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| September 11, 2008 | Thursday | Ramazan 10, 1429 |
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$500m ADB tranche likely this month: IMF issues Letter of Comfort
LAHORE, Sept 10: The government expects to get the first tranche of $500 million of $1.3 billion Asian Development Bank (ADB) loan before the end of this month as the hitch of a clearance by the IMF has finally been removed.... 
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Pakistan slips to 77th slot in business index: No reforms initiated in 2007-08
ISLAMABAD, Sept 10: Pakistan did not introduce any reforms in 2007-08 to reduce regulatory burden on doing business as it ranked 77th among 181 world economies in providing an environment conducive to investment....
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Euro falls against dollar
PARIS, Sept 10: The euro, weakened by prospects of recession in the eurozone, fell to an 11-month low of $1.4012 in volatile trade Wednesday, its lowest reading since October 9, 2007....
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Yield on 3-month T-bills flat
KARACHI, Sept 10: The cut-off yield on three-month Treasury bills was flat at an auction on Wednesday at 12.5631 per cent, the State Bank of Pakistan said....
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Europe faces recession
BRUSSELS, Sept 10: The 15 countries sharing the euro are teetering on the brink of recession but should just escape the worst, the European Commission said on Wednesday, slashing its economic forecasts for this year....
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Rs10bn Ijara Sukuk auction on 15th
KARACHI, Sept 10: The State Bank of Pakistan would hold first auction of Government Ijara Sukuk on Monday (Sept 15), providing an option to Islamic banks to use these Sukuk as an alternative to treasury bills....
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Trade gap widens by 47.6pc in July-Aug
ISLAMABAD, Sept 10: With imports outstripping the pace of export growth, the country’s trade deficit ballooned to an unprecedented $3.522 billion during the first two months (July-August) of the current fiscal year, up by 47.67...
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Guidelines to observe EU rules on outsourcing
ISLAMABAD, Sept 10: To meet the stringent requirements prescribed by the European Union (EU) for outsourcing information and data, Pakistan Software Export Board (PSEB) has issued guidelines for adoption of model...
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Oil price rises
LONDON, Sept 10: Oil rose on Wednesday in response to a surprise decision by Opec to cut production by about half a million barrels a day....
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China trade surplus hits record high
BEIJING, Sept 10: Inflation in China fell for a fourth straight month in August while the trade surplus hit a record high, data said on Wednesday, with analysts blaming weakening domestic demand....
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Stocks consolidate gains on floor retention
KARACHI, Sept 10: Stocks on Wednesday welcomed the extension of freeze on the KSE index below 9,144 points as a section of investors covered positions in some of the pivotals amid...
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Poland to adopt euro by 2011
WARSAW, Sept 10: Poland, which joined the European Union in 2004, wants to adopt the eurozone single currency by 2011, Prime Minister Donald Tusk said on Wednesday, setting a target entry date for the first time....
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Karachi Port operations
KARACHI, Sept 10: Eight ships carrying palm oil and to load molasses and cement are expected to arrive at the outer anchorage on Thursday, according to KPT sources....
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Port Qasim
KARACHI, Sept 10: Four ships carrying wheat, palm oil, LPG and iron ore were accommodated berths during the last 24 hours, said a PQA press release on Wednesday....
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UK goods trade gap narrows
LONDON, Sept 10: Britain’s goods trade gap narrowed slightly in July but the deficit on oil hit a record high, perhaps because of changing maintenance patterns at North Sea installations, official statistics showed on Wednesday....
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Cotton prices ease further
KARACHI, Sept 10: Cotton prices on Wednesday eased further by Rs25 to Rs50 per maund depending on the quality of lint amid an actively traded session....
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Opec willing to cooperate with Russia
VIENNA/MOSCOW, Sept 10: Opec is willing to cooperate with major oil exporter Russia, Opec’s secretary- general said on Wednesday after Moscow sent a high-level delegation to its meeting....
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Delays drive up Mittal’s project costs
NEW DELHI, Sept 10: Steel giant Arcelor Mittal said on Wednesday delays in obtaining approvals for its two Indian plants had pushed up costs by 50 per cent but the company was still committed to investing in the country....
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US disagrees with Opec output cut
WASHINGTON, Sept 10: The White House disagreed on Wednesday with Opec’s plans to cut oil output by half a million barrels a day, saying “we would like to see more oil on the market, not less.”...
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India’s core infrastructure growth slumps
NEW DELHI, Sept 10: Growth of India’s core infrastructure industries, such as crude oil slumped in July, official data showed on Wednesday, stoking concern about an already slowing economy....
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Gold recovers losses
LONDON, Sept 10: Gold recovered in Europe on Wednesday after hitting an 11-month low in Asian trade with rising oil prices boosting bullion’s appeal as an inflation hedge and on strong physical demand....
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Asian stocks close mostly down
HONG KONG, Sept 10: Asian stocks closed mostly down on Wednesday as fears about the health of ailing US investment bank Lehman Brothers fixed the spotlight firmly on the global financial crisis....
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Palm oil futures fall
JAKARTA, Sept 10: Malaysian crude palm oil futures dropped more than 1 per cent on Wednesday following news of a fall in exports during the first 10 days of this month, dealers said....
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Karachi market rates
KARACHI, Sept 10: The following were Wednesday commodity market rates in rupees....
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