DAILY LATEST NEWS UPDATE: 22.02.2012

Pakistan receives US surveillance aircraft ISLAMABAD: The Pakistani navy took delivery Tuesday of two state-of-the-art, US-made surveillance aircraft nine months after Islamist militants destroyed two similar planes, officials said. Pakistan said the P3C aircraft, modified with the latest avionics, are designed to improve surveillance in the North Arabian sea, one of the world's most important shipping routes deeply troubled by Somali piracy. 'The two aircraft have been delivered to the Pakistan navy. These aircraft have been provided under the foreign military funding programme,' a spokesman for the US embassy in Islamabad, told AFP. Relations between Pakistan and the United States were severely damaged last year by a covert American raid that killed Osama bin Laden and air strikes that killed 24 Pakistani soldiers, and the alliance remains tense. The navy said the aircraft would help 'maintain requisite vigil in our vital area of interest in the North Arabian Sea', which it said was 'home to intense maritime activity both legal and illegal and thus warrants continuous guard'. Pakistan is to receive six P3C aircraft from the United States in three batches. The first two, received in 2010, were destroyed during a 17-hour siege of a key naval base in Karachi last May blamed on the Taliban. The attack killed 10 personnel and deeply embarrassed the military, just three weeks after bin Laden was killed in the garrison town of Abbottabad. AGENCIES Business News  Wed, 22 Feb 2012 - Oil prices lower over Greek reform concerns SINGAPORE: Oil was lower in Asian trade Tuesday on concerns that Greece may face difficulties delivering on tough - Euro flat after easing from Greek bailout rally TOKYO: The euro was flat against the dollar in Asia Wednesday as enthusiasm over a eurozone agreement on a bailout - Wall St loses steam after Dow hits 13,000 NEW YORK: Stocks ended little changed on Tuesday, paring gains after the Dow topped 13,000 for the first time sinc - Banks lead KSE to 22-mth high KARACHI: Share prices at Karachi Stock Exchange (KSE) ended higher on Tuesday, led by banking shares including the - PIA orders five Boeing 777s, option for five more WASHINGTON: US aircraft manufacturer Boeing announced Monday that Pakistan International Airlines has ordered five - Oil prices extend gains in Asian trade SINGAPORE: Oil prices extended gains in Asian trade Tuesday after eurozone finance ministers sealed a deal on a ma - Euro jumps on Greece rescue deal TOKYO: The euro jumped more than one US cent after news that European finance chiefs had agreed a crucial deal to - ISO raises 2011-12 global sugar surplus forecast LONDON: The International Sugar Organization on Monday increased its forecast for a projected global sugar surplus - Second Greek bailout in reach despite funding gaps BRUSSELS: Euro zone finance ministers inched towards approving a second bailout for debt-laden Greece on Monday th - Rupee ends at 90.85/95 weaker to dollar KARACHI: In the currency market, the rupee ended weaker at 90.85/95 to the dollar, compared with Friday s close of - KSE 100-share index gains 22 points KARACHI: The Karachi Stock Exchange (KSE) benchmark 100-share index rose 0.18 percent, or 22.22 points, to 12,517. - Ghee, oil supply halt continues for third day KARACHI: The strike of ghee manufacturers entered the third day across the country on Monday as factories remained - Euro firms on hopes for Greek rescue TOKYO: The euro rose in Asian trade Monday amid growing confidence that Greece will finally be given a fresh bailo - Brent crude hits eight-month high on Iran tensions SINGAPORE: Brent crude hit an eight-month high in Asian trade Monday after Iran halted its limited oil sales to Fr - KESC inks deal to convert plant for coal use KARACHI: The Karachi Electric Supply Company (KESC) has embarked on the first of its kind project in Pakistan, wit LATEST/BRIEF NEWS: ·       Scientists found Waterworld ·       Afghan officials meeting Taliban in Pakistan: report ·       Ijaz to testify before Memo Commission today ·       Musharraf denies role in Benazir assassination ·       Khar to meet Clinton to discuss Pak-US strains ·       SC begins contempt case hearing against PM Gilani ·       Afghan officials meeting Taliban in Pakistan ·       Hafeez briefs Gilani on state of economy ·       Pakistan, India agree to extend N-pact ·       US doesnt endorse Balochistan proposal ·       Washington respects Pakistan’s sovereignty: US ·       Chinas hybrid wheat to bloom in Pakistan ·       Bull-run continues at KSE on better corporate results Mohammed Saleem Mansoori