall

Marsh & McLennan earnings fall

Marsh & McLennan Cos Inc MMC.N, the largest global insurance brokerage, posted a drop in second-quarter earnings on Wednesday, hurt by a $115 million write-down of goodwill for its risk consulting and technology division. Net income fell 63 percent to $65
Published 07 Aug, 2008 12:00am
Judges to be restored through executive order?

Judges to be restored through executive order?

Talks between Pakistan Muslim League Nawaz and Pakistan Peoples Party remains successful on late Wednesday night, Aaj TV reported. According to the channel Pakistan Peoples Party Co Chairman Asif Ali Zardari, PM Gilani and Shahbaz Sharif hold last
Published 07 Aug, 2008 12:00am
Japanese airlines to cut flights as costs soar

Japanese airlines to cut flights as costs soar

All Nippon Airways, Japan's second largest carrier, said Wednesday it was scrapping routes and flights due to high fuel costs, as biggrport to Taipei in October and another from Kansai in western Japan to Guam by January. It will suspend one domestic rout
Published 07 Aug, 2008 12:00am
Judges to be restored through executive order?

Judges to be restored through executive order?

Talks between Pakistan Muslim League Nawaz and Pakistan Peoples Party remains successful on late Wednesday night, Aaj TV reported. According to the channel Pakistan Peoples Party Co Chairman Asif Ali Zardari, PM Gilani and Shahbaz Sharif hold last
Published 07 Aug, 2008 12:00am
Time Warner to split AOL in two, beats estimates

Time Warner to split AOL in two, beats estimates

Time Warner Inc said it would split AOL's dial-up Internet and advertising businesses into separate divisions by early 2009, a move that could ease a sale or merger of either business. The media conglomerate also reported a lower quarterly profit, dragged
Published 07 Aug, 2008 12:00am
Bangladeshis risk lives to meet steel needs

Bangladeshis risk lives to meet steel needs

Bangladeshi workers dismantling ships and recycling the vessels' parts say they know their jobs are dangerous, but they have no better options to feed their families. At least 10 workers were killed in mishaps and explosions on board ships while they were
Published 07 Aug, 2008 12:00am
Cathay Pacific slides into loss on fuel prices

Cathay Pacific slides into loss on fuel prices

Hong Kong airline Cathay Pacific said Wednesday it had tumbled to a loss of 663 million Hong Kong dollars (85 million US) in the first half of 2008 due to soaring fuel prices. The loss came after a profit of 2.58 billion dollars over the same period last
Published 07 Aug, 2008 12:00am
Cathay Pacific slides into loss on fuel prices

Cathay Pacific slides into loss on fuel prices

Hong Kong airline Cathay Pacific said Wednesday it had tumbled to a loss of 663 million Hong Kong dollars (85 million US) in the first half of 2008 due to soaring fuel prices. The loss came after a profit of 2.58 billion dollars over the same period last
Published 07 Aug, 2008 12:00am
Irish consumer sentiment at new all-time low

Irish consumer sentiment at new all-time low

Irish consumer sentiment hit a fresh all-time low last month as the outlook for personal finances, borrowing costs and the economy darkened further, a survey showed on Wednesday. The IIB Bank/ESRI Consumer Sentiment Index fell to 39.6 in July from 42.2 in
Published 07 Aug, 2008 12:00am
Austria's OMV throws in towel in battle for Hungary's MOL

Austria's OMV throws in towel in battle for Hungary's MOL

Austrian oil and gas giant OMV finally threw in the towel on Wednesday in a long battle to buy Hungarian rival MOL, announcing it was withdrawing its bid in the face of EU opposition to the deal. A merger would have created one of Europe's biggest oil and
Published 07 Aug, 2008 12:00am
Belarus to switch from dollar peg to basket

Belarus to switch from dollar peg to basket

Belarus plans to widen its currency peg to the dollar to a small basket that would include the dollar, the euro and the Russian rouble, according to central bank policy draft papers seen by Reuters.
Published 07 Aug, 2008 12:00am
Gas shortages threaten Middle East aluminium projects

Gas shortages threaten Middle East aluminium projects

Middle Eastern gas supply cannot keep pace with the region's rapid expansion and fierce competition between industries could force some energy-intensive projects, such as aluminium, to be delayed or even shelved.
Published 07 Aug, 2008 12:00am
Old Mutual shares tumble after US hit disappoints

Old Mutual shares tumble after US hit disappoints

Insurer Old Mutual has posted a bigger than expected hit from troubles at its US arm after markets deteriorated beyond its forecasts and warned that sales there could dip as a result in 2008, sending its shares lower.
Published 07 Aug, 2008 12:00am
Old Mutual shares tumble after US hit disappoints

Old Mutual shares tumble after US hit disappoints

Insurer Old Mutual has posted a bigger than expected hit from troubles at its US arm after markets deteriorated beyond its forecasts and warned that sales there could dip as a result in 2008, sending its shares lower.
Published 07 Aug, 2008 12:00am
Weak US demand tests Asia's export resilience

Weak US demand tests Asia's export resilience

For Hong Kong sports shoe manufacturer, Feng Tai Footwear, August is typically a busy month when it steps up production of sneakers for the winter season. This year though, US retail giants such as Walmart and Sears have delayed orders until late Septembe
Published 07 Aug, 2008 12:00am
ITV, Pro7 say unclear on TV advertisement spending

ITV, Pro7 say unclear on TV advertisement spending

Two of Europe's biggest commercial free-to-air television broadcasters, ITV and ProSiebenSat.1, said on Wednesday they had no idea when a downturn in advertising spending would end.
Published 07 Aug, 2008 12:00am
Taiwan stocks make gains

Taiwan stocks make gains

Taiwan stocks shook off a 4-session losing streak to end 3.12 percent higher on Wednesday, their biggest gain in two weeks, as tech shares like Hon Hai rose due to sharp gains on Wall Street and easing oil prices.
Published 07 Aug, 2008 12:00am
Hong Kong stock, derivatives markets suspended

Hong Kong stock, derivatives markets suspended

Trading in Hong Kong's securities and derivatives markets was cancelled on Wednesday due to a severe tropical storm warning, according to the Hong Kong Stock Exchange. The Hong Kong bourse said in a statement on Wednesday morning that no securities cleari
Published 07 Aug, 2008 12:00am
Singapore shares slightly firmer

Singapore shares slightly firmer

Singapore shares closed 0.92 percent higher on Wednesday as recent falls in crude oil prices eased inflation concerns, dealers said. The blue chip Straits Times Index rose 26.27 points to 2,886.78. Volume traded totalled 1.02 billion shares worth 1.68 bil
Published 07 Aug, 2008 12:00am
Thai shares close 1.38 percent higher

Thai shares close 1.38 percent higher

Thai share prices closed 1.38 percent higher on Wednesday as the bourse rose in line with other regional markets, following gains on Wall Street and a drop in global oil prices, dealers said. They said market sentiment was enthusiastic, with banking and p
Published 07 Aug, 2008 12:00am
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