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Print - 2008-08-06
Bleak quarter for banks in Asia, Europe

Bleak quarter for banks in Asia, Europe

Top banks in Asia and Europe bore the scars of the financial market downturn with sharp profit falls on Tuesday and said economic growth is set to slow, but investors in Europe said the news was better than feared. Net profits at Japan's Mitsubishi UFJ Fi
Published 06 Aug, 2008 12:00am
Swiss Re buys Barclays life arm for $1.5 billion

Swiss Re buys Barclays life arm for $1.5 billion

Swiss Re, the world's largest reinsurer, agreed to buy Barclays' life assurance portfolio for 753 million pounds ($1.48 billion) in cash, even as it wrote down more credit assets. Swiss Re said on Tuesday it would acquire about 760,000 life insurance and
Published 06 Aug, 2008 12:00am
Sony does music solo as Sony BMG disbands

Sony does music solo as Sony BMG disbands

Sony Corp has agreed to purchase Bertelsmann's 50 percent stake in their Sony BMG music joint venture for around $900 million, ending a four-year venture that never lived up to its promise. Sony said in a statement on Tuesday that Bertelsmann will also ge
Published 06 Aug, 2008 12:00am
Iran minister says can curb but not tame inflation

Iran minister says can curb but not tame inflation

Iran's new economy minister on Tuesday said inflation, which has rocketed up and prompted public criticism of the government, could be curbed but not completely tamed in a year. Shamseddin Hosseini was speaking to parliament just before lawmakers voted to
Published 06 Aug, 2008 12:00am
More eurozone gloom points to steady ECB rates

More eurozone gloom points to steady ECB rates

The eurozone's economic outlook received fresh blows on Tuesday from falling services sector morale and tumbling retail sales, boosting expectations that the European Central Bank will leave interest rates on hold. The RBS/Markit Eurozone Purchasing Manag
Published 06 Aug, 2008 12:00am
Washington governor freezes hiring

Washington governor freezes hiring

Citing the need to hold down state spending, Washington state Governor Christie Gregoire on Monday ordered state agencies to impose a hiring freeze, set aside plans to buy new equipment and cut fuel use. Gregoire asked state agencies to reduce their fuel
Published 06 Aug, 2008 12:00am
Opec unlikely to change oil output in September

Opec unlikely to change oil output in September

Opec is unlikely to change oil output in September to reverse the recent price fall unless the slide continues to below $80 a barrel, an Opec source said on Tuesday. Oil hit a three-month low of $118 on Tuesday. It has fallen by nearly $30 from a July pea
Published 06 Aug, 2008 12:00am
China publishes details of anti-monopoly law

China publishes details of anti-monopoly law

China has fleshed out its landmark anti-monopoly law, specifying turnover thresholds that will trigger a government review of proposed mergers. All business combinations must be cleared by the Ministry of Commerce if the joint global revenue of the compan
Published 06 Aug, 2008 12:00am
China court rejects Danone appeal in Wahaha dispute

China court rejects Danone appeal in Wahaha dispute

A Chinese court has rejected an appeal by France's Groupe Danone SA in a legal battle with estranged partner Hangzhou Wahaha Group over ownership of the "Wahaha" trademark, China's best-known soft-drink brand, the companies said on Tuesday.
Published 06 Aug, 2008 12:00am
Beijing Games to be costliest, but no debt legacy

Beijing Games to be costliest, but no debt legacy

Beijing's Olympics will be far and away the most expensive ever, but the bill of about $40 billion is mere pocket change for the roaring Chinese economy. Unlike previous hosts that dug themselves deep holes of debt, from Montreal in 1976 to Athens four ye
Published 06 Aug, 2008 12:00am
Toyota lays off 800 workers

Toyota lays off 800 workers

The Toyota Motor group has laid off 800 temporary workers at a factory in Japan due to slumping sales in North America, a company official said Tuesday. A wholly owned Toyota subsidiary on the south-western island of Kyushu laid off 350 temporary workers
Published 06 Aug, 2008 12:00am
Malaysia sets up high-powered body to steer economy

Malaysia sets up high-powered body to steer economy

Malaysia has set up a high- powered council to help the economy weather the effects of rising inflation and a slowing economy, the government said on Tuesday. The 40-member council, chaired by Prime Minister Abdullah Ahmad Badawi, will map out strategies
Published 06 Aug, 2008 12:00am
Japan's Orix, Credit Saison in merger talks

Japan's Orix, Credit Saison in merger talks

Orix Corp Japan's largest leasing company, and credit card firm Credit Saison are in merger talks, financial sources said on Tuesday, in a further sign of consolidation in the country's hardpressed consumer lending sector. Shares of Credit Saison, worth $
Published 06 Aug, 2008 12:00am
Japan's Orix, Credit Saison in merger talks

Japan's Orix, Credit Saison in merger talks

Orix Corp Japan's largest leasing company, and credit card firm Credit Saison are in merger talks, financial sources said on Tuesday, in a further sign of consolidation in the country's hardpressed consumer lending sector. Shares of Credit Saison, worth $
Published 06 Aug, 2008 12:00am
Air France-KLM profit down 59 percent

Air France-KLM profit down 59 percent

Air France-KLM and Iberia reported big drops in earnings as the airlines struggled with an economic slowdown and higher fuel prices. Soaring fuel costs have forced airlines to put up prices and cut flights even though the impact of rising costs has been m
Published 06 Aug, 2008 12:00am
Air France-KLM profit down 59 percent

Air France-KLM profit down 59 percent

Air France-KLM and Iberia reported big drops in earnings as the airlines struggled with an economic slowdown and higher fuel prices. Soaring fuel costs have forced airlines to put up prices and cut flights even though the impact of rising costs has been m
Published 06 Aug, 2008 12:00am
Japanese Prime Minister sticks to budget goal, Aso not so sure

Japanese Prime Minister sticks to budget goal, Aso not so sure

Japanese Prime Minister Yasuo Fukuda said on Tuesday the government would stick to its goal of balancing its budget by 2012, countering political pressure from within his own party for it to be postponed as a slowing economy makes tax hikes a tough sell.
Published 06 Aug, 2008 12:00am
Bangladesh exports up 16 percent

Bangladesh exports up 16 percent

Bangladesh's exports surged 15.87 percent to $14.11 billion in the 2007/08 fiscal year that ended in June from a year earlier thanks to a rise in clothing sales, but were 2.7 percent below the government's target, official data showed. In June, export ear
Published 06 Aug, 2008 12:00am
HSBC eyes China investment banking joint venture

HSBC eyes China investment banking joint venture

Global bank HSBC Holdings hopes to strike an investment banking partnership in China as part of its expansion in the region, the bank's Asia chairman said on Tuesday. The lender had no plans to curb its expansion efforts in Asia-Pacific as inflation and a
Published 06 Aug, 2008 12:00am
Taiwan stocks at three-week low

Taiwan stocks at three-week low

Taiwan stocks fell 2.35 percent to a three-week closing low on Tuesday, as lingering concerns over slower demand hurt tech shares like TSMC, coupled with a top official warning that the government's goal of keeping inflation at 3.5 percent or less this ye
Published 06 Aug, 2008 12:00am
Hong Kong shares slip

Hong Kong shares slip

Hong Kong shares slid 2.5 percent Tuesday, dragging the main index below the 22,000 support level as resources stocks crumbled under retreating commodity prices and HSBC slipped on less-than-stellar first half earnings. The main index widened losses in th
Published 06 Aug, 2008 12:00am
US stocks sag on energy shares

US stocks sag on energy shares

US stocks fell on Monday as shares of energy and commodity-related companies tumbled on falling oil and metals prices and investors worried the housing slump could fuel further losses at financial companies. The drop in the price of oil and other commodit
Published 06 Aug, 2008 12:00am
US Treasury prices slip

US Treasury prices slip

US Treasury debt prices turned lower on Monday as investors focused on the latest inflation data, Tuesday's Federal Reserve policy meeting, and upcoming supply. In late afternoon, short-lived gains in some blue chip stocks lured investors away from bonds,
Published 06 Aug, 2008 12:00am
US Treasury prices slip

US Treasury prices slip

US Treasury debt prices turned lower on Monday as investors focused on the latest inflation data, Tuesday's Federal Reserve policy meeting, and upcoming supply. In late afternoon, short-lived gains in some blue chip stocks lured investors away from bonds,
Published 06 Aug, 2008 12:00am
China stocks slide 1.9 percent

China stocks slide 1.9 percent

China's main stock index fell nearly 2 percent on Tuesday as resource shares tumbled in response to falls in global oil and metals prices, while property shares sank after industry leader Vanke reported earnings. The Shanghai Composite Index ended down 1.
Published 06 Aug, 2008 12:00am
Singapore shares slip

Singapore shares slip

Singapore share prices closed 0.54 percent lower on Tuesday, pulled down by economic concerns, dealers said. The blue chip Straits Times Index (STI) was off 15.57 points at 2,860.51. Volume traded totalled 1.36 billion shares worth 1.93 billion Singapore
Published 06 Aug, 2008 12:00am
Thai share prices drop

Thai share prices drop

Thai share prices closed 1.12 percent lower on Tuesday in line with other regional markets, dealers said. They said trading in the energy sector fell sharply due to the lower price of oil and coal. The Stock Exchange of Thailand (SET) composite index lost
Published 06 Aug, 2008 12:00am
Tokyo stocks edge down

Tokyo stocks edge down

Japan's Nikkei stock average slipped 0.1 percent on Tuesday as the market edged down in sympathy with other Asian markets, with trading houses such as Mitsubishi Corp battered by lower oil and metals prices. Consumer credit firm Credit Saison surged more
Published 06 Aug, 2008 12:00am
Indian shares up 2.63 percent

Indian shares up 2.63 percent

Indian shares closed 2.63 percent higher on Tuesday as oil prices fell to a three-month low, easing inflation fears, dealers said. The benchmark 30-share Sensex index rose 383.2 points to 14,961.07. "A further easing of crude prices could led to some mode
Published 06 Aug, 2008 12:00am
Malaysian stocks dip

Malaysian stocks dip

Malaysian share prices fell 1.7 percent on Tuesday, dragged down by steep losses in plantation stocks and other heavyweights, dealers said. The Kuala Lumpur Composite Index shed 19.82 points to 1,128.86. Declining stocks outnumbered advancers 425 to 170.
Published 06 Aug, 2008 12:00am
Philippines shares little changed

Philippines shares little changed

Philippines share prices closed little changed on Tuesday after a higher-than-expected inflation report curbed gains, dealers said. The Philippine Stock Exchange composite index added 2.39 points, or 0.1 percent, to 2,602.38. The all-share index inched up
Published 06 Aug, 2008 12:00am
Chinese yuan tumbles again in NDF market

Chinese yuan tumbles again in NDF market

The yuan fell sharply against the dollar in the offshore non-deliverable forwards market for a third straight day on Tuesday as traders slashed their expectations for long-term yuan appreciation.
Published 06 Aug, 2008 12:00am
Dollar rises to seven-week high

Dollar rises to seven-week high

The dollar rose to a seven-week high against a basket of major currencies on Tuesday, drawing support from a sharp drop in oil and commodity prices that hit the Australian dollar. The Aussie extended its slide, striking a four-month low against the US cur
Published 06 Aug, 2008 12:00am
Tumbling oil price, upbeat US data lift dollar

Tumbling oil price, upbeat US data lift dollar

The dollar rose against the yen on Monday as the oil price's drop to a three-month low and some upbeat US economic data generated optimism about the prospects of the broader economy. But caution ahead of Tuesday's Federal Reserve meeting to decide on US i
Published 06 Aug, 2008 12:00am
Australian dollar decline

Australian dollar decline

The Australian dollar tumbled to its lowest in four months on Tuesday after the central bank said there was scope to move towards an easier monetary policy bias, paving the way for future interest rate cuts. The Aussie dollar fell to $0.9215 against the U
Published 06 Aug, 2008 12:00am
Asian currencies remain in tight range

Asian currencies remain in tight range

The Philippine peso and Indian rupee, currencies sensitive to fuel prices, firmed on Tuesday as oil prices fell and expectations rose that interest rates will edge higher as regional authorities battle inflation. Other currencies in Asia remained in tight
Published 06 Aug, 2008 12:00am
Swiss franc falls

Swiss franc falls

The Swiss franc fell against the dollar on Tuesday as the US currency gained from a sharp drop in oil and commodity prices, and markets waited on a US interest rate decision later in the session. The US Federal Reserve is likely to keep benchmark interest
Published 06 Aug, 2008 12:00am
Bangladesh extends medical parole for Hasina

Bangladesh extends medical parole for Hasina

Bangladesh extended the parole of former Prime Minister Sheikh Hasina for a month so she can receive more medical treatment in the United States, a government statement said on Tuesday. "The parole has been extended until September 7 following a petition
Published 06 Aug, 2008 12:00am
Iran opposition figure says told he faces arrest

Iran opposition figure says told he faces arrest

A prominent Iranian opposition politician said on Tuesday he had been told he was facing arrest for failing to heed a court summons, but that he did not know why he was being asked to appear.
Published 06 Aug, 2008 12:00am
Almost half of monkeys, apes under threat

Almost half of monkeys, apes under threat

Almost half the world's monkeys and apes are facing a worsening threat of extinction because of deforestation and hunting for meat, an international report showed on Tuesday.
Published 06 Aug, 2008 12:00am
Putin joins mourners at Solzhenitsyn coffin

Putin joins mourners at Solzhenitsyn coffin

Clutching a bunch of blood red roses, Prime Minister Vladimir Putin joined hundreds of elderly Russians on Tuesday laying flowers at the foot of Soviet dissident writer Alexander Solzhenitsyn's open coffin. Solzhenitsyn, a Nobel laureate who won internati
Published 06 Aug, 2008 12:00am
Bush, Lee to dine on US beef

Bush, Lee to dine on US beef

The US and South Korean presidents will lunch on US beef at the presidential Blue House Wednesday in an apparent attempt to persuade Koreans that their fears of the product are unfounded. "US and South Korean beef will be put on the table together," a pre
Published 06 Aug, 2008 12:00am
Bush arrives in Seoul, anti-US protest fizzles

Bush arrives in Seoul, anti-US protest fizzles

US President George W. Bush arrived in South Korea on Tuesday for talks focused on communist North Korea and was greeted by a minor protest aimed mostly at his host instead of a big anti-US rally that had been expected.
Published 06 Aug, 2008 12:00am
France takes charge of Nato troops in Kabul

France takes charge of Nato troops in Kabul

France took command Tuesday of about 5,000 Nato-led soldiers deployed in Kabul and surrounding areas with the aim of handing over to Afghan forces within a year, a French general told AFP. France took over from Italy, which also routinely rotates with Tur
Published 06 Aug, 2008 12:00am
Two Jundallah men executed in Iran

Two Jundallah men executed in Iran

Two alleged terrorists were executed in the city of Zahedan in south-eastern Iran, a local judiciary spokesman said Tuesday.The website of the news network Press TV quoted Ebrahim Hamidi as saying that two members of the notorious Jundallah group were han
Published 06 Aug, 2008 12:00am
Islamist group in Norway seeks aid of rights court

Islamist group in Norway seeks aid of rights court

The founder of a radical Islamist group, deemed a security risk to Norway, has complained to a European human rights court that Norwegian authorities are violating his rights, Norwegian media reported on Tuesday. Mullah Krekar, born Najmuddin Faraj Ahmad,
Published 06 Aug, 2008 12:00am
Rwanda accuses France directly over 1994 genocide

Rwanda accuses France directly over 1994 genocide

Rwanda formally accused senior French officials on Tuesday of involvement in its 1994 genocide and called for them to be put on trial. Among those named in a report by a Rwandan investigation commission were former French Prime Minister Dominique de Ville
Published 06 Aug, 2008 12:00am
New UN proposal aims to end Iraq election impasse

New UN proposal aims to end Iraq election impasse

A new UN-backed plan to resolve a deadlock over Iraq's provincial elections would let polls go ahead across almost all of the country but leave the fate of the disputed city of Kirkuk undecided, politicians said on Tuesday.
Published 06 Aug, 2008 12:00am
Strong quake hits China's Sichuan

Strong quake hits China's Sichuan

A strong earthquake rocked the western Chinese provinces of Sichuan and Gansu on Tuesday, killing one person and injuring 23 near the site of May's devastating quake that killed at least 70,000 people. The Olympic torch was paraded in the capital of Sichu
Published 06 Aug, 2008 12:00am
20 killed in Myanmar jade mine landslide

20 killed in Myanmar jade mine landslide

At least 20 people were killed when the slag heap from a jade mine in military-ruled Myanmar collapsed late last month after torrential rain, industry sources said on Tuesday. "A number of people panning for gold in the earth were buried alive," a person
Published 06 Aug, 2008 12:00am
Olmert and Abbas to meet in Jerusalem today

Olmert and Abbas to meet in Jerusalem today

Israeli Prime Minister Ehud Olmert and Palestinian President Mahmoud Abbas will meet in Jerusalem on Wednesday, a week after Olmert threw US-sponsored peace talks into limbo by announcing that he would step down. Aides said Olmert favoured freeing some Pa
Published 06 Aug, 2008 12:00am
Fuel prices surge in Afghanistan

Fuel prices surge in Afghanistan

The price of fuel has risen sharply in Afghanistan after major foreign suppliers stopped exports to the landlocked nation, an official said on Tuesday. The rise has also pushed up prices of food and other commodities in one of the poorest countries of the
Published 06 Aug, 2008 12:00am
US offers self-deportation to illegal immigrants

US offers self-deportation to illegal immigrants

The United States began a pilot programme on Tuesday that allows some illegal immigrants to come forward and schedule their own deportation, after criticism that stepped-up raids cause traumatic family splits.
Published 06 Aug, 2008 12:00am
Assad meets Erdogan for peace talks

Assad meets Erdogan for peace talks

Syrian President Bashir al-Assad held talks with Turkish Prime Minister Tayyip Erdogan at a Turkish beach resort on Tuesday to discuss regional peace efforts, a government source said. Assad's visit to Bodrum on the Aegean coast comes a week after Israel
Published 06 Aug, 2008 12:00am
Poor to get cut-rate rice in Dhaka

Poor to get cut-rate rice in Dhaka

Bangladesh will distribute some 220,000 tonnes of rice among the poor through hundreds of cut-price shops across the country over two months, officials said on Tuesday. "The shops will start selling rice from August 20 for the next two months, Finance Adv
Published 06 Aug, 2008 12:00am
Hasina's party sweeps polls

Hasina's party sweeps polls

The party of ex-Bangladesh premier Sheikh Hasina Wajed, out on bail from corruption charges and in the US, has swept the first polls since an army-backed government took charge last year, officials said Tuesday. Her Awami League party won all four city ma
Published 06 Aug, 2008 12:00am
NASA probe finds perchlorate in Mars soil sample

NASA probe finds perchlorate in Mars soil sample

The Phoenix lander's analysis of recent soil samples taken on Mars has found possible traces of perchlorate, a highly oxidising substance detrimental to life, NASA said Monday. Two separate soil samples were analysed within the last month by two onboard P
Published 06 Aug, 2008 12:00am
Kyrgyz police seize weapons from US officials

Kyrgyz police seize weapons from US officials

Kyrgyzstan's police accused a group of US officials of illegal possession of guns on Tuesday and seized dozens of firearms from their apartment, but the US embassy in the Central Asian state denied the charge. Washington operates a military base in Kyrgyz
Published 06 Aug, 2008 12:00am
US revokes Palestinian scholarship students' visas

US revokes Palestinian scholarship students' visas

Three Palestinians who won prestigious scholarships to study in the United States have had their American entry visas revoked after "new information" was received about them, a US diplomat said on Tuesday.
Published 06 Aug, 2008 12:00am
Big powers plan to discuss Iran today

Big powers plan to discuss Iran today

Iran has not answered demands by world powers that it halt its nuclear activity, an Iranian official said on Tuesday, a stand that could endanger the possibility of full negotiations and lead to tighter sanctions against the Tehran government. Iranian med
Published 06 Aug, 2008 12:00am
Secret deal kept UK troops out of Basra

Secret deal kept UK troops out of Basra

A British newspaper said on Tuesday British soldiers in Iraq had been prevented from coming to the aid of American and Iraqi allies during battles in Basra because of a deal with the Mehdi Army militia. The Times said 4,000 British troops were forced to w
Published 06 Aug, 2008 12:00am
Kuwait rents rice farms in Cambodia

Kuwait rents rice farms in Cambodia

Kuwait has leased rice fields in Cambodia and plans to import food from the Asian country, a government official said in remarks published on Tuesday. Soaring food prices are a key driver of inflation in the desert state, hitting 11 percent in April and M
Published 06 Aug, 2008 12:00am
Pentagon extends Marine deployment in Afghanistan

Pentagon extends Marine deployment in Afghanistan

The Pentagon has extended the deployment of 1,250 Marines in Afghanistan for 30 days until November to keep up the momentum of training of Afghan security forces, a spokesman said Tuesday. The marines, part of a 3,500-strong contingent sent earlier this y
Published 06 Aug, 2008 12:00am
Japan does not commit support for India-US nuclear deal

Japan does not commit support for India-US nuclear deal

Japan's Foreign Minister on Tuesday said Tokyo needed assurance a crucial nuclear accord between India and the United States will strengthen disarmament efforts after key talks here on the issue. Foreign Minister Masahiko Komura and his Indian counterpart
Published 06 Aug, 2008 12:00am
Qadhafi warns 'arrogant' Iran of military humiliation

Qadhafi warns 'arrogant' Iran of military humiliation

Libyan leader Moamer Qadhafi on Tuesday warned "arrogant" Iran that it faces military humiliation on the scale of Iraq for its refusal to respond to western powers over a nuclear impasse. "What Iran is doing stems simply from arrogance," Qadhafi said duri
Published 06 Aug, 2008 12:00am
Pound falls against dollar

Pound falls against dollar

Sterling hit a 1-1/2-month low against the dollar on Tuesday after data showed that the UK manufacturing and services sectors remain weak, adding fuel to the view that the economy may be heading for a recession. The UK currency stumbled after domestic man
Published 06 Aug, 2008 12:00am
Dollar jumps versus majors in London

Dollar jumps versus majors in London

The dollar hit a seven-week high against a basket of major currencies on Tuesday in part of a broader unwinding of positions across currencies and other assets which saw the yen rally and oil hit a three-month low.
Published 06 Aug, 2008 12:00am
Indian rupee rises

Indian rupee rises

The Indian rupee rose to its highest in a week against the dollar on Tuesday helped by gains in the local share market and lower oil prices, which eased concerns over a widening trade deficit. The partially convertible rupee ended at 42.23/24 per dollar,
Published 06 Aug, 2008 12:00am
European credit spreads tighten

European credit spreads tighten

European credit spreads tightened on Tuesday as the US services sector contracted less sharply than expected, oil prices fell and as profits at Societe Generale fell less than analysts had anticipated. By 1534 GMT the investment-grade Markit iTraxx Europe
Published 06 Aug, 2008 12:00am
European credit spreads tighten

European credit spreads tighten

European credit spreads tightened on Tuesday as the US services sector contracted less sharply than expected, oil prices fell and as profits at Societe Generale fell less than analysts had anticipated. By 1534 GMT the investment-grade Markit iTraxx Europe
Published 06 Aug, 2008 12:00am
Tuesday's midday trade: Wall Street up as lower oil eases pressure

Tuesday's midday trade: Wall Street up as lower oil eases pressure

US stocks rose on Tuesday as a tumble in the price of oil tempered inflation concerns, reinforcing expectations that the Federal Reserve will keep interest rates unchanged at its meeting later in the day, despite calls for higher rates among some board me
Published 06 Aug, 2008 12:00am
Asian bond spreads widen

Asian bond spreads widen

Asian bond spreads widened on Tuesday as a slump in oil prices to three-month lows sparked concerns over a weaker global economy, with caution also in place ahead of the Federal Reserve's meeting later in the day. The iTRAXX Asia ex-Japan high-yield index
Published 06 Aug, 2008 12:00am
Asian bond spreads widen

Asian bond spreads widen

Asian bond spreads widened on Tuesday as a slump in oil prices to three-month lows sparked concerns over a weaker global economy, with caution also in place ahead of the Federal Reserve's meeting later in the day. The iTRAXX Asia ex-Japan high-yield index
Published 06 Aug, 2008 12:00am
FTSE up 2.5 percent as weaker oil lifts sentiment

FTSE up 2.5 percent as weaker oil lifts sentiment

Britain's blue chip FTSE 100 index closed sharply higher on Tuesday, as better-than-expected results from Standard Chartered cheered battered banks and falling crude prices eased inflation concerns. The commodity-heavy index closed up 134.3 points, or 2.5
Published 06 Aug, 2008 12:00am
US platinum ends lower

US platinum ends lower

US platinum futures posted another sharp losses on Monday, extending the previous session's 6 percent decline on demand worries after poor US auto sales, but traders expect prices to rebound as the sell-off looked overdone.
Published 06 Aug, 2008 12:00am
Platinum tumbles in Asia

Platinum tumbles in Asia

Platinum tumbled to its lowest level in more than six months on Tuesday, extending a 6-percent drop in the previous session, on fears of falling demand from automakers, while gold hovered below $900 on weaker oil.
Published 06 Aug, 2008 12:00am
London robusta coffee jumps

London robusta coffee jumps

London robusta coffee futures extended early gains on fund, investor and roaster buying and sugar reversed losses in a short-covering rally on Tuesday, while cocoa fell on follow-through selling, dealers said. Robustas were the best-performing soft commod
Published 06 Aug, 2008 12:00am
New York cotton futures smidgen lower

New York cotton futures smidgen lower

Cotton futures ended down a shade on Tuesday after an early bout of speculative short-covering interest petered out, leaving the market languishing around the 69-cent level. Benchmark December ended down 0.10 cent at 69.03 cents per lb. Range from 72.13 d
Published 06 Aug, 2008 12:00am
Copper steadies

Copper steadies

Copper was steady on Tuesday after hitting a six-month low and zinc pared losses after touching a 2-1/2-year low, but worries persisted that a global economic slowdown will dent demand for industrial metals. Concerns about the macroeconomic outlook were a
Published 06 Aug, 2008 12:00am
Oil falls below $120

Oil falls below $120

Oil fell below $120 on Tuesday to touch a three-month low as Tropical Storm Edouard hit the Texas coast without causing any major disruptions to US energy operations. US crude traded down $1.94 to $119.47 a barrel by 1:36 pm EDT (1735 GMT) after tumbling
Published 06 Aug, 2008 12:00am
Gold falls in London

Gold falls in London

Gold fell more than 2 percent in Europe on Tuesday, tracking losses in other commodities, notably oil which lost more than $2 a barrel to a three-month low. The dollar reached a new seven-week high against a basket of currencies, further dampening interes
Published 06 Aug, 2008 12:00am
US MIDDAY: coffee jumps

US MIDDAY: coffee jumps

London benchmark November was robusta coffee futures surged more than 4 percent on fund buying to a session peak of $2,396 a tonne on Tuesday, dealers said. "Buy stops were hit," a dealer said. November stood at $2,390 a tonne, up $94, in brisk volume of
Published 06 Aug, 2008 12:00am
US MIDDAY: sugar firms

US MIDDAY: sugar firms

Raw sugar futures on ICE Futures US at 1259 GMT. October raw sugar rose 0.16 cent to 13.58 cents per lb. Trading 13.02 to 13.61 cents.
Published 06 Aug, 2008 12:00am
US MIDDAY: corn weakens

US MIDDAY: corn weakens

September corn was down 9-3/4 cents at $5.25-3/4 a bushel; new-crop December was down 10-3/4 at $5.44-3/4. Good crop weather in the US Midwest as the crop pollinates weigh. Additional pressure from falling crude oil, a firm dollar and brokerage firm FC St
Published 06 Aug, 2008 12:00am
US MIDDAY: wheat climbs

US MIDDAY: wheat climbs

September wheat was up 8 cents at $7.66-3/4 a bushel. Short-covering bounce after falling to eight-month low in the September contract. Wheat export business supportive.
Published 06 Aug, 2008 12:00am
US MIDDAY: soyabeans lower

US MIDDAY: soyabeans lower

August soyabean futures were down 10 cents at $12.77 a bushel; new-crop November was down 9 at $12.86. Flowering soyabean crop benefiting from scattered rains; temperatures to cool by weekend. August soyameal was down $1.70 at $352.30 per ton. August soya
Published 06 Aug, 2008 12:00am
US MIDDAY: copper steadies

US MIDDAY: copper steadies

Copper for September delivery was trading up 0.30 cent at $3.4430 a lb by 1422 GMT on the New York Mercantile Exchange's Comex division. The morning range contracted to $3.4595 to $3.3765, the September contract's lowest price point since February 7. By 9
Published 06 Aug, 2008 12:00am
US MIDDAY: gold drops

US MIDDAY: gold drops

US gold futures dropped further Tuesday, trading below $890 an ounce, amid widespread weakness in commodities and a higher stock market, but platinum bounced after its recent pullback was seen as oversold, traders said. December was down $19.60, or 2.2 pe
Published 06 Aug, 2008 12:00am
PTA critical of economic decisions taken by present government

PTA critical of economic decisions taken by present government

The Pakistan Traders Alliance (PTA), Chairman Khawaja Muhammad Shafiq on Tuesday said that the month of July had become very hard for the people of Pakistan as pointless trade and monetary policies had brought the economy on the verge of collapse."Trade,
Published 06 Aug, 2008 12:00am
Plea of Double Shah daughter admitted for hearing

Plea of Double Shah daughter admitted for hearing

A division bench of the Lahore High Court admitting a petition for regular hearing here on Tuesday sought reply from the National Accountability Bureau (NAB) Punjab in a petition challenging physical remand of daughter of Sibt-ul-Hassan alias Double Shah
Published 06 Aug, 2008 12:00am
Licence of 20 more travel agents/tour operators cancelled

Licence of 20 more travel agents/tour operators cancelled

The Department of Tourist Services, Federal Ministry of Tourism, has cancelled 20 more licenses of travel agents and tour operators for non-payment of annual renewal fee, submission of bank guarantee and violation of rules and regulations.
Published 06 Aug, 2008 12:00am
'Government introducing far-reaching reforms in social sector'

'Government introducing far-reaching reforms in social sector'

The Punjab government is introducing far-reaching reforms in social sector for the regeneration of existing resources so that maximum targets could be achieved for the provision of better education, health and sanitation facilities to the masses.
Published 06 Aug, 2008 12:00am
Minfal and CSF sign MoU to improve food sector

Minfal and CSF sign MoU to improve food sector

The Compet-itiveness Support Fund (CSF) and Ministry of Food, Agriculture and Livestock (Minfal) here on Tuesday signed a memorandum of understanding (MoU) to improve the competitiveness of the agricultural and food sectors of the country.
Published 06 Aug, 2008 12:00am
'Six pilot housing projects to be initiated in a week'

'Six pilot housing projects to be initiated in a week'

The government has asked Pakistan Housing Authority to launch mega housing projects to overcome the shortfall of residential accommodation in the country and six pilot housing projects in Islamabad, Lahore, Karachi, Quetta, Multan and Larkana will be init
Published 06 Aug, 2008 12:00am
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