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Print - 2009-02-07
RBS ousts seven directors

RBS ousts seven directors

Royal Bank of Scotland ousted seven directors in a boardroom cull on Friday to leave the government-backed bank better positioned for its restructuring. The seven non-executive directors will retire immediately, RBS said, just three days after Philip Hamp
Published 07 Feb, 2009 12:00am
Malawi fuel price cut to lift economy

Malawi fuel price cut to lift economy

A 15 percent cut in fuel prices will boost Malawi's economy, while lower international oil prices will ease pressure on the import bill, Finance Minister Goodall Gondwe said on Friday. The government in the southern African country says it will struggle t
Published 07 Feb, 2009 12:00am
Chile CPI falls

Chile CPI falls

Chile's consumer price index fell 0.8 percent in January, the biggest drop for the month since 1943 as prices slumped for fuel and clothing, data showed on Friday, boosting expectations for an aggressive interest rate cut. The January fall was greater tha
Published 07 Feb, 2009 12:00am
'Japanese Madoff' held God-like status with investors

'Japanese Madoff' held God-like status with investors

The businessman accused of a con worth at least 1.4 billion dollars in Japan's biggest ever pyramid scheme had promised to build a paradise on Earth for investors, some of whom even called him divine. But to lawyers investigating him, 75-year-old Kazutsug
Published 07 Feb, 2009 12:00am
Swiss unemployment rises to two-year high in January

Swiss unemployment rises to two-year high in January

Unemployment in Switzerland rose to its highest level in 2 years in January, data showed on Friday, as companies axed jobs at a faster rate in reaction to the economic downturn.
Published 07 Feb, 2009 12:00am
BoJ governor warns of mounting economic problems

BoJ governor warns of mounting economic problems

Bank of Japan Governor Masaaki Shirakawa warned of mounting problems for the world's No 2 economy, saying slumping exports and weak share prices were taking a toll on growth and the nation's banking system. He acknowledged the central bank was adopting un
Published 07 Feb, 2009 12:00am
US commercial paper outstandingly falls

US commercial paper outstandingly falls

US commercial paper outstanding fell by $4.4 billion in the week ended February 4, marking the fourth straight week of contraction in the market, Federal Reserve data released on Thursday showed. The fall in the market, which is a vital source of short-te
Published 07 Feb, 2009 12:00am
US commercial paper outstandingly falls

US commercial paper outstandingly falls

US commercial paper outstanding fell by $4.4 billion in the week ended February 4, marking the fourth straight week of contraction in the market, Federal Reserve data released on Thursday showed. The fall in the market, which is a vital source of short-te
Published 07 Feb, 2009 12:00am
US firm books supertanker to store crude in UAE

US firm books supertanker to store crude in UAE

US oil firm Koch Supply and Trading has booked a supertanker to store around two million barrels of crude offshore in the United Arab Emirates, industry sources said on Thursday. Koch booked Artemis Glory for six months, the sources said. The ship was lik
Published 07 Feb, 2009 12:00am
Murdoch warns full downturn yet to hit Australia

Murdoch warns full downturn yet to hit Australia

Global media tycoon Rupert Murdoch warned on Friday that Australia had yet to feel the full impact of the global economic downturn, reinforcing government arguments for a new A$42 billion ($27 billion) stimulus package. The package remains stalled in Aust
Published 07 Feb, 2009 12:00am
Prime Minister warns crisis hitting Greece, softens taxes

Prime Minister warns crisis hitting Greece, softens taxes

Greek Prime Minister Costas Karamanlis vowed higher public investment and a crackdown on tax evasion on Thursday to soften the impact of a severe global crisis, saying growth should recover from next year. Karamanlis said his government, which has a one-s
Published 07 Feb, 2009 12:00am
India to take more steps to protect growth, jobs

India to take more steps to protect growth, jobs

India will roll out further measures to protect growth and jobs as the global economic slump worsens, the acting finance minister said on Friday, days after a survey showed firms sacked half a million workers in the December quarter. Pranab Mukherjee, als
Published 07 Feb, 2009 12:00am
Croatia faces recession, not financial crisis

Croatia faces recession, not financial crisis

Chief economists of the biggest Croatian banks say that a recession in 2009 is unavoidable, but the European Union candidate will not suffer a financial crisis, a survey showed on Friday. They said on average that Croatia's gross domestic product will fal
Published 07 Feb, 2009 12:00am
Turkey submits stimulus moves to lawmakers

Turkey submits stimulus moves to lawmakers

Turkey has presented an economic stimulus package to parliament in a move to reverse a sharp downturn in the economy by supporting manufacturers, Turkish papers said on Friday. The package will give the government cabinet the power to reduce some corporat
Published 07 Feb, 2009 12:00am
Taiwan stocks at over three-week closing high

Taiwan stocks at over three-week closing high

Taiwan stocks rose 2.48 percent on Friday, their highest finish in more than three weeks, as chip bellwether TSMC led technology shares higher on hopes for the US economic rescue package. The main TAIEX share index ended 108.00 points higher at 4,471.25,
Published 07 Feb, 2009 12:00am
Hong Kong shares rally

Hong Kong shares rally

Hong Kong shares surged 3.6 percent in their third straight day of gains on Friday, taking cues from the mainland market where hopes of an early economic recovery sent the Shanghai index soaring. Friday's broad-based rally helped the blue chip index finis
Published 07 Feb, 2009 12:00am
US stocks end firmer

US stocks end firmer

US stocks rallied on Thursday on investor hopes that the government's plan to shore up the financial system will include a change in accounting rules that would stem bank write-downs and spur lending. Bank stocks reversed losses in late morning to lift th
Published 07 Feb, 2009 12:00am
Thai share prices surge

Thai share prices surge

Thai share prices closed 2.53 percent higher on Friday due to gains in big-cap shares, dealers said. They said investors bought shares as they expected good news from the United States next week with the approval of a massive fiscal rescue package.
Published 07 Feb, 2009 12:00am
US Treasury prices gain

US Treasury prices gain

US Treasury debt prices rose on Thursday as weak economic readings bolstered safe-haven buying and trumped supply worries, a day before the release of the January payrolls report. Thursday's government data pointed to further deterioration in the jobs mar
Published 07 Feb, 2009 12:00am
US Treasury prices gain

US Treasury prices gain

US Treasury debt prices rose on Thursday as weak economic readings bolstered safe-haven buying and trumped supply worries, a day before the release of the January payrolls report. Thursday's government data pointed to further deterioration in the jobs mar
Published 07 Feb, 2009 12:00am
China stocks jump four percent

China stocks jump four percent

China's stock market jumped nearly 4 percent in heavy trade on Friday, posting a weekly gain of almost 10 percent, on the back of hopes for an early recovery of the Chinese economy. The Shanghai Composite Index closed up 3.97 percent at 2,181.239 points,
Published 07 Feb, 2009 12:00am
Seoul shares led by steel

Seoul shares led by steel

Seoul shares ended higher on Friday, with steelmakers rising on expectations the US administration will soften its stance on steel imports and techs on hopes of an industry turnaround. The Korea Composite Stock Price Index finished up 2.75 percent at 1,21
Published 07 Feb, 2009 12:00am
Nikkei rises on softer yen

Nikkei rises on softer yen

Japan's Nikkei stock average rose 1.6 percent on Friday and gained for a second straight week, lifted by a softer yen and a rally on Wall Street the previous day. Canon Inc and other exporter shares were boosted as the yen stayed in sight of a one-month l
Published 07 Feb, 2009 12:00am
Jakarta shares up

Jakarta shares up

Indonesian shares closed 1.7 percent up on Friday with higher oil prices spurring buying in commodity-related stocks, dealers said. The Jakarta Composite Index rose 11.57 points to 1,350.64 in moderate volume. "There has been some fresh buying in commodit
Published 07 Feb, 2009 12:00am
Singapore shares soar

Singapore shares soar

Singapore shares closed 0.63 percent higher on Friday but dealers were pessimistic that a rally could be sustained. The blue chip Straits Times Index (STI) closed 10.75 points higher at 1,715.35 on volume of 1.05 billion shares worth 941 million Singapore
Published 07 Feb, 2009 12:00am
Hong Kong dollar eases slightly

Hong Kong dollar eases slightly

The Hong Kong dollar nudged lower against the US dollar on Friday but trading was confined to a narrow range in thin volume. The local currency traded between 7.7530 and 7.7552 on the day, ending slightly softer than late Thursday trade in Asia. Dealers s
Published 07 Feb, 2009 12:00am
Yuan surges in NDFs

Yuan surges in NDFs

The yuan rose strongly against the dollar in the offshore forwards market on Friday because of speculation that China's economy would soon start recovering, reducing the chances of yuan depreciation this year. One-year dollar/yuan non-deliverable forwards
Published 07 Feb, 2009 12:00am
Dollar slips before US jobs data

Dollar slips before US jobs data

The dollar slipped against the yen on Friday in cautious trade before key jobs data that is expected to paint an even bleaker picture of the US labour market. The US currency hit a one-month high against the yen on Thursday on a rally in US shares led by
Published 07 Feb, 2009 12:00am
US stock rally lifts dollar

US stock rally lifts dollar

The US dollar surged to its highest against the yen in nearly a month on Thursday after a rally on Wall Street revived investors' appetite for risk. The euro fell versus the dollar, weighed down by comments from the European Central Bank chief that the eu
Published 07 Feb, 2009 12:00am
Australian dollar gains

Australian dollar gains

The Australian dollar rose on Friday as investors shrugged off the central bank's move to sharply cut its 2009 growth forecast, and chose to bet instead it will slow its pace of aggressive interest rate cuts. The Aussie rose to $0.6541, from Thursday's $0
Published 07 Feb, 2009 12:00am
Asian currencies rise

Asian currencies rise

Asian currencies rose on Friday as hopes for the passage of a US stimulus package boosted regional stocks and eased risk concerns, but investors treaded cautiously ahead of US jobs data that is expected to be bleak. The Philippine peso benefited from more
Published 07 Feb, 2009 12:00am
Taiwan dollar down for second straight day

Taiwan dollar down for second straight day

The Taiwan dollar reversed early gains on Friday to close weaker for a second straight day as the central bank's purchase of US dollars reversed foreign fund inflows that had kept the local currency in positive territory. The Taiwan dollar closed at T$33.
Published 07 Feb, 2009 12:00am
Sahiwal win U-13 Football title

Sahiwal win U-13 Football title

Tandlianwala-born left winger Rashid Noor fired the lone 56th minute goal, as Sahiwal managed 1-0 win over NWFP to win the final of National Under-13 Festival of Football here at Model Town Football Academy (MTFA) Ground on Friday. Lahore District Nazim M
Published 07 Feb, 2009 12:00am
Elliott guides Kiwis past Aussies

Elliott guides Kiwis past Aussies

Grant Elliott made his highest one-day score to guide New Zealand past Australia at the MCG and give them a 2-0 lead in the five-match series, here on Friday. Stand-in captain Michael Clarke hit 98 and Michael Hussey hit 75 as the hosts, who were put in t
Published 07 Feb, 2009 12:00am
PCB head says lost Trophy after three teams baulked

PCB head says lost Trophy after three teams baulked

The head of Pakistan's cricket board said Friday he was forced to accept relocation of the Champions Trophy after three countries refused to play here. The International Cricket Council decided Sunday not to hold the 2009 Champions Trophy in Pakistan beca
Published 07 Feb, 2009 12:00am
PCB announces Australia one-day series programme

PCB announces Australia one-day series programme

Pakistan will play Australia in five one-day matches on neutral ground in the Middle East later this year, a top official said Friday. "We have decided to play the five-match one-day series against Australia in Dubai and Abu Dhabi from April 24 to May 7,"
Published 07 Feb, 2009 12:00am
Australia, New Zealand in Fed Cup Asia final

Australia, New Zealand in Fed Cup Asia final

Australia and New Zealand on Friday moved on to the final of the Fed Cup Asia/Oceania Zone Group I women's team event, with the right to move on to the World Group II play-off at stake. The host nation cruised through to Saturday's final with an easy 3-0
Published 07 Feb, 2009 12:00am
Flintoff, Pietersen join IPL at record prices

Flintoff, Pietersen join IPL at record prices

England's Kevin Pietersen and Andrew Flintoff joined the Indian Premier League on Friday as its most expensive players after being auctioned for 1.55 million dollars each. Pietersen was bought by liquor baron Vijay Mallya's Bangalore Royal Challengers at
Published 07 Feb, 2009 12:00am
IPL terminates contracts of six Pakistani players

IPL terminates contracts of six Pakistani players

The Indian Premier League on Friday terminated the contracts of six Pakistan players, a fall out of the deteriorating political relations between the two nations. The contracts of four other Pakistanis have been "suspended" after the Pakistan government d
Published 07 Feb, 2009 12:00am
Gayle and Sarwan star in England video horror

Gayle and Sarwan star in England video horror

West Indies' second wicket pair of Chris Gayle and his former deputy Ramnaresh Sarwan batted England into the ground with a hundred-run partnership in the opening Test at Sabina Park on Thursday. England's bowlers lacked penetration, as Sarwan, undefeated
Published 07 Feb, 2009 12:00am
Karachi Port Trust increases draft of berths

Karachi Port Trust increases draft of berths

The Karachi Port has increased its existing draft of berths to 12 metres to facilitate the shipping companies already calling at Karachi Port. Sharing her vision with the Management Executives and port stake-holders, KPT Chairperson Nasreen Haque pointed
Published 07 Feb, 2009 12:00am
Complicated procedures: sales tax payers face problem

Complicated procedures: sales tax payers face problem

Taxpayers are facing difficulties in revising their monthly sales tax returns owing to complicated procedures. A large number of revised sales tax returns, filed by the taxpayers, are awaiting approval of the sales tax collectors, who were authorised, und
Published 07 Feb, 2009 12:00am
Sindh provincial Assembly approves levy of infrastructure cess

Sindh provincial Assembly approves levy of infrastructure cess

The Sindh Assembly, through an amendment in the Sindh Finance (Amendment) Act, 2007, on Friday, made applicable retrospectively from July 1, 1994 the disputed 0.5 percent "infrastructure tax" on upcountry vehicles, which earns Rs 12-13 billion annually fo
Published 07 Feb, 2009 12:00am
ICMAP seminar on 'Global Financial Meltdown'

ICMAP seminar on 'Global Financial Meltdown'

The global financial crisis became prominently visible in September 2008 with the failure, merger, or conservatorship of several large US-based financial firms.
Published 07 Feb, 2009 12:00am
25 million Pakistanis are habitual smokers

25 million Pakistanis are habitual smokers

'25 million people are habituated of smoking in Pakistan, 12,00 new smokers join the total daily while one lakh tobacco affected people die everyday.' Quoting a survey report, Sindh Director General, Health, Dr Abdul Sattar Korai said on Friday.
Published 07 Feb, 2009 12:00am
Increase in profit of Unilever

Increase in profit of Unilever

The profit after tax of Unilever Pakistan Limited has increased to Rs 1.984 billion, translating into an earning per share of Rs 149 in the year 2008 as compared to Rs 1.61.687 billion (EPS Rs 127) earned in the same period in 2007. The board of directors
Published 07 Feb, 2009 12:00am
Increase in profit of Unilever

Increase in profit of Unilever

The profit after tax of Unilever Pakistan Limited has increased to Rs 1.984 billion, translating into an earning per share of Rs 149 in the year 2008 as compared to Rs 1.61.687 billion (EPS Rs 127) earned in the same period in 2007. The board of directors
Published 07 Feb, 2009 12:00am
'World needs to focus on development of renewable resources'

'World needs to focus on development of renewable resources'

Speakers at a seminar on "Vision 2050" said that the world needs to focus on the development of renewable food, energy and other resources which is the only way to meet the future demand. The seminar was organised by Pakistan State Oil (PSO), the leading
Published 07 Feb, 2009 12:00am
Prime Minister forms body on Ethanol Industry

Prime Minister forms body on Ethanol Industry

Prime Minister Syed Yusuf Raza Gilani has constituted a five-member committee headed by the Secretary Industries & Production to look into the issues relating to Ethanol industry. The committee will submit its report to the Prime Minister within seven day
Published 07 Feb, 2009 12:00am
SAMC, SAFMA condemn attack on Indian journalists

SAMC, SAFMA condemn attack on Indian journalists

The South Asia Media Commission (SAMC) and the South Asian Free Media Association (SAFMA) Thursday condemned an attack on two Indian journalists and snatching of their equipment in Lahore, Pakistan.
Published 07 Feb, 2009 12:00am
Mamma Mia! Putin denies mystery ABBA concert

Mamma Mia! Putin denies mystery ABBA concert

Russian Prime Minister Vladimir Putin's office moved on Friday to quash claims he attended a mystery concert featuring ABBA lookalikes singing to him from behind a veil at a military-style compound. Putin's spokesman Dmitry Peskov reacted after the London
Published 07 Feb, 2009 12:00am
New snowfalls grip Britain and Ireland

New snowfalls grip Britain and Ireland

Fresh snowstorms plunged parts of Britain and Ireland back into travel chaos Friday, after a week which saw the heaviest falls in nearly 20 years paralyse the country. Some 200 cars were stranded in up to 30 centimetres (one foot) of snow overnight in Dev
Published 07 Feb, 2009 12:00am
World opinion of China and Russia slips

World opinion of China and Russia slips

Global public perceptions of China and Russia's influence in the world have become more negative in the past year, according to the BBC World Service radio's annual poll of 21 countries published Friday. The poll, conducted since Barack Obama won the Nove
Published 07 Feb, 2009 12:00am
Japanese judge to head UN's top court

Japanese judge to head UN's top court

Japanese judge Hisashi Owada has been elected president of the International Court of Justice, the highest judicial organ of the United Nations, the tribunal said on Friday. The 76-year-old will replace retiring British judge Rosalyn Higgins. "Judge Hisas
Published 07 Feb, 2009 12:00am
UN agency halts aid to Gaza

UN agency halts aid to Gaza

The UN agency for Palestinian refugees (UNRWA) said on Friday it has stopped importing aid into the Gaza Strip after the Hamas government seized hundreds of tonnes of food assistance. The decision came after 10 truckloads of rice and flour, more than 200
Published 07 Feb, 2009 12:00am
US and France reach draft deal on Nato posts

US and France reach draft deal on Nato posts

The United States has agreed in principle that France should secure two top Nato posts in the event of its expected return to alliance military structures, a diplomat said on Friday. General Charles de Gaulle withdrew French forces from Nato's command in
Published 07 Feb, 2009 12:00am
North Korea may fire missiles across sea border

North Korea may fire missiles across sea border

North Korea may fire short-range missiles across its disputed sea border with South Korea to bolster its sabre-rattling campaign against the Seoul government, media reports said Friday. Seoul officials believe this is the likeliest form of provocation fro
Published 07 Feb, 2009 12:00am
Afghanistan can be 'quagmire' for al Qaeda: Lieberman

Afghanistan can be 'quagmire' for al Qaeda: Lieberman

The US-led "war on terror" will end when moderate Muslims stand up to extremism in Afghanistan, US Senator Joseph Lieberman wrote Friday in the Wall Street Journal. In an opinion article, the independent senator from Connecticut - a supporter of Republica
Published 07 Feb, 2009 12:00am
Indonesia backtracks on Myanmar migrants

Indonesia backtracks on Myanmar migrants

Indonesia said Friday that it would consider granting refugee status to hundreds of Muslim migrants from Myanmar and urged other countries to stop abusing them and casting them out to sea. In an about-turn from the government's previous line that the Rohi
Published 07 Feb, 2009 12:00am
Russia and allies to create joint air defence

Russia and allies to create joint air defence

Russia and its post-Soviet allies are planning to create a joint air defence system stretching from Nato's borders to China, news agencies quoted an official from their Moscow-led regional security group as saying on Friday. Russia and Belarus, which bord
Published 07 Feb, 2009 12:00am
Iraqi oil exports via Turkey delayed by payment row

Iraqi oil exports via Turkey delayed by payment row

Exports of Iraqi oil from Turkey's port of Ceyhan are delayed by several days due to a payment dispute between Baghdad and Turkish companies, industry sources said on Friday. Buyers of Iraqi oil are concerned the row could drag on and disrupt crude shipme
Published 07 Feb, 2009 12:00am
Ban hails peaceful local vote in Iraq

Ban hails peaceful local vote in Iraq

United Nations Secretary General Ban Ki-moon praised Iraq's largely peaceful elections during a visit to Baghdad on Friday, but said the war-weary country had much more to do before it attains lasting stability. Ban, in an unannounced visit to Baghdad, wh
Published 07 Feb, 2009 12:00am
African Union imposes sanctions on Mauritania

African Union imposes sanctions on Mauritania

The African Union imposed sanctions on Friday on Mauritania, where a military junta seized power in August and overthrew the country's first democratically elected head of state. In a statement, the AU's Peace and Security Council called on all member cou
Published 07 Feb, 2009 12:00am
Indian rupee gains

Indian rupee gains

The Indian rupee rose to its strongest close in a month on Friday, lifted by gains in the stock market and some weakness in the dollar on concerns about the US economic outlook. The partially convertible rupee ended at 48.67/68 per dollar, gaining from Th
Published 07 Feb, 2009 12:00am
Dollar funds remain elevated in Asia

Dollar funds remain elevated in Asia

Dollar funding costs remained elevated in Asia on Friday as uncertainty about the shape of a US stimulus package and what it would do to banks' balance-sheets heightened credit risks. Dollar swap spreads also showed no signs of narrowing as interbank play
Published 07 Feb, 2009 12:00am
Sterling at two-week high

Sterling at two-week high

Sterling hit a two week high versus the dollar on Friday, with the greenback pressured by a slightly more robust approach to risk after a savage US jobs report raised hopes for a major economic stimulus package.
Published 07 Feb, 2009 12:00am
Improved risk appetite boosts high-yielders in London

Improved risk appetite boosts high-yielders in London

The dollar was hemmed into tight ranges against the euro and yen on Friday, with caution prevailing ahead of US jobs data which is expected to underscore a grim economic picture. Rising equities suggested a slight improvement in approach to risk, which bo
Published 07 Feb, 2009 12:00am
Asian bond spreads flat

Asian bond spreads flat

Asian bond spreads were flat in a listless session on Friday, with investors keeping to the sidelines ahead of US jobs data later in the day, while waiting for possible new issuance from Indonesia. "There is no particular trend at the moment," said Tim Co
Published 07 Feb, 2009 12:00am
Asian bond spreads flat

Asian bond spreads flat

Asian bond spreads were flat in a listless session on Friday, with investors keeping to the sidelines ahead of US jobs data later in the day, while waiting for possible new issuance from Indonesia. "There is no particular trend at the moment," said Tim Co
Published 07 Feb, 2009 12:00am
European credit spreads tighten

European credit spreads tighten

European credit spreads tightened on Friday after a big rise in unemployment in the United States in January raised expectations for swift government action to try to revive the economy. By 1608 GMT, the investment-grade Markit iTraxx Europe index was at
Published 07 Feb, 2009 12:00am
European credit spreads tighten

European credit spreads tighten

European credit spreads tightened on Friday after a big rise in unemployment in the United States in January raised expectations for swift government action to try to revive the economy. By 1608 GMT, the investment-grade Markit iTraxx Europe index was at
Published 07 Feb, 2009 12:00am
Friday's mid-afternoon trade: Wall Street rallies

Friday's mid-afternoon trade: Wall Street rallies

US stocks rallied on Friday on bets that grim jobs data will spur Washington to deliver a stimulus plan seen as key to bolstering a struggling economy. Sentiment was also boosted by anticipation of a bank bailout plan expected on Monday, sending bank shar
Published 07 Feb, 2009 12:00am
Indian shares rise

Indian shares rise

Indian shares rose 2.31 percent on Friday, cheered by a Wall Street rally, as the US Senate pressed ahead with work on a massive stimulus package. The benchmark 30-share Sensex index rose 209.98 points to 9,300.86. "Positive cues from the global markets a
Published 07 Feb, 2009 12:00am
Malaysian shares rise

Malaysian shares rise

Malaysian shares rose 1.9 percent Friday in thin volume after the government announced it will unveil a "mini budget" to stimulate growth, dealers said. Deputy Prime Minister Najib Razak, who is also the finance minister said the government will meet next
Published 07 Feb, 2009 12:00am
Philippines shares higher

Philippines shares higher

Philippines share prices closed 2.7 percent higher on Friday, lifted by the upturn in the US stock market, dealers said. The composite index rose 50.41 points to 1,942.48 points while the all-shares index gained 1.96 percent to 1,244.63 points. There were
Published 07 Feb, 2009 12:00am
Britain's top share index rises

Britain's top share index rises

Britain's top share index ended 1.5 percent higher on Friday, led by a rally in UK banking stocks and supported by strength on Wall Street ahead of a vote on a $900 billion US stimulus package. At the close, the FTSE 100 was up 62.94 points at 4,291.87, p
Published 07 Feb, 2009 12:00am
New York cotton futures slightly firmer

New York cotton futures slightly firmer

Cotton futures settled slightly firmer on Friday on investor buying likely tied to options expiration of the March contract while the trade awaits release of a pair of crop reports next week, brokers said. The key March cotton contract increased 0.15 cent
Published 07 Feb, 2009 12:00am
Copper jumps over seven percent

Copper jumps over seven percent

Copper jumped more than 7 percent on Friday, lifting other base metals with it on hopes that China, the world's biggest user of the red metal, will soon see the start of an economic recovery. Three-month copper on the London Metal Exchange rose as high as
Published 07 Feb, 2009 12:00am
Oil falls on US job data

Oil falls on US job data

Oil prices fell $1 on Friday as news of the largest job cuts in 30 years in the United States signalled still weaker demand in the world's biggest oil consumer. Nearly 600,000 jobs were slashed in the United States last month, the most severe cut since De
Published 07 Feb, 2009 12:00am
London sugar scales three-month peak

London sugar scales three-month peak

London white sugar futures rallied to a three-month peak on fund buying on Friday against the backdrop of tightening supplies with demand holding up well despite the economic downturn and production falling. Coffee futures also rose, boosted partly by a w
Published 07 Feb, 2009 12:00am
Gold falls in London

Gold falls in London

Gold fell in volatile trade on Friday after data showed the US economy shed more jobs than expected in January, boosting expectations Washington will act quickly on its fiscal stimulus package. Spot gold was at $909.60/911.60 an ounce at 1524 GMT, against
Published 07 Feb, 2009 12:00am
US MIDDAY: cocoa jumps, coffee eases

US MIDDAY: cocoa jumps, coffee eases

US cocoa continued higher but remained within a recent range in early trade on Friday, buoyed by firm sterling, while arabica coffee corrected lower after Thursday's fund-induced rally, traders said. Arabica coffee for March delivery down 1.00 cent at $1.
Published 07 Feb, 2009 12:00am
US MIDDAY: sugar climbs

US MIDDAY: sugar climbs

Raw sugar futures on ICE Futures US at 1319 GMT. March raw sugar contract up 0.05 cent at 13.03 cents per lb. Trading from 12.96 to 13.19 cents. Volume at 11,826 lots.
Published 07 Feb, 2009 12:00am
US MIDDAY: wheat lower

US MIDDAY: wheat lower

Chicago Board of Trade wheat futures turned lower on Friday morning due to profit taking and forecasts of rain in the dry US Plains, traders said. Kansas City Board of Trade and Minneapolis Grain Exchange wheat futures also were lower after ticking higher
Published 07 Feb, 2009 12:00am
US MIDDAY: soya higher

US MIDDAY: soya higher

Chicago Board of Trade March soyabean futures opened higher on Friday amid tight stocks and forecasts for dry weather in Argentina, the No 3 soyabean exporter, traders said. At 9:35 am CST (1535 GMT), the CBOT March soyabean contract was up 8-1/4 cents at
Published 07 Feb, 2009 12:00am
US MIDDAY: copper surges

US MIDDAY: copper surges

US copper futures rose to their highest levels in nearly two weeks early Friday as strength from Shanghai markets this week drove momentum and helped override worse-than-expected employment data in the US. Copper for March delivery firmed 8.10 cents, or 5
Published 07 Feb, 2009 12:00am
US MIDDAY: gold turns up

US MIDDAY: gold turns up

US gold futures turned lower in choppy and directionless trade amid thin volume on Friday, driven by pre-weekend position squaring and selling after data showed US employers slashed more than half a million jobs in January. Gold for April delivery dropped
Published 07 Feb, 2009 12:00am
Industrial estates road to be upgraded

Industrial estates road to be upgraded

Punjab government is upgrading the road infrastructure of industrial estates of Faisalabad to facilitate rapid movement of export cargo, starting with Khurrianwala industrial belt piece on top priority basis. This was stated by Chairman PTEA Muhammad Yous
Published 07 Feb, 2009 12:00am
UAF to focus on transgenic crops: Dr Iqrar

UAF to focus on transgenic crops: Dr Iqrar

We need to diversify our agricultural practices as the traditional cropping system is no more existence in the future economy and University of Agriculture Faisalabad (UAF) is going to redefine its priorities by focusing on transgenic crops, biotechnology
Published 07 Feb, 2009 12:00am
LDA demolishes 25 illegal structures

LDA demolishes 25 illegal structures

The staff of the Estate Management Directorate and Town Planning Wing of Lahore Development Authority (LDA) demolished some 25 illegal structures on Friday, including platforms, ramps and other constructions and cleared the service road from Y junction Ga
Published 07 Feb, 2009 12:00am
PML-Q may maintain own identity in Senate polls

PML-Q may maintain own identity in Senate polls

The Pakistan Muslim League-Q whose 17 Senators will be retiring on March 11 has decided to fully participate in the Senate elections scheduled to be held on March 4 with focus to grab maximum number of seats.
Published 07 Feb, 2009 12:00am
International community urged to play role for resolving Kashmir issue

International community urged to play role for resolving Kashmir issue

Speakers at a function held in connection with 'Kashmir Solidarity Day' here on Friday have called upon the international community to play their due role for resolving the Kashmir issue for ensuring peace in the region. The function organised by Pakistan
Published 07 Feb, 2009 12:00am
Irsa releases 15,000 cusecs more water from Mangla

Irsa releases 15,000 cusecs more water from Mangla

Indus River System Authority (Irsa) on Friday released 15,000 cusecs additional water from Mangla dam on river Jhelum to augment the hydal power generation up to 1,200 megawatt and increase water flows in Punjab irrigation canals for Rabi crops.
Published 07 Feb, 2009 12:00am
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