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Print - 2009-02-03
Gulf jobs should go to Arabs: Saudi Prince

Gulf jobs should go to Arabs: Saudi Prince

Gulf Arab states, where foreigners make up half the workforce, should give employment preference to their citizens over expatriate labour, a prominent member of the Saudi royal family said on Monday. "We should review our economic policies in a serious ma
Published 03 Feb, 2009 12:00am
World Bank boss wants targeted help for poorest

World Bank boss wants targeted help for poorest

Wealthy nations need to take three urgent steps to help the poorest countries weather the global financial crisis, the World Bank said on Monday. "First, poorer countries need safety net programmes aligned with their ability to put them to good use," Worl
Published 03 Feb, 2009 12:00am
Data points to tough times for Indian economy

Data points to tough times for Indian economy

Indian manufacturing activity contracted at the start of 2009 and its exports shrank at the end of 2008, pointing to more pain for Asia's third-largest economy as the sharp global slowdown bites. Exports fell an annual 1.1 percent in December to $12.7 bil
Published 03 Feb, 2009 12:00am
Chinese official says 20 million migrants lost jobs

Chinese official says 20 million migrants lost jobs

About 20 million Chinese rural migrants have lost jobs as the nation''s economic growth has faltered, a senior official said on Monday, promising policies to boost incomes and a softer approach to potential unrest. Chen Xiwen, director of the Office of th
Published 03 Feb, 2009 12:00am
US manufacturing slowdown decelerates

US manufacturing slowdown decelerates

US factory activity slowed less sharply in January as a key gauge of manufacturing improved for the first time since June an industry report showed on Monday, but the sector remained under pressure amid the biggest recession in decades, analysts said.
Published 03 Feb, 2009 12:00am
Chinese official says 20 million migrants lost jobs

Chinese official says 20 million migrants lost jobs

About 20 million Chinese rural migrants have lost jobs as the nation's economic growth has faltered, a senior official said on Monday, promising policies to boost incomes and a softer approach to potential unrest. Chen Xiwen, director of the Office of the
Published 03 Feb, 2009 12:00am
Eurozone PMI shrinks, Korean exports slump

Eurozone PMI shrinks, Korean exports slump

Eurozone manufacturing business shrank at a slightly slower pace in January while factory prices tumbled at their fastest rate in at least six years, a survey showed on Monday, leaving scope for further interest rate cuts. A survey on China also reported
Published 03 Feb, 2009 12:00am
Chinese official says 20 million migrants lost jobs

Chinese official says 20 million migrants lost jobs

About 20 million Chinese rural migrants have lost jobs as the nation's economic growth has faltered, a senior official said on Monday, promising policies to boost incomes and a softer approach to potential unrest. Chen Xiwen, director of the Office of the
Published 03 Feb, 2009 12:00am
Kazakhstan nationalises top bank as crisis bites

Kazakhstan nationalises top bank as crisis bites

Kazakhstan effectively nationalised its top bank BTA and sacked an ex-opposition leader as its key manager on Monday as a deepening financial crisis acquired political undertones in Central Asia's biggest economy. The government said it will buy 78.14 per
Published 03 Feb, 2009 12:00am
Government releases Rs two billion PDC, but still owes Rs 18 billion

Government releases Rs two billion PDC, but still owes Rs 18 billion

The government has released rupees two billion price differential claims (PDC) of Oil Marketing Companies (OMCs) to ensure the availabity of the product in the country. Sources revealed to the Business Recorder on Monday that the government had rel
Published 03 Feb, 2009 12:00am
Britain aiming to double exports to China: Brown

Britain aiming to double exports to China: Brown

Britain wants to double its exports to China within 18 months, taking advantage of Beijing's efforts to boost its own economy, Prime Minister Gordon Brown said Monday. Speaking after talks with Chinese Premier Wen Jiabao, Brown said exports to China last
Published 03 Feb, 2009 12:00am
Government releases Rs two billion PDC, but still owes Rs 18 billion

Government releases Rs two billion PDC, but still owes Rs 18 billion

The government has released rupees two billion price differential claims (PDC) of Oil Marketing Companies (OMCs) to ensure the availabity of the product in the country. Sources revealed to the Business Recorder on Monday that the government had rel
Published 03 Feb, 2009 12:00am
Voestalpine cuts outlook on fourth quarter demand drop

Voestalpine cuts outlook on fourth quarter demand drop

Austrian steelmaker Voestalpine cut its full-year 2008/09 forecast on Monday due to a "massive decline" in demand in the current fourth quarter and said it could not give an outlook for the following year. Voestalpine, which is due to release third-quarte
Published 03 Feb, 2009 12:00am
Government releases Rs two billion PDC, but still owes Rs 18 billion

Government releases Rs two billion PDC, but still owes Rs 18 billion

The government has released rupees two billion price differential claims (PDC) of Oil Marketing Companies (OMCs) to ensure the availabity of the product in the country. Sources revealed to the Business Recorder on Monday that the government had rel
Published 03 Feb, 2009 12:00am
BNP sees Fortis deal neutral on Tier 1 ratio

BNP sees Fortis deal neutral on Tier 1 ratio

French bank BNP Paribas said a revised deal to buy assets of stricken Belgian-Dutch financial group Fortis would not boost its core capital ratio, sending its shares down over 14 percent. The purchase would add to earnings, excluding restructuring costs,
Published 03 Feb, 2009 12:00am
Japan plans Pakistan aid conference

Japan plans Pakistan aid conference

Japan is inviting key nations to a conference to drum up aid to stabilise Pakistan in what it hopes would be one of US Secretary of State Hillary Clinton's first foreign trips, a senior official said Monday. Japan is eager to build ties with President Bar
Published 03 Feb, 2009 12:00am
Indonesia urges regional banks to buy bonds

Indonesia urges regional banks to buy bonds

Indonesia has urged its regional banks to diversify investment holdings into government debt, a top official said on Monday, seeking to widen the investor base to help plug a higher budget deficit target this year. Mardiasmo, the finance ministry's direct
Published 03 Feb, 2009 12:00am
Japan plans Pakistan aid conference

Japan plans Pakistan aid conference

Japan is inviting key nations to a conference to drum up aid to stabilise Pakistan in what it hopes would be one of US Secretary of State Hillary Clinton's first foreign trips, a senior official said Monday. Japan is eager to build ties with President Bar
Published 03 Feb, 2009 12:00am
Indonesia urges regional banks to buy bonds

Indonesia urges regional banks to buy bonds

Indonesia has urged its regional banks to diversify investment holdings into government debt, a top official said on Monday, seeking to widen the investor base to help plug a higher budget deficit target this year. Mardiasmo, the finance ministry's direct
Published 03 Feb, 2009 12:00am
Further remand for Kasab

Further remand for Kasab

An Indian court on Monday extended the detention of the lone surviving gunman captured during the deadly attacks on Mumbai so that he can be questioned further, a senior police officer said. The officer in charge of the investigation, Mumbai Police crime
Published 03 Feb, 2009 12:00am
Ireland to inject $10 billion into banks

Ireland to inject $10 billion into banks

Ireland's government plans to inject 8 billion euros ($10.3 billion) into the country's top two banks and is in talks to underwrite some of the lenders' potential bad debts, a source close to the talks said on Monday. The recapitalisation plan, which is s
Published 03 Feb, 2009 12:00am
Equities move both ways on LSE

Equities move both ways on LSE

Equities moved both ways on Lahore Stock Exchange on Monday and ended in negative zone amid descending transaction volume while institutions and retail investors offloaded their positions because of profit taking that continued throughout the day.The LSE-
Published 03 Feb, 2009 12:00am
Swiss PMI hits new low, shows manufacturing recession

Swiss PMI hits new low, shows manufacturing recession

Switzerland's manufacturing sector is slipping deeper into recession, a fall in the Swiss Purchasing Managers' Index (PMI) to a record low in January showed on Monday. The Credit Suisse/SVME PMI dipped to 35.0 points in January from a downwardly revised 3
Published 03 Feb, 2009 12:00am
Equities move both ways on LSE

Equities move both ways on LSE

Equities moved both ways on Lahore Stock Exchange on Monday and ended in negative zone amid descending transaction volume while institutions and retail investors offloaded their positions because of profit taking that continued throughout the day.The LSE-
Published 03 Feb, 2009 12:00am
Rio in asset sale talks with Chinalco

Rio in asset sale talks with Chinalco

Global miner Rio Tinto Ltd/Plc said it had held talks to sell some assets to Chinese government-owned aluminium maker Chinalco, its biggest shareholder, reportedly to cut debt by up to $8 billion. The Australian newspaper reported on Monday that Rio was l
Published 03 Feb, 2009 12:00am
Ministry opposes creation of new slot in TDAP

Ministry opposes creation of new slot in TDAP

The Commerce Ministry is said to have opposed creation of any new slot in Trade Development Authority of Pakistan (TDAP) to accommodate Senator Ahmed Ali of Muttahida Qaumi Movement (MQM), well-informed sources told Business Recorder here on Monday
Published 03 Feb, 2009 12:00am
Taiwan boosts spending to lower joblessness

Taiwan boosts spending to lower joblessness

Taiwan will boost its economic stimulus programme by up to 30 percent to around T$130 billion ($3.9 billion) as it tries to bring down a jobless rate that has climbed to its highest in more than five years on the back of the economic crisis.
Published 03 Feb, 2009 12:00am
Ministry opposes creation of new slot in TDAP

Ministry opposes creation of new slot in TDAP

The Commerce Ministry is said to have opposed creation of any new slot in Trade Development Authority of Pakistan (TDAP) to accommodate Senator Ahmed Ali of Muttahida Qaumi Movement (MQM), well-informed sources told Business Recorder here on Monday
Published 03 Feb, 2009 12:00am
New Zealand labour market slows in fourth quarter, more rate cuts loom

New Zealand labour market slows in fourth quarter, more rate cuts loom

New Zealand wage growth eased from record levels in the fourth quarter as the recession started to hit the labour market, a survey showed on Monday, leaving the way open for more interest rate cuts. The key labour cost index (LCI) of private wages rose 0.
Published 03 Feb, 2009 12:00am
Ministry opposes creation of new slot in TDAP

Ministry opposes creation of new slot in TDAP

The Commerce Ministry is said to have opposed creation of any new slot in Trade Development Authority of Pakistan (TDAP) to accommodate Senator Ahmed Ali of Muttahida Qaumi Movement (MQM), well-informed sources told Business Recorder here on Monday
Published 03 Feb, 2009 12:00am
Oneworld future hangs on upcoming airline agreements

Oneworld future hangs on upcoming airline agreements

Bosses of airlines in the Oneworld alliance will celebrate its 10th birthday on Tuesday knowing the future of the 10-carrier grouping may hang on the fate of two agreements which could fly or fail within months. Already the smallest of the three global ai
Published 03 Feb, 2009 12:00am
American UN official kidnapped in Quetta

American UN official kidnapped in Quetta

Gunmen kidnapped a top American UN official and killed his driver here on Monday. John Solecki, head of the UN refugee agency (UNHCR) in Quetta, was snatched at gunpoint while travelling to work. Unknown gunmen ambushed Solecki's vehicle, which was marked
Published 03 Feb, 2009 12:00am
Alliance Bernstein under scrutiny by UK pension funds

Alliance Bernstein under scrutiny by UK pension funds

Money manager AllianceBernstein Holding LP is coming under scrutiny from UK pension funds over its performance in global equities, managers say, with one scheme deciding to end its mandate last month. Bedfordshire County Council Pension Fund told Reuters
Published 03 Feb, 2009 12:00am
American UN official kidnapped in Quetta

American UN official kidnapped in Quetta

Gunmen kidnapped a top American UN official and killed his driver here on Monday. John Solecki, head of the UN refugee agency (UNHCR) in Quetta, was snatched at gunpoint while travelling to work. Unknown gunmen ambushed Solecki's vehicle, which was marked
Published 03 Feb, 2009 12:00am
Alliance Bernstein under scrutiny by UK pension funds

Alliance Bernstein under scrutiny by UK pension funds

Money manager AllianceBernstein Holding LP is coming under scrutiny from UK pension funds over its performance in global equities, managers say, with one scheme deciding to end its mandate last month. Bedfordshire County Council Pension Fund told Reuters
Published 03 Feb, 2009 12:00am
Indonesia finance minister confirms $5-6 billion standby loans

Indonesia finance minister confirms $5-6 billion standby loans

Indonesia has secured up to $6 billion worth of standby loans from official creditors that could be used if the government struggled to raise debt in the financial market, the finance minister said on Monday. Finance Minister Sri Mulyani Indrawati made th
Published 03 Feb, 2009 12:00am
Indonesia finance minister confirms $5-6 billion standby loans

Indonesia finance minister confirms $5-6 billion standby loans

Indonesia has secured up to $6 billion worth of standby loans from official creditors that could be used if the government struggled to raise debt in the financial market, the finance minister said on Monday. Finance Minister Sri Mulyani Indrawati made th
Published 03 Feb, 2009 12:00am
Taiwan stocks hit two-week high

Taiwan stocks hit two-week high

Taiwan stocks rose 0.28 percent to a two-week closing high on Monday, the first trading day after the long Lunar New Year holiday, bolstered by DRAM makers such as Powerchip following the insolvency of Qimonda. The main TAIEX share index ended 12.01 point
Published 03 Feb, 2009 12:00am
China stocks rise

China stocks rise

China's stock market, reopening after a week-long holiday, rose on Monday and outperformed the region after Premier Wen Jiabao said he saw signs of recovery in the Chinese economy. "During the last 10 days of December it started to get better. The goods p
Published 03 Feb, 2009 12:00am
Singapore shares decline

Singapore shares decline

Singapore shares closed 2.36 percent lower on Monday with investors wary of more grim economic news, dealers said. The blue chip Straits Times Index (STI) dropped 41.18 points to 1,705.29 on volume of 773 million shares worth 804 million Singapore dollars
Published 03 Feb, 2009 12:00am
Seoul shares lower

Seoul shares lower

Seoul shares ended lower on Monday as economic worries deepened after a batch of poor data, with Shinhan Fin falling on rumours of a new rights issuance and Hyundai Motor slipping after weak January sales. The Korea Composite Stock Price Index finished do
Published 03 Feb, 2009 12:00am
Hong Kong shares fall

Hong Kong shares fall

Hong Kong shares fell 3.1 percent on Monday as more grim news on the global economy poured in and investors bailed out of many China shares, disappointed that Beijing has not announced fresh economic stimulus measures.
Published 03 Feb, 2009 12:00am
Thai share prices dip

Thai share prices dip

Thai shares closed 2.25 percent lower on Monday in line with regional markets as losses on Wall Street sparked heightened concerns of a global economic recession, dealers said. The Stock Exchange of Thailand (SET) composite index lost 9.84 points to close
Published 03 Feb, 2009 12:00am
New Zealand shares end flat

New Zealand shares end flat

New Zealand share prices were flat in light trade on Monday despite continued improvement by market leader Telecom, dealers said. The benchmark NZX-50 index ended 2.65 points or 0.10 percent down at 2,771.5 on turnover worth 77 million New Zealand dollars
Published 03 Feb, 2009 12:00am
Philippines shares higher

Philippines shares higher

Philippines share prices closed 0.5 percent higher on Monday due to buying in selected blue chips, dealers said. The composite index rose 8.48 points to 1,833.57, while the all-shares index gained 0.2 percent to 1,197.14. There were 38 gainers, 25 losers
Published 03 Feb, 2009 12:00am
Australian shares down

Australian shares down

Australian share prices closed 1.2 percent lower on Monday as major banks and mining giant BHP Billiton led the market lower following negative leads and falls on Wall Street. The benchmark S&P-ASX 200 was 43.3 points down at 3,497.4, while the broade
Published 03 Feb, 2009 12:00am
JGBs future edge up

JGBs future edge up

Japanese government bond futures edged up on Monday as Tokyo shares dropped after data showed the US economy shrank at its fastest pace in 27 years, reinforcing a gloomy outlook for Japan's economy. A batch of top Japanese companies that reported or forec
Published 03 Feb, 2009 12:00am
JGBs future edge up

JGBs future edge up

Japanese government bond futures edged up on Monday as Tokyo shares dropped after data showed the US economy shrank at its fastest pace in 27 years, reinforcing a gloomy outlook for Japan's economy. A batch of top Japanese companies that reported or forec
Published 03 Feb, 2009 12:00am
Indonesian shares 1.7 percent lower

Indonesian shares 1.7 percent lower

Indonesian shares closed 1.7 percent lower Monday as the weak rupiah dimmed hopes of an interest rate cut after January's benign inflation rate, dealers said. The Jakarta Composite Index fell 22.02 points to 1,310.64 in thin trade.
Published 03 Feb, 2009 12:00am
Nikkei falls on Hitachi plunge

Nikkei falls on Hitachi plunge

Japan's Nikkei stock average fell 0.5 percent on Monday as Hitachi Ltd plunged after it warned of a record $7.8 billion loss on weak sales, a firmer yen and restructuring costs amid growing global economic gloom. Panasonic Corp also slid after a source wi
Published 03 Feb, 2009 12:00am
Taiwan dollar off four-year low

Taiwan dollar off four-year low

The Taiwan dollar pulled back from its lowest level in more than 4 years on foreign fund inflows on Monday, its first trading day after the week-long Lunar New Year holiday, but central bank intervention kept the trading range limited.
Published 03 Feb, 2009 12:00am
Hong Kong dollar firms

Hong Kong dollar firms

The Hong Kong dollar edged higher against the US dollar on Monday but trade was very thin and dealers expect upside to be limited given a weakening stock market. The local currency traded between 7.7548 and 7.7561 during the day, slightly firmer than late
Published 03 Feb, 2009 12:00am
Won down on export drop

Won down on export drop

The South Korean won fell against the dollar on Monday as a record drop in January exports and grim overseas data bolstered worries about a prolonged recession and its impact on Asia's fourth-largest economy. The won also came under pressure from gloomy c
Published 03 Feb, 2009 12:00am
Indian rupee trims losses

Indian rupee trims losses

The Indian rupee trimmed losses in late trade on Monday as custodial banks unwound long dollar positions, but the US unit's strength against other major currencies overseas prevented a sharper rise. The partially convertible rupee closed at 48.92/93 per d
Published 03 Feb, 2009 12:00am
Yen climbs against major currencies

Yen climbs against major currencies

The yen rose against major currencies on Monday after poor economic data in the United States and the euro zone heightened investor concerns about a prolonged economic recession. Worries about the faltering global economy also weighed on higher-yielding c
Published 03 Feb, 2009 12:00am
Bangladesh interbank forex, interest rates

Bangladesh interbank forex, interest rates

Interbank buy/sell rates for the taka against the dollar on Monday. 68.90/68.96 (previous 68.90/68.91). Call Money Rates: 8.00-12.00 percent (previous 8.00-12.00 percent.
Published 03 Feb, 2009 12:00am
Swiss franc falls

Swiss franc falls

The Swiss franc fell against the dollar on Monday as the greenback benefited from continuing investor skittishness. "Equity markets are trending lower as there is still some risk aversion out there, and this tends to benefit the dollar," said Marcus Hetti
Published 03 Feb, 2009 12:00am
Asian currencies fall

Asian currencies fall

Asian currencies fell on Monday as investors shed risky assets amid heightened fears about a deepening global slowdown, prompting Indonesia's central bank to step into the market to support the sliding rupiah. The high-yielding rupiah fell as much as 4.6
Published 03 Feb, 2009 12:00am
Australian dollar mired at two-month low

Australian dollar mired at two-month low

The Australian dollar extended losses to fall to two-month lows on Monday, as mounting worries of a deep global slowdown and expectations of a big interest rate cut at home sidelined investors. Appetite for riskier assets was hit by data showing the Unite
Published 03 Feb, 2009 12:00am
Chinese yuan slips

Chinese yuan slips

China's yuan fell against the dollar in the spot and offshore forwards markets on Monday in response to global dollar strength, as the Chinese spot market reopened after a week-long holiday. Spot yuan closed at 6.8487, down moderately from its January 23
Published 03 Feb, 2009 12:00am
Nadal calls for shorter season to avoid injury

Nadal calls for shorter season to avoid injury

New Australian Open champion Rafael Nadal on Monday called for a shorter tennis season and less hard court tournaments, saying players needed more time off to avoid injury. The Spanish world number one, who won the title here on Sunday in five sets over R
Published 03 Feb, 2009 12:00am
Camara snapped up by Stoke

Camara snapped up by Stoke

Stoke City signed striker Henri Camara on loan from Premier League rivals Wigan Athletic until the end of the season, it was announced on Monday - the last day of the January transfer window. Senegal international Camara had lately struggled to hold down
Published 03 Feb, 2009 12:00am
Premier League grants clubs transfer extension

Premier League grants clubs transfer extension

England's top-flight clubs have been granted a conditional extension to the transfer window deadline, the Premier League said in a statement on Monday. Three hours before the 1700 GMT deadline the Premier League said that in view of extreme weather condit
Published 03 Feb, 2009 12:00am
Inzamam blames ICC, PCB for Oval result change

Inzamam blames ICC, PCB for Oval result change

Former Pakistan captain Inzamam-ul Haq on Monday criticised cricket's governing body and national cricket officials for once again changing the result of the Oval Test. The International Cricket Council (ICC) Sunday reverted to the original result of the
Published 03 Feb, 2009 12:00am
Everton sign Brazil's Jo on loan from Man City

Everton sign Brazil's Jo on loan from Man City

Everton have agreed a loan deal until the end of the season with Manchester City forward Jo, the Premier League club said on Monday. The Brazil international joined City last year from Russian club CSKA Moscow for 18 million pounds ($25.48 million) but ha
Published 03 Feb, 2009 12:00am
Pakistan greats bemoan loss of Champions Trophy

Pakistan greats bemoan loss of Champions Trophy

Former Pakistan greats Monday bemoaned the decision to take away the Champions Trophy tournament over security concerns, leaving the cricket-mad country increasingly isolated internationally. The International Cricket Council (ICC) on Sunday decided to mo
Published 03 Feb, 2009 12:00am
PCB will not allow players to take part in IPL

PCB will not allow players to take part in IPL

Pakistan's leading cricketers will not be allowed to travel to play in the Indian Premier League (IPL) because of the government's concerns over security, the Pakistan Cricket Board (PCB) said on Monday. Saleem Altaf, PCB chief operating officer, said the
Published 03 Feb, 2009 12:00am
Ban barring players from domestic matches suspended

Ban barring players from domestic matches suspended

A court in Pakistan on Monday suspended a ban imposed by the country's cricket board barring players from domestic matches after they agreed to join the unofficial Indian Cricket League. Around 19 Pakistani players featured in the ICL, bankrolled by the c
Published 03 Feb, 2009 12:00am
Sri Lanka seek consistency in vital India one-dayer

Sri Lanka seek consistency in vital India one-dayer

Sri Lanka captain Mahela Jayawardene is looking for a consistent all-round performance from his team in the crucial third one-day international against India starting here on Tuesday. It is a must-win tie after the home team lost the first two games of th
Published 03 Feb, 2009 12:00am
Dokic leads Aussies at Fed Cup qualifier

Dokic leads Aussies at Fed Cup qualifier

Australian Open comeback surprise Jelena Dokic will try to maintain her good form at this week's Fed Cup, as the home nation looks to advance to the next phase of the women's team event. After reaching the quarter-finals of the season-opening Grand Slam i
Published 03 Feb, 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 merchants reporting continued quiet dealings and lackluster demand. Some merchants were posting protection against expected further losses in HRW wheat futures prices. Fut
Published 03 Feb, 2009 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 141,626 tonnes of cargo including 71,338 tonnes of import and 70,288 tonnes of export, 1,944 loaded and empty containers (TEUs) during last 48 hours ending at 0700 hours on Monday. The freights comprised of 90,905 tonnes of dry ca
Published 03 Feb, 2009 12:00am
Bulgaria's OTZK sees 2009 metals output flat

Bulgaria's OTZK sees 2009 metals output flat

Bulgaria's second largest lead and zinc smelter, will keep its 2009 metals output target unchanged despite the global financial crisis, a senior company official said on Monday. Roberto Mladenov, chief executive of Intertrust, which controls OTZK, said th
Published 03 Feb, 2009 12:00am
Rains steady but lighter in Brazilian coffee zones

Rains steady but lighter in Brazilian coffee zones

Rains will turn lighter in Brazil's coffee growing areas this week, but almost all areas will have light showers every day, private weather forecaster Somar predicted Monday. "The hot and wet weather will favour summer showers through this week in the cof
Published 03 Feb, 2009 12:00am
China to keep building grain reserves

China to keep building grain reserves

China will keep stocking grain for its state reserves and encourage companies to build up commercial storage in a move to prevent sharp falls in prices, a senior official said on Monday. Confronting an abrupt economic slowdown, Chinese policy makers are s
Published 03 Feb, 2009 12:00am
South African maize futures end mixed

South African maize futures end mixed

The benchmark South African maize futures ended mixed on Monday, driven by a weaker rand currency and a good weather outlook. White maize for March delivery, the most traded maize contract on the South African Futures Exchange (SAFEX) closed 1.18 percent
Published 03 Feb, 2009 12:00am
US Midwest corn, soy and wheat bids steady to firm

US Midwest corn, soy and wheat bids steady to firm

Spot basis bids for US Midwest corn, soybeans and wheat were steady to firm on Monday on slow farmer selling following recent declines in futures prices, grain merchants said. Chicago Board of Trade grain and soybean futures were lower overnight and were
Published 03 Feb, 2009 12:00am
Dubai hotel tests for Legionnaires' after guest dies

Dubai hotel tests for Legionnaires' after guest dies

A five-star hotel in the Gulf business and tourist hub of Dubai said on Monday it is running tests for Legionnaires' disease after a guest reportedly died from the illness. The Westin Dubai Mina Seyahi said it is conducting the tests in co-ordination with
Published 03 Feb, 2009 12:00am
Strike paralyses French Caribbean island

Strike paralyses French Caribbean island

France's Caribbean island of Guadeloupe had ground to a halt Monday after two weeks of a general strike that shut down shops, schools and public transport and left its half million residents facing food shortages. The strikers warn of "social chaos" if th
Published 03 Feb, 2009 12:00am
More UK workers walk out over foreign labour

More UK workers walk out over foreign labour

Wildcat strikes against foreign workers resumed on Monday at nuclear facilities, oil refineries and power plants across Britain, fuelled by fears of rising job cuts amid the global slowdown. At least 600 contractors at the Sellafield and Heysham nuclear p
Published 03 Feb, 2009 12:00am
Hamas says faces 'battle' to lift Gaza blockade

Hamas says faces 'battle' to lift Gaza blockade

Hamas's leader Khaled Meshaal said on Monday the Palestinian Islamist group still faced a battle to lift the Israeli blockade of Gaza despite separate cease-fires declared by his group and the Jewish state. Visiting Tehran, he praised Iran for providing f
Published 03 Feb, 2009 12:00am
Israeli and Palestinian attacks batter Gaza ceasefire

Israeli and Palestinian attacks batter Gaza ceasefire

Israel carried out air strikes and Palestinians launched mortar bomb attacks on Monday despite a ceasefire in the Hamas-ruled Gaza Strip, but Israel's defence minister said a wider offensive was not imminent. Responding to Egyptian efforts to broker a lon
Published 03 Feb, 2009 12:00am
North Korea vows to retain atomic bombs until US 'threat' ends

North Korea vows to retain atomic bombs until US 'threat' ends

North Korea's military vowed Monday to keep atomic weapons until the United States removes its nuclear threat, reiterating a tough stance amid stalled disarmament talks. "The DPRK (North Korea) will never 'dismantle its nuclear weapons' unless nukes in So
Published 03 Feb, 2009 12:00am
Kadhafi takes African Union reins

Kadhafi takes African Union reins

Libyan leader Moamer Kadhafi took the reins of the 53-nation African Union at a summit Monday amid concerns over deadly unrest in Madagascar and a bid to indict Sudan's president for war crimes. Kadhafi, elected in a closed-door vote at the summit in the
Published 03 Feb, 2009 12:00am
UAE journalists slam draft media law as 'backward step'

UAE journalists slam draft media law as 'backward step'

Journalists in the United Arab Emirates, a Gulf state that wants to be seen as an example for press freedom in the Arab world, slammed a proposed new media law as a "backward step". The government, which hosts hundreds of foreign media including AFP in sp
Published 03 Feb, 2009 12:00am
Dutch premier bows to Iraqi invasion probe pressure

Dutch premier bows to Iraqi invasion probe pressure

The Netherlands on Monday offered to set up an independent probe into the circumstances surrounding its political backing for the United States-led invasion of Iraq six years ago. After initial hesitation, Prime Minister Jan Peter Balkenende bowed to risi
Published 03 Feb, 2009 12:00am
Snow brings deaths and travel chaos to Europe

Snow brings deaths and travel chaos to Europe

Snow storms brought travel chaos to western Europe on Monday closing London-Heathrow airport after one jet slid off a taxiway and at least five people were killed in storm incidents. Two climbers died on Mount Snowdown in Wales and three people were kille
Published 03 Feb, 2009 12:00am
Shelling kills 11 in Sri Lanka

Shelling kills 11 in Sri Lanka

Artillery shells have slammed into an overcrowded hospital for the second day in Sri Lanka's northern war zone, bringing the death toll to at least 11 people. The Red Cross says fighting is taking place in Puthukkudiyiruppu area.
Published 03 Feb, 2009 12:00am
Colombia clears hostage release mission

Colombia clears hostage release mission

Colombia's government said it would allow a left-wing senator to take part in a planned hostage release alongside a Red Cross delegation on Monday, easing doubts about whether the mission would go ahead. FARC rebels freed four hostages on Sunday in the fi
Published 03 Feb, 2009 12:00am
Geithner keeps Treasury secretary on terrorism financing

Geithner keeps Treasury secretary on terrorism financing

US Treasury Secretary Tim Geithner announced Monday that Stuart Levey, under secretary for terrorism and financial intelligence, will remain in that role under the new Obama administration. Levey has held the job since July 2004 under George W. Bush's Rep
Published 03 Feb, 2009 12:00am
Dollar borrowing rates rise on bank worries

Dollar borrowing rates rise on bank worries

The cost of bank-to-bank borrowing rose on Monday, continuing a two-week rebound on resurgent concerns about more losses as the global financial system struggles with its most acute crisis since the Great Depression. The interbank cost of borrowing three-
Published 03 Feb, 2009 12:00am
Sterling plunges

Sterling plunges

Sterling plunged against the dollar and euro on Monday, pressured by Moody's downgrade on Barclays, weak UK data, and the prospect of another Bank of England interest rate cut this week. Investors dumped the currency as the UK banking fears gripped the ma
Published 03 Feb, 2009 12:00am
Euro holds near two-month low

Euro holds near two-month low

The euro hovered near two-month lows against the dollar on Monday while sterling sank more than three percent against the US currency, hurt by deepening worries over the financial sector and economic outlook. Nervy investors also boosted the Japanese yen
Published 03 Feb, 2009 12:00am
European spreads widen

European spreads widen

European credit spreads widened on Monday, tracking shares lower, but trading volumes in London were light as severe snowfall left many unable to get to work. By 1414 GMT, the Markit iTraxx Crossover index, made up of 50 mostly "junk"-rated credits, was a
Published 03 Feb, 2009 12:00am
European spreads widen

European spreads widen

European credit spreads widened on Monday, tracking shares lower, but trading volumes in London were light as severe snowfall left many unable to get to work. By 1414 GMT, the Markit iTraxx Crossover index, made up of 50 mostly "junk"-rated credits, was a
Published 03 Feb, 2009 12:00am
Asian bond spreads widen

Asian bond spreads widen

Asian bond spreads widened on Monday, as uncertainty hounded the approval of President Barack Obama's nearly $900 billion economic stimulus package, while a dimming outlook on corporate earnings added to the gloom. The Asia iTRAXX investment-grade index e
Published 03 Feb, 2009 12:00am
Asian bond spreads widen

Asian bond spreads widen

Asian bond spreads widened on Monday, as uncertainty hounded the approval of President Barack Obama's nearly $900 billion economic stimulus package, while a dimming outlook on corporate earnings added to the gloom. The Asia iTRAXX investment-grade index e
Published 03 Feb, 2009 12:00am
Indian shares down 3.79 percent

Indian shares down 3.79 percent

Indian shares fell 3.79 percent on Monday as global markets reacted to more negative economic news from the United States, dealers said. The benchmark 30-share Sensex index fell 357.54 points to 9,066.7. Last Friday, US stocks tumbled after the government
Published 03 Feb, 2009 12:00am
Monday's midday trade: Dow slips on bailout worries

Monday's midday trade: Dow slips on bailout worries

The Dow fell on Monday as uncertainty over the financial bailout package being discussed in Washington added to concerns about lacklustre earnings. The latest reading in a manufacturing index showed a smaller than expected decline, however, lifting beaten
Published 03 Feb, 2009 12:00am
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