SRINAGAR: Four Indian soldiers and three Muslim militants were killed in gun battles across Kashmir on Monday, police said. They said suspected milita

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WANA/PESHAWAR: Backed by the Wazir tribesmen, security forces early Monday foiled a reported attempt by US forces to enter Pakistani territory near So

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IslamabadProstitution is thought to be the oldest profession in the world but it could also be termed the oldest way of women exploitation. b

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KARACHI: Negotiations for the sale of the Karachi Electric Supply Company (KESC), involving its present owner Al-Jomaih Group and acquirer private equ

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KarachiThe Karachi Electric Supply Company (KESC) should minimise the duration of load-shedding so that citizens do not face any problem in th

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LAHORETHE Ministry of Food, Agriculture and Livestock (MinFAL) has barred the Pakistan Veterinary Medical Council (PVMC) from publishing any a

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Pakistan News

HYDERABAD: The price of 10-kilogram bag of Atta has surged to Rs290 from Rs280, as mill owners in the city face shortages in the supply of wheat. However, the official rate fixed for the commodity is Rs245.Citing shortage of wheat, the Food Department had recently slashed the wheat quota of Atta Chakki owners by 60 per cent and it continues to remain so.Mill owners alleged that the government had enough stock of wheat, which is being sold in the open market.Due to lack of supply of wheat to the mill owners, most of the mills have been shut down.The mill owners say if the situation remains unchanged, Atta crisis will prevail in the country while flour mills will be forced to close operation.

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KARACHI: Karachi Stock Exchange witnesses another dull day as investors failed to find interest in the market, due to continuation of the market support floor.The benchmark KSE-100 Index lost 20 more points to finish the day at 9,233.Despite the news of share buy back by major blue-chip firms, and easing global oil prices the market did not show any signs of excitement. Trading volume stood low at 10.5 million shares, with 18 gainers, 48 losers and 93 scrips ending flat.Market analysts say investors are keeping a close eye on decorating conditions at the Pak-Afghan border and the meeting between President Zardari and British premeir Gordon Brown.

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LONDON: Oil prices plunged on Monday to seven-month lows below 93 dollars on prospects of weaker energy demand amid a worsening global financial crisis after Lehman Brothers” bankruptcy, analysts said.In London, Brent North Sea crude for delivery in October tumbled 4.81 dollars to 92.77 dollars a barrel — the lowest level since February.New York’’s main contract, light sweet crude for October, dived 5.26 dollars to 95.82 dollars a barrel.”Turmoil in the financial markets hurt sentiment and reinforced concerns about weaker oil demand growth,” said Sucden analyst Michael Davies in London.Oil prices were also weighed down by news that damage to US oil platforms caused by Hurricane Ike had not been as bad as feared, analysts said.US officials said that Ike, which slammed the US Gulf Coast on Saturday, had damaged about 10 oil platforms in the Gulf of Mexico where major energy installations are located.”The initial perception is that there hasn”t been much structural damage to oil and refinery infrastructure,” said David Moore, a Sydney-based commodity strategist with the Commonwealth Bank of Australia.Crude prices are down by more than a third in value from record levels of above 147 dollars reached in July, as investors grow increasingly pessimistic about weakening energy demand amid signs the global economy is slowing down.Fuelling investors” concerns was the announcement Monday that Lehman Brothers would file for bankruptcy after the investment bank, in desperate need of capital injection, failed to find a buyer.Global stock markets plunged between three and seven percent Monday on concerns over the beleaguered world economy.The European Central Bank and Bank of England responded to the latest gloom by pumping billions of dollars into world financial markets.A series of reports underlining weakening demand were published last week.The US Department of Energy lowered its forecasts for 2009 global crude oil demand and the International Energy Agency cut its estimate for demand growth this year by 100,000 barrels per day and for 2009 by 140,000 bpd.The market meanwhile overlooked news that militants had on Monday attacked a Shell facility in Nigeria’’s restive southern Delta region, a day after an armed group declared an “oil war.”The most prominent armed group in the region, MEND, which had declared the “oil war”, immediately said it was responsible for the attack in Rivers State, claiming to have destroyed the Anglo-Dutch group’’s Alakiri station.Since its emergence in early 2006 in oil-rich southern Nigeria MEND has multiplied attacks, kidnappings of foreign oil workers and sabotage on land and offshore.It has caused Nigeria to lose one quarter of its oil production, costing Lagos its place as the biggest crude oil producer in Africa, with Angola recently taking that title.

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FAISALABAD: Due to shortage of Gas during the month of October, the Sui Nothern Gas Company will suspend supply of gas to the province of Punjab, said a notification issued by the company on Monday.According to sources of the company, supply would remain suspended from Qadirpur and Sawanpur gas fields for yearly maintenance, resulting in the shortfall of gas from these fields of about 500 million cubic feet and 250 million cubic feet respectively.Meanwhile, due to shortage of 750 million cubic feet, supply of gas to industrial se0ctors would be affected for two to three weeks.Industrial owners expressing their apprehension over the issue, said this will affect production on large scale and closure of mills would render thousands of labourers unemployed.

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