Banking Companies (Amendment) Bill 2009
Amended bill to give more regulatory powers to SBP
By Sajid Chaudhry
ISLAMABAD: National Assembly Standing Committee on Finance here on Tuesday approved Banking Companies (Amendment) Bill 2009 to enable the State Bank of Pakistan to take steps for securing depositors interests... 
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Crude oil imports rise 44.5% in Oct
By Muhammad Yasir
KARACHI: The crude oil imports have recorded a significant increase of 44.5 percent in October as compare with preceding month, reaching 0.754 million metric tonne in order to meet the local demand through locally-refined petroleum products. In the October 2009, the...
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PSEs’ borrowing surges by 18%
By Mushfiq Ahmad
KARACHI: While banks’ credit to private sector keeps shrinking this year, credit to public sector enterprises has grown significantly, according to official figures.
PSEs borrowed Rs 70.654 billion from July 1, 2009 to October 24, 2009, increasing by about 18...
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LPG price up by Rs 9 per kg
KARACHI: LPG marketing companies have increased price of liquified petroleum gas (LPG) by Rs 9 per kilogramme to Rs 77 in the country after the increase in Saudi Aramco Contact Price (CP).
Chairman of All Pakistan LPG Distributors Association, AbdulHadi Khan said Saudi Aramco CP for LPG has been...
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Govt likely to fix fish output target for 2010-2014
By Ijaz Kakakhel
ISLAMABAD: The government is likely to set fish production target for the next five years, sources told Daily Times here on Tuesday.
These targets might be set for tenth Five Year Plan 2010-2014. The total target is divided into Marine Fish Production and Inland...
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‘Pakistan Steel has sufficient raw material stock’
Staff Report
KARACHI: The Pakistan Steel Mills has ships of raw material standing at Port Qasim with two vessels of Iron ore expected to arrive in the month of November, Rasool Baksh Phulpotto, Managing Director of PSM said.
He said this during a meeting to discuss PSM future...
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BankIslami shows 100% growth in deposits
Staff Report
KARACHI: BankIslami Pakistan Limited announced Tuesday that its customer base has crossed 100,000 mark.
The Bank registered an increase of 110 percent in the first 10 months of the year by establishing 52,500 relationships. This growth has helped BankIslami to register...
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Two PIA flights for Gilgit, Skardu every week
Staff Report
KARACHI: PIA is operating twice-weekly flights between Gilgit and Skardu every Monday and Thursday. The flight between Gilgit and Skardu meets the long-standing demand of the residents of this region.
More destinations would be added while increasing the frequency of...
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Fertilizer sector’s profits down 13 percent
By Tanveer Ahmed
KARACHI: Strong urea prices benefited the fertilizer sector to make windfall gains during the current calendar year although profits were down 13 percent during first nine months of current calendar year over the same months of last year.
All listed fertilizer...
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PASSCO launches ‘Paddy Procurement Drive 09’
LAHORE: Pakistan Agricultural Storage and Services Corporation (PASSCO) on Monday formally launched the “Paddy Procurement Drive 2009” at a procurement centre set up at Monarch Rice Mills, Kamoke. PASSCO General Manager (Field), Chaudhry Abdul Majeed and Director General of Punjab Agriculture Punjab...
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Business at stock exchange disturbed after media report
ISLAMABAD: The scenario developed after media reports that Muthahid Qumi Movement (MQM) chief Altaf Hussain has asked President Asif Ali Zardari to resign has not only affected ordinary people but also investment in Stock Exchange which would push further economic crises in Pakistan. Due to these reports,...
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KCCI urges government to explore new markets
* Demands revision in Pakistan-Sri Lanka free-trade pact to enhance export quota of agro-based products
Staff Report
KARACHI: KCCI has urged government to take concrete measures to explore the African, Central Asian and South American markets rather than focusing its energy on...
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KSE gains 67 pts on govt’s refusal to table NRO in parliament
KARACHI: Bulls returned to the Karachi stock market on Tuesday as the government’s decision of not presenting the National Reconciliation Ordinance in the parliament and attractive share prices boosted investor confidence.
The Karachi Stock Exchange (KSE) 100-share share index increased by 66.59...
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Lahore stocks surge 38 points
LAHORE: The Lahore Stock Exchange (LSE) witnessed a bullish trading session on Tuesday with a low turnover. The LSE 25-share index added 37.97 points to close at 2,746.81 points as against its opening at 2,708.84 points. The volume of the market remained at 9.76 million shares, which was 1 million shares...
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Islamabad shares rise 50 points
ISLAMABAD: The Islamabad stock market witnessed a firm trading session on Tuesday as the ISE 10-share index was up by 50.33 points to close at 2,085.89 points from its previous level of 2,035.56 points. Of the total 160 participant companies, 91 climbed upward and 69 turned negative. Total turnover...
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European stocks slide
LONDON: European shares sank on Tuesday as investors digested a huge overhaul of British state-controlled banks Lloyds and Royal Bank of Scotland, while falling metals prices hit the mining sector.
In late morning European trade, London’s FTSE 100 index of top shares tumbled 2.12 percent to 4,996.53...
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FTSE falls below 5,000 points
LONDON: Britain’s leading share index dropped 2.2 percent in mid-session trade on Tuesday, with negative newsflow on the UK and global financial sector denting banks and contributing to a broad-based retreat in equities.
The FTSE 100 index was 111.56 points lower at 4,992.94, slipping below...
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Greenback gains 5 paisas versus rupee
KARACHI: The dollar continued its upward march versus the rupee in the interbank market, dealers said on Tuesday.
The dollar initiated the day’s trading at Rs 83.69 for buying, incurred gains and closed at Rs 83.74 for buying and Rs 83.79 for selling. Thus, the rupee incurred a loss of five...
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Euro, pound slide against dollar
LONDON: The euro and the pound fell sharply against the dollar on Tuesday as European stock markets tumbled and Britain unveiled a major shake-up of the banking industry, analysts said. In late morning London deals, the European single currency hit a one-month low of $1.4636 as compared with $1.4772...
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Indian shares at 2-month closing low; Reliance falls
MUMBAI: Indian shares dropped 3.1 percent on Tuesday, a sixth straight fall that took the market to its lowest close in two months, pulled down by a sell-off in energy giant Reliance Industries and weak global markets. Disappointing corporate earnings announced over the weekend, including from second-ranked...
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Wall Street to open lower
NEW YORK: US stock index futures fell on Tuesday as the deal by Warren Buffett’s Berkshire Hathaway to buy railroad Burlington Northern failed to offset poor results from Swiss lender UBS and a shake-up at two big British banks.
In its largest-ever acquisition, Berkshire Hathaway Inc will pay...
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Asian stocks fall despite pick-up in US data
HONG KONG: Asian markets fell for a second straight day on Tuesday as dealers further sold off stocks on worries over the global economy, despite data pointing to a pick-up in manufacturing in the US.
Hong Kong dipped 1.76 percent and Sydney 0.20 percent, while Seoul was 0.59 percent off. Tokyo...
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EU sees recovery in 2010, 2011, makes case for fiscal exit
BRUSSELS: Europe’s economy will rebound next year from a deep slump and accelerate in 2011, the European Commission said on Tuesday, paving the way for major budget deficit cuts across the 27-nation bloc from 2011 at the latest.
The European Union’s executive arm forecast that the EU economy...
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Johnson & Johnson to cut more than 7,000 jobs worldwide
WASHINGTON: Johnson & Johnson, a leading US health care products company, said Tuesday it will slash between six and seven percent of its global workforce, more than 7,000 jobs, to cut costs.
The global restructuring is expected to generate up to $1.7 billion in annual savings when it is fully...
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HSBC bank says it will cut 1,700 jobs across Britain
LONDON: HSBC is to cut more than 1,700 jobs across Britain, a spokesman for the global banking group said on Tuesday. HSBC will axe ‘just over 1,700’ jobs, a spokesman told AFP, confirming media reports. An official statement from HSBC explaining the cuts was due later Tuesday. The announcement came...
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Nokia Siemens to cut up to 6,000 jobs after huge losses
HELSINKI: Finnish-German telecom equipment maker Nokia Siemens said on Tuesday that it could reduce its 64,000-strong workforce by seven to nine percent, or by 4,500 to 5,800 jobs, in a cost-cutting drive. The cost-cutting is to “improve financial performance and return to growth” by reducing 500 million...
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Gold back above $1,060 on IMF sale
LONDON: Gold rose back above $1,060 on Tuesday as more investors overlooked a dollar rally and responded positively to news the International Monetary Fund sold 200 tonnes of gold to India’s central bank.
Spot gold was quoted at $1,062.00 an ounce, up from $1,059.15 quoted late in New York on...
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Oil prices slip as traders take profits
LONDON: World oil prices retreated Tuesday on profit-taking and as the market was rattled by sliding European equities and the strengthening dollar, traders said.
New York’s main contract, light sweet crude for delivery in December dipped 84 cents to $77.29 a barrel. Brent North Sea crude for...
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India buys half of IMF’s gold offered for sale; who’s next?
MUMBAI/WASHINGTON: The International Monetary Fund has sold 200 tonnes of gold to the Reserve Bank of India for $6.7 billion, quietly executing half of a long-planned bullion sale that has threatened to slow gold’s ascent.
The deal, which surprised traders who expected China to be the most likely...
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| Sunday, November 22, 2009
