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Dubai World to Sell Prized Assets
Saturday, August 28, 2010 at 2:29 pm
DUBAI: Dubai Worlds willingness to sell prized assets such as ports operator DP World to pay down its debt pile is considered such a drastic move that analysts see it more as a last-resort bargaining tactic. Documents obtained by Reuters this week revealed the surprising news that the debt-laden conglomerate was willing to let go of “strategic assets” such as DP World, Jebel Ali Free Zone... Read more »
BlackBerry Still Working in Saudi Pending Talks
Saturday, August 7, 2010 at 5:07 pm
RIYADH: A Saudi telecom official says a ban on BlackBerry messenger service in the kingdom has not taken effect pending ongoing negotiations with its Canada-based maker to avert the shutdown. The official said on condition of anonymity that talks continued Saturday and he was upbeat about the outcome. The Saudi telecommunications regulatory agency announced earlier this week the service would be halted... Read more »
Oil Up in International Markets
Saturday, August 7, 2010 at 5:03 pm
Oil is up by $3.1 in the international markets on Saturday. Light Sweet Crude Oil for September delivery is up by 70 cents a barrel. According to traders oil get up due to purchase of the commodity rose in the oil markets. However, the prices would likely to go down in wake of the reports about discovery of new oil wells in the US. [Read more...]
RBS Agrees $3bn WorldPay Sale to Advent, Bain
Saturday, August 7, 2010 at 5:01 pm
LONDON : Royal Bank of Scotland has clinched the $3 billion sale of a majority stake in its WorldPay arm to a private equity duo, the latest step in its recovery plan following a humiliating taxpayer bailout in 2008. On the day it posted higher quarterly results, RBS said it would sell an 80 percent stake in its Global Merchant Services business, which runs the WorldPay payment processing company,... Read more »
Palm Oil Off 3-Month Highs After Weather Rally
Tuesday, August 3, 2010 at 6:48 pm
KUALA LUMPUR : Malaysia crude palm oil futures settled down 0.31 percent on Tuesday, slipping off three-and-a-half month highs of the previous day as investors who had bet on a weather-driven rally closed their positions. Palm oil has clawed back some of its losses so far this year due to mounting concerns about the effect of dry weather on rival soy crops in the US and European rapeseed and to heavy... Read more »
World Oil Prices Approach 82 Dollars
Tuesday, August 3, 2010 at 6:46 pm
LONDON : Oil prices stretched towards 82 dollars per barrel on Tuesday, on the back of buoyant market sentiment, the weak dollar and hurricane concerns in the US Gulf of Mexico, analysts said. New York’s main contract, light sweet crude for delivery in September, gained 50 cents to 81.84 dollars a barrel. Brent North Sea crude for September added 70 cents to 81.52 dollars in late morning London... Read more »
Federal Govt to Announce Industrial Policy
Tuesday, August 3, 2010 at 6:44 pm
Following the failure of the Trade and Textile Policy, the Federal Government has now decided to announce Industrial Policy. Federal Minister for Industries and Production Mir Hazar Khan Bijrani paid a visit to Federation of Pakistan Chamber of Commerce and Industry to finalize the draft of the Industrial Policy. According to sources, the draft will be finalized by August 14. It is pertinent to mention... Read more »
Asian Shares Down on New Signs US Economy Slowing
Thursday, July 29, 2010 at 4:49 pm
TOKYO: Most Asian markets retreated Thursday after fresh evidence of slower U.S. growth blunted appetite for riskier assets like stocks. The latest sign of sluggishness in the world’s No. 1 economy came from the Federal Reserve’s regional survey, a report known as the “beige book.” The Fed said economic growth in the U.S. has been steady during the summer in some cities, but... Read more »
Gold Price Tumbles in Asia
Thursday, July 29, 2010 at 4:46 pm
Gold price witnessed bearish trend in local and international markets on Thursday. Gold prices decreased to $20 per tola in the Asian stocks. Morgan Stanley Asia Pacific and Japan’s Nikkei Index gained 0.8 percent and 2.70 percent respectively. Hang Seng added 108 and Shanghai Composite gained 60 points. On the other hand, the gold prices stand at $1,164 down by $20 per ounce. In the international... Read more »
Dealers’ Body to Continue PSM Boycott
Friday, July 23, 2010 at 5:30 pm
The negotiations between the Pakistan Steel Mills and dealers failed with a decision to continue the boycott of PSM products on Friday. The dealers representatives hold a dialogue with PSM zonal manager and register protest against the arrests of traders by FIA. The PSM assured the traders that no FIR has been registered while the latter asked for a written assurance. Thus, the traders announced to... Read more »
