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Print - 2011-08-03
Gold soars to all-time high

Gold soars to all-time high

Gold surged over 2 percent to all-time highs on Tuesday, as investors sought a safe haven from sliding stock markets, a sputtering economy and a potential downgrade of the top-notch US credit rating. Spot gold was up 2.1 percent at $1,652.86 an ounce by 3
Published 03 Aug, 2011 12:00am
Gold soars to all-time high

Gold soars to all-time high

Gold surged over 2 percent to all-time highs on Tuesday, as investors sought a safe haven from sliding stock markets, a sputtering economy and a potential downgrade of the top-notch US credit rating. Spot gold was up 2.1 percent at $1,652.86 an ounce by 3
Published 03 Aug, 2011 12:00am
Gold soars to all-time high

Gold soars to all-time high

Gold surged over 2 percent to all-time highs on Tuesday, as investors sought a safe haven from sliding stock markets, a sputtering economy and a potential downgrade of the top-notch US credit rating. Spot gold was up 2.1 percent at $1,652.86 an ounce by 3
Published 03 Aug, 2011 12:00am
Congress averts US default

Congress averts US default

The United States stepped back from the brink of default on Tuesday but congressional approval of a last-gasp deficit-cutting plan failed to dispel fears of a credit downgrade and future feuds over taxes and spending. President Barack Obama and lawmakers
Published 03 Aug, 2011 12:00am
Congress averts US default

Congress averts US default

The United States stepped back from the brink of default on Tuesday but congressional approval of a last-gasp deficit-cutting plan failed to dispel fears of a credit downgrade and future feuds over taxes and spending. President Barack Obama and lawmakers
Published 03 Aug, 2011 12:00am
Congress averts US default

Congress averts US default

The United States stepped back from the brink of default on Tuesday but congressional approval of a last-gasp deficit-cutting plan failed to dispel fears of a credit downgrade and future feuds over taxes and spending. President Barack Obama and lawmakers
Published 03 Aug, 2011 12:00am
Government takes step to help avert fertiliser shortfall

Government takes step to help avert fertiliser shortfall

The government has decided to provide 80 percent gas to the fertiliser industry so as to avert the possibility of fertiliser shortfall in the upcoming Rabi crop season. Sources in the Ministry of Petroleum and Natural Resources told Business Recorder <
Published 03 Aug, 2011 12:00am
Government takes step to help avert fertiliser shortfall

Government takes step to help avert fertiliser shortfall

The government has decided to provide 80 percent gas to the fertiliser industry so as to avert the possibility of fertiliser shortfall in the upcoming Rabi crop season. Sources in the Ministry of Petroleum and Natural Resources told Business Recorder <
Published 03 Aug, 2011 12:00am
Government takes step to help avert fertiliser shortfall

Government takes step to help avert fertiliser shortfall

The government has decided to provide 80 percent gas to the fertiliser industry so as to avert the possibility of fertiliser shortfall in the upcoming Rabi crop season. Sources in the Ministry of Petroleum and Natural Resources told Business Recorder <
Published 03 Aug, 2011 12:00am
Nepra allows discos Rs 1.04 per unit raise

Nepra allows discos Rs 1.04 per unit raise

The National Electric Power Regulatory Authority (Nepra) has allowed power distribution companies (discos) to increase power tariff by under monthly fuel adjustment mechanism amid reports that consumers have been deprived of power at Sehri and Iftari, des
Published 03 Aug, 2011 12:00am
Nepra allows discos Rs 1.04 per unit raise

Nepra allows discos Rs 1.04 per unit raise

The National Electric Power Regulatory Authority (Nepra) has allowed power distribution companies (discos) to increase power tariff by under monthly fuel adjustment mechanism amid reports that consumers have been deprived of power at Sehri and Iftari, des
Published 03 Aug, 2011 12:00am
Nepra allows discos Rs 1.04 per unit raise

Nepra allows discos Rs 1.04 per unit raise

The National Electric Power Regulatory Authority (Nepra) has allowed power distribution companies (discos) to increase power tariff by under monthly fuel adjustment mechanism amid reports that consumers have been deprived of power at Sehri and Iftari, des
Published 03 Aug, 2011 12:00am
Government retires Rs 44 billion borrowing

Government retires Rs 44 billion borrowing

The federal government retired over Rs 44 billion of budgetary borrowing to the State Bank of Pakistan (SBP) during the first three weeks of current fiscal year. Sources in the banking sector told Business Recorder on Tuesday that the federal gover
Published 03 Aug, 2011 12:00am
Government retires Rs 44 billion borrowing

Government retires Rs 44 billion borrowing

The federal government retired over Rs 44 billion of budgetary borrowing to the State Bank of Pakistan (SBP) during the first three weeks of current fiscal year. Sources in the banking sector told Business Recorder on Tuesday that the federal gover
Published 03 Aug, 2011 12:00am
Government retires Rs 44 billion borrowing

Government retires Rs 44 billion borrowing

The federal government retired over Rs 44 billion of budgetary borrowing to the State Bank of Pakistan (SBP) during the first three weeks of current fiscal year. Sources in the banking sector told Business Recorder on Tuesday that the federal gover
Published 03 Aug, 2011 12:00am
Energy sector: Naveed woos Chinese investors

Energy sector: Naveed woos Chinese investors

Federal Minister for Water and Power Naveed Qamar said here on Tuesday that the growing energy demand in Pakistan is a challenge for the government. Yet it provides immense opportunities for Chinese investors to contribute towards reducing energy shortage
Published 03 Aug, 2011 12:00am
Energy sector: Naveed woos Chinese investors

Energy sector: Naveed woos Chinese investors

Federal Minister for Water and Power Naveed Qamar said here on Tuesday that the growing energy demand in Pakistan is a challenge for the government. Yet it provides immense opportunities for Chinese investors to contribute towards reducing energy shortage
Published 03 Aug, 2011 12:00am
Energy sector: Naveed woos Chinese investors

Energy sector: Naveed woos Chinese investors

Federal Minister for Water and Power Naveed Qamar said here on Tuesday that the growing energy demand in Pakistan is a challenge for the government. Yet it provides immense opportunities for Chinese investors to contribute towards reducing energy shortage
Published 03 Aug, 2011 12:00am
FC to get powers of police in Karachi

FC to get powers of police in Karachi

The Frontier Constabulary will be given the powers of police and its personnel will remain on duty as a reserved force and their services will be utilised as needed. The DIGs and SSPs will visit every police station twice a week and present their report t
Published 03 Aug, 2011 12:00am
FC to get powers of police in Karachi

FC to get powers of police in Karachi

The Frontier Constabulary will be given the powers of police and its personnel will remain on duty as a reserved force and their services will be utilised as needed. The DIGs and SSPs will visit every police station twice a week and present their report t
Published 03 Aug, 2011 12:00am
Altaf asks people to stock one-month's ration

Altaf asks people to stock one-month's ration

MQM Quaid Altaf Hussain said late Tuesday that the government and law enforcement agencies (LEAs) have failed to perform their duties with regard to maintenance of law and order in Karachi. Altaf asked citizens of Karachi to buy necessary food items for o
Published 03 Aug, 2011 12:00am
Altaf asks people to stock one-month's ration

Altaf asks people to stock one-month's ration

MQM Quaid Altaf Hussain said late Tuesday that the government and law enforcement agencies (LEAs) have failed to perform their duties with regard to maintenance of law and order in Karachi. Altaf asked citizens of Karachi to buy necessary food items for o
Published 03 Aug, 2011 12:00am
Closing of sterling rates

Closing of sterling rates

Closing of sterling rates at 1730 GMT - on Tuesday (August 02, 2011).

Published 03 Aug, 2011 12:00am
Chinese offer for lowering Attabad lake level accepted

Chinese offer for lowering Attabad lake level accepted

A high level meeting in the Presidency on Tuesday reviewed the progress made so far regarding lowering of Attabad Lake level in the Hunza Valley and the reconstruction and realignment of the portion of KKH that was damaged as a result of massive landslide
Published 03 Aug, 2011 12:00am
New York cotton

New York cotton

Monday's closing prices of New York cotton in US cents/lb.

Published 03 Aug, 2011 12:00am
New York cotton

New York cotton

Monday's closing prices of New York cotton in US cents/lb.

Published 03 Aug, 2011 12:00am
Rains, sun mixed for Ivorian cocoa growing regions

Rains, sun mixed for Ivorian cocoa growing regions

Patchy rains punctuated by some sunshine last week in Ivory Coast's principal cocoa growing regions boded well for a good main crop, but cloudy and colder weather raised fears of slower development in some regions, farmers said on Tuesday. Some farmers in
Published 03 Aug, 2011 12:00am
Argentine soya crop up, Brazil's to fall: Oil World

Argentine soya crop up, Brazil's to fall: Oil World

Argentina's soyabean crop in early 2012 is likely to rise on the year but Brazil's will fall below the record 2011 crop, Hamburg-based oilseeds analysts Oil World forecast on Tuesday. Argentina, the world's No 3 soyabean producer, will harvest 53.0 millio
Published 03 Aug, 2011 12:00am
Vietnam's January-September rice exports seen up 13 percent

Vietnam's January-September rice exports seen up 13 percent

Vietnam, the world's second-largest rice exporter, is expected to ship 6 million tonnes of the grain in the first nine months of this year, up 13.2 percent from a year ago, a state-run newspaper reported on Tuesday. Vietnam and top exporter Thailand are a
Published 03 Aug, 2011 12:00am
Vietnam's coffee exports to rise; prices seen firm

Vietnam's coffee exports to rise; prices seen firm

Vietnam's coffee exports this month could rise to between 65,000 tonnes and 70,000 tonnes, part of which will come from foreign firms' Vietnam-based stocks, up at least 18 percent from the loading volume in July, traders said on Tuesday. The volume to be
Published 03 Aug, 2011 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 111,648 tonnes of cargo including 86,314 tonnes of import cargo, 25,334 tonnes of export cargo and 2,415 loaded & empty containers during last 24 hours ended at 0700 hours on Tuesday. The total import cargo of 86,314 tonnes compri
Published 03 Aug, 2011 12:00am
Oil cake market rates

Oil cake market rates

Soft trend persisted on the forward cottonseed oilcake market on Tuesday in process of trading, dealers said. The December contract that had ended at Rs 1313.50 commenced with a fall of 30 paisa to Rs 1313.20. The January vaida which started at Rs 1196.20
Published 03 Aug, 2011 12:00am
Prices firm amid moderate trading on cotton market

Prices firm amid moderate trading on cotton market

Prices maintained firm trend on the cotton market on Tuesday amid tight phutti arrivals, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 5,500, they said. In Sindh, seedcotton prices were unchanged at Rs 2400-2500
Published 03 Aug, 2011 12:00am
Hungary sees 8.1 million tonnes of maize crop

Hungary sees 8.1 million tonnes of maize crop

Hungary's 2011 maize crop is estimated at 8.1 million tonnes this year based on a July 27 preliminary crop estimate, well above 6.97 million tonnes harvested last year, the Central Agricultural Office said. The government body, which provides the Agricult
Published 03 Aug, 2011 12:00am
Wheat prices ease in thin trade on grain market

Wheat prices ease in thin trade on grain market

Sluggish business was seen on the wholesale grain market on Tuesday as main participants were on the sidelines on expectations of further decline in the rates, dealers said. On the cereal side wheat old and new Burdan lost Rs 25 to Rs 2525-2540, other ite
Published 03 Aug, 2011 12:00am
Singapore PMI falls for first time in 10 months

Singapore PMI falls for first time in 10 months

Singapore's manufacturing shrank for the first time in 10 months in July as companies received fewer orders and kept lower levels of inventory, the Singapore Institute of Purchasing & Materials Management said on Tuesday. The institute's July Purchasing M
Published 03 Aug, 2011 12:00am
Australia holds rates steady at 4.75 percent

Australia holds rates steady at 4.75 percent

Australia kept official interest rates steady at 4.75 percent Tuesday despite inflation jumping in the June quarter, citing slowing global growth, rising commodity prices and the strong local dollar. It was the eighth time since November - the last time t
Published 03 Aug, 2011 12:00am
Russia's oil output stays ahead of Saudi Arabia

Russia's oil output stays ahead of Saudi Arabia

Russia pumped 10.26 million barrels per day of crude oil in July, matching a post-Soviet high recorded in May and retaining the title of top producer as its closest rival, Saudi Arabia, rapidly closes the gap. Russia also pumped 10.26 million barrels per
Published 03 Aug, 2011 12:00am
Pfizer profit rises, buoyed by animal products

Pfizer profit rises, buoyed by animal products

Pfizer Inc reported higher quarterly earnings, as higher sales of animal health and nutritional products that the company aims to divest helped offset falling sales of its core pharmaceuticals business. The world's biggest drugmaker, whose shares slipped
Published 03 Aug, 2011 12:00am
Pfizer profit rises, buoyed by animal products

Pfizer profit rises, buoyed by animal products

Pfizer Inc reported higher quarterly earnings, as higher sales of animal health and nutritional products that the company aims to divest helped offset falling sales of its core pharmaceuticals business. The world's biggest drugmaker, whose shares slipped
Published 03 Aug, 2011 12:00am
Buyers again boycott Bangladesh tea auction over tax

Buyers again boycott Bangladesh tea auction over tax

Buyers again boycotted the Bangladesh tea auction on Tuesday in protest against a new tax and none was sold for a second week, leading brokers to warn of a lasting impact on the sector. "Buyers decided to stay out as no clarification has been received in
Published 03 Aug, 2011 12:00am
Italy under fire in widening euro debt crisis

Italy under fire in widening euro debt crisis

Financial market pressure on Italy intensified on Tuesday, sucking Europe's second biggest debtor nation deeper into the euro area danger zone and prompting emergency consultations in Rome and among European capitals. Italian and Spanish bond yields hit t
Published 03 Aug, 2011 12:00am
Japan primes markets for FX intervention

Japan primes markets for FX intervention

Japan primed financial markets on Tuesday for currency intervention after the yen tested record highs, signalling it may try to tame the unit with a combination of yen-selling and monetary easing. A near 5 percent surge in the yen in the past month has ra
Published 03 Aug, 2011 12:00am
S&P downgrades Nokia

S&P downgrades Nokia

Standard and Poor's on Tuesday became the latest ratings agency to downgrade mobile phone giant Nokia's rating, blaming the Finnish company's dismal sales and difficult strategic transition. S&P cut Nokia's long-term corporate credit rating to BBB from BB
Published 03 Aug, 2011 12:00am
Saudi tycoon to build new world's tallest tower

Saudi tycoon to build new world's tallest tower

Saudi billionaire Prince Alwaleed bin Talal launched Tuesday a project to build the world's tallest tower at more than 1,000 metres (3,281 feet) in the Red Sea city of Jeddah. The project to built a tower topping Dubai's world's highest building, Burj Kha
Published 03 Aug, 2011 12:00am
Barclays to cut 3,000 jobs as profit sags

Barclays to cut 3,000 jobs as profit sags

Barclays is set to cut about 3,000 jobs this year to reduce costs and expects financial markets to stay tough after a drop in bond trading and an insurance mis-selling charge cut first-half profit by a third. The British bank's performance was more resili
Published 03 Aug, 2011 12:00am
Barclays to cut 3,000 jobs as profit sags

Barclays to cut 3,000 jobs as profit sags

Barclays is set to cut about 3,000 jobs this year to reduce costs and expects financial markets to stay tough after a drop in bond trading and an insurance mis-selling charge cut first-half profit by a third. The British bank's performance was more resili
Published 03 Aug, 2011 12:00am
General Motors's US sales rise about eight percent

General Motors's US sales rise about eight percent

General Motors Co on Tuesday posted a 7.6 percent sales gain in July on stronger demand for its flagship Chevrolet brand and new cars including the Cruze compact. GM said US sales rose to 214,915 new cars and light trucks, within the range of analysts' ex
Published 03 Aug, 2011 12:00am
General Motors's US sales rise about eight percent

General Motors's US sales rise about eight percent

General Motors Co on Tuesday posted a 7.6 percent sales gain in July on stronger demand for its flagship Chevrolet brand and new cars including the Cruze compact. GM said US sales rose to 214,915 new cars and light trucks, within the range of analysts' ex
Published 03 Aug, 2011 12:00am
Geithner decries 'spectacle' of US debt ceiling debate

Geithner decries 'spectacle' of US debt ceiling debate

US Treasury Secretary Tim Geithner said Tuesday the "spectacle" of the US debt ceiling debate damaged investor confidence even though the US economy remains solid. "In the United States, I think confidence here was absolutely very damaged by this spectacl
Published 03 Aug, 2011 12:00am
Geithner decries 'spectacle' of US debt ceiling debate

Geithner decries 'spectacle' of US debt ceiling debate

US Treasury Secretary Tim Geithner said Tuesday the "spectacle" of the US debt ceiling debate damaged investor confidence even though the US economy remains solid. "In the United States, I think confidence here was absolutely very damaged by this spectacl
Published 03 Aug, 2011 12:00am
HSBC to hire 15,000 in emerging markets

HSBC to hire 15,000 in emerging markets

Global banking giant HSBC said Tuesday it would hire thousands of people in emerging markets by 2014 as it looked particularly to Asia's booming financial sector to power future growth. "We are planning to hire up to 15,000 people in emerging markets over
Published 03 Aug, 2011 12:00am
Rich country inflation slips to 3.1 percent: OECD

Rich country inflation slips to 3.1 percent: OECD

Inflation in advanced economies eased to 3.1 percent in the 12 months to the end of June from 3.2 percent to the end of May as a rise in energy prices slowed, the OECD said on Tuesday. This was the first slowing of inflation in OECD countries since Novemb
Published 03 Aug, 2011 12:00am
South African high-speed train link takes off

South African high-speed train link takes off

The main link on Africa's fastest railway opened Tuesday to thousands of commuters who shuttled at 160 kilometres (100 miles) per hour between Johannesburg and the South African capital Pretoria. Passengers applauded as the first trains left their station
Published 03 Aug, 2011 12:00am
Toyota cautious after quake drags first quarter to loss

Toyota cautious after quake drags first quarter to loss

Toyota Motor Corp slumped to its first quarterly loss in two years after the March 11 disaster virtually halted production, and the Japanese auto giant warned the stronger yen was hobbling it in the battle against South Korean rivals. The loss was smaller
Published 03 Aug, 2011 12:00am
Toyota cautious after quake drags first quarter to loss

Toyota cautious after quake drags first quarter to loss

Toyota Motor Corp slumped to its first quarterly loss in two years after the March 11 disaster virtually halted production, and the Japanese auto giant warned the stronger yen was hobbling it in the battle against South Korean rivals. The loss was smaller
Published 03 Aug, 2011 12:00am
Swiss are world's train champions

Swiss are world's train champions

Swiss train users are the world's most prolific railway riders, tracking an average of 2,258 kilometres (1403 miles) every year, the country's public transport association said Tuesday. According to the Swiss Public Transport Information Service, Swiss ra
Published 03 Aug, 2011 12:00am
US consumer spending falters, inflation eases

US consumer spending falters, inflation eases

US consumer spending dropped in June for the first time in nearly two years and incomes barely rose, signs the economy lacked momentum as the second quarter drew to a close. The Commerce Department said on Tuesday consumer spending slipped 0.2 percent, th
Published 03 Aug, 2011 12:00am
ADB warns of bumpy road into 'Asian century'

ADB warns of bumpy road into 'Asian century'

Asia could be as wealthy as Europe by mid-century, but only if it tackles key challenges from inequality and corruption to climate change, an Asian Development Bank study said Tuesday. On current trends, Asia will make up half the world's economic output
Published 03 Aug, 2011 12:00am
Middle East markets: Egypt at 12-week low, others mixed

Middle East markets: Egypt at 12-week low, others mixed

Egypt's bourse fell to a 12-week low on Tuesday as jittery investors sold shares ahead of former Egyptian President Hosni Mubarak's trial, while Gulf markets were mixed in lukewarm sentiment after a US debt deal. Mubarak, the ousted president, is being tr
Published 03 Aug, 2011 12:00am
Seoul shares tumble

Seoul shares tumble

Seoul shares fell the most in more than two months on Tuesday, hit by renewed worries about slowing global growth and underperforming regional peers as blue chip automakers succumbed to a selling spree. Analysts said that weak United States manufacturing
Published 03 Aug, 2011 12:00am
Nikkei average falls

Nikkei average falls

The Nikkei average fell 1.2 percent after weak US manufacturing data fanned fears about the health of the global economy and pushed the dollar lower, although the heightened risk of intervention in currency markets by Japanese authorities lent support. Da
Published 03 Aug, 2011 12:00am
Tuesday's afternoon trade: Wall Street drops

Tuesday's afternoon trade: Wall Street drops

US stocks dropped on Tuesday on worries about a possible downgrade of the United States' top credit rating and signs of economic weakness even as Congress passed a bill to avoid a debt default. But shortly after the vote, Fitch Ratings said the agreement
Published 03 Aug, 2011 12:00am
US stocks down

US stocks down

The S&P 500 fell for a sixth day on Monday as time runs out for the government to pass a deal to avoid default and the economy showed further signs of stalling. The market pared losses late in the day before Congress was expected to vote on Monday on a de
Published 03 Aug, 2011 12:00am
NYSE Euronext profit drops

NYSE Euronext profit drops

Transatlantic stock market operator NYSE Euronext, which is tying up with Germany's Deutsche Boerse, reported on Tuesday a 16-percent fall in net profit to $154 million (108 million euros) in the second quarter because of a fall in sales. Earnings per sha
Published 03 Aug, 2011 12:00am
Treasuries climb

Treasuries climb

US Treasury debt prices rallied on Monday as a troubled outlook for the US and global economies whetted appetite for safe-haven government debt, sending yields to their lowest in more than eight months. A closely watched measure of US manufacturing unders
Published 03 Aug, 2011 12:00am
Treasuries climb

Treasuries climb

US Treasury debt prices rallied on Monday as a troubled outlook for the US and global economies whetted appetite for safe-haven government debt, sending yields to their lowest in more than eight months. A closely watched measure of US manufacturing unders
Published 03 Aug, 2011 12:00am
Southeast Asian markets down

Southeast Asian markets down

Southeast Asian stock markets fell on Tuesday as jitters about the US credit rating outlook limited appetite for risk and weak earnings hurt some shares, although foreign investors continued to buy in Indonesia and the Philippines. Volume was moderate to
Published 03 Aug, 2011 12:00am
Hong Kong and Chinese shares dip

Hong Kong and Chinese shares dip

Hong Kong shares closed broadly lower on Tuesday following sluggish global manufacturing data that renewed growth concerns, which crimped turnover and could limit any lift from coming first-half earnings reports. The slowdown in the US factory sector adde
Published 03 Aug, 2011 12:00am