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Print - 2008-10-08
Malaysian palm oil futures up 1.65 percent

Malaysian palm oil futures up 1.65 percent

Malaysian palm oil futures closed up 1.65 percent on Tuesday on short-covering, but came off the day's high on a late sell-off as sentiment remained weak on demand concerns, some traders said. Gains for crude oil, a substitute for palm oil in biofuels, as
Published 08 Oct, 2008 12:00am
UK government, authorities to launch bank rescue deal

UK government, authorities to launch bank rescue deal

Britain will announce a rescue package for the UK banking system on Wednesday, finance minister Alistair Darling said. A government source with knowledge of the plan said on Tuesday details were still being thrashed out but the package was likely to inclu
Published 08 Oct, 2008 12:00am
Malaysian tin tumbles

Malaysian tin tumbles

Malaysian tin slid to an eight and a quarter month low on Tuesday amid high selling volumes at the market open after sharp fall on the London Metal Exchange, one dealer said.
Published 08 Oct, 2008 12:00am
UK government, authorities to launch bank rescue deal

UK government, authorities to launch bank rescue deal

Britain will announce a rescue package for the UK banking system on Wednesday, finance minister Alistair Darling said. A government source with knowledge of the plan said on Tuesday details were still being thrashed out but the package was likely to inclu
Published 08 Oct, 2008 12:00am
Oil back above $90 in Asian market

Oil back above $90 in Asian market

Oil rebounded more than $2 a barrel on Tuesday, recouping some of the previous session's $6 loss, after Australia's interest rate cut sparked guarded optimism global central banks may act to stem the credit crisis and its fallout on oil demand. Australia'
Published 08 Oct, 2008 12:00am
Afternoon trade: Nasdaq briefly drops four percent in Wall Street slide

Afternoon trade: Nasdaq briefly drops four percent in Wall Street slide

US stocks slid further on Tuesday, sending the Nasdaq briefly down more than 4 percent, as investors worried that the widening impact of the credit crisis threatened to drag the economy into recession. The Dow Jones industrial average was down 273.59 poin
Published 08 Oct, 2008 12:00am
US gold rallies

US gold rallies

New York gold futures ended 4 percent higher in thin, volatile trade on Monday as investors sought a safe haven amid a plunge stock markets caused by mounting fears a worsening financial crisis would lead to global recession.
Published 08 Oct, 2008 12:00am
Afternoon trade: Nasdaq briefly drops four percent in Wall Street slide

Afternoon trade: Nasdaq briefly drops four percent in Wall Street slide

US stocks slid further on Tuesday, sending the Nasdaq briefly down more than 4 percent, as investors worried that the widening impact of the credit crisis threatened to drag the economy into recession. The Dow Jones industrial average was down 273.59 poin
Published 08 Oct, 2008 12:00am
Gold rides on rising oil

Gold rides on rising oil

Gold gained nearly 1 percent on Tuesday as investors sought havens from volatile stock markets after a US bailout package to rescue distressed banks failed to calm fears. Talks that other central banks would follow Australia's move to cut interest to stem
Published 08 Oct, 2008 12:00am
Afternoon trade: Nasdaq briefly drops four percent in Wall Street slide

Afternoon trade: Nasdaq briefly drops four percent in Wall Street slide

US stocks slid further on Tuesday, sending the Nasdaq briefly down more than 4 percent, as investors worried that the widening impact of the credit crisis threatened to drag the economy into recession. The Dow Jones industrial average was down 273.59 poin
Published 08 Oct, 2008 12:00am
Financial crisis adds to September US retail sales woes

Financial crisis adds to September US retail sales woes

Top US retailers, with the exception of discounters and warehouse clubs, are expected to post a drop in September sales this week as consumers balked at spending during an expanding financial markets crisis. Already hit hard by a US housing slump and cred
Published 08 Oct, 2008 12:00am
FTSE rebounds on commods as RBS, HBOS sink 40 percent

FTSE rebounds on commods as RBS, HBOS sink 40 percent

Britain''s leading share index rebounded on Tuesday after posting its biggest-ever one-day points fall in the previous session, as gains in commodity stocks offset heavy losses in the ailing banking sector. The FTSE 100 closed 16 points, or 0.4 percent, h
Published 08 Oct, 2008 12:00am
Fannie Mae to buy loans from FHLB Chicago

Fannie Mae to buy loans from FHLB Chicago

Fannie Mae will buy mortgage loans from the Federal Home Loan Bank of Chicago in an effort to increase liquidity and stability in the US mortgage market, the two agencies said in a joint statement on Tuesday. Fannie Mae, the largest US home funding compan
Published 08 Oct, 2008 12:00am
FTSE rebounds on commods as RBS, HBOS sink 40 percent

FTSE rebounds on commods as RBS, HBOS sink 40 percent

Britain's leading share index rebounded on Tuesday after posting its biggest-ever one-day points fall in the previous session, as gains in commodity stocks offset heavy losses in the ailing banking sector. The FTSE 100 closed 16 points, or 0.4 percent, hi
Published 08 Oct, 2008 12:00am
German government, opposition spar over savings guarantee

German government, opposition spar over savings guarantee

Germany's ruling coalition clashed with opposition parties on Tuesday over the government pledge to guarantee more than 1 trillion euros ($1,359 billion) in private savings as it struggles to tackle the global financial crisis.
Published 08 Oct, 2008 12:00am
FTSE rebounds on commods as RBS, HBOS sink 40 percent

FTSE rebounds on commods as RBS, HBOS sink 40 percent

Britain's leading share index rebounded on Tuesday after posting its biggest-ever one-day points fall in the previous session, as gains in commodity stocks offset heavy losses in the ailing banking sector. The FTSE 100 closed 16 points, or 0.4 percent, hi
Published 08 Oct, 2008 12:00am
Russia gives banks extra $36 billion

Russia gives banks extra $36 billion

President Dmitry Medvedev announced an extra 950 billion roubles ($36.4 billion) of long-term help for banks at an emergency Kremlin meeting on Tuesday, but failed to rally Russian stocks. "The whole point of our work is to make decisions as quickly as po
Published 08 Oct, 2008 12:00am
Bush spoke with European leaders for coordination

Bush spoke with European leaders for coordination

US President George W. Bush on Tuesday said he had spoken with European leaders to make sure there was co-ordination in dealing with financial market turmoil that has spread around the world. Bush, trying to calm fears after steep stock market declines, s
Published 08 Oct, 2008 12:00am
Libor rates, spreads jump as money market jam persists

Libor rates, spreads jump as money market jam persists

The cost of borrowing dollars, euros and sterling on frozen international money markets jumped on Tuesday, driven by renewed falls in banking stocks, deepening financial turmoil in Iceland and Europe's so-far fruitless efforts to stem the spreading crisis
Published 08 Oct, 2008 12:00am
Bush spoke with European leaders for coordination

Bush spoke with European leaders for coordination

US President George W. Bush on Tuesday said he had spoken with European leaders to make sure there was co-ordination in dealing with financial market turmoil that has spread around the world. Bush, trying to calm fears after steep stock market declines, s
Published 08 Oct, 2008 12:00am
Airbus leads Boeing in orders, output

Airbus leads Boeing in orders, output

Airbus sold 31 planes in September, bringing gross orders for the first nine months of the year to 785 aircraft as the European plane maker held a lead over strike-hit Boeing in orders and deliveries. Stripping out cancellations, Airbus reported a net tot
Published 08 Oct, 2008 12:00am
Bush spoke with European leaders for coordination

Bush spoke with European leaders for coordination

US President George W. Bush on Tuesday said he had spoken with European leaders to make sure there was co-ordination in dealing with financial market turmoil that has spread around the world. Bush, trying to calm fears after steep stock market declines, s
Published 08 Oct, 2008 12:00am
Thousands march in France for 'decent work'

Thousands march in France for 'decent work'

Thousands of people took part in marches across France on Tuesday on the first world day for "decent work", worried that jobs, savings or livelihoods will be swept away in the global financial crisis. Six French unions organised the demonstrations that fo
Published 08 Oct, 2008 12:00am
Bernanke signals readiness to cut US rates

Bernanke signals readiness to cut US rates

US Federal Reserve Chairman Ben Bernanke on Tuesday signalled a readiness to lower US interest rates in a dramatic shift to support an economy battered by a financial crisis of "historic dimension." Recent economic data and financial developments show the
Published 08 Oct, 2008 12:00am
Bakrie group hit as liquidity crisis ripples into Indonesia

Bakrie group hit as liquidity crisis ripples into Indonesia

Share trading in six companies owned by Indonesia's richest man was suspended Tuesday as the effects of the global financial crisis rolled into south east Asia's biggest economy, dealers said. The six Bakrie Group-owned companies had dropped by between a
Published 08 Oct, 2008 12:00am
Bernanke signals readiness to cut US rates

Bernanke signals readiness to cut US rates

US Federal Reserve Chairman Ben Bernanke on Tuesday signalled a readiness to lower US interest rates in a dramatic shift to support an economy battered by a financial crisis of "historic dimension." Recent economic data and financial developments show the
Published 08 Oct, 2008 12:00am
Gulf states talk up markets, play down crisis

Gulf states talk up markets, play down crisis

Four Gulf states tried to lend verbal support to faltering stock markets on Tuesday, saying their financial institutions were sound despite the global credit crisis. Officials from Saudi Arabia, Kuwait, Qatar and Oman moved to reassure investors that the
Published 08 Oct, 2008 12:00am
Bernanke signals readiness to cut US rates

Bernanke signals readiness to cut US rates

US Federal Reserve Chairman Ben Bernanke on Tuesday signalled a readiness to lower US interest rates in a dramatic shift to support an economy battered by a financial crisis of "historic dimension." Recent economic data and financial developments show the
Published 08 Oct, 2008 12:00am
European Union lawmakers dilute insurance reform

European Union lawmakers dilute insurance reform

A panel of European Union lawmakers adopted an overhaul of the bloc's 7 trillion euro ($9.5 trillion) insurance sector on Tuesday but diluted measures to streamline how the big insurers are supervised. The reform is seen as the first test of the commitmen
Published 08 Oct, 2008 12:00am
Vote to stagger impact of carbon cost on factories

Vote to stagger impact of carbon cost on factories

Influential EU lawmakers sought in a key vote on Tuesday to ease the cost for factories of meeting greenhouse gas emissions limits from 2013 as much of Europe heads for recession. But the European Parliament's environment committee backed an EU executive
Published 08 Oct, 2008 12:00am
European carmakers cut output as credit crisis hits

European carmakers cut output as credit crisis hits

General Motors and Ford Motor will cut output in Europe, the US automakers said on Tuesday, another sign turmoil on financial markets is ruining consumers' appetite for big-ticket items like cars. GM has shut its Opel factory at Bochum, which makes Astra
Published 08 Oct, 2008 12:00am
Tareen appointed Prime Minister''s Advisor on Finance

Tareen appointed Prime Minister''s Advisor on Finance

The government has appointed Saudi Pak Bank chief Shaukat Tareen as Advisor to Prime Minister on Finance with a status of federal minister. The notification of his appointment is expected to be issued here on Wednesday. Shaukat Tareen will also perform ad
Published 08 Oct, 2008 12:00am
Bank of Japan stands pat amid market turmoil

Bank of Japan stands pat amid market turmoil

Japan's central bank said Tuesday that it was holding its key interest rate steady at 0.5 percent, as fresh turmoil erupted on global financial markets. The policy board made the decision unanimously at the end of a two-day meeting, the Bank of Japan (BoJ
Published 08 Oct, 2008 12:00am
Tareen appointed Prime Minister's Advisor on Finance

Tareen appointed Prime Minister's Advisor on Finance

The government has appointed Saudi Pak Bank chief Shaukat Tareen as Advisor to Prime Minister on Finance with a status of federal minister. The notification of his appointment is expected to be issued here on Wednesday. Shaukat Tareen will also perform ad
Published 08 Oct, 2008 12:00am
Bangladeshi government takes hard line as election nears

Bangladeshi government takes hard line as election nears

Hopes for a smooth run-up to Bangladesh's December election hit new snags after a court issued warrants for several former ministers and asked them and ex-prime minister Begum Khaleda Zia to appear at a hearing next week. They have been asked to be availa
Published 08 Oct, 2008 12:00am
Tareen appointed Prime Minister's Advisor on Finance

Tareen appointed Prime Minister's Advisor on Finance

The government has appointed Saudi Pak Bank chief Shaukat Tareen as Advisor to Prime Minister on Finance with a status of federal minister. The notification of his appointment is expected to be issued here on Wednesday. Shaukat Tareen will also perform ad
Published 08 Oct, 2008 12:00am
South Korea dismisses North's nuclear 'ultimatum'

South Korea dismisses North's nuclear 'ultimatum'

South Korea's foreign minister played down on Tuesday the notion that North Korea delivered an ultimatum when it held talks last week with a visiting US envoy trying to save a floundering nuclear disarmament deal. US Assistant Secretary of State Christoph
Published 08 Oct, 2008 12:00am
Bangladesh an Myanmar sign deal, agree on more talks

Bangladesh an Myanmar sign deal, agree on more talks

Bangladesh and Myanmar signed an agreement on Tuesday to avoid double taxation to help boost trade, and agreed to hold talks to resolve outstanding issues including a row over Muslim refugees in Bangladesh. The agreement came during the visit of General M
Published 08 Oct, 2008 12:00am
Thai troops patrol Bangkok; two killed, 380 hurt in deadly clashes

Thai troops patrol Bangkok; two killed, 380 hurt in deadly clashes

Thailand's military deployed troops on the streets of Bangkok on Tuesday to keep order after a day of battles between police and anti-government protesters in which two people died and more than 380 were injured. One man was killed by a car bomb near parl
Published 08 Oct, 2008 12:00am
Turkey resists call for wider powers to combat PKK

Turkey resists call for wider powers to combat PKK

Turkey's government on Tuesday resisted calls from the powerful military to broaden emergency measures to combat Kurdish separatist rebels after an attack that killed 17 soldiers. Prime Minister Tayyip Erdogan, whose Islamist-rooted AK Party has often cla
Published 08 Oct, 2008 12:00am
US Army sees progress in FCS

US Army sees progress in FCS

Top US Army officials on Monday said a $160 billion Future Combat Systems modernisation program managed by Boeing Co and SAIC Inc was "on budget, on track," but could see changes over time. Army Chief of Staff General George Casey said the Army was going
Published 08 Oct, 2008 12:00am
Russia to extend Georgia pullback

Russia to extend Georgia pullback

Russia will pull its troops back on Wednesday from the southern edge of a buffer zone inside Georgia surrounding the territory of South Ossetia, a senior Russian military officer said. Russia has until Friday to withdraw all its troops from the 'security
Published 08 Oct, 2008 12:00am
Somali piracy monitor may be freed pending trial

Somali piracy monitor may be freed pending trial

A court ordered the release on Tuesday of a Kenyan who monitors piracy off Somalia pending his trial on charges of giving "alarming" information about the destination of tanks seized on a Ukrainian ship. But relatives of Andrew Mwangura, of the East Afric
Published 08 Oct, 2008 12:00am
Kenya to deport US author of critical Obama book

Kenya to deport US author of critical Obama book

Kenyan immigration authorities arrested the US author of a critical book about presidential candidate Barack Obama before its launch on Tuesday and took him to the airport for deportation, witnesses said. Jerome Corsi arrived at a downtown Nairobi hotel t
Published 08 Oct, 2008 12:00am
German cabinet extends unpopular Afghan mandate

German cabinet extends unpopular Afghan mandate

Chancellor Angela Merkel's cabinet approved an extension of German participation in the Nato-led force in Afghanistan Tuesday and added 1,000 more soldiers to the mission, a government spokesman said. The decision will prolong the mandate for the deployme
Published 08 Oct, 2008 12:00am
Maldives gears up for historic presidential poll

Maldives gears up for historic presidential poll

The six candidates vying for president in the Maldives archipelago's first-ever multiparty elections on Tuesday finished their campaigns, in a poll seen as a referendum on President's Maumoon Abdul Gayoom's 30 year-rule. Asia's longest-serving leader is s
Published 08 Oct, 2008 12:00am
Tata signs deal to move cheap car plant

Tata signs deal to move cheap car plant

Tata chairman Ratan Tata signed an agreement on Tuesday to move the troubled Nano cheap car project to the western Indian state of Gujarat. The move came after Tata Motors was forced to abandon its factory in communist-run West Bengal due to violent prote
Published 08 Oct, 2008 12:00am
Canada's purchasing activity quickens in September

Canada's purchasing activity quickens in September

Purchasing activity in the Canadian economy expanded in September, and at a faster pace than the previous month, according to the Ivey Purchasing Managers Index released on Monday. The index, the joint project of the Purchasing Management Association of C
Published 08 Oct, 2008 12:00am
Japan dollar funding operations keep credit open for world

Japan dollar funding operations keep credit open for world

The Bank of Japan's rare dollar funding operations may have the key side effect of underpinning Japanese banks' overseas lending by relieving some of the distortions stemming from strained money markets. Japanese lenders have stepped into the breach as US
Published 08 Oct, 2008 12:00am
Australia's CBA in talks to buy BankWest

Australia's CBA in talks to buy BankWest

Commonwealth Bank of Australia (CBA) said on Tuesday it has started exclusive talks with British bank HBOS about a potential take-over of BankWest, HBOS' Australian operation, estimated to be worth A$2 billion ($1.45 billion). Earlier press reports had sa
Published 08 Oct, 2008 12:00am
Iran former-central bank chief slams economic 'mirage'

Iran former-central bank chief slams economic 'mirage'

Iran's outgoing central bank governor warned on Monday that the government's economic policy amounted to a "mirage," in a speech at a handover ceremony, the labour news agency ILNA reported. It said the ceremony was attended by President Mahmoud Ahmadinej
Published 08 Oct, 2008 12:00am
India seen taking more steps on cash, but not rates

India seen taking more steps on cash, but not rates

India's central bank is expected to follow an easing of reserve requirements with more steps to add cash to money markets, but analysts say double-digit inflation means it cannot take part in any global round of rate cuts.
Published 08 Oct, 2008 12:00am
Economist panel glum on US near-term growth outlook

Economist panel glum on US near-term growth outlook

Business economists have turned more negative about the US economic outlook for the next few quarters because of tight credit availability and weak consumer spending, according to a survey released on Monday. Panellists with the National Association of Bu
Published 08 Oct, 2008 12:00am
Rio iron ore train drivers vote to strike

Rio iron ore train drivers vote to strike

World No 2 iron ore miner Rio Tinto Ltd/Plc will face the first of a series of rolling strikes by unionised train drivers starting on Saturday, threatening to disrupt up to half the company's daily haulage into its main export terminal, a union leader sai
Published 08 Oct, 2008 12:00am
World Bank Africa economist urges CFA devaluation debate

World Bank Africa economist urges CFA devaluation debate

Africa's 14 countries sharing the euro-pegged CFA franc should consider devaluing it to make their exports more competitive and counter the weak US dollar, the World Bank's chief Africa economist said on Monday. The CFA franc's 50 percent devaluation in 1
Published 08 Oct, 2008 12:00am
Kuwait central bank says banks not hit by crisis

Kuwait central bank says banks not hit by crisis

Not all Kuwaiti banks are affected by a global credit crisis, the Gulf Arab's central bank governor said in remarks published on Tuesday. "The Kuwaiti financial institutions are enjoying an excellent financial coverage and don't suffer at all from financi
Published 08 Oct, 2008 12:00am
Opec may need further oil supply cut: Libya

Opec may need further oil supply cut: Libya

Opec may need to cut oil supply further to prop up oil prices, the top official for Opec member Libya said on Tuesday, a day after crude prices fell to an eight-month low. Oil has fallen as the growing financial crisis slows oil demand in top consumer the
Published 08 Oct, 2008 12:00am
Turkish minister pledges fiscal discipline

Turkish minister pledges fiscal discipline

Turkey's government will maintain fiscal discipline to lower the ratio of net government debt to gross domestic product in 2008 and in the coming years, Economy Minister Mehmet Simsek said on Tuesday. Simsek said Turkey's net government debt to GDP ratio
Published 08 Oct, 2008 12:00am
Hong Kong markets closed for local holiday

Hong Kong markets closed for local holiday

Hong Kong's stock and money markets are closed on Tuesday for the Chung Yeung festival holiday. Markets will reopen on Wednesday, October 8. The benchmark Hang Seng Index closed down 5 percent at 16,803.76 on Monday ahead of the holiday.
Published 08 Oct, 2008 12:00am
South Korea bonds soar on rate cut hope

South Korea bonds soar on rate cut hope

South Korean government bonds soared on Tuesday as Australia's wider-than-expected rate cut fanned hopes for similar action at the Bank of Korea. But the money market rates suffered further stress, with the yield on the three-month certificates of deposit
Published 08 Oct, 2008 12:00am
South Korea bonds soar on rate cut hope

South Korea bonds soar on rate cut hope

South Korean government bonds soared on Tuesday as Australia's wider-than-expected rate cut fanned hopes for similar action at the Bank of Korea. But the money market rates suffered further stress, with the yield on the three-month certificates of deposit
Published 08 Oct, 2008 12:00am
Japanese government bonds slip

Japanese government bonds slip

Japanese government bonds slipped on Tuesday as investors locked in profits after yields fell to six-month lows, while the Bank of Japan stuck to its view on the economy and trimmed expectations for rate cut in the coming months. BoJ Governor Masaaki Shir
Published 08 Oct, 2008 12:00am
Japanese government bonds slip

Japanese government bonds slip

Japanese government bonds slipped on Tuesday as investors locked in profits after yields fell to six-month lows, while the Bank of Japan stuck to its view on the economy and trimmed expectations for rate cut in the coming months. BoJ Governor Masaaki Shir
Published 08 Oct, 2008 12:00am
Taiwan stocks rebound off four-year low

Taiwan stocks rebound off four-year low

Taiwan stocks ended up 0.34 percent on Tuesday, recouping sharp losses and rebounding from a more than four-year closing low the previous session as government funds helped bolster market heavyweights such as TSMC. The main TAIEX share index closed up 18.
Published 08 Oct, 2008 12:00am
Chinese stocks end off lows

Chinese stocks end off lows

Chinese stock market fell but ended well off its lows on Tuesday, as hopes for government support helped banks and property shares rebound from a sharp early slide. The Shanghai Composite Index, which had dropped as much as 4.64 percent in the morning, cl
Published 08 Oct, 2008 12:00am
US treasuries make gains

US treasuries make gains

US Treasuries gained on Monday with investors buying lower-risk debt as the spreading global credit crisis roiled Europe and hit equities markets hard around the world. Shorter-dated Treasuries pared early gains however, after the Federal Reserve said it
Published 08 Oct, 2008 12:00am
US treasuries make gains

US treasuries make gains

US Treasuries gained on Monday with investors buying lower-risk debt as the spreading global credit crisis roiled Europe and hit equities markets hard around the world. Shorter-dated Treasuries pared early gains however, after the Federal Reserve said it
Published 08 Oct, 2008 12:00am
Philippines shares close lower

Philippines shares close lower

Philippines share prices closed 3.01 percent lower on Tuesday over the continued global financial turmoil, dealers said. The composite index fell 75.34 points to 2,424.19 points, while the all-shares index slipped 2.54 percent to 1,534.05 points. There we
Published 08 Oct, 2008 12:00am
Seoul shares higher

Seoul shares higher

Seoul shares reversed early losses to close higher on Tuesday, led by exporters that could benefit from a weaker won currency, while some defensive telecommunications and consumer issues also advanced. Shares turned positive after the Reserve Bank of Aust
Published 08 Oct, 2008 12:00am
New Zealand shares close down 1.45 percent

New Zealand shares close down 1.45 percent

New Zealand share prices closed down 1.45 percent on Tuesday, regaining some early losses after the Australian central bank cut interest rates by one percentage point, dealers said. There was speculation the New Zealand central bank could follow with a ra
Published 08 Oct, 2008 12:00am
Australian shares close up 1.7 percent

Australian shares close up 1.7 percent

Australian shares closed up 1.7 percent on Tuesday after the nation's central bank announced a big interest rate cut that reversed earlier declines sparked by the global financial crisis. The benchmark S&P/ASX200 jumped 78.3 points to close at 4618.7,
Published 08 Oct, 2008 12:00am
Malaysian stocks close flat

Malaysian stocks close flat

Malaysian share prices closed flat on Tuesday on mild bargain hunting while buying support from both local and government-led funds helped the benchmark index, dealers said. The Kuala Lumpur Composite Index edged up 0.39 points to close at 997.23 off an i
Published 08 Oct, 2008 12:00am
Financial crisis drives Nikkei to five-year closing low

Financial crisis drives Nikkei to five-year closing low

Japan's Nikkei average fell 3 percent to post a five-year closing low on Tuesday as panic over the global financial crisis prompted investors to dump stocks. The benchmark had fallen more than 5 percent in the morning but trimmed those losses on bargain h
Published 08 Oct, 2008 12:00am
Canadian dollar falls to 1-1/2 year low

Canadian dollar falls to 1-1/2 year low

The Canadian dollar fell to its weakest level against the US dollar since May 2007 on Monday as fears of more fallout from the global financial crisis froze money markets, putting a premium on the greenback and undercutting support for commodities.
Published 08 Oct, 2008 12:00am
Yuan rebounds

Yuan rebounds

China's yuan rebounded against the dollar in the spot and offshore forwards markets late on Tuesday, buoyed by the central bank's signal that it wanted the Chinese currency to stay broadly stable and by a global dollar correction in afternoon trade in Asi
Published 08 Oct, 2008 12:00am
Yen falls as RBA slash stirs hopes

Yen falls as RBA slash stirs hopes

The yen retreated against other major currencies on Tuesday after Australia's central bank stunned markets by slashing interest rates a full percentage point, stoking expectations that other top central banks could follow suit. The Reserve Bank of Austral
Published 08 Oct, 2008 12:00am
Dollar, yen soar

Dollar, yen soar

The US dollar scaled a fresh 13-month peak versus the euro on Monday, while the yen surged broadly as investors dumped risky assets amid anxiety over the lack of a co-ordinated global response to the credit crisis. Traders drove the euro below $1.35 to th
Published 08 Oct, 2008 12:00am
Australian dollar off four-year lows

Australian dollar off four-year lows

The Australian dollar recovered from four-year lows on Tuesday after a surprisingly hefty interest rate cut by the central bank sparked market talk of a co-ordinated easing in monetary policy globally. Bill futures posted their biggest one-day gain ever a
Published 08 Oct, 2008 12:00am
Asian currencies: Indonesian rupiah rallies

Asian currencies: Indonesian rupiah rallies

The Indonesian rupiah rallied sharply from its weakest level in nearly three years on Tuesday, propped up by the central bank's monetary tightening to rein in inflation even as rates around the world are being cut to soothe troubled credit markets.
Published 08 Oct, 2008 12:00am
Swiss franc recovers

Swiss franc recovers

The Swiss franc recovered some ground against the dollar on Tuesday as the greenback slipped across the board, paring some of its strong gains from the previous session. But the franc was still close to a 9-month low against the US currency and the uptick
Published 08 Oct, 2008 12:00am
Milan, Sevilla and Valencia land on UEFA Cup feet

Milan, Sevilla and Valencia land on UEFA Cup feet

Former European champions AC Milan were among the big names looking with optimism towards possible UEFA Cup glory after landing in a comparatively manageable group following Tuesday's draw. The top three teams from each of the eight groups, along with the
Published 08 Oct, 2008 12:00am
EPL launches biggest ever fans survey

EPL launches biggest ever fans survey

The progress of Chelsea's bid to displace Manchester United as the English club with the biggest international support is one of the issues that will be gauged in the biggest-ever survey of football fans across the globe.
Published 08 Oct, 2008 12:00am
Malaysia to face Pakistan in soccer tie

Malaysia to face Pakistan in soccer tie

Four-time SEA Games Champion Malaysia will take on Essa-led Pakistan in friendly international ahead of eight-team 40th Merdeka Cup and ASEAN Football Federation (AFF) Suzuki Cup to prepare their team for the tough coming events. The Pakistan-Malaysia cla
Published 08 Oct, 2008 12:00am
Court ruling leaves world's richest match in doubt

Court ruling leaves world's richest match in doubt

Plans to stage the world's richest cricket match in Antigua next month were thrown into disarray on Tuesday when the West Indies Cricket Board lost a dispute with sponsors Digicel in London's High Court. As a result of the defeat, the WICB was been told i
Published 08 Oct, 2008 12:00am
Shoaib in, Yousuf out of Pakistan's squad for Canada Twenty20

Shoaib in, Yousuf out of Pakistan's squad for Canada Twenty20

Controversial paceman Shoaib Akhtar was included in a 15-man Pakistan squad for this week's Twenty20 tournament in Canada but star batsman Mohammad Yousuf was left out, selectors said Tuesday. The selection of the 33-year-old Akhtar came after the Pakista
Published 08 Oct, 2008 12:00am
Palmolive Women's Swimming from October 25

Palmolive Women's Swimming from October 25

The 17th Palmolive Sindh Women's Swimming Championships 2008 is being held on the 25th and 26th of October in Karachi, says a press released issued here on Monday. These championships are sponsored by Colgate Palmolive (Pak) Ltd and organised by KWSA (Kar
Published 08 Oct, 2008 12:00am
Ganguly reveals kidnap threat against on daughter

Ganguly reveals kidnap threat against on daughter

Indian cricketer Sourav Ganguly, who announced his retirement on Tuesday, admitted his family had received a kidnap threat against his daughter Sana. Ganguly, asked at a press conference if media reports about the threat were true, said: "It is true, but
Published 08 Oct, 2008 12:00am
Ejaz Butt appointed PCB chairman

Ejaz Butt appointed PCB chairman

Former Test wicket-keeper batsman Ejaz Butt has been appointed chairman of the Pakistan Cricket Board (PCB), an official said Tuesday. The 73-year-old takes over from Nasim Ashraf, who resigned on August 18, the same day that Pakistan President Pervez Mus
Published 08 Oct, 2008 12:00am
Iran worried by falling oil demand

Iran worried by falling oil demand

Iran is concerned that the deepening global financial crisis is having a bigger impact on oil demand growth than previously expected, the Islamic Republic's Opec governor said on Tuesday. It was too early to say if the Organisation of the Petroleum Export
Published 08 Oct, 2008 12:00am
Indonesia lifts rates, tightening cycle seen ending

Indonesia lifts rates, tightening cycle seen ending

Indonesia's central bank raised its key interest rate on Tuesday for the sixth time this year to curb inflation and underpin its currency, but some analysts said the rise will be the last in 2008 as the global credit crisis looms.
Published 08 Oct, 2008 12:00am
German minister under fire for crisis handling

German minister under fire for crisis handling

German Finance Minister Peer Steinbrueck has come under fire for his handling of the financial crisis after a series of public statements critics say have caused confusion about Berlin's response to the turmoil. Steinbrueck, the 61-year old deputy leader
Published 08 Oct, 2008 12:00am
South Korea plays down crisis talk as won hit 2001 low

South Korea plays down crisis talk as won hit 2001 low

South Korea's top regulator played down talk of a foreign exchange crisis similar to the one swept Asia a decade ago as the won currency sank to a 7-1/2-year low on fear the country's banks could succumb to global financial turmoil. Ratings agency Fitch s
Published 08 Oct, 2008 12:00am
Chile posts first trade deficit in six years

Chile posts first trade deficit in six years

Chile posted its first trade deficit in six years in September, the latest in a barrage of recent data portraying a weakening economy, weighed by sinking copper exports and high oil prices. September's $319 million trade deficit marked a sharp reversal fr
Published 08 Oct, 2008 12:00am
India expands core sector with mining, refining

India expands core sector with mining, refining

India's government on Tuesday added mining, exploration and refining to its definition of the infrastructure sector, enabling firms operating in these areas to bring into the country larger amounts of overseas borrowing.
Published 08 Oct, 2008 12:00am
AMD to split, gets Abu Dhabi investment

AMD to split, gets Abu Dhabi investment

Advanced Micro Devices (AMD), the number two US computer chip maker, announced Tuesday it was splitting into two companies after receiving a huge infusion of capital from two Abu Dhabi investment firms. AMD, which has been struggling to keep up with marke
Published 08 Oct, 2008 12:00am
US judge orders Chinese Muslims' release

US judge orders Chinese Muslims' release

A US federal judge on Tuesday ordered the release into the United States of a group of Chinese Muslims once suspected of terrorism who are being held in Guantanamo Bay prison, a court official told AFP. The US government declared the group of 17 Uighurs t
Published 08 Oct, 2008 12:00am
Indian shipworkers show solidarity for stricken sailors

Indian shipworkers show solidarity for stricken sailors

Indian shipworkers on Tuesday staged protests across the country to show their solidarity with 18 sailors held hostage since armed pirates seized their vessel off Yemen last month. Several hundred people, some with their faces covered, stood outside a sta
Published 08 Oct, 2008 12:00am
60 militants killed in Afghanistan

60 militants killed in Afghanistan

US-led coalition and Afghan security forces killed nearly 60 militants during separate clashes in southern Afghanistan, the US military and a police official said on Tuesday. Violence has surged in the war-torn country with some 3,800 people, a third of t
Published 08 Oct, 2008 12:00am
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