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Print - 2009-10-30
Madoff victims get $534.25 million approved payments

Madoff victims get $534.25 million approved payments

Victims of Bernard Madoff's epic fraud scheme have been approved for $534.25 million of payments, the trustee trying to recover the imprisoned swindler's assets said. The sum is roughly one-eighth of the $4.44 billion of allowed claims that the court-appo
Published 30 Oct, 2009 12:00am
Asia must adapt to 'new world' despite fast recovery: IMF

Asia must adapt to 'new world' despite fast recovery: IMF

Asia is leading the way out of the global economic slump but must adapt to a "new world" of softer demand in major Western export markets, the International Monetary Fund said Thursday. In its latest economic outlook for Asia and the Pacific, the IMF fore
Published 30 Oct, 2009 12:00am
Brussels targets bailed-out banking giants

Brussels targets bailed-out banking giants

First, it was Commerzbank, ING and now Northern Rock - European Union competition regulators are imposing tough conditions on banks that benefited from state bailouts, deepening concerns for the likes of Lloyds, RBS and Dexia. EU competition regulators on
Published 30 Oct, 2009 12:00am
After tax loss of PIA declined to Rs 5.376 billion

After tax loss of PIA declined to Rs 5.376 billion

The after tax loss of Pakistan International Airlines (PIA) has declined to Rs 5.376 billion in the quarter ended September 30, 2009 as compared to a loss of Rs 20.436 billion recorded in the same quarter in 2008. The board of directors of the corporation
Published 30 Oct, 2009 12:00am
Deutsche Bank strikes billion-euro take-over deal

Deutsche Bank strikes billion-euro take-over deal

Germany's biggest lender Deutsche Bank has struck a deal to buy Sal. Oppenheim, a Luxembourg-based private banking group, for 1.0 billion euros (1.5 billion dollars), Deutsche Bank said on Wednesday. "With this transaction, Deutsche Bank strengthens its p
Published 30 Oct, 2009 12:00am
Provisional collection in October amounts to over Rs 90 billion

Provisional collection in October amounts to over Rs 90 billion

The Federal Board of Revenue (FBR) has provisionally collected over Rs 90 billion during October 2009 against the target of Rs 110 billion. Sources told Business Recorder here on Thursday that the provisional collection would further improve in com
Published 30 Oct, 2009 12:00am
Carbon values drive forest investment, greens wary

Carbon values drive forest investment, greens wary

New rewards to store carbon in trees are driving forestry investments, but green groups fear they pose a threat to ancient woodlands and rainforests. A new environmental focus is driving momentum in the forestry sector, with new demand for wood to replace
Published 30 Oct, 2009 12:00am
Computer balloting: FBR empowered to pick income tax cases for audit

Computer balloting: FBR empowered to pick income tax cases for audit

The Federal Board of Revenue (FBR) is legally empowered to pick income tax cases for audit through computer balloting by specifying random sampling technique as selection criterion under section 177 of the Income Tax Ordinance 2001. Sources told Busine
Published 30 Oct, 2009 12:00am
Saudi's monthly credit growth comes to halt in September

Saudi's monthly credit growth comes to halt in September

Credit growth in Saudi Arabia almost came to a halt in September compared to August as banks in the biggest Arab economy dealing with a debt crisis of family firms remained cautious, official data showed on Wednesday. Bank credits were almost flat, reachi
Published 30 Oct, 2009 12:00am
Computer balloting: FBR empowered to pick income tax cases for audit

Computer balloting: FBR empowered to pick income tax cases for audit

The Federal Board of Revenue (FBR) is legally empowered to pick income tax cases for audit through computer balloting by specifying random sampling technique as selection criterion under section 177 of the Income Tax Ordinance 2001. Sources told Busine
Published 30 Oct, 2009 12:00am
Lufthansa posts nine-month loss of 32 million euros

Lufthansa posts nine-month loss of 32 million euros

Lufthansa plunged to a nine-month loss of 32 million euros (47 million dollars) from a profit of 529 million euros over the same period last year, Germany's leading airline said on Wednesday. The result was better than expected as analysts polled by Dow J
Published 30 Oct, 2009 12:00am
Computer balloting: FBR empowered to pick income tax cases for audit

Computer balloting: FBR empowered to pick income tax cases for audit

The Federal Board of Revenue (FBR) is legally empowered to pick income tax cases for audit through computer balloting by specifying random sampling technique as selection criterion under section 177 of the Income Tax Ordinance 2001. Sources told Busine
Published 30 Oct, 2009 12:00am
Lufthansa posts nine-month loss of 32 million euros

Lufthansa posts nine-month loss of 32 million euros

Lufthansa plunged to a nine-month loss of 32 million euros (47 million dollars) from a profit of 529 million euros over the same period last year, Germany's leading airline said on Wednesday. The result was better than expected as analysts polled by Dow J
Published 30 Oct, 2009 12:00am
After the bomb, devastated Peshawar asks why

After the bomb, devastated Peshawar asks why

Frightened Peshawaris lashed out Thursday against the indiscriminate slaughter of civilians in their city, where insecurity is paralysing ordinary life. A parked car packed with explosives blew up on Wednesday in a narrow street of the Meena market, known
Published 30 Oct, 2009 12:00am
US farmers to take insurance rather than sow wheat

US farmers to take insurance rather than sow wheat

US farmers struggling to seed their wheat crop will likely reap an insurance check rather than sow in less-than-ideal conditions, analysts and agronomists said. Farmers with prevented planting insurance can receive up to 60 percent of their expected reven
Published 30 Oct, 2009 12:00am
OGDCL after tax profit declines

OGDCL after tax profit declines

The after tax profit of Oil and Gas Development Company (OGDCL) has declined to Rs 12.065 billion mainly due to huge decline in company's sales in the first quarter (July-September) of FY10 as compared to Rs 18.979 billion earned in the corresponding peri
Published 30 Oct, 2009 12:00am
Bonds may still be safer than dividend stocks

Bonds may still be safer than dividend stocks

Banking on a sustained recovery, some investors are switching out of corporate bonds into dividend-paying stocks, but if a second recession ensues, those bets could turn bad. In a double-dip recession, which some analysts fear may happen next year, more c
Published 30 Oct, 2009 12:00am
OGDCL after tax profit declines

OGDCL after tax profit declines

The after tax profit of Oil and Gas Development Company (OGDCL) has declined to Rs 12.065 billion mainly due to huge decline in company's sales in the first quarter (July-September) of FY10 as compared to Rs 18.979 billion earned in the corresponding peri
Published 30 Oct, 2009 12:00am
Bonds may still be safer than dividend stocks

Bonds may still be safer than dividend stocks

Banking on a sustained recovery, some investors are switching out of corporate bonds into dividend-paying stocks, but if a second recession ensues, those bets could turn bad. In a double-dip recession, which some analysts fear may happen next year, more c
Published 30 Oct, 2009 12:00am
Japan's retail sales sag for 13th month, outlook murky

Japan's retail sales sag for 13th month, outlook murky

Japanese retail sales fell 1.4 percent in September from a year earlier, marking the 13th straight month of declines, underlining stagnant consumer spending as households tighten their belts in the face of job cuts and falling incomes. Personal consumptio
Published 30 Oct, 2009 12:00am
Iran and Turkey aim at $20 billion trade by 2011

Iran and Turkey aim at $20 billion trade by 2011

Iran and Turkey said they agreed on Wednesday to strengthen energy, banking and transport ties in a drive to almost treble trade between the two neighbours to $20 billion in the next few years. "The two countries are seriously determined to expand their b
Published 30 Oct, 2009 12:00am
Thai Airways accused of price-fixing

Thai Airways accused of price-fixing

Australia's competition watchdog Wednesday began legal action against Thai Airways, accusing the carrier of price-fixing in its air cargo division. The Australian Competition and Consumer Commission (ACCC) alleges Thai Airways colluded with other internat
Published 30 Oct, 2009 12:00am
Luxury brand Versace announces crisis cuts

Luxury brand Versace announces crisis cuts

Top Italian luxury goods firm Versace said Wednesday it will cut a quarter of its workforce and expects to report a loss for 2009 as demand for its products has shrunk in the economic crisis. It announced a cost-cutting plan to axe around 350 of its 1,300
Published 30 Oct, 2009 12:00am
HRW warns of 'catastrophe' for trapped civilians

HRW warns of 'catastrophe' for trapped civilians

A US-based rights group on Thursday urged Pakistan to ensure that sufficient supplies reach civilians trapped by a massive anti-Taliban offensive, warning of "catastrophe" without aid access. Pakistan launched a ground and air operation designed to crush
Published 30 Oct, 2009 12:00am
US cracks down on promoters of huge tax defiance

US cracks down on promoters of huge tax defiance

US authorities have filed lawsuits nation-wide against promoters of schemes to help tax protesters collectively attempt to get fraudulent refunds of $562 million, the US Justice Department said on Wednesday. The schemes, under which almost $3.3 trillion i
Published 30 Oct, 2009 12:00am
Anti-Taliban offensive: Pakistan gets US equipment: New York Times

Anti-Taliban offensive: Pakistan gets US equipment: New York Times

The United States has quietly shipped substantial military equipment in recent months to aid Pakistan's fight against militants, a leading US newspaper reported Thursday. The rushed US supply, valued at hundreds of millions of dollars, includes troop tran
Published 30 Oct, 2009 12:00am
Monex buys Orix unit to form No 2 Japan online broker

Monex buys Orix unit to form No 2 Japan online broker

Monex Group Inc, Japan's No 3 online broker, will buy the securities unit of Orix Corp for about $246 million in stock, in a deal that will create the country's second-largest online broker. By forming a broker with more than 2.1 trillion yen ($23 billion
Published 30 Oct, 2009 12:00am
Clinton welcomed in Lahore amid tight security

Clinton welcomed in Lahore amid tight security

Security in the provincial metropolis remained high alert on Thursday due to the visit of US Secretary of State Hillary Clinton to various places in the city. Security had been put on high alert since Wednesday evening and The Mall Road was virtually seal
Published 30 Oct, 2009 12:00am
Egypt silence on succession fuels uncertainty

Egypt silence on succession fuels uncertainty

The elderly Egyptian president's silence on succession, even as a presidential vote approaches, has fuelled doubts over whether Hosni Mubarak has settled on a successor and will secure a smooth transition in his lifetime. Mubarak's politician son Gamal is
Published 30 Oct, 2009 12:00am
Clinton visits Badshahi Mosque

Clinton visits Badshahi Mosque

US Secretary of State Hillary Clinton visited historic Badshahi Mosque during her day-long visit to the provincial metropolis on Thursday. Khateeb Badshahi Mosque Maulana Abdul Khabir Azad and Director General Walled City Project Oriya Maqbool Jan briefed
Published 30 Oct, 2009 12:00am
BP plans to cut 600 jobs in Germany

BP plans to cut 600 jobs in Germany

BP is planning cut 600 jobs in Germany, the local head of BP told the WAZ daily in an interview published on Wednesday, as the British oil giant steps up cost-cutting amid plunging profits. "We are trying to avoid straight sackings but we can't guarantee
Published 30 Oct, 2009 12:00am
Hillary to meet Dr Fehmida, Naek today

Hillary to meet Dr Fehmida, Naek today

US Secretary of State Hillary Clinton will call on Speaker National Assembly Dr Fehmida Mirza and Senate Chairman Farooq H Naek on October 30 (Friday), a reliable source told Business Recorder on Thursday. According to the source, US delegation led
Published 30 Oct, 2009 12:00am
US households soaking up Treasury debt flood

US households soaking up Treasury debt flood

Americans have developed an appetite for US government debt at a most opportune time - just when the Treasury has an awful lot of it to sell. Stunned by an $11 trillion drop in wealth, households more than doubled Treasury debt holdings in the first half
Published 30 Oct, 2009 12:00am
China condemns Peshawar bomb blast

China condemns Peshawar bomb blast

China said on Thursday that it was deeply shocked over terrorist attack in a market in Peshawar and stands firmly with the Pakistani people and the government in their efforts to root out the menace of terrorism. "We condemn the terrorists attack in Pesha
Published 30 Oct, 2009 12:00am
Toshiba to build new battery plant

Toshiba to build new battery plant

Japan's Toshiba Corp said Wednesday it would build a new plant to manufacture rechargeable batteries in anticipation of strong demand for use in electric vehicles. The company said it would invest 25 billion yen (274 million dollars) to build the new faci
Published 30 Oct, 2009 12:00am
Australia condemns Afghanistan, Pakistan attacks

Australia condemns Afghanistan, Pakistan attacks

Australia condemned Thursday as "contemptible" and "outrageous" extremist attacks against United Nations and civilian targets in Pakistan and Afghanistan. Foreign Minister Stephen Smith said Australia had conveyed its condolences and offers of support to
Published 30 Oct, 2009 12:00am
China to tighten supervision of personal loans

China to tighten supervision of personal loans

China's banking regulator on Wednesday said it would strengthen supervision of personal loans such as mortgages and car financing to prevent misuse. It is the third time since July that the China Banking Regulatory Commission has vowed to step up oversigh
Published 30 Oct, 2009 12:00am
Power generation: Irsa agrees to release extra water from dams

Power generation: Irsa agrees to release extra water from dams

The Indus River System Authority (Irsa) has agreed to release extra water from Tarbela and Mangla dams during the winter season for hydel power generation to meet electricity needs of the industrial, commercial and domestic consumers, official sources tol
Published 30 Oct, 2009 12:00am
German ratings agency idea a tough challenge

German ratings agency idea a tough challenge

The German government's idea for a new European-based credit rating agency comes at a vulnerable time for the tarnished sector but such a body will have to offer more than a copycat service if it is to succeed. The new German coalition government's financ
Published 30 Oct, 2009 12:00am
Indian Prime Minister heralds 'new chapter' in peace process

Indian Prime Minister heralds 'new chapter' in peace process

India's Prime Minister Manmohan Singh heralded Thursday a "new chapter" in a peace process to end a two-decade revolt in Indian-held Kashmir that has left more than 47,000 people dead. Winding up a two-day trip to the held Kashmir valley, Singh reiterated
Published 30 Oct, 2009 12:00am
Student protests spread across Austria

Student protests spread across Austria

Thousands of student demonstrated in Vienna and other Austrian towns Wednesday, calling for better conditions at their universities.Protesters at Vienna University issued an open letter to the government, calling for free access to higher education and mo
Published 30 Oct, 2009 12:00am
Indian Prime Minister heralds 'new chapter' in peace process

Indian Prime Minister heralds 'new chapter' in peace process

India's Prime Minister Manmohan Singh heralded Thursday a "new chapter" in a peace process to end a two-decade revolt in Indian-held Kashmir that has left more than 47,000 people dead. Winding up a two-day trip to the held Kashmir valley, Singh reiterated
Published 30 Oct, 2009 12:00am
Italy warns Swiss against retaliation in tax row

Italy warns Swiss against retaliation in tax row

Italy's foreign minister said on Thursday it would be counter-productive for Switzerland to retaliate after Italian police raided local branches of Swiss banks, amid an escalating tax row between the two neighbours. Switzerland on Wednesday summoned the I
Published 30 Oct, 2009 12:00am
Geelani, Andrabi discuss IHK situation

Geelani, Andrabi discuss IHK situation

Senior Kashmiri Hurriyet leader Syed Ali Geelani visited the residence of Aasiya Andrabi, Chairperson of Dukhtaran-e-Millat, and enquired about her health. Syed Ali Geelani prayed for early recovery of the Hurriyet leader. Both the leaders also discussed
Published 30 Oct, 2009 12:00am
UAE's GDP could top 4.5 percent in 2010

UAE's GDP could top 4.5 percent in 2010

Growth in the UAE economy could exceed 4.5 percent in 2010, the central bank deputy chairman said on Thursday, adding that he was not particularly worried about inflation following a shake-out in the property sector. He also said banks in the United Arab
Published 30 Oct, 2009 12:00am
Vedanta unit Sesa Goa under fraud investigation

Vedanta unit Sesa Goa under fraud investigation

India's Sesa Goa, a $5 billion unit of London-listed metals group Vedanta Resources, is being investigated by the Indian government for financial and other irregularities. India's largest iron-ore exporter said on Thursday it and its unlisted Sesa Industr
Published 30 Oct, 2009 12:00am
Eurozone sentiment jumps, recovery on track

Eurozone sentiment jumps, recovery on track

Rising optimism in industry and services boosted eurozone economic sentiment more than expected in October, data showed on Thursday, pointing to continued recovery amid subdued inflation expectations. A monthly survey by the European Commission showed eco
Published 30 Oct, 2009 12:00am
Britain protests to Iran over reported jailing

Britain protests to Iran over reported jailing

Britain said on Thursday it was deeply concerned by reports that an Iranian employee at its embassy in Tehran had been sentenced to four years in jail after being put on trial for espionage. Calling Hossein Rassam's sentencing "an attack against the entir
Published 30 Oct, 2009 12:00am
ISE index down 41.88 points

ISE index down 41.88 points

Bears continued to stay in the driving seat at the Islamabad Stock Exchange (ISE) where equities showed negative signs under the lead of trend-setters amid decrease in index. ISE Ten Index was down by 41.88 points as the ISE Ten Index moved from 2,173.26
Published 30 Oct, 2009 12:00am
Honduras lodges lawsuit against Brazil

Honduras lodges lawsuit against Brazil

Honduras has lodged legal proceedings against Brazil at the UN court in The Hague seeking an end to Brazil allowing ousted President Manuel Zelaya to take refuge in the Brazilian embassy in Tegucigalpa. Zelaya has been holed up at the heavily guarded Braz
Published 30 Oct, 2009 12:00am
ISE index down 41.88 points

ISE index down 41.88 points

Bears continued to stay in the driving seat at the Islamabad Stock Exchange (ISE) where equities showed negative signs under the lead of trend-setters amid decrease in index. ISE Ten Index was down by 41.88 points as the ISE Ten Index moved from 2,173.26
Published 30 Oct, 2009 12:00am
US envoys meet Zelaya, de facto leader in Honduras

US envoys meet Zelaya, de facto leader in Honduras

Honduras' post-coup rulers invited ousted President Manuel Zelaya to fresh talks after a high-level US delegation pressured both sides on Wednesday to resume negotiations to resolve the crisis. The US team, led by Assistant Secretary of State Tom Shannon
Published 30 Oct, 2009 12:00am
Bearish sentiments continue on LSE

Bearish sentiments continue on LSE

Bearish sentiments continued for the second day on the Lahore Stock Exchange and the equities registered declines amid selling pressure and lacking buying support from the investors who stayed away from the buying course. The LSE-25 index recorded another
Published 30 Oct, 2009 12:00am
Australian lawmaker calls for debate on Muslim immigration

Australian lawmaker calls for debate on Muslim immigration

Member of Parliament Kevin Andrews on Thursday called for a national debate on whether Muslim immigration to Australia should be curbed.Andrews, immigration minister in the conservative government defeated two years ago, said Muslims were the first migran
Published 30 Oct, 2009 12:00am
Bearish sentiments continue on LSE

Bearish sentiments continue on LSE

Bearish sentiments continued for the second day on the Lahore Stock Exchange and the equities registered declines amid selling pressure and lacking buying support from the investors who stayed away from the buying course. The LSE-25 index recorded another
Published 30 Oct, 2009 12:00am
Maoists kill two workers as top commander surfaces after years

Maoists kill two workers as top commander surfaces after years

Suspected Maoist guerrillas killed two workers of the ruling party in India's West Bengal state and abducted three other supporters of the party, even as a "supreme" Maoist leader surfaced after a gap of nearly 25 years, media reports said Thursday.Bodies
Published 30 Oct, 2009 12:00am
$125 million US package termed much below expectations

$125 million US package termed much below expectations

Islamabad is reportedly disappointed over the 125 million-dollar US package for the power sector, announced by Secretary of State Hillary Clinton as the Ministry of Water and Power was expecting at least 300 million-dollar financial assistance.
Published 30 Oct, 2009 12:00am
Malaysia's Islamic party tells men to marry single mums

Malaysia's Islamic party tells men to marry single mums

Malaysia's conservative Islamic party has urged Muslim men to marry single mothers as additional wives instead of "young virgin girls", a state official said. Wan Ubaidah Omar, a cabinet minister from northern Kelantan, which the party controls, said the
Published 30 Oct, 2009 12:00am
$125 million US package termed much below expectations

$125 million US package termed much below expectations

Islamabad is reportedly disappointed over the 125 million-dollar US package for the power sector, announced by Secretary of State Hillary Clinton as the Ministry of Water and Power was expecting at least 300 million-dollar financial assistance.
Published 30 Oct, 2009 12:00am
South Korea ruling party fails to add momentum for Lee

South Korea ruling party fails to add momentum for Lee

South Korea's ruling party lost two key contests in parliamentary elections, which could hamper President Lee Myung-bak's efforts to win approval for his business-friendly reforms for Asia's fourth largest economy. Analysts said Thursday's results from by
Published 30 Oct, 2009 12:00am
$125 million US package termed much below expectations

$125 million US package termed much below expectations

Islamabad is reportedly disappointed over the 125 million-dollar US package for the power sector, announced by Secretary of State Hillary Clinton as the Ministry of Water and Power was expecting at least 300 million-dollar financial assistance.
Published 30 Oct, 2009 12:00am
India's Sikhs still await for justice 25 years after pogrom

India's Sikhs still await for justice 25 years after pogrom

For Gurdeep Kaur, this weekend marks the 25th anniversary of the day she saw her son burnt alive during an orgy of anti-Sikh violence sparked by the killing of India's then prime minister. Sitting in her ramshackle home in west New Delhi, the 65-year-old
Published 30 Oct, 2009 12:00am
Maintaining improvement in external account a challenge

Maintaining improvement in external account a challenge

Maintaining the improvement in external account would be challenging, as after the sharp rise in the last four successive years, the current account deficit contracted considerably to 5.3 percent of GDP during FY09 from 8.4 percent in FY08. SBP said in it
Published 30 Oct, 2009 12:00am
Taliban vow to intensify pre-poll Afghan attacks

Taliban vow to intensify pre-poll Afghan attacks

The Taliban vowed Thursday to intensify their attacks in the build-up to Afghanistan's presidential election next week as authorities tried to play down fears that the Islamists could wreck the poll. As the international community said a deadly Taliban at
Published 30 Oct, 2009 12:00am
Maintaining improvement in external account a challenge

Maintaining improvement in external account a challenge

Maintaining the improvement in external account would be challenging, as after the sharp rise in the last four successive years, the current account deficit contracted considerably to 5.3 percent of GDP during FY09 from 8.4 percent in FY08. SBP said in it
Published 30 Oct, 2009 12:00am
Bill Clinton nixed wife's VP chances: Obama campaign manager

Bill Clinton nixed wife's VP chances: Obama campaign manager

Barack Obama seriously considered picking former foe Hillary Clinton as his vice presidential running mate last year but rejected her because he was worried about controlling Bill Clinton. In a new book, the US president's 2008 campaign manager David Plou
Published 30 Oct, 2009 12:00am
TDL Stock up 27.0 percent in fiscal year 2009

TDL Stock up 27.0 percent in fiscal year 2009

Despite small fiscal deficit Pakistan''''s total debt and liabilities (TDL) stock recorded a substantial 27.0 percent increase in FY09, the State Bank revealed in its annual report on Thursday. The SBP said continued strong growth in the stock of TDL in F
Published 30 Oct, 2009 12:00am
61 security force members held over Baghdad bombs: army

61 security force members held over Baghdad bombs: army

An Iraqi army spokesman said Thursday that 61 security force members including 11 officers have been arrested over twin bombings in Baghdad that killed 153 people, many of them badly disfigured. Those arrested were deployed in the Salhiya section of the c
Published 30 Oct, 2009 12:00am
TDL Stock up 27.0 percent in fiscal year 2009

TDL Stock up 27.0 percent in fiscal year 2009

Despite small fiscal deficit Pakistan''s total debt and liabilities (TDL) stock recorded a substantial 27.0 percent increase in FY09, the State Bank revealed in its annual report on Thursday. The SBP said continued strong growth in the stock of TDL in FY0
Published 30 Oct, 2009 12:00am
Bush in India to talk on 're-engagement': official

Bush in India to talk on 're-engagement': official

George W. Bush is due in India on Friday, a country once said to love the famously unpopular former US president, where he will deliver a speech on multilateralism, an official told AFP. Bush, whose foreign policy during his eight-year tenure was marked b
Published 30 Oct, 2009 12:00am
TDL Stock up 27.0 percent in fiscal year 2009

TDL Stock up 27.0 percent in fiscal year 2009

Despite small fiscal deficit Pakistan's total debt and liabilities (TDL) stock recorded a substantial 27.0 percent increase in FY09, the State Bank revealed in its annual report on Thursday. The SBP said continued strong growth in the stock of TDL in FY09
Published 30 Oct, 2009 12:00am
Obama witnesses US war dead homecoming

Obama witnesses US war dead homecoming

US President Barack Obama bore witness Thursday to the homecoming of US war dead from Afghanistan as he considered options on sending thousands of more troops into the battle zone. Obama left the White House just before midnight Wednesday with a small gro
Published 30 Oct, 2009 12:00am
TDL Stock up 27.0 percent in fiscal year 2009

TDL Stock up 27.0 percent in fiscal year 2009

Despite small fiscal deficit Pakistan's total debt and liabilities (TDL) stock recorded a substantial 27.0 percent increase in FY09, the State Bank revealed in its annual report on Thursday. The SBP said continued strong growth in the stock of TDL in FY09
Published 30 Oct, 2009 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 99,355 tonnes of cargo including 50,242 tonnes import and 49,113 tonnes export cargo including 5,079 empty and loaded containers during last 24 hours ending at 0700 hours on Thursday. The cargo comprised of 98,427 tonnes dry cargo
Published 30 Oct, 2009 12:00am
62 million people fall below poverty line

62 million people fall below poverty line

Poverty ratio in the country is rapidly rising due to sharp increase in inflation and reduction in subsidies, and as per World Bank, poverty has reached at 36.1 percent with 2.3 percent increase, which reflects that around 62 million Pakistanis have falle
Published 30 Oct, 2009 12:00am
US wheat drops

US wheat drops

US wheat futures fell for the fourth straight trading session on Wednesday as a firm dollar dampened export demand, encouraging traders to lock in profits from last week's rally to four-month highs. The benchmark Chicago Board of Trade December soft red w
Published 30 Oct, 2009 12:00am
62 million people fall below poverty line

62 million people fall below poverty line

Poverty ratio in the country is rapidly rising due to sharp increase in inflation and reduction in subsidies, and as per World Bank, poverty has reached at 36.1 percent with 2.3 percent increase, which reflects that around 62 million Pakistanis have falle
Published 30 Oct, 2009 12:00am
Rates stay put on grain market

Rates stay put on grain market

Thin business was seen on the wholesale grain and seed markets on Thursday as most of the commodity items maintained the overnight levels due to balanced demand and supply position, dealers said.
Published 30 Oct, 2009 12:00am
62 million people fall below poverty line

62 million people fall below poverty line

Poverty ratio in the country is rapidly rising due to sharp increase in inflation and reduction in subsidies, and as per World Bank, poverty has reached at 36.1 percent with 2.3 percent increase, which reflects that around 62 million Pakistanis have falle
Published 30 Oct, 2009 12:00am
FOB Gulf soya export premiums mostly steady

FOB Gulf soya export premiums mostly steady

US soyabean export premiums at the Gulf of Mexico were mostly steady on Wednesday amid quiet demand from China, the world's top importer, following large purchases in past months, traders said. CBOT soyabean futures have fallen more than 5 percent from la
Published 30 Oct, 2009 12:00am
62 million people fall below poverty line

62 million people fall below poverty line

Poverty ratio in the country is rapidly rising due to sharp increase in inflation and reduction in subsidies, and as per World Bank, poverty has reached at 36.1 percent with 2.3 percent increase, which reflects that around 62 million Pakistanis have falle
Published 30 Oct, 2009 12:00am
Brazil to import three million tonnes of wheat

Brazil to import three million tonnes of wheat

Brazil will have to import about 3 million tonnes of wheat in 2010 from countries outside Mercosur, the main source of grain imports in the largest Latin American economy, said an industry group on Thursday. Abitrigo, as the industry group for wheat produ
Published 30 Oct, 2009 12:00am
Economic activity will take longer time to recover

Economic activity will take longer time to recover

The State Bank of Pakistan (SBP) on Thursday said recovery in economic activities will take longer time due to negative business sentiments prevailing in the private sector. The SBP in its annual report revealed that investment to GDP ratio declined for t
Published 30 Oct, 2009 12:00am
Oil cake market rates

Oil cake market rates

Bullish trend persisted on the forward cottonseed oilcake market on Thursday in process of trading, dealers said. The December vaida, which closed at 909.40 opened with a modest rise of 20 paisa at Rs 909.60, and the January contract, which ended at Rs 95
Published 30 Oct, 2009 12:00am
Economic activity will take longer time to recover

Economic activity will take longer time to recover

The State Bank of Pakistan (SBP) on Thursday said recovery in economic activities will take longer time due to negative business sentiments prevailing in the private sector. The SBP in its annual report revealed that investment to GDP ratio declined for t
Published 30 Oct, 2009 12:00am
Further rise in lint prices on cotton market despite official warning

Further rise in lint prices on cotton market despite official warning

Further increase was seen in prices despite the official warning to keep the yarn rate and cotton at the realistic level, dealers said on the cotton market on Thursday. The official spot rate maintained at the overnight rate at Rs 3725, brokers said. In t
Published 30 Oct, 2009 12:00am
Economic activity will take longer time to recover

Economic activity will take longer time to recover

The State Bank of Pakistan (SBP) on Thursday said recovery in economic activities will take longer time due to negative business sentiments prevailing in the private sector. The SBP in its annual report revealed that investment to GDP ratio declined for t
Published 30 Oct, 2009 12:00am
US corn futures fall fourth day

US corn futures fall fourth day

US corn futures on the Chicago Board of Trade closed lower for the fourth straight day on Wednesday as a rebounding dollar and outlooks for an improvement in harvest weather next week sparked technical sales, traders said. The dollar rose to more than 2-w
Published 30 Oct, 2009 12:00am
Economic activity will take longer time to recover

Economic activity will take longer time to recover

The State Bank of Pakistan (SBP) on Thursday said recovery in economic activities will take longer time due to negative business sentiments prevailing in the private sector. The SBP in its annual report revealed that investment to GDP ratio declined for t
Published 30 Oct, 2009 12:00am
Plastic mouldings mixed on Jodia Bazar

Plastic mouldings mixed on Jodia Bazar

The trading in plastic moulding compounds closed mixed on Jodia Bazar here on Thursday. The following changes were noted.
Published 30 Oct, 2009 12:00am
LSM sector posts 0.9 percent growth, inflation dips to 10 percent

LSM sector posts 0.9 percent growth, inflation dips to 10 percent

The large scale manufacturing (LSM) sector registered 0.9 percent growth after a thirteen month period of negative growth and inflation declined to 10 percent by September 2009, which are taken as signs of effective tackling of stagflation that spread opt
Published 30 Oct, 2009 12:00am
Quiet condition on cotton market

Quiet condition on cotton market

The cotton market appeared somewhat quiet in the morning which condition continued later in the day. Being by far the cheapest cotton in the medium and shorter staple category compared to any other origin, mills may lift more quantities gradually to capit
Published 30 Oct, 2009 12:00am
LSM sector posts 0.9 percent growth, inflation dips to 10 percent

LSM sector posts 0.9 percent growth, inflation dips to 10 percent

The large scale manufacturing (LSM) sector registered 0.9 percent growth after a thirteen month period of negative growth and inflation declined to 10 percent by September 2009, which are taken as signs of effective tackling of stagflation that spread opt
Published 30 Oct, 2009 12:00am
Quiet condition on cotton market

Quiet condition on cotton market

The cotton market appeared somewhat quiet in the morning which condition continued later in the day. Being by far the cheapest cotton in the medium and shorter staple category compared to any other origin, mills may lift more quantities gradually to capit
Published 30 Oct, 2009 12:00am
LSM sector posts 0.9 percent growth, inflation dips to 10 percent

LSM sector posts 0.9 percent growth, inflation dips to 10 percent

The large scale manufacturing (LSM) sector registered 0.9 percent growth after a thirteen month period of negative growth and inflation declined to 10 percent by September 2009, which are taken as signs of effective tackling of stagflation that spread opt
Published 30 Oct, 2009 12:00am
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