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Nov 24, 2024 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Print - 2008-10-16
Daimler to cut 3,500 jobs in the US, Canada

Daimler to cut 3,500 jobs in the US, Canada

A major industrial group has been hit by the financial crisis as German heavy truck maker Daimler said Tuesday it would cut 3,500 North American jobs owing to the worsening economic slowdown. Following recent announcements by Volvo, Nissan, and Renault in
Published 16 Oct, 2008 12:00am
German Finance Minister rejects state support for auto sector

German Finance Minister rejects state support for auto sector

German Finance Minister Peer Steinbrueck rejects state support for the crisis-hit auto sector even though Chancellor Angela Merkel said earlier this week that might have to be looked at. Steinbrueck said he was "not prepared to announce a bailout plan for
Published 16 Oct, 2008 12:00am
Climate deal to help overcome financial crisis

Climate deal to help overcome financial crisis

Tackling climate change will help, not hinder, governments' efforts to overcome the global financial crisis, the EU's environment chief said on Tuesday. The 27-nation European Union has set ambitious goals to curb carbon dioxide emissions by a fifth by 20
Published 16 Oct, 2008 12:00am
Slovak inflation at two-year high

Slovak inflation at two-year high

Slovakia's inflation hit a two-year high in September but analysts said it was set to slow, allowing the central bank to bring interest rates in line with the eurozone ahead of January's switch to the single currency. EU-harmonised data on Wednesday showe
Published 16 Oct, 2008 12:00am
Thai shares close 3.85 percent lower

Thai shares close 3.85 percent lower

Thai share prices closed 3.85 percent lower on Wednesday due mainly to profit taking following a steep rise in the market the previous day, dealers said. Concerns over the global financial turmoil loomed over the index and clashes at the disputed border b
Published 16 Oct, 2008 12:00am
Hong Kong shares down five percent

Hong Kong shares down five percent

Hong Kong shares slid 5 percent on Wednesday in anaemic turnover as investors locked in gains on a two-day, 14 percent rally amid worries about a slowdown in the global economy and its impact on corporate profits. Resources stocks were walloped by lower c
Published 16 Oct, 2008 12:00am
US stocks end down

US stocks end down

US stocks fell on Tuesday as fears that the global economy may not avert recession slammed shares of technology and consumer companies, eclipsing a government rescue plan for banks. A day after the Dow leaped 936.42 points in its biggest one-day point gai
Published 16 Oct, 2008 12:00am
Taiwan stocks fall

Taiwan stocks fall

Taiwan shares fell 0.86 percent on Wednesday, retreating from a 5.4 percent jump in the previous session, as technology shares such as TSMC dropped on worries that a global economic slowdown would hurt demand. The main TAIEX share index fell more than 2 p
Published 16 Oct, 2008 12:00am
US Treasury prices tumble

US Treasury prices tumble

US Treasury debt prices stumbled on Tuesday, as worries about increased government borrowing to finance its massive bank rescue package led traders to pare their government bond holdings. The government announced a plan to invest $250 billion in US banks,
Published 16 Oct, 2008 12:00am
US Treasury prices tumble

US Treasury prices tumble

US Treasury debt prices stumbled on Tuesday, as worries about increased government borrowing to finance its massive bank rescue package led traders to pare their government bond holdings. The government announced a plan to invest $250 billion in US banks,
Published 16 Oct, 2008 12:00am
China stocks slump

China stocks slump

China's stock market fell on Wednesday as worries about an economic slowdown hit industrial shares hard, but municipal government efforts to aid the real estate market boosted property shares. The Shanghai Composite Index ended down 1.12 percent at 1,994.
Published 16 Oct, 2008 12:00am
Malaysian stocks sag

Malaysian stocks sag

Malaysian share prices closed 1.7 percent lower on Wednesday due to profit-taking following two days of gains, dealers said. They said trading was lacklustre amid the weak performance of major Asian bourses. "The fall in the local market is due to profit-
Published 16 Oct, 2008 12:00am
Jakarta shares drop

Jakarta shares drop

Indonesian shares closed 2.3 percent lower on Wednesday on fading investor hopes for a sustainable stock market recovery and bearish performances from other Asian markets, dealers said. The Jakarta Composite Index fell 35.56 points to 1,520.41 on moderate
Published 16 Oct, 2008 12:00am
Seoul shares decline

Seoul shares decline

Seoul shares ended 2 percent lower on Wednesday with steelmakers and banking issues leading the retreat from Tuesday's sharp gains, as worries about a weakening global economy and its impact on consumer sentiment deepened. The Korea Composite Stock Price
Published 16 Oct, 2008 12:00am
Nikkei ends up 1.1 percent

Nikkei ends up 1.1 percent

The Nikkei average reversed course and rose 1.1 percent on Wednesday as a sense of panic over the financial crisis eased, though worries about the global economy and company earnings sent the market lower in earlier trade. So-called defensive stocks such
Published 16 Oct, 2008 12:00am
Indian shares dip 5.87 percent

Indian shares dip 5.87 percent

Indian shares fell 5.87 percent on Wednesday, on fresh concerns of a liquidity crunch and uncertainty about the state of the global economy, dealers said. The benchmark 30-share Sensex index fell 674.28 points to 10,809.12, snapping a two-day bounceback.
Published 16 Oct, 2008 12:00am
Yuan higher but below reference rate

Yuan higher but below reference rate

The yuan closed moderately higher against the dollar on Wednesday but it remained below the central bank's reference rate after China announced slower growth in its September money supply and foreign exchange reserves. "Our bank saw a sudden emergence of
Published 16 Oct, 2008 12:00am
South Korean won down

South Korean won down

The South Korean won fell 2.4 percent against the dollar on Wednesday as rekindled concerns over an economic slowdown dampened local shares, with foreign investors returning to net sellers in the stock market. The local currency pared early losses as some
Published 16 Oct, 2008 12:00am
Yen rises broadly on global economic worries

Yen rises broadly on global economic worries

The yen gained broadly on Wednesday as investors turned risk-averse after shares in Asia fell on fears that the credit crunch would lead to a sharp slowdown in the global economy. Stock markets in South Korea and Hong Kong slid more than 2 percent, dampen
Published 16 Oct, 2008 12:00am
Dollar falls

Dollar falls

The US dollar fell for a second straight session on Tuesday as short-term interest rates for dollars eased following aggressive steps by global authorities to pump cash into troubled banks to resolve the credit crisis. The interbank cost of borrowing doll
Published 16 Oct, 2008 12:00am
Australian dollar hurt by global recession worries

Australian dollar hurt by global recession worries

The Australian dollar slipped from one-week highs on Wednesday, giving up some of the hefty gains made in the previous two sessions, as renewed concerns about a global recession hurt appetite for high-yielding currencies. Those concerns drove commodities
Published 16 Oct, 2008 12:00am
Asian currencies fall

Asian currencies fall

The South Korean won led Asian currencies lower on Wednesday as worries over the global economy dented confidence gained this week after governments took steps to help banks through the financial crisis. The South Korean won lost as much as 3.9 percent af
Published 16 Oct, 2008 12:00am
Kenyan shilling falls

Kenyan shilling falls

Kenya's shilling tumbled to a new three-year low against the dollar as customers bought greenbacks in a panic and banks moved to cover short positions. The commercial banks traded the shilling at 76.10/20 from Monday's closing level of 75.75/85.
Published 16 Oct, 2008 12:00am
Swiss franc flat

Swiss franc flat

The Swiss franc treaded water against major currencies on Wednesday as investors weighed up the possibility of a global recession against the benefits from European bailout plans. "Today we may see stock markets that are a little bit softer and the euro/f
Published 16 Oct, 2008 12:00am
Australia and South Korea go top after World Cup routs

Australia and South Korea go top after World Cup routs

Australia moved top of Group One after a 4-0 rout of Qatar in Asian World Cup qualifying on Wednesday while South Korea grabbed the Group Two lead after a 4-1 demolition of bottom side United Arab Emirates. The Socceroos have a two-point advantage in the
Published 16 Oct, 2008 12:00am
ICC reschedule Champions Trophy to 2009

ICC reschedule Champions Trophy to 2009

The International Cricket Council said Wednesday it had decided to reschedule the Champions Trophy tournament in Pakistan, postponed this year amid security concerns, to next September. The ICC said in a statement the tournament would go ahead between Sep
Published 16 Oct, 2008 12:00am
France to halt games when anthem is booed

France to halt games when anthem is booed

Any football match in France before which the country's national anthem is booed will now be "immediately stopped", French Sports Minister Roslyne Bachelot said Wednesday after meeting with President Nicolas Sarkozy. The dramatic move followed the booing
Published 16 Oct, 2008 12:00am
Lawson keen to extend contract

Lawson keen to extend contract

Under fire Pakistan coach Geoff Lawson has no intention of quitting and is keen to extend his contract with the team until the 2011 World Cup. Pakistan Cricket Board Chairman Ejaz Butt has said he was not impressed with the team's performance over the las
Published 16 Oct, 2008 12:00am
Azerbaijan says vote turnout high despite boycott

Azerbaijan says vote turnout high despite boycott

Authorities in Azerbaijan said turnout was high on Wednesday in a presidential election boycotted by the opposition and almost certain to return Ilham Aliyev for a second term in the oil-producing state. The opposition says the election is a farce, design
Published 16 Oct, 2008 12:00am
Madonna, Guy Ritchie to divorce

Madonna, Guy Ritchie to divorce

US pop singer Madonna and British film director Guy Ritchie have agreed to get divorced, the singer's spokeswoman in London said on Wednesday. The announcement of the couple's decision to split ends months of speculation about their relationship.
Published 16 Oct, 2008 12:00am
Financial worries loom over London art extravaganza

Financial worries loom over London art extravaganza

The art world descends on London this week for a packed calendar of fairs and sales, and the talk over cocktails and canapes will centre on whether financial turmoil is about to end the art market's gravity-defying boom. Values for contemporary art have s
Published 16 Oct, 2008 12:00am
Indian Tamil MPs pressure government over Sri Lanka 'atrocities'

Indian Tamil MPs pressure government over Sri Lanka 'atrocities'

A group of MPs from southern India have threatened to quit unless the government intervenes to halt "atrocities" against fellow Tamils in nearby Sri Lanka. The 38 deputies from Tamil Nadu are allies of India's ruling Congress party and their resignations
Published 16 Oct, 2008 12:00am
UN warns against expecting lull in rebel attacks in Afghanistan

UN warns against expecting lull in rebel attacks in Afghanistan

The UN special envoy for Afghanistan warned Tuesday not to expect a lull in attacks by Taliban rebels and al Qaeda extremists this winter as was the case in previous years. Briefing the UN Security Council on the latest developments in the strife-torn cou
Published 16 Oct, 2008 12:00am
Former South African provincial head joins ANC rebels

Former South African provincial head joins ANC rebels

The former premier of South Africa's richest province resigned from the ruling African National Congress on Tuesday and said he would join a dissident group threatening to form a breakaway party. The creation of a splinter group would be the most serious
Published 16 Oct, 2008 12:00am
Obama has four-point lead

Obama has four-point lead

Democrat Barack Obama has a 4-point national lead over Republican John McCain as the White House rivals head into their final debate, according to a Reuters/C-SPAN/Zogby poll released on Wednesday. Obama leads McCain 48 percent to 44 percent among likely
Published 16 Oct, 2008 12:00am
Hundreds of immigrants poisoned

Hundreds of immigrants poisoned

Hundreds of illegal immigrants held in a detention centre on the Greek island of Lesbos have fallen ill after drinking contaminated water from rusty and mouldy pipes, police said on Wednesday. Police said hospital staff rushed to provide emergency medicat
Published 16 Oct, 2008 12:00am
Canada's Liberals face major rebuilding after loss

Canada's Liberals face major rebuilding after loss

Canada's Liberals, who have governed the country longer than any other party, faced a major rebuilding job on Wednesday after their worst election performance for 24 years. The party - saddled with an unpopular leader and unpopular policy platform - ran a
Published 16 Oct, 2008 12:00am
Syria opens diplomatic ties with Lebanon

Syria opens diplomatic ties with Lebanon

Syria and Lebanon formally established diplomatic ties on Wednesday for the first time since independence 60 years ago, turning a new page in relations between Beirut and its powerful neighbour. A statement signed by Syrian Foreign Minister Walid Muallem
Published 16 Oct, 2008 12:00am
Russia to sell Venezuela rocket launchers

Russia to sell Venezuela rocket launchers

Russia plans to sell Venezuela armoured personnel carriers and multiple rocket launchers, the Russian arms export agency said Wednesday. "We are preparing to deliver a large number of BMP-3 armoured personnel carriers" and multiple rocket launchers, Igor
Published 16 Oct, 2008 12:00am
South Africa agrees to sell uranium to India

South Africa agrees to sell uranium to India

South Africa on Wednesday said it supported civil nuclear co-operation with India and agreed to sell it uranium, more than a month after the Nuclear Suppliers' Group lifted an embargo on nuclear commerce with New Delhi. Leaders at the third summit of IBSA
Published 16 Oct, 2008 12:00am
Bush administration gave nod for CIA waterboarding

Bush administration gave nod for CIA waterboarding

The administration of US President George W. Bush authorised the CIA to waterboard al Qaeda suspects according to two secret memos issued in 2003 and 2004, The Washington Post reported Wednesday. The memos were issued at the request of intelligence offici
Published 16 Oct, 2008 12:00am
Afghan officials claim killing 88 militants

Afghan officials claim killing 88 militants

Afghan officials claimed on Wednesday that their forces backed by coalition air support killed 88 militants in southern province of Helmand, where the clash with Taliban also left six police forces killed. In latest attack in the province, six Afghan poli
Published 16 Oct, 2008 12:00am
Passengers overpower hijacker on Turkish Airlines flight

Passengers overpower hijacker on Turkish Airlines flight

An apparently drunken man who tried to hijack a Turkish Airlines flight to Russia on Wednesday by claiming to have a bomb was overpowered by passengers and detained on landing, officials and media reports said.
Published 16 Oct, 2008 12:00am
Australia drops bid to take Iran to court over Israel comments

Australia drops bid to take Iran to court over Israel comments

Australia has dropped moves to take Iranian President Mahmoud Ahmadinejad to the International Court of Justice over comments he made about Israel, Foreign Minister Stephen Smith said Wednesday. Australian Prime Minister Kevin Rudd said in May the governm
Published 16 Oct, 2008 12:00am
Australia imposes sanctions on Iran entities

Australia imposes sanctions on Iran entities

Australia imposed new sanctions against Iran on Wednesday over Tehran's refusal to suspend nuclear activities, with new travel and financial restrictions against 20 people and 18 organisations. The Reserve Bank of Australia said those facing the new sanct
Published 16 Oct, 2008 12:00am
Japan detects pesticide in frozen beans from China

Japan detects pesticide in frozen beans from China

Japan on Wednesday ordered retailers to pull frozen beans from China off the shelves after three people fell ill from eating a product which had 34,500 times the legal limit of pesticide, officials said. Japan's health ministry instructed retailers and im
Published 16 Oct, 2008 12:00am
Thousands of Christian pilgrims march for Israel

Thousands of Christian pilgrims march for Israel

Thousands of Christian pilgrims from around the globe took to the streets of Jerusalem on Wednesday, swaying to the tune of the hymns they sang, in a colourful show of support for Israel against Iran. "We understand the threat that is out there, and we sa
Published 16 Oct, 2008 12:00am
Al Qaeda's Iraq number two killed

Al Qaeda's Iraq number two killed

The US military said on Wednesday that a foreign insurgent killed in the main northern Iraqi city of Mosul this month has been identified as Abu Qaswarah, al Qaeda's number two in Iraq. "Abu Qaswarah, also known as Abu Sara, was the al Qaeda in Iraq senio
Published 16 Oct, 2008 12:00am
US and Iraq agree to let troops stay until 2011

US and Iraq agree to let troops stay until 2011

Washington and Baghdad have reached a final agreement after months of negotiation on a landmark pact to allow US troops to stay in Iraq until the end of 2011, US and Iraqi officials said on Wednesday. The two countries also reached a compromise on the dif
Published 16 Oct, 2008 12:00am
Indian rupee falls

Indian rupee falls

The Indian rupee fell 1 percent on Wednesday following heavy losses in the local stock market and pressured by offshore related dollar demand, with central bank intervention helping it to pull back from the day's low.
Published 16 Oct, 2008 12:00am
Sterling rides up

Sterling rides up

Sterling jumped against the euro and pulled further away from five-year lows versus the dollar on Wednesday on a view that the UK's bank recapitalisation plan was leading the way in helping stem the global financial crisis.
Published 16 Oct, 2008 12:00am
Euro, dollar slide versus yen

Euro, dollar slide versus yen

The euro and the dollar fell against a broadly stronger yen on Wednesday as euphoria from government plans to recapitalise hobbling banks ebbed and focus turned to how the bailouts would impact the global economy.
Published 16 Oct, 2008 12:00am
Asian spreads widen again

Asian spreads widen again

Asian bond spreads widened on Wednesday, reversing some of the sharp tightening over the prior two sessions, on fears that recent measures announced by policy makers world-wide still won't avert a global recession.
Published 16 Oct, 2008 12:00am
Asian spreads widen again

Asian spreads widen again

Asian bond spreads widened on Wednesday, reversing some of the sharp tightening over the prior two sessions, on fears that recent measures announced by policy makers world-wide still won't avert a global recession.
Published 16 Oct, 2008 12:00am
Arab stocks drop; Saudi rises

Arab stocks drop; Saudi rises

Saudi shares rose slightly on Wednesday as other Arab stock markets closed lower in line with bourses in Europe and Asia, following two days of strong gains, on renewed concerns over the global financial crisis. Performance was mixed, with some markets ex
Published 16 Oct, 2008 12:00am
European spreads widen sharply

European spreads widen sharply

European credit spreads widened sharply on Wednesday, accelerating through the course of the day, as disappointing US sales and other data added to concerns about global recession. By 1507 GMT, the Markit iTraxx Crossover index, made up of 50 mostly "junk
Published 16 Oct, 2008 12:00am
European spreads widen sharply

European spreads widen sharply

European credit spreads widened sharply on Wednesday, accelerating through the course of the day, as disappointing US sales and other data added to concerns about global recession. By 1507 GMT, the Markit iTraxx Crossover index, made up of 50 mostly "junk
Published 16 Oct, 2008 12:00am
Russian shares cede ground

Russian shares cede ground

Russian shares resumed declines after brief trade suspensions on Wednesday, and key indexes fell around 8-9 percent, outpacing losses on Western markets. Losses accelerated as US markets opened lower, driven down by worries that efforts to ease the credit
Published 16 Oct, 2008 12:00am
Philippines shares slip

Philippines shares slip

Philippines share prices closed 1.55 percent lower on Wednesday as investors took profits after the sharp rebound during the previous day's trading, dealers said. The composite index closed 35.24 points lower at 2,238.41 points, while the all-shares index
Published 16 Oct, 2008 12:00am
Singapore shares lower

Singapore shares lower

Singapore shares closed 3.24 percent lower on Wednesday after investors took profits and awaited fresh leads following two days of gains, dealers said. The blue chip Straits Times Index ended 68.92 points lower at 2,059.39. Volume totalled 1.14 billion sh
Published 16 Oct, 2008 12:00am
FTSE drops 7.2 percent

FTSE drops 7.2 percent

Britain's top share index lost 7.2 percent on Wednesday, ending a two-day rally, as commodity stocks slumped amid growing fears of global recession. The FTSE 100 ended down 314.6 points at 4,079.6, erasing a big chunk of the near 12 percent rebound seen i
Published 16 Oct, 2008 12:00am
Oxfam for immediate actions on food price crisis

Oxfam for immediate actions on food price crisis

Every day, hunger and poverty claims 25,000 people, while of the global population of nearly seven billion, over 850 million people do not get to eat the food which they need. In national research study, conducted by Oxfam GB Pakistan programme, "Food cri
Published 16 Oct, 2008 12:00am
Ghee price declines by Rs 20

Ghee price declines by Rs 20

Ghee price has declined by Rs 20 in the retail market to Rs 135 per kg following decline in the price of palm oil in the world market, traders said on Wednesday. While price of low quality ghee reached Rs 110 per kg as compared to Rs 120, retailers said.
Published 16 Oct, 2008 12:00am
KESC bills: upper classes pay lot less than lower order

KESC bills: upper classes pay lot less than lower order

While the management of Karachi Electric Supply Company (KESC) does not tire of crying for financial losses attributed to illegal connections, "Kunda" system etc, billing department of the public utility is issuing nominal fixed bills to customers, who co
Published 16 Oct, 2008 12:00am
Masses grumble about skyrocketing prices

Masses grumble about skyrocketing prices

A new gift of the government for the poor segment of the society as prices of sugar have gone up while the flour totally disappeared from utility stores, but the government showing least interest in controlling the price hikes and in ensuring the availabi
Published 16 Oct, 2008 12:00am
'Government failed to overcome energy crisis'

'Government failed to overcome energy crisis'

Pakistan Muslim League-Nawaz (PML-N) Central Finance Secretary Muhammad Pervez Malik has said that the federal government has failed to overcome energy crisis and warned that if steps are not taken immediately to improve the situation, economy of the coun
Published 16 Oct, 2008 12:00am
KSE members call for end to CFS

KSE members call for end to CFS

The members of Karachi Stock Exchange have demanded of the ministry of finance and SECP to do away with the Continuous Funding System (CFS) at the exchange as according to them it is the root cause of settlement crisis in the stock market.
Published 16 Oct, 2008 12:00am
Lal Masjid case hearing put off till November 11

Lal Masjid case hearing put off till November 11

The Anti Terrorism Court (ATC) has adjourned the hearing of 26 cases against Maulana Abdul Aziz, former 'Khateeb' (chief cleric) of Lal Masjid, his wife Ume Hassaan, two daughters Tayyaba Ad-Dua and Asma Ad-Dua till November 11.
Published 16 Oct, 2008 12:00am
Toll manufactures: FBR issues procedure for collection of FED on goods

Toll manufactures: FBR issues procedure for collection of FED on goods

To remove an ambiguity in the Federal Excise Law, the Federal Board of Revenue (FBR) has issued procedure for collection of federal excise duty (FED) on goods produced by vendors (toll manufactures) from the raw materials supplies by their principals.
Published 16 Oct, 2008 12:00am
New York cotton futures near 1-1/2-year low

New York cotton futures near 1-1/2-year low

Cotton futures ended down on Wednesday and near a 1-1/2 year low on investment fund sales as weak global economies deflated fibre contracts, with brokers betting on further losses in the days ahead. The benchmark December cotton contract dove 2.63 cents o
Published 16 Oct, 2008 12:00am
Base metals tumble

Base metals tumble

Industrial metals tumbled on Wednesday with copper sinking more than 7 percent as weaker demand and slower growth fears dominated sentiment. Copper for delivery in three months on the London Metal Exchange closed at $4,920 a tonne, down $378 from Tuesday'
Published 16 Oct, 2008 12:00am
Oil falls to 13-month low

Oil falls to 13-month low

Oil tumbled on Wednesday, sliding to a 13-month low on expectations that a deepening economic slowdown will cut into already weakening demand. Investors scurried to safe havens and global stock prices fell sharply as concerns over a potential global reces
Published 16 Oct, 2008 12:00am
Oil falls to 13-month low

Oil falls to 13-month low

Oil tumbled on Wednesday, sliding to a 13-month low on expectations that a deepening economic slowdown will cut into already weakening demand. Investors scurried to safe havens and global stock prices fell sharply as concerns over a potential global reces
Published 16 Oct, 2008 12:00am
Oil falls to 13-month low

Oil falls to 13-month low

Oil tumbled on Wednesday, sliding to a 13-month low on expectations that a deepening economic slowdown will cut into already weakening demand. Investors scurried to safe havens and global stock prices fell sharply as concerns over a potential global reces
Published 16 Oct, 2008 12:00am
London coffee, sugar drop

London coffee, sugar drop

Coffee, sugar and cocoa futures fell sharply on fund and investor selling on Wednesday, and risked dropping further on weakening financial markets and a worsening outlook for the global economy. "Sugar is under the influence of the macro markets," said Ja
Published 16 Oct, 2008 12:00am
Gold futures ease

Gold futures ease

US gold futures erased early gains to trade lower on Tuesday, as an initial global stock rally and a plan by the US Treasury to inject $250 billion into banks reduced bullion's appeal as a safe store of value, dealers said. December gold down $1.20 at $84
Published 16 Oct, 2008 12:00am
Gold jumps in London

Gold jumps in London

Gold leapt more than 2 percent on Wednesday, reversing earlier losses, as a slide in US equity markets prompted funds to buy bullion as a haven from risk. At the same time, silver fell 5 percent, platinum nearly 5 percent and rhodium more than 20 percent
Published 16 Oct, 2008 12:00am
US MIDDAY: coffee, cocoa down

US MIDDAY: coffee, cocoa down

Arabica coffee and US cocoa futures retraced recent gains and moved lower in early trade on Wednesday, as the global recession fears that hit stock markets weighed on soft commodities, traders said. Arabica coffee for December delivery down 2.70 cents at
Published 16 Oct, 2008 12:00am
US MIDDAY: sugar retreats

US MIDDAY: sugar retreats

Raw sugar futures on ICE Futures US at 1240 GMT. March raw sugar contract down 0.38 cent at 11.33 cents per lb. Trading range 11.32 to 11.75 cents. Volume at 10,886 lots. Sugar's brief two-day rally was scuppered by investor and producer sales as worries
Published 16 Oct, 2008 12:00am
US MIDDAY: corn down

US MIDDAY: corn down

December corn futures on the Chicago Board of Trade fell below $4 a bushel early Wednesday and soybeans and wheat futures tumbled, following as crude oil and US stock markets fell hard, traders said.
Published 16 Oct, 2008 12:00am
US MIDDAY: soyabeans fall

US MIDDAY: soyabeans fall

Chicago Board of Trade soybean futures fell to session lows late Wednesday, plummeting in tandem with the 500-point drop in the Dow industrials, traders said.
Published 16 Oct, 2008 12:00am
US MIDDAY: copper slides

US MIDDAY: copper slides

US copper futures lost more than 7 percent of their value early Wednesday as fears of a global recession spurred further liquidation in the industrial metal, traders said. Copper for December delivery was trading down 15.80 cents, or 6.6 percent, at $2.23
Published 16 Oct, 2008 12:00am
US MIDDAY: gold rises

US MIDDAY: gold rises

US gold futures rose 1 percent early on Wednesday as stock losses and recession fears prompted bullion investors to add fresh long positions and cover their shorts, traders said. December gold up $8.70, or 1 percent, at $848.20 an ounce on the COMEX divis
Published 16 Oct, 2008 12:00am
PSO shows exceptional financial performance: managing director

PSO shows exceptional financial performance: managing director

Pakistan State Oil (PSO) showed exceptional financial performance during FY08, established new benchmarks of performance, and reinforced its market leadership in major products despite competitive challenges posed by existing players, liquidity crunch and
Published 16 Oct, 2008 12:00am
Qadirpur's processed gas supply to increase by 20 percent

Qadirpur's processed gas supply to increase by 20 percent

The Sui Northern Gas Pipelines Limited (SNGPL) is commissioning an additional gas processing facility that will increase the Qadirpur gas field's processed gas supply by 20 percent. According to a spokesman of the SNGPL on Wednesday, Qadirpur gas field su
Published 16 Oct, 2008 12:00am
Liaquat Ali Khan's 57th death anniversary today

Liaquat Ali Khan's 57th death anniversary today

People of Pakistan will observe today with all solemnity the 57th death anniversary of their first Prime Minister, Liaquat Ali Khan, assassinated on October 16, 1951, at Company Bagh (Liaquat Bagh), Rawalpindi, while addressing a public meeting.
Published 16 Oct, 2008 12:00am
Liquidity issue: a few suggestions

Liquidity issue: a few suggestions

As you know the country is going through one of the toughest liquidity crisis of the history, which I believe is domestically-driven and has nothing to do with International financial meltdown. In my view, SBP recent measures to ease liquidity concern are
Published 16 Oct, 2008 12:00am
State Bank's clarification

State Bank's clarification

This refers to a letter of Mr S.M.A. Rizvi, published in your esteemed daily on October 12, 2008 under the caption: "Open letter to SBP Governor" which creates an impression that the SBP has not been allowing R&D support to the exporters despite a decisio
Published 16 Oct, 2008 12:00am
BISP - steps for poverty alleviation

BISP - steps for poverty alleviation

The present government has been taking many positive steps to correct the fiscal and external imbalances with a view to restoring macroeconomic stability, which is vital for sustaining higher economic growth, job creation and poverty alleviation. Needless
Published 16 Oct, 2008 12:00am
Economic challenges awaiting the Finance Advisor

Economic challenges awaiting the Finance Advisor

Shaukat Tareen has just taken over the economic management of the country as the new Finance Advisor to the Prime Minister at a time when monetary and financial crisis has gripped the developed economies globally. Pakistan is also facing severe crisis of
Published 16 Oct, 2008 12:00am
Grappling with power shortages

Grappling with power shortages

While domestic as well as commercial consumers of electricity are already upset over frequent outages, a recent Asian Development Bank (ADB) report on our energy sector presents a more disturbing picture. According to this report, the demand and supply im
Published 16 Oct, 2008 12:00am
Tareen's high hopes

Tareen's high hopes

The Advisor to Prime Minister on Finance, Shaukat Tareen seems to be quite confident in addressing the urgent issues of the economy. In a news conference in Washington after attending the annual meetings of the World Bank and the IMF, he ruled out the pos
Published 16 Oct, 2008 12:00am
Flour supply situation in Hyderabad reviewed

Flour supply situation in Hyderabad reviewed

The Minister for Rural Development, Zubair Ahmed has directed to increase four stalls in the city ordered officers to encourage chakki owners to ensure flour availability in all Mohallas and UCs. He also ordered exemplary punishment for the violators of h
Published 16 Oct, 2008 12:00am
Judges' services placed at government disposal

Judges' services placed at government disposal

The Chief Justice of the Lahore High Court (LHC) has placed the services of District and Sessions Judge, Malik Azhar-ul-Haq, at the disposal of government of Punjab for his posting as Special Judge Anti- Corruption Multan.
Published 16 Oct, 2008 12:00am
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