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Print - 2009-05-15
Asian currencies hurt by economic worries

Asian currencies hurt by economic worries

The Indian rupee fell on Thursday after voter exit polls suggested the country could be heading for a weaker coalition government, while the Indonesian rupiah and Philippine peso suffered from profit taking after their recent rallies.
Published 15 May, 2009 12:00am
Dollar rises

Dollar rises

The dollar rallied broadly on Wednesday as an unexpected decline in April's US retail sales raised concerns about the state of the country's economy and rekindled demand for the greenback as a safe haven. The report, which showed sales at US retailers sli
Published 15 May, 2009 12:00am
Yen and dollar near week's peaks

Yen and dollar near week's peaks

The yen and dollar held near some of their strongest levels this week on Thursday after bleak US retail sales data rekindled worries about the economy, prompting investors to reduce bets on riskier assets. Wednesday's data showed sales at US retailers fel
Published 15 May, 2009 12:00am
Swiss franc down

Swiss franc down

The Swiss franc slipped against the dollar Thursday as concerns over weak equities markets weighed on trading, although analysts said SNB threats of intervention to weaken the franc had lost their bite. The franc fell 0.18 percent against the dollar compa
Published 15 May, 2009 12:00am
Yuan ends lower

Yuan ends lower

The yuan fell against the dollar on Thursday, propelled by a rise of the US currency on global markets as investors cut their bets on risky assets following a drop in retail sales in the world's largest economy. Spot yuan ended at 6.8250 versus the dollar
Published 15 May, 2009 12:00am
Hong Kong dollar stays at upper limit

Hong Kong dollar stays at upper limit

The Hong Kong dollar held at the top of its trading band against the US dollar for most of Thursday, prompting the Hong Kong Monetary Authority (HKMA) to step in and sell HK$3.875 billion ($500 million) for US dollars to prevent the local currency from st
Published 15 May, 2009 12:00am
Taiwan dollar at near one-week low

Taiwan dollar at near one-week low

The Taiwan dollar weakened on Thursday as local stocks fell on weak US retail data, but exporter purchases for the local currency helped temper the fall. The Taiwan dollar closed at T$32.955 to the US dollar, its weakest finish since May 8 and softening f
Published 15 May, 2009 12:00am
Nikkei hits two-week low; exporters sag on yen

Nikkei hits two-week low; exporters sag on yen

Japan's Nikkei average lost 2.6 percent on Thursday to hit a two-week closing low as exporters slid on a firmer yen and renewed concerns about the US economy, while Nikon Corp tumbled after it forecast its first annual operating loss in 11 years. Panasoni
Published 15 May, 2009 12:00am
Malaysian shares drop

Malaysian shares drop

Malaysian shares closed down 1.06 percent on Thursday in line with declines on Wall Street and regional markets, dealers said. The Kuala Lumpur Composite Index lost 10.85 points to 1,011.99, with gainers outpacing losers 557 to 142. Among decliners, Genti
Published 15 May, 2009 12:00am
Philippines shares fall

Philippines shares fall

Philippines share prices closed 0.84 percent lower on Thursday due to a technical correction, dealers said. The composite index fell 19.37 points to 2,264.23 while the all-shares index was down 0.38 percent at 1,454.58. There were 73 losers, 26 gainers an
Published 15 May, 2009 12:00am
Closing of sterling rates

Closing of sterling rates

Closing of sterling rates at 1730 GMT - on Thursday (May 14, 2009).

Published 15 May, 2009 12:00am
Singapore shares decline

Singapore shares decline

Singapore shares fell 2.89 percent on Thursday after Wall Street's overnight tumble, dealers said. The blue chip Straits Times Index closed 63.18 points lower at 2,122.11 on volume of 2.30 billion shares worth 1.65 billion Singapore dollars (1.13 billion
Published 15 May, 2009 12:00am
US Senate panel backs $91.3 billion war funding bill

US Senate panel backs $91.3 billion war funding bill

The US Senate Appropriations Committee on Thursday approved a $91.3 billion measure to fund the wars in Iraq and Afghanistan through September 30 and to provide emergency aid to the struggling Pakistan government. Despite concerns, the panel included $80
Published 15 May, 2009 12:00am
Seoul shares hit two-week closing low

Seoul shares hit two-week closing low

Seoul shares ended lower on Thursday led by key exporters and banks after gloomy US data, but issues added to the MSCI Korea Standard Index, including SK Broadband, outperformed. The Korea Composite Stock Price Index (KOSPI) ended down 2.37 percent to 1,3
Published 15 May, 2009 12:00am
US Senate panel backs $91.3 billion war funding bill

US Senate panel backs $91.3 billion war funding bill

The US Senate Appropriations Committee on Thursday approved a $91.3 billion measure to fund the wars in Iraq and Afghanistan through September 30 and to provide emergency aid to the struggling Pakistan government. Despite concerns, the panel included $80
Published 15 May, 2009 12:00am
US bonds boosted by retail sales data

US bonds boosted by retail sales data

US government bonds rallied on Wednesday after surprisingly weak retail sales data reminded investors of the rocky road to recovery for an economy mired in its worst recession in decades. US retail sales fell for a second straight month in April, confound
Published 15 May, 2009 12:00am
US Senate panel backs $91.3 billion war funding bill

US Senate panel backs $91.3 billion war funding bill

The US Senate Appropriations Committee on Thursday approved a $91.3 billion measure to fund the wars in Iraq and Afghanistan through September 30 and to provide emergency aid to the struggling Pakistan government. Despite concerns, the panel included $80
Published 15 May, 2009 12:00am
US bonds boosted by retail sales data

US bonds boosted by retail sales data

US government bonds rallied on Wednesday after surprisingly weak retail sales data reminded investors of the rocky road to recovery for an economy mired in its worst recession in decades. US retail sales fell for a second straight month in April, confound
Published 15 May, 2009 12:00am
Army operation against terrorists will succeed: Prime Minister

Army operation against terrorists will succeed: Prime Minister

Prime Minister, Syed Yousaf Raza Gilani on Thursday assured the House that Pakistan army would win the ongoing military operation in Swat and other parts of Malakand division, launched to root out the militants and extremists, who challenged the writ of t
Published 15 May, 2009 12:00am
Thai stocks close 4.73 percent lower

Thai stocks close 4.73 percent lower

Thai share prices closed 4.73 percent lower on Thursday following a slump on Wall Street, dealers said. The Stock Exchange of Thailand (SET) composite index fell 26.16 points to close at 526.55, while the blue chip SET-50 index plunged 20.28 points to 373
Published 15 May, 2009 12:00am
Army operation against terrorists will succeed: Prime Minister

Army operation against terrorists will succeed: Prime Minister

Prime Minister, Syed Yousaf Raza Gilani on Thursday assured the House that Pakistan army would win the ongoing military operation in Swat and other parts of Malakand division, launched to root out the militants and extremists, who challenged the writ of t
Published 15 May, 2009 12:00am
US stocks dip

US stocks dip

US stocks tumbled on Wednesday as a gloomy retail sales report revived recent anxiety about the economy's struggle and caused a broad sell-off that accelerated late in the session. Sales at retailers fell for a second straight month in April, breaking a s
Published 15 May, 2009 12:00am
Religious parties call to halt Swat operation

Religious parties call to halt Swat operation

All the religious political parties have demanded the government to revise thoroughly its internal and external policies, particularly in relation to war on terror. Twenty-two religious parties of All Parties Conference (APC) announced its joint declarati
Published 15 May, 2009 12:00am
Hong Kong shares close down 3.04 percent

Hong Kong shares close down 3.04 percent

Hong Kong share prices closed 3.04 percent lower on Thursday, matching falls in regional markets on worries about economic data out of the United States, dealers said. The benchmark Hang Seng Index closed down 517.93 points at 16,541.69, its lowest level
Published 15 May, 2009 12:00am
Religious parties call to halt Swat operation

Religious parties call to halt Swat operation

All the religious political parties have demanded the government to revise thoroughly its internal and external policies, particularly in relation to war on terror. Twenty-two religious parties of All Parties Conference (APC) announced its joint declarati
Published 15 May, 2009 12:00am
Taiwan stocks hit two-week low

Taiwan stocks hit two-week low

Taiwan stocks fell 1.87 percent on Thursday to a near two-week closing low, as financial and tech shares dropped after weak US data, but gains in shares added to the MSCI Taiwan Index helped cushion the fall.The main TAIEX share index closed down 120.97 p
Published 15 May, 2009 12:00am
Seniority issue: FBR members refuse to work under new chief

Seniority issue: FBR members refuse to work under new chief

The members of the Federal Board of Revenue (FBR) have refused to work under the newly appointed chairman of FBR as he is 5 to 6 years junior to the present FBR members. Sources told Business Recorder on Thursday that the government has appointed S
Published 15 May, 2009 12:00am
Jakarta shares tumble

Jakarta shares tumble

Indonesian shares ended 3.86 percent lower on Thursday as a weak rupiah and falls across Asian markets prompted investors to take profits, dealers said. The Jakarta Composite Index lost 71.55 points to 1,779.78 in moderate trade. "There are fears that the
Published 15 May, 2009 12:00am
Seniority issue: FBR members refuse to work under new chief

Seniority issue: FBR members refuse to work under new chief

The members of the Federal Board of Revenue (FBR) have refused to work under the newly appointed chairman of FBR as he is 5 to 6 years junior to the present FBR members. Sources told Business Recorder on Thursday that the government has appointed S
Published 15 May, 2009 12:00am
Singapore Airlines fourth quarter net profit plunges

Singapore Airlines fourth quarter net profit plunges

Singapore Airlines (SIA) said Thursday fourth quarter net profit dived 92 percent on year to 41.9 million Singapore dollars (28.5 million US) as the global slump hit passenger and cargo demand. Net profit tumbled by 486 million dollars, SIA said in a stat
Published 15 May, 2009 12:00am
Seniority issue: FBR members refuse to work under new chief

Seniority issue: FBR members refuse to work under new chief

The members of the Federal Board of Revenue (FBR) have refused to work under the newly appointed chairman of FBR as he is 5 to 6 years junior to the present FBR members. Sources told Business Recorder on Thursday that the government has appointed S
Published 15 May, 2009 12:00am
Singapore Airlines fourth quarter net profit plunges

Singapore Airlines fourth quarter net profit plunges

Singapore Airlines (SIA) said Thursday fourth quarter net profit dived 92 percent on year to 41.9 million Singapore dollars (28.5 million US) as the global slump hit passenger and cargo demand. Net profit tumbled by 486 million dollars, SIA said in a stat
Published 15 May, 2009 12:00am
Nine police hurt in blasts

Nine police hurt in blasts

At least nine police officers were injured in three blasts in Dera Ismail Khan late Thursday, officials said. Motorbike riders threw a hand grenade at an emergency police office in Dera Ismail Khan, wounding five policemen, three of them seriously, local
Published 15 May, 2009 12:00am
China to invest $9.2 billion in new technology

China to invest $9.2 billion in new technology

China will spend 62.8 billion yuan ($9.2 billion) this year and the next on new technology as part of its efforts to stimulate economic growth, the State Council said on Wednesday. Among the sectors to be given support will be biotech, GM products, large-
Published 15 May, 2009 12:00am
SingTel sees Pakistan market consolidating

SingTel sees Pakistan market consolidating

Singapore Telecommunications said on Thursday it was eyeing acquisitions after warning that revenue growth in its home market would slow. It did not elaborate on the targets or markets where it is eyeing acquisitions but pointed on Thursday to Pakistan as
Published 15 May, 2009 12:00am
China central bank urges banks to keep lending

China central bank urges banks to keep lending

The People's Bank of China will stick to its more relaxed monetary stance in order to prop up growth in the world's third-largest economy, the central bank said on Thursday. In a statement posted on its website, the PBOC instructed commercial banks to ens
Published 15 May, 2009 12:00am
PPIB accused of giving projects to poorly performing IPPs

PPIB accused of giving projects to poorly performing IPPs

The Private Power and Infrastructure Board (PPIB) has been accused of allocating all prime locations in NWFP and Azad Jammu and Kashmir (AJK) to the Independent Power Producers (IPPs), which has performed poorly, well-informed sources told Business Rec
Published 15 May, 2009 12:00am
China's fiscal revenues fall sharply in April

China's fiscal revenues fall sharply in April

China's fiscal revenues dropped steeply in April after a slight recovery in March and the outlook for the rest of the year is grim, the Ministry of Finance said on Thursday. Combined central and local government revenues fell 13.6 percent from a year earl
Published 15 May, 2009 12:00am
PPIB accused of giving projects to poorly performing IPPs

PPIB accused of giving projects to poorly performing IPPs

The Private Power and Infrastructure Board (PPIB) has been accused of allocating all prime locations in NWFP and Azad Jammu and Kashmir (AJK) to the Independent Power Producers (IPPs), which has performed poorly, well-informed sources told Business Rec
Published 15 May, 2009 12:00am
South Korea job losses decline but worst may not be over

South Korea job losses decline but worst may not be over

South Korea said on Wednesday that job losses fell slightly in April after record fiscal spending, but analysts said unemployment is likely to worsen until companies start investing again. Policymakers have pledged to continue stimulus measures, saying it
Published 15 May, 2009 12:00am
PPIB accused of giving projects to poorly performing IPPs

PPIB accused of giving projects to poorly performing IPPs

The Private Power and Infrastructure Board (PPIB) has been accused of allocating all prime locations in NWFP and Azad Jammu and Kashmir (AJK) to the Independent Power Producers (IPPs), which has performed poorly, well-informed sources told Business Rec
Published 15 May, 2009 12:00am
Google to reshoot Japan Street Views after privacy complaints

Google to reshoot Japan Street Views after privacy complaints

US Internet giant Google has decided to reshoot Street View photos in Japan following complaints from people who said public images of their homes violated their privacy. The company's Japanese unit announced the decision Wednesday, saying it would take n
Published 15 May, 2009 12:00am
EU clears Lufthansa's takeover of British Midland

EU clears Lufthansa's takeover of British Midland

European Union antitrust authorities on Thursday approved the take-over of low-cost British carrier British Midland by German airline Lufthansa. "After examining the operation, the Commission concluded that the transaction would not significantly impede e
Published 15 May, 2009 12:00am
Rare blue diamond fetches $9.5 million at auction

Rare blue diamond fetches $9.5 million at auction

Auction house Sotheby's said it sold a rare 7.03 carat blue diamond for a record price of 9.5 million dollars (7.0 million euros) on Tuesday night to an anonymous bidder. "This total represents the highest price for a fancy vivid blue diamond sold at auct
Published 15 May, 2009 12:00am
Pakistan less affected by global crisis: SBP chief

Pakistan less affected by global crisis: SBP chief

Governor State Bank of Pakistan (SBP) Salim Raza said Pakistan has been less affected by the current global crisis as the country''s banks are well capitalised and their assets and liabilities are squarely domestically based.
Published 15 May, 2009 12:00am
Global recession may last 2-5 years: Japan's Sakakibara

Global recession may last 2-5 years: Japan's Sakakibara

The global recession could last 2 to 5 years, with hundreds of billions of dollars worth of stimulus packages in G20 countries not enough to pull the world economy out of the doldrums anytime soon, a former top official at Japan's finance ministry said on
Published 15 May, 2009 12:00am
Pakistan less affected by global crisis: SBP chief

Pakistan less affected by global crisis: SBP chief

Governor State Bank of Pakistan (SBP) Salim Raza said Pakistan has been less affected by the current global crisis as the country's banks are well capitalised and their assets and liabilities are squarely domestically based.
Published 15 May, 2009 12:00am
Singapore keeps faith in self-regulating oil markets

Singapore keeps faith in self-regulating oil markets

As regulators in the world's top oil trading hubs move to tighten rules and boost transparency in opaque markets, Singapore may gain importance and liquidity as it stands by its pledge to let industry regulate itself. US President Barack Obama's administr
Published 15 May, 2009 12:00am
Pakistan less affected by global crisis: SBP chief

Pakistan less affected by global crisis: SBP chief

Governor State Bank of Pakistan (SBP) Salim Raza said Pakistan has been less affected by the current global crisis as the country's banks are well capitalised and their assets and liabilities are squarely domestically based.
Published 15 May, 2009 12:00am
Cell phones, TVs undo efficiency gains: IEA study

Cell phones, TVs undo efficiency gains: IEA study

Demand for energy-thirsty gadgets such as cell phones, iPods, PCs and plasma TVs is undoing efficiency gains elsewhere, the International Energy Agency said on Wednesday. The Paris-based energy adviser to 28 developed countries urged governments in a repo
Published 15 May, 2009 12:00am
Gilani convenes APC on May 18: Kayani to give in-camera briefing today

Gilani convenes APC on May 18: Kayani to give in-camera briefing today

Prime Minister Syed Yousuf Raza Gilani has called all parties conference (APC) on Swat and Malakand situation here on Monday (May 18), and on Friday Chief of Army Staff General Ashfaq Parvez Kayani will give a detailed in-camera briefing to the parliament
Published 15 May, 2009 12:00am
Brussels targets excessive deficits of four more nations

Brussels targets excessive deficits of four more nations

The European Commission took the first move against Lithuania, Malta, Poland and Romania on Wednesday over excessive national budget deficits brought on by the economic crisis. The EU recently launched deficit procedures against France, Greece, Ireland an
Published 15 May, 2009 12:00am
US military sharing drone data with Pakistan: report

US military sharing drone data with Pakistan: report

The US military has taken the unprecedented step of sharing with Pakistan surveillance data collected by its drones flying along the Pakistan-Afghanistan border, US media reported Thursday. But "it is not clear" whether that co-operation would continue, T
Published 15 May, 2009 12:00am
Swiss input prices post biggest fall since 1987

Swiss input prices post biggest fall since 1987

Swiss producer and import prices posted their sharpest yearly fall in April in over two decades as the strong Swiss franc pushed prices lower, highlighting the deflationary risks facing the Swiss National Bank. The combined producer and import price index
Published 15 May, 2009 12:00am
Textile industry to face five hours' load shedding till May 19

Textile industry to face five hours' load shedding till May 19

Textile industry, assured to be exempted from load shedding, will have to face load shedding for five hours daily till May 19, sources disclosed here on Thursday. According to the industry sources, Pakistan Electric Power Company (Pepco) has informed the
Published 15 May, 2009 12:00am
Britain to buy more Eurofighter jets despite downturn

Britain to buy more Eurofighter jets despite downturn

Britain said on Thursday it is to buy a third group of Eurofighter jets, after coming under pressure to go ahead with the order despite the global slowdown. Prime Minister Gordon Brown said the new planes would bolster the Royal Air Force (RAF) and "creat
Published 15 May, 2009 12:00am
Gilani convenes APC on May 18: Kayani to give in-camera briefing today

Gilani convenes APC on May 18: Kayani to give in-camera briefing today

Prime Minister Syed Yousuf Raza Gilani has called all parties conference (APC) on Swat and Malakand situation here on Monday (May 18), and on Friday Chief of Army Staff General Ashfaq Parvez Kayani will give a detailed in-camera briefing to the parliament
Published 15 May, 2009 12:00am
China warns US law proposal could cause protectionism

China warns US law proposal could cause protectionism

China Thursday criticised a plan by US lawmakers to retaliate against countries that allegedly manipulate their currencies and warned the move could lead to protectionism. "Any groundless accusations against China on this issue will only encourage the tra
Published 15 May, 2009 12:00am
Pakistan to be included in MSCI Frontier Index by month-end

Pakistan to be included in MSCI Frontier Index by month-end

The Morgan Stanley Capital International (MSCI), a leading provider of benchmark indices, has announced to include Pakistan in MSCI Frontier Index from the close of May 29, 2009. The MSCI withdrew Pakistan from MSCI EM Index on December 15, 2008 because o
Published 15 May, 2009 12:00am
Iran says oil price may rise more on China and India

Iran says oil price may rise more on China and India

Iran's oil minister suggested he saw possible signs of improved crude demand from China and India and that this could help boost prices, in comments published on Thursday. Oil Minister Gholamhossein Nozari was speaking ahead of the May 28 meeting of the O
Published 15 May, 2009 12:00am
Sanctioning of schemes: NEC likely to enhance CDWP''s powers

Sanctioning of schemes: NEC likely to enhance CDWP''s powers

The National Economic Council (NEC), which is likely to meet on June 1, 2009 with Prime Minister Syed Yousaf Raza Gilani in the chair, is expected to enhance powers of Central Development Working Party (CDWP) for sanctioning development schemes. Presently
Published 15 May, 2009 12:00am
Positive signals in Europe, no recovery yet: Almunia

Positive signals in Europe, no recovery yet: Almunia

The European Union's economy is showing the first positive signs amid its biggest crisis since the grouping's foundation 50 years ago, but it is not yet in recovery, the EU's top economic official said on Thursday. Economic and Monetary Affairs Commission
Published 15 May, 2009 12:00am
Sanctioning of schemes: NEC likely to enhance CDWP's powers

Sanctioning of schemes: NEC likely to enhance CDWP's powers

The National Economic Council (NEC), which is likely to meet on June 1, 2009 with Prime Minister Syed Yousaf Raza Gilani in the chair, is expected to enhance powers of Central Development Working Party (CDWP) for sanctioning development schemes. Presently
Published 15 May, 2009 12:00am
Bad debts hit Europe first quarter bank results, KBC gets help

Bad debts hit Europe first quarter bank results, KBC gets help

Rising bad debts and the weak European economy hit the earnings of several top regional banks with loss-making Belgian bank KBC on Thursday forced to secure government support to help it survive. France's biggest retail bank Credit Agricole and emerging E
Published 15 May, 2009 12:00am
Sanctioning of schemes: NEC likely to enhance CDWP's powers

Sanctioning of schemes: NEC likely to enhance CDWP's powers

The National Economic Council (NEC), which is likely to meet on June 1, 2009 with Prime Minister Syed Yousaf Raza Gilani in the chair, is expected to enhance powers of Central Development Working Party (CDWP) for sanctioning development schemes. Presently
Published 15 May, 2009 12:00am
Bad debts hit Europe first quarter bank results, KBC gets help

Bad debts hit Europe first quarter bank results, KBC gets help

Rising bad debts and the weak European economy hit the earnings of several top regional banks with loss-making Belgian bank KBC on Thursday forced to secure government support to help it survive. France's biggest retail bank Credit Agricole and emerging E
Published 15 May, 2009 12:00am
British telecoms axes up to 15,000 extra jobs after plunging into red

British telecoms axes up to 15,000 extra jobs after plunging into red

British telecoms operator BT said on Thursday it will cut up to 15,000 more jobs, or 10 percent of its staff, after posting an annual net loss of 83 million pounds in its 2008-2009 financial year. BT added in a results statement that it had already cut 15
Published 15 May, 2009 12:00am
British telecoms axes up to 15,000 extra jobs after plunging into red

British telecoms axes up to 15,000 extra jobs after plunging into red

British telecoms operator BT said on Thursday it will cut up to 15,000 more jobs, or 10 percent of its staff, after posting an annual net loss of 83 million pounds in its 2008-2009 financial year. BT added in a results statement that it had already cut 15
Published 15 May, 2009 12:00am
Auto layoffs raise US jobless claims, PPI up

Auto layoffs raise US jobless claims, PPI up

The number of US workers filing new claims for jobless benefits rose more than expected last week, government data showed on Thursday, pushed up by auto plant shutdowns related to Chrysler's bankruptcy. Initial claims for state unemployment insurance bene
Published 15 May, 2009 12:00am
Textile industry to face five hours'' load shedding till May 19

Textile industry to face five hours'' load shedding till May 19

Textile industry, assured to be exempted from load shedding, will have to face load shedding for five hours daily till May 19, sources disclosed here on Thursday. According to the industry sources, Pakistan Electric Power Company (Pepco) has informed the
Published 15 May, 2009 12:00am
Sony posts first loss in 14 years

Sony posts first loss in 14 years

Sony Corp announced Thursday its first annual loss in 14 years and warned it would stay in the red this year as the global economic downturn inflicts heavy damagee on Japan's high-tech giants The maker of Bravia televisions, PlayStation game consoles and
Published 15 May, 2009 12:00am
Textile industry to face five hours' load shedding till May 19

Textile industry to face five hours' load shedding till May 19

Textile industry, assured to be exempted from load shedding, will have to face load shedding for five hours daily till May 19, sources disclosed here on Thursday. According to the industry sources, Pakistan Electric Power Company (Pepco) has informed the
Published 15 May, 2009 12:00am
Sony posts first loss in 14 years

Sony posts first loss in 14 years

Sony Corp announced Thursday its first annual loss in 14 years and warned it would stay in the red this year as the global economic downturn inflicts heavy damagee on Japan's high-tech giants The maker of Bravia televisions, PlayStation game consoles and
Published 15 May, 2009 12:00am
Bearish trend prevails on KSE

Bearish trend prevails on KSE

The bearish trend prevailed at the Karachi share market due to security concerns and heavy foreign selling and the benchmark KSE-100 index lost 100.18 points to close at 7,142.42 points level on Thursday. The market remained volatile with the index oscill
Published 15 May, 2009 12:00am
Cheap freight, Opec cuts boost Asian use of West Africa's oil

Cheap freight, Opec cuts boost Asian use of West Africa's oil

Low freight rates and production cuts by Middle Eastern Opec oil exporters have led to a big rise in sales of West African crude oil to Asia over the last two months, a Reuters survey showed. Forty-five supertankers were sailing east from West African por
Published 15 May, 2009 12:00am
Bearish trend prevails on KSE

Bearish trend prevails on KSE

The bearish trend prevailed at the Karachi share market due to security concerns and heavy foreign selling and the benchmark KSE-100 index lost 100.18 points to close at 7,142.42 points level on Thursday. The market remained volatile with the index oscill
Published 15 May, 2009 12:00am
Wal-Mart reports first quarter net income

Wal-Mart reports first quarter net income

The world's biggest retailer Wal-Mart reported Thursday a 3.02-billion-dollar net income for the first quarter of 2009, the same as a year ago. Proving it could weather the economic downturn markedly better than its competitors, Wal-Mart reported first qu
Published 15 May, 2009 12:00am
5-20 percent cut in POL products prices on the cards

5-20 percent cut in POL products prices on the cards

The Petroleum Ministry is considering proposing 5-20 percent reduction in prices of petrol and high speed diesel (HSD) following the direction of Supreme Court to provide relief to the masses. The proposals will be forwarded to Prime Minister Syed Yousuf
Published 15 May, 2009 12:00am
Wal-Mart reports first quarter net income

Wal-Mart reports first quarter net income

The world's biggest retailer Wal-Mart reported Thursday a 3.02-billion-dollar net income for the first quarter of 2009, the same as a year ago. Proving it could weather the economic downturn markedly better than its competitors, Wal-Mart reported first qu
Published 15 May, 2009 12:00am
5-20 percent cut in POL products prices on the cards

5-20 percent cut in POL products prices on the cards

The Petroleum Ministry is considering proposing 5-20 percent reduction in prices of petrol and high speed diesel (HSD) following the direction of Supreme Court to provide relief to the masses. The proposals will be forwarded to Prime Minister Syed Yousuf
Published 15 May, 2009 12:00am
Gold ends steady in Asian trade

Gold ends steady in Asian trade

Gold held steady around $925 per ounce on Thursday as a recovery in the dollar dented sentiment, pushing prices below a six-week high touched the previous day on buying by gold-backed exchange-traded funds. Spot gold held steady at $924.00 per ounce, down
Published 15 May, 2009 12:00am
5-20 percent cut in POL products prices on the cards

5-20 percent cut in POL products prices on the cards

The Petroleum Ministry is considering proposing 5-20 percent reduction in prices of petrol and high speed diesel (HSD) following the direction of Supreme Court to provide relief to the masses. The proposals will be forwarded to Prime Minister Syed Yousuf
Published 15 May, 2009 12:00am
WTO top court has mixed ruling in US antidumping case

WTO top court has mixed ruling in US antidumping case

The World Trade Organisation's top court issued a mixed ruling on Thursday in a case involving US treatment of unfairly priced imports but urged the United States to comply with previous WTO rulings in the dispute.
Published 15 May, 2009 12:00am
Pakistan to be included in MSCI Frontier Index by month-end

Pakistan to be included in MSCI Frontier Index by month-end

The Morgan Stanley Capital International (MSCI), a leading provider of benchmark indices, has announced to include Pakistan in MSCI Frontier Index from the close of May 29, 2009. The MSCI withdrew Pakistan from MSCI EM Index on December 15, 2008 because o
Published 15 May, 2009 12:00am
US gold ends up

US gold ends up

New York gold futures ended higher on Wednesday after hitting a six-week high, supported by buying by gold-backed exchange-traded funds and alternative-investment demand amid losses on Wall Street, traders said. Gold for June delivery settled up $2 at $92
Published 15 May, 2009 12:00am
Pakistan to be included in MSCI Frontier Index by month-end

Pakistan to be included in MSCI Frontier Index by month-end

The Morgan Stanley Capital International (MSCI), a leading provider of benchmark indices, has announced to include Pakistan in MSCI Frontier Index from the close of May 29, 2009. The MSCI withdrew Pakistan from MSCI EM Index on December 15, 2008 because o
Published 15 May, 2009 12:00am
Oil falls towards $57 in Asia

Oil falls towards $57 in Asia

Oil prices fell towards $57 a barrel on Thursday, after a 1-percent plus decline the previous day, as equity markets slipped, weighing on optimism for economic recovery and energy demand. Oil slid on Wednesday after disappointing US retail sales data prom
Published 15 May, 2009 12:00am
Equities show negative signs on ISE

Equities show negative signs on ISE

Equities showed negative signs under the lead of hot favourite at Islamabad Stock Exchange (ISE) where fresh bearish assault moved the entire ready-board in downward direction amid decrease in index. ISE Ten Index showed a decrease of 8.82 points, as it m
Published 15 May, 2009 12:00am
Malaysian palm oil falls from nine-month high

Malaysian palm oil falls from nine-month high

Malaysian palm futures fell 3.8 percent on Thursday, retreating from a nine-month top hit the previous day, as investors booked profits on fears that palm oil would outpace soyoil prices due to supply concerns. Traders said the tropical oil could price it
Published 15 May, 2009 12:00am
LSE down by 36.57 points

LSE down by 36.57 points

Depressed sentiments dominated on the Lahore Stock Exchange (LSE) on Thursday and the equities recorded losses amid dwindling trading turnover due to lacking buying support while most of the investors remained on the sidelines. The LSE-25 index declined b
Published 15 May, 2009 12:00am
Malaysian tin drops

Malaysian tin drops

Malaysian tin fell 2.6 percent on Thursday after the sharp drop in London Metal Exchange prices discouraged buying, one dealer said.
Published 15 May, 2009 12:00am
LSE down by 36.57 points

LSE down by 36.57 points

Depressed sentiments dominated on the Lahore Stock Exchange (LSE) on Thursday and the equities recorded losses amid dwindling trading turnover due to lacking buying support while most of the investors remained on the sidelines. The LSE-25 index declined b
Published 15 May, 2009 12:00am
US soya hits fresh seven-month top

US soya hits fresh seven-month top

US soyabean futures on the Chicago Board of Trade notched a fresh seven-month top on Wednesday as worries about tight stocks and strong technicals attracted more managed money into the market, traders said. May soyabeans, which expire on Thursday, ended 1
Published 15 May, 2009 12:00am
BRIndex30 down 114.8 points

BRIndex30 down 114.8 points

BRIndex30 on Thursday opened in the positive zone at 6,806.02 points. However, it showed a downward trend and closed at 6,663.88 with a net negative change of -114.8 points and a percentage change of -1.69. It experienced an intra-day high of 6,837.15 and
Published 15 May, 2009 12:00am
New York sugar lower

New York sugar lower

Raw sugar futures ended lower Wednesday as profit-taking hit the sweetener and analysts feel a deeper correction from investors taking cash off the table from the recent rally is likely in the days ahead. The July raw sugar contracts declined 0.32 cent to
Published 15 May, 2009 12:00am
BRIndex30 down 114.8 points

BRIndex30 down 114.8 points

BRIndex30 on Thursday opened in the positive zone at 6,806.02 points. However, it showed a downward trend and closed at 6,663.88 with a net negative change of -114.8 points and a percentage change of -1.69. It experienced an intra-day high of 6,837.15 and
Published 15 May, 2009 12:00am
Tokyo rubber futures fall

Tokyo rubber futures fall

Tokyo rubber futures fell more than 3 percent on Thursday, hit by a drop in oil prices on worries about the global economy and the firm yen. The key Tokyo Commodity Exchange rubber contract for October delivery fell 4.8 yen to 166.9 yen per kg at 0240 GMT
Published 15 May, 2009 12:00am
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