Zardari, Hu hold talks
BEIJING: Pakistan and China signed on Wednesday eleven agreements, MoUs and protocols to enhance bilateral cooperation in a number of sectors, includi
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Rulers afraid of independent judiciary: Imran
LAHORE Pakistan Tehrik-e-Insaf PTI) chairman Imran Khan has said rule of law cannot be established without independent judiciary and alleged t
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Three prisoners killed in massive Karachi jail riot
KARACHI: A violent protest broke out in the Landhi Jail on Wednesday and the ensuing clashes between the prisoners of the Landhi jail and the jail pol
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80% diseases due to unsafe drinking water
IslamabadThe inaugural Global Handwashing Day assumes special significance, as the UN General Assembly has declared 2008 as the International
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Five killed in fresh Swat violence
MINGORA: Five people were killed and four others injured in fresh incidents of violence in the militancy-torn Swat valley while some unknown persons i
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Duty on diesel exports to Afghanistan cut by 50pc
ISLAMABAD: In the wake of decreasing prices of petroleum products in the international market, Pakistan has cut fixed regulatory duty on export of hig
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Pakistan News
Wall Street plunges as recession fears grip markets
NEW YORK: Wall Street stocks plunged on heightened recession fears Wednesday for the US and global economies, as panic selling returned to global markets. The Dow Jones Industrial Average slid 733.08 points (7.87 percent) to close at 8,577.91 in the worst one-day point loss since last month’’s record 777-point decline and the steepest percentage drop since 1987. In an even more brutal decline, the broad-market Standard Poor’’s index plunged 90.17 points (9.03 percent) to 907.84. The tech-heavy Nasdaq sank 150.68 points (8.47 percent) to 1,628.33 in another violent session for stocks, despite massive rescue efforts for the ailing global banking sector.”The stock market is buried by recession fears,” said Al Goldman at Wachovia Securities.”Today’’s culprit is the growing fear that the economic slump may turn into a more significant contraction as the credit squeeze of the past month begins to show up in the data,” analysts at Charles Schwab said in a market update note. “Retail sales fell much more than expected, and a survey of manufacturing registered a steep drop. Economically sensitive companies are leading the broad-based rout.”Markets convulsed around the globe as the London FTSE 100 index of leading shares shed 7.16 percent while in Paris the CAC 40 fell 6.82 percent and the Frankfurt DAX gave up 6.49 percent. Market action came on news that US retail sales slumped 1.2 percent in September, a sign of deeper troubles for an economy ailing from a financial market firestorm and tight credit.The drop in sales was the steepest since August 2005 and weaker than market expectations for a 0.7 percent decline. “The retail sales data highlighted the market’’s most pressing concern now, which is the direction of the economy,” said Gregory Drahuschak at Janney Montgomery Scott.
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UTP dies mysteriously
KarachiAn under-trial prisoner (UTP), who had been rushed to the Civil Hospital Karachi (CHK) from the Central Jail, died under mysterious cir
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Dollar demand pushes rupee to record low
KARACHI: The rupee fell further against the US dollar in inter-bank market on Wednesday as it closed at a record low of Rs80.70 compared to Rs79.80 a
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Zardari-Jintao meeting begins in Beijing
BEIJING: The meeting between President Asif Ali Zardari and his Chinese counterpart Hu Jintao has begun in Beijing.According to sources, President Zardari was accorded a warm welcome on arriving in great Public Hall of Beijing. He was offered a 21-cannon salute. The sources said that both leaders would discuss several issues including civil nuclear deal and bilateral cooperation.
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