In Friday's South Asia papers

24 October 2008 06:24  [Source: ICIS news]


Front page

Rupee falls to record low of 50.15 per dollar
The Indian rupee opened trade on Friday at a record low of 50.15 per dollar, weighed down by heavy losses in Asian stocks which raised worries of more outflows from the local share market.

Former VHP woman owned motorcycle used in Malegaon blast
Nearly a month after motorcycle bomb blasts killed six in the textile town of Malegaon the state home department is in possession of specific clues that point to the involvement of right-wing Hindu groups in the blasts.


India slips in IT ranking
The Global IT Competitiveness Index ranks India 48th in the world, down two places since last year.

India Inc sees widespread defaults
Industry leaders at a Ficci national council meeting admitted that the impact threatens to be both severe and long-term and would soon be visible through large and widespread corporate defaults on debt.


Front page

Stocks open lower; Sensex down 274 points
Stocks opened lower Friday following yet another sharp sell-off in Asian markets.

India ranks 50th in global competitiveness
India may boast of its economic growth and open market economy, but we still rank 50th in global competitiveness.


Front page

Govt-AL talks end with no tangible outcome
The second-round formal dialogue between the Emergency Government and Awami League ended on Thursday without any tangible outcome although both sides termed it a fruitful that was held in an ‘extraordinary’ cordial atmosphere.

BNP, govt dialogue begins
The second round of dialogue between the government and BNP began on Thursday evening shortly after 6:30 pm.


‘Global financial turmoil not likely to harm Bangladesh economy’
President of Bangladesh Economic Association (BEA) Dr Quazi Kholiquzzaman Ahmed on Thursday said Bangladesh is not likely to face any financial downturn if the current global economic crisis does not prolong.

DSE witnesses sharp rise
The Dhaka Stock Exchange (DSE) registered a sharp rise on Thursday amid profit expectation while investors were seen slowly moving to bank shares that they ignored for a long time.


Front page

Shootout in Dankotuwa
One person was killed when police returned fire after being shot at from a vehicle of a National Freedom Front MP in Dankotuwa this evening.

Tamil Nadu boils over Sri Lanka
Tamil Nadu was at boiling point on Thursday over the Sri Lankan issue. MDMK chief Vaiko Gopalswamy was arrested for making highly inflammatory speeches in support of the LTT and the office of the Sri Lankan Deputy High Commission in Chennai was stoned.


Sampath Group achieves record profits
The Sampath Group announced on Thursday that during the first nine months of operation the group’s post tax profit increased by 25.6% to Rs1,123.1m and its largest entity, the Sampath Bank, recorded a post-tax profit of over one billion to Rs1007.7m showing a growth of 31.3%, over the corresponding period in 2007.

House debates GSP Plus – UNP pledges unconditional support
Parliament on Thursday debated the impact of losing the GSP+ facility on the export economy with the main Opposition UNP pledging its unconditional support to the government to retain it even at this late stage.


Front page

$4.5bn needed within 30 days to build up reserves
Pakistan needs hard cash in 15 to 30 days to fill a financing gap ranging between $3.5 and $4.5bn to build up dwindling forex reserves, Adviser to Prime Minister on Finance Shaukat Tareen said on Thursday.

Tareen wants quick removal of KSE ‘floor’ restriction
Adviser to Prime Minister on Finance Shaukat Tareen has said that putting the ‘floor’ under the Karachi Stock Exchange Index was a ‘wrong decision’ and he wanted its removal as quickly as possible.


KSE brokers ask for more!
In a noisy gathering at the Karachi Stock Exchange trading hall on Thursday, the 80-plus stock brokers came up with a small list of demands (or ‘proposals’), which they handed over to a KSE director to be placed before the meeting of the Securities and Exchange Commission of Pakistan and the stock exchanges on Friday.

Oil prices rebound on eve of Opec moot
Oil prices rebounded on Thursday on the prospect of a cut in output by the Opec cartel, after New York earlier dived to a 16-month low with recession fears stoking concerns for waning demand.


Front page

Assistance from IMF: formal request to be made only after November 15: Tarin
Advisor to Prime Minister on Finance Shaukat Tarin on Thursday stated that Pakistan has not yet formally asked the International Monetary Fund (IMF) for a loan.

35 militants die in Bajaur air strikes: FC
The ground and air strikes carried out by the security forces killed at least 35 militants in Bajaur agency on Thursday, Frontier Constabulary (FC) source said.


Pakistan’s foreign exchange reserves fall by $426m to $7.323bn
The country’s foreign exchange reserves further declined by 426 m dollars during last week due to rising trade deficit, huge foreign payments and slow inflows.

Cross-LoC trade may help resolve Kashmir dispute: Daultana
Parliamentary Secretary for Information and Broadcasting, Azeem Daultana on Thursday said opening of trade route across the Line of Control (LoC) in Kashmir has firmed up the hope to see resolution of the long-standing dispute in the near future.

By: Staff Reporter
+44 20 8652 3214

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