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Print - 2009-06-09
Mumbai attacks' hijacked boat to sail again

Mumbai attacks' hijacked boat to sail again

The fishing boat hijacked by the 10 extremist gunmen who attacked Mumbai in November is to re-enter service later this year, its owner was reported as saying Monday. The MV Kuber has not been at sea since heavily armed militants overpowered its crew and k
Published 09 Jun, 2009 12:00am
Gabon's president Bongo dead: official

Gabon's president Bongo dead: official

Gabon's President Omar Bongo Ondimba, Africa's longest serving leader, died Monday afternoon in a clinic in Barcelona aged 73, the country's prime minister said in a written statement. "At 2:30 pm, the medical team informed me, as well as the officials an
Published 09 Jun, 2009 12:00am
China to require software on PCs to block sites

China to require software on PCs to block sites

The Chinese government has required that personal computer makers bundle software that filters Internet content from July 1, raising concerns over cyber-security as well as Internet freedoms. The free "Green Dam-Youth Escort" software, developed by Jinhui
Published 09 Jun, 2009 12:00am
Bangladesh on high alert for militant attacks

Bangladesh on high alert for militant attacks

Bangladesh has ordered security stepped up at government installations across the country amid fears of possible attacks by Islamists or criminal gangs, officials said on Monday. The alert comes as the south Asian country prepares to put on trial later th
Published 09 Jun, 2009 12:00am
Saudi woman minister needs permission to be on TV

Saudi woman minister needs permission to be on TV

Saudi Arabia's first woman cabinet minister cannot appear on television without permission, a newspaper quoted her as saying on Monday. Noura al-Faiz's appointment in February as deputy minister for women's education was hailed as a big step for the integ
Published 09 Jun, 2009 12:00am
7,000 US Marines patrolling southern Afghan desert

7,000 US Marines patrolling southern Afghan desert

Some 7,000 of the new US troops ordered to Afghanistan are fanning out across the dangerous south this week on a mission to defeat the Taliban insurgency and to change the course of a war claiming American lives at a record pace. The Marines represent the
Published 09 Jun, 2009 12:00am
UK's Brown faces more calls to quit after poll loss

UK's Brown faces more calls to quit after poll loss

British Prime Minister Gordon Brown faced more calls to step down on Monday after his Labour Party suffered a heavy defeat in European elections, taking its lowest share of a national vote since 1910. Brown, who has vowed to stay on, will talk to Labour l
Published 09 Jun, 2009 12:00am
Bombing of minibus in Shia area kills nine: Iraq

Bombing of minibus in Shia area kills nine: Iraq

A bomb tore through a minibus during morning rush hour Monday in a mainly Shia area in Baghdad, killing at least nine people and wounding 24, Iraqi officials said. The blast was a grim reminder of the major challenge facing Iraqi forces three weeks ahead
Published 09 Jun, 2009 12:00am
Child among 22 killed in Afghan violence

Child among 22 killed in Afghan violence

Twenty Taliban militants were killed in a battle with police in southern Afghanistan Monday, while an Afghan boy was killed and two German soldiers wounded in attacks in the east, officials said. Fighting erupted in the southern province of Zabul on Sunda
Published 09 Jun, 2009 12:00am
Man kills his five children near Delhi, attempts suicide

Man kills his five children near Delhi, attempts suicide

Driven by poverty, an Indian man allegedly stabbed to death his five children at his home near New Delhi before trying to murder his wife and commit suicide, a news report said Monday. Ravindra Verma, 38, and his wife were found with stab wounds in their
Published 09 Jun, 2009 12:00am
Activity at Karachi and Qasim Port

Activity at Karachi and Qasim Port

The Karachi Port handled 308,797 tonnes of cargo including 223,567 tonnes of import and 85,230 tonnes of export; 5,116 loaded and empty containers (TEUs) during last 48 hours ending at 0700 hours on Monday. The freights comprised of 191,522 tonnes of dry
Published 09 Jun, 2009 12:00am
Egypt suspends contracts with Egyptian traders

Egypt suspends contracts with Egyptian traders

Egypt suspended all contracts with private grains importer Egyptian Traders Co on Sunday and told the firm to re-export a Russian wheat shipment quarantined over quality concerns, state media said. Egypt also ordered the firm to repay $9.6 million to the
Published 09 Jun, 2009 12:00am
No place for the faint of heart

No place for the faint of heart

Given the roller-coaster ride in Chicago grains last week as the dollar fell and rose, more volatility is likely in the coming week as investors weigh the health of the economy with the weather outside. Added to the mix will be the US Department of Agricu
Published 09 Jun, 2009 12:00am
Ghana cocoa purchases reach 622,862 tonnes

Ghana cocoa purchases reach 622,862 tonnes

Ghana industry regulator Cocobod bought 622,862 tonnes of cocoa by May 28, or 37 weeks of the 38-week 2008/09 main crop season, down around 3.6 percent on the previous year, an industry source said on Monday. Total purchases for the 37th week were 5,356 t
Published 09 Jun, 2009 12:00am
Ireland knock Bangladesh out of World Twenty20

Ireland knock Bangladesh out of World Twenty20

Trent Johnston and the O'Brien brothers combined to help Ireland send Bangladesh crashing out of the World Twenty20 here on Monday. Johnston, the burly Australian-born seamer, grabbed 3-20 in his opening spell with the new ball to restrict Bangladesh to a
Published 09 Jun, 2009 12:00am
Thailand sells corn to Vietnam and Indonesia

Thailand sells corn to Vietnam and Indonesia

Thailand has sold 20,000 tonnes of corn to feedstuff companies in Vietnam and Indonesia for prompt shipment, traders said on Monday. "The corn was sold at $205 per tonne free on board and we expected to ship all of it within June," said a trader at a majo
Published 09 Jun, 2009 12:00am
Chief selector Abdul Qadir resigns amid England defeat

Chief selector Abdul Qadir resigns amid England defeat

In an unexpected development, Chairman National Selection Committee Abdul Qadir on Monday tendered resignation from his office and Chairman Pakistan Cricket Board (PCB) Ijaz Butt has accepted the resignation. This sudden move from Chief Selector comes aft
Published 09 Jun, 2009 12:00am
Jilani terms resignation 'bold decision'

Jilani terms resignation 'bold decision'

Federal Minister for Sports Pir Syed Aftab Shah Jilani Monday welcomed the resignation by Chief Selector, Pakistan Cricket Board, Abdul Qadir, saying that this was a good precedence set by the Spin Wizard. Jilani termed the resignation of Abdul Qadir as a
Published 09 Jun, 2009 12:00am
Foreign teams bid for Symonds: manager

Foreign teams bid for Symonds: manager

Wayward all-rounder Andrew Symonds has overseas offers to consider as he mulls over whether to continue playing in Australia, his manager said Monday. The international playing career of Symonds is in doubt after Cricket Australia sent him from the World
Published 09 Jun, 2009 12:00am
Poor performance puzzles Younus

Poor performance puzzles Younus

Pakistan captain Younus Khan was left struggling to explain his side's lacklustre display after their comprehensive 48-run loss to England in the ICC World Twenty20. Sloppy fielding by the 2007 finalists helped England to a competitive 185 for five at the
Published 09 Jun, 2009 12:00am
Extend Ribery's contract or let him go, says Beckenbauer

Extend Ribery's contract or let him go, says Beckenbauer

Bayern Munich should offer French playmaker Franck Ribery a contract extension or allow him to leave as speculation about a move to Real Madrid is rife, club president Franz Beckenbauer said on Monday. "I only see two solutions - Ribery extends his contra
Published 09 Jun, 2009 12:00am
Proteas promise no let-up against New Zealand

Proteas promise no let-up against New Zealand

South Africa coach Mickey Arthur has insisted his side will be at full strength for their ICC World Twenty20 group game against New Zealand even though it is a 'dead' tie. Both Test teams have assured their qualification out of Group D after contrasting w
Published 09 Jun, 2009 12:00am
Newcastle up for sale at cut-price 100 million pounds

Newcastle up for sale at cut-price 100 million pounds

Newcastle United owner Mike Ashley officially put the club up for sale at a cut-price 100 million pounds ($158.9 million) on Monday in a small-ads style statement on the team's website. "The board of Newcastle United can today confirm that the club is for
Published 09 Jun, 2009 12:00am
Broncos player has swine flu, six others quarantined

Broncos player has swine flu, six others quarantined

A Brisbane Broncos player in the topflight National Rugby League has tested positive to swine flu and six team-mates _ including Australia captain Darren Lockyer _ are being quarantined. The club announced Monday that forward Ben Hannant contracted the il
Published 09 Jun, 2009 12:00am
Hong Kong dollar eases

Hong Kong dollar eases

The local currency fell 0.02 percent from late Friday trade in Asia, having earlier hit an intraday low of 7.7526 against the US dollar. Dealers attributed the fall in part due to weakness in the stock market, and as the greenback gained against major cur
Published 09 Jun, 2009 12:00am
Asian currencies weaken

Asian currencies weaken

The Indonesian rupiah slid on Monday as investors took profits from its recent rally, while other regional units also weakened as the dollar firmed against major currencies while stocks faltered. The dollar edged up against a basket of major currencies, a
Published 09 Jun, 2009 12:00am
South Korean won hits one-week low

South Korean won hits one-week low

The South Korean won fell 1 percent to a 1-week low against the dollar on Monday as the US unit rallied over the weekend and as Seoul's main stock market turned weaker on renewed concerns about tensions with North Korea. The won ended local trade at 1,252
Published 09 Jun, 2009 12:00am
Dollar extends gains

Dollar extends gains

The dollar rose against a basket of currencies on Monday extending sharp gains made late last week as US Treasury yields rose to seven month highs, prompting investors to cover short-dollar positions. Smaller-than-expected job losses in the United States
Published 09 Jun, 2009 12:00am
Taiwan dollar at 2-1/2 week low

Taiwan dollar at 2-1/2 week low

The Taiwan dollar fell on Monday to a 2-1/2 week closing low after sharp falls on the local stock market and because of the greenback's global gains on better-than-expected US jobless data, dealers said. The Taiwan dollar closed at T$32.875 to the US doll
Published 09 Jun, 2009 12:00am
Swiss franc dips

Swiss franc dips

The Swiss franc dipped against the dollar on Monday after smaller-than-expected job losses in the United States had triggered a hefty drop in the franc on Friday. "The rise in the dollar against the franc was a correction of recent moves," Credit Suisse a
Published 09 Jun, 2009 12:00am
Yuan down on dollar spurt

Yuan down on dollar spurt

The yuan fell in the spot market on Monday, pressured by the dollar's continuing strength against a basket of currencies and after the central bank set the currency's mid-point, or reference rate, at a two-month low. Before trade began on Monday, the Peop
Published 09 Jun, 2009 12:00am
Seoul shares fall

Seoul shares fall

Seoul shares fell on Monday, weighed down by news North Korea had sentenced two US journalists to 12 years hard labour, but Korea Exchange Bank jumped on the back of brewing acquisition hopes. The Korea Composite Stock Price Index (KOSPI) finished down 0.
Published 09 Jun, 2009 12:00am
Bangladesh interbank forex, interest rates

Bangladesh interbank forex, interest rates

Interbank buy/sell rates for the taka against the dollar on Monday. 69.03/69.03 (previous 69.03/69.03). Call Money Rates: 0.60-10.00 percent (previous 0.75-10.00 percent).
Published 09 Jun, 2009 12:00am
New Zealand shares slump

New Zealand shares slump

New Zealand shares fell 0.63 percent on Monday following a profit warning from Contact Energy and as a holiday in Australia muted local trading, dealers said. The NZX-50 index fell 17.89 points to 2,816.62 on thin turnover worth 57.7 million dollars (36.3
Published 09 Jun, 2009 12:00am
Taiwan stocks post worst daily percent drop

Taiwan stocks post worst daily percent drop

Taiwan stocks fell 3.34 percent on Monday, their biggest daily percentage drop in nearly two months, as cautious investors sold tech shares such as TSMC and UMC before they report May sales later this week. The main TAIEX share index finished 228.72 point
Published 09 Jun, 2009 12:00am
Malaysian shares sag

Malaysian shares sag

Malaysian shares closed down 0.25 percent on Monday due to profit-taking in selected blue chips, dealers said. The Kuala Lumpur Composite Index lost 2.65 points to 1,072.85. Gainers outnumbered losers 372 to 323. "Retail investors were fairly active, driv
Published 09 Jun, 2009 12:00am
Singapore shares slip

Singapore shares slip

Singapore shares closed 2.61 percent lower on Monday as traders took a breather from recent strong gains and searched for fresh market leads. The blue chip Straits Times Index (STI) fell 62.65 points to 2,333.70 on volume of 3.59 billion shares worth 1.68
Published 09 Jun, 2009 12:00am
Thai share prices drop

Thai share prices drop

Thai share prices closed 0.75 percent lower on Monday, with investors taking profits amid continued concern over the global slowdown, analysts said. The Stock Exchange of Thailand (SET) composite index fell 4.54 points to close at 600.03 while the blue ch
Published 09 Jun, 2009 12:00am
JGBs slide

JGBs slide

Japanese government bonds slid on Monday, following a sell-off in Treasuries late last week when smaller-than-forecast US job losses ignited fears the Federal Reserve might raise interest rates sooner than expected. The lead June JGB futures contract was
Published 09 Jun, 2009 12:00am
JGBs slide

JGBs slide

Japanese government bonds slid on Monday, following a sell-off in Treasuries late last week when smaller-than-forecast US job losses ignited fears the Federal Reserve might raise interest rates sooner than expected. The lead June JGB futures contract was
Published 09 Jun, 2009 12:00am
Nikkei hits eight-month closing high

Nikkei hits eight-month closing high

Japan's Nikkei average gained 1 percent on Monday to hit an eight-month closing high, after better-than-expected US jobs data raised hopes for an economic recovery and a weaker yen cheered exporters such as Canon Inc and Toyota Motor Corp. Komatsu Ltd sur
Published 09 Jun, 2009 12:00am
Jakarta shares lower

Jakarta shares lower

Indonesian shares ended 1.07 percent lower on Monday due to late profit-taking by local funds on commodity-related stocks, dealers said. The Jakarta Composite Index fell 22.28 points to 2,056.65 in moderate volume. "The market ran out of steam after its r
Published 09 Jun, 2009 12:00am
Philippines shares fall

Philippines shares fall

Philippines share prices closed 0.43 percent lower on Monday as investors took profits after last week's gains, dealers said. The composite index fell 10.95 points to 2,517.73 while the all-shares index fell 0.46 percent to 1,620.07 points. Losers outnumb
Published 09 Jun, 2009 12:00am
China bond yields rise

China bond yields rise

Chinese bond yields and interest rate swaps rose across the curve on Monday as the market's attention turned to inflation risks after crude oil prices hit a seven-month high, while a consensus emerged that yields had dropped too far last month. At an auct
Published 09 Jun, 2009 12:00am
China bond yields rise

China bond yields rise

Chinese bond yields and interest rate swaps rose across the curve on Monday as the market's attention turned to inflation risks after crude oil prices hit a seven-month high, while a consensus emerged that yields had dropped too far last month. At an auct
Published 09 Jun, 2009 12:00am
No talks if Israel won't accept two-state solution: Abbas

No talks if Israel won't accept two-state solution: Abbas

Palestinian president Mahmud Abbas on Monday again ruled out any resumption of Middle East peace talks if Israel continues to reject a solution based on the creation of a Palestinian state. "What is there to negotiate if they continue to refuse to accept
Published 09 Jun, 2009 12:00am
Bangladesh boosts security for judges after threats

Bangladesh boosts security for judges after threats

Bangladesh has stepped up security for the country's judges and courts following threats by Islamic militants, the law minister said Monday. Shafiq Ahmed told AFP the move followed an "intelligence report" that the outlawed Jamayetul Mujahideen Bangladesh
Published 09 Jun, 2009 12:00am
CoAS, Air Chief visit Mingora

CoAS, Air Chief visit Mingora

Chief of Army Staff (CoAS), General Ashfaq Parvez Kayani and Chief of Air Staff (CAS), Air Chief Marshal Rao Qamar Suleman on Monday visited Mingora, Swat. The COAS and CAS met field commanders and held informal discussions with them on operational matter
Published 09 Jun, 2009 12:00am
Four found liable for Northern Ireland's Omagh bombing

Four found liable for Northern Ireland's Omagh bombing

Four IRA dissidents were found responsible Monday for the worst terrorist attack in Northern Ireland in a landmark civil case brought by the families of the 29 people killed in the Omagh bombing. Real IRA leader Michael McKevitt was found liable for the 1
Published 09 Jun, 2009 12:00am
CoAS, Air Chief visit Mingora

CoAS, Air Chief visit Mingora

Chief of Army Staff (CoAS), General Ashfaq Parvez Kayani and Chief of Air Staff (CAS), Air Chief Marshal Rao Qamar Suleman on Monday visited Mingora, Swat. The COAS and CAS met field commanders and held informal discussions with them on operational matter
Published 09 Jun, 2009 12:00am
Immigrants' rights violated in raids

Immigrants' rights violated in raids

A federal judge has ruled that immigration agents violated the constitutional rights of four illegal immigrants during a series of controversial raids in New Haven in 2007. The sweeps on June 6, 2007, came two days after New Haven approved issuing identif
Published 09 Jun, 2009 12:00am
Six more killed in target killings

Six more killed in target killings

Six more political parties activists has fallen prey to target killings on Monday continued in different parts of the city raised death toll to 35 in last five days. Prime Minister Pakistan Syed Yousuf Raza Gilani taking strict notice of ongoing target ki
Published 09 Jun, 2009 12:00am
3D vision seen paying off for entertainment firms

3D vision seen paying off for entertainment firms

Digital 3D looks set to be a key revenue earner for businesses from cinema chains to software developers as companies bank on the fast-improving format ushering in a new age of entertainment. The medium is already fuelling an increase in cinema receipts w
Published 09 Jun, 2009 12:00am
Six more killed in target killings

Six more killed in target killings

Six more political parties activists has fallen prey to target killings on Monday continued in different parts of the city raised death toll to 35 in last five days. Prime Minister Pakistan Syed Yousuf Raza Gilani taking strict notice of ongoing target ki
Published 09 Jun, 2009 12:00am
Danny the Green shakes up France, again

Danny the Green shakes up France, again

Daniel Cohn-Bendit, one-time anarchist turned leader of a green coalition, has lost none of his famous ability to shake up French politics. In a remarkable result, Cohn-Bendit's environmental party came third in Sunday's European parliamentary election in
Published 09 Jun, 2009 12:00am
Import of captive power plants: SBP allows financing under LTFF

Import of captive power plants: SBP allows financing under LTFF

The State Bank of Pakistan has allowed financing under Long Term Financing Facility (LTFF) Scheme for import of generators/captive power plants (including other allied machinery items used to generate electricity) in order to facilitate export-oriented in
Published 09 Jun, 2009 12:00am
Five Palestinians killed in botched attack on Gaza border

Five Palestinians killed in botched attack on Gaza border

Five Palestinian militants were killed Monday morning in a botched attack at Israel's border with the central Gaza Strip, both sides reported.An Israeli military spokesman in Tel Aviv said a battle erupted after a group of Palestinian militants opened fir
Published 09 Jun, 2009 12:00am
PSM, EDB oppose open auction of steel products

PSM, EDB oppose open auction of steel products

Pakistan Steel Mills (PSM) and Engineering Development Board (EDB) have reportedly said no to open auction of steel products, arguing that open auction will result in cartelisation, which may adversely affect the smooth supply of products and prices.
Published 09 Jun, 2009 12:00am
German scientists use human speech gene to alter brains of mice

German scientists use human speech gene to alter brains of mice

German scientists have used a human speech gene to alter the brains of mice in order to study how our own linguistic is different from mammalian vocalization.The baby mice who received the human speech gene squeak differently from other mice, though they
Published 09 Jun, 2009 12:00am
PSM, EDB oppose open auction of steel products

PSM, EDB oppose open auction of steel products

Pakistan Steel Mills (PSM) and Engineering Development Board (EDB) have reportedly said no to open auction of steel products, arguing that open auction will result in cartelisation, which may adversely affect the smooth supply of products and prices.
Published 09 Jun, 2009 12:00am
Three Mexico daycare fire victims treated in US

Three Mexico daycare fire victims treated in US

Doctors at a California hospital have begun what they say will be months of treatment for three youngsters who were badly injured in a fire that killed 42 infants and toddlers at a Mexican day care center. The children were being treated Monday at Shriner
Published 09 Jun, 2009 12:00am
PSM, EDB oppose open auction of steel products

PSM, EDB oppose open auction of steel products

Pakistan Steel Mills (PSM) and Engineering Development Board (EDB) have reportedly said no to open auction of steel products, arguing that open auction will result in cartelisation, which may adversely affect the smooth supply of products and prices.
Published 09 Jun, 2009 12:00am
Energy executives call for more investment despite downturn

Energy executives call for more investment despite downturn

Global energy executives meeting here Monday called for greater investment in traditional and alternative power sources to meet future demand, despite the current economic downturn. "Energy demand in the world is so big, you need it all - renewable, innov
Published 09 Jun, 2009 12:00am
10-16 percent FED on carriage of goods by train proposed

10-16 percent FED on carriage of goods by train proposed

The Federal Board of Revenue has proposed a major revenue generation measure envisaging imposition of 10-16 percent Federal Excise Duty (FED) on the inland carriage of goods by train from next fiscal (2009-10). Sources told Business Recorder on Mon
Published 09 Jun, 2009 12:00am
Japan's current account surplus falls 54.5 percent

Japan's current account surplus falls 54.5 percent

Japan's current account surplus last month fell by more than half from a year earlier as the global economic downturn continued to batter exports, official data showed Monday. The finance ministry said the April surplus dropped by 54.5 percent to 630.5 bi
Published 09 Jun, 2009 12:00am
10-16 percent FED on carriage of goods by train proposed

10-16 percent FED on carriage of goods by train proposed

The Federal Board of Revenue has proposed a major revenue generation measure envisaging imposition of 10-16 percent Federal Excise Duty (FED) on the inland carriage of goods by train from next fiscal (2009-10). Sources told Business Recorder on Mon
Published 09 Jun, 2009 12:00am
Saudi billionaire's firm denies Kuwait assets frozen

Saudi billionaire's firm denies Kuwait assets frozen

Saudi billionaire Maan al-Sanea's troubled Saad group denied on Monday that its Kuwait assets had been frozen and said it is moving forward on restructuring its finances. "Reports emerging yesterday regarding a freeze of assets and accounts in Kuwait are
Published 09 Jun, 2009 12:00am
10-16 percent FED on carriage of goods by train proposed

10-16 percent FED on carriage of goods by train proposed

The Federal Board of Revenue has proposed a major revenue generation measure envisaging imposition of 10-16 percent Federal Excise Duty (FED) on the inland carriage of goods by train from next fiscal (2009-10). Sources told Business Recorder on Mon
Published 09 Jun, 2009 12:00am
British bank LBG clinches 4.0 billion pound rights issue

British bank LBG clinches 4.0 billion pound rights issue

Britain's state-controlled Lloyds Banking Group said on Monday that buyers snapped up all of its heavily discounted new shares to raise 4.0 billion pounds (4.6 billion euros, 6.3 billion dollars). Lloyds Banking Group (LBG) said in a statement that invest
Published 09 Jun, 2009 12:00am
Import of captive power plants: SBP allows financing under LTFF

Import of captive power plants: SBP allows financing under LTFF

The State Bank of Pakistan has allowed financing under Long Term Financing Facility (LTFF) Scheme for import of generators/captive power plants (including other allied machinery items used to generate electricity) in order to facilitate export-oriented in
Published 09 Jun, 2009 12:00am
Global airlines to lose $9 billion in 2009: IATA

Global airlines to lose $9 billion in 2009: IATA

The world's airlines are expected to lose nine billion dollars this year, industry body IATA said Monday in a drastic reassessment of the worst slump the industry has yet faced. The forecast is almost double an estimate made just three months ago by the I
Published 09 Jun, 2009 12:00am
Import of captive power plants: SBP allows financing under LTFF

Import of captive power plants: SBP allows financing under LTFF

The State Bank of Pakistan has allowed financing under Long Term Financing Facility (LTFF) Scheme for import of generators/captive power plants (including other allied machinery items used to generate electricity) in order to facilitate export-oriented in
Published 09 Jun, 2009 12:00am
Global airlines to lose $9 billion in 2009: IATA

Global airlines to lose $9 billion in 2009: IATA

The world's airlines are expected to lose nine billion dollars this year, industry body IATA said Monday in a drastic reassessment of the worst slump the industry has yet faced. The forecast is almost double an estimate made just three months ago by the I
Published 09 Jun, 2009 12:00am
Import of captive power plants: SBP allows financing under LTFF

Import of captive power plants: SBP allows financing under LTFF

The State Bank of Pakistan has allowed financing under Long Term Financing Facility (LTFF) Scheme for import of generators/captive power plants (including other allied machinery items used to generate electricity) in order to facilitate export-oriented in
Published 09 Jun, 2009 12:00am
Gulf currency dollar peg plan may change later: GCC

Gulf currency dollar peg plan may change later: GCC

The four Gulf Arab states heading towards a monetary union could review in the future an initial plan to link their joint currency to the US dollar, the Gulf Co-operation Council (GCC) secretary-general said on Monday. Saudi Arabia, Kuwait, Qatar, and Bah
Published 09 Jun, 2009 12:00am
North Korea jails US journalists for 12 years

North Korea jails US journalists for 12 years

North Korea sentenced two female US journalists to 12 years in a labour camp Monday for illegal entry and an unspecified "grave crime," further fuelling tensions with Washington after testing a nuclear bomb. US President Barack Obama was "deeply concerned
Published 09 Jun, 2009 12:00am
Saudi Arabia to launch sukuk and bond market

Saudi Arabia to launch sukuk and bond market

Saudi Arabia said it would launch its new market for Islamic bonds, or sukuk, and bonds on Saturday, offering firms new sources of funding amid tight credit conditions. Trading of bonds would run from 0830 GMT until 1200 GMT, the regulator said on the Gul
Published 09 Jun, 2009 12:00am
North Korea jails US journalists for 12 years

North Korea jails US journalists for 12 years

North Korea sentenced two female US journalists to 12 years in a labour camp Monday for illegal entry and an unspecified "grave crime," further fuelling tensions with Washington after testing a nuclear bomb. US President Barack Obama was "deeply concerned
Published 09 Jun, 2009 12:00am
Top economies signal recession may be easing: OECD

Top economies signal recession may be easing: OECD

Leading economies are showing fragile signs that the economic crisis driving recession in many countries may be easing or have reached a low point, the OECD said on Monday on the basis of April data. But the damaging effects of the global crisis are still
Published 09 Jun, 2009 12:00am
Gulf states back Kuwait in dispute with Iraq

Gulf states back Kuwait in dispute with Iraq

The Gulf states have given Kuwait their full support in its dispute with Iraq over the 1991 war reparations and border demarcation. In a statement issued after an emergency meeting Monday, foreign ministers of the six-nation Gulf Co-operation Council said
Published 09 Jun, 2009 12:00am
S&P downgrades Ireland ratings

S&P downgrades Ireland ratings

International ratings agency Standard and Poor's on Monday cut Ireland's sovereign credit rating as the nation's finances were savaged by a costly rescue package for the banking sector. The agency said in a statement that it has lowered its long-term sove
Published 09 Jun, 2009 12:00am
S&P to review ratings on US regional banks

S&P to review ratings on US regional banks

Standard & Poor's said on Monday it will review credit ratings on US regional banks after another quarter of large losses and deteriorating asset quality. Most banks reported losses or declines in earnings for the first quarter as they were forced to rais
Published 09 Jun, 2009 12:00am
Saudi Arabia to launch sukuk and bond market

Saudi Arabia to launch sukuk and bond market

Saudi Arabia said it would launch its new market for Islamic bonds, or sukuk, and bonds on Saturday, offering firms new sources of funding amid tight credit conditions. Trading of bonds would run from 0830 GMT until 1200 GMT, the regulator said on the Gul
Published 09 Jun, 2009 12:00am
Green groups unveil ideal 'Copenhagen Climate Treaty'

Green groups unveil ideal 'Copenhagen Climate Treaty'

An alliance of green groups on Monday unveiled their ideal for a new climate treaty, calling on rich nations to slash their carbon pollution by more than 40 percent by 2020 and by 95 percent by 2050. Their envisioned "Copenhagen Climate Treaty" was releas
Published 09 Jun, 2009 12:00am
US, China and Russia lift arms spending to new record: study

US, China and Russia lift arms spending to new record: study

World military spending hit a new record in 2008, boosted by the Iraq war, the return of Russia as a global player and the emergence of China, a Swedish think tank said in its annual report Monday. World arms expenditure totalled 1.464 trillion dollars la
Published 09 Jun, 2009 12:00am
Ahmadinejad, Mousavi backers fill Tehran streets

Ahmadinejad, Mousavi backers fill Tehran streets

Tens of thousands of supporters of Iran presidential hopefuls Mahmoud Ahmadinejad and Mir Hossein Mousavi poured onto Tehran's streets Monday in a show of strength ahead of June 12 elections. Ahmadinejad, who is seeking a second term in office, and former
Published 09 Jun, 2009 12:00am
S&P downgrades Ireland ratings

S&P downgrades Ireland ratings

International ratings agency Standard and Poor's on Monday cut Ireland's sovereign credit rating as the nation's finances were savaged by a costly rescue package for the banking sector. The agency said in a statement that it has lowered its long-term sove
Published 09 Jun, 2009 12:00am
Liveability poll: Karachi 135th among bottom ranking cities

Liveability poll: Karachi 135th among bottom ranking cities

Vancouver is the world's easiest city to live in while Harare is the toughest, a survey said Monday putting Europe and north America at the top while many African and Asian cities struggle behind. Canadian and Australian cities hold six of the top 10 slot
Published 09 Jun, 2009 12:00am
Obama promises 600,000 plus stimulus jobs in US

Obama promises 600,000 plus stimulus jobs in US

President Barack Obama promised on Monday to deliver more than 600,000 jobs through his $787 billion US stimulus plan in the next few months, repackaging a pledge the administration made weeks earlier as the economy continues to lose hundreds of thousands
Published 09 Jun, 2009 12:00am
Liveability poll: Karachi 135th among bottom ranking cities

Liveability poll: Karachi 135th among bottom ranking cities

Vancouver is the world's easiest city to live in while Harare is the toughest, a survey said Monday putting Europe and north America at the top while many African and Asian cities struggle behind. Canadian and Australian cities hold six of the top 10 slot
Published 09 Jun, 2009 12:00am
IMF's Strauss Kahn warns of risks to 2010 recovery

IMF's Strauss Kahn warns of risks to 2010 recovery

The International Monetary Fund maintained its forecast on Monday for a global economic recovery in early 2010, but warned that the view is rife with risk and that much still needs to be done to cleanse bank balance sheets. IMF Managing Director Dominique
Published 09 Jun, 2009 12:00am
SECP asks FBR to exempt debt instruments from CVT

SECP asks FBR to exempt debt instruments from CVT

The Securities and Exchange Commission of Pakistan (SECP) has asked the Federal Board of Revenue (FBR) to exempt debt instruments from Capital Value Tax (CVT) for the development of secondary securities market from fiscal (2009-10). In this connection, th
Published 09 Jun, 2009 12:00am
Abu Dhabi state fund moves deeper into mortgages

Abu Dhabi state fund moves deeper into mortgages

An investment fund run by the Abu Dhabi government is looking to boost its stake in a mortgage lender created to protect the emirate's booming property market from the global economic crisis. Ali Eid al-Mehairi, chairman of the mortgage provider Abu Dhabi
Published 09 Jun, 2009 12:00am
SECP asks FBR to exempt debt instruments from CVT

SECP asks FBR to exempt debt instruments from CVT

The Securities and Exchange Commission of Pakistan (SECP) has asked the Federal Board of Revenue (FBR) to exempt debt instruments from Capital Value Tax (CVT) for the development of secondary securities market from fiscal (2009-10). In this connection, th
Published 09 Jun, 2009 12:00am
China raises export tax rebate on more than 600 products

China raises export tax rebate on more than 600 products

China said Monday it has raised tax incentives on more than 600 export items, with some up to the maximum level possible, as it stepped up efforts to help businesses ride out the global economic slowdown. From June 1, export tax rebates on products includ
Published 09 Jun, 2009 12:00am
SECP asks FBR to exempt debt instruments from CVT

SECP asks FBR to exempt debt instruments from CVT

The Securities and Exchange Commission of Pakistan (SECP) has asked the Federal Board of Revenue (FBR) to exempt debt instruments from Capital Value Tax (CVT) for the development of secondary securities market from fiscal (2009-10). In this connection, th
Published 09 Jun, 2009 12:00am
China raises export tax rebate on more than 600 products

China raises export tax rebate on more than 600 products

China said Monday it has raised tax incentives on more than 600 export items, with some up to the maximum level possible, as it stepped up efforts to help businesses ride out the global economic slowdown. From June 1, export tax rebates on products includ
Published 09 Jun, 2009 12:00am
Malaysian palm oil hits near two-week lows

Malaysian palm oil hits near two-week lows

Malaysian palm oil futures tumbled as much as 2.6 percent to a near 2-week low on fears that June shipments may fall back after months of sustained buying by China and India. Traders are waiting for a slew of data on May palm oil output, exports and stock
Published 09 Jun, 2009 12:00am
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