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Jan 31, 2025 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Print - 2008-11-05
US bonds gain

US bonds gain

US Treasury debt prices rose on Monday, boosted by safe-haven bidding following a report showing factory activity fell to its lowest in 26 years in October, the latest in a string of dismal economic reports. The manufacturing report added to evidence of a
Published 05 Nov, 2008 12:00am
Ghee prices remain high in market, USC

Ghee prices remain high in market, USC

The shopkeepers are selling ghee and edible oil at higher rates and have not reduced the price of the commodities despite government's announcement to reduce the prices. Despite the official announcement, dealers were not selling ghee at the fixed rate of
Published 05 Nov, 2008 12:00am
US oil demand down two million bpd on year: BP

US oil demand down two million bpd on year: BP

Oil demand in top consumer the United States has fallen sharply from levels a year ago due to the credit crisis and slowing economy, BP Chief Executive Tony Hayward said on Monday. "According to our preliminary data, US demand was down 2 million barrels p
Published 05 Nov, 2008 12:00am
US bonds gain

US bonds gain

US Treasury debt prices rose on Monday, boosted by safe-haven bidding following a report showing factory activity fell to its lowest in 26 years in October, the latest in a string of dismal economic reports. The manufacturing report added to evidence of a
Published 05 Nov, 2008 12:00am
AGPR official pays for unearthing scam of over Rs 15 million

AGPR official pays for unearthing scam of over Rs 15 million

The auditors have unearthed serious cases of embezzlement, misappropriation, misuse of authority, loss of machinery and equipment worth Rs 15.500 million, but the officials involved are being protected by the higher authorities, while a woman bureaucrat,
Published 05 Nov, 2008 12:00am
Brazilian merger to create South America's biggest bank

Brazilian merger to create South America's biggest bank

Brazil's Itau and Unibanco banks announced Monday they were merging "to create the biggest financial group in South America." The new bank, to be called Itau Unibanco, will be among the 20 biggest in the world, they added in the public notification given
Published 05 Nov, 2008 12:00am
Malaysian shares slightly firmer

Malaysian shares slightly firmer

Malaysian share prices closed 0.7 percent higher on Tuesday, recovering from earlier falls as investors took profits after two days of steady gains, dealers said. The Kuala Lumpur Composite Index inched up 6.23 points to close at 905.58 on turnover of 1.1
Published 05 Nov, 2008 12:00am
New York cotton

New York cotton

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

Published 05 Nov, 2008 12:00am
Signing ceremony for launching EEMS project held

Signing ceremony for launching EEMS project held

The government of Japan has so far provided grant assistance of Rs 509 million to Pakistan for setting up environmental monitoring system. Seven monitoring stations have been established in the federal and provincial capitals, while three mobile laborator
Published 05 Nov, 2008 12:00am
BMW dumps 2008 outlook amid global autos slowdown

BMW dumps 2008 outlook amid global autos slowdown

BMW abandoned its 2008 earnings forecast and cut production on Tuesday after a 60-percent plunge in quarterly profit that underscored slowing sales in the troubled autos industry. The woes facing the world's biggest premium brand automaker followed the wo
Published 05 Nov, 2008 12:00am
US stocks finish barely changed before election

US stocks finish barely changed before election

US stocks ended little changed on Monday as investors picked up bargains on signs of further thawing in credit markets, but were unwilling to place big bets before the presidential election. Cautious investors stayed on the sidelines as they were reluctan
Published 05 Nov, 2008 12:00am
New York cotton

New York cotton

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

Published 05 Nov, 2008 12:00am
Gemology training course starts

Gemology training course starts

Pakistan Gems and Jewellery Development Company (PGJDC) in collaboration with National Centre of Excellence in Geology (NCEG)), University of Peshawar has started training course on 'Gemology' at the premises of NCEG Peshawar from November 05 (Wednesday).
Published 05 Nov, 2008 12:00am
Saudi Arabia makes significant oil cuts to some buyers

Saudi Arabia makes significant oil cuts to some buyers

Top oil exporter Saudi Arabia has already cut significantly crude supplies to some of its customers, industry sources said on Tuesday, quelling doubts Opec would stick to its latest output deal. One industry source estimated Saudi Arabia had reduced expor
Published 05 Nov, 2008 12:00am
Seoul shares end up two percent

Seoul shares end up two percent

Seoul shares ended 2 percent higher on Tuesday, led by bank and construction shares including KB Financial Group after the government announced by fresh economic stimulus measures, but exporters ended lower. The Korea Composite Stock Price Index ended up
Published 05 Nov, 2008 12:00am
Key stock and currency market movements

Key stock and currency market movements

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

Published 05 Nov, 2008 12:00am
Trading Corporation of Pakistan cancels sugar tender

Trading Corporation of Pakistan cancels sugar tender

Trading Corporation of Pakistan (TCP) has cancelled a tender for the sale of 50,000 metric ton of locally made sugar to ease domestic prices. A TCP official said here on Tuesday that a sufficient stock of sugar was available in the market these days and p
Published 05 Nov, 2008 12:00am
Spanish jobless jumps to 12-year high

Spanish jobless jumps to 12-year high

The number of Spaniards out of work leapt to a 12-year high in October, marking the worst level in the eurozone, as Spain's labour market was hit harder by market turmoil than any other in the currency bloc.
Published 05 Nov, 2008 12:00am
AJK Prime Minister inaugurates Rs 140 million Khari Sharif Complex

AJK Prime Minister inaugurates Rs 140 million Khari Sharif Complex

AJK Prime Minister Sardar Attique Ahmed Khan on Tuesday inaugurated Rs 140 million Khari Sharif Complex. Addressing the inauguration ceremony, Sardar Attique said that his government believed in practical working for the speedy uplift and progress of the
Published 05 Nov, 2008 12:00am
Singapore shares down 2.87 percent

Singapore shares down 2.87 percent

Singapore shares closed 2.87 percent lower on Tuesday as investors stayed on the sidelines ahead of the US presidential election, analysts said. A profit warning by index heavyweight Singapore Telecom (SingTel) also weighed down investor sentiment, they s
Published 05 Nov, 2008 12:00am
The Weather

The Weather

The weather report on Tuesday (November 04, 2008)and the forecast for Wednesday (November 05, 2008).

Published 05 Nov, 2008 12:00am
Obama headed for historic win

Obama headed for historic win

Democrat Barack Obama and Republican John McCain faced the verdict of Americans voting on Tuesday after a long and bitter struggle for the White House, with Obama holding a decisive edge in national opinion polls. US presidential election will be decided
Published 05 Nov, 2008 12:00am
Bawan Shah group's tax fraud amounts to Rs 2 billion

Bawan Shah group's tax fraud amounts to Rs 2 billion

The Federal Board of Revenue (FBR) has found that the total amount of fraudulent refunds and rebate paid to the Bawan Shah Group of companies was about Rs 2 billion, against the alleged Rs 20 billion. Sources told Business Recorder on Tuesday that
Published 05 Nov, 2008 12:00am
Luxembourg, German, Dutch ministers hope for Obama win

Luxembourg, German, Dutch ministers hope for Obama win

Luxembourg's prime minister and the German and Dutch finance ministers backed Democrat Barack Obama to win the US presidential election on Tuesday. Germany's Peer Steinbrueck shouted "Obama" and Wouter Bos of the Netherlands laughed as he mouthed "Obama"
Published 05 Nov, 2008 12:00am
CRP to bridge gap between MNAs and masses

CRP to bridge gap between MNAs and masses

The Constituency Relations Project (CRP), which is on cards for four constituencies of NA 1, 2, 3 and 4 of Peshawar aims at creating actual democratic environment in the country and to bridge the gap between the elected MNAs and the common people of their
Published 05 Nov, 2008 12:00am
Global slowdown to hit Congo growth

Global slowdown to hit Congo growth

Weak demand for metals as a result of the global financial crisis will push Democratic Republic of Congo's economic growth below 10 percent next year and force a scaling back of mining projects, the central bank chief said on Tuesday.
Published 05 Nov, 2008 12:00am
European banks say on the mend

European banks say on the mend

European banks and insurers warned of tough times ahead as more writedowns and rising bad debts hit profits but executives said confidence in the industry was recovering and most bank shares rose. UBS, Royal Bank of Scotland and reinsurer Swiss Re all sai
Published 05 Nov, 2008 12:00am
Obama headed for historic win

Obama headed for historic win

Democrat Barack Obama and Republican John McCain faced the verdict of Americans voting on Tuesday after a long and bitter struggle for the White House, with Obama holding a decisive edge in national opinion polls. US presidential election will be decided
Published 05 Nov, 2008 12:00am
PAC censures NHA for Rs 2.26 billion embezzlement

PAC censures NHA for Rs 2.26 billion embezzlement

National Highway Authority (NHA) came under severe criticism from the Public Accounts Committee (PAC) as Auditor General Office has detected an embezzlement of Rs 2.26 billion at different stages in the execution of various projects during 2005-06.
Published 05 Nov, 2008 12:00am
France heading for breach of EU deficit limit: Prime Minister

France heading for breach of EU deficit limit: Prime Minister

France will likely breach European Union borrowing limits next year as the economic slowdown hits growth, Prime Minister Francois Fillon said in a television interview broadcast late on Monday. Fillon said he expected the French economy to grow by a littl
Published 05 Nov, 2008 12:00am
'Cottage industry plays vital role in economic development'

'Cottage industry plays vital role in economic development'

Multan Chamber of Commerce and Industry (MCCI) President Khawaja Muhammad Jalaluddin Roomi has said that the development of local cottage industries play important role in economic development and the local industry assumed a model status for the developi
Published 05 Nov, 2008 12:00am
China plane-makers take first steps to rival global giants

China plane-makers take first steps to rival global giants

China's fledgling aerospace industry took a major leap forward Tuesday at the nation's only international air show as it announced its first sale of commercial aircraft to a US company. The Commercial Aircraft Corporation of China (CACC) confirmed the sal
Published 05 Nov, 2008 12:00am
Credit markets show signs of thaw, EU presses reform

Credit markets show signs of thaw, EU presses reform

Global credit markets showed more signs of a thaw on Tuesday and Australia cut interest rates sharply ahead of expected reductions in Europe this week, but the deep freeze in bank lending appeared far from over. US voters went to the polls to decide who w
Published 05 Nov, 2008 12:00am
Investment continues in telecom sector

Investment continues in telecom sector

Pakistan, after obtaining thriving growth and investment in telecom especially in cellular sector, still offers best opportunities for investors as million of rural people awaits to benefit communication services. Becoming a destination for investments in
Published 05 Nov, 2008 12:00am
European finance ministers back big reform agenda for G20 meeting

European finance ministers back big reform agenda for G20 meeting

European Union finance ministers backed on Tuesday proposals to reform the world's top financial fora and end market self-regulation that critics say caused the worst financial crisis since the 1930s Great Depression. The proposals, drafted by current EU
Published 05 Nov, 2008 12:00am
New schedule for recruitment of educators

New schedule for recruitment of educators

District government has changed the schedule for the recruitment of educators here in district Khanewal. According to Executive District Officer Education Abdul Shakoor Anjum, the dates of submitting objections, interviews, final list of successful candid
Published 05 Nov, 2008 12:00am
China and Taiwan sign flight, cargo accords

China and Taiwan sign flight, cargo accords

Top officials from Taiwan and China signed deals on daily direct flights, new cargo routes and food safety on Tuesday during Beijing's highest-level visit to its political rival in 60 years. China negotiator Chen Yunlin also said he aimed to normalise fin
Published 05 Nov, 2008 12:00am
Credit markets show signs of thaw, EU presses reform

Credit markets show signs of thaw, EU presses reform

Global credit markets showed more signs of a thaw on Tuesday and Australia cut interest rates sharply ahead of expected reductions in Europe this week, but the deep freeze in bank lending appeared far from over. US voters went to the polls to decide who w
Published 05 Nov, 2008 12:00am
Accused gets death sentence in murder case

Accused gets death sentence in murder case

Additional Sessions Judge, Gujranwala Amjad Ali Khan awarded death sentence to main accused in a murder case and life term to another co-accused in the same case. According to prosecution, the convicts had killed Mohammad Yaqub in cold blood over a moneta
Published 05 Nov, 2008 12:00am
DME in talks with state oil, Asia refiners

DME in talks with state oil, Asia refiners

Dubai Mercantile Exchange (DME) is in talks with Asian refiners and state oil companies to price contracts against the Gulf exchange, making it a benchmark, as it bids to increase its core volumes to 1 million barrels per day, its chief executive officer
Published 05 Nov, 2008 12:00am
US factory orders drop sharply again

US factory orders drop sharply again

New orders received by US factories took a surprisingly steep tumble for a second month in a row during September, according to a Commerce Department report on Tuesday underlining an accelerating decline in manufacturing activity as the economy heads into
Published 05 Nov, 2008 12:00am
Credit markets show signs of thaw, EU presses reform

Credit markets show signs of thaw, EU presses reform

Global credit markets showed more signs of a thaw on Tuesday and Australia cut interest rates sharply ahead of expected reductions in Europe this week, but the deep freeze in bank lending appeared far from over. US voters went to the polls to decide who w
Published 05 Nov, 2008 12:00am
Pakistanis in Saudia: Nadra directed to issue machine readable passports

Pakistanis in Saudia: Nadra directed to issue machine readable passports

Advisor on Interior Rehman Malik on Tuesday directed National Database and Registration Authority (Nadra) to issue machine-readable passports to the Pakistanis residing in Saudi Arabia, within one week. In a meeting with Pakistan's Ambassador in Saudi Ara
Published 05 Nov, 2008 12:00am
India to ease foreign direct investment rules

India to ease foreign direct investment rules

India will further ease foreign investment rules, including those relating to defence production, Commerce and Industry Minister Kamal Nath said on Tuesday. He did not name the other sectors where foreign investment rules could be relaxed, but said the ca
Published 05 Nov, 2008 12:00am
Year of Environment: proposals to be finalised by month-end

Year of Environment: proposals to be finalised by month-end

The calendar of activities for celebration of 2009, the Year of Environment, would be finalised by the last week of the current month and subsequently will be submitted to the Prime Minister for approval.
Published 05 Nov, 2008 12:00am
Sweden cuts 2008 budget surplus, sees deficit in 2009

Sweden cuts 2008 budget surplus, sees deficit in 2009

Sweden on Tuesday cut its 2008 budget surplus forecast and said the financial crisis will lead to a deficit next year instead of a previously expected surplus. "Swedish central government finances are deteriorating. The current financial crisis is dampeni
Published 05 Nov, 2008 12:00am
Chile unveils $1.15 billion package to spur lending

Chile unveils $1.15 billion package to spur lending

Chile announced on Tuesday a $1.15 billion package of measures to spur lending to middle income families and small and medium-sized businesses and help shield them from global financial turmoil. President Michelle Bachelet said in a speech from the presid
Published 05 Nov, 2008 12:00am
Novel foreign exchange scam detected

Novel foreign exchange scam detected

Pakistani customs authorities have unearthed a unique kind of currency scam at Pak-China border, where tax officials have busted an international gang involved in smuggling of Pak rupees through Sust customs station. Sources told Business Recorder
Published 05 Nov, 2008 12:00am
Ghee prices on the decline in Peshawar

Ghee prices on the decline in Peshawar

The prices of different brands of ghee has started declining in the local market and the price hike-hit people have started receiving the much awaited relief by the government. The decision to decrease the price of the commodity was taken after holding co
Published 05 Nov, 2008 12:00am
Gold sheds gains in Asia

Gold sheds gains in Asia

Gold rose as much as 1 percent on Tuesday before losing some of the gains as investors kept an eye on the dollar ahead of expected interest rate cuts by major central banks and the US presidential poll. The dollar firmed against the euro, extending previo
Published 05 Nov, 2008 12:00am
SBP governor inaugurates Samba Bank Limited

SBP governor inaugurates Samba Bank Limited

Addressing a gathering of corporate and business leaders and elite of the city at the formal launch ceremony of Samba Bank Limited (SBL), Sajjad Razvi, senior Samba executive and Chairman of the Board of Samba Bank Limited, said "SBL is a majority owned s
Published 05 Nov, 2008 12:00am
Global crisis set to crimp Malaysia's growth

Global crisis set to crimp Malaysia's growth

Malaysia's government admitted on Tuesday that growth would be hit by fallout from the global crisis as Najib Razak, the man who is set to be prime minister, laid out his plans to deal with the slowdown. Opposition politicians, led by Anwar Ibrahim, walke
Published 05 Nov, 2008 12:00am
US gold gains

US gold gains

US gold futures ended 1.2 percent higher on Monday, retreating from their session peaks, as a dollar bounce capped commodities across the board, with fears over physical demand weighing on sentiment. December settled up $8.60, or 1.2 percent, at $726.80 a
Published 05 Nov, 2008 12:00am
Novel foreign exchange scam detected

Novel foreign exchange scam detected

Pakistani customs authorities have unearthed a unique kind of currency scam at Pak-China border, where tax officials have busted an international gang involved in smuggling of Pak rupees through Sust customs station. Sources told Business Recorder
Published 05 Nov, 2008 12:00am
KBP to hold rallies against agriculture policies

KBP to hold rallies against agriculture policies

Kisan Board Pakistan (KBP) has announced to hold protest demonstration and take out rallies on November 9, 2008 across the country against unfavourable agriculture policies of the government. Kisan Board demanded of the government to immediately extend su
Published 05 Nov, 2008 12:00am
Oil regains early losses ahead of US vote

Oil regains early losses ahead of US vote

Oil seesawed on Tuesday to above $64 a barrel, after tumbling the previous session on renewed fears of an economic recession, as investors were unwilling to place big bets before the US presidential election. Crude oil has plummeted from its record above
Published 05 Nov, 2008 12:00am
Ghee prices remain high in market, USC

Ghee prices remain high in market, USC

The shopkeepers are selling ghee and edible oil at higher rates and have not reduced the price of the commodities despite government's announcement to reduce the prices. Despite the official announcement, dealers were not selling ghee at the fixed rate of
Published 05 Nov, 2008 12:00am
US oil demand down two million bpd on year: BP

US oil demand down two million bpd on year: BP

Oil demand in top consumer the United States has fallen sharply from levels a year ago due to the credit crisis and slowing economy, BP Chief Executive Tony Hayward said on Monday. "According to our preliminary data, US demand was down 2 million barrels p
Published 05 Nov, 2008 12:00am
Malaysian tin rallies

Malaysian tin rallies

Malaysian tin rallied 3.65 percent on Tuesday, recovering some of the previous day's losses due to a sharp rise on the London Metal Exchange (LME), said one dealer.
Published 05 Nov, 2008 12:00am
Novel foreign exchange scam detected

Novel foreign exchange scam detected

Pakistani customs authorities have unearthed a unique kind of currency scam at Pak-China border, where tax officials have busted an international gang involved in smuggling of Pak rupees through Sust customs station. Sources told Business Recorder
Published 05 Nov, 2008 12:00am
Credit limits: textile millers for relaxation in CIB rules for one year

Credit limits: textile millers for relaxation in CIB rules for one year

The textile millers have sought an immediate attention of the State Bank of Pakistan (SBP) on tightening credit limits from the commercial banks, and demanded relaxation in regulations relating to Credit Information Bureau (CIB) for one year to facilitate
Published 05 Nov, 2008 12:00am
Malaysian palm oil tumbles

Malaysian palm oil tumbles

Malaysian crude palm oil futures slid as much as 7.2 percent on Tuesday as weaker crude oil revived fears of a global recession, which would sap demand and swell already burgeoning stocks. Prices of the tropical oil have slumped more than two-thirds from
Published 05 Nov, 2008 12:00am
AGPR official pays for unearthing scam of over Rs 15 million

AGPR official pays for unearthing scam of over Rs 15 million

The auditors have unearthed serious cases of embezzlement, misappropriation, misuse of authority, loss of machinery and equipment worth Rs 15.500 million, but the officials involved are being protected by the higher authorities, while a woman bureaucrat,
Published 05 Nov, 2008 12:00am
Brazilian merger to create South America's biggest bank

Brazilian merger to create South America's biggest bank

Brazil's Itau and Unibanco banks announced Monday they were merging "to create the biggest financial group in South America." The new bank, to be called Itau Unibanco, will be among the 20 biggest in the world, they added in the public notification given
Published 05 Nov, 2008 12:00am
US soy futures end firm

US soy futures end firm

US soybean futures on the Chicago Board of Trade ended firm on Monday amid stability in US stock markets on signs of more credit thawing and strong export demand for soy, traders said. Strength in the products, particularly in soyoil, lent support to soyb
Published 05 Nov, 2008 12:00am
30 US states in recession, 19 at risk: Moody's

30 US states in recession, 19 at risk: Moody's

Thirty US states were mired in recession in September, and 19 others are at risk of falling into recession in the coming months, a survey by research firm Moody's Economy.com said Tuesday. Moody's defined recession for the study as a decline in a state's
Published 05 Nov, 2008 12:00am
Agriculture sector on verge of destruction: Pervaiz

Agriculture sector on verge of destruction: Pervaiz

Pakistan Muslim League-Q (PML-Q), central leader and former Punjab Chief Minister, Chaudhry Pervaiz Elahi on Tuesday said that the present government has pushed the agriculture sector at the verge of destruction due to its anti-agriculture policies.
Published 05 Nov, 2008 12:00am
New York sugar higher

New York sugar higher

Raw sugar futures climbed to a higher close on Monday, after seesawing for part of the session, in thin dealings and on investor buying ahead of the US presidential election, brokers said. The key March raw sugar contract rose 0.16 cent to close at 12.18
Published 05 Nov, 2008 12:00am
Signing ceremony for launching EEMS project held

Signing ceremony for launching EEMS project held

The government of Japan has so far provided grant assistance of Rs 509 million to Pakistan for setting up environmental monitoring system. Seven monitoring stations have been established in the federal and provincial capitals, while three mobile laborator
Published 05 Nov, 2008 12:00am
BMW dumps 2008 outlook amid global autos slowdown

BMW dumps 2008 outlook amid global autos slowdown

BMW abandoned its 2008 earnings forecast and cut production on Tuesday after a 60-percent plunge in quarterly profit that underscored slowing sales in the troubled autos industry. The woes facing the world's biggest premium brand automaker followed the wo
Published 05 Nov, 2008 12:00am
World cotton imports to fall: ICAC

World cotton imports to fall: ICAC

Global cotton imports will fall 6 percent in 2008/09 to 7.8 million tons, pulled down by declining cotton mill use, an international farm group said on Monday. The International Cotton Advisory Committee secretariat said in a monthly report that declines
Published 05 Nov, 2008 12:00am
Global recession expected in 2009, Fitch says

Global recession expected in 2009, Fitch says

Fitch Ratings expects a global recession next year as the world's major advanced economies suffer from the steepest decline in growth since World War Two. The United States, Great Britain, continental Europe and Japan will see their aggregate gross domest
Published 05 Nov, 2008 12:00am
Expansion of federal cabinet criticised

Expansion of federal cabinet criticised

Pakistan Muslim League-Nawaz (PML-N) Secretary General International Affairs Sheikh Kaiser Mehmood has strongly criticised expansion in federal cabinet especially inclusion of remnants of ex-dictator Pervez Musharraf in the cabinet. Mehmood said here on T
Published 05 Nov, 2008 12:00am
US rice futures close firm

US rice futures close firm

US rough rice futures on the Chicago Board of Trade closed higher on Monday after a lightly traded session, supported by the strength in other grain markets, traders said. Stability in financial markets amid signs of more thawing in credit markets lent su
Published 05 Nov, 2008 12:00am
Gemology training course starts

Gemology training course starts

Pakistan Gems and Jewellery Development Company (PGJDC) in collaboration with National Centre of Excellence in Geology (NCEG)), University of Peshawar has started training course on 'Gemology' at the premises of NCEG Peshawar from November 05 (Wednesday).
Published 05 Nov, 2008 12:00am
Saudi Arabia makes significant oil cuts to some buyers

Saudi Arabia makes significant oil cuts to some buyers

Top oil exporter Saudi Arabia has already cut significantly crude supplies to some of its customers, industry sources said on Tuesday, quelling doubts Opec would stick to its latest output deal. One industry source estimated Saudi Arabia had reduced expor
Published 05 Nov, 2008 12:00am
Tokyo rubber rises

Tokyo rubber rises

The key Tokyo rubber futures contract rose 5 percent on Monday as a rally in Japanese shares helped ease concerns that a global recession would hit demand, while a weaker yen inflates the yen-based futures prices. The most active April 2009 contract on th
Published 05 Nov, 2008 12:00am
US aid to quake-hit Balochistan increased to $2.5 million

US aid to quake-hit Balochistan increased to $2.5 million

The US government, through the US Agency for International Development (USAID), is providing an additional $1.5 million in emergency assistance in the aftermath of last week's earthquake in Balochistan. This brings the total USAID emergency assistance pac
Published 05 Nov, 2008 12:00am
China donates Rs 324 million for engineering, cutlery centres

China donates Rs 324 million for engineering, cutlery centres

China has donated Rs 214 million for Light Engineering Service Centre and Rs 110 million for Cutlery & Small Industries Service Centre to install hi-tech machinery, provision of facilities of material testing, advanced welding and fabrication, hi-frequenc
Published 05 Nov, 2008 12:00am
Shanghai copper drops

Shanghai copper drops

London copper futures ticked lower on Tuesday, while Shanghai metal fell 2 percent, but trade is expected to be low-key across markets ahead of the US presidential election later in the day. Metals' direction is likely to be steered by the dollar, at $1.2
Published 05 Nov, 2008 12:00am
Trading Corporation of Pakistan cancels sugar tender

Trading Corporation of Pakistan cancels sugar tender

Trading Corporation of Pakistan (TCP) has cancelled a tender for the sale of 50,000 metric ton of locally made sugar to ease domestic prices. A TCP official said here on Tuesday that a sufficient stock of sugar was available in the market these days and p
Published 05 Nov, 2008 12:00am
Spanish jobless jumps to 12-year high

Spanish jobless jumps to 12-year high

The number of Spaniards out of work leapt to a 12-year high in October, marking the worst level in the eurozone, as Spain's labour market was hit harder by market turmoil than any other in the currency bloc.
Published 05 Nov, 2008 12:00am
New York cotton up

New York cotton up

Cotton futures finished on Monday with moderate gains as some investors took advantage of the 3-3/4-year lows hit last week, but volume was light and the range narrow as most players held to the sidelines ahead of the US presidential election, brokers sai
Published 05 Nov, 2008 12:00am
Britain raises marriage visa age to stem abuse

Britain raises marriage visa age to stem abuse

Britain has raised the age at which foreigners can apply for a marriage visa to enter the country, to clamp down on forced weddings and immigration abuse, a minister said Tuesday. The age will rise from 18 to 21 at the end of November, said immigration mi
Published 05 Nov, 2008 12:00am
LCCI donates blankets worth Rs 1.5 million for quake victims

LCCI donates blankets worth Rs 1.5 million for quake victims

The Lahore Chamber of Commerce & Industry (LCCI) on Tuesday donated blankets worth Rs 1.5 million for the earthquake victims of Balochistan. The donation was handed over to PML (N) Punjab President and Chief Minister Special Advisor, Sardar Zulfiqar Khan
Published 05 Nov, 2008 12:00am
Masoor, urad, bajra rates fall on grain market

Masoor, urad, bajra rates fall on grain market

Falling trend persisted on the grain market on Tuesday as a few commodity items moved downward during the lean trading, dealers said. On the cereal side msoor Canada was sharply lower by Rs 250 to Rs 10000 due to comfortable supply position, urad Burma fo
Published 05 Nov, 2008 12:00am
Bawan Shah group's tax fraud amounts to Rs 2 billion

Bawan Shah group's tax fraud amounts to Rs 2 billion

The Federal Board of Revenue (FBR) has found that the total amount of fraudulent refunds and rebate paid to the Bawan Shah Group of companies was about Rs 2 billion, against the alleged Rs 20 billion. Sources told Business Recorder on Tuesday that
Published 05 Nov, 2008 12:00am
Luxembourg, German, Dutch ministers hope for Obama win

Luxembourg, German, Dutch ministers hope for Obama win

Luxembourg's prime minister and the German and Dutch finance ministers backed Democrat Barack Obama to win the US presidential election on Tuesday. Germany's Peer Steinbrueck shouted "Obama" and Wouter Bos of the Netherlands laughed as he mouthed "Obama"
Published 05 Nov, 2008 12:00am
Cotton spot rate raised by Rs 75 amid hectic buying

Cotton spot rate raised by Rs 75 amid hectic buying

The official spot rate was raised on the cotton market on Tuesday in hectic buying by the mills on rising concern about the problems on the imports front, dealers said. The official spot rate was sharply increased by Rs 75 to Rs 3200, they said. Phutti pr
Published 05 Nov, 2008 12:00am
Seven killed as lift breaks

Seven killed as lift breaks

As many as seven persons have been killed including two children as the rope of a lift of cement factory was broken in Dandot near Pind Daden Khan (Jhelum). According to Geo News, one seriously injured person has been shifted to nearby hospital.
Published 05 Nov, 2008 12:00am
Ban on poly bags causes consternation among traders

Ban on poly bags causes consternation among traders

The announcement by the City District Government Karachi (CDGK) that manufacturing, sale and use of poly bags/plastic bags below 300 micron thickness is a crime and punishable under law has caused a wave of fear and unrest among members of business commun
Published 05 Nov, 2008 12:00am
India expands basmati variety, export tax may go

India expands basmati variety, export tax may go

India has included the premium Pusa 1121 rice in the basmati-branded varieties and may scrap an export tax on the category, the farm minister said on Tuesday, cheering exporters and farmers. The country would maintain a ban on exports of wheat but would s
Published 05 Nov, 2008 12:00am
PAC censures NHA for Rs 2.26 billion embezzlement

PAC censures NHA for Rs 2.26 billion embezzlement

National Highway Authority (NHA) came under severe criticism from the Public Accounts Committee (PAC) as Auditor General Office has detected an embezzlement of Rs 2.26 billion at different stages in the execution of various projects during 2005-06.
Published 05 Nov, 2008 12:00am
European banks say on the mend

European banks say on the mend

European banks and insurers warned of tough times ahead as more writedowns and rising bad debts hit profits but executives said confidence in the industry was recovering and most bank shares rose. UBS, Royal Bank of Scotland and reinsurer Swiss Re all sai
Published 05 Nov, 2008 12:00am
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