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Print - 2009-05-17
Temasek to cut exposure in West, confident in Asia

Temasek to cut exposure in West, confident in Asia

Singapore's state-linked investment firm Temasek Holdings will reduce its exposure to Western nations after suffering massive losses amid the global financial crisis, its chief executive said. To balance risks and growth, Temasek will give greater importa
Published 17 May, 2009 12:00am
'Arabs need action from Obama'

'Arabs need action from Obama'

The Arab world is anxiously expecting action, rather than words, from US President Barack Obama, the former Saudi Arabian ambassador to Washington has said. In an exclusive interview with the German Press Agency dpa, Prince Turki al-Faisal, who was ambass
Published 17 May, 2009 12:00am
Acid thrown into Hong Kong crowd hurts 30

Acid thrown into Hong Kong crowd hurts 30

Two bottles of acid were thrown into a crowd in a popular shopping district in downtown Hong Kong on Saturday, injuring 30 people, police and news reports said. It was the second such attack in five months in the neighbourhood. Television footage showed f
Published 17 May, 2009 12:00am
Afghan vote chief says presidential candidates weak

Afghan vote chief says presidential candidates weak

Afghanistan's election authority complained Saturday about the calibre of some of the 44 candidates for the August 20 presidential polls, charging they were unknown and had no clear programme. All met the basic legal requirements but some had never even w
Published 17 May, 2009 12:00am
Indonesia president to face Megawati, Kalla in poll

Indonesia president to face Megawati, Kalla in poll

Indonesian President Susilo Bambang Yudhoyono faces a twin challenge from his vice president and opposition leader Megawati Sukarnoputri in a July election to set the pace of reform in Southeast Asia's biggest economy. With only hours left before a deadli
Published 17 May, 2009 12:00am
Kazakhstan industrial production shrinks

Kazakhstan industrial production shrinks

Industrial production contracted by 4.8 percent in Kazakhstan in the first four months of the year compared with growth of 3.5 percent in the same period of last year, the state statistics agency said on Friday. Kazakhstan is a significant oil and metals
Published 17 May, 2009 12:00am
Philippines' remittances hit record high in March

Philippines' remittances hit record high in March

Remittances from overseas Filipinos reached a record $1.47 billion in March, the central bank said on Friday, suggesting domestic growth will remain resilient despite the global downturn. The latest number surpassed the previous monthly high of $1.45 bill
Published 17 May, 2009 12:00am
Russia, south European nations expected to sign gas pipeline deal

Russia, south European nations expected to sign gas pipeline deal

Russia and several southern European nations are expected to sign a deal for a new pipeline to carry natural gas to Europe. The Russian-lobbied South Stream project could hamper EU plans for a separate pipeline that would reduce its energy dependence on M
Published 17 May, 2009 12:00am
EBRD throws billions of euros at Eastern Europe crisis

EBRD throws billions of euros at Eastern Europe crisis

The European Bank for Reconstruction and Development is investing billions of euros in central and Eastern Europe to help free the ex-Soviet bloc from deep recession, it announced here on Friday. Kicking off its annual meeting, the EBRD said it had invest
Published 17 May, 2009 12:00am
US Securities lawyers probed for insider trading

US Securities lawyers probed for insider trading

Two US Securities and Exchange Commission enforcement lawyers are under investigation by federal criminal authorities for allegedly using insider information to trade stocks, a report by the SEC's internal watchdog said. The Federal Bureau of Investigatio
Published 17 May, 2009 12:00am
Dutch economy in worst contraction since WWII

Dutch economy in worst contraction since WWII

The Dutch economy shrank at the fastest rate since World War Two in the first quarter, driven by double-digit contractions in business investments, exports and imports. Gross domestic product (GDP) declined at a rate of 4.5 percent in the first quarter ov
Published 17 May, 2009 12:00am
Beijing targets high-tech exports, dumping at EU-China summit

Beijing targets high-tech exports, dumping at EU-China summit

Beijing will urge the European Union at a summit next week to relax limits on high-tech exports to China and review its anti-dumping policies, an official said Friday. "We will address again the acknowledgement of China's market economy status and the Eur
Published 17 May, 2009 12:00am
G20 must help Africa through recession: World Bank

G20 must help Africa through recession: World Bank

Leaders of the G20 nations must use their meeting in New York in September to help Africa to recover from the global economic crisis, a senior World Bank official said on Friday. Shanta Devarajan, chief economist for Africa, said offers of help for the co
Published 17 May, 2009 12:00am
US financial reform to be unveiled despite clashes

US financial reform to be unveiled despite clashes

The Obama administration's plan to reshape the opaque world of derivatives trading, unveiled on Wednesday, is only a preview of sweeping financial reform proposals that may be announced as soon as next week. The White House and Treasury, responding to the
Published 17 May, 2009 12:00am
China, Taiwan announce new shipping routes

China, Taiwan announce new shipping routes

China announced new measures to improve direct shipping to Taiwan, in a meeting which coincided with the opening of a cross-strait forum on Saturday evening in Xiamen, local media reported. Five new ports will be opened, bringing the total to 68, said Son
Published 17 May, 2009 12:00am
Egypt cuts key interest rates

Egypt cuts key interest rates

Egypt's central bank cut its overnight deposit rate by 50 basis points to 9.5 percent and its overnight lending rate by 100 basis points to 11 percent, the bank said on Friday, in a move that should encourage more lending.
Published 17 May, 2009 12:00am
Italy's Fiat workers march in Turin to defend jobs

Italy's Fiat workers march in Turin to defend jobs

Thousands of workers from Italy's auto group Fiat marched through the streets of Turin on Saturday shouting for job guarantees as the company moves to create what would be the world's second-biggest auto maker. Blowing whistles, sounding horns and waving
Published 17 May, 2009 12:00am
Thousands march in Germany over unemployment fears

Thousands march in Germany over unemployment fears

Thousands of German workers marched through Berlin on Saturday to demand the government do more to protect jobs, highlighting popular concerns about unemployment in the run up to September's federal election. Germany is facing its deepest recession since
Published 17 May, 2009 12:00am
Non-compliant taxpayers: FBR may introduce legal changes in tax laws

Non-compliant taxpayers: FBR may introduce legal changes in tax laws

The Federal Board of Revenue (FBR) is likely to introduce legal changes in tax laws for effective enforcement and return filing by the non-compliant taxpayers in the 2009-10 budget. Sources told Business Recorder on Saturday that the non-filing rat
Published 17 May, 2009 12:00am
Al Qaeda demands $13 million ransom for Sahara hostages

Al Qaeda demands $13 million ransom for Sahara hostages

Al Qaeda has demanded 10 million euros ($13.54 million) in exchange for a Briton and a Swiss national it captured in the Sahara, backing away from a threat to kill one of the hostages, an Algerian newspaper reported. The group's north African wing had sai
Published 17 May, 2009 12:00am
Al Qaeda demands $13 million ransom for Sahara hostages

Al Qaeda demands $13 million ransom for Sahara hostages

Al Qaeda has demanded 10 million euros ($13.54 million) in exchange for a Briton and a Swiss national it captured in the Sahara, backing away from a threat to kill one of the hostages, an Algerian newspaper reported. The group's north African wing had sai
Published 17 May, 2009 12:00am
Lahore Grain Market Rates

Lahore Grain Market Rates

Grain and other commodity rates in rupees on Akbari Mandi on Saturday (May 16, 2009).

Published 17 May, 2009 12:00am
Nuclear assets in safe hands: Musharraf

Nuclear assets in safe hands: Musharraf

Former President Pervez Musharraf has said that Pakistan's nuclear assets are in safe hands. Talking to newsmen here on Saturday, he said the Pakistan Army was one of the best armies in the world and due to their strategy and competence, the army had the
Published 17 May, 2009 12:00am
IB chief Suddle sacked: Javed Noor new director general

IB chief Suddle sacked: Javed Noor new director general

Prime Minister Yousuf Raza Gilani on Saturday sacked Dr Shoaib Suddle, Director General Intelligence Bureau (IB) and appointed Javed Noor, Inspector General of Azad Jammu Kashmir as new chief of the civil intelligence agency.
Published 17 May, 2009 12:00am
'Exploding Mangoes': Pakistani writer gets Best First Book Award

'Exploding Mangoes': Pakistani writer gets Best First Book Award

Australian author Christos Tsiolkas was announced on Saturday as a 2009 winner of the Best Book prize at the prestigious Commonwealth Writers' Awards. Tsiolkas won for his work 'The Slap,' a tale about middle-class suburban Australia and its notions of ch
Published 17 May, 2009 12:00am
Hides and skin rates

Hides and skin rates

Hides and skin rates in rupees prevailing on the commodity markets in Karachi on Saturday (May 16, 2009).

Published 17 May, 2009 12:00am
Obama retains Bush-era military tribunals

Obama retains Bush-era military tribunals

President Barack Obama has revived Bush-era military tribunals for top Guantanamo Bay terror suspects that he once branded a "failure," but proposed new rules on evidence and detainee rights. Rights campaigners reacted angrily, warning the move would prol
Published 17 May, 2009 12:00am
Medvedev voices 'worry' on Nato, calls for better ties

Medvedev voices 'worry' on Nato, calls for better ties

President Dmitry Medvedev voiced concern Saturday about Nato moves near Russia and called on the alliance to return to principles agreed in 2002 for building better ties with Moscow. "Certain things that are happening cannot but worry us," Medvedev told r
Published 17 May, 2009 12:00am
Grain market rates

Grain market rates

Karachi grain market rates in rupees on Saturday (May 16, 2009).

Published 17 May, 2009 12:00am
'Army develops counter-insurgency training facilities'

'Army develops counter-insurgency training facilities'

The Pakistan Army has developed a full range of training facilities to face the challenge of insurgency to give appropriate training to troops for such operations, said General Ashfaq Parvaiz Kayani, Chief of Army Staff, here on Saturday.
Published 17 May, 2009 12:00am
Afghanistan to review Nato, US military presence

Afghanistan to review Nato, US military presence

Afghanistan will review regulations governing the presence of tens of thousands of foreign troops fighting a bloody Islamist insurgency, Foreign Minister Rangin Dadfar Spanta said Saturday. The review was demanded by parliament after US air strikes agains
Published 17 May, 2009 12:00am
Jute goods rates

Jute goods rates

Jute goods rates in rupees prevailing on the commodity markets in Karachi on Saturday (May 16, 2009).

Published 17 May, 2009 12:00am
Reasonable cut likely in POL prices within few days

Reasonable cut likely in POL prices within few days

Following the directives of the Supreme Court of Pakistan, the Ministry of Petroleum and Natural Resources is giving final shape to a proposal to reduce petroleum prices for providing relief to masses, official sources told APP here on Saturday. "At this
Published 17 May, 2009 12:00am
US to provide $27.5 million for Pak-Afghan agriculture development

US to provide $27.5 million for Pak-Afghan agriculture development

Federal Food and Agriculture Minister Nazar Muhammad Gondal has said that United States has promised aid of $27.5 million for agriculture sector collectively to Pakistan and Afghanistan and it would ensure food security in the region worse effected by on
Published 17 May, 2009 12:00am
Rates of dry fruit

Rates of dry fruit

Rates of dry fruit in rupees prevailing on the commodity markets in Karachi on Saturday (May 16, 2009).

Published 17 May, 2009 12:00am
'Exploding Mangoes': Pakistani writer gets Best First Book Award

'Exploding Mangoes': Pakistani writer gets Best First Book Award

Australian author Christos Tsiolkas was announced on Saturday as a 2009 winner of the Best Book prize at the prestigious Commonwealth Writers' Awards. Tsiolkas won for his work 'The Slap,' a tale about middle-class suburban Australia and its notions of ch
Published 17 May, 2009 12:00am
Milk powder rates

Milk powder rates

Milk Powder rates in rupees prevailing on the commodity markets in Karachi on Saturday (May 16, 2009).

Published 17 May, 2009 12:00am
'Army develops counter-insurgency training facilities'

'Army develops counter-insurgency training facilities'

The Pakistan Army has developed a full range of training facilities to face the challenge of insurgency to give appropriate training to troops for such operations, said General Ashfaq Parvaiz Kayani, Chief of Army Staff, here on Saturday.
Published 17 May, 2009 12:00am
Raw rubber rates

Raw rubber rates

Raw Rubber rates in rupees prevailing on the commodity markets in Karachi on Saturday (May 16, 2009).

Published 17 May, 2009 12:00am
Proposal seeks lifting of ban on wheat export: summary moved to ECC

Proposal seeks lifting of ban on wheat export: summary moved to ECC

An Inter-ministerial Committee on Agriculture has proposed lifting of ban on export of wheat and its products as Pakistan has achieved production target of 25 million tons. However, the final decision will be made by the Economic Co-ordination Committee (
Published 17 May, 2009 12:00am
Canadian defence team due on May 18

Canadian defence team due on May 18

A four member Canadian defence delegation, led by the Minister of National Defence of Canada, Peter MacKay, is arriving on Monday (May 18) on two days visit to Pakistan. The delegation, during its stay in Pakistan, will hold meeting with Federal Minister
Published 17 May, 2009 12:00am
Pepco directs discos to lower industrial load by 15 percent

Pepco directs discos to lower industrial load by 15 percent

The Pakistan Electric Power Company (Pepco) has now directed the power distribution companies (discos) to lower industrial load by 15 percent after introducing five hours a day load shedding to the textile industry a day earlier, industries sources said.
Published 17 May, 2009 12:00am
Karachi tea rates

Karachi tea rates

Tea rates in rupees prevailing on the commodity markets in Karachi on Saturday (May 16, 2009).

Published 17 May, 2009 12:00am
Pepco directs discos to lower industrial load by 15 percent

Pepco directs discos to lower industrial load by 15 percent

The Pakistan Electric Power Company (Pepco) has now directed the power distribution companies (discos) to lower industrial load by 15 percent after introducing five hours a day load shedding to the textile industry a day earlier, industries sources said.
Published 17 May, 2009 12:00am
THE RUPEE: dollar surges on interbank market

THE RUPEE: dollar surges on interbank market

Falling trend was seen on the interbank market on Saturday as the rupee lost 10 paisa for buying at 80.90 and fell by 13 paisa losses for selling at 80.95 against dollar, dealers said. Importers' demand for dollars forced the rupee to surrender its gains
Published 17 May, 2009 12:00am
US missile strike kills 29 in North Waziristan

US missile strike kills 29 in North Waziristan

Officials say an apparent US missile strike annihilated a Taliban raiding party mustering to cross into Afghanistan. Pakistani officials said several missiles hit a religious school and a nearby vehicle on Saturday morning near Mir Ali, a town in the Nort
Published 17 May, 2009 12:00am
THE RUPEE: dollar surges on interbank market

THE RUPEE: dollar surges on interbank market

Falling trend was seen on the interbank market on Saturday as the rupee lost 10 paisa for buying at 80.90 and fell by 13 paisa losses for selling at 80.95 against dollar, dealers said. Importers' demand for dollars forced the rupee to surrender its gains
Published 17 May, 2009 12:00am
US missile strike kills 29 in North Waziristan

US missile strike kills 29 in North Waziristan

Officials say an apparent US missile strike annihilated a Taliban raiding party mustering to cross into Afghanistan. Pakistani officials said several missiles hit a religious school and a nearby vehicle on Saturday morning near Mir Ali, a town in the Nort
Published 17 May, 2009 12:00am
Proposal seeks lifting of ban on wheat export: summary moved to ECC

Proposal seeks lifting of ban on wheat export: summary moved to ECC

An Inter-ministerial Committee on Agriculture has proposed lifting of ban on export of wheat and its products as Pakistan has achieved production target of 25 million tons. However, the final decision will be made by the Economic Co-ordination Committee (
Published 17 May, 2009 12:00am
Proposal seeks lifting of ban on wheat export: summary moved to ECC

Proposal seeks lifting of ban on wheat export: summary moved to ECC

An Inter-ministerial Committee on Agriculture has proposed lifting of ban on export of wheat and its products as Pakistan has achieved production target of 25 million tons. However, the final decision will be made by the Economic Co-ordination Committee (
Published 17 May, 2009 12:00am
Three-pronged strategy evolved for power conservation

Three-pronged strategy evolved for power conservation

A three-pronged strategy has been developed by the Ministry of Water and Power to meet the chronic shortage of energy which, among others, is the Number One problem facing the country. A total of 30 million Compact Fluorescent Lamp (CFL) energy savers wil
Published 17 May, 2009 12:00am
Three-pronged strategy evolved for power conservation

Three-pronged strategy evolved for power conservation

A three-pronged strategy has been developed by the Ministry of Water and Power to meet the chronic shortage of energy which, among others, is the Number One problem facing the country. A total of 30 million Compact Fluorescent Lamp (CFL) energy savers wil
Published 17 May, 2009 12:00am
Member to Member

Member to Member

The following transactions member to member subsequently reported on Saturday (May 16, 2009).

Published 17 May, 2009 12:00am
Pepco directs discos to lower industrial load by 15 percent

Pepco directs discos to lower industrial load by 15 percent

The Pakistan Electric Power Company (Pepco) has now directed the power distribution companies (discos) to lower industrial load by 15 percent after introducing five hours a day load shedding to the textile industry a day earlier, industries sources said.
Published 17 May, 2009 12:00am
Automart: car prices in Karachi

Automart: car prices in Karachi

The prices of different makes and models of cars prevailing in Karachi in the week ended Saturday (May 16, 2009).

Published 17 May, 2009 12:00am
No compromise on security interests, says Gilani

No compromise on security interests, says Gilani

Prime Minister Yousuf Raza Gilani on Saturday said Pakistan's nuclear assets are in safe hands and no amount of coercion, direct or indirect, would ever force it to compromise on its core security interests. Giving policy statement on Pakistan's nuclear s
Published 17 May, 2009 12:00am
World Shipping Schedule

World Shipping Schedule

Karachi Port's world-wide shipping schedule beginning Saturday (May 16, 2009).

Published 17 May, 2009 12:00am
Peshawar car bomb blast claims 12 lives

Peshawar car bomb blast claims 12 lives

At least 12 people were killed and 20 others wounded in a car bomb blast in the densely populated area of the city here on Saturday. The explosive material was planted in a car parked opposite a motor bargain centre on Circular Road at Kakshal, went off w
Published 17 May, 2009 12:00am
World Shipping Schedule

World Shipping Schedule

Karachi Port's world-wide shipping schedule beginning Saturday (May 16, 2009).

Published 17 May, 2009 12:00am
Peshawar car bomb blast claims 12 lives

Peshawar car bomb blast claims 12 lives

At least 12 people were killed and 20 others wounded in a car bomb blast in the densely populated area of the city here on Saturday. The explosive material was planted in a car parked opposite a motor bargain centre on Circular Road at Kakshal, went off w
Published 17 May, 2009 12:00am
Rates of Pipe Fittings

Rates of Pipe Fittings

Pipe fitting rates in rupees prevailing in the markets in Karachi on Saturday (May 16, 2009).

Published 17 May, 2009 12:00am
Three-pronged strategy evolved for power conservation

Three-pronged strategy evolved for power conservation

A three-pronged strategy has been developed by the Ministry of Water and Power to meet the chronic shortage of energy which, among others, is the Number One problem facing the country. A total of 30 million Compact Fluorescent Lamp (CFL) energy savers wil
Published 17 May, 2009 12:00am
Iron, steel and other metal rates

Iron, steel and other metal rates

Iron, steel and other metal rates in rupees prevailing on the commodity markets in Karachi on Saturday (May 16, 2009).

Published 17 May, 2009 12:00am
No compromise on security interests, says Gilani

No compromise on security interests, says Gilani

Prime Minister Yousuf Raza Gilani on Saturday said Pakistan's nuclear assets are in safe hands and no amount of coercion, direct or indirect, would ever force it to compromise on its core security interests. Giving policy statement on Pakistan's nuclear s
Published 17 May, 2009 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Saturday (May 16, 2009).

Published 17 May, 2009 12:00am
Pakistan and Cuba to sign agreement for JEC

Pakistan and Cuba to sign agreement for JEC

Pakistan and Cuba are to sign an agreement for the establishment of a Joint Economic Commission (JEC), official sources told Business Recorder here on Saturday. They said that Federal Cabinet in its decision on April 23, 2008 had allowed the Econom
Published 17 May, 2009 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Saturday (May 16, 2009).

Published 17 May, 2009 12:00am
Pakistan and Cuba to sign agreement for JEC

Pakistan and Cuba to sign agreement for JEC

Pakistan and Cuba are to sign an agreement for the establishment of a Joint Economic Commission (JEC), official sources told Business Recorder here on Saturday. They said that Federal Cabinet in its decision on April 23, 2008 had allowed the Econom
Published 17 May, 2009 12:00am
World currencies and dollar

World currencies and dollar

Value of the dollar in terms of other world currencies as prevailing in the week ended Saturday (May 16, 2009).

Published 17 May, 2009 12:00am
Pakistan and Cuba to sign agreement for JEC

Pakistan and Cuba to sign agreement for JEC

Pakistan and Cuba are to sign an agreement for the establishment of a Joint Economic Commission (JEC), official sources told Business Recorder here on Saturday. They said that Federal Cabinet in its decision on April 23, 2008 had allowed the Econom
Published 17 May, 2009 12:00am
Spot dollar rates

Spot dollar rates

Spot Dollar rates from Khadim Ali Shah Bukhari & Co Ltd on Saturday (May 16, 2009).

Published 17 May, 2009 12:00am
Money Market Report

Money Market Report

Money market report by Khadim Ali Shah Bukhari & Co on Saturday (May 16, 2009).
Published 17 May, 2009 12:00am
Non-compliant taxpayers: FBR may introduce legal changes in tax laws

Non-compliant taxpayers: FBR may introduce legal changes in tax laws

The Federal Board of Revenue (FBR) is likely to introduce legal changes in tax laws for effective enforcement and return filing by the non-compliant taxpayers in the 2009-10 budget. Sources told Business Recorder on Saturday that the non-filing rat
Published 17 May, 2009 12:00am
Bill buying rates per unit of currency

Bill buying rates per unit of currency

Bill Buying Rates per unit of currency -- issued by the Treasury Management Division of the National Bank of Pakistan on Saturday (May 16, 2009).

Published 17 May, 2009 12:00am
Non-compliant taxpayers: FBR may introduce legal changes in tax laws

Non-compliant taxpayers: FBR may introduce legal changes in tax laws

The Federal Board of Revenue (FBR) is likely to introduce legal changes in tax laws for effective enforcement and return filing by the non-compliant taxpayers in the 2009-10 budget. Sources told Business Recorder on Saturday that the non-filing rat
Published 17 May, 2009 12:00am
US copper lower

US copper lower

US copper futures ended down Friday as mixed economic data from Europe and the US underscored concerns about the health of the global economy and fed a price correction from over-heated levels that may extend into the coming week, analysts said. Copper fo
Published 17 May, 2009 12:00am
UK's Labour suspends second MP in expenses scandal

UK's Labour suspends second MP in expenses scandal

British Prime Minister Gordon Brown said on Saturday parliament must do more than clean up its expenses system to restore public trust, after his ruling Labour party suspended a second lawmaker in a damaging perks scandal. On its ninth day of disclosures
Published 17 May, 2009 12:00am
FOB Gulf soya firm

FOB Gulf soya firm

US soyabean export premiums at the Gulf of Mexico on Friday were firm amid solid demand and export snags in South America, while corn and wheat values were mostly steady, traders said. Soyabean export premiums were up about 5 cents from a week ago despite
Published 17 May, 2009 12:00am
Bullion Rates

Bullion Rates

Gold and silver rates in rupees per 10 grams prevailing in major cities on Saturday (May 16, 2009).

Published 17 May, 2009 12:00am
Oil cake market rates

Oil cake market rates

At the week-end, the May vaida commenced with Rs 1.50 gain at Rs 872.60 due to strong demand, dealers said. The other July contract opened with 50 paisa rise at Rs 976.20, they added.
Published 17 May, 2009 12:00am
Bullion Rates

Bullion Rates

Gold and silver rates in rupees per 10 grams prevailing in major cities on Saturday (May 16, 2009).

Published 17 May, 2009 12:00am
Thin transaction on grain market

Thin transaction on grain market

Thin business was seen on the wholesale grain and seed market on Saturday as the main buyers kept on the sidelines due to lack of buying interest, dealers said. On the cereal side wheat old and new Bardana (with bag) shed Rs 15 to Rs 2,485 and 2,500; they
Published 17 May, 2009 12:00am