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Jan 13, 2025 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Print - 2009-05-21
Malaysian shares up

Malaysian shares up

Malaysian shares closed up 1.87 percent on Wednesday on greater interest in blue chips and index heavyweights, dealers said. The Kuala Lumpur Composite Index (KLCI) gained 19.18 points to 1,042.67, with gainers outpacing losers 358 to 307. Dealers expect
Published 21 May, 2009 12:00am
Dollar three-month funding rates hit another record low

Dollar three-month funding rates hit another record low

Short-term dollar rates dipped to a fresh record low in Asia on Wednesday whilst the wide spread between those and longer term rates showed credit markets still do not share the optimism behind the rally in risky assets over the past few months.
Published 21 May, 2009 12:00am
Euro rises in London

Euro rises in London

The European single currency hit a four-month high against the dollar on Wednesday as rising economic confidence on financial markets encouraged investors to switch away from the safe-haven US currency. The euro was changing hands at 1.3770 dollars compar
Published 21 May, 2009 12:00am
US Navy helicopter crashes: three bodies found

US Navy helicopter crashes: three bodies found

US military authorities say at least three people were killed when a Navy helicopter with five people aboard crashed into the ocean south-west of San Diego. Navy Lieutenant Karen Burzinski said rescue crews recovered three bodies Wednesday and are continu
Published 21 May, 2009 12:00am
Iran cannot have nuclear arms capability: Hillary

Iran cannot have nuclear arms capability: Hillary

Secretary of State Hillary Rodham Clinton said on Wednesday that a nuclear-armed Iran is "going to spark an arms race" in the Middle East. In an appearance before a Senate Appropriations panel, Clinton reiterated that the Obama administration opposes Iran
Published 21 May, 2009 12:00am
New Palestinian cabinet takes power, widening rift

New Palestinian cabinet takes power, widening rift

The Palestinian rift widened on Wednesday after a new government, again headed by Western-backed Salam Fayyad took power, with Hamas categorically rejecting the cabinet. The new cabinet was sworn in Tuesday in the West Bank town of Ramallah, a day after r
Published 21 May, 2009 12:00am
Afghan forces kill 25 insurgents

Afghan forces kill 25 insurgents

The Afghan army killed 25 Taliban insurgents, including two commanders, in an operation to wrest back an area of southern Afghanistan from rebel control, a general said Wednesday. Heavy fighting has dogged the insurgent stronghold and opium-producing area
Published 21 May, 2009 12:00am
Suu Kyi shows defiance at trial

Suu Kyi shows defiance at trial

Smiling throughout, Aung San Suu Kyi gave a show of quiet confidence for diplomats and journalists who were allowed into her trial Wednesday for a rare glimpse of the pro-democracy icon. The slender 63-year-old wore pink and maroon Burmese dress and appea
Published 21 May, 2009 12:00am
EU, China rebuild ties, seek 'new global order'

EU, China rebuild ties, seek 'new global order'

The European Union and China hope to relaunch their political and economic relations at a summit on Wednesday and create a "new global order" to combat the financial crisis, dwindling world trade and climate change. The last scheduled EU-China summit was
Published 21 May, 2009 12:00am
US Army paid bonuses to KBR

US Army paid bonuses to KBR

The US Army paid "tens of millions of dollars in bonuses" to KBR Inc, its biggest contractor in Iraq, even after it concluded the firm's electrical work had put US soldiers at risk, according to a source close to a US congressional investigation. The Sena
Published 21 May, 2009 12:00am
Brown rebuffs election calls after speaker quits

Brown rebuffs election calls after speaker quits

British Prime Minister Gordon Brown rebuffed on Wednesday growing calls for an early general election after the historic resignation of the House of Commons' speaker in a row over MPs expenses. David Cameron, leader of the main opposition Conservatives an
Published 21 May, 2009 12:00am
Obama allies deal blow to Guantanamo closure

Obama allies deal blow to Guantanamo closure

US President Barack Obama's plan to close the Guantanamo Bay prison by early 2010 hit a snag as his Democratic Senate allies moved to deny him 80 million dollars he sought for that purpose. Democrats on Tuesday joined Republicans who have warned for weeks
Published 21 May, 2009 12:00am
Scientists set back clock on origin of life

Scientists set back clock on origin of life

Life on Earth may have sparked into existence as early as 4.4 billion years ago, hundreds of millions of years sooner than previously thought possible, according to a study to be published Thursday. Until now scientists assumed that no life forms could ha
Published 21 May, 2009 12:00am
FBI chief undermines Obama on Guantanamo closure

FBI chief undermines Obama on Guantanamo closure

FBI chief Robert Mueller Wednesday undermined President Barack Obama's plan to close the Guantanamo Bay prison by warning that detainees could fuel terrorism if transferred to US soil. "The concerns we have about individuals who may support terrorism bein
Published 21 May, 2009 12:00am
Worsening Afghan security hurting children: UNICEF

Worsening Afghan security hurting children: UNICEF

Deteriorating security is harming children in Afghanistan, where an explosion of deadly attacks have targeted schools and impeded access to vital health care, the UN children's agency said Wednesday. In the first four months of this year, UNICEF recorded
Published 21 May, 2009 12:00am
Cambodia marks 'Day of Anger' for Khmer Rouge victims

Cambodia marks 'Day of Anger' for Khmer Rouge victims

Cambodians staged a re-enactment of Khmer Rouge crimes at a notorious "killing field" Wednesday as the country marked its annual "Day of Anger" for those who died under the regime. A crowd of some 2,000 people, including more than 200 Buddhist monks, atte
Published 21 May, 2009 12:00am
Another 'Slumdog' child star's home torn down

Another 'Slumdog' child star's home torn down

City authorities tearing down part of a Mumbai slum have demolished the shanty of another ``Slumdog Millionaire' child star. Munni Qureshi, the stepmother of 9-year-old Rubina Ali, who played a young version of the film's heroine, Latika, in the Oscar-win
Published 21 May, 2009 12:00am
Renowned Indian yoga guru dies

Renowned Indian yoga guru dies

One of the world's most influential and sought-after Indian yoga experts, Krishna Pattabhi Jois, has died at the age of 93 following a brief illness, his institute said. Pattabhi Jois, who is credited with popularising the ancient system of ashtanga yoga,
Published 21 May, 2009 12:00am
Spread the Word over the Internet, pope urges youth

Spread the Word over the Internet, pope urges youth

Cyberspace offers a good forum for spreading Christian teachings, Pope Benedict XVI said Wednesday ahead of the Roman Catholic Church's World Communications Day. "Young people in particular, I appeal to you (to) bear witnesss to your faith through the dig
Published 21 May, 2009 12:00am
UN accuses Congolese troops of raping civilians

UN accuses Congolese troops of raping civilians

Troops in the north-eastern section of the Democratic Republic of Congo have been engaged in extortion, rapes and possibly murder of the civilian population, a United Nations humanitarian agency said TuesdayAttacks by armed men have been on the rise since
Published 21 May, 2009 12:00am
Saudi Arabia not affected by economic meltdown

Saudi Arabia not affected by economic meltdown

A top Saudi official says the oil-rich kingdom's economy is immune to the global economic meltdown and the nation is pushing ahead with several key projects despite the crisis. Transportation Minister Jubarah al-Suraisry spoke Wednesday at a Saudi-Europea
Published 21 May, 2009 12:00am
Dubai moves to calm investors after finance chief switch

Dubai moves to calm investors after finance chief switch

A top Dubai official moved to assure investors that the emirate, hard hit by the financial crisis, was committed to meeting its financial obligations, one day after Dubai's ruler dismissed his finance chief. The surprise dismissal of Nasser al-Shaikh as t
Published 21 May, 2009 12:00am
Russian audit finds delays in Exxon, Total energy projects

Russian audit finds delays in Exxon, Total energy projects

Russia on Wednesday released a report detailing delays at a huge oil and gas project operated by US energy giant ExxonMobil near Japan and at an Arctic oil field operated by France's Total. The Russian Audit Chamber's report did not threaten legal action,
Published 21 May, 2009 12:00am
East European workers continue to leave Britain

East European workers continue to leave Britain

The number of Eastern Europeans leaving Britain doubled in the year up to the end of September, 2008, coinciding with the first signs of the banking crisis and looming recession, the Office for National Statistics (ONS) said Wednesday. The ONS said that 2
Published 21 May, 2009 12:00am
'Jerusalem will not be divided'

'Jerusalem will not be divided'

The new Israeli government of Prime Minister Benjamin Netanyahu will not give up East Jerusalem to the Palestinians, Netanyahu's deputy reiterated Wedneday. "Jerusalem is protected under the policy of the current government and previous governments," Vice
Published 21 May, 2009 12:00am
Iraq to slap foreign oil firms with 35 percent corporate tax

Iraq to slap foreign oil firms with 35 percent corporate tax

Iraq's cabinet has approved a bill that will slap foreign oil firms with a minimum 35 percent corporate tax in a bid to boost revenues, government spokesman Ali al-Dabbagh said on Wednesday. "The Council of Ministers decided to approve the draft law on in
Published 21 May, 2009 12:00am
Iraq to slap foreign oil firms with 35 percent corporate tax

Iraq to slap foreign oil firms with 35 percent corporate tax

Iraq's cabinet has approved a bill that will slap foreign oil firms with a minimum 35 percent corporate tax in a bid to boost revenues, government spokesman Ali al-Dabbagh said on Wednesday. "The Council of Ministers decided to approve the draft law on in
Published 21 May, 2009 12:00am
Kuwait's ruler reappoints prime minister despite criticism

Kuwait's ruler reappoints prime minister despite criticism

The Emir of Kuwait, Sheikh Sabah Al- Ahmad Al-Jaber Al-Sabah on Wednesday reappointed Sheikh Nasser Al- Mohammad Al-Ahmad Al-Sabah as prime minister and asked him to name his new Cabinet, the Kuwaiti official News Agency (KUNA) reported.The appointment ca
Published 21 May, 2009 12:00am
Crucial US-Russian nuclear talks enter second day

Crucial US-Russian nuclear talks enter second day

The United States and Russia sat for a second day of difficult talks Wednesday aimed at replacing a landmark Cold War-era nuclear disarmament treaty that expires in December. Negotiators met behind closed doors to thrash out the terms of a successor to th
Published 21 May, 2009 12:00am
Australian doctor uses household drill to save boy

Australian doctor uses household drill to save boy

A doctor in rural Australia used a handyman's power drill to bore a hole into the skull of a boy with a severe head injury, saving his life. Nicholas Rossi fell off his bike on Friday in the small Victoria state city of Maryborough, hitting his head on th
Published 21 May, 2009 12:00am
Rescuers dig out 24 dead in Philippine mudslides

Rescuers dig out 24 dead in Philippine mudslides

Gold miners used their hands to dig out the bodies of 24 colleagues buried under a pile of mud and rocks after landslides tumbled down a rain-soaked mountain in the southern Philippines, a provincial governor said Wednesday. About 50 miners took shelter f
Published 21 May, 2009 12:00am
South Asian U-13 footballers to undergo skill test May 22

South Asian U-13 footballers to undergo skill test May 22

Young footballers of Iran and eight South Asian nations will undergo skill tests on Thursday, May 21 (today) to be prepared for the AFC U-13 Festival of Football, before playing as many as 12 60-minute matches in Format-II on May 22 and 23. The 24 matches
Published 21 May, 2009 12:00am
Afghanistan, USA handed Twenty20 opportunity

Afghanistan, USA handed Twenty20 opportunity

Afghanistan and the United States will attempt to qualify for the 2010 World Twenty20 championships in October, the International Cricket Council (ICC) announced on Wednesday. They will join Ireland, Canada, Kenya, the Netherlands, Scotland and the UAE in
Published 21 May, 2009 12:00am
Messi rejects offer from Man City

Messi rejects offer from Man City

Barcelona's Argentine star Lionel Messi has rejected a multi-million-euro offer to move to big-spending English Premiership club Manchester City, a Spanish sports newspaper reported Wednesday. Representatives from the English club, owned by the Abu Dhabi
Published 21 May, 2009 12:00am
Cricketer dies in Pakistan veterans' match

Cricketer dies in Pakistan veterans' match

A former first-class cricketer died during a veterans Twenty20 match in Pakistan, leaving organisers contemplating a ban on players with a history of cardiac problems, officials said Wednesday. Javed Sheikh, 53, collapsed during the match at Asgher Ali Sh
Published 21 May, 2009 12:00am
Shoaib Akhtar in doubt for World T20 campaign

Shoaib Akhtar in doubt for World T20 campaign

Fitness concerns continued to plague fast bowler Shoaib Akhtar on Wednesday, with Pakistan's coach saying he would decide within 24 hours whether to pull him from the World Twenty20 team. The 33-year-old skipped the squad's conditioning camp for next mont
Published 21 May, 2009 12:00am
Symonds overlooked for Ashes squad

Symonds overlooked for Ashes squad

Troubled all-rounder Andrew Symonds was overlooked for Australia's squad for this year's Ashes series in England after the national selectors opted for youth over experience. Symonds, who turns 34 next month, was ditched in favour of the younger Shane Wat
Published 21 May, 2009 12:00am
Maria Sharapova cruises into Warsaw Open quarters

Maria Sharapova cruises into Warsaw Open quarters

Maria Sharapova continued her successful return to the WTA circuit on Wednesday with a confident 6-2, 6-0 victory over Darya Kustova of Belarus which took her into the quarter-finals. The former world No 1 is playing her first singles tournament in nine a
Published 21 May, 2009 12:00am
Asian currencies fall

Asian currencies fall

The Malaysian ringgit fell on Wednesday due to lingering concerns about the global economy, while Indian rupee retraced some of its sharp rally this week as investors took profits. Japan's economy shrank a record 4.0 percent in the first quarter, threaten
Published 21 May, 2009 12:00am
Australian dollar struggles to hold ground

Australian dollar struggles to hold ground

The Australian dollar retreated from a 7-1/2-month high on Wednesday as weak economic data at home and abroad cooled optimism for a speedy world economic recovery, hitting demand for riskier currencies. The Aussie pulled back to $0.7712, after jumping off
Published 21 May, 2009 12:00am
Swiss franc clings on to recent gains

Swiss franc clings on to recent gains

The Swiss franc clung on to recent gains against the dollar on Wednesday as the greenback was under pressure due to investor's more optimistic view on the economic outlook. "The US dollar remains under pressure as risk appetite holds up well and economic
Published 21 May, 2009 12:00am
US dollar down

US dollar down

The US dollar fell on Tuesday as a rise in equity markets world-wide and growing optimism that the global recession is moderating eroded its safe-haven appeal. Data showing improving business sentiment in Germany and news that several major US banks are a
Published 21 May, 2009 12:00am
Yen takes back losses

Yen takes back losses

The yen rose against the dollar on Wednesday and took back the previous day's losses against the euro and higher yielders such as the Australian dollar after their rallies ran out of steam. The dollar also inched up against the euro after losing ground on
Published 21 May, 2009 12:00am
Yuan flat

Yuan flat

The yuan held steady against the dollar on Wednesday and is poised to trade narrowly in the near term - a prospect that pushed offshore one-year dollar/yuan volatilities to their lowest in nearly a year, dealers said. The benchmark volatilities fell to 5.
Published 21 May, 2009 12:00am
Hong Kong dollar inches lower

Hong Kong dollar inches lower

The Hong Kong dollar nudged lower but held within a narrow range against the US dollar on Wednesday, while the discount on local dollar forwards widened across the board amid some selling in the long end. The local currency traded between 7.7515 and 7.752
Published 21 May, 2009 12:00am
Philippines shares surge

Philippines shares surge

Philippines share prices closed 1.05 percent higher on Wednesday to hit a seven-month high on expectations of another round interest rate cuts, dealers said. The composite index rose 24.18 points to close at 2,333.76, while the all-shares index rose 1.50
Published 21 May, 2009 12:00am
Nikkei climbs, trading firms jump

Nikkei climbs, trading firms jump

Japan's Nikkei average rose for a second straight day, climbing 0.6 percent on Wednesday as trading firms surged after a brokerage lifted its rating on the sector, although a firmer yen weighed on exporters like Honda Motor Co. Nissan Motor Co jumped 5 pe
Published 21 May, 2009 12:00am
Singapore shares slightly up

Singapore shares slightly up

Singapore shares closed 0.39 percent higher on Wednesday on hopes for an economic recovery but the market may run out of steam in the near-term, analysts said. The main Straits Times Index gained 8.88 points to 2,269.24. Volume totalled 2.98 billion share
Published 21 May, 2009 12:00am
Most US Treasury prices slip

Most US Treasury prices slip

Most US Treasuries prices slipped on Tuesday as higher stock prices for most of the day and news that some banks had asked to repay funds they accepted from the government during the financial crisis damped the bid for safe-haven government debt.
Published 21 May, 2009 12:00am
Most US Treasury prices slip

Most US Treasury prices slip

Most US Treasuries prices slipped on Tuesday as higher stock prices for most of the day and news that some banks had asked to repay funds they accepted from the government during the financial crisis damped the bid for safe-haven government debt.
Published 21 May, 2009 12:00am
Seoul shares hit fresh 7-1/2-month closing high

Seoul shares hit fresh 7-1/2-month closing high

Seoul shares ended firmer on Wednesday, helped by gains in some technology issues on the back of strengthening earnings outlooks, but banks fell after ratings agency downgrades. The Korea Composite Stock Price Index (KOSPI) ended up 0.52 percent to 1,435.
Published 21 May, 2009 12:00am
Jakarta shares end flat

Jakarta shares end flat

Indonesian shares were flat on Wednesday due to profit-taking in banking stocks and consumer-related blue chips, dealers said. The Jakarta Composite Index lost 0.29 points, or 0.02 percent, to 1,885.72. "The main index consolidated after (a) recent rally
Published 21 May, 2009 12:00am
Wall Street slides

Wall Street slides

The Dow and S&P 500 slipped on Tuesday as financial shares sank and on disappointing housing data, but the Nasdaq rose as investors snapped up technology shares ahead of results from Hewlett Packard. After a choppy session, financial shares fell as the US
Published 21 May, 2009 12:00am
Taiwan stocks hit near nine-month high

Taiwan stocks hit near nine-month high

Taiwan stocks rose 0.72 percent on Wednesday to a near nine-month closing high, with financial shares like Mega up on hopes of potential Chinese investments, but the gain was limited by concerns over a flu outbreak. The main TAIEX share index closed 48.03
Published 21 May, 2009 12:00am
Hong Kong shares decline

Hong Kong shares decline

Hong Kong share prices closed 0.39 percent lower on Wednesday on profit-taking in local property firms, dealers said. The benchmark Hang Seng Index ended 68.19 points down at 17,475.84 on turnover worth 73.86 billion Hong Kong dollars (9.53 billion US). B
Published 21 May, 2009 12:00am
Closing of sterling rates

Closing of sterling rates

Closing of sterling rates at 1730 GMT - on Wednesday (May 20, 2009).

Published 21 May, 2009 12:00am
Long JGBs dip

Long JGBs dip

Longer-dated Japanese government bonds dipped on Wednesday as the Nikkei share average shrugged off a record economic contraction during the first quarter and gained for a second straight day. Japan's economy shrank 4.0 percent in the January-March quarte
Published 21 May, 2009 12:00am
Key stock and currency market movements

Key stock and currency market movements

The latest close of key indices on major world stock exchanges and the London closing values of the euro, the Japanese yen, the British pound and gold bullion (previous day's closes in brackets).

Published 21 May, 2009 12:00am
Long JGBs dip

Long JGBs dip

Longer-dated Japanese government bonds dipped on Wednesday as the Nikkei share average shrugged off a record economic contraction during the first quarter and gained for a second straight day. Japan's economy shrank 4.0 percent in the January-March quarte
Published 21 May, 2009 12:00am
Toshiba to end cellphone output in Japan

Toshiba to end cellphone output in Japan

Japanese electronics group Toshiba Corp said on Wednesday it would end production of mobile phones in Japan in October and outsource some output to overseas manufacturers to cut costs as demand slumps. Cellphone sales in Japan tumbled about 30 percent las
Published 21 May, 2009 12:00am
Concern rises in Vietnam over fiscal deficit

Concern rises in Vietnam over fiscal deficit

Vietnam's state treasury has failed to raise much money through bond issues this year, sparking concerns about how Hanoi will fund a budget gap which could widen to a tenth of gross domestic product (GDP). In an attempt to dig the country out of an econom
Published 21 May, 2009 12:00am
Rio Tinto seeking changes to Chinalco deal

Rio Tinto seeking changes to Chinalco deal

Global miner Rio Tinto may replace the $7.2 billion convertible bond part of its tie-up plan with Chinalco with a capital raising underwritten by the Chinese firm, the Australian newspaper said on Wednesday. Without citing sources, the paper said Rio is b
Published 21 May, 2009 12:00am
PSP may be brought into sales tax net under PSTO

PSP may be brought into sales tax net under PSTO

The professional service providers (PSP) could be brought into the sales tax net under the Provincial Sales Tax Ordinances (PSTO). Sources told Business Recorder on Wednesday that the Federal Board of Revenue (FBR) has to consult provinces for levy
Published 21 May, 2009 12:00am
Vodafone accelerates cost cuts to counter downturn

Vodafone accelerates cost cuts to counter downturn

Vodafone, the world's largest mobile phone firm by revenues, is to speed up cost-cutting plans after forecasting flat profits at best for 2010 and announcing a 5.9 billion pound ($9.05 billion) impairment charge. Vodafone Group, which said the charges wer
Published 21 May, 2009 12:00am
PSP may be brought into sales tax net under PSTO

PSP may be brought into sales tax net under PSTO

The professional service providers (PSP) could be brought into the sales tax net under the Provincial Sales Tax Ordinances (PSTO). Sources told Business Recorder on Wednesday that the Federal Board of Revenue (FBR) has to consult provinces for levy
Published 21 May, 2009 12:00am
Bank of Ireland bond soars on debt buyback plan

Bank of Ireland bond soars on debt buyback plan

Bank of Ireland's bond buyback programme took the sting out of nose-diving earnings, a hike in its bad debt forecast and the departure of its chairman on Tuesday as investors cheered the expected capital boost. Shares in Ireland's largest lender by assets
Published 21 May, 2009 12:00am
PSP may be brought into sales tax net under PSTO

PSP may be brought into sales tax net under PSTO

The professional service providers (PSP) could be brought into the sales tax net under the Provincial Sales Tax Ordinances (PSTO). Sources told Business Recorder on Wednesday that the Federal Board of Revenue (FBR) has to consult provinces for levy
Published 21 May, 2009 12:00am
Three in five Czech firms cutting wages

Three in five Czech firms cutting wages

Around every three in five Czech firms are cutting employees' salaries due to a drop in orders as a result of the global downturn, the Czech Confederation of Industry said on Tuesday. In its survey of 1,600 companies, the industry association found 61 per
Published 21 May, 2009 12:00am
Budget may not bring good news for stock market

Budget may not bring good news for stock market

The stock market participants are eagerly waiting for Budget 2009-10 to analyse what sorts of measures are being announced by the PPP-led government. With government eagerly wanting to increase the tax base amid the IMF agreement and economic slowdown, it
Published 21 May, 2009 12:00am
China boosts vehicle, home appliance subsidies

China boosts vehicle, home appliance subsidies

China will expand an existing subsidy scheme to encourage the purchase of new vehicles and home appliances to boost domestic spending, the Chinese government said on Tuesday. China will allocate 5 billion yuan ($733 million), up from the original budget o
Published 21 May, 2009 12:00am
Budget may not bring good news for stock market

Budget may not bring good news for stock market

The stock market participants are eagerly waiting for Budget 2009-10 to analyse what sorts of measures are being announced by the PPP-led government. With government eagerly wanting to increase the tax base amid the IMF agreement and economic slowdown, it
Published 21 May, 2009 12:00am
Bank of Ireland bond soars on debt buyback plan

Bank of Ireland bond soars on debt buyback plan

Bank of Ireland's bond buyback programme took the sting out of nose-diving earnings, a hike in its bad debt forecast and the departure of its chairman on Tuesday as investors cheered the expected capital boost. Shares in Ireland's largest lender by assets
Published 21 May, 2009 12:00am
Bulls command proceedings on ISE

Bulls command proceedings on ISE

Equities depicted healthy signs under the lead of hot favourite at Islamabad Stock Exchange (ISE) where bulls commanded the proceedings amid increase in index. ISE Ten Index showed an improvement of 9.78 points, as the ISE Ten Index moved from 1,610.82 to
Published 21 May, 2009 12:00am
Air France-KLM reports first loss, 2,700 job cuts

Air France-KLM reports first loss, 2,700 job cuts

Air France-KLM, Europe's biggest airline, on Tuesday announced losses of 814 million euros (1.1 billion dollars) for the 2008-2009 fiscal year and said it would have to cut 2,700 jobs. The losses were the first incurred by the French-Dutch group since the
Published 21 May, 2009 12:00am
Pakistan's humanitarian crisis to last through December: US

Pakistan's humanitarian crisis to last through December: US

Pakistan's humanitarian crisis could last through December after an army offensive against Taliban militants forced 1.5 million people to flee their homes, a senior US military official said on Wednesday. The US defence representative in Islamabad, Rear A
Published 21 May, 2009 12:00am
Spanish economy contracts at fastest rate on record

Spanish economy contracts at fastest rate on record

The Spanish economy shrank at its fastest rate on record in the first quarter as household spending plummeted due to soaring unemployment amid the recession, official data showed Wednesday. Gross domestic product was down 1.9 percent in the first three mo
Published 21 May, 2009 12:00am
Pakistan's humanitarian crisis to last through December: US

Pakistan's humanitarian crisis to last through December: US

Pakistan's humanitarian crisis could last through December after an army offensive against Taliban militants forced 1.5 million people to flee their homes, a senior US military official said on Wednesday. The US defence representative in Islamabad, Rear A
Published 21 May, 2009 12:00am
Air France-KLM reports first loss, 2,700 job cuts

Air France-KLM reports first loss, 2,700 job cuts

Air France-KLM, Europe's biggest airline, on Tuesday announced losses of 814 million euros (1.1 billion dollars) for the 2008-2009 fiscal year and said it would have to cut 2,700 jobs. The losses were the first incurred by the French-Dutch group since the
Published 21 May, 2009 12:00am
Budget may not bring good news for stock market

Budget may not bring good news for stock market

The stock market participants are eagerly waiting for Budget 2009-10 to analyse what sorts of measures are being announced by the PPP-led government. With government eagerly wanting to increase the tax base amid the IMF agreement and economic slowdown, it
Published 21 May, 2009 12:00am
M&S says worst over after profit slides

M&S says worst over after profit slides

British retailer Marks & Spencer said it was hopeful the downturn in its markets had bottomed out as it reported a 40 percent slide in full-year profits and cut its dividend by a third to conserve cash. "I'm not into 'green shoots' mode but... maybe this
Published 21 May, 2009 12:00am
Budget may not bring good news for stock market

Budget may not bring good news for stock market

The stock market participants are eagerly waiting for Budget 2009-10 to analyse what sorts of measures are being announced by the PPP-led government. With government eagerly wanting to increase the tax base amid the IMF agreement and economic slowdown, it
Published 21 May, 2009 12:00am
M&S says worst over after profit slides

M&S says worst over after profit slides

British retailer Marks & Spencer said it was hopeful the downturn in its markets had bottomed out as it reported a 40 percent slide in full-year profits and cut its dividend by a third to conserve cash. "I'm not into 'green shoots' mode but... maybe this
Published 21 May, 2009 12:00am
Army top brass reviews Swat operation progress

Army top brass reviews Swat operation progress

Top brass of Pakistan Army on Wednesday expressed complete satisfaction over the ongoing military operation against militants in Swat and other parts of Malakand and reaffirmed its commitment to continue the operation till militants are wiped out of the a
Published 21 May, 2009 12:00am
ICAP annual profit growth beats forecasts

ICAP annual profit growth beats forecasts

ICAP, the world's largest interdealer broker, beat forecasts with a 5 percent rise in annual pretax profit, and said it was well positioned to take advantage of restructuring in financial markets. Profit before tax for the year ended March 31 was 346 mill
Published 21 May, 2009 12:00am
Army top brass reviews Swat operation progress

Army top brass reviews Swat operation progress

Top brass of Pakistan Army on Wednesday expressed complete satisfaction over the ongoing military operation against militants in Swat and other parts of Malakand and reaffirmed its commitment to continue the operation till militants are wiped out of the a
Published 21 May, 2009 12:00am
UAE pulls out of Gulf monetary union project

UAE pulls out of Gulf monetary union project

The United Arab Emirates pulled out Wednesday of a proposed monetary union being negotiated by the six Gulf nations in a major blow to plans to forge a single currency in the region. "The UAE has decided not to be party to the accord on Gulf monetary unio
Published 21 May, 2009 12:00am
US envoy dispels impression about shifting of Pakistan's nuclear

US envoy dispels impression about shifting of Pakistan's nuclear

US Ambassador to Pakistan Anne W. Patterson has dispelled the impression that there is any US contingency plan to secure or shift Pakistan's nuclear arms from falling into the hands of militants. Patterson, while talking to a group of journalists here Wed
Published 21 May, 2009 12:00am
Brussels plans tougher EU financial monitoring

Brussels plans tougher EU financial monitoring

The European Commission will next week unveil new plans to tighten supervision of financial institutions, though the measures already face opposition from Britain, sources said Wednesday. One of the key proposals is the creation of a new Europen Systemic
Published 21 May, 2009 12:00am
Australia boosts training for army

Australia boosts training for army

Australia offered to help train more Pakistani military officers Wednesday and committed 12 million dollars (nine million US) to humanitarian aid efforts in the country's troubled north-west. The announcements came as General Tariq Majid, the chairman of
Published 21 May, 2009 12:00am
Japan logs record GDP drop; exports may have bottomed

Japan logs record GDP drop; exports may have bottomed

Japan's economy shrank a record 4.0 percent in the first quarter as domestic demand and investment buckled, threatening to crush any export-led rebound later this year. The data did add to growing evidence that global trade may have bottomed out in the fi
Published 21 May, 2009 12:00am
Bulls command proceedings on ISE

Bulls command proceedings on ISE

Equities depicted healthy signs under the lead of hot favourite at Islamabad Stock Exchange (ISE) where bulls commanded the proceedings amid increase in index. ISE Ten Index showed an improvement of 9.78 points, as the ISE Ten Index moved from 1,610.82 to
Published 21 May, 2009 12:00am
World Bank funds bypassing Zimbabwe government

World Bank funds bypassing Zimbabwe government

A top World Bank official said on Wednesday grant funding to Zimbabwe was not going through the government, which has yet to demonstrate to the international community it can manage the economy with prudence and transparency. World Bank Vice President for
Published 21 May, 2009 12:00am
Big rise in credit disbursement to agriculture sector

Big rise in credit disbursement to agriculture sector

Disbursement of credit to the agriculture sector by commercial and specialised banks has increased by 10.92 percent year-on-year to Rs 174.778 billion during the first ten months (July-April) of the current fiscal year (2008-09). Agricultural credit disbu
Published 21 May, 2009 12:00am
General Motors sees three Opel bidders as deadline runs out

General Motors sees three Opel bidders as deadline runs out

Stricken US auto giant General Motors said Wednesday it expected at least three bidders for a stake in its European Opel unit to hand over plans to the German government ahead of a 1600 GMT deadline. A spokesman for GM Europe stopped short of naming names
Published 21 May, 2009 12:00am
Big rise in credit disbursement to agriculture sector

Big rise in credit disbursement to agriculture sector

Disbursement of credit to the agriculture sector by commercial and specialised banks has increased by 10.92 percent year-on-year to Rs 174.778 billion during the first ten months (July-April) of the current fiscal year (2008-09). Agricultural credit disbu
Published 21 May, 2009 12:00am
China's recovery needs private investment: West Bank

China's recovery needs private investment: West Bank

A revival in private investment is needed to justify current market enthusiasm about China's economic recovery, David Dollar, head of the World Bank's office in China, said on Wednesday. The world's third-largest economy has been showing signs of life tha
Published 21 May, 2009 12:00am
Big rise in credit disbursement to agriculture sector

Big rise in credit disbursement to agriculture sector

Disbursement of credit to the agriculture sector by commercial and specialised banks has increased by 10.92 percent year-on-year to Rs 174.778 billion during the first ten months (July-April) of the current fiscal year (2008-09). Agricultural credit disbu
Published 21 May, 2009 12:00am
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