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| January 08, 2009 | Thursday | Muharram 10, 1430 |
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Global slowdown starts hurting Pakistan exports
KARACHI, Jan 7: Global recession and emerging deflation in the developed countries has started affecting Pakistan’s exports, which are gradually declining since October. Though, the overall exports of the country during first 5 months (July-Nov-08) increased by 11.8... 
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Oil prices drop on rising US inventory
LONDON, Jan 7: Oil prices slumped on Wednesday as data revealed larger than expected gains for energy stockpiles in the United States, the world’s biggest crude consuming nation, dealers said....
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US economy loses 693,000 jobs
WASHINGTON, Jan 7: The US private sector lost 693,000 jobs in December, according to a survey on Wednesday highlighting a deepening recession in the world’s biggest economy....
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IMF team in Turkey
ANKARA, Jan 7: An International Monetary Fund (IMF) delegation arrived in Ankara on Wednesday for talks on a new agreement between the Fund and Turkey, a government source said....
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German jobless hits 3m as recession bites
BERLIN, Jan 7: German unemployment in December rose for the first time in 33 months, with over three million people out of work, data showed on Wednesday as the recession in Europe’s economic powerhouse begins to bite....
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Asia needs pension reform: OECD
PARIS, Jan 7: Asian nations need to act now to reform their pension systems to deal with demands from a rapidly ageing population over the next two decades, the OECD said here on Wednesday....
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Plgmea’s plea for new VAT law
KARACHI, Jan 7: Pakistan Leather Garment Manufacturers and Exporters Association (Plgmea) has urged the Federal Board of Revenue (FBR) not to withdraw the zero-rating status of the five export-oriented industries from the scope of sales tax....
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Flour mills seek waiver from income tax, GST on power bills
KARACHI, Jan 7: Flour mills have demanded exemption from income tax and sales tax collected on electricity bills, which they believe would provide direct relief to the flour consumers....
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Indian outsourcing giant hit by billion-dollar fraud
MUMBAI, Jan 7: The head of one of India’s biggest outsourcing firms, Satyam Computer, resigned on Wednesday amid a scandal over a billion dollar fraud that sent company stocks into freefall....
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European stocks sharply lower
LONDON, Jan 7: European stocks closed sharply lower on Wednesday, snapping a New Year rally as massive US job losses and profit warnings jolted investors who were hoping the worst of the global crisis might be over....
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US dollar slides on bleak job data
NEW YORK, Jan 7: The dollar slumped on Wednesday, reversing sharp gains against the euro and yen earlier this week, as steep job losses in the private sector rekindled fears of a prolonged US recession....
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ECB policymakers push for wider post-crunch role
MILAN/BRUSSELS, Jan 7: European Central Bank policymakers stepped up their efforts on Wednesday to position the bank for a core role in supervising commercial banks and applying lessons from the credit crunch....
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World’s first ‘drought-tolerant’ corn ready by 2010
WASHINGTON, Jan 7: Agribusiness giant Monsanto announced on Wednesday a significant step towards creating the world’s first drought-tolerant corn, a development it says will “reset the bar” in farming productivity.The...
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Majority of Icelanders want new currency
REYKJAVIK, Jan 7: More than half of Icelanders believe their country should adopt a new currency, with most of those wanting it to be the euro, according to a poll published by Gallup on Wednesday....
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Ireland seeks to raise 3bn euros in bond
DUBLIN, Jan 7: Ireland’s National Treasury Management Agency (NTMA) said on Wednesday it was seeking to raise 3 billion euros ($4.09 billion) in a five-year benchmark bond and planned a further foray later this year....
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Asian stocks mixed on economic hopes, profit-taking
HONG KONG, Jan 7: Asian stocks closed mixed on Wednesday as hopes for a healing of the battered world economy buoyed some markets but profit-taking dragged others down, dealers said.Tokyo...
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BoA sells stake in Chinese bank for $2.83bn
HONG KONG, Jan 7: Bank of America Corp, coping with tough economic conditions, raised $2.83 billion by selling part of its stake in China Construction Bank Corp, and Hong Kong’s richest...
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Weak regulatory mechanism adding to Kuwaiti woes
KUWAIT, Jan 7: Kuwait’s weak financial regulation is compounding the effects of the global credit crisis, unsettling investors there and threatening the government’s attempts to diversify its oil-driven economy....
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Marks & Spencer to close 27 stores
LONDON, Jan 7: British retailer Marks & Spencer, an icon and key barometer of consumer sentiment on the nation’s high streets, is to cut up to 1,230 jobs and shut 27 stores, it said on Wednesday....
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