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Print - 2008-06-14
BRIDGE NOTES: Wriggle out with a 'Wriggle'

BRIDGE NOTES: Wriggle out with a 'Wriggle'

Perhaps it's for the first time that Bridge Quiz is being offered for the benefit of the readers. Let's begin with a very simple situation. Your hand is: KJ8, Q976, KQ4, AJ6 and on RHO's weak 1NT (12-14). You can easily double as you have the suits well s
Published 14 Jun, 2008 12:00am
R&D support for textile sector abolished

R&D support for textile sector abolished

The federal government has finally abolished the research and development (R&D) support programme for textile sector, as no budgetary allocation has been made in this connection. Sources told Business Recorder on Friday that some Rs 19 billion were
Published 14 Jun, 2008 12:00am
R&D support for textile sector abolished

R&D support for textile sector abolished

The federal government has finally abolished the research and development (R&D) support programme for textile sector, as no budgetary allocation has been made in this connection. Sources told Business Recorder on Friday that some Rs 19 billion were
Published 14 Jun, 2008 12:00am
The death penalty controversy in Japan - the grimmest, yet unavoidable

The death penalty controversy in Japan - the grimmest, yet unavoidable

Life is precious. One human life is of more importance than the whole earth. The death penalty is certainly the grimmest of all punishments. It is the ultimate one and is indeed unavoidable. This is an excerpt from a decision issued by the Japanese Suprem
Published 14 Jun, 2008 12:00am
Charities to see drastic cut in donations

Charities to see drastic cut in donations

Well established charitable institutions doing yeomen service in health, education and other social sectors will see a drastic reduction in donations, in the next financial year, due to a proposal seeking lowering of admissible limit of donations for tax
Published 14 Jun, 2008 12:00am
Old Sindhis, new Sindhis: why sustain the enigma?

Old Sindhis, new Sindhis: why sustain the enigma?

Speaking at a provincial autonomy seminar in the metropolis, former chief justice of Sindh High Court Mr Wajihuddin Ahmed proposed that a new city which replicated pre-partition colonial Karachi should be built near Port Qasim for the settlement of old Si
Published 14 Jun, 2008 12:00am
Charities to see drastic cut in donations

Charities to see drastic cut in donations

Well established charitable institutions doing yeomen service in health, education and other social sectors will see a drastic reduction in donations, in the next financial year, due to a proposal seeking lowering of admissible limit of donations for tax
Published 14 Jun, 2008 12:00am
US Midwest corn, soya bids fall along rivers

US Midwest corn, soya bids fall along rivers

Spot basis bids for soyabeans and corn fell at locations along Midwest rivers on Thursday as flooding and high water caused many dealers to suspend their barge loading operations. Cash bids for both commodities held steady at most interior locations, grai
Published 14 Jun, 2008 12:00am
Charities to see drastic cut in donations

Charities to see drastic cut in donations

Well established charitable institutions doing yeomen service in health, education and other social sectors will see a drastic reduction in donations, in the next financial year, due to a proposal seeking lowering of admissible limit of donations for tax
Published 14 Jun, 2008 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 96,343 tonnes of cargo including 45,070 tonnes of import, 51,273 tonnes of export cargo and 5,048 loaded and empty containers (TEUs) during last 24 hours ended at 0700 hours on Friday.
Published 14 Jun, 2008 12:00am
Duty-free import of $50 million new plant machinery allowed

Duty-free import of $50 million new plant machinery allowed

The Federal Board of Revenue (FBR) has allowed investors to import duty-free plant, machinery, equipment and capital goods, whether locally manufactured or not, (worth $50 million) for setting up of new industrial projects.
Published 14 Jun, 2008 12:00am
Indonesian cocoa prices hit 24-year high

Indonesian cocoa prices hit 24-year high

Soaring cocoa futures pushed Indonesian cocoa bean prices to their highest level in 24 years on Friday while rains in parts of cocoa-growing Sulawesi island slowed delivery, dealers said Friday.
Published 14 Jun, 2008 12:00am
Duty-free import of $50 million new plant machinery allowed

Duty-free import of $50 million new plant machinery allowed

The Federal Board of Revenue (FBR) has allowed investors to import duty-free plant, machinery, equipment and capital goods, whether locally manufactured or not, (worth $50 million) for setting up of new industrial projects.
Published 14 Jun, 2008 12:00am
Canadian canola rises

Canadian canola rises

Canadian canola futures closed higher on Thursday, following a rally in US soyaoil futures, traders said. Weakness in the Canadian dollar also helped boost canola futures. ICE canola futures ended $4.70 to $10 per tonne higher, with July up $5.40 at $650.
Published 14 Jun, 2008 12:00am
Duty-free import of $50 million new plant machinery allowed

Duty-free import of $50 million new plant machinery allowed

The Federal Board of Revenue (FBR) has allowed investors to import duty-free plant, machinery, equipment and capital goods, whether locally manufactured or not, (worth $50 million) for setting up of new industrial projects.
Published 14 Jun, 2008 12:00am
Ivorian cocoa arrivals rise

Ivorian cocoa arrivals rise

Cocoa arrivals at ports in the world's top grower, Ivory Coast, reached 1,181,497 tonnes between October 1 and June 8, up from 1,100,008 tonnes in the same period a year ago, according to data from exporters on Friday.
Published 14 Jun, 2008 12:00am
Duty-free import of $50 million new plant machinery allowed

Duty-free import of $50 million new plant machinery allowed

The Federal Board of Revenue (FBR) has allowed investors to import duty-free plant, machinery, equipment and capital goods, whether locally manufactured or not, (worth $50 million) for setting up of new industrial projects.
Published 14 Jun, 2008 12:00am
KCBT wheat futures fall

KCBT wheat futures fall

Hard red winter wheat futures on the Kansas City Board of Trade closed lower on Thursday in a profit-taking setback after Wednesday's limit-up rally, traders said. KCBT July wheat fell 14-1/4 cents to settle at $8.92-1/4 per bushel, with back months down
Published 14 Jun, 2008 12:00am
UBL, other entities GDRs issue put on hold

UBL, other entities GDRs issue put on hold

The Privatisation Commission has put on hold floating of United Bank Limited (UBL) and other entities'' global depository receipts (GDRs) before June 30. The government had given go-ahead to the Privatisation Commission to float UBL and some other entitie
Published 14 Jun, 2008 12:00am
US wheat settles lower

US wheat settles lower

US wheat futures closed lower on Thursday in a profit-taking setback to Wednesday's limit rally, traders said. Seasonal harvest pressure and expectations of a large world wheat crop added pressure. Also bearish were early weakness in crude oil and gold, a
Published 14 Jun, 2008 12:00am
UBL, other entities GDRs issue put on hold

UBL, other entities GDRs issue put on hold

The Privatisation Commission has put on hold floating of United Bank Limited (UBL) and other entities' global depository receipts (GDRs) before June 30. The government had given go-ahead to the Privatisation Commission to float UBL and some other entities
Published 14 Jun, 2008 12:00am
Oil cake market rates

Oil cake market rates

Rising trend was seen on the forward cottonseed oilcake market on Friday in process of trading, dealers said. The July vaida commenced with Re.1 rise at Rs 801.00 and closing was seen at the same rate, they said.

Published 14 Jun, 2008 12:00am
UBL, other entities GDRs issue put on hold

UBL, other entities GDRs issue put on hold

The Privatisation Commission has put on hold floating of United Bank Limited (UBL) and other entities' global depository receipts (GDRs) before June 30. The government had given go-ahead to the Privatisation Commission to float UBL and some other entities
Published 14 Jun, 2008 12:00am
No transaction on cotton market

No transaction on cotton market

Steady trend was seen on the cotton market on Friday as prices were unchanged amid lacklustre business, experts said. The Karachi cotton Association (KCA) official spot rate was unchanged at Rs 3800, dealers said. According to the market sources, farmers
Published 14 Jun, 2008 12:00am
Stable trend on grain market

Stable trend on grain market

Firmness prevailed on the grain market on Friday as most of the commodities maintained their overnight levels as market players were busy in Juma prayers, dealers said.
Published 14 Jun, 2008 12:00am
Raw rubber mixed on Jodia Bazaar

Raw rubber mixed on Jodia Bazaar

The trading on raw rubber moved both ways on Jodia Bazaar here on Friday. The following variations were noted.
Published 14 Jun, 2008 12:00am
US should consider criteria-based nuclear deal with Pakistan: Cohen

US should consider criteria-based nuclear deal with Pakistan: Cohen

The United States should consider a criteria-based nuclear deal with Pakistan as a way to help ensure security of the South Asian country's nuclear assets, Stephen Cohen, a leading American expert on South Asia proposed at a Congressional hearing.
Published 14 Jun, 2008 12:00am
US cotton weekly export sales highlights

US cotton weekly export sales highlights

USDA cotton export sales highlights for latest reporting week. Net Upland sales of 434,700 running bales were down 22 percent from the previous week, but up 67 percent from the prior 4-week average.
Published 14 Jun, 2008 12:00am
Give Pakistan government time, says Gates

Give Pakistan government time, says Gates

Pakistan's government must be given time to deal with the troubled situation on its border with Afghanistan, US Defence Secretary Robert Gates said on Friday, two days after a US air strike killed 11 Pakistani soldiers in the region.
Published 14 Jun, 2008 12:00am
Oil dips in Asia

Oil dips in Asia

Oil eased on Friday after a volatile previous session when the market grappled with supply worries in Nigeria, the world's eighth-largest producer, and a firmer US dollar. US crude oil was off 13 cents at $136.61 a barrel by 0740 GMT, but still within sig
Published 14 Jun, 2008 12:00am
Pakistan risks losing investor confidence: Moody''s

Pakistan risks losing investor confidence: Moody''s

Moody''s Investors Service said in a report on Pakistan on Friday that weak governance, political tensions and flaws in the legal system will undermine institutions and policy-makers, and heighten risks of sudden shifts in private investor confidence.
Published 14 Jun, 2008 12:00am
US copper ends to three-month lows

US copper ends to three-month lows

US copper futures ended down on Thursday after hitting their lowest levels in three months as a firm dollar and an uncertainties surrounding near-term demand prospects continued to keep the metal's recent downtrend intact, analysts said. Copper for July d
Published 14 Jun, 2008 12:00am
Pakistan risks losing investor confidence: Moody's

Pakistan risks losing investor confidence: Moody's

Moody's Investors Service said in a report on Pakistan on Friday that weak governance, political tensions and flaws in the legal system will undermine institutions and policy-makers, and heighten risks of sudden shifts in private investor confidence.
Published 14 Jun, 2008 12:00am
Sugar lower in New York

Sugar lower in New York

Raw sugar futures settled softer Thursday as the market consolidated after springing to a three-week high, with analysts saying groundwork was being laid for a further rally in the coming weeks. James Cordier, founder of optionsellers.com and analyst for
Published 14 Jun, 2008 12:00am
Pakistan risks losing investor confidence: Moody's

Pakistan risks losing investor confidence: Moody's

Moody's Investors Service said in a report on Pakistan on Friday that weak governance, political tensions and flaws in the legal system will undermine institutions and policy-makers, and heighten risks of sudden shifts in private investor confidence.
Published 14 Jun, 2008 12:00am
Gold rises in Asian market

Gold rises in Asian market

Gold rebounded on Friday as investors sought bargains after prices dropped to near a six-week low the previous day on a firmer US dollar, but the $900 resistance level remains a tough one to crack. Gold rose to $871.45/872.45 an ounce from $867.55/869.55
Published 14 Jun, 2008 12:00am
PKR likely to depreciate to 78 against US$ in two years

PKR likely to depreciate to 78 against US$ in two years

Moody''s Investors Service has forecast that Pakistan currency is strongly expected to depreciate to Rs 78 against one US dollar over the next two years. According to the rating agency''s analytical report released on Friday, the parity gap between the tw
Published 14 Jun, 2008 12:00am
Soyabean futures rally

Soyabean futures rally

US soybean futures on the Chicago Board of Trade rallied on Thursday as powerful storms moving across the Midwest were causing crop damage and forcing soy processors to close, traders said. CBOT soymeal hit a 35-year high in the spot contract of $405.80 -
Published 14 Jun, 2008 12:00am
PKR likely to depreciate to 78 against US$ in two years

PKR likely to depreciate to 78 against US$ in two years

Moody's Investors Service has forecast that Pakistan currency is strongly expected to depreciate to Rs 78 against one US dollar over the next two years. According to the rating agency's analytical report released on Friday, the parity gap between the two
Published 14 Jun, 2008 12:00am
Malaysian tin falls

Malaysian tin falls

Malaysian tin edged 1.8 percent lower on Friday, tracking heavy losses on London Metal Exchange, one dealer said.
Published 14 Jun, 2008 12:00am
PKR likely to depreciate to 78 against US$ in two years

PKR likely to depreciate to 78 against US$ in two years

Moody's Investors Service has forecast that Pakistan currency is strongly expected to depreciate to Rs 78 against one US dollar over the next two years. According to the rating agency's analytical report released on Friday, the parity gap between the two
Published 14 Jun, 2008 12:00am
Asian physical rubber

Asian physical rubber

Asian physical rubber prices were quoted mostly unchanged on Friday as thin trade offset rises in futures contract prices on the Tokyo Commodity Exchange which sets global trends.
Published 14 Jun, 2008 12:00am
Selling pressure observed at ISE

Selling pressure observed at ISE

Selling pressure was observed at the Islamabad Stock Exchange (ISE) on Friday with some buying in hot favourite under the lead of trend-setters amid decrease in index. ISE-10 Index showed improvement of 6.34 points from 2,987.22 to 2,980.88 points.
Published 14 Jun, 2008 12:00am
Tocom rubber up on yen

Tocom rubber up on yen

Tokyo rubber futures rose more than 2 percent on Friday on the back of a weaker yen, but gains were curbed by slightly softer oil prices and profit-taking. The benchmark rubber contract on the Tokyo Commodity Exchange for November delivery rose 7.7 yen, o
Published 14 Jun, 2008 12:00am
Selling pressure observed at ISE

Selling pressure observed at ISE

Selling pressure was observed at the Islamabad Stock Exchange (ISE) on Friday with some buying in hot favourite under the lead of trend-setters amid decrease in index. ISE-10 Index showed improvement of 6.34 points from 2,987.22 to 2,980.88 points.
Published 14 Jun, 2008 12:00am
US rice futures soften

US rice futures soften

Rough rice futures on the Chicago Board of Trade closed lower on Thursday, reversing from early strength on quiet technical selling and spillover weakness from wheat, traders said. July rice fell 13 cents to settle at $19.80 per hundredweight, after risin
Published 14 Jun, 2008 12:00am
LSE presents dull picture

LSE presents dull picture

The Lahore stock market on Friday presented a dull picture and the volume dried up drastically as big players awaited the outcome of lawyers' long march. The LSE-25 Index ended fractionally up by 2.25 points to reach 4,133.23 compared with Thursday's leve
Published 14 Jun, 2008 12:00am
Malaysian palm oil gains

Malaysian palm oil gains

Malaysian crude palm oil futures rose 1.8 percent on Friday helped by firmed crude and soyoil markets but bearish fundamentals capped further gains. The benchmark August contract on the Bursa Malaysia Derivatives Exchange settled up 67 ringgit a tonne at
Published 14 Jun, 2008 12:00am
LSE presents dull picture

LSE presents dull picture

The Lahore stock market on Friday presented a dull picture and the volume dried up drastically as big players awaited the outcome of lawyers' long march. The LSE-25 Index ended fractionally up by 2.25 points to reach 4,133.23 compared with Thursday's leve
Published 14 Jun, 2008 12:00am
Embattled UBS wraps up bumper rights issue

Embattled UBS wraps up bumper rights issue

UBS has wrapped up a 16 billion franc ($15.4 billion) rights issue, the Swiss bank's second effort to resuscitate finances ravaged by the global markets crisis. It is the latest in a line of major banks including Britain's Royal Bank of Scotland, HBOS and
Published 14 Jun, 2008 12:00am
Pakistan and US agree on joint probe

Pakistan and US agree on joint probe

US and Pakistani armed forces have agreed to conduct a joint investigation into a US air strike that killed 11 soldiers this week, US Assistant Secretary of State Richard Boucher said on Friday.
Published 14 Jun, 2008 12:00am
Bank of France trims second quarter growth forecast

Bank of France trims second quarter growth forecast

The Bank of France cut its second quarter growth forecast on Friday as its indicator of business sentiment fell to its lowest in more than 4-1/2 years in May due to weaker consumer demand at home and slowing growth overseas. The monthly survey of business
Published 14 Jun, 2008 12:00am
Pakistan and US agree on joint probe

Pakistan and US agree on joint probe

US and Pakistani armed forces have agreed to conduct a joint investigation into a US air strike that killed 11 soldiers this week, US Assistant Secretary of State Richard Boucher said on Friday.
Published 14 Jun, 2008 12:00am
Bank of France trims second quarter growth forecast

Bank of France trims second quarter growth forecast

The Bank of France cut its second quarter growth forecast on Friday as its indicator of business sentiment fell to its lowest in more than 4-1/2 years in May due to weaker consumer demand at home and slowing growth overseas. The monthly survey of business
Published 14 Jun, 2008 12:00am
EU probes US biodiesel subsidies in new trade row

EU probes US biodiesel subsidies in new trade row

The European Union, opening up a new transatlantic trade spat, will probe whether soaring imports of US biodiesel break global trade rules because of subsidies, the EU's executive Commission said on Friday. "We have always said that the EU will not tolera
Published 14 Jun, 2008 12:00am
Yahoo makes Google advertisement deal

Yahoo makes Google advertisement deal

Microsoft's plan to establish a strong footing in online advertising suffered a big blow on Thursday as merger talks with Yahoo finally, formally failed and Yahoo said it would let Google sell search ads on its site.
Published 14 Jun, 2008 12:00am
Opec cuts oil demand forecast

Opec cuts oil demand forecast

Opec on Friday cut its forecast for global oil demand growth in 2008 for the third time this year, the latest sign that record-high oil prices are slowing consumption. The exporter group also said that it is pumping more than forecast demand for its oil,
Published 14 Jun, 2008 12:00am
China and Taiwan sign air agreement

China and Taiwan sign air agreement

China and Taiwan signed a landmark deal on Friday to launch regular flights between the long-time rivals as politics was put aside in favour of practicalities in the first such talks in almost a decade. Apart from special holidays, there have been no regu
Published 14 Jun, 2008 12:00am
US consumer prices up sharply, core contained

US consumer prices up sharply, core contained

Soaring gasoline prices helped drive up US consumer prices in May at the fastest rate in six months, the government said on Friday, but core prices remained tame, easing inflation fears in financial markets.
Published 14 Jun, 2008 12:00am
Tokyo bourse to list first gold ETF

Tokyo bourse to list first gold ETF

Japan's largest bourse plans to launch the nation's first bullion-backed, gold exchange-traded fund on June 30, in a bid to draw more investors and help enhance Tokyo as a financial centre. The Tokyo Stock Exchange said on Friday that it will offer the SP
Published 14 Jun, 2008 12:00am
IMF chief opposes general fuel subsidies

IMF chief opposes general fuel subsidies

The International Monetary Fund is opposed to general fuel subsidies to counter the high price of oil, and would prefer measures that target the poor, IMF chief Dominique Strauss-Kahn said in a newspaper interview.
Published 14 Jun, 2008 12:00am
Eurozone wage growth, inflation signal ECB hike

Eurozone wage growth, inflation signal ECB hike

Eurozone wages jumped in the first quarter, data showed, raising the spectre of a wage-price spiral that would increase the chances for an ECB rate rise in July amid signs inflation in May could set a new record high.
Published 14 Jun, 2008 12:00am
Banks making progress: Paulson

Banks making progress: Paulson

Investment banks have made good progress in their efforts to recover from market turmoil sparked by the US subprime loan crisis, US Treasury Secretary Henry Paulson said Friday. "Since March, I believe the investment banks have continued to make progress,
Published 14 Jun, 2008 12:00am
Dollar and oil speculators feed G8 inflation fears

Dollar and oil speculators feed G8 inflation fears

The weak US dollar and oil speculators took centre stage as Group of Eight finance ministers gathered in Japan on Friday to grapple with surging inflation and a slowing global economy. As soaring energy costs stirred protests from Malaysia to Spain, the w
Published 14 Jun, 2008 12:00am
Bank of Japan keeps distance from Fed, ECB hawks

Bank of Japan keeps distance from Fed, ECB hawks

Bank of Japan Governor Masaaki Shirakawa distanced himself on Friday from the hawkish tone of US and European central bankers, and signalled slowing economic growth was still a key factor in deciding interest rates.
Published 14 Jun, 2008 12:00am
Trade envoys told 'go like hell', reckoning nears

Trade envoys told 'go like hell', reckoning nears

Trade envoys were told on Friday to "go like hell" to clinch a deal on industrial goods next week and diplomats said the day of reckoning in the World Trade Organisation's long-running Doha round was fast approaching.
Published 14 Jun, 2008 12:00am
Condos, radios, toys weigh on electric car planning

Condos, radios, toys weigh on electric car planning

Designing plug-in electric cars turns on developing powerful and reliable batteries that can last a decade. But auto industry executives say radios, apartments, toys and extension cords also factor into the mass-market equation.
Published 14 Jun, 2008 12:00am
Commerzbank and Dresdner in advanced talks

Commerzbank and Dresdner in advanced talks

Commerzbank and Dresdner Bank are in advanced talks about a merger that would tie together two of Germany's biggest banks, a source from Commerzbank's supervisory board said on Friday. Germany has been in the grip of frenzied merger speculation for weeks
Published 14 Jun, 2008 12:00am
Babcock group to buy RBS's Angel Trains for $7 billion

Babcock group to buy RBS's Angel Trains for $7 billion

An infrastructure fund managed by Australia's Babcock & Brown is to buy UK train leasing firm Angel Trains from Royal Bank of Scotland(RBS) for 3.6 billion pounds ($7 billion) including debt. The deal, announced on Friday, came as shares in Babcock and Br
Published 14 Jun, 2008 12:00am
Short sellers of UK rights must disclose positions

Short sellers of UK rights must disclose positions

Investors with significant short positions in companies issuing rights will have to reveal those positions, Britain's financial watchdog said, adding it might introduce measures to restrict lending of right issue stocks.
Published 14 Jun, 2008 12:00am
BoE will only partly cushion demand shock: Tucker

BoE will only partly cushion demand shock: Tucker

The Bank of England will cushion only part of the shock to demand from current credit market turmoil and remains focused on hitting its inflation target, policymaker Paul Tucker said in remarks published on Friday. In comments made in an April speech, Tuc
Published 14 Jun, 2008 12:00am
China bank vows to keep up inflation fight

China bank vows to keep up inflation fight

China's central bank, in a report reviewing financial and economic developments last year, said on Friday it would take forceful measures to curb inflation and enhance monitoring of cross-border capital flows. The report was prepared more than two months
Published 14 Jun, 2008 12:00am
Taiwan shares slightly firmer

Taiwan shares slightly firmer

Taiwan share prices closed up 0.54 percent on Friday after a positive Wall Street performance overnight but gains were capped amid inflation concerns, dealers said. The weighted index closed up 43.28 points at 8,105.59, off a low of 8,042.89 and off a hig
Published 14 Jun, 2008 12:00am
Hong Kong shares slide to end week down 7.4 percent

Hong Kong shares slide to end week down 7.4 percent

Hong Kong shares closed 1.9 percent lower on Friday as brokers took to margin calling ahead of the weekend amid mounting global uncertainties on the back of rising inflation and slowing growth. Reflecting the caution among investors, the June Hang Seng In
Published 14 Jun, 2008 12:00am
US stocks finish firmer on retail sales

US stocks finish firmer on retail sales

US stocks rose on Thursday after a stronger-than-expected May retail sales report and a $46 billion take-over bid for Anheuser-Busch from an overseas rival helped the market recover from a string of deep losses. Microsoft Corp climbed more than 4 percent
Published 14 Jun, 2008 12:00am
US Treasury prices slide

US Treasury prices slide

US Treasuries prices slid on Thursday after a surprisingly strong US retail sales report seemed to boost chances for the Federal Reserve to raise interest rates this year. US short-term interest-rate futures shifted to fully price in a 50-basis-point US i
Published 14 Jun, 2008 12:00am
US Treasury prices slide

US Treasury prices slide

US Treasuries prices slid on Thursday after a surprisingly strong US retail sales report seemed to boost chances for the Federal Reserve to raise interest rates this year. US short-term interest-rate futures shifted to fully price in a 50-basis-point US i
Published 14 Jun, 2008 12:00am
China stocks post biggest weekly loss since 1996

China stocks post biggest weekly loss since 1996

The bear market in Chinese stocks deepened on Friday as the main index tumbled 3.00 percent to a new 15-month closing low, leaving it down 13.89 percent over the week, its biggest weekly drop since 1996. Shares slid across the board, led by brokerages and
Published 14 Jun, 2008 12:00am
Indian shares fall

Indian shares fall

Indian shares closed 0.4 percent lower on Friday in choppy trade as data showing inflation hit its highest level in more than seven years undermined sentiment, dealers said. The benchmark Mumbai 30-share Sensex index fell 60.58 points to 15,189.62. "Aggre
Published 14 Jun, 2008 12:00am
Thai shares decline

Thai shares decline

Thai shares closed 1.03 percent lower on Friday as foreign investors sold shares in big-cap stocks, especially in the energy sector, dealers said. They said the Thai bourse also fell in line with other regional markets amid persisting concerns over high i
Published 14 Jun, 2008 12:00am
Nikkei jumps on exporters

Nikkei jumps on exporters

Japan's Nikkei stock average rose 0.6 percent on Friday as exporters such as Sony Corp climbed on a softer yen and investors adjusted positions before the outcome of a Group of Eight (G8) finance ministers' meeting. Still, the benchmark Nikkei average pos
Published 14 Jun, 2008 12:00am
Philippines shares rally

Philippines shares rally

Philippines share prices closed 0.4 percent higher on Friday in a technical rebound after four straight days of decline, analysts told AFP. The composite index added 9.86 points to 2,554.75. The all-shares index rose 8.84 points to 1,628.46. Fifty-six iss
Published 14 Jun, 2008 12:00am
Singapore shares slip

Singapore shares slip

Singapore share prices ended 1.34 percent lower on Friday, closing below the psychologically important 3,000 points level for the first time since March. The blue chip Straits Times Index finished 40.59 points lower at 2,979.56 on volume of 1.58 billion s
Published 14 Jun, 2008 12:00am
Yuan hits post-reval high

Yuan hits post-reval high

China's yuan hit a fresh post-revaluation high against the dollar on Friday, continuing a rebound that began after Chinese inflation and trade data this week suggested a need for continued yuan appreciation.
Published 14 Jun, 2008 12:00am
Dollar edges down ahead of G8

Dollar edges down ahead of G8

The dollar dipped from a nearly four-month high against the yen on Friday as investors booked profits from this week's rally before a gathering of Group of Eight finance ministers in Japan this weekend. The dollar had staged broad gains this week as anti-
Published 14 Jun, 2008 12:00am
Dollar up on retail data

Dollar up on retail data

The dollar rallied broadly on Thursday after data showed a surprisingly strong gain in US retail sales last month, boosting expectations that the Federal Reserve may raise interest rates this year.
Published 14 Jun, 2008 12:00am
Australian dollar rebounds

Australian dollar rebounds

The Australian dollar recovered from four-week lows against the US currency on Friday, finding some lift after the central bank chief reiterated a tightening monetary policy bias. Reserve Bank of Australia (RBA) Governor Glenn Stevens said surging prices
Published 14 Jun, 2008 12:00am
Asian currencies rangebound ahead of G8

Asian currencies rangebound ahead of G8

Asian currencies were shackled in narrow ranges on Friday as investors awaited signals on the dollar as Group of Eight finance ministers gathered to discuss the global economy and soaring oil and food prices. The Singapore dollar steadied near 1.3780 per
Published 14 Jun, 2008 12:00am
Swiss franc falls versus dollar

Swiss franc falls versus dollar

The Swiss franc fell against the dollar on Friday ahead of US inflation data due later in the session, which could support expectations of rate hikes in the United States.
Published 14 Jun, 2008 12:00am
FIFA reaches decision on Chelsea claims against Mutu

FIFA reaches decision on Chelsea claims against Mutu

FIFA has taken a decision in respect to Chelsea's claims for damages against Romanian striker Adrian Mutu but has yet to release it to the sides involved, soccer's world governing body said on Friday.
Published 14 Jun, 2008 12:00am
Penalty saves Austria

Penalty saves Austria

Croatia underlined their growing reputation as Euro 2008's most dangerous dark horses by stunning tournament favourites Germany 2-1 and earning a quarter-final berth in a day of enthralling Group B action on Thursday.
Published 14 Jun, 2008 12:00am
World's biggest racquet for Goolagong

World's biggest racquet for Goolagong

Australian tennis legend Evonne Goolagong Cawley said Friday she was ecstatic to be honoured with what is billed as the world's biggest tennis racquet by the tiny town which launched her career. The wheat town of Barellan, some 450 kilometres (279 miles)
Published 14 Jun, 2008 12:00am
Asif's case to be heard on June 22

Asif's case to be heard on June 22

A top Dubai legal officer will begin an inquiry in the Gulf state next week into the drug case against Pakistan paceman Mohammad Asif, an official said Friday. The attorney general of the emirate, where the 25-year-old paceman was detained June 1 as he wa
Published 14 Jun, 2008 12:00am
Stanford millions 'scare': Collingwood

Stanford millions 'scare': Collingwood

Paul Collingwood admits the prospect of England players becoming millionaires on the back of the Stanford Twenty20 raises 'scary' issues for world cricket.
Published 14 Jun, 2008 12:00am
West Indies clean up Australian tail in quick time

West Indies clean up Australian tail in quick time

West Indies cleaned up Australia's tail in swift fashion on Friday with the tourists bowled out for 251 on the second day of the third test. After resuming on 226 for seven, Fidel Edwards trapped debutant Beau Casson (10) leg before and then Jerome Taylor
Published 14 Jun, 2008 12:00am
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