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Nov 14, 2024 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Print - 2009-05-14
Pentagon official charged in China

Pentagon official charged in China

A Pentagon official with "top secret" security clearance has been charged with conspiracy to pass classified information to an agent of China, the US Justice Department said Wednesday. A criminal complaint said that retired air force Lieutenant Colonel Ja
Published 14 May, 2009 12:00am
UK figures show low conviction rate for terrorism suspects

UK figures show low conviction rate for terrorism suspects

The vast majority of suspects detained under British anti-terrorism legislation in the wake of the 2001 attacks in the US were neither convicted nor charged, official statistics showed Wednesday. Figures published by the Home Office showed that 56 per cen
Published 14 May, 2009 12:00am
US raises American flag over embassy in Libya for first time in 30 years

US raises American flag over embassy in Libya for first time in 30 years

The US has raised the American flag over its embassy in Libya for the first time in about 30 years. Wednesday's ceremony was the latest sign of improving US relations with the once-pariah North African nation. The embassy in Tripoli opened two years ago,
Published 14 May, 2009 12:00am
Sainsbury's profit rises 11 percent, eyes expansion

Sainsbury's profit rises 11 percent, eyes expansion

J Sainsbury Plc, Britain's third-biggest grocer, posted an 11 percent rise in annual profit and said it was pressing ahead with expansion in non-food ranges and convenience stores despite the recession. Chief Executive Justin King said on Wednesday the 14
Published 14 May, 2009 12:00am
US-born reporter obtained secret Iran report

US-born reporter obtained secret Iran report

Iran's case against US-born journalist Roxana Saberi was based on her acquiring a confidential government report on the US invasion of Iraq, one of her defence lawyers said on Wednesday. Saleh Nikbakht gave details about the charges against Saberi two day
Published 14 May, 2009 12:00am
Sainsbury's profit rises 11 percent, eyes expansion

Sainsbury's profit rises 11 percent, eyes expansion

J Sainsbury Plc, Britain's third-biggest grocer, posted an 11 percent rise in annual profit and said it was pressing ahead with expansion in non-food ranges and convenience stores despite the recession. Chief Executive Justin King said on Wednesday the 14
Published 14 May, 2009 12:00am
Telefonica with solid first quarter results

Telefonica with solid first quarter results

Telefonica beat market expectations with a 9.8 percent rise in first-quarter net profit, as strong Latin American business helped offset Spanish weakness and allowed it to stick to full-year forecasts. Results at Europe's largest telecoms company by marke
Published 14 May, 2009 12:00am
South Korea to continue stimulus spending: minister

South Korea to continue stimulus spending: minister

South Korea's government will continue its stimulus spending until the export-dominated economy recovers fully from the global downturn, Finance Minister Yoon Jeung-Hyun said Wednesday. "We should wait to see further if the (local) economy has really bott
Published 14 May, 2009 12:00am
Telefonica with solid first quarter results

Telefonica with solid first quarter results

Telefonica beat market expectations with a 9.8 percent rise in first-quarter net profit, as strong Latin American business helped offset Spanish weakness and allowed it to stick to full-year forecasts. Results at Europe's largest telecoms company by marke
Published 14 May, 2009 12:00am
Crisis brings Eastern Europe to growth, reform crossroads

Crisis brings Eastern Europe to growth, reform crossroads

Following two decades of unprecedented prosperity, Europe's emerging economic powers are at a crossroads that could take some on a path to further growth and cripple others. From the Baltics to the Black Sea, the 10 ex-communist states that joined the Eur
Published 14 May, 2009 12:00am
G7 to recover later this year, but a long haul

G7 to recover later this year, but a long haul

The world's richest nations will put recession behind them later this year, but when growth returns it will be sluggish, according to Reuters polls that pose a challenge to the vigorous rally in world stock markets. Surveys of more than 200 economists acr
Published 14 May, 2009 12:00am
Verizon, Frontier in $8.6 billion land line deal

Verizon, Frontier in $8.6 billion land line deal

US telecom giant Verizon announced on Wednesday it has agreed to sell its land line service in 14 US states to Frontier Communications in an all-stock deal valued at 8.6 billion dollars. Verizon said in a statement that the sale of its traditional telepho
Published 14 May, 2009 12:00am
China Eastern gets $290 million government injection: airline

China Eastern gets $290 million government injection: airline

China Eastern Airlines said Wednesday it had received a government injection of two billion yuan (290 million dollars) to overcome difficulties amid the financial crisis. The money will reduce the financial strain faced by China's third-largest carrier, L
Published 14 May, 2009 12:00am
Shoaib to miss Pakistan's T20 camp

Shoaib to miss Pakistan's T20 camp

Pakistan fast bowler Shoaib Akhtar said Wednesday he would skip the Twenty20 team's conditioning camp at a luxury holiday resort due to a skin problem. "I have skin problems in the groin... a doctor advised me a week's rest, so I will miss the conditionin
Published 14 May, 2009 12:00am
Pakistan steps up action on World Cup relocation

Pakistan steps up action on World Cup relocation

Pakistan is suing international cricketing bodies for moving the World Cup 2011 secretariat out of its country and into India, a lawyer said Wednesday. The move is a further escalation of Pakistan's protest against an International Cricket Council (ICC) d
Published 14 May, 2009 12:00am
Kuwait cuts discount rate to three percent

Kuwait cuts discount rate to three percent

The Central Bank of Kuwait on Wednesday cut its discount rate by 50 basis points to 3.00 percent, its second reduction in a month, the official KUNA news agency reported. The central bank said the reduction - the fifth since October - will be effective as
Published 14 May, 2009 12:00am
Switch World Cup to Australia and New Zealand: Mani

Switch World Cup to Australia and New Zealand: Mani

The 2011 World Cup should be switched to Australia and New Zealand because of the security situation and political instability in the Asian sub-continent, former ICC president Ehsan Mani said on Wednesday. "I would say the sensible thing to do would be to
Published 14 May, 2009 12:00am
India seeks Davis Cup punishment for Australia

India seeks Davis Cup punishment for Australia

India's tennis chiefs said on Wednesday they were confident Australia would be suitably punished for forfeiting the Davis Cup tie in Chennai for security reasons. The International Tennis Federation's (ITF) Davis Cup committee is due to decide on May 22 t
Published 14 May, 2009 12:00am
Kloeden underwent blood doping in 2006

Kloeden underwent blood doping in 2006

Former Tour de France runner-up Andreas Kloeden underwent an illegal blood transfusion during the 2006 race while riding for the T-Mobile team, an independent commission from the University of Freiburg ruled on Wednesday. The commission's report also stat
Published 14 May, 2009 12:00am
Djokovic calls in the repairmen on the way to clay win

Djokovic calls in the repairmen on the way to clay win

Aggravated Novak Djokovic demanded - and received - hasty repairs to a new clay showcase court at Madrid Masters Wednesday on the way to an opening 6-3, 6-3 victory over Oscar Hernandez. The third seed was angered as he lost his footing early in the secon
Published 14 May, 2009 12:00am
Chris Gayle pondering Test future

Chris Gayle pondering Test future

West Indies captain Chris Gayle admitted here Wednesday he was considering his own future as a Test cricketer but insisted he did not think the five-day game was dying. The opening batsman, speaking to reporters at the Riverside ahead of the second Test a
Published 14 May, 2009 12:00am
AFC President's Cup Qualifier kicks off today

AFC President's Cup Qualifier kicks off today

Pakistan Wapda will take on two-times AFC President's Cup champions Regar-TadAZ (Tajikistan) in their opening Group-A match of 5th AFC President's Cup Qualifier 2009 today (Thursday). Asian Football Confederation (AFC) allowed the all Nepal Football Assoc
Published 14 May, 2009 12:00am
Gerrard wins player of year award

Gerrard wins player of year award

Steven Gerrard's leadership of Liverpool's most sustained title challenge in years has won him the Football Writers' Association (FWA)'s player of the year award for the first time. The Reds captain saw off challenges from Manchester United's Ryan Giggs,
Published 14 May, 2009 12:00am
Four Polish cities, Kiev named for Euro 2012

Four Polish cities, Kiev named for Euro 2012

Three Ukrainian cities have yet to prove their suitability to stage matches in the 2012 European soccer championship while Kiev may also be stripped of the final, UEFA president Michel Platini said on Wednesday. Four cities in Poland were confirmed as ven
Published 14 May, 2009 12:00am
19 cricket grounds to be built in Lahore

19 cricket grounds to be built in Lahore

Pakistan Cricket Board (PCB) is going to sign a memorandum of understanding (MoU) with the Punjab Government for the development of 19 cricket grounds in Lahore as per international standard for promotion of the game at grass root level.
Published 14 May, 2009 12:00am
Ponting sees UK turning to Harmison and Vaughan

Ponting sees UK turning to Harmison and Vaughan

Ricky Ponting believes his Australia side are likely to be facing both Michael Vaughan and Steve Harmison in the upcoming Ashes series against England. Vaughan, who captained England to Ashes glory in 2005, and pace bowler Harmison, who was one of the sta
Published 14 May, 2009 12:00am
Moldova sets May 20 for presidential poll

Moldova sets May 20 for presidential poll

Parliament in Moldova, an ex-Soviet state jolted by political protests last month, said on Wednesday it would hold a presidential election on May 20. A resolution named the date one day after outgoing Communist President Vladimir Voronin was elected parli
Published 14 May, 2009 12:00am
Danish bus firm tells Muslim women to remove their veils

Danish bus firm tells Muslim women to remove their veils

Observant Muslim women in Denmark will have to remove their face veils when their travel passes are being checked, one of the country's leading transport operators Arriva said Wednesday. Danish bus companies have introduced the rule after two incidents wh
Published 14 May, 2009 12:00am
Ukraine court rules against presidential poll date

Ukraine court rules against presidential poll date

A top Ukrainian court on Wednesday struck down as unconstitutional the October date set by parliament for the next presidential election, plunging the former Soviet republic into a new bout of political uncertainty. President Viktor Yushchenko, swept to p
Published 14 May, 2009 12:00am
Cannes goes three-dimensional for film festival frenzy

Cannes goes three-dimensional for film festival frenzy

Cannes kicks off Wednesday with a 3D crowd-pleaser cartoon as a bevy of auteur directors and megastars, from Quentin Tarantino to Brad Pitt, jet in for the annual film festival frenzy. The notoriously extravagant event has toned down the glitz for this ye
Published 14 May, 2009 12:00am
Afghan peace mediators in contact with Mullah Omar

Afghan peace mediators in contact with Mullah Omar

Ex-Taliban officials now acting as intermediaries have contacted Taliban leader Mullah Mohammad Omar and other senior militants in a bid to set up peace talks with the Afghan government, a member of the team said on Wednesday. "We are not talking to junio
Published 14 May, 2009 12:00am
Sarah Palin strikes deal to publish memoir

Sarah Palin strikes deal to publish memoir

Sarah Palin, the controversial Republican vice presidential candidate in last year's election, is to write a book of memoirs, publishers HarperCollins said Wednesday. The book, due to appear in early 2010, will describe her overnight rise from obscure gov
Published 14 May, 2009 12:00am
Nigerian militants warn oil firms to evacuate staff

Nigerian militants warn oil firms to evacuate staff

Nigeria's main militant group warned oil companies in the Niger Delta to evacuate their staff following clashes with the security forces in southern Delta state on Wednesday. "All freedom fighters in the Niger Delta have been placed on alert to defend the
Published 14 May, 2009 12:00am
China arrests 1989 student protest leader: brother

China arrests 1989 student protest leader: brother

A student leader of the 1989 democracy protests in China has been arrested on fraud charges, his brother said Wednesday, as authorities brace for the 20th anniversary of the demonstrations. Zhou Yongjun was a leader of the Beijing Students' Autonomous Uni
Published 14 May, 2009 12:00am
'Overwork' kills Bangladesh jeans factory girl: NGO

'Overwork' kills Bangladesh jeans factory girl: NGO

A Bangladeshi teenager who died in a garment factory that supplies cheap jeans for export to Europe was "overworked to death," a rights group said. Fatema Akter, an 18-year-old garment worker in the port city of Chittagong, died during her shift in Decemb
Published 14 May, 2009 12:00am
Russia to charge NASA $51 million per space flight

Russia to charge NASA $51 million per space flight

Russia will charge US astronauts $51 million per return trip to the International Space Station (ISS) from 2012 and will resume selling seats to space tourists, Russian news agencies reported on Wednesday. NASA needs to use the Russian Soyuz capsule becau
Published 14 May, 2009 12:00am
Iraq's ISCI wants to mend tattered Shia alliance

Iraq's ISCI wants to mend tattered Shia alliance

One of Iraq's biggest political parties said on Wednesday it wants to revive a once powerful alliance with the prime minister's party and other Shia groups, after it lost seats to them in January local polls. A perceived rift between the religious (ISCI),
Published 14 May, 2009 12:00am
Berlusconi's migrant crackdown could boost EU vote

Berlusconi's migrant crackdown could boost EU vote

Prime Minister Silvio Berlusconi's migrant crackdown could help him in European polls by playing to a popular law-and-order agenda and shifting attention away from his nasty divorce, analysts say. Despite UN criticism, Italy last week began intercepting r
Published 14 May, 2009 12:00am
Singapore dollar and baht top gainers in Asia

Singapore dollar and baht top gainers in Asia

The Bank of Thailand stepped in the market on Wednesday to curb the baht's appreciation, traders said, while Singapore dollar's rally fuelled fears of intervention by authorities there. The two currencies were among the top gainers in Asia, but others fai
Published 14 May, 2009 12:00am
Dollar falls to four-month low

Dollar falls to four-month low

The dollar sold off on Tuesday to a four-month low as growing optimism about the global economy boosted investors' risk appetite and curbed demand for the US currency as a safe haven. Stronger-than-expected UK retail sales, housing market and industrial p
Published 14 May, 2009 12:00am
Australian dollar lifted

Australian dollar lifted

The Australian dollar climbed towards a seven-month high on Wednesday, helped by a weaker US dollar which fell out of favour as risk appetite improved and on talk the United States risked a credit rating downgrade. The Aussie was firm at $0.7683, up from
Published 14 May, 2009 12:00am
Dollar hits four-month lows

Dollar hits four-month lows

The dollar hit a four-month low against a basket of currencies and a seven-week trough versus the euro on Wednesday, facing renewed selling amid a recovery in risk appetite that has curbed safe-haven buying of dollars. Traders said the dollar also came un
Published 14 May, 2009 12:00am
Hong Kong dollar eases slightly

Hong Kong dollar eases slightly

The Hong Kong dollar eased slightly from the top of its trading band against the US dollar late on Wednesday, while interbank rates were mostly lower after massive fund injections by the city's central bank in the previous session to defend the currency p
Published 14 May, 2009 12:00am
Yuan hits fresh eight-month high

Yuan hits fresh eight-month high

The yuan reached its highest level against the dollar in eight months in the benchmark offshore non-deliverable forwards (NDFs) on Wednesday after the US currency tumbled on global markets. The yuan's rise in the NDFs also reflected renewed international
Published 14 May, 2009 12:00am
Philippines shares end 1.32 percent higher

Philippines shares end 1.32 percent higher

Philippines share prices cl0osed 1.32 percent higher on Wednesday, lifted by strong results of key listed companies in the three months to March, dealers told AFP. The composite index rose 29.69 points to 2,283.60 while the all-shares index went up to 0.7
Published 14 May, 2009 12:00am
Swiss franc rises loses appeal

Swiss franc rises loses appeal

The Swiss franc rose to a 4-month high against the dollar on Wednesday as the greenback softened across the board on the back of rising investor risk appetite. The franc remained stuck in a tight range against the euro as SNB board member Thomas Jordan re
Published 14 May, 2009 12:00am
Chinese stocks finish at nine-month high

Chinese stocks finish at nine-month high

Chinese stocks rose 1.74 percent to a nine-month closing high on Wednesday after mixed economic data for April showed brisk retail sales growth, while energy shares were strong and the market was buoyed by ample liquidity. The Shanghai Composite Index end
Published 14 May, 2009 12:00am
Nikkei climbs after drop, Olympus surges

Nikkei climbs after drop, Olympus surges

Japan's Nikkei average gained 0.5 percent on Wednesday, inching back towards a six-month closing high struck earlier in the week, with Olympus Corp soaring after it forecast a return to profit this financial year. Shares in Nissan jumped after it projecte
Published 14 May, 2009 12:00am
Thai stocks end firmer

Thai stocks end firmer

Thai share prices closed 1.50 percent higher on Wednesday as local investors bought energy shares, dealers said. The Stock Exchange of Thailand (SET) composite index gained 8.17 points to close at 552.71, while the blue chip SET-50 index rose 6.29 points
Published 14 May, 2009 12:00am
Singapore shares make slight gains

Singapore shares make slight gains

Singapore shares closed 0.33 percent higher on Wednesday on hopes of an economic rebound, dealers said. The Straits Times Index added 7.16 points to 2,185.29. Volume totalled 3.81 billion shares worth 2.32 billion Singapore dollars (1.6 billion US) and th
Published 14 May, 2009 12:00am
US Treasury prices steady to higher

US Treasury prices steady to higher

US Treasury debt prices held firm on Tuesday, maintaining the previous day's strong gains as the market settled into a two-week break from this year's heavy schedule of bond auctions. The $2 trillion worth of Treasury debt issuance expected this year to p
Published 14 May, 2009 12:00am
Nepra allows up to 86 paisa raise in tariffs

Nepra allows up to 86 paisa raise in tariffs

The National Electric Power Regulatory Authority (Nepra) has allowed the power distribution companies (discos) to raise tariff up to 86 paisa per unit across the board except those life line consumers using only 50 units in a month. Pakistan's negotiators
Published 14 May, 2009 12:00am
US Treasury prices steady to higher

US Treasury prices steady to higher

US Treasury debt prices held firm on Tuesday, maintaining the previous day's strong gains as the market settled into a two-week break from this year's heavy schedule of bond auctions. The $2 trillion worth of Treasury debt issuance expected this year to p
Published 14 May, 2009 12:00am
Nepra allows up to 86 paisa raise in tariffs

Nepra allows up to 86 paisa raise in tariffs

The National Electric Power Regulatory Authority (Nepra) has allowed the power distribution companies (discos) to raise tariff up to 86 paisa per unit across the board except those life line consumers using only 50 units in a month. Pakistan's negotiators
Published 14 May, 2009 12:00am
South Korean bonds fall

South Korean bonds fall

South Korean government bond prices fell on Wednesday, reversing Tuesday's strong rally, with investors discouraged by stable jobs market data and firmer shares. "The jobs market did not deteriorate further as feared, although the figures are still dismal
Published 14 May, 2009 12:00am
Nepra allows up to 86 paisa raise in tariffs

Nepra allows up to 86 paisa raise in tariffs

The National Electric Power Regulatory Authority (Nepra) has allowed the power distribution companies (discos) to raise tariff up to 86 paisa per unit across the board except those life line consumers using only 50 units in a month. Pakistan''s negotiator
Published 14 May, 2009 12:00am
South Korean bonds fall

South Korean bonds fall

South Korean government bond prices fell on Wednesday, reversing Tuesday's strong rally, with investors discouraged by stable jobs market data and firmer shares. "The jobs market did not deteriorate further as feared, although the figures are still dismal
Published 14 May, 2009 12:00am
War on terror: UK pledges closer support for Pakistan

War on terror: UK pledges closer support for Pakistan

Britain on Wednesday promised closer co-operation with Pakistan on counter-terrorism and economic development to help fight Taliban militants. After talks in London, President Asif Ali Zardari and British Prime Minister Gordon Brown fleshed out plans for
Published 14 May, 2009 12:00am
Pfizer and Coke lift Dow, but Nasdaq off

Pfizer and Coke lift Dow, but Nasdaq off

The Dow rose on Tuesday as investors scooped up defensive shares, including Pfizer, while energy companies' stocks climbed as oil hit a six-month high. But the S&P was little changed and the Nasdaq fell as financial and technology shares declined after le
Published 14 May, 2009 12:00am
Red Cross gains access to Buner

Red Cross gains access to Buner

The International Committee of the Red Cross on Wednesday said it has entered Buner in northern Pakistan, one of the hardest hit areas in the conflict zone, for the first time since fighting broke out. "With the consent of the parties to the conflict, ICR
Published 14 May, 2009 12:00am
Taiwan stocks up

Taiwan stocks up

Taiwan stocks ended up 0.82 percent on Wednesday after marking their worst daily drop in three weeks in the previous session, as the government's new rules for Chinese investments helped fuel gains in auto and tourism shares. The main TAIEX share index cl
Published 14 May, 2009 12:00am
Red Cross gains access to Buner

Red Cross gains access to Buner

The International Committee of the Red Cross on Wednesday said it has entered Buner in northern Pakistan, one of the hardest hit areas in the conflict zone, for the first time since fighting broke out. "With the consent of the parties to the conflict, ICR
Published 14 May, 2009 12:00am
Britain's recession seen deeper but shorter

Britain's recession seen deeper but shorter

Britain's recession will be much deeper than previously expected but the worst is behind the struggling economy and an end to the downturn will come a little sooner than earlier predicted, a Reuters poll showed. Around 40 economists in the monthly poll, t
Published 14 May, 2009 12:00am
War on terror: UK pledges closer support for Pakistan

War on terror: UK pledges closer support for Pakistan

Britain on Wednesday promised closer co-operation with Pakistan on counter-terrorism and economic development to help fight Taliban militants. After talks in London, President Asif Ali Zardari and British Prime Minister Gordon Brown fleshed out plans for
Published 14 May, 2009 12:00am
Hong Kong shares decline

Hong Kong shares decline

Hong Kong share prices closed 0.55 percent lower on Wednesday, as profit taking in banking giants HSBC and China Construction Bank pulled the main index down, dealers said. The benchmark Hang Seng Index closed down 94.02 points at 17,059.62. Turnover was
Published 14 May, 2009 12:00am
World aid for IDPs sought

World aid for IDPs sought

President Asif Ali Zardari appealed for global aid on Tuesday for the hundreds of thousands of civilians displaced by the fighting against Taliban militants in Swat valley and adjoining areas. "We're appealing to the world, myself and the (UN) secretary g
Published 14 May, 2009 12:00am
IMF approves $10.5 billion credit line for Colombia

IMF approves $10.5 billion credit line for Colombia

The International Monetary Fund's executive board said on Monday it approved a $10.5 billion flexible credit line for Colombia as the Andean country seeks to fend off the global financial crisis. The IMF said the Colombian government would take the one-ye
Published 14 May, 2009 12:00am
World aid for IDPs sought

World aid for IDPs sought

President Asif Ali Zardari appealed for global aid on Tuesday for the hundreds of thousands of civilians displaced by the fighting against Taliban militants in Swat valley and adjoining areas. "We're appealing to the world, myself and the (UN) secretary g
Published 14 May, 2009 12:00am
Writedowns weigh as ING, Allianz, Generali cut risk

Writedowns weigh as ING, Allianz, Generali cut risk

Writedowns and slumping investment income played havoc with first-quarter earnings at three of Europe's top insurers grappling with volatile equity markets, sending their shares down sharply. Dutch group ING said on Wednesday that sharply weaker insurance
Published 14 May, 2009 12:00am
China reaffirms strong support for Pakistan

China reaffirms strong support for Pakistan

China has reaffirmed strong support for Pakistan's security and economic development. This was conveyed by Chinese Foreign Minister, Yang Jiechi, when Foreign Secretary Salman Bashir called on him in Beijing, said a statement issued here on Wednesday.
Published 14 May, 2009 12:00am
Egypt first quarter GDP growth 4.3 percent

Egypt first quarter GDP growth 4.3 percent

The Egyptian economy grew an annualised 4.3 percent in the third quarter of the current 2008/09 fiscal year, slower than a year earlier, Egypt's cabinet said on Wednesday. For the same quarter last year, the government reported annualised growth of 7.5 pe
Published 14 May, 2009 12:00am
Islamabad and Kabul agree to fast track transit trade pact

Islamabad and Kabul agree to fast track transit trade pact

Foreign Minister Shah Mehmood Qureshi on Wednesday said that the recently signed Transit Trade Agreement between Pakistan and Afghanistan in Washington has nothing to do with India. The Foreign Minister was talking to media and stated that Pakistan and Af
Published 14 May, 2009 12:00am
US lawmaker questions AIG plan to sell assets

US lawmaker questions AIG plan to sell assets

The government-installed head of AIG told Congress Wednesday the insurance giant is selling many of its foreign assets to repay US taxpayers, but lawmakers questioned whether the plan makes sense and demanded details. American International Group Inc Chie
Published 14 May, 2009 12:00am
Gilani offers all help to Karzai

Gilani offers all help to Karzai

Pakistan and Afghanistan on Wednesday underlined the need for improved bilateral trade and economic co-operation, saying that extremism and terrorism were threat to regional prosperity. Pakistan Prime Minister Yousaf Raza Gilani and Afghanistan President
Published 14 May, 2009 12:00am
Cash-strapped French cut down on holidays

Cash-strapped French cut down on holidays

The global downturn is forcing French families to scrap their summer holidays and those who will be frolicking on the beach plan to watch every euro they spend, according to a survey on Tuesday. About 62 percent of the French told the OpinionWay polling f
Published 14 May, 2009 12:00am
Gilani offers all help to Karzai

Gilani offers all help to Karzai

Pakistan and Afghanistan on Wednesday underlined the need for improved bilateral trade and economic co-operation, saying that extremism and terrorism were threat to regional prosperity. Pakistan Prime Minister Yousaf Raza Gilani and Afghanistan President
Published 14 May, 2009 12:00am
Spanish Prime Minister unveils new economic stimulus measures

Spanish Prime Minister unveils new economic stimulus measures

Spain will phase out property tax breaks, boost support to the car and tourism sectors and create a sustainable economy fund to fight unemployment and cut the country's dependence on construction, Prime Minister Jose Luis Rodriguez Zapatero said on Tuesda
Published 14 May, 2009 12:00am
Islamabad and Kabul agree to fast track transit trade pact

Islamabad and Kabul agree to fast track transit trade pact

Foreign Minister Shah Mehmood Qureshi on Wednesday said that the recently signed Transit Trade Agreement between Pakistan and Afghanistan in Washington has nothing to do with India. The Foreign Minister was talking to media and stated that Pakistan and Af
Published 14 May, 2009 12:00am
Japan economy has troughed but recovery seen frail

Japan economy has troughed but recovery seen frail

Economists have revised up their near-term forecasts for Japan's economy as exports and production point to signs of bottoming out and government stimulus at home and abroad take effect, a Reuters poll showed. But the recovery is expected to be fragile an
Published 14 May, 2009 12:00am
Islamabad and Kabul agree to fast track transit trade pact

Islamabad and Kabul agree to fast track transit trade pact

Foreign Minister Shah Mehmood Qureshi on Wednesday said that the recently signed Transit Trade Agreement between Pakistan and Afghanistan in Washington has nothing to do with India. The Foreign Minister was talking to media and stated that Pakistan and Af
Published 14 May, 2009 12:00am
Russia cuts interest rates for second time in month

Russia cuts interest rates for second time in month

Russia's central bank announced a half-percent cut in main interest rates on Wednesday, its second reduction in less than a month aimed at stimulating the crisis-hit economy as the ruble stabilises. The bank's board of directors decided to cut the key ref
Published 14 May, 2009 12:00am
US and EU sign deal ending beef dispute

US and EU sign deal ending beef dispute

The United States and European Union have a provisional deal to end their longstanding dispute over US hormone-treated beef, officials said Wednesday.
Published 14 May, 2009 12:00am
Low energy imports hike Canada's trade surplus

Low energy imports hike Canada's trade surplus

Substantially lower energy imports helped boost Canada's trade surplus in March to C$1.11 billion ($953 million), more than double analysts' expectations, from C$262 million in February. Statistics Canada said on Tuesday that energy imports had fallen by
Published 14 May, 2009 12:00am
US government forced banks to take loans to avoid collapse

US government forced banks to take loans to avoid collapse

Former president George W Bush''s administration essentially forced the country''s top banks to take emergency loans from the government in order to avoid a collapse of the US financial sector last October, according to documents released Wednesday.
Published 14 May, 2009 12:00am
Honda to lift Japan output to meet extra demand

Honda to lift Japan output to meet extra demand

Honda Motor Co is taking steps to raise output in Japan in preparation for a likely uptick in demand if a bill to offer consumers cash to replace old cars becomes law, its chief financial officer said on Wednesday. Japan's parliament is deliberating legis
Published 14 May, 2009 12:00am
US government forced banks to take loans to avoid collapse

US government forced banks to take loans to avoid collapse

Former president George W Bush's administration essentially forced the country's top banks to take emergency loans from the government in order to avoid a collapse of the US financial sector last October, according to documents released Wednesday.
Published 14 May, 2009 12:00am
Corporate woes rising as Asia reels from crisis: IMF

Corporate woes rising as Asia reels from crisis: IMF

The global financial crisis is taking an increasing toll on Asia's corporate sector with the region's economies now among the world's hardest hit, a senior IMF official warned Tuesday. "Corporate risks are rising and market indicators are flashing warning
Published 14 May, 2009 12:00am
US government forced banks to take loans to avoid collapse

US government forced banks to take loans to avoid collapse

Former president George W Bush's administration essentially forced the country's top banks to take emergency loans from the government in order to avoid a collapse of the US financial sector last October, according to documents released Wednesday.
Published 14 May, 2009 12:00am
US urges emerging powers to open markets

US urges emerging powers to open markets

Big emerging countries like China, India, Brazil and South Africa must do more to open their markets to secure a new global trade deal, the US trade chief said on Wednesday. US Trade Representative Ron Kirk, who took up his job in March, was speaking afte
Published 14 May, 2009 12:00am
Sohail Ahmad made FBR chief

Sohail Ahmad made FBR chief

The federal government on Wednesday appointed Sohail Ahmad, Additional Secretary Finance Division, as new Chairman, Federal Board of Revenue, (FBR) from May 18, 2009. In this connection Establishment Division has issued a notification late Wednesday night
Published 14 May, 2009 12:00am
India plans joint crude storage with Gulf suppliers

India plans joint crude storage with Gulf suppliers

India is in talks with Middle East producers to jointly set up crude oil storage facilities to secure supplies for Asia's third-largest consumer and an assured market for sellers, oil secretary R.S. Pandey said on Wednesday. The proposed plan could mirror
Published 14 May, 2009 12:00am
Sohail Ahmad made FBR chief

Sohail Ahmad made FBR chief

The federal government on Wednesday appointed Sohail Ahmad, Additional Secretary Finance Division, as new Chairman, Federal Board of Revenue, (FBR) from May 18, 2009. In this connection Establishment Division has issued a notification late Wednesday night
Published 14 May, 2009 12:00am
Germany backs 'bad bank' plan

Germany backs 'bad bank' plan

Germany approved a "bad bank" plan on Wednesday to relieve lenders of toxic assets, aiming to boost confidence in the sector and encourage lending. Banks across Germany are burdened by billions of euros in toxic assets, hindering lending and aggravating t
Published 14 May, 2009 12:00am
Sohail Ahmad made FBR chief

Sohail Ahmad made FBR chief

The federal government on Wednesday appointed Sohail Ahmad, Additional Secretary Finance Division, as new Chairman, Federal Board of Revenue, (FBR) from May 18, 2009. In this connection Establishment Division has issued a notification late Wednesday night
Published 14 May, 2009 12:00am
China's factory output slows

China's factory output slows

China's factory output growth slowed in April, providing fresh evidence a day after poor export data that recovery in the world's third-largest economy is not yet on a rock-solid footing. But retail sales surprisingly accelerated, offering encouragement t
Published 14 May, 2009 12:00am
Militant commander among 11 miscreants killed

Militant commander among 11 miscreants killed

Five beheaded bodies of the unknown persons have been found at different places around, Mingora city of Swat, while security forces have killed eleven more miscreants including an important militant commander Naseeb-ur-Rehman during the military operation
Published 14 May, 2009 12:00am
Opec says 'considerable risks' remain for oil prices

Opec says 'considerable risks' remain for oil prices

"Considerable risks remain" on the oil market, Opec warned on Wednesday as it again reduced its forecast for world crude demand. "Considerable risks remain as oil market fundamentals are far from balanced due to the persistent contraction in demand and gr
Published 14 May, 2009 12:00am
Militant commander among 11 miscreants killed

Militant commander among 11 miscreants killed

Five beheaded bodies of the unknown persons have been found at different places around, Mingora city of Swat, while security forces have killed eleven more miscreants including an important militant commander Naseeb-ur-Rehman during the military operation
Published 14 May, 2009 12:00am
French official inflation is lowest since 1957

French official inflation is lowest since 1957

French inflation fell to 0.1 percent in April, the lowest level since 1957, the statistics institute INSEE said on Wednesday, after prices rose on a monthly basis by 0.2 percent. Underlying inflation excluding seasonal products and energy prices remains h
Published 14 May, 2009 12:00am
Kayani orders troops to minimise civilian casualties

Kayani orders troops to minimise civilian casualties

The Chief of Army Staff (CoAS), General Ashfaq Parvaiz Kayani, has linked the success of military operation in Swat and other parts of Malakand Division with minimum loss of life and property of common people, and accurate targeting of miscreants.
Published 14 May, 2009 12:00am
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