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S&P’s cuts Pak rating to few levels above default Debt servicing seen in straits
KARACHI: Pakistan's credit rating was cut by Standard & Poor’s that has put the country’s ability to meet $3 billion debt servicing cost in hot waters as terrorism risks grew and investors fled emerging markets. ... |
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Debt crisis looms larger after rating slash ISLAMABAD: The risk that Pakistan could become the bankrupt state as it was before a military coup nine years ago loomed larger on Monday as the rupee struck an all-time low and the country’s debt was relegated deeper into junk bond territory. ... |
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Suicide blast in Bhakkar, kills 20 PM, President condemn
BHAKKAR: Twenty people were killed and dozens were injured, many of them critically, in a suicide blast that ripped through the residence of MNA Rasheed Akbar Khan Nawani in Bhakkar on Monday. The interior ministry has confirmed the deaths of 20 people and put the number of injured at 35. The injured were brought to District Headquarter Hospital Bhakkar. ... |
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SBP injects 91pc more funds in Sept Muhammad Ali Qaisar
KARACHI: State Bank of Pakistan (SBP) has injected liquidity of around Rs150 billion in the banking system during the month of September 2008 that was 91 per cent higher as compare to the total amount poured in during the month of August 2008. ... |
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Rupee sinks more as crisis deepens KARACHI: Import payments drove the rupee to another record low of 78.65 to the dollar in early trade on Monday amid gloom over the deepening economic crisis and alarming insecurity in the country, dealers said.
The rupee was quoted at 78.47/57 to the dollar at 10:08 am. The previous low was made at 78.55 on September 22. "There are many import payments due today (Monday) and the rupee should weaken further," said a currency dealer. ... |
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Gilani looks to France for energy needs ‘Nato forces not to challenge our sovereignty’
ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani expressed the hope that France will extend its assistance to Pakistan in use of nuclear technology for meeting its energy requirements. ... |
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FBR surpasses 1QFY09 revenue collection target ISLAMABAD: Federal Board of Revenue (FBR) has released provisional revenue collection figures for the first quarter of the current financial year July-September 2008-09 (1QFY09). FBR showed a marked increase in the ratio and volume of revenue collection, said a statement on Monday. ... |
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French, German scientists share Nobel Medicine Prize STOCKHOLM: France’s Francoise Barre-Sinoussi and Luc Montagnier shared the Nobel Medicine Prize on Monday for their discovery of the HIV virus, along with a German scientist for his groundbreaking research into cervical cancer.
Harald zur Hausen won the 2008 Nobel prize for medicine or physiology for his discovery of "human papilloma viruses causing cervical cancer". The other half was jointly won by Francoise Barre-Sinoussi and Luc Montagnier for their discovery of "human immunodeficiency virus" Sweden's Karolinska Institute said on Monday. ... |
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Bankers seek letup in high rates KARACHI: Pakistani bankers called for urgent action by the central bank to stop a liquidity crunch putting banks in jeopardy as overnight call rates closed between 25 and 28 per cent on Monday. "It should do something immediately, as there is risk for systematic failure," said a senior banker, who requested anonymity due to the authorities' sensitivity regarding management of the markets. ... |
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Profit repatriation slides 25.5pc in 2MFY09 Ghulam Raza Rajani
KARACHI: Repatriation of profit by the foreign companies from the country has declined by 25.5 per cent in the first two months of the fiscal year 2008-09 (2MFY09) mainly due to slowdown in economic activities along with depreciating of Pak rupee which ultimately turned expensive to purchase the other currencies, according to the State Bank of Pakistan data on sector-wise repatriation of profit. ... |
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