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Print - 2010-03-10
KSE board proposes names for NCCP, CDC chiefs

KSE board proposes names for NCCP, CDC chiefs

The board of directors of Karachi Stock Exchange (KSE) has proposed the name of Adnan Afridi, the sitting MD of the exchange, as chairman of National Clearing Company of Pakistan Limited (NCCPL), it is learnt. The KSE board in its meeting held here on Tue
Published 10 Mar, 2010 12:00am
US Midwest soya weak, corn soft

US Midwest soya weak, corn soft

Spot basis bids for soybeans were flat to lower at processors and elevators around the US Midwest on Monday, while corn and soft red winter wheat bids held mostly steady, dealers said. Farmers largely remained on the sidelines even as soybean and wheat fu
Published 10 Mar, 2010 12:00am
World must prepare for next crisis: IMF

World must prepare for next crisis: IMF

The head of the International Monetary Fund says the world needs to prepare for the next economic crisis, even as it begins to recover from the worst recession since the Great Depression. IMF Managing Director Dominique Strauss-Kahn, speaking to business
Published 10 Mar, 2010 12:00am
Vietnamese coffee stockpiling begins

Vietnamese coffee stockpiling begins

Vietnamese companies have started buying coffee on the domestic market under a plan to stockpile 200,000 tonnes for nine months to shore up prices that dropped again this week, an industry official said on Tuesday. The plan by the world's second-largest e
Published 10 Mar, 2010 12:00am
Russia plans new oil link to feed Asian pipeline

Russia plans new oil link to feed Asian pipeline

Russian oil pipeline monopoly Transneft will start construction on Thursday of a $1.34 billion pipeline link to help secure crude supplies to a major route feeding energy-hungry China. The 430-km (270-mile) Purpe-Samotlor pipeline is scheduled to be commi
Published 10 Mar, 2010 12:00am
Russian grain export prices stable

Russian grain export prices stable

Russian grain export prices were largely unchanged last week, while domestic prices slid in line with a decline in global prices, while exports slowed, analysts said on Monday. Ordinary milling wheat with 11.5 percent protein and bug damage of 1 percent w
Published 10 Mar, 2010 12:00am
Russia plans new oil link to feed Asian pipeline

Russia plans new oil link to feed Asian pipeline

Russian oil pipeline monopoly Transneft will start construction on Thursday of a $1.34 billion pipeline link to help secure crude supplies to a major route feeding energy-hungry China. The 430-km (270-mile) Purpe-Samotlor pipeline is scheduled to be commi
Published 10 Mar, 2010 12:00am
Oil cake market rates

Oil cake market rates

Rising trend was seen on the forward cottonseed oilcake market on Tuesday in the process of trading, dealers said. The March contract which ended at Rs 976.80, opened with a sharp gain of Re.2 at Rs 978.80, dealers said. The May vaida that closed at Rs 98
Published 10 Mar, 2010 12:00am
Russia plans new oil link to feed Asian pipeline

Russia plans new oil link to feed Asian pipeline

Russian oil pipeline monopoly Transneft will start construction on Thursday of a $1.34 billion pipeline link to help secure crude supplies to a major route feeding energy-hungry China. The 430-km (270-mile) Purpe-Samotlor pipeline is scheduled to be commi
Published 10 Mar, 2010 12:00am
Lint prices ease in subdued business on cotton market

Lint prices ease in subdued business on cotton market

In the absence of mills' buying interest trading activity came under pressure on cotton market on Tuesday, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 5650, they said. In the ready business over 3000 bales of
Published 10 Mar, 2010 12:00am
400,000 tons of urea import by TCP allowed: Gilani chairs ECC meeting

400,000 tons of urea import by TCP allowed: Gilani chairs ECC meeting

The Economic Co-ordination Committee (ECC) of the Cabinet has approved import of 0.4 million tons of urea, and directed the Trading Corporation of Pakistan (TCP) to make immediate arrangements through Karachi port for the Kharif season 2009-10. The ECC me
Published 10 Mar, 2010 12:00am
Wheat, yellow peas Canada higher on grain market

Wheat, yellow peas Canada higher on grain market

Some changes were seen on the wholesale grain and seed market on Tuesday as most of the buyers preferred to be sidelined due to easy supply of commodity items, dealers said. On the cereals side wheat (government Bardan) gained Rs 85 to Rs 2685, new crop q
Published 10 Mar, 2010 12:00am
400,000 tons of urea import by TCP allowed: Gilani chairs ECC meeting

400,000 tons of urea import by TCP allowed: Gilani chairs ECC meeting

The Economic Co-ordination Committee (ECC) of the Cabinet has approved import of 0.4 million tons of urea, and directed the Trading Corporation of Pakistan (TCP) to make immediate arrangements through Karachi port for the Kharif season 2009-10. The ECC me
Published 10 Mar, 2010 12:00am
US rice falls

US rice falls

US rice futures fell to an eight-month low on Monday amid an abundant supply of rice, slow demand and weak Asian values. CBOT May down 16 cents per cwt at $12.93. Deliveries on March two contracts. India has no immediate plans to import rice-minister. Ind
Published 10 Mar, 2010 12:00am
400,000 tons of urea import by TCP allowed: Gilani chairs ECC meeting

400,000 tons of urea import by TCP allowed: Gilani chairs ECC meeting

The Economic Co-ordination Committee (ECC) of the Cabinet has approved import of 0.4 million tons of urea, and directed the Trading Corporation of Pakistan (TCP) to make immediate arrangements through Karachi port for the Kharif season 2009-10. The ECC me
Published 10 Mar, 2010 12:00am
US copper drops

US copper drops

US copper futures erased earlier gains and closed down a shade on Monday as momentum from above-consensus jobs data last week faded and technical pressures kept prices pinned below key resistance, traders said. Most active copper for May delivery ended do
Published 10 Mar, 2010 12:00am
SC and HC judges: raise in salaries, allowances approved

SC and HC judges: raise in salaries, allowances approved

President Asif Ali Zardari on Tuesday approved an increase in the salaries and judicial allowances of the judges of Supreme Court and high courts. The President signed the summary at a ceremony here at the Presidency, which was attended among others by Dr
Published 10 Mar, 2010 12:00am
Shanghai copper eases

Shanghai copper eases

London copper prices rose on Tuesday, paring the previous session's slide of 1 percent, while Shanghai metal ticked lower, with prices seen rangebound ahead of China's trade numbers expected on Thursday. Three-month copper on the London Metal Exchange ros
Published 10 Mar, 2010 12:00am
SC and HC judges: raise in salaries, allowances approved

SC and HC judges: raise in salaries, allowances approved

President Asif Ali Zardari on Tuesday approved an increase in the salaries and judicial allowances of the judges of Supreme Court and high courts. The President signed the summary at a ceremony here at the Presidency, which was attended among others by Dr
Published 10 Mar, 2010 12:00am
Bangladesh to tender for 50,000 tonnes of rice

Bangladesh to tender for 50,000 tonnes of rice

Bangladesh's state grains buyer will tender this week to buy 50,000 tonnes of parboiled rice to replenish food reserves, a food official said on Tuesday. Bangladesh, the world's fourth biggest rice producer, plans to import 300,000 tonnes of rice in the c
Published 10 Mar, 2010 12:00am
Men seized 'days before planned attack in Britain'

Men seized 'days before planned attack in Britain'

Five Pakistani men linked to a terror plot in Britain similar to the attacks on the London transport system in 2005 were arrested days before they planned to strike, a hearing was told Tuesday. A British intelligence officer, identified only as ZR, told a
Published 10 Mar, 2010 12:00am
Tokyo rubber futures down

Tokyo rubber futures down

Tokyo rubber futures slipped lower on Tuesday, tracking weaker oil prices, while a slightly higher yen also weighed on sentiment, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for August delivery fell 2.2 yen to settle at 295
Published 10 Mar, 2010 12:00am
Men seized 'days before planned attack in Britain'

Men seized 'days before planned attack in Britain'

Five Pakistani men linked to a terror plot in Britain similar to the attacks on the London transport system in 2005 were arrested days before they planned to strike, a hearing was told Tuesday. A British intelligence officer, identified only as ZR, told a
Published 10 Mar, 2010 12:00am
US soybeans rise

US soybeans rise

US soybean futures on the Chicago Board of Trade closed higher on Monday on support from short-covering and commercial demand but gains were limited by early harvest of likely record-large South American soy crop. May soybeans up 5-1/4 cents per bushel at
Published 10 Mar, 2010 12:00am
Mumbai attacks suspect a 'depraved murderer': prosecution

Mumbai attacks suspect a 'depraved murderer': prosecution

A man on trial in India over the 2008 attacks that killed 166 people in Mumbai was branded a "conniving, depraved murderer" by the prosecution during final arguments on Tuesday. Lawyer Ujjwal Nikam said the case against Mohammed Ajmal Amir Kasab was overw
Published 10 Mar, 2010 12:00am
New York sugar ends at four-month low

New York sugar ends at four-month low

Raw sugar futures reeled from investor liquidation to end near a four-month low Monday although the market held technical support while trade/consumer buying pared losses in the sweetener, brokers said. May raw sugar contract slid 0.62 cent, or by 2.79 pe
Published 10 Mar, 2010 12:00am
Mumbai attacks suspect a 'depraved murderer': prosecution

Mumbai attacks suspect a 'depraved murderer': prosecution

A man on trial in India over the 2008 attacks that killed 166 people in Mumbai was branded a "conniving, depraved murderer" by the prosecution during final arguments on Tuesday. Lawyer Ujjwal Nikam said the case against Mohammed Ajmal Amir Kasab was overw
Published 10 Mar, 2010 12:00am
Malaysian palm oil ends off two-month high

Malaysian palm oil ends off two-month high

Malaysian crude palm oil futures fell more than 2 percent on Tuesday, as investors sold on concerns over the outlook for prices after a bearish forecast from a top industry analyst on rival soybean stocks, traders said. The benchmark May crude palm oil fu
Published 10 Mar, 2010 12:00am
South Korea unveils ''recharging road'' for eco-friendly buses

South Korea unveils ''recharging road'' for eco-friendly buses

South Korean researchers Tuesday launched an environmentally-friendly public transport system using a "recharging road" - with a vehicle sucking power magnetically from buried electric strips. The Online Electric Vehicle (OLEV), towing three buses, went i
Published 10 Mar, 2010 12:00am
Oil falls from eight-week high in Asia

Oil falls from eight-week high in Asia

Oil slid on Tuesday as forecasts for growing US crude inventories tempered bullish sentiment about the global economic recovery, which had driven prices to an eight-week high above $82 a day earlier. US crude for April fell 29 cents to $81.58 a barrel by
Published 10 Mar, 2010 12:00am
South Korea unveils 'recharging road' for eco-friendly buses

South Korea unveils 'recharging road' for eco-friendly buses

South Korean researchers Tuesday launched an environmentally-friendly public transport system using a "recharging road" - with a vehicle sucking power magnetically from buried electric strips. The Online Electric Vehicle (OLEV), towing three buses, went i
Published 10 Mar, 2010 12:00am
US gold slips

US gold slips

US gold ended 1 percent lower on Monday as technical selling and lower risk sentiment prompted bullion investors to lock in profits after last week's rally. COMEX April settles down $11.20 at $1,124 an ounce. Ranged from $1,118.50 to $1,138. Unwinding of
Published 10 Mar, 2010 12:00am
South Korea unveils 'recharging road' for eco-friendly buses

South Korea unveils 'recharging road' for eco-friendly buses

South Korean researchers Tuesday launched an environmentally-friendly public transport system using a "recharging road" - with a vehicle sucking power magnetically from buried electric strips. The Online Electric Vehicle (OLEV), towing three buses, went i
Published 10 Mar, 2010 12:00am
Gold barely drop in Asia

Gold barely drop in Asia

Gold hardly moved on Tuesday as early bargain hunting subsided, and dealers said a weaker US dollar was probably needed to help the metal break free from its current range. Speculators, who have built up positions in New York on worries about Greece's abi
Published 10 Mar, 2010 12:00am
Arrest warrants of Cotecna's six foreigner directors reissued

Arrest warrants of Cotecna's six foreigner directors reissued

An Accountability Court on Tuesday again issued arrest warrants of six foreign directors of the Cotecna, accused in the 'Cotecna reference' filed against President Asif Ali Zardari, Nusrat Bhutto, A R Siddiqui and others. Accountability Court No-3 Rawalpi
Published 10 Mar, 2010 12:00am
Brazil's Petrobras to invest $44 billion in 2010

Brazil's Petrobras to invest $44 billion in 2010

Brazilian state-run oil firm Petrobras said on Tuesday it will invest 79.5 billion reais ($44 billion) this year as it seeks to tap deep-sea offshore crude reserves that could turn Brazil into a major energy exporter. The company has not yet released an u
Published 10 Mar, 2010 12:00am
Arrest warrants of Cotecna's six foreigner directors reissued

Arrest warrants of Cotecna's six foreigner directors reissued

An Accountability Court on Tuesday again issued arrest warrants of six foreign directors of the Cotecna, accused in the 'Cotecna reference' filed against President Asif Ali Zardari, Nusrat Bhutto, A R Siddiqui and others. Accountability Court No-3 Rawalpi
Published 10 Mar, 2010 12:00am
Treasuries, sovereign debt 'dangerous': Fuss

Treasuries, sovereign debt 'dangerous': Fuss

Investors should avoid government securities, including US Treasuries and the debt of other nations, because of the risks associated with excessive borrowing, Dan Fuss, vice chairman of investment manager Loomis Sayles, said on Tuesday. "The most dangerou
Published 10 Mar, 2010 12:00am
CCP again sending Competition Ordinance to MoF for re-promulgation

CCP again sending Competition Ordinance to MoF for re-promulgation

The Competition Commission of Pakistan (CCP) will once again send the Competition Ordinance 2009 to the Ministry of Finance on Wednesday (today) for its re-promulgation. Sources told Business Recorder here on Tuesday that the Ordinance would lapse
Published 10 Mar, 2010 12:00am
Treasuries, sovereign debt 'dangerous': Fuss

Treasuries, sovereign debt 'dangerous': Fuss

Investors should avoid government securities, including US Treasuries and the debt of other nations, because of the risks associated with excessive borrowing, Dan Fuss, vice chairman of investment manager Loomis Sayles, said on Tuesday. "The most dangerou
Published 10 Mar, 2010 12:00am
CCP again sending Competition Ordinance to MoF for re-promulgation

CCP again sending Competition Ordinance to MoF for re-promulgation

The Competition Commission of Pakistan (CCP) will once again send the Competition Ordinance 2009 to the Ministry of Finance on Wednesday (today) for its re-promulgation. Sources told Business Recorder here on Tuesday that the Ordinance would lapse
Published 10 Mar, 2010 12:00am
Europe turns sights on credit default swaps traders

Europe turns sights on credit default swaps traders

Europe turned its sights on Tuesday on the controversial trade in insurance against sovereign loan defaults, the latest consequence to arise from market panic over spiralling Greek debts. European Commission chief Jose Manuel Barroso told the EU parliamen
Published 10 Mar, 2010 12:00am
CCP again sending Competition Ordinance to MoF for re-promulgation

CCP again sending Competition Ordinance to MoF for re-promulgation

The Competition Commission of Pakistan (CCP) will once again send the Competition Ordinance 2009 to the Ministry of Finance on Wednesday (today) for its re-promulgation. Sources told Business Recorder here on Tuesday that the Ordinance would lapse
Published 10 Mar, 2010 12:00am
Greece heads for further general strike

Greece heads for further general strike

Greek tax and garbage collectors walked off their jobs for a second day Tuesday as the country braced for a second general strike against government austerity measures. Over a million civil servants, workers and private sector staff have been called upon
Published 10 Mar, 2010 12:00am
Sindh government notifies market timings

Sindh government notifies market timings

The Sindh government on Tuesday announced the new timings for all the markets and assured the traders of uninterrupted power supply. A meeting held at CM House and presided over by Qaim Ali Shah also discussed the law and order situation at the markets an
Published 10 Mar, 2010 12:00am
Greek Prime Minister urges G20 effort to rein in speculators

Greek Prime Minister urges G20 effort to rein in speculators

Greek Prime Minister George Papandreou on Monday urged the Group of 20 nations to crack down on market speculators, warning that failing to do so could trigger another global financial crisis. After meeting with US Secretary of State Hillary Clinton, wher
Published 10 Mar, 2010 12:00am
Sindh government notifies market timings

Sindh government notifies market timings

The Sindh government on Tuesday announced the new timings for all the markets and assured the traders of uninterrupted power supply. A meeting held at CM House and presided over by Qaim Ali Shah also discussed the law and order situation at the markets an
Published 10 Mar, 2010 12:00am
China says committed to US debt, wary on gold

China says committed to US debt, wary on gold

China, the world's biggest holder of foreign exchange reserves, renewed its commitment to the US Treasury market on Tuesday but said it would be wary of substantially boosting its gold holdings. The country's chief currency regulator said China would attr
Published 10 Mar, 2010 12:00am
Sindh government notifies market timings

Sindh government notifies market timings

The Sindh government on Tuesday announced the new timings for all the markets and assured the traders of uninterrupted power supply. A meeting held at CM House and presided over by Qaim Ali Shah also discussed the law and order situation at the markets an
Published 10 Mar, 2010 12:00am
Moody's issues ratings warning on British banks

Moody's issues ratings warning on British banks

Ratings agency Moody's said Tuesday that an expected wind-down of exceptional support measures for banks in Britain could trigger downgrades - a warning that roiled stock and currency markets. "As the UK financial sector slowly emerges from the recent cri
Published 10 Mar, 2010 12:00am
J.P Morgan eyes share of China 'green IPO' rush

J.P Morgan eyes share of China 'green IPO' rush

US bank J.P. Morgan will expand its 'new energy' team in China to win more business from what it sees as a trend to increasingly popular "green IPOs", its China chief said on Tuesday. Fang Fang, J.P. Morgan's China CEO, predicts that more new energy and n
Published 10 Mar, 2010 12:00am
South Korean bonds edge up

South Korean bonds edge up

South Korean domestic bond prices mostly rose on Tuesday as benign February producer inflation data reinforced the already broad-based view that interest rates would be left unchanged later this week. Analysts said the local bond market has been rallying
Published 10 Mar, 2010 12:00am
Yarn export: SHC tells respondents not to violate limit

Yarn export: SHC tells respondents not to violate limit

Sindh High Court on Tuesday ordered the Ministry of Commerce, the Ministry of Textile, the FBR, Customs and Aptma not to violate the yarn exporting limit of 35 million kgs per month imposed by the Ministry of Commerce through its order/notification issued
Published 10 Mar, 2010 12:00am
Hong Kong, China stocks rise

Hong Kong, China stocks rise

Hong Kong stocks recovered from an early soft start to end slightly firmer on Tuesday, with China Life leading gains. Shares in China also firmed, supported by property shares. China Life, the most actively traded stock, closed at a six-seek high of HK$36
Published 10 Mar, 2010 12:00am
Yarn export: SHC tells respondents not to violate limit

Yarn export: SHC tells respondents not to violate limit

Sindh High Court on Tuesday ordered the Ministry of Commerce, the Ministry of Textile, the FBR, Customs and Aptma not to violate the yarn exporting limit of 35 million kgs per month imposed by the Ministry of Commerce through its order/notification issued
Published 10 Mar, 2010 12:00am
Nasdaq rises on upgrades

Nasdaq rises on upgrades

US technology shares pushed the Nasdaq higher on Monday on an otherwise flat day for US stocks, led by BlackBerry maker Research in Motion and Cisco Systems. Cisco Systems, a Dow component, hit a 21-month high at $26.36 after J.P. Morgan Chase recommended
Published 10 Mar, 2010 12:00am
Yarn export: SHC tells respondents not to violate limit

Yarn export: SHC tells respondents not to violate limit

Sindh High Court on Tuesday ordered the Ministry of Commerce, the Ministry of Textile, the FBR, Customs and Aptma not to violate the yarn exporting limit of 35 million kgs per month imposed by the Ministry of Commerce through its order/notification issued
Published 10 Mar, 2010 12:00am
Seoul shares flat

Seoul shares flat

Seoul shares ended flat on Tuesday, with losses in blue chip technology firms including LG Display weighing, but gains in Hyundai Heavy and Korean Air Line lending support. The Korea Composite Stock Price Index (KOSPI) finished up 0.05 percent at 1,660.83
Published 10 Mar, 2010 12:00am
Fed's Evans says labour market weakness pervasive

Fed's Evans says labour market weakness pervasive

Weak US labour markets are likely to justify easy money policies for quite a while longer, a top Federal Reserve official said on Tuesday. "Labour market issues lead me to think this accommodation will likely be appropriate for some time," Chicago Federal
Published 10 Mar, 2010 12:00am
Vodafone to cut 375 jobs in management reshuffle

Vodafone to cut 375 jobs in management reshuffle

Britain's Vodafone, the world's largest mobile phone group by revenue, is to cut 375 jobs at a number of locations as part of a restructuring to take out layers of management, a spokesman said. The spokesman was responding to a report in the Times newspap
Published 10 Mar, 2010 12:00am
South Korea producer inflation boosts steady rate views

South Korea producer inflation boosts steady rate views

South Korean producer inflation slowed in February, data showed on Tuesday, underlining market expectations the central bank will keep its policy rates on hold this week. The producer price index in February rose 2.4 percent from a year earlier, down from
Published 10 Mar, 2010 12:00am
Private TV channels owe Rs 7-8 billion to FBR?

Private TV channels owe Rs 7-8 billion to FBR?

Regional Tax Office (RTO), Karachi has raised a demand of Rs 7 to 8 billion against certain private television channels (Aaj News not included) for non-payment of sales tax on advertisements for the period 2006-2009. A senior FBR official told B
Published 10 Mar, 2010 12:00am
Chevron to seek UK refinery sale, cut 2,000 jobs

Chevron to seek UK refinery sale, cut 2,000 jobs

Chevron Corp, the second-largest US oil company, said it planned to put several downstream operations up for sale, including its Pembroke refinery in the UK, and eliminate 2,000 jobs this year. "Downstream market conditions are likely to be difficult for
Published 10 Mar, 2010 12:00am
Private TV channels owe Rs 7-8 billion to FBR?

Private TV channels owe Rs 7-8 billion to FBR?

Regional Tax Office (RTO), Karachi has raised a demand of Rs 7 to 8 billion against certain private television channels (Aaj News not included) for non-payment of sales tax on advertisements for the period 2006-2009. A senior FBR official told B
Published 10 Mar, 2010 12:00am
French exports rise but recovery still weak

French exports rise but recovery still weak

France's trade deficit narrowed in January from the previous month as exports increased, data showed, though they stayed well below pre-crisis levels as signs of a sustained recovery remained elusive. The deficit fell to 3.68 billion euros ($5.01 billion)
Published 10 Mar, 2010 12:00am
Private TV channels owe Rs 7-8 billion to FBR?

Private TV channels owe Rs 7-8 billion to FBR?

Regional Tax Office (RTO), Karachi has raised a demand of Rs 7 to 8 billion against certain private television channels (Aaj News not included) for non-payment of sales tax on advertisements for the period 2006-2009. A senior FBR official told B
Published 10 Mar, 2010 12:00am
Dell cuts 10 percent of staff at Taiwan R&D centre

Dell cuts 10 percent of staff at Taiwan R&D centre

US computer giant Dell has laid off 10 percent of its research and development staff in Taiwan as it aims to focus more resources in China, a report said Tuesday. Dell's decision to cut personnel at its 600-member research and development centre was also
Published 10 Mar, 2010 12:00am
Seven Indian MPs suspended over women's quota protest

Seven Indian MPs suspended over women's quota protest

Seven members of India's upper house of parliament were suspended on Tuesday for their unruly protests against a proposed law that would reserve a third of all seats in the legislature for women. The government attempted to introduce the legislation on Mo
Published 10 Mar, 2010 12:00am
German bankruptcies jump 11 percent: official

German bankruptcies jump 11 percent: official

German bankruptcies jumped sharply last year, rising by more than 11 percent and posting the first annual increase since 2003, data released on Tuesday by the national statistics office showed. Almost 32,700 companies and more than 130,000 other debtors d
Published 10 Mar, 2010 12:00am
Seven Indian MPs suspended over women's quota protest

Seven Indian MPs suspended over women's quota protest

Seven members of India's upper house of parliament were suspended on Tuesday for their unruly protests against a proposed law that would reserve a third of all seats in the legislature for women. The government attempted to introduce the legislation on Mo
Published 10 Mar, 2010 12:00am
Shell, SRC to shut Singapore gasoline units

Shell, SRC to shut Singapore gasoline units

Royal Dutch Shell will shut one of three crude units in May-June and a gasoline-making facility for three months from August for routine maintenance at its 500,000 barrels per day (bpd) Singapore refinery, industry sources said on Tuesday. Also during the
Published 10 Mar, 2010 12:00am
Zardari hopes reforms package to be finalised by month-end

Zardari hopes reforms package to be finalised by month-end

President Asif Ali Zardari on Tuesday said the 1973 Constitution would be restored in its real form by the end of next month if the reforms process is completed by the Parliamentary Committee on Constitutional Reforms headed by Senator Raza Rabbani.
Published 10 Mar, 2010 12:00am
UAE government backs Dubai; Abu Dhabi help may lag

UAE government backs Dubai; Abu Dhabi help may lag

The United Arab Emirates pledged its support for Dubai on Tuesday but said the emirate had yet to ask for federal help, which analysts said would come reluctantly and with strings attached. The UAE finance minister said the federal government would suppor
Published 10 Mar, 2010 12:00am
Ford unveils new small car for India

Ford unveils new small car for India

Auto giant Ford launched its bid to enter India's lucrative small car market on Tuesday, unveiling a brand new model to compete with international rivals from General Motors, Volkswagen and Hyundai. The Figo, which will be made at Ford's plant in the sout
Published 10 Mar, 2010 12:00am
KSE board proposes names for NCCP, CDC chiefs

KSE board proposes names for NCCP, CDC chiefs

The board of directors of Karachi Stock Exchange (KSE) has proposed the name of Adnan Afridi, the sitting MD of the exchange, as chairman of National Clearing Company of Pakistan Limited (NCCPL), it is learnt. The KSE board in its meeting held here on Tue
Published 10 Mar, 2010 12:00am
EU policy makers play down monetary fund idea

EU policy makers play down monetary fund idea

European policy makers played down on Tuesday the idea of creating a European Monetary Fund, saying it was at most a long-term project that did not offer a solution to Greece's immediate debt problems. Influential German central bank chief Axel Weber, see
Published 10 Mar, 2010 12:00am
KSE board proposes names for NCCP, CDC chiefs

KSE board proposes names for NCCP, CDC chiefs

The board of directors of Karachi Stock Exchange (KSE) has proposed the name of Adnan Afridi, the sitting MD of the exchange, as chairman of National Clearing Company of Pakistan Limited (NCCPL), it is learnt. The KSE board in its meeting held here on Tue
Published 10 Mar, 2010 12:00am
EU policy makers play down monetary fund idea

EU policy makers play down monetary fund idea

European policy makers played down on Tuesday the idea of creating a European Monetary Fund, saying it was at most a long-term project that did not offer a solution to Greece's immediate debt problems. Influential German central bank chief Axel Weber, see
Published 10 Mar, 2010 12:00am
Arif Habib Investments, MCB AMC discuss merger

Arif Habib Investments, MCB AMC discuss merger

The Arif Habib Investments Limited and MCB Asset Management Company Limited (AMC), have entered into discussion to consider a possible merger of the two entities, subject to all regulatory approvals. According to information sent to Karachi Stock Exchange
Published 10 Mar, 2010 12:00am
EADS hit by tanker loss, A380 superjumbo woes

EADS hit by tanker loss, A380 superjumbo woes

Airbus parent EADS has ruled out making a solo bid for a lucrative US tanker contract after its partner pulled out and said production problems on its A380 superjumbo would hit core profit this year. The Franco-German group also axed its dividend when pos
Published 10 Mar, 2010 12:00am
Arif Habib Investments, MCB AMC discuss merger

Arif Habib Investments, MCB AMC discuss merger

The Arif Habib Investments Limited and MCB Asset Management Company Limited (AMC), have entered into discussion to consider a possible merger of the two entities, subject to all regulatory approvals. According to information sent to Karachi Stock Exchange
Published 10 Mar, 2010 12:00am
Israel visa restrictions block investment: Palestinians

Israel visa restrictions block investment: Palestinians

Israeli visa restrictions are the main obstacle to foreign investment in the West Bank and the Gaza Strip, the Palestine Trade Centre (PALTRADE) said in a report on Monday. The trade group said that potential investors in the Palestinian economy, includin
Published 10 Mar, 2010 12:00am
Arif Habib Investments, MCB AMC discuss merger

Arif Habib Investments, MCB AMC discuss merger

The Arif Habib Investments Limited and MCB Asset Management Company Limited (AMC), have entered into discussion to consider a possible merger of the two entities, subject to all regulatory approvals. According to information sent to Karachi Stock Exchange
Published 10 Mar, 2010 12:00am
Dubai World outlines debt plan to leading creditors

Dubai World outlines debt plan to leading creditors

The debt-ridden Dubai World conglomerate is outlining proposals to restructure 22 billion dollars of its debt to leading creditors, The National daily reported Tuesday. Dubai World's chief restructuring officer Aidan Birkett met with the Hongkong Shanghai
Published 10 Mar, 2010 12:00am
Tethyan Company hopeful on Reko Diq venture

Tethyan Company hopeful on Reko Diq venture

The operator of a $3 billion joint venture copper and gold project in Balochistan is hopeful the project will go ahead despite a government threat to scrap it because of misgivings about the share of benefits. The project is owned by Canada''s Barrick Gol
Published 10 Mar, 2010 12:00am
China car sales rise 55 percent in February; policy supports

China car sales rise 55 percent in February; policy supports

China's passenger car sales in February rose 55 percent from a year earlier, the official industry association said on Tuesday, as policy incentives continued to lure buyers into showrooms during the holidays. Buoyant consumer spending in China, the world
Published 10 Mar, 2010 12:00am
Zardari hopes reforms package to be finalised by month-end

Zardari hopes reforms package to be finalised by month-end

President Asif Ali Zardari on Tuesday said the 1973 Constitution would be restored in its real form by the end of next month if the reforms process is completed by the Parliamentary Committee on Constitutional Reforms headed by Senator Raza Rabbani.
Published 10 Mar, 2010 12:00am
J.P Morgan eyes share of China 'green IPO' rush

J.P Morgan eyes share of China 'green IPO' rush

US bank J.P. Morgan will expand its 'new energy' team in China to win more business from what it sees as a trend to increasingly popular "green IPOs", its China chief said on Tuesday. Fang Fang, J.P. Morgan's China CEO, predicts that more new energy and n
Published 10 Mar, 2010 12:00am
EU fund idea interesting but not priority: Lagarde

EU fund idea interesting but not priority: Lagarde

Creating a European monetary fund is an interesting idea but not a priority, France's economy minister said on Tuesday, as policymakers clashed over whether the Greek debt crisis showed the need for an EU rescue fund. "The proposal for a EU monetary fund
Published 10 Mar, 2010 12:00am
Tethyan Company hopeful on Reko Diq venture

Tethyan Company hopeful on Reko Diq venture

The operator of a $3 billion joint venture copper and gold project in Balochistan is hopeful the project will go ahead despite a government threat to scrap it because of misgivings about the share of benefits. The project is owned by Canada's Barrick Gold
Published 10 Mar, 2010 12:00am
Tethyan Company hopeful on Reko Diq venture

Tethyan Company hopeful on Reko Diq venture

The operator of a $3 billion joint venture copper and gold project in Balochistan is hopeful the project will go ahead despite a government threat to scrap it because of misgivings about the share of benefits. The project is owned by Canada's Barrick Gold
Published 10 Mar, 2010 12:00am
International Power results boosted by Asia, Australia demand

International Power results boosted by Asia, Australia demand

British power generator International Power beat forecasts with a 10 percent rise in 2009 profit on strong demand for power from Asia and Australia, lifting its shares. International Power, which has interests in over 45 power stations around the world, s
Published 10 Mar, 2010 12:00am
World must prepare for next crisis: IMF

World must prepare for next crisis: IMF

The head of the International Monetary Fund says the world needs to prepare for the next economic crisis, even as it begins to recover from the worst recession since the Great Depression. IMF Managing Director Dominique Strauss-Kahn, speaking to business
Published 10 Mar, 2010 12:00am
Goldman Sachs sued by big pension fund over pay

Goldman Sachs sued by big pension fund over pay

Goldman Sachs Group Inc was sued on Monday by a large union pension fund that accused the Wall Street investment bank of overpaying its executives. The International Brotherhood of Electric Workers fund filed the lawsuit in Delaware Chancery Court, seekin
Published 10 Mar, 2010 12:00am
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