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Archive - 2011-08-05
800 killed in Karachi this year: HRCP
Top News

800 killed in Karachi this year: HRCP

KARACHI: Ethnic and politically linked violence in Karachi has killed 800 people so far this year, the country's indepen
Published 05 Aug, 2011 04:14pm
Rs4.5mn looted from UBL
Top News

Rs4.5mn looted from UBL

KARACHI: Six dacoits looted more than Rs. 4.5 million from United Bank Limited (UBL) branch in the limits of Saudabad Po
Published 05 Aug, 2011 02:49pm
Sterling firm against dollar
Financial

Sterling firm against dollar

LONDON : Sterling rose against the dollar on Friday after US jobs numbers beat forecasts and provided relief to invest
Published 05 Aug, 2011 01:45pm
Wheat to grow by 3.24pc this year
Top News

Wheat to grow by 3.24pc this year

ISLAMABAD : The wheat crop production during the current fiscal year of 2011-12 is targeted to increase by 3.24 percent
Published 05 Aug, 2011 11:40am
Frankfurt stocks down 3.19pc
Financial

Frankfurt stocks down 3.19pc

FRANKFURT : Frankfurt 's DAX index of leading shares plunged 3.19 percent to 6,210.19 points in early trading on Friday
Published 05 Aug, 2011 07:24am
RBS slides to £1.4 bn first half loss
Top News

RBS slides to £1.4 bn first half loss

LONDON: State-rescued Royal Bank of Scotland said Friday that it fell into a net loss of £1.4 billion during the first
Published 05 Aug, 2011 06:41am
Oil prices down in Asian trade
Energy

Oil prices down in Asian trade

SINGAPORE : Oil prices fell in Asian trade Friday after plunging more than five percent overnight as the weakening globa
Published 05 Aug, 2011 03:55am
Irsa Accord: A dam problem
BR Research

Irsa Accord: A dam problem

Pakistan seems to have lost its title of a "water management" country. The currently functional Water Accord of 1991 appears to have fallen
Published 05 Aug, 2011 12:00am
The APC epic
BR Research

The APC epic

It seems like the issue of Access Promotion Contribution (APC) is weighing heavily on the Long Distance & International (LDI) telephony oper
Published 05 Aug, 2011 12:00am
Smuggled goods worth millions of rupees seized

Smuggled goods worth millions of rupees seized

Customs Anti-Smuggling Organisation Lahore seized various smuggled goods worth millions of rupees following raids in different incidents in the month of July 2011. According to the details, recovered goods included artificial leather, clothes, tyres of ca
Published 05 Aug, 2011 12:00am
SKMCH&RC budget increases to Rs 3.5 billion

SKMCH&RC budget increases to Rs 3.5 billion

The Shaukat Khanum Memorial Cancer Hospital & Research Centre's (SKMCH&RC) budget has been increased to Rs 3.5 billion out of which half is met from Zakat and donations. The hospital has spent over Rs 9 billion on the treatment of poor cancer patients til
Published 05 Aug, 2011 12:00am
Increase in power tariff slammed

Increase in power tariff slammed

Multan Chamber of Commerce and Industry (MCCI) has slammed Rs 1.04 per unit increase in electricity tariff and demanded of the government to withdraw the decision immediately. The raise in power tariff would not only put extra burden on already crisis-hit
Published 05 Aug, 2011 12:00am
Levy of 16 percent GST: Brick kiln owners go on indefinite strike

Levy of 16 percent GST: Brick kiln owners go on indefinite strike

Over 20,000 brick kiln owners have gone on an indefinite strike across the country against the levy of 16 percent General Sales Tax (GST) on bricks in the FY 2011-12 budget bringing the multi-billion housing industry to a grinding standstill, President of
Published 05 Aug, 2011 12:00am
Health department for boosting drive against dengue virus

Health department for boosting drive against dengue virus

Health department has directed the concerned officers to accelerate anti-mosquito spray, fogging and larvicidal campaign for eliminating mosquitoes while special attention should be focused on those areas where most of the dengue cases were reported last
Published 05 Aug, 2011 12:00am
LHC directs PPSC to allow petitioner to appear in exams

LHC directs PPSC to allow petitioner to appear in exams

The Lahore High Court on Thursday directed Punjab Public Service Commission (PPSC) to allow petitioner to sit in examination for the post of deputy director in the Planning Department. The petitioner Bilal Shaukat contended that PPSC rejected his applicat
Published 05 Aug, 2011 12:00am
Hand-stitched ball business decreasing at an alarming pace: Baidarie

Hand-stitched ball business decreasing at an alarming pace: Baidarie

The export data obtained from the US Department of Commerce and the US International Trade Commission suggests that Pakistan which being the largest exporter of quality hand stitched footballs in the past had been meeting 75 percent of the global needs ha
Published 05 Aug, 2011 12:00am
Punjab chief minister's kitchen gardening starts from August 15

Punjab chief minister's kitchen gardening starts from August 15

The Punjab Agriculture Department is starting sale of quality vegetable seeds under the Chief Minister Punjab's 'Kitchen Gardening Promotion' programme from August 15 through out the province. For the Rabi season, 170,000 packets of 116 grams each contain
Published 05 Aug, 2011 12:00am
122 shopkeepers, vendors punished

122 shopkeepers, vendors punished

As many as 122 shopkeepers and vendors have been punished with total fine of Rs 35,800 by the Assistant Commissioners, Mukhtiarkars and Assistant Mukhtiarkars on account of charging high prices from their clients at different markets in Hyderabad Division
Published 05 Aug, 2011 12:00am
FIA comes across evidence of theft of 11 locomotive radiators

FIA comes across evidence of theft of 11 locomotive radiators

Federal Investigation Agency (FIA) claims to have obtained solid evidence of theft of 11 locomotive radiators worth Rs 25 million, stolen from Railway workshop and those responsible would be taken to task soon. "Some evidence has been found and the culpri
Published 05 Aug, 2011 12:00am
33,763 bags of subsidised flour distributed

33,763 bags of subsidised flour distributed

Deputy Commissioner Hyderabad, Asif Ali has said that as many as 33,763 'sasta atta' bags of 10kg each have been distributed through 132 stalls established at different places of the district on Wednesday, adding that the number is being increased to faci
Published 05 Aug, 2011 12:00am
Independence Day celebrations: DC Hyderabad for elaborate arrangements

Independence Day celebrations: DC Hyderabad for elaborate arrangements

The Divisional Commissioner Hyderabad Ahmed Bux Narejo has called attractive and impressive plan from all Deputy Commissioners of the Division within a week time to celebrate Independence Day on district, taluka and union council level with zeal and enthu
Published 05 Aug, 2011 12:00am
Profit after tax of RMPC increased

Profit after tax of RMPC increased

The profit after tax of Rafhan Maize Products Company (RMPC) increased to Rs 983.980 million in the six month period ended June 30, 2011, as compared with Rs 952.553 million earned in the corresponding period in 2010. The company's earning per share incre
Published 05 Aug, 2011 12:00am
Profit after tax of RMPC increased

Profit after tax of RMPC increased

The profit after tax of Rafhan Maize Products Company (RMPC) increased to Rs 983.980 million in the six month period ended June 30, 2011, as compared with Rs 952.553 million earned in the corresponding period in 2010. The company's earning per share incre
Published 05 Aug, 2011 12:00am
Daewoo Express awarded Brand of the Year Award

Daewoo Express awarded Brand of the Year Award

Daewoo Pakistan Express Bus Service Company has been awarded Brand of the Year Award in the category of Best Express Bus Service Provider in 2010. The award ceremony was organised by the Intellectual Property Organisation and the Brand Foundation at Gover
Published 05 Aug, 2011 12:00am
Appointments in BISP: fate of 100 candidates in doldrums

Appointments in BISP: fate of 100 candidates in doldrums

The appointment of 100 candidates in Benazir Income Support Programme (BISP) on the basis of favouritism has been in doldrums for last eight months despite removal of Director General, Sindh, Benazir Income Support Programme (BISP), Akbar Aleem Shamim on
Published 05 Aug, 2011 12:00am
ABL AMC, MCB FS sign a trust deed

ABL AMC, MCB FS sign a trust deed

In a ceremony held recently at the head office of ABL Asset Management, a Trust Deed was signed between ABL Asset Management Company Limited (ABL AMC) and MCB Financial Services (MCB FS) through which ABL AMC appointed MCB FS as Trustee for its upcoming A
Published 05 Aug, 2011 12:00am
ABL AMC, MCB FS sign a trust deed

ABL AMC, MCB FS sign a trust deed

In a ceremony held recently at the head office of ABL Asset Management, a Trust Deed was signed between ABL Asset Management Company Limited (ABL AMC) and MCB Financial Services (MCB FS) through which ABL AMC appointed MCB FS as Trustee for its upcoming A
Published 05 Aug, 2011 12:00am
AIT holds poster exhibition

AIT holds poster exhibition

Aligarh Institute of Technology held Final Year Project Poster Presentation 2010, which showcased 18 posters of innovative projects designed by the students of different disciplines. The Poster Exhibition was inaugurated by Professor Dr Najeeb Siddiqui, A
Published 05 Aug, 2011 12:00am
SSGC makes major recoveries

SSGC makes major recoveries

On special directives of Dr Asim Hussain, Federal Minister for Petroleum and Natural Resources, SSGC has successfully launched an aggressive campaign to recover outstanding dues from the defaulters and miscreants involved in gas thefts.
Published 05 Aug, 2011 12:00am
Provincial autonomy panacea for various problems: PPEIF President

Provincial autonomy panacea for various problems: PPEIF President

President, Pakistan Pharmaceutical Entrepreneurs and Investors Forum (PPEIF), Dr Mushtaq Noorwala, has urged President of Pakistan Asif Ali Zardari and Prime Minister Syed Yousuf Raza Gilani to let the health ministry continue to look after interest gover
Published 05 Aug, 2011 12:00am
US MIDDAY: gold tumbles

US MIDDAY: gold tumbles

Gold tumbled from record highs in volatile trade early on Thursday as deepening losses on Wall Street prompted investors to sell the metal and cover losses amid increasing margin calls outside of the commodity sector. Bullion fell 0.5 percent after rallyi
Published 05 Aug, 2011 12:00am
US MIDDAY: copper hits five-week low

US MIDDAY: copper hits five-week low

US copper futures fell to a five-week low on Thursday as commodity markets tumbled on heightened risk aversion by investors worried about the global economy. By 12:30 pm EDT (1630 GMT), the benchmark September copper futures contract on the New York Merca
Published 05 Aug, 2011 12:00am
US MIDDAY: corn, soya and wheat drop

US MIDDAY: corn, soya and wheat drop

Forecasts for improving crop weather in the US Midwest, as well as bearish outside markets such as a firm dollar and falling crude oil market, weighed on Chicago Board of Trade corn and soyabean futures early on Thursday, traders said. Wheat futures also
Published 05 Aug, 2011 12:00am
US MIDDAY: sugar and coffee slip

US MIDDAY: sugar and coffee slip

ICE sugar and coffee futures eased on Thursday as a stronger dollar and fund selling linked to concerns about slowing global economic growth kept prices under pressure. October raws on ICE fell 0.38 cent or 1.4 percent to 27.31 cents a lb by 1434 GMT afte
Published 05 Aug, 2011 12:00am
Gold sets new high in European trade

Gold sets new high in European trade

Spot gold prices set yet another new record high on Thursday after the European Central Bank President Jean-Claude Trichet said the bank would continue to buy bonds in response to a deepening eurozone debt crisis. Gold hit a record $1,678.31 an ounce and
Published 05 Aug, 2011 12:00am
Gold pares gains in Asia

Gold pares gains in Asia

Gold, pressured on Thursday by a surging dollar as Japan intervened to rein in its currency, scaled back earlier gains but remained firmly supported by worries about the widening eurozone debt crisis and slowing global growth. Spot gold eased from an intr
Published 05 Aug, 2011 12:00am
US gold hits record again

US gold hits record again

Gold rose toward $1,675 an ounce on Wednesday, hitting its second record in two days, as investors sought refuge from stock market volatility, a slowing economy and an extended period of loose US monetary policy. Spot gold was up 0.2 percent at $1,662.74
Published 05 Aug, 2011 12:00am
Liffe sugar eases, cocoa rises

Liffe sugar eases, cocoa rises

Sugar and coffee futures eased on Thursday as a stronger dollar and fund selling linked to concerns about slowing global economic growth kept prices under pressure. Dealers said the weakness mirrored similar trends in other commodity markets with crude oi
Published 05 Aug, 2011 12:00am
New York sugar ends at one-month low

New York sugar ends at one-month low

Raw sugar futures dropped to finish at a one-month low on Wednesday, as the commodity complex saw its biggest loss in three weeks on US economic worries. US cocoa closed at a seven-week low and arabica coffee changed direction to end negative as well.
Published 05 Aug, 2011 12:00am
Malaysian palm oil slips

Malaysian palm oil slips

Malaysian palm oil futures closed 1.1 percent lower on Thursday, tracking comparable vegetable oils lower on persistent global economic jitters and crude prices that flirted with one-month lows. The benchmark October contract on the Bursa Malaysia Derivat
Published 05 Aug, 2011 12:00am
Tokyo rubber ease; Shanghai flat

Tokyo rubber ease; Shanghai flat

Key Tokyo rubber futures eased on Thursday on concerns over the global economic outlook, erasing gains made earlier on the yen's drop after authorities intervened to stem the currency's sharp appreciation. The key Tokyo Commodity Exchange rubber contract
Published 05 Aug, 2011 12:00am
Oil dives on risk retreat

Oil dives on risk retreat

Oil tumbled as much as 6 percent on Thursday, with US crude crashing through technical support to its lowest since February as mounting fears of a stalled economy set off a global race from riskier assets. Suffering one of the sharpest sell-offs of the pa
Published 05 Aug, 2011 12:00am
Copper tumbles

Copper tumbles

Copper fell to its lowest level in a month on Thursday as slower economic growth fuelled worries over the outlook for metals consumption and as the dollar rose, but a strike at the world's largest mine raised supply fears and limited losses.
Published 05 Aug, 2011 12:00am
Shanghai copper falls

Shanghai copper falls

The most-active October copper contract on the Shanghai Futures Exchange fell 0.6 percent to 71,610 yuan per tonne on Thursday, catching up with overnight losses in London, after drifting up 0.1 percent in the last session.
Published 05 Aug, 2011 12:00am
US copper at three-week low

US copper at three-week low

Copper hit three-week lows on Wednesday as worries about a prolonged US economic gloom made investors overlook the potential for supply shortages from a strike at Chile's giant Escondida mine. Prices of the industrial metal fell to their lowest levels sin
Published 05 Aug, 2011 12:00am
New York cotton ends with steep losses

New York cotton ends with steep losses

Cotton futures finished Wednesday with steep losses, though managed to remain above the 20-day moving average, as some investors sold the fibre to take profits following an advance that analysts said was likely won too quickly.
Published 05 Aug, 2011 12:00am
French court orders investigation into IMF's Lagarde

French court orders investigation into IMF's Lagarde

A French court ordered an investigation on Thursday into the role of IMF head Christine Lagarde in a large settlement paid to a businessman friend of President Nicolas Sarkozy when she was finance minister. The investigation will get under way at once int
Published 05 Aug, 2011 12:00am
Poland axes officers over crash

Poland axes officers over crash

Thirteen top Polish officers were fired Thursday in the fallout from last year's plane crash that killed president Lech Kaczynski, a disaster seen as a key issue in October's general election. Centre-right Prime Minister Donald Tusk - under fire for his h
Published 05 Aug, 2011 12:00am
Mubarak trial wrenches emotions of Egyptians

Mubarak trial wrenches emotions of Egyptians

Many Egyptians struggled with torn emotions on Thursday as they reviewed images splashed over newspapers and repeated on television of their octogenarian former president, a day after he went on trial following 30 years at the helm. "Mubarak in the cage.
Published 05 Aug, 2011 12:00am
Sonia Gandhi to undergo surgery in US

Sonia Gandhi to undergo surgery in US

The leader of India's ruling party and head of its political dynasty, Sonia Gandhi, is to undergo surgery in the United States and will leave her son jointly in charge, a spokesman said Thursday. Gandhi, 64, is to have an operation for an unspecified cond
Published 05 Aug, 2011 12:00am
Former Microsoft executive named to top US tech post

Former Microsoft executive named to top US tech post

US President Barack Obama appointed a former Microsoft executive on Thursday as the new government technology chief. Steven VanRoekel, who worked at Microsoft from 1994 to 2009, replaces Vivek Kundra, who is stepping down as federal chief information offi
Published 05 Aug, 2011 12:00am
Turkey appoints new armed forces chiefs

Turkey appoints new armed forces chiefs

Turkey selected four new generals to lead its armed forces on Thursday in a shake-up seen as consolidating civilian control of the military after the previous four quit last week in protest at the jailing of officers in coup conspiracy cases. General Necd
Published 05 Aug, 2011 12:00am
Karachi violence: Asma concerned over law and order situation

Karachi violence: Asma concerned over law and order situation

President Supreme Court Bar Association, Asma Jahangir has expressed concern at the deteriorating law and order situation in Karachi and said if country descends in to chaos, no one will remain safe. In a statement issued here Thursday, Asma said that by
Published 05 Aug, 2011 12:00am
Protecting minorities: National Commission to be established

Protecting minorities: National Commission to be established

Minister of State for National Harmony Akram Masih Gill has said a National Commission will be established for the protection of the rights of the minorities in the country to promote interfaith harmony among different sects. The minister expressed these
Published 05 Aug, 2011 12:00am
Transfers and postings

Transfers and postings

Lahore High Court (LHC) Chief Justice here on Thursday made transfer and posting among 4 Additional District and Sessions Judges (AD&SJ) and 12 civil cum judicial magistrates. According to a notification issued here AD&SJ Syed Asghar Ali has been transfer
Published 05 Aug, 2011 12:00am
New US plan to prevent genocide

New US plan to prevent genocide

Vowing to learn from horror in Rwanda, the United States Thursday unveiled a plan to prevent genocide, seeking to shake up a grinding bureaucracy which hampers a swift response to unfolding atrocities. President Barack Obama ordered a review of US approac
Published 05 Aug, 2011 12:00am
India introduces new anti-corruption bill

India introduces new anti-corruption bill

The Indian government on Thursday introduced a new anti-corruption bill in parliament, which activists have panned for exempting the prime minister from the scrutiny of a powerful new ombudsman. The much-hyped "Lokpal Bill" would allow citizens to approac
Published 05 Aug, 2011 12:00am
Obama urges Geithner to stay as US Treasury chief

Obama urges Geithner to stay as US Treasury chief

President Barack Obama has asked Timothy Geithner to stay on as US Treasury secretary and a decision is expected soon, officials said on Thursday. Geithner had indicated he might leave once an increase in the US debt limit was secured, a milestone reached
Published 05 Aug, 2011 12:00am
Israel approves 900 east Jerusalem settlement homes

Israel approves 900 east Jerusalem settlement homes

Israel's interior ministry has given final approval for the construction of 900 new homes in the east Jerusalem settlement neighbourhood of Har Homa, a ministry spokeswoman told AFP on Thursday. "This is a programme which was approved by the regional (pla
Published 05 Aug, 2011 12:00am
Israel to free Hamas leader in mass prisoner release

Israel to free Hamas leader in mass prisoner release

Israel is to free 770 Israeli and Palestinian prisoners, including a founder of the Islamist movement Hamas, due to overcrowding, a prison services spokeswoman told AFP on Thursday. Sivan Weizman said all of the prisoners, among them 200 Palestinians, had
Published 05 Aug, 2011 12:00am
Assad allows opposition parties

Assad allows opposition parties

Syria's embattled president issued a decree on Thursday allowing opposition political parties, state media said after the UN Security Council condemned his regime's deadly crackdown on democracy protests. The continuing bloodshed drew strong remarks from
Published 05 Aug, 2011 12:00am
US imposes sanctions on businessman close to Assad

US imposes sanctions on businessman close to Assad

The United States on Thursday stepped up the pressure on Syria over its crackdown on pro-democracy protesters, imposing sanctions on a businessman close to President Bashar al-Assad and his family. The move freezes the US assets of Muhammad Hamsho and his
Published 05 Aug, 2011 12:00am
EU agrees to extend sanctions

EU agrees to extend sanctions

EU states agreed on Thursday to further extend sanctions on Syria but stopped short of targeting the oil industry and banks, which dissidents say would be the only way to choke off funds fuelling repression in the country. EU officials said EU ambassadors
Published 05 Aug, 2011 12:00am
China attacks Japan over defence paper

China attacks Japan over defence paper

China Thursday launched a series of blistering attacks on key rival Japan after a defence paper approved by Tokyo criticised Beijing's military build-up and growing territorial assertiveness. China's foreign ministry branded the paper "irresponsible," ins
Published 05 Aug, 2011 12:00am
North Korea makes debut as disarmament chair, draws flak

North Korea makes debut as disarmament chair, draws flak

North Korea, under fire for its own nuclear programme, took the helm of the Conference on Disarmament for the first time on Thursday to a chorus of protests and called for the elimination of nuclear weapons. The ascension of the secretive and Stalinist st
Published 05 Aug, 2011 12:00am
Obama turns 50 as gray hairs betray political peril

Obama turns 50 as gray hairs betray political peril

US President Barack Obama turned 50 Thursday, marking a personal milestone that may offer only brief respite from a moment of political peril and rising threats to his bid for second term. The president was celebrating hitting the half century mark privat
Published 05 Aug, 2011 12:00am
US authorities charge 14 in $58 million mortgage fraud

US authorities charge 14 in $58 million mortgage fraud

Federal prosecutors in Manhattan on Thursday said they had dismantled a $58 million mortgage fraud scheme run by a New York brokerage company. Charges were announced against 14 people in a purported scheme that authorities said was run through Long Island
Published 05 Aug, 2011 12:00am
Cotton prices zoom on decrease in arrivals

Cotton prices zoom on decrease in arrivals

Cotton prices in the domestic market have zoomed within the last few days due to delay in picking because of humid weather in the fields, gap in seedcotton (Kapas/Phutti) arrivals compared to last month (July, 2011), dissatisfaction of the growers concern
Published 05 Aug, 2011 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 94,969 tonnes of cargo including 71,554 tonnes of import cargo, 23,415 tonnes of export cargo and 4,081 loaded & empty containers during last 24 hours ended at 0700 hours on Thursday. The total import cargo of 71,554 tonnes compri
Published 05 Aug, 2011 12:00am
Canadian canola futures fall

Canadian canola futures fall

ICE Canadian canola futures slipped on Wednesday a day after posting their biggest daily gain in 2-1/2 months, weighed down by weaker US soya prices, traders said. Canola's losses were smaller than soya's, as farmer selling was light amid uncertainty abou
Published 05 Aug, 2011 12:00am
Rates tend upward on grain market

Rates tend upward on grain market

Most of the commodity items tended higher on the wholesale grain market on Thursday in process of trading, dealers said. On the cereal side wheat old and new Burdan maintained upward trend, rising by Rs 10 at Rs 2560-2575, Khandsari picked up sharply Rs 3
Published 05 Aug, 2011 12:00am
Chemical items mixed on Jodia Bazaar

Chemical items mixed on Jodia Bazaar

The trading in chemical items closed mixed on Jodia Bazaar here on Thursday. The following changes were noted.
Published 05 Aug, 2011 12:00am
Canada's grain output seen at 44.5 million tonnes

Canada's grain output seen at 44.5 million tonnes

Following are selected highlights from a report issued by a US Department of Agriculture attache in Canada: "Despite optimistic crop seeding intentions in the spring of 2011, very wet spring conditions made seeding very difficult in some areas of Canada.
Published 05 Aug, 2011 12:00am
FTSE tumbles to 11-month low

FTSE tumbles to 11-month low

Britain's top share index tumbled and closed lower for the fifth consecutive trading day on Thursday, depressed by global growth concerns and sovereign debt worries ahead of key US jobs data. Inmarsat shares plunged 19.3 percent, hitting their lowest leve
Published 05 Aug, 2011 12:00am
Australian shares at 13-month lows

Australian shares at 13-month lows

Australian shares fell 1.3 percent to 13-month lows on Thursday, reversing early gains, as bank shares continued to fall on investor worries about Europe's ability to sustain debt obligations. After the close of local trade, world no.3 miner Rio Tinto rep
Published 05 Aug, 2011 12:00am
Seoul shares suffer third straight loss

Seoul shares suffer third straight loss

South Korean stocks retreated for a third day, underperforming other Asian markets, as profit-taking moves took a toll on refinery and chemical stocks. The Korea Composite Stock Price Index finished down 2.31 percent at 2,018.47 points, the lowest level s
Published 05 Aug, 2011 12:00am
European stocks sink

European stocks sink

European stocks tumbled on Thursday, with a key index dropping to a level not seen since mid-2009, as investors dumped equities across the board, worrying about sluggish global growth and Italy's debt woes. The FTSEurofirst 300 index of top European share
Published 05 Aug, 2011 12:00am
German shares slump wipes 100 billion euros off DAX

German shares slump wipes 100 billion euros off DAX

Germany's stock market is succumbing to the eurozone sovereign debt crisis after months of resilience and is on track to suffer its biggest weekly drop since November 2008. More than 100 billion euros ($143 billion), roughly the price tag of the second Gr
Published 05 Aug, 2011 12:00am
Hong Kong shares drop; Chinese up

Hong Kong shares drop; Chinese up

Hong Kong shares fell for a third-straight session on Thursday, with cyclicals and small cap stock losing the most, ahead of US payrolls data on Friday, while cement shares led the China benchmark higher. The territory's heavy weights such as Hutchison Wh
Published 05 Aug, 2011 12:00am
Treasuries make modest gains

Treasuries make modest gains

Longer-dated US Treasury debt prices were steady to higher on Wednesday as fears the economy could be slipping back into recession spurred investors to seek out the safety of US government debt. Gains were muted however. Longer-dated bonds soared through
Published 05 Aug, 2011 12:00am
Treasuries make modest gains

Treasuries make modest gains

Longer-dated US Treasury debt prices were steady to higher on Wednesday as fears the economy could be slipping back into recession spurred investors to seek out the safety of US government debt. Gains were muted however. Longer-dated bonds soared through
Published 05 Aug, 2011 12:00am
Taiwan stocks fall

Taiwan stocks fall

Taiwan stocks ended down 1.65 percent on Thursday, the third consecutive session of steep declines, weighed down by rubber makers and LCD firms which slumped 6.05 percent and 3.98 percent respectively. The main TAIEX index fell 139.59 points to 8,317.27,
Published 05 Aug, 2011 12:00am
S&P ends string of losses on tech rebound

S&P ends string of losses on tech rebound

The S&P 500 index rose on Wednesday, snapping a seven-day losing streak, but worries about the economy kept investors jittery and trading volatile. Trading was the busiest since mid-March, with more than 10 billion shares changing hands as the S&P dipped
Published 05 Aug, 2011 12:00am
Thursday's midday trade: Wall Street extends recent slide

Thursday's midday trade: Wall Street extends recent slide

Investors fled stocks on Thursday, putting the S&P 500 into correction territory, on escalating worries about the US economy and Europe. All three indexes were down 2 percent, falling more than 3 percent each at one point, and declining stocks were beatin
Published 05 Aug, 2011 12:00am
Nikkei trims gains

Nikkei trims gains

The Nikkei average came off five-week lows on Thursday after Japan intervened in currency markets to stem the yen's climb and the central bank eased monetary policy, but gave up earlier gains as worries about the global economy dominated. Two of Japan's o
Published 05 Aug, 2011 12:00am
South East Asian markets: Malaysia, Philippines eke out slim gains

South East Asian markets: Malaysia, Philippines eke out slim gains

Stocks in Singapore, Indonesia and Thailand dropped on Thursday and investors sold recent gainers such as banks as worries about global growth lingered, while quarterly results generally failed to spur much buying interest. Other markets also erased most
Published 05 Aug, 2011 12:00am
Aussie, New Zealand dollars jump

Aussie, New Zealand dollars jump

The Australian and New Zealand dollars jumped on the yen on Thursday after Japanese authorities intervened to restrain their racy currency, while the Bank of Japan eased monetary policy. However, with both the Bank of Japan and the Swiss central bank acti
Published 05 Aug, 2011 12:00am
Interbank rates tumble

Interbank rates tumble

Overnight rates dropped and Euribor futures rallied on Thursday after the European Central Bank pledged new liquidity support for the eurozone banking system in an effort to ease rising tension in financial markets. The decision to give banks access to a
Published 05 Aug, 2011 12:00am
Interbank rates tumble

Interbank rates tumble

Overnight rates dropped and Euribor futures rallied on Thursday after the European Central Bank pledged new liquidity support for the eurozone banking system in an effort to ease rising tension in financial markets. The decision to give banks access to a
Published 05 Aug, 2011 12:00am
Interbank rates tumble

Interbank rates tumble

Overnight rates dropped and Euribor futures rallied on Thursday after the European Central Bank pledged new liquidity support for the eurozone banking system in an effort to ease rising tension in financial markets. The decision to give banks access to a
Published 05 Aug, 2011 12:00am
Indian rupee drops

Indian rupee drops

The Indian rupee weakened on Thursday as payments for oil imports picked up, while the dollar's rise after Japan intervened to stem the yen's strength also weighed. At 10:57 am (0527 GMT), the partially convertible rupee was at 44.4350/4400 per dollar, 0.
Published 05 Aug, 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 Thursday. 74.69/74.75 (previous 74.71/74.72). Call Money Rates: 7.00-11.00 percent (previous 6.75-12.00 percent).
Published 05 Aug, 2011 12:00am
Singapore dollar, won fall

Singapore dollar, won fall

The Singapore dollar and the South Korean won fell on Thursday as investors reduced positions in emerging Asian currencies on increasing concerns over a global economic slowdown and after Japan intervened to weaken the yen. Japan sold an estimated 1.6 tri
Published 05 Aug, 2011 12:00am
Yuan lower

Yuan lower

The yuan closed slightly lower against the dollar on Thursday even after the People's Bank of China set an all-time high mid-point fixing, but traders expect yuan appreciation to still be on the cards despite some short-term correction. Spot yuan closed a
Published 05 Aug, 2011 12:00am
Swiss franc falls

Swiss franc falls

The Swiss franc continued to pull back sharply against the dollar and the euro on Thursday a day after a surprise interest rate cut by the Swiss National Bank toppled the white hot currency from record highs. After the SNB cut rates, it called the franc "
Published 05 Aug, 2011 12:00am
Swiss franc retreats in New York

Swiss franc retreats in New York

The Swiss franc fell from record highs on Wednesday after the Swiss National Bank shocked the market with an interest rate cut, but the retreat should prove fleeting given mounting concerns about global growth. The SNB said the franc was "massively overva
Published 05 Aug, 2011 12:00am
Early trade in New York: Yen tumbles

Early trade in New York: Yen tumbles

The yen slid on Thursday after Japan intervened to curb its strength to support the country's export-led economy, a move that should have a fleeting impact as global economic concerns keep demand for the safe-haven currency high.
Published 05 Aug, 2011 12:00am
Yen plummets in London

Yen plummets in London

The yen fell sharply on Thursday as Japan intervened to curb the currency's strength to support its export-led economy, a day after Switzerland's central bank unexpectedly cut interest rates to cap a soaring Swiss franc. London traders cited constant yen
Published 05 Aug, 2011 12:00am
Yen dives in Asia

Yen dives in Asia

The yen slid 3 percent versus the dollar on Thursday as Japan intervened to curb the currency's strength to support its export-led economy, one day after the Swiss central bank unveiled a shock cut in interest rates to cap a soaring Swiss franc. Japanese
Published 05 Aug, 2011 12:00am
Sterling rises versus euro

Sterling rises versus euro

Sterling hit a two-month high against the euro on Thursday as the single currency came under broad selling pressure after the European Central Bank resumed bond buying. The ECB also offered a new round of funding to commercial banks but it failed to calm
Published 05 Aug, 2011 12:00am
Russia triples size of state sell-off drive

Russia triples size of state sell-off drive

Russia is tripling the size of its planned privatisation programme - aleady the world's largest - under a revised government plan released this week, a news report said on Thursday. First Deputy Prime Minister Igor Shuvalov said on Wednesday that Presiden
Published 05 Aug, 2011 12:00am
General Motors profit nearly doubles

General Motors profit nearly doubles

General Motors Co's quarterly profit nearly doubled, beating expectations, as the top US automaker took a larger share of global sales and raised prices on its vehicles at a time when major Japanese competitors were largely sidelined. Despite the stronger
Published 05 Aug, 2011 12:00am
General Motors profit nearly doubles

General Motors profit nearly doubles

General Motors Co's quarterly profit nearly doubled, beating expectations, as the top US automaker took a larger share of global sales and raised prices on its vehicles at a time when major Japanese competitors were largely sidelined. Despite the stronger
Published 05 Aug, 2011 12:00am
Italy prosecutors seize Moody's, S&P documents

Italy prosecutors seize Moody's, S&P documents

Italian prosecutors have seized documents at the offices of rating agencies Moody's and Standard & Poor's in a probe over suspected "anomalous" fluctuations in Italian share prices, a prosecutor said on Thursday. The measure is aimed at "verifying whether
Published 05 Aug, 2011 12:00am
Oil demand growth forecasts cut as economies slow

Oil demand growth forecasts cut as economies slow

A sharp slowdown in economic growth, particularly in the United States, is hitting consumers and companies and forcing economic forecasters and analysts to slash estimates for global oil demand. In a report to be published in the next few days, Barclays C
Published 05 Aug, 2011 12:00am
Lloyds slumps to $5.3 billion loss

Lloyds slumps to $5.3 billion loss

Lloyds slumped to a 3.25 billion pound ($5.3 billion) first half loss, hit by the cost of compensating customers mis-sold insurance and as bad loans in Ireland and Australia piled up. Shares in Britain's biggest high street lender sank as much as 8 percen
Published 05 Aug, 2011 12:00am
Lloyds slumps to $5.3 billion loss

Lloyds slumps to $5.3 billion loss

Lloyds slumped to a 3.25 billion pound ($5.3 billion) first half loss, hit by the cost of compensating customers mis-sold insurance and as bad loans in Ireland and Australia piled up. Shares in Britain's biggest high street lender sank as much as 8 percen
Published 05 Aug, 2011 12:00am
US jobs, retail sales data support recovery hopes

US jobs, retail sales data support recovery hopes

The number of Americans claiming new unemployment benefits was steady last week and heavy discounting lifted sales at retailers in July, hopeful signs for the sputtering economy. Initial claims for state jobless benefits nudged down 1,000 to 400,000, the
Published 05 Aug, 2011 12:00am
BoE holds interest rate at record low

BoE holds interest rate at record low

The Bank of England left its main interest rate at a record low 0.50 percent on Thursday for the 29th month in a row amid weak economic growth in Britain and a debt crisis in the eurozone. The BoE's nine policymakers also decided by a majority vote agains
Published 05 Aug, 2011 12:00am
BoE holds interest rate at record low

BoE holds interest rate at record low

The Bank of England left its main interest rate at a record low 0.50 percent on Thursday for the 29th month in a row amid weak economic growth in Britain and a debt crisis in the eurozone. The BoE's nine policymakers also decided by a majority vote agains
Published 05 Aug, 2011 12:00am
BoE holds interest rate at record low

BoE holds interest rate at record low

The Bank of England left its main interest rate at a record low 0.50 percent on Thursday for the 29th month in a row amid weak economic growth in Britain and a debt crisis in the eurozone. The BoE''s nine policymakers also decided by a majority vote again
Published 05 Aug, 2011 12:00am
Cabinet approves $112 million for Air India

Cabinet approves $112 million for Air India

Ailing state carrier Air India was given a much-needed boost Thursday when a cabinet committee approved a proposal for a $112-million cash injection, the Press Trust of India news agency reported. The news will come as a small relief to the beleaguered ai
Published 05 Aug, 2011 12:00am
ECB resumes bond buys, boosts funds to banks

ECB resumes bond buys, boosts funds to banks

The European Central Bank resumed buying government bonds from the market and offered a new round of funding to commercial banks on Thursday in response to a worsening eurozone debt crisis. But analysts said the intervention was unlikely to ease market te
Published 05 Aug, 2011 12:00am
ECB resumes bond buys, boosts funds to banks

ECB resumes bond buys, boosts funds to banks

The European Central Bank resumed buying government bonds from the market and offered a new round of funding to commercial banks on Thursday in response to a worsening eurozone debt crisis. But analysts said the intervention was unlikely to ease market te
Published 05 Aug, 2011 12:00am
Japan acts to tame yen, follows Swiss move on franc

Japan acts to tame yen, follows Swiss move on franc

Japan sold one trillion yen ($12.5 billion) and loosened its monetary reins on Thursday, joining Switzerland in efforts to tame currencies buoyed by safe-haven demand from investors fretting about the deteriorating health of the global economy. Japan's in
Published 05 Aug, 2011 12:00am
Bangladesh remittances up 20 percent

Bangladesh remittances up 20 percent

Money sent home by Bangladeshis working abroad surged 20 percent to $1.03 billion in July from a year earlier ahead of the Muslim fasting month of Ramazan, the central bank said on Thursday. The south Asian country received nearly $11.65 billion in remitt
Published 05 Aug, 2011 12:00am
Commerzbank to write down $1 billion Greek debt

Commerzbank to write down $1 billion Greek debt

Germany's second-biggest lender, Commerzbank, will post writedowns of more than 700 million euros ($1 billion) on its Greek sovereign bond holdings in the second quarter, three sources told Reuters. That would make Commerzbank, which has around 3 billion
Published 05 Aug, 2011 12:00am
Kraft's Rosenfeld breaking up food giant she built

Kraft's Rosenfeld breaking up food giant she built

Kraft Foods Inc CEO Irene Rosenfeld is breaking up the food giant she helped create through multibillion-dollar deals, with a plan to split Oreo cookies and Cadbury chocolates from Kraft cheese and other groceries.North America's largest packaged foods co
Published 05 Aug, 2011 12:00am
Turkish central bank cuts policy rate to limit global risks

Turkish central bank cuts policy rate to limit global risks

Turkey's Central Bank stunned markets on Thursday by cutting its policy rate, the one-week repo rate, to an all-time low of 5.75 percent to limit the risk of global economic woes triggering economic stagnation in Turkey, it said. At an emergency monetary
Published 05 Aug, 2011 12:00am
Hitachi, Mitsubishi edge towards groundbreaking merger

Hitachi, Mitsubishi edge towards groundbreaking merger

Hitachi Ltd and Mitsubishi Heavy Industries Ltd have begun talks on what would be Japan's biggest domestic merger, three sources said, heralding a long awaited shake-up of the nation's industrial behemoths. Traditionally seen as a last resort of failing f
Published 05 Aug, 2011 12:00am
Italy's Berlusconi seeks growth to calm markets

Italy's Berlusconi seeks growth to calm markets

Prime Minister Silvio Berlusconi promised a comprehensive reform pact with unions and employers by September to stave off market turmoil which has threatened to drag Italy into a full-scale debt crisis. Speaking following a meeting in Rome on Thursday, Be
Published 05 Aug, 2011 12:00am
Zimbabwe return with interest after six-year exile

Zimbabwe return with interest after six-year exile

Zimbabwe marked their return from a six-year exile by racking up an impressive 264 for two against Bangladesh on the first day of a one-off Test at the Harare Sports Club on Thursday. All four of Zimbabwe's top batsmen made runs with Hamilton Masakadza fi
Published 05 Aug, 2011 12:00am
Lord Woolf to head ICC review

Lord Woolf to head ICC review

Lord Harry Woolf, formerly one of England's top judges, will lead an independent review into the governance of the International Cricket Council (ICC), the sport's ruling body said Thursday. Woolf, who until 2005 was the Lord Chief Justice in England, the
Published 05 Aug, 2011 12:00am
South African clubs chase million-dollar prize

South African clubs chase million-dollar prize

Football clubs from Egypt to Zimbabwe will be understandably envious when the 1.178-million-dollar winners-take-all South African Top 8 Cup kicks off Friday. The season-opening competition features the teams that finished first to eighth in the previous c
Published 05 Aug, 2011 12:00am
Clarke excited by new blood

Clarke excited by new blood

Australian Test captain Michael Clarke said Thursday he was excited by the new blood in his squad to face Sri Lanka this month. Four uncapped players have been included in the 15-strong line-up for the three-Test tour, including pacemen Trent Copeland and
Published 05 Aug, 2011 12:00am
Senior French Football Federation figure fired

Senior French Football Federation figure fired

The deputy director general of the French Football Federation (FFF), Andre Prevosto, has been sacked, it was announced on Thursday. "I no longer wished to continue working with Mr Prevosto so we have offered him a severance package that will allow him to
Published 05 Aug, 2011 12:00am
Seven killed, 15 injured in building collapse

Seven killed, 15 injured in building collapse

At least seven persons including a minor girl were killed and 15 others injured when a five-storey edifice collapsed in Baghdadi police limits on Thursday. According to the police and eye-witnesses, at around 11am a five-storey building "Qasr-e-Rokaiya" f
Published 05 Aug, 2011 12:00am
Gavaskar slams India's 'schoolboys' team

Gavaskar slams India's 'schoolboys' team

Batting great Sunil Gavaskar on Thursday blamed poor technique for India's dismal show in the Test series in England, saying the tourists looked like a "schoolboys team". "India were totally outplayed by England in the second Test so much so that it looke
Published 05 Aug, 2011 12:00am
Seven killed, 15 injured in building collapse

Seven killed, 15 injured in building collapse

At least seven persons including a minor girl were killed and 15 others injured when a five-storey edifice collapsed in Baghdadi police limits on Thursday. According to the police and eye-witnesses, at around 11am a five-storey building "Qasr-e-Rokaiya" f
Published 05 Aug, 2011 12:00am
Ojha heads to England buoyed by shock recall

Ojha heads to England buoyed by shock recall

Left-arm spinner Pragyan Ojha is keen to capitalise on a second bite of the cherry after landing a surprise call-up to an India squad he was originally omitted from for the ongoing tour of England. The Hyderabad spinner watched from the pavilion on India'
Published 05 Aug, 2011 12:00am
Altaf clarifies statement

Altaf clarifies statement

In his video message from London on Thursday, Muttahida Qaumi Movement (MQM) chief Altaf Hussain said that his telephonic address of August 3, 2011 had created some misunderstanding amongst the Sindhi intellectuals and nationalists. According to him, what
Published 05 Aug, 2011 12:00am
Former Japan international Matsuda dies at 34

Former Japan international Matsuda dies at 34

Former Japan international defender Naoki Matsuda died Thursday, two days after collapsing with a heart attack during training, leaving the country's shocked football community in mourning. His sudden death aged just 34 was announced by his club Matsumoto
Published 05 Aug, 2011 12:00am
Altaf clarifies statement

Altaf clarifies statement

In his video message from London on Thursday, Muttahida Qaumi Movement (MQM) chief Altaf Hussain said that his telephonic address of August 3, 2011 had created some misunderstanding amongst the Sindhi intellectuals and nationalists. According to him, what
Published 05 Aug, 2011 12:00am
Mexico's Chivas stun Barca 4-1 in friendly

Mexico's Chivas stun Barca 4-1 in friendly

Marco Fabian scored twice in two minutes to lift Mexican club Chivas of Guadalajara to a stunning 4-1 victory over Spanish giants Barcelona in their friendly on Wednesday. The European champions led at half-time through David Villa's third-minute strike b
Published 05 Aug, 2011 12:00am
All eyes on Woods at WGC Bridgestone

All eyes on Woods at WGC Bridgestone

The spotlight's on returning Tiger Woods at this week's Bridgestone Invitational, where defending champion Hunter Mahan was among the many wondering just what kind of golf the former number one will produce. "We always used to doubt him, and he'd always p
Published 05 Aug, 2011 12:00am
New York cotton

New York cotton

Wednesday's closing prices of New York cotton in US cents/lb.

Published 05 Aug, 2011 12:00am
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