July 7, 2009
ISLAMABAD: Afghanistan for the first time acknowledged the cross border smuggling and stressed on institutionalizing steps to stop it, Geo News reported Tuesday.
Talking to Geo News, Secretary Trade Suleman Ghani said the Afghan government acknowledged the cross border smuggling during the Pak-Afghan Transit Trade negotiations and stressed on taking up steps to stem it.
He said the Trade Secretary said positive headway is being achieved in the negotiations; however, the agreement will take place in November instead of September owing to Afghan elections.
Business
July 7, 2009
ISLAMABAD: Despite negative growth in imports from India and growth of Pakistani exports to India, the trade balance between the two sides is in favour of India showing a surplus of $456 million, reveals official trade figures compiled by the commerce ministry for the first seven months of FY 2008-09.
Business
July 6, 2009
ROME: Chinese Deputy Foreign Minister HeYafei said on Sunday the U.S. dollar would continue to be the world's leading reserve currency for years to come.
"The U.S. dollar is still the most important and major reserve currency of the day, and we believe that that situation will continue for many years to come," He told a news briefing in Rome before this week's Group of Eight summit.
Beijing has floated the idea of an alternative to the dollar as world reserve currency and wants the topic broached at the summit starting in Italy on Wednesday.
Business
July 6, 2009
NEW DELHI: India’s defence expenditure during 2009-10 remains unchanged from Rs.141,703 crore ($28 billion) allocated in the interim budget earlier this year - which was a hike of 34 percent over the previous year.
In presenting the interim budget Feb 16, Finance Minister Pranab Mukherjee had justified the 34 percent hike by saying a security “threshold has been crossed” with the Mumbai terror attacks.
Of the allocation for the fiscal that began April 1, plan expenditure for defence has been pegged at Rs.86,879 crore against Rs.73,600 crore for the financial year just ended March 31.
Business
July 6, 2009
KARACHI: The benchmark KSE-100 Index of Karachi Stock Exchange (KSE) Monday gained 67.21 points to close at 7538.
The turnover volume was low at 127.032 million shares as prices of 135 scrips recorded gains while 131 sustained losses and 21remained unchanged.
A dealer at a leading brokerage house said that the market was bullish in the morning on hectic buying and Index crossed 7500 level. But it came down to 7400 level on profit taking. However, some buying again helped Index to cross 7500 level at the close, he added.
Business
July 4, 2009
SINGAPORE: Oil fell further during Asian trade Friday as investors continued to fret about the state of the US economy where the jobless rate has surged to a 26-year high, analysts said.
New York's main contract, light sweet crude for August delivery, eased 38 cents to 66.35 dollars a barrel.
Brent North Sea crude for August delivery sank 57 cents to 66.08 dollars
"The US employment report was a negative for the oil price," said David Moore, a Sydney-based commodity analyst with the Commonwealth Bank of Australia.
Business
July 3, 2009
SINGAPORE: Oil fell further during Asian trade Friday as investors continued to fret about the state of the US economy where the jobless rate has surged to a 26-year high, analysts said.
New York's main contract, light sweet crude for August delivery, eased 38 cents to 66.35 dollars a barrel. Brent North Sea crude for August delivery sank 57 cents to 66.08 dollars.
Oil prices are likely to remain under pressure until economic data point to a firm turnaround in US economic fortunes, which will in turn lead to stronger energy demand, analysts said.
Business
July 3, 2009
ISLAMABAD: The report on the recent electricity crisis that hit Karachi city has not been prepared thus far, Geo news claimed late on Wednesday.
According to sources, the Pakistan Electricity Producing Company (PEPCO) on Wednesday night was assigned compilation of a report on irregularities in Karachi Electric Supply Company (KESC), which caused unabated long-hours power cuts in recent days here in metropolis but as yet, it has failed to do so.
The report was to be compiled and forwarded to the Ministry of Water and Electricity latest by Wednesday night, sources added.
Business
July 3, 2009
WASHINGTON: US employers shed 467,000 jobs in June, pushing the unemployment rate to a fresh 26-year high of 9.5 percent, the Labor Department reported Thursday.
Analysts had expected a smaller number of 365,000 job losses, but a higher unemployment rate of 9.6 percent. The jobless rate in May was 9.4 percent.
The agency revised its estimates for May to show fewer job cuts -- 322,000 instead of 345,000. But the April figure was revised from a loss of 504,000 to 519,000 jobs.
Business
July 3, 2009
NEW DELHI: The Indian government raised prices of auto fuels to stem the losses of state-owned retailers that sell petrol and diesel below cost price, revealing its intention to deregulate the sector.
Petrol will be costlier by Rs 4 a litre and diesel by Rs 2 a litre from Wednesday midnight. Prices of cooking gas and kerosene were left untouched, as it could affect the poorer sections of the society.
Business
