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Print - 2008-07-01
State Bank becomes autonomous

State Bank becomes autonomous

This is an abridgement of Chapter 11 of Volume IV of the History of State Bank of Pakistan, authored by Mr M. Ashraf Janjua, Former Dy. Governor SBP, attempted for Business Recorder by Chaudhry Rashid A. Javed of AAJ TV to remind the readers
Published 01 Jul, 2008 12:00am
PIA increases Umra fare up to Rs 15,000

PIA increases Umra fare up to Rs 15,000

Pakistan International Airlines (PIA) has increased Umra fares up to Rs 15,000 with effect from Tuesday July 01. According to a private TV channel, the Umra fare would be now fixed at Rs 53,061 from Rs 38,200. It may be mentioned that about one week ago P
Published 01 Jul, 2008 12:00am
'China's inflation pressures still large'

'China's inflation pressures still large'

China is still facing huge inflationary pressure, in part because expectations of rising prices remain firmly entrenched, a statistics official was reported as saying on Monday.
Published 01 Jul, 2008 12:00am
CFS rate for July

CFS rate for July

The Karachi Stock Exchange (KSE) has announced that maximum CFS premium rate will be allowed up to 23.63 percent for the month of July 2008. In a notice issued here on Monday, the KSE said that as per clause 3(9) of Continuous Funding System Regulations,
Published 01 Jul, 2008 12:00am
The First Governor shares his vision of the challenges ahead

The First Governor shares his vision of the challenges ahead

I wish first to say on behalf of myself and the Directors of the State Bank how deeply we appreciate the honour which Quaid-i-Azam has done us by granting our request to him to perform the opening ceremony of the State Bank of Pakistan today. When we conv
Published 01 Jul, 2008 12:00am
KSE issues discussed

KSE issues discussed

A meeting between officials of the Securities and Exchange Commission of Pakistan (SECP) and Karachi Stock Exchange (KSE) was held here on Monday. SECP Chairman Razi-ur-Rehman chaired the meeting. Sources told Business Recorder that various issues
Published 01 Jul, 2008 12:00am
Message from Federal Minister for Finance

Message from Federal Minister for Finance

I offer my warmest congratulation on the 60th anniversary of the State bank of Pakistan. The Bank deserves applause for the prudent and shrewd management of the monetary sector of the country and for erecting a well-founded design of the existing domestic
Published 01 Jul, 2008 12:00am
KSE-100 index declines by 10.77 percent in fiscal year 2008

KSE-100 index declines by 10.77 percent in fiscal year 2008

The Karachi share market, after witnessing a bull run for six consecutive years (FY02-FY07), posted a negative annual return in the outgoing fiscal year as the benchmark KSE-100 index declined by 10.77 percent or 1483.43 points in the fiscal year 2007-08
Published 01 Jul, 2008 12:00am
Message from Speaker, National Assembly

Message from Speaker, National Assembly

I congratulate the State Bank of Pakistan on the completion of 60 years of its service to the nation. During this period the SBP has been transformed as an effective institution of the country. The SBP's supervisory role in developing a liberalised, compe
Published 01 Jul, 2008 12:00am
IPI project to be finalised soon: Ahmadinejad

IPI project to be finalised soon: Ahmadinejad

Iranian President Mahmoud Ahmadinejad has said Iran-Pakistan-India (IPI) gas pipeline project would be finalised very soon. Iranian president stated this during a meeting with Federal Minister for Finance Syed Naveed Qamar in Tehran Monday.
Published 01 Jul, 2008 12:00am
Message from Chairman Senate

Message from Chairman Senate

I am immensely pleased to know that the State Bank of Pakistan, which was inaugurated by the Father of the Nation in 1948, has completed 60 years of its existence. This is indeed a great milestone achieved by this great institution. During all these years
Published 01 Jul, 2008 12:00am
Price differential claims: government pays PSO, Shell Rs 72 billion

Price differential claims: government pays PSO, Shell Rs 72 billion

The government has paid Rs 72 billion to Pakistan State Oil and Shell as price differential claims (PDCs). PSO got major share of Rs 62 billion while Shell received Rs 10 billion. Sources said PSO paid back Rs 42 billion to banks and Rs 20 billion to refi
Published 01 Jul, 2008 12:00am
Message from Prime Minister of Pakistan

Message from Prime Minister of Pakistan

It is a matter of great pride & satisfaction for all of us that today the State Bank of Pakistan is completing 60 years of its dedicated and selfless service to the nation. Central banks all over the world perform extremely important function of price sta
Published 01 Jul, 2008 12:00am
Price differential claims: government pays PSO, Shell Rs 72 billion

Price differential claims: government pays PSO, Shell Rs 72 billion

The government has paid Rs 72 billion to Pakistan State Oil and Shell as price differential claims (PDCs). PSO got major share of Rs 62 billion while Shell received Rs 10 billion. Sources said PSO paid back Rs 42 billion to banks and Rs 20 billion to refi
Published 01 Jul, 2008 12:00am
Message from President of Pakistan

Message from President of Pakistan

It gives me great pleasure to extend my felicitations on the 60th anniversary of the State Bank of Pakistan (SBP). After carving out an independent homeland for the Muslims of the Subcontinent, it was felt necessary to continue on the path of freedom.
Published 01 Jul, 2008 12:00am
Price differential claims: government pays PSO, Shell Rs 72 billion

Price differential claims: government pays PSO, Shell Rs 72 billion

The government has paid Rs 72 billion to Pakistan State Oil and Shell as price differential claims (PDCs). PSO got major share of Rs 62 billion while Shell received Rs 10 billion. Sources said PSO paid back Rs 42 billion to banks and Rs 20 billion to refi
Published 01 Jul, 2008 12:00am
The Father of the Nation spells out the role of State Bank of Pakistan

The Father of the Nation spells out the role of State Bank of Pakistan

Mr Governor, Directors of State Bank, Ladies and Gentlemen. The opening of the State Bank of Pakistan symbolizes the sovereignty of our State in the financial sphere and I am very glad to be here today to perform the opening ceremony. It was not considere
Published 01 Jul, 2008 12:00am
Rs 990 billion revenue target achieved

Rs 990 billion revenue target achieved

The provisional revenue collection is likely to exceed Rs 1 trillion in 2007-08 against the revised target of Rs 990 billion, as the Federal Board of Revenue (FBR) touched the figure of nearly Rs 990 billion by the end of June, reflecting extraordinary pe
Published 01 Jul, 2008 12:00am
Rs 990 billion revenue target achieved

Rs 990 billion revenue target achieved

The provisional revenue collection is likely to exceed Rs 1 trillion in 2007-08 against the revised target of Rs 990 billion, as the Federal Board of Revenue (FBR) touched the figure of nearly Rs 990 billion by the end of June, reflecting extraordinary pe
Published 01 Jul, 2008 12:00am
US HRW wheat values mostly steady

US HRW wheat values mostly steady

US Plains hard red winter wheat basis values were mostly steady on Monday with harvesting in key producer Kansas accelerating amid a turn to drier weather. US Wheat Associates reported harvesting throughout Kansas, the top US wheat-growing state, with tes
Published 01 Jul, 2008 12:00am
Rs 990 billion revenue target achieved

Rs 990 billion revenue target achieved

The provisional revenue collection is likely to exceed Rs 1 trillion in 2007-08 against the revised target of Rs 990 billion, as the Federal Board of Revenue (FBR) touched the figure of nearly Rs 990 billion by the end of June, reflecting extraordinary pe
Published 01 Jul, 2008 12:00am
Plastic mouldings mixed on Jodia Bazaar

Plastic mouldings mixed on Jodia Bazaar

The trading on plastic moulding compounds closed mixed on Jodia Bazaar here on Monday. The following variations were noted.
Published 01 Jul, 2008 12:00am
Rains in Punjab may hinder phutti arrival

Rains in Punjab may hinder phutti arrival

Rains in cotton-belt in Punjab may cause problems in phutti transportation in the short run and also help in stabilising the prices , dealers said at the cotton market on Monday. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs
Published 01 Jul, 2008 12:00am
CIF Gulf corn and soya steady

CIF Gulf corn and soya steady

US Gulf CIF soyabean and corn barge basis values held mostly steady on Monday morning, following a bearish acreage report from the US Agriculture Department, traders said. St. Louis harbour closed to barge traffic due to flooding. Upper Mississippi locks
Published 01 Jul, 2008 12:00am
Sugar, gur rates up in modest trading on grain market

Sugar, gur rates up in modest trading on grain market

Modest trading was seen on the grain market at the last session of the fiscal year, dealers said. Sugar best type gained Rs 50 to Rs 2850 while low quality maintained its weekend level in process of laclustre trading, dealers said. Gur good type was highe
Published 01 Jul, 2008 12:00am
Bank holiday

Bank holiday

The State Bank of Pakistan and all offices of SBP Banking Services Corporation, including the public debt offices, will remain closed for public dealing Tuesday, as 1st July 2008 has been declared as a bank holiday. All banks/DFIs will therefore, remain c
Published 01 Jul, 2008 12:00am
Indian sugar futures up

Indian sugar futures up

Indian sugar futures climbed on Monday as crude oil headed towards a record $143 a barrel, triggering hopes for more demand for cane-based biofuel ethanol. Traders said the oil rally sparked hectic short-covering after sugar prices had fallen nearly 2 per
Published 01 Jul, 2008 12:00am
Bank holiday

Bank holiday

The State Bank of Pakistan and all offices of SBP Banking Services Corporation, including the public debt offices, will remain closed for public dealing Tuesday, as 1st July 2008 has been declared as a bank holiday. All banks/DFIs will therefore, remain c
Published 01 Jul, 2008 12:00am
Asian naphtha prices drift lower

Asian naphtha prices drift lower

Asian naphtha prices edged down from record highs on Monday, alongside crack spreads as news of Asia's top ethylene maker unexpectedly shutting a cracker weighed on sentiment. Japan open-spec prices for first-half August eased by $1.00 to $1,229.00 a tonn
Published 01 Jul, 2008 12:00am
Bank holiday

Bank holiday

The State Bank of Pakistan and all offices of SBP Banking Services Corporation, including the public debt offices, will remain closed for public dealing Tuesday, as 1st July 2008 has been declared as a bank holiday. All banks/DFIs will therefore, remain c
Published 01 Jul, 2008 12:00am
Shanghai copper gain; Peru strike starts

Shanghai copper gain; Peru strike starts

Shanghai copper prices rose nearly 2 percent on Monday and London futures were trading around 3.5 percent short of record highs, and could hit new peaks on a strike in Peru, the world's second-largest copper miner. Peru's largest federation of mining unio
Published 01 Jul, 2008 12:00am
Bara missile attack kills seven

Bara missile attack kills seven

At least seven people were killed and nine others injured in a missile attack on the headquarters of a banned outfit in Tehsil Bara of Khyber Agency, where an operation against what the security forces called 'offensive against miscreants' was under way.
Published 01 Jul, 2008 12:00am
Gold ends steady near one-month high

Gold ends steady near one-month high

Gold steadied on Monday after investors pushed up the price to its highest level in a month last week, but record oil and a weaker US dollar may spur another round of buying. Platinum gave up early gains, silver held near a 1-week high while palladium dro
Published 01 Jul, 2008 12:00am
Bara missile attack kills seven

Bara missile attack kills seven

At least seven people were killed and nine others injured in a missile attack on the headquarters of a banned outfit in Tehsil Bara of Khyber Agency, where an operation against what the security forces called 'offensive against miscreants' was under way.
Published 01 Jul, 2008 12:00am
Malaysian tin rises

Malaysian tin rises

Malaysian tin rose 1.3 percent on Monday after gains on the London Metal Exchange encouraged foreign buying in the local market, one dealer said.
Published 01 Jul, 2008 12:00am
No plans to hike fuel prices this year: Indonesia

No plans to hike fuel prices this year: Indonesia

Indonesia has no plans to raise subsidised fuel prices again this year despite soaring global crude oil prices, the energy minister said on Monday. Indonesia increased fuel prices in May due to ballooning subsidies on the back of soaring global oil prices
Published 01 Jul, 2008 12:00am
Oil rises for third day in Asia

Oil rises for third day in Asia

Oil prices rose on Monday spurred by brewing Middle East tensions, climbing near Friday's record high $142.99 a barrel and weighing on Asian stocks, which posted their worst first-half performance in 16 years. European stocks were expected to open lower a
Published 01 Jul, 2008 12:00am
US corn firm on fears of crop damage from floods

US corn firm on fears of crop damage from floods

US corn futures were firm on Monday on concerns that the worst US Midwest flooding in 15 years has caused massive crop losses, while wheat and soybeans were also steady to higher.
Published 01 Jul, 2008 12:00am
Russian grain prices weaken ahead of new crop year

Russian grain prices weaken ahead of new crop year

Russian domestic grain prices declined further last week, with few deals struck on the eve of the new crop year, but export prices were stable, analysts said. "In general, the market remains very thin, as traders are mixed between potential fund activitie
Published 01 Jul, 2008 12:00am
Asian physical rubber

Asian physical rubber

Asian physical rubber prices were quoted mostly higher on Monday, supported by tight supply that helped to offset falls in futures contract prices on the Tokyo Commodity Exchange. Traders said physical prices were expected to remain firm this week due to
Published 01 Jul, 2008 12:00am
Tocom rubber lower

Tocom rubber lower

Tokyo rubber futures fell 2.7 percent to a one-week low on Monday on heavy stop-loss selling triggered by a stronger yen which pushed prices below the key support level of 350 yen. The benchmark December rubber contract on the Tokyo Commodity Exchange fel
Published 01 Jul, 2008 12:00am
Asian coffee: Vietnam looks for buyers, Sumatra crop near peak

Asian coffee: Vietnam looks for buyers, Sumatra crop near peak

Vietnam, the world's largest robusta coffee producer, is looking for buyers with supplies expected to remain ample until the next harvest starts in late October, dealers said on Monday. In second-largest producer Indonesia, the crop should peak in July in
Published 01 Jul, 2008 12:00am
Thai rubber shipments to resume

Thai rubber shipments to resume

Thailand is expected to deliver 1,000 tonnes of RSS3 rubber early in July after a 2-week delay caused by heavy rains, exporters and traders said on Monday. Some exporters had struggled to find supply in southern Thailand, where monsoon rains have lashed a
Published 01 Jul, 2008 12:00am
India's May oil product sales up on year

India's May oil product sales up on year

India's domestic oil product sales rose 4.1 percent in May from a year earlier, the slowest pace of growth in 2008, as sales of transport fuels surged but costly fuel oil and naphtha declined sharply. Sales of diesel rose 16.6 percent, while petrol rose 1
Published 01 Jul, 2008 12:00am
Malaysian palm oil down

Malaysian palm oil down

Malaysian crude palm oil futures closed lower on Monday on swelling domestic stocks as exports slowed, traders said. The benchmark September contract on the Bursa Malaysia Derivatives Exchange fell 25 ringgit to close at 3,598 ringgit ($1,102) a tonne.
Published 01 Jul, 2008 12:00am
Iran raises oil output

Iran raises oil output

Iran has increased its oil output to 4.23 million barrels per day (bpd), the highest since its 1979 Islamic revolution, and plans to increase output further, Iranian media said on Monday. "Iran aims to raise its daily oil production to 4.28 million bpd by
Published 01 Jul, 2008 12:00am
Eurozone inflation hits record high at four percent

Eurozone inflation hits record high at four percent

Eurozone inflation jumped to a record high of 4.0 percent in June, data showed on Monday, cementing expectations the European Central Bank will raise interest rates this week despite slowing economic growth. "It's a bit of a shocker," said Gilles Moec, an
Published 01 Jul, 2008 12:00am
eBay fined for selling fake Louis Vuitton goods online

eBay fined for selling fake Louis Vuitton goods online

A French court on Monday ordered online auctioneer eBay to pay nearly 40 million euros in damages to Louis Vuitton for selling fake luxury goods, in a ruling cheered as a victory for copyright protection. The Paris commercial court ruled in favour of six
Published 01 Jul, 2008 12:00am
EFTA eyes closer ties with Asia

EFTA eyes closer ties with Asia

Ministers from the four-nation European economic grouping EFTA agreed on Monday to extend their network of free-trade and investment pacts to India and key Southeast Asian countries.
Published 01 Jul, 2008 12:00am
Ministers warn over ECB rate rise

Ministers warn over ECB rate rise

Senior ministers from Germany, Spain and France cautioned the European Central Bank at the weekend against stifling growth, days before a meeting at which the ECB is expected to raise its main interest rate.
Published 01 Jul, 2008 12:00am
Mid-term price stability essential: Trichet

Mid-term price stability essential: Trichet

European Central Bank President Jean-Claude Trichet said on Monday medium-term price stability in the eurozone was essential for economic growth and job creation. "Price stability in the medium term is essential, not only because it protects the revenues
Published 01 Jul, 2008 12:00am
Iraq throws open door to foreign oil firms

Iraq throws open door to foreign oil firms

Iraq threw open the world's third largest oil reserves to foreign firms on Monday, putting British and US companies in pole position five years after US-led troops invaded the country to oust Saddam Hussein.
Published 01 Jul, 2008 12:00am
Investors head for safety in June, cut equities

Investors head for safety in June, cut equities

Investors have cut back their holdings in stocks to the lowest level in at least four years, Reuters polls showed on Monday - a sharp reaction to the threats of rising inflation and slowing economies.
Published 01 Jul, 2008 12:00am
India focuses on renewables in new climate plan

India focuses on renewables in new climate plan

India unveiled on Monday a national plan to deal with the threat of global warming, focusing on renewable energy for sustainable development while refusing to commit to any emission targets that risk slowing economic growth.
Published 01 Jul, 2008 12:00am
Russia trade vote in Congress won't be easy, says Paulson

Russia trade vote in Congress won't be easy, says Paulson

A move for the United States to lift a Cold War-era restriction on trade with Russia when it joins the World Trade Organisation (WTO) will face opposition in Congress, US Treasury Secretary Henry Paulson said on Monday. Russia, which started its bid to jo
Published 01 Jul, 2008 12:00am
Bangladesh hikes fuel prices

Bangladesh hikes fuel prices

Bangladesh's government announced Monday it was raising state-set prices for fuels used for transportation and cooking by between 34 and 66 percent due to the sharp rise in global prices.
Published 01 Jul, 2008 12:00am
Canada's economy rebounds

Canada's economy rebounds

A rebound by the manufacturing sector boosted Canada's gross domestic product 0.4 percent in April after two months of contraction, Statistics Canada said on Monday. The growth was slightly better than the 0.3 percent median forecast in a Reuters poll and
Published 01 Jul, 2008 12:00am
Former Airbus boss Gustav Humbert held in trading probe

Former Airbus boss Gustav Humbert held in trading probe

Former Airbus chief executive Gustav Humbert has been placed in police custody for questioning as part of a probe into allegations of insider trading at European aerospace group EADS, a police source said on Monday. Humbert, who resigned in 2006 after the
Published 01 Jul, 2008 12:00am
Fayyad, World Bank sign deal for Gaza projects

Fayyad, World Bank sign deal for Gaza projects

Palestinian Prime Minister Salam Fayyad signed a deal with the World Bank on Monday to finance three projects in the Gaza Strip but said they could not go ahead until Israel had lifted its blockade. The $29 million agreement covers an electric utility man
Published 01 Jul, 2008 12:00am
Bangladesh budget adjusts tariffs to help industry

Bangladesh budget adjusts tariffs to help industry

Bangladesh President Iajuddin Ahmed approved the country's 2008/09 budget on Monday, aiming to reduce poverty and halt a rise in inflation while at the same time adjusting tariffs in a bid to support domestic industry. The country's top tax official said
Published 01 Jul, 2008 12:00am
POSCO in $404 million Macarthur deal

POSCO in $404 million Macarthur deal

South Korea's POSCO said it would buy 10 percent of Macarthur Coal for $404 million, becoming the third overseas investor to hold a major stake in the Australian miner, in a move that could block any take-over of the company.
Published 01 Jul, 2008 12:00am
France Telecom withdraws TeliaSonera offer

France Telecom withdraws TeliaSonera offer

France Telecom withdrew a $40 billion plan to acquire TeliaSonera on Monday, pleasing its own shareholders but casting doubt over the Nordic operator's future. This tie-up always faced long odds: the French suitor was restricted by its financial targets w
Published 01 Jul, 2008 12:00am
Singapore share prices decline

Singapore share prices decline

Singapore share prices closed 0.28 percent lower on Monday with little impetus for investors to step in amid worries over the impact of record-high oil prices on the economy, dealers said. The blue chip Straits Times Index (STI) gave up initial gains to c
Published 01 Jul, 2008 12:00am
Australian shares end worst year since 1982

Australian shares end worst year since 1982

Australian shares closed down 0.4 percent on Monday, bringing to a close its worst financial year since 1982. The benchmark S&P/ASX 200 dropped 21.7 points to close at 5,215.3 while the broader All Ordinaries slipped 16.5 points to 5,332.9. For the financ
Published 01 Jul, 2008 12:00am
Philippines shares plunge

Philippines shares plunge

Philippines share prices closed 0.3 percent lower Monday as bargain hunters partially counteracted more risk-averse investors spooked by high oil prices and Wall Street weakness, dealers said. The composite index gave up 6.30 points to 2,459.98, off a low
Published 01 Jul, 2008 12:00am
Taiwan stocks extend falls

Taiwan stocks extend falls

Taiwan stocks fell 0.33 percent to a new five-month closing low on Monday as investors pocketed profits from early gains, led by financial shares despite the government announcing a series of measures to prop up the market. The main TAIEX share index fell
Published 01 Jul, 2008 12:00am
China stocks post biggest monthly drop since 1994

China stocks post biggest monthly drop since 1994

Dragged down by fears of monetary tightening and heavy supplies of new shares, China's main stock index ended June with a drop of 20.31 percent over the month, its largest monthly fall since 1994.
Published 01 Jul, 2008 12:00am
Asian bonds weaken

Asian bonds weaken

Asian bonds were slightly lower on Monday as resurgent oil prices revived fears that inflation would force many central banks in the region to tighten monetary policy which could slow growth. But trading activity was muted ahead of a local holiday in Hong
Published 01 Jul, 2008 12:00am
Asian bonds weaken

Asian bonds weaken

Asian bonds were slightly lower on Monday as resurgent oil prices revived fears that inflation would force many central banks in the region to tighten monetary policy which could slow growth. But trading activity was muted ahead of a local holiday in Hong
Published 01 Jul, 2008 12:00am
JGBs climb before tankan as brutal quarter closes

JGBs climb before tankan as brutal quarter closes

Japanese government bonds edged up on Monday on a retreat in Tokyo shares and a rise in US Treasuries late last week, but the market wrapped up a brutal start to the fiscal year dominated by a hefty sell-off. Benchmark 10-year yields hit a six-week low as
Published 01 Jul, 2008 12:00am
JGBs climb before tankan as brutal quarter closes

JGBs climb before tankan as brutal quarter closes

Japanese government bonds edged up on Monday on a retreat in Tokyo shares and a rise in US Treasuries late last week, but the market wrapped up a brutal start to the fiscal year dominated by a hefty sell-off. Benchmark 10-year yields hit a six-week low as
Published 01 Jul, 2008 12:00am
Jakarta stocks rally

Jakarta stocks rally

Indonesian shares closed 0.7 percent higher on Monday on suspected half-yearly window dressing by institutional funds, dealers said. The Jakarta Composite Index rose 16.8 points to 2,349.10 on volume of 2.9 billion shares worth eight trillion rupiah (880
Published 01 Jul, 2008 12:00am
Seoul shares sag

Seoul shares sag

Seoul shares closed 0.6 percent lower on Monday, led by memory chip makers after target price cuts by a major investment bank, but POSCO rose on the news of its plans to buy a 10 percent stake in an Australian coal miner. Shares in POSCO climbed after the
Published 01 Jul, 2008 12:00am
Thai shares slightly lower

Thai shares slightly lower

Thai shares closed 0.92 percent lower on Monday due mainly to profit taking at the end of the second quarter, dealers said. They said the Thai bourse fell in line with other regional markets, with ongoing concerns over volatile global oil prices.
Published 01 Jul, 2008 12:00am
Indian shares close down 2.47 percent

Indian shares close down 2.47 percent

Indian shares slumped to close 2.47 percent lower on Monday, hit by worries about early general elections, inflation and oil prices, dealers said. The benchmark Mumbai 30-share Sensex index fell 340.62 points to 13,461.6, a 14-month low. "There is no appe
Published 01 Jul, 2008 12:00am
Nikkei slips, ends worst first half since 1995

Nikkei slips, ends worst first half since 1995

Japan's Nikkei stock average dipped 0.5 percent on Monday to end its worst first half since 1995, though it gained about 8 percent this quarter, recovering about half of what it lost since a year-low hit in mid-March. Retailers weighed on the market, with
Published 01 Jul, 2008 12:00am
Australian dollar near three-week highs

Australian dollar near three-week highs

The Australian dollar traded firm near three-week highs against a broadly weak US currency on Monday, supported by high commodity prices, although lingering risk aversion stopped it short of a 25-year high. The CRB commodities index soared to a record hig
Published 01 Jul, 2008 12:00am
Swiss franc stronger

Swiss franc stronger

The Swiss franc rose against the euro and the dollar on Monday as investors moved away from riskier assets, such as equities, and favoured the safe-haven franc.
Published 01 Jul, 2008 12:00am
Dollar hits three-week low

Dollar hits three-week low

The dollar fell to three-week lows against the euro on Monday, dented after oil prices surged late last week to a record high, data showed US consumer sentiment hit a 28-year low and Wall Street stocks extended their slide.
Published 01 Jul, 2008 12:00am
Taiwan dollar up on exporters

Taiwan dollar up on exporters

The Taiwan dollar strengthened on Monday as exporters sold US currency at the end of the month and the US dollar itself tanked globally, but losses in Taiwan stocks curbed the local currency's gains. The Taiwan dollar closed at T$30.354 to the US dollar,
Published 01 Jul, 2008 12:00am
Asian currencies: won, peso depressed by oil prices

Asian currencies: won, peso depressed by oil prices

The South Korean won and Philippine peso fell on Monday as investors fretted about the impact of high oil prices on their economies, while most other Asian currencies moved in tight ranges. The peso fell by 0.3 percent to 44.93 per dollar, its lowest leve
Published 01 Jul, 2008 12:00am
Indian rupee weakens

Indian rupee weakens

The Indian rupee weakened past 43 per dollar to a one-month low on Monday after oil hit a record above $143 a barrel and the local share market shed 2.5 percent on its way to posting its biggest monthly fall in 16 years. The partially convertible rupee fe
Published 01 Jul, 2008 12:00am
Chinese yuan rises to new high

Chinese yuan rises to new high

The Chinese central bank guided the yuan to break above the 6.86 level against the dollar on Monday for the first time since its July 2005 revaluation, in response to the US currency's weakness on global markets.
Published 01 Jul, 2008 12:00am
Torres's final winner caps great goals of Euro 2008

Torres's final winner caps great goals of Euro 2008

Fernando Torres's goal that gave Spain a 1-0 victory over Germany on Sunday not only decided the Euro 2008 final but was also one of the best in the tournament. His 33rd minute strike, clipped home from an acute angle after he muscled past Philipp Lahm, w
Published 01 Jul, 2008 12:00am
English coach engaged to train MTFA footballers

English coach engaged to train MTFA footballers

English coach Gary Pascoe is imparting training to budding talents of the Model Town Football Academy (MTFA), regarded as one of the best soccer academies in Asia.
Published 01 Jul, 2008 12:00am
Tamarine sends Jankovic packing

Tamarine sends Jankovic packing

Unseeded Thai Tamarine Tanasugarn stunned second seed Jelena Jankovic of Serbia 6-3 6-2 at Wimbledon on Monday to reach her first grand slam quarter-final. The women's draw has now lost the top three seeds after early exits for world number one Ana Ivanov
Published 01 Jul, 2008 12:00am
Federer trumps Hewitt

Federer trumps Hewitt

Roger Federer came out on top in the battle of the Wimbledon champions when he trumped Lleyton Hewitt 7-6 6-2 6-4 to reach the quarter-finals on Monday. Australian Hewitt, the only men's winner in the draw other than five-times champion Federer, kept the
Published 01 Jul, 2008 12:00am
Williams sisters advance

Williams sisters advance

Four-time champion Venus Williams swept into the quarter-finals at Wimbledon on Monday with an impressive display of power tennis against Russian teenager Alisa Kleybanova. Williams, firmly on course to meet her sister Serena in the final, won 6-3 6-4 and
Published 01 Jul, 2008 12:00am
Xavi named as player of the tournament

Xavi named as player of the tournament

Spain midfielder Xavi was named by UEFA on Monday as the best player at Euro 2008. Spain beat Germany 1-0 in the final on Sunday to win their first major title in 44 years. Xavi was key to Spain's triumph thanks to his superb short passing game and abilit
Published 01 Jul, 2008 12:00am
Stylish winners Spain sum up attacking tournament

Stylish winners Spain sum up attacking tournament

It was only fitting that Euro 2008 signed off with a classic final after three weeks of consistently high-quality, attacking, entertaining football that helped make it one of the best tournaments for years. Only a few games, most obviously the Spain v Ita
Published 01 Jul, 2008 12:00am
Turkish party faces court battle for survival

Turkish party faces court battle for survival

Turkey's ruling AK Party, accused of plotting to establish an Islamic state, faces a battle for survival this week in a court case that could lead to an early parliamentary election.
Published 01 Jul, 2008 12:00am
High US gas prices pinch NASCAR fans

High US gas prices pinch NASCAR fans

Many NASCAR fans think nothing of jumping in their recreational vehicles or pickup trucks and driving 300 miles or more to watch races in places like Talladega, Alabama; Bristol, Tennessee; and Las Vegas. But rising gasoline prices are forcing them to mak
Published 01 Jul, 2008 12:00am
China announces Olympics stability drive after riot

China announces Olympics stability drive after riot

China has launched a nation-wide campaign to defuse protest ahead of the Beijing Olympic Games, state media reported on Monday, days after a riot in the country's south-west highlighted volatile social strains.
Published 01 Jul, 2008 12:00am
African summit will press Mugabe to negotiate

African summit will press Mugabe to negotiate

Zimbabwean President Robert Mugabe on Monday joined an African Union summit where he will be under pressure to negotiate with the opposition after winning a one-candidate election condemned by monitors as unfair and violent.
Published 01 Jul, 2008 12:00am
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