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Archive - 2011-03-10
AOL cutting 900 jobs in US, India
Top News

AOL cutting 900 jobs in US, India

WASHINGTON: AOL is laying off around 200 employees in the United States and 700 in India, nearly 20 percent of its globa
Published 10 Mar, 2011 05:39pm
Three killed in Dera Murad Jamali blast
Top News

Three killed in Dera Murad Jamali blast

DERA MURAD JAMALI: At least three persons were killed and 18 others injured in a bomb blast here on National Highway on
Published 10 Mar, 2011 05:19pm
US stocks drop sharply
Financial

US stocks drop sharply

NEW YORK: US shares fell sharply as markets opened Thursday morning on a spate of negative news including Spain's sovere
Published 10 Mar, 2011 04:24pm
PM to visit Kyrgyzstan on March 15
Top News

PM to visit Kyrgyzstan on March 15

ISLAMABAD: Prime Minister Syed Yusuf Raza Gilani will pay a three-day official visit to Kyrgyzstan from 15th of this mon
Published 10 Mar, 2011 03:05pm
'China can keep inflation to 4pc'
Asia

'China can keep inflation to 4pc'

BEIJING: Chinese prices still face upward pressure, but the government should be able to hold inflation to an average of
Published 10 Mar, 2011 02:03pm
Australia jobs dip, but full-time jumps
Top News

Australia jobs dip, but full-time jumps

SYDNEY: Australian employment unexpectedly dipped in February in the first negative surprise for months and downward rev
Published 10 Mar, 2011 01:33pm
‘Brazil inflation to stay’
World

‘Brazil inflation to stay’

SAO PAULO: Inflation rates in Brazil will stay high through most of the year but will slow toward year-end, the central
Published 10 Mar, 2011 12:53pm
Remittances rise over 20pc to $6.96bn
Top News

Remittances rise over 20pc to $6.96bn

KARACHI: Remittances sent home by overseas Pakistanis continued to show a rising trend as an amount of $6,963.28 million
Published 10 Mar, 2011 12:39pm
Remittances rise over 20pc to $6.96bn
Top News

Remittances rise over 20pc to $6.96bn

KARACHI: Remittances sent home by overseas Pakistanis continued to show a rising trend as an amount of $6,963.28 million
Published 10 Mar, 2011 12:19pm
President signs ERRA bill
Top News

President signs ERRA bill

ISLAMABAD: President Asif Ali Zardari has signed the Earthquake Rehabilitation and Reconstruction Authority (ERRA) bill
Published 10 Mar, 2011 11:57am
19 dead, 174 injured in China quake
Top News

19 dead, 174 injured in China quake

BEIJING: At least 19 people were killed and 174 others injured in an earthquake that struck a remote area of southwest C
Published 10 Mar, 2011 11:54am
Ban calls on businesses to empower women
Top News

Ban calls on businesses to empower women

UNITED NATIONS: Secretary-General Ban Ki moon has called on the business community to continue working alongside the Uni
Published 10 Mar, 2011 06:25am
Australian joblessness steady at 5.0pc
Top News

Australian joblessness steady at 5.0pc

SYDNEY: Australia's jobless rate held steady at 5.0 percent for the third straight month in February but the number of u
Published 10 Mar, 2011 06:24am
Japanese shares open lower
Financial

Japanese shares open lower

TOKYO: Japanese shares opened 0.43 percent lower on Thursday with investors retreating to the sidelines as they wait for
Published 10 Mar, 2011 05:25am
Cement makers bank on exports
BR Research

Cement makers bank on exports

After facing doom and gloom in 1HFY11, cement manufacturers are eyeing the second half of the fiscal year to increase cement sales to improv
Published 10 Mar, 2011 12:00am
Employed illiteracy
BR Research

Employed illiteracy

Providing employment to the youth may not be the best-selling mantra for the politicians, come the next elections, as there is hardly any ro
Published 10 Mar, 2011 12:00am
We do not need no-education
BR Research

We do not need no-education

Pakistani policymakers are renowned for slipping some significant policy issues under the carpet. Be it the implementation of RGST, issues o
Published 10 Mar, 2011 12:00am
First Chinese American named Beijing envoy

First Chinese American named Beijing envoy

US President Barack Obama on Wednesday named Gary Locke to be the first Chinese American ambassador to Beijing, hoping the exemplar of the American dream can manage the two powers' often rocky ties. Senators indicated they are likely to confirm Locke to r
Published 10 Mar, 2011 12:00am
Yunus lodges Supreme Court appeal

Yunus lodges Supreme Court appeal

Muhammad Yunus, the Bangladeshi pioneer of "microfinance" loans to help the poor, made a final legal appeal to the Supreme Court on Wednesday against an order dismissing him from his own bank. The Nobel laureate also asked the court to immediately suspend
Published 10 Mar, 2011 12:00am
Petraeus says tough summer ahead

Petraeus says tough summer ahead

The top US and Nato commander in Afghanistan said Wednesday that fighting this summer may be worse than last year but some reduction in American forces is still possible in July. General David Petraeus told The Associated Press that he will present Presid
Published 10 Mar, 2011 12:00am
US woman admits aiding foreign terrorist cell

US woman admits aiding foreign terrorist cell

A Colorado woman admitted Tuesday that she helped a terrorist cell that hoped to incite Islamic holy war, and her lawyer said she was "part of something that was much larger, much more complex than she ever knew." Jamie Paulin-Ramirez, 32, of Leadville, C
Published 10 Mar, 2011 12:00am
Wife of German Islamist jailed

Wife of German Islamist jailed

A German court jailed for two and a half years on Wednesday the wife of an Islamist extremist serving 12 years for plotting attacks on US servicemen and civilians in Germany. Filiz Gelowicz, 29, was found guilty of supporting "foreign terrorist groups" bu
Published 10 Mar, 2011 12:00am
Afghan war civilian deaths highest yet in 2010: UN

Afghan war civilian deaths highest yet in 2010: UN

Last year was the deadliest yet for civilians in the Afghan war with a 15 percent jump in the death toll, the UN said in a report Wednesday which laid bare the conflict's impact on ordinary people. The 2,777 deaths underscore the level of violence in the
Published 10 Mar, 2011 12:00am
World powers pressure Iran over nuclear concerns

World powers pressure Iran over nuclear concerns

The United States said military aspects to Iran's nuclear work were "increasingly apparent", as the big six world powers urged Tehran on Wednesday to cooperate with the UN atomic watchdog to help resolve such concerns. The major powers said "the door rema
Published 10 Mar, 2011 12:00am
Iran moving to 'threshold' of making atom bomb: US

Iran moving to 'threshold' of making atom bomb: US

A senior US government official says Iran is moving toward the threshold of being able to build a nuclear weapon, but Tehran's leaders may be divided over whether to take the final step and actually make one. State Department special adviser Robert Einhor
Published 10 Mar, 2011 12:00am
No plans to intervene in Libya: Nato chief

No plans to intervene in Libya: Nato chief

Nato Secretary-General Anders Fogh Rasmussen said on Wednesday the alliance was not looking to intervene in Libya but its military was ready to respond to any developments at short notice. Rasmussen said any action would require a clear United Nations man
Published 10 Mar, 2011 12:00am
Economist warns of food-price riots in Britain

Economist warns of food-price riots in Britain

A senior economist at HSBC has warned that Britain could experience riots if food prices continue to soar in line with the cost of crude oil. Karen Ward told Sky News that amid "very low" wage growth in the developed world, failing to compensate workers f
Published 10 Mar, 2011 12:00am
Shuttle Discovery lands after final voyage

Shuttle Discovery lands after final voyage

The space shuttle Discovery capped a successful 13-day spaceflight with a smooth landing in Florida on Wednesday, ending a 27-year flying career for NASA's most-travelled spaceship as the agency prepares for an uncertain future. With commander Steven Lind
Published 10 Mar, 2011 12:00am
Bahrain protesters want Sunni immigrants sent home

Bahrain protesters want Sunni immigrants sent home

Thousands of Shia protesters in Bahrain are demanding that naturalised Sunnis be stripped of their citizenship and sent out of the country. The latest demand comes after three weeks of marches demanding change in the Gulf state run by a Sunni dynasty.
Published 10 Mar, 2011 12:00am
17 killed in clashes with Darfur rebels

17 killed in clashes with Darfur rebels

Heavy clashes between a major rebel group and the Sudanese army in central Darfur have killed 15 rebels and two soldiers, army spokesman Sawarmi Khaled Saad said on Wednesday. "Clashes between the armed forces and groups affiliated with Abdulwahid (Nur) d
Published 10 Mar, 2011 12:00am
New Jersey man accused of taking military secrets to China

New Jersey man accused of taking military secrets to China

A former employee of a New Jersey technology company has been arrested and charged with transporting restricted military data to China. Sixing Liu also is known as Steve Liu. He faces one count of exporting defence-related technical data without a license
Published 10 Mar, 2011 12:00am
Activists occupy Qadhafi mansion in London

Activists occupy Qadhafi mansion in London

Activists say they have occupied a London mansion owned by a son of Libyan leader Moammar Qadhafi. A group calling itself Topple the Tyrants said it entered the house Wednesday. Spokesman Montgomery Jones says the squatters, who are not Libyan, will stay
Published 10 Mar, 2011 12:00am
Egypt sectarian strife kills 13, challenge to army

Egypt sectarian strife kills 13, challenge to army

Thirteen Egyptians were killed in violence between Christians and Muslims as sectarian tensions resurfaced in Cairo and a new government met for the first time on Wednesday, discussing how to restore law and order. The Health Ministry said the 13 people w
Published 10 Mar, 2011 12:00am
UK to delay Afghan aid over lack of IMF deal

UK to delay Afghan aid over lack of IMF deal

Britain said on Wednesday it would delay payment of 85 million pounds ($137.6 million) in aid to Afghanistan due to the absence of an International Monetary Fund support programme, which has been hampered by a banking scandal. In a statement, the British
Published 10 Mar, 2011 12:00am
Seven children die in US farmhouse fire

Seven children die in US farmhouse fire

Seven children died when their rural American farmhouse was engulfed in flames as their mother was off milking cows and their father was driving a milk truck, police said Wednesday. It was unclear what caused the fire, which broke out shortly after 10:00
Published 10 Mar, 2011 12:00am
Baghdad blast kills Iraqi army general

Baghdad blast kills Iraqi army general

A roadside bomb attack in east Baghdad killed an Iraqi army general on Wednesday while violence across the capital wounded 13 people, including a US soldier, security officials said. Brigadier General Taha Ahmed Samir, head of training for Iraq's nascent
Published 10 Mar, 2011 12:00am
Top UK businessmen among nine arrested in bank probe

Top UK businessmen among nine arrested in bank probe

Police have arrested nine people, including two of Britain's wealthiest entrepreneurs, on suspicion of fraud in connection with the 2008 collapse of Iceland's Kaupthing bank during the global financial crisis. Britain's Serious Fraud Office said seven men
Published 10 Mar, 2011 12:00am
Washington Post columnist David Broder dies

Washington Post columnist David Broder dies

David Broder, a prize-winning political columnist for The Washington Post who came to be known as the dean of the US capital's press corps, died on Wednesday. He was 81. Broder, who won a Pulitzer Prize, America's top journalism award, in 1973, for his an
Published 10 Mar, 2011 12:00am
Deputy US Marshal dies of wounds from gun battle

Deputy US Marshal dies of wounds from gun battle

A deputy federal marshal who was shot in the head Tuesday during a gun battle with a man he was trying to arrest died of his wounds hours later, the US Marshals Service said. John Perry, 48, died at Saint Louis University Hospital hours after he and two o
Published 10 Mar, 2011 12:00am
US jurors chosen for Rajaratnam insider trial

US jurors chosen for Rajaratnam insider trial

Prosecutors and defence lawyers for onetime hedge fund billionaire RJ Rajaratnam will clash in a high-stakes face-off in court on Wednesday when they make their cases to a jury in the biggest Wall Street insider trading case in a generation.
Published 10 Mar, 2011 12:00am
US jurors chosen for Rajaratnam insider trial

US jurors chosen for Rajaratnam insider trial

Prosecutors and defence lawyers for onetime hedge fund billionaire RJ Rajaratnam will clash in a high-stakes face-off in court on Wednesday when they make their cases to a jury in the biggest Wall Street insider trading case in a generation.
Published 10 Mar, 2011 12:00am
India beat Holland

India beat Holland

India overcame mid-innings hiccups to beat the Netherlands by five wickets in a Group B match on Wednesday to maintain their unbeaten run in the World Cup. Chasing 190, Tendulkar (27) and Sehwag (39) provided a brisk start before India lost five wickets a
Published 10 Mar, 2011 12:00am
India beat Holland

India beat Holland

India overcame mid-innings hiccups to beat the Netherlands by five wickets in a Group B match on Wednesday to maintain their unbeaten run in the World Cup. Chasing 190, Tendulkar (27) and Sehwag (39) provided a brisk start before India lost five wickets a
Published 10 Mar, 2011 12:00am
Tendulkar first to reach 2,000 World Cup runs

Tendulkar first to reach 2,000 World Cup runs

Indian superstar Sachin Tendulkar Wednesday became the first batsman to score 2,000 World Cup runs, reaching the mark by hitting three consecutive fours in front of legions of fans in New Delhi. Tendulkar opened the batting with Virender Sehwag at Feroz S
Published 10 Mar, 2011 12:00am
Yousuf, Shoaib Malik and Kaneria not on contracts list

Yousuf, Shoaib Malik and Kaneria not on contracts list

Pakistan's Danish Kaneria and Shoaib Malik, under scrutiny by the Pakistan cricket board's integrity committee following the scandal-hit tour of England, have been dropped from the central contracts list for 2011. Senior batsman Mohammad Yousuf was also d
Published 10 Mar, 2011 12:00am
South Africa's World Cup final pitch unfit to play on

South Africa's World Cup final pitch unfit to play on

The pitch at the stadium that hosted last year's World Cup final has been declared unfit for South Africa's Nations Cup qualifier against holders Egypt later this month, the country's FA (SAFA) said on Wednesday. The match has been moved from Soccer City
Published 10 Mar, 2011 12:00am
Don't pin all the blame on Kamran, says Waqar

Don't pin all the blame on Kamran, says Waqar

Coach Waqar Younis admitted dropped catches by wicketkeeper Kamran Akmal cost Pakistan the match against New Zealand but praised Ross Taylor for the innings of a lifetime. Taylor, who benefited from two astonishing let-offs by Kamran, hit a career-best un
Published 10 Mar, 2011 12:00am
Messi mauls Arsenal again to send Barca through

Messi mauls Arsenal again to send Barca through

The brilliance of Lionel Messi crushed Arsenal's Champions League dreams for the second season in a row when the World Player of the Year netted twice to propel Barcelona into the quarter-finals on Tuesday. A tense last-16 second leg at the Nou Camp, whic
Published 10 Mar, 2011 12:00am
Umar could replace brother, admits Afridi

Umar could replace brother, admits Afridi

Pakistan captain Shahid Afridi admitted on Wednesday that calamity-hit wicket-keeper Kamran Akmal could be replaced behind the stumps by younger brother Umar at the World Cup. Kamran has come under fire from fans, media and a host of former players for hi
Published 10 Mar, 2011 12:00am
South Africa suffers Tahir injury blow

South Africa suffers Tahir injury blow

South Africa's team management said on Wednesday that an x-ray had confirmed legspinner Imran Tahir broke his left thumb in the Proteas' narrow defeat to England over the weekend. Team manager Mohammed Moosajee said the 31-year-old Pakistan-born bowler ha
Published 10 Mar, 2011 12:00am
Hundred up for Aussie umpire Davis

Hundred up for Aussie umpire Davis

Australian umpire Steve Davis stood in his 100th one-day international on Wednesday when he officiated in the World Cup match between India and Netherlands. Davis, 58, made his international debut on December 12, 1992 in a match between Pakistan and West
Published 10 Mar, 2011 12:00am
Afshan FC advance in Raiders Cup

Afshan FC advance in Raiders Cup

Afshan Football Club, Cantt Lahore earned 2-0 win over Rangers Football Club, Government College Ground to enter pre-quarter finals of All Punjab Raiders Football Cup 2011 at Raiders Football Club Ground, Faisal Town. Afshan FC, under famous football prom
Published 10 Mar, 2011 12:00am
Zimbabwe determined to break through the 15-over barrier

Zimbabwe determined to break through the 15-over barrier

Zimbabwe's biggest challenge in their next World Cup game against Sri Lanka is simply batting the first 15 overs without giving away too many wickets, according to their captain on Wednesday. Zimbabwe will play against co-hosts Sri Lanka on Thursday in Ka
Published 10 Mar, 2011 12:00am
US MIDDAY: gold pares gains

US MIDDAY: gold pares gains

Gold pared gains after rising toward its record high on Wednesday, as a pullback in crude oil prices offset safe-haven buying inspired by mounting unrest across the Arab world and renewed eurozone debt worries. Gold largely tracked movements in oil, which
Published 10 Mar, 2011 12:00am
US MIDDAY: copper loses three percent

US MIDDAY: copper loses three percent

Copper fell 3 percent on Wednesday on investor concerns that elevated crude oil prices could lead to inflation and crimp global growth, denting demand for industrial metals. Copper for three-months delivery on the London Metal Exchange closed at $9,275 a
Published 10 Mar, 2011 12:00am
US MIDDAY: grain futures down

US MIDDAY: grain futures down

Chicago Board of Trade soyabeans and corn fell on Wednesday under pressure from upbeat outlooks for the South American harvest, traders said. Wheat initially edged higher on short-covering ahead of Thursday's USDA report, then sagged along with corn, the
Published 10 Mar, 2011 12:00am
US MIDDAY: arabicas stays at 34-year top

US MIDDAY: arabicas stays at 34-year top

US arabica coffee futures hurtled to a 34-year top Wednesday and looked poised to charge higher, boosted by investment fund buying and slim supplies. Cocoa futures retreated further from last week's 32-year peak but remained propped up by civil war in top
Published 10 Mar, 2011 12:00am
Gold climbs in Europe

Gold climbs in Europe

Gold rose on Wednesday as violence in North Africa and the Middle East stoked demand for the metal as a haven from risk, and as worries over eurozone debt returned to the spotlight ahead of a summit this week. Gold tracked a recovery in crude oil, which a
Published 10 Mar, 2011 12:00am
Gold down in Asia

Gold down in Asia

Gold tracked oil lower on Wednesday and was under pressure from firmer equities, but bargain hunting from jewellers and worries that violence in Libya and the Middle East could spread may support prices that have dropped from a lifetime high. Holdings in
Published 10 Mar, 2011 12:00am
US gold slips

US gold slips

US gold futures dropped below $1,430 an ounce on Tuesday, after the previous day's record high, as easing crude oil prices and a Wall Street rally prompted investors to lock in recent gains. April gold futures settled down $7.30 at $1,427.20 an ounce on t
Published 10 Mar, 2011 12:00am
Liffe coffee sets three-year high

Liffe coffee sets three-year high

Liffe May robusta coffee ends up $95 at $2,557 a tonne on Wednesday after earlier rising to a three-year high for the second month of $2,586. Run-up in coffee prices led by ICE arabicas which surged to a fresh 34-year peak on Wednesday. Liffe May cocoa en
Published 10 Mar, 2011 12:00am
Arabicas rally to 34-year peak

Arabicas rally to 34-year peak

US arabica coffee futures climbed to a 34-year peak Tuesday on the back of scarce bean supplies, and analysts said that could push prices even higher in the coming weeks. Cocoa eased, but stayed close to a 32-year high as civil war in top grower Ivory Coa
Published 10 Mar, 2011 12:00am
Malaysian palm oil down

Malaysian palm oil down

Malaysian crude palm oil ended off five-week lows on Wednesday as traders rebalanced their positions ahead of a slew of industry data. The market shifted its focus from bullish forecasts from a price outlook conference to Malaysian industry data due on Th
Published 10 Mar, 2011 12:00am
US soyabeans stay lower

US soyabeans stay lower

Chicago Board of Trade soyabean futures fell for the second straight session on Tuesday on harvest pressure from what is expected to be a large South American crop, traders said. Concerns about a slowdown in global economic expansion as high crude oil pri
Published 10 Mar, 2011 12:00am
Tokyo rubber futures extend losses

Tokyo rubber futures extend losses

Tokyo rubber futures extended losses on Wednesday and dropped to their lowest level in more than two months on weaker oil prices, but bargain hunting offered some support. The benchmark rubber contract on the Tokyo Commodity Exchange for August delivery f
Published 10 Mar, 2011 12:00am
Brent rises on intense battles in Libya

Brent rises on intense battles in Libya

Brent oil prices rebounded towards $116 a barrel on Wednesday as intense fighting in Libya stoked more supply worries and US crude fell as inventories rose sharply, widening Brent's premium against US crude. Brent crude for April delivery gained $2.60 to
Published 10 Mar, 2011 12:00am
Base metals plunge

Base metals plunge

Copper fell 3 percent on Wednesday as strengthening crude oil prices kept investors worried that inflationary pressures could hit economic growth and demand for industrial metals. Copper for three-months delivery on the London Metal Exchange closed at $9,
Published 10 Mar, 2011 12:00am
Shanghai copper rebounds

Shanghai copper rebounds

Shanghai copper rebounded on Wednesday from a 4-percent dive in the previous session on easing oil prices, but investors remained concerned energy prices could spike again on continued unrest in the Middle East. The most-active Shanghai copper futures con
Published 10 Mar, 2011 12:00am
US copper higher

US copper higher

Copper ended higher on Tuesday, bouncing up from a two-week low as a pullback in crude oil prices eased concerns about inflation and allowed traders to focus on longer-term demand prospects. In New York, COMEX May copper rose 1.15 cents to settle at $4.33
Published 10 Mar, 2011 12:00am
New York cotton settles lower

New York cotton settles lower

US cotton futures closed lower Wednesday on investor sales as most players finished adjusting positions before release of Thursday's government crop report, analysts said. The key May cotton contract on ICE Futures US fell 2.73 cents to finish at $2.0441
Published 10 Mar, 2011 12:00am
Alwaleed talks up Saudi stocks

Alwaleed talks up Saudi stocks

Saudi billionaire Prince Alwaleed bin Talal threw his weight behind Saudi stocks on Wednesday, saying he would invest 1 billion riyals ($267 million) in a market pummelled by unrest in the Arab world.
Published 10 Mar, 2011 12:00am
Middle East markets: Dubai's Arabtec surges

Middle East markets: Dubai's Arabtec surges

Dubai's Arabtec made its largest gain in three months on Wednesday after the builder postponed plans to raise capital, citing unfavourable market conditions, while Gulf bourses extended rallies. Arabtec, one of the most liquid stocks on Dubai's index, ros
Published 10 Mar, 2011 12:00am
Weak commodities, banks drag FTSE lower

Weak commodities, banks drag FTSE lower

Weak commodity and bank stocks dragged Britain's leading shares index lower on Wednesday as oil prices climbed after intensified fighting in Libya. At the close, the FTSE 100 was down 37.46 points, or 0.6 percent, at 5,937.30, having hit a low for the wee
Published 10 Mar, 2011 12:00am
Treasuries fall

Treasuries fall

US Treasuries eased on Tuesday as investors pushed for price concessions in this week's auctions of $66 billion of debt, with some expectations of further losses on Wednesday going into the sale of 10-year notes. Bonds were also undermined on Tuesday by a
Published 10 Mar, 2011 12:00am
Treasuries fall

Treasuries fall

US Treasuries eased on Tuesday as investors pushed for price concessions in this week's auctions of $66 billion of debt, with some expectations of further losses on Wednesday going into the sale of 10-year notes. Bonds were also undermined on Tuesday by a
Published 10 Mar, 2011 12:00am
BofA's forecast, oil's pullback bolsters Wall Street

BofA's forecast, oil's pullback bolsters Wall Street

An upbeat profit forecast from Bank of America and a pullback in oil prices lifted Wall Street out of the technical danger zone on Tuesday in another sign of the market's near-term resilience. The S&P 500 jumped back above a six-month trend line after clo
Published 10 Mar, 2011 12:00am
Wednesday's midday trade: IBM helps Dow, but chip sector hurts Nasdaq

Wednesday's midday trade: IBM helps Dow, but chip sector hurts Nasdaq

The Dow rebounded on Wednesday with a jump in IBM's stock on its 2015 outlook, but the Nasdaq fell as a weaker-than-expected earnings target from Texas Instruments weighed on the chip sector. Rising oil prices dragged on the broader market on the two-year
Published 10 Mar, 2011 12:00am
Hong Kong shares rise to one-month high, Shanghai flat

Hong Kong shares rise to one-month high, Shanghai flat

Hong Kong stocks reached their highest level in a month on optimism over earnings, while reduced worry about monetary tightening in China and attractive valuations kept supporting the case for going long mainland banks.
Published 10 Mar, 2011 12:00am
Indian shares edge up

Indian shares edge up

Indian shares crawled 0.2 percent higher in choppy trade on Wednesday, helped by small gains in world equities, but concerns over unrest in the Middle East weighed on investor sentiment. Energy giant Reliance Industries led the charge. Reliance Industries
Published 10 Mar, 2011 12:00am
Seoul shares up

Seoul shares up

Seoul shares slashed earlier gains to edge up 0.3 percent on Wednesday, weighed by falls in technology plays as sectoral earnings worries deepened and with energy price and inflation concerns keeping investors on edge. The Korea Composite Stock Price Inde
Published 10 Mar, 2011 12:00am
Southeast Asian markets: small gains in places

Southeast Asian markets: small gains in places

Some Southeast Asian bourses posted small gains on Wednesday but investors remained wary of turmoil in the Middle East and sought refuge in defensive stocks such as telecoms, selling energy shares as oil fell back. Market volume picked up as the region's
Published 10 Mar, 2011 12:00am
European shares fall

European shares fall

European shares ended lower on Wednesday after fresh Libya violence pushed oil prices higher and fuelled economic growth fears, though analysts said equities were still attractive and had the potential to bounce back. The FTSEurofirst 300 index of top Eur
Published 10 Mar, 2011 12:00am
Taiwan stocks slightly up

Taiwan stocks slightly up

Taiwan stocks ended flat on Wednesday, with oil counters recovering as oil prices retreated from recent highs. The TAIEX index finshed up 0.03 percent at 8,750.02 The sub-index of rubber shares was among the biggest winners, up 3.3 percent. Financials als
Published 10 Mar, 2011 12:00am
Nikkei stays higher

Nikkei stays higher

Japan's Nikkei average broke above a key technical level and rose for a second day on Wednesday after a pullback in oil prices, but worries about the potential for unrest to spread in the Middle East kept investors on edge. With the settlement of Nikkei 2
Published 10 Mar, 2011 12:00am
UN calls for rice production boost in Asia

UN calls for rice production boost in Asia

The UN's food agency on Wednesday called on Asian nations to help small farmers to grow more rice to prevent food shortages in the face of expanding populations. Asia is the world's "food basket," said Hiroyuki Konuma, assistant director-general at the UN
Published 10 Mar, 2011 12:00am
Toyota bets on emerging markets, to double profit

Toyota bets on emerging markets, to double profit

Toyota Motor Corp will rely more on emerging markets for sales and launch about 10 new hybrid models under a long-term strategy aimed at nearly doubling profits before 2015, its president said on Wednesday. The world's largest car maker, trying to move on
Published 10 Mar, 2011 12:00am
Toyota bets on emerging markets, to double profit

Toyota bets on emerging markets, to double profit

Toyota Motor Corp will rely more on emerging markets for sales and launch about 10 new hybrid models under a long-term strategy aimed at nearly doubling profits before 2015, its president said on Wednesday. The world's largest car maker, trying to move on
Published 10 Mar, 2011 12:00am
Japan's machinery orders rise

Japan's machinery orders rise

Japan's core machinery orders rose more than expected in January, marking their second straight month of gains as rising exports and robust profits encourage companies to lift spending on plant and equipment. But analysts said any increase in capital expe
Published 10 Mar, 2011 12:00am
Airbus order surge lifts cash-rich EADS

Airbus order surge lifts cash-rich EADS

Airbus parent EADS returned to profit in 2010 and bagged a slew of new aircraft orders, pushing its shares up even as airlines fretted about surging oil prices. Slightly better than expected 2010 results marked a sharp reversal from a year ago, when Europ
Published 10 Mar, 2011 12:00am
Geithner argues for more US foreign funds

Geithner argues for more US foreign funds

US Treasury Secretary Timothy Geithner on Wednesday urged a skeptical Congress to boost foreign development lending, arguing a failure to stump up more cash would harm the US's world standing. With an eye on China's bid to increase its power at the World
Published 10 Mar, 2011 12:00am
Opec sees no need to meet, supply ample: delegate

Opec sees no need to meet, supply ample: delegate

Opec sees no need at present to hold an emergency meeting to discuss raising its oil output, because supply is adequate, an Opec delegate said on Wednesday following informal consultations among members. The 12-member Organisation of the Petroleum Exporti
Published 10 Mar, 2011 12:00am
EU states fail to agree CDS shortselling rules

EU states fail to agree CDS shortselling rules

European Union states have failed to agree on how to regulate shortselling of derivative debt insurance contracts that some blamed for worsening the region's sovereign debt crisis, an EU diplomat said. Ambassadors met on Wednesday to thrash out agreement
Published 10 Mar, 2011 12:00am
Greek unemployment hits new record

Greek unemployment hits new record

Greece's jobless rate hit a new record in December as austerity policies to slash deficits led to a deeper recession and more job cuts, with more than a third of the workforce aged 24 and under out of work, data showed. The unemployment rate jumped to 14.
Published 10 Mar, 2011 12:00am
US wholesale inventories up

US wholesale inventories up

US wholesale inventories rose more than expected in January and sales set their fastest pace in 14 months, according to a government report on Wednesday that offered further signs of strengthening demand. Total wholesale inventories increased 1.1 percent
Published 10 Mar, 2011 12:00am
Biden backs Russia WTO bid

Biden backs Russia WTO bid

US Vice President Joe Biden backed Russia's bid to join the World Trade Organisation on Wednesday during a visit aimed at boosting political and business ties. "We strongly support Russia's accession to the WTO," Biden told a business roundtable. "We are
Published 10 Mar, 2011 12:00am
Jordan, UK firm inks oil shale deal

Jordan, UK firm inks oil shale deal

Jordan and Karak International Oil, a subsidiary of UK company Jordan Energy & Mining Ltd, have signed a $1.8 billion deal to exploit a portion of the country's extensive surface oil shale reserves. Maher Hijazin, head of Jordan's Natural Resources Author
Published 10 Mar, 2011 12:00am
British trade deficit shrinks

British trade deficit shrinks

Britain's trade deficit narrowed more than expected in January after a record shortfall in December as exports soared to an all-time high, official data showed on Wednesday. The deficit shrank to £7.1 billion (8.3 billion euros, $11.5 billion) in January,
Published 10 Mar, 2011 12:00am
German industrial output picks up again in January

German industrial output picks up again in January

German industrial output picked up again in January, the government said Wednesday, as the weather warmed, consumption continued to rise and companies cranked out intermediate goods. Output gained 1.8 percent from December, the economy ministry said, in l
Published 10 Mar, 2011 12:00am
FDI in India nearly halves in January

FDI in India nearly halves in January

Foreign direct investment in India nearly halved in January from a year earlier, data showed Wednesday, amid investor concern over corruption, bureaucratic delays and a lack of economic reform. Even with economic growth running at close to nine percent, f
Published 10 Mar, 2011 12:00am
New Zealand dollar inches higher

New Zealand dollar inches higher

The New Zealand dollar inched cautiously higher on Wednesday as recent sellers pulled back in case a looming policy decision surprised with anything less than a quarter-point cut in interest rates. The kiwi stood at $0.7393, having crawled from a five-mon
Published 10 Mar, 2011 12:00am
Baht at two-month high

Baht at two-month high

The Thai baht hit a near two-month high against the dollar on Wednesday, before the central bank's rate decision, and analysts say the currency may find further support if the Bank of Thailand convinces the market it remains hawkish on inflation.
Published 10 Mar, 2011 12:00am
Indian rupee strengthens

Indian rupee strengthens

The Indian rupee strengthened on Wednesday, tracking firm Asian peers, with dollar inflows from corporates and expectations of more inflows next week outweighing weak euro and choppy local shares. The partially convertible rupee ended at 45.0000/0100 per
Published 10 Mar, 2011 12:00am
Yuan falls

Yuan falls

The yuan ended slightly down against the dollar on Wednesday, after the People's Bank of China set a weaker mid-point, signalling its intention to keep the yuan relatively stable in the near term. Spot yuan closed at 6.5721 versus the dollar, down slightl
Published 10 Mar, 2011 12:00am
Swiss franc flat

Swiss franc flat

The Swiss franc traded largely flat against the euro and the dollar on Wednesday ahead of Swiss consumer price inflation, which investors are eyeing for clues about when the Swiss National Bank will hike interest rates. At 0754 GMT, the franc was trading
Published 10 Mar, 2011 12:00am
Bangladesh's interbank forex, interest rates

Bangladesh's interbank forex, interest rates

Interbank buy/sell rates for the taka against the dollar on Wednesday. 71.56/71.60 (previous 71.40/71.55) Call Money Rates: 11.00-12.00 percent (previous 8.00-12.00 percent).
Published 10 Mar, 2011 12:00am
Euro slips versus dollar

Euro slips versus dollar

The dollar rose against the euro on Tuesday on fear some euro zone states won't be able to withstand higher interest rates, though further gains will likely require the Federal Reserve to hint at tighter policy. Tough inflation talk from European Central
Published 10 Mar, 2011 12:00am
Early trade in New York: Euro little changed

Early trade in New York: Euro little changed

The euro was little changed on Wednesday as initial optimism after Portugal's successful bond sale faded amid ongoing concern about eurozone debt problems. In less than a week, the euro first gained strongly on expectations of a eurozone interest rate hik
Published 10 Mar, 2011 12:00am
Euro rebounds in London

Euro rebounds in London

The euro recovered from lows on Wednesday after Portugal successfully sold bonds, although it is likely to stay below recent four-month highs as the eurozone's debt problems outweigh expectations of a rise in interest rates. Portugal's cost of borrowing t
Published 10 Mar, 2011 12:00am
Euro falls for third day in Asia

Euro falls for third day in Asia

The euro fell for a third straight session against the dollar on Wednesday, with further losses likely, as investors were unconvinced that Friday's European summit would quell concerns about the region's fiscal problems. The US dollar also rose against mo
Published 10 Mar, 2011 12:00am
Sterling rises versus euro

Sterling rises versus euro

Sterling inched up against the euro on Wednesday after the single currency lost momentum following a failed attempt to hit the year's high, leaving it vulnerable to more near-term selling. The pound also rose against the dollar after stronger-than-expecte
Published 10 Mar, 2011 12:00am
Fresh ECB funds halt euro rates' upward surge

Fresh ECB funds halt euro rates' upward surge

A fresh injection of ECB funding on Wednesday brought a halt to one of the sharpest rises in euro bank-to-bank lending rates in recent history - though perhaps only temporarily. The ECB stunned the markets last week when it said it may well hike interest
Published 10 Mar, 2011 12:00am
Embattled Japanese Prime Minister picks new foreign minister

Embattled Japanese Prime Minister picks new foreign minister

Embattled Japanese Prime Minister Naoto Kan promoted a junior cabinet minister to the top foreign affairs portfolio on Wednesday, handing him a long list of challenges including managing strained ties with neighbouring China. State Foreign Secretary Takea
Published 10 Mar, 2011 12:00am
Israel delays deportation of migrant children

Israel delays deportation of migrant children

Israel has delayed the planned deportation of several hundred children of foreign workers, with the interior ministry saying it was a humane gesture to allow them to finish their school year. The plight of the children made world headlines last week after
Published 10 Mar, 2011 12:00am
37 die as bomber strikes funeral procession

37 die as bomber strikes funeral procession

At least 37 people were killed and 40 more injured in a suicide bomb explosion during funeral prayers at Adezai, on the outskirts of Peshawar. The residents of the area were offering funeral prayers of the daughter-in-law of Kalam Khan, a leader of the Am
Published 10 Mar, 2011 12:00am
Victims' concerns put London 9/11 sculpture on hold

Victims' concerns put London 9/11 sculpture on hold

Plans to erect a sculpture in a London park using girders salvaged from New York's World Trade Centre, which was destroyed in attacks on September 11 2001, have been put on hold after victims' families complained. The memorial, designed by Japanese-Russia
Published 10 Mar, 2011 12:00am
37 die as bomber strikes funeral procession

37 die as bomber strikes funeral procession

At least 37 people were killed and 40 more injured in a suicide bomb explosion during funeral prayers at Adezai, on the outskirts of Peshawar. The residents of the area were offering funeral prayers of the daughter-in-law of Kalam Khan, a leader of the Am
Published 10 Mar, 2011 12:00am
Arab League to decide on Libya fly ban, says Saudi foreign minister

Arab League to decide on Libya fly ban, says Saudi foreign minister

Saudi Arabia said Wednesday that a decision to support imposing a no-fly zone over Libya was up to the Arab League, not only Gulf countries. "It is an issue that is the responsibility of the Arab League," Foreign Minister Prince Saud al-Faisal told a pres
Published 10 Mar, 2011 12:00am
Rs two billion USC computerisation project under greater focus

Rs two billion USC computerisation project under greater focus

Minister for Industries and Production Mir Hazar Khan Bijarani said on Wednesday that he would not allow anybody to misuse his name to pressurise top management of ministry's attached departments and corporations for personal gains. Information available
Published 10 Mar, 2011 12:00am
Ugandan police fire teargas at poll protesters

Ugandan police fire teargas at poll protesters

Police in the Ugandan capital fired teargas and shot bullets over the heads of hundreds of people protesting on Wednesday against President Yoweri Museveni's huge election win last month, Reuters witnesses said. Museveni, in power for 25 years, won 68 per
Published 10 Mar, 2011 12:00am
Rs two billion USC computerisation project under greater focus

Rs two billion USC computerisation project under greater focus

Minister for Industries and Production Mir Hazar Khan Bijarani said on Wednesday that he would not allow anybody to misuse his name to pressurise top management of ministry's attached departments and corporations for personal gains. Information available
Published 10 Mar, 2011 12:00am
Court dissolves Tunisia's former ruling party

Court dissolves Tunisia's former ruling party

A Tunisian court ordered the former ruling RCD party's to be dissolved Wednesday, consigning a key pillar of toppled president Zine El Abidine Ben Ali's 23-year regime to the scrapheap. The Rally for Constitutional Democracy (RCD) had already been suspend
Published 10 Mar, 2011 12:00am
Rs two billion USC computerisation project under greater focus

Rs two billion USC computerisation project under greater focus

Minister for Industries and Production Mir Hazar Khan Bijarani said on Wednesday that he would not allow anybody to misuse his name to pressurise top management of ministry''s attached departments and corporations for personal gains. Information available
Published 10 Mar, 2011 12:00am
UK to ban display of cigarettes, tobacco in shops

UK to ban display of cigarettes, tobacco in shops

All shops in England will be banned from openly displaying tobacco products by April 2015 as part of a government package of measures to cut smoking. The Department of Health, announcing the legislation on national No Smoking Day, said the new rules would
Published 10 Mar, 2011 12:00am
Nomura to curb commodities business, cut jobs

Nomura to curb commodities business, cut jobs

Japan's largest brokerage, Nomura Holdings Inc, is trimming its global commodities and energy-trading business and cutting jobs just when the markets are booming and competitors are expanding to capitalise on the opportunity. The bank's trading personnel
Published 10 Mar, 2011 12:00am
Thai central bank raises rates

Thai central bank raises rates

Thailand's central bank raised its benchmark interest rate by 25 basis points to 2.50 percent on Wednesday, its fifth increase in six meetings, and signalled more tightening ahead as Asia confronts mounting price pressures.
Published 10 Mar, 2011 12:00am
Northern Rock bank suffers large loss

Northern Rock bank suffers large loss

British bank Northern Rock, nationalised three years ago to avert financial meltdown, suffered fresh losses in 2010 owing to costs linked to its massive state bailout, it said on Wednesday. The lender was broken up into two parts at the start of last year
Published 10 Mar, 2011 12:00am
SLB to be available on bourses from March 21

SLB to be available on bourses from March 21

Securities Lending and Borrowing (SLB), the new and first of its kind leverage product in Pakistan, would be implemented at all the three stock exchanges from March 21, 2011. The implantation date of the two other leverage products including Margin Tradin
Published 10 Mar, 2011 12:00am
Northern Rock bank suffers large loss

Northern Rock bank suffers large loss

British bank Northern Rock, nationalised three years ago to avert financial meltdown, suffered fresh losses in 2010 owing to costs linked to its massive state bailout, it said on Wednesday. The lender was broken up into two parts at the start of last year
Published 10 Mar, 2011 12:00am
SLB to be available on bourses from March 21

SLB to be available on bourses from March 21

Securities Lending and Borrowing (SLB), the new and first of its kind leverage product in Pakistan, would be implemented at all the three stock exchanges from March 21, 2011. The implantation date of the two other leverage products including Margin Tradin
Published 10 Mar, 2011 12:00am
Lean business witnessed on grain market

Lean business witnessed on grain market

Slow trading was seen on the wholesales grain market on Wednesday as supply position was matching with demand, dealers said. On the rice side Irri-6 Sindh low type was up by Rs 10 to Rs 3360 and best quality was higher by Rs 25 to Rs 3425, other types mai
Published 10 Mar, 2011 12:00am
SLB to be available on bourses from March 21

SLB to be available on bourses from March 21

Securities Lending and Borrowing (SLB), the new and first of its kind leverage product in Pakistan, would be implemented at all the three stock exchanges from March 21, 2011. The implantation date of the two other leverage products including Margin Tradin
Published 10 Mar, 2011 12:00am
Indonesia's soya imports to be flat

Indonesia's soya imports to be flat

Indonesia soyabean imports are expected to be flat at 1.7 million tonnes this year, on steady domestic demand and production, said the chairman of the National Soyabean Board on Wednesday. "There is no significant increase in domestic demand. Production i
Published 10 Mar, 2011 12:00am
KCA spot rate given another boost by Rs 500 to Rs 13,000

KCA spot rate given another boost by Rs 500 to Rs 13,000

Official spot rate, after a short break, was raised by the Karachi Cotton Association (KCA) by Rs 500 to Rs 13,000 on Wednesday, dealers said on the cotton market. Karachi Cotton Association (KCA) official spot rate was raised up by Rs 500 to Rs 13000, th
Published 10 Mar, 2011 12:00am
Oil cake market rates

Oil cake market rates

Upward trend was again seen on the forward cottonseed oilcake market on Wednesday in process of trading, dealers said. The March vaida that had closed at Rs 1244.20 opened with a gain of 60 paisa at Rs 1244.80. The May contract which closed at Rs 1323.10
Published 10 Mar, 2011 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 85,841 tonnes of cargo including 66,272 tonnes of import cargo, 19,569 tonnes of export cargo and 2,059 loaded & empty containers during last 24 hours ended at 0700 hours on Wednesday. The total import cargo of 66,272 tonnes compr
Published 10 Mar, 2011 12:00am
India's bulging grain stocks raising hopes of exports

India's bulging grain stocks raising hopes of exports

India's bulging grain stocks prior to end-March harvest season make a strong case for lifting export curbs, but analysts say it is unlikely due to political compulsions ahead of state elections in coming months. At 17.2 million tonnes, wheat stocks on Mar
Published 10 Mar, 2011 12:00am
Reserves boost: 250,000 tons of sugar may be procured

Reserves boost: 250,000 tons of sugar may be procured

The federal government is likely to procure 250,000 tons sugar from local mills at ex-mill price of Rs 62 per kg to build strategic reserves, well-informed sources in Ministry of Industries told Business Recorder. The Economic Co-ordination Committ
Published 10 Mar, 2011 12:00am
Canadian canola futures fall

Canadian canola futures fall

ICE Canadian canola futures fell on Tuesday to their lowest price in nearly one week, as modest selling by funds and light commercial hedges were enough to drop the market lower in thin volume, traders said. Funds seen selling 2,000 May contracts with an
Published 10 Mar, 2011 12:00am
Reserves boost: 250,000 tons of sugar may be procured

Reserves boost: 250,000 tons of sugar may be procured

The federal government is likely to procure 250,000 tons sugar from local mills at ex-mill price of Rs 62 per kg to build strategic reserves, well-informed sources in Ministry of Industries told Business Recorder. The Economic Co-ordination Committ
Published 10 Mar, 2011 12:00am
Wheat export premiums steady

Wheat export premiums steady

Wheat export premiums at the US Gulf Coast were mostly steady on Tuesday, with hard red winter underpinned by good demand and soft red winter supported by thin supplies and a firm CIF market, traders said. Nearby CIF SRW wheat barges traded as high as 75
Published 10 Mar, 2011 12:00am
Reserves boost: 250,000 tons of sugar may be procured

Reserves boost: 250,000 tons of sugar may be procured

The federal government is likely to procure 250,000 tons sugar from local mills at ex-mill price of Rs 62 per kg to build strategic reserves, well-informed sources in Ministry of Industries told Business Recorder. The Economic Co-ordination Committ
Published 10 Mar, 2011 12:00am
Indonesia to join ICCO in October 2012

Indonesia to join ICCO in October 2012

Indonesia, the world's third-largest cocoa producer, will officially join the International Cocoa Organisation (ICCO) in October 2012, a move that will allow the country to get help boosting production, a senior trade official said on Wednesday.
Published 10 Mar, 2011 12:00am
Pakistan to set up first cement plant in Tajikistan

Pakistan to set up first cement plant in Tajikistan

A Pakistani enterprise plans to establish first cement plant in Tajikistan as a joint venture project. This was stated by Chairman Board of Investment (BoI), Saleem Mandviwalla, in his address to the Business Forum of entrepreneurs of Pakistan and Tajikis
Published 10 Mar, 2011 12:00am
Kenya's coffee prices delight farmers

Kenya's coffee prices delight farmers

In Kenya's coffee growing area of Komothai, record prices at auction have farmers dreaming of a better future and driving to improve their crop. Record high commodity prices have rattled finance ministeries in the West, but poor growers see things differe
Published 10 Mar, 2011 12:00am
Pakistan to set up first cement plant in Tajikistan

Pakistan to set up first cement plant in Tajikistan

A Pakistani enterprise plans to establish first cement plant in Tajikistan as a joint venture project. This was stated by Chairman Board of Investment (BoI), Saleem Mandviwalla, in his address to the Business Forum of entrepreneurs of Pakistan and Tajikis
Published 10 Mar, 2011 12:00am
US Midwest corn and soya bids steady to lower

US Midwest corn and soya bids steady to lower

Spot basis bids for corn and soyabeans were steady to lower at elevators and processors around the US Midwest amid lower CBOT futures and slow farmer sales of both crops, dealers said on Tuesday. Lower CBOT futures values kept a lid on farmer sales. CBOT
Published 10 Mar, 2011 12:00am
Pakistan to set up first cement plant in Tajikistan

Pakistan to set up first cement plant in Tajikistan

A Pakistani enterprise plans to establish first cement plant in Tajikistan as a joint venture project. This was stated by Chairman Board of Investment (BoI), Saleem Mandviwalla, in his address to the Business Forum of entrepreneurs of Pakistan and Tajikis
Published 10 Mar, 2011 12:00am
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