News Archives for Print - 2009-12-24 - Business Recorder

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Print - 2009-12-24

Message from vice chairman Board of Governors, The University of Faisalabad

Message from vice chairman Board of Governors, The University of Faisalabad

Since the establishment of the University in 2002, there has been an overwhelming response of students seeking admission in various programs offered. In view of the increase in the number of students we have been continuously adding to the physical infras

Published 24 Dec, 2009 12:00am

BRIndex30 down 47.32 points

BRIndex30 down 47.32 points

On Wednesday, the BRIndex30 opened at 8,232.64 points and after remaining positive for almost half of the market time, it took a downward trend and closed at 8,185.32 points, with a negative change of -47.32 points or -0.57 percent. It experienced intra-d

Published 24 Dec, 2009 12:00am

Message from Rector, The University of Faisalabad

Message from Rector, The University of Faisalabad

The University of Faisalabad was established to cater to the educational and technological needs emerging in the progressive scenario of the Country with a missionary spirit, commitment and fervour in line with the vision of its Founders. The distinguishe

Published 24 Dec, 2009 12:00am

BRIndex30 down 47.32 points

BRIndex30 down 47.32 points

On Wednesday, the BRIndex30 opened at 8,232.64 points and after remaining positive for almost half of the market time, it took a downward trend and closed at 8,185.32 points, with a negative change of -47.32 points or -0.57 percent. It experienced intra-d

Published 24 Dec, 2009 12:00am

Ashes light up testing year

Ashes light up testing year

England started 2009 by losing both their captain and their coach yet ended it having triumphed in an Ashes series which proved cricket still had nothing to rival Test matches for sheer drama. Ricky Ponting's men were ahead on almost every individual stat

Published 24 Dec, 2009 12:00am

Index sheds 29.55 points

Index sheds 29.55 points

Profit taking after mid-session on Wednesday forced the KSE-100 index into negative territory to close at 9,302.92 points level with a loss of 29.55 points. The market opened on a positive note and the index hit 9,384.13 points intra-day high level, up 51

Published 24 Dec, 2009 12:00am

Benazir Bhutto Sports Gala opens

Benazir Bhutto Sports Gala opens

Managing Director PIA, Captain Mohammad Aijaz Haroon declared open the Shaheed Benazir Bhutto Sports Gala 2009 being organised by the CBA (Peoples unity- union of PIA employees) at the CAA Airport Stadium on Wednesday. The sports gala includes 18 cricket

Published 24 Dec, 2009 12:00am

Index sheds 29.55 points

Index sheds 29.55 points

Profit taking after mid-session on Wednesday forced the KSE-100 index into negative territory to close at 9,302.92 points level with a loss of 29.55 points. The market opened on a positive note and the index hit 9,384.13 points intra-day high level, up 51

Published 24 Dec, 2009 12:00am

Schumacher launches Grand Prix comeback

Schumacher launches Grand Prix comeback

Seven-time world champion Michael Schumacher said Wednesday he has signed a three-year deal to return to Formula One racing with Mercedes GP from next season. Having retired in 2006, Schumacher, who turns 41 on January 3, will reportedly be paid seven mil

Published 24 Dec, 2009 12:00am

Index sheds 29.55 points

Index sheds 29.55 points

Profit taking after mid-session on Wednesday forced the KSE-100 index into negative territory to close at 9,302.92 points level with a loss of 29.55 points. The market opened on a positive note and the index hit 9,384.13 points intra-day high level, up 51

Published 24 Dec, 2009 12:00am

Younus flops as Sami flies to Australia

Younus flops as Sami flies to Australia

Paceman Mohammad Sami justified his recall with a burst of six wickets in the final of the country's premier tournament Wednesday, but former captain Younus Khan struggled to impress. Sami, 28, has been summoned as a replacement to complement Pakistan's p

Published 24 Dec, 2009 12:00am

Inland freight cost: cement makers seek 50 percent subsidy

Inland freight cost: cement makers seek 50 percent subsidy

Cement manufacturers have sought a 50 percent subsidy on the inland freight cost to boost cement export to more than one billion dollars, industry sources said here Wednesday. All Pakistan Cement Manufacturers Association (APCMA) has written a letter to t

Published 24 Dec, 2009 12:00am

Pentangular Cup cricket from January 1

Pentangular Cup cricket from January 1

Pakistan Cricket Board (PCB) on Wednesday announced the schedule of RBS Pentangular Cup First Class, 2009-10 tournament to be played from January 1 to February, 2010. As many as five teams, including two departmental teams, Habib Bank Limited (HBL) and Su

Published 24 Dec, 2009 12:00am

Potash fertiliser import: government refuses subsidy beyond allocation

Potash fertiliser import: government refuses subsidy beyond allocation

The government has refused to give subsidy on import of potash fertilizer, over and above the existing subsidy amount earmarked in the budget, sources in the Ministry of Food and Agriculture (Minfa) told Business Recorder.

Published 24 Dec, 2009 12:00am

FYDC's role in making PFF Vision Plan 2020 lauded

FYDC's role in making PFF Vision Plan 2020 lauded

Sahiwal's PFF Football Youth Development Centre (FYDC) is showing tremendous progress under AFC Aid-27 coach Noman Ibrahim, who helped young team of the centre to make it to final of Pakistan Premier League 2010. President of PFF Youth Development Centre

Published 24 Dec, 2009 12:00am

Potash fertiliser import: government refuses subsidy beyond allocation

Potash fertiliser import: government refuses subsidy beyond allocation

The government has refused to give subsidy on import of potash fertilizer, over and above the existing subsidy amount earmarked in the budget, sources in the Ministry of Food and Agriculture (Minfa) told Business Recorder.

Published 24 Dec, 2009 12:00am

Bond retires from Test cricket

Bond retires from Test cricket

Dynamic but injury-prone New Zealand fast bowler Shane Bond announced his retirement from Test cricket Wednesday, saying his body was no longer up to the rigours of the five-day game. "It's been a tough call, because Test cricket remains the ultimate form

Published 24 Dec, 2009 12:00am

Potash fertiliser import: government refuses subsidy beyond allocation

Potash fertiliser import: government refuses subsidy beyond allocation

The government has refused to give subsidy on import of potash fertilizer, over and above the existing subsidy amount earmarked in the budget, sources in the Ministry of Food and Agriculture (Minfa) told Business Recorder.

Published 24 Dec, 2009 12:00am

Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 117,545 tonnes of cargo including 90,676 tonnes of import 26,869 tonnes of export cargo and 4,304 loaded and empty containers during last 24 hours ended at 0700 hours on Wednesday. The total import cargo of 90,676 tonnes comprised

Published 24 Dec, 2009 12:00am

Cabinet panel maintains status quo on yarn export: import duty on yarn vide Chapter 52 to be removed

Cabinet panel maintains status quo on yarn export: import duty on yarn vide Chapter 52 to be removed

The Cabinet Committee on Textile here on Wednesday decided to eliminate 5 percent customs duty on import of cotton yarn falling under Chapter 52 of the Harmonised Tariff Schedule. Status quo would be maintained on export of cotton yarn, and it has been de

Published 24 Dec, 2009 12:00am

India needs not to import rice on higher stocks

India needs not to import rice on higher stocks

India does not need to import rice due to higher domestic stocks, Farm Minister Sharad Pawar said on Wednesday, a move which could potentially ease global rice prices further on lower-than-expected demand. "Our stocks are much higher than buffer norms. We

Published 24 Dec, 2009 12:00am

Cabinet panel maintains status quo on yarn export: import duty on yarn vide Chapter 52 to be removed

Cabinet panel maintains status quo on yarn export: import duty on yarn vide Chapter 52 to be removed

The Cabinet Committee on Textile here on Wednesday decided to eliminate 5 percent customs duty on import of cotton yarn falling under Chapter 52 of the Harmonised Tariff Schedule. Status quo would be maintained on export of cotton yarn, and it has been de

Published 24 Dec, 2009 12:00am

US Plains HRW wheat bids flat

US Plains HRW wheat bids flat

Basis bids for hard red winter wheat in the US Plains were unchanged Wednesday amid only light demand. Protein premiums were steady to 1 cent higher for railcar wheat to and through Kansas City. The weather remained beneficial for the dormant US winter wh

Published 24 Dec, 2009 12:00am

Cabinet panel maintains status quo on yarn export: import duty on yarn vide Chapter 52 to be removed

Cabinet panel maintains status quo on yarn export: import duty on yarn vide Chapter 52 to be removed

The Cabinet Committee on Textile here on Wednesday decided to eliminate 5 percent customs duty on import of cotton yarn falling under Chapter 52 of the Harmonised Tariff Schedule. Status quo would be maintained on export of cotton yarn, and it has been de

Published 24 Dec, 2009 12:00am

US Midwest bids for corn and soya steady to firm

US Midwest bids for corn and soya steady to firm

Spot basis bids for corn and soyabeans were mostly steady to firm at US Midwest processors and elevators on Tuesday amid slow country selling of both crops, dealers said. Farmers remained on the sidelines as futures drifted lower at the Chicago Board of T

Published 24 Dec, 2009 12:00am

Kayani meets Zardari, Gilani

Kayani meets Zardari, Gilani

Chief of Army Staff General Ashfaq Parvez Kayani on Wednesday held separate meetings with President Asif Ali Zardari and Prime Minister Syed Yousuf Raza Gilani, and discussed the overall security issues in the tribal areas and Malakand division. Sources s

Published 24 Dec, 2009 12:00am

Kenya's BP1 tea eases off record price

Kenya's BP1 tea eases off record price

The price of top Broken Pekoe Ones (BP1s) tea eased off recent record levels although the auction had seen underlying demand, brokers said on Tuesday. Tea prices at the weekly auction in Mombasa have climbed to record highs this year on the back of concer

Published 24 Dec, 2009 12:00am

Kayani meets Zardari, Gilani

Kayani meets Zardari, Gilani

Chief of Army Staff General Ashfaq Parvez Kayani on Wednesday held separate meetings with President Asif Ali Zardari and Prime Minister Syed Yousuf Raza Gilani, and discussed the overall security issues in the tribal areas and Malakand division. Sources s

Published 24 Dec, 2009 12:00am

FOB Gulf February soya export premiums firmer

FOB Gulf February soya export premiums firmer

US soyabean export premiums at the Gulf of Mexico on Tuesday were firm for February shipments amid tight loading capacity, but steady to weaker in deferred slots as world supplies were set to soar with a record-large South American crop, traders said.

Published 24 Dec, 2009 12:00am

US says it continues to work 'closely' with Asif Zardari

US says it continues to work 'closely' with Asif Zardari

The US considers the government of President Zardari and Prime Minister Gilani as having come to office through a legislative parliamentary process and the "ongoing process between two branches of the Pakistani government is a judgement for Pakistani peop

Published 24 Dec, 2009 12:00am

Oil cake market rates

Oil cake market rates

Falling trend was again witnessed on the forward cottonseed oilcake market on Wednesday in process of trading, dealers said. The December vaida which closed at 904.40 opened with a sharp loss of Rs 2.00 t0 Rs 902.40, and the January contract which ended a

Published 24 Dec, 2009 12:00am

US says it continues to work 'closely' with Asif Zardari

US says it continues to work 'closely' with Asif Zardari

The US considers the government of President Zardari and Prime Minister Gilani as having come to office through a legislative parliamentary process and the "ongoing process between two branches of the Pakistani government is a judgement for Pakistani peop

Published 24 Dec, 2009 12:00am

Prices maintain upward trend as demand increases on cotton market

Prices maintain upward trend as demand increases on cotton market

Prices were still on the upward march on the cotton market on Wednesday amid talks that the government should or should not ban export of cotton yarn, dealers said. The official spot rate was unchanged at Rs 4,375, they said. In the ready business, rates

Published 24 Dec, 2009 12:00am

Bank Holiday

Bank Holiday

The State Bank of Pakistan (SBP) and all offices of SBP Banking Services Corporation, including the Public Debt Offices, will remain closed on 25th December, 2009 (Friday) being public holiday declared by the Government of Pakistan on the occasion of Quai

Published 24 Dec, 2009 12:00am

Kirana items mixed on Jodia Bazar

Kirana items mixed on Jodia Bazar

The trading in Kirana items moved both ways on Jodia Bazar here on Wednesday. The following changes were noted.

Published 24 Dec, 2009 12:00am

Bank Holiday

Bank Holiday

The State Bank of Pakistan (SBP) and all offices of SBP Banking Services Corporation, including the Public Debt Offices, will remain closed on 25th December, 2009 (Friday) being public holiday declared by the Government of Pakistan on the occasion of Quai

Published 24 Dec, 2009 12:00am

Grams prices increase amid improved activity

Grams prices increase amid improved activity

Grams prices were higher on the wholesale grain and seed market on Wednesday as some other items moved both ways in process of trading, dealers said. On the grams sector gram 50x50 was higher by Rs 100 to Rs 3600-3800, gram dal 50x50 also followed the sam

Published 24 Dec, 2009 12:00am

Bank Holiday

Bank Holiday

The State Bank of Pakistan (SBP) and all offices of SBP Banking Services Corporation, including the Public Debt Offices, will remain closed on 25th December, 2009 (Friday) being public holiday declared by the Government of Pakistan on the occasion of Quai

Published 24 Dec, 2009 12:00am

Malaysian tin up

Malaysian tin up

Malaysian tin rose 0.2 percent on Wednesday, despite a fall in London Metal Exchange (LME) prices, due to strong buying from Europe, one trader said.

Published 24 Dec, 2009 12:00am

IPO Board recommends transfer, removal of Director General

IPO Board recommends transfer, removal of Director General

The Board of Intellectual Property Organisation (IPO) is reported to have recommended termination of Director General Khaild Mahmood Bukhari to the Cabinet Division for allegedly fudging official documents and mis-stating on different accounts.

Published 24 Dec, 2009 12:00am

US copper lower

US copper lower

Copper prices closed down on Tuesday, as concerns about swollen inventory levels weighed on sentiment and investor position-squaring picked up pace as the dollar extended its late-year rally. "The fundamentals of copper aren't that fantastic at the moment

Published 24 Dec, 2009 12:00am

IPO Board recommends transfer, removal of Director General

IPO Board recommends transfer, removal of Director General

The Board of Intellectual Property Organisation (IPO) is reported to have recommended termination of Director General Khaild Mahmood Bukhari to the Cabinet Division for allegedly fudging official documents and mis-stating on different accounts.

Published 24 Dec, 2009 12:00am

Copper rises in Asia

Copper rises in Asia

Copper rose half a percent in London and Shanghai on Wednesday, gaining in the shadow of a growing strike threat at one of the world's biggest copper mines, Chuquicamata in Chile. Worries about supply ratcheted up a notch after union workers at Chile's ma

Published 24 Dec, 2009 12:00am

IPO Board recommends transfer, removal of Director General

IPO Board recommends transfer, removal of Director General

The Board of Intellectual Property Organisation (IPO) is reported to have recommended termination of Director General Khaild Mahmood Bukhari to the Cabinet Division for allegedly fudging official documents and mis-stating on different accounts.

Published 24 Dec, 2009 12:00am

New York sugar lower

New York sugar lower

Raw sugar futures on ICE Futures US at 7:41 am EST (1241 GMT). March raw sugar sank 0.48 cent to 25.14 cents per lb. Ranging from 25.12 to 25.81 cents. Volume in March contract a modest 7,476 lots. Sugar slides on investor sales but dealings modest at bes

Published 24 Dec, 2009 12:00am

Right in inheritance: Supreme Court directs DCOs to hunt for eunuchs' families

Right in inheritance: Supreme Court directs DCOs to hunt for eunuchs' families

The Supreme Court on Wednesday directed the district administrations of the country to search the families of eunuchs to help them getting their due right in inheritance - movable and immovable property.

Published 24 Dec, 2009 12:00am

Burkina Faso 2009-2010 cotton crop seen down at 416,000 tonnes

Burkina Faso 2009-2010 cotton crop seen down at 416,000 tonnes

Burkina Faso will produce around 416,000 tonnes of cotton during the 2009/10 season, cotton companies forecast, down on last year's crop of 446,000 tonnes as well as below several revised targets for the year. The estimates from Burkina Faso's three main

Published 24 Dec, 2009 12:00am

Right in inheritance: Supreme Court directs DCOs to hunt for eunuchs' families

Right in inheritance: Supreme Court directs DCOs to hunt for eunuchs' families

The Supreme Court on Wednesday directed the district administrations of the country to search the families of eunuchs to help them getting their due right in inheritance - movable and immovable property.

Published 24 Dec, 2009 12:00am

China sees 2009 cotton output between 6.4-6.7 million tonnes

China sees 2009 cotton output between 6.4-6.7 million tonnes

Official estimates for China's 2009 cotton output ranged from 6.4 million tonnes to 6.7 million tonnes, a more than 10 percent decline from 2008, according to reports released on Wednesday. The agriculture ministry estimated that output in China, the worl

Published 24 Dec, 2009 12:00am

Deutsche Bank purchases ABN Amro assets

Deutsche Bank purchases ABN Amro assets

Germany's largest bank, Deutsche Bank, has completed its purchase of parts of state-owned Dutch lender ABN Amro for 700 million euros (1.0 billion dollars), ABN Amro said Wednesday. The deal covers Hollandsche Bank-Unie, a unit specialising in precious me

Published 24 Dec, 2009 12:00am

Soyabeans decline

Soyabeans decline

Soyabean futures fell for the fourth straight session at the Chicago Board of Trade, touching their lowest level in more than five weeks on pressure from a firm dollar and expectations of a large crop coming out of South America in 2010, traders said.

Published 24 Dec, 2009 12:00am

Removal of Chief Justice: Musharraf's act termed 'insult to constitution'

Removal of Chief Justice: Musharraf's act termed 'insult to constitution'

The Supreme Court on Wednesday termed an "insult to constitution" the method the then President Pervez Musharraf employed to sack Chief Justice Iftikhar Muhammad Chaudhry in March 2007, a move that motivated thousands of lawyers and members of civil socie

Published 24 Dec, 2009 12:00am

Malaysian palm oil drops for third day

Malaysian palm oil drops for third day

Malaysian crude palm oil futures dropped for a third day on Wednesday due to a firmer US dollar and some position squaring towards the year end. Expectations of a stock drawdown due to the end of the high production season limited losses. Traders expect s

Published 24 Dec, 2009 12:00am

Removal of Chief Justice: Musharraf's act termed 'insult to constitution'

Removal of Chief Justice: Musharraf's act termed 'insult to constitution'

The Supreme Court on Wednesday termed an "insult to constitution" the method the then President Pervez Musharraf employed to sack Chief Justice Iftikhar Muhammad Chaudhry in March 2007, a move that motivated thousands of lawyers and members of civil socie

Published 24 Dec, 2009 12:00am

CBOT rice sets near two-month low

CBOT rice sets near two-month low

January rough rice futures on the Chicago Board of Trade fell to a near two-month low early Tuesday, pressured by bearish chart signals and news that the Philippines would buy less rice than it sought at a recent tender, traders said. As of 9:52 am CST (1

Published 24 Dec, 2009 12:00am

Gas supply agreement signed for Hawkesbay IPP

Gas supply agreement signed for Hawkesbay IPP

Gas Supply Agreement (GSA) has been signed between Tri-Star Modaraba and Sui Southern Gas Company (SSGC) for supply of 20 mmcfd natural gas for a 110 MW gas-fired combined cycle independent power plant (IPP), it is learnt. The plant will be located at Haw

Published 24 Dec, 2009 12:00am

Oil holds above 74 dollars

Oil holds above 74 dollars

Oil held steady above $74 on Wednesday, buoyed by industry data showing a sharp drawdown in US crude stocks and an unexpected fall in gasoline supply, but the firm dollar limited gains. Crude inventories in the world's biggest oil consumer fell 3.7 millio

Published 24 Dec, 2009 12:00am

Gas supply agreement signed for Hawkesbay IPP

Gas supply agreement signed for Hawkesbay IPP

Gas Supply Agreement (GSA) has been signed between Tri-Star Modaraba and Sui Southern Gas Company (SSGC) for supply of 20 mmcfd natural gas for a 110 MW gas-fired combined cycle independent power plant (IPP), it is learnt. The plant will be located at Haw

Published 24 Dec, 2009 12:00am

US gold sent to seven-week low

US gold sent to seven-week low

New York gold futures fell further on Tuesday after US housing sales jumped more than expected, advancing the dollar's gains against the euro, and pushing yellow metal prices to lows last seen on November 3, traders said. Gold futures for February deliver

Published 24 Dec, 2009 12:00am

Gas supply agreement signed for Hawkesbay IPP

Gas supply agreement signed for Hawkesbay IPP

Gas Supply Agreement (GSA) has been signed between Tri-Star Modaraba and Sui Southern Gas Company (SSGC) for supply of 20 mmcfd natural gas for a 110 MW gas-fired combined cycle independent power plant (IPP), it is learnt. The plant will be located at Haw

Published 24 Dec, 2009 12:00am

Gold bounces from seven-week low in Asia

Gold bounces from seven-week low in Asia

Gold edged higher on Wednesday as bargain hunters resurfaced after the price dropped to its weakest in seven weeks the previous day, but a firmer US dollar was likely to cap gains. Gold is about 11 percent below a lifetime high of $1,226.10 struck in earl

Published 24 Dec, 2009 12:00am

Two charged with insider trading

Two charged with insider trading

Two French citizens have been charged by US regulators with using inside information to buy securities of Chattem Inc before Sanofi-Aventis said it would buy the healthcare group. The Securities and Exchange Commission suit filed Tuesday alleges that Gill

Published 24 Dec, 2009 12:00am

Fiat becomes majority owner of Serbia's Zastava car factory

Fiat becomes majority owner of Serbia's Zastava car factory

Italian carmaker Fiat on Wednesday became a majority owner of Serbian car manufacturer Zastava, Belgrade media reported. Serbian Deputy Prime Minister Mladjan Dinkic and Alfredo Altavilla, vice president of the Fiat group, signed Wednesday an annex of the

Published 24 Dec, 2009 12:00am

Two charged with insider trading

Two charged with insider trading

Two French citizens have been charged by US regulators with using inside information to buy securities of Chattem Inc before Sanofi-Aventis said it would buy the healthcare group. The Securities and Exchange Commission suit filed Tuesday alleges that Gill

Published 24 Dec, 2009 12:00am

French consumer spending dips in November

French consumer spending dips in November

Consumer spending in France, the euro zone's second-biggest economy, dipped in November as shoppers splashed out on cars but cut back elsewhere as job market fears weighed on sentiment. National statistics office INSEE said consumer spending on manufactur

Published 24 Dec, 2009 12:00am

Two charged with insider trading

Two charged with insider trading

Two French citizens have been charged by US regulators with using inside information to buy securities of Chattem Inc before Sanofi-Aventis said it would buy the healthcare group. The Securities and Exchange Commission suit filed Tuesday alleges that Gill

Published 24 Dec, 2009 12:00am

China vows stricter lending control next year

China vows stricter lending control next year

China on Wednesday vowed to exercise stricter control over bank lending next year, guiding credit to new energy projects and consumers, while choking off financing to polluters and sectors riddled by overcapacity. The central bank also reaffirmed its long

Published 24 Dec, 2009 12:00am

IMF approves $1.2 billion aid payment

IMF approves $1.2 billion aid payment

The International Monetary Fund has approved a $1.2 billion aid payment to Pakistan after concluding a review of the country''s economic performance, the fund said in a statement on Wednesday. The IMF bailed out Pakistan in 2008 to avert a balance of paym

Published 24 Dec, 2009 12:00am

Nestle stops Zimbabwe operations

Nestle stops Zimbabwe operations

Swiss food company Nestle has suspended operations in Zimbabwe, complaining of harassment after it pulled out of a deal to buy milk from a farm taken over by President Robert Mugabe's family. Nestle said it received an unannounced visit by government offi

Published 24 Dec, 2009 12:00am

IMF approves $1.2 billion aid payment

IMF approves $1.2 billion aid payment

The International Monetary Fund has approved a $1.2 billion aid payment to Pakistan after concluding a review of the country's economic performance, the fund said in a statement on Wednesday. The IMF bailed out Pakistan in 2008 to avert a balance of payme

Published 24 Dec, 2009 12:00am

US consumer spending rises in November, new home sales fall

US consumer spending rises in November, new home sales fall

US consumer spending rose for a second straight month in November as incomes recorded their biggest gain in six months, but a surprise drop in new home sales was a reminder that the economic recovery would be bumpy. The Commerce Department said on Wednesd

Published 24 Dec, 2009 12:00am

IMF approves $1.2 billion aid payment

IMF approves $1.2 billion aid payment

The International Monetary Fund has approved a $1.2 billion aid payment to Pakistan after concluding a review of the country's economic performance, the fund said in a statement on Wednesday. The IMF bailed out Pakistan in 2008 to avert a balance of payme

Published 24 Dec, 2009 12:00am

Bond sale moves Glencore towards $35 billion plus IPO

Bond sale moves Glencore towards $35 billion plus IPO

Glencore, the secretive Swiss commodities trader, took a step towards a public listing valuing it at more than $35 billion, as investors bought bonds that could give them a near 6 percent stake. The $2.2 billion deal raises the prospect of the sometimes c

Published 24 Dec, 2009 12:00am

CNG dealers threaten strike over gas price

CNG dealers threaten strike over gas price

The CNG dealers association on Wednesday threatened to observe countrywide strike from December 30, if the government does not withdraw the decisions of gas price hike and two-day closure programme. Addressing a press conference, CNG Association Chairman

Published 24 Dec, 2009 12:00am

Bond sale moves Glencore towards $35 billion plus IPO

Bond sale moves Glencore towards $35 billion plus IPO

Glencore, the secretive Swiss commodities trader, took a step towards a public listing valuing it at more than $35 billion, as investors bought bonds that could give them a near 6 percent stake. The $2.2 billion deal raises the prospect of the sometimes c

Published 24 Dec, 2009 12:00am

CNG dealers threaten strike over gas price

CNG dealers threaten strike over gas price

The CNG dealers association on Wednesday threatened to observe countrywide strike from December 30, if the government does not withdraw the decisions of gas price hike and two-day closure programme. Addressing a press conference, CNG Association Chairman

Published 24 Dec, 2009 12:00am

Taiwan unveils Asia's biggest solar plant: government

Taiwan unveils Asia's biggest solar plant: government

Taiwan has unveiled what it calls Asia's biggest solar power plant as the island, which imports almost all its energy, seeks to tap into clean renewable resources, the government said Wednesday. The two-hectare (4.9-acre) plant in south Taiwan's Kaohsiung

Published 24 Dec, 2009 12:00am

CNG dealers threaten strike over gas price

CNG dealers threaten strike over gas price

The CNG dealers association on Wednesday threatened to observe countrywide strike from December 30, if the government does not withdraw the decisions of gas price hike and two-day closure programme. Addressing a press conference, CNG Association Chairman

Published 24 Dec, 2009 12:00am

BoE vote unanimously to keep policy unchanged

BoE vote unanimously to keep policy unchanged

All nine members of the Bank of England's Monetary Policy Committee voted to keep interest rates at a record low of 0.5 percent and maintain the 200 billion pound asset buying programme in December, as expected. Analysts do not expect any further expansio

Published 24 Dec, 2009 12:00am

Trade, defence ties: Pakistan and Tajikistan sign MoU

Trade, defence ties: Pakistan and Tajikistan sign MoU

Pakistan and Tajikistan on Wednesday agreed to enhance co-operation in trade, economy and defence sectors for the mutual benefit and to make all-out efforts to strengthen ties between the two countries. The two sides reached agreement during a meeting bet

Published 24 Dec, 2009 12:00am

Lockheed wins $841.9 million Morocco F-16 contract

Lockheed wins $841.9 million Morocco F-16 contract

US defence manufacturer Lockheed Martin is being awarded an 841.9 million dollar contract to produce 24 F-16 aircraft for Morocco, which ordered the jets in 2008, the Pentagon said Tuesday. Lockheed also won contracts to supply the Pentagon with "advanced

Published 24 Dec, 2009 12:00am

Trade, defence ties: Pakistan and Tajikistan sign MoU

Trade, defence ties: Pakistan and Tajikistan sign MoU

Pakistan and Tajikistan on Wednesday agreed to enhance co-operation in trade, economy and defence sectors for the mutual benefit and to make all-out efforts to strengthen ties between the two countries. The two sides reached agreement during a meeting bet

Published 24 Dec, 2009 12:00am

Court upholds ruling against Microsoft in patent case

Court upholds ruling against Microsoft in patent case

A US court of appeals barred Microsoft on Tuesday from selling certain versions of its popular Word program and ordered it to pay 290 million dollars in a patent dispute with a Canadian company. The US Court of Appeals for the Federal Circuit upheld a jur

Published 24 Dec, 2009 12:00am

Trade, defence ties: Pakistan and Tajikistan sign MoU

Trade, defence ties: Pakistan and Tajikistan sign MoU

Pakistan and Tajikistan on Wednesday agreed to enhance co-operation in trade, economy and defence sectors for the mutual benefit and to make all-out efforts to strengthen ties between the two countries. The two sides reached agreement during a meeting bet

Published 24 Dec, 2009 12:00am

India can grow 7.75 percent in fiscal year 2010, inflation a challenge

India can grow 7.75 percent in fiscal year 2010, inflation a challenge

The Indian economy could grow at a faster pace in 2009/10 compared with the previous year although inflation and high fiscal deficit are major challenges for the government, the finance minister said on Wednesday. Surging food prices and faster industrial

Published 24 Dec, 2009 12:00am

Mehreen replaces Afzal Sindhu

Mehreen replaces Afzal Sindhu

Prime Minister Syed Yousuf Raza Gilani has changed the portfolio of Minister of State for Law and Justice Afzal Sindu as Minister of State for Railways, and Mehreen Anwar Raja was appointed Minister of State for Law and Justice and Parliamentary Affairs,

Published 24 Dec, 2009 12:00am

South Korean parliament delays bill on sukuk issuances

South Korean parliament delays bill on sukuk issuances

A key South Korean parliament panel on Wednesday decided to put on hold until early next year a vote on a government proposal to allow domestic companies to sell Islamic bonds, or sukuk, a finance ministry official said. The Ministry of Strategy and Finan

Published 24 Dec, 2009 12:00am

Mehreen replaces Afzal Sindhu

Mehreen replaces Afzal Sindhu

Prime Minister Syed Yousuf Raza Gilani has changed the portfolio of Minister of State for Law and Justice Afzal Sindu as Minister of State for Railways, and Mehreen Anwar Raja was appointed Minister of State for Law and Justice and Parliamentary Affairs,

Published 24 Dec, 2009 12:00am

South Korean parliament delays bill on sukuk issuances

South Korean parliament delays bill on sukuk issuances

A key South Korean parliament panel on Wednesday decided to put on hold until early next year a vote on a government proposal to allow domestic companies to sell Islamic bonds, or sukuk, a finance ministry official said. The Ministry of Strategy and Finan

Published 24 Dec, 2009 12:00am

BAIC in overdrive to develop brand with Saab technology

Beijing Automotive Industry Holding Corp (BAIC), China's fifth-largest automaker, will launch an aggressive campaign to develop its brand both at home and overseas, after buying car designs from General Motors' Saab unit. BAIC said it will invest 33 billi

Published 24 Dec, 2009 12:00am

China slaps anti-dumping tariffs on European steel

China slaps anti-dumping tariffs on European steel

Beijing on Wednesday imposed anti-dumping duties on European steel products, accusing the European Union of protectionism after its decision to extend tariffs on shoes made in China and Vietnam. The Ministry of Commerce said it was "extremely dissatisfied

Published 24 Dec, 2009 12:00am

Cocoa employees march for wages in Ivory Coast

Cocoa employees march for wages in Ivory Coast

Dozens of agents from an Ivory Coast cocoa market regulator whose bosses have been jailed on suspicion of embezzlement on Wednesday demonstrated to demand payment of their wage arrears. "Take pity on us," read banners held up by the employees before the p

Published 24 Dec, 2009 12:00am

IDB to fund $130 million Bangladesh refinery upgrade

IDB to fund $130 million Bangladesh refinery upgrade

Jeddah-based Islamic Development Bank (IDB) will provide $130 million for upgrading Bangladesh's Eastern Refinery Limited (ERL) terminal some 40 km (25 miles) from Chittagong port, a senior official said on Tuesday. The upgrade would help prevent spillage

Published 24 Dec, 2009 12:00am

Russia will borrow despite higher oil prices

Russia will borrow despite higher oil prices

Russia still plans to issue $17.8 billion in Eurobonds next year despite higher oil prices, Finance Minister Alexei Kudrin said on Wednesday, warning sub-sovereign borrowers against entering the market. Kudrin said Russia, whose economy is expected to shr

Published 24 Dec, 2009 12:00am

Russia will borrow despite higher oil prices

Russia will borrow despite higher oil prices

Russia still plans to issue $17.8 billion in Eurobonds next year despite higher oil prices, Finance Minister Alexei Kudrin said on Wednesday, warning sub-sovereign borrowers against entering the market. Kudrin said Russia, whose economy is expected to shr

Published 24 Dec, 2009 12:00am

China to tweak fuel price regime, could speed changes

China to tweak fuel price regime, could speed changes

China's top economic planner is working to fine-tune the country's fuel pricing regime to potentially make price changes more frequent and more reflective of global crude markets, a government official said on Wednesday. China put in place a new fuel pric

Published 24 Dec, 2009 12:00am

New Zealand economic growth backs interest rate view

New Zealand economic growth backs interest rate view

New Zealand's economy maintained a slow recovery in the third quarter from its longest recession on record, backing market views the central bank will keep interest rates unchanged until the second quarter of 2010. Gross domestic product rose a seasonally

Published 24 Dec, 2009 12:00am

Indian super-compact car market overtakes Japan

Indian super-compact car market overtakes Japan

India has emerged the leader in small cars, overtaking Japan, as declining sales in Western markets coupled with robust growth in Asia redraws the global map of the auto industry faster than many expected. It's well known that China will overtake the US a

Published 24 Dec, 2009 12:00am

Jazeera Airways cuts routes to lower costs

Jazeera Airways cuts routes to lower costs

Kuwaiti low-cost carrier Jazeera Airways said on Wednesday it was cutting services on certain routes to weather difficult times with no improvement in sight next year. The airline, which flies to 23 destinations, said it would stop flying regularly from K

Published 24 Dec, 2009 12:00am

Zimbabwe needs $45 billion for economy

Zimbabwe needs $45 billion for economy

Zimbabwe needs 45 billion dollars to return its economy to peak levels seen more than a decade ago, Finance Minister Tendai Biti said Wednesday. But he warned that doubts over the future of the strained unity government were hampering the still fragile ec

Published 24 Dec, 2009 12:00am

Previous Day

Forex
World
Commodity

Currency	Rate
USD PKR Interbank Selling / Nov 8	277.83
USD PKR Interbank Buying / Nov 8	277.63
USD to Japanese Yen / Nov 8	152.75
USD to Swiss Franc / Nov 8	0.87
Pound Sterling to USD / Nov 8	1.30
Euro to USD / Nov 8	1.08

Stock	Volume
S&P 500 / Nov 7	5,973.10
Nasdaq / Nov 7	19,269.46
Dow Jones / Nov 7	43,729.34
India Sensex / Nov 8	79,425.88
Tokyo Nikkei / Nov 8	39,500.37
Hang Seng / Nov 8	20,820.36
FTSE 100 / Nov 8	8,143.78
Germany DAX 30 / Nov 8	19,353.61

Item	Value
Petrol/Litre / Nov 8	248.38
Crude Oil USD/Barrel / Nov 8	71.72
Karachi Cotton PKR/37.32 KG / Nov 8	18,285
Gold 10 Grams PKR / Nov 8	239,026
Gold Spot USD/Ounce / Nov 8	2,685.16
Diesel/Litre / Nov 8	255.14

Gainers
Losers
Leaders

Stock	Price
786 Invest Ltd / Nov 8 786 Investments Limited(786)	5 ▼ 0.00 (0.00%)
AL-Abbas Sugar / Nov 8 Al-Abbas Sugar Mills Limited(AABS)	585 ▼ 0.00 (0.00%)
Agro Allianz / Nov 8 Agro Allianz Limited(AAL)	16 ▼ 0.00 (0.00%)
AL-Abid Silk / Nov 8 Al-Abid Silk Mills Limited(AASM)	3.49 ▼ 0.00 (0.00%)
Ali Asghar / Nov 8 Ali Asghar Textile Mills Limited(AATM)	2.07 ▼ 0.00 (0.00%)
Allied Bank / Nov 8 Allied Bank Limited(ABL)	87.10 ▼ 0.00 (0.00%)
Abbott Lab. / Nov 8 Abbott Laboratories (Pakistan) Limited(ABOT)	499.34 ▼ 0.00 (0.00%)
Abson Ind. / Nov 8 Abson Industries Limited(ABSON)	2.50 ▼ 0.00 (0.00%)
Alfalah ETF. / Nov 8 Alfalah Consumer Index ETF.(ACIETF)	9.84 ▼ 0.00 (0.00%)

Stock	Price
786 Invest Ltd / Nov 8 786 Investments Limited(786)	5 ▲ 0.00 (0.00%)
AL-Abbas Sugar / Nov 8 Al-Abbas Sugar Mills Limited(AABS)	585 ▲ 0.00 (0.00%)
Agro Allianz / Nov 8 Agro Allianz Limited(AAL)	16 ▲ 0.00 (0.00%)
AL-Abid Silk / Nov 8 Al-Abid Silk Mills Limited(AASM)	3.49 ▲ 0.00 (0.00%)
Ali Asghar / Nov 8 Ali Asghar Textile Mills Limited(AATM)	2.07 ▲ 0.00 (0.00%)
Allied Bank / Nov 8 Allied Bank Limited(ABL)	87.10 ▲ 0.00 (0.00%)
Abbott Lab. / Nov 8 Abbott Laboratories (Pakistan) Limited(ABOT)	499.34 ▲ 0.00 (0.00%)
Abson Ind. / Nov 8 Abson Industries Limited(ABSON)	2.50 ▲ 0.00 (0.00%)
Alfalah ETF. / Nov 8 Alfalah Consumer Index ETF.(ACIETF)	9.84 ▲ 0.00 (0.00%)

Stock	Volume
P.I.A.C.(A) / Nov 8 Pakistan International Airlines Corp(PIAA)	47,200,500 ▲ 0.00
Cnergyico PK / Nov 8 Cnergyico PK Limited(CNERGY)	29,719,327 ▲ 0.00
Pak Petroleum / Nov 8 Pakistan Petroleum Limited(PPL)	21,170,581 ▲ 0.00
Pak Refinery / Nov 8 Pakistan Refinery Limited(PRL)	16,965,134 ▲ 0.00
The Searle Co. / Nov 8 The Searle Company Limited(SEARL)	15,793,227 ▲ 0.00
P.T.C.L. / Nov 8 Pakistan Telecommunication Company Ltd(PTC)	15,054,641 ▲ 0.00
K-Electric Ltd. / Nov 8 K-Electric Limited(KEL)	14,145,556 ▲ 0.00
WorldCall Telecom / Nov 8 Worldcall Telecom Limited(WTL)	13,158,668 ▲ 0.00
Telecard Limited / Nov 8 Telecard Limited(TELE)	12,358,668 ▲ 0.00

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No gas for CPPs as per IMF terms: MoC moves PM for reversal of decision

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