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Nov 29, 2024 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Print - 2012-10-07
Indonesia halts Merrill Lynch's stock trading

Indonesia halts Merrill Lynch's stock trading

Indonesia's securities depository agency has frozen Merrill Lynch Indonesia's stock trading account, following a court order after a legal battle with an investor, a stock exchange official said on Friday. Samsul Hidayat, a director at the stock exchange,
Published 07 Oct, 2012 12:00am
Indonesia halts Merrill Lynch's stock trading

Indonesia halts Merrill Lynch's stock trading

Indonesia's securities depository agency has frozen Merrill Lynch Indonesia's stock trading account, following a court order after a legal battle with an investor, a stock exchange official said on Friday. Samsul Hidayat, a director at the stock exchange,
Published 07 Oct, 2012 12:00am
Rosneft to invest $18 billion in old refineries

Rosneft to invest $18 billion in old refineries

Russia's state oil company Rosneft plans to spend $18 billion on its refinery infrastructure over the next three years, a report said Saturday after the company's chief met with investors. The oil company unveiled a $25 billion programme to modernise its
Published 07 Oct, 2012 12:00am
Malaysia widens crackdown on gold trading companies

Malaysia widens crackdown on gold trading companies

Malaysian authorities have expanded a crackdown on suspected illegal gold trading activities, raiding a total of four companies suspected of taking deposits illegally, money laundering and tax evasion. A central bank spokesperson confirmed on Saturday tha
Published 07 Oct, 2012 12:00am
Eurozone states still need reforms: ECB's Knot

Eurozone states still need reforms: ECB's Knot

The European Central Bank's bond-buying programme will only be effective in helping struggling euro zone states if their governments continue to pursue structural reforms, ECB Governing Council member Klaas Knot told a Dutch newspaper.
Published 07 Oct, 2012 12:00am
Audit finds Philippines lost $2.46 billion to anomalies

Audit finds Philippines lost $2.46 billion to anomalies

The Philippines lost $2.46 billion through misuse of state funds and assets during the latter years of graft-tainted ex-president Gloria Arroyo's rule, government auditors said Saturday. The Commission on Audit highlighted anomalies that mostly occurred i
Published 07 Oct, 2012 12:00am
US deficit ends fourth fiscal year above $1 trillion

US deficit ends fourth fiscal year above $1 trillion

The federal budget deficit for the just-ended 2012 fiscal year shrank by $207 billion from the prior year, but still marked its fourth straight year above $1 trillion, Congress' budget referee estimated on Friday. The deficit equalled about 7 percent of U
Published 07 Oct, 2012 12:00am
Kenya wary of being seen as an occupying force in Somalia port

Kenya wary of being seen as an occupying force in Somalia port

From the rooftop of Kismayu's rundown port, Kenyan troops scoured the waters across to the southern Somali city, part of an operation to flush out rebel remnants after al Qaeda-backed militants fled last week from their last major stronghold. While Somali
Published 07 Oct, 2012 12:00am
US House Intelligence panel head blackballs China's Huawei

US House Intelligence panel head blackballs China's Huawei

US companies should avoid doing business with China's Huawei, the world's No 2 maker of telecommunications gear, for fear its equipment could open doors for spying, the head of the US House of Representatives' Intelligence Committee said.
Published 07 Oct, 2012 12:00am
Islamist cleric from Britain to appear in US court

Islamist cleric from Britain to appear in US court

Islamist cleric Abu Hamza al-Masri will appear before a federal judge in New York on Saturday after Britain extradited the one-eyed radical preacher to the United States to face trial and a potential life sentence on terrorism charges. The Egyptian-born A
Published 07 Oct, 2012 12:00am
Putin in charge at 60, but facing threats

Putin in charge at 60, but facing threats

Russian President Vladimir Putin turns 60 on Sunday, his grip on power weaker than in the past but under little immediate threat if the oil price stays high. Adoring supporters will celebrate in cities from Siberia to Rostov-on-Don in southern Russia, whe
Published 07 Oct, 2012 12:00am
Ecuador ordered to pay Occidental $1.77 billion in damages

Ecuador ordered to pay Occidental $1.77 billion in damages

The World Bank's arbitration centre (ICSID) has ordered Ecuador to pay nearly $1.77 billion in damages to US-based Occidental Petroleum for seizing the company's assets in 2006, but the Andean country said it would appeal the decision. It also ordered Ecu
Published 07 Oct, 2012 12:00am
Bernanke says Washington can learn from baseball team's success

Bernanke says Washington can learn from baseball team's success

Federal Reserve chief and avid baseball fan Ben Bernanke saluted the playoff-bound Washington Nationals on Friday as an example for gridlocked US government leaders of how to succeed by making wise, patient decisions. "People decry the absence of leadersh
Published 07 Oct, 2012 12:00am
Yemen foils al Qaeda plan to bomb air base used by US

Yemen foils al Qaeda plan to bomb air base used by US

Yemeni security forces foiled a plan by militants linked to al Qaeda to bomb an air base jointly used with the United States to carry out attacks against the group, a security official said on Saturday. A car packed with explosives was discovered by autho
Published 07 Oct, 2012 12:00am
Lithuania sues Russian gas giant Gazprom

Lithuania sues Russian gas giant Gazprom

Lithuania said Wednesday that it had filed an international lawsuit against its sole gas supplier Gazprom, seeking over a billion euros in damages due to what Vilnius sees as the Russian giant abusing its market clout. "Lithuania initiated an arbitration
Published 07 Oct, 2012 12:00am
Kuwait wealth fund to sell Wataniya stake to Qtel

Kuwait wealth fund to sell Wataniya stake to Qtel

Qatar Telecom (Qtel) is set to control more than 90 percent of Kuwait's Wataniya after the Gulf state's sovereign wealth fund tendered its entire stake in the unit, two sources familiar with the situation said on Saturday. Qtel, which operates in 16 count
Published 07 Oct, 2012 12:00am
Polish insurer PZU lines up $2.4 billion for acquisitions

Polish insurer PZU lines up $2.4 billion for acquisitions

Eastern Europe's top insurer, Polish state-controlled PZU, is planning to spend its 7.5-billion zloty ($2.4 billion) cash pile to buy assets beyond its home market, its chief executive said. The group, valued at $10 billion, holds a leading position in Po
Published 07 Oct, 2012 12:00am
Renault to shift more production to Turkey

Renault to shift more production to Turkey

French automaker Renault plans to build more than 70 percent of its Clio subcompacts in Turkey, union sources said, in a shift abroad that could inflame tensions with workers and the government, its biggest shareholder. During internal presentations, Rena
Published 07 Oct, 2012 12:00am
German industrial orders slide

German industrial orders slide

German industrial orders dropped in August as a slide in domestic demand outweighed an improvement in euro zone contracts, denting hopes that domestic appetite will sustain growth in Europe's largest economy. Seasonally and price-adjusted order intake dip
Published 07 Oct, 2012 12:00am
World Bank urges Africa to conserve resources

World Bank urges Africa to conserve resources

The World Bank urged African countries to conserve natural resources as rising mineral demand and prices keep growth strong in the continent, said a review of the region released Thursday. The bank said growth in sub-Saharan Africa should register 4.8 per
Published 07 Oct, 2012 12:00am
AmansSports School Basketball begins

AmansSports School Basketball begins

AmanSports is organising its first All Karachi School Basketball Championship at Southshore School on Sunday. AmanSports, which is a part of the Aman Foundation, aims to engage Pakistan's youth in sporting activities through the promotion of sports at a g
Published 07 Oct, 2012 12:00am
Pakistan attack changed game and me: Taufel

Pakistan attack changed game and me: Taufel

Umpire Simon Taufel, who retires after Sunday's World Twenty20 final, said a terror attack that killed eight people including the driver of his bus in 2009 had left a profound impact on both cricket and him as a person. The machine-gun and grenade attack,
Published 07 Oct, 2012 12:00am
Pakistan to host Palestinians in football

Pakistan to host Palestinians in football

Pakistan will host two friendly matches against Palestinian footballers in hopes of reviving international sport in the country, hit hard by Taliban and al Qaeda-linked violence, an official said Saturday. International sportsmen stopped coming to Pakista
Published 07 Oct, 2012 12:00am
Chelsea extend lead at top, City sink Sunderland

Chelsea extend lead at top, City sink Sunderland

Chelsea extended their lead at the top of the Premier League to four points with a 4-1 win against Norwich on Saturday, while champions Manchester City got back on track by crushing Sunderland 3-0. Roberto Di Matteo's unbeaten Chelsea have made a flying s
Published 07 Oct, 2012 12:00am
Djokovic to face Tsonga in Beijing final

Djokovic to face Tsonga in Beijing final

Novak Djokovic brushed aside Florian Mayer in the China Open Saturday to set up a final against Jo-Wilfried Tsonga, as Maria Sharapova and Victoria Azarenka made it to the last two of the women's event. The world number two from Serbia furthered his aim o
Published 07 Oct, 2012 12:00am
Murray crashes out of Japan Open

Murray crashes out of Japan Open

London Olympic gold medallist and US Open champion Andy Murray was sent crashing out of the Japan Open tennis tournament on Saturday in a shock semi-final defeat by Milos Raonic of Canada. In the final set the Briton squandered a 4-1 lead and missed two m
Published 07 Oct, 2012 12:00am
Razzaq blames Hafeez for his ouster

Razzaq blames Hafeez for his ouster

Differences in Pakistan cricket team become visible when All-rounder Abdul Razzaq told reporters here on Saturday that skipper Muhammad Hafeez dropped him from the side playing against Sri Lanka in the first semi-final of World Cup Twenty20 match. Abdul R
Published 07 Oct, 2012 12:00am
Hafeez blames bad luck for defeat

Hafeez blames bad luck for defeat

Skipper of Pakistan cricket team Muhammad Hafeez on Saturday said that the overall performance of the national team in Twenty20 Cricket World Cup was good but due to bad luck we had to face defeat in the semi-final. Talking to the media on arrival from Co
Published 07 Oct, 2012 12:00am
West Indies need 'A-plus game': Sammy

West Indies need 'A-plus game': Sammy

Darren Sammy and his men put on a near-perfect show to beat Australia in the semi-final but the West Indies captain thinks they would have to play even better if they are to beat Sri Lanka in the World Twenty20 final on Sunday. "We needed our A-game to be
Published 07 Oct, 2012 12:00am
Final not just about Gayle: Jayawardene

Final not just about Gayle: Jayawardene

Sri Lanka's captain Mahela Jayawardene insists the World Twenty20 final against the West Indies on Sunday will not hinge on just Chris Gayle's flamboyant batting. "We have never gone after individuals," Jayawardene told a media conference on Saturday. "Ga
Published 07 Oct, 2012 12:00am
World Twenty20 set for rousing finale

World Twenty20 set for rousing finale

Clinical Sri Lanka will test their skills against the flamboyant West Indies when both sides battle for their maiden World Twenty20 title in a mouth-watering final in Colombo on Sunday. A sell-out crowd of 35,000 at the Premadasa stadium will offer boiste
Published 07 Oct, 2012 12:00am
Brazil real down on intervention; Mexico peso up

Brazil real down on intervention; Mexico peso up

The Mexican peso firmed on Friday after an unexpected drop in the US unemployment rate encouraged investors to take risk in emerging markets, but the Brazilian real fell as the central bank intervened in the foreign exchange market.
Published 07 Oct, 2012 12:00am
Improvement in US jobs data lifts dollar versus yen

Improvement in US jobs data lifts dollar versus yen

The dollar hit a two-week high versus the yen on Friday after data showed the US unemployment rate fell to a near four-year low in September, prompting investors to sell the safe-haven currency for riskier assets. Investors have used the yen as a cheap wa
Published 07 Oct, 2012 12:00am
Yen expected to weaken a little over the next year: poll

Yen expected to weaken a little over the next year: poll

Japan's yen will likely dip a little from current levels over the next year, as central bank action from abroad and at home subjects the currency to both weakening and strengthening forces, a Reuters poll showed. The poll of over 60 currency strategists,
Published 07 Oct, 2012 12:00am
Euribor rates hit record lows

Euribor rates hit record lows

Key Euribor bank-to-bank lending rates hit fresh record lows on Friday, a day after the European Central Bank held interest rates at a record-low of 0.75 percent and said it did not even discuss changing them. The three-month Euribor rate, traditionally t
Published 07 Oct, 2012 12:00am
Canadian dollar touches two-week high on strong jobs

Canadian dollar touches two-week high on strong jobs

Canada's dollar ended firmer against its US counterpart on Friday after touching a two-week high, boosted by much stronger-than-expected Canadian jobs data and a surprise drop in the US unemployment rate. The US unemployment rate dropped to a near four-ye
Published 07 Oct, 2012 12:00am
Australian shares seen closing year up 10 percent

Australian shares seen closing year up 10 percent

Australia's leading share index is forecast to finish the year up 11 percent, but much of that rise has already been achieved with further gains limited now by US and Chinese economic concerns, a Reuters poll of market analysts showed. The S&P/ASX 200 ind
Published 07 Oct, 2012 12:00am
Zain Iraq aims for stock market float

Zain Iraq aims for stock market float

Iraqi mobile phone company Zain Iraq plans to go ahead with a long-delayed stock market listing in Baghdad by early 2013 at the latest, its chief operating officer said on Tuesday. Zain Iraq, owned by Kuwaiti telecom group Zain, still needs to convert to
Published 07 Oct, 2012 12:00am
Zain Iraq aims for stock market float

Zain Iraq aims for stock market float

Iraqi mobile phone company Zain Iraq plans to go ahead with a long-delayed stock market listing in Baghdad by early 2013 at the latest, its chief operating officer said on Tuesday. Zain Iraq, owned by Kuwaiti telecom group Zain, still needs to convert to
Published 07 Oct, 2012 12:00am
ADR report: foreign stocks in New York rise

ADR report: foreign stocks in New York rise

US-traded shares of foreign companies rose on Friday on better-than-expected US jobs data, but the market's gains narrowed as the day wore on and investors took the opportunity to pare positions. The BNY Mellon Index for overall ADRs rose 0.1 percent to 1
Published 07 Oct, 2012 12:00am
Indian bonds yields recover

Indian bonds yields recover

Indian federal bond yield edged up as investors trimmed positions to accommodate 130 billion rupees worth of debt sold on Friday with trading expected to be range-bound ahead of key inflation data due around mid-October. The central bank sold government b
Published 07 Oct, 2012 12:00am
Indian bonds yields recover

Indian bonds yields recover

Indian federal bond yield edged up as investors trimmed positions to accommodate 130 billion rupees worth of debt sold on Friday with trading expected to be range-bound ahead of key inflation data due around mid-October. The central bank sold government b
Published 07 Oct, 2012 12:00am
Toronto's index stumbles

Toronto's index stumbles

Toronto's main stock index backed away from its highest level in nearly three weeks on Friday as concerns about weakness in the global economy hurt commodity prices, countering unexpectedly strong North American jobs data. US crude oil futures settled dow
Published 07 Oct, 2012 12:00am
Sri Lankan stocks up

Sri Lankan stocks up

Sri Lankan stocks edged up on Friday, snapping a four-session falling streak, as investors picked up banking and hotel shares while the rupee edged up as banks sold dollars. The Colombo Stock Exchange's main index ended 0.31 percent, or 18.34 points, high
Published 07 Oct, 2012 12:00am
Treasuries outlook: prices fall as jobless rate improves, new supply due

Treasuries outlook: prices fall as jobless rate improves, new supply due

US Treasuries prices fell on Friday as an unexpected drop in the US jobless rate helped boost expectations for an improving economy and as dealers prepared for new long-dated debt sales next week. The US Labour Department said the unemployment rate fell t
Published 07 Oct, 2012 12:00am
Treasuries outlook: prices fall as jobless rate improves, new supply due

Treasuries outlook: prices fall as jobless rate improves, new supply due

US Treasuries prices fell on Friday as an unexpected drop in the US jobless rate helped boost expectations for an improving economy and as dealers prepared for new long-dated debt sales next week. The US Labour Department said the unemployment rate fell t
Published 07 Oct, 2012 12:00am
JGB prices slip

JGB prices slip

Japanese government bonds were lower on Friday as stronger equities decreased the appeal of fixed-income assets, while investors also squared their positions ahead of key US jobs data later in the day and a three-day weekend in Japan. The Bank of Japan ke
Published 07 Oct, 2012 12:00am
JGB prices slip

JGB prices slip

Japanese government bonds were lower on Friday as stronger equities decreased the appeal of fixed-income assets, while investors also squared their positions ahead of key US jobs data later in the day and a three-day weekend in Japan. The Bank of Japan ke
Published 07 Oct, 2012 12:00am
Nikkei index seen ending year up over 12 percent

Nikkei index seen ending year up over 12 percent

Japan's Nikkei share index is expected to be up 12 percent this year, partly on hopes that central banks around the world will eventually lift flagging global demand with their monetary easing although the gains will be limited by China's economic slowdow
Published 07 Oct, 2012 12:00am
Mexican stocks at new high

Mexican stocks at new high

Mexican stocks rose to an all-time high on Friday after the US unemployment rate hit a nearly four-year low, boosting prospects for growth in the world's largest economy. The MSCI Latin American stock index rose 1.0 percent, on track for its biggest gain
Published 07 Oct, 2012 12:00am
S&P 500 dips after four days of gains; earnings eyed

S&P 500 dips after four days of gains; earnings eyed

The S&P 500 broke a four-day string of gains, ending slightly lower on Friday as an unexpected drop in the US unemployment rate was overshadowed by concerns about the coming earnings season, which begins with Alcoa next week. All three major US stock inde
Published 07 Oct, 2012 12:00am
Myanmar bank urges calm after huge cash withdrawal

Myanmar bank urges calm after huge cash withdrawal

Myanmar banking officials on Saturday sought to reassure nervous savers after rumours over the fate of the boss of the country's biggest private bank saw account holders dash to withdraw their cash. Customers of Kanbawza Bank in Yangon pulled out around n
Published 07 Oct, 2012 12:00am
South African strikers press Amplats to revoke sackings

South African strikers press Amplats to revoke sackings

Hundreds of striking South African workers rallied on Saturday to press Anglo American Platinum to revoke its decision to fire 12,000 wildcat strikers amid a wave of labour strife sweeping Africa's largest economy. Nearly 50 people have been killed since
Published 07 Oct, 2012 12:00am
Somali president names new Prime Minister

Somali president names new Prime Minister

Somali President Hassan Sheikh Mohamud has named Abdi Farah Shirdon Saaid as the country's new prime minister, diplomats and a government source said, the first major decision by an administration installed after over 20 years of conflict. Saaid, a politi
Published 07 Oct, 2012 12:00am
India's top court orders toilets for every school

India's top court orders toilets for every school

India's Supreme Court has ordered that schools nation-wide must be provided with toilets and drinking water within six months, calling it part of children's right to an education. The court said in the judgement seen by AFP on Saturday that research showe
Published 07 Oct, 2012 12:00am
Pope's butler convicted, sentenced to 18 months

Pope's butler convicted, sentenced to 18 months

A Vatican court convicted Pope Benedict's former butler of stealing sensitive documents and sentenced him to 18 months detention on Saturday, at the end of one of the most sensational trials in the recent history of the Holy See. A Vatican spokesman said
Published 07 Oct, 2012 12:00am
Algeria's former president Bendjedid dies

Algeria's former president Bendjedid dies

Algeria's former long-time president Chadli Bendjedid, acclaimed for having introduced democracy to government institutions, died of cancer on Saturday aged 83, APS news agency reported. Bendjedid had been admitted to the Ain Naajda military hospital in A
Published 07 Oct, 2012 12:00am
Florida Supreme Court judges fight for their jobs

Florida Supreme Court judges fight for their jobs

Facing unprecedented political opposition, three Florida Supreme Court justices are fighting back against Republicans and conservative activists seeking to change the balance in the state's highest court by getting voters to fire them. Justices Fred Lewis
Published 07 Oct, 2012 12:00am
North Korean soldier defects to South across land border

North Korean soldier defects to South across land border

A North Korean soldier killed two of his officers before crossing the heavily mined border into South Korea on Saturday, South Korea's defence ministry and media reports said. Defections across the Demilitarised Zone, a buffer zone dividing the two Koreas
Published 07 Oct, 2012 12:00am
Morsi lists successes of first 100 days

Morsi lists successes of first 100 days

Egyptian President Mohammed Morsi on Saturday listed the accomplishments of his first 100 days in office to a packed Cairo Stadium of mainly Muslim Brotherhood supporters bussed in for the occasion. The ceremony, held to commemorate the 39th anniversary o
Published 07 Oct, 2012 12:00am
One dead, 11 detained in French anti-terror sweep

One dead, 11 detained in French anti-terror sweep

A man shot dead by French police Saturday in a nation-wide crackdown on terror suspects that made 11 arrests was linked to an attack on a Jewish store last month, Paris prosecutor Francois Molins said. The man killed in an exchange of fire in Strasbourg w
Published 07 Oct, 2012 12:00am
Israeli air force shoots down drone aircraft

Israeli air force shoots down drone aircraft

The Israeli air force shot down a drone after it crossed into southern Israel on Saturday, the military said, but it remained unclear where the aircraft had come from. The drone was first spotted above the Mediterranean Sea in the area of the Hamas-ruled
Published 07 Oct, 2012 12:00am
Iranian Red Crescent workers freed in Libya

Iranian Red Crescent workers freed in Libya

A group of seven Iranian Red Crescent workers who were kidnapped in Libya's eastern city of Benghazi more than two months ago were freed on Saturday, an interior ministry official told AFP. "The seven Iranians were freed today and have left the country,"
Published 07 Oct, 2012 12:00am
India says cotton exports to drop as China demand falls

India says cotton exports to drop as China demand falls

Cotton exports from India, the world's second-largest producer, are likely to drop by nearly half to 7 million bales in the 2012/13 marketing year that began on October 1, a senior government official said, hit by waning global demand and lower output.
Published 07 Oct, 2012 12:00am
India rubber to ease on weak demand, rising imports

India rubber to ease on weak demand, rising imports

Natural rubber futures in India are likely to fall this week on sluggish demand from tyre makers, although thin supplies in local spot markets are likely to restrict the downside. The key October rubber contract provisionally ended 0.8 percent lower at 19
Published 07 Oct, 2012 12:00am
Top rubber producers set intervention priceat $2.70 per kg

Top rubber producers set intervention priceat $2.70 per kg

The world's top rubber-producers, Thailand, Indonesia and Malaysia, have linked any future intervention in the market to rubber prices falling to $2.70 per kg, a Malaysian industry source told Reuters on Friday. The deal was struck on Thursday when offici
Published 07 Oct, 2012 12:00am
Indonesia may impose 20 percent wheat flour import tariff

Indonesia may impose 20 percent wheat flour import tariff

Indonesia could slap a tariff of 20 percent on imports of wheat flour within less than three months, an industry association said on Friday, as Asia's top importer of the grain moves to protect its growing wheat mill industry. Indonesia's trade ministry i
Published 07 Oct, 2012 12:00am
Asian rice prices fall despite Thai intervention, supply rises

Asian rice prices fall despite Thai intervention, supply rises

Asian rice prices have slipped this week as demand remains thin, while supply is rising as farmers in both Thailand and Vietnam have started harvesting crops, traders said on Wednesday. The benchmark 100 percent B grade Thai white rice dropped to $590 per
Published 07 Oct, 2012 12:00am
Australia's wheat crop seen falling to around 21 million tones

Australia's wheat crop seen falling to around 21 million tones

Australia's wheat production is likely to decline by more than one million tonnes from the government's most recent estimate, and fall 27 percent from last year's record crop, a Reuters poll shows, as dry weather reduces yields. Australia is the world's s
Published 07 Oct, 2012 12:00am
Indonesia's Sulawesi September cocoa bean exports up

Indonesia's Sulawesi September cocoa bean exports up

Indonesia's cocoa bean exports from its main growing island of Sulawesi rose 133 percent in September, industry data showed on Tuesday, after exporters released larger than usual stocks. Cocoa exports from Sulawesi grew to 17,240.14 tonnes in September fr
Published 07 Oct, 2012 12:00am
New York gold drops from 11-month high after US payrolls

New York gold drops from 11-month high after US payrolls

Gold hit an 11-month high early on Friday then retreated to end lower after bullion's appeal as an inflation hedge was dampened by a surprising drop in US unemployment rate to a four-year low. Weaker crude oil futures also weighed on the precious metal af
Published 07 Oct, 2012 12:00am
Commodities suffer choppy trade on stubborn demand worries

Commodities suffer choppy trade on stubborn demand worries

Commodity markets traded mixed last week as investors balanced stubborn worries over the global demand outlook against easing eurozone debt crisis concerns and the faltering dollar. Investors shrugged off strong non-farm payrolls (NFP) data in the United
Published 07 Oct, 2012 12:00am
Economic woes

Economic woes

Business Recorder's research wing's publication Fiscal Review noted some disturbing features with respect to our expenditure and revenue generating potential which include.
Published 07 Oct, 2012 12:00am
Italy's Monti pledges to put a lid on corruption scandals

Italy's Monti pledges to put a lid on corruption scandals

Twenty years after a major corruption affair that swept away Italy's postwar political system, graft scandals have moved to the local level. Headlines have focused on Franco Fiorito, a regional councillor from Silvio Berlusconi's party who was arrested on
Published 07 Oct, 2012 12:00am
Obama, Romney duel over US jobs situation as rate drops

Obama, Romney duel over US jobs situation as rate drops

With elections just a month away, President Barack Obama's re-election campaign celebrated a much needed injection of energy Friday from a drop in the jobless rate. Republican Rival Mitt Romney immediately pounced on the report from the US Bureau of Labou
Published 07 Oct, 2012 12:00am
Pakistan economy under global downturn: government's perspective

Pakistan economy under global downturn: government's perspective

The government inherited a declining economy with energy shortages, law and order challenges and an unfavourable global scenario. The outgoing government had created a bubble economy based on consumer credit, privatisation proceeds, foreign aid, real esta
Published 07 Oct, 2012 12:00am
Rising Syria-Turkey tensions

Rising Syria-Turkey tensions

Thanks to big power politics, the Syrian conflict drags on without an end in sight. An estimated 30,000 have lost their lives. Last week, Syrian mortar fire fell on the Turkish border town of Akcakale killing five civilians, including a mother and her thr
Published 07 Oct, 2012 12:00am
Strategic Trade Policy Framework

Strategic Trade Policy Framework

According to a Business Recorder exclusive, the revised Strategic Trade Policy Framework (2012-15) submitted for the second time by the Ministry of Commerce for formal approval by an inter-ministerial committee has been opposed by Finance and Plann
Published 07 Oct, 2012 12:00am
Shaan-e-Mustafa (PBUH) rally today

Shaan-e-Mustafa (PBUH) rally today

A "Shaan-e-Mustafa (PBUH)" rally against the blasphemous movie is going to be held under the umbrella of Jamaat-e-Islami Women Wing Lahore here at Campus Pul on Sunday. Women from throughout the country would take part in the rally and the protesters woul
Published 07 Oct, 2012 12:00am
Jabban Hydropower Project to be completed by March: Wapda

Jabban Hydropower Project to be completed by March: Wapda

Construction work on the 22MW-Jabban Hydropower Project has been expedited and the project is likely to be completed in March 2013. The Pakistan Water and Power Development Authority (WAPDA) Chairman Raghib Shah stated this during his visit to the project
Published 07 Oct, 2012 12:00am
Solar energy project: Punjab government, German firm sign MoU

Solar energy project: Punjab government, German firm sign MoU

A Memorandum of Understanding (MoU) on Solar Energy Project was signed between Punjab government and Germany's Solar Power Project Development Firm in Berlin, according to which the German firm would work on a mega project for generation of solar energy i
Published 07 Oct, 2012 12:00am
Prime Minister visits Kalyam Sharif shrine

Prime Minister visits Kalyam Sharif shrine

Prime Minister Raja Pervez Ashraf on Saturday visited the shrine of Baba Fazal Hussain Kalyami at Kalyam Sharif to pay his respects and offered Fateha for the revered saint. The Prime Minister also prayed for peace, security and prosperity of the country
Published 07 Oct, 2012 12:00am
Khosa assures all-out support to business community

Khosa assures all-out support to business community

The Governor Punjab is ready to go the extra mile for the Lahore Chamber of Commerce and Industry (LCCI) on all issues concerning the federal government. Governor Latif Khan Khosa was talking to the LCCI Executive Committee headed by LCCI President Farooq
Published 07 Oct, 2012 12:00am
Farooq Niaz joins ZONG

Farooq Niaz joins ZONG

ZONG has appointed a new Manager for its Public Relations and CSR function. Joining the competent team of ZONG is Farooq Niaz who brings with him over 9 years of experience in electronic media, printing, public relations, corporate communications and even
Published 07 Oct, 2012 12:00am
Chairman APTMA not happy with modest cut in discount rate

Chairman APTMA not happy with modest cut in discount rate

Central Chairman All Pakistan Textile Mills Association (APTMA) Ahsan Bashir expressed dismay over the negligible cut of 50bps in the discount rate by the State Bank of Pakistan (SBP), saying that this sluggish response to APTMA demands of cutting it by 3
Published 07 Oct, 2012 12:00am
Rabi Kisan Mela begins today

Rabi Kisan Mela begins today

Rabi Kisan Mela will start from Sunday (today) at University of Agriculture Faisalabad (UAF) here. This was stated by a spokesman of the university here Saturday.
Published 07 Oct, 2012 12:00am
Benazir murder case: three witnesses cross-examined

Benazir murder case: three witnesses cross-examined

The defence lawyers on Saturday cross-examined three witnesses produced by an applicant in the Benazir Bhutto assassination case on Saturday. The judge of Anti-Terrorism Court (ATC), Rawalpindi, held trial of the murder of the leader of Pakistan Peoples P
Published 07 Oct, 2012 12:00am
Appointment of Ehsan as ZTBL President welcomed

Appointment of Ehsan as ZTBL President welcomed

All Pakistan ZTBL Officers Association (patriots) has welcomed the appointment of a prominent banker Ehsan-ul-Haq Khan as President of the Bank. Ehsan-ul-haq Khan is a seasoned banker having more than 30 years experience in banking sector. He served Allie
Published 07 Oct, 2012 12:00am
LDA regularises 13 officials

LDA regularises 13 officials

Lahore Development Authority (LDA) has regularised the services of 13 officials with effect from February 8, 1996, by giving them all back benefits to bring them at par with those 948 work-charge or daily wager employees who had already been regularised.
Published 07 Oct, 2012 12:00am
Education Punjab government's top priority: Mujtaba

Education Punjab government's top priority: Mujtaba

Education Minister of Punjab Mujtaba Shuja-ur-Rehman has said that education is the top priority of provincial government which has taken new initiatives in this field. While addressing the students of AJK, Chitral, Gilgit and other provinces here at Nazr
Published 07 Oct, 2012 12:00am
Protest held against SPLGO 2012

Protest held against SPLGO 2012

Sindhi writers, poets, intellectuals, artists, civil society members, journalists and political activists staged a protest against Sindh People's Local Government Ordinance (SPLGO) 2012 outside Karachi Press Club on Saturday. A large number of the writers
Published 07 Oct, 2012 12:00am
Emirates welcomes 25th Airbus A380 to fleet

Emirates welcomes 25th Airbus A380 to fleet

Emirates, in a perfect example of its position as one of the world's fastest growing airlines, took delivery of its 24th and 25th Airbus A380 and its 78th Boeing 777-300, recently. The aircraft will be immediately engaged into service across Emirates netw
Published 07 Oct, 2012 12:00am
Expo Pakistan 2012: $350 million deals struck in three days

Expo Pakistan 2012: $350 million deals struck in three days

Pakistan may succeed to make $690 million business deals as a result of Expo Pakistan 2012, which is aimed creating more markets for Pakistani products abroad. Local firms have struck business deals worth over $350 million. Over 710 foreign buyers from 67
Published 07 Oct, 2012 12:00am
McDonald's, Chevron enter into agreement

McDonald's, Chevron enter into agreement

McDonald's Pakistan recently entered into an agreement with Chevron Pakistan to open and operate a restaurant at the very posh locality of DHA Phase 1, Caltex Gas Station, Karachi. This agreement is part of the global business model of McDonald's. Restaur
Published 07 Oct, 2012 12:00am
ICAP, ICMAP to organise best corporate, sustainability reports award

ICAP, ICMAP to organise best corporate, sustainability reports award

The Joint Committee of ICAP and ICMAP is organising the 12th Best Corporate and Sustainability Reports Award Ceremony on October 8 in Karachi. Chairman SECP, Muhammad Ali is the chief guest on the occasion and Muhammad Rafi president SAFA, M. Abdul Aleem
Published 07 Oct, 2012 12:00am
PAJCCI delegation to leave for Afghanistan today

PAJCCI delegation to leave for Afghanistan today

President, Pakistan Afghan Joint Chamber of Commerce and Industry (PAJCCI), Zubair Motiwala has said that a high level 31 member trade delegation of PAJCCI will visit Afghanistan from October 7th and discuss issues related to boosting two way trade and in
Published 07 Oct, 2012 12:00am
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