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Print - 2008-10-28
Australia wheat crop forecast cut: consultant

Australia wheat crop forecast cut: consultant

Australian Crop Forecasters cut its forecast for the country's 2008/09 wheat crop by as much as five percent on Monday as hot weather parched crops in the south-east grain belt during the weekend. ACF, a private consultancy, now expects a total crop of 19
Published 28 Oct, 2008 12:00am
Subsidy on DAP to be first casualty of loan

Subsidy on DAP to be first casualty of loan

If Pakistan opts for plan-C given by the Advisor on Finance, Shaukat Tarin (which relates to IMF assistance) then it will certainly have to withdraw subsidy on DAP, a senior official of the Food Ministry told Business Recorder here on Monday.
Published 28 Oct, 2008 12:00am
US grains end flat

US grains end flat

US grain and soybean prices retreated from early strong grains on Monday as oil prices eased and Asian share markets suffered steep declines, dogged by fears of deep global recession. Soybeans managed to remain in positive territory, supported by harvest
Published 28 Oct, 2008 12:00am
Subsidy on DAP to be first casualty of loan

Subsidy on DAP to be first casualty of loan

If Pakistan opts for plan-C given by the Advisor on Finance, Shaukat Tarin (which relates to IMF assistance) then it will certainly have to withdraw subsidy on DAP, a senior official of the Food Ministry told Business Recorder here on Monday.
Published 28 Oct, 2008 12:00am
Malaysian markets closed for holiday

Malaysian markets closed for holiday

All Malaysian commodities and financial markets were closed on Monday for a Hindu religious festival. Trading will resume on Tuesday October 28.
Published 28 Oct, 2008 12:00am
Burkina trims cotton forecast after late rain

Burkina trims cotton forecast after late rain

Top West African cotton grower Burkina Faso has cut its 2008/09 crop forecast by almost one-fifth to 525,000 tonnes due to late rains and payment problems, the country's main cotton company SOFITEX said. The revised forecast is still well above the dismal
Published 28 Oct, 2008 12:00am
Oil falls toward $63

Oil falls toward $63

Oil fell to near a new 17-month low on Monday, extending the previous session's $4 loss amid growing doubts over whether world governments can tame a crisis that threatens to push the global economy into a deep recession. The threat of shrinking oil deman
Published 28 Oct, 2008 12:00am
Nokia signs up Orascom for Internet services

Nokia signs up Orascom for Internet services

The world's top cellphone maker Nokia has signed up Orascom Telecom Holding as a customer for its Internet services, the firms said in a joint statement. Orascom Telecom had more than 77 million clients at end-June in Algeria, Pakistan, Egypt, Tunisia, Ba
Published 28 Oct, 2008 12:00am
Asian oil refiners brace for Opec supply curbs

Asian oil refiners brace for Opec supply curbs

Asian oil refiners said on Monday they had yet to receive notice of curbs on their Gulf crude shipments after Opec agreed to cut output last week, but most were bracing for a likely 5 percent reduction in supplies. The Organisation of the Petroleum Export
Published 28 Oct, 2008 12:00am
Biggest European economy in a serious slump: survey

Biggest European economy in a serious slump: survey

Europe's biggest economy has seriously hit the skids, a key survey showed on Monday, leading analysts to forecast a German recession well into next year. German business confidence dropped to its lowest point in more than five years in October, the widely
Published 28 Oct, 2008 12:00am
US financial overhaul will take years: Fed official

US financial overhaul will take years: Fed official

Overhauling the US financial system will take years, an official of the New York Federal Reserve said on Monday, and must include a congressional ruling on overseeing ratings agencies in particular. William Rutledge, executive vice-president of the New Yo
Published 28 Oct, 2008 12:00am
US new homes sales up; inventory, prices fall

US new homes sales up; inventory, prices fall

Sales of newly constructed US single-family homes rose in September and inventories shrank as builders slashed prices to their lowest level in four years to move property as a financial crisis deepens. The annual sales pace of 464,000 homes was up 2.7 per
Published 28 Oct, 2008 12:00am
Unions see global rise in illegal workers due to crisis

Unions see global rise in illegal workers due to crisis

The number of illegal migrant workers across the world is expected to rise as the worst financial crisis in decades makes it harder for people to find work in their home countries, the head of an international trade union group warned on Monday.
Published 28 Oct, 2008 12:00am
Bad loans weigh on India's top banks

Bad loans weigh on India's top banks

India's two leading banks posted better-than-expected profits on Monday but State Bank of India's shares tumbled to a 18-month low after it increased provisions for bad debts and forecast narrower interest margins. ICICI Bank, which has been hammered this
Published 28 Oct, 2008 12:00am
'Gulf Bank only one hit by derivatives loss'

'Gulf Bank only one hit by derivatives loss'

Kuwait said on Monday that no other local banks have faced problems from the derivatives deals which caused the central bank to step into Gulf Bank, the country's second biggest lender. "No other Kuwaiti bank has incurred losses," from derivatives trades,
Published 28 Oct, 2008 12:00am
Gas body may help set price formula, says Iran

Gas body may help set price formula, says Iran

Establishing a group of gas exporting countries will help harmonise pricing formulas and bring security to the growing market for the fuel, a senior Iranian gas official said. World gas powers Iran, Russia and Qatar met in Tehran last week and said they w
Published 28 Oct, 2008 12:00am
US challenges China on export restrictions

US challenges China on export restrictions

The United States has challenged China over its export restrictions on some raw materials, particularly those used to produce chemicals and metals, a US document on the World Trade Organisation (WTO) website shows. The United States said Chinese duties on
Published 28 Oct, 2008 12:00am
RBS faces more writedowns as turmoil persists

RBS faces more writedowns as turmoil persists

Royal Bank of Scotland could this week announce billions of pounds of fresh writedowns due to a further deterioration in the value of risky assets as the financial crisis deepens, analysts forecast. The forecasts for additional writedowns range from 1 bil
Published 28 Oct, 2008 12:00am
ECB could cut rates at next meeting: Trichet

ECB could cut rates at next meeting: Trichet

The European Central Bank could cut interest rates again at its next meeting on November 6, ECB President Jean-Claude Trichet said on Monday. "I consider possible that the Governing Council will decrease interest rates once again at its next meeting on No
Published 28 Oct, 2008 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 221,982 tonnes of cargo including 149,415 tonnes of import, 72,567 tonnes of export cargo and 2,943 loaded and empty containers (TEUs) during last 48 hours ending at 0700 hours on Monday.
Published 28 Oct, 2008 12:00am
Sony chief executive eyes cost cuts to counter profit slide

Sony chief executive eyes cost cuts to counter profit slide

Sony Corp Chief Executive Howard Stringer said the electronics maker needs to cut fixed costs to weather a downturn in demand and a surge in the yen that forced it to slash its profit forecasts last week. "We are selling a lot of television sets, more tha
Published 28 Oct, 2008 12:00am
Sony chief executive eyes cost cuts to counter profit slide

Sony chief executive eyes cost cuts to counter profit slide

Sony Corp Chief Executive Howard Stringer said the electronics maker needs to cut fixed costs to weather a downturn in demand and a surge in the yen that forced it to slash its profit forecasts last week. "We are selling a lot of television sets, more tha
Published 28 Oct, 2008 12:00am
Burnt China cemetery investors won't rest in peace

Burnt China cemetery investors won't rest in peace

Dozens of people protested outside an insurance office in Shanghai on Monday, demanding the return of money lost in a scheme promising big returns on investments in memorial halls for ashes of the deceased. The protesters, mainly retirees, had bought into
Published 28 Oct, 2008 12:00am
Turkish bank positive on IMF, market sees loan deal

Turkish bank positive on IMF, market sees loan deal

Turkish Central Bank Governor Durmus Yilmaz said on Monday he would welcome some form of arrangement with the International Monetary Fund, adding to growing calls for the government to strike a deal with the fund. Turkish business leaders have called on t
Published 28 Oct, 2008 12:00am
Canon cuts forecast, sees first profit fall in nine years

Canon cuts forecast, sees first profit fall in nine years

Japan's Canon Inc posted a 26 percent drop in quarterly operating profit and cut its annual outlook, predicting its first fall in nine years as the global downturn drives up the yen and hurts copier and camera sales.
Published 28 Oct, 2008 12:00am
Canon cuts forecast, sees first profit fall in nine years

Canon cuts forecast, sees first profit fall in nine years

Japan's Canon Inc posted a 26 percent drop in quarterly operating profit and cut its annual outlook, predicting its first fall in nine years as the global downturn drives up the yen and hurts copier and camera sales.
Published 28 Oct, 2008 12:00am
Vietnam's FDI inflows rise 38 percent

Vietnam's FDI inflows rise 38 percent

Foreign direct investment (FDI) inflows into Vietnam are estimated to have risen 38 percent in the first 10 months of this year to $9 billion, a state-run newspaper said on Monday, citing government figures. FDI pledges are expected to have risen sixfold
Published 28 Oct, 2008 12:00am
Honda exports from Thailand up 11 percent

Honda exports from Thailand up 11 percent

Honda-brand products exported from Thailand earned 80.98 billion baht (2.6 billion dollars) during the first nine months of this year, a 11 percent increase year-on-year, Asian Honda Motor Comany announced Monday. But exports of Honda automobiles, motorcy
Published 28 Oct, 2008 12:00am
Honda exports from Thailand up 11 percent

Honda exports from Thailand up 11 percent

Honda-brand products exported from Thailand earned 80.98 billion baht (2.6 billion dollars) during the first nine months of this year, a 11 percent increase year-on-year, Asian Honda Motor Comany announced Monday. But exports of Honda automobiles, motorcy
Published 28 Oct, 2008 12:00am
MUFG to raise $10.6 billion, Japan to support banks

MUFG to raise $10.6 billion, Japan to support banks

Mitsubishi UFJ Financial Group, Japan's biggest bank, said on Monday it will raise up to $10.6 billion by issuing new shares, the latest sign that a free-falling stock market is likely to shred profits at Japanese lenders. News of Mitsubishi UFJ's fundrai
Published 28 Oct, 2008 12:00am
Thailand to cut rubber output to shore up prices

Thailand to cut rubber output to shore up prices

Thailand, the world's biggest rubber producer, plans to halve its output of the commodity for six months from October to shore up prices, the Agriculture Ministry said on Monday, but traders doubt the plan will work. Sceptical traders said it would be har
Published 28 Oct, 2008 12:00am
Austria delays airline sale for more talks

Austria delays airline sale for more talks

Austria's government is extending the mandate to sell a stake in Austrian Airlines to December 31, provided an offer from Germany's Lufthansa remains on the table, Austria's finance ministry said on Monday. Government holding company OeIAG's mandate to se
Published 28 Oct, 2008 12:00am
French minister sees stocks regaining footing

French minister sees stocks regaining footing

Global stock markets are being dragged lower by deleveraging and downward revisions to company profit forecasts but should regain their balance, France's Economy Minister Christine Lagarde said on Monday. Shares around the world reeled on investor fears t
Published 28 Oct, 2008 12:00am
Prosecutors probe Caisse d'Epargne trade losses

Prosecutors probe Caisse d'Epargne trade losses

French prosecutors have opened a probe into how the Caisse d'Epargne bank lost 700 million euros in risky derivatives trading at the height of the global finance crisis, a judicial official said on Monday.
Published 28 Oct, 2008 12:00am
JGB futures turn positive

JGB futures turn positive

Japanese government bond futures erased earlier losses and rose on Monday after the Group of Seven big industrialised economies expressed concern about a rapid rise in the yen against other currencies. Finance ministers and central bankers from the Group
Published 28 Oct, 2008 12:00am
JGB futures turn positive

JGB futures turn positive

Japanese government bond futures erased earlier losses and rose on Monday after the Group of Seven big industrialised economies expressed concern about a rapid rise in the yen against other currencies. Finance ministers and central bankers from the Group
Published 28 Oct, 2008 12:00am
Indonesian shares fall

Indonesian shares fall

Indonesian shares shed 6.3 percent Monday, hurt by fears that the rupiah will continue to slip amid lingering concerns over the global economic slowdown, dealers said. The Jakarta Composite Index dropped 78.45 points to a three-year low of 1,166.40 in thi
Published 28 Oct, 2008 12:00am
Philippines shares lower

Philippines shares lower

Philippines shares closed down 12.3 percent on Monday in a broad sell-off that forced a 15-minute trading halt as regional markets were hit by fears of a global recession, dealers said. The composite index lost 239.66 points to 1,713.83 after falling thro
Published 28 Oct, 2008 12:00am
Taiwan stocks fall

Taiwan stocks fall

Taiwan shares dropped 5.02 percent at a fresh five-year low on Monday, as they played catch-up with more drastic losses seen in other global markets, after the Taiwan government ended a rule that halved the daily downside limit. The main TAIEX share index
Published 28 Oct, 2008 12:00am
Hong Kong shares slide

Hong Kong shares slide

Hong Kong shares were down 4.2 percent on Monday, after briefly slipping below 12,000 points, as energy stocks plunged after an Opec move to cut output failed to arrest falling oil prices, while banks fell on signs of cooling growth. Mainland property dev
Published 28 Oct, 2008 12:00am
India bond yields ease in thin trading

India bond yields ease in thin trading

Indian federal bond yields eased on Monday as softening commodity and oil prices raised expectations of a rate cut in the near term, but a sharp fall was prevented by auctions of $3.4 billion of debt this week. Volumes were thin and cash rates climbed to
Published 28 Oct, 2008 12:00am
India bond yields ease in thin trading

India bond yields ease in thin trading

Indian federal bond yields eased on Monday as softening commodity and oil prices raised expectations of a rate cut in the near term, but a sharp fall was prevented by auctions of $3.4 billion of debt this week. Volumes were thin and cash rates climbed to
Published 28 Oct, 2008 12:00am
China stocks dive to 25-month closing low

China stocks dive to 25-month closing low

China's main stock index tumbled 6.32 percent on Monday to a 25-month closing low as worries about faltering corporate profits mounted during the peak week of the third-quarter earnings reporting season. The benchmark Shanghai Composite Index ended at 1,7
Published 28 Oct, 2008 12:00am
Seoul shares up

Seoul shares up

Seoul shares ended up 0.8 percent after a roller coaster Monday, helped by last-minute buying from pension funds, as selling from jittery investors offset an initial boost from a shock 75-basis point domestic rate cut. The Bank of Korea delivered its bigg
Published 28 Oct, 2008 12:00am
Thai shares drift lower

Thai shares drift lower

Thai share prices closed 10.50 percent lower on Monday as fears over a global financial meltdown caused the market to tumble and prompted the suspension of trading for 30 minutes, dealers said. They said the Thai bourse hit a five-year low as it fell in l
Published 28 Oct, 2008 12:00am
China bond yields extend fall

China bond yields extend fall

China's bond yields mostly fell on Monday, continuing a two-month slide, but traders said the downtrend was slowing due to uncertainty over whether monetary policy would ease as aggressively as previously expected. Bill yields also fell because of ample l
Published 28 Oct, 2008 12:00am
China bond yields extend fall

China bond yields extend fall

China's bond yields mostly fell on Monday, continuing a two-month slide, but traders said the downtrend was slowing due to uncertainty over whether monetary policy would ease as aggressively as previously expected. Bill yields also fell because of ample l
Published 28 Oct, 2008 12:00am
Australian shares dip to four-year low

Australian shares dip to four-year low

Australian shares slid 1.6 percent to a fresh four-year low on Monday as investors across the region continued to focus on the prospect of a global recession. The benchmark S&P/ASX 200 index lost 60.2 points to close unofficially at 3,809.2, its lowest cl
Published 28 Oct, 2008 12:00am
Nikkei falls to 26-year low

Nikkei falls to 26-year low

Japan's Nikkei average slid 6.4 percent on Monday to its lowest close in 26 years, as the yen rose to batter exporters such as Toyota Motor Corp and banks tumbled on concerns they would need to beef up capital. Gains in the yen came despite a G7 warning a
Published 28 Oct, 2008 12:00am
Swiss franc rises

Swiss franc rises

The Swiss franc rose against the euro on Monday, climbing back towards recent 7-year highs, as fears about a global recession intensified, boosting the unwinding of carry trades and the safe-haven buying of franc. "Recession fears and their possible impac
Published 28 Oct, 2008 12:00am
Taiwan dollar at near three-year low

Taiwan dollar at near three-year low

The Taiwan dollar hit its lowest level in nearly three years as foreign investors dumped stocks amid a global sell-off triggered by the financial crisis, but central bank intervention and purchases by exporters helped cushion losses. The currency fell as
Published 28 Oct, 2008 12:00am
Yen gains

Yen gains

The yen climbed towards an all-time high against the Australian dollar on Monday as investors kept dumping risky positions and drove Tokyo shares to a 26-year low, overshadowing a G7 warning about excessive yen volatility. Group of Seven finance ministers
Published 28 Oct, 2008 12:00am
Australian dollar near record lows

Australian dollar near record lows

The Australian dollar traded close to record lows against the yen and near 5-1/2 year lows on the US dollar on Monday as fears of a looming global recession saw investors stay away from higher-yielding currencies. The yen surged across the board, trading
Published 28 Oct, 2008 12:00am
Asian currencies lose ground

Asian currencies lose ground

Asian currencies slid against the dollar on Monday as investors dumped assets amid heightened fears of a global downturn, forcing central banks in Indonesia and the Philippines to intervene. The high-yielding Indonesian rupiah bore the brunt of the sellin
Published 28 Oct, 2008 12:00am
South Korean won down

South Korean won down

The South Korean won erased earlier gains to close lower on Monday, as import deals and foreign stock sales outweighed the biggest-ever rate cut by the Bank of Korea to calm crashing markets and a faltering economy.
Published 28 Oct, 2008 12:00am
Schedule of PPFL matches announced

Schedule of PPFL matches announced

Pakistan Football Federation (PFF) has announced the schedule of final 68 matches of Pakistan Premier Football League (PPFL) which will be played from 29th October to 6th December 2008. The event is comprised of 182 matches, of which 104 matches had alrea
Published 28 Oct, 2008 12:00am
PSG win in Marseille for first time in five years

PSG win in Marseille for first time in five years

Paris Saint Germain clinched a thrilling 4-2 victory at Marseille on Sunday to register their first win at the Riviera club for five years and prevent their rivals from going top of the French first division.
Published 28 Oct, 2008 12:00am
Polish authorities freeze FA accounts

Polish authorities freeze FA accounts

Poland's tax office on Monday froze the bank accounts of the Polish Football Association (PZPN) due to unpaid taxes. The move comJagodzinski. Krecina, the favourite to replace Listkiewicz, was charged with mismanagement of funds by the prosecutor's office
Published 28 Oct, 2008 12:00am
Harbhajan doubtful for third Australia Test

Harbhajan doubtful for third Australia Test

India off spinner Harbhajan Singh has a toe injury and is doubtful for the third Test against Australia starting on Wednesday, team coach Gary Kirsten said on Monday. The 28-year-old bowler, who is one short of 300 Test wickets, briefly batted at the nets
Published 28 Oct, 2008 12:00am
Australia will fight back, says Waugh

Australia will fight back, says Waugh

Former Australia skipper Steve Waugh on Monday backed the tourists to bounce back in the third Test against India, saying they had the character to regroup for the crucial match. Waugh, here to attend a meeting of the Marylebone Cricket Club, spent time i
Published 28 Oct, 2008 12:00am
Bangladesh versus New Zealand test loses third day

Bangladesh versus New Zealand test loses third day

Rain has washed out play for the third consecutive day in the second and final Test between Bangladesh and New Zealand at the Sher-e-Bangla National Stadium on Monday. "Play has been called off for the day as it won't be possible to start the match due to
Published 28 Oct, 2008 12:00am
Younus bats South Australia to draw

Younus bats South Australia to draw

Pakistan Test batsman Younus Khan scored an unbeaten 71 to help South Australia bat out the final day and salvage a Sheffield Shield draw with New South Wales at Adelaide Oval on Monday. Younus, who was out for a first-ball duck on his Shield debut in the
Published 28 Oct, 2008 12:00am
Hidden cost of China's coal is $250 billion: survey

Hidden cost of China's coal is $250 billion: survey

China's dirty and dangerous coal mining industry cost the country a hidden $250 billion last year in lost and damaged lives, wasted energy and environmental devastation, according to a survey launched on Monday. Pollution affected water, land and air arou
Published 28 Oct, 2008 12:00am
Zambian AIDS victims feel neglected ahead of poll

Zambian AIDS victims feel neglected ahead of poll

John Kabamba has to walk 20 kilometres to a clinic for AIDS therapy and he has no idea how candidates in Zambia's presidential election would ease the suffering of about one million ravaged by HIV/AIDS. Zambians complain that the two main contenders in th
Published 28 Oct, 2008 12:00am
Spike in illegal immigrants seen amid global turmoil

Spike in illegal immigrants seen amid global turmoil

The number of illegal immigrants world-wide may spike if governments restrict visas in response to the global financial crisis, experts at a UN-backed forum said Monday. "Our fear is that those numbers will increase," Sharan Burrow, president of the Inter
Published 28 Oct, 2008 12:00am
Israeli poll bounce shows Livni leading Netanyahu

Israeli poll bounce shows Livni leading Netanyahu

Tzipi Livni has seen a sharp turnaround in fortunes for Israel's ruling Kadima party since she became leader last month and could beat the right-wing opposition in a coming election, polls on Monday indicated.
Published 28 Oct, 2008 12:00am
World Bank plans $710 million China loan for quake recovery

World Bank plans $710 million China loan for quake recovery

The World Bank is planning to lend China $710 million to help with the reconstruction of areas destroyed by May's earthquake, a bank spokeswoman said on Monday. China's official Xinhua news agency reported on Sunday that the World Bank would provide an em
Published 28 Oct, 2008 12:00am
Lithuania centre-right starts talks after vote win

Lithuania centre-right starts talks after vote win

Lithuania's main centre-right party agreed on Monday to talks with three other parties on forming a coalition to combat a financial crisis after winning an election without securing a parliamentary majority. The Homeland Union-Christian Democrat Party won
Published 28 Oct, 2008 12:00am
Bangladesh former Prime Ministers free to contest polls

Bangladesh former Prime Ministers free to contest polls

Former Bangladeshi prime ministers Sheikh Hasina and Begum Khaleda Zia will face no legal obstacle to contesting December's parliamentary election, a key minister in the military-backed interim government said on Monday. "There is no legal constraint in t
Published 28 Oct, 2008 12:00am
World can halt fossil fuel use by 2090

World can halt fossil fuel use by 2090

The world could eliminate fossil fuel use by 2090 by spending trillions of dollars on a renewable energy revolution, the European Renewable Energy Council (EREC) and environmental group Greenpeace said on Monday. The 210-page study is one of few reports -
Published 28 Oct, 2008 12:00am
Russia offers Cuba air defence aid

Russia offers Cuba air defence aid

Russia will offer to share its air defence expertise with Cuba when a military delegation visits the Caribbean island this week, Interfax news agency reported on Monday. "The Russian and Cuban military will exchange experience in organising tactical air d
Published 28 Oct, 2008 12:00am
Woman wins case against Niger for slavery

Woman wins case against Niger for slavery

West African judges Monday fined the state of Niger the equivalent of 15,000 euros for failing to protect a woman sold into slavery aged 12, in a landmark ruling with implications across the region.
Published 28 Oct, 2008 12:00am
IAEA still undecided on nature of Iran nuclear plan

IAEA still undecided on nature of Iran nuclear plan

UN nuclear watchdog chief Mohamed El Baradei said here Monday that his agency was still unable to determine whether or not there were undeclared nuclear activities in Iran. "I regret that we are still not in a position to achieve full clarity regarding th
Published 28 Oct, 2008 12:00am
Egypt sheikh backs wives' right of defence

Egypt sheikh backs wives' right of defence

Sunni Islam's highest authority has approved a woman's right to fight back if her husband uses violence against her, Egypt's Al-Masry al-Youm newspaper reported on Monday. The declaration by Sheikh Abdel Hamid al-Atrash, who heads Al-Azhar University's co
Published 28 Oct, 2008 12:00am
Court ruling: woman stoned to death in Somalia

Court ruling: woman stoned to death in Somalia

Thousands of people gathered Monday to witness 50 Somali men stone a woman to death after an Islamic court in the southern port of Kismayo found her guilty of adultery, witnesses said. Aisho Ibrahim Dhuhulow, who had been found guilty of extra-marital int
Published 28 Oct, 2008 12:00am
Peres clears the way for snap election

Peres clears the way for snap election

Israeli President Shimon Peres said on Monday that efforts to form a new government had failed, paving the way for snap elections that could turn on the future of the Middle East peace process. Peres formally cleared the way for an election by announcing
Published 28 Oct, 2008 12:00am
Georgian president dismisses Prime Minister

Georgian president dismisses Prime Minister

Georgian President Mikheil Saakashvili has dismissed Prime Minister Lado Gurgenidze and will replace him with the country's ambassador to Turkey, a senior government official told AFP Monday. Saakashvili will ask Georgia's parliament to approve the nomina
Published 28 Oct, 2008 12:00am
Maldives set for run-off to rule the islands

Maldives set for run-off to rule the islands

The Maldives' first-ever democratic presidential election goes to a second round Tuesday with Asia's longest-serving leader facing a former political prisoner in a run-off. Elections three weeks ago produced no clear winner after Maumoon Abdul Gayoom, 71,
Published 28 Oct, 2008 12:00am
US fuelling tension with Syria attack: Russia

US fuelling tension with Syria attack: Russia

Russia accused the United States of fuelling dangerous tension in the Middle East on Monday after Syria said that US helicopters had attacked a farm near the border with Iraq. "Moscow has responded with great concern to what happened," the Russian Foreign
Published 28 Oct, 2008 12:00am
Syria accuses US of 'terrorist aggression'

Syria accuses US of 'terrorist aggression'

Syria accused the United States on Monday of carrying out a "terrorist aggression" after a deadly raid near its border with Iraq which it said killed eight civilians. "The Americans do it in the daylight. This means it is not a mistake, it is by blunt det
Published 28 Oct, 2008 12:00am
Sterling tumbles versus dollar

Sterling tumbles versus dollar

The pound fell sharply on Monday, hit by ongoing risk aversion as investors worried about the spectre of a global recession, with the UK seen as particularly exposed to a prolonged economic downturn. Recession fear sparked further unwinding of riskier pos
Published 28 Oct, 2008 12:00am
Yen stands firm in London

Yen stands firm in London

The yen's rally was firmly intact on Monday despite the G7 singling out excessive volatility in the Japanese currency, while the dollar hit a two-year high versus the euro as investors shed exposure to risk. The yen was hovering below 13-year peaks agains
Published 28 Oct, 2008 12:00am
Indian rupee hits record low

Indian rupee hits record low

The Indian rupee tumbled to a record low on Monday as a wobbly stock market heightened worries about foreign fund outflows, but rebounded to finish higher on heavy dollar sales by the central bank. The partially convertible rupee ended at 49.87/88 per dol
Published 28 Oct, 2008 12:00am
Asian spreads near records, recession fears linger

Asian spreads near records, recession fears linger

Asian bond spreads reversed initial tightening seen earlier on Monday to remain near last week's records amid continued fears that a global recession would hit emerging markets especially hard. The initial narrowing of spreads was undone as Asian stocks s
Published 28 Oct, 2008 12:00am
Asian spreads near records, recession fears linger

Asian spreads near records, recession fears linger

Asian bond spreads reversed initial tightening seen earlier on Monday to remain near last week's records amid continued fears that a global recession would hit emerging markets especially hard. The initial narrowing of spreads was undone as Asian stocks s
Published 28 Oct, 2008 12:00am
Monday's midday trade: Verizon's gain helps Dow climb

Monday's midday trade: Verizon's gain helps Dow climb

US stocks advanced, with the Dow climbing more than 1 percent in volatile trading at midday on Monday as phone company Verizon Communications' solid profit helped the blue chips. Market sentiment also got a boost from efforts by the US Federal Reserve to
Published 28 Oct, 2008 12:00am
Indian shares fall 2.2 percent

Indian shares fall 2.2 percent

Indian shares fell 2.2 percent on Monday, recovering on bargain hunting from a sharp intra-day 11.5 percent plunge, after overseas funds sold heavily on fears of a world-wide recession, dealers said. The benchmark 30-share Sensex closed down 191.51 points
Published 28 Oct, 2008 12:00am
Britain's top share down

Britain's top share down

Britain's FTSE 100 ended down 0.8 percent after a volatile session on Monday as recession fears bit into bank stocks, but robust gains in defensives offered investors some respite after a morning of hefty market losses. The FTSE 100 closed down 0.8 percen
Published 28 Oct, 2008 12:00am
Zardari asks India to stop blocking flow of water

Zardari asks India to stop blocking flow of water

President Asif Ali Zardari on Monday asked India to stop blocking Pakistan's water because this could damage the relations between the two countries. President Zardari talking to Indian High Commissioner to Pakistan Satyabrata Pal, who called on him at Pr
Published 28 Oct, 2008 12:00am
Prime Minister arrives in Turkey

Prime Minister arrives in Turkey

Prime Minister Syed Yousuf Raza Gilani arrived here on Monday on a five-day official visit to Turkey at the invitation of his Turkish countterpart Recep Tayyip Erdogan. On arrival at the airport, the Prime Minister was received by Turkish Law and Justice
Published 28 Oct, 2008 12:00am
Admission forms submission date extended

Admission forms submission date extended

The Director Centre of Excellence in Arts and Design, has extended submission date of admission forms of 4-year degree program of Arts, 4-year Degree programming in designing and 5-year programme in Architecture up to first November 2008.
Published 28 Oct, 2008 12:00am
India has no plan to re-start flights to Pakistan

India has no plan to re-start flights to Pakistan

India has no immediate plan to re-start flights to Pakistan which were suspended in March this year citing commercial reasons. Low load was the factor behind suspension of flight to Lahore in March last. However, Pakistan International Airlines continued
Published 28 Oct, 2008 12:00am
Enforcement of audit strategy in non-compliant sectors urged

Enforcement of audit strategy in non-compliant sectors urged

Directorate General of Intelligence has unearthed that the suspension of sales tax audit in past has resulted in massive non-compliance by potential sectors particularly hotels and restaurants in all major cities across the country.
Published 28 Oct, 2008 12:00am
10 militants killed in Matta

10 militants killed in Matta

At least ten Taliban militants were killed on Monday in exchange of fire with troops in a north-western valley rocked by a violent campaign for Islamic law, an official said. The exchange of fire erupted after militants refused to surrender in Sarsanai ar
Published 28 Oct, 2008 12:00am
Chemical factory catches fire

Chemical factory catches fire

A chemical factory caught fire in which some persons, including fire fighters, were injured here at Ferozepur road, near Nasirabad on Monday. According to Rescue service 1122 sources, their rescue team, that of fire brigade and the disaster relief teams s
Published 28 Oct, 2008 12:00am
FROM A RINGSIDE SEAT

FROM A RINGSIDE SEAT

The irony of the fate is that except the leader of the house no other member of the ruling PPPP was present to take part in the debate on presidential address to the joint sitting of the parliament -the main agenda item of Monday's Senate proceeding, whic
Published 28 Oct, 2008 12:00am
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