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Print - 2013-10-13
Ecstatic welcome home for triumphant Afghan cricketers

Ecstatic welcome home for triumphant Afghan cricketers

Afghanistan's cricket team received a heroes' welcome on Saturday as cheering crowds lined the streets and packed a stadium in Kabul to greet the players after they qualified for the 2015 World Cup. The team was met by an official reception at Kabul airpo
Published 13 Oct, 2013 12:00am
Ghazi made press secretary to Khyber Pakhtunkhwa chief minister

Ghazi made press secretary to Khyber Pakhtunkhwa chief minister

Ghulam Hussain Ghazi has been appointed as press secretary to Khyber Pakhtunkhwa Chief Minister. It was notified that Husain Ghazi assumed charge as press secretary KP Chief Minister Pervez Khattak. Ghazi did master in journalism and having vast experienc
Published 13 Oct, 2013 12:00am
Dar invites US entrepreneurs for investments

Dar invites US entrepreneurs for investments

Finance Minister Ishaq Dar has invited American entrepreneurs to invest in Pakistan to strengthen its economy. Talking to members of Pakistan-US Business Council in Washington‚ he said the government was committed to good governance and transparency to fa
Published 13 Oct, 2013 12:00am
Two children hurt in landmine explosions

Two children hurt in landmine explosions

Two children received severe injuries in two separate landmine explosions in Kurram Agency on Saturday. According to details, the first incident took place in Tri Mangal Sar Surang area at 9:00 am where a children lost his one leg when he stepped over a l
Published 13 Oct, 2013 12:00am
Two shot dead in Karachi

Two shot dead in Karachi

At least two people were killed in different incidents of violence in city on Saturday, police and rescue sources said. In first incident a man was gunned down at National Highway, in the limits of Steel Town police station The victim was identified as Mo
Published 13 Oct, 2013 12:00am
42 suspects arrested

42 suspects arrested

Rangers on Saturday arrested 42 hardened criminals including Lyari gang war elements and criminals affiliated with political groups and recovered arms from their possession. Rangers conducted targeted raids in Gulbahar, Rizvia, Jahangirabad, Nazimabad, Wa
Published 13 Oct, 2013 12:00am
Business Recorder staffer grieved

Business Recorder staffer grieved

Syed Mohammad Hussain, 70, the father of Business Recorder (BR) photographer Syed Hamid Hussain, was laid to rest at Shah Faisal Graveyard on Saturday. Funeral prayers of Hussain, who passed away at a local hospital on Friday, were held at Jamia Ma
Published 13 Oct, 2013 12:00am
Taliban office demand meant to facilitate talks: Imran

Taliban office demand meant to facilitate talks: Imran

Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan on Saturday said that his demand to open Taliban office in Pakistan was meant to facilitate the talks process with militants as dialogue could not be held through media. "It was meant to facilitate the pr
Published 13 Oct, 2013 12:00am
Journalist Ayub Khattak shot dead

Journalist Ayub Khattak shot dead

Unidentified miscreants shot dead a local journalist Ayub Khattak here on Saturday and sped away. According to police, armed men sitting in ambush sprayed bullets at a local journalist Ayub Khattak as soon he came out of his residence located in Takht Nus
Published 13 Oct, 2013 12:00am
Only 16 illegal weapons recovered in two-week campaign

Only 16 illegal weapons recovered in two-week campaign

With the two-week campaign ending on Saturday, the Sindh government has been able to recover only 16 illegal weapons from Karachi. An estimated Rs 30 million was spent on the advertising campaign for the government drive against unlawful arms. Based on th
Published 13 Oct, 2013 12:00am
Eid vacations of NAB officials cancelled

Eid vacations of NAB officials cancelled

Chairman National Accountability Bureau (NAB) Qamar Zaman Chaudhry on Saturday cancelled vacations of the officers and employees on Eid-ul-Azha. According to sources, the NAB offices will remain open on the three days of Eid due to high pressure of work a
Published 13 Oct, 2013 12:00am
NAB chief asks staff to wage war against corruption

NAB chief asks staff to wage war against corruption

While chairing a meeting and briefings on the working of NAB here on Saturday, Chairman NAB, Qamar Zaman Chaudhry, told his staff that the nation is in a state of war, not only against terrorism, but also against the scourge of corruption adding that this
Published 13 Oct, 2013 12:00am
Essential kitchen items become dearer ahead of Eid

Essential kitchen items become dearer ahead of Eid

Prices of all essential kitchen items have been increased significantly ahead of Eidul Azha, reveals a survey conducted by Business Recorder here on Saturday. Retailers and wholesalers from different markets of the twin cities of Rawalpindi/Islamab
Published 13 Oct, 2013 12:00am
Comprehensive security plan chalked out for Capital

Comprehensive security plan chalked out for Capital

In the wake of growing threats of terrorist attacks, the capital police have chalked out a comprehensive security plan for Eid-ul-Azha under which over 2000 policemen would perform security duties at 685 mosques and 40 Imambargahs, during Eid prayer along
Published 13 Oct, 2013 12:00am
Private schools' principals: orientation workshop organised

Private schools' principals: orientation workshop organised

Orientation workshop of the principals of 180 low-cost private schools partnering with the Punjab Education Foundation (PEF) under its education voucher scheme (EVS) in the provincial metropolis held in Gulshan e Ravi on Saturday. PEF deputy director (EVS
Published 13 Oct, 2013 12:00am
Heroin seized at Karachi airport

Heroin seized at Karachi airport

Customs Drug Enforcement Cell at Jinnah Terminal (Airport), Karachi has seized 1.125 kgs of heroin powder from the possession of a Pakistani passenger on Saturday. According to details, the accused passenger namely Ghulam Hussain leaving for Saudi Arabia
Published 13 Oct, 2013 12:00am
NA-256: time for filing objections on Nadra report extended

NA-256: time for filing objections on Nadra report extended

The Election Tribunal has extended time for filing objections over NADRA report on controversial voting in Karachi's constituency NA-256. A Karachi-based Election Tribunal began the hearing of PTI candidate Zubair Khan's plea Saturday against alleged rigg
Published 13 Oct, 2013 12:00am
FBR urged to extend date for filing ST

FBR urged to extend date for filing ST

The Lahore Chamber of Commerce and Industry (LCCI) has urged the Federal Board of Revenue (FBR) to extend the date for filing sales tax, federal excise duty returns. In their joint statement on Saturday, LCCI President Sohail Lashari, Senior Vice Presiden
Published 13 Oct, 2013 12:00am
FBR urged to extend date for filing ST

FBR urged to extend date for filing ST

The Lahore Chamber of Commerce and Industry (LCCI) has urged the Federal Board of Revenue (FBR) to extend the date for filing sales tax, federal excise duty returns. In their joint statement on Saturday, LCCI President Sohail Lashari, Senior Vice Presiden
Published 13 Oct, 2013 12:00am
Warid Telecom partners with NDMA in relief efforts

Warid Telecom partners with NDMA in relief efforts

Warid Telecom partners with the National Disaster Management Authority (NDMA) to assist the organisation in its relief efforts, for the victims of earthquake in Balochistan. Hundreds of lives have been lost and thousands left homeless after the 7.7-magnit
Published 13 Oct, 2013 12:00am
Jamaat-i-Islami condemns hike in power tariff

Jamaat-i-Islami condemns hike in power tariff

Ameer Jamaat-i-Islami, Syed Munawar Hasan, has condemned the power tariff hike imposed through the NEPRA after its withdrawal on the Supreme Court orders, and said the government was driving the masses towards civil disobedience.
Published 13 Oct, 2013 12:00am
Judiciary playing key role in supremacy of Constitution: CJP

Judiciary playing key role in supremacy of Constitution: CJP

Chief Justice of Pakistan Iftikhar Muhammad Chaudry has said judiciary is playing an instrumental role in ensuring supremacy of the Constitution and rule of law in the country. Addressing the members of Daska Bar after inaugurating a Judicial Complex here
Published 13 Oct, 2013 12:00am
Minister elaborates causes of recent price hike

Minister elaborates causes of recent price hike

Provincial Minister for Education and Youth Affairs Punjab, Rana Mashhood Ahmed Khan has said that the recent price hike due to inflated electricity bills was a logical consequence of the process to attain self-sufficiency as a sovereign, self-determined
Published 13 Oct, 2013 12:00am
DCOs asked to ensure display of rate lists at shops

DCOs asked to ensure display of rate lists at shops

Punjab Chief Secretary Javed Aslam has directed District Co-ordination Officers (DCOs) all over the province to ensure display of rate lists of essential items, particularly separate rates of vegetable and fruits, conspicuously in the shops. He issued the
Published 13 Oct, 2013 12:00am
Power shortfall reaches 4,000 megawatts

Power shortfall reaches 4,000 megawatts

Power shortfall reaches 4,000MW despite a mild weather in the town with a rain spell a day before. According to the NTDC sources, power generation stood at 11,800MW against a demand of 15,600MW, leaving the system with a total shortfall of 3,800MW. Meanwh
Published 13 Oct, 2013 12:00am
APC on Taliban talks: PPP extended full support

APC on Taliban talks: PPP extended full support

Leader of the Opposition in National Assembly, Syed Khursheed Shah has rejected MQM's reservations on Karachi operation, saying the operation was started on the demand of MQM. He said this while talking to media on Saturday. On a query regarding negotiati
Published 13 Oct, 2013 12:00am
Four-day handmade carpet show from October 22

Four-day handmade carpet show from October 22

Pakistan Carpet Manufacturers and Exporters' Association is holding Pakistan Hand Knotted Carpet Exhibition, its annual four-day mega show, from October 22 to 25 in the provincial metropolis. The hand knotted carpet show will be inaugurated by Mujtaba Shu
Published 13 Oct, 2013 12:00am
'Country to become polio-free state soon'

'Country to become polio-free state soon'

Minister of State for National Health Services, Regulations and Co-ordination Saira Afzal Tarar on Saturday said owing to strong political will and commitment at the highest level, Pakistan's profile in eradication of the disease is improving significantl
Published 13 Oct, 2013 12:00am
Innovation holds key to success for young entrepreneurs: LCCI SVP

Innovation holds key to success for young entrepreneurs: LCCI SVP

Lahore Chamber of Commerce and Industry (LCCI) Senior Vice President Mian Tariq Misbah on Saturday said that innovation held the key to success for young entrepreneurs therefore they should have an eye on global patterns, while doing their businesses.
Published 13 Oct, 2013 12:00am
Acid attack: LHC CJ seeks fresh report within week

Acid attack: LHC CJ seeks fresh report within week

The Chief Justice Lahore High Court here on Saturday directed District and Sessions Judge Toba Tek Singh to send a fresh report about submission of police report before trial court within a week regarding acid thrown on a man by his wife. Muhammad Mushtaq
Published 13 Oct, 2013 12:00am
Country's future linked with continuity of democracy: Hamza

Country's future linked with continuity of democracy: Hamza

Pakistan Muslim League-Nawaz (PML-N) believes that the future of Pakistan is linked with the continuity of democracy and stability of the institutions and we should think only and only for Pakistan. The PML-N senior leader Hamza Shahbaz Sharif said this w
Published 13 Oct, 2013 12:00am
World Economic Outlook

World Economic Outlook

The news from the IMF is depressing. In its latest World Economic Outlook released on 8th October, it has shaved its 2013 global growth forecast by 0.3 percentage point to 2.9 percent and 2014 forecast by 0.2 percentage point to 3.6 percent and warned tha
Published 13 Oct, 2013 12:00am
Black coats misbehaving again

Black coats misbehaving again

In a shocking incident on Wednesday, lawyers in Islamabad's district courts locked the doors of 40 courtrooms, confining several judges in their chambers because a civil judge was reluctant to issue contempt notice to Capital Development Authority (CDA) C
Published 13 Oct, 2013 12:00am
Smaller dams

Smaller dams

Another year has passed without having achieved any significant progress on the construction of a number of small and medium-sized dams planned across the country. Twelve small multi-purpose dams were to be completed by this year, but not a single project
Published 13 Oct, 2013 12:00am
'The woman behind IT revolution'

'The woman behind IT revolution'

If seriousness and commitment on the part of Nawaz Sharif government is to be adjudged it should be done, inter alia, on the yardstick of achievements of Ministry of Information Technology and Telecom under the inspiring leadership of Anusha Rehman, the M
Published 13 Oct, 2013 12:00am
Nobel jury defends win for chemical weapons monitor

Nobel jury defends win for chemical weapons monitor

In the run-up to Nobel Peace Prize announcement, the leading candidate was 16-year-old Malala Yousafzai, the Pakistani education activist shot in the head by the Taliban last year. The Organisation for the Prohibition of Chemical Weapons (OPCW), the inter
Published 13 Oct, 2013 12:00am
The LoI - I

The LoI - I

On 19th August 2013 the LoI submitted by the Government of Pakistan to the IMF details a number of actions that are specific to the Extended Fund Facility (EFF) approved for Pakistan and as per the IMF website, "usually includes measures to improve the wa
Published 13 Oct, 2013 12:00am
Gold drops to three-month low in New York

Gold drops to three-month low in New York

Gold fell 1.5 percent on Friday to its lowest in three months as unusually large sale orders in New York futures and signs a deal might be near to avert a potential US debt default prompted jittery investors to flee the bullion market. The precious metal,
Published 13 Oct, 2013 12:00am
Higher prices lure farmers, boost West Africa cotton output

Higher prices lure farmers, boost West Africa cotton output

West African cotton output is expected to jump 18.5 percent to 2,369,000 tonnes in the 2013/14 season due to increased planted acreage in top producing nations, data compiled by Reuters showed on Friday. The figure is 10 percent more than a June forecast
Published 13 Oct, 2013 12:00am
Rusal lobbies for no change to LME warehouse rules

Rusal lobbies for no change to LME warehouse rules

Russia's United Company Rusal, the world's largest aluminium producer, is urging the London Metal Exchange to leave its controversial warehousing rules unchanged or risk damaging the whole market, Deputy CEO Oleg Mukhamedshin said on Tuesday. The LME, the
Published 13 Oct, 2013 12:00am
Rain may cut Ukraine winter grain area by 20 percent

Rain may cut Ukraine winter grain area by 20 percent

Heavy rains across Ukraine look set to shrink winter grain areas and slow exports but will not prevent the first shipments of maize to China under a landmark $1.5 billion deal signed last year, Agriculture Minister Mykola Prysyazhnyuk said on Tuesday. Pry
Published 13 Oct, 2013 12:00am
China to be world's top gold buyer this year: experts

China to be world's top gold buyer this year: experts

China is set to overtake India to become the world's top gold consumer this year, as the driving forces in the market shift from West to East, an industry association said Tuesday. "Most likely this year we will see China overtake India slightly," Albert
Published 13 Oct, 2013 12:00am
ICE cotton ekes out gain, posts biggest weekly loss since August

ICE cotton ekes out gain, posts biggest weekly loss since August

Cotton futures edged up on Friday as rain in India threatened supplies in the world's No 2 producer, though prices still posted the biggest weekly loss since late August. The most-active December cotton contract on ICE Futures US edged up 0.20 cent, or 0.
Published 13 Oct, 2013 12:00am
Secret US court approves further phone tracking

Secret US court approves further phone tracking

The secret federal court overseeing US wiretapping programs has extended the government's authority to collect US telephone records, the office of the Director of National Intelligence James Clapper said late Friday. Clapper "has decided to declassify and
Published 13 Oct, 2013 12:00am
Taiwan makes biggest heroin bust in 20 years

Taiwan makes biggest heroin bust in 20 years

Taiwan seized more than 220 pounds of heroin in its biggest bust of the drug in 20 years, arresting two people involved in smuggling it from Vietnam, officials said Saturday. Agents confiscated the 270 heroin bricks smuggled in a cargo container in southe
Published 13 Oct, 2013 12:00am
Thousands protest against Areva in Niger

Thousands protest against Areva in Niger

Thousands of people in Niger protested Saturday against French nuclear firm Areva, which has been mining uranium in the impoverished country for nearly 50 years, one of the organisers said. "The aim of the protest, which has gathered about 5,000 people, i
Published 13 Oct, 2013 12:00am
Mass Catalan rally calls for Spanish unity on national day

Mass Catalan rally calls for Spanish unity on national day

Tens of thousands of demonstrators massed in Catalonia on Saturday seeking to drown out calls for independence with a show of Spanish unity on the country's national day. Holding aloft a giant banner with the Spanish and Catalan flags, the pro-unity demon
Published 13 Oct, 2013 12:00am
13 dead, millions without power as typhoon hits Philippines

13 dead, millions without power as typhoon hits Philippines

Typhoon Nari pounded the northern Philippines early Saturday, killing 13 people, ripping roofs off thousands of buildings, and leaving more than two million without power. Nari tore into the country's north-east coast around midnight (1600 GMT Friday), to
Published 13 Oct, 2013 12:00am
California governor vetoes tough gun control bills

California governor vetoes tough gun control bills

California Governor Jerry Brown vetoed several gun control bills on Friday, a move that essentially rebuffs an effort by fellow Democrats to enact a sweeping expansion of firearms regulation in the most populous US state. Brown vetoed the strictest bill,
Published 13 Oct, 2013 12:00am
AFP wins war reporting awards for Syria coverage

AFP wins war reporting awards for Syria coverage

Agence France-Presse won several prizes Saturday at the 20th Bayeux-Calvados awards for war correspondents, which this year was dominated by reporting of the Syrian conflict. French daily Le Monde's Jean-Philippe Remy won the top print award for his work
Published 13 Oct, 2013 12:00am
Congo rebels fire on UN helicopter

Congo rebels fire on UN helicopter

Insurgents in eastern Congo fired at a United Nations helicopter on Saturday after threatening to attack UN aircraft, further raising fears of a return to fighting in the volatile region. Negotiations between the M23 rebels and the Democratic Republic of
Published 13 Oct, 2013 12:00am
Thousands rally for south Yemen independence

Thousands rally for south Yemen independence

Thousands of separatists took to the streets Saturday on the anniversary of the 1967 independence of former South Yemen, but deadly gunfire among the activists marred the rally. The demonstrators came from across the south and gathered on Parade Square in
Published 13 Oct, 2013 12:00am
North Korea warns of 'all-out war'

North Korea warns of 'all-out war'

North Korea on Saturday issued a fresh warning of an "all-out war", urging the United States to stop military drills and what it described as "nuclear blackmail". In a thinly veiled threat to strike the United States, the North's National Defence Commissi
Published 13 Oct, 2013 12:00am
Thousands stage Paris 'die-in' to protest asbestos risk

Thousands stage Paris 'die-in' to protest asbestos risk

Thousands of people staged a "die-in" in Paris on Saturday over authorities' failure to clear workplaces of asbestos, which can cause fatal respiratory diseases after long exposure. The protesters from all over France lay down in the street outside Sorbon
Published 13 Oct, 2013 12:00am
At least 20 dead in Mali boat accident

At least 20 dead in Mali boat accident

At least 20 people were killed and as many as 170 were uncounted for after a boat overloaded with passengers and goods capsized on the Niger River in Mali, local residents and officials said on Saturday. The boat was travelling north from Mopti towards th
Published 13 Oct, 2013 12:00am
AU calls for halt to ICC cases against: Kenyan and Sudanese leaders

AU calls for halt to ICC cases against: Kenyan and Sudanese leaders

African leaders called on Saturday for the prosecutions of Kenya's and Sudan's presidents by the International Criminal Court to be halted, amid complaints the body has only ever pursued Africans. An African Union summit in Addis Ababa was held to discuss
Published 13 Oct, 2013 12:00am
Misbah, Smith reckon Ajmal key in Tests

Misbah, Smith reckon Ajmal key in Tests

Rival captains Misbah-ul Haq and Graeme Smith both agreed Pakistani off-spinner Saeed Ajmal will be the key in the two-Test series starting here on Monday. Ajmal, who turns 36 on the first day of the match, took 24 wickets when Pakistan humbled then world
Published 13 Oct, 2013 12:00am
China to shut 2,000 small coal mines by end of 2015

China to shut 2,000 small coal mines by end of 2015

China says it plans to shut about 2,000 small coal mines by the end of 2015 to improve safety in a sector notorious for its deadly accidents. Coal mines with an annual production capacity of less than 90,000 tons, as well as those that do not meet safety
Published 13 Oct, 2013 12:00am
Indian sugar futures fall on ample supply

Indian sugar futures fall on ample supply

Indian sugar futures fell on Friday to their lowest in nearly 16 months on surplus supplies that some industry officials fear would led cash-crunched mills sell the sweetener by cutting prices. A slight improvement in demand due to festivals limited the d
Published 13 Oct, 2013 12:00am
Oil cake market rates

Oil cake market rates

Vaida moved both ways on the forward cottonseeds oilcake market on Saturday in the process of trading, dealers said. The December vaida closed at Rs 953.10 and it opened with 20 paisa gain at Rs 953.53 in the morning session, they said. The January contra
Published 13 Oct, 2013 12:00am
Cotton market: steady trend amid modest trading

Cotton market: steady trend amid modest trading

Prices recovered modestly on the cotton market on Saturday in the process of modest trading, dealers said. The official spot rate was unchanged at Rs 6900, they said. Prices of seed cotton in Sindh per 40 kg were unchanged at Rs 2500-2900, in Punjab rates
Published 13 Oct, 2013 12:00am
EU wheat exports at record pace in tighter world market

EU wheat exports at record pace in tighter world market

Wheat exports from across the European Union should build on record demand in the early part of the 2013/14 season, benefiting from harvest setbacks and rising demand around the world, traders and analysts said. Brisk imports by the likes of China, Egypt
Published 13 Oct, 2013 12:00am
India sells wheat to UAE, first private deal since late August

India sells wheat to UAE, first private deal since late August

India has sold 30,000 tonnes of milling wheat to the United Arab Emirates, its first private deal since late August as tightening Black Sea supplies open a brief window for exports from the subcontinent. Along with lower output in major producers China, B
Published 13 Oct, 2013 12:00am
Port Qasim's activities

Port Qasim's activities

A cargo volume of 61,581 tonnes comprising 46,768 tonnes of import cargo and 14,813 tonnes of export cargo inclusive 1,323 loaded & empty containers (TEUs) was handled at Port Qasim during the last 24 hours on Saturday. The total import cargo of 46,768 to
Published 13 Oct, 2013 12:00am
Indian soyabean, soyaoil drop on profit-taking

Indian soyabean, soyaoil drop on profit-taking

Indian soyabean and soyaoil futures eased on Friday after hitting their contract highs on profit-taking driven by losses in overseas prices and a strong rupee, though thin supplies in spot markets limited the downside. Malaysian palm oil futures eased on
Published 13 Oct, 2013 12:00am
Corn, wheat export premiums steady to higher

Corn, wheat export premiums steady to higher

Corn and wheat export premiums at the US Gulf Coast were mostly steady to higher on Friday amid strong global demand and firming prices for grain shipments from rival exporters, traders said. US corn has grown more competitive on the world market as price
Published 13 Oct, 2013 12:00am
Little change on grain market

Little change on grain market

An upward trend was seen on the wholesale grain market on Saturday in the process of slow trading activity, dealers said. On the seed side, cottonseeds oilcakes with bag Sindh (old) inferior type picked up Rs 50 to Rs 700 and the best type was higher by R
Published 13 Oct, 2013 12:00am
China dashes Thai hopes of cutting huge rice stockpile

China dashes Thai hopes of cutting huge rice stockpile

China on Friday threw cold water on Thailand's claims of selling rice to cut its huge stocks, saying it will buy one million tonnes but over the next five years and making no mention of government deals. The Thai government is under enormous pressure to s
Published 13 Oct, 2013 12:00am
ECB's Weidmann sees no need now for new LTRO, other measures

ECB's Weidmann sees no need now for new LTRO, other measures

The head of Germany's Bundesbank sees no need at present for the European Central Bank to make fresh long-term loans to banks and it will not deploy them simply because market interest rates have risen, he said in an interview with Reuters. Jens Weidmann
Published 13 Oct, 2013 12:00am
Berlin committed to European banking union solution: German minister

Berlin committed to European banking union solution: German minister

Germany is committed to finding a solution to allow the completion of a euro zone banking union by the end of the year, Finance Minister Wolfgang Schaeuble said on Friday. Schaeuble said he hoped finance ministers would make a decision on plans for the Eu
Published 13 Oct, 2013 12:00am
Top bankers warn of dire consequences if US default

Top bankers warn of dire consequences if US default

Three of the world's most powerful bankers warned of terrible consequences if the United States defaults on its debt, with Deutsche Bank chief executive Anshu Jain claiming default would be "utterly catastrophic." "This would be a very rapidly spreading,
Published 13 Oct, 2013 12:00am
Dollar's reserve role at risk from US budget uncertainty: ECB's Nowotny

Dollar's reserve role at risk from US budget uncertainty: ECB's Nowotny

The dollar's role as the world's leading reserve currency is at risk because of the political impasse in the United States, which has raised fears of a debt default, European Central Bank policymaker Ewald Nowotny said. President Barack Obama and congress
Published 13 Oct, 2013 12:00am
ECB governor calls for dialogue with Fed over tapering

ECB governor calls for dialogue with Fed over tapering

A governor of the European Central Bank called Saturday on the US Federal Reserve to start an international dialogue on its monetary policy to minimise the impact from tighter money. With anticipation of the Fed's reeling in of its "quantitative easing" s
Published 13 Oct, 2013 12:00am
French unions open to possible state stake in PSA

French unions open to possible state stake in PSA

French trade unions said they are open to the prospect of the state taking a stake in loss-making auto-maker PSA Peugeot Citroen but said the key question was the survival of local jobs and control of the group. They were reacting on Saturday after source
Published 13 Oct, 2013 12:00am
Nissan to sell Infiniti brand cars in Japan market

Nissan to sell Infiniti brand cars in Japan market

Japan's Nissan Motor Co will sell its Infiniti luxury brand autos in its home market, seeking to capture growing demand for upscale cars and to better compete with German rivals such as BMW, the Japanese business daily Nikkei reported. The company will re
Published 13 Oct, 2013 12:00am
Tepco creditors agree to roll over loan

Tepco creditors agree to roll over loan

Sumitomo Mitsui Banking Corp and 27 other financial institutions have agreed to roll over a roughly 77 billion yen ($783 million) syndicated loan for Tokyo Electric Power Co due to mature at the end of the month, the Nikkei business daily reported on Satu
Published 13 Oct, 2013 12:00am
Kingfisher to shift some sourcing from China to Europe

Kingfisher to shift some sourcing from China to Europe

Kingfisher, Europe's biggest home improvements retailer, said it would source more products from eastern Europe and Turkey to counter higher costs in China, and build a central warehouse in Europe to improve its supply chain. The company, which has suffer
Published 13 Oct, 2013 12:00am
Power-hungry Argentina mulls allowing crude oil imports

Power-hungry Argentina mulls allowing crude oil imports

Argentina is studying authorising crude imports from Nigeria to help counter a long decline in oil and natural gas output that has hurt its trade balance, two newspapers reported on Saturday, both citing an anonymous source with knowledge of the matter. S
Published 13 Oct, 2013 12:00am
IMF says Jordan weathering 'tougher' outside shocks

IMF says Jordan weathering 'tougher' outside shocks

The International Monetary Fund on Saturday praised Jordan's progress in an IMF loan-supported program despite increasing outside shocks, notably from a flood of Syrian refugees. IMF staff recommended the release of $258 million to Jordan under a three-ye
Published 13 Oct, 2013 12:00am
South Korea, Indonesia agree on $10 billion currency swap

South Korea, Indonesia agree on $10 billion currency swap

South Korea said on Sunday it has agreed with Indonesia to sign a bilateral, three-year currency swap deal worth up to $10 billion, which could help Jakarta better defend the rupiah hit by capital flight. This would bring the total value of currency swaps
Published 13 Oct, 2013 12:00am
Syria maintains spending in 2014 budget despite war losses

Syria maintains spending in 2014 budget despite war losses

Syria's government has agreed a 2014 budget of 1.39 trillion pounds ($8.18 billion), state news agency SANA said on Saturday, a marginal increase on this year's spending despite the economic devastation wrought by more than two years of civil war.
Published 13 Oct, 2013 12:00am
World Bank to cut costs, bureaucracy, says Kim

World Bank to cut costs, bureaucracy, says Kim

World Bank President Jim Yong Kim on Friday announced a program to slash costs and reduce bureaucracy at the huge development organisation that is expected to result in significant layoffs. Kim said the Bank would seek to reduce annual costs by $400 milli
Published 13 Oct, 2013 12:00am
European utilities urge policy reform to avert black-outs

European utilities urge policy reform to avert black-outs

Bosses from 10 utilities representing half of Europe's power-generating capacity urged the European Union on Friday to adopt reforms to prevent black-outs and help the indebted sector adapt to future demand. The CEOs, who call themselves the Magritte Grou
Published 13 Oct, 2013 12:00am
Germany warns Ukraine over EU 'window of opportunity'

Germany warns Ukraine over EU 'window of opportunity'

Germany on Friday told Ukraine the "window of opportunity" for integration with the European Union could close, as Kiev scrambles to find a solution to the imprisonment of ex-premier Yulia Tymoshenko that has held up an association deal. German Foreign Mi
Published 13 Oct, 2013 12:00am
Bank of Cyprus posts record loss

Bank of Cyprus posts record loss

Bank of Cyprus, the recession-hit Mediterranean island's largest lender, Friday announced a record loss of 2.21 billion euros ($3 billion) in 2012, up more than 60 percent on its 2011 losses. Cyprus agreed in March to a 10-billion-euro rescue package nego
Published 13 Oct, 2013 12:00am
Bank of Cyprus posts record loss

Bank of Cyprus posts record loss

Bank of Cyprus, the recession-hit Mediterranean island's largest lender, Friday announced a record loss of 2.21 billion euros ($3 billion) in 2012, up more than 60 percent on its 2011 losses. Cyprus agreed in March to a 10-billion-euro rescue package nego
Published 13 Oct, 2013 12:00am
BMW eyes record China sales, to recall cars

BMW eyes record China sales, to recall cars

German luxury car maker BMW said it is set to sell another record number of cars in China this year, an upbeat outlook accompanied by a separate announcement that it would recall over 25,000 defective cars in the nation in 2014. China's consumer quality w
Published 13 Oct, 2013 12:00am
Dow to sell polypropylene catalyst business to W R Grace

Dow to sell polypropylene catalyst business to W R Grace

Dow Chemical Co will sell its polypropylene licensing and catalysts business to smaller peer W.R. Grace & Co for $500 million as the US chemical maker looks to shed its non-core businesses. The sale is a part of Dow Chemical's plan to sell non-core busine
Published 13 Oct, 2013 12:00am
Dollar on track for weekly gain on debt deal optimism

Dollar on track for weekly gain on debt deal optimism

The dollar was on track for its first weekly gain in five against a basket of currencies, as optimism grew that the US Congress will reach agreement on a stop-gap deal to avert a devastating US default. President Barack Obama and congressional Republican
Published 13 Oct, 2013 12:00am
Latin American currencies rise

Latin American currencies rise

Mexico's peso rose on Friday to a 2-1/2 week high and Brazil's real hit its strongest level in nearly four months as investors bet that the US Congress will reach an agreement to avert a devastating debt default. Riskier assets such as emerging market cur
Published 13 Oct, 2013 12:00am
Key Euribor rate steadies

Key Euribor rate steadies

The benchmark Euribor bank-to-bank lending rate was unchanged on Friday, holding steady after a batch of European Central Bank policymakers indicated they saw no need now to make fresh long-term loans (LTROs) to banks. With the amount of excess liquidity
Published 13 Oct, 2013 12:00am
US looking at alleged forex manipulation

US looking at alleged forex manipulation

The US Justice Department is making inquiries into allegations of foreign exchange rate manipulation centred on the Swiss franc, but has left the heavy lifting to Europe, according to a source familiar with the probe. The Justice Department spoke with par
Published 13 Oct, 2013 12:00am
South African rand set to resume slide versus dollar

South African rand set to resume slide versus dollar

South Africa's rand will weaken against the dollar in six months after the US Fed starts to trim back its stimulus that has flooded emerging markets with easy money, a Reuters poll showed on Thursday. The rand has been among the emerging market currencies
Published 13 Oct, 2013 12:00am
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