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Print - 2009-01-13
India's factory output rebounds

India's factory output rebounds

India's industrial output growth rebounded in November from its first annual fall in more 13 years, but analysts said the strength may not be sustained and it would not alter the central bank's bias for easier policy. Industrial output rose a better-than-
Published 13 Jan, 2009 12:00am
Palestinian death toll tops 900: Hamas eyes victory in Gaza

Palestinian death toll tops 900: Hamas eyes victory in Gaza

Israeli troops fought gun battles with Hamas fighters on Monday, keeping military pressure on the Islamist group while avoiding all-out urban warfare that would complicate ongoing diplomatic efforts to end the Gaza war. Medical officials said the Palestin
Published 13 Jan, 2009 12:00am
Global crisis a 'golden opportunity' for Islamic banking: Malaysia

Global crisis a 'golden opportunity' for Islamic banking: Malaysia

The global economic crisis has handed the Islamic finance sector a "golden opportunity" to show it is a better alternative to capitalism, Malaysia said Monday. Although capitalism has been pre-eminent for centuries, "it is becoming obvious that there is n
Published 13 Jan, 2009 12:00am
Japan and South Korea pledge economic cooperation

Japan and South Korea pledge economic cooperation

Leaders of Japan and South Korea pledged economic co-operation amid the global financial crisis and discussed regional issues such as moving forward talks on ending Pyongyang's nuclear arms programmes. Japanese Prime Minister Taro Aso's two-day visit to S
Published 13 Jan, 2009 12:00am
Japanese retailers expand supplies from outside China

Japanese retailers expand supplies from outside China

Japan's major retailers are stepping up purchases from suppliers in Asia other than their traditional source, China, as labour costs there continue to climb, a report said Monday. The yen's appreciation has also prompted the companies to diversify their s
Published 13 Jan, 2009 12:00am
World Bank names blacklisted Indian IT firms

World Bank names blacklisted Indian IT firms

The World Bank said it plans to publish in the future the names of all companies it bans from doing work with the poverty-fighting institution, and immediately listed three Indian companies. The Bank said the move aligns its disclosure practices for compa
Published 13 Jan, 2009 12:00am
Australia job ads slump grim omen for unemployment

Australia job ads slump grim omen for unemployment

Australian job advertisements slumped to recessionary levels in December, a survey showed on Monday, adding to concerns unemployment is set to rise sharply and underlining the case for yet further cuts in interest rates. The grim report intensified worrie
Published 13 Jan, 2009 12:00am
Citi nears deal, UK gets bank stake as sands shift

Citi nears deal, UK gets bank stake as sands shift

The break-up of US banking powerhouse Citigroup moved a step closer, and Britain took control of a big stake in another top lender on Monday as the reshaping of the global financial landscape gathered pace. Citigroup moved close to a deal to join its Smit
Published 13 Jan, 2009 12:00am
European auto industry could see 'forced' consolidation: GM

European auto industry could see 'forced' consolidation: GM

The European automotive industry could see "forced" consolidation should the current recession deepen and drag on, GM Europe's president warned Sunday. "Whenever we talk about consolidation we have the feeling that something has to happen," Carl-Peter Fos
Published 13 Jan, 2009 12:00am
OECD leading indicators point to G7, BRIC slowdown

OECD leading indicators point to G7, BRIC slowdown

The outlook for the world's major industrialised and emerging economies worsened markedly in November, OECD data showed on Monday, and the international body said the figures pointed to a "deep slowdown" in those states. The Organisation for Economic Co-o
Published 13 Jan, 2009 12:00am
400 Argentines go on hunger strike to end poverty

400 Argentines go on hunger strike to end poverty

Some 400 residents of Argentina's poorest province are gearing up for an all-out hunger strike to raise awareness about their dire situation, Nobel Peace laureate Adolfo Perez Esquivel said Sunday. "La Quiaca once again stands up for the rights of the poo
Published 13 Jan, 2009 12:00am
Juncker wants pressure on banks to lend

Juncker wants pressure on banks to lend

It is hard to tell whether the economic crisis has worsened, but governments should pressure banks into lending more to customers, Eurogroup Chairman Jean-Claude Juncker said in remarks published on Monday. It would take a few months for the effects of th
Published 13 Jan, 2009 12:00am
German power group agrees of Dutch peer

German power group agrees of Dutch peer

The second biggest German power company, RWE, said Monday it had agreed a 9.3-billion-euro (12.5-billion-dollar) take-over of Dutch peer Essent in the biggest European take-over this year. The deal makes RWE a major energy supplier across much of western
Published 13 Jan, 2009 12:00am
Turkish capacity utilisation drops on poor demand

Turkish capacity utilisation drops on poor demand

Turkish capacity utilisation fell 16.4 percentage points year-on-year in December to 64.7 percent, the Turkish Statistics Institute said on Monday, illustrating the rapid slowdown in Turkey's economy. Capacity utilisation, a leading indicator of manufactu
Published 13 Jan, 2009 12:00am
Christie's auction house to cut jobs

Christie's auction house to cut jobs

Up-market British auction house Christie's said Monday it would cut "significant" numbers of staff, in the latest sign of the widespread impact of the global economic downturn. In a bid to retain competitiveness and profitability, the company will also no
Published 13 Jan, 2009 12:00am
Canada new home prices fall for second straight month

Canada new home prices fall for second straight month

Prices for new housing in Canada fell for the second straight month in November due to flat or lower prices in the western provinces where real estate markets were previously booming, Statistics Canada said on Monday. Prices fell 0.3 percent from October,
Published 13 Jan, 2009 12:00am
South Africa's Rupert family in talks on Lehman assets

South Africa's Rupert family in talks on Lehman assets

An investment company controlled by South African billionaire Johann Rupert is in talks about the buy-out of Lehman Brothers Inc's merchant banking business. Luxembourg-based Reinet Investments said it was in talks with the Lehman bankruptcy estate and in
Published 13 Jan, 2009 12:00am
France to consider capital boost to carmakers

France to consider capital boost to carmakers

French Economy Minister Christine Lagarde said on Monday she would consider strengthening the capital of France's battered carmakers if necessary. Lagarde said her ministry was in the middle of an "internal technical debate" with France's carmakers and th
Published 13 Jan, 2009 12:00am
Hyundai to slash domestic output amid global slump

Hyundai to slash domestic output amid global slump

Hyundai Motor Co, South Korea's largest automaker, will slash production between 25 percent and 30 percent at its domestic plants during the first quarter amid falling global demand for vehicles, the company said Monday. The cut will mostly affect larger
Published 13 Jan, 2009 12:00am
Sri Lanka central bank loosens tight monetary stance

Sri Lanka central bank loosens tight monetary stance

The Central Bank of Sri Lanka Monday loosened its tight monetary policy as the inflation rate showed signs of slowing down. The Colombo-based bank cut the penalty rate on reverse repurchase transactions to 17.0 percent from 19.0 percent. "The Central Bank
Published 13 Jan, 2009 12:00am
South Korea GDP fell four percent in fourth quarter

South Korea GDP fell four percent in fourth quarter

South Korea's economy contracted by more than 4 percent in the fourth quarter of 2008 from the third quarter, a much sharper decline than a previous projection for a 1.6 percent contraction, the Hankyoreh newspaper reported, citing a Bank of Korea officia
Published 13 Jan, 2009 12:00am
China's Real Gold eyes $150 million Hong Kong IPO

China's Real Gold eyes $150 million Hong Kong IPO

Chinese mining firm Real Gold plans a February initial public offering to raise roughly $150 million in what would be the first sizeable Hong Kong listing of the year, according to people familiar with the situation. The company, which is based in the Inn
Published 13 Jan, 2009 12:00am
China's Real Gold eyes $150 million Hong Kong IPO

China's Real Gold eyes $150 million Hong Kong IPO

Chinese mining firm Real Gold plans a February initial public offering to raise roughly $150 million in what would be the first sizeable Hong Kong listing of the year, according to people familiar with the situation. The company, which is based in the Inn
Published 13 Jan, 2009 12:00am
Singapore shares decline

Singapore shares decline

Singapore shares closed down 1.65 percent on Monday, weighed by poor US economic data, dealers said. The main Straits Times Index (STI) fell 29.77 points to 1,776.25 on volume of 902 million shares worth 978 million Singapore dollars (657 million US). Los
Published 13 Jan, 2009 12:00am
Hong Kong shares dip

Hong Kong shares dip

Hong Kong shares fell 2.8 percent on Monday, sagging to a five-week closing low, as grim US unemployment data added to worries that global demand for Chinese exports was nowhere near to recovering. The Hong Kong market has retreated for five straight sess
Published 13 Jan, 2009 12:00am
Thai shares close 1.36 percent lower

Thai shares close 1.36 percent lower

Thai shares closed 1.36 percent lower on Monday following the regional trend, mainly due to losses in big-cap energy shares, dealers said. They said investors dumped energy stocks on the expectation of bad news when companies release their results for the
Published 13 Jan, 2009 12:00am
Indian shares fall 3.15 percent

Indian shares fall 3.15 percent

Indian stocks fell 3.15 percent on Monday as investors sold ahead of the third-quarter earnings season on concerns of weaker growth, dealers said. The benchmark 30-share Sensex index fell 296.42 points to 9,110.05, its third consecutive day of losses.
Published 13 Jan, 2009 12:00am
Australian shares tumble

Australian shares tumble

Australian share prices dropped 1.4 percent on Monday after Wall Street retreated ahead of the weekend on the back of dire unemployment figures, dealers said. The benchmark S&P/ASX 200 fell 52.4 points to 3,683.3 while the broader All Ordinaries shed 56.4
Published 13 Jan, 2009 12:00am
Philippines shares slightly up

Philippines shares slightly up

Philippines share prices closed 0.7 percent higher on Monday, buoyed by an improving economic outlook after the government completed a 1.5 billion dollar bond issue last week, dealers said. The composite index inched up 12.95 points to close at 1,997.83.
Published 13 Jan, 2009 12:00am
Taiwan stocks at two-week closing low

Taiwan stocks at two-week closing low

Taiwan stocks fell 0.31 percent on Monday to a fresh two-week closing low, with Compal dropping on a weaker 2009 shipment outlook and investors turning cautious before major US firms post earnings results. The main TAIEX share index closed down 13.63 poin
Published 13 Jan, 2009 12:00am
Most Chinese stocks rise

Most Chinese stocks rise

Most Chinese stocks rose on Monday, boosted by strength in metal producers and hopes for more government measures to aid the industrial sector, although weak financial shares depressed the main index. The Shanghai Composite Index ended down 0.24 percent a
Published 13 Jan, 2009 12:00am
New Zealand shares rally

New Zealand shares rally

New Zealand share prices closed 0.39 percent higher on Monday due to some buying by retail investors on light volumes, dealers said. The benchmark NZX-50 index closed 10.86 points higher at 2,768.27 on light turnover worth 37.6 million dollars (22.0 milli
Published 13 Jan, 2009 12:00am
Jakarta shares drop

Jakarta shares drop

Indonesian shares ended 0.7 percent lower on Monday, weighed down by the weak rupiah and falls in most Asian markets, dealers said. The Jakarta Composite Index closed 10.12 points lower at 1,406.55 in moderate trade. "Bargain buying in several consumer st
Published 13 Jan, 2009 12:00am
Malaysian shares make little gains

Malaysian shares make little gains

Malaysian shares closed 0.5 percent higher on Monday despite sentiment remaining fragile due to concerns over the state of the economy in the United States, dealers said. The Kuala Lumpur Composite Index gained 4.5 points to close at 923.57, with advancin
Published 13 Jan, 2009 12:00am
Seoul shares end lower

Seoul shares end lower

Seoul shares fell on Monday but KT Corp remained a bright spot on merger talk during a session dogged by renewed economic and earnings worries ahead of results season and following grim US job data on Friday. The Korea Composite Stock Price Index ended do
Published 13 Jan, 2009 12:00am
Taiwan dollar at one-month low

Taiwan dollar at one-month low

The Taiwan dollar weakened for a fourth straight session on Monday to a one-month closing low, as a drop in the stock market and a gloomy outlook for the world economy prompted foreign investors to pull out funds. The Taiwan dollar closed at T$33.235 agai
Published 13 Jan, 2009 12:00am
Hong Kong dollar consolidates

Hong Kong dollar consolidates

The Hong Kong dollar regained some ground on Monday, consolidating after it hit a near three-month low against the US dollar last week. The local currency rose 0.02 percent to 7.7558 against the US dollar from late Friday trade in Asia. One dealer said th
Published 13 Jan, 2009 12:00am
Swiss franc seen gaining versus euro

Swiss franc seen gaining versus euro

The Swiss franc was weaker against the dollar and the euro on Monday, but analysts expect the Swissie to gain against the euro as the European Central Bank cuts interest rates. "We expect the franc should rise further against the euro because the ECB has
Published 13 Jan, 2009 12:00am
Euro drops, yen gains

Euro drops, yen gains

The yen climbed on Monday and struck a one-month high against the euro as a grim global outlook favoured safe-haven currencies and stirred expectations of an aggressive euro zone rate cut later in the week. Stocks in Asia retreated after Friday's dismal U
Published 13 Jan, 2009 12:00am
Most Asian currencies fall

Most Asian currencies fall

Several Asian currencies fell to one-month lows on Monday as grim global economic outlook prompted investors to shun risks and sell regional stocks. The volatile won fell as low as 1,365.9 per dollar, down almost 1.7 percent from Friday's domestic close t
Published 13 Jan, 2009 12:00am
Yuan ends lower versus dollar

Yuan ends lower versus dollar

China's yuan ended slightly lower against the dollar on Monday in line with the weakness of other secondary Asian currencies, but traders said the Chinese central bank was expected to continue preventing any major drop. "Trade has been thin recently and f
Published 13 Jan, 2009 12:00am
HRW wheat steady

HRW wheat steady

Spot basis bids for hard red winter wheat in the US Plains held steady Monday with many merchants posting 10-15 cents on protection against an expected slide in futures. Bigger-than-expected quarterly stocks and ending stocks data issued by the US Departm
Published 13 Jan, 2009 12:00am
CIF Gulf corn and soy hold steady

CIF Gulf corn and soy hold steady

Basis bids for US corn and soybeans shipped by barge to the Gulf held steady on Monday amid scattered farmer selling despite elevators taking 10 cents per bushel protection on corn and 15 cents on soybeans, traders said. Corn sales could pressure basis va
Published 13 Jan, 2009 12:00am
China seen suspending copper purchases

China seen suspending copper purchases

China's State Reserves Bureau could have suspended planned copper purchases due to rising prices, an official aware of the government's plans and a producer said on Monday, but zinc buying will resume this week. "We previously had a plan to build up coppe
Published 13 Jan, 2009 12:00am
Russian government establishes state grain trader

Russian government establishes state grain trader

The Russian government has sent a draft decree on creating a grain-trading company on the basis of state-owned assets to President Dmitry Medvedev for signing, powerful grain industry lobby said on Monday. "Once the decree is signed it will take one month
Published 13 Jan, 2009 12:00am
Ukraine 2008 grain harvest jumped

Ukraine 2008 grain harvest jumped

Ukraine's 2008 grain harvest jumped to a record 53.3 million tonnes in clean weight from 29.3 million tonnes in 2007, a senior official from Ukraine's State Statistics Committee said on Monday. "The preliminary figure of Ukraine's grain harvest in 2008 is
Published 13 Jan, 2009 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 132,014 tonnes of cargo including 90,922 tonnes of import and 41,092 tonnes of export, 736 loaded and empty containers (TEUs) during last 48 hours ending at 0700 hours on Monday.
Published 13 Jan, 2009 12:00am
PFF chief praised for taking steps for soccer promotion

PFF chief praised for taking steps for soccer promotion

Pakistan Football Federation (PFF) president is going all out for the welfare of players, coaches, referees and administrators and those criticising him had no knowledge of the game. Punjab Football Association (PFA)'s President Muhammad Arshad Khan Lodhi
Published 13 Jan, 2009 12:00am
FIFA to honour year's best player

FIFA to honour year's best player

FIFA will unveil the winner of their World Player award for 2008 on Monday, following the world governing body's annual poll of international team coaches and captains. Manchester United and Portugal winger Cristiano Ronaldo is widely seen as the favourit
Published 13 Jan, 2009 12:00am
Cornet soldiering on to Aussie Open

Cornet soldiering on to Aussie Open

Rising French teenager Alize Cornet added Russian Nadia Petrova to her growing list of top-ranked scalps with a straight sets opening round victory at the Sydney WTA International on Monday. The 18-year-old put paid to the tournament seventh seed 6-2, 6-4
Published 13 Jan, 2009 12:00am
Pakistan name uncapped Amin in one-day squad

Pakistan name uncapped Amin in one-day squad

Pakistan have included uncapped batsman Umar Amin in a 15-man squad for the one-day series against Sri Lanka this month. "Amin has been rewarded for his excellent performances in domestic cricket," a Pakistan Cricket Board said on Monday. The left-handed
Published 13 Jan, 2009 12:00am
Mendis sets record as Sri Lanka win

Mendis sets record as Sri Lanka win

Ajantha Mendis became the fastest bowler to complete 50 wickets in one-day internationals as Sri Lanka crushed Zimbabwe by 130 runs in a triangular series match here Monday. The unorthodox spinner finished with 3-15 off 5.2 disciplined overs as Sri Lanka
Published 13 Jan, 2009 12:00am
Crisis looms for Scolari

Crisis looms for Scolari

Luiz Felipe Scolari is only one defeat away from the first full-blown crisis of his reign at Chelsea - but the Brazilian insists he will not seek be plunging into the transfer market in search of a remedy. As they surrendered meekly in a 3-0 defeat to Man
Published 13 Jan, 2009 12:00am
Japan trio banned from 'coming of age' ceremony

Japan trio banned from 'coming of age' ceremony

Japan coach Takeshi Okada has issued a bizarre ban on three of his players from attending their "coming-of-age" ceremony on Monday. Okada refused to release the trio from training for the traditional ceremony for those who have reached 20 - the mark of ad
Published 13 Jan, 2009 12:00am
Pro-mafia Facebook pages cause alarm in Italy

Pro-mafia Facebook pages cause alarm in Italy

Leading Italian anti-mafia activists expressed alarm on Monday that Facebook pages dedicated to praise of some of Cosa Nostra's most notorious and bloody bosses have attracted hundreds of young admirers. "Fan clubs" of such jailed mafia bosses as Bernardo
Published 13 Jan, 2009 12:00am
Zuma faces new graft trial

Zuma faces new graft trial

South Africa's appeals court on Monday opened the way for prosecutors to pursue graft charges against ruling party leader Jacob Zuma only months before he is expected to stand for election as president. The appeals court overturned a lower judge's decisio
Published 13 Jan, 2009 12:00am
Indonesian president launches third music album

Indonesian president launches third music album

Indonesian President Susilo Bambang Yudhoyono has launched his third music album featuring 10 original songs. "Evolusi" (Evolution) is about his feelings toward being president of the world's most populous Muslim country and one of its largest democracies
Published 13 Jan, 2009 12:00am
Iran to punish firms trading with Israel

Iran to punish firms trading with Israel

Iran's government has endorsed a bill that will sanction foreign companies doing business with Israel, in the face of the Jewish state's deadly assault on Gaza, the Iran newspaper reported on Monday. The sanctions will apply to multinationals which have b
Published 13 Jan, 2009 12:00am
Iran tells Obama not to repeat false US charges

Iran tells Obama not to repeat false US charges

Iran called on US President-elect Barack Obama on Monday not to repeat what it said were false accusations levelled against the Islamic Republic by the outgoing administration in Washington. The United States accuses Iran of seeking to develop nuclear wea
Published 13 Jan, 2009 12:00am
IMF may need more funds: Strauss-Kahn

IMF may need more funds: Strauss-Kahn

The International Monetary Fund may need $150 billion more to help poor and emerging market economies weather the global downturn, IMF chief Dominique Strauss-Kahn said in an interview report published on Monday. Strauss-Kahn commended the economic stimul
Published 13 Jan, 2009 12:00am
Germany, UAE to jointly upgrade Afghan airport

Germany, UAE to jointly upgrade Afghan airport

Germany and the United Arab Emirates agreed Monday jointly to fund a project to upgrade a key airport in northern Afghanistan at Mazar-i-Sharif into a regional air transport hub. The German Foreign Ministry said the total cost would be 35 million euros (4
Published 13 Jan, 2009 12:00am
More funds needed to rid Afghanistan of mines: UN

More funds needed to rid Afghanistan of mines: UN

Afghanistan will not be able to reach its goal of being free from landmines and unexploded bombs by March 2013 unless urgent funding is received, the United Nations said on Monday. After nearly 30 years of war, Afghanistan is one of the most heavily mined
Published 13 Jan, 2009 12:00am
French black rights group enlists Obama look-alike

French black rights group enlists Obama look-alike

Campaigners for the rights of black French people used a Barack Obama look-alike on Monday in video clips denouncing what they say is discrimination by police who stop and search black people more than others. The clips, which will be posted on the Intern
Published 13 Jan, 2009 12:00am
Turkish family jailed for life

Turkish family jailed for life

A Turkish court sentenced five members of the same family to life imprisonment for the "honour killing" of Naile Erdas, 16, who got pregnant as a result of rape, activists said Monday. In its verdict Friday, a court in the eastern city of Van sentenced th
Published 13 Jan, 2009 12:00am
Joe Biden visits Iraq; bombers kill seven

Joe Biden visits Iraq; bombers kill seven

US Vice President-elect Joe Biden arrived in Baghdad on Monday for talks with leaders of Iraq, where the withdrawal of 140,000 American troops is seen as a major challenge facing the incoming US administration. He arrived hours after bombers unleashed a w
Published 13 Jan, 2009 12:00am
Japanese Prime Minister brushes off ratings fall, party rebel quits

Japanese Prime Minister brushes off ratings fall, party rebel quits

Japanese Prime Minister Taro Aso on Monday said he would not quit despite a spate of public opinion polls that show his support levels below 20 percent and again ruled out calling a snap election. But in a sign of Aso's fraying control, a former financial
Published 13 Jan, 2009 12:00am
EADS to unveil laser sniper spotter

EADS to unveil laser sniper spotter

Snipers or assassins could be spotted in their nests before even firing a shot thanks to laser surveillance technology to be unveiled in Britain on Tuesday. European and US companies are accelerating research into a anti-sniper defences in response to thr
Published 13 Jan, 2009 12:00am
European spreads a touch wider

European spreads a touch wider

European credit indexes were slightly wider on Monday while Germany's Fresenius announced what could amount to the first European high-yield bond issue since the start of the credit crisis in July 2007. Healthcare group Fresenius said it planned to sell $
Published 13 Jan, 2009 12:00am
European spreads a touch wider

European spreads a touch wider

European credit indexes were slightly wider on Monday while Germany's Fresenius announced what could amount to the first European high-yield bond issue since the start of the credit crisis in July 2007. Healthcare group Fresenius said it planned to sell $
Published 13 Jan, 2009 12:00am
Asian bond spreads narrow

Asian bond spreads narrow

Asian bond spreads narrowed on Monday as yield-hungry investors snapped up bonds, though investors were cautious on South Korea after a report that its economy shrank more than expected in the fourth quarter. "There are two competing drivers for credit sp
Published 13 Jan, 2009 12:00am
Asian bond spreads narrow

Asian bond spreads narrow

Asian bond spreads narrowed on Monday as yield-hungry investors snapped up bonds, though investors were cautious on South Korea after a report that its economy shrank more than expected in the fourth quarter. "There are two competing drivers for credit sp
Published 13 Jan, 2009 12:00am
Monday's early afternoon trade: banks sink Wall Street

Monday's early afternoon trade: banks sink Wall Street

US stocks slid on Monday, hurt by worries that fourth-quarter earnings reports, which begin with aluminium producer Alcoa later in the day, will show the recession is worsening. Concerns about the prospect for more financial sector losses stemming from th
Published 13 Jan, 2009 12:00am
FTSE falls for fourth day in a row

FTSE falls for fourth day in a row

Britain's FTSE 100 index fell for the fourth session in a row on Monday, as weakness in heavyweight commodity stocks eclipsed gains in banks. The UK benchmark closed down 22.35 points or 0.5 percent at 4,426.19, after losing 1.3 percent on Friday.
Published 13 Jan, 2009 12:00am
Indian rupee falls

Indian rupee falls

The Indian rupee weakened on Monday as demand for dollars from some corporates and banks looking to arbitrage in the offshore markets weighed, with a fall in the local share market adding to the pressure. The partially convertible rupee closed at 48.84/85
Published 13 Jan, 2009 12:00am
Dollar lending rates fall further in Asia

Dollar lending rates fall further in Asia

Dollar lending rates in Asia extended their decline to their lowest in more than 4-1/2 years on Monday while still trading at a wide enough margin over official rates to suggest cash was not circulating as freely as in normal times.
Published 13 Jan, 2009 12:00am
Sterling slips versus dollar and euro

Sterling slips versus dollar and euro

Sterling buckled against the dollar and the euro on Monday as escalating worries that the global economy will be mired in recession this year raised risk aversion, putting the UK currency under selling pressure. Data last week showing a drastic loss in US
Published 13 Jan, 2009 12:00am
Euro hits one-month low versus yen in London

Euro hits one-month low versus yen in London

The euro fell on Monday, hitting a 1-month low against a broadly firmer yen as investors shunned riskier assets, while it was also pressured on expectations that eurozone interest rates will be cut further later in the week. European shares retreated near
Published 13 Jan, 2009 12:00am
Russia allows 14th rouble devaluation in two months

Russia allows 14th rouble devaluation in two months

Russia on Monday allowed the 14th effective devaluation of its currency in two months, widening the currency's trading band against its euro-dollar basket, the central bank said. The currency basket, composed 55 percent of dollars and 45 percent of euros,
Published 13 Jan, 2009 12:00am
Australian dollar tumbles

Australian dollar tumbles

The Australian dollar fell to its lowest in two weeks on Monday as dour economic data at home added to a fresh bout of risk aversion which kept investors away from higher-yielding currencies. A private sector survey showing a steep drop in job advertiseme
Published 13 Jan, 2009 12:00am
Atlas Engineering to issue 100 percent right shares

Atlas Engineering to issue 100 percent right shares

Atlas Engineering Ltd will issue 100 percent right shares at Rs 10 per share (in proportion to 10 shares for every 10 shares) to increase its paid up capital. According to information reaching Karachi Stock Exchange, the engineering company will hold an e
Published 13 Jan, 2009 12:00am
Atlas Engineering to issue 100 percent right shares

Atlas Engineering to issue 100 percent right shares

Atlas Engineering Ltd will issue 100 percent right shares at Rs 10 per share (in proportion to 10 shares for every 10 shares) to increase its paid up capital. According to information reaching Karachi Stock Exchange, the engineering company will hold an e
Published 13 Jan, 2009 12:00am
Devotees pray for better Indo-Pak relations in IHK

Devotees pray for better Indo-Pak relations in IHK

A large number of devotees in occupied Kashmir, thronged the Shahdara Sharif Dargah (Mausoleum) in Thanna Mandi to offer prayers for better relations between India and Pakistan. Situated approximately 117 kilometres from Jammu, and located atop a beautifu
Published 13 Jan, 2009 12:00am
Shahbaz for effective steps to cope with energy crisis

Shahbaz for effective steps to cope with energy crisis

Punjab Chief Minister Muhammad Shahbaz Sharif has said that Pakistan is facing serious energy crisis and the government is taking effective measures for coping with this problem, like working on a number of projects on generation of electricity from both
Published 13 Jan, 2009 12:00am
GCU vice chancellor residence: Rs 17.88 million as house rent deposited

GCU vice chancellor residence: Rs 17.88 million as house rent deposited

Government College University (GCU) Registrar Sahibzada Faisal Khursheed has said that an amount of Rs 17.88 million as house rent for the residence of the vice chancellor of the Government College University has been deposited in the National Bank (as pe
Published 13 Jan, 2009 12:00am
New York cotton futures lower

New York cotton futures lower

Cotton futures crumbled from investment fund sales to settle lower on Monday and the market may edge lower on follow-through pressure this week, brokers said. The key March cotton contract fell 2.65 cents or by 5.37 percent to finish at 46.67 cents per lb
Published 13 Jan, 2009 12:00am
Copper tumbles six percent

Copper tumbles six percent

Copper lost as much as 6 percent to reverse earlier gains on Monday after a source said China's State Reserves Bureau (SRB) could have suspended planned copper purchases and rising stockpiles increased worries about demand. Copper for three month delivery
Published 13 Jan, 2009 12:00am
Oil down nearly eight percent

Oil down nearly eight percent

Oil settled down nearly 8 percent on Monday, dragged below $38 by the growing impact of the economic recession on global energy consumption. Russia and Ukraine signed a deal to help secure the resumption of Russian gas supplies to Europe, cut off for near
Published 13 Jan, 2009 12:00am
London sugar, cocoa and coffee slip

London sugar, cocoa and coffee slip

Sugar, cocoa and coffee prices all fell on Monday, swept lower in a broad-based decline in commodity markets as the dollar rose and fears of a deepening global economic downturn heightened. "We have dollar strength and also got a continuation of the fund
Published 13 Jan, 2009 12:00am
Gold falls 3.9 percent in Europe

Gold falls 3.9 percent in Europe

Gold shed 3.9 percent on Monday dragging the other precious metals lower as oil fell and the euro extended losses against the dollar, while physical demand was seen softening. By 1652 GMT spot gold was trading at $823.85 an ounce, down 3.5 percent from $8
Published 13 Jan, 2009 12:00am
US MIDDAY: coffee little changed

US MIDDAY: coffee little changed

Arabica coffee futures were little changed in early trade on Monday, consolidating after rallying to a two-month high Friday, while US cocoa fell in tandem with the British pound against the dollar, traders said. Arabica coffee for March delivery down 0.0
Published 13 Jan, 2009 12:00am
US MIDDAY: sugar tumbles

US MIDDAY: sugar tumbles

Raw sugar futures on ICE Futures US at 1307 GMT. March raw sugar contract eased 0.05 cent to 12.00 cents per lb. Trading from 11.90 to 12.11 cents. Volume at 3,589 lots.
Published 13 Jan, 2009 12:00am
US MIDDAY: wheat plunges

US MIDDAY: wheat plunges

Chicago Board of Trade March wheat futures fell the 60-cent-per-bushel trading limit on Monday following the US Agriculture Department's release of data that showed larger-than-expected 2008/09 ending stocks. Volume was thin during midday trading, which a
Published 13 Jan, 2009 12:00am
US MIDDAY: corn down

US MIDDAY: corn down

July corn futures on the Chicago Board of Trade fell the daily limit of 30 cents per bushel to $4.01-1/2 per bushel early on Monday, after the release of bearish USDA corn stocks data, traders said. At 9:50 am CST (1550 GMT), CBOT corn was down 4-3/4 to 2
Published 13 Jan, 2009 12:00am
US MIDDAY: soyabeans fall

US MIDDAY: soyabeans fall

Chicago Board of Trade March, May and July soyabeans fell the 70-cent limit past midday Monday, pressured by USDA raising its 2008/09 US ending stocks estimate when traders expected a cut. March soy fell 70 cents to $9.66 a bushel. Spot January soya, now
Published 13 Jan, 2009 12:00am
US MIDDAY: copper futures slip

US MIDDAY: copper futures slip

US copper futures slipped nearly 7 percent at the open Monday as market momentum turned bearish amid talk of a possible suspension of planned copper purchases from China's State Reserves Bureau. Copper for March delivery was trading down 8.75 cents, or 5.
Published 13 Jan, 2009 12:00am
US MIDDAY: gold drops

US MIDDAY: gold drops

US gold futures dropped over 3 percent to their lowest level in nearly a month Monday on heavy profit taking as the dollar rallied against the euro and crude oil prices tumbled, but chart-based support could help in the near term. Gold for February delive
Published 13 Jan, 2009 12:00am
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