BISINISS WORLD NEWS

  Updated at: 1448 PST,  Sunday, May 02, 2010
 LAHORE: The shopkeepers increased the prices of milk and yogurt by Rs5 to 10/lt, despite the district government of Lahore had already set them, Geo News reported Sunday.

The shopkeepers are selling the milk at new raised prices.

District government specified milk at Rs40 from Rs36/lit and yogurt price at Rs44/kg; however, these food items are not available on these prices.

According to market survey, milk is being sold at Rs45 to Rs55/lit and yogurt at Rs50 to 60/lit.

The citizens protested against the exorbitant rates of milk and yogurt, saying there is no one to grill those responsible for the hike.

Updated at: 1311 PST,  Sunday, May 02, 2010  KARACHI: Special arrangements have been made to provide cash at ATMs during two weekly holidays, Link1 said Sunday. In a statement from Link1, which provides ATMs network to banks, the spokesman said the electronic banking is expected to be on the rise, as the decision relating two weekly holidays is applicable to banks as well. 31 banks associated with Link1, have been directed to ensure the cash availability and care of their ATMs during these two weekly off days, so that consumers may be benefited from this facility. The Link1 said the consumers may use the ATMs for paying their utility bills including other facilities in addition to cash withdrawal.

Updated at: 0905 PST,  Sunday, May 02, 2010  WASHINGTON: The Gulf of Mexico spill has not significantly disrupted US oil and gas production or vital shipping lanes along the southern US coast, the admiral leading the response effort said Saturday. Coast Guard Commandant Admiral Thad Allen said the giant oil slick lying off Louisiana was likely to hit the Gulf Coast shoreline "at some point" and admitted the leaking well would cause an "extraordinary amount of problems." There's enough oil out there, it's logical to assume it will impact the shoreline," Allen said. "The question is where and when." After two natural gas platforms halted production and one was evacuated as a safety precaution, Allen stressed that production in the region, which accounts for a major proportion of US oil and gas, was not seriously affected. "There has not been a significant impact on production," he told reporters on a conference call. Allen also said the oil spill had not yet had an effect on key shipping lanes heading toward the Mississippi Rivers and major ports like Pascagoula, Mississippi. "Where the current trajectory of the oil spill sits right now -- maybe this is actually one of the good things that's happened -- it's actually between all the (shipping) fairways." Heavy onshore winds were complicating efforts to contain the massive oil slick as University of Miami researchers said satellite images showed the slick had tripled to cover an area the size of Puerto Rico. "We're not going to rest until these leaks are stopped," said President Barack Obama's counterterrorism adviser John Brennan, rebutting criticism that the federal response had been slow. British energy giant BP, which operated the Deepwater Horizon oil rig before it exploded, caught fire and sank last week leaving 11 workers dead, plans to use chemical dispersants underwater to limit the impact from the ruptured well. Allen said officials were still evaluating the potential impact of the new technique on the fragile Gulf Coast ecosystem and that "this could be the way to go" if it was found to have no significant effect on the wildlife. But he noted that spill mitigation efforts have been hampered by the sheer logistical challenge of stopping oil from spewing out of the well 5,000 feet (1,524 meters) below the surface. "One of the real problems we are having working in that area is what I would call the tyranny of distance and the tyranny of depth. Trying to get some of these technologies at that depth with remotely operated vehicles has proven to be somewhat of a challenge." He said the riser pipe was already crimped about two feet above the stack, where the blowout preventers are placed above the well head. BP was looking at possibly further crimping the pipe or cutting it off and placing another blowout preventer above it, but Allen said that would be riskier than current plans to build a giant dome to place over the ruptured well. Engineers are expected to finish constructing the dome within two to four weeks. The company has asked the US military to provide any robotic submarines that are better than the six it is currently using to try and shut off the well. It is also seeking access to the military's sophisticated satellite imaging equipment to help track the slick. Two C-130 cargo aircraft with Modular Aerial Spray Systems (MASS) lent to the spill mitigation efforts by the Department of Defense can cover 250 acres (101 hectares) of oil with dispersants per flight, with three flights per aircraft planned for each day.

Updated at: 2225 PST,  Friday, April 30, 2010

ISLAMABAD: Oil and Gas Regulatory Authority (OGRA) has increased petrol price by Rs1.94 to Rs75.08 a litre, Geo News reported Friday. The price of High Speed Diesel has been raised by Rs3.41 to Rs76.80 a litre: HOBC by Rs1.63 to Rs89.19; Kerosene Oil by Rs4.08 to Rs68.89 and; Light Speed Diesel by Rs3.56 to Rs65.76 a litre.

 SINGAPORE: Oil prices extended gains in Asian trade Friday on optimism over the US economic recovery following positive jobs data along with easing global fears about Greece's debt crisis, analysts said.

New York's main contract, light sweet crude for June delivery, rose 39 cents to 85.56 dollars a barrel. London's Brent North Sea crude for June delivery was up 28 cents to 87.18 dollars per barrel. Prices were supported by rising equity markets in Asia after a rally on Wall Street following encouraging US company results.

HONG KONG: Asian stocks rallied on Friday at the end of a tough week, with sentiment boosted by hopes that a bailout for debt-laden Greece is in sight. The news also lifted the euro from its one-year lows, sending the yen down to the benefit of Japanese exporters. Tokyo shares were 1.35 percent higher by the break, Hong Kong up 1.30 percent and Singapore advanced 0.68 percent. Investors followed a rally on Wall Street, where the Dow rose 1.10 percent on the news out of Europe. Athens has called on the EU and IMF to activate a three-year rescue package worth 45 billion euros this year as it faces a May 19 deadline to repay nine billion euros in old debts. The euro, which had hit a year low of 1.3202 dollars on Wednesday, bought 1.3242 dollars in quiet Tokyo morning trade, compared with 1.3244 dollars in New York late Thursday. It was also trading at 124.59 yen against 124.46. The dollar was trading at 94.07 yen in line with New York levels.