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Print - 2007-08-16
Mitsubishi UFJ hit by subprime losses

Mitsubishi UFJ hit by subprime losses

Shares in Japanese megabank Mitsubishi UFJ Financial Group (MUFG) fell heavily Wednesday after the group said it had suffered about 43 million dollars in losses on US subprime loans.
Published 16 Aug, 2007 12:00am
Pakistan voices concern over US statements: Boucher meets Kasuri

Pakistan voices concern over US statements: Boucher meets Kasuri

Pakistan on Wednesday formally voiced its concern over the recent US statements and the legislation attaching conditionalities to future assistance, terming these as "counter-productive" and contrary to the spirit of Pak-US strategic relationship.
Published 16 Aug, 2007 12:00am
Mitsubishi UFJ hit by subprime losses

Mitsubishi UFJ hit by subprime losses

Shares in Japanese megabank Mitsubishi UFJ Financial Group (MUFG) fell heavily Wednesday after the group said it had suffered about 43 million dollars in losses on US subprime loans.
Published 16 Aug, 2007 12:00am
Pakistan voices concern over US statements: Boucher meets Kasuri

Pakistan voices concern over US statements: Boucher meets Kasuri

Pakistan on Wednesday formally voiced its concern over the recent US statements and the legislation attaching conditionalities to future assistance, terming these as "counter-productive" and contrary to the spirit of Pak-US strategic relationship.
Published 16 Aug, 2007 12:00am
Czech government fine-tunes economic reform programme

Czech government fine-tunes economic reform programme

The fragile centre-right coalition of Prime Minister Mirek Topolanek announced Tuesday that it has fine-tuned its economic reform programme aimed at rescuing public finances and securing entry into the eurozone. A vote on the programme, which includes ref
Published 16 Aug, 2007 12:00am
Policy lacks basic fundamentals

Policy lacks basic fundamentals

The private sector on Wednesday disagreed with the government that small and medium enterprises (SMEs) policy 2007, carries all basic fundamentals to promote the industrial culture in Pakistan.
Published 16 Aug, 2007 12:00am
Kaupthing to buy Dutch bank NIBC for $4.1 billion

Kaupthing to buy Dutch bank NIBC for $4.1 billion

Iceland's Kaupthing Bank agreed on Wednesday to buy NIBC for about 3 billion euros ($4.1 billion) in cash and shares, but left out the Dutch merchant bank's loss-making US subprime portfolio.
Published 16 Aug, 2007 12:00am
Policy lacks basic fundamentals

Policy lacks basic fundamentals

The private sector on Wednesday disagreed with the government that small and medium enterprises (SMEs) policy 2007, carries all basic fundamentals to promote the industrial culture in Pakistan.
Published 16 Aug, 2007 12:00am
AirTran ups ante for Midwest Airlines

AirTran ups ante for Midwest Airlines

Low-cost carrier AirTran Airways has raised its offer to buy Midwest Airlines, saying it acted at the request of Midwest shareholders who are unhappy with a rival bid from a private equity firm.
Published 16 Aug, 2007 12:00am
Policy lacks basic fundamentals

Policy lacks basic fundamentals

The private sector on Wednesday disagreed with the government that small and medium enterprises (SMEs) policy 2007, carries all basic fundamentals to promote the industrial culture in Pakistan.
Published 16 Aug, 2007 12:00am
Universal to sell songs without copy protection

Universal to sell songs without copy protection

Vivendi's Universal Music Group, the world's largest music label, on Thursday said it will test the sale of songs from artists such as Amy Winehouse, 50 Cent and the Black Eyed Peas, without customary copy-protection technology.
Published 16 Aug, 2007 12:00am
SME draws strong criticism

SME draws strong criticism

The new Small and Medium Enterprises (SME) policy, unveiled by the government on Wednesday, invited criticism that it would further marginalise small entrepreneurs and strengthen the big ones, it is learnt.
Published 16 Aug, 2007 12:00am
Emirates Telecom decides against Iraq mobile bid

Emirates Telecom decides against Iraq mobile bid

Emirates Telecommunications Corp (Etisalat) said on Monday it decided not to bid for an Iraqi mobile phone licence to be auctioned this week and would instead focus on Kuwait's plans for a third mobile operator.
Published 16 Aug, 2007 12:00am
SME draws strong criticism

SME draws strong criticism

The new Small and Medium Enterprises (SME) policy, unveiled by the government on Wednesday, invited criticism that it would further marginalise small entrepreneurs and strengthen the big ones, it is learnt.
Published 16 Aug, 2007 12:00am
Navy not happy with Bell work on helicopter

Navy not happy with Bell work on helicopter

More than a year after a stern warning to Textron Inc's Bell Helicopter unit to speed up production on an $8 billion contract to upgrade the Marine Corps's H-1 helicopters, the Navy says it is still "not happy" with the program.
Published 16 Aug, 2007 12:00am
SME draws strong criticism

SME draws strong criticism

The new Small and Medium Enterprises (SME) policy, unveiled by the government on Wednesday, invited criticism that it would further marginalise small entrepreneurs and strengthen the big ones, it is learnt.
Published 16 Aug, 2007 12:00am
Cisco chief executive upbeat despite market turmoil

Cisco chief executive upbeat despite market turmoil

Cisco Systems Inc Chief Executive John Chambers said on Monday recent turmoil in financial markets was unlikely to affect either the network equipment maker or its customers.
Published 16 Aug, 2007 12:00am
MCA''s financial, operational autonomy to be enhanced

MCA''s financial, operational autonomy to be enhanced

The government would enhance financial and operational autonomy of the Monopoly Control Authority (MCA) to ensure transparency and accountability for carrying out day-to-day operations pertaining to companies.
Published 16 Aug, 2007 12:00am
Sri Lanka holds rates steady for sixth month

Sri Lanka holds rates steady for sixth month

Sri Lanka's central bank held its official policy rates steady on Tuesday, at their highest levels since 2002 for a sixth month in a row after a monetary policy review, saying market rates had further stabilised.
Published 16 Aug, 2007 12:00am
MCA's financial, operational autonomy to be enhanced

MCA's financial, operational autonomy to be enhanced

The government would enhance financial and operational autonomy of the Monopoly Control Authority (MCA) to ensure transparency and accountability for carrying out day-to-day operations pertaining to companies.
Published 16 Aug, 2007 12:00am
Eight out of 10 working Indians earn less than half a dollar a day

Eight out of 10 working Indians earn less than half a dollar a day

Eighty-six percent of working Indians earn less than 20 rupees or half a dollar a day, untouched by the country's blistering economic growth, a government-backed study said, recently. Out of 457 million workers, 395 million are employed in the so-called u
Published 16 Aug, 2007 12:00am
MCA's financial, operational autonomy to be enhanced

MCA's financial, operational autonomy to be enhanced

The government would enhance financial and operational autonomy of the Monopoly Control Authority (MCA) to ensure transparency and accountability for carrying out day-to-day operations pertaining to companies.
Published 16 Aug, 2007 12:00am
China's rich are young and keen to travel

China's rich are young and keen to travel

Compared with other countries, China's new urban rich are younger, better-educated and keener to travel, a survey by international credit card organisation MasterCard showed on Monday. China will have 8.5 million affluent households with annual income abo
Published 16 Aug, 2007 12:00am
Kyoto projects harm ozone layer: UN official

Kyoto projects harm ozone layer: UN official

The biggest emissions-cutting projects under the Kyoto Protocol on global warming have directly contributed to an increase in the production of gases that destroy the ozone layer, a senior UN official says.
Published 16 Aug, 2007 12:00am
Kuwait Energy sees big oil and gas potential in Somalia

Kuwait Energy sees big oil and gas potential in Somalia

Kuwait Energy Company is assisting the development of Somalia's oil and gas sector and has high hopes for the country's future production, KEC's chief executive Sara Akbar told Reuters last week.
Published 16 Aug, 2007 12:00am
Iran gasoline use seen up in week despite rationing

Iran gasoline use seen up in week despite rationing

Gasoline consumption in Iran rose 3.6 percent in the second week of August compared with the previous week, Iranian media said recently, indicating a limited rebound following an initial dip after rationing was introduced in June.
Published 16 Aug, 2007 12:00am
Colombia's inflation still off target

Colombia's inflation still off target

Colombia's inflation outlook has improved, but it is still forecast at above a target of 3.5 percent and 4.5 percent for 2007, although some central bank directors have proposed delaying any interest rate hike until August, according to minutes of a bank
Published 16 Aug, 2007 12:00am
Venezuela GDP to grow at least 8 percent

Venezuela GDP to grow at least 8 percent

Venezuela's economy will grow "no less than" 8 percent in 2007, Finance Minister Rodrigo Cabezas said in a televised interview on Tuesday. "The estimates that the national government has is that the Venezuelan economy will grow no less than 8 percent ...
Published 16 Aug, 2007 12:00am
Sri Lankan July tourist arrivals down 20 percent

Sri Lankan July tourist arrivals down 20 percent

Tourist arrivals in Sri Lanka fell 20.3 percent in July from a year earlier, the island's tourist board said on Tuesday, blaming security fears related to the renewed war between the state and Tamil Tiger rebels.
Published 16 Aug, 2007 12:00am
Taiwan stocks slump

Taiwan stocks slump

Taiwan shares closed at a two-month low on Wednesday, falling 3.57 percent, led by heavyweight exporters such as contract chip maker TSMC, after US stocks dropped overnight on lingering credit worries.
Published 16 Aug, 2007 12:00am
Thai shares drop

Thai shares drop

Thai share prices closed 2.51 percent lower on Wednesday as investors continued to dump stocks on lingering worries over the US subprime mortgage crisis, dealers said.
Published 16 Aug, 2007 12:00am
Hong Kong shares tumble

Hong Kong shares tumble

Hong Kong blue chips fell almost 3 percent and China plays slid 3.3 percent on Wednesday as growing fears about credit conditions sparked a broad sell-off, sending global bank HSBC Holdings to 4-1/2-month lows.
Published 16 Aug, 2007 12:00am
US stocks fall on credit worries and Wal-Mart

US stocks fall on credit worries and Wal-Mart

US stocks skidded on Tuesday on fresh signs that global credit markets were seizing up, while a lower profit forecast from Wal-Mart Stores Inc renewed worries about consumer spending. Wal-Mart's pessimistic outlook and subsequent news that a US investment
Published 16 Aug, 2007 12:00am
Jakarta shares end lower

Jakarta shares end lower

Indonesian share prices closed 6.4 percent lower on Wednesday as investors sold off stocks amid concerns over the subprime market crisis in the US and with a weaker rupiah weighting on sentiment, dealers said. The day's fall was one of the market's bigges
Published 16 Aug, 2007 12:00am
US Treasury prices rise

US Treasury prices rise

US Treasuries climbed on Tuesday after several Canadian investment trusts had trouble repaying short-term loans, further evidence that a crisis that began in mortgages has led to a wider credit tightening.
Published 16 Aug, 2007 12:00am
US Treasury prices rise

US Treasury prices rise

US Treasuries climbed on Tuesday after several Canadian investment trusts had trouble repaying short-term loans, further evidence that a crisis that began in mortgages has led to a wider credit tightening.
Published 16 Aug, 2007 12:00am
Philippines shares weaken

Philippines shares weaken

Philippines share prices closed 4.1 percent lower on Wednesday as markets around the world plunged on continued worries about problems in US credit markets, dealers said. The composite index closed 133.22 points lower at 3,130.34. It was the fourth straig
Published 16 Aug, 2007 12:00am
Malaysian shares decline

Malaysian shares decline

Malaysian share prices closed sharply lower on Wednesday, down 2.8 percent following a slump on Wall Street amid fears of a credit crunch due to the subprime mortgage crisis, dealers said. Construction, property and industrial stocks were left bearing the
Published 16 Aug, 2007 12:00am
Tokyo stocks hit lowest close in 2007

Tokyo stocks hit lowest close in 2007

Tokyo share prices sank more than 2 percent to hit their lowest in 2007 on Wednesday as financial shares dropped on rekindled worries about a credit squeeze and exporters were hit by concern about a slowdown in the US economy.
Published 16 Aug, 2007 12:00am
Singapore shares plunge 3.35 percent

Singapore shares plunge 3.35 percent

Singapore share prices plunged 3.35 percent on Wednesday, clobbered by the escalating fallout from the crisis in the US subprime mortgage market, dealers said. News that more hedge funds are being squeezed in the US credit market's troubles led many inves
Published 16 Aug, 2007 12:00am
New Zealand shares dip

New Zealand shares dip

New Zealand share prices dropped 1.53 percent on Wednesday amid renewed turmoil in world markets and with foreign investors selling local shares as the New Zealand currency dived, dealers said. The benchmark NZSX-50 index fell 61.22 points to 4,004.46 on
Published 16 Aug, 2007 12:00am
Chinese yuan closes near fresh one-month low

Chinese yuan closes near fresh one-month low

China's yuan set a fresh one-month low against the dollar on Wednesday in response to a surprisingly weak mid-point set by the Chinese central bank before trade began. The yuan slipped to as low as 7.5880 in the opening minutes from Tuesday's close of 7.5
Published 16 Aug, 2007 12:00am
Yen hits 4-1/2-month high

Yen hits 4-1/2-month high

The yen hit a 4-1/2-month high against the dollar on Wednesday as falling Asian stocks heightened fears about global credit market woes and prompted investors to chop more risky positions in carry trades.
Published 16 Aug, 2007 12:00am
Dollar rises to one-month high

Dollar rises to one-month high

The dollar rose to a one-month high against a basket of major currencies on Tuesday as growing signs that US credit market turmoil is spreading overseas left investors seeking safety.
Published 16 Aug, 2007 12:00am
Bangladesh interbank forex, interest rates

Bangladesh interbank forex, interest rates

Interbank buy/sell rates for the taka against the dollar on Wednesday. 68.55/68.68 (previous 68.60/68.80) Call Money Rates: 6.50-10.00 percent (previous 6.50-10.00 percent.
Published 16 Aug, 2007 12:00am
Asian currencies: high-yielders buckle under credit fears

Asian currencies: high-yielders buckle under credit fears

The Philippine peso, Indonesian rupiah and Singapore dollar hit multi-week lows on Wednesday as investors extended their aggressive sales of risky assets on fears US credit market woes were spreading overseas.
Published 16 Aug, 2007 12:00am
Swiss franc firms versus euro

Swiss franc firms versus euro

The Swiss franc rose against the euro in early trading on Wednesday as investors trimmed their positions in the single currency amid indications that European interest rates could remain on hold for longer than expected.
Published 16 Aug, 2007 12:00am
Kuznetsova makes triumphant return at WTA event

Kuznetsova makes triumphant return at WTA event

Russian third seed Svetlana Kuznetsova made a triumphant return in her first match since Wimbledon, defeating Italy's Roberta Vinci 6-2, 7-6 (9/7) on Tuesday at a 1.34 million-dollar WTA tournament.
Published 16 Aug, 2007 12:00am
Imran Farhat to sign contract with ICL

Imran Farhat to sign contract with ICL

Test opener Imran Farhat has decided to sign a contract with the Indian Cricket League (ICL) and also informed the Pakistan Cricket Board (PCB) about his decision. Imran Farhat was the first Pakistani cricketer among the 5-6 cricketers who are going to si
Published 16 Aug, 2007 12:00am
FIFA ban Chile player, Nigeria coach

FIFA ban Chile player, Nigeria coach

Chile under-20 international Jaime Grodona was banned for nine months by soccer's governing body FIFA on Wednesday after being found guilty of assaulting match officials during the under-20 World Cup finals in July.
Published 16 Aug, 2007 12:00am
Tiger to design golf course

Tiger to design golf course

Tiger Woods will design his first US golf course at The Cliffs planned community in the western North Carolina mountains, the world's number one golfer announced here Tuesday.
Published 16 Aug, 2007 12:00am
Real defend crown against revitalised Barcelona

Real defend crown against revitalised Barcelona

Real Madrid ended their four-year trophy drought in dramatic fashion when they wrested the league title from Barcelona in June, but they will be pushed to repeat the feat against their reinforced rivals this season.
Published 16 Aug, 2007 12:00am
Roddick rolls while Murray bounced at ATP Masters

Roddick rolls while Murray bounced at ATP Masters

Defending champion Andy Roddick advanced without difficulty Tuesday while Britain's Andy Murray was drummed out with ease at the 2.2 million-dollar ATP Cincinnati Masters. Third seed Roddick, given a bye into the second round, booked the first spot in the
Published 16 Aug, 2007 12:00am
Australia eye more silverware at Twenty20 World Cup

Australia eye more silverware at Twenty20 World Cup

A full-strength Australian squad is gunning to add next month's Twenty20 World Cup in South Africa to its bulging trophy cabinet, batsman Michael Clarke said on Wednesday.
Published 16 Aug, 2007 12:00am
Boucher charged over Kallis comments

Boucher charged over Kallis comments

The row over the omission of Jacques Kallis from South Africa's World Twenty20 team deepened on Wednesday when wicketkeeper Mark Boucher was summonsed to a disciplinary hearing over comments he made criticising the decision.
Published 16 Aug, 2007 12:00am
Castro dedicates article to 'future generations'

Castro dedicates article to 'future generations'

Cuba's two leading newspapers on Wednesday published an article attributed to President Fidel Castro on the history of US-Cuban relations, which he dedicates to "future generations" of Cubans. Castro, who turned 81 on Monday, has not been seen in public s
Published 16 Aug, 2007 12:00am
One of the two Belgians freed in Iran

One of the two Belgians freed in Iran

A Belgian woman kidnapped by bandits in south-eastern Iran has been freed, a Belgian foreign ministry spokesman and an Iranian commander said on Wednesday. The Belgian woman and her male companion were kidnapped on Sunday by a group led by a man named Ism
Published 16 Aug, 2007 12:00am
Aviation greenhouse curbs may fall short: experts

Aviation greenhouse curbs may fall short: experts

The aviation industry may be more damaging to the environment than widely thought because aircraft not only release carbon dioxide but they also produce other harmful gases that warm the earth, experts said.
Published 16 Aug, 2007 12:00am
Japan welcomes report clearing nuclear plant

Japan welcomes report clearing nuclear plant

Japan on Wednesday welcomed a report by the UN nuclear agency which confirmed that an earthquake-hit nuclear power plant did not pose a threat to public health. Japan invited the six-expert team last week to inspect the world's largest nuclear plant, Kash
Published 16 Aug, 2007 12:00am
Russian bombers getting closer to US: American commander

Russian bombers getting closer to US: American commander

Long-range Russian bombers are flying more often and closer to US territory, a top US commander said Tuesday, as Moscow made its latest show of military might with exercises over the North Pole.
Published 16 Aug, 2007 12:00am
Australia to sell uranium to India: report

Australia to sell uranium to India: report

Australia has agreed to sell uranium to India for use in nuclear power plants even though New Delhi has not signed the Non-Proliferation Treaty on atomic weapons, local media reported Wednesday.
Published 16 Aug, 2007 12:00am
Six Italians shot in Germany in mafia feud

Six Italians shot in Germany in mafia feud

Six Italian men were shot dead in the German city of Duisburg early on Wednesday in an execution-style killing linked to a mafia feud. Italian Interior Minister Giuliano Amato said in Rome the shootings appeared to be the latest chapter in a long-running
Published 16 Aug, 2007 12:00am
Australia discovers ocean current 'missing link'

Australia discovers ocean current 'missing link'

Australian scientists have discovered a giant underwater current that is one of the last missing links of a system that connects the world's oceans and helps govern global climate.
Published 16 Aug, 2007 12:00am
India marks 60th anniversary urging war on poverty

India marks 60th anniversary urging war on poverty

Indian Prime Minister Manmohan Singh marked the 60th anniversary of independence from British rule by urging the country to work harder to free itself from the shackles of poverty, ignorance and disease.
Published 16 Aug, 2007 12:00am
Germany refuses Nato request for helicopters in Afghanistan

Germany refuses Nato request for helicopters in Afghanistan

Germany has turned down a request from Nato to send military transport helicopters to strife-torn southern Afghanistan, a spokesman for Defence Minister Franz Josef Jung said on Wednesday. "After studying a request from SACEUR (The Supreme Allied Commande
Published 16 Aug, 2007 12:00am
US to name Revolutionary Guard terror group

US to name Revolutionary Guard terror group

The United States is to designate Iran's elite Revolutionary Guard a "terrorist" group, a move aimed at disrupting the business network of the Islamic republic's elite military wing, a US government official said Wednesday.
Published 16 Aug, 2007 12:00am
Up to 300,000 may be homeless in North Korea floods

Up to 300,000 may be homeless in North Korea floods

North Korean authorities have indicated flooding may have left up to 300,000 people homeless, a UN aid agency spokesman said on Wednesday, while the communist state warned of a poor harvest this year due to the heavy rain.
Published 16 Aug, 2007 12:00am
Japan resumes direct aid to Palestinians

Japan resumes direct aid to Palestinians

Japan resumed direct financial aid to the Palestinians on Wednesday when Foreign Minister Taro Aso signed a multi-million dollar aid package for the Western-backed government.
Published 16 Aug, 2007 12:00am
Bush and Congress get poor grades

Bush and Congress get poor grades

Most US voters remain deeply unhappy with President George W. Bush and Congress and give them negative marks for their handling of economic and foreign policy, according to a Reuters/Zogby poll released on Wednesday.
Published 16 Aug, 2007 12:00am
Gul defends wife's headscarf

Gul defends wife's headscarf

Turkey's presidential candidate Abdullah Gul said on Wednesday he anticipated no problems with the powerful military over his wife's Muslim headscarf and insisted the constitution guaranteed her freedom to wear it.
Published 16 Aug, 2007 12:00am
Sri Lanka reaches broad consensus on devolution

Sri Lanka reaches broad consensus on devolution

A raft of Sri Lankan political parties has reached broad consensus on a cross-party devolution proposal aimed at ending the island's civil war, the minister drawing it together said on Wednesday.
Published 16 Aug, 2007 12:00am
'Iran missiles can hit warships in Gulf'

'Iran missiles can hit warships in Gulf'

Iranian missiles can hit warships operating anywhere in the Gulf and Oman Sea, the commander of Iran's Revolutionary Guards said on Wednesday, the day US officials said they might label his forces "terrorists".
Published 16 Aug, 2007 12:00am
Indian markets closed

Indian markets closed

Indian financial and stock markets are closed on Wednesday for the Independence Day holiday. Trading resumes on Thursday. On Tuesday, the benchmark 30-share index ended down 0.11 percent, or 16.30 points, at 15,000.91. The index is up nearly 9 percent on
Published 16 Aug, 2007 12:00am
Indian markets closed

Indian markets closed

Indian financial and stock markets are closed on Wednesday for the Independence Day holiday. Trading resumes on Thursday. On Tuesday, the benchmark 30-share index ended down 0.11 percent, or 16.30 points, at 15,000.91. The index is up nearly 9 percent on
Published 16 Aug, 2007 12:00am
Sterling slides

Sterling slides

Sterling hit a two-month trough against the dollar and its lowest level in more than four months versus the yen on Wednesday, as weak labour market data further scaled back expectations for UK interest rate rises.
Published 16 Aug, 2007 12:00am
Yen jumps versus majors in London

Yen jumps versus majors in London

The yen jumped to a 4-1/2-month high against a host of major currencies on Wednesday as tumbling equities and persistent worries about credit markets prompted investors to slash exposure to riskier carry trade positions.
Published 16 Aug, 2007 12:00am
Wednesday's early afternoon trade

Wednesday's early afternoon trade

US stocks rose on Wednesday, with beaten-down financial shares, such as Bank of America Corp, drawing investor interest for the first time in a week, but gains were limited by persistent worries about the credit markets.
Published 16 Aug, 2007 12:00am
Chinese stocks mixed

Chinese stocks mixed

China's stock market once again showed its immunity to global financial turmoil on Wednesday, rebounding from a fall to close mixed as other Asian bourses tumbled. The Shanghai Composite Index set an all-time high of 4,916.310 points in the first half-hou
Published 16 Aug, 2007 12:00am
Bonds: financials hit as risk exposure in focus

Bonds: financials hit as risk exposure in focus

The focus in European credit markets on Wednesday was firmly on financials, with corporate and high-yield spreads proving resilient in the face of a stock-market sell-off, as concerns persisted over exposure to risky instruments.
Published 16 Aug, 2007 12:00am
Bonds: financials hit as risk exposure in focus

Bonds: financials hit as risk exposure in focus

The focus in European credit markets on Wednesday was firmly on financials, with corporate and high-yield spreads proving resilient in the face of a stock-market sell-off, as concerns persisted over exposure to risky instruments.
Published 16 Aug, 2007 12:00am
UK's top share index down

UK's top share index down

Britain's leading share index ended down on Wednesday, but trimmed earlier losses as inflation data lifted housebuilders and property stocks, and US stocks gains distracted investors from credit market concerns. The FTSE 100 closed down 34.2 points, or 0.
Published 16 Aug, 2007 12:00am
London coffee tumbles

London coffee tumbles

Coffee tumbled around three percent on Wednesday as producer sales sparked wider liquidation including option and fund-related selling, while both sugar and cocoa were little changed. Coffee was the only soft commodity to show any significant falls as liq
Published 16 Aug, 2007 12:00am
Godrej pushes palm production at home

Godrej pushes palm production at home

India's Godrej Industries Ltd expects to boost its domestic palm oil output by more than fourfold in the next four years, as it rapidly expands area under crop, the firm's managing director said on Wednesday.
Published 16 Aug, 2007 12:00am
Oil rises on Tropical Storm Erin, US stockdraw

Oil rises on Tropical Storm Erin, US stockdraw

Oil rose on Wednesday after a large drop in US crude stockpiles and on concerns a Gulf of Mexico tropical storm could disrupt oil and natural gas output in the world's largest energy consumer. US crude futures settled up 95 cents at $73.33 a barrel after
Published 16 Aug, 2007 12:00am
Japan commodity firms to merge online businesses

Japan commodity firms to merge online businesses

Three Japanese commodities brokerages plan to merge their online trading businesses from October 1, Himawari Holdings Inc, one of the companies, said on Tuesday. Himawari CX Inc, a subsidiary of Himawari Holdings, Astmax Futures Co Ltd, a unit of Astmax C
Published 16 Aug, 2007 12:00am
New York cotton futures settle lower

New York cotton futures settle lower

Cotton futures closed lower Wednesday on speculative sales and the market could fall further from the same players in the days ahead, brokers said. New York Board of Trade's key December cotton contract settled down 0.36 cent at 60.18 cents per lb after t
Published 16 Aug, 2007 12:00am
Turkey nickel plan snags

Turkey nickel plan snags

European Nickel says its Caldag project could be delayed by up to six months awaiting an environmental permit while the Turkish cabinet is reshuffled. The start of full production could be pushed back until the end of 2008 from previous estimates of mid-y
Published 16 Aug, 2007 12:00am
Tin tumbles

Tin tumbles

Industrial metals fell on Wednesday as credit market worries offset strike concerns in the copper market, and tin shed nearly 5 percent to its lowest since April as investors sold holdings, analysts said.
Published 16 Aug, 2007 12:00am
European gold remains vulnerable

European gold remains vulnerable

Gold steadied in late trade on Wednesday after slipping, but remained vulnerable because of a firmer dollar and renewed pressure from stock markets on worries over the implications of the US subprime mortgage crisis.
Published 16 Aug, 2007 12:00am
US MIDDAY: wheat lower

US MIDDAY: wheat lower

Wheat futures on the Chicago Board of Trade turned lower early on Wednesday after a choppy open, retreating on profit-taking after the spot contract hit an 11-year high overnight above $7 per bushel, traders said.
Published 16 Aug, 2007 12:00am
US MIDDAY: corn rises

US MIDDAY: corn rises

Corn futures on the Chicago Board of Trade climbed to the day's highs at midsession on Wednesday, rallying in choppy trade on buying in the electronic market, floor traders said. Volume was thin in the open-outcry pit, they said.
Published 16 Aug, 2007 12:00am
US MIDDAY: soyabeans tumble

US MIDDAY: soyabeans tumble

Soyabean futures on the Chicago Board of Trade tumbled early on Wednesday on technical selling and a disappointing open in wheat futures, traders said.
Published 16 Aug, 2007 12:00am
US MIDDAY: copper off lows

US MIDDAY: copper off lows

US copper futures added to the previous session's losses at the open on Wednesday as investors eyed the fallout from problems in US credit markets and their potential effect on demand for the industrial metal, analysts said.
Published 16 Aug, 2007 12:00am
US MIDDAY: gold turns higher

US MIDDAY: gold turns higher

US gold futures turned higher early Wednesday, shaking off initial losses amid safe-haven buying as nervous investors continued to fret about credit markets and the dollar eased off its highs versus the euro.
Published 16 Aug, 2007 12:00am
Shamshad pays rich tributes to national heroes

Shamshad pays rich tributes to national heroes

The State Bank of Pakistan would continue to play a leading role to enhance the prestige of the country and its officers and staff would keep performing their duties with sincerity, dedication and honesty.
Published 16 Aug, 2007 12:00am
Stagnant rainwater hits trade activities: PYMA

Stagnant rainwater hits trade activities: PYMA

The chairman, Pakistan Yarn Merchants Association (Sindh and Balochistan Zone), Shahabuddin Razzak, has requested City Nazim Mustafa Kamal to take notice of deteriorating sanitary situation after heavy rains of August 9 and 10, 2007.
Published 16 Aug, 2007 12:00am
IJT nazim of JPMC Unit killed in student groups clash

IJT nazim of JPMC Unit killed in student groups clash

A student killed and five were injured in a clash between two student organisations in Jinnah Postgraduate Medical Center (JPMC) on Wednesday. According to details, a clash suddenly occurred between two rival student groups Islami Jamiat Talba and Punjabi
Published 16 Aug, 2007 12:00am
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