‘US wants long-term business partnership with Pakistan’
By Ijaz Kakakhel
ISLAMABAD: The United States wants the establishment of infrastructure development in Pakistan on priority bases along with enhanced partnerships with private business community to flourish business activities.
Paul A Brinkley, Deputy Under Secretary of Defence... 
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Control yarn prices, PRGMEA asks govt
KARACHI: Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) has demanded an immediate intervention of Textile Ministry to control the rising yarn prices in domestic markets which, if not countered immediately, would result in delay and cancellation of export orders thus, a...
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Inflation settles at 8.87 percent in October after 22 months
By Tanveer Ahmed
KARACHI: Country’s inflation fell into single digit after 22 months by settling at 8.87 percent in month of October, Federal Bureau of Statistics Reported.
Last time, single digit inflation was recorded in December 2007. Since January 2008, inflation kept moving...
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‘Sugar shortage to create medicine crisis’
KARACHI: Former chairman FPCCI Standing Committee on Pharmaceuticals Dr Mushtaq Noorwala, expressing serious concern over the continuing crisis of sugar in the country, has cautioned that pharmaceuticals industry and other industries using sugar as raw material will be badly affected.
If availability...
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Transfer of Japanese technology to enhance crop productivity
Staff Report
ISLAMABAD: Zarai Taraqiati Bank Ltd (ZTBL) would collaborate with Japanese firm M/S Finetech for the transfer of Japanese technology for improvement of soil quality and enhancement of crop productivity.
They would bring investment in Pakistan for the development...
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Gold makes another high at Rs 34,600/tola
KARACHI: Price of gold jumped by Rs 100 to touch a peak level of Rs 34,600 per tola at the local bullion market on Tuesday. Gold increased by Rs 82 to Rs 29,657 per 10 grammes, as its international price also climbed to an all-time high of $1,101 an ounce, market sources said. A gold dealer said that...
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Faysal Bank, Engro Chemicals sign agreement
KARACHI: Faysal Bank Limited and Engro Chemical Pakistan Limited (ECPL) have signed an agreement whereby Faysal Bank is extending a financing facility of Rs1,500 million for a term of 7 years for ECPL’s Urea Expansion Project at Dharki. The project entails setting up a new plant with a production capacity...
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KCCI chief assures small traders of full support
KARACHI: President Karachi Chamber of Commerce and Industry (KCCI) Abdul Majid Haji Muhammad on Tuesday assured the small traders of the city that the chamber will fully support them and try its best to resolve their problems, but it should be regularly and formally informed. He was talking to two delegations...
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EZY Slim Top launched in Pakistan
KARACHI: Infotech Pvt Ltd (part of EZY Group Holding) launched the atom based Slim Top PC (new range of personal computers) in Pakistan. CEO and country manager eSys Pakistan (Pvt) Ltd and EZY Infotech (Pvt) Ltd, Saeed Sheikh said, “The EZY Slim Top PC is both slim in price and slim in size”. He said...
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5th urea ship arrives at Gwadar
KARACHI: The fifth ship carrying 45,574 metric tonnes of urea for Trading Corporation of Pakistan (TCP) berthed at the Gwadar Port on Tuesday. A TCP official said that with the arrival of MV Star Cosmos from Oman, the total imported quantity for Rabi season has reached 175,449 MT of urea from the awarded...
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JCR-VIS assigns ‘AA+’ to UBL fund
KARACHI: Credit rating company JCR-VIS has assigned a capital protected fund rating of ‘AA+’ (Double A plus) to UBL Capital Protected Fund. The fund was launched in April 2008. app
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‘Sri Lanka believes in market-oriented policies’
KARACHI: Consul General of Sri Lanka, V.S. Sidhat Kumar on Tuesday said Sri Lanka believes in market-oriented policies for helping increase export trade.
In a meeting with members of SITE Association of Industry (SAI) here in the Association’s office, Kumar said we encourage foreign investment....
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Karachi stocks lose 174 points over negative developments
KARACHI: The Karachi stock market faced intense selling pressure on Tuesday over limited hopes of discount rate cut and uncertainty over the market’s inclusion in the Morgan Stanley Capital International emerging market status in November review results.
The Karachi Stock Exchange (KSE) 100-share...
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LSE sheds 58 points
LAHORE: The Lahore Stock Exchange (LSE) remained bearish on Tuesday with a low turnover. The LSE 25-share index declined by 57.82 points to close at 2,687.62 points as against its opening at 2,745.44 points. The volume of the market was recorded at 6.06 million shares, which was 0.85 million shares...
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ISE decreases by 47 points
ISLAMABAD: The Islamabad stock market closed in the negative territory on Tuesday as the ISE 10-share index dropped by 46.74 points to close at 2,022.60 points from its previous level of 2,069.34 points. Of the total 142 participant companies, 23 climbed upward and 119 turned negative. However, total...
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European stocks slightly lower
PARIS: European stocks were slightly lower on Tuesday, pausing after a four-session winning run.
Preferred shares in Volkswagen plummeted nearly 14 percent and ordinary shares fell 2.8 percent after Qatar Holding LLC (QH) said it plans to sell up to 25 million preference shares in Volkswagen,...
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FTSE up for 5th day of gains
LONDON: Gains in HSBC after strong third-quarter results outweighed weakness in Vodafone as its results disappointed, pushing Britain’s FTSE 100 up for the fifth straight session on Tuesday.
By 0914 GMT, Britain’s top share index was 27.0 points or 0.5 percent higher at 5,262.18, hitting its...
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Dollar sheds strength versus rupee
KARACHI: The dollar lost strength against the rupee in the interbank market, dealers said on Tuesday.
The dollar kicked off the day’s trading at Rs 83.55 for buying, depreciated and closed at Rs 83.36 for buying and Rs 83.56 for selling. Therefore, the rupee incurred a gain of 19 paisas.
The...
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— closes at 15-month low in London
LONDON: The dollar’s trade-weighted index hovered near a 15-month low on Tuesday on the view US interest rates will stay low. By 1242 GMT, an index of the dollar’s performance against six major currencies was up 0.2 percent at 75.176. The euro edged down 0.1 percent to $1.4979, though still close to...
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Indian shares slip 0.35 percent
MUMBAI: Indian shares fell 0.35 percent on Tuesday, snapping four straight days of gains, led by telecom and software stocks, dealers said. The benchmark 30-share Sensex index fell 58.16 points to 16,440.56. Morning trade was led by India’s energy giant Reliance Industries, which announced on Tuesday...
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US stocks turn positive as tech shares gain
NEW YORK: Wall Street reversed early losses and traded flat to slightly higher on Tuesday, led by gains in consumer and technology shares, a day after stocks rallied on the prospect of prolonged low interest rates.
The Dow Jones industrial average gained 7.03 points, or 0.07 percent, to 10,233.97....
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Asian stocks: Singapore, Malaysia climb
BANGKOK: Singapore shares climbed to their highest in three weeks and Malaysian stocks hit 17-month highs on Tuesday as palm oil firms such as Wilmar and Sime Darby extended gains amid optimism about the outlook for palm prices.
Singapore’s index rose 0.5 percent, with Wilmar International adding...
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APEC to keep lavish stimulus spending taps open
SINGAPORE: Asia-Pacific finance chiefs, anxious about the potential for a ‘double-dip recession’, will keep lavish stimulus spending in place for now, according to a draft communique obtained by AFP Tuesday.
The statement is set to be released Thursday by finance ministers of the 21-member Asia-Pacific...
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Gold rises towards record high
LONDON: Gold prices rallied toward recent record highs above $1,110 an ounce on Tuesday, reversing earlier losses, as the dollar erased initial gains against a basket of six major currencies.
Spot gold hit a session high of $1,109.20 an ounce and was at $1,106.90 at 1540 GMT, against $1,103.85...
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Oil rises above $80 a barrel after hurricane disrupts
LONDON: Oil prices rose on Tuesday to above $80 a barrel after a late-season hurricane disrupted oil and gas output in the Gulf of Mexico and the dollar stayed close to a 15-month low. US crude for December delivery was up 92 cents to $80.35 a barrel by 1525 GMT, after trading most of the session below...
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Indian finance minister says cutting deficit ‘imperative’
NEW DELHI: India’s Finance Minister Pranab Mukherjee promised Tuesday the government would reduce the fiscal deficit as it seeks to put the nation’s financial house in order.
“Fiscal consolidation is absolutely imperative,” Mukherjee said in a speech to a World Economic Forum meeting in New Delhi....
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Japan’s current account surplus flat in September
TOKYO: Japan’s current account surplus edged up 0.2 percent in September from a year earlier as a higher trade surplus offset a drop in gains on portfolio and other investment, official data showed Tuesday.
The surplus in the current account — the broadest measure of trade with the rest of the...
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British trade deficit expands to 7.2bn pounds
LONDON: The trade-in-goods deficit in recession-hit Britain expanded to 7.2 billion pounds in September, official data showed on Tuesday. The figure, equivalent to 8.0 billion euros or $12 billion, compared with a revised deficit of 6.1 billion pounds in August, the Office for National Statistics said...
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Lloyds Banking Group to cut 5,000 jobs
LONDON: Britain’s state-controlled Lloyds Banking Group is to cut 5,000 roles by the end of 2010, it said on Tuesday, confirming earlier media reports. “LBG is announcing today a number of changes within its group operations, insurance and retail divisions,” the company said in a statement. “These changes...
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Italian industrial output slides in September
MILAN: Italy’s industrial production dipped by a greater-than-expected 5.3 percent in September, national data showed Tuesday, in a new sign of weakness in the country’s recession-hit economy. August had seen a rebound of 5.8 percent over July, according to seasonally adjusted figures, revised downward...
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Iran inflation dips to 16.7% in October
TEHRAN: Inflation in Iran, one of its biggest economic challenges, fell to 16.7 percent in the Iranian month ending Oct 22, state television reported on Tuesday, quoting a central bank report. The figure is down from 18.5 percent in the previous month. Inflation in the Islamic republic, OPEC’s second...
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Russia to suffer sharp 2009 growth contraction: World Bank
* Economists say Russia has been helped by the recovery in oil prices from last year’s lows
MOSCOW: The World Bank on Tuesday said the Russian economy would contract 8.7 percent in 2009, worse than previously forecast, but predicted a modest recovery to growth of 3.2 percent in 2010.
“Based...
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| Saturday, November 21, 2009
