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Sep 22, 2024 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Print - 2009-04-21
Discount rate lowered by 100 basis points to 14 percent

Discount rate lowered by 100 basis points to 14 percent

The State Bank of Pakistan, easing its monetary policy for the first time in 22 months, on Monday slashed key policy rate by 100 basis points to 14 percent citing positive inflation outlook. The SBP adopted tight monetary stance in July 2007 aiming to cur
Published 21 Apr, 2009 12:00am
India's Tech Mahindra, Satyam discuss take-over

India's Tech Mahindra, Satyam discuss take-over

Executives from India's Tech Mahindra, the firm set to take over scandal-rocked Satyam Computer Services, met their counterparts on Monday, with funding towards the buyout now complete. Tech Mahindra paid nearly 600 million dollars for a majority share of
Published 21 Apr, 2009 12:00am
Discount rate lowered by 100 basis points to 14 percent

Discount rate lowered by 100 basis points to 14 percent

The State Bank of Pakistan, easing its monetary policy for the first time in 22 months, on Monday slashed key policy rate by 100 basis points to 14 percent citing positive inflation outlook. The SBP adopted tight monetary stance in July 2007 aiming to cur
Published 21 Apr, 2009 12:00am
Zimbabwe sees gold rush, investors still sceptical

Zimbabwe sees gold rush, investors still sceptical

Gold producers are re-starting shut mines in Zimbabwe after new rules allowed them to sell gold directly on world markets, but uncertainty is likely to block big new mine investments for years. The rush to re-open mines comes at a time when Zimbabwe's uni
Published 21 Apr, 2009 12:00am
Discount rate lowered by 100 basis points to 14 percent

Discount rate lowered by 100 basis points to 14 percent

The State Bank of Pakistan, easing its monetary policy for the first time in 22 months, on Monday slashed key policy rate by 100 basis points to 14 percent citing positive inflation outlook. The SBP adopted tight monetary stance in July 2007 aiming to cur
Published 21 Apr, 2009 12:00am
China Zhongwang plans 2009's largest IPO at $1.6 billion

China Zhongwang plans 2009's largest IPO at $1.6 billion

China Zhongwang Holdings, Asia's biggest maker of aluminium extrusion products, began marketing on Monday for a Hong Kong IPO to raise as much as $1.58 billion in what would be the world's largest new listing so far this year.
Published 21 Apr, 2009 12:00am
China Zhongwang plans 2009's largest IPO at $1.6 billion

China Zhongwang plans 2009's largest IPO at $1.6 billion

China Zhongwang Holdings, Asia's biggest maker of aluminium extrusion products, began marketing on Monday for a Hong Kong IPO to raise as much as $1.58 billion in what would be the world's largest new listing so far this year.
Published 21 Apr, 2009 12:00am
Japan minister approves 'exceptional' coal plant

Japan minister approves 'exceptional' coal plant

Japan Environment Ministry on Monday backed plans to enlarge a coal-fired power plant, saying it would not greatly affect Japan's target of reducing greenhouse gas emissions by 60 to 80 percent by 2050. "It's an exceptional case, so we should make it clea
Published 21 Apr, 2009 12:00am
Package of incentives for Gwadar EPZ blocked by Cabinet

Package of incentives for Gwadar EPZ blocked by Cabinet

The Federal Cabinet has reportedly blocked a package of incentives for Gwadar Export Processing Zone (EPZ), secretly prepared by the Industries Ministry to "facilitate" one private entity, well-informed sources told Business Recorder on Monday.
Published 21 Apr, 2009 12:00am
Toshiba shares tumble on fund-raising reports

Toshiba shares tumble on fund-raising reports

Shares of Toshiba Corp tumbled 6 percent on Monday after media reports that it would raise $5 billion in capital to shore up a balance sheet battered by steep losses in the chip market. The fund-raising will include some 300 billion yen ($3 billion) worth
Published 21 Apr, 2009 12:00am
Toshiba shares tumble on fund-raising reports

Toshiba shares tumble on fund-raising reports

Shares of Toshiba Corp tumbled 6 percent on Monday after media reports that it would raise $5 billion in capital to shore up a balance sheet battered by steep losses in the chip market. The fund-raising will include some 300 billion yen ($3 billion) worth
Published 21 Apr, 2009 12:00am
Stimulus plans beginning to work: OECD's Gurria

Stimulus plans beginning to work: OECD's Gurria

Stimulus packages are starting to show results, clearly in China and tentatively in the United States, but governments need to be prepared to do more, the head of the Organisation for Economic Co-operation and Development (OECD) said on Monday.
Published 21 Apr, 2009 12:00am
Arcandor bets on move downmarket in shake-up

Arcandor bets on move downmarket in shake-up

Debt-laden German retailer Arcandor called for a further 900 million euros ($1.2 billion) to fund a five-year turnaround plan that will see it move downmarket and hive off loss-making businesses. The group, which is haemorrhaging money but remains determi
Published 21 Apr, 2009 12:00am
Package of incentives for Gwadar EPZ blocked by Cabinet

Package of incentives for Gwadar EPZ blocked by Cabinet

The Federal Cabinet has reportedly blocked a package of incentives for Gwadar Export Processing Zone (EPZ), secretly prepared by the Industries Ministry to "facilitate" one private entity, well-informed sources told Business Recorder on Monday.
Published 21 Apr, 2009 12:00am
Kuwait jails Australian mother for insulting emir

Kuwait jails Australian mother for insulting emir

Kuwait's criminal court sentenced an Australian mother of Arab origin to two years in jail on Monday for allegedly insulting the emir, her lawyer said. "I will appeal the verdict tomorrow," lawyer Falah al-Hajraf told AFP. "My client has denied the charge
Published 21 Apr, 2009 12:00am
Package of incentives for Gwadar EPZ blocked by Cabinet

Package of incentives for Gwadar EPZ blocked by Cabinet

The Federal Cabinet has reportedly blocked a package of incentives for Gwadar Export Processing Zone (EPZ), secretly prepared by the Industries Ministry to "facilitate" one private entity, well-informed sources told Business Recorder on Monday.
Published 21 Apr, 2009 12:00am
China's new English-language paper hits newsstands

China's new English-language paper hits newsstands

A new English-language paper published by China's Communist Party hit newsstands on Monday - part of Beijing's efforts to raise its profile on the global stage and find an international audience for the party line. The inaugural English edition of the Glo
Published 21 Apr, 2009 12:00am
Broadening tax net: WHT statements to be used as major source

Broadening tax net: WHT statements to be used as major source

The withholding tax statements would be used as a major source of broadening the tax base to allocate National Tax Numbers (NTNs) to un-registered persons from whom tax was being deducted by withholding agents.
Published 21 Apr, 2009 12:00am
South Sudan clashes leave more than 170 dead

South Sudan clashes leave more than 170 dead

Clashes between rival ethnic groups in south Sudan have left more than 170 people dead, a district official said on Monday. Armed fighters from the Murle ethnic group in remote Akobo county in eastern Jonglei state attacked Lou Nuer villages over the week
Published 21 Apr, 2009 12:00am
Broadening tax net: WHT statements to be used as major source

Broadening tax net: WHT statements to be used as major source

The withholding tax statements would be used as a major source of broadening the tax base to allocate National Tax Numbers (NTNs) to un-registered persons from whom tax was being deducted by withholding agents.
Published 21 Apr, 2009 12:00am
Libya to seek extradition of Lockerbie bomber

Libya to seek extradition of Lockerbie bomber

Libya plans to seek the extradition of Lockerbie bomber Abdelbaset Ali Mohmet al-Megrahi who is serving a life term in Scotland and suffering from terminal cancer, a source close to the case told AFP on Monday. "Libya and Britain are due to exchange ratif
Published 21 Apr, 2009 12:00am
Broadening tax net: WHT statements to be used as major source

Broadening tax net: WHT statements to be used as major source

The withholding tax statements would be used as a major source of broadening the tax base to allocate National Tax Numbers (NTNs) to un-registered persons from whom tax was being deducted by withholding agents.
Published 21 Apr, 2009 12:00am
Doctor charged in patient deaths to stand trial

Doctor charged in patient deaths to stand trial

An American doctor charged with manslaughter in the deaths of three patients at a rural Australian hospital was ordered Monday to stand trial. A Brisbane Magistrates Court judge ruled there was enough evidence to send Jayant Patel to trial on three counts
Published 21 Apr, 2009 12:00am
Tax revenues likely to fall short of target

Tax revenues likely to fall short of target

The State Bank of Pakistan on Monday said that tax revenues are likely to fall short of the stipulated target and weakening of domestic and global environment can also increase the stress on Pakistan's banking system. Identifying the risks and challenges,
Published 21 Apr, 2009 12:00am
New Zealand wants exit plan for commandos in Afghanistan

New Zealand wants exit plan for commandos in Afghanistan

New Zealand's prime minister said Monday that he wants an exit strategy before sending the country's elite Special Air Service combat troops back to Afghanistan as the US has requested. Prime Minister John Key said that sending the commandos for a fourth
Published 21 Apr, 2009 12:00am
Tax revenues likely to fall short of target

Tax revenues likely to fall short of target

The State Bank of Pakistan on Monday said that tax revenues are likely to fall short of the stipulated target and weakening of domestic and global environment can also increase the stress on Pakistan''''s banking system. Identifying the risks and challeng
Published 21 Apr, 2009 12:00am
Israel says economic crisis may curb Iran's nuclear drive

Israel says economic crisis may curb Iran's nuclear drive

The head of Israel's military intelligence said on Monday that the economic crisis could curb the nuclear ambitions of arch-foe Iran. "The worsening economic crisis, high inflation, rising unemployment and a drop in oil prices could put the brakes on Iran
Published 21 Apr, 2009 12:00am
Tax revenues likely to fall short of target

Tax revenues likely to fall short of target

The State Bank of Pakistan on Monday said that tax revenues are likely to fall short of the stipulated target and weakening of domestic and global environment can also increase the stress on Pakistan''s banking system. Identifying the risks and challenges
Published 21 Apr, 2009 12:00am
Bangladesh Prime Minister to seek more Saudi jobs for expatriates

Bangladesh Prime Minister to seek more Saudi jobs for expatriates

Bangladeshi Prime Minister Sheikh Hasina leaves for Saudi Arabia on Monday to push for more jobs for Bangladeshi expatriate workers in the oil-rich country, foreign ministry officials said. Bangladesh, one of the world's poorest countries, depends heavily
Published 21 Apr, 2009 12:00am
Tax revenues likely to fall short of target

Tax revenues likely to fall short of target

The State Bank of Pakistan on Monday said that tax revenues are likely to fall short of the stipulated target and weakening of domestic and global environment can also increase the stress on Pakistan's banking system. Identifying the risks and challenges,
Published 21 Apr, 2009 12:00am
Iranian judiciary vows 'fair' appeal for reporter

Iranian judiciary vows 'fair' appeal for reporter

The lawyer of an Iranian-American journalist jailed in Iran for espionage said on Monday he would appeal the eight-year sentence next week and the judiciary chief ordered a "quick and fair" handling of the case. US-born freelance reporter Roxana Saberi wa
Published 21 Apr, 2009 12:00am
Pakistan to seek increase in IMF package by $4.5 billion

Pakistan to seek increase in IMF package by $4.5 billion

Pakistan is making a formal request to the IMF for enhancing its Stand-By Arrangement by $4.5 billion from earlier $7.6 billion approved in November 2008. Prime Minister's Advisor on Finance Shaukat Tarin left for UK and then onward to Washington for spri
Published 21 Apr, 2009 12:00am
Kenya Muslims fume at church move to convert Obama grandma

Kenya Muslims fume at church move to convert Obama grandma

A Protestant church in Kenya is trying to convert US President Barack Obama's step-grandmother to Christianity against her will, a Muslim group said Monday, condemning the move as provocation. The Seventh Day Adventist church in the western town of Kisumu
Published 21 Apr, 2009 12:00am
Pakistan to seek increase in IMF package by $4.5 billion

Pakistan to seek increase in IMF package by $4.5 billion

Pakistan is making a formal request to the IMF for enhancing its Stand-By Arrangement by $4.5 billion from earlier $7.6 billion approved in November 2008. Prime Minister's Advisor on Finance Shaukat Tarin left for UK and then onward to Washington for spri
Published 21 Apr, 2009 12:00am
'Senior citizens flocking to the Internet'

'Senior citizens flocking to the Internet'

Young people largely drove the early stages of Internet growth but in recent years the sharpest rise in Web use in developed nations has been amongst people aged 70 and over, experts said Monday. "Older adults are the fastest growing demographic on the In
Published 21 Apr, 2009 12:00am
Pakistan to seek increase in IMF package by $4.5 billion

Pakistan to seek increase in IMF package by $4.5 billion

Pakistan is making a formal request to the IMF for enhancing its Stand-By Arrangement by $4.5 billion from earlier $7.6 billion approved in November 2008. Prime Minister''s Advisor on Finance Shaukat Tarin left for UK and then onward to Washington for spr
Published 21 Apr, 2009 12:00am
Russia to send more warplanes to Kyrgyzstan

Russia to send more warplanes to Kyrgyzstan

Moscow will increase the number of warplanes it has stationed in Kyrgyzstan, a Russian general said Monday, following the expulsion of a key US military base from the former Soviet republic. "The Russian leadership plans to increase the number of individu
Published 21 Apr, 2009 12:00am
SNGPL seeks cut in gas tariff

SNGPL seeks cut in gas tariff

Sui Northern Gas Pipeline Limited (SNGPL) has sought reduction in gas tariff by 8.75 percent (Rs 22 per mmbtu) in line with the reduction in oil price in international market, effective from July 1, 2009. The sources revealed to the Business Recorder <
Published 21 Apr, 2009 12:00am
12 killed in violence in India's Assam state

12 killed in violence in India's Assam state

At least 12 people including five separatist rebels and an equal number of government troops were killed in separate clashes in India's north-eastern state of Assam on Monday, news reports said. Heavily armed tribal separatists from the banned Dima Haolam
Published 21 Apr, 2009 12:00am
SNGPL seeks cut in gas tariff

SNGPL seeks cut in gas tariff

Sui Northern Gas Pipeline Limited (SNGPL) has sought reduction in gas tariff by 8.75 percent (Rs 22 per mmbtu) in line with the reduction in oil price in international market, effective from July 1, 2009. The sources revealed to the Business Recorder <
Published 21 Apr, 2009 12:00am
China economy to grow 8.3 percent this year

China economy to grow 8.3 percent this year

China's economy will grow by 8.3 percent this year, slightly faster than the government's target of 8 percent, despite uncertainties about export demand, the government's top think-tank said on Monday. The forecast by the (CASS) is significantly more opti
Published 21 Apr, 2009 12:00am
Sound gains on KSE

Sound gains on KSE

The investors' expectations over cut in interest rate by the central bank and healthy corporate results, invited fresh buying at the share market and the benchmark KSE-100 index surged by 107.53 points to close at 7,902.48 points level on Monday. The mark
Published 21 Apr, 2009 12:00am
New Zealand services sector picks up in March, still weak

New Zealand services sector picks up in March, still weak

Activity in New Zealand's services sector rose for the second month in a row in March, but was still contracting amid a deep-rooted recession, a survey showed on Monday. The Bank of New Zealand-Business NZ's performance of services index (PSI) rose 0.8 po
Published 21 Apr, 2009 12:00am
SNGPL seeks cut in gas tariff

SNGPL seeks cut in gas tariff

Sui Northern Gas Pipeline Limited (SNGPL) has sought reduction in gas tariff by 8.75 percent (Rs 22 per mmbtu) in line with the reduction in oil price in international market, effective from July 1, 2009. The sources revealed to the Business Recorder <
Published 21 Apr, 2009 12:00am
United States may convert bank bailout to equity share: NYT

United States may convert bank bailout to equity share: NYT

Obama administration officials have determined they can avoid asking Congress for more bank bailout funds by converting existing loans to the largest US banks into common stock, The New York Times reported on Sunday.
Published 21 Apr, 2009 12:00am
BRIndex30 gains 213.51 points

BRIndex30 gains 213.51 points

On Monday, the BRIndex30 opened in the positive zone, at 7,508.60, with an upward gap of 74.58 points, and remained there for whole of the trading time. It closed at 7,647.53, with a net positive change of 213.51 points, and percentage change of 2.87. It
Published 21 Apr, 2009 12:00am
Bank Muscat second quarter profit to fall as crisis hits

Bank Muscat second quarter profit to fall as crisis hits

Bank Muscat will post a fall in second-quarter profit as it adopts a cautious approach to new lending and holds back expansion, its chairman said, adding that Gulf banks had yet to see the worst of the crisis. Bank Muscat, Oman's biggest lender, reported
Published 21 Apr, 2009 12:00am
BRIndex30 gains 213.51 points

BRIndex30 gains 213.51 points

On Monday, the BRIndex30 opened in the positive zone, at 7,508.60, with an upward gap of 74.58 points, and remained there for whole of the trading time. It closed at 7,647.53, with a net positive change of 213.51 points, and percentage change of 2.87. It
Published 21 Apr, 2009 12:00am
Bank Muscat second quarter profit to fall as crisis hits

Bank Muscat second quarter profit to fall as crisis hits

Bank Muscat will post a fall in second-quarter profit as it adopts a cautious approach to new lending and holds back expansion, its chairman said, adding that Gulf banks had yet to see the worst of the crisis. Bank Muscat, Oman's biggest lender, reported
Published 21 Apr, 2009 12:00am
Sound gains on KSE

Sound gains on KSE

The investors'' expectations over cut in interest rate by the central bank and healthy corporate results, invited fresh buying at the share market and the benchmark KSE-100 index surged by 107.53 points to close at 7,902.48 points level on Monday. The mar
Published 21 Apr, 2009 12:00am
Fitch cuts Philippine 2009 growth estimate to 0.5 percent

Fitch cuts Philippine 2009 growth estimate to 0.5 percent

Fitch Ratings has cut its economic growth forecast for the Philippines to just 0.5 percent this year from a January forecast of 2.5 percent, reflecting shrinking consumption on the back of falling remittances and rising unemployment. Manila's budget defic
Published 21 Apr, 2009 12:00am
Sound gains on KSE

Sound gains on KSE

The investors' expectations over cut in interest rate by the central bank and healthy corporate results, invited fresh buying at the share market and the benchmark KSE-100 index surged by 107.53 points to close at 7,902.48 points level on Monday. The mark
Published 21 Apr, 2009 12:00am
Worst of British recession is over: CBI

Worst of British recession is over: CBI

Britain has been through the worst of the recession and will return to modest growth in the second half of 2010, an influential business group said in its latest economic forecast on Monday. The Confederation of British Industry (CBI) said the recession w
Published 21 Apr, 2009 12:00am
LSE up by 33.5 points

LSE up by 33.5 points

Lahore Stock Exchange (LSE) on Monday remained dominated by bullish sentiment and the equities registered appreciated values across the board amid fresh buying in response to reduction in the mark-up rate by 100-base points. The LSE-25 index recorded a ga
Published 21 Apr, 2009 12:00am
Palm oil supply squeezes may trigger rush to buy

Palm oil supply squeezes may trigger rush to buy

Stung by the twin woes of erratic weather and aggressive replanting, palm oil traders are bracing for a supply squeeze in the months ahead, spurring importers to stock up ahead of an anticipated rise in demand. This is already reflected in Malaysian price
Published 21 Apr, 2009 12:00am
LSE up by 33.5 points

LSE up by 33.5 points

Lahore Stock Exchange (LSE) on Monday remained dominated by bullish sentiment and the equities registered appreciated values across the board amid fresh buying in response to reduction in the mark-up rate by 100-base points. The LSE-25 index recorded a ga
Published 21 Apr, 2009 12:00am
Hong Kong January-March unemployment seen at 5.4 percent

Hong Kong January-March unemployment seen at 5.4 percent

Hong Kong's jobless rate probably jumped to 5.4 percent in January-March, its highest level since late 2005 as lay-offs accelerated amid a deepening economic recession, a Reuters survey showed on Friday. Rising unemployment, which in December-February sto
Published 21 Apr, 2009 12:00am
Subcontractors in Germany warn 100,000 jobs may go

Subcontractors in Germany warn 100,000 jobs may go

Subcontractors and parts suppliers in Germany warned Monday that they might have to shed as many as 100,000 of their collective workforce if the recession persists.The sector, which supplies parts to bigger industry, currently employs about 1 million peop
Published 21 Apr, 2009 12:00am
Slight rebound in US capital spending plans: survey

Slight rebound in US capital spending plans: survey

Capital spending by US firms was showing tentative signs of improvement and the pace of layoffs slowing a bit, an industry survey showed on Monday, further evidence the 16-month old recession was abating. The National Association for Business Economics' q
Published 21 Apr, 2009 12:00am
Equities show plus signs on ISE

Equities show plus signs on ISE

Bulls commanded the proceedings at the Islamabad Stock Exchange (ISE) where equities showed plus signs under the lead of trend-setters amid increase in index. ISE Ten Index showed an increase of 44.23 points, as the ISE Ten Index moved from 1,750.61 to 1,
Published 21 Apr, 2009 12:00am
Manila may go back to foreign debt market in late 2009

Manila may go back to foreign debt market in late 2009

The Philippines may consider going back to the overseas debt market later this year when it has a clearer grasp of the country's fiscal position, a senior government official said on Monday. The Southeast Asian country, which relies heavily on local and f
Published 21 Apr, 2009 12:00am
Equities show plus signs on ISE

Equities show plus signs on ISE

Bulls commanded the proceedings at the Islamabad Stock Exchange (ISE) where equities showed plus signs under the lead of trend-setters amid increase in index. ISE Ten Index showed an increase of 44.23 points, as the ISE Ten Index moved from 1,750.61 to 1,
Published 21 Apr, 2009 12:00am
European refining margins stronger, lag US, Asia

European refining margins stronger, lag US, Asia

Profit levels at oil refiners in Europe rose over the past week on a jump in product prices as North Sea crude held in a tight trading range, but lagged stronger US and Asian margins, Reuters data showed on Monday. Complex refiners in Northwest Europe pos
Published 21 Apr, 2009 12:00am
Hedge funds industry may reach $2.6 trillion by 2013

Hedge funds industry may reach $2.6 trillion by 2013

Assets under management in the hedge funds industry will hit a nadir of $1 trillion by the end of the second quarter before rebounding to $2.6 trillion by 2013, a report predicted on Monday. An industry study by The Bank of New York Mellon and research fi
Published 21 Apr, 2009 12:00am
US recession seen likely to go through summer

US recession seen likely to go through summer

A key gauge of future economic activity fell for the third month in a row in March, showing the recession may persist through the summer, a nonprofit research group said on Monday. The Conference Board's Leading Economic Index declined 0.3 percent last mo
Published 21 Apr, 2009 12:00am
Russia's RTS to launch rouble-based share trade

Russia's RTS to launch rouble-based share trade

Russia's RTS share market, whose dollar-denominated trading platform was once Russia's most liquid, will launch a new rouble-based platform this week to win over broker volumes, RTS officials said on Monday. The new system, RTS Standard, will offer rouble
Published 21 Apr, 2009 12:00am
US sues Madoff feeder funds for $255 million

US sues Madoff feeder funds for $255 million

The US trustee dismantling the remnants of Bernard Madoff's empire is suing two of the disgraced Wall Street financier's feeder funds for the return 255 million dollars. Irving Picard, the government appointed liquidator, filed a complaint with the US Ban
Published 21 Apr, 2009 12:00am
Russia fund loses guaranteed-return suit

Russia fund loses guaranteed-return suit

A Russian court ordered PioGlobal Asset Management to pay a domestic pension fund the returns it had guaranteed, despite a 77 percent fall in the stock market last year, Kommersant reported on Monday. The business daily said PioGlobal said the market coll
Published 21 Apr, 2009 12:00am
US sues Madoff feeder funds for $255 million

US sues Madoff feeder funds for $255 million

The US trustee dismantling the remnants of Bernard Madoff's empire is suing two of the disgraced Wall Street financier's feeder funds for the return 255 million dollars. Irving Picard, the government appointed liquidator, filed a complaint with the US Ban
Published 21 Apr, 2009 12:00am
Malaysia starts 'double dip' shipping service for Pakistan

Malaysia starts 'double dip' shipping service for Pakistan

Malaysia has commenced its upgraded Halal Express Service (HES) for Pakistan with the maiden call of a large vessel at Pakistan International Container Terminal (PICT) on Monday. 'The volume of bilateral trade between Pakistan and Malaysia was recorded at
Published 21 Apr, 2009 12:00am
European banks step up disposals, BofA bad loans jump

European banks step up disposals, BofA bad loans jump

Two European banks on Monday stepped up efforts to reduce their reliance on state funding, but Bank of America showed that the sector's troubles continue by reporting a big increase in bad loans. Switzerland's UBS AG agreed to sell its Brazilian business
Published 21 Apr, 2009 12:00am
Iran's president triggers EU walkout of racism conference

Iran's president triggers EU walkout of racism conference

European Union delegates walked out of a major United Nations anti-racism conference on Monday after Iran's President Mahmoud Ahmadinejad launched a verbal onslaught against "cruel" Israel. The meeting which had already been boycotted by several Western c
Published 21 Apr, 2009 12:00am
Oracle buys Sun for $7.4 billion in big technology deal

Oracle buys Sun for $7.4 billion in big technology deal

Business software giant Oracle announced plans Monday to buy struggling tech firm Sun Microsystems for 7.4 billion dollars including debt and cash. The deal comes after Sun reportedly rejected a take-over bid from computer giant IBM. It will boost Oracle,
Published 21 Apr, 2009 12:00am
Hedge funds industry may reach $2.6 trillion by 2013

Hedge funds industry may reach $2.6 trillion by 2013

Assets under management in the hedge funds industry will hit a nadir of $1 trillion by the end of the second quarter before rebounding to $2.6 trillion by 2013, a report predicted on Monday. An industry study by The Bank of New York Mellon and research fi
Published 21 Apr, 2009 12:00am
Russia and Airbus sign $4 billion titanium deal

Russia and Airbus sign $4 billion titanium deal

Russia on Monday signed a contract worth four billion dollars with Airbus to supply the European aircraft manufacturer with titanium for its planes over the next decade. The agreement, hailed as a landmark deal between a European company and Russia, was s
Published 21 Apr, 2009 12:00am
G8 takes first step against food price speculation

G8 takes first step against food price speculation

The Group of Eight rich nations took a first step on Monday towards combatting price speculation that has helped pushed up the cost of basic foods, sparking riots in poor countries. The G8 agriculture ministers called for a study into setting up a global
Published 21 Apr, 2009 12:00am
German recession deepened in first quarter

German recession deepened in first quarter

The German economy fell deeper into recession in the first quarter of 2009, the Bundesbank said on Monday, further fuelling expectations of a record contraction in gross domestic product (GDP) to start the year. In the fourth quarter of 2008, the German e
Published 21 Apr, 2009 12:00am
G8 takes first step against food price speculation

G8 takes first step against food price speculation

The Group of Eight rich nations took a first step on Monday towards combatting price speculation that has helped pushed up the cost of basic foods, sparking riots in poor countries. The G8 agriculture ministers called for a study into setting up a global
Published 21 Apr, 2009 12:00am
German recession deepened in first quarter

German recession deepened in first quarter

The German economy fell deeper into recession in the first quarter of 2009, the Bundesbank said on Monday, further fuelling expectations of a record contraction in gross domestic product (GDP) to start the year. In the fourth quarter of 2008, the German e
Published 21 Apr, 2009 12:00am
G8 takes first step against food price speculation

G8 takes first step against food price speculation

The Group of Eight rich nations took a first step on Monday towards combatting price speculation that has helped pushed up the cost of basic foods, sparking riots in poor countries. The G8 agriculture ministers called for a study into setting up a global
Published 21 Apr, 2009 12:00am
Russian recession in full swing as jobless soars

Russian recession in full swing as jobless soars

Some 1.8 million Russians lost their jobs in the first three months of 2009, taking the jobless rate to an 8 year-high, data showed on Monday in a sign that it may be too soon to talk about the bottoming of the crisis. Officials had been saying that the w
Published 21 Apr, 2009 12:00am
Kuwait Energy makes new oil finds in Egypt

Kuwait Energy makes new oil finds in Egypt

New oilfields in Egypt will help independent oil firm Kuwait Energy Co (KEC) to boost their production capacity to 15,000 barrels of oil equivalent per day (boepd) this year, a senior commpany official said on Monday. KEC, a small oil and gas exploration
Published 21 Apr, 2009 12:00am
EU launches anti-trust probe of airlines

EU launches anti-trust probe of airlines

The European Commission launched Monday a probe into pacts between some airlines in two major alliances on suspicion the deals might constitute restrictive business practices on transatlantic routes. One inquiry concerns existing and planned co-operation
Published 21 Apr, 2009 12:00am
AG to audit Sindh local government accounts

AG to audit Sindh local government accounts

The Sindh government has been asked to stop the ongoing audit of local government administration immediately, it is reliably learnt. According to sources, the Auditor General of Pakistan had recently written a letter to the Finance Department directing it
Published 21 Apr, 2009 12:00am
General Motors to cut 1,600 US salaried positions

General Motors to cut 1,600 US salaried positions

General Motors Corp is cutting about 1,600 salaried jobs in the United States this week as it rushes to meet a June 1 deadline to restructure under US government oversight, the automaker said on Monday. The reductions are part of GM's plan to slash its gl
Published 21 Apr, 2009 12:00am
General Motors to cut 1,600 US salaried positions

General Motors to cut 1,600 US salaried positions

General Motors Corp is cutting about 1,600 salaried jobs in the United States this week as it rushes to meet a June 1 deadline to restructure under US government oversight, the automaker said on Monday. The reductions are part of GM's plan to slash its gl
Published 21 Apr, 2009 12:00am
China brings hope, threat to global Carmakers

China brings hope, threat to global Carmakers

Top automakers projected sales growth of up to 10 percent this year in China, but this lone bright spot among major car markets is also producing ambitious potential rivals to the industry's main players. At the Shanghai Auto Show, the Chinese industry's
Published 21 Apr, 2009 12:00am
World Wide Web conference opens, 20 years after its invention

World Wide Web conference opens, 20 years after its invention

A global conference on the World Wide Web got under way in Spain Monday, 20 years after the invention of the global information medium that has changed the daily lives of people around the world. British software genius Tim Berners-Lee, one of the founder
Published 21 Apr, 2009 12:00am
India launches spy satellite

India launches spy satellite

India put an Israeli-built spy satellite into orbit Monday, aimed at boosting its defence surveillance capabilities in the aftermath of the Mumbai militant attacks. The satellite, which can see through clouds and carry out day-and-night all-weather imagin
Published 21 Apr, 2009 12:00am
GSK buys Stiefel in $3.6 billion deal

GSK buys Stiefel in $3.6 billion deal

British pharmaceutical giant GlaxoSmithKline said Monday that it has agreed to buy US-based skincare group Stiefel Laboratories in a deal worth up to 3.6 billion dollars (2.7 billion euros). The deal for Stiefel, a maker of anti-itching creams, acne treat
Published 21 Apr, 2009 12:00am
US calls Iranian speech vile, but open to dialogue

US calls Iranian speech vile, but open to dialogue

A speech by Iranian President Mahmoud Ahmadinejad calling Israel a racist state was vile and fed racial hatred but did not preclude US-Iranian diplomatic contacts, the United States said on Monday. Ahmadinejad prompted a walkout of a number of delegations
Published 21 Apr, 2009 12:00am
China must do more for consumer product safety: EU

China must do more for consumer product safety: EU

The European Commission is not satisfied with China's record on dealing with consumer product safety, a commissioner said Monday, unveiling record high levels of dangerous goods. The comment came as the EU's executive arm released new figures on dangerous
Published 21 Apr, 2009 12:00am
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