Domestic and Global Updates

Domestic and Global Updates
By Safelyinvest

Domestic News

• Bank holiday on 9th, November.
• Nishat power plant to start working today
• Naveed Ismail appointed KES MD
• SBP approves merger
Government asked to stop import of cotton, yarn
• JSCL increases stake in PICT
• US jobless rate rises to over 10%
• Did PSO get oil from banned source?
• President advised to keep himself away from NRO beneficiaries
• NRO beneficiaries: Sindh government asked to compile data
• Nepal offers electricity to Pakistan
• IMF talks: Tarin expects to get $1.2 billion next month
• US Karachi consulate resumes visa service
• Americans Dressed as Afghans Caught With Illegal Weapons

Global News

U.S. Stocks End Two-Week Slide as Manufacturing, Home Sales Top Forecasts
UCBH Holdings' Bank Is Seized, Becomes 120th U.S. Lender Closed This Year
Buffett's `Wake-Up Call' to Berkshire Managers May Signal More Cost Cuts
Geithner, Brown Split on Transaction Tax as G-20 Seeks Rebalanced Economy Group of 20 governments split on whether to tax financial trading as part of a broader strategy to ensure the global economy’s expansion is less crisis-prone. Geithner Says `Continued Policy Support' Required for Economic Recovery Treasury Secretary Timothy Geithner said the U.S. economy requires “continued policy support” to recover from a financial and economic crisis that has pushed unemployment to its highest level since 1983.

G-20 Members Will Seek Asian Currency Gains to Solve Imbalances, UBS Says The Group of 20 finance chiefs will likely push for Asian nations to allow their currencies to appreciate when they meet in Scotland this weekend, according to UBS AG, the world’s second-largest foreign-exchange trader.
IMF Says Dollar Being Used to Fund `Carry Trade,' May Still Be Overvalued The International Monetary Fund said traders are probably using the dollar to fund “carry trades” across the world and the currency may still be overvalued even after its slide this year.
Consumer Credit Declines More Than Forecast Amid Mounting U.S. Job Losses U.S. consumer credit fell in September for an eighth straight month, the longest series of declines on record, as thousands of Americans lost their jobs and banks tightened access to loans.
Canada Loses 43,200 Jobs in October, Unemployment Rate Increases to 8.6% Canadian employers unexpectedly fired workers in October and the unemployment rate rose more than expected, suggesting the U.S.’s largest trading partner hasn’t fully recovered from the recession that began last year.
Saudi Arabian Shares Advance as Sabic, Yanbu National Petrochemical Gain Saudi Arabian shares rose for the fourth session in five, led by Saudi Basic Industries Corp., the world’s biggest petrochemicals maker, known as Sabic.
Emerging-Market Equity Funds Post First Worldwide Outflows Since June All four major developing-nation equity fund groups posted outflows concurrently for the first time since June on concern the pace of the global economic recovery may not justify valuations, EPFR Global said.

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