The government of Pakistan has shown interest in importing furnace oil, diesel, jet fuel and petrol from India, it is reliably learnt. Sources in the Ministry of Petroleum and Natural Resources told Business Recorder on Tuesday that during the seco
The government of Pakistan has shown interest in importing furnace oil, diesel, jet fuel and petrol from India, it is reliably learnt. Sources in the Ministry of Petroleum and Natural Resources told Business Recorder on Tuesday that during the seco
INTRODUCTION: Part of the Nagina Group of Companies, Ellcot Spinning Mills was established in 1991 and is listed on the Karachi and Lahore Stock Exchanges. The Company has an installed capacity of 54,528 Spindles with related process machines. It p
INTRODUCTION: Part of the Nagina Group of Companies, Ellcot Spinning Mills was established in 1991 and is listed on the Karachi and Lahore Stock Exchanges. The Company has an installed capacity of 54,528 Spindles with related process machines. It p
Barclays bid rates, maximum rates for payment of interest by authorised dealers on deposits (other than those brought under FE Circular No: 45 of 1985) and on deposits (brought under FE Circular No: 45 of 1985) - issued by the Foreign Exchange Rates Commi
The Exchange Rates Committee of State Bank of Pakistan issued the following exchange rates bulletin here on Tuesday (May 29, 2012). Conversion rates for foreign currency deposits, DBC/FCBC, Special US$ Bonds and profits thereon and for forward cover for d
Spot basis bids for hard red winter wheat in the US Plains were steady to firmer on Tuesday as harvest pushed rapidly through hot and dry fields. An Oklahoma merchant said he reports of good yields in parts of the state, most with good test weight and pro
Argentina's 2012 soyabean crop could fall as low as 39-40 million tonnes from 49.2 million tonnes in 2011 as drought and flooding continue to force farmers to abandon soya crops, Hamburg-based oilseeds analysts Oil World said on Tuesday. "The Argentine so
Tea prices in Bangladesh rose for a second straight week on Tuesday on strong demand from buyers at a weekly auction and almost all the quantity on offer was sold, brokers said. The average price of Bangladeshi tea was 202.77 taka ($2.5) a kg against 198.
Wheat prices in western Europe were slightly lower on Monday, weighed partly by a firmer euro, but remained within striking distance of last week's 11-month peak as dealers kept a close watch on the crop outlooks in Russia and the United States. November
China is likely to raise soyabean imports in the 2011/2012 season despite recent shipment cancellations as the country has harvested a smaller soya crop and faces continued high demand, Hamburg-based oilseeds analysts Oil World forecast on Tuesday. China
Rain in the Russian south lessened the pressure on wheat prices last week but new concerns have arisen over the crop in Siberia and the Urals, where precipitation has been scarce, analysts said on Monday. "Rains in the South of Russia eased tension there
The Karachi Port handled 162,602 tonnes of cargo comprising 101,861 tonnes of import cargo and 60,741 tonnes of export cargo including 5,454 loaded & empty containers during last 24 hours ended at 0700 hours on Tuesday. The total import cargo of 101,861 t
Upward trend was seen on the forward cottonseed oilcake market on Tuesday in process of trading, dealers said. The July vaida that had closed at Rs 851.00 commenced with a gain of 20 paisa at Rs 851.20. Similarly, the December contract which closed at Rs
Subdued business was seen on the cotton market on Tuesday as buyers became inactive due to falling demand by the importing countries, dealers said. Official spot rate was unchanged at Rs 5,600, they added. In ready business only 400 bales of cotton change
Ukraine's 2012 rapeseed crop is likely to fall to 933,000 tonnes from 1.42 million tonnes in 2011 after severe frosts damaged a large area sown for the grain, UkrAgroConsult agriculture consultancy said on Tuesday. "The harvest area reduction by nearly 32
Rice prices maintained upward trend on the wholesale grain market on Tuesday in process of subdued trading, dealers said. Commenting on the lean business on the grain market, commodity experts said that the retailers were not very active as dealers at the
Hedge funds are piling into bets against the bonds of core euro zone countries like Germany and France, signalling a growing fear that nations once considered safe havens could be dragged down by the crisis in peripheral states like Greece and Spain.
Hedge funds are piling into bets against the bonds of core euro zone countries like Germany and France, signalling a growing fear that nations once considered safe havens could be dragged down by the crisis in peripheral states like Greece and Spain.
Sudan's economy is in poor shape and faces high inflation in the wake of the secession of the oil-rich south, the International Monetary Fund said Tuesday. With Khartoum opening new peace talks with South Sudan Tuesday after more than a month of deadly bo
The US Supreme Court ruled on Tuesday that a secured creditor cannot be denied the right to make what has been known as a "credit bid" involving the sale of property or other assets as part of a bankruptcy reorganisation plan.
Dubai's economy grew 3.4 percent in real terms in 2011, helped by strong trade flows and rising tourist numbers, the emirate's statistics office said on Tuesday. An emirate in the United Arab Emirates, which have been recovering from the 2009-2010 debt cr
US home prices edged higher for the second month in a row in March as the housing recovery picked up traction, while gains in some of the hardest hit areas suggested the improvement was becoming more broad based. But consumer confidence cooled in May to i
Spanish retail sales posted their biggest monthly drop in April since the statistical series began in 2003, official data showed Tuesday, in the latest sign of a deterioration in economic activity. Retail sales adjusted for calendar effects dropped 9.8 pe
Spain's sovereign risk premium shot to a fresh euro-era record Tuesday as Madrid announced new bonds to finance debt-struck regions and as banks scrambled to clean up bad loans. The debt premium - the extra return investors demand to hold Spanish bonds ov
Kuwait is punching below its weight in business due to its weak regulatory framework and needs to improve its insolvency laws so that distressed companies can restructure properly, a World Bank official said on Tuesday. Major oil producer Kuwait is one of
India will allow foreign retail investors to buy local corporate bonds for the first time in its latest move to bolster capital inflows and support the shaky rupee, though the action was seen as too limited to boost the local currency. Analysts said the $
Samsung Electronics launched its top-of-the-range Galaxy S3 smartphone in Europe on Tuesday, aiming to outsell its previous model that helped the South Korean company topple Apple as the world's largest smartphone maker. The Galaxy S3, which tracks the us
Turkish Airlines cancelled more than 100 flights on Tuesday after a large part of its workforce downed tools in protest at government plans to outlaw strikes in the aviation sector. The airline announced that a total of 104 domestic and international flig
British investors accounted for the lion's share of demand at the syndicated sale of a 50-year index-linked gilt, although foreign participation was at a record high, the UK Debt Management Office said on Tuesday. "The UK domestic market again provided th
Most Gulf markets edged down on Tuesday with investors cutting risk as new worries emerged in Europe after Spain's borrowing costs shot up, but low trading volumes limited losses. Saudi Arabia's index lost 0.3 percent, erasing early-session gains, to end
The Nikkei share average rose on Tuesday on speculation that China, Japan's largest export market, may soon launch a stimulus programme to avoid a sharp slowdown, with China-related stocks benefiting the most. "The talk of a stimulus package in China has
Wall Street advanced on Tuesday, with equities again taking their cue from overseas markets as Greek election polls pointed to support for pro-bailout parties, overshadowing a weak read on US consumer confidence. Facebook Inc shares continued to fall, con
Seoul shares rode technical support to post a third straight winning session on Tuesday, led by a rally in STX affiliates on news of group-wide restructuring efforts and helped by a broad bargain-hunting rally in recently battered sectors. The Korea Compo
Indian shares gave up most gains to end marginally higher on Tuesday, ahead of derivatives expiry and a crucial GDP print later in the week. A fall in the rupee, after three sessions of gains, also continued to weigh on shares, traders said. Technology sh
Hong Kong shares rose for a third straight day on Tuesday, with investors piling into Chinese infrastructure-related sectors and services as Beijing pushes to stimulate demand in the world's second largest economy. Worries over the debt crisis in Europe w
European stocks ended higher on Tuesday, hitting a one-week closing high, boosted by talk of further steps by the European Central Bank to support the region's banks as well as by hopes of fresh measures from China to cushion a slowdown in growth. Cyclica
Australian shares rebounded 1.1 percent on Tuesday, recovering from early losses as bargain hunters snapped up resource, energy and financial stocks, helped by hopes of a fresh round of Chinese stimulus measures. The Australian bourse declined 9.5 percent
Taiwan stocks climbed 2.89 percent to their best percentage gain in more than five months on Tuesday, boosted by a plan for a capital gains tax by the ruling KMT Party that favours investors more than an earlier proposal put forward by cabinet. The main T
Most Southeast Asian stocks ended firmer on Tuesday on hopes that China might launch spending measures to boost growth, but trading volumes and gains were capped as concerns over a euro zone recovery flared after a surge in Spanish borrowing.
Britain's main share index rose for the fourth consecutive day on Tuesday on hopes of new measures to tackle Europe's economic crisis, although traders said the rally could be short-lived due to persistent fears over the region's debt troubles. The benchm
The Swiss franc weakened a hair against the dollar, alongside the euro, as investors remained ill at ease about the euro zone's debt crisis, with a rise in Spain's borrowing costs in particular focus on Tuesday. Safe-haven buying spurred the franc to near
The Australian and New Zealand dollars struggled to make much headway in a choppy session on Tuesday as a surge in Spanish bond yields jangled investors' nerves, putting the brakes on a corrective bounce in risk assets. The Aussie last stood at $0.9852, e
The yuan closed slightly lower against the dollar on Tuesday after the People's Bank of China (PBOC) set its midpoint at a two-month low in reaction to a dollar that traded close to a two-year high against the euro. Traders said the central bank is likely
The euro wobbled near a two-year low against the dollar on Tuesday as concerns about the cost of shoring up Spain's banking system pushed up its debt yields, offsetting a slight easing in worries about Greece. The 10-year Spanish bond yield rose to around
The euro slid to almost a two-year low against the dollar on Tuesday as worries about Spain's soaring borrowing costs and its troubled banks looked set to prompt more selling of the common currency. The euro fell 0.6 percent to $1.2464, after hitting a se
The euro slipped against the dollar on Tuesday, edging closer to two years lows as investors and speculators sold the common currency on persistent worries over Spain's escalating borrowing costs and its weakening banking sector. Analysts and traders said
Inter bank buy/sell rates for the taka against the dollar on Tuesday. 81.92-81.94 (previous 81.91-81.92). Call Money Rates: 9.50-15.00 percent (previous 9.50-15.00 percent.
The Indonesian rupiah fell on Tuesday on selling by foreign banks and month-end dollar demand from local companies, while the Philippine peso turned higher after Moody's Investors Service' raised its outlook on the sovereign rating. The South Korean won o
Sterling was steady on Tuesday, staying vulnerable against the dollar as worries about Spain's fragile banking sector kept investors nervous of taking on risk. It remained supported against the euro, not far from its recent 3-1/2 year high due to inflows
The Indian rupee dropped on Tuesday, snapping a three-day winning streak, as strong dollar demand from oil firms to meet month-end import commitments and a pullback in domestic shares from the day's highs weighed heavily. The rupee, which had hit a record
Rafael Nada, bidding for a record seventh men's crown, and Maria Sharapova, seeking the only Grand Slam she has never won, both raced into the second round of the French Open on Tuesday with emphatic wins. Nada, beaten only once in his entire career at th
South African leg-spinner Imran Tahir has returned to his native Pakistan to seek tips from old tutor Abdul Qadir in a bid to exploit England's weakness against spin when the teams meet in July. Tahir, who developed as a spinner in Pakistan before qualify
Pakistan Cricket Board (PCB) has decided to host Pak-Australia cricket series after Eidul Fitr and is looking for suitable neutral venue for this series ahead of Twenty20 Cricket World Cup in Sri Lanka. PCB Director International (Operations) Intikhab Ala
Bank Alfalah, the sixth largest bank by assets in Pakistan, which has been supporting sports in the country since its inception, has acquired the rights again as the presenting sponsor of the upcoming Pakistan-Sri Lanka cricket series to be played in Sri
Pakistan are hoping to build on their impressive record over the past year when they take the field during the full tour of Sri Lanka starting later this week. "The task here is to win, but the longer goal is to take Pakistan high up in the rankings in al
Community Appraisal and Motivation Programme (CAMP) organised a grand Jirga in Jinnah Convention Centre, at Islamabad here on Tuesday. The event was attended by almost 800 Jirgamaars (Jirga decision makers), Maliks, religious leaders and elders from the t
Small and Medium Enterprises Development Authority (Smeda) as implementing partner of UNDP-sponsored "Early Flood Recovery & Restoration Flood Affected Communities Programme" distributed Rs 2.1 million grant cheques among flood-hit small enterprises in Un
Chief Minister Khyber Pakhtunkhwa Ameer Haidar Khan Hoti has said that collective efforts through mutual trust among countries of the region are essential for establishment of peace. He said that people of Afghanistan should be given right of self-determi
Punjab Chief Minister Muhammad Shahbaz Sharif has taken notice of the media report regarding a six-month-old Nabeel who has brain tumour. The CM directed the Neuro Surgeon of Lahore General Hospital and Principal PGMI Tariq Sallahuddin to provide free and
The United Nations Tuesday called on Afghan authorities to pull together to make "meaningful efforts" to combat drug production. Afghanistan, which produces 90 percent of the world's opium, has only seen "modest" success in the eradication of poppy fields
Somalia's al Qaeda-linked Shebab insurgents shrugged off recent strategic losses and growing military pressure Tuesday to launch an ambush on the president - who escaped unhurt - and fire on foreign warships. Two Somali soldiers were wounded when Shebab g
An attack on the offices of one of the two finalists in Egypt's presidential race has sounded a warning that the last round of voting might spark more violence in a nation polarised by the choice between an Islamist and an ex-general from Hosni Mubarak's
Sudanese troops withdrew from the contested region of Abyei on the border with South Sudan on Tuesday, as demanded by the United Nations, state-linked media reported. "SAF (Sudanese Armed Forces) deployed out of Abyei area this evening and they gave the m
The Philippine Senate voted on Tuesday to remove the country's top judge, a landmark victory for President Benigno Aquino that should embolden his campaign to root out institutional corruption and could quicken the pace of economic reforms. Twenty out of
Russia sharply criticised the US ambassador for the third time in his five-month tenure after he said that Moscow offered Kyrgyzstan a bribe in a bid to evict US forces from an air base and had sought backroom "quid pro quo" deals on key issues.
Iraqi police will take over responsibility for security in Baghdad from the army from July, a statement said on Tuesday, a move that has been delayed several times over concerns over their capabilities. "The security committee of Baghdad provincial counci
Chen Xitong, who was Beijing mayor during the 1989 crackdown on Tiananmen Square pro-democracy protests, said he was "sorry" and that the deaths could have been avoided, according to a book to be released this week. Chen, who fell from grace in one of Chi
Myanmar democracy icon Aung San Suu Kyi arrived in Thailand Tuesday for her first trip abroad in more than two decades, ending an era of isolation and cementing her arrival on the global stage. The former political prisoner, who won a seat in parliament i
Iran claimed on Tuesday to have come up with an anti-virus programme against "Flame," extraordinarily sophisticated malware that hit its servers and deployed various spying modules, apparently at the behest of a foreign power.
British prosecutors decided on Tuesday not to charge a journalist from the Guardian newspaper and a Scotland Yard detective over leaks of sensitive information relating to the phone hacking scandal. The Crown Prosecution Service said it would not be in th