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Apr 17, 2025 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Print - 2013-06-23
Obama touts economic benefits of immigration overhaul

Obama touts economic benefits of immigration overhaul

US President Barack Obama Saturday touted the potential economic benefits of a major immigration overhaul currently under debate in Congress as he sought support for the landmark bill. The reforms under debate would provide a pathway to citizenship for th
Published 23 Jun, 2013 12:00am
K&N launches first-ever MSG Free chicken cube stok

K&N launches first-ever MSG Free chicken cube stok

K&N's, a founding pillar and beacon for Pakistan poultry industry has marketed the first ever Monosodium Glutamate (MSG) free chicken cube, STOK in Pakistan. Even though MSG is widely used as a flavour enhancer, company chooses not to use it, due to its p
Published 23 Jun, 2013 12:00am
Mosque blast: death toll rises to 16

Mosque blast: death toll rises to 16

An injured of Friday's mosque bombing in Peshawar succumbed to his injuries at a hospital on Saturday, soaring the death toll of the terrorist attack to 16. A bomber blew his explosives at a mosque in Peshawar yesterday spreading death and destruction dur
Published 23 Jun, 2013 12:00am
Two suspects of Peshawar mosque blast held

Two suspects of Peshawar mosque blast held

Law enforcement agencies on Saturday arrested two suspects involved in a gun-and-bomb attack on a mosque, in Peshawar on Friday, killing 16 people. At least three attackers had stormed the Madrassa Hussainia mosque and Imambargah on Friday in a largely Sh
Published 23 Jun, 2013 12:00am
Inauguration of 38th International Nathiagali Summer College tomorrow

Inauguration of 38th International Nathiagali Summer College tomorrow

Inauguration of 38th International Nathiagali Summer College on Physics and Contemporary Needs will be held here on Monday (June 24, 2013). This annual scientific activity will bring together about 300 scientists from various countries of the developing w
Published 23 Jun, 2013 12:00am
'Government mulling bringing CDA under Interior Ministry'

'Government mulling bringing CDA under Interior Ministry'

The government is contemplating bringing Capital Development Authority (CDA) under the administrative control of Interior Ministry headed by Chaudhry Nisar Ali Khan to resolve civic issues in the capital. An official source in the civic body told Busin
Published 23 Jun, 2013 12:00am
Capital police fail to curb crimes

Capital police fail to curb crimes

Capital police have failed to curb various crimes, particularly robberies and carjacking, which are on rise for the last couple of days. According to data gathered by Business Record a good number of people have been deprived of valuables, like gold ornam
Published 23 Jun, 2013 12:00am
Punjab to provide solar-powered tube-wells to farmers: minister

Punjab to provide solar-powered tube-wells to farmers: minister

Punjab government will provide bio-gas and solar-powered tube-wells to the small farmers of the province with a cost of Rs 7.5 billion. This was disclosed by Punjab Minister for Agriculture, Dr Farrukh Javed at a meeting held at the Agriculture House to r
Published 23 Jun, 2013 12:00am
Punjab to provide solar-powered tube-wells to farmers: minister

Punjab to provide solar-powered tube-wells to farmers: minister

Punjab government will provide bio-gas and solar-powered tube-wells to the small farmers of the province with a cost of Rs 7.5 billion. This was disclosed by Punjab Minister for Agriculture, Dr Farrukh Javed at a meeting held at the Agriculture House to r
Published 23 Jun, 2013 12:00am
NH&MP briefs road users on highways, motorways

NH&MP briefs road users on highways, motorways

On the directions of Zulfiqar Cheema, Inspector General National Highways & Motorway Police (NH&MP), N-5 Central officers observed "Public Awareness in Friendly Atmosphere" programme. On the occasion road safety stalls were set up at prominent points on h
Published 23 Jun, 2013 12:00am
The KPK budget

The KPK budget

KPK Finance Minister Sirajul Haq revealed that the budget deficit for the ongoing year was 35 billion rupees rather than the 41 billion rupees indicated in the documents because subsequent to assuming power the Pakistan Tehrik-i-Insaaf (PTI)-led provincia
Published 23 Jun, 2013 12:00am
Reduction in nukes

Reduction in nukes

It didn't take Moscow days and weeks; it blew off the palm President Obama's call for one-third bilateral reduction of nuclear arsenals as non-serious and unrealistic as soon as it was made on Wednesday. Moscow said it can't take such proposals seriously
Published 23 Jun, 2013 12:00am
Budget 2013-14: Concluding Speech

Budget 2013-14: Concluding Speech

Alongside is the text of concluding speech delivered by Senator Mohammad Ishaq Dar, Federal Minister for Finance, Revenue, Economic Affairs, Statistics and Privatisation, in the National Assembly on 22nd June 2013.
Published 23 Jun, 2013 12:00am
Budget 2013-14: Concluding Speech

Budget 2013-14: Concluding Speech

Alongside is the text of concluding speech delivered by Senator Mohammad Ishaq Dar, Federal Minister for Finance, Revenue, Economic Affairs, Statistics and Privatisation, in the National Assembly on 22nd June 2013.
Published 23 Jun, 2013 12:00am
Budget and economic management

Budget and economic management

Management of an economy is the most arduous assignment for the governments owing to the socio-economic complexities and the linkages of the economy with the outside world. Monetary and fiscal policies choreographed by the central banks, trade and commerc
Published 23 Jun, 2013 12:00am
New books offer insights into Germany's 'Mutti' Merkel

New books offer insights into Germany's 'Mutti' Merkel

You know a general election is looming in Germany when allegedly new revelations about the private life of Angela Merkel, Germany's studiously private chancellor, emerge. As the popular centre-right leader bids for a third chancellorship in polls due on S
Published 23 Jun, 2013 12:00am
Senior citizens and wealth tax

Senior citizens and wealth tax

The recently proposed wealth tax (called Income Support Levy) places an uncharitable and unfair burden on the senior citizen. One works all is working life and saves so that when he is unable to earn his livelihood he can rely on his savings for income fo
Published 23 Jun, 2013 12:00am
Sindh lawmakers condemn colleague's murder

Sindh lawmakers condemn colleague's murder

Lawmakers in the Sindh Assembly on Saturday denounced the killing of MQM's legislator Sajid Qureshi and criticised the subsequent 'strike' in the city during the assembly session. During the brief assembly session, held under Speaker Agha Siraj Khan Durra
Published 23 Jun, 2013 12:00am
Businesses, commercial activities suspended

Businesses, commercial activities suspended

Businesses and commercial activities on Saturday remained closed on the call of MQM to mourn the killing of its provincial lawmaker Sajjad Qureshi, traders said. Markets had gone to early closures on Friday after city's descended into a spontaneous violen
Published 23 Jun, 2013 12:00am
Almost 750,000 saplings planted: Pakistan creates new record

Almost 750,000 saplings planted: Pakistan creates new record

Pakistan has broken the world record previously held by India of planting the highest number of saplings in one day. Almost 750,000 saplings were planted at Kharochan in the coastal area here on Saturday. The campaign for the planting of saplings was laun
Published 23 Jun, 2013 12:00am
Two drowned in separate incidents

Two drowned in separate incidents

At least two persons were drowned in separate incident at various parts of the metropolis here on Saturday. According to police and rescue sources, a body of elder man was recovered from Jummah Goth located at Korangi in the limits of Ibrahim Hyderi polic
Published 23 Jun, 2013 12:00am
Industrial, trading activities come to a grinding halt

Industrial, trading activities come to a grinding halt

Industrial and trading activity in the port city stood still on Saturday as the Muttahida Qaumi Movement (MQM) observed a mourning day against the killing of its Member of Provincial Assembly Sindh Sajid Quresh and his son Waqas. MQM had announced three d
Published 23 Jun, 2013 12:00am
PU Syndicate approves Rs six billion budget

PU Syndicate approves Rs six billion budget

Punjab University Syndicate meeting, presided over by Vice Chancellor Professor Dr Mujahid Kamran, on Saturday approved Rs 6 billion budget for the year 2013-14. The university expects a total grant of Rs 1.777 billion from Higher Education Commission, 35
Published 23 Jun, 2013 12:00am
PU Syndicate approves Rs six billion budget

PU Syndicate approves Rs six billion budget

Punjab University Syndicate meeting, presided over by Vice Chancellor Professor Dr Mujahid Kamran, on Saturday approved Rs 6 billion budget for the year 2013-14. The university expects a total grant of Rs 1.777 billion from Higher Education Commission, 35
Published 23 Jun, 2013 12:00am
Debate on budget continues despite lack of quorum in Punjab Assembly

Debate on budget continues despite lack of quorum in Punjab Assembly

General discussion on annual budget for the year 2013-14 continued in the Punjab Assembly on Saturday and the treasury members hardly made any constructive arguments by just praising the government for giving a 'balance budget.' On the contrary, the Oppos
Published 23 Jun, 2013 12:00am
MCCI hails interest rate cut

MCCI hails interest rate cut

The Multan Chamber of Commerce and Industry (MCCI) on Saturday hailed State Bank of Pakistan's (SBP) decision to cut interest rate by 0.5 per cent and said that it will help stimulate private sector growth. MCCI acting President Bakhtawar Tanvir Sheikh sa
Published 23 Jun, 2013 12:00am
Man tortured to death: LHC seeks report

Man tortured to death: LHC seeks report

The Lahore High Court (LHC) here Saturday directed District and Sessions Judge Faisalabad to look into the matter of murder of a man who was allegedly torture by policeman and submit a report within a week. The LHC took notice on a news item published in
Published 23 Jun, 2013 12:00am
Government urged to float $5 billion bonds on international market

Government urged to float $5 billion bonds on international market

Economist Dr Akmal Hussain has suggested that the government should float bonds worth dollar five billion on the international market to tackle the problem of circular debt which is root cause of power crisis in the country. While addressing the post-budg
Published 23 Jun, 2013 12:00am
Government urged to float $5 billion bonds on international market

Government urged to float $5 billion bonds on international market

Economist Dr Akmal Hussain has suggested that the government should float bonds worth dollar five billion on the international market to tackle the problem of circular debt which is root cause of power crisis in the country. While addressing the post-budg
Published 23 Jun, 2013 12:00am
SBP's role in promotion of electronic services highlighted

SBP's role in promotion of electronic services highlighted

Lutfullah Khan, Chairman and CEO AutoSoft Dynamics, said on Saturday that the State Bank of Pakistan (SBP) has played a very effective and prominent role in pursuing banks to offer new technology and ensure electronic services to customers. With time the
Published 23 Jun, 2013 12:00am
Metro being replicated in Punjab's other cities: PML-N

Metro being replicated in Punjab's other cities: PML-N

Pakistan Muslim League-Nawaz (PML-N) leader, Khawaja Ahmad Hasan has said that metro bus projects would be started in Rawalpindi, Faisalabad and Multan during current financial year for providing affordable and modern transport facilities to the people.
Published 23 Jun, 2013 12:00am
Aafia's release: Nisar urged to make renewed efforts

Aafia's release: Nisar urged to make renewed efforts

Dr Fouzia Siddiqui, sister of Dr Aafia Siddiqui, called on Federal Minister for Interior, Chaudhry Nisar Ali Khan on Saturday. During the meeting, Dr Fouzia Siddiqui presented various facts relating to incarceration of Dr Aafia Siddiqui in the United Stat
Published 23 Jun, 2013 12:00am
Spotlight: clarification

Spotlight: clarification

Apropos an article published in Business Recorder on 18th June 2013 wherein the writer has made the following remarks: "Attorneys general appointed by the Executive one after another obstructed the Supreme Court at every stage instead of assisting
Published 23 Jun, 2013 12:00am
CNG cylinder issue: transporters' strike enters third day

CNG cylinder issue: transporters' strike enters third day

Public transporters continued their strike in the twin cities of Rawalpindi/Islamabad for the third consecutive day on Saturday against ban on installing more than one CNG cylinder in their vehicles, which added to the woes of commuters.
Published 23 Jun, 2013 12:00am
Traffic management campaign launched

Traffic management campaign launched

Islamabad Traffic Police on Saturday launched seven days traffic management campaign aiming to impart traffic rules among the road users to ensure save journey. Inspector General of Police Islamabad Police Baniyamin Khan inaugurated the campaign. Talking
Published 23 Jun, 2013 12:00am
Speakers highlight bottlenecks in EDR mechanism

Speakers highlight bottlenecks in EDR mechanism

Members of civil society organisation at a seminar have highlighted the bottlenecks in the mechanism for resolution of election related disputes, and stressed the need of amendments in the existing mechanisms for making more effective the elections disput
Published 23 Jun, 2013 12:00am
Public Service Day today

Public Service Day today

The United Nations' Public Service Day will be celebrated on June 23 to celebrate the value and virtue of service to the community. The day recognises that democracy and successful governance are built on the foundation of a competent civil service. The U
Published 23 Jun, 2013 12:00am
Commodity prices slump after Fed signal

Commodity prices slump after Fed signal

Global commodity prices dived last week, in line with world stock markets, on concerns over the US Federal Reserve ending its multi-billion dollar economic stimulus measures, as well as owing to poor Chinese manufacturing data, analysts said. "The Fed has
Published 23 Jun, 2013 12:00am
ICE cotton lower, notches biggest weekly loss in a year

ICE cotton lower, notches biggest weekly loss in a year

ICE cotton fell for a fifth straight session in actively traded months on Friday and notched its biggest weekly loss in a year as speculative investors continued to exit their bullish bets as concerns waned about tight supplies. The benchmark December cot
Published 23 Jun, 2013 12:00am
Brazil storage fire may disrupt sugar shipments: ICE

Brazil storage fire may disrupt sugar shipments: ICE

ICE Futures US said on Wednesday a fire at an inland storage facility in Brazil that services the port of Paranagua may disrupt shipments of raw sugar from the world's No 1 producer ahead of the expiry of the July contract on June 28. The extent of damage
Published 23 Jun, 2013 12:00am
Bangladesh gets lowest bid in sugar purchase tender

Bangladesh gets lowest bid in sugar purchase tender

Trading Corporation of Bangladesh has received the lowest offer of $543.50 a tonne, including cost and freight, from Singapore's AgroCorp International in a sugar purchase tender, an official at the state buyer said on Monday. The tender to buy 12,500 ton
Published 23 Jun, 2013 12:00am
Cocoa's steep slide leaves it dangling above next support area

Cocoa's steep slide leaves it dangling above next support area

Cocoa on ICE Futures US fell below two Fibonacci retracement support lines in its last two trading days, and though buyers appeared at Monday's lows, a rupture of next support levels would lead bean prices back to early April levels, or lower. New York co
Published 23 Jun, 2013 12:00am
New York gold up, but drop for week is biggest since September 2011

New York gold up, but drop for week is biggest since September 2011

Gold rose 1.3 percent on Friday, rebounding from nearly a three-year low earlier, but for the week it still dropped the most in nearly two years after the US Federal Reserve's most explicit indication to end its stimulus sparked a global market rout.
Published 23 Jun, 2013 12:00am
Black Sea wheat makes Asia comeback after three years

Black Sea wheat makes Asia comeback after three years

Wheat buyers in Asia are looking to replace Indian and Australian cargoes in the lower-end feed grain market with cheaper supplies from the Black Sea, which will be returning to the region after a three-year gap. But quality-sensitive consumers in Asia ar
Published 23 Jun, 2013 12:00am
Indian cotton seen falling on profit-taking

Indian cotton seen falling on profit-taking

Cotton prices in India are expected to fall this week as traders may book profit after recent gains and on the good progress of the monsoon, though dwindling supplies are seen restricting the downside. Rains have covered the entire country a month ahead o
Published 23 Jun, 2013 12:00am
Central America, Mexico 2013-14 coffee output to plunge

Central America, Mexico 2013-14 coffee output to plunge

Central America and Mexico 2013/14 coffee output is expected to plunge as a severe outbreak of roya, or leaf rust, cuts production, an executive at the International Coffee Organisation (ICO) told Reuters on Wednesday. Ricardo Villanueva, president of the
Published 23 Jun, 2013 12:00am
South Africa's maize output seen down

South Africa's maize output seen down

The South African government is expected next week to further cut the country's maize output forecast for 2013 as a drought earlier this year hurt crop growth, a Reuters survey showed on Thursday. In its fourth output forecast last month, the government's
Published 23 Jun, 2013 12:00am
Indonesia moves to keep wheat flour import tariff

Indonesia moves to keep wheat flour import tariff

Indonesia's trade ministry will propose indefinitely extending a temporary 20 percent emergency tariff on wheat flour imports, an official said on Tuesday, as Asia's top importer of the grain looks to protect its expanding wheat mill industry against subs
Published 23 Jun, 2013 12:00am
Russian rights group evicted from Moscow office

Russian rights group evicted from Moscow office

Authorities forcibly evicted a prominent Russian human rights organisation from its office in the early hours of Saturday in a raid its director said he believed was ordered by officials in President Vladimir Putin's administration. For Human Rights is on
Published 23 Jun, 2013 12:00am
Singapore smog eases as Indonesian planes waterbomb fires

Singapore smog eases as Indonesian planes waterbomb fires

Air quality in Singapore improved significantly to "moderate" pollution levels on Saturday, as Indonesian planes waterbombed raging forest fires and investigators scrambled to determine the cause of one of Southeast Asia's worst air pollution crises.
Published 23 Jun, 2013 12:00am
Thousands rally in Malaysia for polls reform

Thousands rally in Malaysia for polls reform

About 20,000 Malaysian opposition supporters gathered in the capital Saturday demanding the resignation of the country's Election Commission in the wake of contentious polls. The opposition claims bias by the commission cost them a historic win against Ma
Published 23 Jun, 2013 12:00am
Al Qaeda says hostages in North Africa alive, open to talks

Al Qaeda says hostages in North Africa alive, open to talks

Eight European hostages, including five from France, being held by al Qaeda in the Islamic Maghreb (AQIM) are safe, the Islamist group said in a statement posted on its Twitter account on Saturday. The statement coincided with rallies across France organi
Published 23 Jun, 2013 12:00am
Hamas executes two Palestinians

Hamas executes two Palestinians

Hamas leaders said they had hanged two Palestinians found guilty of spying for Israel over a decade, making them the first to be executed since the end of a month-long amnesty for informants in April. Sixteen Palestinians have been executed in Gaza for sp
Published 23 Jun, 2013 12:00am
Police disperse Istanbul protesters with water cannon

Police disperse Istanbul protesters with water cannon

Turkish police used water cannon on Saturday to disperse thousands of demonstrators who had gathered anew in Istanbul's Taksim Square, calling for the resignation of Prime Minister Recep Tayyip Erdogan. Hundreds of riot police backed up by water cannon tr
Published 23 Jun, 2013 12:00am
Miss Algeria crowned for first time in 10 years

Miss Algeria crowned for first time in 10 years

After an absence of 10 years, the Miss Algeria beauty contest was held Friday in the western city of Oran, with 19-year-old science student Rym Amari taking the pageant honours. The competition was suspended in 2003 after the death of Cheradi Hamdad, who
Published 23 Jun, 2013 12:00am
One dead, thousands without power after storms hit US Midwest

One dead, thousands without power after storms hit US Midwest

One woman is dead and more than 200,000 homes and businesses are without power in the upper Midwest on Saturday after severe thunderstorms struck parts of the Dakotas, Minnesota, and Wisconsin with damaging winds, lightning and baseball-sized hail.
Published 23 Jun, 2013 12:00am
Gunman shoots four outside North Carolina law firm, Walmart

Gunman shoots four outside North Carolina law firm, Walmart

A man armed with a shotgun and a bag of ammunition opened fire outside a law firm and a Walmart store in Greenville, North Carolina, on Friday, shooting four people before police shot him, the city's police chief said. The suspect and the victims underwen
Published 23 Jun, 2013 12:00am
British spy agency taps cables, shares with US NSA

British spy agency taps cables, shares with US NSA

Britain's spy agency GCHQ has tapped fibre-optic cables that carry international phone and internet traffic and is sharing vast quantities of personal information with the US National Security Agency, the Guardian newspaper said on Friday. The paper, whic
Published 23 Jun, 2013 12:00am
New shuttle Atlantis exhibit gives close-up look at space flight

New shuttle Atlantis exhibit gives close-up look at space flight

In deciding how to exhibit the space shuttle Atlantis, which goes on display next week, the Kennedy Space Center Visitor Complex in Florida opted for a perspective that would allow the public a rare view. "One of the ideas that developed very early was to
Published 23 Jun, 2013 12:00am
Canadian dollar stumbles to 19-month low

Canadian dollar stumbles to 19-month low

The Canadian dollar dropped more than a cent on Friday to hit its weakest level against the greenback since December 2011 after Canadian inflation data for May came in below expectations. A jump in natural gas prices nudged Canada's annual inflation rate
Published 23 Jun, 2013 12:00am
SRW wheat export premiums fall

SRW wheat export premiums fall

Soft red winter wheat export premiums at the US Gulf Coast declined on Friday on weak export demand and rising supplies from an accelerating harvest, traders said. Hard red winter wheat premiums were steady to weak, also pressured by rising supplies of ne
Published 23 Jun, 2013 12:00am
US natural gas futures end lower as forecasts turn milder

US natural gas futures end lower as forecasts turn milder

US natural gas futures ended lower on Friday for the second straight day, pressured by a slightly milder trend in the extended weather outlook despite expectations for some near-term heat that should kick up demand in the Northeast and Midwest.
Published 23 Jun, 2013 12:00am
US Midwest corn, soya bids mostly steady

US Midwest corn, soya bids mostly steady

Spot basis bids for corn and soyabeans held mostly steady around the US Midwest on Friday as a decline in futures at the Chicago Board of Trade slowed the already seasonally reduced offerings from farmers and commercial elevators, dealers said.
Published 23 Jun, 2013 12:00am
Russia's 2013-14 wheat exports to nearly double

Russia's 2013-14 wheat exports to nearly double

Russia's exportable wheat surplus could reach 18-20 million tonnes in 2013/14, compared with exports of around 11 million tonnes in the current 2012/13 season, the head of its Grain Union said on Thursday. Earlier in June, the government forecast that nex
Published 23 Jun, 2013 12:00am
Strategie Grains raises EU wheat crop by 600,000 tonnes

Strategie Grains raises EU wheat crop by 600,000 tonnes

French analyst Strategie Grains lifted its forecast for this year's soft wheat harvest in the European Union due to higher yield estimates following favourable weather conditions in many parts of the bloc in the last few weeks. Soft wheat output in the 28
Published 23 Jun, 2013 12:00am
Canadian canola futures fall

Canadian canola futures fall

ICE Canadian canola futures dipped on Friday, weakened by lower soybeans and profit-taking, but the nearby contract registered its first weekly gain in three weeks. Weak Canadian dollar limited canola's losses. Nearby July canola fell further than Novembe
Published 23 Jun, 2013 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 135,925 tonnes of cargo comprising 105,323 tonnes of import cargo and 30,602 tonnes of export cargo including 6,640 loaded and empty containers during the last 24 hours ended at 0700 hours on Saturday. The total import cargo of 10
Published 23 Jun, 2013 12:00am
Indian coffee prices lower

Indian coffee prices lower

Coffee prices in India, the world's fifth-biggest producer, eased on lack of export demand at a weekly auction. Arabica Plantation PB and A grade price were lower by 150-200 per 50 kg compared with the last sale, auctioneer J. Thomas & Co Pvt Ltd said in
Published 23 Jun, 2013 12:00am
Indian corn seen higher on slack supply

Indian corn seen higher on slack supply

Corn futures in India are expected to trade higher next week on a squeeze in local supplies and dwindling stocks, though the good progress of sowing due to plentiful monsoon rains are seen weighing on sentiment. Farmers have started sowing, and the fast p
Published 23 Jun, 2013 12:00am
Palm oil on European vegetable oils market down

Palm oil on European vegetable oils market down

Palm oil on the European vegetable oils market eased on Friday following a sell-off in global commodity markets and a lower Malaysian ringgit. "The weaker levels for many products on the European cash market were mostly the effect of the US Federal Reserv
Published 23 Jun, 2013 12:00am
Asian stocks to lead the way to year's end

Asian stocks to lead the way to year's end

Asia will spearhead the rise in global stock markets from now until the end of the year, according to a worldwide Reuters poll that showed only modest gains ahead for North American and European shares. Respondents also showed they expected the US Federal
Published 23 Jun, 2013 12:00am
Wall Street rally to continue as long as Fed holds steady

Wall Street rally to continue as long as Fed holds steady

After blistering gains in the first half of 2013, the US stock rally is expected to decelerate in the latter part of the year, advancing modestly beyond record highs, a Reuters poll found. The S&P 500 has jumped 15 percent year-to-date, repeatedly notchin
Published 23 Jun, 2013 12:00am
Nikkei seen rising 51 percent in 2013

Nikkei seen rising 51 percent in 2013

Japan's Nikkei will rise 51 percent in 2013 on expectations of higher company earnings, driven by a weaker yen after Prime Minister Shinzo Abe embarked on radical fiscal and monetary expansionary policies to spur growth, a Reuters poll showed, A gradual e
Published 23 Jun, 2013 12:00am
China likely to end nine-month IPO freeze at end of July

China likely to end nine-month IPO freeze at end of July

China is likely to resume approving initial public offerings at the end of July, sources quoted a senior regulator as saying on Tuesday, after a freeze since October as part of efforts to crack down on wrongdoing and restore investor confidence.
Published 23 Jun, 2013 12:00am
Indian bonds post worst week in nearly a year

Indian bonds post worst week in nearly a year

Indian bonds fell for a second consecutive session, posting their worst weekly loss in nearly a year as foreign investors sold heavily on the back of a fall in the rupee to record lows and narrowing differentials with US Treasury yields. The yield on the
Published 23 Jun, 2013 12:00am
Indian bonds post worst week in nearly a year

Indian bonds post worst week in nearly a year

Indian bonds fell for a second consecutive session, posting their worst weekly loss in nearly a year as foreign investors sold heavily on the back of a fall in the rupee to record lows and narrowing differentials with US Treasury yields. The yield on the
Published 23 Jun, 2013 12:00am
Italian, Spanish debt stabilises, Bunds hit five-month low

Italian, Spanish debt stabilises, Bunds hit five-month low

German Bund futures hit five-month lows on Friday on prospects of reduced US monetary stimulus, but Italian and Spanish debt stabilised after a deep sell-off the previous day. Greek government bonds underperformed other euro zone paper, with borrowing cos
Published 23 Jun, 2013 12:00am
Italian, Spanish debt stabilises, Bunds hit five-month low

Italian, Spanish debt stabilises, Bunds hit five-month low

German Bund futures hit five-month lows on Friday on prospects of reduced US monetary stimulus, but Italian and Spanish debt stabilised after a deep sell-off the previous day. Greek government bonds underperformed other euro zone paper, with borrowing cos
Published 23 Jun, 2013 12:00am
Brazilian stocks collapse to over four-year low

Brazilian stocks collapse to over four-year low

Brazilian stocks tumbled on Friday to the lowest in more than four years as investors remained concerned about an end to the US Federal Reserve's bond-buying scheme, worried about the Brazilian economy and anxious over a mass protest movement. Mexican sto
Published 23 Jun, 2013 12:00am
TSX regains some ground, but Fed spurs big weekly loss

TSX regains some ground, but Fed spurs big weekly loss

Canada's main stock index ended higher on Friday on gains in banks and gold miners, but recorded its third straight week of heavy losses as the US Federal Reserve's signal of a coming pullback of its easy money policy spooked investors. The change in Fed
Published 23 Jun, 2013 12:00am
Treasuries outlook: more losses mark miserable week for US bond market

Treasuries outlook: more losses mark miserable week for US bond market

US Treasuries prices fell on Friday and yields rose to their highest in over 22 months, marking a miserable week for the bond market as investors fled in the wake of a signal from the Federal Reserve that it might pare its bond purchases later this year.
Published 23 Jun, 2013 12:00am
Treasuries outlook: more losses mark miserable week for US bond market

Treasuries outlook: more losses mark miserable week for US bond market

US Treasuries prices fell on Friday and yields rose to their highest in over 22 months, marking a miserable week for the bond market as investors fled in the wake of a signal from the Federal Reserve that it might pare its bond purchases later this year.
Published 23 Jun, 2013 12:00am
Wall Street ends slightly up but slumps for the week

Wall Street ends slightly up but slumps for the week

US stocks ended mostly higher on Friday, with the Dow and S&P 500 ending two days of heavy losses, though traders continued to fret over planned changes to the Federal Reserve's easy money policy. Major indices posted their biggest weekly declines since A
Published 23 Jun, 2013 12:00am
Eurozone inflation outlook ebbs, but ECB to stand pat

Eurozone inflation outlook ebbs, but ECB to stand pat

Long-run expectations for euro zone inflation have ebbed to their weakest in around three years as the growth outlook remains tepid, according to a Reuters poll of economists on Wednesday. The vast majority of more than 60 economists surveyed this week, h
Published 23 Jun, 2013 12:00am
Food Network to drop Paula Deen amid racial slur controversy

Food Network to drop Paula Deen amid racial slur controversy

The Food Network said on Friday it would drop celebrity chef Paula Deen after the Southern food doyenne was sued for racial discrimination and admitted in a legal deposition to using a racial slur in the past. The impending loss of Deen's broadcast deal r
Published 23 Jun, 2013 12:00am
Swiss tax windfall boosts UK public finances in May

Swiss tax windfall boosts UK public finances in May

A windfall payment of tax by Swiss banks caused Britain's public finances to post a smaller-than-expected deficit in May, and underlying figures suggested the government was on track to meet its budget target this year. Deficit reduction is the central ec
Published 23 Jun, 2013 12:00am
Mobiles offer financial lifeline to Asian migrants

Mobiles offer financial lifeline to Asian migrants

Asia's mobile revolution is set to transform the region's financial services industry, offering a cheap way for millions of migrant workers to send money home to their families, a report said on Monday. Nearly 60 million migrant workers from the Asia-Paci
Published 23 Jun, 2013 12:00am
Italy should reverse parts of Monti's labour reform: OECD

Italy should reverse parts of Monti's labour reform: OECD

Italy should repeal parts of the labour reform adopted last year by former prime minister Mario Monti and make it easier to hire young workers on temporary contracts, the OECD's chief economist told Reuters in an interview on Friday. Prime Minister Enrico
Published 23 Jun, 2013 12:00am
Ethiopia must give private sector a bigger push: World Bank

Ethiopia must give private sector a bigger push: World Bank

Ethiopia should ensure private industry and business has sufficient access to finance in the state-dominated economy to keep growth rates up and shift from a heavy reliance on agriculture, the World Bank said. The Horn of Africa nation with its strongly s
Published 23 Jun, 2013 12:00am
Sri Lankan rupee drops to near six-month low

Sri Lankan rupee drops to near six-month low

Sri Lanka's rupee hit a more than six-month low in early trade on Friday on dollar demand for equity-related transactions, but late exporter selling of the greenback helped the currency to hold ground, dealers said. The rupee hit 129.00/10 per dollar, its
Published 23 Jun, 2013 12:00am
Shipping company TMT Group files for bankruptcy

Shipping company TMT Group files for bankruptcy

TMT Group, a large global shipping company, has filed for bankruptcy protection, saying it was unable to restructure its debt after industry conditions deteriorated. Twenty-three entities collectively known as TMT, whose 17 vessels transport cargo from oi
Published 23 Jun, 2013 12:00am
Freeport resumes some output at world's No 2 copper mine

Freeport resumes some output at world's No 2 copper mine

Freeport McMoRan Copper and Gold Inc has restarted some operations at the world's second biggest copper mine after receiving approval from the Indonesian government, a senior company official told Reuters on Saturday. The Arizona-based company has slowly
Published 23 Jun, 2013 12:00am
US likely to extend old farm law after House derails new bill

US likely to extend old farm law after House derails new bill

The US Congress is headed for a second stop-gap extension of current farm law if Republican leaders in the House of Representatives cannot get new legislation back on track after a stunning defeat. Farm lobbyists and analysts on Friday said a short-term e
Published 23 Jun, 2013 12:00am
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