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Print - 2009-08-27
Annual increments of two DSPs withheld

Annual increments of two DSPs withheld

Inspector General of Police, Punjab, Tariq Saleem Dogar has ordered to withhold annual increments of two DSPs on charges of corruption and negligence. According to a handout issued here Wednesday, the IG issued the orders against the police officers in th
Published 27 Aug, 2009 12:00am
Oil refineries: countering the capacity constraints

Oil refineries: countering the capacity constraints

The country's five big oil refineries have reportedly lowered their crude refining output, generating serious concern among official circles that this may ultimately force the government to resort to higher oil imports, meaning thereby a further increase
Published 27 Aug, 2009 12:00am
No financial close by FoDP

No financial close by FoDP

Foreign Minister Shah Mehmood Qureshi and the team he led to Istanbul to attend the Friends of Democratic Pakistan (FoDP) meeting had a one point agenda: to convince our 'friends' to release the 5.3 billion dollar pledges made in Tokyo on April 16 this ye
Published 27 Aug, 2009 12:00am
Viewpoint: Revisiting history

Viewpoint: Revisiting history

The unveiling of the book "Jinnah-Partition-India" by Jaswant Singh, a leading figure of India's right wing Hindu nationalist party, the BJP, has triggered a refreshing debate on both sides of the Indo-Pak border about the reasons that led to the partitio
Published 27 Aug, 2009 12:00am
Japan heads towards political change

Japan heads towards political change

Yoshiaki Fukuzaki glanced across a dozen rice terraces clinging to a steep slope, a serious expression on his face. "It is getting increasingly difficult to maintain these terraces," said the village official in Tookamachi, a community of about 62,000 in
Published 27 Aug, 2009 12:00am
The devolution plan

The devolution plan

Today, the governance issue is heating up drawing room discussions as well as bringing life to coffee tables. Yet, the tug of war between different tiers of the governance levels continues. All trying to grab power for their own side. The clock is yet to
Published 27 Aug, 2009 12:00am
Revival of film industry

Revival of film industry

There is a general impression that no government has patronised the national film industry and bothered to address its problems and grievances. In 1950s, Pakistani and foreign films were the major source of family entertainment in Pakistan. In 1960s Pakis
Published 27 Aug, 2009 12:00am
'Power demand raised during last 48 hours'

'Power demand raised during last 48 hours'

Ministry of Water and Power Wednesday said that due to hot weather, the demand had raised during last 48 hours but the duration of loadshedding was less than that of last year. It may be mentioned here that due to rain in most part of the country, there i
Published 27 Aug, 2009 12:00am
Action against profiteering: minister issues 24-hour deadline

Action against profiteering: minister issues 24-hour deadline

August 28 is the deadline and after that, the retail price of sugar will be ensured at Rs 47 per kg at all costs. The violators will not be spared and strict action will be taken against them. This was stated by Punjab Minister for Agriculture Malik Ahmed
Published 27 Aug, 2009 12:00am
First ever National Fire Safety Policy being developed

First ever National Fire Safety Policy being developed

United Nations network in Pakistan and National Disaster Management Authority (NDMA) are developing the first-ever National Fire Safety Policy, to avert future fire losses and ensure rapid response to such calamities.
Published 27 Aug, 2009 12:00am
ICCI president terms IMF projection an eye-opener

ICCI president terms IMF projection an eye-opener

President Islamabad Chamber of Commerce and Industry, Mian Shaukat Masud has said that International Monetary Fund's projection that Pakistan's external debt would reach $74 billion by 2015 should be a cause of serious concern for policy makers as it woul
Published 27 Aug, 2009 12:00am
Babar administers oath to newly elected PQA CBA

Babar administers oath to newly elected PQA CBA

Minister for Ports and shipping, Senator Babar Khan Ghauri on Wednesday administered oath to newly elected office bearers of CBA of Port Qasim Authority. Speaking on the occasion, the Federal Minister advised them to work for the welfare and uplift of fel
Published 27 Aug, 2009 12:00am
Initial work on 56 houses completed: Athar

Initial work on 56 houses completed: Athar

In charge Relief Programme for the affectees of Gojra incident, Secretary Literacy Punjab Haseeb Athar has said that about 56 houses are being rebuilt and the initial work on them has been completed for the rehabilitation. He expressed these views during
Published 27 Aug, 2009 12:00am
World Heritage exhibition extended for two weeks

World Heritage exhibition extended for two weeks

Pakistan National Council of the Arts (PNCA) here Tuesday extended its ongoing exhibition on `Treasures of World Heritage Sites in Pakistan' for two weeks. The exhibition has been extended in a bid to create awareness among the masses with special emphasi
Published 27 Aug, 2009 12:00am
Import of cheap inputs: EDB accused of issuing fake letters

Import of cheap inputs: EDB accused of issuing fake letters

The Engineering Development Board (EDB) is said to be issuing fake authority letters for the import of cheap inputs, leading to a loss of millions of rupees to the national kitty in duty evasion, as well as hurting the local industry. It was learnt on Wed
Published 27 Aug, 2009 12:00am
CEC reminds political parties to submit accounts

CEC reminds political parties to submit accounts

Former Justice Hamid Ali Mirza, Chief Election Commissioner on Wednesday reminded the political parties to comply with related laws and submit their party accounts by August 29, 2009. The CEC has drawn attention of political parties, that had not submitte
Published 27 Aug, 2009 12:00am
Town Nazims awarded on outstanding performance

Town Nazims awarded on outstanding performance

Provincial Minister Agha Siraj Khan Durrani, said that the local government system was not to be dismantled, but that amendments would be incorporated, in consultation with coalition partners. Nazims in Karachi had done great work, but no work had been do
Published 27 Aug, 2009 12:00am
Kaira terms expatriates assets of the nation

Kaira terms expatriates assets of the nation

Minister for Information and Broadcasting Qamar Zaman Kaira said on Wednesday that overseas Pakistanis were assets of the nation and the present democratic government was taking steps to utilise their potential in progress of the country. While talking to
Published 27 Aug, 2009 12:00am
Date for admissions to class XI extended

Date for admissions to class XI extended

The last date for admissions to first year classes in the colleges in Karachi has been further extended up to August 29. This was announced by Director General Colleges, Professor Dr Rafiq Ahmed Siddiqui here on Wednesday.
Published 27 Aug, 2009 12:00am
PMA urges immediate arrest of doctors' killers

PMA urges immediate arrest of doctors' killers

Pakistan Medical Association (PMA) has urged for immediate arrest of culprits responsible for killing of Dr Sajjad Arain in Hyderabad and Dr Abid Zaidi in Quetta. Dr Habib-ur-Rehman Soomro, Secretary General, PMA - Centre; Dr Samrina Hashmi, General Secre
Published 27 Aug, 2009 12:00am
Saudi government grants consular access to Pakistani detainees

Saudi government grants consular access to Pakistani detainees

The Saudi authorities granted consular access to the Consulate General of Pakistan to see the Pakistani detainees here on Wednesday as a result of the hectic efforts of Ambassador Umar Khan Ali Sherzai. The Acting Consul General Murad Ali along with the V
Published 27 Aug, 2009 12:00am
Ikram Sehgal's books launched

Ikram Sehgal's books launched

A books launching ceremony was held recently for a collection of articles compiled in seven books written from 1987 to 2007 by noted political and defence analyst Ikram Sehgal. Air Marshal Asghar Khan (Retd) was the chief guest. The podium was also shared
Published 27 Aug, 2009 12:00am
Ufone launches Ghanta Package

Ufone launches Ghanta Package

Ufone has introduced a lower rates 'Super Ghanta Package,' offering the lowest hourly call rates to any Ufone, PTCL or Vfone numbers from 4am in the morning to 5pm in the evening.
Published 27 Aug, 2009 12:00am
Current rain spell beneficial for sugarcane, banana crops

Current rain spell beneficial for sugarcane, banana crops

The current spell of rains will have positive effects on the major crops of the country, said officials of Food and Agriculture Ministry and growers. While talking to Business Recorder Muhammad Ibrahim Mughal Chairman AgriForum Pakistan said that t
Published 27 Aug, 2009 12:00am
Chief Justice LHC takes suo motu notice against SHO

Chief Justice LHC takes suo motu notice against SHO

Chief Justice Lahore High Court (LHC) taking suo motu action against SHO Harappa for trespassing and criminally assaulting the woman, directed DPO Sahiwal to appear before the court along with the complete record of the incident. The CJ observed that the
Published 27 Aug, 2009 12:00am
Divisional Commissioner visits Ramazan Bazars

Divisional Commissioner visits Ramazan Bazars

Divisional Commissioner Tahir Hussain has stressed upon all concerned officers performing duties at Sastay Ramazan Bazars and mobile flour sale points to ensure strict vigilance of selfish elements who are misusing this facility and discourage them comple
Published 27 Aug, 2009 12:00am
Third death anniversary of Nawab Akbar Bugti observed

Third death anniversary of Nawab Akbar Bugti observed

The 3rd death anniversary of Nawab Akbar Khan Bugti was observed in Multan by Pakistan Muslim League under the Chairmanship of Allah Nawaz Khan Durrani, District President, while Makhdoom Javed Hashmi was a chief guest. The speakers have demanded the gove
Published 27 Aug, 2009 12:00am
Sugar crisis: LHC seeks report, comments by September 3

Sugar crisis: LHC seeks report, comments by September 3

Chief Justice of Lahore High Court Khawaja Muhammmad Sharif has called report and comments by September 03 in a suo motu proceeding initiated against sugar crisis. Earlier Chairman Trading Corporation of Pakistan Saeed Ahmed Khan informed the court that s
Published 27 Aug, 2009 12:00am
AIC net profit declines to Rs 582.529 million

AIC net profit declines to Rs 582.529 million

The profit after tax of Adamjee Insurance Company has declined to Rs 582.529 million in the half year period ended June 30, 2009 as compared to Rs 2,998.307 million earned in the same period in 2008. The earning per share of the company reduced to Rs 5.18
Published 27 Aug, 2009 12:00am
HMB net profit increases to Rs 1.746 billion

HMB net profit increases to Rs 1.746 billion

The profit after tax of Habib Metropolitan Bank has increased to Rs 1.746 billion in the half year period ended June 30, 2009 as compared to Rs 1.565 billion earned in the corresponding period on 2008. The board of directors of the bank in its meeting hel
Published 27 Aug, 2009 12:00am
AIC net profit declines to Rs 582.529 million

AIC net profit declines to Rs 582.529 million

The profit after tax of Adamjee Insurance Company has declined to Rs 582.529 million in the half year period ended June 30, 2009 as compared to Rs 2,998.307 million earned in the same period in 2008. The earning per share of the company reduced to Rs 5.18
Published 27 Aug, 2009 12:00am
'2,000 posts of lecturers lying vacant'

'2,000 posts of lecturers lying vacant'

As many as 2,000 posts of lecturers are lying vacant, Sindh Minister for Education, Pir Mazhar-ul-Haq has stated this. He announced here on Wednesday that those vacancies would be filled on the basis of merit. The Minister was of the view that recruitment
Published 27 Aug, 2009 12:00am
HMB net profit increases to Rs 1.746 billion

HMB net profit increases to Rs 1.746 billion

The profit after tax of Habib Metropolitan Bank has increased to Rs 1.746 billion in the half year period ended June 30, 2009 as compared to Rs 1.565 billion earned in the corresponding period on 2008. The board of directors of the bank in its meeting hel
Published 27 Aug, 2009 12:00am
DGI&I foils bid to import banned splint armour items on misdeclaration

DGI&I foils bid to import banned splint armour items on misdeclaration

The Directorate-General of Intelligence and Investigation (DGI&I), FBR, Karachi, has foiled an attempt to import huge quantity of splint armour, and various other restricted items, which are particularly used for manufacturing 'armoured personnel carriers
Published 27 Aug, 2009 12:00am
Rashid Abro nominated Pak-Ukraine Friendship Club president

Rashid Abro nominated Pak-Ukraine Friendship Club president

The Embassy of Ukraine in Pakistan has conferred the presidency of the newly formed Pak-Ukraine Friendship Club (PUFC) upon Captain Abdul Rasheed Abro, a leading businessman and chairman of the standing committee on ports and shipping of the Federation of
Published 27 Aug, 2009 12:00am
16th Eid Bachat Bazaar of SAI opens

16th Eid Bachat Bazaar of SAI opens

Chairman Businessmen Group and former President of Karachi Chamber of Commerce and Industry (KCCI) Siraj Kassim Teli on Wednesday said that the purpose of holding Bachat Bazaar is to provide essential items on reduced rates during Ramazan.
Published 27 Aug, 2009 12:00am
Two accused released on bail

Two accused released on bail

Chief Justice of Lahore High Court here Wednesday released a Hindu and a Christian on bail who were arrested from Rahim Yar Khan with 300 liquor bottles. Petitioners accused Hari Chand and Atif Masih through their counsel submitted that they were non-Musl
Published 27 Aug, 2009 12:00am
Exports augmentation: traders urged to focus on Asian markets

Exports augmentation: traders urged to focus on Asian markets

Federal Commerce Minister Makhdoom Amin Fahim urged the private sector to identify ways together with public sector to boost the export of new value-added products. Speaking during a meeting with the representatives of trade bodies which the Trade Develop
Published 27 Aug, 2009 12:00am
Exemption from declaring religion/sect in DHA City's balloting form

Exemption from declaring religion/sect in DHA City's balloting form

The Defence Officers Housing Authority (DHA) exempted the applicants for DHA City balloting from filling the column of religion/sect. This was announced by an official of DHA in a statement here on Wednesday. It intimated that the column of religion/sect,
Published 27 Aug, 2009 12:00am
Power shortfall swells to over 350 megawatts as Kanupp goes offline

Power shortfall swells to over 350 megawatts as Kanupp goes offline

With the closure of Karachi Nuclear Power Plant (Kanupp), an Independent Power Producer and a furnace oil-based unit of 200 megawatts at Bin Qasim Thermal Power Plants (BQTPP) of Karachi Electric Supply Company, the electricity shortfall swelled to over 3
Published 27 Aug, 2009 12:00am
Power outages in Sindh: Industrial production declines by 13 percent

Power outages in Sindh: Industrial production declines by 13 percent

Unannounced load shedding, shortage of natural gas and water have caused a 13 percent constant decline of industrial production (large scale manufacturing) in Sindh during 2008-9, as compared to the last year productivity. Sources at the Sindh Bureau of S
Published 27 Aug, 2009 12:00am
Josyane gets French award

Josyane gets French award

Mme Josyane Lanthier was decorated with the most prestigious and coveted French civil award, "La Légion d'Honneur" by Pierre Seillan, Consul General of France in recognition of her exceptional services in the field of education. Since last 23 years, Josya
Published 27 Aug, 2009 12:00am
Russia deploys missile defence system near North Korea

Russia deploys missile defence system near North Korea

Russia has deployed a missile defence system near its border with North Korea and is studying other measures to protect its population from stray missiles, Russia's top general said on Wednesday. Russia shares a small border with North Korea in the Far Ea
Published 27 Aug, 2009 12:00am
US helicopter loses 10 boxes containing Afghan ballot materials

US helicopter loses 10 boxes containing Afghan ballot materials

A US military spokesman says 10 boxes of ballot materials have been lost after falling out of a helicopter cargo net during transport. The loss of the boxes occurred Wednesday as officials readied to release more presidential election results.
Published 27 Aug, 2009 12:00am
100-watt light bulbs not for sale in EU from next week

100-watt light bulbs not for sale in EU from next week

Old-style 100-watt light bulbs will be banned in Europe's shops from next week in favour of new energy-saving models, with consumer groups on Wednesday giving the move a guarded welcome. From September 1, 100-watt versions of the old incandescent bulbs wi
Published 27 Aug, 2009 12:00am
British not be fighting in Afghanistan longer than five years: envoy

British not be fighting in Afghanistan longer than five years: envoy

London's ambassador to Kabul said Wednesday he expects Britain's presence in Afghanistan will last at least "a generation," but hoped that its troops would no longer be fighting there within five years. Mark Sedwill said he hoped the British military, whi
Published 27 Aug, 2009 12:00am
US helped Iran arm Muslims: former Bosnian Serb chief

US helped Iran arm Muslims: former Bosnian Serb chief

Radovan Karadzic is seeking evidence that the US turned a blind eye to weapons shipments from Iran to Muslim forces fighting in the Bosnian war, to support his claim that Serbs acted in self-defence during the conflict. In written responses from jail to q
Published 27 Aug, 2009 12:00am
Two Koreas hold rare talks on split families

Two Koreas hold rare talks on split families

Red Cross officials from South Korea arrived in the North for three days of talks on Wednesday in a rare meeting between the rivals to discuss the plight of families separated by the 1950-53 Korean War. The meeting, in the North Korean resort of Mt. Kumga
Published 27 Aug, 2009 12:00am
Australian military court ruled Unconstitutional

Australian military court ruled Unconstitutional

Australia's highest court ruled Wednesday that the country's military justice system is unconstitutional because its judges are not independent of the military command - throwing into doubt 171 cases judged in the past two years. The previous government c
Published 27 Aug, 2009 12:00am
Tens of thousands of people stage tomato war in Spain

Tens of thousands of people stage tomato war in Spain

Tens of thousands of Spaniards and tourists on Wednesday engaged in the annual tomato war in the eastern town of Bunol, bombarding each other with 110,000 kilograms of tomatoes, media reported. The spectacle known as Tomatina, which started accidentally 6
Published 27 Aug, 2009 12:00am
Russia and Mongolia fete 1939 battle victory over Japan

Russia and Mongolia fete 1939 battle victory over Japan

Russian President Dmitry Medvedev and his Mongolian host on Wednesday honoured veterans on the 70th anniversary of a key pre-World War II battle in which Soviet and Mongolian forces defeated Japan. Medvedev and Mongolian President Tsakhiagiin Elbegdorj la
Published 27 Aug, 2009 12:00am
CME still researching wheat storage rates

CME still researching wheat storage rates

The CME Group is researching how any new "variable" storage rates could improve the hedging performance of its Chicago Board of Trade wheat contract but no decision has been made, a senior CME official said on Tuesday. "At this point it is just a research
Published 27 Aug, 2009 12:00am
German 2009-10 refined sugar output seen rising

German 2009-10 refined sugar output seen rising

Germany is likely to produce 4.02 million tonnes of refined sugar in the 2009/10 crop season, which starts this autumn, up from 3.7 million last season, the association of German sugar producers WVZ said on Wednesday. It estimated German farmers had raise
Published 27 Aug, 2009 12:00am
US soya up

US soya up

New-crop US soybean futures rose half a percent on Wednesday, supported by China's purchases and concerns over the late developing crop. Corn and wheat also firmed, tracking gains in soybeans, but the wheat market was under pressure from ballooning global
Published 27 Aug, 2009 12:00am
Karzai leads in Afghan poll, run-off indicated

Karzai leads in Afghan poll, run-off indicated

Partial results from last week's election put Afghan President Hamid Karzai ahead of main rival Abdullah Abdullah, but not by enough to avoid a second round run-off in October, figures released on Wednesday showed. With 17 percent of votes tallied, Karzai
Published 27 Aug, 2009 12:00am
Food poisoning hits Ukraine army unit, 150 sick

Food poisoning hits Ukraine army unit, 150 sick

Food poisoning struck a Ukrainian army combat unit, leaving more than 150 soldiers on sick list, Ukrainian Army officials said Wednesday.Soldiers and officers of the 72nd Mechanised Infantry Brigade based in Bely Tserkov in central Ukraine began suffering
Published 27 Aug, 2009 12:00am
Iraq's Shia leader Hakim dies in Tehran hospital

Iraq's Shia leader Hakim dies in Tehran hospital

The leader of Iraq's largest Shia party, Abdel Aziz al-Hakim, died in a Tehran hospital on Wednesday aged 60 after a long battle with lung cancer, five months ahead of key parliamentary elections. "He died a few minutes ago after battling cancer for 28 mo
Published 27 Aug, 2009 12:00am
Foreign ministers fail to break Honduran deadlock

Foreign ministers fail to break Honduran deadlock

Foreign ministers from the Organisation of American States (OAS) left Honduras empty-handed after failing to negotiate a return to democracy with the interim regime. "While the committee considers that advances were made during its visit, it must be noted
Published 27 Aug, 2009 12:00am
Bosnia finds 59 victims of wartime cliff massacre

Bosnia finds 59 victims of wartime cliff massacre

Bosnian forensic experts said Wednesday they completed exhumation work of a mass grave that revealed the bodies of at least 59 Croat and Muslim victims of a wartime cliff massacre. "The remains exhumed account for at least 59 people," Bosnian Missing Pers
Published 27 Aug, 2009 12:00am
US working with Libya on Gadhafi visit to UN

US working with Libya on Gadhafi visit to UN

In a bid to head off any embarrassing incidents, the State Department said Tuesday it is working with Libya to find a place for Libyan leader Moammar Gadhafi to stay when he visits the United Nations next month.
Published 27 Aug, 2009 12:00am
Nine killed in Indonesia boat accident

Nine killed in Indonesia boat accident

Nine people died and three were missing when a passenger boat sank off the Indonesian resort island of Bali on Wednesday, an official said. The boat carrying 25 people was travelling from Kusamba beach in eastern Bali to Nusa Penida island when it capsize
Published 27 Aug, 2009 12:00am
Mexico swine flu toll rises

Mexico swine flu toll rises

Mexico's swine flu death toll rose to 179 after 15 more deaths were recorded within a week, the health ministry said Tuesday. The number of cases from A(H1N1) rose to 20,681, in the third worst affected country after the United States and Argentina. All r
Published 27 Aug, 2009 12:00am
Six dead after Bangladesh ferry sinks

Six dead after Bangladesh ferry sinks

Six people died and two more were missing in north-eastern Bangladesh after a boat sank during stormy weather, a police officer said on Wednesday. The small boat, carrying villagers home across a marshy swamp, sank late Tuesday evening, police chief Akkas
Published 27 Aug, 2009 12:00am
Implats workers reject pay offer

Implats workers reject pay offer

Workers at Impala Platinum, the world's No 2 producer of the precious metal, on Wednesday rejected the company's latest pay offer and continued a strike at its largest mine, denting production of the metal. South Africa produces four fifths of the preciou
Published 27 Aug, 2009 12:00am
French hostage escapes from rebels in Somalia

French hostage escapes from rebels in Somalia

One of two French security advisers kidnapped by insurgents in Somalia last month escaped on Wednesday after killing three of his captors and fled to the presidential palace in Mogadishu, police said. Gunmen had seized the Frenchmen at a hotel in the capi
Published 27 Aug, 2009 12:00am
European CDS little changed

European CDS little changed

European credit derivatives were little changed on Wednesday as better-than-expected data on US durable goods orders and new home sales failed to have much impact on the European and US equity markets. By 1521 GMT, the investment-grade Markit iTraxx Europ
Published 27 Aug, 2009 12:00am
IIU, SBU to exchange students, faculty staff

IIU, SBU to exchange students, faculty staff

The International Islamic University (IIU) has signed a memorandum of understanding (MoU) with the State University of New York at Stony Brook, United State of America (SBU) for exchange of students, faculty and administrative staff.
Published 27 Aug, 2009 12:00am
Arrival of US marines not linked to US embassy expansion: Rehman

Arrival of US marines not linked to US embassy expansion: Rehman

Federal Interior Minster Rehman Malik has said that the arrival of US marines has nothing to do with the expansion of US embassy building in Islamabad. Talking to journalists on Wednesday, he said the US embassy has the same strength of employees, however
Published 27 Aug, 2009 12:00am
Indian rupee drops towards 49/dollar

Indian rupee drops towards 49/dollar

The Indian rupee dropped on towards 49 per dollar on Wednesday, weighed by demand for the US unit from oil firms and importers, although gains in shares to three-week highs offered some support. The partially convertible rupee closed at 48.93/94 per dolla
Published 27 Aug, 2009 12:00am
FBR transfers and postings

FBR transfers and postings

The Federal Board of Revenue (FBR) has transferred and posted three officials of income tax group (BS-20/21) with immediate effect.
Published 27 Aug, 2009 12:00am
PHC grants bail to Sufi Mohammad's sons

PHC grants bail to Sufi Mohammad's sons

The Peshawar High Court granted bail on Wednesday to the sons of Sufi Mohammad, media reports said. Sufi Mohammad and his three sons were arrested on July 22 in Peshawar under a security law after they held meetings of their proscribed pro-Taliban group d
Published 27 Aug, 2009 12:00am
Sterling hits 2-1/2-month low against euro

Sterling hits 2-1/2-month low against euro

Sterling hit a 2-1/2-month low against the euro on Wednesday after the yield on two-year UK government bonds fell to a record low, making short-dated British debt less attractive than its eurozone counterpart. Lower short-term UK yields hurt the pound acr
Published 27 Aug, 2009 12:00am
Dollar, sterling Libor at new lows

Dollar, sterling Libor at new lows

Bank-to-bank lending rates for dollar and sterling funds fell to fresh record lows on Wednesday while a stress gauge of the money market remained at its lowest since before the collapse of Lehman Brothers. After the demise of the investment bank nearly a
Published 27 Aug, 2009 12:00am
Euro rises

Euro rises

The euro hit 2-1/2 month highs against sterling on Wednesday after an improvement in German business morale reinforced signs that Europe's largest economy was recovering from recession. The Munich-based Ifo think tank's business climate index rose to 90.5
Published 27 Aug, 2009 12:00am
FTSE backtracks

FTSE backtracks

Retreating mining and energy stocks outweighed modest gains from defensive pharmaceuticals, pushing Britain's top share index down 0.5 percent by close on Wednesday. The FTSE closed down 26.22 points at 4,890.58 after hitting a near 11-month closing high
Published 27 Aug, 2009 12:00am
Thai stocks up

Thai stocks up

The Thai stock market gained 0.43 percent Wednesday owing to gains in regional shares, an analyst said. The Stock Exchange of Thailand (SET) composite index rose 2.82 points to close at 658.28, while the blue chip SET-50 index added 1.14 points at 470.80.
Published 27 Aug, 2009 12:00am
North Korea presented hefty hotel bill for South Korean detainee

North Korea presented hefty hotel bill for South Korean detainee

North Korea presented South Korea with a hotel bill for almost 16,000 dollars after detaining and interrogating one of its citizens in an inn for 137 days, an official said Wednesday. Hyundai paid the 15,747 dollar bill for its employee when he was releas
Published 27 Aug, 2009 12:00am
European CDS little changed

European CDS little changed

European credit derivatives were little changed on Wednesday as better-than-expected data on US durable goods orders and new home sales failed to have much impact on the European and US equity markets. By 1521 GMT, the investment-grade Markit iTraxx Europ
Published 27 Aug, 2009 12:00am
Asian bond spreads narrow

Asian bond spreads narrow

Asian bond spreads narrowed on Wednesday as upbeat US data lifted investor sentiment on riskier securities, while Indonesian debt extended its gains on government efforts to boost tax revenues. The Asia ex-Japan iTraxx investment-grade index tightened by
Published 27 Aug, 2009 12:00am
Asian bond spreads narrow

Asian bond spreads narrow

Asian bond spreads narrowed on Wednesday as upbeat US data lifted investor sentiment on riskier securities, while Indonesian debt extended its gains on government efforts to boost tax revenues. The Asia ex-Japan iTraxx investment-grade index tightened by
Published 27 Aug, 2009 12:00am
Indian shares up

Indian shares up

Indian shares rose 0.52 percent on Wednesday, their fifth straight day of gains, fuelled by positive economic data emerging from the US, dealers said. The benchmark 30-share Sensex index rose 81.38 points to 15,769.85. The markets were choppy as investors
Published 27 Aug, 2009 12:00am
Russia and US eye joint missile control centre

Russia and US eye joint missile control centre

Russia and the United States are planning creation of a missile monitoring centre, possibly in Moscow, to avoid accidents or misunderstandings on missile launches, Russia's top general said Wednesday. "Work is being done on making a joint control post to
Published 27 Aug, 2009 12:00am
Wednesday's early afternoon trade: US stocks decline

Wednesday's early afternoon trade: US stocks decline

US stocks declined slightly on Wednesday, as investors took a breather after a strong rally earlier in the week, despite strong reports on new home sales and durable goods. For the third consecutive day, equities briefly bounced after favourable news, but
Published 27 Aug, 2009 12:00am
Shuttle launch delayed; may fly on Friday

Shuttle launch delayed; may fly on Friday

NASA delayed a Wednesday morning lift-off of the space shuttle Discovery because of an apparent problem with a valve in its fuel tank and said the next possible launch opportunity was Friday. It was the second consecutive delay, after stormy weather postp
Published 27 Aug, 2009 12:00am
Saudi ambassador in Syria for first time in a year

Saudi ambassador in Syria for first time in a year

Saudi Arabia's new ambassador to Syria arrived in Damascus to fill the post vacant since last year because of tension between the two Arab states, a Saudi diplomat said Tuesday. Abdullah Bin Abdul-Aziz Al-Eifan flew in Tuesday, said the diplomat, speaking
Published 27 Aug, 2009 12:00am
Chavez threatens break with Colombia

Chavez threatens break with Colombia

Venezuela's President Hugo Chavez said on Tuesday he was preparing to break off diplomatic relations with Colombia in an escalating dispute over Bogota's decision to grant the US military access to Colombian bases. "We have to prepare the rupture of relat
Published 27 Aug, 2009 12:00am
Two US troops killed in Afghanistan

Two US troops killed in Afghanistan

The Nato-led force in Afghanistan says attacks have killed two US troops, keeping August on pace to be the deadliest month of the war. Nato says one American died Wednesday after an improvised explosive device detonated in southern Afghanistan. A second s
Published 27 Aug, 2009 12:00am
35 percent decline in services trade deficit in July

35 percent decline in services trade deficit in July

The country's services deficit has posted a decline of 35 percent in July, the first month the current fiscal year, mainly due to rise in exports and slowdown in imports. The State Bank on Wednesday said that the country's services sector trade performanc
Published 27 Aug, 2009 12:00am
35 percent decline in services trade deficit in July

35 percent decline in services trade deficit in July

The country's services deficit has posted a decline of 35 percent in July, the first month the current fiscal year, mainly due to rise in exports and slowdown in imports. The State Bank on Wednesday said that the country's services sector trade performanc
Published 27 Aug, 2009 12:00am
Exchange rates: buying and selling

Exchange rates: buying and selling

Exchange rates issued by the Treasury Management Division of National Bank of Pakistan on Wednesday (August 26, 2009).

Published 27 Aug, 2009 12:00am
35 percent decline in services trade deficit in July

35 percent decline in services trade deficit in July

The country''s services deficit has posted a decline of 35 percent in July, the first month the current fiscal year, mainly due to rise in exports and slowdown in imports. The State Bank on Wednesday said that the country''s services sector trade performa
Published 27 Aug, 2009 12:00am
Barclays bid rates and maximum rates for payment of interest

Barclays bid rates and maximum rates for payment of interest

Barclays bid rates, maximum rates for payment of interest by authorised dealers on deposits (other than those brought under FE Circular No: 45 of 1985) and on deposits (brought under FE Circular No: 45 of 1985) -- issued by the Foreign Exchange Rates Comm
Published 27 Aug, 2009 12:00am
RPPs of 2,250 megawatts approved by Cabinet

RPPs of 2,250 megawatts approved by Cabinet

The Cabinet has given approval to install 2250 MW fast track rental power plants to overcome the prevailing energy shortage. The meeting, chaired by Prime Minister Yousaf Raza Gilani, discussed the demand-supply situation of electricity in the country and
Published 27 Aug, 2009 12:00am
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