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Print - 2009-02-11
FOB Gulf soya firmer for March

FOB Gulf soya firmer for March

Export premiums for US soyabeans shipped from the Gulf of Mexico were firmer for remaining shipment slots in March, while values for April and May fell amid expectations for business to shift to South America, traders said, Hard wheat basis offers were st
Published 11 Feb, 2009 12:00am
ISE index down 46.99 points

ISE index down 46.99 points

Equities witnessed board-based erosion at the Islamabad Stock Exchange (ISE) where fresh bearish assault moved the entire ready-board in downward direction amid decrease in index. ISE Ten Index was down by 46.99 points, as the index moved from 1,219.76 to
Published 11 Feb, 2009 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 55,444 tonnes of cargo including 29,402 tonnes of import and 26,042 tonnes of export, 2,334 loaded and empty containers (TEUs) during last 24 hours ending at 0700 hours on Tuesday. The freights comprised of 43,144 tonnes of dry ca
Published 11 Feb, 2009 12:00am
PSO pays Rs five billion to refineries

PSO pays Rs five billion to refineries

The Pakistan State Oil (PSO) has paid Rs 5 billion to the oil refineries to enable them to place orders for fresh import of crude oil. Sources told Business Recorder that Finance Ministry had released this amount on the intervention of Petroleum Mi
Published 11 Feb, 2009 12:00am
KCBT wheat futures close higher

KCBT wheat futures close higher

Hard red winter wheat futures on the Kansas City Board of Trade ended higher on Monday, supported by a weaker dollar and better-than-expected weekly wheat export inspections. The March contract ended up 8-1/2 cents at $5.95 a bushel, after rallying to $6.
Published 11 Feb, 2009 12:00am
PSO pays Rs five billion to refineries

PSO pays Rs five billion to refineries

The Pakistan State Oil (PSO) has paid Rs 5 billion to the oil refineries to enable them to place orders for fresh import of crude oil. Sources told Business Recorder that Finance Ministry had released this amount on the intervention of Petroleum Mi
Published 11 Feb, 2009 12:00am
US wheat futures rise

US wheat futures rise

US wheat futures rose on Monday due to traders covering short positions, while weakness in the dollar helped boost export demand, traders said. US Agriculture Department said 19.048 million bushels of wheat were inspected for export, topping forecasts for
Published 11 Feb, 2009 12:00am
PSO pays Rs five billion to refineries

PSO pays Rs five billion to refineries

The Pakistan State Oil (PSO) has paid Rs 5 billion to the oil refineries to enable them to place orders for fresh import of crude oil. Sources told Business Recorder that Finance Ministry had released this amount on the intervention of Petroleum Mi
Published 11 Feb, 2009 12:00am
Ivory Coast abundant rains good for cocoa mid crop

Ivory Coast abundant rains good for cocoa mid crop

Plentiful rains across Ivory Coast's main cocoa growing regions over the past week have raised hopes for a healthy April-September mid crop, farmers and analysts said this week. After a disappointing main crop due to bad weather, disease, and administrati
Published 11 Feb, 2009 12:00am
WHT relief given on imports for power project

WHT relief given on imports for power project

The Federal Board of Revenue has exempted withholding tax on the import of goods by contractors and sub-contractors engaged in the execution of power project under the agreement between government of Pakistan and Hub Power Company Limited. The FBR on Tues
Published 11 Feb, 2009 12:00am
State buying and drought boost China's canola imports

State buying and drought boost China's canola imports

China is likely to buy 4-5 cargoes of Canadian canola, or rapeseed, each month until at least May, when the domestic harvest becomes available, because of state buying and fears about a drought, traders and analysts said on Tuesday. Chinese crushers bough
Published 11 Feb, 2009 12:00am
WHT relief given on imports for power project

WHT relief given on imports for power project

The Federal Board of Revenue has exempted withholding tax on the import of goods by contractors and sub-contractors engaged in the execution of power project under the agreement between government of Pakistan and Hub Power Company Limited. The FBR on Tues
Published 11 Feb, 2009 12:00am
India may buy 4.5 million tonnes of sugar in 12 months

India may buy 4.5 million tonnes of sugar in 12 months

India is expected to import about 4.5 million tonnes of raw sugar in the next 12 months, a senior official at producer Simbhaoli Sugars Ltd said on Tuesday, further tightening falling global supplies. Simbhaoli, one of India's top seven producers, aims to
Published 11 Feb, 2009 12:00am
WHT relief given on imports for power project

WHT relief given on imports for power project

The Federal Board of Revenue has exempted withholding tax on the import of goods by contractors and sub-contractors engaged in the execution of power project under the agreement between government of Pakistan and Hub Power Company Limited. The FBR on Tues
Published 11 Feb, 2009 12:00am
Buyer's activity maintains stability on cotton market

Buyer's activity maintains stability on cotton market

Steady trend was again seen on the cotton market on Tuesday as mills continued forward buying in anticipation of further increase in the rates, dealers said. The official spot rate was unchanged at Rs 3400, they said. The phutti prices in both the Punjab
Published 11 Feb, 2009 12:00am
BRIndex30 down 187.7 points

BRIndex30 down 187.7 points

On Tuesday BRIndex30 opened in the negative zone at 5,031.87. It closed at 4,867.95 with a net negative change of -187.7 points and percentage change of -3.71 percent. It showed intra-day high of 5,068.07 and intra-day low of 4,863.87. The volume of BRInd
Published 11 Feb, 2009 12:00am
Bangladesh tea prices fall

Bangladesh tea prices fall

The average price of Bangladesh teas fell nearly 1.0 percent to 120.15 taka ($1.74) per kg on poor quality at the weekly auction on Tuesday, brokers said. Nearly 1.4 million kg were sold at 120.15 taka per kg on average, down 1.17 taka from the last sale.
Published 11 Feb, 2009 12:00am
BRIndex30 down 187.7 points

BRIndex30 down 187.7 points

On Tuesday BRIndex30 opened in the negative zone at 5,031.87. It closed at 4,867.95 with a net negative change of -187.7 points and percentage change of -3.71 percent. It showed intra-day high of 5,068.07 and intra-day low of 4,863.87. The volume of BRInd
Published 11 Feb, 2009 12:00am
Soya up in Asia

Soya up in Asia

US soya prices rose 0.5 percent on Tuesday with the USDA set to trim its South American soya crop estimates amid the worst drought in decades drying up grain prospects in Argentina, the world's No 3 soya exporter. The US Agriculture Department will releas
Published 11 Feb, 2009 12:00am
Selling pressure sets in on KSE

Selling pressure sets in on KSE

The Karachi share market witnessed selling pressure on Tuesday and the benchmark KSE-100 index lost 117.81 points to close at 5,455.67 points. The market started on a positive note and the index hit 5,597.86 points intra-day high. However, the market coul
Published 11 Feb, 2009 12:00am
US copper lower

US copper lower

US copper futures ended down for the first time in five sessions on Monday as uncertainties over US economic stimulus action capped an early rise to a price peak dating back to early December. Copper for March delivery closed down 1.55 cents at $1.6130 a
Published 11 Feb, 2009 12:00am
Selling pressure sets in on KSE

Selling pressure sets in on KSE

The Karachi share market witnessed selling pressure on Tuesday and the benchmark KSE-100 index lost 117.81 points to close at 5,455.67 points. The market started on a positive note and the index hit 5,597.86 points intra-day high. However, the market coul
Published 11 Feb, 2009 12:00am
Shanghai copper rises for sixth day

Shanghai copper rises for sixth day

Shanghai copper was steady on Tuesday, barely managing a sixth day of gains, and London futures also lost momentum as investors awaited progress on the latest plans to rescue the US economy and its financial institutions. President Barack Obama urged swif
Published 11 Feb, 2009 12:00am
Selling pressure sets in on KSE

Selling pressure sets in on KSE

The Karachi share market witnessed selling pressure on Tuesday and the benchmark KSE-100 index lost 117.81 points to close at 5,455.67 points. The market started on a positive note and the index hit 5,597.86 points intra-day high. However, the market coul
Published 11 Feb, 2009 12:00am
CBOT rice futures up

CBOT rice futures up

US rough rice futures on the Chicago Board of Trade ended higher on Monday on short-covering ahead of a US Agriculture Department report, extending gains from the previous session. March finished up 32 cents, or 2.5 percent, at $13.10-1/2 a cwt. The contr
Published 11 Feb, 2009 12:00am
KSE-30 current index composition to continue

KSE-30 current index composition to continue

The Board of Directors of the Karachi Stock Exchange (KSE) in its meeting held on February 2, 2009, decided to maintain the current composition of KSE-30 Index till its next due date. In a notice sent to all members on Tuesday the KSE said that under the
Published 11 Feb, 2009 12:00am
Tokyo rubber down

Tokyo rubber down

Key Tokyo rubber futures fell on Tuesday on profit-taking, after a five-day rally on expectations of buying from China in the physical market as well as plans to curb exports by the top three rubber producers. The key Tokyo Commodity Exchange rubber contr
Published 11 Feb, 2009 12:00am
KSE-30 current index composition to continue

KSE-30 current index composition to continue

The Board of Directors of the Karachi Stock Exchange (KSE) in its meeting held on February 2, 2009, decided to maintain the current composition of KSE-30 Index till its next due date. In a notice sent to all members on Tuesday the KSE said that under the
Published 11 Feb, 2009 12:00am
New York sugar at fresh four-month high

New York sugar at fresh four-month high

Raw sugar futures settled at a fresh four-month high Monday on investor buying as players positioned themselves for further gains due in part to expected purchases by India in the weeks ahead, brokers said. The key March raw sugar contract climbed 0.16 ce
Published 11 Feb, 2009 12:00am
KSE-30 current index composition to continue

KSE-30 current index composition to continue

The Board of Directors of the Karachi Stock Exchange (KSE) in its meeting held on February 2, 2009, decided to maintain the current composition of KSE-30 Index till its next due date. In a notice sent to all members on Tuesday the KSE said that under the
Published 11 Feb, 2009 12:00am
US soya gains slightly

US soya gains slightly

US soya ended firm on Monday, fuelled by a drought stressing the crop in Argentina, the world's third largest exporter. "The US weather model for Argentina is hot and dry and the market is going with that forecast," said Joe Bedore, floor manager for trad
Published 11 Feb, 2009 12:00am
Malaysian palm oil soars

Malaysian palm oil soars

Malaysian crude palm futures jumped 4.7 percent on Tuesday to hit a one-month high as investors bet on more orders for the vegetable oil because of drought conditions in rival soyaoil-producing Argentina. Cargo surveyor Societe Generale de Surveillance re
Published 11 Feb, 2009 12:00am
Malaysian tin gains

Malaysian tin gains

Malaysian tin climbed 1.5 percent on Tuesday, buoyed by strong gains on London Metal Exchange and some foreign buying, one dealer said.
Published 11 Feb, 2009 12:00am
US gold ends below $900 an ounce

US gold ends below $900 an ounce

Gold futures ended below $900 an ounce Monday on profit taking and lessened flight-to-quality buying, triggered by optimism ahead of economic stimulus plans to be unveiled by the US government. Gold for April delivery settled down $21.50, or 2.4 percent,
Published 11 Feb, 2009 12:00am
Warsaw cancels Pakistani senators' visit

Warsaw cancels Pakistani senators' visit

Poland's senate on Tuesday called off a visit by Pakistani senators after their country's negotiators failed to save Polish hostage Piotr Stanczak from execution by his Taliban captors. The delegation, led by Senate chairman Mohammedmian Soomro had been d
Published 11 Feb, 2009 12:00am
Gold ends steady in Asia

Gold ends steady in Asia

Gold held steady near $900 an ounce on Tuesday, but the market was capped as investors awaited the expected passage this week of a US economic stimulus package. Investors have been taking profits after the market hit a near four-month high of $930 but fai
Published 11 Feb, 2009 12:00am
Warsaw cancels Pakistani senators' visit

Warsaw cancels Pakistani senators' visit

Poland's senate on Tuesday called off a visit by Pakistani senators after their country's negotiators failed to save Polish hostage Piotr Stanczak from execution by his Taliban captors. The delegation, led by Senate chairman Mohammedmian Soomro had been d
Published 11 Feb, 2009 12:00am
Oil rises towards 40 dollars in Asia

Oil rises towards 40 dollars in Asia

Oil climbed towards $40 a barrel on Tuesday, partly reversing overnight losses, as some investors took positions ahead of the approval of a $800 billion-plus stimulus package by the US government as early as Tuesday. But doubts over whether a US bank resc
Published 11 Feb, 2009 12:00am
Holbrooke advised to talk with Taliban moderates

Holbrooke advised to talk with Taliban moderates

President Asif Ali Zardari and Prime Minister Yousuf Raza Gilani on Tuesday stressed the need of holistic change in the policies of new US administration in war on terror with particular reference to Pakistan and Afghanistan. They were talking to Richard
Published 11 Feb, 2009 12:00am
China overtakes US as largest auto market: state media

China overtakes US as largest auto market: state media

China overtook the United States as the largest auto market in the world in January, according to data published by Chinese state media on Tuesday. Analysts said the United States was likely to quickly regain the top spot, but the figures showed China was
Published 11 Feb, 2009 12:00am
Holbrooke advised to talk with Taliban moderates

Holbrooke advised to talk with Taliban moderates

President Asif Ali Zardari and Prime Minister Yousuf Raza Gilani on Tuesday stressed the need of holistic change in the policies of new US administration in war on terror with particular reference to Pakistan and Afghanistan. They were talking to Richard
Published 11 Feb, 2009 12:00am
Russian banker backtracks on 'debt restructure'

Russian banker backtracks on 'debt restructure'

The Russian government said it had no plans to restructure up to $400 billion in companies' foreign debts on Tuesday as a local banking lobbyist who floated the idea backed away from his proposal, made two months ago. Earlier a report in Japan's Nikkei ne
Published 11 Feb, 2009 12:00am
16 killed in shelling of Sri Lanka hospital

16 killed in shelling of Sri Lanka hospital

Sixteen patients at a make-shift hospital in Sri Lanka's war zone were killed when it was hit by shells, the International Committee of the Red Cross said on Tuesday. The temporary facility in Putumattalan was shelled on Monday, the ICRC said in a stateme
Published 11 Feb, 2009 12:00am
EU struggles for common line on credit crisis

EU struggles for common line on credit crisis

The Czech EU presidency accused an inner circle of eurozone countries on Tuesday of breaking bloc rules to shield their economies from recession as the group struggles for a common line on tackling the crisis. The comments by Czech Prime Minister Mirek To
Published 11 Feb, 2009 12:00am
'Kadima leads Likud in tight Israel vote'

'Kadima leads Likud in tight Israel vote'

Israel's centrist Kadima party headed by Foreign Minister Tzipi Livni has a narrow lead over former premier Benjamin Netanyahu's right-wing Likud in Tuesday's election, according to television exit polls. The polls released by three Israeli television cha
Published 11 Feb, 2009 12:00am
US lays out plan to mop up $500 billion in bad debts

US lays out plan to mop up $500 billion in bad debts

The US Treasury on Tuesday unveiled a revamped financial rescue plan to cleanse $500 billion in spoiled assets from banks' books and support $1 trillion in new lending through an expanded Federal Reserve program.
Published 11 Feb, 2009 12:00am
US lays out plan to mop up $500 billion in bad debts

US lays out plan to mop up $500 billion in bad debts

The US Treasury on Tuesday unveiled a revamped financial rescue plan to cleanse $500 billion in spoiled assets from banks' books and support $1 trillion in new lending through an expanded Federal Reserve program.
Published 11 Feb, 2009 12:00am
Easing China inflation gives central bank scope to act

Easing China inflation gives central bank scope to act

Inflation at the consumer level in China fell to a 30-month low in January, giving the central bank plenty of room to cut interest rates further to support the economy and stave off the threat of deflation. Annual consumer price inflation slowed to 1.0 pe
Published 11 Feb, 2009 12:00am
US wholesale inventories see record fall

US wholesale inventories see record fall

US wholesale inventories dropped by a record 1.4 percent in December and sales plunged, a report showed on Tuesday, as the worsening economic climate crimped investment and spending. The Commerce Department said wholesale inventories for November were rev
Published 11 Feb, 2009 12:00am
POL products: Ministries asked to prepare hedging plan

POL products: Ministries asked to prepare hedging plan

The Economic Co-ordination Committee (ECC) of the Cabinet on Tuesday directed the Ministries of Petroleum and Finance to work out a petroleum products hedging plan, taking advantage of the declining oil prices in the international market. However, some cr
Published 11 Feb, 2009 12:00am
US consumer confidence falls

US consumer confidence falls

US consumer confidence fell in February, according to a survey released on Tuesday that showed the year-old recession sapping sentiment but some optimism over government efforts to bail out the economy. The IBD/TIPP index of US economic optimism fell to a
Published 11 Feb, 2009 12:00am
POL products: Ministries asked to prepare hedging plan

POL products: Ministries asked to prepare hedging plan

The Economic Co-ordination Committee (ECC) of the Cabinet on Tuesday directed the Ministries of Petroleum and Finance to work out a petroleum products hedging plan, taking advantage of the declining oil prices in the international market. However, some cr
Published 11 Feb, 2009 12:00am
Accor, MasterCard create European prepaid venture

Accor, MasterCard create European prepaid venture

French hotels and services group Accor and MasterCard on Tuesday unveiled a joint venture to grab a slice of the burgeoning European market in flexible payment services. The groups aim to benefit from growing demand for so-called prepaid services which ra
Published 11 Feb, 2009 12:00am
POL products: Ministries asked to prepare hedging plan

POL products: Ministries asked to prepare hedging plan

The Economic Co-ordination Committee (ECC) of the Cabinet on Tuesday directed the Ministries of Petroleum and Finance to work out a petroleum products hedging plan, taking advantage of the declining oil prices in the international market. However, some cr
Published 11 Feb, 2009 12:00am
UBS loss biggest in Swiss corporate history

UBS loss biggest in Swiss corporate history

UBS posted the biggest annual corporate loss in Swiss history and said it would cut a further 2,000 investment banking jobs as it looks to rebuild its damaged wealth management brand and overcome the credit crisis. Client withdrawals at the Swiss bank's c
Published 11 Feb, 2009 12:00am
Tuesday''s late afternoon trade: US stocks tumble

Tuesday''s late afternoon trade: US stocks tumble

US stocks tumbled on Tuesday, briefly dragging the S&P 500 down more than 5 percent, as lack of detail in the government''s plan to shore up the financial system rattled investors and fuelled doubts about steps taken to contain the economic meltdown. The
Published 11 Feb, 2009 12:00am
SEC enforcement chief steps down under Madoff cloud

SEC enforcement chief steps down under Madoff cloud

The US Securities and Exchange Commission said Monday its enforcement chief has quit, following criticism over apparent failure to uncover the alleged 50 billion dollar investment scam run by mastermind Bernard Madoff. SEC enforcement director Linda Chatm
Published 11 Feb, 2009 12:00am
Tuesday's late afternoon trade: US stocks tumble

Tuesday's late afternoon trade: US stocks tumble

US stocks tumbled on Tuesday, briefly dragging the S&P 500 down more than 5 percent, as lack of detail in the government's plan to shore up the financial system rattled investors and fuelled doubts about steps taken to contain the economic meltdown. The S
Published 11 Feb, 2009 12:00am
World Bank calls for economic 'Marshall Plan'

World Bank calls for economic 'Marshall Plan'

The World Bank's chief economist called Monday for a "Marshall Plan" to help rebuild the global economy in the manner of the massive US aid plan for Europe at the end of World War II. "Considering the global crisis we are in now, I think we should be more
Published 11 Feb, 2009 12:00am
Tuesday's late afternoon trade: US stocks tumble

Tuesday's late afternoon trade: US stocks tumble

US stocks tumbled on Tuesday, briefly dragging the S&P 500 down more than 5 percent, as lack of detail in the government's plan to shore up the financial system rattled investors and fuelled doubts about steps taken to contain the economic meltdown. The S
Published 11 Feb, 2009 12:00am
EU split on infrastructure plan

EU split on infrastructure plan

A group of European Union countries led by Germany opposed on Tuesday plans to spend 5 billion euros ($6.5 billion) of unused EU funds on energy links and the Internet. Diplomats and officials said the plan, spearheaded by the executive European Commissio
Published 11 Feb, 2009 12:00am
US Senate passes Obama economic stimulus plan

US Senate passes Obama economic stimulus plan

The US Senate passed an 838-billion-dollar economic stimulus plan Tuesday, touching off difficult compromise negotiations with the House aimed at sending President Barack Obama a final bill this week. Obama, making a campaign-style stop in an economically
Published 11 Feb, 2009 12:00am
E.ON unveils cost cuts to reach earnings target

E.ON unveils cost cuts to reach earnings target

Germany's E.ON, the world's second-largest utility, unveiled cost-cuts of 1.5 billion euros ($1.9 billion) to help reach its annual targets and make up for lower profit growth due to the economic crisis. The company is also writing down the value of its U
Published 11 Feb, 2009 12:00am
US Senate passes Obama economic stimulus plan

US Senate passes Obama economic stimulus plan

The US Senate passed an 838-billion-dollar economic stimulus plan Tuesday, touching off difficult compromise negotiations with the House aimed at sending President Barack Obama a final bill this week. Obama, making a campaign-style stop in an economically
Published 11 Feb, 2009 12:00am
German tool industry foresees 25,000 job cuts

German tool industry foresees 25,000 job cuts

Demand for machine tools, a key component of the German powerhouse economy, collapsed in December, threatening the jobs of 25,000 workers this year, an industry body said on Tuesday. "The fourth quarter was the worst quarter since 1958," Manfred Wittenste
Published 11 Feb, 2009 12:00am
US Senate passes Obama economic stimulus plan

US Senate passes Obama economic stimulus plan

The US Senate passed an 838-billion-dollar economic stimulus plan Tuesday, touching off difficult compromise negotiations with the House aimed at sending President Barack Obama a final bill this week. Obama, making a campaign-style stop in an economically
Published 11 Feb, 2009 12:00am
Argentina borrows $42 million from military pensions

Argentina borrows $42 million from military pensions

The Argentine government said on Tuesday it sold some $42 million in short-term paper to its state-run pension program for retired military officials, part of its strategy to raise funds without tapping markets. The government sold the 90-day bills in thr
Published 11 Feb, 2009 12:00am
Obama orders Afghan-Pakistan policy review

Obama orders Afghan-Pakistan policy review

President Barack Obama has ordered an interagency review to examine US policy on Afghanistan and Pakistan before a Nato summit in April, the White House said on Tuesday. White House spokesman Robert Gibbs said Bruce Riedel, a former CIA officer who is now
Published 11 Feb, 2009 12:00am
Swiss inflation drops sharply to two-year low

Swiss inflation drops sharply to two-year low

Swiss consumer price inflation continued its steep decline in January and hit a fresh 2-year low due to cheaper oil and winter sales of clothes, data showed on Tuesday. While the headline annual inflation rate dropped to a mere 0.1 percent, core inflation
Published 11 Feb, 2009 12:00am
Obama orders Afghan-Pakistan policy review

Obama orders Afghan-Pakistan policy review

President Barack Obama has ordered an interagency review to examine US policy on Afghanistan and Pakistan before a Nato summit in April, the White House said on Tuesday. White House spokesman Robert Gibbs said Bruce Riedel, a former CIA officer who is now
Published 11 Feb, 2009 12:00am
UK bankers ''profoundly sorry'' for series of mistakes

UK bankers ''profoundly sorry'' for series of mistakes

A quartet of top British bankers apologised for mistakes that brought Royal Bank of Scotland and HBOS to the brink of collapse, saying the sector should rethink its increasingly unpopular habit of paying lavish bonuses.
Published 11 Feb, 2009 12:00am
UK bankers 'profoundly sorry' for series of mistakes

UK bankers 'profoundly sorry' for series of mistakes

A quartet of top British bankers apologised for mistakes that brought Royal Bank of Scotland and HBOS to the brink of collapse, saying the sector should rethink its increasingly unpopular habit of paying lavish bonuses.
Published 11 Feb, 2009 12:00am
Urgency, protectionism raise pitch of crisis

Urgency, protectionism raise pitch of crisis

Governments ramped up efforts to beat the economic crisis and reject protectionism on Tuesday as Swiss banking giant UBS revealed record losses and German industry reported a massive setback. EU finance ministers met in Brussels on rescuing European banks
Published 11 Feb, 2009 12:00am
UK bankers 'profoundly sorry' for series of mistakes

UK bankers 'profoundly sorry' for series of mistakes

A quartet of top British bankers apologised for mistakes that brought Royal Bank of Scotland and HBOS to the brink of collapse, saying the sector should rethink its increasingly unpopular habit of paying lavish bonuses.
Published 11 Feb, 2009 12:00am
Japan's Aozora Bank warns of $2.15 billion loss

Japan's Aozora Bank warns of $2.15 billion loss

Aozora Bank, a mid-sized Japanese lender, said Tuesday it expected to lose more than two billion dollars in the financial year to March because of the global financial crisis. The company has been badly burned by its exposure to failed US investment bank
Published 11 Feb, 2009 12:00am
British minister says recession is 'worst in 100 years'

British minister says recession is 'worst in 100 years'

A senior minister in British Prime Minister Gordon Brown's government has warned that the world is facing its worst recession in more than a century, surpassing even the Great Depression of the 1930s. In the gloomiest prediction yet made by a British gove
Published 11 Feb, 2009 12:00am
South Africa set to unveil new spending to boost economy

South Africa set to unveil new spending to boost economy

South Africa is expected to launch a slate of new spending to shore up its economy against the global downturn when Finance Minister Trevor Manuel unveils the budget Wednesday, economists said. With campaigning for general elections now underway, Manuel i
Published 11 Feb, 2009 12:00am
French industrial output falls in December

French industrial output falls in December

French industry output fell 1.8 percent month-on-month in December, according to data on Tuesday that was slightly less drastic than forecast but enough to point to recession in the euro zone's second biggest economy. National statistics office INSEE said
Published 11 Feb, 2009 12:00am
Indonesia sees sharp slowdown in export growth

Indonesia sees sharp slowdown in export growth

Indonesia's export growth is expected to slow sharply this year amid the global downturn, the trade minister warned on Tuesday, delivering a further blow to Southeast Asia's biggest economy during an election year. Trade Minister Mari Pangestu said growth
Published 11 Feb, 2009 12:00am
India plans extra borrowing of $9.45 billion

India plans extra borrowing of $9.45 billion

India will borrow an extra $9.45 billion by late March from the market, an official said on Tuesday, sending bond yields higher and raising concerns about the state of public finances. The extra borrowings are largely aimed at supporting the economy, whic
Published 11 Feb, 2009 12:00am
India plans extra borrowing of $9.45 billion

India plans extra borrowing of $9.45 billion

India will borrow an extra $9.45 billion by late March from the market, an official said on Tuesday, sending bond yields higher and raising concerns about the state of public finances. The extra borrowings are largely aimed at supporting the economy, whic
Published 11 Feb, 2009 12:00am
Hong Kong shares rise in longest rally

Hong Kong shares rise in longest rally

Hong Kong shares rose 0.8 percent on Tuesday stretching their rally into a fifth day after inflation data from China showed Beijing had ample room to cut interest rates, but turnover languished amid conflicting reports about a US rescue plan. A rally on t
Published 11 Feb, 2009 12:00am
Jakarta shares drop

Jakarta shares drop

Indonesian shares ended 0.8 percent lower on Tuesday, weighed by a weak rupiah and falls in several Asian markets, dealers said. The Jakarta Composite Index fell 10.1 points to 1,332.13 in thin trade. Bank Rakyat Indonesia fell 5.1 percent to 4,225 rupiah
Published 11 Feb, 2009 12:00am
Malaysian shares rise

Malaysian shares rise

Malaysian share prices rose 0.8 percent on Tuesday as investors placed money in selected heavyweights, dealers said. The Kuala Lumpur Composite Index gained 6.88 points to close at 903.52 on volume of 429.86 million shares worth 732.82 million ringgit (20
Published 11 Feb, 2009 12:00am
Wall Street ends flat

Wall Street ends flat

The Dow industrials eased on Monday as falling oil prices hurt energy shares and a brokerage raised concerns about Coca-Cola and PepsiCo, blunting a rise in financial stocks on hopes a bailout will spare shareholders. Anxious traders awaited news of the g
Published 11 Feb, 2009 12:00am
Thai share prices slightly down

Thai share prices slightly down

Thai share prices closed 0.27 percent lower on Tuesday as investors remained concerned about the global financial crisis, dealers said. They said trading was light as investors stayed on the sidelines, awaiting news from the United States about a proposed
Published 11 Feb, 2009 12:00am
US Treasuries mostly ease

US Treasuries mostly ease

US Treasury debt prices fell on Monday, taking benchmark yields to their highest levels in over two months as investors worried about the market's ability to absorb a record $67 billion in new bonds just this week. Treasury issuance is expected to balloon
Published 11 Feb, 2009 12:00am
US Treasuries mostly ease

US Treasuries mostly ease

US Treasury debt prices fell on Monday, taking benchmark yields to their highest levels in over two months as investors worried about the market's ability to absorb a record $67 billion in new bonds just this week. Treasury issuance is expected to balloon
Published 11 Feb, 2009 12:00am
Seoul shares retreat

Seoul shares retreat

Seoul shares ended lower on Tuesday after a bearish economic outlook by the new South Korean finance minister, with caution ahead of a US government announcement on a bank rescue plan further pressuring sentiment. The Korea Composite Stock Price Index fin
Published 11 Feb, 2009 12:00am
Singapore shares end firmer

Singapore shares end firmer

Singapore shares closed 1.25 percent higher on Tuesday but the market lacked catalysts for a bigger rally and caution remained, dealers said. The blue chip Straits Times Index added 20.95 points to 1,703.29 on volume of 802 million shares worth 942 millio
Published 11 Feb, 2009 12:00am
China stocks surge 1.8 percent

China stocks surge 1.8 percent

A late surge pushed Chinese stocks to a higher close on Tuesday, with non-ferrous metals and property shares outperforming. Trade remained heavy as new money continued to enter the market on hopes for an economic recovery. The Shanghai Composite Index mov
Published 11 Feb, 2009 12:00am
Nikkei declines

Nikkei declines

Japan's Nikkei stock average slipped 0.3 percent on Tuesday as the yen climbed against the euro on a report that Russian lenders would try to renegotiate debt and on growing uncertainty over the content of a US bank bailout plan. But Nissan Motor Co surge
Published 11 Feb, 2009 12:00am
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