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Sep 21, 2024 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Print - 2009-01-22
Germany sees deep recession, worried by bond spreads

Germany sees deep recession, worried by bond spreads

The German economy will contract by 2.25 percent this year, sinking into its deepest recession since World War Two as its export sector suffers from a collapse in foreign demand, the government said on Wednesday. Economy Minister Michael Glos said he expe
Published 22 Jan, 2009 12:00am
Geithner apologizes for not paying US taxes

Geithner apologizes for not paying US taxes

Treasury Secretary-designate Timothy Geithner said Wednesday he was careless in failing to pay $34,000 in US taxes earlier this decade but declared ``I have paid what I owed.' He apologised to Congress. Geithner told the Senate Finance Committee he was so
Published 22 Jan, 2009 12:00am
G7 set for prolonged recession as crisis rages

G7 set for prolonged recession as crisis rages

The world's richest economies look set to remain in the worst recession in several decades throughout most of 2009, sending unemployment soaring as the global financial crisis rages. Reuters polls of around 300 economists from across the Group of Seven in
Published 22 Jan, 2009 12:00am
Bank bailout batters UK finances, job losses mount

Bank bailout batters UK finances, job losses mount

European governments offered more help to stricken banks on Wednesday while a bank bailout put UK public finances on track for their worst year since records began after World War Two. Shares fell on deepening fears that top financial institutions would n
Published 22 Jan, 2009 12:00am
European banks lean more on taxpayers, jitters persist

European banks lean more on taxpayers, jitters persist

European countries pledged billions more euros to support ailing banks and aid bank stocks on Wednesday, but the threat of nationalisation or forced state help hit Britain's Barclays and Belgium's KBC. Belgium is planning a second round of help for banks,
Published 22 Jan, 2009 12:00am
Trichet says eurozone breakup fears 'unfounded'

Trichet says eurozone breakup fears 'unfounded'

European Central Bank head Jean-Claude Trichet said on Wednesday that fears the eurozone might break up under the strains of the global financial crisis were "unfounded." Asked in the European Parliament about fears that the turmoil could force the 16-mem
Published 22 Jan, 2009 12:00am
S&P introduces US credit default swap indices

S&P introduces US credit default swap indices

Standard & Poor's said on Wednesday it has launched a series of credit default swap (CDS) indexes, including one that will closely replicate the components of its S&P 100 stock index. The S&P 100 CDS Index, which will be the first CDS index based on an eq
Published 22 Jan, 2009 12:00am
General Motors loses global sales crown after 77 years

General Motors loses global sales crown after 77 years

General Motors Corp on Wednesday said its global vehicle sales for 2008 had dropped 11 percent, allowing rival Toyota Motor Corp to surpass it as the world's largest automaker for the first time. GM, now struggling to restructure under a $13.4 billion US
Published 22 Jan, 2009 12:00am
BHP Billiton to cut 6,000 jobs

BHP Billiton to cut 6,000 jobs

The world's biggest miner, BHP Billiton, said Wednesday it would cut about 6,000 jobs because of the global economic downturn and weakening demand for its products. "These are very serious types of decisions and we don't take them lightly, but at the end
Published 22 Jan, 2009 12:00am
BHP Billiton to cut 6,000 jobs

BHP Billiton to cut 6,000 jobs

The world's biggest miner, BHP Billiton, said Wednesday it would cut about 6,000 jobs because of the global economic downturn and weakening demand for its products. "These are very serious types of decisions and we don't take them lightly, but at the end
Published 22 Jan, 2009 12:00am
Malaysia slashes key interest rate

Malaysia slashes key interest rate

Malaysia's central bank Wednesday slashed the key policy interest rate by 75 basis points - its biggest cut since 2004 - in a bid to cushion the weakening economy and avert a recession. In its first policy meeting of the year, Bank Negara Malaysia cut its
Published 22 Jan, 2009 12:00am
'UAE not headed into recession right now'

'UAE not headed into recession right now'

The United Arab Emirates is not headed into a recession for now, the Gulf state's central bank governor said on Wednesday, saying the oil producer expected to achieve low economic growth this year. An economic boom in the UAE, the world's fifth-largest oi
Published 22 Jan, 2009 12:00am
Ericsson shines in grim market, slashes costs

Ericsson shines in grim market, slashes costs

Ericsson posted strong results and pledged deeper savings including 5,000 job cuts on Wednesday, priming itself for market share gains in a telecom equipment sector starting to wilt under the economic downturn.
Published 22 Jan, 2009 12:00am
Rio Tinto Alcan to slash 1,100 jobs

Rio Tinto Alcan to slash 1,100 jobs

Rio Tinto Alcan, the aluminium division of mining giant Rio Tinto, said Tuesday it planned to reduce its global workforce by about 1,100 staff because of the economic slowdown. "Plans are in place to reduce the workforce by approximately 1,100 roles - 300
Published 22 Jan, 2009 12:00am
Mitsubishi, Mazda seek government subsidy

Mitsubishi, Mazda seek government subsidy

Japan's Mitsubishi Motors and Mazda said Wednesday they had applied for a government subsidy to help pay workers at plants that have been idled due to the auto crisis. Japan last month loosened its criteria for companies to apply for aid to cover half of
Published 22 Jan, 2009 12:00am
Sabic's profits sag on global crisis

Sabic's profits sag on global crisis

Saudi Basic Industries Corp (Sabic), the world's largest petrochemicals firm by market value, on Tuesday posted a 95.5 percent fall in fourth-quarter profit as a global slowdown began to bite. Net profit in the three months to December 31 fell to 311 mill
Published 22 Jan, 2009 12:00am
AIG will not renew Manchester United sponsorship

AIG will not renew Manchester United sponsorship

Insurance giant American International Group said on Wednesday it would not renew its shirt sponsorship deal with European and world club soccer champions Manchester United. The American company also said in an email sent to Reuters that it was "in active
Published 22 Jan, 2009 12:00am
Turkish rating outlook stable, may improve: Moody's

Turkish rating outlook stable, may improve: Moody's

Turkey's credit rating outlook is stable but the rating could improve over time should the economy regain its growth and also momentum towards EU membership, an analyst at ratings agency Moody's said. Turkey's gross domestic product is expected to shrink
Published 22 Jan, 2009 12:00am
Turkish rating outlook stable, may improve: Moody's

Turkish rating outlook stable, may improve: Moody's

Turkey's credit rating outlook is stable but the rating could improve over time should the economy regain its growth and also momentum towards EU membership, an analyst at ratings agency Moody's said. Turkey's gross domestic product is expected to shrink
Published 22 Jan, 2009 12:00am
'Singapore facing its worst-ever recession'

'Singapore facing its worst-ever recession'

Singapore faces its worst-ever recession and on Wednesday cut this year's economic outlook after the city-state suffered its biggest quarterly fall on record, the government said. The downgrade is the second this month and reflects a faster and deeper dec
Published 22 Jan, 2009 12:00am
Japan sentiment slides, economy 'worsening rapidly'

Japan sentiment slides, economy 'worsening rapidly'

The Japanese government warned on Tuesday the economy was "worsening rapidly" as a deepening recession hits jobs and incomes, sending consumer confidence to a record low. The bleak government assessment, the fourth downgrade in as many months in its outlo
Published 22 Jan, 2009 12:00am
Strauss-Kahn sees sharp cuts in growth forecasts

Strauss-Kahn sees sharp cuts in growth forecasts

The International Monetary Fund will sharply cut growth forecasts this month and the world will not return to strong growth for two or three years, IMF Managing-Director Dominique Strauss-Kahn said on Wednesday. "Things are not improving," Strauss-Kahn sa
Published 22 Jan, 2009 12:00am
Canada November wholesale trade drops on weaker exports

Canada November wholesale trade drops on weaker exports

Canadian wholesale trade declined by 1.6 percent in November from October on lower demand for exports and weaker sales in Canada, Statistics Canada said on Wednesday. The drop - the third in four months - was slightly greater than the 1.5 percent decrease
Published 22 Jan, 2009 12:00am
Hong Kong Exchange Fund reveals heavy loss in 2008

Hong Kong Exchange Fund reveals heavy loss in 2008

Hong Kong's Exchange Fund recorded a net loss of 74.9 billion dollars (9.6 billion US) in 2008, as turmoil on global stock markets battered its investments, the central bank said Wednesday. The fund, which is partly used to back the Hong Kong dollar's lin
Published 22 Jan, 2009 12:00am
Hong Kong Exchange Fund reveals heavy loss in 2008

Hong Kong Exchange Fund reveals heavy loss in 2008

Hong Kong's Exchange Fund recorded a net loss of 74.9 billion dollars (9.6 billion US) in 2008, as turmoil on global stock markets battered its investments, the central bank said Wednesday. The fund, which is partly used to back the Hong Kong dollar's lin
Published 22 Jan, 2009 12:00am
Malaysian shares down

Malaysian shares down

Malaysian share prices closed down 0.8 percent on Wednesday due to weak investor sentiment amid declines on other regional markets, dealers said. Dealers said volume was thin with construction, finance and plantation stocks leading the decline. The Kuala
Published 22 Jan, 2009 12:00am
Hong Kong shares slump

Hong Kong shares slump

Hong Kong shares dropped 2.9 percent to a nearly two-month low on Wednesday as more Chinese companies issued profit warnings and investors worried the global financial crisis would become protracted. Stocks came under pressure ahead of the Lunar New Year
Published 22 Jan, 2009 12:00am
Banks sink Wall Street on Inauguration Day

Banks sink Wall Street on Inauguration Day

Wall Street ushered in the Barack Obama presidency with a record Inauguration Day drop on Tuesday amid fresh signs the global bank crisis was far from over. High expectations for details on how the new administration would address the growing banking cris
Published 22 Jan, 2009 12:00am
Taiwan stocks finish firmer

Taiwan stocks finish firmer

Taiwan stocks reversed course to inch up 0.13 percent on Wednesday, the last trading day before the Lunar New Year holidays, with DRAM makers rallying amid growing investor expectations for a long-awaited industry restructuring. The main TAIEX share index
Published 22 Jan, 2009 12:00am
China stocks end down

China stocks end down

China's stock market slipped 0.46 percent on Wednesday, with steel shares weak after Angang Steel's profit warning and financial shares mixed as investors grew wary over economic data due later in the week. The Shanghai Composite Index ended at 1,985.016
Published 22 Jan, 2009 12:00am
Philippines shares fall

Philippines shares fall

Philippines share prices closed 3.1 percent lower on Wednesday, tracking falls on Wall Street amid new fears of a deepening global economic downturn, dealers said. The composite index dropped 57.81 points to close at 1,840.12, its seventh-straight day of
Published 22 Jan, 2009 12:00am
Shorter-dated US Treasury prices rise

Shorter-dated US Treasury prices rise

Shorter-dated US Treasury prices rose on Tuesday as growing anxiety about the global banking system's fragility pushed financial stocks down and sent investors scurrying for the comparative shelter of government debt. But long bond prices dropped on growi
Published 22 Jan, 2009 12:00am
Shorter-dated US Treasury prices rise

Shorter-dated US Treasury prices rise

Shorter-dated US Treasury prices rose on Tuesday as growing anxiety about the global banking system's fragility pushed financial stocks down and sent investors scurrying for the comparative shelter of government debt. But long bond prices dropped on growi
Published 22 Jan, 2009 12:00am
Thai share prices decline

Thai share prices decline

Thai shares closed 0.45 percent lower on Wednesday amid persisting concerns over the global economy, dealers said. They said the Thai bourse fell in line with other regional markets while trading was slow as many investors stayed on the sidelines.
Published 22 Jan, 2009 12:00am
Nikkei hits seven-week closing low

Nikkei hits seven-week closing low

Japan's Nikkei stock average slid 2 percent on Wednesday to hit a seven-week closing low as deepening woes in the global financial system hurt bank shares, while Toyota Motor and other exporters sank on a strong yen. Financial worries continued to dent in
Published 22 Jan, 2009 12:00am
Singapore shares slip

Singapore shares slip

Singapore shares closed 1.09 percent lower on Wednesday in thin volume, with hopes for generous handouts in the national budget helping to limit losses, dealers said. The blue chip Straits Times Index fell 18.85 points to 1,704.52 on volume of 830 million
Published 22 Jan, 2009 12:00am
Canadian dollar slides

Canadian dollar slides

The Canadian dollar fell versus the US dollar on Tuesday as the greenback rallied against a range of currencies as investors sought safety amid growing worries over the global economy. The Canadian currency finished at C$1.2676 to the US dollar, or 78.89
Published 22 Jan, 2009 12:00am
Hong Kong dollar eases slightly

Hong Kong dollar eases slightly

The Hong Kong dollar nudged lower on Wednesday, but trade stuck to a narrow range against the US dollar, dealers said. Sentiment was affected by a falling equity markets. The local currency traded between 7.7587 and 7.7595 against the US dollar during the
Published 22 Jan, 2009 12:00am
Yuan ends up

Yuan ends up

China's yuan closed up slightly against the dollar on Wednesday and traded mostly above the psychologically important 6.8400 level, guided by the daily reference rate fixed by the Chinese central bank. The central bank set the yuan's mid-point against the
Published 22 Jan, 2009 12:00am
Sterling and euro edge up

Sterling and euro edge up

Sterling and the euro edged higher on Wednesday, recovering from earlier losses on a slight thaw in risk aversion. But market concern persisted over losses in the UK banking sector and a deepening recession in the euro zone, firmly limiting the rebound by
Published 22 Jan, 2009 12:00am
US dollar rallies versus pound

US dollar rallies versus pound

The US dollar hit a 7-1/2-year peak against the pound on Tuesday as losses in the UK banking sector raised worries about the country's economy. The dollar also rose against the euro on concerns about a deepening euro-zone recession. Optimism about newly i
Published 22 Jan, 2009 12:00am
Australian dollar cowers near six-week lows

Australian dollar cowers near six-week lows

The Australian dollar was on the defensive on Wednesday after sliding to six-week lows as mounting concerns about the global banking system hammered equities and drove extreme risk aversion. A drop in Australian consumer sentiment for January also dragged
Published 22 Jan, 2009 12:00am
Most Asian currencies move in thin ranges

Most Asian currencies move in thin ranges

The Singapore dollar fell to a 1-1/2-month low on Wednesday after data showed the economy sinking deeper into recession, reinforcing views the central bank will ease policy by allowing the currency to weaken. The Singapore dollar lost about 0.3 percent to
Published 22 Jan, 2009 12:00am
Swiss franc falls

Swiss franc falls

The Swiss franc was slightly weaker against the dollar and euro on Wednesday as traders became more willing to take on riskier positions, but this was likely to be limited due to worries about the global economy. "Despite ongoing financial market concerns
Published 22 Jan, 2009 12:00am
Djokovic flying as Federer, Safin on collision course

Djokovic flying as Federer, Safin on collision course

Defending champion Novak Djokovic hit top gear in a sparkling Australian Open performance on Wednesday as former winners Roger Federer and Marat Safin set up the clash of the third round. Taiwan's Lu Yen-Hsun produced the biggest shock so far in ousting 1
Published 22 Jan, 2009 12:00am
Malik questions Akhtar's future

Malik questions Akhtar's future

Pakistan captain Shoaib Malik called on national selectors to blood new players on Wednesday and questioned the continued inclusion of experienced fast bowler Shoaib Akhtar. Akhtar returned to Pakistan's one-day side on Tuesday after a 14 month absence bu
Published 22 Jan, 2009 12:00am
Jankovic hangs tough as Ivanovic glides through

Jankovic hangs tough as Ivanovic glides through

Top seed Jelena Jankovic battled into the Australian Open third round Wednesday as fellow Serb Ana Ivanovic showed glimpses of the grace and power that swept her to last year's final. But it was the low-profile Russian seventh seed Vera Zvonareva who prod
Published 22 Jan, 2009 12:00am
Sri Lanka thrash Pakistan to level series

Sri Lanka thrash Pakistan to level series

Sri Lanka came back strongly with solid batting and bowling to thrash Pakistan by 129 runs in the second day-night international here Wednesday. Spinners Muttiah Muralitharan (3-19) and Ajantha Mendis (3-29) capitalised on a early double strike by Nuwan K
Published 22 Jan, 2009 12:00am
China off to flying start in Asian Cup qualifying

China off to flying start in Asian Cup qualifying

China got off to an explosive start in 2011 Asian Cup qualifying on Wednesday with a 6-1 thumping of Vietnam, while Bahrain and United Arab Emirates secured comfortable wins to take early group leads. Rebounding from their shock early exit from 2010 World
Published 22 Jan, 2009 12:00am
Patient Raqibul shapes Bangladesh win

Patient Raqibul shapes Bangladesh win

Raqibul Hasan scored an unbeaten 52 off 100 balls to guide Bangladesh to a series-levelling six-wicket win in the second one-day international against Zimbabwe here on Wednesday. Raqibul, 21, hit seven fours for his fifth one-day half-century and shared 5
Published 22 Jan, 2009 12:00am
Management omission no slight on Kevin Pietersen, says new skipper

Management omission no slight on Kevin Pietersen, says new skipper

Kevin Pietersen's absence from the player management group for the Test leg of England's tour of the West Indies should not be seen as a fresh 'demotion', according to his replacement as captain Andrew Strauss. A fortnight ago Pietersen's protracted falli
Published 22 Jan, 2009 12:00am
EU wants air and shipping in post-Kyoto pact

EU wants air and shipping in post-Kyoto pact

The European Union will call next week for airlines and shipping to be included in a planned successor to the Kyoto pact, together with major world-wide investment to tackle climate change, a draft document shows. The document lays out the European Commis
Published 22 Jan, 2009 12:00am
China warns of 'grim' fight against deadly bird flu

China warns of 'grim' fight against deadly bird flu

China faces a "grim" situation in preventing and controlling human cases of bird flu, the health minister said, after announcing four human infections in the last two weeks and three deaths. Health Minister Chen Zhu called for hospitals to spare more reso
Published 22 Jan, 2009 12:00am
Brazilian workers protest high interest rates

Brazilian workers protest high interest rates

Around 2,000 workers held a union-organised demonstration in Sao Paulo on Wednesday to call for an interest rate cut to stave off mass lay-offs looming because of the global economic crisis. "The bosses have to pay for the crisis, not the workers. I want
Published 22 Jan, 2009 12:00am
Samsung replaces most overseas unit chiefs in reshuffle

Samsung replaces most overseas unit chiefs in reshuffle

South Korea's Samsung Electronics, the world's top memory chipmaker, said Wednesday it was replacing the chiefs of most overseas units as part of a major overhaul to counter the recession. New bosses have been appointed at five out of eight regional headq
Published 22 Jan, 2009 12:00am
Bangladesh calls for more duty-free access to India

Bangladesh calls for more duty-free access to India

Bangladesh's foreign minister, Dipu Moni, Wednesday called for increased duty-free access for Bangladeshi products in the Indian market, to offset the huge trade imbalance between the two South Asian neighbours. "As one of the world's fastest growing econ
Published 22 Jan, 2009 12:00am
Bolivia to vote on leftist reforms to constitution

Bolivia to vote on leftist reforms to constitution

Bolivians are expected to approve a new constitution on Sunday that leftist President Evo Morales hopes will transform the impoverished country by giving its indigenous majority more power, even though the reforms were watered down to appease conservative
Published 22 Jan, 2009 12:00am
Bush exits White House, goes home to Texas

Bush exits White House, goes home to Texas

George W. Bush bid farewell to Washington politics on Tuesday, leaving with little fanfare as the United States turned its attention to new President Barack Obama. After eight years in office, Bush flew home to Texas, where he was welcomed at a rally in M
Published 22 Jan, 2009 12:00am
UK play examines greed, envy on bank trading floor

UK play examines greed, envy on bank trading floor

A new play set on the bond trading floor of a leading British investment bank examines how clashing egos, greed and vanity can push people to take huge risks with money that is not theirs. "Roaring Trade", written by Steve Thompson, was completed by mid-2
Published 22 Jan, 2009 12:00am
Conflict costs Israelis and Palestinians dear

Conflict costs Israelis and Palestinians dear

Israelis and Palestinians could all be twice as rich as they are today if conflict had not continued throughout the peace process of the past two decades, an international think tank said on Wednesday. The Strategic Foresight Group, an India-based body th
Published 22 Jan, 2009 12:00am
Security boosted in northeast India

Security boosted in northeast India

Government forces have tightened security in a remote northeast Indian state after separatist rebels urged residents to boycott upcoming Republic Day celebrations and join a general strike. The rebels, who are seeking independence for Assam state, have ca
Published 22 Jan, 2009 12:00am
OSCE has high hopes for South Ossetia deal with Russia

OSCE has high hopes for South Ossetia deal with Russia

The head of Europe's main security and rights body said on Wednesday she was confident of reaching a deal with Russia to prevent the collapse of its monitoring in Georgia, seen by the West as crucial to stopping violence.
Published 22 Jan, 2009 12:00am
French college launches Islamic finance degree

French college launches Islamic finance degree

A French business school launched a degree in Islamic finance Wednesday, as more European Muslims seek careers in a fast-growing sector run under the precepts of Sharia law. Islamic banks avoid business that could be considered "riba" - usually translated
Published 22 Jan, 2009 12:00am
World press embraces Obama but warns of tough task ahead

World press embraces Obama but warns of tough task ahead

The world's press Wednesday hailed Barack Obama's inauguration as the start of a pivotal era far removed from the Bush years, but warned the new US president must deliver on his promises of change. Newspapers in the United States trumpeted "President Obam
Published 22 Jan, 2009 12:00am
Obama vows to seek Middle East peace in first foreign call

Obama vows to seek Middle East peace in first foreign call

US President Barack Obama promised Mahmud Abbas to work toward a "durable peace" in the Middle East in what Palestinians said was his first call to a foreign leader on Wednesday. Obama phoned the Palestinian leader a day after taking the oath of office an
Published 22 Jan, 2009 12:00am
Thai colonel denies abandoning migrants at sea

Thai colonel denies abandoning migrants at sea

The Thai colonel at the heart of allegations the army towed hundreds of Rohingya migrants out to sea and left them to die denied any abuse on Tuesday, saying he gave them food and water and helped them on their way. At a hearing of parliament's Foreign Af
Published 22 Jan, 2009 12:00am
Indian prime minister undergoes heart tests

Indian prime minister undergoes heart tests

Indian Prime Minister Manmohan Singh underwent medical tests Tuesday and Wednesday for heart-related problems at a government-run hospital in New Delhi, the Press Trust of India reported. The tests included an angiogram that revealed some arterial blockag
Published 22 Jan, 2009 12:00am
Sumo the depressed lap dog bites Chirac

Sumo the depressed lap dog bites Chirac

France's former president Jacques Chirac has been bitten by his lap dog Sumo, who is being treated for depression, in a dramatic incident that rattled his wife Bernadette, she told a magazine. "If you only knew! I had a dramatic day yesterday," she told V
Published 22 Jan, 2009 12:00am
Arab League, Islamic Conference ink cooperation pact

Arab League, Islamic Conference ink cooperation pact

The Arab League and the Organisation of the Islamic Conference Wednesday sealed an agreement to cooperate in areas from politics to economy and science. The accord brings closer two of the most influential organisations in the Islamic world, with the Arab
Published 22 Jan, 2009 12:00am
Two Iranian doctors jailed over US plot

Two Iranian doctors jailed over US plot

Iran has given jail terms of six years and three years respectively to two doctors convicted of a US-backed plot to overthrow the Islamic republic, their lawyer told AFP on Wednesday.
Published 22 Jan, 2009 12:00am
Saddam's luxury yacht heads home

Saddam's luxury yacht heads home

A luxury yacht kitted out for Saddam Hussein with swimming pools, a mosque and a missile launcher will return to Iraq because the global economic crisis has thwarted attempts to sell it. The 82-metre (270-feet) Ocean Breeze, which also sported a mini-subm
Published 22 Jan, 2009 12:00am
Kosovo launches own security force

Kosovo launches own security force

Less than a year after declaring independence from Serbia, Kosovo Wednesday created its own security force, drawing a sharp protest from Belgrade and deepening unease among Kosovo's minority Serbs.The KosovoSecurity Force (KSF) is to replace the Kosovo Pr
Published 22 Jan, 2009 12:00am
Russian tycoon buys London newspaper

Russian tycoon buys London newspaper

ussian tycoon and former KGB agent Alexander Lebedev has bought a majority stake in London's Evening Standard newspaper, the daily's parent company said Wednesday. "Associated Newspapers Ltd has agreed the sale of a majority interest in the Evening Standa
Published 22 Jan, 2009 12:00am
India's securities regulator tightens disclosure rules

India's securities regulator tightens disclosure rules

India's securities regulator enhanced disclosure rules Wednesday, the first sign of regulatory reform in the wake of a $1 billion fraud scandal at Satyam Computer Services Inc, one of India's largest outsourcing companies. "There are quite a few things we
Published 22 Jan, 2009 12:00am
Bangladesh madrassa students allowed to study in top university

Bangladesh madrassa students allowed to study in top university

Bangladesh's High Court has ordered the country's top university to admit students from Islamic seminaries, saying restrictions barring them were illegal, a lawyer said Wednesday. The court ruled that the restrictions imposed by Dhaka University's seven m
Published 22 Jan, 2009 12:00am
Israel completes Gaza troop withdrawal

Israel completes Gaza troop withdrawal

Israel completed a troop pullout from the Hamas-ruled Gaza Strip on Wednesday, starting its relationship with US President Barack Obama by leaving Palestinian land devastated by its 22-day offensive. "We've redeployed on our side of the frontier and we wi
Published 22 Jan, 2009 12:00am
Dollar lending rates rise on renewed jitters

Dollar lending rates rise on renewed jitters

Interbank dollar rates rose on Wednesday, prompted by renewed jitters about the financial system in the wake of new losses that may require more government funds to bolster the shaky sector. Market anxiety remained elevated about credit availability, a da
Published 22 Jan, 2009 12:00am
Indian rupee rises

Indian rupee rises

The Indian rupee rose in late trade on Wednesday as exporters sold the dollar to cash in on their holdings of the US unit, but a weak domestic share market prevented a sharper rise. The partially convertible rupee closed at 49.11/13 per dollar, 0.2 percen
Published 22 Jan, 2009 12:00am
Sterling falls further in London

Sterling falls further in London

Sterling tumbled to fresh 7-1/2 year lows against the dollar on Wednesday as UK banking shares took another beating, while the euro broadly edged higher. The pound, which has fallen roughly seven percent against the US unit since the start of the week, ex
Published 22 Jan, 2009 12:00am
Pound tumbles to lowest since 1985 against dollar

Pound tumbles to lowest since 1985 against dollar

The pound tumbled to its lowest since 1985 against the dollar on Wednesday, battered by the woes of the UK banking sector and the prospect of more interest rate cuts. Sterling's slide has accelerated after a government bank rescue plan unveiled earlier th
Published 22 Jan, 2009 12:00am
Asian bond spreads widen

Asian bond spreads widen

Asian bond spreads widened on Wednesday on worries that more bank failures could freeze global credit markets again, making it harder for the region's export-dependent economies to recover from recession.
Published 22 Jan, 2009 12:00am
Asian bond spreads widen

Asian bond spreads widen

Asian bond spreads widened on Wednesday on worries that more bank failures could freeze global credit markets again, making it harder for the region's export-dependent economies to recover from recession.
Published 22 Jan, 2009 12:00am
Wednesday's midday trade: US stocks move up

Wednesday's midday trade: US stocks move up

US stocks rose on Wednesday, but were off session highs as Treasury Secretary nominee Timothy Geithner failed to appease investors during tough questioning at his Senate confirmation hearing. "The market does not like political instability, and Geithner's
Published 22 Jan, 2009 12:00am
Indian shares 3.53 percent down

Indian shares 3.53 percent down

Indian shares closed down 3.53 percent on Wednesday, following Wall Street's plunge on renewed fears about the global banking sector as Barack Obama took charge as the 44th US president. The benchmark 30-share Sensex index slid 321.38 points to 8,779.17,
Published 22 Jan, 2009 12:00am
More new bond deals despite volatility

More new bond deals despite volatility

European credit spreads were volatile on Wednesday on continued concerns that banks will reveal further losses from toxic assets. By 1551 GMT, the investment-grade Markit iTraxx Europe index was at 172.75 basis points, according to data from Markit, 1.75
Published 22 Jan, 2009 12:00am
More new bond deals despite volatility

More new bond deals despite volatility

European credit spreads were volatile on Wednesday on continued concerns that banks will reveal further losses from toxic assets. By 1551 GMT, the investment-grade Markit iTraxx Europe index was at 172.75 basis points, according to data from Markit, 1.75
Published 22 Jan, 2009 12:00am
European shares remain lower: FTSEurofirst 300 index, FTSE 100 fall

European shares remain lower: FTSEurofirst 300 index, FTSE 100 fall

European shares fell for the 10th session in the last 11 on Wednesday as a relief rally for battered banks was not enough to offset declines for other sectors, notably energy and drugmakers. The FTSEurofirst 300 index of top European shares fell 0.7 perce
Published 22 Jan, 2009 12:00am
New York cotton futures settle firmer

New York cotton futures settle firmer

Cotton futures settled firmer on Wednesday on investor buying as the market was buoyed by steadier financial exchanges and a firmer grains complex, brokers said. The key March cotton contract increased 0.42 cent to close at 47.23 cents per lb, trading fro
Published 22 Jan, 2009 12:00am
Aluminium slumps to 5-1/2 year low, copper falls

Aluminium slumps to 5-1/2 year low, copper falls

Copper fell 4.6 percent and aluminium slumped to a 5-1/2 year low on Wednesday as news that world's biggest miner BHP Billiton was cutting jobs due to the global recession hit market sentiment. BHP, which until now had set itself apart from other miners b
Published 22 Jan, 2009 12:00am
Oil jumps nearly seven percent on Opec cut

Oil jumps nearly seven percent on Opec cut

Oil settled up 6.6 percent to above $43 a barrel on Wednesday as Opec supply cuts outweighed additional evidence that a deepening global slowdown is crushing demand for fuel. US light crude for March delivery settled at $43.55, up $2.71 on its first day a
Published 22 Jan, 2009 12:00am
London cocoa stays at 23-year high

London cocoa stays at 23-year high

Cocoa futures in London rose to the highest levels in more than 23 years on Wednesday as talk of a bullish crop report by independent analyst Hans Kilian fuelled fears over West African supplies, dealers said. Sugar was little changed while coffee edged h
Published 22 Jan, 2009 12:00am
Gold dips in London

Gold dips in London

Gold eased a touch on Wednesday as traders took profits after early gains, but held above $850 an ounce as interest in the metal as a haven from risk supported prices. Spot gold was at $851.05/852.65 an ounce at 1457 GMT against $855.20 late in New York o
Published 22 Jan, 2009 12:00am
US MIDDAY: coffee down

US MIDDAY: coffee down

Arabica coffee futures eased early Wednesday, briefly breaking through key support after automatic sell orders were triggered. US cocoa futures slipped on a weak pound, traders said. Arabica coffee for March delivery down 1.25 cents at $1.1365 per lb by 9
Published 22 Jan, 2009 12:00am
US MIDDAY: sugar trickles lower

US MIDDAY: sugar trickles lower

Raw sugar futures on ICE Futures US at 1314 GMT. March raw sugar contract eased 0.07 cent to 12.52 cents per lb. Trading 12.44 to 12.63 cents. Volume at 5,764 lots. Sales by small investors nudge market lower, said dealers.
Published 22 Jan, 2009 12:00am
US MIDDAY: wheat, corn higher

US MIDDAY: wheat, corn higher

Wheat futures opened higher at the Chicago Board of Trade on Wednesday on news that Egypt bought 60,000 tonnes of US wheat as part of its overall purchase of 178,000 tonnes, traders said. At 1532 GMT, the CBOT March wheat contract was up 9-1/4 cents at $5
Published 22 Jan, 2009 12:00am
US MIDDAY: march soya rallies

US MIDDAY: march soya rallies

March soyabeans on the Chicago Board of Trade rallied early Tuesday as technical buying escalated when the front month surpassed $10 a bushel, traders said. Underpinning soyabeans were concerns about Argentine crop weather. Weekend rains were forecast but
Published 22 Jan, 2009 12:00am
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