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Nov 25, 2024 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Print - 2008-09-25
Activity tends downwards on delivery problem

Activity tends downwards on delivery problem

Trading activity came down slightly on the cotton market on Wednesday as a result of unavailability of transport ahead of Eid-ul-fitr holidays, dealers said. The official spot rate stayed put at Rs 3975, they said. Phutti prices in Sindh were unchanged at
Published 25 Sep, 2008 12:00am
Indian sugar futures up

Indian sugar futures up

Indian sugar futures rose for a third day on Wednesday as bulk buyers stepped up purchases in the spot market ahead of festivals next month. The market was also underpinned by trade forecasts the output would drop 24 percent to 20 million tonnes in the cr
Published 25 Sep, 2008 12:00am
India has no plans to further ease rice exports

India has no plans to further ease rice exports

The standing rice crop in India's flood-hit areas may have suffered some damage and there is no proposal to allow exports of any more non-basmati rice varieties, a government statement said on Wednesday. The government this month allowed overseas sales of
Published 25 Sep, 2008 12:00am
Til, Urad prices up on grain market

Til, Urad prices up on grain market

Thin trading was seen on the grain market on Wednesday as most of the buyers kept on the sidelines due to balanced demand and supply position, dealers said. On the seed side til maintained its overnight gains rising by Rs 200 to Rs 3800-4200. Castorseed L
Published 25 Sep, 2008 12:00am
20 Taliban killed as tunnels pounded in Bajaur

20 Taliban killed as tunnels pounded in Bajaur

Warplanes pounded a militant tunnel network in a tribal region, bordering Afghanistan, killing 20 Taliban insurgents, local security officials said on Wednesday. The air strikes occurred in the troubled district of Bajaur. "At least 13 people were killed
Published 25 Sep, 2008 12:00am
US rice futures hit two-month top

US rice futures hit two-month top

US rough rice futures on the Chicago Board of Trade ended higher for the fifth consecutive day on Tuesday, hitting a two-month high on concerns about the crop as tropical storms and late planting delayed harvest, traders said. "There is still some issues
Published 25 Sep, 2008 12:00am
Karzai asks US to back Zardari

Karzai asks US to back Zardari

Afghanistan President Hamid Karzai said recent leadership change in Pakistan has offered for the "first time" a hope of winning the "war on terror" and called for a joint assault on extremist "sanctuaries" along their common border. He also asked the Unit
Published 25 Sep, 2008 12:00am
New York sugar futures lower

New York sugar futures lower

Raw sugar futures settled easier on Tuesday on investment fund sales caused in part by worries whether a plan to right crippled financial markets will work, brokers said. The October raw sugar contract fell 0.23 cent to close at 11.83 cents per lb. The tr
Published 25 Sep, 2008 12:00am
Karzai asks US to back Zardari

Karzai asks US to back Zardari

Afghanistan President Hamid Karzai said recent leadership change in Pakistan has offered for the "first time" a hope of winning the "war on terror" and called for a joint assault on extremist "sanctuaries" along their common border. He also asked the Unit
Published 25 Sep, 2008 12:00am
Tokyo rubber down

Tokyo rubber down

Key Tokyo rubber futures fell nearly 3 percent on Wednesday to hover around 290 yen as economic uncertainty fanned by the US financial crisis rekindled fears about demand for the industrial commodity. The key Tokyo Commodity Exchange rubber contract for F
Published 25 Sep, 2008 12:00am
US, Iran, others urged to join nuclear test ban pact

US, Iran, others urged to join nuclear test ban pact

UN Secretary-General Ban Ki-moon said on Wednesday he was worried about the fate of a global pact banning nuclear tests and urged the United States, Iran, China and other hold-outs to sign and ratify it.
Published 25 Sep, 2008 12:00am
US copper down

US copper down

US copper futures lost more than 3 percent of their value Tuesday as a firmer tone in the dollar and growing anxieties surrounding a US government bailout plan spurred investors to cash in on the red metal's recent price spike. Copper for December deliver
Published 25 Sep, 2008 12:00am
Zardari meets Karzai, Palin

Zardari meets Karzai, Palin

President Asif Ali Zardari and his Afghan counterpart Hamid Karzai Wednesday vowed to have a higher degree of collaboration to jointly fight the scourge of terrorism that was jeopardising peace in the region.
Published 25 Sep, 2008 12:00am
Shanghai aluminium hits four-year low

Shanghai aluminium hits four-year low

Shanghai aluminium futures fell 1.8 percent on Wednesday to their lowest since August 2004 on concerns of swelling international stockpiles, and worries China will continue its smelter expansion programme. Shanghai metal fell as much as 285 yuan, or 1.8 p
Published 25 Sep, 2008 12:00am
Anti-money laundering ordinance: amendments approved by Cabinet

Anti-money laundering ordinance: amendments approved by Cabinet

The Cabinet, which met here on Wednesday with Prime Minister Syed Yusuf Raza Gilani in the chair, approved amendments to Anti-money Laundering Ordinance 2007 to check terror funding, expansion in the list of predicate offences and definition of money laun
Published 25 Sep, 2008 12:00am
US soya futures down

US soya futures down

Soybean futures on the Chicago Board of Trade closed lower on Tuesday as crude oil fell and investors worried that a US bailout might not be enough to revive confidence in the global financial system, traders said. Concern about Washington's $700 billion
Published 25 Sep, 2008 12:00am
Anti-money laundering ordinance: amendments approved by Cabinet

Anti-money laundering ordinance: amendments approved by Cabinet

The Cabinet, which met here on Wednesday with Prime Minister Syed Yusuf Raza Gilani in the chair, approved amendments to Anti-money Laundering Ordinance 2007 to check terror funding, expansion in the list of predicate offences and definition of money laun
Published 25 Sep, 2008 12:00am
Malaysian tin ends flat

Malaysian tin ends flat

Malaysian tin closed unchanged on Wednesday due to a technical correction over London Metal Exchange prices, one dealer said.
Published 25 Sep, 2008 12:00am
Turmoil cuts global growth: IMF

Turmoil cuts global growth: IMF

Financial turmoil that is prompting unprecedented policy responses will reduce global economic growth, but will not prevent the start of a recovery in 2009, a top International Monetary Fund official said on Wednesday. John Lipsky, the IMF''s first deputy
Published 25 Sep, 2008 12:00am
Gold extends losses in Asia

Gold extends losses in Asia

Gold slipped more than 1 percent on Wednesday as speculators booked profits after a recent rally, but fears of a delay to a $700 billion US rescue plan kept the metal's safe-haven appeal intact. Gold has bounced nearly 20 percent since tumbling to an 11-m
Published 25 Sep, 2008 12:00am
Turmoil cuts global growth: IMF

Turmoil cuts global growth: IMF

Financial turmoil that is prompting unprecedented policy responses will reduce global economic growth, but will not prevent the start of a recovery in 2009, a top International Monetary Fund official said on Wednesday. John Lipsky, the IMF's first deputy
Published 25 Sep, 2008 12:00am
Oil rises towards $108

Oil rises towards $108

Oil rose nearly $2 and topped $108 a barrel on Wednesday, bouncing from its 2.5 percent decline a day earlier, as forecast of a drop in US crude stocks more than offset doubts about the US government's financial rescue plan. A dip in the US dollar as well
Published 25 Sep, 2008 12:00am
Turmoil cuts global growth: IMF

Turmoil cuts global growth: IMF

Financial turmoil that is prompting unprecedented policy responses will reduce global economic growth, but will not prevent the start of a recovery in 2009, a top International Monetary Fund official said on Wednesday. John Lipsky, the IMF's first deputy
Published 25 Sep, 2008 12:00am
Euro recession fears grow as business morale dips

Euro recession fears grow as business morale dips

Business confidence dropped in Germany, France and Italy in September, surveys showed on Wednesday, adding to fears the eurozone is sinking into recession as the effects of US financial turmoil spread. The Munich-based Ifo institute's closely-watched indi
Published 25 Sep, 2008 12:00am
Floor mechanism to be reviewed today

Floor mechanism to be reviewed today

The Board of Directors of Karachi Stock Exchange (KSE) will review the floor mechanism on share prices in its meeting being held here on Thursday afternoon (today). The floor mechanism was placed on August 27 closing level of 9,144 to save the market part
Published 25 Sep, 2008 12:00am
Toyota's Lexus rapped over hybrid car advert

Toyota's Lexus rapped over hybrid car advert

A newspaper advert in which Toyota's Lexus luxury car line claimed one of its hybrid vehicles was "perfect for today's climate" breached British advertising rules, a watchdog ruled Wednesday. The Advertising Standards Authority (ASA) upheld complaints mad
Published 25 Sep, 2008 12:00am
Floor mechanism to be reviewed today

Floor mechanism to be reviewed today

The Board of Directors of Karachi Stock Exchange (KSE) will review the floor mechanism on share prices in its meeting being held here on Thursday afternoon (today). The floor mechanism was placed on August 27 closing level of 9,144 to save the market part
Published 25 Sep, 2008 12:00am
Japanese banks become Wall Street's unlikely saviours

Japanese banks become Wall Street's unlikely saviours

Japanese banks, once criticised for a lack of financial creativity, have emerged as Wall Street's unlikely saviours, but analysts say a culture clash may complicate their overseas expansion. Japanese lenders are no strangers to financial crises, having on
Published 25 Sep, 2008 12:00am
Floor mechanism to be reviewed today

Floor mechanism to be reviewed today

The Board of Directors of Karachi Stock Exchange (KSE) will review the floor mechanism on share prices in its meeting being held here on Thursday afternoon (today). The floor mechanism was placed on August 27 closing level of 9,144 to save the market part
Published 25 Sep, 2008 12:00am
EU says doesn't need US-style toxic asset plan

EU says doesn't need US-style toxic asset plan

The European Union does not need a US-style plan to buy up toxic assets with public money to restore confidence in the financial system, the European Commission and the French EU presidency said on Wednesday. EU Economic and Monetary Affairs Commissioner
Published 25 Sep, 2008 12:00am
Canadian wheat not fit to be imported

Canadian wheat not fit to be imported

The government may reject the Canadian offer regarding its wheat import to Pakistan, well-placed sources told Business Recorder. The Ministry of Food, Agriculture and Livestock (Minfal) was given approval by the Economic Monitoring Committee (EMC)
Published 25 Sep, 2008 12:00am
EU assembly adopts plan to boost telecoms competition

EU assembly adopts plan to boost telecoms competition

The European Parliament adopted measures on Wednesday to increase competition in EU telecoms markets in a bid to give consumers a wider choice of cheaper services. EU Telecoms Commissioner Viviane Reding, who drafted the package, wants to make it easier f
Published 25 Sep, 2008 12:00am
Canadian wheat not fit to be imported

Canadian wheat not fit to be imported

The government may reject the Canadian offer regarding its wheat import to Pakistan, well-placed sources told Business Recorder. The Ministry of Food, Agriculture and Livestock (Minfal) was given approval by the Economic Monitoring Committee (EMC)
Published 25 Sep, 2008 12:00am
Google unveils mobile phone

Google unveils mobile phone

Internet search giant Google launched its long-awaited mobile phone on Tuesday, unveiling a handset developed with telecom carrier T-Mobile to compete with rival Apple's hot-selling iPhone. The T-Mobile G1, the first mobile device powered by Google's open
Published 25 Sep, 2008 12:00am
Canadian wheat not fit to be imported

Canadian wheat not fit to be imported

The government may reject the Canadian offer regarding its wheat import to Pakistan, well-placed sources told Business Recorder. The Ministry of Food, Agriculture and Livestock (Minfal) was given approval by the Economic Monitoring Committee (EMC)
Published 25 Sep, 2008 12:00am
Rice says nations confident of US despite crisis

Rice says nations confident of US despite crisis

US Secretary of State Condoleezza Rice said her government was taking "bold action" to deal with the financial crisis and she believed other nations still had confidence in the United States. In a CNBC interview transcript released by the State Department
Published 25 Sep, 2008 12:00am
McCain suspends campaign to tackle financial crisis

McCain suspends campaign to tackle financial crisis

Republican John McCain said Wednesday he was suspending his White House campaign and asked to put off Friday''s presidential debate as he returned to Washington to help tackle the US financial crisis. "Tomorrow morning I''ll suspend my campaign and return
Published 25 Sep, 2008 12:00am
US mortgage applications fall

US mortgage applications fall

Applications for US home mortgages retreated to sluggish levels last week as rising interest rates spoiled a spurt in loan refinancing, according to data published from an industry group on Wednesday. The Mortgage Bankers Association said its seasonally a
Published 25 Sep, 2008 12:00am
McCain suspends campaign to tackle financial crisis

McCain suspends campaign to tackle financial crisis

Republican John McCain said Wednesday he was suspending his White House campaign and asked to put off Friday's presidential debate as he returned to Washington to help tackle the US financial crisis. "Tomorrow morning I'll suspend my campaign and return t
Published 25 Sep, 2008 12:00am
Fed sets $30 billion swaps lines with Nordics, Australia

Fed sets $30 billion swaps lines with Nordics, Australia

The US Federal Reserve set new currency swap lines worth $30 billion with central banks in Scandinavia and Australia on Wednesday to boost short-term US dollar liquidity and help drive down interbank lending rates. European money markets rates eased on We
Published 25 Sep, 2008 12:00am
McCain suspends campaign to tackle financial crisis

McCain suspends campaign to tackle financial crisis

Republican John McCain said Wednesday he was suspending his White House campaign and asked to put off Friday's presidential debate as he returned to Washington to help tackle the US financial crisis. "Tomorrow morning I'll suspend my campaign and return t
Published 25 Sep, 2008 12:00am
Financial crisis no cause for protectionism: WTO

Financial crisis no cause for protectionism: WTO

The financial crisis should not undermine efforts to open up the global economy, the head of the World Trade Organisation (WTO) said on Wednesday. WTO Director-General Pascal Lamy said the lesson from the Great Depression that followed the 1929 Wall Stree
Published 25 Sep, 2008 12:00am
I won''t ask US for economic package: Zardari

I won''t ask US for economic package: Zardari

President Asif Ali Zardari on Wednesday said that he would not ask the United States for any economic package as his visit to the United States of America was not a state visit and he was here only to represent the country at the United Nations General As
Published 25 Sep, 2008 12:00am
I won't ask US for economic package: Zardari

I won't ask US for economic package: Zardari

President Asif Ali Zardari on Wednesday said that he would not ask the United States for any economic package as his visit to the United States of America was not a state visit and he was here only to represent the country at the United Nations General As
Published 25 Sep, 2008 12:00am
I won't ask US for economic package: Zardari

I won't ask US for economic package: Zardari

President Asif Ali Zardari on Wednesday said that he would not ask the United States for any economic package as his visit to the United States of America was not a state visit and he was here only to represent the country at the United Nations General As
Published 25 Sep, 2008 12:00am
French firm EDF clinches British Energy take-over

French firm EDF clinches British Energy take-over

British Energy accepted a take-over bid worth more than 15 billion euros from French electricity firm EDF in a tie-up set to transform Britain's nuclear energy sector, officials said Wednesday.
Published 25 Sep, 2008 12:00am
Emirates Telecom buys 45 percent in India's Swan

Emirates Telecom buys 45 percent in India's Swan

Emirates Telecommunications Corp (Etisalat) said on Tuesday it agreed to buy about 45 percent of India's Swan Telecom for up to $900 million. Etisalat, the second-largest Arab telecom firm by market value, said the deal implies a valuation of $2 billion f
Published 25 Sep, 2008 12:00am
Hong Kong regulator to probe selling of Lehman-backed bonds

Hong Kong regulator to probe selling of Lehman-backed bonds

Hong Kong's securities watchdog said Wednesday it had launched an investigation into the possible mis-selling of complex financial products backed by collapsed US bank Lehman Brothers. The Securities and Futures Commission (SFC) said it would examine whet
Published 25 Sep, 2008 12:00am
Hong Kong regulator to probe selling of Lehman-backed bonds

Hong Kong regulator to probe selling of Lehman-backed bonds

Hong Kong's securities watchdog said Wednesday it had launched an investigation into the possible mis-selling of complex financial products backed by collapsed US bank Lehman Brothers. The Securities and Futures Commission (SFC) said it would examine whet
Published 25 Sep, 2008 12:00am
Iran minister says has options for new central bank head

Iran minister says has options for new central bank head

Iran's central bank board has yet to decide whether to approve its governor's resignation but there are several options to replace him, the economy minister said on Tuesday, giving the first cabinet comments on the issue. An Iranian official on Saturday c
Published 25 Sep, 2008 12:00am
Former Siemens executive acknowledges support for trade union at trial

Former Siemens executive acknowledges support for trade union at trial

A former Siemens executive, Johannes Feldmayer, acknowledged Wednesday that he paid tens of millions of euros (dollars) to a small trade union that supported the management's goals. Feldmayer, who faced his first day in court on charges of breach of trust
Published 25 Sep, 2008 12:00am
Kazakhstan plans $6 billion bad loan buyout fund

Kazakhstan plans $6 billion bad loan buyout fund

Kazakhstan will set up a $6 billion distressed asset fund this year to buy up bad loans from its banks and help the sector cope with the global credit crisis, the finance minister said on Wednesday. The liquidity squeeze has left many banks in Central Asi
Published 25 Sep, 2008 12:00am
Kazakhstan plans $6 billion bad loan buyout fund

Kazakhstan plans $6 billion bad loan buyout fund

Kazakhstan will set up a $6 billion distressed asset fund this year to buy up bad loans from its banks and help the sector cope with the global credit crisis, the finance minister said on Wednesday. The liquidity squeeze has left many banks in Central Asi
Published 25 Sep, 2008 12:00am
'China should consider more Wall Street buys'

'China should consider more Wall Street buys'

Chinese financial institutions should look for the right chance to take further stakes in struggling Wall Street banks to beef up China's global presence, a senior banker said on Tuesday. Investments in recent years by Chinese banks in US financial firms
Published 25 Sep, 2008 12:00am
Deutsche Bank to launch Shariah hedge fund platform

Deutsche Bank to launch Shariah hedge fund platform

Deutsche Bank AG's prime brokerage business is preparing to launch a Shariah-compliant hedge fund platform within the next month, as part of its Middle East expansion plans, a senior official said.
Published 25 Sep, 2008 12:00am
Deutsche Bank to launch Shariah hedge fund platform

Deutsche Bank to launch Shariah hedge fund platform

Deutsche Bank AG's prime brokerage business is preparing to launch a Shariah-compliant hedge fund platform within the next month, as part of its Middle East expansion plans, a senior official said.
Published 25 Sep, 2008 12:00am
Saudi central bank stands by bank reserve requirement

Saudi central bank stands by bank reserve requirement

Saudi Arabia's central bank governor said on Wednesday it had no plans to adjust bank reserve requirements as soaring inflation rather than the global financial crisis topped its concerns. Banks in the world's largest oil exporter are not facing a shortag
Published 25 Sep, 2008 12:00am
France to call global financial-crisis summit

France to call global financial-crisis summit

France intends to call an emergency summit of the world's leading economic powers before the end of the year to respond to the global financial crisis, French Europe Minister Jean-Pierre Jouyet confirmed Wednesday.France, the current holder of the EU's ro
Published 25 Sep, 2008 12:00am
Kaufman sees US budget deficits up to $800 billion

Kaufman sees US budget deficits up to $800 billion

Following the US government's huge planned bailout for the financial system, federal budget deficits of between $700 billion and $800 billion will be commonplace, said veteran Wall Street economist Henry Kaufman on Wednesday. Kaufman, who is president of
Published 25 Sep, 2008 12:00am
Indian airline sector hit by 'perfect storm': IATA

Indian airline sector hit by 'perfect storm': IATA

India's airline sector has moved into negative growth and urgent reforms are needed if it wants to survive a "perfect storm" hitting the industry, an association said Wednesday. Growth has slowed from 33 percent in 2007 to 7.5 percent for the first six mo
Published 25 Sep, 2008 12:00am
Taiwan stocks end three-day rally

Taiwan stocks end three-day rally

Taiwan stocks fell 0.8 percent on Wednesday as worries over the US financial crisis weighed down shares like Cathay Financial after the US Congress wrangled over a $700 billion rescue plan. The main TAIEX share index closed 49.61 points lower at 6,132.60,
Published 25 Sep, 2008 12:00am
Hong Kong shares jump

Hong Kong shares jump

Hong Kong shares rose 0.5 percent on Wednesday as investment guru Warren Buffett's vote of confidence in Wall Street banks spurred a rally in some financial counters, but Bank of East Asia (BEA) slid despite denying rumours questioning its financial stabi
Published 25 Sep, 2008 12:00am
US stocks dip

US stocks dip

US stocks fell on Tuesday on fear that congressional wrangling could delay a proposed $700 billion plan to rescue the financial sector, increasing worries about the struggling US economy. General Electric was the biggest drag on the S&P 500, falling more
Published 25 Sep, 2008 12:00am
Singapore shares close flat

Singapore shares close flat

Singapore shares closed flat on Wednesday in a market concerned over the uncertain fate of a US government plan to bail out the financial sector, dealers said. The blue chip Straits Times Index closed 0.04 percent or 1.09 points higher at 2,477.60, on vol
Published 25 Sep, 2008 12:00am
US Treasuries rise

US Treasuries rise

US Treasury debt prices rose on Tuesday, as some doubts about the cost and effectiveness of the government's proposed $700 billion bailout of Wall Street stoked safety bids for government bonds. Traders focused on testimony by top officials, including Tre
Published 25 Sep, 2008 12:00am
US Treasuries rise

US Treasuries rise

US Treasury debt prices rose on Tuesday, as some doubts about the cost and effectiveness of the government's proposed $700 billion bailout of Wall Street stoked safety bids for government bonds. Traders focused on testimony by top officials, including Tre
Published 25 Sep, 2008 12:00am
Jakarta stocks up

Jakarta stocks up

Indonesia shares ended 0.6 percent higher on Wednesday as investors hunted bargains amid renewed confidence in the US financial rescue plan, dealers said. The Jakarta Composite Index rose 10.45 points to 1,883.55 in moderate volume, off an intraday low of
Published 25 Sep, 2008 12:00am
Thai share prices soar

Thai share prices soar

Thai share prices closed 2.0 percent higher on Wednesday as investors welcomed news of tycoon Warren Buffett's 5 billion US dollars investment in Goldman Sachs, they said. They said the Thai bourse rose in line with the regional markets and a rebound of h
Published 25 Sep, 2008 12:00am
Malaysian shares finish with little gains

Malaysian shares finish with little gains

Malaysian share prices closed 0.2 percent higher on Wednesday, after rebounding from an intraday low on expectations that the government will cut fuel prices at the end of the day, dealers said. The Kuala Lumpur Composite Index added 2.22 points to close
Published 25 Sep, 2008 12:00am
China shares slightly firmer

China shares slightly firmer

Chinese share prices edged up 0.70 percent on Wednesday, bouncing off early lows led by market heavyweights, dealers said. Food and beverage producers rebounded in late afternoon led by liquor maker Kweichow Moutai and Yantai Changyu Pioneer Wine after th
Published 25 Sep, 2008 12:00am
Nikkei edges up, financials gain

Nikkei edges up, financials gain

Japan's Nikkei stock average edged up 0.2 percent on Wednesday, led higher as Nomura Holdings Inc and other financials gained on hopes that planned investments in US banks would help the sector. Nomura surged after the company said it would buy the Asian
Published 25 Sep, 2008 12:00am
Philippines shares surge

Philippines shares surge

Philippines share prices closed 0.96 percent higher on Wednesday on selective-buying of blue chips that had fallen in recent days, dealers said. The composite index rose 24.03 points to 2,510.32 points, while the all-shares index rose one percent to 1,588
Published 25 Sep, 2008 12:00am
Bangladesh interbank forex, interest rates

Bangladesh interbank forex, interest rates

Interbank buy/sell rates for the taka against the dollar on Wednesday. 68.51/68.52 (previous 68.51/68.52). Call Money Rates: 7.75-12.00 percent (previous 7.00-13.00 percent.
Published 25 Sep, 2008 12:00am
Australian dollar subdued by commodities

Australian dollar subdued by commodities

The Australian dollar nudged lower on Wednesday, weighed down by weaker commodities, but a recovery in investor appetite for financial stocks offered good support. Billionaire investor Warren Buffett's move to buy a 9 percent stake in Wall Street's most p
Published 25 Sep, 2008 12:00am
Yuan weakens versus dollar

Yuan weakens versus dollar

The yuan fell against the dollar in the spot market and offshore forwards on Wednesday after the Chinese central bank set a weaker mid-point, signalling that it wants stability and reducing expectations for a new round of yuan appreciation.
Published 25 Sep, 2008 12:00am
Dollar inches down

Dollar inches down

The dollar edged down against the euro on Wednesday on uncertainty about the effectiveness of the US government's proposed $700 billion bailout plan to tackle the financial crisis. But the US currency erased earlier losses and gained against the yen after
Published 25 Sep, 2008 12:00am
Dollar hammered as worries mount

Dollar hammered as worries mount

The dollar took a beating Monday, suffering its worst single-day decline ever against the euro, as concerns grew that a 700-billion-dollar rescue plan for the banking system will further burden US finances. Dealers said that after the euphoria Friday on t
Published 25 Sep, 2008 12:00am
Kenyan shilling stable

Kenyan shilling stable

The Kenya shilling traded in a range against the dollar on Tuesday with the market watching out for any central bank greenback sales, dealers said. The banks quoted the local unit at 72.80/90, barely changed from Monday's 72.70/80 close. The central bank
Published 25 Sep, 2008 12:00am
Swiss franc ticks down

Swiss franc ticks down

The Swiss franc ticked down against the euro on Wednesday ahead of the German business climate index, as US investor Warren Buffett's plans to invest in Goldman Sachs eased risk aversion and supported stocks. "The most important factor today is likely to
Published 25 Sep, 2008 12:00am
Asian currencies subdued by credit market worries

Asian currencies subdued by credit market worries

Asian currencies weakened slightly on Wednesday as a light recovery in some stock indexes failed to offset investor scepticism over the US government's bailout package for the financial sector. Concerns over whether the $700 billion bailout package for tr
Published 25 Sep, 2008 12:00am
Canadian dollar slides

Canadian dollar slides

The Canadian dollar gave back some of its recent gains against a firmer US dollar on Tuesday, after rising 3.4 percent versus its US counterpart over the previous three sessions on uncertainty surrounding the bailout of the US financial sector.
Published 25 Sep, 2008 12:00am
Eight dead, 38 missing as rain hits China quake area

Eight dead, 38 missing as rain hits China quake area

At least eight people died and 38 were missing after heavy rain caused floods and landslides in an area of south-western China's Sichuan province that was devastated by an earthquake in May, state media said on Wednesday.
Published 25 Sep, 2008 12:00am
20 killed in ambush north of Baghdad

20 killed in ambush north of Baghdad

Gunmen ambushed and killed 12 policemen and eight anti-Qaeda fighters in Diyala province north of Baghdad on Wednesday as rebel violence continued despite a security force crackdown. The gunmen struck at around 3:30 pm (1230 GMT) in the village of Al-Dula
Published 25 Sep, 2008 12:00am
Five cops killed in Kabul blasts

Five cops killed in Kabul blasts

Five policemen were killed and the top criminal department police chief was wounded in explosions on the western outskirts of the capital Kabul, the interior ministry spokesman said Wednesday. Ali Shah Paktiawal, head of the criminal department of the Kab
Published 25 Sep, 2008 12:00am
UN rights panel adopts Cuban resolution against sanctions

UN rights panel adopts Cuban resolution against sanctions

Cuba, under a US economic embargo for four decades, won a resolution at the UN Human Rights Council Wednesday urging nations to stop imposing "unilateral coercive measures" against other states. Introduced by Cuba on behalf of the Non-Aligned Movement, th
Published 25 Sep, 2008 12:00am
Iraq passes poll law, vote urged before January 31

Iraq passes poll law, vote urged before January 31

Iraq's parliament unanimously approved a provincial elections law on Wednesday after months of bickering between Arabs and Kurds, and called for the vote to be held before January 31 next year, legislators said. The polls had been scheduled for October 1
Published 25 Sep, 2008 12:00am
China official says milk scandal 'under control'

China official says milk scandal 'under control'

China, seeking to assure the world its products are safe, said on Wednesday a tainted milk scandal had been brought under control and recently tested liquid milk samples showed no traces of a toxic chemical. "There is no problem," Xiang Yuzhang, the natio
Published 25 Sep, 2008 12:00am
Air France chief agrees to step down: source

Air France chief agrees to step down: source

The head of Air France Jean-Cyril Spinetta is to hand over his top management post to his number two in January 2009, a source at the company told AFP on Wednesday.
Published 25 Sep, 2008 12:00am
EU to introduce daytime safety lights for cars in 2011

EU to introduce daytime safety lights for cars in 2011

Automakers will be required to equip new car models in the European Union with special daytime lights from 2011 in a bid to cut down on road accidents, the European Commission announced Wednesday. "The introduction of daytime running lights for cars, truc
Published 25 Sep, 2008 12:00am
World's cheapest car set to leave Indian site

World's cheapest car set to leave Indian site

India's Tata group was moving out of an unfinished factory built to make the world's cheapest car due to protests over a land dispute, reports said Wednesday. Tata was moving equipment from the plant in Singur in West Bengal to an unspecified facility fol
Published 25 Sep, 2008 12:00am
Savers mob Bank of East Asia over stability rumours

Savers mob Bank of East Asia over stability rumours

Thousands of Hong Kong savers mobbed branches of Bank of East Asia on Wednesday to withdraw deposits, as the bank scrambled to reassure them it was not overexposed to Lehman Brothers and AIG. Police were called in to control the crowds after text messages
Published 25 Sep, 2008 12:00am
Mogadishu death toll hits 13

Mogadishu death toll hits 13

Six bodies were recovered overnight in the Somali capital taking the death toll to 13 in clashes between African peacekeepers and Islamist rebels, witnesses said on Wednesday. At least seven civilians had already been killed since heavily-armed insurgents
Published 25 Sep, 2008 12:00am
Weapons that helped start World War I going on show in London

Weapons that helped start World War I going on show in London

Weapons used in the assassination plot that triggered World War I go display in London from next week to mark the 90th anniversary of the end of the conflict, the Imperial War Museum said Thursday. A pistol and a bomb carried by the six men involved in ki
Published 25 Sep, 2008 12:00am
Syria denies plan to send troops back to Lebanon

Syria denies plan to send troops back to Lebanon

Syria has denied allegations that it is planning to send troops back to Lebanon, three years after it withdrew its army from its neighbour Lebanese military official had claimed on Tuesday that the Syrian army had moved 8,000 troops close to the shared bo
Published 25 Sep, 2008 12:00am
Jaded Tsonga battles through to next round

Jaded Tsonga battles through to next round

Second-seed Jo-Wilfried Tsonga struggled through a tough opening match to beat Czech Lukas Dlouhy 7-6 3-6 7-6 at the Thailand Open on Wednesday. Still lacking fitness after undergoing knee surgery three months ago, Tsonga looked jaded throughout the two-h
Published 25 Sep, 2008 12:00am
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