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Print - 2008-02-28
HBOS bank 2007 results disappoint, spark concerns on outlook

HBOS bank 2007 results disappoint, spark concerns on outlook

British bank HBOS on Wednesday posted weaker-than-expected profits for 2007 alongside a cautious outlook for this year as a result of the global credit crunch. Underlying profit before tax increased 3.1 percent to 5.71 billion pounds (7.53 billion euros,
Published 28 Feb, 2008 12:00am
HBOS bank 2007 results disappoint, spark concerns on outlook

HBOS bank 2007 results disappoint, spark concerns on outlook

British bank HBOS on Wednesday posted weaker-than-expected profits for 2007 alongside a cautious outlook for this year as a result of the global credit crunch. Underlying profit before tax increased 3.1 percent to 5.71 billion pounds (7.53 billion euros,
Published 28 Feb, 2008 12:00am
Honda steering clear of ultra-cheap cars: president

Honda steering clear of ultra-cheap cars: president

Honda Motor is staying out of the race to develop ultra-cheap cars, hoping motorists in fast-growing markets like India will pay more for safer, greener vehicles, its president said Wednesday. India's Tata last month unveiled a 2,500-dollar car, the world
Published 28 Feb, 2008 12:00am
GDF gives merger jobs pledge as profits rise

GDF gives merger jobs pledge as profits rise

Gaz de France handed an olive branch to unions over jobs to seal its delayed merger with private utility Suez as it unveiled forecast-beating 2007 results, sending its shares higher. The state-controlled gas provider stuck to its forecasts for 2008 on Wed
Published 28 Feb, 2008 12:00am
GDF gives merger jobs pledge as profits rise

GDF gives merger jobs pledge as profits rise

Gaz de France handed an olive branch to unions over jobs to seal its delayed merger with private utility Suez as it unveiled forecast-beating 2007 results, sending its shares higher. The state-controlled gas provider stuck to its forecasts for 2008 on Wed
Published 28 Feb, 2008 12:00am
Toll Brothers posts loss after writedowns

Toll Brothers posts loss after writedowns

Toll Brothers Inc, the largest US luxury home builder, on Wednesday reported a quarterly loss after recording heavy writedowns during its fiscal first quarter. Toll posted a first-quarter loss of $96 million, or 61 cents per share, for the quarter ended J
Published 28 Feb, 2008 12:00am
Toll Brothers posts loss after writedowns

Toll Brothers posts loss after writedowns

Toll Brothers Inc, the largest US luxury home builder, on Wednesday reported a quarterly loss after recording heavy writedowns during its fiscal first quarter. Toll posted a first-quarter loss of $96 million, or 61 cents per share, for the quarter ended J
Published 28 Feb, 2008 12:00am
Malaysia's growth at 3-1/2-year high

Malaysia's growth at 3-1/2-year high

Malaysia's annual economic growth accelerated to a 3-1/2-year high in the fourth quarter, the central bank said on Wednesday, confident that strong Asian demand would help the economy survive a global slowdown. A ramp-up in state spending, low credit cost
Published 28 Feb, 2008 12:00am
US mortgage applications fall to 2008 low

US mortgage applications fall to 2008 low

Applications for US home mortgages plunged to their lowest level this year, as rising long-term interest rates curbed incentives to refinance, an industry group's data showed on Wednesday. The Mortgage Bankers Association said its seasonally adjusted inde
Published 28 Feb, 2008 12:00am
Durable goods orders fall

Durable goods orders fall

New orders for long-lasting US-made manufactured goods fell by 5.3 percent in January, the biggest drop in five months and more than analysts expected, and a key gauge of business spending also declined, a Commerce Department report showed on Wednesday.
Published 28 Feb, 2008 12:00am
US new home sales fall

US new home sales fall

New US single-family home sales fell 2.8 percent in January to the lowest rate in nearly 13 years while the median sales price slipped and the housing overstock shrank, according to a government report on Wednesday that delivered more grim news for the ai
Published 28 Feb, 2008 12:00am
EU fines Microsoft record $1.35 billion

EU fines Microsoft record $1.35 billion

Microsoft was fined a record 899 million euros ($1.35 billion) by the European Commission on Wednesday for using high prices to discourage software competition in the latest sanction in their long-running battle.
Published 28 Feb, 2008 12:00am
'ECB to change its forecasts next week'

'ECB to change its forecasts next week'

The European Central Bank (ECB) will change its estimates on the euro zone's economy when it publishes its staff's latest forecasts next week, executive board member Lorenzo Bini Smaghi said on Wednesday. "There will be novelties. It is difficult to keep
Published 28 Feb, 2008 12:00am
Wealth funds welcome to invest in EU

Wealth funds welcome to invest in EU

State-owned sovereign wealth funds armed with billions of dollars are welcome to invest in the European Union but should be more open about their motives and methods, the bloc's executive arm said on Wednesday.
Published 28 Feb, 2008 12:00am
Wealth funds welcome to invest in EU

Wealth funds welcome to invest in EU

State-owned sovereign wealth funds armed with billions of dollars are welcome to invest in the European Union but should be more open about their motives and methods, the bloc's executive arm said on Wednesday.
Published 28 Feb, 2008 12:00am
German export-led economy to be hit by global slowdown: IMF

German export-led economy to be hit by global slowdown: IMF

The IMF slashed its 2008 German growth forecast to 1.5 percent on Wednesday, warning that weaker global economic activity would curb exports from the biggest European economy. In forecasts released in October, the International Monetary Fund had estimated
Published 28 Feb, 2008 12:00am
BMW confirms 8,100 job cuts worldwide

BMW confirms 8,100 job cuts worldwide

The German luxury carmaker BMW said Wednesday that a restructuring plan aimed at boosting profitability would see the overall elimination of 8,100 jobs world-wide. Part-time workers would be hit hardest, with 5,000 fewer posts, half of which had already b
Published 28 Feb, 2008 12:00am
BMW confirms 8,100 job cuts worldwide

BMW confirms 8,100 job cuts worldwide

The German luxury carmaker BMW said Wednesday that a restructuring plan aimed at boosting profitability would see the overall elimination of 8,100 jobs world-wide. Part-time workers would be hit hardest, with 5,000 fewer posts, half of which had already b
Published 28 Feb, 2008 12:00am
BP outlines turnaround

BP outlines turnaround

Oil giant BP Plc said it was "quietly" addressing performance flaws with a restructuring that it said should add billions of dollars in profits each year and may lead to the sale of its green energy business.
Published 28 Feb, 2008 12:00am
Australia and New Zealand join Liechtenstein tax probe

Australia and New Zealand join Liechtenstein tax probe

Australian and New Zealand tax authorities on Wednesday mounted raids and audits on rich residents suspected of dodging tax through Liechtenstein bank accounts as a international investigation widened to the Pacific.
Published 28 Feb, 2008 12:00am
Indian shares soar

Indian shares soar

Indian share prices closed 0.11 percent higher on Wednesday, shedding most morning gains after European markets opened weak, dealers said. They said the Sensex rose as much as 1.85 percent in early trade, after computer giant IBM said on Tuesday it had ap
Published 28 Feb, 2008 12:00am
Financials lift Hong Kong stocks

Financials lift Hong Kong stocks

Hong Kong blue chips rose 3.2 percent, hitting three-week highs on Wednesday, as advancing global equities and Asia-focused bank Standard Chartered's forecast-beating earnings fuelled investor confidence. Chinese financial issues stormed higher after main
Published 28 Feb, 2008 12:00am
IBM buyback, energy gains lift Wall Street

IBM buyback, energy gains lift Wall Street

US stocks rose for a third day on Tuesday as technology companies gained on IBM's plans to buy back $15 billion of its shares and the energy sector advanced on a record high close for oil in New York. International Business Machines Corp said the repurcha
Published 28 Feb, 2008 12:00am
US Treasury prices rise

US Treasury prices rise

US Treasury debt prices rose on Tuesday as more news about falling home prices and slumping consumer confidence offset a report showing sharply higher producer price inflation. Investors seem more concerned about ongoing problems in credit markets and the
Published 28 Feb, 2008 12:00am
US Treasury prices rise

US Treasury prices rise

US Treasury debt prices rose on Tuesday as more news about falling home prices and slumping consumer confidence offset a report showing sharply higher producer price inflation. Investors seem more concerned about ongoing problems in credit markets and the
Published 28 Feb, 2008 12:00am
Singapore shares slightly higher

Singapore shares slightly higher

Singapore share prices closed 0.54 percent on higher on Wednesday after Wall Street gained despite weak economic data, dealers said. But they said the index closed off the day's highs as investors locked in profits in select blue chips.
Published 28 Feb, 2008 12:00am
Malaysian shares up

Malaysian shares up

Malaysian share prices closed slightly higher on Wednesday in volatile trade with plantations and consumer stocks leading the gains, dealers said. The Kuala Lumpur Composite Index gained 1.19 points or 0.1 percent at 1,376.62 off a high of 1,382.90 on vol
Published 28 Feb, 2008 12:00am
Thai share prices sag

Thai share prices sag

Thai share prices closed 0.32 percent lower on Wednesday as investors were worried exiled former premier Thaksin Shinawatra's expected return to Thailand could spark political turmoil, dealers said. They said investors turned sellers, bucking a regional t
Published 28 Feb, 2008 12:00am
Nikkei hits six-week closing high

Nikkei hits six-week closing high

Japan's Nikkei average rose 1.5 percent on Wednesday to post a six-week closing high, with blue chip shares such as Sony Corp driving gains after a $15 billion share buyback plan announced by IBM boosted investor confidence.
Published 28 Feb, 2008 12:00am
China stocks rally 2.3 percent

China stocks rally 2.3 percent

Chinese stocks rose on Wednesday, led by financials such as Merchants Bank and Ping An Insurance as a rebound from technical support continued. The Shanghai Composite Index ended up 2.26 percent at 4,334.047 points after touching a high of 4,360.700, brin
Published 28 Feb, 2008 12:00am
Jakarta shares make gains

Jakarta shares make gains

Indonesian shares closed up 0.1 percent after a volatile session on Wednesday, with gains in index heavyweights offsetting falls in select miners and plantations, dealers said. The market was higher in early trade, tracking Wall Street's gains overnight,
Published 28 Feb, 2008 12:00am
Swiss franc hits new record high

Swiss franc hits new record high

The Swiss franc soared to a record high against the dollar on Wednesday as the greenback fell broadly on expectations that the US Federal Reserve will continue to lower interest rates.
Published 28 Feb, 2008 12:00am
Yuan sets new high

Yuan sets new high

China's yuan rebounded against the dollar on Wednesday in response to the weakness of the US currency in overseas markets, where the dollar hit a fresh all-time low against the euro. Reflecting the dollar's tumble overnight, after comments by Fed vice cha
Published 28 Feb, 2008 12:00am
Dollar slumps to record low

Dollar slumps to record low

The dollar hit a record low beyond $1.50 to the euro on Wednesday after surprisingly weak US data and comments by the Federal Reserve's No 2 official reinforced views that the central bank will keep cutting interest rates.
Published 28 Feb, 2008 12:00am
Gloomy economic picture knocks dollar to record lows

Gloomy economic picture knocks dollar to record lows

The dollar tumbled to record lows against the euro and a basket of key currencies on Tuesday after weak data added to worries over the ailing US economy and a Federal Reserve top official signalled more interest rate cuts.
Published 28 Feb, 2008 12:00am
Asian currencies rise

Asian currencies rise

Asian currencies firmed strongly on Wednesday, propelled by the prospects of falling US interest rates, with some hitting their strongest levels since 1997. The Singapore dollar rose as far as 1.3979 as the US dollar slumped to a record low against the eu
Published 28 Feb, 2008 12:00am
Hong Kong dollar hits two-month high

Hong Kong dollar hits two-month high

The following is a snapshot of the Hong Kong foreign exchange and money markets on Wednesday. The Hong Kong dollar rose to a two-and-a-half month high against the US dollar on Wednesday, partly driven by demand for funds for forthcoming IPOs.
Published 28 Feb, 2008 12:00am
Dhoni's keeping gloves legal, insist makers

Dhoni's keeping gloves legal, insist makers

The wicket-keeping gloves used by India captain Mahendra Singh Dhoni during a recent triangular series one-match in Australia are legal, the Indian manufacturer claims. Dhoni avoided a penalty by agreeing not to use the gloves again after they were found
Published 28 Feb, 2008 12:00am
TT championships: China overpower as Germany suffer upset

TT championships: China overpower as Germany suffer upset

China stormed over their hapless opponents at the world team table tennis championships here on Wednesday as powerhouse Germany were upset by aggressive Japan. China's men took just under an hour to dispose of Austria, the Red Army using the encounter to
Published 28 Feb, 2008 12:00am
Brad Hogg says adieu

Brad Hogg says adieu

Australia's spin bowling stocks suffered another blow Wednesday when veteran left-arm wrist-spinner Brad Hogg announced his retirement from international cricket.
Published 28 Feb, 2008 12:00am
Coni requests two-year ban for Di Luca

Coni requests two-year ban for Di Luca

Anti-doping officials at the Italian Olympic Committee (Coni) requested Wednesday that Tour of Italy champion Danilo Di Luca be banned for two years after an abnormal doping test. The abnormal result was returned after the 17th stage of the Giro from Lien
Published 28 Feb, 2008 12:00am
Lord's to undergo redevelopment

Lord's to undergo redevelopment

Lord's Cricket Ground is set for a 200-million-pound facelift, owners Marylebone Cricket Club (MCC) announced here Wednesday. The north-west London venue, the self-styled 'home of cricket', is one of the sport's most famous grounds with the Victorian pavi
Published 28 Feb, 2008 12:00am
Jankovic beats Sania at Dubai Open

Jankovic beats Sania at Dubai Open

World number four Jelena Jankovic spent almost the whole of a two-hour, 14-minute match trailing before narrowly surviving against Sania Mirza in the second round of the Dubai Open. The Serbian beat the Indian 4-6, 6-3, 6-4 but there were many moments whe
Published 28 Feb, 2008 12:00am
Hayden reprimanded for calling Harbhajan 'obnoxious weed'

Hayden reprimanded for calling Harbhajan 'obnoxious weed'

Outspoken Australian batsman Matthew Hayden has been reprimanded by Cricket Australia (CA) for calling Indian off-spinner Harbhajan Singh an "obnoxious weed". CA's code of conduct commissioner, Ron Beazley, "issued a reprimand to Hayden... as penalty for
Published 28 Feb, 2008 12:00am
Warne to lead, coach Jaipur in IPL

Warne to lead, coach Jaipur in IPL

Retired Australian leg-spin genius Shane Warne has been named captain and coach of the Jaipur team in the Twenty20 Indian Premier League, the franchise announced on Wednesday. "We were looking for a legendary cricketer whom all players will look up to," s
Published 28 Feb, 2008 12:00am
India reach U-19 final

India reach U-19 final

India overcame a rain-reduced target and a brilliant display by New Zealand's Corey Anderson to enter the under-19 World Cup final here on Wednesday. Left-handed Anderson smashed 70 off 68 and balls and took a stunning catch, but India held their nerves a
Published 28 Feb, 2008 12:00am
Rice hints at movement on North Korea nuclear issue

Rice hints at movement on North Korea nuclear issue

US Secretary of State Condoleezza Rice on Wednesday hinted at progress toward ending North Korea's nuclear ambitions and left a senior aide in Beijing to discuss the matter with Chinese officials. North Korea committed to abandon all nuclear weapons and p
Published 28 Feb, 2008 12:00am
China and Japan agree to strengthen military ties

China and Japan agree to strengthen military ties

Top military officials from China and Japan agreed on Wednesday to strengthen military ties as relations between the two Asian neighbours warm, state media said. Chinese Defence Minister Cao Gangchuan and Japan's Self-Defence Force Chief of Staff Takashi
Published 28 Feb, 2008 12:00am
Arab media code attacks free speech

Arab media code attacks free speech

A new Arab League charter on satellite broadcasting adopted this month amounts to a "crude assault on free speech" that Arab governments should publicly reject, Human Rights Watch said on Wednesday.
Published 28 Feb, 2008 12:00am
Khmer Rouge top interrogator apologises

Khmer Rouge top interrogator apologises

The Khmer Rouge's top interrogator returned on Wednesday to the former school turned torture centre which he ran during Cambodia's 1970s genocide, apologising to his victims for blindly following orders, a witness said.
Published 28 Feb, 2008 12:00am
Bush names envoy to OIC

Bush names envoy to OIC

US President George W. Bush will formally announce Wednesday that Texas entrepreneur Sada Cumber will be the first US envoy to the Organisation of the Islamic Conference, the White House said.
Published 28 Feb, 2008 12:00am
Russia ready to support sanctions against Iran

Russia ready to support sanctions against Iran

Russia is ready to support new UN sanctions against Iran if Tehran does not change tack on its nuclear programme, Russia's envoy to the UN, Vitaly Churkin, told journalists on Wednesday. Asked if Russia would support sanctions, he said: "Yes. If Iran in t
Published 28 Feb, 2008 12:00am
Myanmar outlaws speeches, leaflets

Myanmar outlaws speeches, leaflets

Myanmar's military rulers said on Wednesday they would imprison anyone caught giving public speeches or distributing leaflets about a constitutional referendum set for May. The junta announced earlier this month that it would hold the referendum in May to
Published 28 Feb, 2008 12:00am
Major survey challenges Western perceptions of Islam

Major survey challenges Western perceptions of Islam

A huge survey of the world's Muslims released Tuesday challenges Western notions that equate Islam with radicalism and violence. The survey, conducted by the Gallup polling agency over six years and three continents, seeks to dispel the belief held by som
Published 28 Feb, 2008 12:00am
Israeli army kills seven Palestinians

Israeli army kills seven Palestinians

The Israeli army killed at least six Palestinian militants in Gaza and one in the occupied West Bank on Wednesday, including Hamas men who Gaza residents said had returned recently from training in Syria or Iran.
Published 28 Feb, 2008 12:00am
Turk envoy tells Iraq no timetable for pullout

Turk envoy tells Iraq no timetable for pullout

Turkey declined on Wednesday to give Baghdad a timetable for the withdrawal of troops fighting Kurdish guerrillas in northern Iraq, resisting pressure from the United States and other allies to end the offensive quickly.
Published 28 Feb, 2008 12:00am
Japan and Russia take steps to trade emissions rights

Japan and Russia take steps to trade emissions rights

Japan on Wednesday stepped up its plans to buy greenhouse gas emissions rights from Russia, to help Tokyo meet its emissions limits under the Kyoto Protocol on global warming. The UN-run Kyoto treaty allows industrialised countries to meet greenhouse gas
Published 28 Feb, 2008 12:00am
Millions gather for Chehlum in Iraq

Millions gather for Chehlum in Iraq

Snipers and bomb squads were among 40,000 Iraqi police and soldiers deployed around southern Iraq's holy Shia city of Kerbala on Wednesday to watch over millions of pilgrims gathered to observe Chehlum. Shias have been travelling by foot to observe the an
Published 28 Feb, 2008 12:00am
Indian rupee rises

Indian rupee rises

The rupee rose on Wednesday on hopes for another US rate cut, which could attract foreign capital to India, but suspected central bank intervention limited the gains. The partially convertible rupee ended at 39.78/79 per dollar, stronger than Tuesday's cl
Published 28 Feb, 2008 12:00am
Little respite seen for record-low dollar

Little respite seen for record-low dollar

The dollar slid to an all-time low versus a basket of currencies on Wednesday after weak US data and comments from a top Federal Reserve official cemented views for more US rate cuts.
Published 28 Feb, 2008 12:00am
Pound near all-time low

Pound near all-time low

The pound fell to a six-week low versus the euro and closed in on an all-time low on Wednesday, as data showed consumer spending faltering and problems in the banking sector dented sentiment on the economy.
Published 28 Feb, 2008 12:00am
Australian dollar advances

Australian dollar advances

The Australian dollar extended its winning streak to rise to a fresh 3-month high against the beleaguered US currency on Wednesday, bolstered by sustained risk appetite and favourable interest rate differentials.
Published 28 Feb, 2008 12:00am
US Stocks: Wednesday's midday trade

US Stocks: Wednesday's midday trade

US stocks gained on Wednesday on news that the government will let the two biggest US home loan finance companies invest more money in the weak housing market in a move that could help revive the economy.
Published 28 Feb, 2008 12:00am
Credit rally halts as worries, shorts re-emerge

Credit rally halts as worries, shorts re-emerge

This week's rally in European credit spreads ground to a halt on Wednesday, as fresh fears over writedowns and the economy combined with investors adopting new short positions to push credit indexes slightly wider.
Published 28 Feb, 2008 12:00am
Credit rally halts as worries, shorts re-emerge

Credit rally halts as worries, shorts re-emerge

This week's rally in European credit spreads ground to a halt on Wednesday, as fresh fears over writedowns and the economy combined with investors adopting new short positions to push credit indexes slightly wider.
Published 28 Feb, 2008 12:00am
Philippines shares up

Philippines shares up

Philippines share prices closed 0.8 percent higher on Wednesday as bargain-hunters swooped in after a four-day losing streak, encouraged by overnight gains on Wall Street, dealers said. The composite index rose 25.46 points to close at 3,105.00 points.
Published 28 Feb, 2008 12:00am
Asian bonds edge higher

Asian bonds edge higher

Asian bonds edged higher on Wednesday helped by improved risk appetite as regional stock markets gained and after the Federal Reserve lifted expectations of more interest rate cuts. That led to tighter spreads on Chinese property company bonds which have
Published 28 Feb, 2008 12:00am
Asian bonds edge higher

Asian bonds edge higher

Asian bonds edged higher on Wednesday helped by improved risk appetite as regional stock markets gained and after the Federal Reserve lifted expectations of more interest rate cuts. That led to tighter spreads on Chinese property company bonds which have
Published 28 Feb, 2008 12:00am
UK's top share index falls

UK's top share index falls

Britain's top share index fell on Wednesday, as below-forecast results from HBOS and US data in the previous session reminded investors the fallout from the credit crisis is far from over.
Published 28 Feb, 2008 12:00am
Commodities hedge creates inflation feedback loop

Commodities hedge creates inflation feedback loop

A rush of investors into commodities to hedge against inflation is adding to inflationary pressures by driving up consumer prices. The move by funds and other speculators away from equities and bonds as inflation rises and the dollar weakens has sent many
Published 28 Feb, 2008 12:00am
London soft commodities hit fresh peaks

London soft commodities hit fresh peaks

Soft commodity futures hit fresh peaks on Wednesday with investment funds and speculators piling into coffee, cocoa and sugar as they shifted money out of poorly performing alternative assets, dealers and fund managers said.
Published 28 Feb, 2008 12:00am
New York cotton futures settle lower

New York cotton futures settle lower

Cotton futures corrected down to end lower on Wednesday, on profit taking from Tuesday's 4-1/4 year high and spillover pressure from early weakness in the US grains markets, brokers said. "Principally, it's the pressure in Chicago (wheat) that's weighing
Published 28 Feb, 2008 12:00am
Ruchi sees soyameal sales surging

Ruchi sees soyameal sales surging

India's Ruchi Soyaa Industries expects its soyameal exports to rise by nearly 35 percent in 2008 on buoyant overseas demand, the firm's managing director said on Tuesday. "China has bought Indian soyameal. Our company has also sold some to China," Dinesh
Published 28 Feb, 2008 12:00am
Base metals surge on weak dollar

Base metals surge on weak dollar

Industrial metals jumped on Wednesday, with aluminium hitting its highest level in 21 months as the dollar fell to a record low against a basket of currencies and lifted commodity prices across the board. Tin set a fresh record high, zinc and nickel surge
Published 28 Feb, 2008 12:00am
London gold hits record high above $960

London gold hits record high above $960

Gold surged to a record high above $960 on Wednesday as investors piled in, spurred by a plummeting dollar and oil rising above $100 a barrel. Silver rallied to its loftiest level since November 1980, palladium jumped to a 6-1/2-year high and platinum adv
Published 28 Feb, 2008 12:00am
US MIDDAY: cocoa and coffee at multi-year highs

US MIDDAY: cocoa and coffee at multi-year highs

ICE arabica coffee and cocoa futures surged to multi-year highs in early trading Wednesday as investment funds continued to pour money into commodities, traders said.
Published 28 Feb, 2008 12:00am
US MIDDAY: sugar down

US MIDDAY: sugar down

Raw sugar futures lost some ground early on Wednesday, after coming within a hair of the 15-cent level, as speculators and funds sold at the open, taking the wind out of overnight momentum, brokers said.
Published 28 Feb, 2008 12:00am
US MIDDAY: corn lower

US MIDDAY: corn lower

US corn futures ended lower on Wednesday on a technical correction including profit-taking after a rally early this week to record highs, traders said.
Published 28 Feb, 2008 12:00am
US MIDDAY: soya futures plunge

US MIDDAY: soya futures plunge

US soyabean futures on the Chicago Board of Trade were lower at midsession on Wednesday on a downward technical correction after making all-time highs the past two days, traders said. The products also set back after this week's rally.
Published 28 Feb, 2008 12:00am
US MIDDAY: gold and silver rally

US MIDDAY: gold and silver rally

New York gold futures rose to a record high early Wednesday, nearing $1,000 an ounce, while silver closed in on $20 per ounce as the falling dollar and speculation of further US rate cuts continued to fan investor buying of commodities.
Published 28 Feb, 2008 12:00am
Tree plantation campaign inaugurated

Tree plantation campaign inaugurated

University of Veterinary and Animal Sciences (UVAS) Lahore vice-chancellor Professor Dr Muhammad Nawaz has inaugurated a tree plantation campaign by planting a sapling of palm tree in the lawn of the Pathology Department on the City Campus.
Published 28 Feb, 2008 12:00am
Petitions adjourned

Petitions adjourned

A Lahore High Court division bench has adjourned until March 5 and 6 a string of election petitions challenging the Election Commission for failing to recount the votes. The petitions came from Daniyal Aziz, Malik Umar Aslam Awan, Malik Jaffar Iqbal, Ashi
Published 28 Feb, 2008 12:00am
'Consensus on national issues a good omen'

'Consensus on national issues a good omen'

The consensus developed by democratic forces on national issues is a good omen for the country, CEO Bashir Sadiq Group, Sheikh Mohammad Sadiq said. Sadiq said here on Wednesday that success of democratic forces would lead to improvement of law and order,
Published 28 Feb, 2008 12:00am
Power generators: LCCI urges FBR to declare import zero-rated

Power generators: LCCI urges FBR to declare import zero-rated

The Lahore Chamber of Commerce and Industry has demanded of the Federal Board of Revenue (FBR) to declare import of all types of power generators, their parts and solar energy panels zero-rated for the sake of economy of the country.
Published 28 Feb, 2008 12:00am
Where has peace gone?

Where has peace gone?

There was time when Karachi was regarded as the most peaceful city of Pakistan - a metropolis where people from all over the country used to come to earn better livelihood. And now is the time when Karachi is cited as one of the most vulnerable cities whi
Published 28 Feb, 2008 12:00am
Poverty fuels trafficking of Yemeni children

Poverty fuels trafficking of Yemeni children

Ali Abdu, a slim boy of 14, just wants to go home to his family in the Yemeni mountains. His dream of making money in Saudi Arabia ended in a hospital bed. "First I worked as a goatherd, then in a car-wash for three months. Then I was hit by a car and spe
Published 28 Feb, 2008 12:00am
All Iranian cinema relishing actor's Berlin award

All Iranian cinema relishing actor's Berlin award

From playing in provincial theatres in north- western Iran for more than four decades to winning the coveted Silver Bear Award for best actor at the Berlin Film festival, a fairly tale has come true for Iranian actor Ali Naji.
Published 28 Feb, 2008 12:00am
The present CNG crisis and its remedy

The present CNG crisis and its remedy

Pakistan has emerged as global leader in the use of CNG, a fuel for cars, rickshaws and urban transport. Owing to the economics of CNG as an alternative to petrol and encouraged by government policies, there was a mass scale shift to the use of CNG.
Published 28 Feb, 2008 12:00am
Review of anti-terrorism strategy

Review of anti-terrorism strategy

After lying low for a while, the terrorists are on the rampage again. On Monday, they struck at three different places in the country, but the most stunning was the suicidal attack on the vehicle the Surgeon General of Pakistan Army, Lieutenant General Mu
Published 28 Feb, 2008 12:00am
Removing power distribution snags

Removing power distribution snags

The Asian Development Bank will provide funding of $150 million to Pakistan for power distribution enhancement project-1, to be implemented by Pepco to enable it to address the capacity shortfalls that currently result in frequent system outages and power
Published 28 Feb, 2008 12:00am
CSOs condemn Mansehra killings; demand protection

CSOs condemn Mansehra killings; demand protection

Condemning the February 25 attack on the Plan International and killings of five of its workers in Mansehra, a group of civil society organisations has demanded of the government to provide security to the bodies working in the social and development sect
Published 28 Feb, 2008 12:00am
Punjab government launches MICS to collect data through surveys

Punjab government launches MICS to collect data through surveys

The Punjab government in collaboration with Unicef launched a Multiple Indicator Cluster Survey (MICS) throughout the province to collect relevant data through household surveys to assist local governments in their planning to provide basic amenities to p
Published 28 Feb, 2008 12:00am
Tributes paid to Lieutenant General Mushtaq Baig

Tributes paid to Lieutenant General Mushtaq Baig

President College of Physicians and Surgeons Pakistan (CPSP) paid glowing tributes to the army's Surgeon-General Lieutenant General Mushtaq Baig and termed him a role model for medical profession.
Published 28 Feb, 2008 12:00am
Senate bodies: Bangulzai, Raziq elected chairmen

Senate bodies: Bangulzai, Raziq elected chairmen

The Senate Standing Committee elected Liaquat Ali Bangulzai as Chairman of the Information and Broadcasting Committee, here on Wednesday. Senator SM Zafar proposed the name of Bangulzai and Tahira Latif seconded the proposal. The same meeting elected Abdu
Published 28 Feb, 2008 12:00am
Medical stores protest against drugs rules

Medical stores protest against drugs rules

Most of medical stores, chemists and retailers shut their business here on Wednesday at the call of Punjab Chemists Council to protest against the new Drugs Rules 2007, with the result that patients faced severe problems in getting their medicine in hospi
Published 28 Feb, 2008 12:00am
SSUET seminar on exams today

SSUET seminar on exams today

Sir Syed University of Engineering and Technology (SSUET) is organising a seminar on "How to perform better at the examinations" on February 28 at the University Auditorium. Professor Dr Iteqan Hussain Farooqui, Head of Diabetic Centre for Personal Excell
Published 28 Feb, 2008 12:00am
Magsi's nomination as Governor Balochistan commended

Magsi's nomination as Governor Balochistan commended

Senators from Balochistan on Wednesday commended the decision of nominating Zulfiqar Magsi as next Governor for the province. "I commend this decision and thank the government on behalf of the people of Balochistan," Senator Pari Gul Agha said in the very
Published 28 Feb, 2008 12:00am
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