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Print - 2013-06-25
Financial crises may call for easier monetary policies: Fed's Dudley

Financial crises may call for easier monetary policies: Fed's Dudley

Monetary policies may need to be "more accommodative than otherwise" in the wake of financial crises that impair a central bank's ability to nurture the real economy, an influential US Federal Reserve policymaker argued on Monday. In his first public comm
Published 25 Jun, 2013 12:00am
AIG extends deadline for consortium to buy aircraft-leasing unit

AIG extends deadline for consortium to buy aircraft-leasing unit

American International Group's unit extended the date for a Chinese consortium to get regulatory approvals to buy the airplane-leasing business till July 31. AIG announced the deal to sell International Lease Finance Corp (ILFC) last December for $4.8 bil
Published 25 Jun, 2013 12:00am
Mexico inflation cools more than expected in early June

Mexico inflation cools more than expected in early June

Mexican inflation cooled in early June as prices for fresh food fell, backing central bank forecasts for tamer prices in the second half of the year, although a weak peso could still upset the inflation outlook. Inflation in the 12 months to mid-June ease
Published 25 Jun, 2013 12:00am
Ambani bets on 4G broadband in India, but risks abound

Ambani bets on 4G broadband in India, but risks abound

Indian tycoon Mukesh Ambani hopes his multi-billion dollar bet on cheap high-speed wireless broadband could change the way nearly a billion of his countrymen use mobile devices from the way they do banking to watching cricket. In a country where most peop
Published 25 Jun, 2013 12:00am
IMF renews dialogue with Somalia

IMF renews dialogue with Somalia

The International Monetary Fund on Monday said it had renewed dialogue with Somalia after a 22-year break linked to unrest and political instability. An IMF fact-finding mission met Somali authorities over the past week in Nairobi, the IMF said, following
Published 25 Jun, 2013 12:00am
Putin changes economic team amid slowdown

Putin changes economic team amid slowdown

Russian President Vladimir Putin reshuffled his top economic aides on Monday in a move analysts said was aimed at giving the Kremlin more control to spend its way out of a looming recession. Putin's former top economic advisor Elvira Nabiullina took over
Published 25 Jun, 2013 12:00am
South African construction companies fined

South African construction companies fined

South Africa's competition watchdog has fined 15 construction companies a combined $143 million to settle a long-standing investigation into price-fixing. The Competition Commission said that the companies, including industry leaders Murray & Roberts, Ave
Published 25 Jun, 2013 12:00am
Citigroup becomes first US bank to open in Iraq

Citigroup becomes first US bank to open in Iraq

Citigroup will be the first US bank to open in Iraq after it announced Monday it had received preliminary approval by the Central Bank of Iraq to establish an office there, according to media reports. The branch office is to open in Baghdad. Citigroup, th
Published 25 Jun, 2013 12:00am
In Britain, attempts to cut spending fuel angst over cherished state

In Britain, attempts to cut spending fuel angst over cherished state

When the chief enforcer for Britain's finance ministry suggested that the army should cut spending further because it had more horses than tanks, he provoked an indignant response from one of his own colleagues in the cabinet. As Britain prepares to say w
Published 25 Jun, 2013 12:00am
BoJ's Iwata says won't act on temporary market turbulence

BoJ's Iwata says won't act on temporary market turbulence

Bank of Japan Deputy Governor Kikuo Iwata ruled out using its policy ammunition to deal with temporary market turbulence, signalling that it would take a long-term decline in price expectations for him to consider additional monetary easing. Iwata, a voca
Published 25 Jun, 2013 12:00am
Vodafone agrees $10 billion Kabel Deutschland deal

Vodafone agrees $10 billion Kabel Deutschland deal

Vodafone has agreed to buy Germany's largest cable operator Kabel Deutschland for 7.7 billion euros ($10 billion), adding TV and fixed-line services to help defend against mounting competition in its most important market. In Vodafone's largest deal in si
Published 25 Jun, 2013 12:00am
EU clears ICE, NYSE Euronext stock market tie-up

EU clears ICE, NYSE Euronext stock market tie-up

The European Commission approved Monday the acquisition of NYSE Euronext, which operates the New York stock exchange and several bourses in Europe, by InterContinental Exchange. The deal did "not raise competition concerns as (the two) are not direct comp
Published 25 Jun, 2013 12:00am
China cash squeeze eases, but bank shares take big hit

China cash squeeze eases, but bank shares take big hit

China's cash crunch eased further on Monday after the central bank moved to prevent the money market from seizing up, but bank stocks tanked as the authorities made clear that the days of unlimited cheap official funds are over. Chinese shares suffered th
Published 25 Jun, 2013 12:00am
German business mood brightens, but risks abound

German business mood brightens, but risks abound

German business morale edged up in June as exporters anticipated an upturn in fortunes, raising hopes that Europe's largest economy is putting recent weakness behind it - though a fragile global backdrop suggested the mood could darken. The Munich-based I
Published 25 Jun, 2013 12:00am
Nikkei drops; Topix volume hits lowest since mid-December

Nikkei drops; Topix volume hits lowest since mid-December

Japan's Nikkei share average fell on Monday in choppy trade as worries about Chinese economic and financial stability soured investor sentiment, dragging down China-related stocks such as construction equipment makers and some exporters. The benchmark Nik
Published 25 Jun, 2013 12:00am
European shares slump

European shares slump

European shares fell on Monday, with investors' heightened fears pushing a volatility index to a new high, as worries over a possible Chinese credit crunch and a scaling back in US economic stimulus hit markets. Traders and investors said the rout was not
Published 25 Jun, 2013 12:00am
Monday's afternoon trade: Wall Street drops on Fed, China worries

Monday's afternoon trade: Wall Street drops on Fed, China worries

US stocks dropped to a two-month low on Monday, extending a slide as investors worried about the impact on equities from the Federal Reserve's plan to exit its economic stimulus and a cash squeeze in China that could hurt its economy. Major indexes droppe
Published 25 Jun, 2013 12:00am
Taiwan stocks fall

Taiwan stocks fall

Taiwan stocks fell 0.45 percent to their lowest close in more than 10 weeks on Monday as investors remained cautious after last week's global market rout. The main TAIEX index finished at 7,758.03 points, with electronics sub-index down 1.2 percent while
Published 25 Jun, 2013 12:00am
Indian shares fall, volatility index at one-year high

Indian shares fall, volatility index at one-year high

Indian shares fell on Monday to their lowest close in more than two months, with bluechips such as ITC Ltd declining as foreign investors remained sellers for nine consecutive sessions, sparking fears of continued outflows. Falls also tracked global share
Published 25 Jun, 2013 12:00am
Middle East markets slip as global gloom weighs

Middle East markets slip as global gloom weighs

Regional bourses fell on Monday as renewed selling pressure on global shares sparked a profit-taking spree, extending losses since the US Federal Reserve said it would cut back a stimulus programme. The US central bank's plans and fears Chinese policy may
Published 25 Jun, 2013 12:00am
Australian shares tumble

Australian shares tumble

Australian shares dropped 1.5 percent on Monday as investors remained anxious about the Federal Reserve's plans to taper monetary stimulus and slowing growth in China, causing financial and mining stocks to fall. "Traders are still not warming to the idea
Published 25 Jun, 2013 12:00am
Seoul shares slump

Seoul shares slump

Seoul shares fell for a fourth straight session on Monday to an 11-month closing low as investors fretted over China's economy and global financial market instability. The Korea Composite Stock Price Index (KOSPI) finished down 1.3 percent at 1,799.01 poi
Published 25 Jun, 2013 12:00am
Most Southeast Asia stocks down

Most Southeast Asia stocks down

Most Southeast Asian stocks fell to multi-month lows on Monday with fears of a tighter monetary policy in China adding to concerns of investors, who have been exiting the region since the US Federal Reserve said it would scale back its stimulus. The Phili
Published 25 Jun, 2013 12:00am
FTSE sinks to 5-1/2 months low as China weighs

FTSE sinks to 5-1/2 months low as China weighs

Britain's top share index fell to a 5-1/2 month low on Monday, as investors rotated out of growth sensitive stocks as concerns built over growth and liquidity in China. The FTSE 100 closed 87.07 points lower, down 1.4 percent, at 6,029.10, having hit an i
Published 25 Jun, 2013 12:00am
Australian and New Zealand bonds steady

Australian and New Zealand bonds steady

Australian and New Zealand government bonds took a pasting on Monday even as their currencies found a steadier footing, with debt markets racked by withdrawal symptoms even though the Federal Reserve hasn't begun to slow its stimulus yet. The Aussie rose
Published 25 Jun, 2013 12:00am
Dollar rallies in Asia

Dollar rallies in Asia

The dollar mounted a two-and-a-half week peak against a basket of major currencies and surged against its Japanese counterpart in Asia on Monday, as expectations of scaled-back US monetary stimulus pushed up yields on US sovereign debt. Federal Reserve Ch
Published 25 Jun, 2013 12:00am
Early trade in New York: dollar rises versus basket of currencies

Early trade in New York: dollar rises versus basket of currencies

The US dollar on Monday rallied to its highest in nearly three weeks against a basket of currencies on rising expectations US monetary stimulus will be scaled back in the near term. The shift in sentiment has prompted investors to unwind bets that the Fed
Published 25 Jun, 2013 12:00am
Dollar surges broadly in London trade

Dollar surges broadly in London trade

The dollar rose against a basket of currencies on Monday to trade near its highest in over two weeks, boosted by expectations US monetary stimulus would soon be scaled back. However, equity markets falls due to concerns the Chinese central bank would keep
Published 25 Jun, 2013 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 Sunday. 77.75-77.76 (77.75-77.75). Call Money Rates: 05.30-07.50 percent (previous 05.30-07.50 percent).
Published 25 Jun, 2013 12:00am
Most Asian currencies fall

Most Asian currencies fall

Most emerging Asian currencies extended declines on Monday, with the Malaysian ringgit at a near three-year low, as rising US Treasury yields fuelled fears of more capital outflows as the Federal Reserve prepares to scale back stimulus measures. Worries a
Published 25 Jun, 2013 12:00am
Yuan ends down

Yuan ends down

The yuan closed lower versus the dollar on Monday for the third straight session, extending a recent mild downtrend amid slowing capital inflows into China, traders said. Dollar sales that had helped push up the Chinese currency in April and May are ebbin
Published 25 Jun, 2013 12:00am
Indian rupee near record lows

Indian rupee near record lows

The Indian rupee fell to near record lows on Monday as foreign investors continue to sell debt and stocks as part of an exit from emerging markets, with only fears of central bank intervention arresting a further drop. The rupee is likely to continue hove
Published 25 Jun, 2013 12:00am
Sterling struggles versus dollar

Sterling struggles versus dollar

Sterling fell against a broadly stronger dollar on Monday on rising anticipation that the US Federal Reserve will soon scale back monetary stimulus. Its losses were limited, however, as recent data pointing to a recovering UK economy lessened the chances
Published 25 Jun, 2013 12:00am
Federer races through, Azarenka, Sharapova win

Federer races through, Azarenka, Sharapova win

Roger Federer began his bid for a record eighth Wimbledon title with a 69-minute demolition of Victor Hanescu on Monday as Maria Sharapova and Victoria Azarenka also moved into the second round. Federer, 31, swept to a 6-3, 6-2, 6-0 win on Centre Court to
Published 25 Jun, 2013 12:00am
Nadal suffers Wimbledon humiliation

Nadal suffers Wimbledon humiliation

Twelve-time Grand Slam champion Rafael Nadal crashed to one of the most humiliating defeats in Wimbledon history at the hands of Belgium's world number 135 Steve Darcis on Monday. Journeyman Darcis clinched a shock 7-6 (7/4), 7-6 (10/8), 6-4 win to condem
Published 25 Jun, 2013 12:00am
Pakistan maintain sixth spot in ICC Ranking

Pakistan maintain sixth spot in ICC Ranking

Pakistan maintained its sixth spot in the latest One-Day International ranking of International Cricket Council (ICC) released on Monday despite their dismal showing in the Champions Trophy. India's triumphant run in the Champions Trophy 2013 has helped i
Published 25 Jun, 2013 12:00am
Interim PCB chief wants Aamer ban reduced

Interim PCB chief wants Aamer ban reduced

Pakistan's interim cricket chief said Monday he would ask the sport's governing body to reduce a five-year ban against promising fast bowler Mohammad Aamer for spot fixing. Aamer, regarded as hot property in international cricket for his pace and guile, w
Published 25 Jun, 2013 12:00am
Clarke quits as selector

Clarke quits as selector

Australian captain Michael Clarke has resigned as a selector of the team just hours after coach Mickey Arthur was sacked, a report said Monday. Fairfax Media said Clarke's decision to relinquish his selection role was part of the coaching restructure that
Published 25 Jun, 2013 12:00am
Australia's add Smith to Ashes squad as Clarke cover

Australia's add Smith to Ashes squad as Clarke cover

Australia's ongoing concerns about the fitness of captain Michael Clarke saw them add Steve Smith to their tour squad on Sunday for the Ashes Test series in England. Star batsman Clarke's longstanding back problem means he hasn't played a competitive matc
Published 25 Jun, 2013 12:00am
Lehmann replaces sacked Arthur as coach

Lehmann replaces sacked Arthur as coach

Darren Lehmann was appointed as the new coach of the Australia cricket team on Monday after Mickey Arthur was sacked just 16 days before the first Ashes Test in England following several embarrassing on and off-field incidents. "The timing is far from ide
Published 25 Jun, 2013 12:00am
India dominate Champions Trophy team of tournament

India dominate Champions Trophy team of tournament

Winners India provided five players in the Champions Trophy team of the tournament announced by the International Cricket Council (ICC) on Monday. World Cup holders India added another 50-over title to their collection, albeit in a match reduced by rain t
Published 25 Jun, 2013 12:00am
India win Champions Trophy

India win Champions Trophy

India added the Champions Trophy title to the World Cup they won two years ago after seeing off England by five runs in a dramatic final at Edgbaston on Sunday.
Published 25 Jun, 2013 12:00am
French tycoon Tapie grilled over scandal linked to IMF chief

French tycoon Tapie grilled over scandal linked to IMF chief

French investigators on Monday placed tycoon Bernard Tapie in custody and interrogated him in a corruption probe over a huge state payout to him that has embroiled IMF chief Christine Lagarde. Tapie, who can be held for up to four days without charge, was
Published 25 Jun, 2013 12:00am
Albania opposition scents poll victory, urges Prime Minister to quit

Albania opposition scents poll victory, urges Prime Minister to quit

Albania's Socialist opposition urged Prime Minister Sali Berisha to accept defeat on Monday after it took a convincing lead in an election seen as a test of the Nato country's democratic credentials. A projection, based on 42 percent of votes counted, gav
Published 25 Jun, 2013 12:00am
Germany proposes delaying EU-Turkey talks over protests

Germany proposes delaying EU-Turkey talks over protests

Germany proposed on Monday postponing a new round of European Union membership talks with Turkey by about four months to signal EU displeasure at Ankara's handling of anti-government protests. The EU had planned to revive Turkey's EU ambitions on Wednesda
Published 25 Jun, 2013 12:00am
South Africans resigned over 'critical' Mandela

South Africans resigned over 'critical' Mandela

South Africans adopted a mood of sombre resignation on Monday to the inevitability of saying goodbye to former president Nelson Mandela after the 94-year-old anti-apartheid leader's condition in hospital deteriorated to critical. Madiba, as he is affectio
Published 25 Jun, 2013 12:00am
Qatar's emir to hand power to son

Qatar's emir to hand power to son

The emir of the small but economically strong Gulf state of Qatar, a major diplomatic broker that has played a key role in the Arab spring, is set to transfer power to his son in a first for the Arab world. "The royal palace announces that Qatar's emir, S
Published 25 Jun, 2013 12:00am
Boeing 787 Dreamliner diverted in US due to brake problem

Boeing 787 Dreamliner diverted in US due to brake problem

A Boeing 787 Dreamliner jet was forced to make an emergency landing during an internal US flight on Sunday, due to a problem with its brake system, United Airlines said in a statement. "United flight 94 from Houston to Denver returned to Houston Sunday du
Published 25 Jun, 2013 12:00am
Emotional protest in Bangladesh

Emotional protest in Bangladesh

Hundreds of Bangladeshi garment workers and survivors of the Rana Plaza building collapse staged an emotional protest on Monday, on the two-month anniversary of the country's worst industrial disaster. Relatives called on the government to account for tho
Published 25 Jun, 2013 12:00am
Mystery as fugitive Snowden vanishes in Moscow

Mystery as fugitive Snowden vanishes in Moscow

Fugitive US intelligence leaker Edward Snowden on Monday vanished in Moscow after failing to take a flight to Cuba on which he was booked, as Washington angrily accused Russia of helping him escape the clutches of US justice. Snowden, who embarrassed US P
Published 25 Jun, 2013 12:00am
Merkel launches campaign with populist but costly promises

Merkel launches campaign with populist but costly promises

German Chancellor Angela Merkel launched her re-election campaign on Monday with promises her coalition partners dismissed as unaffordable and even one party ally said would never see the light of day. Merkel told leaders of her Christian Democrats (CDU)
Published 25 Jun, 2013 12:00am
Philippine air force plane crashes, two pilots missing

Philippine air force plane crashes, two pilots missing

The Philippine Air Force said Monday two pilots were missing after their twin-engine propellor plane went down at sea during a night flying mission. The OV-10 Bronco, used largely as a maritime patrol support aircraft, failed to return to an air strip on
Published 25 Jun, 2013 12:00am
US justices block generic drug design defect lawsuits

US justices block generic drug design defect lawsuits

The US Supreme Court ruled on Monday that makers of generic drugs already approved by the US Food and Drug Administration cannot be held liable under state law for claims of design defects. In a 5-4 vote, the court ruled for Mutual Pharmaceutical Co, a un
Published 25 Jun, 2013 12:00am
Car bombs kill 39 in Baghdad

Car bombs kill 39 in Baghdad

Ten car-bomb explosions killed at least 39 people across the Iraqi capital on Monday, police and medical sources said. In the central district of Karada, two parked car bombs went off killing at least eight people, and another two car bombs exploded simul
Published 25 Jun, 2013 12:00am
Gold price dips to 23-month low

Gold price dips to 23-month low

Gold price dipped to 23-month low of Rs 49, 800 per tola on the local market, traders said on Monday. The decline in gold price, however, did not help increase sales of the yellow metal, they added. "The price of gold per tola decreased by Rs 300 to Rs 49
Published 25 Jun, 2013 12:00am
PBC cancels licences of 47 advocates

PBC cancels licences of 47 advocates

Punjab Bar Council (PBC) has cancelled practising licences of 47 advocates on charges of possessing fake degrees and violating code of conduct. A statement issued by the Chairman, Executive Committee of the Bar, Tahir Nasarullah Warraich, licences of 20 a
Published 25 Jun, 2013 12:00am
Relief to common man hallmark of new energy policy: Prime Minister

Relief to common man hallmark of new energy policy: Prime Minister

Prime Minister Nawaz Sharif has said that efficiency, transparency and provision of maximum relief to the common man will be the hallmarks of new energy policy, which will be announced after the completion of a consultative process with all the stakeholde
Published 25 Jun, 2013 12:00am
KSE suggests measures to make taxation structure equitable

KSE suggests measures to make taxation structure equitable

The Taxation Committee of the Board of Karachi Stock Exchange (KSE) in its emergent meeting held on June 24 discussed the implications of the Finance Bill, 2013 on the exchange. The committee appreciated the efforts put in by the Ministry of Finance and p
Published 25 Jun, 2013 12:00am
Two abductors among four killed in Hafizabad

Two abductors among four killed in Hafizabad

Four persons including two abductors were killed during crossfire between abductors and villagers in Hafizabad on Monday morning. According to sources, two armed men appeared in the village Dhariwal in order to kidnap 12-year-old son of landlord Muhammad
Published 25 Jun, 2013 12:00am
Former MNA gets one-year in fake degree case

Former MNA gets one-year in fake degree case

A district and session judge on Monday awarded one year imprisonment and Rs 20,000 fine to former MNA Salman Mohsin Gilani for possessing fake degree. The ex MNA was arrested from the court room after Judge Abid Hussain Qureshi announced the sentence. Gil
Published 25 Jun, 2013 12:00am
Soneri Bank Limited

Soneri Bank Limited

Soneri Bank Limited (SNBL) was incorporated in Pakistan in September 1991. The first branch commenced its operations in Lahore in April 1992, followed by the launch of Karachi's first branch on May 1992. With 233 branches and 258 ATMs across the country,
Published 25 Jun, 2013 12:00am
Soneri Bank Limited

Soneri Bank Limited

Soneri Bank Limited (SNBL) was incorporated in Pakistan in September 1991. The first branch commenced its operations in Lahore in April 1992, followed by the launch of Karachi's first branch on May 1992. With 233 branches and 258 ATMs across the country,
Published 25 Jun, 2013 12:00am
Palladium to outshine platinum in 2013 on stronger demand

Palladium to outshine platinum in 2013 on stronger demand

Palladium is being hailed as the best bet for gains among the precious metals this year due to stronger demand from automakers in China and the United States, a Reuters poll showed recently. By contrast, confidence in platinum prices weakened after a slow
Published 25 Jun, 2013 12:00am
Shanghai copper down

Shanghai copper down

The most-traded October copper contract on the Shanghai Futures Exchange closed down 2.4 percent at 47,950 yuan ($7,800) a tonne on Monday on a firmer dollar and worries over top consumer China where a liquidity squeeze may curb demand already hit by slow
Published 25 Jun, 2013 12:00am
Copper falls to three-year low

Copper falls to three-year low

Copper slumped to its lowest level in almost three years on Monday, pressured by a firmer dollar and concerns that a possible liquidity squeeze could hurt the economy and demand in top metals consumer China. Copper was also hit by the announcement last we
Published 25 Jun, 2013 12:00am
Oil bounces off three-week lows

Oil bounces off three-week lows

Brent and US crude prices recovered from an early sell-off to three-week lows on Monday, rising as record flooding in Canada's main oil producing province threatened exports to the United States. Major Canadian pipelines that move almost 1 million barrels
Published 25 Jun, 2013 12:00am
Tokyo rubber futures slip

Tokyo rubber futures slip

Tokyo rubber futures slipped nearly 2 percent on Monday as a sharp selloff in Shanghai stock market heightened concerns over weakening demand from top consumer China, dealers said. The benchmark November contract on TOCOM settled down 4.7 yen at 231.6 yen
Published 25 Jun, 2013 12:00am
Palm oil slips to lowest in nearly three weeks

Palm oil slips to lowest in nearly three weeks

Malaysian palm oil futures fell to their lowest in almost three weeks on Monday as they tracked weaker soyabean oil markets, but losses were limited by expectations of robust export data on Tuesday. Soyabean oil prices were pressured as optimal crop weath
Published 25 Jun, 2013 12:00am
Cocoa futures drop to multi-month lows

Cocoa futures drop to multi-month lows

Cocoa futures on ICE and Liffe dropped to multi-month lows on Monday, as funds kept liquidating long positions after prices fell below key technical levels, dealers said. Sugar and coffee on ICE Futures US and Liffe bucked the broad decline in commodities
Published 25 Jun, 2013 12:00am
Gold falls in Asia

Gold falls in Asia

Gold fell over 1 percent on Monday, extending last week's 7 percent decline, hurt by a stronger dollar amid worries over an early end to the US Federal Reserve's stimulus programme. Gold for immediate delivery was trading near three-year lows. Even though
Published 25 Jun, 2013 12:00am
Gold slips in Europe

Gold slips in Europe

Gold fell by about 1 percent on Monday, following last week's 7 percent decline, hurt by a stronger dollar and due to worries over an early end to the US Federal Reserve's stimulus programme. The metal sank back towards a three-year low hit last week in a
Published 25 Jun, 2013 12:00am
US MIDDAY: grains down

US MIDDAY: grains down

US new-crop corn prices fell for a third straight session on Monday as favourable growing weather across the Midwestern United States reinforced the prospect of a record-large harvest this year. New-crop soyabeans also slumped for a third day, but decline
Published 25 Jun, 2013 12:00am
US MIDDAY: gold down 1.5 percent

US MIDDAY: gold down 1.5 percent

Gold fell 1.5 percent early on Monday, extending last week's 7 percent slide as fears of a cash crunch in China spooked investors, and a slide in US equities prompted some to liquidate bullion to cover margin calls. Other precious metals including silver
Published 25 Jun, 2013 12:00am
Clarification

Clarification

Thanks for publishing the clarification in Sunday's newspaper about writer's earlier remarks that he made about me in Business Recorder of 18th of June 2013. While issuing the above clarification the writer also included the following extract in th
Published 25 Jun, 2013 12:00am
Syrian sites at risk from civil war, UNESCO warns

Syrian sites at risk from civil war, UNESCO warns

The Syrian civil war is placing several World Heritage sites at risk, the United Nations Educational, Scientific and Cultural Organisation (UNESCO) warned Monday, as it seeks additional funds to deal with a growing number of architectural and natural trea
Published 25 Jun, 2013 12:00am
Why cut the rate?

Why cut the rate?

The State Bank of Pakistan (SBP) has cut its Discount Rate by 50bps to 9 percent, but has not cut its Reverse Repo and Repo rates implying that the rates at which banks can either borrow from the SBP or place with it their surplus liquidity remain unchang
Published 25 Jun, 2013 12:00am
The die has been cast

The die has been cast

The question whether federal government's decision to seek high treason trial of former president and army chief General Pervez Musharraf (Retd) will open the Pandora's Box is question that will find a profound answer in due course. But, as of today, the
Published 25 Jun, 2013 12:00am
Changes in budget proposals

Changes in budget proposals

Federal Finance Minister while winding up the debate on the budget 2013-14, took the opportunity to reiterate that 'financial indiscipline' of the past five years was responsible for the current state of the economy and added that the current government i
Published 25 Jun, 2013 12:00am
Ombudsman asks MDA to provide alternate plots to complainants

Ombudsman asks MDA to provide alternate plots to complainants

Ombudsman Sindh Asad Ashraf Malik has asked the Director General, Malir Development Authority to provide alternate plots to the 112 complainants in lieu of their original plots on the same terms and conditions subject to confirmation of genuineness of the
Published 25 Jun, 2013 12:00am
Kabul Medical University team visits LUMHS

Kabul Medical University team visits LUMHS

A delegation headed by Professor Abdul Hanan Baray from Kabul Medical University Afghanistan along with representatives of World Health Organisation (WHO) visited Liaquat University of Medical and Health Sciences Jamshoro (LUMHS) on Monday. The visit was
Published 25 Jun, 2013 12:00am
Pak-Qatar General Takaful's rating upgraded

Pak-Qatar General Takaful's rating upgraded

Pak-Qatar General Takaful Limited IFS (Insurer Financial Strength) rating has been upgraded to 'A-' (Single A Minus) from 'BBB+' (Triple B Plus) by the JCR-VIS Credit Rating Company Limited. The outlook on the assigned rating has been designated as 'Stabl
Published 25 Jun, 2013 12:00am
Pak-Qatar General Takaful's rating upgraded

Pak-Qatar General Takaful's rating upgraded

Pak-Qatar General Takaful Limited IFS (Insurer Financial Strength) rating has been upgraded to 'A-' (Single A Minus) from 'BBB+' (Triple B Plus) by the JCR-VIS Credit Rating Company Limited. The outlook on the assigned rating has been designated as 'Stabl
Published 25 Jun, 2013 12:00am
Security beefed up for foreigners

Security beefed up for foreigners

The Inspector General of Police (IGP) Sindh has called for beefing up the security of foreign engineers working on various projects in the province. A police statement on Monday said that he has also sought a report from the police range, districts regard
Published 25 Jun, 2013 12:00am
Chinese firm to set up 50 megawatts wind power project at Gharo

Chinese firm to set up 50 megawatts wind power project at Gharo

A Chinese Company is coming up with a 50MW wind energy project in Gharo, some 60 kilometres from here. This was stated by Vice-President of the HydroChina International Engineering Company Limited, Wang Youngqiang, here on Monday. He said that the cost of
Published 25 Jun, 2013 12:00am
KSE, AKD Securities hold investor awareness seminar

KSE, AKD Securities hold investor awareness seminar

Karachi Stock Exchange (KSE) and AKD Securities Limited organised an investor awareness seminar as part of nation-wide awareness campaign to promote capital markets amongst general public where over 50 investor accounts were opened on the spot. This inter
Published 25 Jun, 2013 12:00am
Balochistan's acting chief justice takes oath

Balochistan's acting chief justice takes oath

Senior judge of the Balochistan High Court (BHC) Justice Jamal Khan Mandokheel on Monday took oath as acting chief justice of the high court. Balochistan Governor Muhammad Khan Achakzai administered oath as acting chief justice of BHC from the senior judg
Published 25 Jun, 2013 12:00am
Three-day conference on 'Quaid-e-Azam' kicked off

Three-day conference on 'Quaid-e-Azam' kicked off

Quaid-e-Azam Academy has kicked off a three-day national conference on 'Quaid-e-Azam' at National Museum Auditorium here on Monday. Dr Shehla Kazmi, acting director, Quaid-e-Azam Academy read papers on Quaid-e-Azam's family and his early life in her welco
Published 25 Jun, 2013 12:00am
FDA budget: Parliamentarians from Fata briefed

FDA budget: Parliamentarians from Fata briefed

Ninety eight percent of Fata Development Authority (FDA) budget will have to be spent on throw forward liabilities and with the remaining just nominal two percent only two new schemes can be conceived. Taking up in hand of these two new schemes cannot als
Published 25 Jun, 2013 12:00am
'Bite the hand that feeds'

'Bite the hand that feeds'

A cross section of the people who were interacted with on the budget 2013-14 and its impact on the common man, particularly the salaried class was found in instant agreement with the quote: "we set ourselves to bite the hand that feeds us." The PML-N gove
Published 25 Jun, 2013 12:00am
Shahbaz takes notice of acid attack on woman

Shahbaz takes notice of acid attack on woman

Punjab Chief Minister Muhammad Shahbaz Sharif has taken serious notice of throwing of acid on a married woman Nasim Bibi in Jalalpur Pirwala, Multan and sought a report from RPO Multan. The CM ordered immediate arrest of the culprit and provision of the b
Published 25 Jun, 2013 12:00am
Afghan Refugees: repatriation date to be decided before 30th: minister

Afghan Refugees: repatriation date to be decided before 30th: minister

The government would decide fate of Afghan Refugees residing in Pakistan in term of their repatriation to their home country before June 30, the deadline announced earlier for their legal stay in the country. Minister for States and Frontier Regions (Safr
Published 25 Jun, 2013 12:00am
Senior police official killed in Peshawar

Senior police official killed in Peshawar

Gunmen on a motorcycle shot dead a senior police official and his driver here on Monday, police said. The shooting took place when the officer, who worked in the traffic department, was leaving his house in Saeedabad, a middle-class residential area of Pe
Published 25 Jun, 2013 12:00am