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Nov 08, 2024 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Print - 2009-05-22
Singapore shares lower

Singapore shares lower

Singapore shares closed 2.57 percent lower Thursday as traders took profit from a recent market rally, dealers said. The blue chip Straits Times Index (STI) tumbled 58.27 points to 2,210.97, snapping four straight days of gains. Volume was 2.56 billion sh
Published 22 May, 2009 12:00am
JGBs edge up

JGBs edge up

Japanese government bonds edged higher on Thursday, supported by a surge in US Treasuries the previous day and a fall in Tokyo shares after the yen hit a two-month high versus the dollar. But the upside was capped before next week's auctions of two- and 2
Published 22 May, 2009 12:00am
Bonds little changed ahead of Fed minutes

Bonds little changed ahead of Fed minutes

US Treasury debt prices were near steady on Wednesday as the latest round of Federal Reserve buying disappointed traders, who were now awaiting the release of minutes from the central bank's last meeting. Given the optimism in financial markets about the
Published 22 May, 2009 12:00am
Bonds little changed ahead of Fed minutes

Bonds little changed ahead of Fed minutes

US Treasury debt prices were near steady on Wednesday as the latest round of Federal Reserve buying disappointed traders, who were now awaiting the release of minutes from the central bank's last meeting. Given the optimism in financial markets about the
Published 22 May, 2009 12:00am
Philippines shares end flat

Philippines shares end flat

Philippines share prices ended flat Thursday as Wall Street's reverse led investors to pause a day after the local index hit a seven-month high, dealers said. The composite index added 0.03 points to 2,333.79. In the broader market, the all shares index a
Published 22 May, 2009 12:00am
Asian bond spreads narrow

Asian bond spreads narrow

Asian bond spreads narrowed on Thursday helped by a continued flow of investment funds looking to lock in higher yields, traders said. "As we have seen in the last couple of days, there is still a lot of money on the sidelines. It's a chain reaction, peop
Published 22 May, 2009 12:00am
Malaysian shares slip

Malaysian shares slip

Malaysian shares closed down 0.68 percent Thursday due to profit-taking on key heavyweights, dealers said. The Kuala Lumpur Composite Index lost 7.11 points to 1,035.56 after touching a fresh 2009 high of 1,050.45. Volume was 1.49 billion shares worth 1.6
Published 22 May, 2009 12:00am
Asian bond spreads narrow

Asian bond spreads narrow

Asian bond spreads narrowed on Thursday helped by a continued flow of investment funds looking to lock in higher yields, traders said. "As we have seen in the last couple of days, there is still a lot of money on the sidelines. It's a chain reaction, peop
Published 22 May, 2009 12:00am
Wall Street retreats

Wall Street retreats

US stocks fell on Wednesday, led by financials in a late-stage sell-off, after the Federal Reserve gave a more pessimistic view on the economy, tempering hopes for a quick recovery. The Fed cut its 2009 forecast for gross domestic product and raised its o
Published 22 May, 2009 12:00am
Hong Kong shares drop

Hong Kong shares drop

Hong Kong shares gave up 0.9 percent on Thursday, falling for a second straight day as doubts emerged about an early turnaround in the global economy while a weak first quarter performance hit shares in Melco International. Melco International, controlled
Published 22 May, 2009 12:00am
Taiwan stocks hit nine-month high

Taiwan stocks hit nine-month high

Taiwan stocks rose 0.23 percent on Thursday to a nine-month closing high, with LCD maker Chi Mei leading the way, but gains were limited by investor caution ahead of expected gloomy first-quarter GDP data. The main TAIEX share index closed 15.19 points hi
Published 22 May, 2009 12:00am
Some Guantanamo prisoners to go to US: Obama

Some Guantanamo prisoners to go to US: Obama

President Barack Obama said on Thursday some terrorism suspects held at Guantanamo would be sent to US prisons despite strong congressional opposition, as he defended his plan to close the internationally condemned detention center. Obama made his case a
Published 22 May, 2009 12:00am
Philippines sees first quarter growth at 1.8-2.8 percent

Philippines sees first quarter growth at 1.8-2.8 percent

The Philippine economy likely expanded 1.8-2.8 percent in the first quarter from a year earlier, backed by modest growth in services, and the government is confident of hitting its full-year growth goal, the socio-economic planning chief said on Thursday.
Published 22 May, 2009 12:00am
Some Guantanamo prisoners to go to US: Obama

Some Guantanamo prisoners to go to US: Obama

President Barack Obama said on Thursday some terrorism suspects held at Guantanamo would be sent to US prisons despite strong congressional opposition, as he defended his plan to close the internationally condemned detention center. Obama made his case a
Published 22 May, 2009 12:00am
Yuan may be reserve currency by 2020

Yuan may be reserve currency by 2020

In the latest advertisement of China's currency ambitions, an official suggested on Wednesday that the yuan could make up more than 3 percent of global foreign exchange reserves by 2020. The yuan is not convertible for purely financial purposes, ruling it
Published 22 May, 2009 12:00am
Cheney lashes Obama

Cheney lashes Obama

Former vice president Dick Cheney Thursday tore into the new US administration warning its security policies risked endangering US lives, as he staunchly defended tough interrogation tactics. Minutes after President Barack Obama denounced the anti-terror
Published 22 May, 2009 12:00am
Tiger Airways revenue up despite headwinds

Tiger Airways revenue up despite headwinds

Singapore-based budget airlines Tiger Airways on Thursday reported gross revenue for 2008 was up 25 percent on the year earlier, despite the global economic downturn. The number of passengers rose 42.4 percent to 3.2 million people as the airline soared a
Published 22 May, 2009 12:00am
Cheney lashes Obama

Cheney lashes Obama

Former vice president Dick Cheney Thursday tore into the new US administration warning its security policies risked endangering US lives, as he staunchly defended tough interrogation tactics. Minutes after President Barack Obama denounced the anti-terror
Published 22 May, 2009 12:00am
Romania's Isarescu hopes for economic growth

Romania's Isarescu hopes for economic growth

Romania's central bank governor Mugur Isarescu said on Thursday he hoped the economy would show some growth this year, even after a deep contraction in the first quarter. Like many of its neighbours, Romania slid into recession this year as global financi
Published 22 May, 2009 12:00am
Government shelves 10,000 tractors' import under BTS

Government shelves 10,000 tractors' import under BTS

The government has shelved plans to import about 10,000 tractors under the Benazir Tractor Scheme (BTS) and decided that only locally made tractors would be provided to the farmers at subsidised rates under this scheme. This was stated by Federal Minister
Published 22 May, 2009 12:00am
Wal-Mart to open first wholesale store in India

Wal-Mart to open first wholesale store in India

The world's largest retailer Wal-Mart plans to open next week its first wholesale retail venture with Bharti Enterprises, parent of India's top private phone company, a spokeswoman said Wednesday. The US retailer and Bharti agreed in 2007 to launch a 50:5
Published 22 May, 2009 12:00am
Government shelves 10,000 tractors' import under BTS

Government shelves 10,000 tractors' import under BTS

The government has shelved plans to import about 10,000 tractors under the Benazir Tractor Scheme (BTS) and decided that only locally made tractors would be provided to the farmers at subsidised rates under this scheme. This was stated by Federal Minister
Published 22 May, 2009 12:00am
Brazil central bank chief warns of foreign exchange euphoria

Brazil central bank chief warns of foreign exchange euphoria

Brazil's central bank President Henrique Meirelles warned on Thursday against exaggerated swings in asset prices and "excessive euphoria" in the foreign exchange market, helping to reverse a recent rally in the country's currency. The real weakened 0.3 pe
Published 22 May, 2009 12:00am
Government shelves 10,000 tractors'' import under BTS

Government shelves 10,000 tractors'' import under BTS

The government has shelved plans to import about 10,000 tractors under the Benazir Tractor Scheme (BTS) and decided that only locally made tractors would be provided to the farmers at subsidised rates under this scheme. This was stated by Federal Minister
Published 22 May, 2009 12:00am
Kenya sees modest growth recovery after 2008 slump

Kenya sees modest growth recovery after 2008 slump

Kenya's economy should recover slightly in 2009 after growth slumped to 1.7 percent last year due to post-election violence, poor weather and global commodity price shocks, the government said on Thursday. Planning and National Development Minister Wyclif
Published 22 May, 2009 12:00am
POL products prices reduced by 2.5 percent

POL products prices reduced by 2.5 percent

Prime Minister Yousaf Raza Gilani on Thursday approved 2.5 percent reduction in three major petroleum products including petrol, high speed diesel (HSD) and HOBC following the directions of Supreme Court. The price of petrol (motor gasoline) has been redu
Published 22 May, 2009 12:00am
Australian consumer confidence falls on budget jitters

Australian consumer confidence falls on budget jitters

A key measure of Australian consumer confidence fell in May, reversing some of the previous month's surge, as many consumers gave a thumbs down to a debt-fuelled budget unveiled by the government last week. Consumers were also unhappy with the central ban
Published 22 May, 2009 12:00am
FBI foils alleged New York terror plot

FBI foils alleged New York terror plot

US officials said they foiled a plot by four Americans to blow up a New York synagogue and shoot down a US warplane in a year-long undercover operation, amid fierce debate Thursday over national security. The alleged terrorists, all US citizens, were arre
Published 22 May, 2009 12:00am
Thai GDP to confirm recession, worst may be over

Thai GDP to confirm recession, worst may be over

Thailand's economy likely contracted for the second straight quarter in January-March, putting the country in recession after a plunge in exports and on course for its worst year since the 1998 Asian crisis, a Reuters survey showed. But some analysts pred
Published 22 May, 2009 12:00am
Pakistan, India and US sharing intelligence: report

Pakistan, India and US sharing intelligence: report

Pakistan and India have started sharing intelligence as part of an unprecedented co-operation effort between the long-time nuclear-armed foes overseen by the United States, US media reported Thursday. The Wall Street Journal said the Central Intelligence
Published 22 May, 2009 12:00am
Tata says UK plant stake sale not going ahead

Tata says UK plant stake sale not going ahead

India's Tata Steel will not sell a stake in its Teesside plant to Marcegaglia and Dongkuk Steel, who were part of a consortium that cancelled a major contract to buy the plant's output, a senior Tata group official said. Earlier this month Tata Steel said
Published 22 May, 2009 12:00am
Pakistan, India and US sharing intelligence: report

Pakistan, India and US sharing intelligence: report

Pakistan and India have started sharing intelligence as part of an unprecedented co-operation effort between the long-time nuclear-armed foes overseen by the United States, US media reported Thursday. The Wall Street Journal said the Central Intelligence
Published 22 May, 2009 12:00am
Venezuela first quarter GDP rises, but weakest in five years

Venezuela first quarter GDP rises, but weakest in five years

Venezuela's economy grew at the slowest annual rate in over five years in the first quarter as tumbling oil revenues caused by the global recession took its toll on the Opec member nation. Venezuela's gross domestic product grew 0.3 percent in the first t
Published 22 May, 2009 12:00am
POL products prices reduced by 2.5 percent

POL products prices reduced by 2.5 percent

Prime Minister Yousaf Raza Gilani on Thursday approved 2.5 percent reduction in three major petroleum products including petrol, high speed diesel (HSD) and HOBC following the directions of Supreme Court. The price of petrol (motor gasoline) has been redu
Published 22 May, 2009 12:00am
Monetary divide won't hit Gulf Opec policy

Monetary divide won't hit Gulf Opec policy

Differences between the United Arab Emirates and Saudi Arabia over Gulf monetary union would have no impact on the co-ordination of oil policy between core Gulf Opec members, regional Opec sources said on Thursday. Saudi Arabia, the United Arab Emirates,
Published 22 May, 2009 12:00am
POL products prices reduced by 2.5 percent

POL products prices reduced by 2.5 percent

Prime Minister Yousaf Raza Gilani on Thursday approved 2.5 percent reduction in three major petroleum products including petrol, high speed diesel (HSD) and HOBC following the directions of Supreme Court. The price of petrol (motor gasoline) has been redu
Published 22 May, 2009 12:00am
Close tax loophole for US paper makers

Close tax loophole for US paper makers

Congress should immediately close a US tax loophole used by paper makers that distorts world pulp markets and violates trade rules, ambassadors from the European Union, Canada, Brazil and Chile said on Thursday. A tax credit designed to boost biofuel use
Published 22 May, 2009 12:00am
US leading index up in April, first rise since June

US leading index up in April, first rise since June

A forward-looking measure of the US economy in April posted its first rise since June 2008, a private research firm said on Thursday, suggesting a pickup in growth in the second half of 2009. The index of leading indicators, which is supposed to forecast
Published 22 May, 2009 12:00am
FBI foils alleged New York terror plot

FBI foils alleged New York terror plot

US officials said they foiled a plot by four Americans to blow up a New York synagogue and shoot down a US warplane in a year-long undercover operation, amid fierce debate Thursday over national security. The alleged terrorists, all US citizens, were arre
Published 22 May, 2009 12:00am
22 automakers to skip Tokyo Motor Show

22 automakers to skip Tokyo Motor Show

More than 20 major foreign carmakers, including General Motors Corp and Germany's BMW AG, will skip the Tokyo Motor Show later this year to save costs, the organiser said Thursday, underlining a deepening slump in the global auto industry. ``It is unprece
Published 22 May, 2009 12:00am
UK risks losing AAA rating, debt may near 100 percent of GDP

UK risks losing AAA rating, debt may near 100 percent of GDP

Britain risks losing its precious triple-A credit rating because of the danger that government debt may soar close to 100 percent of GDP, and uncertainty over policy before an election due by next year. The pound tumbled 3 US cents, bonds nose-dived and t
Published 22 May, 2009 12:00am
Germany provides euro 22.6 million more

Germany provides euro 22.6 million more

German government has increased its emergency assistance to Pakistan to a total of euro 22.6 million (Rs 2.4 billion) for the help of Internally Displaced Persons (IDPs) due to military action in Swat and Malakand. According to German embassy, the assista
Published 22 May, 2009 12:00am
Sri Lanka cuts key rates

Sri Lanka cuts key rates

Sri Lanka's central bank cut one of its main policy rates to its lowest level in more than two years and removed restrictions aimed at limiting commercial banks' credit access to spur economic growth. The central bank slashed the reverse repurchase rate b
Published 22 May, 2009 12:00am
Germany provides euro 22.6 million more

Germany provides euro 22.6 million more

German government has increased its emergency assistance to Pakistan to a total of euro 22.6 million (Rs 2.4 billion) for the help of Internally Displaced Persons (IDPs) due to military action in Swat and Malakand. According to German embassy, the assista
Published 22 May, 2009 12:00am
Travel to US forecast to drop eight percent

Travel to US forecast to drop eight percent

Foreign travel to the United States is forecast to fall 8 percent in 2009, the US Commerce Department said on Wednesday, as the Senate voted to create a new travel promotion program. Total visits to the United States from Canada, Mexico and overseas count
Published 22 May, 2009 12:00am
Sweden pledges $4.8 million aid

Sweden pledges $4.8 million aid

A Swedish government aid agency Thursday pledged 35 million kronor (4.8 million dollars) to assist people displaced by fighting in northern Pakistan. The funds were mainly aimed at providing water, sanitation, clothes and shelter for the refugees displace
Published 22 May, 2009 12:00am
US jobless likely to peak above 10 percent: CBO

US jobless likely to peak above 10 percent: CBO

The US economy will likely start growing again in the second half of this year but unemployment will likely keep rising through 2010 to peak over 10 percent, the Congressional Budget Office (CBO) said on Thursday.
Published 22 May, 2009 12:00am
Sweden pledges $4.8 million aid

Sweden pledges $4.8 million aid

A Swedish government aid agency Thursday pledged 35 million kronor (4.8 million dollars) to assist people displaced by fighting in northern Pakistan. The funds were mainly aimed at providing water, sanitation, clothes and shelter for the refugees displace
Published 22 May, 2009 12:00am
Sony to slash suppliers by half

Sony to slash suppliers by half

Japan's Sony Corp, facing a second year of losses, said Thursday that it would cut its number of suppliers by more than half to reduce procurement cost by 5.3 billion dollars a year. The media-electronics giant, which recently announced its first annual l
Published 22 May, 2009 12:00am
Sony to slash suppliers by half

Sony to slash suppliers by half

Japan's Sony Corp, facing a second year of losses, said Thursday that it would cut its number of suppliers by more than half to reduce procurement cost by 5.3 billion dollars a year. The media-electronics giant, which recently announced its first annual l
Published 22 May, 2009 12:00am
UAE-gifted power plants: location for installation not yet finalised

UAE-gifted power plants: location for installation not yet finalised

The Ministry of Water and Power has failed to finalise the location for installation of 320 MW "outdated" power plants, gifted by the United Arab Emirates (UAE), despite the fact that the country is passing through its worst ever power crisis, well-inform
Published 22 May, 2009 12:00am
New US consumer protections under consideration

New US consumer protections under consideration

The Obama administration is mulling a new agency to better protect consumers from practices like those that led to the current financial crisis, US Treasury Secretary Timothy Geithner said on Thursday. Testifying before a House of Representatives Appropri
Published 22 May, 2009 12:00am
Nervous trend observed on KSE

Nervous trend observed on KSE

The Federal Information Minister's statement about additional taxation on capital market in the upcoming federal budget added to the nervousness on the Karachi Stock Exchange on Thursday. The market opened in the negative zone and the index hit intra-day
Published 22 May, 2009 12:00am
UK risks losing AAA rating, debt may near 100 percent of GDP

UK risks losing AAA rating, debt may near 100 percent of GDP

Britain risks losing its precious triple-A credit rating because of the danger that government debt may soar close to 100 percent of GDP, and uncertainty over policy before an election due by next year. The pound tumbled 3 US cents, bonds nose-dived and t
Published 22 May, 2009 12:00am
International bids invited for Bhasha dam project

International bids invited for Bhasha dam project

International bids have been invited for the building of Bhasha dam project with incentive clause for early completion and three Chinese companies are among the bidders. This was stated in a meeting, held at presidency with President Asif Ali Zardari in t
Published 22 May, 2009 12:00am
Rich nations must cut emissions by 40 percent: China

Rich nations must cut emissions by 40 percent: China

China confirmed Thursday that it will demand rich nations cut greenhouse gas emissions by 40 percent from 1990 levels by 2020 in upcoming global climate change negotiations. In a position paper published for negotiations to be held in Copenhagen in Decemb
Published 22 May, 2009 12:00am
Oil slips below $62 after six-month peak

Oil slips below $62 after six-month peak

Oil eased below $62 a barrel on Thursday, after rallying to a six-month high on Wednesday, as government data showed a steep drop in US crude and gasoline stockpiles ahead of the summer driving season. The market will study weekly US jobless claims and Ap
Published 22 May, 2009 12:00am
Shanghai copper falls

Shanghai copper falls

Copper prices fell on Thursday, with London metal paring the previous session's 2 percent gain, as equity markets eased and support from a weaker dollar gave way to worries about demand once more. China's manufacturers are winding down for the traditional
Published 22 May, 2009 12:00am
UAE-gifted power plants: location for installation not yet finalised

UAE-gifted power plants: location for installation not yet finalised

The Ministry of Water and Power has failed to finalise the location for installation of 320 MW "outdated" power plants, gifted by the United Arab Emirates (UAE), despite the fact that the country is passing through its worst ever power crisis, well-inform
Published 22 May, 2009 12:00am
Malaysian palm oil futures drop

Malaysian palm oil futures drop

Malaysian palm futures dropped 1.2 percent on Thursday on mounting fears that exports could falter as buyers hunt for already dwindling supplies, traders said. The benchmark August contract on Bursa Malaysia's Derivatives Exchange fell 32 ringgit to 2,570
Published 22 May, 2009 12:00am
UAE-gifted power plants: location for installation not yet finalised

UAE-gifted power plants: location for installation not yet finalised

The Ministry of Water and Power has failed to finalise the location for installation of 320 MW "outdated" power plants, gifted by the United Arab Emirates (UAE), despite the fact that the country is passing through its worst ever power crisis, well-inform
Published 22 May, 2009 12:00am
Malaysian tin up

Malaysian tin up

Malaysian tin inched up on Thursday thanks to a higher close on London Metal Exchange and strong demand especially from Europe, one dealer said.
Published 22 May, 2009 12:00am
International bids invited for Bhasha dam project

International bids invited for Bhasha dam project

International bids have been invited for the building of Bhasha dam project with incentive clause for early completion and three Chinese companies are among the bidders. This was stated in a meeting, held at presidency with President Asif Ali Zardari in t
Published 22 May, 2009 12:00am
US copper posts gains

US copper posts gains

US copper futures ended higher on Wednesday, but backed away from a fresh one-week high as a fading rally on Wall Street sapped a part of the red metal's earlier technical and dollar-induced strength.Copper for July delivery rose 3.70 cents, or 1.8 percen
Published 22 May, 2009 12:00am
International bids invited for Bhasha dam project

International bids invited for Bhasha dam project

International bids have been invited for the building of Bhasha dam project with incentive clause for early completion and three Chinese companies are among the bidders. This was stated in a meeting, held at presidency with President Asif Ali Zardari in t
Published 22 May, 2009 12:00am
CBoT soyabean up

CBoT soyabean up

US soyabean futures closed higher on Wednesday and near an eight-month peak amid shrinking supplies of soyabeans, low yields in South America and ongoing buying of soya by China. CBOT July soya was up 7 cents per bushel at $11.69 per bushel. Funds bought
Published 22 May, 2009 12:00am
Nervous trend observed on KSE

Nervous trend observed on KSE

The Federal Information Minister's statement about additional taxation on capital market in the upcoming federal budget added to the nervousness on the Karachi Stock Exchange on Thursday. The market opened in the negative zone and the index hit intra-day
Published 22 May, 2009 12:00am
Asian physical rubber steady

Asian physical rubber steady

Asian physical rubber prices were steady on Thursday as supply remained tight. The yen's strength, which should encourage demand from Japan, provided a firm floor for Asian rubber prices, said a trader at a Japanese trading firm. But Tokyo rubber futures
Published 22 May, 2009 12:00am
Nervous trend observed on KSE

Nervous trend observed on KSE

The Federal Information Minister''s statement about additional taxation on capital market in the upcoming federal budget added to the nervousness on the Karachi Stock Exchange on Thursday. The market opened in the negative zone and the index hit intra-day
Published 22 May, 2009 12:00am
Tokyo rubber futures slip

Tokyo rubber futures slip

Tokyo rubber futures were mostly lower on Thursday as a rally in the yen versus the dollar hurt sentiment, though oil prices provided support, hovering near a six-month high. The key Tokyo Commodity Exchange rubber contract for October delivery fell 2.2 p
Published 22 May, 2009 12:00am
BRIndex30 down by 83.12 points

BRIndex30 down by 83.12 points

BRIndex30 on Thursday opened in the positive zone at 6,665.54 points but almost immediately dropped into negative zone and remained there for throughout the whole trading session. It closed at 6,581.63 with a net negative change of -83.12 points and a per
Published 22 May, 2009 12:00am
New York sugar finishes easier

New York sugar finishes easier

Raw sugar futures closed easier on Wednesday on investor sales as the market consolidated, with analysts saying another rally is possible given the bullish fundamentals in the sweetener. The July raw sugar contract shed 0.25 cent to conclude at 15.38 cent
Published 22 May, 2009 12:00am
BRIndex30 down by 83.12 points

BRIndex30 down by 83.12 points

BRIndex30 on Thursday opened in the positive zone at 6,665.54 points but almost immediately dropped into negative zone and remained there for throughout the whole trading session. It closed at 6,581.63 with a net negative change of -83.12 points and a per
Published 22 May, 2009 12:00am
Gold hits eight-week high

Gold hits eight-week high

Gold rose for the third straight day to hit a new eight-week high above $942 per ounce on Thursday, buoyed by firmness in oil prices and the dollar's recent slide to its lowest level in nearly five months. But gains were mainly driven by funds buying US g
Published 22 May, 2009 12:00am
Repatriation of profit, dividend decline by 9.21 percent

Repatriation of profit, dividend decline by 9.21 percent

Profit return by the foreign investors is rapidly decreasing due to slackness in the economy and global economic recession. The repatriation of profit was constantly on surge during the last few years, however, global meltdown has badly hit the profitabil
Published 22 May, 2009 12:00am
Thai April rubber exports fall

Thai April rubber exports fall

Thai rubber exports fell 16.5 percent in April from a year earlier due to limited supply and extra holidays, according to government data and traders on Thursday. Supply has dropped sharply as farmers stopped tapping during the dry season, when rubber tre
Published 22 May, 2009 12:00am
Repatriation of profit, dividend decline by 9.21 percent

Repatriation of profit, dividend decline by 9.21 percent

Profit return by the foreign investors is rapidly decreasing due to slackness in the economy and global economic recession. The repatriation of profit was constantly on surge during the last few years, however, global meltdown has badly hit the profitabil
Published 22 May, 2009 12:00am
US gold up

US gold up

US gold futures jumped more than 1 percent on Wednesday, rising above $940 an ounce on a combination of a weaker dollar, technical support and inflation-hedge buying amid economic optimism. Gold for June delivery settled up $10.70, or 1.2 percent, at $937
Published 22 May, 2009 12:00am
Repatriation of profit, dividend decline by 9.21 percent

Repatriation of profit, dividend decline by 9.21 percent

Profit return by the foreign investors is rapidly decreasing due to slackness in the economy and global economic recession. The repatriation of profit was constantly on surge during the last few years, however, global meltdown has badly hit the profitabil
Published 22 May, 2009 12:00am
Cotton prices lose ground in ready market

Cotton prices lose ground in ready market

Ready cotton prices have conceded at least Rs 100 per maund (37.32 kgs) since the beginning of this week due to a plethora of problems being faced by the domestic textile industry and overall manufacturing and trading activity in Pakistan.
Published 22 May, 2009 12:00am
Pakistan aid bill clears US House hurdle

Pakistan aid bill clears US House hurdle

A US congressional committee Wednesday approved an aid package for Pakistan but more political dealing was expected amid controversy over the conditions it imposes on Islamabad. The House Foreign Affairs Committee approved a plan to triple US aid to 1.5 b
Published 22 May, 2009 12:00am
US rice futures end firm

US rice futures end firm

US rice futures closed firm following strong gains in grains and soy amid a weak dollar, traders said. CBOT July rice was up 17 cents at $12.11 per cwt. Asian rice prices keep falling due to thin demand, amply supply. Storms cut Philippine rice output in
Published 22 May, 2009 12:00am
Pakistan aid bill clears US House hurdle

Pakistan aid bill clears US House hurdle

A US congressional committee Wednesday approved an aid package for Pakistan but more political dealing was expected amid controversy over the conditions it imposes on Islamabad. The House Foreign Affairs Committee approved a plan to triple US aid to 1.5 b
Published 22 May, 2009 12:00am
Cotton prices lose ground in ready market

Cotton prices lose ground in ready market

Ready cotton prices have conceded at least Rs 100 per maund (37.32 kgs) since the beginning of this week due to a plethora of problems being faced by the domestic textile industry and overall manufacturing and trading activity in Pakistan.
Published 22 May, 2009 12:00am
Pakistan aid bill clears US House hurdle

Pakistan aid bill clears US House hurdle

A US congressional committee Wednesday approved an aid package for Pakistan but more political dealing was expected amid controversy over the conditions it imposes on Islamabad. The House Foreign Affairs Committee approved a plan to triple US aid to 1.5 b
Published 22 May, 2009 12:00am
ITBA recommends comprehensive sales tax refund mechanism

ITBA recommends comprehensive sales tax refund mechanism

To streamline the entire refund verification and sanctioning process, the Income Tax Bar Association (ITBA) has recommended that a comprehensive refund mechanism may be evolved in accordance with section 10 and sales tax rules 2006. At present, huge genui
Published 22 May, 2009 12:00am
Spot rate, lint prices lower on cotton market

Spot rate, lint prices lower on cotton market

Easier trend was seen on the cotton market on Thursday as mills prefer to buy low quality stuff mainly because of financial problem, brokers said. The official spot rate was lowered by Rs 50 to Rs 3,700. Approximately 5,000 bales of cotton changed hands b
Published 22 May, 2009 12:00am
Probe ordered into hefty payments to Arif Chaudhry

Probe ordered into hefty payments to Arif Chaudhry

The Lahore High Court (LHC) on Thursday directed the Ministry of Law to probe into the heavy payments made by government to Arif Chaudhry advocate in Musharraf's era and recover the money, if any, paid against the rules and regulations and take appropriat
Published 22 May, 2009 12:00am
US Midwest corn and soya bids ease at river terminals

US Midwest corn and soya bids ease at river terminals

Spot basis bids for corn and soyabeans fell at US Midwest river terminals amid higher barge freight costs on Wednesday, but were steady to firm at interior locations, dealers said. A few farmers booked corn sales as cash prices hit about $4.10 per bushel
Published 22 May, 2009 12:00am
Amendments in law necessary to empower ombudsman: expert

Amendments in law necessary to empower ombudsman: expert

Former Justice Nasir Aslam Zahid on Thursday termed amendments in law very necessary to empower the ombudsman to question and check the affairs of government's departments in particular to resolve the public problems effectively and immediately.
Published 22 May, 2009 12:00am
Oil cake market rates

Oil cake market rates

The May vaida was unchanged on the forward cottonseed oilcake market on Thursday as it maintained its overnight level at Rs 871.10 and the other July contact moved up with 30 paisa gain at Rs 977.60, they added.
Published 22 May, 2009 12:00am
Seafood exports likely to reach $220 million

Seafood exports likely to reach $220 million

The country is likely to surpass the last fiscal year's seafood export mark of $ 212 million with bright prospects to achieve over $220 million export target by the end of this fiscal year. It has succeeded to fetch $ 196.108 million with an average month
Published 22 May, 2009 12:00am
Prices higher on seed, grain market

Prices higher on seed, grain market

Upward trend was seen on the wholesale grain and seed market on Thursday as most of the commodity items tended higher on tight supply position, dealers said. On the cereal side gur low type was up by Rs 100 to Rs 5,600 and better type was higher by Rs 200
Published 22 May, 2009 12:00am
Pakistan - a country with great potential for trade

Pakistan - a country with great potential for trade

Deputy High Commissioner, United Kingdom, Robert W Gibson visiting Site Association of Industry (SAI) said that preferential access to UK market for Pakistani goods is subject to EU Trade Policy, while responding to the suggestions by members of SAI that
Published 22 May, 2009 12:00am
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