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| November 15, 2008 | Saturday | Ziqa'ad 16, 1429 |
Large-scale layoffs in car, bike industry: 14 units stop work
KARACHI, Nov 14: The weakening demand in view of economic slowdown has forced the Chinese bike makers to cut jobs by 20-30 per cent in the last few months as 14 units are not in production since July....
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PS, Qadirpur Gas Field sell-off stopped
ISLAMABAD, Nov 14: Federal Minister for Privatisation Syed Naveed Qamar said on Friday that the government has stopped sale of two state-owned entities, Qadirpur Gas Field and Pakistan Steel, apparently bowing to widespread protests against the move.“...
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India’s rich lose 60pc of their fortune
MUMBAI, Nov 14: The fortunes of India’s wealthiest have been slashed by more than 60 per cent due to the global financial crisis, which has sharply pulled down stock markets, according to a new rich list....
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Pakistan to overtake US as 3rd top rice exporter
NEW YORK, Nov 14: Pakistan is poised to overtake the United States as the world’s third largest rice exporter, a US government report said on Thursday....
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Raisani seeks investment for oil, gas exploration
QUETTA, Nov 14: Balochistan Chief Minister Aslam Raisani has invited investments in oil and gas exploration in the province and assured full protection to national and foreign investors....
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SMEs want representation on new task force
KARACHI, Nov 14: The Union of Small and Medium Enterprises (Unisame) has welcomed the formation of the much needed task force (TF) to prepare a comprehensive national strategy for uplift of...
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S&P cuts Pakistan’s ratings amid debt crisis
HONG KONG, Nov 14: Standard & Poor’s cut its sovereign ratings on Pakistan further into “junk” territory on Friday, highlighting the country’s difficulty in raising the money that it badly needs to avoid defaulting on its debt obligations....
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Rupee ends steady
KARACHI, Nov 14: The Pakistani rupee ended marginally firmer on Friday due to some inflows and dealers said Standard & Poor’s cut in the country’s sovereign ratings had no impact as it came out after market hours....
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Economists’ mixed response to SBP move
MULTAN, Nov 14: Economists and industrialists from the southern Punjab have given their mixed reaction over the increase in interest rate on bank loans....
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US retail sales plunge
WASHINGTON, Nov 14: US consumers hunkered down in the face of a sharply slowing economy and a global financial crisis, sending retail sales plunging a record 2.8...
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Stocks turn dull amid fading optimism
KARACHI, Nov 14: Stocks finished the weekend session on a dull note as there were no signs of overnight optimism and leading investors again withdrew to the sidelines without making any fresh commitments....
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Oil falls
LONDON, Nov 14: Oil prices fell on Friday, a day after slumping close to $50 a barrel, despite growing expectations that Opec could cut output again later this month, traders said....
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ICAP on IFAC board
KARACHI, Nov 14: President Institute of Chartered Accountants of Pakistan (ICAP) Asad Ali Shah has been appointed as member Board of International Federation of Accountants (IFAC) for the term 2008- 2011....
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Trading remains firm amid hopes of TCP buying
KARACHI, Nov 14: Cotton market on Friday showed steady trend as ginners did not resort to panic selling amid hopes that the Trading Corporation of Pakistan will resume lint procurement operations...
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Karachi Port operations
KARACHI, Nov 14: Three ships carrying containers, project cargo and to load clinker are expected to arrive at the outer anchorage on Saturday, according to KPT sources....
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Port Qasim
Karachi, Nov 14: Brisk shipping activity was witnessed at the port where three ships scheduled to load, offload containers, cement and wheat were accommodated on berths at Qasim International Container Terminal...
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Spanish economy shrinks
MADRID, Nov 14: The Spanish economy contracted in the third quarter for the first time since 1993, shrinking 0.2 per cent compared with the three months to June, official figures showed...
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Russian and EU leaders agree on finance reform
NICE, Nov 14: Russia’s President Dmitry Medvedev and France’s President Nicolas Sarkozy said on Friday that they had agreed almost identical positions on the financial crisis ahead of a global summit....
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US IT firm cuts up to 6,000 jobs
NEW YORK, Nov 14: Sun Microsystems Inc. announced on Friday it was cutting up to 6,000 jobs as the global economic crisis drives down demand for its computer servers....
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Japan fears capital flight
LONDON, Nov 14: Japan is “worried” that foreign investors may withdraw capital because of the international financial crisis, the head of the country’s external trade agency told AFP on Friday....
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Bush picks prosecutor to oversee bailout funds
WASHINGTON, Nov 14: US President George W. Bush on Friday nominated an anti-fraud prosecutor to monitor the use of funds in the 700-billion-dollar bailout of the financial sector, the White House said....
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Citi business
KARACHI, Nov 14: Citibank N.A. Pakistan, on Friday announced the repositioning of its business in Pakistan, unifying the management and execution of its corporate, consumer and commercial banking operations....
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Gold falls on strong dollar
LONDON, Nov 14: Gold fell more than 1 per cent on Friday on the stronger dollar and lower oil prices, while investors will be watching for any news from the Group of 20 summit and US economic releases for further guidance....
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Asian stock markets regain ground
HONG KONG, Nov 14: Stocks in Asia rebounded Friday on the back of a rally on Wall Street and as traders stepped in to pick up bargains following three days of heavy selling amid fears for the global economy....
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Palm oil ends lower
JAKARTA, Nov 14: Malaysian palm futures closed lower on Friday on faltering crude oil, but speculation in the market of stronger export data limited the downside, traders said....
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Karachi market rates
KARACHI, Nov 14: The following were Friday commodity market rates in rupees....
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