News Archives for Print - 2008-11-13

Aaj TV - Thursday's schedule

All timings are in PST (Pakistan Standard Time).

Published 13 Nov, 2008 12:00am

China recalls haemorrhoid drug on safety fears

China recalled a haemorrhoid medicine on Wednesday after it was linked to liver problems, state media said, in the latest safety incident to tarnish the country's food and drug sector. The State Food and Drug Administration ordered the producer of Zhixue

Published 13 Nov, 2008 12:00am

US, Russia and Europe should build 'new security order': Italy

US president-elect Barack Obama should work with Russia and Europe to build a "new world security order" in which a missile shield would have no place, Italian Foreign Minister Franco Frattini said Wednesday. "Europe, Russia and America (should) build tog

Published 13 Nov, 2008 12:00am

Fighters take over key Somali port

Somalia's hard-line Shebab group on Wednesday took over the southern port of Merka, a key entry point for food aid, further tightening the Islamists' grip on the war-torn Horn of Africa country. Hundreds of heavily-armed Shebab fighters rolled into Merka

Published 13 Nov, 2008 12:00am

Spate of Iraq attacks leaves 26 dead

At least 26 people were killed in a string of attacks in Iraq on Wednesday, including a dozen people who lost their lives in a rushhour bombing in Baghdad and two US troops slain by an Iraqi comrade. In the deadliest single attack of the day, a booby-trap

Published 13 Nov, 2008 12:00am

Discount rate raised to 15 percent

Faced with falling forex reserves, rising inflation, persistent government borrowing and deteriorating macroeconomic imbalances, the State Bank of Pakistan, for the seventh time, raised on Wednesday its policy rate from 13 percent to 15 percent. However,

Published 13 Nov, 2008 12:00am

Malaysia not ready to abandon race-based politics: Mahathir

Malaysians are not yet ready to ditch their race-based political system in favour of parties which represent all ethnic groups, former premier Mahathir Mohamad said Wednesday. Barack Obama's victory in the US presidential elections has triggered discussio

Published 13 Nov, 2008 12:00am

Discount rate raised to 15 percent

Faced with falling forex reserves, rising inflation, persistent government borrowing and deteriorating macroeconomic imbalances, the State Bank of Pakistan, for the seventh time, raised on Wednesday its policy rate from 13 percent to 15 percent. However,

Published 13 Nov, 2008 12:00am

Earth would be heading to a freeze without CO2 emissions: study

Scheduled shifts in Earth's orbit should plunge the planet into an enduring Ice Age thousands of years from now but the event will probably be averted because of man-made greenhouse gases, scientists said Wednesday. They cautioned, though, that this news

Published 13 Nov, 2008 12:00am

Discount rate raised to 15 percent

Faced with falling forex reserves, rising inflation, persistent government borrowing and deteriorating macroeconomic imbalances, the State Bank of Pakistan, for the seventh time, raised on Wednesday its policy rate from 13 percent to 15 percent. However,

Published 13 Nov, 2008 12:00am

Australia, Indonesia say G20 must fight protectionism

The world's major economies must not use global financial turmoil as an excuse to retreat into protectionist trade, Australia and Indonesia said on Wednesday in a co-ordinated message ahead of a crisis summit in Washington.

Published 13 Nov, 2008 12:00am

Discount rate raised to 15 percent

Faced with falling forex reserves, rising inflation, persistent government borrowing and deteriorating macroeconomic imbalances, the State Bank of Pakistan, for the seventh time, raised on Wednesday its policy rate from 13 percent to 15 percent. However,

Published 13 Nov, 2008 12:00am

Canada to triple purchases of mortgage to boost credit

The Canadian government will triple the amount of insured mortgages it will buy from banks as part of measures it announced on Wednesday to improve the availability of long-term credit. Other measures included making it cheaper to use government insurance

Published 13 Nov, 2008 12:00am

Balance of payments position is precarious: SBP

Pakistan's balance of payments position is precarious, and the depleting reserves and depreciating rupee reflect this, says the State Bank of Pakistan. An interim report on monetary conditions, issued by SBP on Wednesday, says.

Published 13 Nov, 2008 12:00am

Gazprom sees oil decline, eyes Siberia gas joint venture with BASF

The world will face oil supply shortages sooner than expected as producers scale back investment due to the financial crisis, the head of Russian energy giant Gazprom said on Wednesday. Gazprom Chief Executive Alexei Miller also pledged to produce as much

Published 13 Nov, 2008 12:00am

Balance of payments position is precarious: SBP

Pakistan's balance of payments position is precarious, and the depleting reserves and depreciating rupee reflect this, says the State Bank of Pakistan. An interim report on monetary conditions, issued by SBP on Wednesday, says.

Published 13 Nov, 2008 12:00am

Barclays faces investor revolt on capital raising

Some of Barclays' biggest shareholders have threatened to vote against its planned 7 billion pound ($10.8 billion) fundraising unless it improves the terms of the deal, newspapers reported on Wednesday. The Financial Times said Legal & General Investment

Published 13 Nov, 2008 12:00am

Balance of payments position is precarious: SBP

Pakistan''s balance of payments position is precarious, and the depleting reserves and depreciating rupee reflect this, says the State Bank of Pakistan. An interim report on monetary conditions, issued by SBP on Wednesday, says.

Published 13 Nov, 2008 12:00am

China to build nine nuclear plants

China will start building at least nine nuclear plants in the next two years, state media reported on Wednesday, as it aims to reduce its dependence on power plants fired by dirty coal. Construction for two of the nine nuclear plants in Guangdong, two in

Published 13 Nov, 2008 12:00am

Balance of payments position is precarious: SBP

Pakistan''''s balance of payments position is precarious, and the depleting reserves and depreciating rupee reflect this, says the State Bank of Pakistan. An interim report on monetary conditions, issued by SBP on Wednesday, says.

Published 13 Nov, 2008 12:00am

Swiss bond auction meets good demand, no UBS link

Switzerland on Wednesday sold 622 million Swiss francs ($526.2 million) as it re-opened a 10-year bond, its first bond auction since April, and attracted more bids than when it last offered it.

Published 13 Nov, 2008 12:00am

19 items exempted from 35 percent LC margin

The State Bank of Pakistan has waived 19 items from the condition of 35 percent cash margin requirement letters of credit. Sources said that the new list of waived items has been issued on the request of industrialists and importers, as a delegation of ex

Published 13 Nov, 2008 12:00am

Swiss bond auction meets good demand, no UBS link

Switzerland on Wednesday sold 622 million Swiss francs ($526.2 million) as it re-opened a 10-year bond, its first bond auction since April, and attracted more bids than when it last offered it.

Published 13 Nov, 2008 12:00am

19 items exempted from 35 percent LC margin

The State Bank of Pakistan has waived 19 items from the condition of 35 percent cash margin requirement letters of credit. Sources said that the new list of waived items has been issued on the request of industrialists and importers, as a delegation of ex

Published 13 Nov, 2008 12:00am

Saudi still to decide on IMF funds offer at G20 summit

Saudi Arabia will join calls for greater oversight of financial markets at a summit in Washington this weekend but has yet to decide whether it will offer the International Monetary Fund money to deal with the credit crisis. A senior government official w

Published 13 Nov, 2008 12:00am

19 items exempted from 35 percent LC margin

The State Bank of Pakistan has waived 19 items from the condition of 35 percent cash margin requirement letters of credit. Sources said that the new list of waived items has been issued on the request of industrialists and importers, as a delegation of ex

Published 13 Nov, 2008 12:00am

More developing countries need help: Zoellick

In recent weeks, more developing countries are turning to the World Bank to help ease the effects of the global credit squeeze, World Bank President Robert Zoellick said on Tuesday, a sign that a larger number of countries are now being hit by the financi

Published 13 Nov, 2008 12:00am

19 items exempted from 35 percent LC margin

The State Bank of Pakistan has waived 19 items from the condition of 35 percent cash margin requirement letters of credit. Sources said that the new list of waived items has been issued on the request of industrialists and importers, as a delegation of ex

Published 13 Nov, 2008 12:00am

Jet Airways denies report on Temasek talks

Jet Airways, India's largest private carrier, on Wednesday denied a newspaper report it would sell a 10 percent stake to Singapore state investor Temasek Holdings for 2.5 billion rupees ($50 million). "With regard to this particular news item, we wish to

Published 13 Nov, 2008 12:00am

Falling foreign exchange reserves, seasonal factors cause liquidity shortage

The combined effect of falling foreign exchange reserves, along with strong credit demand, and seasonal factors has caused liquidity shortages in the banking system, says the State Bank of Pakistan. External sector developments have resulted in excessive

Published 13 Nov, 2008 12:00am

UK unemployment rises sharply; BoE signals rate cuts

British interest rates will probably fall further, the Bank of England signalled on Wednesday, with the economy already sliding into recession and unemployment recording its biggest jump since 1992. One week after the central bank made a shock 1.5 percent

Published 13 Nov, 2008 12:00am

Falling foreign exchange reserves, seasonal factors cause liquidity shortage

The combined effect of falling foreign exchange reserves, along with strong credit demand, and seasonal factors has caused liquidity shortages in the banking system, says the State Bank of Pakistan. External sector developments have resulted in excessive

Published 13 Nov, 2008 12:00am

UniCredit profit slumps as banks show strain

The financial crisis inflicted more pain on European banks on Wednesday as profits plunged at Italy's UniCredit, income fell at France's Natixis and more lenders faced calls to raise capital. German property lender Hypo Real Estate crashed to a 3.1 billio

Published 13 Nov, 2008 12:00am

Falling foreign exchange reserves, seasonal factors cause liquidity shortage

The combined effect of falling foreign exchange reserves, along with strong credit demand, and seasonal factors has caused liquidity shortages in the banking system, says the State Bank of Pakistan. External sector developments have resulted in excessive

Published 13 Nov, 2008 12:00am

Swiss government adopts stimulus plan

The Swiss government on Wednesday agreed a package of measures worth around 890 million Swiss francs ($753 million) to revive the economy, which is seen slipping into a recession next year. "Switzerland is still currently in a comparatively good economic

Published 13 Nov, 2008 12:00am

Falling foreign exchange reserves, seasonal factors cause liquidity shortage

The combined effect of falling foreign exchange reserves, along with strong credit demand, and seasonal factors has caused liquidity shortages in the banking system, says the State Bank of Pakistan. External sector developments have resulted in excessive

Published 13 Nov, 2008 12:00am

EU approves Alitalia bailout

The European Commission on Wednesday approved an Italian bailout of Alitalia and said the airline's new owners would not have to repay an illegal government loan, clearing a major hurdle in a deal to revive the carrier.

Published 13 Nov, 2008 12:00am

Economic woes increase, crisis deals in trouble

A number of deals designed to cure the global financial crisis were in danger of unravelling on Wednesday, with losses mounting at banks and economies showing further signs of serious deterioration. The euro zone, Britain, China and South Africa reported

Published 13 Nov, 2008 12:00am

World needs four new Saudi Arabias: IEA

The world needs the equivalent of four new Saudi Arabias if it is to fend off a looming supply crunch, a top International Energy Agency official said on Wednesday. Fatih Birol, author of the IEA's World Energy Outlook published on Wednesday, told Reuters

Published 13 Nov, 2008 12:00am

UN blames 'more advanced societies' for social ills

The UN General Assembly on Wednesday opened a two-day conference on religion and peace, with its president launching yet another attack against rich countries for morally bankrupting the rest of the world. Kings, presidents and delegations from 70 countri

Published 13 Nov, 2008 12:00am

Eurozone industrial output falls

Eurozone industrial production fell more than expected in September, data showed on Wednesday, underlining expectations that the economy contracted in the third quarter and entered a recession. Production in the 15-country area fell 1.6 percent month-on-m

Published 13 Nov, 2008 12:00am

Sonda-Jherruk project: PPIB asks DHCL to submit performance guarantee by November 15

The Private Power Infrastructure Board (PPIB) has warned Dadabhoy Group that the government will cancel its 220 MW integrated coal mining and power generation project at Sonda-Jherruk if the firm fails to submit performance guarantee by November 15, offic

Published 13 Nov, 2008 12:00am

EU calls for clampdown on credit rating agencies

The European Commission called on Wednesday for a clampdown on credit rating agencies, proposing new rules for them in hope of helping restore confidence in shell-shocked financial markets. Leading rating agencies Moody's, Standard and Poor's and Fitch ha

Published 13 Nov, 2008 12:00am

Sonda-Jherruk project: PPIB asks DHCL to submit performance guarantee by November 15

The Private Power Infrastructure Board (PPIB) has warned Dadabhoy Group that the government will cancel its 220 MW integrated coal mining and power generation project at Sonda-Jherruk if the firm fails to submit performance guarantee by November 15, offic

Published 13 Nov, 2008 12:00am

US home values drop for seventh straight quarter

Home values in the United States posted their seventh consecutive quarterly decline, with nearly one-third of Americans who sold in the past year losing money, real estate website Zillow.com said on Wednesday. Home values fell 9.7 percent year-over-year i

Published 13 Nov, 2008 12:00am

Sonda-Jherruk project: PPIB asks DHCL to submit performance guarantee by November 15

The Private Power Infrastructure Board (PPIB) has warned Dadabhoy Group that the government will cancel its 220 MW integrated coal mining and power generation project at Sonda-Jherruk if the firm fails to submit performance guarantee by November 15, offic

Published 13 Nov, 2008 12:00am

Germany adds limits to car tax break plans

The German government has agreed to limit the scope of plans it announced last week to offer tax breaks on new cars, a spokesman said on Wednesday. The government plans are designed to help the auto industry, which accounts for roughly 20 percent of Germa

Published 13 Nov, 2008 12:00am

KSE still in doldrums

Uncertainty over expected increase in discount rates by the State Bank kept the market participants totally at sidelines and the benchmark KSE-100 index stayed frozen at 9,183.14 points level on Wednesday. The trading volume increased slightly, however it

Published 13 Nov, 2008 12:00am

DoCoMo enters Indian market with $2.7 billion Tata deal

NTT DoCoMo Inc will pay $2.7 billion for a 26 percent stake in Indian telecom Tata Teleservices, giving Japan's top mobile operator a foothold in the world's fastest-growing major mobile market. DoCoMo's deal with India's No 6 mobile operator follows a $3

Published 13 Nov, 2008 12:00am

KSE still in doldrums

Uncertainty over expected increase in discount rates by the State Bank kept the market participants totally at sidelines and the benchmark KSE-100 index stayed frozen at 9,183.14 points level on Wednesday. The trading volume increased slightly, however it

Published 13 Nov, 2008 12:00am

ECB releases latest details of money market lending

The European Central Bank published on Wednesday details of its latest operations designed to boost interbank lending on eurozone money markets. The central bank has been providing massive amounts of euros, dollars and Swiss francs to eurozone banks to ge

Published 13 Nov, 2008 12:00am

KSE still in doldrums

Uncertainty over expected increase in discount rates by the State Bank kept the market participants totally at sidelines and the benchmark KSE-100 index stayed frozen at 9,183.14 points level on Wednesday. The trading volume increased slightly, however it

Published 13 Nov, 2008 12:00am

EU fines car glass cartel

The European Commission on Wednesday slapped a fine of 1.4 billion euros (1.8 billion dollars) on four car glass makers for rigging the market, the biggest penalty ever imposed in a cartel case. Europe's top antitrust watchdog accused Asahi, Pilkington, S

Published 13 Nov, 2008 12:00am

No movement in BRIndex30

On Wednesday again, the BRIndex30 remained unchanged throughout the trading time. It opened at 8,995.65 and closed at the same figure. There was no trading in BRIndex30 companies. The volume of KSE-All Share index was 73,500 and that of KSE-100 index was

Published 13 Nov, 2008 12:00am

Gold bounces above $730

Gold regained some footing on Wednesday, after dropping more than 1 percent in New York, as the euro inched up against the US dollar and bargain hunting resurfaced. China's demand for gold as an investment hit 38.4 tonnes in the first nine months of in 20

Published 13 Nov, 2008 12:00am

No movement in BRIndex30

On Wednesday again, the BRIndex30 remained unchanged throughout the trading time. It opened at 8,995.65 and closed at the same figure. There was no trading in BRIndex30 companies. The volume of KSE-All Share index was 73,500 and that of KSE-100 index was

Published 13 Nov, 2008 12:00am

US gold ends lower

US gold futures handed back the previous session's gains Tuesday in the face of broad-based commodity weakness triggered by a stronger dollar, as well as liquidation pressure because of a still-tight credit market, analysts said.

Published 13 Nov, 2008 12:00am

SBP expects inflation to remain around 20 percent

Even if consumer prices, from November 2008 onwards, remain constant (ie monthly inflation change is zero) at October 2008 level, average inflation will be close to 20 percent, says the State Bank of Pakistan. Giving the outlook for the current financial

Published 13 Nov, 2008 12:00am

Oil hovers near 59 dollar in Asian market

Oil inched lower on Wednesday, after falling 5 percent a day ago to close below $60 for the first time since March 2007, as weakening energy demand more than offset news of more supply reductions. News that Opec may cut supplies by an additional 1 million

Published 13 Nov, 2008 12:00am

SBP expects inflation to remain around 20 percent

Even if consumer prices, from November 2008 onwards, remain constant (ie monthly inflation change is zero) at October 2008 level, average inflation will be close to 20 percent, says the State Bank of Pakistan. Giving the outlook for the current financial

Published 13 Nov, 2008 12:00am

Malaysia tin falls

Malaysian tin dropped 2.1 percent on Wednesday due to a sharp fall in London Metal Exchange prices but further losses were curbed by rising Japanese demand, one dealer said.

Published 13 Nov, 2008 12:00am

SBP expects inflation to remain around 20 percent

Even if consumer prices, from November 2008 onwards, remain constant (ie monthly inflation change is zero) at October 2008 level, average inflation will be close to 20 percent, says the State Bank of Pakistan. Giving the outlook for the current financial

Published 13 Nov, 2008 12:00am

Malaysian palm oil down

Malaysian palm futures closed nearly 3 percent lower on Wednesday after recouping some early losses on short-covering, traders said. The early sell-off was sparked by crude oil's extended losses after settling below $60 for the first time in 20 months on

Published 13 Nov, 2008 12:00am

SBP expects inflation to remain around 20 percent

Even if consumer prices, from November 2008 onwards, remain constant (ie monthly inflation change is zero) at October 2008 level, average inflation will be close to 20 percent, says the State Bank of Pakistan. Giving the outlook for the current financial

Published 13 Nov, 2008 12:00am

US soy futures weaker

US soybean futures closed lower on Tuesday, pressured by declining stock markets, falling crude oil and a strong dollar. CBOT soy closed 32 to 39 cents per bushel lower, with November down 32 at $9.08 per bushel. USDA said 93 percent of US soy crop harves

Published 13 Nov, 2008 12:00am

100 percent export refinance to be provided

In order to further facilitate exports, the State Bank of Pakistan (SBP) on Wednesday announced willingness to provide 100 percent financing to banks, under Export Refinance Facility Part-II (ERF) and Long-Term Financing Facility, which will inject an add

Published 13 Nov, 2008 12:00am

Tokyo rubber mostly down

Tokyo rubber futures were mostly softer on Wednesday, reflecting weak crude oil prices, although they recouped some of their early losses with the key contract edging above 180 yen. Physical rubber prices were mostly steady, however, drawing strength from

Published 13 Nov, 2008 12:00am

100 percent export refinance to be provided

In order to further facilitate exports, the State Bank of Pakistan (SBP) on Wednesday announced willingness to provide 100 percent financing to banks, under Export Refinance Facility Part-II (ERF) and Long-Term Financing Facility, which will inject an add

Published 13 Nov, 2008 12:00am

Asian physical rubber

Asian physical rubber prices were mostly steady on Wednesday, supported by supply tightness due to rain in many major producing countries including Thailand, the world's largest. The rainy season in the south of Thailand, where the bulk of its rubber is g

Published 13 Nov, 2008 12:00am

100 percent export refinance to be provided

In order to further facilitate exports, the State Bank of Pakistan (SBP) on Wednesday announced willingness to provide 100 percent financing to banks, under Export Refinance Facility Part-II (ERF) and Long-Term Financing Facility, which will inject an add

Published 13 Nov, 2008 12:00am

US rice dips

US rice futures closed lower on Tuesday, with most months falling the daily limit as recession worries pressured most commodities and US equity markets, traders said. Expectations of rising world rice supplies added pressure, with the Thai and Vietnamese

Published 13 Nov, 2008 12:00am

100 percent export refinance to be provided

In order to further facilitate exports, the State Bank of Pakistan (SBP) on Wednesday announced willingness to provide 100 percent financing to banks, under Export Refinance Facility Part-II (ERF) and Long-Term Financing Facility, which will inject an add

Published 13 Nov, 2008 12:00am

New York sugar easier

Raw sugar futures settled easier on Tuesday on investor sales as it tracked lower crude values and lingering worries a recession would damage demand for the sweetener, brokers said. The key March raw sugar contract fell 0.20 cent to finish at 11.80 cents

Published 13 Nov, 2008 12:00am

US citizen, driver killed

Three security personnel were killed and several other injured in a suicide attack in Subhan Khawar, Shabqadar of district Charsadda, while a US citizen and his driver were gunned down in the posh University Town here on Wednesday.

Published 13 Nov, 2008 12:00am

Shanghai copper falls

Shanghai copper futures touched their weakest in almost four years on Wednesday, chasing sharp losses overnight in London on gathering gloom about the global economy. Analysts said the longer-term outlook remained bleak with plenty of room for further fal

Published 13 Nov, 2008 12:00am

US citizen, driver killed

Three security personnel were killed and several other injured in a suicide attack in Subhan Khawar, Shabqadar of district Charsadda, while a US citizen and his driver were gunned down in the posh University Town here on Wednesday.

Published 13 Nov, 2008 12:00am

US copper falls

US copper futures ended down on Tuesday, losing more than 6 percent at one point, as a strong dollar and persistent worries about demand destruction in a slowing economy drove the bearish sentiment. Copper for December delivery shed 10.40 cents, or 5.9 pe

Published 13 Nov, 2008 12:00am

Curbs on lavish spending on renovation/refurnishing: residence allocation to ministers banned

Prime Minister Yousaf Raza Gilani has imposed a ban on allocation of residence in the name of a Cabinet member. Instead, the allocations will be made to ministries to put on a cap on requests for renovation and refurnishing of their residences, sources in

Published 13 Nov, 2008 12:00am

Kenyan tea prices ease

Kenyan tea prices slipped generally at this week's auction in the port city of Mombasa with reduced demand from many international buyers, market players said on Wednesday. Africa Tea Brokers (ATB) said in a weekly market report there was "less demand for

Published 13 Nov, 2008 12:00am

Curbs on lavish spending on renovation/refurnishing: residence allocation to ministers banned

Prime Minister Yousaf Raza Gilani has imposed a ban on allocation of residence in the name of a Cabinet member. Instead, the allocations will be made to ministries to put on a cap on requests for renovation and refurnishing of their residences, sources in

Published 13 Nov, 2008 12:00am

Kirana items move both ways on Jodia Bazaar

The trading in Kirana items moved both ways on Jodia Bazaar here on Wednesday. The following changes were noted.

Published 13 Nov, 2008 12:00am

LSE transactions dwindle to 900 shares

Equities showed mixed trend on the Lahore Stock Exchange on Wednesday while the index continued to stay glued at previous level of 2825.36 amid highly reduced transaction volume. The trading turnover substantially declined to 900 shares as compared to Tue

Published 13 Nov, 2008 12:00am

Stable trend on grain market

Firmness prevailed on the grain and seeds markets on Wednesday as participants were sidelined in the absence of fresh leads, dealers said.

Published 13 Nov, 2008 12:00am

LSE transactions dwindle to 900 shares

Equities showed mixed trend on the Lahore Stock Exchange on Wednesday while the index continued to stay glued at previous level of 2825.36 amid highly reduced transaction volume. The trading turnover substantially declined to 900 shares as compared to Tue

Published 13 Nov, 2008 12:00am

'Hurry up TCP or give up the mission'

In the absence of intervention by the Trading Corporation of Pakistan (TCP), the prices declined further on the cotton market on Wednesday, dealers said. The official spot rate continued overnight weakness, dropped further by Rs 150 to Rs 3000, they said.

Published 13 Nov, 2008 12:00am

ISE continues sluggish

The Islamabad Stock Exchange continued to show sluggish trend due to absence of major players and short-term margin hunters amid no increase in index. ISE-10 Index closed at 2,003.17 without witnessing any change by the end of session. The volume of trade

Published 13 Nov, 2008 12:00am

China gears for corn exports

China, one of the world's biggest corn exporters until it all but halted shipments this year, is considering allowing exports again as weak demand and a bumper harvest risk a domestic glut, traders said on Wednesday.

Published 13 Nov, 2008 12:00am

ISE continues sluggish

The Islamabad Stock Exchange continued to show sluggish trend due to absence of major players and short-term margin hunters amid no increase in index. ISE-10 Index closed at 2,003.17 without witnessing any change by the end of session. The volume of trade

Published 13 Nov, 2008 12:00am

Australia may import canola for first time in two years

Australia may soon start importing canola for the first time in nearly two years to east coast markets after dry weather destroyed crops in the south-eastern part of the country, traders said on Wednesday. Quantities though would be relatively small, they

Published 13 Nov, 2008 12:00am

Indian central bank sells net $3.8 billion in September

India's central bank sold a net $3.8 billion in intervention in September, when the rupee dropped past the 47 per dollar level to its weakest in more than 5 years. The Reserve Bank of India (RBI) sold $6.48 billion in September and bought $2.7 billion, th

Published 13 Nov, 2008 12:00am

Ivorian cocoa prices rise

Farmgate prices in Ivory Coast's main cocoa growing regions rose last week as exporters attempted to compensate for the disrupted season by buying as much cocoa as possible, farmers and shippers said on Tuesday. A blockade on beans leaving the bush by far

Published 13 Nov, 2008 12:00am

Indian central bank sells net $3.8 billion in September

India's central bank sold a net $3.8 billion in intervention in September, when the rupee dropped past the 47 per dollar level to its weakest in more than 5 years. The Reserve Bank of India (RBI) sold $6.48 billion in September and bought $2.7 billion, th

Published 13 Nov, 2008 12:00am

US wheat futures higher

US wheat futures closed higher on Tuesday as the unwinding of corn/wheat spreads spurred a late rally and pushed the market into positive territory, traders said. Ideas of increased demand for wheat as a livestock feed also supported the market.

Published 13 Nov, 2008 12:00am

Damages to be claimed from India for blocking Chenab water: National Assembly informed

The construction of Baghlihar Dam on the River Chenab has led to a loss of 0.2 million-acre-feet (MAF) of water at Head Marala, and the Water Commissioners of both Pakistan and India have discussed the issue at length in a series of meetings to ensure the

Published 13 Nov, 2008 12:00am

HRW wheat bids steady to firmer

Spot basis bids for hard red winter wheat in the US Plains were steady to firmer Wednesday with merchants working to pull in new wheat. The basis firmed 5 to 15 cents in several locations in Kansas, the top US wheat-growing state.

Published 13 Nov, 2008 12:00am

CCP to allow online submission of pre-merger applications by companies

The Competition Commission of Pakistan (CCP) has decided to introduce an online system for the submission of pre-merger applications by the companies. Sources told Business Recorder on Wednesday, the CCP had introduced the facility for the undertak

Published 13 Nov, 2008 12:00am

Activity at Karachi and Qasim ports

The Karachi Port handled 118,715 tonnes of cargo including 71,410 tonnes of import, 47,305 tonnes of export, 5,589 loaded and empty containers (TEUs) during last 24 hours ending at 0700 hours on Wednesday.

Published 13 Nov, 2008 12:00am

Samjhauta Express blast: Indian army officer being interrogated

A serving senior officer of Indian army Lieutenant Colonel Shrikant Purohit is being questioned on his possible involvement in Samjhauta Express blast in which 68 persons, mostly Pakistanis were killed in February 2007. He was arrested in connection with

Published 13 Nov, 2008 12:00am

Government planning to cut expenses

State Bank of Pakistan Governor Dr Shamshad Akhtar has said that the government is planning to curtail its expenditures and adhere to a desirable borrowing program for fiscal year 2009, which aims to renew efforts to reduce its reliance on inflationary bo

Published 13 Nov, 2008 12:00am

NJLI Sarmaya Growth Fund Rates

New Jubilee Life Insurance Sarmaya Growth Fund Rates on Wednesday (November 12, 2008).

Published 13 Nov, 2008 12:00am

Currency	Rate
USD PKR Interbank Selling / Jan 30	279.17
USD PKR Interbank Buying / Jan 30	278.97
USD to Japanese Yen / Jan 30	154.32
USD to Swiss Franc / Jan 30	0.91
Pound Sterling to USD / Jan 30	1.24
Euro to USD / Jan 30	1.04

Stock	Volume
S&P 500 / Jan 30	6,071.17
India Sensex / Jan 30	76,759.81
Tokyo Nikkei / Jan 30	39,513.97
Nasdaq / Jan 30	19,681.75
Hang Seng / Jan 30	20,225.11
FTSE 100 / Jan 30	8,646.88
Dow Jones / Jan 30	44,882.13
Germany DAX 30 / Jan 30	21,727.20

Item	Value
Crude Oil USD/Barrel / Jan 30	72.99
Karachi Cotton PKR/37.32 KG / Jan 30	18,285
Gold 10 Grams PKR / Jan 30	248,885
Gold Spot USD/Ounce / Jan 30	2,849.50
Cotton US¢/pound / Jan 30	66.27
Petrol/Litre / Jan 31	256.13

Stock	Price
Chenab Ltd / Jan 30 Chenab Limited(CHBL)	9.08 ▲ 1 (12.38%)
Kohinoor Ind. / Jan 30 Kohinoor Industries Limited(KOIL)	9.26 ▲ 1 (12.11%)
PICIC Ins.Ltd. / Jan 30 PICIC Insurance Limited(PIL)	2.52 ▲ 0.23 (10.04%)
Redco Textile / Jan 30 Redco Textiles Limited(REDCO)	21.97 ▲ 2 (10.02%)
Sana Ind / Jan 30 Sana Industries Limited(SNAI)	28.77 ▲ 2.62 (10.02%)
I.C.C. Ind. / Jan 30 ICC Industries Limited(ICCI)	14.29 ▲ 1.3 (10.01%)
Ashfaq Textile / Jan 30 Ashfaq Textile Mills Limited(ASHT)	17.48 ▲ 1.59 (10.01%)
Ahmad Hassan / Jan 30 Ahmad Hassan Textile Mills Limited(AHTM)	59.90 ▲ 5.45 (10.01%)
Atlas Honda Ltd / Jan 30 Atlas Honda Limited(ATLH)	873.29 ▲ 79.39 (10%)

Stock	Price
Tariq Corp.Pref. / Jan 30 Tariq Corporation Limited-Preference Shares(TCORPCPS)	6.91 ▼ -0.97 (-12.31%)
First Capital Equities / Jan 30 First Capital Equities Limited(FCEL)	5.21 ▼ -0.68 (-11.54%)
National Silk / Jan 30 The National Silk & Rayon Mills Limited(NSRM)	45.35 ▼ -5.04 (-10%)
Blue-Ex Ltd / Jan 30 Blue-Ex Limited (GEM)(GEMBLUEX)	55.40 ▼ -6.15 (-9.99%)
Kohat Textile / Jan 30 Kohat Textile Mills Limited(KOHTM)	32 ▼ -3.13 (-8.91%)
Hussain Industries / Jan 30 Husein Industries Limited(HUSI)	26.41 ▼ -2.45 (-8.49%)
Trust Sec.& Brok. / Jan 30 Trust Securities & Brokerage Limited(TSBL)	13.60 ▼ -1.14 (-7.73%)
JS Investments / Jan 30 JS Investments Limited(JSIL)	21.02 ▼ -1.74 (-7.64%)
Universal Ins. / Jan 30 The Universal Insurance Company Limited(UVIC)	9.13 ▼ -0.67 (-6.84%)

Stock	Volume
Sui South Gas / Jan 30 Sui Southern Gas Company Limited(SSGC)	48,078,930 ▲ 2.48
Waves Home Appliances / Jan 30 Waves Home Appliances Limited(WAVESAPP)	33,126,010 ▲ 1.16
Bank Makramah / Jan 30 Bank Makramah Limited(BML)	31,438,642 ▲ 0.23
Cnergyico PK / Jan 30 Cnergyico PK Limited(CNERGY)	31,197,761 ▲ 0.13
K-Electric Ltd. / Jan 30 K-Electric Limited(KEL)	29,670,310 ▲ 0.13
Citi Pharma Ltd / Jan 30 Citi Pharma Ltd.(CPHL)	25,413,292 ▲ 2.73
Dewan Motors / Jan 30 Dewan Farooque Motors Limited(DFML)	24,726,221 ▼ -1.63
WorldCall Telecom / Jan 30 Worldcall Telecom Limited(WTL)	20,794,723 ▲ 0.02
Fauji Cement / Jan 30 Fauji Cement Company Limited(FCCL)	13,308,955 ▲ 0.1

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