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Print - 2009-03-22
Russia suspends imports from three US poultry plants

Russia suspends imports from three US poultry plants

Russia will suspend imports from three US poultry plants beginning March 27, one of which is owned by Tyson Foods Inc, the largest US chicken producer, USDA said this week. No reason was given in USDA report for the suspensions and Tyson said on Friday it
Published 22 Mar, 2009 12:00am
Buy-out groups vie for Barclays iShares

Buy-out groups vie for Barclays iShares

Private equity groups Hellman & Friedman, Bain Capital and TPG have shown interest in buying the iShares unit from British bank Barclays, sources familiar with the situation said. Talks with a consortium around Hellman & Friedman were moving "quickly and
Published 22 Mar, 2009 12:00am
Argentine farmers block roads, call strike over tax

Argentine farmers block roads, call strike over tax

Argentine farmers blocked roads and called an anti-government strike on Friday, reigniting a year-long standoff over soy taxes and challenging the president three months before a mid-term vote. The protests erupted a day after ruling party lawmakers refus
Published 22 Mar, 2009 12:00am
Crisis to rock Africa for at least two years: Japan

Crisis to rock Africa for at least two years: Japan

Japanese Foreign Minister Hirofumi Nakasone warned that the global economic crisis would affect Africa for at least two years, as he opened a development conference in Botswana on Saturday. "The global financial and economic crisis that has arisen since t
Published 22 Mar, 2009 12:00am
US bank rescue plan could come on March 23

US bank rescue plan could come on March 23

The US government will announce as soon as Monday a long-awaited plan to try to get bad assets off the books of banks, a cornerstone of its efforts to tackle the credit crisis, The Wall Street Journal reported. The Obama administration, battling a deepeni
Published 22 Mar, 2009 12:00am
Indonesia to allocate land to Saudis for rice

Indonesia to allocate land to Saudis for rice

Indonesia will allocate at least 2 million hectares (4.9 million acres) of farm land to joint ventures with Saudi investors to be used mainly for the cultivation of rice, a Saudi newspaper reported on Saturday. The move would turn Indonesia into the world
Published 22 Mar, 2009 12:00am
Activists slam Water Forum as ministers debate communique

Activists slam Water Forum as ministers debate communique

A global ministerial meeting was putting the final touches here Saturday to resolutions for tackling the worlds water crisis but activists attacked the process as a corporate-driven fraud. The communique to be issued by more than 100 countries on World Wa
Published 22 Mar, 2009 12:00am
US seizes top credit union clearinghouse

US seizes top credit union clearinghouse

Regulators seized the top clearinghouse for US credit unions, citing a critical deterioration in the finances of the provider of services to thousands of retail credit unions. The National Credit Union Administration (NCUA) took control of US Central Fede
Published 22 Mar, 2009 12:00am
US seizes top credit union clearinghouse

US seizes top credit union clearinghouse

Regulators seized the top clearinghouse for US credit unions, citing a critical deterioration in the finances of the provider of services to thousands of retail credit unions. The National Credit Union Administration (NCUA) took control of US Central Fede
Published 22 Mar, 2009 12:00am
Regulators close FirstCity Bank of Georgia

Regulators close FirstCity Bank of Georgia

US bank regulators on Friday closed FirstCity Bank of Stockbridge, Georgia, the 18th US bank to fail this year as the struggling economy and falling home prices take their toll on financial institutions. The Federal Deposit Insurance Corp said FirstCity B
Published 22 Mar, 2009 12:00am
Obama sticks to budget but sees room for compromise

Obama sticks to budget but sees room for compromise

President Barack Obama vowed on Saturday to stick to the big-ticket items in his budget proposal but acknowledged that dollar amounts would "undoubtedly change" as Congress prepared to take up his record spending plan. Trying to refocus attention from the
Published 22 Mar, 2009 12:00am
White House considers reforms for non-bank financial firms

White House considers reforms for non-bank financial firms

Establishing a formal process for the US government to unwind failing non-bank financial firms, like AIG, has moved to the top of the Obama administrations financial regulation reform agenda, sources familiar with discussions said late on Friday.
Published 22 Mar, 2009 12:00am
Rates mixed on grain market

Rates mixed on grain market

Slow business was again witnessed on the wholesale grain market on Saturday as most of the buyers kept on the sidelines on perception of further fall in the rates, dealers said. On the cereal side wheat old and new both types were lower by Rs 10 to Rs 244
Published 22 Mar, 2009 12:00am
Rates turn firmer on cotton market

Rates turn firmer on cotton market

Rates were firmer on the cotton market on Saturday following the active mills demand, dealers said. The official spot rate was intact at Rs 3225, they said. The phutti prices in both the Punjab and Sindh were at Rs 1500-1600. In the ready business, rates
Published 22 Mar, 2009 12:00am
Rainfall raises hope of Nigerias good cocoa mid crop

Rainfall raises hope of Nigerias good cocoa mid crop

Nigerias cocoa growing regions saw heavy downpours in the last few weeks which could bolster the mid crop due in April but also increase the risk of black pod disease, the Cocoa Association of Nigeria (CAN) said.
Published 22 Mar, 2009 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 61,267 tonnes of cargo including 31,003 tonnes of import and 30,264 tonnes of export, 3,331 loaded and empty containers (TEUs) during last 24 hours ending at 0700 hours on Saturday. The freights comprised of 41,667 tonnes of dry c
Published 22 Mar, 2009 12:00am
US wheat futures lower

US wheat futures lower

US wheat futures closed lower on Friday on profit-taking after the big rally on Thursday and on some forecasts for rains in the dry US Plains. CBOT May wheat ended 5 cents per bushel lower at $5.50-1/4 per bushel. Cash dealers said there was an increase i
Published 22 Mar, 2009 12:00am
Egypt extends rice export ban until October

Egypt extends rice export ban until October

The Egyptian trade ministry said on Saturday it was extending a ban on rice exports until October to keep prices down on the domestic market. "The decision is intended to preserve the stability of prices in the local market," state news agency MENA quoted
Published 22 Mar, 2009 12:00am
Canadian canola futures end strong week higher

Canadian canola futures end strong week higher

ICE Canadian canola closed higher on Friday in sympathy with US soyabeans to finish a strong week in which near-month May futures gained 4 percent. Trading was light compared to the pace set this week, as crushers slowed their buying and farmers reduced s
Published 22 Mar, 2009 12:00am
Ghana cocoa purchases pick up

Ghana cocoa purchases pick up

Cocoa purchases in Ghana have picked up after a slow start and the main crop in the worlds No 2 grower is on track to reach a 600,000 tonne target, the head of the Cocobod regulator said. "Until recently, there were uncertainties about the harvest, but no
Published 22 Mar, 2009 12:00am
FOB Gulf corn and soyabean export premiums firmer

FOB Gulf corn and soyabean export premiums firmer

US corn and soyabean export premiums at the Gulf of Mexico were firm on Friday, supported by uncertainty about Argentine exports, traders said. Wheat export premiums were flat amid slow demand. Argentine farmers blocked roads on Friday and called for a se
Published 22 Mar, 2009 12:00am
Fed stimulus boosts commodity prices

Fed stimulus boosts commodity prices

Commodity prices rallied this week as the US Federal Reserves decision to pump more than a trillion dollars into the ailing American economy weakened the greenback, leaving investors to seek out havens. "The Feds decision to move to quantitative easing by
Published 22 Mar, 2009 12:00am
KCBT wheat futures down

KCBT wheat futures down

Hard red winter wheat futures on the Kansas City Board of Trade closed lower Friday on profit-taking following Thursdays rally, forecasts for rains in the Plains and on increased country movement of HRW wheat. KCBT May wheat closed 3 cents lower at $6.03
Published 22 Mar, 2009 12:00am
New York sugar settles easier

New York sugar settles easier

Raw sugar futures settled easier Friday on investor profit-taking as the market retreated after a commodity-wide rally pushed the sweetener up a three-week peak in the prior session, brokers said. The key May raw sugar contract slipped 0.08 cent to end at
Published 22 Mar, 2009 12:00am
Vietnam rice exporters to seek loading delays

Vietnam rice exporters to seek loading delays

Vietnam will seek approval from rice buyers to delay some shipments after exporters contracted 4 million tonnes, loading for most of which is scheduled within the first half of the year, the Agriculture Ministry said.
Published 22 Mar, 2009 12:00am
US cocoa down

US cocoa down

US cocoa futures pulled back from a one-month high on Friday amid some profit-taking at weeks end, but traders expected the markets strong technical momentum to drive prices higher in the coming week. Benchmark May fell $6 to close at $2,585 per tonne. Se
Published 22 Mar, 2009 12:00am
Thailand tightens borders to fight grain smuggling

Thailand tightens borders to fight grain smuggling

Thailand has tightened up on border trade to stop smugglers bringing in grain to take advantage of the subsidised prices paid by the government to help local farmers, officials said on Friday. "It will be a co-ordinated effort by the navy, the army and al
Published 22 Mar, 2009 12:00am
US soyabean futures notch one-month top

US soyabean futures notch one-month top

US soyabean futures on the Chicago Board of Trade scaled a one-month peak on Friday, led by nearby March, on uncertainty over the export status of Argentina which could lead to more US export sales, traders said. May soyabeans ended 11-1/2 cents higher at
Published 22 Mar, 2009 12:00am
EU 2009 wheat crop may fall

EU 2009 wheat crop may fall

The European Unions 2009 soft wheat harvest is expected to fall by 9 percent to 128.30 million tonnes from 140.96 million, EU grain trade lobby Coceral said on Friday in its first forecast for the year. The outlook was based on an estimated sowing area of
Published 22 Mar, 2009 12:00am
Malaysias IOI sees palm oil at 2,000 ringgit a ton

Malaysias IOI sees palm oil at 2,000 ringgit a ton

Malaysias IOI Corp, the worlds third-largest listed palm oil producer, said the price of crude palm oil could rise 20 percent due to falling domestic stockpiles. "We see prices trading within a range of 2,000 ringgit to 2,300 ringgit, averaging about 2,00
Published 22 Mar, 2009 12:00am
US corn and soya dip after strong gains

US corn and soya dip after strong gains

US corn and soya futures inched down on Friday, after sharp gains the previous day, as financial markets sagged over worries the Federal Reserves Treasury bond purchase plan could have unintended consequences. Underlying sentiment for grains markets was b
Published 22 Mar, 2009 12:00am
US gold lower

US gold lower

US gold futures ended lower on Friday as the market locked in profits following the previous sessions sharp rally, but strong investment flows into gold exchange-traded funds should put a floor under prices. Gold for April delivery settled down $2.60 at $
Published 22 Mar, 2009 12:00am
New York coffee tad up

New York coffee tad up

Arabica coffee futures ended a tad higher on Friday as investors took a breather in the wake of a rebounding dollar, a day after the market rallied to its highest level in more than a month, traders said. The May arabica coffee contract settled up 0.05 ce
Published 22 Mar, 2009 12:00am
US copper down

US copper down

US copper futures ended down Friday in a mild pullback from a new 4-1/2-month peak as investors cashed in on an 8 percent weekly rally, with a jump in inventories and a rebounding dollar slowing the recent momentum. Copper for May delivery ended down 1.15
Published 22 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 22 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 22 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 Saturday (March 21, 2009).

Published 22 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 Saturday (March 21, 2009).

Published 22 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 Saturday (March 21, 2009).

Published 22 Mar, 2009 12:00am
Money Market Report

Money Market Report

Money market report by Khadim Ali Shah Bukhari & Co on Saturday (March 21, 2009).
Published 22 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 Saturday (March 21, 2009).

Published 22 Mar, 2009 12:00am
Spot dollar rates

Spot dollar rates

Spot Dollar rates from Khadim Ali Shah Bukhari & Co Ltd on Saturday (March 21, 2009).

Published 22 Mar, 2009 12:00am
World currencies and dollar

World currencies and dollar

Value of the dollar in terms of other world currencies as prevailing in the week ended Saturday (March 21, 2009).

Published 22 Mar, 2009 12:00am
Pakistan and Indian troops trade fire along LoC

Pakistan and Indian troops trade fire along LoC

Pakistani and Indian troops on Saturday traded fire across the LoC between Indian held Kashmir and Azad Jammu and Kashmir amid heightened bilateral tensions triggered by Mumbai terror attacks. The incident broke five months of relative calm along the heav
Published 22 Mar, 2009 12:00am
Pakistan and Indian troops trade fire along LoC

Pakistan and Indian troops trade fire along LoC

Pakistani and Indian troops on Saturday traded fire across the LoC between Indian held Kashmir and Azad Jammu and Kashmir amid heightened bilateral tensions triggered by Mumbai terror attacks. The incident broke five months of relative calm along the heav
Published 22 Mar, 2009 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Saturday (March 21, 2009).

Published 22 Mar, 2009 12:00am
Disqualification of Sharifs: Supreme Court issues detailed judgement

Disqualification of Sharifs: Supreme Court issues detailed judgement

The Supreme Court on Saturday issued detailed judgement pertaining to disqualification of Sharif brothers from holding any elected office. The judgement has been divided into three portions, addressing disqualification of Sharif brothers and nullifying Ch
Published 22 Mar, 2009 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Saturday (March 21, 2009).

Published 22 Mar, 2009 12:00am
Disqualification of Sharifs: Supreme Court issues detailed judgement

Disqualification of Sharifs: Supreme Court issues detailed judgement

The Supreme Court on Saturday issued detailed judgement pertaining to disqualification of Sharif brothers from holding any elected office. The judgement has been divided into three portions, addressing disqualification of Sharif brothers and nullifying Ch
Published 22 Mar, 2009 12:00am
Rates of Pipe Fittings

Rates of Pipe Fittings

Pipe fitting rates in rupees prevailing in the markets in Karachi on Saturday (March 21, 2009).

Published 22 Mar, 2009 12:00am
Macroeconomic stability fails to restore investors confidence

Macroeconomic stability fails to restore investors confidence

Asian Development Bank has observed that macroeconomic stability, achieved in recent years, has failed to restore private sectors confidence and catalysing greater foreign and domestic private investment. But in 2008 financial year, the macroeconomic situ
Published 22 Mar, 2009 12:00am
Iron, steel and other metal rates

Iron, steel and other metal rates

Iron, steel and other metal rates in rupees prevailing on the commodity markets in Karachi on Saturday (March 21, 2009).

Published 22 Mar, 2009 12:00am
Macroeconomic stability fails to restore investors confidence

Macroeconomic stability fails to restore investors confidence

Asian Development Bank has observed that macroeconomic stability, achieved in recent years, has failed to restore private sectors confidence and catalysing greater foreign and domestic private investment. But in 2008 financial year, the macroeconomic situ
Published 22 Mar, 2009 12:00am
EFU funds rates

EFU funds rates

EFU Life Assurance Ltd announced that the Offer and Bid prices for the following funds effective from March 23, 2009.

Published 22 Mar, 2009 12:00am
Macroeconomic stability fails to restore investors confidence

Macroeconomic stability fails to restore investors confidence

Asian Development Bank has observed that macroeconomic stability, achieved in recent years, has failed to restore private sectors confidence and catalysing greater foreign and domestic private investment. But in 2008 financial year, the macroeconomic situ
Published 22 Mar, 2009 12:00am
EFU funds rates

EFU funds rates

EFU Life Assurance Ltd announced that the Offer and Bid prices for the following funds effective from March 23, 2009.

Published 22 Mar, 2009 12:00am
Global economy to shrink in 2009: World Bank

Global economy to shrink in 2009: World Bank

The global economy is set to shrink by one to two percent this year, World Bank President Robert Zoellick said on Saturday, saying the depth of the slowdown was unprecedented since the 1930s Great Depression. Speaking at a conference in Brussels, Zoellick
Published 22 Mar, 2009 12:00am
Bullion Rates

Bullion Rates

Gold and silver rates in rupees per 10 grams prevailing in major cities on Saturday (March 21, 2009).

Published 22 Mar, 2009 12:00am
EFU funds rates

EFU funds rates

EFU Life Assurance Ltd announced that the Offer and Bid prices for the following funds effective from March 23, 2009.

Published 22 Mar, 2009 12:00am
World Shipping Schedule

World Shipping Schedule

Karachi Ports world-wide shipping schedule beginning Saturday (March 21, 2009).

Published 22 Mar, 2009 12:00am
Washington Mutual sues FDIC for over $13 billion

Washington Mutual sues FDIC for over $13 billion

Washington Mutual Inc, the failed US savings and loan, has sued the Federal Deposit Insurance Corp for well over $13 billion in connection with the loss of its banking operations, which was acquired by J.P. Morgan Chase & Co.
Published 22 Mar, 2009 12:00am
Bullion Rates

Bullion Rates

Gold and silver rates in rupees per 10 grams prevailing in major cities on Saturday (March 21, 2009).

Published 22 Mar, 2009 12:00am
Washington Mutual sues FDIC for over $13 billion

Washington Mutual sues FDIC for over $13 billion

Washington Mutual Inc, the failed US savings and loan, has sued the Federal Deposit Insurance Corp for well over $13 billion in connection with the loss of its banking operations, which was acquired by J.P. Morgan Chase & Co.
Published 22 Mar, 2009 12:00am
World Shipping Schedule

World Shipping Schedule

Karachi Ports world-wide shipping schedule beginning Saturday (March 21, 2009).

Published 22 Mar, 2009 12:00am
Mullah Omar is in Afghanistan: Raisani

Mullah Omar is in Afghanistan: Raisani

Taliban leader Mullah Muhammed Omar is not in Balochistan and the United States should not carry out missile attacks in the region, a senior official said. Western and Afghan officials have long suspected that Omar and other members of the Taliban governm
Published 22 Mar, 2009 12:00am
Automart: car prices in Karachi

Automart: car prices in Karachi

The prices of different makes and models of cars prevailing in Karachi in the week ended Saturday (March 21, 2009).

Published 22 Mar, 2009 12:00am
THE RUPEE: dollar fails to rise on currency market

THE RUPEE: dollar fails to rise on currency market

Firmness prevailed on the currency market on Saturday as the rupee retained its overnight level against dollar for buying at 80.50 while it inched up after gaining three paisa for selling at 80.52, dealers said. The rupee managed to hold its level as supp
Published 22 Mar, 2009 12:00am
THE RUPEE: dollar fails to rise on currency market

THE RUPEE: dollar fails to rise on currency market

Firmness prevailed on the currency market on Saturday as the rupee retained its overnight level against dollar for buying at 80.50 while it inched up after gaining three paisa for selling at 80.52, dealers said. The rupee managed to hold its level as supp
Published 22 Mar, 2009 12:00am
Drone attacks to badly affect war on terror: CIA Director told

Drone attacks to badly affect war on terror: CIA Director told

Expressing concerns, Pakistan on Saturday apprised the visiting US CIA Director that drone attacks in Pakistan territory remained counterproductive, and their continuation would badly affect the ongoing war on terror.
Published 22 Mar, 2009 12:00am
Karachi tea rates

Karachi tea rates

Tea rates in rupees prevailing on the commodity markets in Karachi on Saturday (March 21, 2009).

Published 22 Mar, 2009 12:00am
Drone attacks to badly affect war on terror: CIA Director told

Drone attacks to badly affect war on terror: CIA Director told

Expressing concerns, Pakistan on Saturday apprised the visiting US CIA Director that drone attacks in Pakistan territory remained counterproductive, and their continuation would badly affect the ongoing war on terror.
Published 22 Mar, 2009 12:00am
World Bank mission to visit FBR to review TARP

World Bank mission to visit FBR to review TARP

A World Bank (WB) mission would visit the Federal Board of Revenue (FBR) from March 30 to April 1 to review the Tax Administration Reform Project (TARP). Sources told Business Recorder on Saturday that the WB supervision mission would meet FBR Chai
Published 22 Mar, 2009 12:00am
Milk powder rates

Milk powder rates

Milk Powder rates in rupees prevailing on the commodity markets in Karachi on Saturday (March 21, 2009).

Published 22 Mar, 2009 12:00am
Jute goods rates

Jute goods rates

Jute goods rates in rupees prevailing on the commodity markets in Karachi on Saturday (March 21, 2009).

Published 22 Mar, 2009 12:00am
World Bank mission to visit FBR to review TARP

World Bank mission to visit FBR to review TARP

A World Bank (WB) mission would visit the Federal Board of Revenue (FBR) from March 30 to April 1 to review the Tax Administration Reform Project (TARP). Sources told Business Recorder on Saturday that the WB supervision mission would meet FBR Chai
Published 22 Mar, 2009 12:00am
Raw rubber rates

Raw rubber rates

Raw Rubber rates in rupees prevailing on the commodity markets in Karachi on Saturday (March 21, 2009).

Published 22 Mar, 2009 12:00am
World Bank mission to visit FBR to review TARP

World Bank mission to visit FBR to review TARP

A World Bank (WB) mission would visit the Federal Board of Revenue (FBR) from March 30 to April 1 to review the Tax Administration Reform Project (TARP). Sources told Business Recorder on Saturday that the WB supervision mission would meet FBR Chai
Published 22 Mar, 2009 12:00am
EoIs invited for exploration licences

EoIs invited for exploration licences

The Ministry of Petroleum and Natural Resources has invited expressions of interest (EoIs) for grant of petroleum exploration rights (exploration licences) for 53 blocks in the country. After the unveiling of Petroleum (Exploration and Production) Policy
Published 22 Mar, 2009 12:00am