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Print - 2010-10-15
DP World wins deal to expand terminal at Egypt port

DP World wins deal to expand terminal at Egypt port

DP World has won a concession to double the size of its container operations at Sokhna Port on Egypt's Red Sea coast, the company said in a statement on Thursday. Sokhna, near the southern end of the Suez Canal, is Cairo's main port for cargo from the Far
Published 15 Oct, 2010 12:00am
Moody's keeps negative outlook on German bank sector

Moody's keeps negative outlook on German bank sector

International ratings agency Moody's maintained Thursday its negative outlook on the German banking sector owing to the lasting effects of the financial crisis and slow structural reforms. "Despite significant steps towards stabilisation and the strong re
Published 15 Oct, 2010 12:00am
Poland marks capitalist switch with WSE flotation

Poland marks capitalist switch with WSE flotation

Poland announced the flotation of the Warsaw Stock Exchange (WSE) on Thursday, a symbolic post-communist step for the country as well as the market, now the biggest in central Europe. The sale of the company and its listing on November 9 is expected to dr
Published 15 Oct, 2010 12:00am
Singapore move hits dollar, India intervenes

Singapore move hits dollar, India intervenes

Singapore widened the trading band for its currency in response to increasing market volatility and India intervened to temper a rising rupee as foreign exchange tensions persisted ahead of a key G20 meeting. The US dollar, under pressure for weeks on exp
Published 15 Oct, 2010 12:00am
Opec holds output steady

Opec holds output steady

Opec on Thursday kept intact a supply policy that has served it well for nearly two years and set aside concern a weak dollar could drive the oil price too high for a fragile world economy. Ecuador, which holds the rotating presidency of the Organisation
Published 15 Oct, 2010 12:00am
Strikes over pensions paralyse French oil refining

Strikes over pensions paralyse French oil refining

Nation-wide strikes paralysed France's oil refining industry on Thursday, with only one out of 12 plants operating normally and some petrol stations reporting brief shortages due to panic buying. A strike at the key Mediterranean oil port of Fos Lavera en
Published 15 Oct, 2010 12:00am
Britain to create single competition authority

Britain to create single competition authority

Britain plans to streamline its antitrust regime by merging two existing bodies into a single competition and market authority, in a move broadly welcomed by business leaders. An official list of public bodies facing reform said the government would consu
Published 15 Oct, 2010 12:00am
Strike paralyses Greek rail system

Strike paralyses Greek rail system

Greek railway workers went on strike Thursday against plans to privatise the loss-making national rail system, paralysing train travel across the cash-strapped country. With cries of "hands off our public transport", more than 1,000 people also demonstrat
Published 15 Oct, 2010 12:00am
States rip apart EU bid to fix genetically-modified crops mess

States rip apart EU bid to fix genetically-modified crops mess

European states accused of "flouting" WTO rules by banning genetically-modified crops on Thursday rejected EU moves to speed new authorisations. A plan by the European Commission to allow states to decide individually whether to ban the cultivation of cro
Published 15 Oct, 2010 12:00am
Global regulatory body agrees on new banking rules

Global regulatory body agrees on new banking rules

A global regulatory body has agreed a broad plan to tighten supervision of big financial institutions blamed for triggering the 2008-9 economic crisis, a senior South Korean official said Thursday. The Financial Stability Board has agreed on "broad direct
Published 15 Oct, 2010 12:00am
Weak US data points to further Fed easing

Weak US data points to further Fed easing

New US claims for jobless benefits unexpectedly rose last week, hardening the view the central bank will pump more money into the economy in hopes of boosting growth and lowering unemployment. At the same time, record-high imports from China helped push t
Published 15 Oct, 2010 12:00am
Most South East Asian stocks firmer

Most South East Asian stocks firmer

Most Southeast Asian stock markets ended firmer on Thursday, with foreign inflows rising on the back of a weak dollar, but late profit-taking helped pull indexes from multi-year highs. Thailand and Indonesia ended with small gains but the Philippines clim
Published 15 Oct, 2010 12:00am
Nikkei rises 1.9 percent

Nikkei rises 1.9 percent

Japan's Nikkei average rose 1.9 percent on Thursday, its best daily performance in a month, buoyed by a jump in resource stocks as dollar weakness fuelled a climb in commodity prices. The market took in stride the yen's rise to a fresh 15-year high agains
Published 15 Oct, 2010 12:00am
Thursday's midday trade: banks slide

Thursday's midday trade: banks slide

Bank shares led the Dow and the S&P 500 lower on Thursday, reflecting investors' fears of how a nation-wide probe into the mortgage industry's foreclosure practices might affect earnings.
Published 15 Oct, 2010 12:00am
Wall Street jumps

Wall Street jumps

US stock indexes hit their highest level in five months on Wednesday as stronger-than-expected earnings and lingering US dollar weakness increased demand for equities. Shares in the industrials and materials sectors led the way while commodity prices soar
Published 15 Oct, 2010 12:00am
European CDS wider

European CDS wider

European corporate credit default swap spreads were marginally wider on Thursday but the overall trend remained positive, helped by expectations of more government stimulus for the US economy, plus a strong start to the US third-quarter earnings season.
Published 15 Oct, 2010 12:00am
European CDS wider

European CDS wider

European corporate credit default swap spreads were marginally wider on Thursday but the overall trend remained positive, helped by expectations of more government stimulus for the US economy, plus a strong start to the US third-quarter earnings season.
Published 15 Oct, 2010 12:00am
Treasuries decline

Treasuries decline

With a global rebound in stocks halting the strong flow of capital into fixed income, traders in the US Treasury market found room on Wednesday to set up for the day's 10-year auction by selling longer-dated Treasuries. Prices of seven-year and 10-year no
Published 15 Oct, 2010 12:00am
Treasuries decline

Treasuries decline

With a global rebound in stocks halting the strong flow of capital into fixed income, traders in the US Treasury market found room on Wednesday to set up for the day's 10-year auction by selling longer-dated Treasuries. Prices of seven-year and 10-year no
Published 15 Oct, 2010 12:00am
Indian shares fall

Indian shares fall

Indian shares fell 0.9 percent on Thursday as investors locked in profits after the main index climbed to a 33-month high in early trade, but the undertone remained upbeat on sustained foreign buying. Outsourcers mostly rose with blue chip Infosys Technol
Published 15 Oct, 2010 12:00am
European shares slip

European shares slip

European shares slipped on Thursday, with banks pressured by ongoing capital worries and mirroring weak US lenders, after a mortgage industry probe raised fresh concerns about the sector's recovery. The pan-European FTSEurofirst 300 index of top shares cl
Published 15 Oct, 2010 12:00am
Hong Kong shares hit 28-month highs, Shanghai up

Hong Kong shares hit 28-month highs, Shanghai up

Chinese shares rose on Thursday, with the Hong Kong index hitting a 28-month high, as emerging markets continue to attract strong inflows on the back of a weak dollar. Hong Kong's benchmark Hang Seng rose 1.7 percent to 23,852.2 on particularly heavy volu
Published 15 Oct, 2010 12:00am
Seoul shares up

Seoul shares up

Seoul shares rose on Thursday, led by key technology and auto counters including LG Display Co Ltd and Hyundai Motor Co, while reaction was muted to the Bank of Korea's decision to keep its policy interest rate unchanged. The Korea Composite Stock Price I
Published 15 Oct, 2010 12:00am
Weak banks drag FTSE down

Weak banks drag FTSE down

Britain's top share index closed lower on Thursday, dragged down by banks on worries about rights issues in the sector, while mobile phone heavyweight Vodafone rose following an upgrade from Nomura. The FTSE 100 ended down 20.14 points, or 0.4 percent, at
Published 15 Oct, 2010 12:00am
Yuan at fresh high versus dollar

Yuan at fresh high versus dollar

Spot yuan on Thursday ended at its highest closing level against the dollar since its landmark revaluation in July 2005 as concerns over the impact of the global dollar slide on the yuan dominated the Chinese market.
Published 15 Oct, 2010 12:00am
Sterling rises to eight-month high

Sterling rises to eight-month high

Sterling jumped to an eight-month high against the dollar on Thursday as hefty selling pressure on the greenback was exacerbated by Singapore widening the trading band of the Singapore dollar. But the UK currency gave up some of those gains as it ran into
Published 15 Oct, 2010 12:00am
Dollar spirals lower in Asia

Dollar spirals lower in Asia

The US dollar dropped to its lowest this year against a basket of currencies on Thursday, driving the Australian dollar up near parity as expectations of US easing kept investors piling on bets against the greenback. The Australian dollar, which boasts th
Published 15 Oct, 2010 12:00am
Dollar sinks in London

Dollar sinks in London

The US dollar index hit the year's low on Thursday while the Australian dollar flirted with parity after Singapore widened its currency's trading band, piling more pressure on the struggling greenback. The Australian dollar, which boasts the highest yield
Published 15 Oct, 2010 12:00am
Early trade: Dollar slides to 2010 low

Early trade: Dollar slides to 2010 low

The US dollar slumped to a 2010 low against a basket of currencies on Thursday after Singapore let its currency rise but analysts saw increasing chances of a dollar rebound with negative sentiment so high. The Australian dollar, which boasts the highest y
Published 15 Oct, 2010 12:00am
Dollar slips versus majors in New York

Dollar slips versus majors in New York

The US dollar slipped against most currencies on Wednesday after Federal Reserve meeting minutes released the previous day reinforced expectations of more monetary easing in the United States. The euro had earlier risen above $1.40 but failed again to hol
Published 15 Oct, 2010 12:00am
Euro rates at 14-month high

Euro rates at 14-month high

Key interbank euro borrowing costs rose to fresh 14-month highs on Thursday, grinding towards the European Central Bank's main refinancing rate as banks bid aggressively for funds in a market seeing dwindling excess cash. London offered rates for three-mo
Published 15 Oct, 2010 12:00am
Bangladesh's interbank forex, interest rates

Bangladesh's interbank forex, interest rates

Interbank buy/sell rates for the taka against the dollar on Thursday. 70.14/70.30 (previous 70.15/70.30) Call Money Rates: 4.25-6.25 percent (previous 3.75-6.25 percent).
Published 15 Oct, 2010 12:00am
Australian dollar at new 28-year high

Australian dollar at new 28-year high

The Australian dollar powered to new 28-year highs on Thursday to be within spitting distance from a milestone parity level, helped by a strong domestic economy and renewed weakness in the US dollar. The Australian dollar was strong at $0.9958 after break
Published 15 Oct, 2010 12:00am
Most Asian currencies rally

Most Asian currencies rally

Asia's major economies took policy action on Thursday as they struggled to deal with the impact of inflows of hot money, while central banks in the region intervened to halt a sustained rally of their currencies. Singapore's central bank surprised markets
Published 15 Oct, 2010 12:00am
Swiss franc hits new high versus dollar

Swiss franc hits new high versus dollar

The Swiss franc soared to a fresh all-time high against the dollar on Thursday, with the greenback broadly under pressure as investors expected the US central bank to weaken monetary policy further. The dollar index, which measures the US unit's strength
Published 15 Oct, 2010 12:00am
Indian rupee up

Indian rupee up

The Indian rupee strengthened on Thursday in tandem with Asian peers and supported by firm stocks, and traders said it could breach 44 to the dollar for the first time in more than two years. Record foreign buying of domestic stocks has been the main driv
Published 15 Oct, 2010 12:00am
Liverpool in court as Lim withdraws rival bid

Liverpool in court as Lim withdraws rival bid

Liverpool's take-over saga resumed in London's High Court on Thursday, with the club's board seeking to overcome a restraining order on an agreed sale just as rival bidder Peter Lim announced he was pulling out. A High Court ruling on Wednesday paved the
Published 15 Oct, 2010 12:00am
Ponting blames himself for loss

Ponting blames himself for loss

Australian captain Ricky Ponting has taken the blame for his team's humiliating 2-0 Test series defeat to India, saying he should have scored more runs. Ponting passed the half-century mark in three of his four innings, but did not play a match-winning kn
Published 15 Oct, 2010 12:00am
Shakib helps Bangladesh win ODI series versus Kiwis

Shakib helps Bangladesh win ODI series versus Kiwis

Shakib Al Hasan put in a superb all-round performance Thursday as Bangladesh enjoyed one of their biggest days in one-day cricket, beating New Zealand by nine runs in the thrilling fourth match to gain an unbeatable 3-0 lead in the five-game series.
Published 15 Oct, 2010 12:00am
Australia donate sporting gear to charity

Australia donate sporting gear to charity

The triumphant Australian men's and women's hockey teams signed off from the Commonwealth Games Thursday on a humble note - by donating their kit to an Indian charity. Salaam Bombay Foundation, a charity that runs a hockey academy for underprivileged girl
Published 15 Oct, 2010 12:00am
Australia rout India 8-0 to win fourth hockey gold

Australia rout India 8-0 to win fourth hockey gold

Luke Doerner and Jason Wilon slammed two goals each as power-packed Australia wiped out India 8-0 to win their fourth successive Commonwealth Games men's field hockey gold here on Thursday. The world champions dominated the home team right through the lop
Published 15 Oct, 2010 12:00am
Nadal suffers shock defeat by Melzer

Nadal suffers shock defeat by Melzer

Exhausted world number one Rafa Nadal suffered a surprise 6-1 3-6 6-3 defeat by Austria's Juergen Melzer in the third round of the Shanghai Masters on Thursday, while Roger Federer and Novak Djokovic marched on. Nadal, who won the Tokyo Open on Sunday and
Published 15 Oct, 2010 12:00am
Medals table

Medals table

The medals table at the end of the Commonwealth Games:

Published 15 Oct, 2010 12:00am
India's Nehwal completes her destiny

India's Nehwal completes her destiny

Saina Nehwal, the first Indian woman to win a Super Series tournament, became the first to win a Commonwealth gold medal on Thursday, but had to save a fraught match point to do it. The great home favourite made the last match of the tournament the most d
Published 15 Oct, 2010 12:00am
Indian police probe Modi

Indian police probe Modi

Indian police have opened a case against sacked Indian Premier League supremo Lalit Modi, who is implicated in an alleged 106-million-dollar scam, a report said Thursday. The Hindu newspaper said that the Board of Control for Cricket in India (BCCI) on We
Published 15 Oct, 2010 12:00am
Delhi bids farewell to Games on a high note

Delhi bids farewell to Games on a high note

The curtain fell on the Commonwealth Games in New Delhi on Thursday evening with a closing ceremony that celebrated the end of 11 days of sport with a mix of relief and jubilation. In the Jawaharlal Nehru stadium, a two-and-a-half hour show of traditional
Published 15 Oct, 2010 12:00am
Tropical diseases plague poor but treatment cheap: WHO

Tropical diseases plague poor but treatment cheap: WHO

Tropical diseases that affect mainly poor people cost billions of dollars in lost productivity annually and companies must be encouraged to make medicines to treat them, the World Health Organisation said on Thursday. The United Nations agency, in its fir
Published 15 Oct, 2010 12:00am
Governor branded 'imbecile' for exposing Kremlin salad worm

Governor branded 'imbecile' for exposing Kremlin salad worm

A Russian official was branded an "imbecile" by the Kremlin after spotting an earthworm in his plate of salad at a reception and posting a photograph on Twitter. Tver region governor Dmitry Zelenin posted a photograph of the small red worm on the edge of
Published 15 Oct, 2010 12:00am
Croatia, Slovenia solve dispute blocking EU talks

Croatia, Slovenia solve dispute blocking EU talks

Croatia and neighbouring Slovenia have solved the last major bilateral dispute blocking Zagreb's EU entry talks - cross-border banking access, Slovenia's Prime Minister Borut Pahor said on Thursday. "We broke the last really big problem. We found a soluti
Published 15 Oct, 2010 12:00am
UN climate panel agrees reforms; chairman stays

UN climate panel agrees reforms; chairman stays

The UN panel of climate scientists agreed on Thursday to change its practices in response to errors in a 2007 report, and its chairman, Rajendra Pachauri of India, dismissed suggestions he should step down. At an October 11-14 meeting in Busan, South Kore
Published 15 Oct, 2010 12:00am
German universities to train Muslim imams, teachers

German universities to train Muslim imams, teachers

Germany announced on Thursday it would fund Islamic studies at three state universities to train prayer leaders and religion teachers more in tune with Western society than the foreign imams preaching at most mosques here. Two universities, Tuebingen and
Published 15 Oct, 2010 12:00am
Nato backs reforms, US warns on domestic cuts

Nato backs reforms, US warns on domestic cuts

Nato ministers backed reforms and cutbacks for alliance institutions on Thursday to save tens of millions of dollars a year, but the United States warned its partners against making excessive cuts in national defence.
Published 15 Oct, 2010 12:00am
Anti-proliferation naval drill underway off South Korea

Anti-proliferation naval drill underway off South Korea

Warships and aircraft from four countries on Thursday staged an exercise off South Korea on preventing the transfer of weapons of mass destruction, Seoul's defence ministry said. South Korea for the first time is playing a full part in the US-led Prolifer
Published 15 Oct, 2010 12:00am
Dutch government sworn in, lacks reform mandate

Dutch government sworn in, lacks reform mandate

A minority Dutch government relying on support from an anti-Islam party was sworn in on Thursday with the main task of cutting the budget deficit but without a mandate for sweeping market reforms. Prime Minister Mark Rutte's austerity-minded Liberals (VVD
Published 15 Oct, 2010 12:00am
Ahmadinejad given hero's welcome near Israeli border

Ahmadinejad given hero's welcome near Israeli border

Iran's Mahmoud Ahmadinejad arrived to a hero's welcome in southern Lebanon on Thursday as he attended a rally in Bint Jbeil, a Hezbollah border stronghold flattened in the Shia group's 2006 war with Israel. A frenzied crowd of thousands of men, women and
Published 15 Oct, 2010 12:00am
White House to go 'pink' for breast cancer

White House to go 'pink' for breast cancer

The White House will become the 'Pink House' late on Thursday in a visible show of support for Breast Cancer Awareness month. "At 6:30 pm, (2230 GMT) the White House will be lit pink for Breast Cancer Awareness Month," deputy White House press secretary B
Published 15 Oct, 2010 12:00am
Nepalese teen becomes smallest man

Nepalese teen becomes smallest man

A Nepalese teenager whose tiny stature has made him a celebrity in his homeland entered the record books as the world's shortest man on Thursday as he celebrated his 18th birthday. Khagendra Thapa Magar stands just 26.4 inches (67.08 centimetres) tall, ac
Published 15 Oct, 2010 12:00am
Rescued Chile miners recover, face celebrity status

Rescued Chile miners recover, face celebrity status

Chile's 33 newly rescued miners recovered from their ordeal on Thursday while also pondering the celebrity status they have gained following a more than two-month entrapment deep under a remote desert. Most of the miners were found in surprisingly good he
Published 15 Oct, 2010 12:00am
Options trading halted

Options trading halted

ICE Futures US said trading in the cotton options market was halted on Thursday after the price of cotton in the options ring hit its daily limit twice. "The cotton options market halted trading at 1:16 pm (1716 GMT) because it went double limit up, per t
Published 15 Oct, 2010 12:00am
New York cotton jumps by daily limit to 15-year high

New York cotton jumps by daily limit to 15-year high

Cotton futures rose by their daily limit to a new 15-year high on Thursday due to suspected mill purchases by China and speculative fund buying sparked by a fall in the dollar to a 2010 low, analysts said. The dollar sank against a basket of currencies as
Published 15 Oct, 2010 12:00am
Asian vegetable oil markets jump

Asian vegetable oil markets jump

Asian vegetable oil markets hit their highest in more than two years on Thursday, with palm oil hovering near a key resistance level on a weaker US dollar and supply concerns. The dollar fell to a ten-month low against a basket of currencies, fuelled by e
Published 15 Oct, 2010 12:00am
Sugar stays at eight-month high

Sugar stays at eight-month high

Sugar closed at eight-month highs for a second straight day on Wednesday, supported by signs the crop in top producer Brazil might be smaller than forecast and by earlier strength in US corn. Coffee and cocoa settled mixed as US markets took support from
Published 15 Oct, 2010 12:00am
US copper at 27-month top

US copper at 27-month top

US copper futures ended up at a fresh 27-month peak on Wednesday, buoyed by expectations for further monetary easing by the Federal Reserve and the bearish impact it continues to have on the US dollar. Copper for December delivery rose 3.10 cents to settl
Published 15 Oct, 2010 12:00am
Shanghai copper rises

Shanghai copper rises

Base metals rose in London, New York and Shanghai on Thursday, with copper at new 27-month peaks on COMEX and the LME, and at its highest level in China since January, buoyed by a near 1 percent drop of the dollar against a basket of currencies.
Published 15 Oct, 2010 12:00am
Base metals jump

Base metals jump

Copper touched its highest in more than two years on Thursday, underpinned by a softer dollar and expectations of renewed demand from emerging markets but it dipped as pausing equity markets helped temper gains. Benchmark copper eased back from a 27-month
Published 15 Oct, 2010 12:00am
Base metals jump

Base metals jump

Copper touched its highest in more than two years on Thursday, underpinned by a softer dollar and expectations of renewed demand from emerging markets but it dipped as pausing equity markets helped temper gains. Benchmark copper eased back from a 27-month
Published 15 Oct, 2010 12:00am
Tokyo rubber surges over two years high

Tokyo rubber surges over two years high

Tokyo rubber futures rallied to their highest in more than two years on Thursday on a firm Nikkei and oil prices, while Shanghai futures powered to another record on lingering supply concerns. Most active Tokyo Commodity Exchange rubber contract for March
Published 15 Oct, 2010 12:00am
US soyabeans lower

US soyabeans lower

Soyabean futures on the Chicago Board of Trade closed lower for the first time in five sessions on Wednesday, dragged down late by profit-taking in corn, traders said. Soybeans set back after front-month November rose to $11.94-1/2 a bushel, the highest s
Published 15 Oct, 2010 12:00am
Liffe sugar climbs

Liffe sugar climbs

Liffe front-month December white sugar ended $10.60 higher at $711.70 per tonne on Thursday, the highest level for the front month since February. Market supported by tight supplies and a weaker dollar. Liffe second-month March cocoa ended 8 pounds lower
Published 15 Oct, 2010 12:00am
Oil falls below $83

Oil falls below $83

Oil prices fell back below $83 a barrel on Thursday as weak US jobless claims data and losses on Wall Street outweighed an unexpected drawdown in US crude stocks and a moderate decline in fuel inventories. Prices vacillated through the day, briefly toppin
Published 15 Oct, 2010 12:00am
US gold climbs

US gold climbs

Gold surged nearly 2 percent to a record high near $1,375 an ounce on Wednesday, boosted by worries over currency depreciation after the Federal Reserve signalled it will resume buying government debt to stimulate the economy.
Published 15 Oct, 2010 12:00am
Gold hits new record in Asia

Gold hits new record in Asia

Gold prices hit new record highs on Thursday, fuelled by dollar weakness as hopes of more monetary easing by the US Federal Reserve continued to run high, aided by Singapore's move to let its currency appreciate. Silver rose to a fresh 30-year top at $24.
Published 15 Oct, 2010 12:00am
Gold hits fresh record high in Europe

Gold hits fresh record high in Europe

Gold rallied to fresh record highs in Europe on Thursday as the dollar slid to its lowest this year versus a basket of major currencies, boosting interest in the metal as a haven from currency market volatility. Gold retreated as the dollar index lifted f
Published 15 Oct, 2010 12:00am
US MIDDAY: cocoa eases

US MIDDAY: cocoa eases

ICE cocoa futures were slightly lower early on Thursday after a surprising drop in Europe's third-quarter cocoa grind, while sugar rose in choppy trade and arabica coffee firmed. ICE March cocoa was down $4 or 0.2 percent at $2,890 per tonne at 1510 GMT.
Published 15 Oct, 2010 12:00am
US MIDDAY: soya, corn and wheat up

US MIDDAY: soya, corn and wheat up

Soyabean and corn futures on the Chicago Board of Trade were higher early on Thursday as a weaker dollar helped them resume their upward march after a profit-taking setback on Wednesday. Soyabeans also drew fundamental support from fresh sales of US soyab
Published 15 Oct, 2010 12:00am
US MIDDAY: copper dips

US MIDDAY: copper dips

US copper futures briefly turned negative in early trade on Thursday, tracking a softer tone in equity markets, with declining bank shares and disappointing employment data weighing on sentiment, traders said. Copper for December delivery on the COMEX met
Published 15 Oct, 2010 12:00am
US MIDDAY: gold extends record-breaking rally

US MIDDAY: gold extends record-breaking rally

Gold extended its record-breaking rally to a second day on Thursday as the dollar fell to a 2010 low against a basket of major currencies, prompting investors to buy the metal as a hedge against currency depreciation. Silver hit a 30-year peak to rise abo
Published 15 Oct, 2010 12:00am
Dawlance launches vertical freezer

Dawlance launches vertical freezer

Dawlance, a home appliance manufacturer, has launched a new vertical freezer in its existing product range in a ceremony held here on Thursday. The company's Category Manger Syed Salman Ali briefed the participants about the salient features of the vertic
Published 15 Oct, 2010 12:00am
'EOBI was brainchild of Shaheed Zulfikar Ali Bhutto'

'EOBI was brainchild of Shaheed Zulfikar Ali Bhutto'

The Employees Old-Age Benefits Institution (EOBI) was the brainchild of Shaheed Zulfikar Ali Bhutto who envisioned it as the only pension scheme in Asia. This was stated by Federal Minister for Labour and Manpower, Syed Khurshid Ahmed Shah.
Published 15 Oct, 2010 12:00am
'Engro Rupiya Certificates' launched

'Engro Rupiya Certificates' launched

Engro Corporation Limited on Thursday announced to launch of Engro Rupiya Certificates a savings option, which will provide investors an unprecedented 14.5 percent rate of return. Speaking at the launching ceremony, Ruhail Muhammed, CFO, Engro Corporation
Published 15 Oct, 2010 12:00am
Fourth 'Pakistan Micro-finance Forum' on November 10

Fourth 'Pakistan Micro-finance Forum' on November 10

SHAMROCK Conferences International (www.shamrockconferences.net) on Thursday announced that the fourth "Pakistan Micro-finance Conference 2010" will be held on November 10, 2010 at Islamabad Club. The theme of the conference will be "Designing a Roadmap f
Published 15 Oct, 2010 12:00am
Firms preparing DHA City's master plan meet

Firms preparing DHA City's master plan meet

A meeting of architectures, designers, town planners and engineers of the consortium of firms undertaking the master planning of DHA City Karachi, a new residential project on Super Highway, was held at DHA's Main Office here on Thursday.
Published 15 Oct, 2010 12:00am
Mango export badly hit by ravages of floods: PHDEC

Mango export badly hit by ravages of floods: PHDEC

Export of mango, the second largest fruit crop of Pakistan, was badly hit by the ravages of floods, according to Pakistan Horticulture Development & Export Company (PHDEC). Mango production projection for the year 2010 was 1.8 million tons and it was esti
Published 15 Oct, 2010 12:00am
Two-day gas holidays: 'decision to prove disastrous for leather sector'

Two-day gas holidays: 'decision to prove disastrous for leather sector'

Chairman Pakistan Tanners Association (PTA) (Central), Khurshid Alam has expressed concerns over the government's decision to observe weekly two-day gas load shedding, which will certainly damage the highly value-added leather sector, backbone of the expo
Published 15 Oct, 2010 12:00am
Pakistani ports lag behind world maritime standards: WTO

Pakistani ports lag behind world maritime standards: WTO

Pakistan's ports lag behind the international maritime standards because of their constricted capacities, slow cargo handling and discharging, and complicated custom appraisement system, according to World Trade Organisation (WTO). Stakeholders believe th
Published 15 Oct, 2010 12:00am
TCP to sell sugar at uniform rate of Rs 60,000 per ton

TCP to sell sugar at uniform rate of Rs 60,000 per ton

Following the Sindh High Court (SHC) order, the Trading Corporation of Pakistan (TCP) has decided to sell out 50,000 tons of sugar in open market at a uniform rate of Rs 60,000 per ton to all bidders instead of different rates.
Published 15 Oct, 2010 12:00am
First phase of oil tankers terminal completed

First phase of oil tankers terminal completed

The City District Government Karachi (CDGK) has completed the first phase of the oil tankers terminal at Zulfiqarabad here at the cost of Rs 10 million. This was stated by the senior officials of the CDGK during a briefing here on Thursday. Rasheed Mughal
Published 15 Oct, 2010 12:00am
Correction

Correction

Apropos the Credit Rating Press Release of Allied Bank Limited issued by JCR-VIS, printed in the Business Recorder issue of 13th October 2010. The newspaper has misprinted the Capital Adequacy Ratio of Allied Bank for FY09, which is 13.47%, instead
Published 15 Oct, 2010 12:00am
WWF Pakistan, DPS join hands for 'Greener Pakistan'

WWF Pakistan, DPS join hands for 'Greener Pakistan'

WWF Pakistan and Dawood Public School (DPS) have signed an agreement to promote the awareness about environment and nature conversation amongst the school children. In this regard an agreement signing ceremony was held at Dawood Public School where Ali Ha
Published 15 Oct, 2010 12:00am
Khuhro criticises PML-N leadership

Khuhro criticises PML-N leadership

Pakistan Peoples Party (PPP) leader and Speaker Sindh Assembly, Nisar Khuhro has asked the Pakistan Muslim League-Nawaz (PML-N) leader Mian Nawaz Sharif to direct his party members to desist from speaking ill against Bhutto. Addressing a press conference
Published 15 Oct, 2010 12:00am
Reconstruction of flood-ravaged country

Reconstruction of flood-ravaged country

Pakistan, a country of 170 millions, is facing a time, it didn't experience earlier. Inflation, poverty, targeted killings, war on terror, loadshedding, bad governance, bomb blasts and now the reconstruction of flood-ravaged Pakistan.
Published 15 Oct, 2010 12:00am
Small IPPs and power sector

Small IPPs and power sector

The power sector is facing the fourth of its crisis since the setting up of the Water and Power Development Authority (WAPDA) in 1958 and the formulation of the National Grid. The present government has very seriously taken up mitigation of the ongoing cr
Published 15 Oct, 2010 12:00am
Salvaging MDG commitments

Salvaging MDG commitments

It goes to the credit of the present government to frankly admit in its latest report PMDGR 2010 that out of 34 indicators, it is lagging or slow in 24 indicators. In other words, based on past 10 years of 'business as usual' scenario, as well as the diff
Published 15 Oct, 2010 12:00am
Justice, accountability and transparency

Justice, accountability and transparency

No nation can progress without dispensing justice and ensuring transparency, accountability and participation of masses in affairs of governance. These principles are universally accepted. The fundamental feature of modern day state is its ability to levy
Published 15 Oct, 2010 12:00am
Babar Awan playing a dangerous game

Babar Awan playing a dangerous game

While the Punjab-based PML-N leadership is trying to shake off its 'friendly opposition' label, Babar Awan, Federal Law Minister and a close confidante of President Asif Ali Zardari, has started to lay the blame for the PPP government's troubles, vis-à-vi
Published 15 Oct, 2010 12:00am
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