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Print - 2012-12-11
Banks flinch as derivatives head back to the future

Banks flinch as derivatives head back to the future

The latest challenge to investment banks' iron grip on finance has its unlikely roots in agriculture. Since the mid-1980s, Wall Street has built a $650 trillion playground for speculators using financial instruments called swaps.
Published 11 Dec, 2012 12:00am
Sanctions push Iran into recession: IIF

Sanctions push Iran into recession: IIF

Sanctions imposed on Iran over its nuclear program have pushed the country into recession, a global association of financial services said on Monday. Crude oil exports have dropped sharply, the Iranian rial has plummeted and inflation has soared in 2012,
Published 11 Dec, 2012 12:00am
OECD sees economic traction in US and Britain

OECD sees economic traction in US and Britain

Economic growth appears to be gathering traction in the United States and Britain, while China and Italy may be about to turn up, the Organisation for Economic Co-operation and Development said on Monday. Signals continue to point to weak growth in German
Published 11 Dec, 2012 12:00am
Egypt suspends tax rises, putting IMF loan at risk

Egypt suspends tax rises, putting IMF loan at risk

President Mohamed Morsi suspended planned tax increases on Monday, shortly after they were formally announced, in a policy shift that could imperil Egypt's ability to secure a $4.8 billion loan from the IMF. Opposition groups, locked in a battle with the
Published 11 Dec, 2012 12:00am
China's Huawei to open R&D centre in Finland

China's Huawei to open R&D centre in Finland

Chinese telecom firm Huawei announced on Monday plans to invest 70 million euros ($90 million) to open up a research and development centre for smartphone and tablet software in Finland, home to rival Nokia. "The Finnish R&D centre will be a key driver in
Published 11 Dec, 2012 12:00am
Chinese group buys AIG aircraft firm for $4.8 billion

Chinese group buys AIG aircraft firm for $4.8 billion

American International Group Inc will sell nearly all of aircraft leasing business ILFC to a Chinese consortium for up to $4.8 billion, in a deal that gives the fastest growing aviation market easier and cheaper access to planes. But the sale is at a far
Published 11 Dec, 2012 12:00am
McDonald's restaurant sales rebound

McDonald's restaurant sales rebound

McDonald's Corp's sales at established restaurants rose more than expected in November as a renewed emphasis on low-priced food helped the company bounce back from a rare decline in October, it said on Monday. Still, analysts said it was too early to say
Published 11 Dec, 2012 12:00am
China's economic recovery intact, but weak exports to drag

China's economic recovery intact, but weak exports to drag

China's exports growth slowed sharply to a much lower than expected 2.9 percent in November, a customs report said on Monday, underscoring the global headwinds dragging on an economy showing otherwise solid signs of a pick up in domestic activity. Data at
Published 11 Dec, 2012 12:00am
German trade surplus narrows

German trade surplus narrows

Germany's trade surplus narrowed in October to its lowest level in over half a year as exports posted meagre growth in the face of weakening demand from the country's recession-hit European partners. The figures added to evidence that Europe's largest eco
Published 11 Dec, 2012 12:00am
Car sales plunge, highlighting shrinking French economy

Car sales plunge, highlighting shrinking French economy

France's central bank said on Monday it expected the euro zone's second-largest economy to contract in the fourth quarter of 2012, a state underlined by data showing tumbling car sales. The Bank of France repeated a prediction that gross domestic product
Published 11 Dec, 2012 12:00am
Key hurdle cleared as ministers approve single EU patent

Key hurdle cleared as ministers approve single EU patent

EU industry ministers approved on Monday the creation of a single patent system across most of Europe - a scheme some 40 years in the making. "It's a historic decision that will stimulate innovation and growth," said European Union Markets Commissioner Mi
Published 11 Dec, 2012 12:00am
Egypt's bourse drops after opposition rebuff on constitution

Egypt's bourse drops after opposition rebuff on constitution

Egypt's bourse fell on Monday as local investors booked the previous session's gains after the main opposition coalition rejected Islamist President Mohamed Morsi's plan for a constitutional referendum. Opponents accused Morsi of plunging Egypt deeper int
Published 11 Dec, 2012 12:00am
Hong Kong, China shares rise

Hong Kong, China shares rise

Hong Kong shares rose on Monday, led by China-related stocks, as hopes of an economic revival encouraged investors to load up on mainland-related property, banking and resource businesses. The Hang Seng index climbed 0.4 percent to 22,276.7, a shade below
Published 11 Dec, 2012 12:00am
Monday's midday trade: Wall Street gains on McDonald's and tech stocks

Monday's midday trade: Wall Street gains on McDonald's and tech stocks

US stocks rose on Monday, aided by gains in McDonald's and technology stocks, but moves remained muted as investors looked for any signs of movement on the "fiscal cliff" front. Developments in Europe also served to keep sentiment in check a s Italian Pri
Published 11 Dec, 2012 12:00am
Australian shares up

Australian shares up

Australian shares edged up marginally on Monday, but a disappointing rise in home loans brought the benchmark index off early highs made on positive US jobs data and industrial output and retail sales figures from China. Australian home loan commitment fo
Published 11 Dec, 2012 12:00am
Southeast Asian bourses mostly up

Southeast Asian bourses mostly up

Singapore shares edged up to their highest in 16 months on Monday while most other Southeast Asian stocks also ended higher on optimism over the rising factory output growth in China and falling unemployment rate in the United States. However, concern ove
Published 11 Dec, 2012 12:00am
Seoul shares flat; Samsung Elec hits lifetime high

Seoul shares flat; Samsung Elec hits lifetime high

South Korean shares closed flat on Monday after profit taking by local institutional investors pared early gains, though market heavyweight Samsung Electronics Co Ltd ended at an all-time high the third time out of the last four closes thanks to a positiv
Published 11 Dec, 2012 12:00am
Nikkei gains

Nikkei gains

Japan's Nikkei share average edged higher on Monday as gains in index heavyweights Fast Retailing Co Ltd and Advantest Corp erased losses caused by investors booking profits in export-focused firms after weaker-than-expected Chinese trade data. The Nikkei
Published 11 Dec, 2012 12:00am
Core European shares grind higher as Italy drags

Core European shares grind higher as Italy drags

Blue-chip shares in France, Germany and the UK helped European stocks close higher on Monday, as political turmoil in Italy unnerved investors and prompted a flight to safety. The FTSEurofirst 300 closed up 1.84 points, or 0.2 percent at 1,134.53, support
Published 11 Dec, 2012 12:00am
Taiwan stocks down

Taiwan stocks down

Taiwan stocks erased early gains and ended down 0.4 percent on Monday, dragged by machinary makers and chip makers, which fell 1.7 percent and 1.3 percent, respectively. The main TAIEX index dropped 32.76 points to 7,609.50, after opening up 0.2 percent.
Published 11 Dec, 2012 12:00am
Indian shares flat

Indian shares flat

Indian shares recovered from the day's low to end nearly flat on Monday, led by a rally in state-run banks such as Punjab National Bank on hopes that legislation on banking sector reforms would be passed during the current session of parliament. Traders s
Published 11 Dec, 2012 12:00am
FTSE ends at best closing level since late March

FTSE ends at best closing level since late March

Britain's benchmark share index rose to its highest closing level in nearly 9 months on Monday, with many traders betting that worries over Italy would fail to halt a traditional year-end equities rally. The blue-chip FTSE 100 closed up 0.1 percent, or 7.
Published 11 Dec, 2012 12:00am
Yuan ends at one-month low

Yuan ends at one-month low

The yuan closed at its weakest level in over a month on Monday after the central bank appeared to buy dollars in the session's final minutes, extending a pattern of intervention when trading volumes are low. Spot yuan plunged in the final half hour of tra
Published 11 Dec, 2012 12:00am
Australian and New Zealand dollars steady

Australian and New Zealand dollars steady

The Australian and New Zealand dollars held near one-month highs against the euro on Monday as political uncertainty in Italy weighed on the common currency. The Antipodean currencies were steady against the US dollar, undeterred by China's weaker-than-ex
Published 11 Dec, 2012 12:00am
Euro hugs two-week low in Asia

Euro hugs two-week low in Asia

The euro flirted with two-week lows against the dollar on Monday after Italian Prime Minister Mario Monti offered to resign, raising political uncertainty over who will lead the euro zone's third-biggest economy. The single currency was also undermined by
Published 11 Dec, 2012 12:00am
Early trade in New York: Euro pressured by Italy's political crisis

Early trade in New York: Euro pressured by Italy's political crisis

The euro slipped against the yen and was flat versus the dollar on Monday after Italy's prime minister said he would step down early, putting the country's outlook in a state of flux and raising concerns about the euro zone's near-term prospects. The euro
Published 11 Dec, 2012 12:00am
Euro slips in London

Euro slips in London

The euro dipped against the dollar on Monday as political turbulence in Italy stoked concerns about the region's near-term outlook. The euro was seen susceptible to further losses as the gap between euro zone peripheral bond yields and their German counte
Published 11 Dec, 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 Monday. 80.90-80.95 (previous 80.95-81.00). Call Money Rates: 07.75-08.00 percent (previous 06.05-08.75 percent).
Published 11 Dec, 2012 12:00am
Won hits 15-month high

Won hits 15-month high

The South Korean won hit a 15-month high on Monday and most Asian currencies held steady or edged higher after US and Chinese data stirred some optimism about the outlook for the global economy. Traders said suspected intervention by the local authorities
Published 11 Dec, 2012 12:00am
Swiss franc slips

Swiss franc slips

The Swiss franc slipped against the dollar on Monday, moving in tandem with the euro which dipped after an offer by Italian Prime Minister Mario Monti to resign renewed concern about the euro zone's debt crisis. The franc fell 0.2 percent against the doll
Published 11 Dec, 2012 12:00am
Indian rupee falls

Indian rupee falls

The Indian rupee fell marginally on Monday on continued dollar demand from oil importers, but the losses were capped by expectations of inflows from a spate of share sales. Bharti Infratel, the telecommunications tower unit of top Indian phone carrier Bha
Published 11 Dec, 2012 12:00am
Sterling hits near three-week high versus euro

Sterling hits near three-week high versus euro

Sterling hit a near three-week high against the euro on Monday, with the shared currency coming under pressure as investors fretted over the Italian prime minister's decision to resign. Italian Prime Minister Mario Monti said on Saturday he would resign a
Published 11 Dec, 2012 12:00am
Beaten Mueller hails 'giant' Messi

Beaten Mueller hails 'giant' Messi

Germany great Gerd Mueller on Monday described Lionel Messi as a "giant" after the Argentine broke his calendar year goalscoring record that had stood for 40 years. "My record of 85 goals in 60 matches, which stood since 1972, was beaten by the best playe
Published 11 Dec, 2012 12:00am
Samuels lifts West Indies to win over Bangladesh

Samuels lifts West Indies to win over Bangladesh

Explosive batting from Marlon Samuels lifted the World Twenty20 champions West Indies to an 18-run win over Bangladesh in a high-scoring match at Shere Bangla stadium on Monday. Samuels hit a 43-ball 85 not out to steer the champions to 197-4 in their 20
Published 11 Dec, 2012 12:00am
Lionel Messi wants titles, not more history

Lionel Messi wants titles, not more history

Lionel Messi insists that his record-breaking 86-goal haul in 2012 will count for nothing if Barcelona miss out on La Liga and Champions League titles. The Argentine star wrote his name into the history books by overhauling German legend Gerd Mueller's 19
Published 11 Dec, 2012 12:00am
Pakistan reach Blind twenty20 semi-final

Pakistan reach Blind twenty20 semi-final

Pakistan thrashed Nepal registering a formidable 10-wicket triumph and confirmed their place in the semi-finals of Blind T20 World Cup on Monday in Bangalore. Chasing a measly total on 89 runs, Pakistan achieved the target easily without losing a single w
Published 11 Dec, 2012 12:00am
PCB should not have agreed to play in India without reassurance: Mani

PCB should not have agreed to play in India without reassurance: Mani

Pakistan Cricket Board (PCB) should not agreed to play a short series in India without any reassurances from the Board of Control for Cricket in India (BCCI), former ICC chief Ehsan Mani said on Monday. "This tour of India. It's a step in the right direct
Published 11 Dec, 2012 12:00am
Indian football club faces ban after violence

Indian football club faces ban after violence

Popular Indian football club Mohun Bagan faced a three-year ban from the country's top league on Monday for refusing to continue a match after crowd violence in Kolkata injured one of their players, reports said. Mohun Bagan were a goal down away from hom
Published 11 Dec, 2012 12:00am
Indonesia facing possible suspension from football

Indonesia facing possible suspension from football

Indonesia is facing a possible suspension from world football after two rival associations failed to reunite in time for a Monday deadline set by world governing-body FIFA. Indonesian Football Association (PSSI) chairman Djohar Arifin Husin said a congres
Published 11 Dec, 2012 12:00am
Germany expels four Syrian embassy staff

Germany expels four Syrian embassy staff

Germany has expelled four Syrian embassy staff as part of a drive to reduce ties with President Bashar al-Assad, Foreign Minister Guido Westerwelle said on Monday. Berlin has told Syria's acting envoy that the four staff have until Thursday to leave Germa
Published 11 Dec, 2012 12:00am
Singer Jenni Rivera dies in plane crash

Singer Jenni Rivera dies in plane crash

Jenni Rivera, one of Mexico's most popular singers, died when her plane crashed after a concert. She was 43. The Learjet 25 crashed Sunday in northern Mexico, killing all seven people on board, Alejandro Argudin, head of the civil aviation agency, was quo
Published 11 Dec, 2012 12:00am
China among world's most unequal countries

China among world's most unequal countries

China's wealth gap has widened to a level where it is among the world's most unequal nations, a Chinese academic institute said in a survey, as huge numbers of poor are left behind by the economic boom. China's Gini coefficient - a commonly used measure o
Published 11 Dec, 2012 12:00am
Romania's ruling coalition comfortably wins

Romania's ruling coalition comfortably wins

Romania's governing coalition comfortably won a weekend parliamentary poll, results showed on Monday, in an outcome likely to fuel tensions that have raised concern over the democratic credentials of one of EU's newest members. The Social-Liberal Union (U
Published 11 Dec, 2012 12:00am
Egypt army gets temporary power to arrest civilians

Egypt army gets temporary power to arrest civilians

Egypt's government has temporarily given the military the authority to arrest civilians to help safeguard a constitutional referendum planned for Saturday, the official gazette said. The order, gazetted late on Sunday, said the military would support poli
Published 11 Dec, 2012 12:00am
Embattled EU steps up for Nobel Peace Prize

Embattled EU steps up for Nobel Peace Prize

The European Union, facing its worst crisis in six decades, was officially awarded the 2012 Nobel Peace Prize on Monday for turning Europe "from a continent of war to a continent of peace." With a score of EU heads of state and government looking on, Norw
Published 11 Dec, 2012 12:00am
Britain announces £1.2 billion submarine deal

Britain announces £1.2 billion submarine deal

British defence giant BAE Systems will complete construction of the Royal Navy's new submarine HMS Audacious in a deal worth £1.2 billion, the Ministry of Defence (MoD) announced Monday. The contract (equivalent to $1.9 billion, 1.5 billion euros) for Aud
Published 11 Dec, 2012 12:00am
US commando killed in Afghanistan

US commando killed in Afghanistan

A US special forces commando was killed during a mission in Afghanistan that succeeded in rescuing a kidnapped American doctor, the White House said Sunday. President Barack Obama said that in carrying out the raid in eastern Afghanistan the commando team
Published 11 Dec, 2012 12:00am
Prominent Afghan female official shot dead

Prominent Afghan female official shot dead

Unknown gunmen shot dead a senior female government worker on Monday, officials in eastern Afghanistan said, five months after her predecessor was killed in a bomb attack. Violence against women appears to be on the rise in Afghanistan, which activists an
Published 11 Dec, 2012 12:00am
Taliban to attend Paris conference

Taliban to attend Paris conference

The Taliban said Monday it would attend a conference in Paris on Afghanistan this month but would not hold peace talks with Afghan government delegates or other groups. A member of Afghanistan's government-appointed High Peace Council said however that it
Published 11 Dec, 2012 12:00am
Asean chair urges North Korea to call off rocket launch

Asean chair urges North Korea to call off rocket launch

Cambodian Prime Minister and Asean chairman Hun Sen urged North Korea Monday to scrap a planned rocket launch, saying it would bring "fear and tension" to the region. Pyongyang on Monday pushed back the window for the controversial planned launch by a wee
Published 11 Dec, 2012 12:00am
North Korea extends rocket launch window

North Korea extends rocket launch window

North Korea has extended the window for a widely condemned long-range rocket launch by a week after discovering a "technical deficiency", the isolated state's news agency said on Monday. The launch, viewed by the United States, Japan and South Korea as a
Published 11 Dec, 2012 12:00am
Greenpeace sues South Korea over nuclear activists

Greenpeace sues South Korea over nuclear activists

Greenpeace said Monday it had filed a lawsuit against the South Korean government for denying entry to half a dozen key campaigners and seeking to "silence" criticism of its nuclear policies. The environmental group said it wanted recognition from the cou
Published 11 Dec, 2012 12:00am
Mandela in 'no immediate danger', but faces more tests

Mandela in 'no immediate danger', but faces more tests

Ailing anti-apartheid icon Nelson Mandela will remain in hospital for a third day Monday and receive further undisclosed tests, but was comfortable and in "no immediate danger," the South African government said. There is "no immediate danger to him at th
Published 11 Dec, 2012 12:00am
Uproar in Indian parliament over Walmart lobbying

Uproar in Indian parliament over Walmart lobbying

Opposition lawmakers staged protests in India's parliament on Monday after reports that retail giant Walmart had been lobbying with US lawmakers to facilitate its entry into India. In a disclosure to the US Senate, Walmart said it spent close to 25 millio
Published 11 Dec, 2012 12:00am
Argentine soya and corn sowing slowed by driving rains

Argentine soya and corn sowing slowed by driving rains

Key Argentine corn and soya areas have been drenched by storms this month, keeping some fields under water and delaying planting while toxic fungus, bred by the excessive moisture, moves in on wheat fields. The South American country is a major exporter o
Published 11 Dec, 2012 12:00am
Shanghai copper surges

Shanghai copper surges

The most-traded March copper contract on the Shanghai Futures Exchange rose 0.92 percent to close at 57,980 yuan ($9,300) a tonne on Monday after data showed China's factory output growth accelerated to eight-month highs in November, but lingering worries
Published 11 Dec, 2012 12:00am
Copper near two-month high

Copper near two-month high

Copper hit its highest price in almost two months on Monday as investors took heart from rising factory output growth in top consumer China, although data also showed Chinese exports and imports were below forecasts, tempering the metal's gains. Also rest
Published 11 Dec, 2012 12:00am
Brent oil gains after Chinese oil imports grow

Brent oil gains after Chinese oil imports grow

Brent oil prices rose slightly on Monday after Chinese data showed oil imports increased last month, a sign of robust demand for commodities in the world's No 2 oil consuming country. Chinese customs data showed imports rose to 5.69 million barrels per da
Published 11 Dec, 2012 12:00am
Tokyo rubber futures soar

Tokyo rubber futures soar

Key TOCOM rubber futures rose 1.9 percent to a two-month high on Monday, tracking gains in the Shanghai market as strong output data in China over the weekend helped revive risk appetite, with rises in shares and some commodities extending additional supp
Published 11 Dec, 2012 12:00am
Palm oil moves up

Palm oil moves up

Malaysian palm oil futures inched up on Monday as slower-than-expected growth in stocks last month and firm export demand in the first ten days of December lifted sentiment. Traders are expecting stronger export demand in the days to come, potentially cut
Published 11 Dec, 2012 12:00am
Sugar and coffee sink to 2-1/2 years low

Sugar and coffee sink to 2-1/2 years low

Raw sugar and arabica coffee futures on ICE closed at the lowest level in roughly 2-1/2 years on Monday, after reports from top producer Brazil emphasised plentiful supplies for both markets. Cocoa futures trading on both ICE Futures US and Liffe eased, w
Published 11 Dec, 2012 12:00am
Gold inches up in Asia

Gold inches up in Asia

Gold inched up on Monday as a drop in the US unemployment rate did little to dampen expectations that the Federal Reserve will maintain easy monetary policy when it meets later this week. Investors are watching progress in the US fiscal talks and potentia
Published 11 Dec, 2012 12:00am
Gold rises in Europe

Gold rises in Europe

Gold prices firmed for a third session on Monday on expectations the Federal Reserve will further stimulate monetary policy when it meets later this week, though a weaker tone to European stock markets kept a lid on gains. Investors are awaiting the outco
Published 11 Dec, 2012 12:00am
US MIDDAY: corn tumbles

US MIDDAY: corn tumbles

US corn futures hit a three-week low early on Monday, falling for a third straight session as sluggish exports and an expected upward revision to US stocks suggested a recovery in supply after a drought-hit harvest. Wheat followed corn down, pressured by
Published 11 Dec, 2012 12:00am
US MIDDAY: gold moves up

US MIDDAY: gold moves up

Gold rose for a third session on Monday as investors were uncertain about the US budget crisis and hopeful that the Federal Reserve will unveil new economic stimulus this week. Growing unease about Europe boosted safe-haven bids for bullion after Italian
Published 11 Dec, 2012 12:00am
PIA's first Lahore-Madinah flight leaves

PIA's first Lahore-Madinah flight leaves

Pakistan International Airline's first flight PK 743 from Lahore to Madinah via Karachi left 6:10pm (PST) carrying 168 passengers, PIA spokesman said here on Monday. After Karachi, Multan and Islamabad, Lahore has also been added for a direct connection t
Published 11 Dec, 2012 12:00am
Illegal excavation banned in Thatta for 60 days

Illegal excavation banned in Thatta for 60 days

Sindh Government under section 144 CrPC has imposed complete ban on illegal excavation/lifting of sand, hill- sand and precious stones and cutting/movement transpiration of trees within the revenue/state limits of district Thatta for a period of 60 days w
Published 11 Dec, 2012 12:00am
'Around one billion people have no access to clean drinking water'

'Around one billion people have no access to clean drinking water'

"Despite the fact that access to clean drinking water is the basic human right, around one billion people living in developing countries don't have access to it," Human Rights experts disclosed this while addressing a seminar here at a hotel on Monday.
Published 11 Dec, 2012 12:00am
FPCCI beset by infighting

FPCCI beset by infighting

It is indeed a matter of deep distress that instead of focusing on economic issues and problems facing members of the business community, officials of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), the apex trade body are involved i
Published 11 Dec, 2012 12:00am
Losses exceed Rs 15 billion mark: Pama

Losses exceed Rs 15 billion mark: Pama

The losses of local automotive industry in the past five months exceeded Rs 15 billion due to low sales, according to Chairman, Pakistan Automotive Manufacturers Association (PAMA), Parvez Ghias. Appearing highly disturbed and unhappy over government's wa
Published 11 Dec, 2012 12:00am
Traders hold protest against police

Traders hold protest against police

Sukkur Small Traders Committee Monday held shutterdown strike and protests against police assault and registering cases against 37 shopkeepers here. It should be mentioned here that the police dressed in plain clothes allegedly tortured and tried to arres
Published 11 Dec, 2012 12:00am
MAP to hold 13th convention

MAP to hold 13th convention

Management Association of Pakistan will hold the 13th MAP convention here on December 18. Renowned economist and former Vice President of World Bank, Shahid Javed Burki, will present a thought provoking macro-economic address. The theme chosen for this ye
Published 11 Dec, 2012 12:00am
Extension in Prime Minister's fiscal relief package sought

Extension in Prime Minister's fiscal relief package sought

The Leader of Businessmen Forum and ANP senior Senator, Ilyas Ahmad Bilour said that the extension of PM fiscal relief package for war-affected business community of Khyber Pakhtunkhwa was imminent for complete revival of businesses, saying that the commu
Published 11 Dec, 2012 12:00am
Getz Pharma donates Rs 25 million to IBA

Getz Pharma donates Rs 25 million to IBA

At a simple but impressive ceremony at the Institute of Business Administration (IBA), Getz Pharma (Private) Limited donated Rs 25 million to the IBA for promoting quality education in Pakistan. At the ceremony, Dean & Director IBA, Dr Ishrat Husain and M
Published 11 Dec, 2012 12:00am
Shared goals with SCO - II

Shared goals with SCO - II

And what can be termed an achievement on the part of our Information Minister, Qamar Zaman Kaira, was his courageous refocusing on Pakistan's sufferings on account of terrorism. It was, in fact, an attempt of a nation that has suffered at the hands of an
Published 11 Dec, 2012 12:00am
Australians row over prank call that might have cost a life

Australians row over prank call that might have cost a life

Australian Prime Minister Julia Gillard last week recorded a video for the national broadcaster ABC declaring that the Mayan calendar was right and the end of the world had arrived. "Whether the final blow comes from flesh-eating zombies, demonic hell bea
Published 11 Dec, 2012 12:00am
Justified defiance?

Justified defiance?

It is hard to deny that, for too long, the majority of SMEs have remained unregistered and thus stayed out of the tax net. The recent statement of the Chairman SECP that the undocumented economy is as large as the documented economy is acceptance of that
Published 11 Dec, 2012 12:00am
Governor Khosa's outlandish comment

Governor Khosa's outlandish comment

With sprawling lawns and imposing edifice of the colonial era, the Governor's House in Lahore has about it an aura of political clout that takes in its occupant sooner than later. We have had some powerful governors such as Nawab of Kalabagh Amir Muhammad
Published 11 Dec, 2012 12:00am
Helping out micro-enterprises

Helping out micro-enterprises

The State Bank of Pakistan, in a major move on 4th December, 2012, decided to allow micro-finance banks (MFBs) to avail financing under the Credit Guarantee Scheme (CGS) in order to help micro enterprises to boost their businesses. According to a SBP circ
Published 11 Dec, 2012 12:00am
Panel discussion on gender-based violence held

Panel discussion on gender-based violence held

US Consulate General Public Affairs Officer Brinille Ellis joined scholars, human rights advocates, police, and students at a panel discussion on gender-based violence and reaffirmed the US government's commitment to prevent violence against women and gir
Published 11 Dec, 2012 12:00am
UFG losses: Ogra Chairman's statement triggers panic selling?

UFG losses: Ogra Chairman's statement triggers panic selling?

The statement of Chairman Oil and Gas Regulatory Authority (Ogra) regarding UFG losses is said to have led to panic selling in the shares of Sui gas companies. According to market sources, the Ogra chairman held a press conference on Friday in Islamabad,
Published 11 Dec, 2012 12:00am
Pak-Afghan Journalists Conference begins

Pak-Afghan Journalists Conference begins

Pak-Afghan Journalists Conference began here in Peshawar on Monday. More than 50 journalists from both neighbouring countries are attending the conference. The inaugural session of the conference was held in a local hotel. Addressing the inaugural session
Published 11 Dec, 2012 12:00am
Five-member committee to monitor 3G auction

Five-member committee to monitor 3G auction

Prime Minister Raja Pervez Ashraf has constituted a five-member Oversight Committee, which will monitor the 3G Auction. The Committee will comprise representatives of media, civil society, National Accountability Bureau, technical experts and an economist
Published 11 Dec, 2012 12:00am
Speakers for annulment of FCR Act

Speakers for annulment of FCR Act

Speakers at a seminar have called for complete repealing of the Frontier Crime Regulation Act as innocent children, and aged people jailed under the draconian law, termed that the recently introduction Fata reforms were insufficient to bring change in soc
Published 11 Dec, 2012 12:00am
PPP organises seminar to mark International Human Rights Day

PPP organises seminar to mark International Human Rights Day

Pakistan People's Party (PPP) on Monday arranged a seminar on the role of political parties in promoting culture of human rights in Pakistan in order to observe International Human Rights Day, here at Pakistan National Council of Arts. Deputy Speaker Nati
Published 11 Dec, 2012 12:00am
Watan Card centres: financial assistance distributed among flood victims

Watan Card centres: financial assistance distributed among flood victims

Financial assistance to flood victims was distributed in Punjab among 27303 families in Taunsa, Shujaabad and Layyah districts through Watan Card centres. This was disclosed by Director General Provincial Disaster Management Authority, Mujahid Sher Dil wh
Published 11 Dec, 2012 12:00am
Karachi iron unit accused of deceiving RTO

Karachi iron unit accused of deceiving RTO

A manufacturer of iron and steel in Karachi is said to have paid electricity bill of Rs 3,000 monthly and claimed sales tax refund of Rs 67 million, which was duly accepted, cleared and processed - an oversight by dealing officials beyond imagination.
Published 11 Dec, 2012 12:00am
NBP committed to providing financial services to all: Adil

NBP committed to providing financial services to all: Adil

National Bank of Pakistan (NBP) is committed to provide financial services to all segment of the society, particularly the most disadvantaged and left over population, said Adnan Adil Hussain, Senior Vice President & Head Consumer & Retail Banking Divisio
Published 11 Dec, 2012 12:00am
Dialogue held to resolve doctors' issues

Dialogue held to resolve doctors' issues

A dialogue between the leaders of Pakistan Medical Association (PMA) and Secretary Health Balochistan held to resolve ongoing crisis in government hospitals due to doctor's strike.
Published 11 Dec, 2012 12:00am
ICMAP holds Honours' Convocation

ICMAP holds Honours' Convocation

The Institute of Cost and Management Accountants of Pakistan (ICMAP) Lahore, Branch Council organised Honours' Convocation for the qualified Cost & Management Accountants on December 8 at convention Hall, Lahore International Expo Centre. Dr Abdul Qadeer
Published 11 Dec, 2012 12:00am
Qaim welcomes CZECH Noel Corporation's interest in coal power plant

Qaim welcomes CZECH Noel Corporation's interest in coal power plant

Sindh Chief Minister Syed Qaim Ali Shah on Monday has welcomed the delegation of CZECH Republic Noel Corporation and appreciated their interest in establishment of coal power plant at Badin. This he said during a meeting with said delegation here at Chief
Published 11 Dec, 2012 12:00am
Fruit dealers condemn killing of merchants

Fruit dealers condemn killing of merchants

Leaders of agriculture trade union have strongly condemned the killing of merchants dealing with business of fruits in D I Khan, demanding for immediate arrest of their killers and give an exemplary punishment.
Published 11 Dec, 2012 12:00am
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