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| January 02, 2009 | Friday | Muharram 04, 1430 |
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BoA completes purchase of Merrill Lynch
NEW YORK, Jan 1: Bank of America Corp completed its purchase of Merrill Lynch & Co and Wells Fargo & Co finished buying Wachovia Corp, the latest sea changes in a transformed banking industry facing dire economic times ahead.... 
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Rupee fails to recover despite higher reserves
KARACHI, Jan 1: Currency experts see no hope for recovery of the local currency against the dollar even after significant improvement in the foreign exchange reserves....
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Gas tariff hike to cripple industry
KARACHI, Jan 1: President Karachi Chamber of Commerce and Industry Anjum Nisar has criticised Oil and Gas Regulatory Authority (Ogra) for allowing three to 17 per cent increase in gas tariffs....
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Farmers to get 0.4m tons urea at cheaper rates
ISLAMABAD, Jan 1: The government will distribute 400,000 tons of subsidised urea among the farmers in the next couple of weeks for maintaining prices at the current level so as to avoid the impact of fertiliser shortage on agricultural output....
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Workshops for SMEs on cost-cutting techniques
RAWALPINDI, Jan 1: The Skill Development Council has improved competitiveness of small and medium enterprises (SMEs) through a series of training workshops. Chief executive officer of SDC Saquib Mohyddin told newsmen...
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Slow dispatches mar Gwadar Port’s berthing skills
KARACHI, Jan 1: Six vessels have so far discharged around 105,033 tons of fertiliser at the Gwadar Port. But due to slow dispatch and off-take only 38,115 tons of the commodity...
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Shamshad Defends measures
KARACHI, Jan 1: State Bank of Pakistan governor Dr Shamshad Akhtar on Thursday explained and defended various structural changes and other corrective measures initiated by the SBP in the financial sector...
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NIT all set to launch Rs20bn market fund
KARACHI, Jan 1: Necessary legal work relating to the NIT-SEF (State Enterprise Fund) has concluded and the Rs20 billion market support fund was ready to take-off, chairman and MD of NIT Tariq Iqbal Khan told a press briefing on Thursday....
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China’s textile profits slip
BEIJING, Jan 1: Profits slipped at Chinese textile firms for the first time in a decade, the Xinhua news agency said on Thursday, the day after the expiry of US “safeguards”...
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US Treasury finalises $4bn loan for GM
WASHINGTON, Jan 1: The US Treasury said late Wednesday it had finalised a $4 billion emergency loan for troubled General Motors, the biggest US automaker....
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Choppy conditions prevail amid signs of recovery
KARACHI, Jan 1: The share market began the new year trading on a relatively improved note on Thursday as a section of investors covered positions at the lower levels ahead of...
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Cotton market maintains upward drive
KARACHI, Jan 1: Cotton market on Thursday maintained its upward drive as spinners and mills were not inclined to take even a technical breather amid reports of an imminent price flare-up....
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Karachi Port operations
KARACHI, Jan 1: Eight ships, carrying containers and to load molasses and cement, are due to arrive at the outer anchorage on Friday, according to KPT sources....
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Belarus devalues rouble, hikes rate after IMF deal
MINSK, Jan 1: Belarus will devalue its rouble currency by 20 per cent as of Jan 2 and raise its key refinancing rate, its central bank said on Thursday, a day...
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Demand for local currency falls in Zimbabwe
HARARE, Jan 1: Zimbabwe’s economy is now virtually based on foreign exchange, a state daily said on Thursday, with fewer goods and services available in the local dollar which is rapidly...
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US jobless claims dive
WASHINGTON, Jan 1: US weekly jobless claims plummeted last week but the improvement was probably a seasonal quirk rather than a turning point for the recession-ravaged labour market....
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Wall Street closes sharply lower
NEW YORK, Jan 1: Wall Street closed out its worst year since the Great Depression on Wednesday after an unstoppable credit crisis and a dreadful economic outlook left investors questioning their faith in stock markets....
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Indian sugar futures rise on good spot demand
MUMBAI, Jan 1: India sugar futures climbed on Thursday afternoon as bulk traders stocked up in anticipation of good spot demand, but higher supplies and tighter controls on exports limited the rise in prices....
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New York cotton higher
NEW YORK, Jan 1: Cotton futures settled Wednesday at a two-month top on investor buying before a holiday break and the surge may spill over into the early part of 2009, brokers said....
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Gold imports down
MUMBAI, Jan 1: Gold imports by India, the world’s largest buyer of the metal, fell 47 per cent in 2008 to 402 tons as high prices and a slowing economy dented demand, a leading trade body said on Thursday.—Reuters...
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Karachi market rates
KARACHI, Jan 1: The following were Thursday’s commodity market rates in rupees....
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