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Print - 2009-01-31
SHAMROCK Conferences International - events par excellence

SHAMROCK Conferences International - events par excellence

SHAMROCK Conferences International has recently made a mark for itself as the country's foremost and professional conferences management company. With five major conferences under its belt, all organised to perfection within a span of twelve months, speak
Published 31 Jan, 2009 12:00am
Bangladesh bans travel by suspected war criminals

Bangladesh bans travel by suspected war criminals

Bangladesh has imposed travel restrictions on people suspected of war crimes, the interior minister said on Friday, as the new government prepared to put them on trial over atrocities committed during the 1971 war of independence. Sahara Khatun's statemen
Published 31 Jan, 2009 12:00am
Presson Descon - offers extensive line of products and services

Presson Descon - offers extensive line of products and services

PDIL is a strategic alliance of two leading public limited companies Enerflex Systems Ltd, Canada and Descon Engineering Ltd, Pakistan. Presson-Enerflex is the Production & Processing Division of Enerflex Systems Ltd, a leading supplier of products and se
Published 31 Jan, 2009 12:00am
Pepco facing fuel shortage of 10,000 tonnes a day

Pepco facing fuel shortage of 10,000 tonnes a day

Pakistan Electric Power Company (Pepco) is under enormous miseries, facing a shortage of 10,000 tones a day supply of fuel oil to its power producing units as the consignments of Pakistan State Oil (PSO) remained stuck up at the port.
Published 31 Jan, 2009 12:00am
Message from Chairman, Oil & Gas Pakistan Forum 2009

Message from Chairman, Oil & Gas Pakistan Forum 2009

On behalf of the conferences team at SHAMROCK it is my pleasure and a privilege to welcome the distinguished chairpersons, speakers and delegates to the forum. It is appreciated that you were able to spare time to attend this important meeting of likemind
Published 31 Jan, 2009 12:00am
Pepco facing fuel shortage of 10,000 tonnes a day

Pepco facing fuel shortage of 10,000 tonnes a day

Pakistan Electric Power Company (Pepco) is under enormous miseries, facing a shortage of 10,000 tones a day supply of fuel oil to its power producing units as the consignments of Pakistan State Oil (PSO) remained stuck up at the port.
Published 31 Jan, 2009 12:00am
Message from Managing Director/CEO OGDCL

Message from Managing Director/CEO OGDCL

I am happy to note that a conference on Oil & Gas is being organised by SHAMROCK Conferences International at the Islamabad Club on December 31, 2009. The OGDCL is supportive of such interactive conferences and would like to welcome all the delegates who
Published 31 Jan, 2009 12:00am
Pepco facing fuel shortage of 10,000 tonnes a day

Pepco facing fuel shortage of 10,000 tonnes a day

Pakistan Electric Power Company (Pepco) is under enormous miseries, facing a shortage of 10,000 tones a day supply of fuel oil to its power producing units as the consignments of Pakistan State Oil (PSO) remained stuck up at the port.
Published 31 Jan, 2009 12:00am
Message from Secretary Petroleum & Natural Resources

Message from Secretary Petroleum & Natural Resources

The Oil & Gas sector in Pakistan is at the crossroads of moving on to the next phase of growth and development in the country. This conference is a healthy collective effort which will help us understand the Policy developments and future initiatives in t
Published 31 Jan, 2009 12:00am
$149.965 million withdrawn from foreign portfolio in January

$149.965 million withdrawn from foreign portfolio in January

A massive outflow of $149.965 million from foreign portfolio was witnessed during the current month while the offshore investors withdrew $50.845 million of this mode of investment in the week ended on January 30, 2009. According to National Clearing Comp
Published 31 Jan, 2009 12:00am
$149.965 million withdrawn from foreign portfolio in January

$149.965 million withdrawn from foreign portfolio in January

A massive outflow of $149.965 million from foreign portfolio was witnessed during the current month while the offshore investors withdrew $50.845 million of this mode of investment in the week ended on January 30, 2009. According to National Clearing Comp
Published 31 Jan, 2009 12:00am
HRW wheat steady

HRW wheat steady

Spot basis bids for hard red winter wheat in the US Plains held steady Thursday, with merchants reporting quiet dealings. Merchants were following lower overnight pricing action in posting protection against expected further losses in HRW wheat futures pr
Published 31 Jan, 2009 12:00am
$149.965 million withdrawn from foreign portfolio in January

$149.965 million withdrawn from foreign portfolio in January

A massive outflow of $149.965 million from foreign portfolio was witnessed during the current month while the offshore investors withdrew $50.845 million of this mode of investment in the week ended on January 30, 2009. According to National Clearing Comp
Published 31 Jan, 2009 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 97,996 tonnes of cargo including 57,433 tonnes of import and 40,563 tonnes of export, 2,795 loaded and empty containers (TEUs) during last 24 hours ending at 0700 hours on Friday. The freights comprised of 53,426 tonnes of dry car
Published 31 Jan, 2009 12:00am
No change likely in POL prices

No change likely in POL prices

The government is likely to keep the oil prices unchanged for the next month due to slight increase in oil prices in international market. Sources told Business Recorder that Petroleum Ministry has worked out the impact of rise in global oil prices
Published 31 Jan, 2009 12:00am
US wheat futures down

US wheat futures down

US wheat futures closed lower on slow US wheat exports and big global wheat stocks. CBOT March wheat was down 17-1/4 cents per bushel at $5.78 per bushel and KCBT HRW March was down 18 at $6.08. Minneapolis March ended 15-1/2 cents down at $6.57-3/4. Chic
Published 31 Jan, 2009 12:00am
No change likely in POL prices

No change likely in POL prices

The government is likely to keep the oil prices unchanged for the next month due to slight increase in oil prices in international market. Sources told Business Recorder that Petroleum Ministry has worked out the impact of rise in global oil prices
Published 31 Jan, 2009 12:00am
Canadian canola futures fall

Canadian canola futures fall

ICE Canadian canola futures ended lower on Thursday, pressured by weaker outside markets. Benchmark March closed down $3.10 at $418.40 a tonne on volume of 7,510 lots. Canola pricing action followed the lead of Chicago Board of Trade soybeans, which ended
Published 31 Jan, 2009 12:00am
No change likely in POL prices

No change likely in POL prices

The government is likely to keep the oil prices unchanged for the next month due to slight increase in oil prices in international market. Sources told Business Recorder that Petroleum Ministry has worked out the impact of rise in global oil prices
Published 31 Jan, 2009 12:00am
Russia's 2008 gold output up 13.3 percent

Russia's 2008 gold output up 13.3 percent

Russia boosted 2008 gold output 13.3 percent to 184.49 tonnes (5.93 million ounces), reversing five years of decline, after several of its biggest miners raised production, the main industry lobby said on Friday. The rise exceeded the Russian Gold Industr
Published 31 Jan, 2009 12:00am
Militants allow girls' education up to class 4

Militants allow girls' education up to class 4

Militants in the turbulent district Swat had reportedly allowed girls' education up to class 4 and hinted at further review on the ban on the education of girls in the district. Talking to a foreign broadcasting corporation on phone, the chief of Swat bas
Published 31 Jan, 2009 12:00am
US Midwest soy and corn bids steady to firm

US Midwest soy and corn bids steady to firm

Spot basis bids for US Midwest corn and soybeans were steady to firm on Thursday as elevators and processors tried to encourage farmer selling, but marketing activity remained muted, dealers said. Wheat basis bids were steady to firm following a steep dec
Published 31 Jan, 2009 12:00am
Militants allow girls' education up to class 4

Militants allow girls' education up to class 4

Militants in the turbulent district Swat had reportedly allowed girls' education up to class 4 and hinted at further review on the ban on the education of girls in the district. Talking to a foreign broadcasting corporation on phone, the chief of Swat bas
Published 31 Jan, 2009 12:00am
Brazilian beans more actively traded in Europe's cash coffee market

Brazilian beans more actively traded in Europe's cash coffee market

Brazilian beans were more actively traded in Europe's cash coffee market this week but Colombian beans remained in very low supply, traders said on Friday. Dealers reported trade in current crop Brazilian beans as differentials weakened after more favoura
Published 31 Jan, 2009 12:00am
Roadside bombing kills three soldiers in Malakand

Roadside bombing kills three soldiers in Malakand

A roadside bomb targeted a security convoy in Malakand district on Friday, leaving three soldiers dead and more than a half-dozen injured, an official said. The remote-controlled bomb was planted near a school building in the Jalala area of the Malakand d
Published 31 Jan, 2009 12:00am
Activity slows down, prices turn lower on cotton market

Activity slows down, prices turn lower on cotton market

Trading activity was down on the cotton market on Friday as leading mills kept on the sidelines in the absence of fresh leads, dealers said. The official spot rate was unchanged at Rs 3400, they said. The phutti prices in both the Punjab and Sindh were sa
Published 31 Jan, 2009 12:00am
Roadside bombing kills three soldiers in Malakand

Roadside bombing kills three soldiers in Malakand

A roadside bomb targeted a security convoy in Malakand district on Friday, leaving three soldiers dead and more than a half-dozen injured, an official said. The remote-controlled bomb was planted near a school building in the Jalala area of the Malakand d
Published 31 Jan, 2009 12:00am
No change seen on grain market

No change seen on grain market

Not a single change was seen on the grain market on Friday as participants were busy in Juma prayers, dealers said.
Published 31 Jan, 2009 12:00am
Pepco accused of hurting investors'' confidence

Pepco accused of hurting investors'' confidence

Pakistan Power Resources (PPR) has accused Pakistan Electric Power Company (Pepco) of hurting investors'' confidence by dishonouring its agreements already signed with them for setting up rental power projects, official sources told Business Recorder <
Published 31 Jan, 2009 12:00am
Ceylon raw rubber up on Jodia Bazaar

Ceylon raw rubber up on Jodia Bazaar

The trading in Ceylon raw rubber moved up on Jodia Bazaar here on Friday. The following variations were noted.
Published 31 Jan, 2009 12:00am
Pepco accused of hurting investors' confidence

Pepco accused of hurting investors' confidence

Pakistan Power Resources (PPR) has accused Pakistan Electric Power Company (Pepco) of hurting investors' confidence by dishonouring its agreements already signed with them for setting up rental power projects, official sources told Business Recorder </
Published 31 Jan, 2009 12:00am
Ivorian cocoa prices extend gains

Ivorian cocoa prices extend gains

Cocoa farm-gate prices in Ivory Coast's main growing regions rose to around 750 CFA francs ($1.49) per kg last week, boosted by worries about the size of the harvest, farmers and exporters said on Thursday.
Published 31 Jan, 2009 12:00am
Pepco accused of hurting investors' confidence

Pepco accused of hurting investors' confidence

Pakistan Power Resources (PPR) has accused Pakistan Electric Power Company (Pepco) of hurting investors' confidence by dishonouring its agreements already signed with them for setting up rental power projects, official sources told Business Recorder </
Published 31 Jan, 2009 12:00am
US copper futures cut losses

US copper futures cut losses

US copper futures cut their losses by the close on Thursday as support held near the $1.40 level after a surge in inventories and bearish economic data ignited an early sell-off. Copper for March delivery fell 3.85 cents to settle at $1.4575 a lb on the N
Published 31 Jan, 2009 12:00am
Wheat procurement financing: State Bank reduces cash margin

Wheat procurement financing: State Bank reduces cash margin

The State Bank of Pakistan on Friday announced reduction in minimum cash margin by 15 percent for wheat procurement financing of the fresh crop 2009. With SBP''s current move, the licensed functional flourmills can acquire financing after meeting the mini
Published 31 Jan, 2009 12:00am
Copper declines

Copper declines

Copper eased on Friday, extending an overnight decline in London, with more evidence of thinning demand as the global recession worsens. Prices of copper, a key barometer of economic activity, fell nearly 3 percent on Thursday after data showed stocks at
Published 31 Jan, 2009 12:00am
Wheat procurement financing: State Bank reduces cash margin

Wheat procurement financing: State Bank reduces cash margin

The State Bank of Pakistan on Friday announced reduction in minimum cash margin by 15 percent for wheat procurement financing of the fresh crop 2009. With SBP's current move, the licensed functional flourmills can acquire financing after meeting the minim
Published 31 Jan, 2009 12:00am
US rice futures tumble

US rice futures tumble

US rough rice futures on the Chicago Board of Trade tumbled the 50-cent trading limit on Thursday as reminders of weak demand for American rice triggered aggressive selling, traders said. USDA weekly export sales data was disappointing. Only 23,900 tonnes
Published 31 Jan, 2009 12:00am
Wheat procurement financing: State Bank reduces cash margin

Wheat procurement financing: State Bank reduces cash margin

The State Bank of Pakistan on Friday announced reduction in minimum cash margin by 15 percent for wheat procurement financing of the fresh crop 2009. With SBP's current move, the licensed functional flourmills can acquire financing after meeting the minim
Published 31 Jan, 2009 12:00am
New York sugar lower

New York sugar lower

Raw sugar futures closed lower Thursday on producer and investor sales as the market extended a correction after touching a four-month high earlier this week, brokers said. The key March raw sugar contract dropped 0.28 cent to finish at 12.59 cents per lb
Published 31 Jan, 2009 12:00am
Fatima fertiliser plant: Ministry under pressure to allocate more gas

Fatima fertiliser plant: Ministry under pressure to allocate more gas

The Ministry of Industries and Production is reportedly once again under pressure to allocate an additional 35 mmcfd gas to the much-delayed Fatima fertiliser plant, a joint venture of Fatima Group and Arif Habib Group, sources close to the Minister for I
Published 31 Jan, 2009 12:00am
Tokyo rubber falls

Tokyo rubber falls

Key Tokyo rubber futures fell 3 percent on Friday, extending losses into a third session as investors remained wary about demand after a slew of bearish earnings news from the global auto sector. The benchmark Tokyo Commodity Exchange rubber contract for
Published 31 Jan, 2009 12:00am
Fatima fertiliser plant: Ministry under pressure to allocate more gas

Fatima fertiliser plant: Ministry under pressure to allocate more gas

The Ministry of Industries and Production is reportedly once again under pressure to allocate an additional 35 mmcfd gas to the much-delayed Fatima fertiliser plant, a joint venture of Fatima Group and Arif Habib Group, sources close to the Minister for I
Published 31 Jan, 2009 12:00am
US soya falls

US soya falls

US soybean futures on the Chicago Board of Trade fell to a two-week low on Thursday as less stressful weather for Argentine crops spurred sales, traders said. Easing demand, for commodities given the deepening recession also bearish. March soybeans ended
Published 31 Jan, 2009 12:00am
Fatima fertiliser plant: Ministry under pressure to allocate more gas

Fatima fertiliser plant: Ministry under pressure to allocate more gas

The Ministry of Industries and Production is reportedly once again under pressure to allocate an additional 35 mmcfd gas to the much-delayed Fatima fertiliser plant, a joint venture of Fatima Group and Arif Habib Group, sources close to the Minister for I
Published 31 Jan, 2009 12:00am
Malaysian palm oil gains

Malaysian palm oil gains

Malaysian crude palm futures rose nearly 2 percent on Friday as more investors streamed back into the market, heartened by concerns of sharp falls in domestic production this month, traders said. Palm oil, used in biscuits to biofuels, bounced from three-
Published 31 Jan, 2009 12:00am
BRIndex30 in firm grip of bulls

BRIndex30 in firm grip of bulls

On Friday BRIndex30 opened in the positive zone at 4,569.77 with an upward jump gap of 103.12 points and remained there for whole of the trading time. It closed at 4,691.39 with a net positive change of 224.74 points and percentage change of 5.03 percent.
Published 31 Jan, 2009 12:00am
Malaysian tin drops

Malaysian tin drops

Malaysian tin dropped 2.2 percent on Friday following sharp declines in London Metal Exchange prices and a build-up in supply, one dealer said. The market will be closed on Monday for a public holiday.
Published 31 Jan, 2009 12:00am
BRIndex30 in firm grip of bulls

BRIndex30 in firm grip of bulls

On Friday BRIndex30 opened in the positive zone at 4,569.77 with an upward jump gap of 103.12 points and remained there for whole of the trading time. It closed at 4,691.39 with a net positive change of 224.74 points and percentage change of 5.03 percent.
Published 31 Jan, 2009 12:00am
US gold higher

US gold higher

US gold futures finished sharply higher on Thursday on the back of flight-to-quality buying despite a strong dollar, but weak physical bullion demand could still cap recent gains below $900 an ounce. Gold for April delivery settled up $16.50, or 1.9 perce
Published 31 Jan, 2009 12:00am
All sectors attract fresh buying

All sectors attract fresh buying

The bull run continued at the Karachi share market and the benchmark KSE-100 index surged by 194.20 points to close at 5,377.42 points level on Friday. Although the market opened on a negative note, however, immediate recovery on the back of fresh buying
Published 31 Jan, 2009 12:00am
Gold slips in Asia

Gold slips in Asia

Gold edged down on Friday as speculators booked profits after prices rallied more than 2 percent the previous day, but buying interest from investors remained strong, with ETF holdings hitting another record. Platinum dropped more than 1 percent on fears
Published 31 Jan, 2009 12:00am
All sectors attract fresh buying

All sectors attract fresh buying

The bull run continued at the Karachi share market and the benchmark KSE-100 index surged by 194.20 points to close at 5,377.42 points level on Friday. Although the market opened on a negative note, however, immediate recovery on the back of fresh buying
Published 31 Jan, 2009 12:00am
Oil hovers below $42

Oil hovers below $42

Oil was steady under $42 a barrel on Friday, after falling nearly 2 percent overnight, weighed down by another round of grim US economic data reflecting faltering demand in the world's top energy consumer. Investors will focus on the release of advance fo
Published 31 Jan, 2009 12:00am
All sectors attract fresh buying

All sectors attract fresh buying

The bull run continued at the Karachi share market and the benchmark KSE-100 index surged by 194.20 points to close at 5,377.42 points level on Friday. Although the market opened on a negative note, however, immediate recovery on the back of fresh buying
Published 31 Jan, 2009 12:00am
Caterpillar to cut another 2,110 production jobs

Caterpillar to cut another 2,110 production jobs

Caterpillar Inc has announced 2,110 new job cuts as the heavy equipment maker scales back production to match falling demand. The cuts at three Illinois plants come after the company announced other work force and cost-cutting actions earlier this week.
Published 31 Jan, 2009 12:00am
SBP announces monetary policy today

SBP announces monetary policy today

State Bank of Pakistan would announce Monetary Policy Statement (PMS) on Saturday (today). The central bank''s board of director would meet on Saturday and after reviewing the inflation and other statistics it would take decision on the policy rate. After
Published 31 Jan, 2009 12:00am
Procter & Gamble profit misses, cuts outlook

Procter & Gamble profit misses, cuts outlook

Procter & Gamble Co posted a profit that missed Wall Street estimates on Friday and cut its full year earnings forecast due to weaker demand, pushing shares down more than 3 percent. "We expect the environment will remain difficult and highly volatile - a
Published 31 Jan, 2009 12:00am
SBP announces monetary policy today

SBP announces monetary policy today

State Bank of Pakistan would announce Monetary Policy Statement (PMS) on Saturday (today). The central bank's board of director would meet on Saturday and after reviewing the inflation and other statistics it would take decision on the policy rate. After
Published 31 Jan, 2009 12:00am
Procter & Gamble profit misses, cuts outlook

Procter & Gamble profit misses, cuts outlook

Procter & Gamble Co posted a profit that missed Wall Street estimates on Friday and cut its full year earnings forecast due to weaker demand, pushing shares down more than 3 percent. "We expect the environment will remain difficult and highly volatile - a
Published 31 Jan, 2009 12:00am
SBP announces monetary policy today

SBP announces monetary policy today

State Bank of Pakistan would announce Monetary Policy Statement (PMS) on Saturday (today). The central bank's board of director would meet on Saturday and after reviewing the inflation and other statistics it would take decision on the policy rate. After
Published 31 Jan, 2009 12:00am
Honda, Toyota and Porsche eye auto industry carnage

Honda, Toyota and Porsche eye auto industry carnage

Sliding car sales dealt fresh blows on Friday to the earnings of top auto makers caught in the worst industry downturn in decades. Amid emptying showrooms and production cuts world-wide, Honda Motor Co on Friday lowered its annual profit forecasts for a f
Published 31 Jan, 2009 12:00am
Afghan cargo: nine new routes under Aptta unveiled

Afghan cargo: nine new routes under Aptta unveiled

The proposed (Aptta) has issued nine new routes for keeping a constant check on the transportation of vehicles carrying Afghan transit cargo. Sources told Business Recorder on Friday that a new Article-4, titled "Designation of Transit Transport Ro
Published 31 Jan, 2009 12:00am
Exxon Mobil shatters US record for annual profit

Exxon Mobil shatters US record for annual profit

Exxon Mobil Corp on Friday reported a profit of $45.2 billion for 2008, breaking its own record for a US company, even as its fourth-quarter earnings fell 33 percent from a year ago. The previous record for annual profit was $40.6 billion, which the world
Published 31 Jan, 2009 12:00am
Afghan cargo: nine new routes under Aptta unveiled

Afghan cargo: nine new routes under Aptta unveiled

The proposed (Aptta) has issued nine new routes for keeping a constant check on the transportation of vehicles carrying Afghan transit cargo. Sources told Business Recorder on Friday that a new Article-4, titled "Designation of Transit Transport Ro
Published 31 Jan, 2009 12:00am
Exxon Mobil shatters US record for annual profit

Exxon Mobil shatters US record for annual profit

Exxon Mobil Corp on Friday reported a profit of $45.2 billion for 2008, breaking its own record for a US company, even as its fourth-quarter earnings fell 33 percent from a year ago. The previous record for annual profit was $40.6 billion, which the world
Published 31 Jan, 2009 12:00am
Afghan cargo: nine new routes under Aptta unveiled

Afghan cargo: nine new routes under Aptta unveiled

The proposed (Aptta) has issued nine new routes for keeping a constant check on the transportation of vehicles carrying Afghan transit cargo. Sources told Business Recorder on Friday that a new Article-4, titled "Designation of Transit Transport Ro
Published 31 Jan, 2009 12:00am
US economy shrinks 3.8 percent, worst since 1982

US economy shrinks 3.8 percent, worst since 1982

The US economy shrank at its fastest pace in nearly 27 years in the fourth quarter, government data showed on Friday, sinking deeper into recession as consumers and business cut spending. In a report that showed a broad-based contraction nearly across all
Published 31 Jan, 2009 12:00am
Time for refineries to upgrade products or pack up: Asim

Time for refineries to upgrade products or pack up: Asim

The government will give deadline of 18 months to oil refineries to upgrade the petroleum products according to the set international standards they would be asked to pack up otherwise. Advisor to Prime Minister on Petroleum and Natural Resources Dr Asim
Published 31 Jan, 2009 12:00am
Honeywell posts in-line profit

Honeywell posts in-line profit

Honeywell International Inc reported a 2.6 percent rise in profit that met Wall Street forecasts, and the diversified US manufacturer held its 2009 outlook steady as it braces for a "more challenging" year. The rise in profit came despite a 6.1 percent de
Published 31 Jan, 2009 12:00am
Time for refineries to upgrade products or pack up: Asim

Time for refineries to upgrade products or pack up: Asim

The government will give deadline of 18 months to oil refineries to upgrade the petroleum products according to the set international standards they would be asked to pack up otherwise. Advisor to Prime Minister on Petroleum and Natural Resources Dr Asim
Published 31 Jan, 2009 12:00am
Honeywell posts in-line profit

Honeywell posts in-line profit

Honeywell International Inc reported a 2.6 percent rise in profit that met Wall Street forecasts, and the diversified US manufacturer held its 2009 outlook steady as it braces for a "more challenging" year. The rise in profit came despite a 6.1 percent de
Published 31 Jan, 2009 12:00am
Time for refineries to upgrade products or pack up: Asim

Time for refineries to upgrade products or pack up: Asim

The government will give deadline of 18 months to oil refineries to upgrade the petroleum products according to the set international standards they would be asked to pack up otherwise. Advisor to Prime Minister on Petroleum and Natural Resources Dr Asim
Published 31 Jan, 2009 12:00am
Japan airline in world first 'camelina' biofuel test flight

Japan airline in world first 'camelina' biofuel test flight

Japan Airlines (JAL) on Friday carried out the world's first successful test flight of a Boeing aeroplane run on biofuel made primarily of a non-food energy crop called camelina. In a joint project with the United States' Boeing and engine maker Pratt and
Published 31 Jan, 2009 12:00am
Gilani urges ADB to finance Bhasha-Diamer project

Gilani urges ADB to finance Bhasha-Diamer project

Prime Minister Syed Yousuf Raza Gilani on Friday urged the Asian Development Bank to take lead role for setting up a consortium for financing the Bhasha-Diamer dam project at an estimated cost of 8 billion dollars. In a meeting with ADB President Haruhiko
Published 31 Jan, 2009 12:00am
Fortis carve-up revised after shareholder revolt

Fortis carve-up revised after shareholder revolt

Belgium, BNP Paribas and stricken financial group Fortis on Friday agreed revisions to the latter's carve-up in a bid to end a revolt by Fortis investors over the initial terms of the deal. The Belgian government hopes the modifications will end the Forti
Published 31 Jan, 2009 12:00am
Gilani urges ADB to finance Bhasha-Diamer project

Gilani urges ADB to finance Bhasha-Diamer project

Prime Minister Syed Yousuf Raza Gilani on Friday urged the Asian Development Bank to take lead role for setting up a consortium for financing the Bhasha-Diamer dam project at an estimated cost of 8 billion dollars. In a meeting with ADB President Haruhiko
Published 31 Jan, 2009 12:00am
Eurozone inflation near decade low, jobless up

Eurozone inflation near decade low, jobless up

Euro zone inflation plunged this month to its lowest in almost 10 years and unemployment rose, data showed, boosting pressure on the ECB to cut interest rates further as price growth is now well below its target. The euro weakened against the dollar and B
Published 31 Jan, 2009 12:00am
Gilani urges ADB to finance Bhasha-Diamer project

Gilani urges ADB to finance Bhasha-Diamer project

Prime Minister Syed Yousuf Raza Gilani on Friday urged the Asian Development Bank to take lead role for setting up a consortium for financing the Bhasha-Diamer dam project at an estimated cost of 8 billion dollars. In a meeting with ADB President Haruhiko
Published 31 Jan, 2009 12:00am
Roche cuts Genentech bid to $42 billion

Roche cuts Genentech bid to $42 billion

Swiss drugmaker Roche launched a surprise hostile bid for US biotech group Genentech at a lower price, reflecting tougher financing conditions and a drop in Genentech shares. Roche Holding AG is now making a public tender offer at $86.50 per share in cash
Published 31 Jan, 2009 12:00am
Record tumble in Japan output signals dismal GDP

Record tumble in Japan output signals dismal GDP

Japanese industrial production fell a record 9.6 percent in December, while core annual inflation almost evaporated, reinforcing expectations of a record economic contraction as the global financial crisis worsens.
Published 31 Jan, 2009 12:00am
Syria opens first stock exchange

Syria opens first stock exchange

Syria's first stock exchange has opened for pilot trading ahead of the official start of share dealing on March 9, the state news agency SANA reported on Friday. "The trial period, which began on Thursday, is aimed at ensuring that the electronic systems,
Published 31 Jan, 2009 12:00am
Bulls dominates ISE proceedings

Bulls dominates ISE proceedings

Bulls dominated the proceedings at the Islamabad Stock Exchange where equities continued to show positive signs amid increase in index. ISE Ten Index was plus by 40.51 points, as the index moved from 1,115.96 to 1,156.47 points. The overall turnover amoun
Published 31 Jan, 2009 12:00am
Japan facing severe recession: panel

Japan facing severe recession: panel

The Japanese economy is facing a severe recession amid the global economic downturn, the head of a government panel that decides dates of business cycles said. The panel decided on Thursday that Japan likely slipped into recession in October 2007, ending
Published 31 Jan, 2009 12:00am
Bulls dominates ISE proceedings

Bulls dominates ISE proceedings

Bulls dominated the proceedings at the Islamabad Stock Exchange where equities continued to show positive signs amid increase in index. ISE Ten Index was plus by 40.51 points, as the index moved from 1,115.96 to 1,156.47 points. The overall turnover amoun
Published 31 Jan, 2009 12:00am
Australia bank lending shrinks, deep rate cut seen

Australia bank lending shrinks, deep rate cut seen

Australian private sector credit shrank for the first time since 1992 in December as foreign banks cut lending to local companies amid the global credit crunch, backing expectations of a big interest rate cut next week.
Published 31 Jan, 2009 12:00am
Bulls dominate LSE proceedings

Bulls dominate LSE proceedings

Bullish sentiment dominated the Lahore Stock Exchange on Friday and equities extended further gains across the board amid increasing turnover on account of institutional and retail investors' buying in oil, fertiliser and banking shares.
Published 31 Jan, 2009 12:00am
European economic confidence hits new low: survey

European economic confidence hits new low: survey

European consumer and business confidence slumped to a record low in January in the face of recession, but the drop was not as sharp as expected, according to a widely watched EU survey. While some economists saw the slowing pace of decline as a sign that
Published 31 Jan, 2009 12:00am
Bulls dominate LSE proceedings

Bulls dominate LSE proceedings

Bullish sentiment dominated the Lahore Stock Exchange on Friday and equities extended further gains across the board amid increasing turnover on account of institutional and retail investors' buying in oil, fertiliser and banking shares.
Published 31 Jan, 2009 12:00am
Rouble showdown looms as Russia braces for glum 2009

Rouble showdown looms as Russia braces for glum 2009

Russia's central bank vowed to defend its floor for the rouble on Friday as the currency sank to fresh record lows and its Finance Minister outlined forecasts for a year of no growth and a hefty budget shortfall. The rouble fell as far as 40.40 versus a e
Published 31 Jan, 2009 12:00am
Nepra allows raise in Discos'' tariffs

Nepra allows raise in Discos'' tariffs

The National Electric Power Regulatory Authority (Nepra) has allowed the power distribution companies (Discos) to readjust their consumer-end tariff upward in the light of the revised Power Purchase Price (PPP). The revised tariff will be implemented afte
Published 31 Jan, 2009 12:00am
Nepra allows raise in Discos' tariffs

Nepra allows raise in Discos' tariffs

The National Electric Power Regulatory Authority (Nepra) has allowed the power distribution companies (Discos) to readjust their consumer-end tariff upward in the light of the revised Power Purchase Price (PPP). The revised tariff will be implemented afte
Published 31 Jan, 2009 12:00am
Profit collapse stalks Europe banks, where next?

Profit collapse stalks Europe banks, where next?

Europe's banks will barely scrape a profit for 2008 and are likely to scrap or slash dividends as the impact of a "perfect storm" on balance sheets takes centre stage at annual results in the coming weeks. The results will be marked by big losses at four
Published 31 Jan, 2009 12:00am
Nepra allows raise in Discos' tariffs

Nepra allows raise in Discos' tariffs

The National Electric Power Regulatory Authority (Nepra) has allowed the power distribution companies (Discos) to readjust their consumer-end tariff upward in the light of the revised Power Purchase Price (PPP). The revised tariff will be implemented afte
Published 31 Jan, 2009 12:00am
Moody's warns Ireland could lose AAA rating

Moody's warns Ireland could lose AAA rating

Moody's credit rating agency warned Ireland on Friday it was in danger of losing its prized AAA sovereign debt rating if public finances were badly hit by banking sector woes and a worsening recession. The negative outlook echoes a similar warning from St
Published 31 Jan, 2009 12:00am
Barak says Israel to hit Hamas again if necessary

Barak says Israel to hit Hamas again if necessary

Israeli Defence Minister Ehud Barak says Israel will strike against Gaza militants again if necessary. Barak says he hopes the truce that ended Israel's three-week offensive against Gaza's Hamas rulers holds. But he says Israel is prepared to act again if
Published 31 Jan, 2009 12:00am
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