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Nov 05, 2024 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Print - 2008-10-30
Heads roll at Kuwait bank as jittery market dives further

Heads roll at Kuwait bank as jittery market dives further

The chairman of Gulf Bank, Kuwait's second biggest lender, resigned on Tuesday after the finance house suffered losses from derivatives deals, in the first such case in the oil-rich Gulf region. The news emerged as the Kuwaiti government approved a bill t
Published 30 Oct, 2008 12:00am
PML-Q calls for taking Chenab water issue to ICJ

PML-Q calls for taking Chenab water issue to ICJ

The Pakistan Muslim League-Q (PML-Q) on Wednesday demanded that the matter pertaining to seizing of River Chenab water by India should be taken to the International Court of Justice (ICJ).
Published 30 Oct, 2008 12:00am
Indian oil minister to visit Russia, seek energy assets

Indian oil minister to visit Russia, seek energy assets

India's oil minister Murli Deora will visit Russia early next month and seek Moscow's help in securing stakes in energy assets there, Indian government officials said on Monday. India, Asia's third-largest oil consumer, and its larger rival China have bot
Published 30 Oct, 2008 12:00am
NWFP establishes energy, power department

NWFP establishes energy, power department

The government of NWFP has created a new department namely Energy and Power Department with an immediate effect. According to an official notification the functions and responsibilities of department will include policy framing, control of licenses to pri
Published 30 Oct, 2008 12:00am
Aegon gets $3.7 billion in government capital

Aegon gets $3.7 billion in government capital

Dutch insurer Aegon tapped into government funding on Tuesday, taking 3 billion euros ($3.7 billion) to strengthen its capital base eroded by investment losses and exposure to risky investments. Terms of the capital funding, the second by a major Dutch fi
Published 30 Oct, 2008 12:00am
BoK earns Rs 600 million profit

BoK earns Rs 600 million profit

The Bank of Khyber (BoK) has earned a record profit of Rs 600 million during the nine months of the current calendar year 2008, said a press release issued after the meeting of the Board of Directors held in Karachi on Wednesday.
Published 30 Oct, 2008 12:00am
Emerging Europe faces worst crisis since 1991: EBRD

Emerging Europe faces worst crisis since 1991: EBRD

Emerging European economies face their worst crisis since the end of communism, the head of the European Bank for Reconstruction and Development said on Tuesday, adding that the bank might be open to new requests from its members.
Published 30 Oct, 2008 12:00am
BoK earns Rs 600 million profit

BoK earns Rs 600 million profit

The Bank of Khyber (BoK) has earned a record profit of Rs 600 million during the nine months of the current calendar year 2008, said a press release issued after the meeting of the Board of Directors held in Karachi on Wednesday.
Published 30 Oct, 2008 12:00am
Afghanistan jails South African for 16 years over drugs

Afghanistan jails South African for 16 years over drugs

An Afghan court sentenced a South African man to 16 years in prison for trying to board a plane at Kabul's international airport with a bag full of heroin, the government's anti-narcotics department said on Tuesday. Afghanistan is the world's largest prod
Published 30 Oct, 2008 12:00am
Mexican lawmakers storm Congress to protest energy vote

Mexican lawmakers storm Congress to protest energy vote

Scores of leftist opposition lawmakers waving Mexican flags stormed the stage inside Congress on Tuesday to try and prevent a debate on a disputed energy reform bill. "We're going to stay here to defend oil," said lawmaker Alejandro Sanchez Camacho on For
Published 30 Oct, 2008 12:00am
Shuhda-e-Karsaz programme today

Shuhda-e-Karsaz programme today

The Sindh Minister for Inter-Provincial Co-ordination Makhdoom Jameel-uz-Zaman would attend the programme arranged by local PPP leaders to pay homage to the Shuhda-e-Karsaz of (18th October) on October 30, 2008 at 3pm at New Saeedabad, District Matiari as
Published 30 Oct, 2008 12:00am
Oce clients push back orders to next year

Oce clients push back orders to next year

Clients of Dutch photocopier and printer maker Oce NV are pushing orders back to next year due to the economic downturn, its chief financial officer said. "What we see especially in our financial markets (business) and in the construction markets ... inve
Published 30 Oct, 2008 12:00am
PRCL profit declines to Rs 719.830 million

PRCL profit declines to Rs 719.830 million

The profit after tax of Pakistan Reinsurance Company Limited (PRCL) has declined to Rs 719.830 million in the first nine months of 2008 as compared to Rs 2,741.596 million earned in the same period in 2007. The earning per share of the company also decrea
Published 30 Oct, 2008 12:00am
About 180 dead or missing after floods in Yemen

About 180 dead or missing after floods in Yemen

About 180 people have died or are missing after severe floods following torrential rain in Yemen that have left more than 10,000 people homeless, United Nations agencies said on Tuesday. The UN refugees agency UNHCR, which is already in the country workin
Published 30 Oct, 2008 12:00am
PRCL profit declines to Rs 719.830 million

PRCL profit declines to Rs 719.830 million

The profit after tax of Pakistan Reinsurance Company Limited (PRCL) has declined to Rs 719.830 million in the first nine months of 2008 as compared to Rs 2,741.596 million earned in the same period in 2007. The earning per share of the company also decrea
Published 30 Oct, 2008 12:00am
Businessman convicted of Russian central banker's murder

Businessman convicted of Russian central banker's murder

A Russian businessman was found guilty on Tuesday of ordering the high-profile murder of a top Russian central banker who led a clampdown on money-laundering and corruption. The state prosecutor said Alexei Frenkel, former head of a small Russian bank, ha
Published 30 Oct, 2008 12:00am
Sindh police IT project to be completed soon

Sindh police IT project to be completed soon

The e-policing project that envisages the computerisation and inter-linking of all the police stations of Sindh through the Internet is in full swing and would be completed soon. "The system would ensure an improved performance of the police department re
Published 30 Oct, 2008 12:00am
Incoming Summit chief financial to address company's communication

Incoming Summit chief financial to address company's communication

Tony Weir, the finance chief who announced Tuesday that he would be leaving UK biotech firm Vernalis for Summit, told Reuters in an interview that he would be looking at communication issues in his new job. Summit was one of the biggest fallers on London'
Published 30 Oct, 2008 12:00am
Foreign investors much impressed by Expo Pakistan: TDAP official

Foreign investors much impressed by Expo Pakistan: TDAP official

The Chief Executive, Trade Development Authority of Pakistan (TDAP), Mohibullah Shah, on Wednesday said that Expo Pakistan had impressed foreign investors, as most of the delegates were likely to ink new export contracts with Pakistan shortly.
Published 30 Oct, 2008 12:00am
Dairy prices seen weakening, futures needed

Dairy prices seen weakening, futures needed

Global dairy markets may fall further in the next few months as prices backtrack from last year's steep advance, sparking interest in a European futures contract for the once stable sector. "Prices are off substantially already but we could certainly see
Published 30 Oct, 2008 12:00am
Profit of Hub Power up

Profit of Hub Power up

The profit after tax of Hub Power Company Limited has increased to Rs 701.757 million in the quarter ended September 30, 2008 as compared to Rs 607.123 million earned in the same period last year. The board of directors of the company declared that earnin
Published 30 Oct, 2008 12:00am
German coal plant build to slow as crisis bites

German coal plant build to slow as crisis bites

The global financial crisis could prevent Germany from building enough coal-fired power plants to safeguard its future electricity supply. Germany needs to replace most of its coal-fuelled stations over the next decade and many new coal plants are planned
Published 30 Oct, 2008 12:00am
Profit of Hub Power up

Profit of Hub Power up

The profit after tax of Hub Power Company Limited has increased to Rs 701.757 million in the quarter ended September 30, 2008 as compared to Rs 607.123 million earned in the same period last year. The board of directors of the company declared that earnin
Published 30 Oct, 2008 12:00am
Microsoft sees Windows Azure profitable at launch

Microsoft sees Windows Azure profitable at launch

Microsoft Corp expects Windows Azure, a new "cloud computing" platform to allow companies to build Web applications using Microsoft's data centers, to be profitable at launch, the company's top software executive said on Monday. Cloud computing is the tre
Published 30 Oct, 2008 12:00am
RTO to enhance its tax net

RTO to enhance its tax net

The Regional Tax Office (RTO) is all set to enhance its tax net up to one million income tax payers during current year as over 0.5 million income tax returns have already been received through the Tax Facilitation Kiosks (TFK).
Published 30 Oct, 2008 12:00am
Former Fed chief calls on candidates to restore trust

Former Fed chief calls on candidates to restore trust

Massive government intervention has so far failed to restore confidence in financial markets in part because people distrust government, former US Federal Reserve chairman Paul Volcker said on Tuesday.
Published 30 Oct, 2008 12:00am
KCCI and KNCCI ink MoU to strengthen trade ties

KCCI and KNCCI ink MoU to strengthen trade ties

The Karachi Chamber of Commerce and Industry (KCCI) and Kenya National Chamber of Commerce and Industry (KNCCI) on Wednesday singed a Memorandum of Understanding (MoU) to strengthen mutual co-operation on Wednesday President KCCI Anjum Nisar and Chairman
Published 30 Oct, 2008 12:00am
Petrofac chief says no projects axed yet

Petrofac chief says no projects axed yet

Petrofac, the UK oil and gas services company, has not yet seen cancellations from customers because of falling oil prices, Chief Executive Ayman Asfari said on Tuesday. Asfari, speaking on the sidelines of the Oil & Money conference in London, said: "Non
Published 30 Oct, 2008 12:00am
Strokes may be new epidemic in Pakistan

Strokes may be new epidemic in Pakistan

About 41 percent of the global population vulnerable to strokes resides in Pakistan, where patients have a 30 percent higher chance of dying during the first 30 days after a stroke.
Published 30 Oct, 2008 12:00am
Equigold Ivorian mine starts, aims to double output

Equigold Ivorian mine starts, aims to double output

Lihir's Equigold poured its first gold in Ivory Coast this month, starting production that will begin at 120,000 ounces a year but may expand to 200,000 ounces as new deposits are confirmed, the miner said on Tuesday. The Bonikro mine, Ivory Coast's newes
Published 30 Oct, 2008 12:00am
After tax profit of FFC reaches Rs 2.037 billion

After tax profit of FFC reaches Rs 2.037 billion

The post-tax profit of Fauji Fertiliser Company Limited (FFC) has reached Rs 2.037 billion in the quarter ended on September 30, 2008 as compared to Rs 1.465 billion in the corresponding period an year ago. The company's earning per share has increased to
Published 30 Oct, 2008 12:00am
Asseco chief executive expects dynamic growth in 2009

Asseco chief executive expects dynamic growth in 2009

East Europe's top software maker Asseco Poland expects "dynamic" growth next year despite the concerns facing many of its clients in the financial sector, its chief executive told Reuters. CEO Adam Goral, who heads the sole IT group in Warsaw's main WIG20
Published 30 Oct, 2008 12:00am
After tax profit of FFC reaches Rs 2.037 billion

After tax profit of FFC reaches Rs 2.037 billion

The post-tax profit of Fauji Fertiliser Company Limited (FFC) has reached Rs 2.037 billion in the quarter ended on September 30, 2008 as compared to Rs 1.465 billion in the corresponding period an year ago. The company's earning per share has increased to
Published 30 Oct, 2008 12:00am
Swip Private Equity eyes secondary bargains

Swip Private Equity eyes secondary bargains

Scottish Widows Investment Partnership's private equity division is eyeing opportunities to break into the secondary investment market as increasing numbers of investors in high quality funds need to make forced exits. Swip, the fund management arm of Llo
Published 30 Oct, 2008 12:00am
AIB, IBM joint venture on core banking systems in Pakistan

AIB, IBM joint venture on core banking systems in Pakistan

AlBaraka Islamic Bank (AIB) has signed an agreement with GBM, an IBM Business Partner, for the provision of power system from IBM (NYSE:IBM) to support the core banking applications for its new venture in Pakistan.
Published 30 Oct, 2008 12:00am
Low price, weak demand idle China's manganese plants

Low price, weak demand idle China's manganese plants

More than 50 percent of China's manganese production capacity has been idled, as weak demand and plunging prices hit producers, industry officials said on Tuesday. "As steel mills have cut down on production, affecting demand for manganese, many small pro
Published 30 Oct, 2008 12:00am
CDGK stops leave encashment of workers

CDGK stops leave encashment of workers

The City District Government Karachi (CDGK) has stopped leaves encashment of its workers, which have been due for last four years, owing to financial crunch. However, around 6500 former Karachi Development Authority (KDA) staffs are waiting for their leav
Published 30 Oct, 2008 12:00am
Wal-Mart Canada sticks to store-expansion target

Wal-Mart Canada sticks to store-expansion target

Wal-Mart is on pace to meet its annual target for opening, expanding or relocating outlets in Canada, but the company said on Tuesday its spending on development projects in the country would slow to reflect a darker outlook for retailing. Wal-Mart Canada
Published 30 Oct, 2008 12:00am
Korea keen to boost bilateral trade with Pakistan

Korea keen to boost bilateral trade with Pakistan

Leaders of Korean trade delegation and Vice Chairman KEMA, Kin Hyon has said that Korea is interested to boost two-way trade and want to establish industrial units in joint venture with Pakistan.
Published 30 Oct, 2008 12:00am
Non-Opec needs investments; China demand strong: IEA

Non-Opec needs investments; China demand strong: IEA

Oil producers outside Opec will need large investments just to maintain output, the head of the International Energy Agency said on Tuesday. Nobuo Tanaka, head of the IEA, which advises 28 industrialised nations on energy, also said demand from China and
Published 30 Oct, 2008 12:00am
Reception for new DHA administrator

Reception for new DHA administrator

A reception to welcome the new Administrator DHA was hosted by Horticultural Society of Pakistan (HSP) in Defence Phase-II on Tuesday evening. The Chairman HSP, Lieutenant General Jehanzeb Arbab (Retd) in his welcome address outlined the objectives and ac
Published 30 Oct, 2008 12:00am
'Green' loses cachet on Wall Street

'Green' loses cachet on Wall Street

"Going green" doesn't have quite the cachet it used to, at least on Wall Street. Investors in renewable energy stocks have seen their sector hit hard in recent weeks on concerns that tightening credit and a weak global economy could arrest growth of the h
Published 30 Oct, 2008 12:00am
Three killed in different incidents

Three killed in different incidents

At least three people were killed in different violent incidents across the metropolis on Wednesday. Police sources told Business Recorder that Imran son of Fazal Khan and Abdul Rehman son of Kareem, residents of Korangi, were shot death by unknown
Published 30 Oct, 2008 12:00am
Hedge start-up Four Elements eyes resources bets

Hedge start-up Four Elements eyes resources bets

Sharp falls in commodity markets are offering great opportunities for hedge funds, according to Singapore-based start-up Four Elements Capital, but the overall hedge industry is still set to shrink as redemptions accelerate.
Published 30 Oct, 2008 12:00am
Romania wants joint ventures in fish processing and energy sectors

Romania wants joint ventures in fish processing and energy sectors

The President, Romania Chamber of Commerce and Industry (RCCI), Paul Butnariu has said that the purpose of his delegation's visit is to see Pakistani products and develop contacts with the business community to boost two-way trade.
Published 30 Oct, 2008 12:00am
Hedge start-up Four Elements eyes resources bets

Hedge start-up Four Elements eyes resources bets

Sharp falls in commodity markets are offering great opportunities for hedge funds, according to Singapore-based start-up Four Elements Capital, but the overall hedge industry is still set to shrink as redemptions accelerate.
Published 30 Oct, 2008 12:00am
HSC Part I Science result announced

HSC Part I Science result announced

The Board of Intermediate Education, Karachi (BIEK), on Wednesday announced the result of HSC Part I Science, both Pre-Engineering and General Groups annual Examinations, 2008. According to statistics, 20,071 candidates appeared in the Pre-Engineering Gro
Published 30 Oct, 2008 12:00am
Belgian authorities probe Fortis executives for wrongdoing

Belgian authorities probe Fortis executives for wrongdoing

Belgian authorities are investigating whether executives at banking and insurance group Fortis misled investors during a capital increase last year, Brussels prosecutors said Tuesday. "Inexact information was given about Fortis' solvency and liquidity wit
Published 30 Oct, 2008 12:00am
17 SBP customer facilitation centres start operation

17 SBP customer facilitation centres start operation

The seventeen Customer Facilitation Centres of State Bank of Pakistan has started operation. The Customer Facilitation Centres established by the central bank at its Head Office in Karachi and sixteen field offices of SBP Banking Services Corporation are
Published 30 Oct, 2008 12:00am
Ajman Bank to focus on UAE amid global turmoil

Ajman Bank to focus on UAE amid global turmoil

Ajman Bank said on Tuesday it could curb its foreign growth plans to focus on the United Arab Emirates in light of the global financial crisis, but it believes Islamic banks could benefit from the turmoil. "We need to be extremely careful at this stage wh
Published 30 Oct, 2008 12:00am
HSC Part-II Supplementary Examination from November 4

HSC Part-II Supplementary Examination from November 4

The Controller of Examination, Board of Intermediate and Secondary Education Hyderabad has informed that the Higher Secondary Certificate Part-II (Class-XII) Supplementary Examination 2008 is scheduled to be held from November 4, 2008.
Published 30 Oct, 2008 12:00am
IMF may need more cash if crisis persists, says Lipsky

IMF may need more cash if crisis persists, says Lipsky

The International Monetary Fund has record levels of liquidity to bail out countries but if the financial crisis continues much longer it may need more resources, a senior IMF official said on Tuesday.
Published 30 Oct, 2008 12:00am
Minister to listen to public complaints today

Minister to listen to public complaints today

Sindh Minister for Rural Development Zubair Ahmed Khan will listen to the public complaints on October 30, 2008 at Public Complaint Cell set up at Chief Minister House from 1pm to 5pm. He will listen to the complaints and issue orders on the spot for the
Published 30 Oct, 2008 12:00am
Kuwait cabinet backs bill to guarantee bank deposits

Kuwait cabinet backs bill to guarantee bank deposits

The Kuwaiti government has approved a bill to guarantee deposits in local banks, the finance minister said on Tuesday, amid continued investor jitters about the emirate's financial system. "The council of ministers has approved the draft law for guarantee
Published 30 Oct, 2008 12:00am
Leaguers and all parties' unity needed: Shujaat

Leaguers and all parties' unity needed: Shujaat

Pakistan Muslim League President, Chaudhry Shujaat Hussain has said that it is a good omen that leaders and members of different factions of Muslim League have started, talking about the merger to form one Muslim League. Unifying the splinters into one pa
Published 30 Oct, 2008 12:00am
Austria mulls taking stake in Kommunalkredit

Austria mulls taking stake in Kommunalkredit

Austria's finance ministry is considering taking an equity stake in public sector financier Kommunalkredit to improve the lender's rating, a ministry spokesman said on Tuesday. Talks were proceeding about how big such a stake could be and what form of equ
Published 30 Oct, 2008 12:00am
Geneva's boutique banks still positive on 2009

Geneva's boutique banks still positive on 2009

While acknowledging a "difficult" year lies ahead, many of the banks for which Switzerland is renowned say they have been spared the worst of the global credit crisis and see no need to cut bankers' pay. Geneva, the second-largest Swiss city, is home to m
Published 30 Oct, 2008 12:00am
General Kayani visits Okara Garrison

General Kayani visits Okara Garrison

The Chief of Army Staff, General Ashfaq Parvez Kayani visited Okara Garrison on Wednesday. During his daylong visit, Kayani, addressed the officers of Okara Garrison. Earlier he was given a detailed briefing on operational and administrative matters of th
Published 30 Oct, 2008 12:00am
Germany opens first offshore wind farm

Germany opens first offshore wind farm

Germany opened its first offshore wind farm Tuesday which Environment Minister Sigmar Gabriel called a key step toward more reliance on renewable energy in Europe's biggest economy. Gabriel pressed the start button at the Hooksiel complex some 500 metres
Published 30 Oct, 2008 12:00am
CEO CSF briefs Hina on features of IJFP

CEO CSF briefs Hina on features of IJFP

Special Assistant to Prime Minister on Finance, Hina Rabbani Khar on Wednesday met with a group of journalists who were part of the Innovation Journalism Fellowship Programme (IJFP) of the Competitiveness Support Fund (CSF) at Stanford University in Calif
Published 30 Oct, 2008 12:00am
US lawmakers, former executives blast credit raters

US lawmakers, former executives blast credit raters

US lawmakers criticised the three largest credit rating agencies for their role in the worst financial crisis in decades, and the agencies admitted they didn't see it coming. "The story of the credit rating agencies is a story of colossal failure," Rep. H
Published 30 Oct, 2008 12:00am
'Pakistan has potential to enhance trade with Turkey'

'Pakistan has potential to enhance trade with Turkey'

Pakistani business leaders and Industrialists in MUSAID International Trade Fair and International Business Forum in Turkey used this forum to attract the businessmen and investors of more than 60 participating countries to take advantage of attractive in
Published 30 Oct, 2008 12:00am
US arms sanctions 'short-sighted': Medvedev

US arms sanctions 'short-sighted': Medvedev

Russian President Dmitry Medvedev on Tuesday slammed as "short-sighted" US sanctions on Russia's main arms firm over the alleged sale of sensitive military technologies to Iran. Rosoboronexport was one of 13 firms place on a US State Department's black li
Published 30 Oct, 2008 12:00am
Honeybee farming project selected for BBC World Challenge 2008

Honeybee farming project selected for BBC World Challenge 2008

Women empowerment through Honeybee Farming, a project of Hashoo Foundation, being run in the Northern Areas of Pakistan for economic development for less privileged women, has been selected as one of the twelve finalists of BBC World Challenge 2008.
Published 30 Oct, 2008 12:00am
US dollar to remain reserve currency of choice

US dollar to remain reserve currency of choice

Naysayers who predicted the US dollar's demise as the world reserve currency of choice have been silent of late given the greenback's meteoric recovery in recent months. Slammed over the last several years as US government budget and trade deficits mounte
Published 30 Oct, 2008 12:00am
Abu Dhabi meeting: Fehmida hopes Germany to support Pakistan

Abu Dhabi meeting: Fehmida hopes Germany to support Pakistan

The Speaker, National Assembly, Dr Fehmida Mirza was optimistic that Germany will support Pakistan in the 'Friends of Pakistan' meeting to be held in Abu Dhabi next month for overcoming fiscal and external deficits as it helped in strengthening democracy.
Published 30 Oct, 2008 12:00am
Microsoft anti-piracy move irks China official

Microsoft anti-piracy move irks China official

A top Chinese copyright official chided Microsoft for launching an anti-piracy tool that nags users of counterfeit software with a black computer screen and said the company's prices were too high. The US software giant launched "Windows Genuine Advantage
Published 30 Oct, 2008 12:00am
UN votes against US embargo on Cuba for 17th year

UN votes against US embargo on Cuba for 17th year

UN member states voted in record numbers on Wednesday to urge the United States to lift its 46-year-old economic embargo against Cuba, in a non-binding measure adopted for the 17th straight year.
Published 30 Oct, 2008 12:00am
Global crisis could take high out of cocaine use

Global crisis could take high out of cocaine use

The global financial crisis may have ravaged the world economy but the UN's top anti-crime official said on Tuesday one benefit could be to make cocaine less affordable for many wealthy European drug users. "To the extent that the euro is now under pressu
Published 30 Oct, 2008 12:00am
UN votes against US embargo on Cuba for 17th year

UN votes against US embargo on Cuba for 17th year

UN member states voted in record numbers on Wednesday to urge the United States to lift its 46-year-old economic embargo against Cuba, in a non-binding measure adopted for the 17th straight year.
Published 30 Oct, 2008 12:00am
Oil's fall not halting Gulf funds' spending spree

Oil's fall not halting Gulf funds' spending spree

A fall in oil prices is unlikely to curtail the investment power of Gulf sovereign wealth funds as long as prices do not fall below the level needed to balance government budgets, the head of a Gulf investment bank said. Some Gulf Arab countries can balan
Published 30 Oct, 2008 12:00am
Moon not sighted, 1st of Ziqadh on October 31

Moon not sighted, 1st of Ziqadh on October 31

Chairman, Central Ruet-e-Hilal Committee, Mufti Muneeb-ur-Rehman on Wednesday announced the first of Ziqadh 1429 Hijri will be on Friday (October 31) as moon of Ziqadh was not sighted anywhere in the country. He made this announcement after presiding over
Published 30 Oct, 2008 12:00am
Mines watchdog to publish Mali report early 2009

Mines watchdog to publish Mali report early 2009

The anti-graft Extractive Industries Transparency Initiative (EITI) will publish its first report on West African gold producer Mali early next year, its national head said. Mali is a candidate country to join the EITI, a scheme under which resources comp
Published 30 Oct, 2008 12:00am
Moon not sighted, 1st of Ziqadh on October 31

Moon not sighted, 1st of Ziqadh on October 31

Chairman, Central Ruet-e-Hilal Committee, Mufti Muneeb-ur-Rehman on Wednesday announced the first of Ziqadh 1429 Hijri will be on Friday (October 31) as moon of Ziqadh was not sighted anywhere in the country. He made this announcement after presiding over
Published 30 Oct, 2008 12:00am
Bleak Christmas tidings for US retailers

Bleak Christmas tidings for US retailers

A week before the US holiday shopping season starts, there is little Christmas cheer in the air for US stores, with the crashing economy leaving shoppers morose and only discounters eyeing escape from a looming debacle.
Published 30 Oct, 2008 12:00am
Russia and China sign deal for first railway bridge

Russia and China sign deal for first railway bridge

Russia and China have signed a deal paving the way for construction of the first railway bridge between the two countries, creating a potential supply route for iron ore produced by Anglo-Russian miner Aricom.
Published 30 Oct, 2008 12:00am
Hong Kong appoints Morgan Stanley Asia chief to crisis group

Hong Kong appoints Morgan Stanley Asia chief to crisis group

Hong Kong has appointed Morgan Stanley Asia chairman Stephen Roach and Standard Chartered chairman Mervyn Davies to an economic task force to deal with the worsening global financial crisis. "This will help us weather the storm and turn a crisis into an o
Published 30 Oct, 2008 12:00am
Russia and China sign deal for first railway bridge

Russia and China sign deal for first railway bridge

Russia and China have signed a deal paving the way for construction of the first railway bridge between the two countries, creating a potential supply route for iron ore produced by Anglo-Russian miner Aricom.
Published 30 Oct, 2008 12:00am
Japan tries to talk down yen as economy sags

Japan tries to talk down yen as economy sags

Japan tried to push back the waves of the financial crisis on Tuesday, joining the United States and Europe in restricting investor bets on falling share prices and attempting to talk down a surging yen, an added worry for an economy already teetering on
Published 30 Oct, 2008 12:00am
Russia and China sign deal for first railway bridge

Russia and China sign deal for first railway bridge

Russia and China have signed a deal paving the way for construction of the first railway bridge between the two countries, creating a potential supply route for iron ore produced by Anglo-Russian miner Aricom.
Published 30 Oct, 2008 12:00am
China steel demand strong despite credit crunch

China steel demand strong despite credit crunch

Demand for steel in China, the world's No 1 consumer of the industrial metal, will stay strong in the coming year despite the global financial crisis, the head of the International Iron and Steel Institute said.
Published 30 Oct, 2008 12:00am
Pakistan to cut Kuwait diesel term imports

Pakistan to cut Kuwait diesel term imports

Pakistan will cut term diesel imports from Kuwait to 200,000 tons for November to December supplies, down from an initial plan for 300,000 tons, an industry source familiar with the matter said on Wednesday. Besides a reduction in term imports, Pakistan S
Published 30 Oct, 2008 12:00am
AirAsia to fly Indian route in December: chief executive

AirAsia to fly Indian route in December: chief executive

Malaysia-based AirAsia, the largest budget airline in Asia, will begin flights to India from December 1, its chief executive officer Tony Fernandes said Monday. He said it will begin flying into the southern city of Thiruchi before spreading to nine other
Published 30 Oct, 2008 12:00am
Pakistan to cut Kuwait diesel term imports

Pakistan to cut Kuwait diesel term imports

Pakistan will cut term diesel imports from Kuwait to 200,000 tons for November to December supplies, down from an initial plan for 300,000 tons, an industry source familiar with the matter said on Wednesday. Besides a reduction in term imports, Pakistan S
Published 30 Oct, 2008 12:00am
With rate cut likely, analysts ponder how low Fed will go

With rate cut likely, analysts ponder how low Fed will go

How low will the Fed go? As the Federal Reserve was set to open a two-day meeting Tuesday, financial markets were banking on a half-point cut in the federal funds target to bring the rate to 1.0 percent, matching the lows of 2003 and 2004.
Published 30 Oct, 2008 12:00am
Pakistan to cut Kuwait diesel term imports

Pakistan to cut Kuwait diesel term imports

Pakistan will cut term diesel imports from Kuwait to 200,000 tons for November to December supplies, down from an initial plan for 300,000 tons, an industry source familiar with the matter said on Wednesday. Besides a reduction in term imports, Pakistan S
Published 30 Oct, 2008 12:00am
Staff at top Asian brokerage asked to cut pay to avoid job losses

Staff at top Asian brokerage asked to cut pay to avoid job losses

Hundreds of senior staff at one of Asia's top brokerages, CLSA, have been asked to take a pay cut of up to 25 percent in a bid to avoid redundancies, a spokeswoman said Tuesday. A total of 500 senior brokers, analysts and managers at the Asian brokerage u
Published 30 Oct, 2008 12:00am
Statement soon on economic woes: government

Statement soon on economic woes: government

Pakistan is to make a statement by the end of the week about its dire financial situation, officials said Wednesday, amid reports that an application to the International Monetary Fund is imminent. "We will make a statement on this issue in a day or two,"
Published 30 Oct, 2008 12:00am
Kazakhstan offers to inject $5 billion into banks

Kazakhstan offers to inject $5 billion into banks

Kazakhstan offered to inject up to $5 billion into the former Soviet state's four largest banks on Tuesday to stave off potential loan losses during the global financial crisis. Kazakh banks have been hit hard by the global liquidity squeeze after years o
Published 30 Oct, 2008 12:00am
Statement soon on economic woes: government

Statement soon on economic woes: government

Pakistan is to make a statement by the end of the week about its dire financial situation, officials said Wednesday, amid reports that an application to the International Monetary Fund is imminent. "We will make a statement on this issue in a day or two,"
Published 30 Oct, 2008 12:00am
Nomura in red in second quarter, hit by trading losses

Nomura in red in second quarter, hit by trading losses

Nomura Holdings Inc, Japan's largest brokerage, posted its third consecutive quarterly net loss on Tuesday as financial market turmoil led to big trading losses and discouraged companies from issuing shares or making deals.
Published 30 Oct, 2008 12:00am
Statement soon on economic woes: government

Statement soon on economic woes: government

Pakistan is to make a statement by the end of the week about its dire financial situation, officials said Wednesday, amid reports that an application to the International Monetary Fund is imminent. "We will make a statement on this issue in a day or two,"
Published 30 Oct, 2008 12:00am
Nomura in red in second quarter, hit by trading losses

Nomura in red in second quarter, hit by trading losses

Nomura Holdings Inc, Japan's largest brokerage, posted its third consecutive quarterly net loss on Tuesday as financial market turmoil led to big trading losses and discouraged companies from issuing shares or making deals.
Published 30 Oct, 2008 12:00am
Minfal notifies Basmati rice procurement prices

Minfal notifies Basmati rice procurement prices

The Ministry of Food, Agriculture and Livestock (Minfal) has issued a notification for minimum indicative price of super basmati rice (paddy) per 40 kg at Rs 1,500, and basmati 385/2000 rice (paddy) per 40 kg at Rs 1,250. The decision was taken in an ECC
Published 30 Oct, 2008 12:00am
Mexico sees resuming pace of bond sales in 2009

Mexico sees resuming pace of bond sales in 2009

The Mexican government expects to be able to resume issuing more long-term debt by the end of the year as credit markets return to normal, a senior finance ministry official said on Tuesday. Mexico announced on Monday it was temporarily cutting long-term
Published 30 Oct, 2008 12:00am
Minfal notifies Basmati rice procurement prices

Minfal notifies Basmati rice procurement prices

The Ministry of Food, Agriculture and Livestock (Minfal) has issued a notification for minimum indicative price of super basmati rice (paddy) per 40 kg at Rs 1,500, and basmati 385/2000 rice (paddy) per 40 kg at Rs 1,250. The decision was taken in an ECC
Published 30 Oct, 2008 12:00am
Mexico sees resuming pace of bond sales in 2009

Mexico sees resuming pace of bond sales in 2009

The Mexican government expects to be able to resume issuing more long-term debt by the end of the year as credit markets return to normal, a senior finance ministry official said on Tuesday. Mexico announced on Monday it was temporarily cutting long-term
Published 30 Oct, 2008 12:00am
Minfal notifies Basmati rice procurement prices

Minfal notifies Basmati rice procurement prices

The Ministry of Food, Agriculture and Livestock (Minfal) has issued a notification for minimum indicative price of super basmati rice (paddy) per 40 kg at Rs 1,500, and basmati 385/2000 rice (paddy) per 40 kg at Rs 1,250. The decision was taken in an ECC
Published 30 Oct, 2008 12:00am
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