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Nov 27, 2024 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Print - 2008-08-14
Gold near eight-month lows in Asia

Gold near eight-month lows in Asia

Gold was within sight of its lowest level in eight months on Wednesday, barely reacting to a slight drop in the US dollar as investors reassessed their positions after bullion dropped more than 7 percent this week.
Published 14 Aug, 2008 12:00am
BRIndex30 sheds 27.9 points

BRIndex30 sheds 27.9 points

On Wednesday, the BRIndex30 opened in the negative zone at 10,256.21. It closed at 10,218.84 and showed a net negative change of -27.9 points and percentage change of -0.27. It recorded intra-day high of 10,328.23 and intra-day low of 9,916.07. The volume
Published 14 Aug, 2008 12:00am
New York sugar closes quietly firm

New York sugar closes quietly firm

Raw sugar futures settled higher on Tuesday on investment fund buying inspired by a softening dollar, but brokers said business was modest and most players will continue to look at outside markets for leads. The October sugar contract rose 0.24 cent to en
Published 14 Aug, 2008 12:00am
BRIndex30 sheds 27.9 points

BRIndex30 sheds 27.9 points

On Wednesday, the BRIndex30 opened in the negative zone at 10,256.21. It closed at 10,218.84 and showed a net negative change of -27.9 points and percentage change of -0.27. It recorded intra-day high of 10,328.23 and intra-day low of 9,916.07. The volume
Published 14 Aug, 2008 12:00am
US soyabean futures up

US soyabean futures up

US soybean futures on the Chicago Board of Trade closed higher on Tuesday amid a smaller-than-expected production forecast from the USDA. CBOT soy closed 5 to 18 cents per bushel higher, with August up 5 cents at $12.20 and new-crop November up 18 at $12.
Published 14 Aug, 2008 12:00am
Selling pressure continues on stock market

Selling pressure continues on stock market

Karachi share market started in a negative zone on Wednesday and the KSE-100 index hit 9,701.72 points intra-day low level, down by 261.86 points due to investors cautious stance on the political front of the country and weakening economic indicators.
Published 14 Aug, 2008 12:00am
Malaysian tin falls

Malaysian tin falls

Malaysian tin tumbled 6.3 percent to near 6-month lows on Wednesday, extending a three-day losing streak following a sharp drop on the London Metal Exchange and a supply surge, one dealer said.
Published 14 Aug, 2008 12:00am
Selling pressure continues on stock market

Selling pressure continues on stock market

Karachi share market started in a negative zone on Wednesday and the KSE-100 index hit 9,701.72 points intra-day low level, down by 261.86 points due to investors cautious stance on the political front of the country and weakening economic indicators.
Published 14 Aug, 2008 12:00am
USDA crop report on cotton

USDA crop report on cotton

US Department of Agriculture released its monthly supply/demand report on Tuesday morning. The following are the key points for cotton: 2008/09 US crop - 13.77 million (480-lb) bales, from 14 million in last month's report. 2008/09 US cotton exports - 15
Published 14 Aug, 2008 12:00am
Selling pressure continues on stock market

Selling pressure continues on stock market

Karachi share market started in a negative zone on Wednesday and the KSE-100 index hit 9,701.72 points intra-day low level, down by 261.86 points due to investors cautious stance on the political front of the country and weakening economic indicators.
Published 14 Aug, 2008 12:00am
World cotton prices seen in fundamental shift up

World cotton prices seen in fundamental shift up

World cotton prices are headed for a fundamental breakout to back above 90 US cents a pound, a leading international expert said on Wednesday. This would come as international production declined and stocks in the United States, the world's biggest export
Published 14 Aug, 2008 12:00am
Power co-generation projects: PSMA lobbying for raise in tariff

Power co-generation projects: PSMA lobbying for raise in tariff

Pakistan Sugar Mills Association (PSMA) is lobbying for an increase in tariff for power co-generation projects and in this regard its representatives met with Water and Power Minister Raja Pervez Ashraf in the absence of National Electric Power Regulatory
Published 14 Aug, 2008 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 110,352 tonnes of cargo including 82,903 tonnes of import, 27,449 tonnes of export cargo and 4,325 loaded and empty containers (TEUs) during last 24 hours ending at 0700 hours on Wednesday. The freights comprised of 60,004 tonnes
Published 14 Aug, 2008 12:00am
Power co-generation projects: PSMA lobbying for raise in tariff

Power co-generation projects: PSMA lobbying for raise in tariff

Pakistan Sugar Mills Association (PSMA) is lobbying for an increase in tariff for power co-generation projects and in this regard its representatives met with Water and Power Minister Raja Pervez Ashraf in the absence of National Electric Power Regulatory
Published 14 Aug, 2008 12:00am
Kenyan tea prices firm

Kenyan tea prices firm

Kenyan tea prices rose at this week's auction helped by cold weather that cut output and expectation congestion at Mombasa port will ease, traders said on Wednesday. Kenya this week ordered the port, which is vital to tea exporters, to stay open permanent
Published 14 Aug, 2008 12:00am
Power co-generation projects: PSMA lobbying for raise in tariff

Power co-generation projects: PSMA lobbying for raise in tariff

Pakistan Sugar Mills Association (PSMA) is lobbying for an increase in tariff for power co-generation projects and in this regard its representatives met with Water and Power Minister Raja Pervez Ashraf in the absence of National Electric Power Regulatory
Published 14 Aug, 2008 12:00am
Indian sugar futures fall

Indian sugar futures fall

Indian sugar futures fell on Wednesday on expectations the government would allow more supplies to cool soaring prices. At 3 pm (0930 GMT), the benchmark September contract, which had jumped 8 percent this month, was down 0.43 percent at 1,847 rupees ($43
Published 14 Aug, 2008 12:00am
Recomposed KSE-30 index from August 15

Recomposed KSE-30 index from August 15

The Karachi Stock Exchange (KSE) has carried out the exercise of re-composition of KSE-30 Index for the review period from January 1, 2008 to June 30, 2008. The recomposed KSE-30 index will be implemented from August 15, 2008.
Published 14 Aug, 2008 12:00am
Dyes items rise on Jodia Bazaar

Dyes items rise on Jodia Bazaar

The trading in dyes items moved up on Jodia Bazaar here on Wednesday. The following variations were noted.
Published 14 Aug, 2008 12:00am
ECC may allow PIA to float Rs 16 billion Sukuk

ECC may allow PIA to float Rs 16 billion Sukuk

The Economic Co-ordination Committee (ECC) of the Cabinet is likely to allow the financially sick Pakistan International Airlines (PIA) to float Sukuk (bonds) worth Rs 16 billion to clear the huge claims of Civil Aviation Authority (CAA) and the oil bills
Published 14 Aug, 2008 12:00am
Grams rates up in lean business on grain market

Grams rates up in lean business on grain market

Subdued business was seen on the grain market on Wednesday as prices tended higher due to transportation problem after heavy rains in most parts of the country, dealers said.
Published 14 Aug, 2008 12:00am
ECC may allow PIA to float Rs 16 billion Sukuk

ECC may allow PIA to float Rs 16 billion Sukuk

The Economic Co-ordination Committee (ECC) of the Cabinet is likely to allow the financially sick Pakistan International Airlines (PIA) to float Sukuk (bonds) worth Rs 16 billion to clear the huge claims of Civil Aviation Authority (CAA) and the oil bills
Published 14 Aug, 2008 12:00am
US wheat futures lower

US wheat futures lower

US wheat futures on the Chicago Board of Trade closed lower on Tuesday after the US Department of Agriculture raised its estimates of domestic and global wheat stockpiles, traders said. But wheat futures closed mostly higher in Kansas City and Minneapolis
Published 14 Aug, 2008 12:00am
ECC may allow PIA to float Rs 16 billion Sukuk

ECC may allow PIA to float Rs 16 billion Sukuk

The Economic Co-ordination Committee (ECC) of the Cabinet is likely to allow the financially sick Pakistan International Airlines (PIA) to float Sukuk (bonds) worth Rs 16 billion to clear the huge claims of Civil Aviation Authority (CAA) and the oil bills
Published 14 Aug, 2008 12:00am
Canadian canola mixed

Canadian canola mixed

Canadian canola futures ended mixed on Tuesday, with nearby contracts falling while the thinly traded deferred months closed higher, traders said. ICE canola futures settled 80 cents per tonne lower to $4.10 per tonne higher, with benchmark November down
Published 14 Aug, 2008 12:00am
ECC may allow PIA to float Rs 16 billion Sukuk

ECC may allow PIA to float Rs 16 billion Sukuk

The Economic Co-ordination Committee (ECC) of the Cabinet is likely to allow the financially sick Pakistan International Airlines (PIA) to float Sukuk (bonds) worth Rs 16 billion to clear the huge claims of Civil Aviation Authority (CAA) and the oil bills
Published 14 Aug, 2008 12:00am
Vietnamese rice prices jump

Vietnamese rice prices jump

Vietnamese paddy prices jumped around 12 percent in the past week after the government ordered state-owned rice traders to buy up to 660,000 tonnes within one month, traders said. Wednesday's paddy prices of 4,800 dong to 4,900 dong (29 US cent) per kg ar
Published 14 Aug, 2008 12:00am
Independence Day today

Independence Day today

The 62nd Independence Day is being celebrated throughout the country as well as Azad Kashmir and abroad on Thursday with a pledge to make the country a truly Islamic welfare state in accordance with the vision of Quaid-e-Azam Mohammad Ali Jinnah and Hazra
Published 14 Aug, 2008 12:00am
Cotton prices again reaching top levels

Cotton prices again reaching top levels

After slouching earlier during this week, cotton prices in the ready market again reached top level at midweek due to floundering Pakistani rupee against the united states dollar, a spattering of rain received in the cotton belt in both Sindh and Punjab t
Published 14 Aug, 2008 12:00am
Independence Day today

Independence Day today

The 62nd Independence Day is being celebrated throughout the country as well as Azad Kashmir and abroad on Thursday with a pledge to make the country a truly Islamic welfare state in accordance with the vision of Quaid-e-Azam Mohammad Ali Jinnah and Hazra
Published 14 Aug, 2008 12:00am
Cotton prices again reaching top levels

Cotton prices again reaching top levels

After slouching earlier during this week, cotton prices in the ready market again reached top level at midweek due to floundering Pakistani rupee against the united states dollar, a spattering of rain received in the cotton belt in both Sindh and Punjab t
Published 14 Aug, 2008 12:00am
Steady trend, rising demand seen on cotton market

Steady trend, rising demand seen on cotton market

Trading activity improved because of strong mills demand on the cotton market on Wednesday, dealers said. The official spot rate's upward trend was maintained by adding Rs 25 to Rs 4125, they said. In the ready business, the phutti prices in Sindh were at
Published 14 Aug, 2008 12:00am
Musharraf calls for reconciliation

Musharraf calls for reconciliation

President Pervez Musharraf, who is under mounting pressure to resign, called on Thursday for political stability and reconciliation to tackle economic and security problems. Musharraf, speaking in a televised Independence Day address, did not refer to a p
Published 14 Aug, 2008 12:00am
UBS executives knew of risk of US rule breaches

UBS executives knew of risk of US rule breaches

Top executives at Swiss bank UBS were aware in 2006 of potential problems over offshore services provided to US clients, long before a US tax evasion probe began, a letter from the bank's chairman shows.
Published 14 Aug, 2008 12:00am
Musharraf calls for reconciliation

Musharraf calls for reconciliation

President Pervez Musharraf, who is under mounting pressure to resign, called on Thursday for political stability and reconciliation to tackle economic and security problems. Musharraf, speaking in a televised Independence Day address, did not refer to a p
Published 14 Aug, 2008 12:00am
US retail sales dip, import prices jump

US retail sales dip, import prices jump

US retail sales edged down 0.1 percent in July on a big drop at auto dealers, the government said on Wednesday in a report suggesting consumers were straining to keep spending up amid rising prices. A separate report showed a bigger-than-expected jump in
Published 14 Aug, 2008 12:00am
Bourses demutualisation bill introduced in assembly

Bourses demutualisation bill introduced in assembly

Finance Minister Naveed Qamar on Wednesday introduced Stock Exchange Corporatisation, Demutualisation and Integration Bill 2008 in the National Assembly to attract strategic investors and improve governance structure of capital market with more cost-effic
Published 14 Aug, 2008 12:00am
Opec should cut output if demand slows: Iran

Opec should cut output if demand slows: Iran

Opec should trim its oil output if demand continues to fall in slowing industrialised economies, Iran's Opec governor Muhammad Ali Khatibi said on Tuesday. Opec boosted output for the third consecutive month in July as prices peaked at over $147 a barrel.
Published 14 Aug, 2008 12:00am
Bourses demutualisation bill introduced in assembly

Bourses demutualisation bill introduced in assembly

Finance Minister Naveed Qamar on Wednesday introduced Stock Exchange Corporatisation, Demutualisation and Integration Bill 2008 in the National Assembly to attract strategic investors and improve governance structure of capital market with more cost-effic
Published 14 Aug, 2008 12:00am
Rafsanjani slams Ahmadinejad on economy

Rafsanjani slams Ahmadinejad on economy

An influential Iranian cleric harshly criticised President Mahmoud Ahmadinejad for failing to pursue a policy of privatisation to overhaul the lumbering economy, a newspaper reported on Wednesday.
Published 14 Aug, 2008 12:00am
Bourses demutualisation bill introduced in assembly

Bourses demutualisation bill introduced in assembly

Finance Minister Naveed Qamar on Wednesday introduced Stock Exchange Corporatisation, Demutualisation and Integration Bill 2008 in the National Assembly to attract strategic investors and improve governance structure of capital market with more cost-effic
Published 14 Aug, 2008 12:00am
Japan on brink of recession as economy shrinks

Japan on brink of recession as economy shrinks

Japan said Wednesday its economy contracted in the second quarter as falling exports and weak consumer spending sent Asia's largest economy hurtling toward its first recession in six years. The slump reflects the rapidly deteriorating global economic clim
Published 14 Aug, 2008 12:00am
Investors less worried about inflation: Merrill

Investors less worried about inflation: Merrill

Investors are becoming increasingly concerned that the world is heading for a serious economic slowdown but as a result have pared back their concerns about inflation, a Merrill Lynch survey showed on Wednesday. The investment bank's August poll of 193 fu
Published 14 Aug, 2008 12:00am
UK government supports BoE efforts to tame inflation

UK government supports BoE efforts to tame inflation

The British economy remains strong and the government supports the Bank of England's aim to get inflation back to its target, finance minister Alistair Darling said on Wednesday. "The Government stands behind the 2 percent inflation target, and will conti
Published 14 Aug, 2008 12:00am
BoE inflation estimates leave door open for rate cut

BoE inflation estimates leave door open for rate cut

The Bank of England raised expectations on Wednesday of an interest rate cut possibly before the year-end as it forecast inflation falling below target in two years as the economy grinds to a standstill. The market reaction was swift and sharp.
Published 14 Aug, 2008 12:00am
Fresh violence in tribal areas leaves 35 dead

Fresh violence in tribal areas leaves 35 dead

A suspected US missile strike killed 10 militants at a training camp in Waziristan, while 25 people died in fresh clashes near the Afghan border, officials said Wednesday. The violence in the tribal regions along the mountainous frontier comes amid mounti
Published 14 Aug, 2008 12:00am
Bangladesh raises rice price for domestic procurement

Bangladesh raises rice price for domestic procurement

Bangladesh will offer an incentive of 1.25 taka per kg above its earlier fixed price for domestic procurement of rice to build up emergency stocks, a senior food ministry official said on Wednesday.
Published 14 Aug, 2008 12:00am
Fresh violence in tribal areas leaves 35 dead

Fresh violence in tribal areas leaves 35 dead

A suspected US missile strike killed 10 militants at a training camp in Waziristan, while 25 people died in fresh clashes near the Afghan border, officials said Wednesday. The violence in the tribal regions along the mountainous frontier comes amid mounti
Published 14 Aug, 2008 12:00am
Trahan and Kaymer look to fire Ryder Cup chances

Trahan and Kaymer look to fire Ryder Cup chances

American D.J. Trahan and German youngster Martin Kaymer, who hope to feature on opposite sides in next month's Ryder Cup, look to fire their chances this week in the Scandinavian Masters near Stockholm. Trahan, 11th on the US Cup table behind the eight me
Published 14 Aug, 2008 12:00am
Lahore suicide blast claims seven lives

Lahore suicide blast claims seven lives

A suicide bomber blew himself up outside a police station in Lahore on Wednesday during preparations for Pakistan's Independence Day, killing at least seven people, police said. The blast ripped through a crowd of policemen standing guard at the station o
Published 14 Aug, 2008 12:00am
Sania Mirza keen to play exhibition matches in Pakistan

Sania Mirza keen to play exhibition matches in Pakistan

Indian tennis queen Sania Mirza has appreciated the idea of playing exhibition matches in Pakistan. "Its great idea if I get an opportunity to come to Pakistan and play tennis there," she told reporters on Tuesday night at Olympic Green Tennis Centre afte
Published 14 Aug, 2008 12:00am
Lahore suicide blast claims seven lives

Lahore suicide blast claims seven lives

A suicide bomber blew himself up outside a police station in Lahore on Wednesday during preparations for Pakistan's Independence Day, killing at least seven people, police said. The blast ripped through a crowd of policemen standing guard at the station o
Published 14 Aug, 2008 12:00am
Pakistan's plans for New Zealand ODIs fail

Pakistan's plans for New Zealand ODIs fail

Pakistan's plans for a three-match Champions Trophy warm-up series later this month have fallen through after New Zealand turned down the opportunity, an official said Wednesday. It is the latest blow to cricket-starved Pakistan, which also saw a four-nat
Published 14 Aug, 2008 12:00am
ICC to brief teams on Champions Trophy security

ICC to brief teams on Champions Trophy security

International Cricket Council (ICC) representatives will travel to four participating nations to allay safety fears over travelling to Pakistan for next month's Champions Trophy, it said on Wednesday.
Published 14 Aug, 2008 12:00am
Safin succumbs to neck injury, Roddick wins

Safin succumbs to neck injury, Roddick wins

Marat Safin's US Open preparations suffered a setback when the former world number one was forced to retire from his first round match at the ATP event in Washington with a neck injury on Tuesday. The Russian sixth seed lost the first set against Italian
Published 14 Aug, 2008 12:00am
Players, officials for Academy Team tour announced

Players, officials for Academy Team tour announced

Pakistan Cricket Board (PCB) on Wednesday announced the names of 16 players and six officials for the Academy Team tour to Zimbabwe and Kenya. The Academy Team will first undertake tour of Zimbabwe from 19th August and then move to Kenya.
Published 14 Aug, 2008 12:00am
Revised schedule of Champions Trophy

Revised schedule of Champions Trophy

After exclusion of Rawalpindi from the list of venues, the International Cricket Council (ICC) has announced a revised schedule for September's Champions Trophy in Pakistan. Group A is comprised of Australia, Pakistan, India and West Indies while England,
Published 14 Aug, 2008 12:00am
Mauresmo grinds out tough win in Cincinnati opener

Mauresmo grinds out tough win in Cincinnati opener

Former world number one Amelie Mauresmo rallied from a set down to overcome French compatriot Stephanie Cohen-Aloro 6-7 7-6 6-1 in the first round of the Cincinnati Open on Tuesday.
Published 14 Aug, 2008 12:00am
Anderson keeps feet on the ground

Anderson keeps feet on the ground

England pace bowler James Anderson has completed his most successful home season in tests with 34 wickets but increased competition for places prevents him from taking his place for granted. Anderson became a prominent member of the England attack in 2007
Published 14 Aug, 2008 12:00am
E.ON raises 2008 forecast

E.ON raises 2008 forecast

Germany's E.ON, Europe's second-largest utility, raised its prediction for adjusted net income in 2008, sending its shares more than 3 percent higher on Wednesday. Net income in 2008, adjusted for extraordinary effects, will rise 5 to 10 percent, the comp
Published 14 Aug, 2008 12:00am
E.ON raises 2008 forecast

E.ON raises 2008 forecast

Germany's E.ON, Europe's second-largest utility, raised its prediction for adjusted net income in 2008, sending its shares more than 3 percent higher on Wednesday. Net income in 2008, adjusted for extraordinary effects, will rise 5 to 10 percent, the comp
Published 14 Aug, 2008 12:00am
Home sales rebound lifts hard-hit California County

Home sales rebound lifts hard-hit California County

It may be just a blip in the housing downturn, but even a temporary rebound in home sales is a welcome respite for California's Riverside County, one of the places hardest hit in the US mortgage and foreclosures crisis.
Published 14 Aug, 2008 12:00am
ING, Zurich weather turmoil with solid results

ING, Zurich weather turmoil with solid results

European financial groups ING and Zurich Financial Services reported interim profits that met or exceeded expectations on Wednesday, helped by strong insurance businesses and limited investment writedowns. But smaller insurers in Europe, more vulnerable t
Published 14 Aug, 2008 12:00am
1,000 Tube workers to strike in London

1,000 Tube workers to strike in London

About 1,000 maintenance workers on the London Underground will stage two 72-hour strikes in a row over pay and conditions, their union said on Wednesday. The RMT rail union said the workers would walk out between noon on Wednesday August 20 and noon on Sa
Published 14 Aug, 2008 12:00am
'US economy slowing to zero growth'

'US economy slowing to zero growth'

Dallas Federal Reserve Bank President Richard Fisher said on Tuesday the US economy was in for prolonged slow growth and could shrink later this year. "I expect that in the second half of this year we will broach zero growth," Fisher said in an interview
Published 14 Aug, 2008 12:00am
Indian growth seen missing central bank estimate

Indian growth seen missing central bank estimate

India's slowing economy will miss the central bank's growth estimate for 2008/09, while inflation may hit 13 percent soon and will fall to single digits with sustained tight monetary policy, a government panel said on Wednesday.
Published 14 Aug, 2008 12:00am
Zapatero calls crisis meeting as inflation soars

Zapatero calls crisis meeting as inflation soars

Spain's prime minister called an emergency cabinet meeting on Wednesday to tackle a deepening economic crisis after data showed soaring inflation and debt defaults were pushing Spain towards recession.
Published 14 Aug, 2008 12:00am
Chance of 2008 UK rate cut rising despite inflation

Chance of 2008 UK rate cut rising despite inflation

There is a growing probability that British interest rates will be cut this year, according to a Reuters poll conducted after the Bank of England raised its near-term inflation forecasts and slashed growth expectations.
Published 14 Aug, 2008 12:00am
Bulgarian farmers threaten revolt, animal exodus

Bulgarian farmers threaten revolt, animal exodus

Bulgarian farmers threatened a revolt and migration of animals to neighbouring Greece on Wednesday if the government failed to pay long-delayed milk subsidies. Around 250 milk producers rallied in front of the agriculture ministry in Sofia as part of moun
Published 14 Aug, 2008 12:00am
Blackstone buys Shanghai shopping mall

Blackstone buys Shanghai shopping mall

US private equity fund Blackstone Group has bought a new shopping mall in Shanghai for over 4.5 billion yuan (660 million dollars) from Chinese developer Super Ocean Group, state media said Wednesday.
Published 14 Aug, 2008 12:00am
China state think-tank proposes higher inflation target

China state think-tank proposes higher inflation target

A Chinese government think-tank on Wednesday proposed raising the country's official inflation target for 2008 and 2009 to five to seven percent, up from this year's objective of 4.8 percent.
Published 14 Aug, 2008 12:00am
Taiwan stocks end flat

Taiwan stocks end flat

Taiwan stocks ended flat on Wednesday as shares of chipmaker TSMC were unchanged after its share buyback plan, while major hotel operators outperformed on hopes of increasing numbers of Chinese tourists.
Published 14 Aug, 2008 12:00am
Hong Kong stocks sag 1.6 percent

Hong Kong stocks sag 1.6 percent

Hong Kong shares extended their downward slump to a fourth consecutive session on Wednesday, slipping 1.6 percent, led by Chinese banks after the nation's top lender ICBC was downgraded by Credit Suisse analysts. Bourse operator Hong Kong Exchanges & Clea
Published 14 Aug, 2008 12:00am
US stocks drop as bank shares tumble

US stocks drop as bank shares tumble

US stocks fell on Tuesday, as bank shares tumbled on fresh worries about the economy and further losses stemming from the mortgage crisis. News that J.P. Morgan Chase has racked up $1.5 billion of losses so far this quarter on mortgage-linked assets sent
Published 14 Aug, 2008 12:00am
Bonds rise as credit worries spur safety bids

Bonds rise as credit worries spur safety bids

US Treasury debt prices rose on Tuesday as renewed credit fears triggered a stock market sell-off and revived appetite for safe-haven government debt. Credit worries ratcheted higher after Swiss bank UBS AG posted another $5 billion in write-downs and J.P
Published 14 Aug, 2008 12:00am
Bonds rise as credit worries spur safety bids

Bonds rise as credit worries spur safety bids

US Treasury debt prices rose on Tuesday as renewed credit fears triggered a stock market sell-off and revived appetite for safe-haven government debt. Credit worries ratcheted higher after Swiss bank UBS AG posted another $5 billion in write-downs and J.P
Published 14 Aug, 2008 12:00am
China stocks dip

China stocks dip

China's main stock index tumbled to a fresh 19-month low on Wednesday, hit by concern that slower economic growth would hurt corporate profits, but the market bounced sharply by the close. The Shanghai Composite Index slid as much as 3.52 percent to a low
Published 14 Aug, 2008 12:00am
Philippines shares decline

Philippines shares decline

Philippines share prices closed 1.2 percent lower on Wednesday as investors cashed in gains from recent sharp rises, dealers said. The composite index fell 33.92 points to 2,721.94 points. The all-share index slipped 0.6 percent to 1,703.20 points.
Published 14 Aug, 2008 12:00am
Thai share prices drop

Thai share prices drop

Thai share prices closed 0.19 percent lower on Wednesday as investors dumped energy stocks following a steady fall in global oil prices, dealers said. They said the Thai market had, however, outperformed regional peers after it was bolstered by the decisi
Published 14 Aug, 2008 12:00am
Nikkei falls 2.1 percent

Nikkei falls 2.1 percent

The Nikkei average fell 2.1 percent on Wednesday, with a wide range of shares hurt by growing worries about both the domestic and global economies, while exporters such as Canon Inc were also hit by a firmer yen. Banks including top lender Mitsubishi UFJ
Published 14 Aug, 2008 12:00am
Malaysian shares down

Malaysian shares down

Malaysian share prices closed 0.6 percent lower on Wednesday as selling by foreign funds hit plantation stocks, finance shares and blue chips, dealers said. The Kuala Lumpur Composite Index fell 6.25 points to close at 1,112.53 and decliners outnumbered a
Published 14 Aug, 2008 12:00am
Indian shares slump

Indian shares slump

Indian shares closed down 0.78 percent on Wednesday as investors locked in gains ahead of inflation data due Thursday, dealers said. The benchmark 30-share Sensex index fell 119.01 points to 15,093.12. Inflation and domestic indicators pointing to a slowi
Published 14 Aug, 2008 12:00am
Singapore shares plunge

Singapore shares plunge

Singapore shares closed 0.18 percent lower on Wednesday with investor appetite crimped ahead of the release of US retail sales data for July, dealers said. The Straits Times Index lost 0.18 percent or 5.03 points to 2,811.79. Volume traded totalled 1.05 b
Published 14 Aug, 2008 12:00am
Yuan stages moderate rebound in spot

Yuan stages moderate rebound in spot

The yuan rebounded moderately against the dollar in the spot and offshore forwards markets on Wednesday after the Chinese central bank set a stronger yuan reference rate for the first time in 11 days. Before trading began, the central bank set the yuan's
Published 14 Aug, 2008 12:00am
Yen gains as Japan traders dump Aussie and kiwi

Yen gains as Japan traders dump Aussie and kiwi

The yen rose broadly on Wednesday, hitting a two-year high against the New Zealand dollar, as a tumble in high-yielding currencies forced Japanese margin traders making leveraged bets to limit losses by dumping their holdings.
Published 14 Aug, 2008 12:00am
US dollar snaps five-day rally against euro

US dollar snaps five-day rally against euro

The US dollar slipped against the euro on Tuesday, breaking a five-session rally as investors locked in profits ahead of key economic data later in the week. The dollar has rallied more than 4 percent against the euro this month with help from a sell-off
Published 14 Aug, 2008 12:00am
Australian dollar sell-off intensifies

Australian dollar sell-off intensifies

The Australian dollar dived to its lowest in seven months against the US dollar and hit a four-month trough against the Japanese yen as more investors bailed out of long-held positions in the high-yielding currency. Gold, metal and oil prices extended the
Published 14 Aug, 2008 12:00am
Asian currencies: ringgit up, peso down as dollar stalls

Asian currencies: ringgit up, peso down as dollar stalls

The Singapore dollar and Malaysian ringgit retraced some of this week's losses while some other Asian currencies fell on Wednesday, torn between a retreat in the US dollar and persisting doubts about global growth.
Published 14 Aug, 2008 12:00am
Swiss franc recovers slightly

Swiss franc recovers slightly

The Swiss franc recovered from the recent 6-month low against the dollar on Wednesday as the greenback took a breather after its recent strong gains. "The dollar is in a correction phase," said Unicredit analyst Armin Mekelburg. "There are no major Swiss-
Published 14 Aug, 2008 12:00am
Afghan forces to take over security of Kabul from Nato

Afghan forces to take over security of Kabul from Nato

Afghan security forces are to take over the security for Kabul from Nato forces on August 28, Kabul said Wednesday, as meanwhile officials confirmed that five police forces and four Taliban fighters were killed in separate incidents.
Published 14 Aug, 2008 12:00am
US church to pay $12.6 million to 16 victims of pedophile priests

US church to pay $12.6 million to 16 victims of pedophile priests

Sixteen victims who were abused by pedophile priests will share in 12.6 million dollars in damages to be paid out after long negotiations, Chicago's Catholic Archdiocese said Tuesday. "My hope is that these settlements will help the survivors and their fa
Published 14 Aug, 2008 12:00am
Iran MPs round on Ahmadinejad aide over pro-Israeli remarks

Iran MPs round on Ahmadinejad aide over pro-Israeli remarks

More than 200 conservative Iranian lawmakers lashed out on Wednesday at a top aide to President Mahmoud Ahmadinejad over his controversial remarks that Iranians are "friends with Israelis." The MPs issued a strongly-worded statement calling on Ahmadinejad
Published 14 Aug, 2008 12:00am
Prince Charles sees red over GM crops

Prince Charles sees red over GM crops

Britain's Prince Charles drew criticism with an outspoken attack on industrial farming Wednesday, warning genetically modified food could be the "biggest disaster environmentally of all time." Charles said millions of small farmers around the world could
Published 14 Aug, 2008 12:00am
Time short for climate pact, draft by mid-2009: UN

Time short for climate pact, draft by mid-2009: UN

Time is short to work out a new treaty to fight global warming as planned by the end of 2009 because drafts of a deal must be ready in less than a year, the UN's top climate change official said on Wednesday.
Published 14 Aug, 2008 12:00am
First UN convoy arrives in Tbilisi

First UN convoy arrives in Tbilisi

Western nations and charities stepped up efforts Wednesday to get emergency aid to some 100,000 people displaced by the Georgia-Russia conflict, as the first UN supply convoy arrived in Tbilisi. US President George W. Bush said an American cargo plane was
Published 14 Aug, 2008 12:00am
India probes UN sex charges in DR Congo

India probes UN sex charges in DR Congo

The Indian army said Wednesday that it was investigating UN allegations its troops had engaged in sexual abuse while on peacekeeping duties in the Democratic Republic of Congo. A UN statement on Tuesday said a probe had "revealed prima facie evidence" tha
Published 14 Aug, 2008 12:00am
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