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Nov 28, 2024 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Print - 2012-05-31
Kenyan tea prices fall

Kenyan tea prices fall

The average price of top grade Kenyan tea slipped to $3.64 at auction his week from $3.68 per kg last week, traders said on Tuesday. The east African nation is the world's largest exporter of black tea and the crop is one of its largest hard currency earn
Published 31 May, 2012 12:00am
Russia can keep up pace of grain exports

Russia can keep up pace of grain exports

Russia can keep up the pace of grain exports in the coming crop year, the head of Russia's Grain Union said on Wednesday, saying damage from a drought was not enough to dent the exportable surplus significantly and carryover stocks were plenty. Union head
Published 31 May, 2012 12:00am
Vietnam coffee prices hit eight-month high

Vietnam coffee prices hit eight-month high

Vietnam coffee prices climbed to an eight-month high on Tuesday amid slow trading as farmers held back stocks, already thin at about 10 to 15 percent of their last harvest, in the hope that prices would rise further, traders said. Robusta beans rose to be
Published 31 May, 2012 12:00am
HRW wheat bids steady

HRW wheat bids steady

Spot basis bids for hard red winter wheat in the US Plains were steady to firmer on Wednesday in a quiet market as harvesters raced through big producer Kansas. Kansas Wheat Commission reported Tuesday that yields were coming in better than some farmers h
Published 31 May, 2012 12:00am
US Midwest corn bids mostly flat

US Midwest corn bids mostly flat

Spot basis bids for corn were mostly flat on Tuesday, with plunging Chicago Board of Trade corn futures keeping producer sales to a minimum, dealers said. Soyabean bids were also steady at most locations but the basis firmed by 7 cents at Decatur, Illinoi
Published 31 May, 2012 12:00am
Vietnam to export 6.25 million tonnes of rice this year

Vietnam to export 6.25 million tonnes of rice this year

Vietnam, the world's second-biggest rice exporter, is forecast to export 6.25 million tonnes of rice this year, the Agriculture Ministry said on Wednesday, an increase of nearly 16 percent from an earlier projection of 5.4 million. Higher domestic output
Published 31 May, 2012 12:00am
European milling wheat futures fall

European milling wheat futures fall

European benchmark milling wheat futures fell on Wednesday in the wake of weaker US markets, further depressed by reports of rain in dry southern Russia and US Midwest this week. Weaker equity and commodity markets were also pressuring grain prices.
Published 31 May, 2012 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 59,546 tonnes of cargo comprising 48,428 tonnes of import cargo and 11,118 tonnes of export cargo including 2,264 loaded & empty containers during last 24 hours ended at 0700 hours on Wednesday. The total import cargo of 48,428 to
Published 31 May, 2012 12:00am
Oil cake market rates

Oil cake market rates

The July vaida was lower and December contract was unchanged on the forward cottonseed oilcake market on Wednesday in process of trading, dealers said. The July vaida closed at Rs 851.20 and it commenced with a fall of Re.one 850.20, similarly, the Decemb
Published 31 May, 2012 12:00am
Firm trend amid low business on cotton market

Firm trend amid low business on cotton market

Stability was seen on the cotton market on Wednesday in process of modest trading, dealers said. Official spot rate was unchanged at Rs 5,600, they added. In ready business, only 1400 bales of cotton changed hands between Rs 5400-5650, they said.
Published 31 May, 2012 12:00am
Downward trend seen on grain market

Downward trend seen on grain market

Downward trend was seen on the wholesale grain market on Wednesday in process of modest trading, dealers said. On the cereals side, Moong Australia shed Rs 200 to Rs 7500, Masoor Canada followed same pattern, losing Rs 100 to Rs 5500 and Masoor Dall gaine
Published 31 May, 2012 12:00am
BP resumes operations in Libya

BP resumes operations in Libya

British oil giant BP announced on Tuesday that it would resume operations in Libya after they were suspended last year because of the conflict, the state-run National Oil Corporation reported on its website. "BP announced the lifting of force majeure on M
Published 31 May, 2012 12:00am
Final campaign push ahead of Irish fiscal pact referendum

Final campaign push ahead of Irish fiscal pact referendum

Ireland's government made its final plea Wednesday for voters to back a key EU pact designed to boost confidence in the euro, amid signs that the 'yes' campaign was well ahead. Prime Minister Enda Kenny said that by ratifying the fiscal pact, which would
Published 31 May, 2012 12:00am
EU must unlock frozen funds for Hungary

EU must unlock frozen funds for Hungary

The European Union should lift a freeze on funds for Hungary following the country's positive action in putting its public finances in order, the European Commission said on Wednesday. The EU executive said in its annual recommendation that an April freez
Published 31 May, 2012 12:00am
EU must unlock frozen funds for Hungary

EU must unlock frozen funds for Hungary

The European Union should lift a freeze on funds for Hungary following the country's positive action in putting its public finances in order, the European Commission said on Wednesday. The EU executive said in its annual recommendation that an April freez
Published 31 May, 2012 12:00am
Southeast Asian stocks mixed

Southeast Asian stocks mixed

Thailand's stock market ended Wednesday 1.3 percent weaker, while other south-east Asian markets closed mixed as fears over Spain's bank crisis and the possibility of China taking a cautious stance on economic stimulus measures damped investor appetite fo
Published 31 May, 2012 12:00am
Indian shares plunge as Tata Motors slumps 12 percent

Indian shares plunge as Tata Motors slumps 12 percent

Indian shares fell on Wednesday, dragged down by a 11.9 percent drop in Tata Motors stocks after the auto maker reported disappointing quarterly earnings, while caution also prevailed a day before GDP data and the expiry of derivatives. A renewed fall in
Published 31 May, 2012 12:00am
Nikkei ends four-day winning run

Nikkei ends four-day winning run

Japan's Nikkei average ended a four-session winning run on Wednesday, weighed by exporters as the yen firmed on mounting concerns over Spain's banking system, although Renesas Electronics Corp rebounded after a recent slide. Gains in Softbank Corp, up 2.7
Published 31 May, 2012 12:00am
Wednesday's afternoon trade: stocks slump

Wednesday's afternoon trade: stocks slump

US stocks fell more than 1 percent on Wednesday as mounting fears about the eurozone prompted investors to sell sectors tied to economic growth. The region's debt woes sent investors fleeing to safe havens, like the 10-year US Treasury note, whose yield f
Published 31 May, 2012 12:00am
US stocks up on Greek bets

US stocks up on Greek bets

US stocks rose on Tuesday as signs Greece would stay in the euro zone were enough to spark buying in what has been a weak month for equities, while Facebook plumbed new lows on high volume. Wall Street has swung back and forth on shifting signals coming o
Published 31 May, 2012 12:00am
Taiwan stocks fall

Taiwan stocks fall

Taiwan stocks fell 1.1 percent on Wednesday, paced by smartphone maker HTC, as investors continued to fret about the government's planned capital gains tax bill. The main TAIEX index retreated 80.49 points to 7,261.80, weighed down by plastics and banking
Published 31 May, 2012 12:00am
Treasuries yields fall

Treasuries yields fall

US benchmark Treasuries yields fell on Tuesday as worries about contagion from Spain's ailing banks stoked demand for safe-haven bonds, and Treasuries are seen likely to remain well bid ahead of the Greek elections next month. The yield on Spain's 10-year
Published 31 May, 2012 12:00am
Treasuries yields fall

Treasuries yields fall

US benchmark Treasuries yields fell on Tuesday as worries about contagion from Spain's ailing banks stoked demand for safe-haven bonds, and Treasuries are seen likely to remain well bid ahead of the Greek elections next month. The yield on Spain's 10-year
Published 31 May, 2012 12:00am
Hong Kong shares give up gains; China stimulus hopes dashed

Hong Kong shares give up gains; China stimulus hopes dashed

Hong Kong shares snapped a three-day winning streak on Wednesday after media reports dampened expectations that Beijing is considering another massive stimulus program, dragging down Chinese railway, bank and energy stocks. A recent slew of sector-specifi
Published 31 May, 2012 12:00am
European shares plummet

European shares plummet

European shares fell sharply on Wednesday and looked poised for further jitters amid signs Spain's economic and banking crisis was deepening and on renewed concerns Greece may fall out of the euro zone. Spain's Ibex 35 index fell 2.6 percent to fresh 9-ye
Published 31 May, 2012 12:00am
Seoul shares end three-day rally

Seoul shares end three-day rally

Seoul shares edged down on Wednesday to snap a three-day winning run, pressured by mounting worries over Spain's ailing banks and dashed hopes of aggressive stimulus action by China, although the index pared some earlier losses on technical support. Growt
Published 31 May, 2012 12:00am
Australian shares sag

Australian shares sag

Australian shares managed to pare losses but still ended down 0.5 percent on Wednesday after a fall in retail sales and a downgrade to Spain's sovereign credit rating shook investors' confidence. The market retreated from the open after gold and copper pr
Published 31 May, 2012 12:00am
FTSE drops as rally snaps on eurozone jitters

FTSE drops as rally snaps on eurozone jitters

Britain's top shares dropped on Wednesday, snapping a four-session rally, as rising bond yields for Italy and Spain and the latest poll results in Greece stoked fears about the euro zone debt crisis, sapping investors' risk appetite. The FTSE 100 index cl
Published 31 May, 2012 12:00am
Australian dollar falls

Australian dollar falls

The Australian dollar fell on Wednesday and underperformed its New Zealand counterpart after weaker-than-expected retail sales reinforced expectations of further interest rate cuts. The Aussie slipped 0.5 percent on the day to $0.9793, having fallen as de
Published 31 May, 2012 12:00am
Sterling drops versus dollar

Sterling drops versus dollar

Sterling fell to a four-month low against the dollar on Wednesday as worries about Spain's banking sector problems and its rising borrowing costs pushed investors into the safety of the US currency. The pound lost 0.5 percent on the day to $1.5565, breaki
Published 31 May, 2012 12:00am
Euro drops to two-year low in Asia

Euro drops to two-year low in Asia

The euro fell to a two-year low on Wednesday, hurt by worries about Spain's soaring borrowing costs and expectations that more spending may be needed to support its ailing banks. The 10-year Spanish government bond yield hit a six-month high on Tuesday, a
Published 31 May, 2012 12:00am
Euro bounces from recent low

Euro bounces from recent low

The euro bounced from near two-year lows against the dollar on Wednesday, after the European Commission called for sweeping reforms to restore investor confidence, but gains were likely to be fleeting on growing concerns about Spanish banks. The European
Published 31 May, 2012 12:00am
Early trade in New York: Euro slumps to near two-year low

Early trade in New York: Euro slumps to near two-year low

The euro slumped to a near two-year low against the dollar on Wednesday with no relief in sight as Italian borrowing costs soared and concerns mounted over Spain's banking sector. Selling accelerated after the euro broke beneath the psychologically import
Published 31 May, 2012 12:00am
Euro falls to its weakest versus dollar since July 2010

Euro falls to its weakest versus dollar since July 2010

The euro fell on Tuesday to its weakest level versus the US dollar since July 2010 on Spain's soaring borrowing costs and expectations more spending will be necessary to support its ailing banks. The euro's losses accelerated after Egan-Jones Ratings cut
Published 31 May, 2012 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 Wednesday. 81.92-81.94 (previous 81.92-81.94). Call Money Rates: 9.00-15.00 percent (previous 9.00-15.00 percent.
Published 31 May, 2012 12:00am
Emerging Asian currencies slip

Emerging Asian currencies slip

Emerging Asian currencies slipped on Wednesday as investors cut back on risky assets on escalating worries about Spain's banking sector, while Bank Indonesia's move to support the ailing rupiah along with intervention failed to arrest its slide.
Published 31 May, 2012 12:00am
Indian rupee falls to near record low

Indian rupee falls to near record low

The Indian rupee fell for a second successive session on Wednesday to near a record low, as oil importers ramped up demand for the greenback ahead of the end of the month, while global risk assets were hit by worries about Spain. Traders are looking ahead
Published 31 May, 2012 12:00am
Yuan touches 2012 low

Yuan touches 2012 low

The yuan closed weaker against the dollar on Wednesday after hitting a year-to-date low in late trading. The currency has depreciated 1 percent so far this year in reaction to a strengthening dollar. The dollar index reached its highest level since Septem
Published 31 May, 2012 12:00am
All relative for Serena after epic, historic defeat

All relative for Serena after epic, historic defeat

The crowd were ranged against her, her least favourite umpire was surveying her from her lofty position atop her chair and she was going out to the host nation's heroine. When you're in a hole on the clay at Roland Garros, stop digging because it's all re
Published 31 May, 2012 12:00am
Sania Mirza welcomes boom in Asian women's tennis

Sania Mirza welcomes boom in Asian women's tennis

Asian tennis poster girl Sania Mirza says the women's game is in its best state ever in the region, with Chinese stars like Li Na leading the charge and a new generation waiting in the wings. "I think we're probably at the healthiest best in Asian women's
Published 31 May, 2012 12:00am
Azarenka, Stosur easy winners

Azarenka, Stosur easy winners

Victoria Azarenka and Samantha Stosur moved closer to a potential quarter-final showdown at the French Open on Wednesday with both coasting to straight sets wins as the second round got underway. Top-seeded Azarenka from Belarus defeated German qualifier
Published 31 May, 2012 12:00am
Federer beats Connors mark, Djokovic cruises

Federer beats Connors mark, Djokovic cruises

Roger Federer set a new record of 234 Grand Slam match wins Wednesday to reach the French Open last 32 where he was joined by top seed Novak Djokovic whose date with tennis destiny edged a little closer. Federer, the third seed, overcame a mid-match wobbl
Published 31 May, 2012 12:00am
Pakistan expect 'breakthrough' in India cricket ties

Pakistan expect 'breakthrough' in India cricket ties

Pakistan expect an "imminent breakthrough" in the revival of cricket ties with India, four years after they were severed, a senior cricket official said on Wednesday. Pakistan Cricket Board (PCB) chairman Zaka Ashraf and chief operating officer Subhan Ahm
Published 31 May, 2012 12:00am
Bangladesh name Pybus as new coach

Bangladesh name Pybus as new coach

Bangladesh on Wednesday named the former Pakistan coach Richard Pybus as their new head coach on a two-year contract. The 47-year-old, who had two spells with Pakistan, takes over from former Australian cricketer Stuart Law, who is stepping down less than
Published 31 May, 2012 12:00am
Aamer meets Pakistan cricket chiefs

Aamer meets Pakistan cricket chiefs

Pakistan cricket bosses have held talks with the convicted paceman Mohammad Aamer for the first time since he was released from a British prison in February, a top official said on Wednesday. The 20-year-old volunteered to meet the Pakistan Cricket Board
Published 31 May, 2012 12:00am
Malaysia post rare win over Pakistan

Malaysia post rare win over Pakistan

Former champions and world heavyweights India are virtually out of contention for the Sultan Azlan Shah Cup after they were defeated 3-2 by Argentina on Wednesday. Britain kept their hopes of making Sunday's final alive as they inflicted a 2-1 defeat on t
Published 31 May, 2012 12:00am
Foreign Secretary presents gift of cricketing gear for MCB

Foreign Secretary presents gift of cricketing gear for MCB

Foreign Secretary, Jalil Abbas Jilani presented the gift of cricketing gear for Maldivian Cricket Board (MCB) in an expression of support to Cricket in Maldives here on Wednesday. Gifted items were contributed by Pakistan Cricket Board. Foreign Secretary
Published 31 May, 2012 12:00am
Indian engineer challenges English rain rule

Indian engineer challenges English rain rule

An Indian engineer will learn Thursday whether his challenge to the English system for determining the winner of rain-affected cricket matches - one of the most complicated rules in the sport - has been successful. The current method, devised by English s
Published 31 May, 2012 12:00am
Fazal Mahmood remembered

Fazal Mahmood remembered

One of the finest cricketers Pakistan can boast of, Fazal Mahmood was being remembered on his death anniversary on Wednesday. Fazal Mahmood was born in 1927 at Lahore. He started his first class career in 1943. Fazal Mahmood was one of the finest crickete
Published 31 May, 2012 12:00am
PCB talent hunt programme to begin tomorrow

PCB talent hunt programme to begin tomorrow

The first phase of PCB-PEPSI Cricket Stars talent hunt programme for U-16 players will start from Friday (1st June) across the country. This is the third edition of the program which is being conducted by PCB in collaboration with PEPSI International, sai
Published 31 May, 2012 12:00am
US cargo vessel prepares to leave space station

US cargo vessel prepares to leave space station

US company SpaceX's Dragon cargo ship is preparing to make its return journey to Earth after a landmark mission to the International Space Station, NASA and SpaceX representatives said Wednesday. The release of the unmanned Dragon is set for 5:35 am Easte
Published 31 May, 2012 12:00am
Lesotho Prime Minister resigns after opposition forms coalition

Lesotho Prime Minister resigns after opposition forms coalition

Lesotho Prime Minister Pakalitha Mosisili resigned Wednesday after his party failed to win a majority in parliamentary elections and the opposition united to oust him after 14 years in power. "The prime minister resigned ... this morning and has submitted
Published 31 May, 2012 12:00am
China nuclear no 'direct threat': US commander

China nuclear no 'direct threat': US commander

China's nuclear weapons do not pose a "direct threat" to the United States, the man in charge of America's arsenal said Wednesday in calling for greater dialogue with the Chinese military. "We would like to have routine contact and conversations with Chin
Published 31 May, 2012 12:00am
US sanctions Syria International Islamic Bank

US sanctions Syria International Islamic Bank

Washington slapped sanctions on the Syria International Islamic Bank Wednesday, saying it had helped the Damascus regime skirt sanctions placed on the country's leading bank. Qatar is supporting the move with "corresponding actions," the US Treasury said,
Published 31 May, 2012 12:00am
Romney clinches Republican 2012 nomination in Texas

Romney clinches Republican 2012 nomination in Texas

Mitt Romney clinched the Republican presidential nomination on Tuesday with a resounding victory in Texas and now faces a five-month sprint to convince voters to trust him over Democratic President Barack Obama in the November 6 election. Although the rac
Published 31 May, 2012 12:00am
New York okays Muslim, Sikh headgear for train drivers

New York okays Muslim, Sikh headgear for train drivers

New York's mass transit system will allow Sikh and Muslim employees to wear religious headgear after settlement Wednesday of a federal lawsuit alleging discrimination against workers from those faiths. The Sikh Coalition announced victory in the legal bat
Published 31 May, 2012 12:00am
UK court backs Assange extradition to Sweden

UK court backs Assange extradition to Sweden

Britain's Supreme Court ruled on Wednesday WikiLeaks founder Julian Assange can be extradited to Sweden over alleged sex crimes, leaving the Australian with few legal options after an 18-month legal battle. Judges at Britain's highest court rejected by a
Published 31 May, 2012 12:00am
13 killed in cold blood in Syria: UN monitors

13 killed in cold blood in Syria: UN monitors

UN observers said on Wednesday 13 bodies had been discovered bound and shot in eastern Syria, days after a massacre of 108 civilians, nearly half of them children, ignited a world outcry. Syrian activists said the victims were army defectors killed by Pre
Published 31 May, 2012 12:00am
Enrichment 'not a step towards a bomb': Ahmadinejad

Enrichment 'not a step towards a bomb': Ahmadinejad

Iran's enrichment of uranium to 20 percent "is our right" and "is not a step towards a bomb," President Mahmoud Ahmadinejad said Wednesday in an interview with the satellite television network France 24. The enrichment activity, which world powers are try
Published 31 May, 2012 12:00am
UK aid worker freed after 86-day kidnap 'ordeal'

UK aid worker freed after 86-day kidnap 'ordeal'

A UK aid worker freed after a kidnap ordeal of nearly three months in Sudan's Darfur region arrived in the capital Khartoum on Wednesday following his release. Patrick Noonan stood silently on the steps of a VIP airport terminal, flanked by officials, aft
Published 31 May, 2012 12:00am
Saudi court overturns mixed sexes in workplace

Saudi court overturns mixed sexes in workplace

A Saudi court overturned on Wednesday provisions of a labour ministry circular that allowed saleswomen to work alongside men in shops, a lawyer told AFP. The court in Riyadh "abolished part of the decision by the ministry of labour which allowed shop owne
Published 31 May, 2012 12:00am
British Prime Minister's former aide held over suspected perjury

British Prime Minister's former aide held over suspected perjury

British Prime Minister David Cameron's former spokesman was detained on Wednesday by police on suspicion of perjury after he denied in court any knowledge of phone hacking by reporters at Rupert Murdoch's News of the World. The detention of Andy Coulson,
Published 31 May, 2012 12:00am
Vatican newspaper launches women's section

Vatican newspaper launches women's section

The Vatican's official newspaper is for the first time in its more than 150-year history printing a special supplement for women, the publication said Wednesday. The four-page colour supplement, which will appear in Italian every last Thursday of the mont
Published 31 May, 2012 12:00am
Mandela makes rare appearance on television

Mandela makes rare appearance on television

Former South African president Nelson Mandela on Wednesday made his first appearance in more than seven months when he received a symbolic flame to mark the ruling ANC's centenary at his rural home in Qunu. Mandela smiled as the African National Congress
Published 31 May, 2012 12:00am
US slaps duties on Chinese wind towers

US slaps duties on Chinese wind towers

The United States on Wednesday imposed duties on large wind towers from China, alleging they are unduly subsidized for export to the US market. The US Department of Commerce said it had reached a preliminary conclusion that Chinese producers and exporters
Published 31 May, 2012 12:00am
Dunkin' Donuts plans 100 new India outlets

Dunkin' Donuts plans 100 new India outlets

Dunkin' Donuts said Wednesday it aimed to open 100 stores in India over the next five years as it goes head-to-head with rival Starbucks, due to open in the emerging market giant later this year. US-based Dunkin' Donuts, which set up its first Indian outl
Published 31 May, 2012 12:00am
ILO warns on human cost of eurozone austerity

ILO warns on human cost of eurozone austerity

The head of the International Labour Organisation decried Wednesday the human cost of the eurozone's austerity-focused attempts to resolve the debt crisis. Current measures have been unsuccessful in reducing public debt, yet are creating broad social prob
Published 31 May, 2012 12:00am
Fannie, Freddie easy prey for cash-hungry Congress

Fannie, Freddie easy prey for cash-hungry Congress

It's not that the US housing industry believes college students should be hit with a doubling of their student loan rates on July 1. It just doesn't want to see mortgage costs rise in order to help them out.
Published 31 May, 2012 12:00am
GSK eyes replacing Human Genome board

GSK eyes replacing Human Genome board

GlaxoSmithKline Plc plans to launch a campaign to replace the entire board of Human Genome Sciences Inc with its own nominees, stepping up its $2.6 billion hostile bid for the US biotech company, sources familiar with the situation said on Wednesday. The
Published 31 May, 2012 12:00am
US pending home sales post surprise fall

US pending home sales post surprise fall

Contracts to purchase previously owned US homes unexpectedly fell in April to a four-month low, undermining some of the recent optimism that the housing sector was touching bottom. The National Association of Realtors said on Wednesday its Pending Home Sa
Published 31 May, 2012 12:00am
UK housing market pick-up belies broader weakness

UK housing market pick-up belies broader weakness

Britain's property market showed signs of a small bounce-back in April, with Bank of England data showing mortgage approvals rising to their highest since January, but broader lending figures suggested the overall economy remained weak.
Published 31 May, 2012 12:00am
UK brings new blood on to BoE supervisory board

UK brings new blood on to BoE supervisory board

Two ex-bankers and a trade unionist will join the Bank of England's supervisory board on June 1, Britain's finance ministry said on Wednesday, replacing retiring non-executives at a time when the BoE is drawing increased political scrutiny.
Published 31 May, 2012 12:00am
Greek banks post quarterly losses

Greek banks post quarterly losses

Two of the biggest Greek banks posted first-quarter losses Wednesday owing to weaker earnings and higher provisions to cope with a long recession that has also forced them to find new capital. National Bank of Greece (NBG) reported a net loss of 537 milli
Published 31 May, 2012 12:00am
Lee family scraps over some of Samsung riches

Lee family scraps over some of Samsung riches

Lawyers for Lee Kun-hee said on Wednesday the chairman of Samsung Electronics had been chosen by his father, the Samsung Group's founder, to lead the conglomerate and so was free to transfer shares of group companies to maintain control. Lee, South Korea'
Published 31 May, 2012 12:00am
China stimulus unnecessary, risks long-term damage

China stimulus unnecessary, risks long-term damage

China does not need massive fiscal stimulus to stabilise growth and calm investors fretting that the global economy may slip back into a similar crisis as 2008-2009, top policy advisers said on Wednesday. Even though China's economic growth is expected to
Published 31 May, 2012 12:00am
Amendment to SRO 647(i)/2007 criticised

Amendment to SRO 647(i)/2007 criticised

Business community has severely criticised the amendment made by the Federal Board of Revenue in SRO 647(i)/2007 through SRO 564(i)/2012 dated 26,05,2012, just before a few days of announcement of the Federal Budget 2012-13. The PIAF Chairman and LCCI for
Published 31 May, 2012 12:00am
Government has to prepare out-of-box, innovative budget: Sattar

Government has to prepare out-of-box, innovative budget: Sattar

Federal Minister for Overseas Pakistanis Dr Farooq Sattar said that for sustainable growth and political stability in the country government would have to prepare out-of-book and innovative budget. MQM's parliamentary leader was speaking at the Lahore Cha
Published 31 May, 2012 12:00am
PHMA for strict action over US dollar rise

PHMA for strict action over US dollar rise

Pakistan Hardware Merchants Association (PHMA) on Wednesday sought the Interior Ministry help over the dollar's value that has broken all the previous records and troubling importers.
Published 31 May, 2012 12:00am
Repatriation of detainees: Court gives foreign ministry 30-day deadline

Repatriation of detainees: Court gives foreign ministry 30-day deadline

The Lahore High Court on Wednesday directed the foreign ministry to take steps for the release and repatriation of Pakistanis detained at the Bagram Airbase in Afghanistan within a month. The directions were given while hearing a case, which was later adj
Published 31 May, 2012 12:00am
For truckers, Nato route row is all about the money

For truckers, Nato route row is all about the money

Pakistani truck drivers who deliver supplies to Western forces in Afghanistan seethe whenever they recall a cross-border Nato air attack that killed 24 Pakistani soldiers last year. Despite their anger, financial survival outweighs nationalist sentiment a
Published 31 May, 2012 12:00am
Summer vacations in Punjab to commence from June 1

Summer vacations in Punjab to commence from June 1

The government of Punjab has announced that summer vacations for schools and colleges in the province will last till Eid. According to the provincial education department, the schools and colleges will remain closed from June till Eid-ul-Fitr. The spokesm
Published 31 May, 2012 12:00am
GlaxoSmithKline (GSK) Pakistan

GlaxoSmithKline (GSK) Pakistan

Celebrating a decade of operations and leadership, GSK is the largest pharmaceutical company in the country. GlobalSmithKline is a market leader in value, volume and prescription. GSK was created on January 1, 2001, through the merger of SmithKline and Fr
Published 31 May, 2012 12:00am
GlaxoSmithKline (GSK) Pakistan

GlaxoSmithKline (GSK) Pakistan

Celebrating a decade of operations and leadership, GSK is the largest pharmaceutical company in the country. GlobalSmithKline is a market leader in value, volume and prescription. GSK was created on January 1, 2001, through the merger of SmithKline and Fr
Published 31 May, 2012 12:00am
New York cotton ends at 2-1/4 years low

New York cotton ends at 2-1/4 years low

Cotton futures settled at a 2-1/4 year low Wednesday on investor liquidation tied to the euro zone debt crisis and news that China believes it does not need financial stimulus to sustain growth, brokers said. Benchmark July cotton on the ICE Futures US ex
Published 31 May, 2012 12:00am
Shanghai copper down

Shanghai copper down

The most-active September copper contract on the Shanghai Futures Exchange fell 1.4 percent to 55,320 yuan to close at ($8,700) a tonne on Wednesday, after losing 0.2 percent in the prior session. "Prices went up late last week after the Chinese governmen
Published 31 May, 2012 12:00am
Copper nears 2012 low

Copper nears 2012 low

Copper fell toward its 2012 low on Wednesday as renewed concerns over the euro zone debt crisis pummelled the euro and sent commodities lower, compounding losses after China cut short hopes for a stimulus plan. Benchmark copper on the London Metal Exchang
Published 31 May, 2012 12:00am
Oil at six-month low

Oil at six-month low

Oil dropped more than 3 percent on Wednesday to the lowest level in nearly six months as fears about the euro zone crisis sparked an erosion in risk appetite across markets. Prices for Brent and US West Texas Intermediate futures headed toward their bigge
Published 31 May, 2012 12:00am
Tokyo rubber dips

Tokyo rubber dips

The most actively traded Tokyo Commodity Exchange rubber futures edged down on Wednesday, snapping a three-day gain en route for their worst monthly performance since September as investors stayed cautious about the euro zone's debt woes. But the declines
Published 31 May, 2012 12:00am
Wheat lower

Wheat lower

US wheat futures dropped 3.2 percent o n Tuesday, hitting their lowest level in more than a week due to technical selling coupled with rain in crop-producing areas of Russia and Australia that eased concerns about dry weather denting global supplies.
Published 31 May, 2012 12:00am
Palm oil falls over two percent

Palm oil falls over two percent

Malaysian palm oil futures snapped a four-day rally on Wednesday, falling more than 2 percent as eurozone debt jitters weighed on prices, although losses were capped by expected demand ahead of the Muslim fasting month of Ramazan in July. European shares
Published 31 May, 2012 12:00am
Arabica coffee hits 22-month low

Arabica coffee hits 22-month low

Arabica coffee futures fell Wednesday, hitting a 22-month low and US cocoa sank to a 4-1/2-month low, as investors sold a broad range of commodities in a flight to safety due to mounting worries about the euro zone. Sugar futures bucked the downward trend
Published 31 May, 2012 12:00am
Gold slips in New York

Gold slips in New York

Gold fell 1 percent in active trade on Tuesday, as the euro's slide on worries over Spain's debt prompted investors to sell the precious metal along with other dollar-sensitive commodities. Trading volume in US futures more than doubled its 30-day average
Published 31 May, 2012 12:00am
Gold dips in Asia

Gold dips in Asia

Gold dipped to a one-week low on Wednesday, tracking a weaker euro on heightened worries about the euro zone debt crisis as Spain's borrowing costs spiralled towards unsustainable levels. Spot gold fell as much as 0.6 percent to $1,544.74 an ounce earlier
Published 31 May, 2012 12:00am
Gold falls in Europe

Gold falls in Europe

Gold prices fell for a second day on Wednesday, testing support near $1,530 an ounce, under the influence of a weaker euro as the euro zone debt crisis engulfed Spain and sent investors scrambling for a safe haven in the form of US dollars. The euro exten
Published 31 May, 2012 12:00am
US MIDDAY: grains tumble

US MIDDAY: grains tumble

US grains fell sharply early on Wednesday, with wheat dropping more than 1 percent to a two-week low, as a surging dollar and mounting concerns over Europe's debt crisis triggered a broad commodities sell-off as investors fled risky assets. Corn and wheat
Published 31 May, 2012 12:00am
US MIDDAY: copper down

US MIDDAY: copper down

In New York, the COMEX July contract hit its lowest level since late December at $3.3725 per lb, before ending the day down 7.20 cents, or 2 percent, at $3.39. Copper prices are now down nearly 2 percent for the year, erasing gains of more than 12 percent
Published 31 May, 2012 12:00am
US MIDDAY: gold rises

US MIDDAY: gold rises

Gold rose in choppy trade on Wednesday as sharp losses in equities and other commodities spurred safe-haven demand, while technical buying also provided a boost. US futures posted above-average turnover for a second straight day after having risen to a re
Published 31 May, 2012 12:00am
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