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Print - 2013-08-09
BRIDGE NOTES: A commonly misplayed hand

BRIDGE NOTES: A commonly misplayed hand

Trump play in Bridge is often misplayed because the declarer fears an unexpected ruff of a side suit winner and therefore goes for trump extraction before realising that may be a few of them were needed for ruffs. This realisation comes too late. As such
Published 09 Aug, 2013 12:00am
ART FACTS: Vivid images still haunting

ART FACTS: Vivid images still haunting

Exhibition of recent works by Raja Changez Sultan titled "The Thousand Faces of Eve" at Full Circle Gallery, Karachi is a series which celebrates the moods and nuances of women. Raja Changez Sultan is painting zealously over the past three decades. He is
Published 09 Aug, 2013 12:00am
KARACHI CHRONICLE: Fatehpuri's passion for Urdu

KARACHI CHRONICLE: Fatehpuri's passion for Urdu

This is no obituary for I am not competent for this job. Noted scholar, researcher and literary icon Dr Farman Fatehpuri died on August 3. Scholars and his friends have already written obitural tributes in all languages spoken and written in Pakistan. I a
Published 09 Aug, 2013 12:00am
Charity in our society

Charity in our society

Life has the same bearing for almost everything that lives and it barely depends on the cognitive abilities of the living beings. The art of living, however, is determined by the mental superiority of one species over the other. Human beings are ranked on
Published 09 Aug, 2013 12:00am
Wheat falls with export demand

Wheat falls with export demand

US wheat futures sank on Wednesday to their lowest levels since June 2012 as overseas buyers turned to other countries for their import needs, traders said. Corn also fell, pressured by expectations for a bumper harvest this fall, while soyabeans were mix
Published 09 Aug, 2013 12:00am
ICE cotton settles strong as weather jeopardises several crops

ICE cotton settles strong as weather jeopardises several crops

US cotton futures finished with gains near 3 percent on Wednesday, as weather issues plagued several top growing regions, ranging from heavy rains in the US Southeast to arid conditions predicted for western Texas and China. After trading in a narrow rang
Published 09 Aug, 2013 12:00am
US farmers may sit out corn, soyabean bear market: Maguire

US farmers may sit out corn, soyabean bear market: Maguire

Declining crop prices, rising crop inventories and heightened competition from growers located in other regions all suggest US corn, soyabean and wheat growers may have to sell their crops at depressed prices over the coming year, and possibly suffer loss
Published 09 Aug, 2013 12:00am
Shanghai copper climbs

Shanghai copper climbs

The most-traded November copper contract on the Shanghai Futures Exchange climbed 3.1 percent to close at 51,530 yuan ($8,400) a tonne on Thursday. The dollar crumbled to seven-week lows on Thursday, triggering off a volley of short-covering in metals, tr
Published 09 Aug, 2013 12:00am
Copper hits two-month high on upbeat China import data

Copper hits two-month high on upbeat China import data

Copper hit its highest in almost two months on Thursday as upbeat trade data and better-than-expected imports of the metal in top consumer China reinforced hopes of a revival in demand for industrial materials. A broad-based move that saw many short posit
Published 09 Aug, 2013 12:00am
Oil tumbles on long liquidation, fears of Fed easing

Oil tumbles on long liquidation, fears of Fed easing

Crude oil prices on both sides of the Atlantic dropped sharply on Thursday, falling for the fifth straight session as traders liquidated long positions in the face of rising North Sea supplies and the potential for the US Federal Reserve to roll back its
Published 09 Aug, 2013 12:00am
Tokyo rubber rises

Tokyo rubber rises

Benchmark Tokyo rubber futures hit their highest level in nearly two weeks in thin trading on Thursday despite a higher yen, due to support from strong trade data from China that eased concerns about the global economic outlook. The benchmark rubber contr
Published 09 Aug, 2013 12:00am
Liffe cocoa hits 10-month high on supply concerns

Liffe cocoa hits 10-month high on supply concerns

Liffe cocoa hit a more than 10-month high on Thursday buoyed by a combination of supply concerns in top grower West Africa and system fund buying as this week's advance gathered momentum. ICE sugar and coffee futures were also slightly higher. Dealers rep
Published 09 Aug, 2013 12:00am
UK watchdog considers investigation of metals warehousing

UK watchdog considers investigation of metals warehousing

Britain's financial watchdog is considering an investigation of the London Metal Exchange warehouse system after US regulators put banks and big traders on notice of a probe due to complaints of inflated prices, two sources said. The move would mark a cha
Published 09 Aug, 2013 12:00am
Gold recovers in New York

Gold recovers in New York

Gold rose on Wednesday to snap a two-day losing streak, as the dollar fell on lingering uncertainty about the scope and timing of the Federal Reserve's eventual tapering of its bond-buying programme. After having earlier hit a three-week low, the metal st
Published 09 Aug, 2013 12:00am
Gold gains in Asia

Gold gains in Asia

Gold reversed early losses on Thursday as the US dollar languished at seven-week lows, with traders covering short positions in the precious metal. Gold is now up for a second straight session, having fallen to a three-week low early on Wednesday on fears
Published 09 Aug, 2013 12:00am
Gold rises in Europe

Gold rises in Europe

Gold firmed on Thursday as the dollar held near a seven-week low against a basket of currencies, but doubts over when the Federal Reserve will begin scaling back monetary stimulus kept the metal in a narrow range. The dollar index slid to its lowest since
Published 09 Aug, 2013 12:00am
Indian sugar futures edge up on festival demand

Indian sugar futures edge up on festival demand

Indian sugar futures edged up on Thursday on expectations of higher demand in the festive season and prospects of exports, though higher carry-forward stocks and forecasts of surplus output for a fourth straight year weighed on sentiment. At 1037 GMT, the
Published 09 Aug, 2013 12:00am
EU wheat prices drift down as bumper harvests loom

EU wheat prices drift down as bumper harvests loom

European wheat futures edged lower in thin trade on Wednesday, remaining close to Tuesday's contract lows, weakened by good harvest prospects in the northern hemisphere, including an improving outlook in France. "Harvest pressure is still weighing on the
Published 09 Aug, 2013 12:00am
China's July soya imports hit record high

China's July soya imports hit record high

China imported 7.2 million tonnes of soya in July, a record high for a second straight month, as delayed Brazilian shipments arrived and importers replenished stocks. Imports by the world's top soya buyer are expected to stay strong as animal feed compani
Published 09 Aug, 2013 12:00am
New-crop soyabean premiums firm on Chinese demand

New-crop soyabean premiums firm on Chinese demand

Soyabean export premiums for new-crop shipments from the US Gulf Coast were firm on Wednesday on good demand from China following the recent drop in prices, traders said. November soyabean futures on the Chicago Board of Trade fell to a fresh 14-month low
Published 09 Aug, 2013 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 79,345 tonnes of cargo comprising 53,987 tonnes of import cargo and 25,358 tonnes of export cargo including 5,158 loaded and empty containers during the last 24 hours ended at 0700 hours on Thursday. The total import cargo of 53,9
Published 09 Aug, 2013 12:00am
Argentine 2013-14 wheat area seen 3.8 million hectares

Argentine 2013-14 wheat area seen 3.8 million hectares

Argentina is expected to plant 3.8 million hectares (1.5 million acres) with 2013/14 wheat, the Rosario grains exchange said in a special report on Wednesday, as farmers in the South American grains powerhouse move to shore up dwindling supplies.
Published 09 Aug, 2013 12:00am
Indian soyaoil, rapeseed futures edge higher

Indian soyaoil, rapeseed futures edge higher

Indian soyaoil and rapeseed futures edged higher on Thursday on hopes the festival season will boost demand for edible oils, while soyabeans rose on forecast of heavy rain in the key growing areas in next two days. At 0740 GMT, the key October soyabean co
Published 09 Aug, 2013 12:00am
Lawsuits to air London Metal Exchange's dirty laundry

Lawsuits to air London Metal Exchange's dirty laundry

Lawsuits alleging aluminium price fixing by big banks will shine an uncomfortable light on the role played by the London Metal Exchange, suggesting that the murky world of metal trading is likely to attract more attention from the authorities. Even if it
Published 09 Aug, 2013 12:00am
Adecco profits soar on cost-control as job markets stabilise

Adecco profits soar on cost-control as job markets stabilise

The world's biggest temporary staffing group Adecco on Thursday reported a 12-percent jump in second-quarter profits, mainly by keeping its costs in check, but said Europe's labour markets are starting to stabilise. In the three-month period ending on Jun
Published 09 Aug, 2013 12:00am
Adecco profits soar on cost-control as job markets stabilise

Adecco profits soar on cost-control as job markets stabilise

The world's biggest temporary staffing group Adecco on Thursday reported a 12-percent jump in second-quarter profits, mainly by keeping its costs in check, but said Europe's labour markets are starting to stabilise. In the three-month period ending on Jun
Published 09 Aug, 2013 12:00am
Fannie Mae profit doubles

Fannie Mae profit doubles

Fannie Mae, the largest US mortgage finance company, said on Thursday its second-quarter profit nearly doubled to $10.1 billion, mainly driven by a housing recovery that has reduced mortgage delinquencies and lifted home prices. The government rescued Fan
Published 09 Aug, 2013 12:00am
Fannie Mae profit doubles

Fannie Mae profit doubles

Fannie Mae, the largest US mortgage finance company, said on Thursday its second-quarter profit nearly doubled to $10.1 billion, mainly driven by a housing recovery that has reduced mortgage delinquencies and lifted home prices. The government rescued Fan
Published 09 Aug, 2013 12:00am
BoJ chief calls for fiscal discipline as tax hike debate heats up

BoJ chief calls for fiscal discipline as tax hike debate heats up

Bank of Japan Governor Haruhiko Kuroda issued a strong warning on Thursday against easing up on fiscal discipline, stressing that the country can raise the sales tax and still keep the economy strong enough to put an end to grinding deflation. His remarks
Published 09 Aug, 2013 12:00am
BoJ chief calls for fiscal discipline as tax hike debate heats up

BoJ chief calls for fiscal discipline as tax hike debate heats up

Bank of Japan Governor Haruhiko Kuroda issued a strong warning on Thursday against easing up on fiscal discipline, stressing that the country can raise the sales tax and still keep the economy strong enough to put an end to grinding deflation. His remarks
Published 09 Aug, 2013 12:00am
Cyprus, Greece and Israel sign energy accord

Cyprus, Greece and Israel sign energy accord

Cyprus, Greece and Israel signed a deal on Thursday to cooperate over energy and aiming at securing Europe's energy supply. A memorandum of understanding was signed by Cypriot Energy Minister George Lakkotrypis, his Greek counterpart Yannis Maniatis and I
Published 09 Aug, 2013 12:00am
Greek jobless rate hits new record of 27.6 percent

Greek jobless rate hits new record of 27.6 percent

Greece's jobless rate hit a new record high of 27.6 percent in May, official national data showed on Thursday as the country staggers under austerity linked to its international bailout. Record joblessness is a nightmare for Greece's two-party coalition g
Published 09 Aug, 2013 12:00am
German exports struggle to regain momentum

German exports struggle to regain momentum

German exports missed forecasts in June and imports surprisingly fell, suggesting sales of goods and services abroad may drag on growth in the second quarter, although other data have pointed to a pickup. Exports, the traditional engine of the German econ
Published 09 Aug, 2013 12:00am
India unveils new steps to drain cash to support rupee

India unveils new steps to drain cash to support rupee

India's central bank announced new measures on Thursday to drain cash from the financial system in a bid to address volatility in currency markets, after a slew of steps announced last month failed to prop up the battered rupee. The Reserve Bank of India
Published 09 Aug, 2013 12:00am
Gauge of US layoffs falls to pre-recession level

Gauge of US layoffs falls to pre-recession level

A gauge of the trend in layoffs of American workers fell last week to its lowest since before the 2007-09 recession, a hopeful sign for the US economy. The four-week average of new claims for state jobless benefits dropped to 335,500, the Labour Departmen
Published 09 Aug, 2013 12:00am
Australian shares up 1.1 percent

Australian shares up 1.1 percent

Australian shares rose 1.1 percent on Thursday, with buying picking up in the afternoon session after robust Chinese trade data eased fears of a hard landing for the world's second-biggest economy - Australia's major export market. Phone giant Telstra Cor
Published 09 Aug, 2013 12:00am
Tokyo stocks down

Tokyo stocks down

Tokyo stocks closed down 1.59 percent Thursday at a six-week low as selling pressure mounted in late trading after the market was initially buoyed by bargain-hunting. The benchmark Nikkei 225 index lost 219.38 points to 13,605.56, while the broader Topix
Published 09 Aug, 2013 12:00am
Wall Street slips for third day

Wall Street slips for third day

US stocks lost ground for a third consecutive session on Wednesday on growing uncertainty over when the Federal Reserve may start to wind down its stimulus, which has been a driving force behind the rally in equities this year. Even after the benchmark S&
Published 09 Aug, 2013 12:00am
US bond prices rise

US bond prices rise

US government debt prices rose on Wednesday as higher yields attracted buyers to the Treasury's 10-year note auction, the second of three Treasury coupon sales this week. "A juicier, higher coupon and the second highest yield at auction since mid-2011 bro
Published 09 Aug, 2013 12:00am
US bond prices rise

US bond prices rise

US government debt prices rose on Wednesday as higher yields attracted buyers to the Treasury's 10-year note auction, the second of three Treasury coupon sales this week. "A juicier, higher coupon and the second highest yield at auction since mid-2011 bro
Published 09 Aug, 2013 12:00am
China data pushes TSX higher as commodities gain

China data pushes TSX higher as commodities gain

Canada's main stock index rose on Thursday as surprisingly strong trade data from China boosted sentiment in the resource-heavy market and lifted shares of mining companies. Investors also tried to digest a flood of earnings results, with reports from BCE
Published 09 Aug, 2013 12:00am
Hong Kong shares up, China flat

Hong Kong shares up, China flat

Hong Kong shares closed 0.31 percent higher on Thursday after China posted stronger-than-expected trade figures for July. The benchmark Hang Seng Index gained 67.04 points to 21,655.88 on turnover of HK$42.73 billion (US $5.51 billion). China's imports an
Published 09 Aug, 2013 12:00am
Indian shares snap two days of losses

Indian shares snap two days of losses

Indian shares snapped two days of losses on Thursday, helped by a surge of 27.6 percent in Ranbaxy Laboratories on upbeat quarterly sales in the US at a time when it is facing stringent scrutiny from the drug regulator there, while a rupee recovery also s
Published 09 Aug, 2013 12:00am
Commerzbank, Aviva lead European shares higher after results

Commerzbank, Aviva lead European shares higher after results

European stocks rose on Thursday as estimate-beating Chinese data revived mining shares, and lender Commerzbank and insurer Aviva led a rally among financial shares after their first-half updates. Shares in Commerzbank rose 15 percent in volume two and a
Published 09 Aug, 2013 12:00am
South Korean shares edge higher

South Korean shares edge higher

South Korean shares ended higher on Thursday, snapping a three-day losing streak, as China posted stronger-than-expected trade data, but the gains were limited as foreigners sold the most local shares in more than four weeks. The Korea Composite Stock Pri
Published 09 Aug, 2013 12:00am
Taiwan stocks dip

Taiwan stocks dip

Acer Inc and UMC dragged Taiwan stocks 0.1 percent lower on Thursday after the companies reported weak quarterly results. Acer, the world's No 4 PC maker, and UMC, the world's No 3 contract chipmaker, both fell about 3 percent, underperforming the electro
Published 09 Aug, 2013 12:00am
Southeast Asian markets: Manila falls; Thai large caps up

Southeast Asian markets: Manila falls; Thai large caps up

Philippine stocks fell on Thursday, extending their losses for a second week, as investors trimmed positions ahead of a market holiday, while Vietnam's benchmark index retreated amid profit-taking in a broadly thin session. The Philippine main index finis
Published 09 Aug, 2013 12:00am
FTSE recovers as Chinese data boosts mining stocks

FTSE recovers as Chinese data boosts mining stocks

Britain's benchmark equity index broke a four-day losing streak on Thursday as forecast-beating trade data from China, the world's biggest metals consumer, lifted mining stocks. China's exports and imports both rose more than expected in July, in a tentat
Published 09 Aug, 2013 12:00am
Ukraine's FX reserves to fall further, adding to debt pressures

Ukraine's FX reserves to fall further, adding to debt pressures

Ukraine's foreign currency reserves are likely to fall this year to their lowest level since 2006 because of its trade deficit and external debt repayments, a Reuters poll shows, contradicting the official forecast. The former Soviet republic's shrinking
Published 09 Aug, 2013 12:00am
Dollar hits seven-week low

Dollar hits seven-week low

The dollar slid to a seven-week low on Thursday as uncertainty over when the Federal Reserve might begin reducing its stimulus weighed on prospects for bigger yield advantages, while the Australian dollar jumped after strong July trade numbers from China,
Published 09 Aug, 2013 12:00am
Dollar hits seven-week low as Aussie shines in London

Dollar hits seven-week low as Aussie shines in London

Strong China trade data lifted the Australian dollar and helped drive the US dollar to a seven-week low on Thursday against a backdrop of uncertainty over when the Federal Reserve will begin reducing stimulus. The dollar index, which measures the currency
Published 09 Aug, 2013 12:00am
Dollar drops to seven-week low; yen rallies in New York

Dollar drops to seven-week low; yen rallies in New York

The dollar fell to a seven-week low against major currencies on Wednesday, stung by steep losses against the yen and sterling, on concerns about the scope and timing of the Federal Reserve's eventual tapering of its bond-buying program. The yen rose to a
Published 09 Aug, 2013 12:00am
Aussie, New Zealand dollar rally

Aussie, New Zealand dollar rally

The Australian dollar extended recent gains on Thursday after China trade data far-exceeded expectations, helping offset the drag from a soft jobs report at home. The Aussie leapt half a cent to a one-week high of $0.9055 after China's exports in July ros
Published 09 Aug, 2013 12:00am
Won, baht lead Asia FX gains on solid China trade data

Won, baht lead Asia FX gains on solid China trade data

The South Korean won led gains in emerging Asian currencies on Thursday, on broad dollar weakness and as upbeat China trade data eased worries about a slowdown in the world's second-largest economy. The won rose on expectations of demand linked to recent
Published 09 Aug, 2013 12:00am
Indian rupee posts best gain in two weeks

Indian rupee posts best gain in two weeks

The Indian rupee posted its best single-day gain in two weeks on Thursday, boosted by hopes of a package from the government and the central bank over the weekend which would help bring in much needed dollar inflows to fund the current account gap. "Wait
Published 09 Aug, 2013 12:00am
Yuan strikes new high for second day

Yuan strikes new high for second day

China's yuan hit a record high against the dollar for a second straight day on Thursday, with traders citing central bank intervention and short-term hedging trades for the rise. Few market participants, however, believe that present gains signalled the b
Published 09 Aug, 2013 12:00am
Uncertainty over BoE guidance lifts sterling to seven-week peak

Uncertainty over BoE guidance lifts sterling to seven-week peak

Sterling hit a seven-week high against a weaker dollar after the previous day's Bank of England Inflation Report left open the prospect of rates rising sooner than previously thought if the economy accelerates sharply. The pound rose 0.5 percent to $1.556
Published 09 Aug, 2013 12:00am
Murray, Nadal advance in Montreal

Murray, Nadal advance in Montreal

Wimbledon champion Andy Murray and Rafael Nadal competed on hard courts for the first time in five months Wednesday, with both reaching the third round of the Montreal Masters. Second seed Murray shook off his post-Wimbledon cobwebs with a fighting 6-4, 7
Published 09 Aug, 2013 12:00am
Lin and Lee through to world quarter-finals

Lin and Lee through to world quarter-finals

China's badminton superstar Lin Dan made it through to the quarter-finals of the world championships Thursday, with arch rival Lee Chong Wei also booking a place. "Super Dan" made a shaky start against Malaysian Chong Wei Feng, who surged to a 7-2 lead in
Published 09 Aug, 2013 12:00am
Messi happy alongside Neymar

Messi happy alongside Neymar

Argentine superstar Lionel Messi said Thursday he has a "good relationship" with Brazilian wonderkid Neymar after the pair starred in Barcelona's 7-1 demolition of Thailand the night before. Neymar scored his first goal in Barcelona colours and Messi cont
Published 09 Aug, 2013 12:00am
Dhoni to promote Premier League

Dhoni to promote Premier League

India's cricket captain Mahendra Singh Dhoni will promote English Premier League football for the sports channel which beams the games live across the country, the channel said on Thursday. Dhoni will serve as "brand ambassador" for the Star Sports channe
Published 09 Aug, 2013 12:00am
Ronaldo leads Real Madrid over Chelsea

Ronaldo leads Real Madrid over Chelsea

Cristiano Ronaldo scored a goal in each half to power Real Madrid to a 3-1 victory over Chelsea in a football friendly at Sun Life Stadium on Wednesday. Ronaldo scored off a free kick in the 31st minute and helped seal the victory with a header in the 57t
Published 09 Aug, 2013 12:00am
Cook backs Pietersen as he rubbishes 'cheat' claims

Cook backs Pietersen as he rubbishes 'cheat' claims

England captain Alastair Cook said a report players in the ongoing Ashes were using silicone tape on their bats to avoid nicks being detected by "Hot Spot" technology was "rubbish". The allegations were made by Australia's Channel Nine television on Wedne
Published 09 Aug, 2013 12:00am
Clarke confident Harris will pull through

Clarke confident Harris will pull through

Australia captain Michael Clarke was upbeat Thursday about Ryan Harris's prospects of featuring in the fourth Ashes Test starting Friday despite the paceman's poor fitness record. Tasmania quick Jackson Bird was added to the Australia XI that delivered a
Published 09 Aug, 2013 12:00am
ICC stick with Hot Spot for final Ashes Tests

ICC stick with Hot Spot for final Ashes Tests

Cricket's Hot Spot system will be used in the final two Tests of the ongoing Ashes series, the International Cricket Council (ICC) said Thursday, despite controversy over its use and cheating claims. Australia's Channel Nine alleged on Wednesday that play
Published 09 Aug, 2013 12:00am
Over 300,000 turned away at Zimbabwe polls

Over 300,000 turned away at Zimbabwe polls

Nearly 305,000 Zimbabwean voters were turned away and 206,000 received assistance from election officials during last week's disputed vote, organisers said Thursday. The Zimbabwe Electoral Commission (ZEC) said nearly 3.5 million people cast their ballots
Published 09 Aug, 2013 12:00am
Israelis push settlement plans despite peace talks

Israelis push settlement plans despite peace talks

Israeli authorities have moved forward on giving final approval on plans to build nearly 1,000 new settler homes in the occupied West Bank, an official told AFP on Thursday. He said initial approval had been granted by Defence Minister Moshe Yaalon severa
Published 09 Aug, 2013 12:00am
Georgia marks 5th anniversary of Russia war

Georgia marks 5th anniversary of Russia war

Georgia on Thursday marked the fifth anniversary of the 2008 war with Russia over Georgia's separatist territory of South Ossetia, with both sides still blaming each other for the costly conflict. The government is holding a series of sombre events to com
Published 09 Aug, 2013 12:00am
Egypt Islamists stage Eid protests as military holds off

Egypt Islamists stage Eid protests as military holds off

Islamist supporters of Egypt's deposed president held a festive rally for the Eidul-Fitr holiday on Thursday to demand his restoration after the military-led authorities that removed him held off from a threat to break up protest sit-ins.
Published 09 Aug, 2013 12:00am
France seizes 20,000 'dangerous' mosquito plugs from China

France seizes 20,000 'dangerous' mosquito plugs from China

French customs said Thursday they had seized 20,000 anti-mosquito plugs shipped in from China that risked electrocuting people, in the latest product safety scare. The customs head office said the plugs - which were due to be delivered to an importer in t
Published 09 Aug, 2013 12:00am
Moscow rejects Saudi offer to drop Assad for arms deal

Moscow rejects Saudi offer to drop Assad for arms deal

Moscow has rejected a Saudi proposal to abandon Syria's president in return for a huge arms deal and a pledge to boost Russian influence in the Arab world, diplomats told AFP. On July 31, President Vladimir Putin, a strong backer of Syrian leader Bashar a
Published 09 Aug, 2013 12:00am
French government's next tax grab may strain fragile recovery

French government's next tax grab may strain fragile recovery

A growing chorus of French businesses and consumers is warning that government plans to wring 6 billion euros more in tax out of the economy next year risk stifling a fragile recovery and could damage future growth. The International Monetary Fund also ur
Published 09 Aug, 2013 12:00am
French government's next tax grab may strain fragile recovery

French government's next tax grab may strain fragile recovery

A growing chorus of French businesses and consumers is warning that government plans to wring 6 billion euros more in tax out of the economy next year risk stifling a fragile recovery and could damage future growth. The International Monetary Fund also ur
Published 09 Aug, 2013 12:00am
Dumped Queen Victoria gets new life before Sri Lanka summit

Dumped Queen Victoria gets new life before Sri Lanka summit

A statue of Queen Victoria which was banished from Sri Lanka's presidential palace amid fears it brought bad luck will now be spruced up for an upcoming Commonwealth summit. The 1897 statue of the former British monarch seated on a throne had been banishe
Published 09 Aug, 2013 12:00am
Gunman tosses bomb, shoots 8 in Texas rampage

Gunman tosses bomb, shoots 8 in Texas rampage

A gunman threw an explosive device during a rampage that left four people dead and four injured in two Texas homes, police said Thursday. The gunman was arrested without incident when police arrived at the second home and initial reports indicated he was
Published 09 Aug, 2013 12:00am
Mafia boss arrested in London after 19 years on the run

Mafia boss arrested in London after 19 years on the run

An Italian mafia boss has been arrested in London after nearly two decades on the run, police said on Thursday. London's Metropolitan Police said Domenico Rancadore, 64, was detained on Wednesday on a European arrest warrant. Considered an important membe
Published 09 Aug, 2013 12:00am
Japan protests to China after ships linger near isles

Japan protests to China after ships linger near isles

Four Chinese ships spent more than 24 hours in what Japan sees as its territorial waters, prompting a Japanese protest to China on Thursday at a time when Tokyo has been signalling its desire for a summit. Relations between the world's second- and third-l
Published 09 Aug, 2013 12:00am
Nearly 4,500 killed in Syria during Ramazan: NGO

Nearly 4,500 killed in Syria during Ramazan: NGO

At least 4,420 people were killed in Syria violence during the Muslim fasting month of Ramazan, some two thirds of them fighters on both sides, a monitoring group said Thursday. Compared with August last year, when the majority of the dead were civilians,
Published 09 Aug, 2013 12:00am
New Yemen drone attack 'kills 6 Qaeda militants'

New Yemen drone attack 'kills 6 Qaeda militants'

A drone strike in Yemen killed six al Qaeda members Thursday, a tribal source said, a day after Sanaa reported it had foiled a militant plot to storm a Western-run oil terminal. The dawn attack, presumed to have been launched by an American drone, was the
Published 09 Aug, 2013 12:00am
Turk leaders seek distance from life terms imposed over coup plot

Turk leaders seek distance from life terms imposed over coup plot

Turkish leaders appeared to distance themselves on Thursday from a court that handed a life prison term to a former top general over a coup plot, a landmark case that has polarised Turks over the country's political direction.
Published 09 Aug, 2013 12:00am
German president to visit French site of Nazi massacre

German president to visit French site of Nazi massacre

German President Joachim Gauck will visit the site of a Nazi atrocity during World War II on a trip to France next month, his office said Thursday. The September 3-5 visit will begin in Paris for talks with French President Francois Hollande and Prime Min
Published 09 Aug, 2013 12:00am
Philippines to start talks with US on greater military presence

Philippines to start talks with US on greater military presence

The Philippines said Thursday it would soon start talks on expanding US access to its bases, a move that would result in a greater presence of American troops in the country amid rising tensions with China. The plan, first announced by the country's defen
Published 09 Aug, 2013 12:00am
British Prime Minister calls for boycott of 'cyberbullying' websites

British Prime Minister calls for boycott of 'cyberbullying' websites

British Prime Minister David Cameron on Thursday urged Internet users to boycott certain social networking sites, after a teenage girl who was bullied online committed suicide. Cameron described the death of 14-year-old Hannah Smith, who hanged herself la
Published 09 Aug, 2013 12:00am
'Evoking dangerous controversy'

'Evoking dangerous controversy'

Apropos a Business Recorder editorial 'Evoking dangerous controversy' carried by the newspaper recently, the future of the 18th Constitutional Amendment and Constitution's Article 158 appears to be under a kind of threat. Consider: Although, Petrol
Published 09 Aug, 2013 12:00am
German economic rebound gives Merkel election boost

German economic rebound gives Merkel election boost

The countdown to next month's federal election in Germany is gathering pace, with signs of an economic rebound in the nation likely to boost Chancellor Angela Merkel's bid for a third term. Merkel enters the last six weeks of the campaign for the Septembe
Published 09 Aug, 2013 12:00am
Enhancing tariffs: New Energy Policy - III

Enhancing tariffs: New Energy Policy - III

There is news all round that the power tariff is being increased by 30-70%. We only hope that such a large increase in tariff would not be done abruptly and in one go. Apart from damaging the economy and badly affecting people, it would be politically ver
Published 09 Aug, 2013 12:00am
Fiscal decentralisation

Fiscal decentralisation

Fiscal decentralisation involves the transfer of taxing and spending powers to sub-national levels of government-in our context, local governments that are non-existent despite clear constitutional command contained in Article 140A. Developing countries a
Published 09 Aug, 2013 12:00am
Eid Mubarak

Eid Mubarak

Pakistanis celebrate Eid with fervour and if the days leading up to Eid are any indication, this year too crowds thronged the markets. However this year was different as there were more window shoppers than in the past, a survey conducted by Business R
Published 09 Aug, 2013 12:00am
Provincial budget surplus: doable or not?

Provincial budget surplus: doable or not?

The federal government did not share details of the staff-level pre-loan conditions agreed with the International Monetary Fund (IMF) yet again during the second Council of Common Interest (CCI) meeting as required and clearly and unambiguously enunciated
Published 09 Aug, 2013 12:00am
Four drowned as boat capsizes in floodwater

Four drowned as boat capsizes in floodwater

At least four persons were drowned in Dera Ghazi Khan when a boat they were travelling capsized in floodwater on Thursday. The rescuers were engaged in a search to trace the missing passengers of the ill-fated boat. According to reports, a hill torrent pa
Published 09 Aug, 2013 12:00am
Extortion continues: business community still lives in perpetual fear

Extortion continues: business community still lives in perpetual fear

About 500 traders are phoned every day by the extortionists demanding a hefty pay as the total sum of forced payments during the holy month is estimated Rs 500 million. "The extortion menace spills over into other posh areas of the city like Clifton and i
Published 09 Aug, 2013 12:00am
Dicing with death for a moustache

Dicing with death for a moustache

A businessman Malik Amir Mohammad Khan Afridi has been kidnapped, threatened with death, forcibly displaced and lives apart from his family: all because of his enormous moustache. Impeccably trimmed to 30 inches (76 centimetres), Afridi spends 30 minutes
Published 09 Aug, 2013 12:00am
Shahbaz orders strict security

Shahbaz orders strict security

Punjab Chief Minister Shahbaz Sharif on Thursday has given instructions to security departments in Punjab for foolproof security on Eid. He gave instructions to put extra force on shopping centres and plazas. He gave orders to be vigilant in security on m
Published 09 Aug, 2013 12:00am
Joint Indo-Pak peace celebrations cancelled

Joint Indo-Pak peace celebrations cancelled

Pakistan Peace Coalition (PPC) and Peoples Saarc (Pakistan Process) on Thursday announced to postpone Pakistan-India Joint Independence Day Peace Celebrations at the Sindh-Rajasthan border, scheduled to be held at Khokhrapar in Umerkot district, Pakistan
Published 09 Aug, 2013 12:00am
President, Prime Minister condemns Quetta blast

President, Prime Minister condemns Quetta blast

President Asif Ali Zardari and Prime Minister Nawaz Sharif on Thursday strongly condemned the blast in Quetta that killed several police personnel, including the DIG Operations and others, gathered for the funeral of their colleague, shot dead earlier in
Published 09 Aug, 2013 12:00am
Senior journalist I H Raashed dies

Senior journalist I H Raashed dies

I H Raashed, former President of Pakistan Federal Union of Journalists (PFUJ) and among the senior most members of the organisation, died here on Thursday afternoon. He was 82. He was buried in Miani Saheb graveyard late in the evening. A large number of
Published 09 Aug, 2013 12:00am
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