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Print - 2009-03-14
Singapore sues another Wall Street Journal editor

Singapore sues another Wall Street Journal editor

The Singapore government is taking legal action against another editor at The Wall Street Journal over articles allegedly casting doubt on the judiciarys integrity, a report said Friday. A High Court Judge granted an application by the attorney-general to
Published 14 Mar, 2009 12:00am
Iran dismisses sanctions, launches gas project

Iran dismisses sanctions, launches gas project

President Mahmoud Ahmadinejad dismissed international sanctions against Iran as a "childish idea" on Friday as he officially launched a major natural gas project in the Gulf, Iranian media reported. On Thursday US President Barack Obama said he was extend
Published 14 Mar, 2009 12:00am
UN role key to credible polls in Afghanistan: Ban Ki-moon

UN role key to credible polls in Afghanistan: Ban Ki-moon

The mandate of the UN mission in Afghanistan (UNAMA) should be extended for another year to help ensure credible elections to religitimise government authority, UN chief Ban Ki-moon said in a report released here Friday. Ban recommended that the UNAMA man
Published 14 Mar, 2009 12:00am
North Korea satellite danger zone near Japan

North Korea satellite danger zone near Japan

North Korea has specified two ``danger zones - one close to Japan - in its disclosure of a satellite launch plan in an unprecedented move seen as trying to fend off worries it will really be testing missile technology. Pyongyang gave UN agencies co-ordina
Published 14 Mar, 2009 12:00am
32 rebels killed in Sri Lanka

32 rebels killed in Sri Lanka

Sri Lankan soldiers killed at least 32 Tamil separatists in several battles aimed at capturing the last rebel enclave in the islands war-ravaged norrth, the military said Friday The army has ousted the Tamil Tigers from most of their strongholds in a hard
Published 14 Mar, 2009 12:00am
Shia cleric demands release of Iraq shoe-thrower

Shia cleric demands release of Iraq shoe-thrower

A spokesman for radical Shia cleric Moqtada al-Sadr on Friday blasted a court decision to jail the journalist who hurled his shoes at former US president George W. Bush and called for his immediate release. Television reporter Muntazer al-Zaidi, 30, was s
Published 14 Mar, 2009 12:00am
Graft charge hits Malaysia ruling party polls

Graft charge hits Malaysia ruling party polls

Prosecutors charged a top ruling party official with bribery Friday, sending shock waves through Malaysias political ranks ahead of party elections that many fear will be marred by corruption. Norza Zakaria, a member of the United Malays National Organisa
Published 14 Mar, 2009 12:00am
Rebels deploy tanks in Madagascar capital

Rebels deploy tanks in Madagascar capital

Dissident soldiers said they deployed tanks in Madagascars capital on Friday and that they would use them to fight any mercenaries hired in a power struggle that has killed 135 people on the Indian Ocean island. The troops have broken away from the tradit
Published 14 Mar, 2009 12:00am
Japan orders warships to Somalia

Japan orders warships to Somalia

Japan on Friday ordered two warships to join an anti-piracy mission off Somalia, one of the most active deployments yet for a military restrained by the countrys post-war pacifist constitution. US, European and Chinese naval vessels are already deployed i
Published 14 Mar, 2009 12:00am
Dozens trapped in Bangladeshs shopping mall fire

Dozens trapped in Bangladeshs shopping mall fire

A fire swept through Bangladeshs largest shopping mall on Friday killing a fireman and leaving dozens of people trapped, police and witnesses said. Atleast 30 people were injured in the fire that engulfed the top floor of the 21-storey building in the cap
Published 14 Mar, 2009 12:00am
Obama, Chinas Yang urge steps on world economy

Obama, Chinas Yang urge steps on world economy

US President Barack Obama and Chinese Foreign Minister Yang Jiechi on Thursday called for urgent steps to revive the world economy and agreed to work to prevent further military confrontations at sea.
Published 14 Mar, 2009 12:00am
Sterling rises broadly

Sterling rises broadly

Sterling rallied against the dollar on Friday, lifted by brighter sentiment in European stock markets as investors lowered their guard towards riskier assets. The pound also advanced against the euro, but was held fairly close to recent six week lows, wit
Published 14 Mar, 2009 12:00am
Euro hits two-month high versus yen

Euro hits two-month high versus yen

The euro jumped to a two-month high against the yen supported by solid gains on equity markets and by concerns that the Bank of Japan may follow the Swiss National Bank into unconventional policy measures. The single currency pared earlier gains against t
Published 14 Mar, 2009 12:00am
Indian rupee rises

Indian rupee rises

The Indian rupee rose to its highest level in a week on Friday, after shares jumped nearly 5 percent and calmed worries over capital outflows from the stock market in the coming days. The partially convertible rupee ended at 51.48/50 per dollar, off an in
Published 14 Mar, 2009 12:00am
Asian bond spreads narrow

Asian bond spreads narrow

Asian bond spreads narrowed on Friday, reflecting the improving outlook for US banks and signs that US consumer spending is stabilising. An assurance from the chief executive of Bank of America that the lender will make money this year and a smaller-than-
Published 14 Mar, 2009 12:00am
Dollar costs fall

Dollar costs fall

Dollar funding costs fell further on easing worries about the availability of funds after US banks reported that business was improving and as hopes that central banks would add more cash to the banking system boosted sentiment. In Singapore, 3-month doll
Published 14 Mar, 2009 12:00am
Fridays mid-afternoon trade: stocks little changed

Fridays mid-afternoon trade: stocks little changed

US stocks were little changed in choppy trade on Friday as a brokerages upgrade of Merck boosted healthcare stocks but profit-taking weighed on financials and big-cap technology shares. Merck shares were the top boost to the Dow industrials, up nearly 11
Published 14 Mar, 2009 12:00am
Asian bond spreads narrow

Asian bond spreads narrow

Asian bond spreads narrowed on Friday, reflecting the improving outlook for US banks and signs that US consumer spending is stabilising. An assurance from the chief executive of Bank of America that the lender will make money this year and a smaller-than-
Published 14 Mar, 2009 12:00am
Indian shares gain 4.95 percent

Indian shares gain 4.95 percent

Indian shares rose 4.95 percent on Friday as Asian markets were lifted by a rally on Wall Street, dealers said. The benchmark 30-share Sensex index closed 412.86 points higher at 8,756.61, its second straight positive finish. Gainers led losers 1,583 to 8
Published 14 Mar, 2009 12:00am
Philippines shares lower

Philippines shares lower

Philippines share prices closed 1.2 percent lower on Friday as foreign funds sold local issues, dealers said. The composite index lost 23.57 points to 1,856.10. In the broader market, the all shares index shed 0.1 percent or 1.63 points even though advanc
Published 14 Mar, 2009 12:00am
Canadian dollar fuelled by stocks rally

Canadian dollar fuelled by stocks rally

The Canadian dollar strengthened against the US currency on Thursday, fueled by higher oil prices and gains in equity markets that improved market confidence. The currency finished not too far off the sessions high at C$1.2791 to the US dollar, or 78.18 U
Published 14 Mar, 2009 12:00am
Malaysian shares end higher

Malaysian shares end higher

Malaysian shares closed up 0.6 percent on Friday amid selective buying and improved sentiment on Wall Streets gains, dealers said. The Kuala Lumpur Composite Index gained 5.06 points to 843.45. Volume was 301.11 million shares worth 487.10 million ringgit
Published 14 Mar, 2009 12:00am
Jakarta shares up

Jakarta shares up

Indonesian shares ended 1.3 percent higher on Friday, led by buying in bank, telecommunication and automotive blue chips, dealers said. The Jakarta Composite Index gained 17.02 points to 1,327.43 in moderate trade, helped by gains across Asian markets. "L
Published 14 Mar, 2009 12:00am
Hong Kong dollar firms slightly

Hong Kong dollar firms slightly

The Hong Kong dollar nudged higher against the US dollar on Friday helped by a rally in the citys stock market. The local currency rose about 0.01 percent from late Thursday trade in Asia, having earlier hit a session high of 7.7533 against the US dollar.
Published 14 Mar, 2009 12:00am
Yuan firm as Chinese Prime Minister repeats policy

Yuan firm as Chinese Prime Minister repeats policy

The yuan was firm against the dollar in the spot and offshore forwards markets on Friday as Premier Wen Jiabao repeated Chinas pledge to keep it stable. "Our goal is to maintain the basic stability of the yuan at a reasonable and balanced level," Wen told
Published 14 Mar, 2009 12:00am
Euro at two-month high

Euro at two-month high

The euro rose to a two-month high against the Swiss franc and the dollar also firmed against the franc on Friday, after the Swiss National Bank said it was intervening in the face of a growing risk of deflation. The Swiss central bank cut rates on Thursda
Published 14 Mar, 2009 12:00am
Dollar, euro soar versus Swiss franc; SNB intervenes

Dollar, euro soar versus Swiss franc; SNB intervenes

The US dollar and euro jumped against the Swiss franc on Thursday after the Swiss National Bank said it was intervening in the foreign exchange market as it faced the growing risk of deflation. The Swiss central bank said it was implementing its decision
Published 14 Mar, 2009 12:00am
Asian currencies under hope and intervention fear

Asian currencies under hope and intervention fear

The South Korean won jumped on Friday on investor hopes of a stabilising global economy, but the Singapore dollar and Philippine peso were hurt by fears of possible dollar-buying after the surprise intervention by the Swiss central bank.
Published 14 Mar, 2009 12:00am
Australian dollar jumps to one-month high

Australian dollar jumps to one-month high

The Australian dollar jumped to a one-month high against the Swiss franc on Friday after Switzerlands central bank stunned financial markets by selling its Swiss currency to fight deflation. The Aussie extended gains made offshore to climb to a high of 0.
Published 14 Mar, 2009 12:00am
Swiss franc down

Swiss franc down

The Swiss franc was slightly weaker against the euro on Friday, hovering close to a two-month low hit after the Swiss National Bank said it would intervene on the foreign exchange markets to fight deflation. The SNB cut interest rates and said on Thursday
Published 14 Mar, 2009 12:00am
Nikkei soars 5.2 percent

Nikkei soars 5.2 percent

Japans Nikkei average rose 5.2 percent on Friday, its biggest one-day gain in over 3 months as Canon Inc and other exporters surged after data showed US retail sales stabilising and Bank of America reported a return to profit. Banks such as Mitsubishi UFJ
Published 14 Mar, 2009 12:00am
Celtic and Rangers clash in League Cup final

Celtic and Rangers clash in League Cup final

Celtic and Rangers clash in the Scottish League Cup final at Hampden on Sunday with both sides desperate to get their hands on the first trophy of the season. It is the first time the Glasgow giants have clashed in the competitions showpiece since 2003 wh
Published 14 Mar, 2009 12:00am
New Zealand seek confidence boost against India

New Zealand seek confidence boost against India

New Zealand will seek a confidence-boosting victory in their fourth one-day international against India Saturday, after losing the series 3-0 this week. New Zealand captain Daniel Vettori said Friday that his team, which starts a three-Test series against
Published 14 Mar, 2009 12:00am
Hewitt advances, Sharapova sent packing at Indian Wells

Hewitt advances, Sharapova sent packing at Indian Wells

Two-time champion Lleyton Hewitt reached the second round of the Indian Wells Masters series Thursday, where hell meet the man who bounced him from the first round of the Australian Open. Hewitt, unseeded here as he battles his way back from hip surgery l
Published 14 Mar, 2009 12:00am
IPL in trouble as government rejects revised schedule

IPL in trouble as government rejects revised schedule

The Indian Premier League suffered a fresh setback Friday when the government refused to accept the revised schedule submitted by the organisers on security grounds, throwing the event into doubt. The IPLs second season is scheduled to be held April 10 to
Published 14 Mar, 2009 12:00am
Pakistan to resist Philippines Davis Cup request

Pakistan to resist Philippines Davis Cup request

Pakistan have vowed to resist any attempt to shift their Davis Cup tennis home tie against the Philippines to a neutral venue over security concerns, a top official said Friday. The Philippine Lawn Tennis Association reportedly made the request in a lette
Published 14 Mar, 2009 12:00am
Torres the key as Liverpool seek to rein in United

Torres the key as Liverpool seek to rein in United

Fernando Torres has handed Liverpool a massive boost ahead of Saturdays must-win clash with Manchester United by predicting that he will be 100 percent fit in time for the lunchtime kick-off. The difference a fit Torres makes to Rafael Benitezs side was p
Published 14 Mar, 2009 12:00am
Oil-soaked Australian beaches named disaster zones

Oil-soaked Australian beaches named disaster zones

Authorities declared a disaster zone Friday along a stretch of some of Australias most pristine and popular beaches after tons of fuel oil that leaked from a stricken cargo ship blackened the creamy white sand for miles. The government of north-eastern Qu
Published 14 Mar, 2009 12:00am
Russia place an official bid to host the World Cup

Russia place an official bid to host the World Cup

Russian Football Union (RFU) has sent an official bid for the right to host either the 2018 or the 2022 World Cup to the worlds ruling football body FIFA, local media reported Friday. "We are still in the race. Today the RFU has sent an official bid to FI
Published 14 Mar, 2009 12:00am
Message from Managing Director KSE

Message from Managing Director KSE

In order to recognise those companies that demonstrate a high level of commitment to creating shareholder value, the KSE holds a "Top 25 Companies Award" ceremony.
Published 14 Mar, 2009 12:00am
OMV starts gas production at Latif-1 well

OMV starts gas production at Latif-1 well

OMV AG has started natural gas production from the extended Latif-1 well in Nara taluka of the Khairpur district. The fast-tracked project will produce 1,000 boe/d during the first three quarters of this year. Production will then rise to 4,000 boe/d when
Published 14 Mar, 2009 12:00am
Taseer refuses to give 50,000 tons wheat to Sindh free of cost

Taseer refuses to give 50,000 tons wheat to Sindh free of cost

Punjab Governor Salmaan Taseer has refused to provide Sindh with 50,000 tons wheat free of cost as per commitment of erstwhile chief minister, Shahbaz Sharif during his visit to Karachi.Further, the federal government has asked Sindh government to increas
Published 14 Mar, 2009 12:00am
50 Asian, African immigrants dumped in Nicaragua

50 Asian, African immigrants dumped in Nicaragua

Human traffickers dumped 50 African and Asian immigrants, including a small child, on Nicaraguas Atlantic coast, immigration services said here Friday. The Central American countrys navy found the immigrants in a confused state, without documents or money
Published 14 Mar, 2009 12:00am
Obama calls Saudi King ahead of G-20 summit

Obama calls Saudi King ahead of G-20 summit

US President Barack Obama on Friday spoke to Saudi King Abdullah, in the latest of a string of conversations with foreign leaders to prepare the ground for the G-20 economic crisis summit next month in London.
Published 14 Mar, 2009 12:00am
BISP may not provide relief to deserving households

BISP may not provide relief to deserving households

Sources told Business Recorder on Friday that the Benazir Income Support Programme (BISP) may not provide relief to the deserving households as proxy means test (PMT) based on the methodology of scoring cards would not work in Pakistan.
Published 14 Mar, 2009 12:00am
EU opens probe into Dexia restructuring

EU opens probe into Dexia restructuring

The European Commission said on Friday that it had launched an in-depth investigation into the restructuring of Belgian-French financial group Dexia. The Commission said in a statement it intended to make sure the restructuring plan would guarantee the lo
Published 14 Mar, 2009 12:00am
Two more private sector power projects enter construction phase

Two more private sector power projects enter construction phase

Two more private sector power projects have entered construction phase after achievement of financial closure, namely Hubco-Narowal Power Project and Liberty Power Tech Project, of 220 and 200 MW capacity respectively. This was announced by Fayyaz Elahi,
Published 14 Mar, 2009 12:00am
Section 144 imposed in NWFP

Section 144 imposed in NWFP

Following the suit of the provinces of Punjab and Sindh, the provincial government of NWFP has also clamped Section 144 and launched a crackdown on lawyers and political activists to foil the long march for the restoration of the deposed judges. Senior Mi
Published 14 Mar, 2009 12:00am
Section 144 imposed in NWFP

Section 144 imposed in NWFP

Following the suit of the provinces of Punjab and Sindh, the provincial government of NWFP has also clamped Section 144 and launched a crackdown on lawyers and political activists to foil the long march for the restoration of the deposed judges. Senior Mi
Published 14 Mar, 2009 12:00am
36 workers injured in warehouse fire

36 workers injured in warehouse fire

About 3 dozen workers were injured, when a huge fire broke out in a warehouse of Nishat Mills Limited here Friday afternoon, which was controlled by seven fire brigades vehicles after hectic efforts of six hours. The loss due fire is said to be million ru
Published 14 Mar, 2009 12:00am
BISP may not provide relief to deserving households

BISP may not provide relief to deserving households

Sources told Business Recorder on Friday that the Benazir Income Support Programme (BISP) may not provide relief to the deserving households as proxy means test (PMT) based on the methodology of scoring cards would not work in Pakistan.
Published 14 Mar, 2009 12:00am
Equities move both ways on LSE

Equities move both ways on LSE

Equities moved both the ways on the Lahore Stock Exchange (LSE) on Friday and maintained upward slide following institutional support but the tempo could not sustain because of profit taking that dragged the market into negative zone at the closing.
Published 14 Mar, 2009 12:00am
Equities move both ways on LSE

Equities move both ways on LSE

Equities moved both the ways on the Lahore Stock Exchange (LSE) on Friday and maintained upward slide following institutional support but the tempo could not sustain because of profit taking that dragged the market into negative zone at the closing.
Published 14 Mar, 2009 12:00am
Bears dominate proceedings on ISE

Bears dominate proceedings on ISE

Bears dominated the proceedings at the Islamabad Stock Exchange (ISE) where major players and small investors preferred to remain on the sidelines amid increase in index. ISE Ten Index was down by 4.98 points, as the index moved from 1,306.57 to 1,301.59
Published 14 Mar, 2009 12:00am
Bears dominate proceedings on ISE

Bears dominate proceedings on ISE

Bears dominated the proceedings at the Islamabad Stock Exchange (ISE) where major players and small investors preferred to remain on the sidelines amid increase in index. ISE Ten Index was down by 4.98 points, as the index moved from 1,306.57 to 1,301.59
Published 14 Mar, 2009 12:00am
Spot dollar rates

Spot dollar rates

Spot Dollar rates from Khadim Ali Shah Bukhari & Co Ltd on Friday (March 13, 2009).

Published 14 Mar, 2009 12:00am
Index gains 43.38 points

Index gains 43.38 points

After a volatile session on Friday, the Karachi share market managed to close in the positive, at 5,750.47 points level, with a net gain of 43.38 points. The market opened on a positive note and the index hit 5,762.42 points intra-day high, but entered ne
Published 14 Mar, 2009 12:00am
Index gains 43.38 points

Index gains 43.38 points

After a volatile session on Friday, the Karachi share market managed to close in the positive, at 5,750.47 points level, with a net gain of 43.38 points. The market opened on a positive note and the index hit 5,762.42 points intra-day high, but entered ne
Published 14 Mar, 2009 12:00am
Index gains 43.38 points

Index gains 43.38 points

After a volatile session on Friday, the Karachi share market managed to close in the positive, at 5,750.47 points level, with a net gain of 43.38 points. The market opened on a positive note and the index hit 5,762.42 points intra-day high, but entered ne
Published 14 Mar, 2009 12:00am
Money Market Report

Money Market Report

Money market report by Khadim Ali Shah Bukhari & Co on Friday (March 13, 2009).
Published 14 Mar, 2009 12:00am
BRIndex30 gains 60.97 points

BRIndex30 gains 60.97 points

On Friday BRIndex30 opened in the negative zone at 5,388.29. It closed at 5,460.07 with a net positive change of 60.97 points and percentage change of 1.13 percent. It showed intra-day high of 5,471.99 and intra-day low of 5,360.82.
Published 14 Mar, 2009 12:00am
BRIndex30 gains 60.97 points

BRIndex30 gains 60.97 points

On Friday BRIndex30 opened in the negative zone at 5,388.29. It closed at 5,460.07 with a net positive change of 60.97 points and percentage change of 1.13 percent. It showed intra-day high of 5,471.99 and intra-day low of 5,360.82.
Published 14 Mar, 2009 12:00am
Bill buying rates per unit of currency

Bill buying rates per unit of currency

Bill Buying Rates per unit of currency -- issued by the Treasury Management Division of the National Bank of Pakistan on Friday (March 13, 2009).

Published 14 Mar, 2009 12:00am
Rules for export-oriented units to be revised

Rules for export-oriented units to be revised

The Federal Board of Revenue (FBR) has decided to introduce comprehensive changes in the Export-Oriented Units (EOUs) and Small and Medium Enterprises Rules, 2008 for removing procedural flaws. Sources told Business Recorder on Friday that the boar
Published 14 Mar, 2009 12:00am
Conversion for foreign currency deposits

Conversion for foreign currency deposits

Conversion for foreign currency deposits, DBC/FCBC, special USD bond & profits thereon (excluding FE-25 deposits) on Friday (March 13, 2009).

Published 14 Mar, 2009 12:00am
Rules for export-oriented units to be revised

Rules for export-oriented units to be revised

The Federal Board of Revenue (FBR) has decided to introduce comprehensive changes in the Export-Oriented Units (EOUs) and Small and Medium Enterprises Rules, 2008 for removing procedural flaws. Sources told Business Recorder on Friday that the boar
Published 14 Mar, 2009 12:00am
Currency notes: exchange rates

Currency notes: exchange rates

Exchange rates for Currency Notes issued by the Treasury Management Division of National Bank of Pakistan (NBP) here on Friday (March 13, 2009).

Published 14 Mar, 2009 12:00am
Exchange rates: buying and selling

Exchange rates: buying and selling

Exchange rates issued by the Treasury Management Division of National Bank of Pakistan on Friday (March 13, 2009).

Published 14 Mar, 2009 12:00am
State Bank of Pakistan conversion rates

State Bank of Pakistan conversion rates

Rates applicable for conversion into rupees of Foreign Currency Deposits, Dollar Bearer Certificates, Foreign Currency Bearer Certificates, Special US Dollar bonds and profits thereon by all banks and also for providing forward cover on foreign currency d
Published 14 Mar, 2009 12:00am
Barclays bid rates and maximum rates for payment of interest

Barclays bid rates and maximum rates for payment of interest

Barclays bid rates, maximum rates for payment of interest by authorised dealers on deposits (other than those brought under FE Circular No: 45 of 1985) and on deposits (brought under FE Circular No: 45 of 1985) -- issued by the Foreign Exchange Rates Comm
Published 14 Mar, 2009 12:00am
Rules for export-oriented units to be revised

Rules for export-oriented units to be revised

The Federal Board of Revenue (FBR) has decided to introduce comprehensive changes in the Export-Oriented Units (EOUs) and Small and Medium Enterprises Rules, 2008 for removing procedural flaws. Sources told Business Recorder on Friday that the boar
Published 14 Mar, 2009 12:00am
Over 70 political workers detained

Over 70 political workers detained

More than 70 political workers were detained and sent to Adiala Jail on Friday for one month as the hide and seek continued in the twin cities of Islamabad and Rawalpindi. Police and other law enforcement agencies remained busy raiding offices of politica
Published 14 Mar, 2009 12:00am