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Print - 2008-11-06
Hotels, cafes may be put under excise regime from next year

Hotels, cafes may be put under excise regime from next year

The Federal Board of Revenue (FBR) has decided to withdraw sales tax from hotels and restaurants, from next financial year, for bringing them under federal excise regime. Sources told Business Recorder on Wednesday that the decision had been taken
Published 06 Nov, 2008 12:00am
Oil falls seven percent

Oil falls seven percent

Oil dropped 7 percent to below $66 a barrel on Wednesday after a US government report showed rising fuel stockpiles and slowing demand in the world's top energy consumer. Gasoline stocks rose by 1.1 million barrels last week, against analyst forecasts of
Published 06 Nov, 2008 12:00am
Copper falls nine percent

Copper falls nine percent

Copper shed nearly 9 percent to lead most other base metals lower on Wednesday as inventories rose and a firmer dollar weighed after the US election. The dollar erased some of its earlier gains against a basket of other currencies but remained stronger af
Published 06 Nov, 2008 12:00am
New York cotton rallies as dollar falls

New York cotton rallies as dollar falls

Cotton futures pushed up to a close nearly 4.0 percent higher on Tuesday, as the dollar weakened ahead of US presidential election results, renewing buying of most commodities, brokers said. "The general rise in commodity prices drove cotton up, with the
Published 06 Nov, 2008 12:00am
FTSE snaps six-day winning run

FTSE snaps six-day winning run

Britain's leading share index fell 2.3 percent on Wednesday, ending a six-session winning streak, as investors shifted their focus back to the faltering economy after Democrat Barack Obama won the US presidential race. The FTSE 100 closed down 108.77 poin
Published 06 Nov, 2008 12:00am
Indian shares tumble

Indian shares tumble

Indian shares fell 4.81 percent on Wednesday, as investors locked in gains from early trades when prices rallied on the back of Barack Obama's US presidential election victory, dealers said. The benchmark 30-share Sensex index fell 511.11 points to 10,120
Published 06 Nov, 2008 12:00am
Malaysian shares up

Malaysian shares up

Malaysian share prices closed 1.1 percent higher on Wednesday after profit-taking narrowed earlier gains, dealers said. The Kuala Lumpur Composite Index inched up 9.66 points to close at 915.24, off an intraday high of 926.65.
Published 06 Nov, 2008 12:00am
Philippines shares rise

Philippines shares rise

Philippines share prices closed marginally higher on Wednesday as the market consolidated, possibly in preparation for another upturn, dealers said. The composite index rose 3.17 points to 2,006.21, while the all-shares index was up 0.8 percent 1,314.25 p
Published 06 Nov, 2008 12:00am
European spreads mixed

European spreads mixed

European credit spreads were little changed to modestly wider on Wednesday after data showed that the US service sector, representing about 80 percent of economic activity, contracted by more than expected in October.
Published 06 Nov, 2008 12:00am
European spreads mixed

European spreads mixed

European credit spreads were little changed to modestly wider on Wednesday after data showed that the US service sector, representing about 80 percent of economic activity, contracted by more than expected in October.
Published 06 Nov, 2008 12:00am
Wednesday's midday trade: Wall Street stumbles

Wednesday's midday trade: Wall Street stumbles

US stocks fell on Wednesday as worries about the weakening global economy returned to centre stage just a day after the historic US presidential election. President-elect Barack Obama was immediately faced with gloomy economic news, including reports show
Published 06 Nov, 2008 12:00am
Asian spreads remain tighten

Asian spreads remain tighten

Asian high yield credit benchmark spreads tightened on Wednesday after a strong rally in Wall Street overnight improved risk appetite, but increases were capped as investors booked profits after recent gains.
Published 06 Nov, 2008 12:00am
Asian spreads remain tighten

Asian spreads remain tighten

Asian high yield credit benchmark spreads tightened on Wednesday after a strong rally in Wall Street overnight improved risk appetite, but increases were capped as investors booked profits after recent gains.
Published 06 Nov, 2008 12:00am
Dollar recovers in London

Dollar recovers in London

The dollar inched up against a basket of currencies on Wednesday, supported by weaker European shares as fears of a recession kept risk appetite low, while a decisive win by Barack Obama to become the next US president also bolstered the currency.
Published 06 Nov, 2008 12:00am
Sterling strengthens

Sterling strengthens

Sterling strengthened against the euro and dollar on Wednesday, lifted by a broad slide in the dollar and as dealers adjusted positions ahead of the Bank of England's interest rate decision on Thursday.
Published 06 Nov, 2008 12:00am
After historic win, Obama looks to future

After historic win, Obama looks to future

Barack Obama pivoted on Wednesday from the glow of a historic White House victory to the daunting challenge of leading a country mired in a deep economic crisis and two lingering wars. The day after a sweeping election triumph that will make him the first
Published 06 Nov, 2008 12:00am
Hope washes across Africa after Obama triumph

Hope washes across Africa after Obama triumph

Kenyans in Barack Obama's ancestral homeland danced with joy on Wednesday and the election of America's first black president sparked hope that he would tackle poverty and disease in Africa. As a pink dawn lit the sky, hundreds in a field at Obama's late
Published 06 Nov, 2008 12:00am
Obama to get first intelligence briefing today

Obama to get first intelligence briefing today

Barack Obama will get his first intelligence briefing as president-elect on Thursday, a US official said, as the first-term senator prepared to face security challenges from terrorism to a resurgent Russia. The official, who is familiar with the process,
Published 06 Nov, 2008 12:00am
Down memory lane

Down memory lane

My earliest memories of US elections go back to the FDR era - following the Great Depression of the Thirties and his New Deal that changed the face of USA and much of the world at that time - for good or evil. And now the Americans and rest of the world f
Published 06 Nov, 2008 12:00am
South Korea appoints first female airline pilots

South Korea appoints first female airline pilots

South Korea has its first female civil pilots after two women passed a state test, officials said Wednesday. Shin Soo-Jin, 39, and Hong Soo-In, 36, of flag carrier Korean Air, have qualified to fly the B-737 airplane, the Civil Aviation Safety Authority s
Published 06 Nov, 2008 12:00am
Indian army officer held for link with blasts

Indian army officer held for link with blasts

Police in India's western state of Maharashtra on Wednesday arrested a serving Indian Army officer for his alleged role in bomb blasts in September that killed six people and injured more than 70.
Published 06 Nov, 2008 12:00am
WFP begins distributing aid in DR Congo

WFP begins distributing aid in DR Congo

The UN World Food Programme said Wednesday it had begun distributing food to 135,000 displaced people in six camps around the rebel-threatened city of Goma in eastern Democratic Republic of Congo. "The 10-day rations will be distributed in all camps at th
Published 06 Nov, 2008 12:00am
Bollywood filmmaker B.R. Chopra dies

Bollywood filmmaker B.R. Chopra dies

One of India's most respected filmmakers, B.R. Chopra, who was behind a string of classic movies released in the 1950s and 60s, died Wednesday, his family said. He was 94. Chopra dierriage) in the 1980s. He later produced the hugely popular television ser
Published 06 Nov, 2008 12:00am
Barrage of rockets after six Hamas fighters killed

Barrage of rockets after six Hamas fighters killed

Dozens of rockets and mortar rounds were fired at Israel on Wednesday after Israeli forces killed six militants in the Gaza Strip, in the most serious incidents since a truce went into effect in June. The Islamist Hamas movement that rules the Palestinian
Published 06 Nov, 2008 12:00am
Saudi king removes prince of troubled province

Saudi king removes prince of troubled province

Saudi Arabia's King Abdullah has removed the prince of a remote governorate that has seen violent clashes between police and minority Shi'ite Muslims complaining of discrimination, state media said on Wednesday.
Published 06 Nov, 2008 12:00am
Six foreigners kidnapped in Somalia

Six foreigners kidnapped in Somalia

Gunmen stormed an airstrip in Somalia on Wednesday, kidnapping two Kenyan pilots and four European aid workers in the latest strike against humanitarian organisations in the lawless Horn of Africa nation. The Europeans - two French, a Bulgarian and a Belg
Published 06 Nov, 2008 12:00am
Japan court jails former top defence official over bribes

Japan court jails former top defence official over bribes

A Japanese court on Wednesday sentenced a former top defence official to two-and-a-half years in prison over a bribery scandal that embarrassed the government. Takemasa Moriya, 64, who was nicknamed "the emperor" for his influence within the defence minis
Published 06 Nov, 2008 12:00am
Peru declares state of emergency in south after protests

Peru declares state of emergency in south after protests

Peru late Wednesday declared a 30-day state of emergency in its south after violent protests in the city of Tacna that left 20 people hurt and 35 in police custody. The measure, announced by Prime Minister Yehude Simon after an extraordinary cabinet meeti
Published 06 Nov, 2008 12:00am
Iran army warns US forces to steer clear of borders

Iran army warns US forces to steer clear of borders

Tehran's military on Wednesday urged US forces to steer clear of Iran's borders with neighbouring Iraq and warned it would respond 'to any invasion,' the official IRNA news agency reported. Iran will 'take down' any overflying aircraft which fails to resp
Published 06 Nov, 2008 12:00am
African and Asian join the library of genomics

African and Asian join the library of genomics

Laboratories have for the first time sequenced the full genetic code of an African and an Asian in what amounts to a major step towards the goal of a tailor-made profile of one's DNA. Until now, the genomes of only two individuals - James Watson, who co-d
Published 06 Nov, 2008 12:00am
US authorises return of service families to Bahrain

US authorises return of service families to Bahrain

The US Navy 5th Fleet command in Bahrain an issued statement on Wednesday communicating a US Defence Department authorisation for adult family members of servicemen to return to Bahrain. According to the statement the return of adult family members for al
Published 06 Nov, 2008 12:00am
British army interpreter convicted of spying for Iran

British army interpreter convicted of spying for Iran

A British army interpreter accused of spying for Iran was found guilty by a court in London Wednesday. Daniel James, 45, was arrested in 2006 when he was working for General David Richards, who was then commanding international forces in Afghanistan and i
Published 06 Nov, 2008 12:00am
Mission to Mars: health hurdle can be overcome, say scientists

Mission to Mars: health hurdle can be overcome, say scientists

Scientists believe they have found a way of protecting astronauts from a dangerous source of space radiation, thus lifting a major doubt clouding the dream to send humans to Mars. Their breakthrough takes forward ideas born in the golden age of science fi
Published 06 Nov, 2008 12:00am
Barcelona, Sporting qualify in Champions League

Barcelona, Sporting qualify in Champions League

Barcelona and Sporting advanced to the Champions League knockout stage while Inter Milan and Chelsea missed the chance to guarantee their places on Tuesday. A 1-1 draw at home to Basel was enough for Barca to qualify from Group C alongside Portugal's Spor
Published 06 Nov, 2008 12:00am
Premier Soccer League: PMC beat KPT, Wapda advance

Premier Soccer League: PMC beat KPT, Wapda advance

Three more matches were decided in the Pakistan Premier Soccer League on Wednesday, as PMC edged out KPT in 4-3 thriller, WAPDA fought hard to beat tenacious Afghan Football Club 1-0 while KESC did well to draw PEL in debatable 1-1 scoreline.
Published 06 Nov, 2008 12:00am
PCB imposes ban on Yousuf for rejoining ICL

PCB imposes ban on Yousuf for rejoining ICL

In a surprise move, Pakistan Cricket Board (PCB) has banned middle order batsman Muhammad Yousuf for re-joining Indian Cricket League (ICL). PCB Director Cricket Operations Zakir Khan told reporters here on Wednesday that the Board has also terminated cen
Published 06 Nov, 2008 12:00am
ICL deal in kitty but Yousuf still keen for country

ICL deal in kitty but Yousuf still keen for country

Star batsman Mohammad Yousuf on Wednesday said he was still keen to play for Pakistan despite signing up with a rebel Twenty20 league in India. "I had a misunderstanding with the ICL. Now that has been sorted out and I will play for them," Yousuf, sportin
Published 06 Nov, 2008 12:00am
Gamba outclass Adelaide

Gamba outclass Adelaide

Japan's Gamba Osaka swept past Adelaide United of Australia 3-0 with a commanding display in the first leg of the Asian Champions League final on Wednesday. Brazilian striker Lucas put the home side in front in the 37th minute, springing the offside trap
Published 06 Nov, 2008 12:00am
Malik not offered academy job: PCB

Malik not offered academy job: PCB

Pakistan's cricket authorities have not appointed former captain Salim Malik as head coach of the national cricket academy, despite an announcement by the player, a senior official said on Wednesday.
Published 06 Nov, 2008 12:00am
Calendar revamp cheers Williams sisters

Calendar revamp cheers Williams sisters

Plans are being finalised which may enable the Williams sisters, arguably the highest profile tennis players in the history of the game, to compete more often. The Roadmap 2009, far reaching reforms by the Women's Tennis Association of its vast and demand
Published 06 Nov, 2008 12:00am
Swiss franc falls

Swiss franc falls

The Swiss franc fell against the US dollar on Wednesday as the US currency gained across the board after Democrat Barack Obama won the US presidential election. "Ahead of the first results of the US presidential election risk appetite recovered," Credit S
Published 06 Nov, 2008 12:00am
Asian currencies firmer

Asian currencies firmer

The South Korean won led Asian currencies higher on Wednesday, buoyed by reviving risk appetite as Barack Obama's win in the US presidential election ended uncertainty about who will lead the world's largest economy through financial turbulence.
Published 06 Nov, 2008 12:00am
Australian dollar slips from two-week highs

Australian dollar slips from two-week highs

The Australian dollar pared gains on Wednesday after steep cuts to the government's growth and budget surplus forecasts and weak economic data reinforced a grim outlook for the domestic economy. In its mid-year review of budget forecasts.
Published 06 Nov, 2008 12:00am
Bangladesh interbank forex, interest rates

Bangladesh interbank forex, interest rates

Interbank buy/sell rates for the taka against the dollar on Wednesday. 68.66/68.68 (previous 68.65/68.68). Call Money Rates: 6.50-11.50 percent (previous 6.25-11.50 percent).
Published 06 Nov, 2008 12:00am
Dollar posts biggest one-day slide

Dollar posts biggest one-day slide

The US dollar tumbled on Tuesday, posting its biggest one-day slide against the euro since that currency's 1999 launch, as investors bet that global interest rate cuts and a credit market thaw would revive world growth.
Published 06 Nov, 2008 12:00am
Dollar rises as Obama win lifts views

Dollar rises as Obama win lifts views

The dollar rose against a basket of major currencies on Wednesday after posting its biggest one-day slide in 13 years the previous day, as Democrat Barack Obama won the US presidential election. Obama captured the White House on Tuesday after an extraordi
Published 06 Nov, 2008 12:00am
Yuan higher, at 14-year high

Yuan higher, at 14-year high

The yuan edged higher against the dollar on Wednesday and was at its strongest level in 14 years versus major currencies in October, signalling China's intent to maintain the currency's value amid the global financial crisis.
Published 06 Nov, 2008 12:00am
Jakarta shares tumble

Jakarta shares tumble

Indonesian shares ended 0.3 percent lower on Wednesday amid concerns over a weaker rupiah and the central bank's reluctance to cut interest rates, dealers said. The Jakarta Composite Index dropped 3.51 points to 1,366.27 in moderate trade.
Published 06 Nov, 2008 12:00am
Nikkei closes at highest level in three weeks

Nikkei closes at highest level in three weeks

Japan's Nikkei average rose 4.5 percent to a three-week closing high on Wednesday, buoyed by rises in Honda Motor Co and other exporters after Barack Obama won the race for president of the United States. The Nikkei pared gains briefly after Obama's victo
Published 06 Nov, 2008 12:00am
Thai shares finish flat

Thai shares finish flat

Thai share prices finished flat on Wednesday as late traders took profits after bargain hunters buoyed the market during the morning session, dealers said. The Stock Exchange of Thailand (SET) composite index lost 0.26 points to close at 457.36 points, wh
Published 06 Nov, 2008 12:00am
China stocks close 3.2 percent firmer

China stocks close 3.2 percent firmer

China's main stock index rose 3.16 percent on Wednesday in active trade, led by banks and resource shares, with sentiment buoyed after Barack Obama won the US presidential race. The benchmark Shanghai Composite Index ended at 1,760.609 points, after touch
Published 06 Nov, 2008 12:00am
Taiwan stocks decline

Taiwan stocks decline

Taiwan stocks gave up early gains to fall 0.29 percent on Wednesday, weighed down by tech shares but supported by financials after the island and China agreed to discussions on opening up their financial industries. The main TAIEX share index fell 14.37 p
Published 06 Nov, 2008 12:00am
US Treasury prices rally

US Treasury prices rally

Longer-dated US Treasuries gained in price on Tuesday on the back of heavy buying of mortgage-backed securities. When mortgage securities surge, driving mortgage rates lower, it often leads to a wave of prepayments that shortens the life of those bonds, f
Published 06 Nov, 2008 12:00am
US Treasury prices rally

US Treasury prices rally

Longer-dated US Treasuries gained in price on Tuesday on the back of heavy buying of mortgage-backed securities. When mortgage securities surge, driving mortgage rates lower, it often leads to a wave of prepayments that shortens the life of those bonds, f
Published 06 Nov, 2008 12:00am
Singapore shares 2.14 percent up

Singapore shares 2.14 percent up

Singapore shares closed 2.14 percent higher on Wednesday, tracking other Asian stock markets which were buoyed by the election of Democrat Barack Obama as US president, dealers said. The main Straits Times Index rose 39.13 points to 1,868.82. Volume was 2
Published 06 Nov, 2008 12:00am
US stock futures steady after Obama wins

US stock futures steady after Obama wins

US stock index futures were little changed on Tuesday after Democrat Barack Obama decisively won the US presidency, eliminating uncertainty over who will guide the world's largest economy through what may be a protracted recession. The rise in futures sug
Published 06 Nov, 2008 12:00am
Hong Kong shares close 3.2 percent up

Hong Kong shares close 3.2 percent up

Hong Kong shares pared early sharp gains to close 3.2 percent higher on Wednesday after the initial euphoria over a Barack Obama win gave way to concerns over a looming recession in the world's largest economy. "I reckon investors will focus again on the
Published 06 Nov, 2008 12:00am
Seoul shares end off highs

Seoul shares end off highs

Seoul shares ended 2.4 percent higher on Wednesday, halving 5 percent gains after a Democrat win in the US presidential election as investors looked ahead to Korean/US trade issues under President Barack Obama. The Korea Composite Stock Price Index closed
Published 06 Nov, 2008 12:00am
South Korean central bank seen cutting rates 25 bps

South Korean central bank seen cutting rates 25 bps

South Korea's central bank will probably cut its benchmark interest rate on Friday for the third time in a month, intensifying efforts to head off a punishing downturn resulting from the global financial crisis, a Reuters poll showed.
Published 06 Nov, 2008 12:00am
Bank of England to slash interest rates again

Bank of England to slash interest rates again

The Bank of England is widely expected to cut its key lending rate by at least half a percentage point on Thursday as recession looms in Britain amid a global financial crisis, analysts said. Some economists are even forecasting the BoE to follow up last
Published 06 Nov, 2008 12:00am
World Bank lends to Bulgaria to tackle poverty, jobless

World Bank lends to Bulgaria to tackle poverty, jobless

The World Bank has approved two loans to Bulgaria worth 142 million euros, aimed at raising employment, productivity and living standards in the European Union newcomer, the lender said on Wednesday. The Balkan country, which joined the EU in 2007, is the
Published 06 Nov, 2008 12:00am
Airlines opting to lease aircraft amid financial crisis

Airlines opting to lease aircraft amid financial crisis

Tightening credit due to the global financial crisis has led some airlines to lease planes instead of buying them, a Singapore-based leasing firm said Wednesday. BOC Aviation said that since June, it has placed 19 new aircraft on long-term leases with fiv
Published 06 Nov, 2008 12:00am
Sanyo says considering tie-up as profits slump

Sanyo says considering tie-up as profits slump

Japan's struggling Sanyo Electric Co said Wednesday it was considering a capital tie-up with rivals including Panasonic Corp, as it reported a slump in quarterly profits. A take-over of Sanyo would mark the first major shake-up of Japan's consumer electro
Published 06 Nov, 2008 12:00am
Sanyo says considering tie-up as profits slump

Sanyo says considering tie-up as profits slump

Japan's struggling Sanyo Electric Co said Wednesday it was considering a capital tie-up with rivals including Panasonic Corp, as it reported a slump in quarterly profits. A take-over of Sanyo would mark the first major shake-up of Japan's consumer electro
Published 06 Nov, 2008 12:00am
German savings banks could be next to suffer from crisis

German savings banks could be next to suffer from crisis

Several German savings banks which were considered safe from international financial turmoil could suffer from business done with state-owned regional bank WestLB, a press report said on Wednesday. Between 2003-2006, Duesseldorf-based WestLB sold high ris
Published 06 Nov, 2008 12:00am
Change has come to America: Obama elected first black President of USA

Change has come to America: Obama elected first black President of USA

Barack Obama swept to an historic victory as America's first black president, but pleaded for time to heal and transform the superpower as he faced up Wednesday to the task of forging his promised change. "At this defining moment, change has come to Ameri
Published 06 Nov, 2008 12:00am
EU raises competition, doubts about Commerzbank bailout

EU raises competition, doubts about Commerzbank bailout

The European Commission raised doubts on Wednesday that a massive capital infusion for German bank Commerzbank was in line with the terms of a bank bailout package it approved last week. Commerzbank became on Monday the first private German bank to tap in
Published 06 Nov, 2008 12:00am
Change has come to America: Obama elected first black President of USA

Change has come to America: Obama elected first black President of USA

Barack Obama swept to an historic victory as America's first black president, but pleaded for time to heal and transform the superpower as he faced up Wednesday to the task of forging his promised change. "At this defining moment, change has come to Ameri
Published 06 Nov, 2008 12:00am
Gulf finance sector ripe for M&A in crisis time

Gulf finance sector ripe for M&A in crisis time

Gulf Arab financial firms are on the brink of a long-overdue wave of consolidation as global financial turmoil brakes a regional economic boom, forcing banks and investment companies to cut costs and improve scale. Mergers and acquisitions in the world's
Published 06 Nov, 2008 12:00am
Saudi Arabia assures Pakistan of economic help

Saudi Arabia assures Pakistan of economic help

Saudi Arabia has assured Pakistan of economic help, Pakistan's top economic official said on Wednesday, but he gave no details of any specific assistance. Pakistan is facing a balance-of-payments crisis that analysts say has left the nuclear-armed US ally
Published 06 Nov, 2008 12:00am
Time Warner lowers 2008 outlook

Time Warner lowers 2008 outlook

US media giant Time Warner Inc on Wednesday reported a drop in third quarter earnings, and lowered its 2008 profit expectations, citing the costs of restructuring.The world's largest media company said net income came to 1.07 billion dollars in the third
Published 06 Nov, 2008 12:00am
Saudi Arabia assures Pakistan of economic help

Saudi Arabia assures Pakistan of economic help

Saudi Arabia has assured Pakistan of economic help, Pakistan's top economic official said on Wednesday, but he gave no details of any specific assistance. Pakistan is facing a balance-of-payments crisis that analysts say has left the nuclear-armed US ally
Published 06 Nov, 2008 12:00am
Time Warner lowers 2008 outlook

Time Warner lowers 2008 outlook

US media giant Time Warner Inc on Wednesday reported a drop in third quarter earnings, and lowered its 2008 profit expectations, citing the costs of restructuring.The world's largest media company said net income came to 1.07 billion dollars in the third
Published 06 Nov, 2008 12:00am
Saudi Arabia assures Pakistan of economic help

Saudi Arabia assures Pakistan of economic help

Saudi Arabia has assured Pakistan of economic help, Pakistan''s top economic official said on Wednesday, but he gave no details of any specific assistance. Pakistan is facing a balance-of-payments crisis that analysts say has left the nuclear-armed US all
Published 06 Nov, 2008 12:00am
Khaleeji Commercial buys BLC Bank-France

Khaleeji Commercial buys BLC Bank-France

Bahrain-listed Khaleeji Commercial Bank said on Wednesday it agreed to acquire BLC Bank-France for $250 million. The bank acquires a European Union-wide banking license as well as BLC's four branches in the United Arab Emirates and one branch in Paris.
Published 06 Nov, 2008 12:00am
NWFP to spend sugarcane cess on farmers' welfare

NWFP to spend sugarcane cess on farmers' welfare

The Department of Agriculture, NWFP will start work on evolving a mechanism for proper utilisation of the share of agriculture research in sugarcane cess on various uplift schemes for the welfare of farmers. The meeting was chaired by NWFP Minister for Ag
Published 06 Nov, 2008 12:00am
Microsoft extends helping hand to Internet startups

Microsoft extends helping hand to Internet startups

Microsoft on Wednesday launched a programme to help fledgling Internet companies by giving them free access to software, tech support and introductions to its business partners around the world. BizSpark is intended to "accelerate the success of entrepren
Published 06 Nov, 2008 12:00am
Rockets' attack rocks Peshawar

Rockets' attack rocks Peshawar

Unknown miscreants in Peshawar on Wednesday night fired rockets, which hit PAF base, Peshawar Airport and a grid station and the city's adjoining areas causing the suspension of power in the metropolis, according to Aaj TV. The TV channel said that
Published 06 Nov, 2008 12:00am
Swiss up deposit insurance, set tough capital rules

Swiss up deposit insurance, set tough capital rules

The Swiss government said on Wednesday it was raising its bank deposit guarantee to 100,000 Swiss francs ($85,400) from 30,000 francs as part of a package to shore up the country's crucial financial industry. The government also said the banking regulator
Published 06 Nov, 2008 12:00am
Fixed income mutual funds told to revalue TFCs downwards

Fixed income mutual funds told to revalue TFCs downwards

The Securities and Exchange Commission of Pakistan on Wednesday issued directives to fixed income mutual funds to revalue Term Finance Certificates (TFCs) downward by 5-30 percent based on their respective ratings, which is expected to significantly hurt
Published 06 Nov, 2008 12:00am
Malaysia provides liquidity facility to insurers

Malaysia provides liquidity facility to insurers

Malaysia's central bank said on Wednesday it had provided a liquidity facility to insurance and takaful (Islamic insurance) firms in a pre-emptive move to ensure the stability of the country's financial system.
Published 06 Nov, 2008 12:00am
Fixed income mutual funds told to revalue TFCs downwards

Fixed income mutual funds told to revalue TFCs downwards

The Securities and Exchange Commission of Pakistan on Wednesday issued directives to fixed income mutual funds to revalue Term Finance Certificates (TFCs) downward by 5-30 percent based on their respective ratings, which is expected to significantly hurt
Published 06 Nov, 2008 12:00am
UK services shrink, factory output posts longest decline

UK services shrink, factory output posts longest decline

Britain's service sector shrank at a record pace and factory output posted its longest decline since the 1980 recession, in a slew of bad news on Wednesday boosting the chances of a big Bank of England rate cut this week.
Published 06 Nov, 2008 12:00am
Fixed income mutual funds told to revalue TFCs downwards

Fixed income mutual funds told to revalue TFCs downwards

The Securities and Exchange Commission of Pakistan on Wednesday issued directives to fixed income mutual funds to revalue Term Finance Certificates (TFCs) downward by 5-30 percent based on their respective ratings, which is expected to significantly hurt
Published 06 Nov, 2008 12:00am
German cabinet backs $64.22 billion growth plan

German cabinet backs $64.22 billion growth plan

Germany's cabinet on Wednesday agreed a package of measures aimed at giving Europe's biggest economy a 50 billion euro ($64.22 billion) boost and help it withstand the effects of the global financial crisis. The plan includes tax breaks, spending on infra
Published 06 Nov, 2008 12:00am
NCCPL issues Loss Notices to two KSE members

NCCPL issues Loss Notices to two KSE members

The National Clearing Company of Pakistan Limited (NCCPL) on Wednesday issued Loss Notices to two members of Karachi Stock Exchange (KSE) to clear their dues. The NCCPL, in these notices directed the said members to give response to NCCPL within 24 hours
Published 06 Nov, 2008 12:00am
Eurozone retail sales dip

Eurozone retail sales dip

Eurozone retail sales fell for the fourth straight month in annual terms in September, pointing to growing weakness in consumer demand and increasing pressure on the European Central Bank to cut interest rates. Retail sales in the 15-country currency area
Published 06 Nov, 2008 12:00am
NCCPL issues Loss Notices to two KSE members

NCCPL issues Loss Notices to two KSE members

The National Clearing Company of Pakistan Limited (NCCPL) on Wednesday issued Loss Notices to two members of Karachi Stock Exchange (KSE) to clear their dues. The NCCPL, in these notices directed the said members to give response to NCCPL within 24 hours
Published 06 Nov, 2008 12:00am
OMV, Gazprom plan central European gas exchange

OMV, Gazprom plan central European gas exchange

Austrian and Russian oil and gas giants, OMV and Gazprom, are planning to develop a central European gas hub and gas exchange from next year, OMV said Wednesday. OMV said in a statement that Gazprom would take a 30-percent stake in its wholly-owned unit,
Published 06 Nov, 2008 12:00am
NCCPL issues Loss Notices to two KSE members

NCCPL issues Loss Notices to two KSE members

The National Clearing Company of Pakistan Limited (NCCPL) on Wednesday issued Loss Notices to two members of Karachi Stock Exchange (KSE) to clear their dues. The NCCPL, in these notices directed the said members to give response to NCCPL within 24 hours
Published 06 Nov, 2008 12:00am
Most emerging market ratings unhurt by crisis: Moody's

Most emerging market ratings unhurt by crisis: Moody's

Sovereign credit ratings of most emerging market economies will be unaffected by the temporary foreign currency funding shortage, Moody's Investors Service said on Wednesday. The ratings agency said many emerging market economies had accumulated sufficien
Published 06 Nov, 2008 12:00am
Hotels, cafes may be put under excise regime from next year

Hotels, cafes may be put under excise regime from next year

The Federal Board of Revenue (FBR) has decided to withdraw sales tax from hotels and restaurants, from next financial year, for bringing them under federal excise regime. Sources told Business Recorder on Wednesday that the decision had been taken
Published 06 Nov, 2008 12:00am
Most emerging market ratings unhurt by crisis: Moody's

Most emerging market ratings unhurt by crisis: Moody's

Sovereign credit ratings of most emerging market economies will be unaffected by the temporary foreign currency funding shortage, Moody's Investors Service said on Wednesday. The ratings agency said many emerging market economies had accumulated sufficien
Published 06 Nov, 2008 12:00am
Hotels, cafes may be put under excise regime from next year

Hotels, cafes may be put under excise regime from next year

The Federal Board of Revenue (FBR) has decided to withdraw sales tax from hotels and restaurants, from next financial year, for bringing them under federal excise regime. Sources told Business Recorder on Wednesday that the decision had been taken
Published 06 Nov, 2008 12:00am
ArcelorMittal slashes output again, shares slump

ArcelorMittal slashes output again, shares slump

ArcelorMittal, the world's largest steelmaker, on Wednesday doubled its fourth-quarter output cut to 30 percent as the global financial crisis undercuts demand, sending its share price plunging.
Published 06 Nov, 2008 12:00am
US to provide $200 million wheat on deferred payment

US to provide $200 million wheat on deferred payment

The United States will provide wheat worth $200 million to Pakistan, on deferred payment of two years, under GSM-102, while the government has decided to provide $100 million to the Trading Corporation of Pakistan (TCP) for purchase of urea, Business R
Published 06 Nov, 2008 12:00am
Message from Director, Sidat Hyder Morshed Associates (Pvt) Limited

Message from Director, Sidat Hyder Morshed Associates (Pvt) Limited

On behalf of Sidat Hyder Morshed Associates (Pvt) Ltd, I would like to welcome all the sponsors, speakers, panellists and delegates who have come to attend the seventh annual Best Practices Day 2008. I am also happy to inform you all that in addition to h
Published 06 Nov, 2008 12:00am
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