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Print - 2009-02-19
Malaysian palm oil down

Malaysian palm oil down

Malaysian palm futures recovered nearly two-thirds of the day's loss after tumbling to nine-day lows on short-covering, but still finished in the red for a third straight day on Wednesday, traders said. An early sell-off was sparked by faltering soy and c
Published 19 Feb, 2009 12:00am
Karzai due today

Karzai due today

Afghan President Hamid Karzai is arriving here today (Thursday) on a one-day official visit and would discuss security, trade and other issues of mutual interest with Pakistani authorities. During his daylong visit, the Afghan President would meet Preside
Published 19 Feb, 2009 12:00am
Malaysian tin dips

Malaysian tin dips

Malaysian tin fell 0.3 percent on Wednesday, finding support from European and Japanese buyers, despite a sharp fall on London Metal Exchange prices, one dealer said.
Published 19 Feb, 2009 12:00am
India central bank says has room to cut rates if needed

India central bank says has room to cut rates if needed

India has room to cut interest rates but the question is when and whether it should do so and by how much, and falling inflation does not automatically mean rates will drop too, its central bank chief said on Wednesday. India may see a further downturn in
Published 19 Feb, 2009 12:00am
US gold higher

US gold higher

US gold futures rallied more than 3 percent to a seven-month high on Tuesday as risk averse investors sought safety in the yellow metal after two reports warned of deepening recession in eastern Europe, Japan's economy shrank, and US manufacturing activit
Published 19 Feb, 2009 12:00am
British Prime Minister calls for 'grand bargain' at G20 summit

British Prime Minister calls for 'grand bargain' at G20 summit

British Prime Minister Gordon Brown called Wednesday for a "grand bargain" between national leaders to help the recession-mired global economy, as he set out plans for the April G20 summit. Brown said leaders must show their citizens that the world can "c
Published 19 Feb, 2009 12:00am
Gold inches up in Asian trade

Gold inches up in Asian trade

Gold prices inched up to hit a fresh seven-month high on Wednesday, as growing concern over the global economy redoubled investors' fervour for safe-haven assets. Global markets were roiled by a slew of grim reports showing a slumping Japanese economy and
Published 19 Feb, 2009 12:00am
Australians shop to save economy from recession

Australians shop to save economy from recession

Australians kept shopping last quarter as government hand-outs and falling interest rates boosted spending power, perhaps just enough to save the economy from an outright contraction. Retail sales adjusted for inflation rose 0.8 percent in the fourth quar
Published 19 Feb, 2009 12:00am
Oil slides below $35

Oil slides below $35

US oil prices slid towards $34 a barrel on Wednesday, extending losses of nearly 7 percent a day earlier on fresh concerns over the economy and sliding oil demand, which has caused inventories to bloat. Global markets were roiled by fear that Eastern Euro
Published 19 Feb, 2009 12:00am
ISE index decreases 12.57 points

ISE index decreases 12.57 points

Bears returned in the driving seat at the Islamabad Stock Exchange (ISE) where equities failed to show recovery signs under the lead of trend-setters amid decrease in index. ISE Ten Index showed a decrease of 12.57 points, as the index moved from 1,284.97
Published 19 Feb, 2009 12:00am
Taiwan in recession

Taiwan in recession

Taiwan plunged into recession as the economy contracted a record 8.36 percent in the three months to December due to the global economic meltdown, the government said Wednesday. The island's key electronics and export sectors have been badly hit by fallin
Published 19 Feb, 2009 12:00am
ISE index decreases 12.57 points

ISE index decreases 12.57 points

Bears returned in the driving seat at the Islamabad Stock Exchange (ISE) where equities failed to show recovery signs under the lead of trend-setters amid decrease in index. ISE Ten Index showed a decrease of 12.57 points, as the index moved from 1,284.97
Published 19 Feb, 2009 12:00am
Germany eyes bank nationalisation

Germany eyes bank nationalisation

Germany stepped up efforts to stabilise its banking sector on Wednesday, approving a draft law allowing forced nationalisations and saying it would use its new powers to take control of lender Hypo Real Estate. The German step is the latest example of sta
Published 19 Feb, 2009 12:00am
Mixed trend on LSE

Mixed trend on LSE

Mixed trend prevailed at Lahore Stock Exchange on Wednesday and equities moved both ways and closed lower amid selling pressure on account of profit taking in oil sector stocks. The LSE-25 index marginally improved by 6.45 points to 1717.83 against 1711.3
Published 19 Feb, 2009 12:00am
Three European banks brace for eastern, central impact

Three European banks brace for eastern, central impact

Three top European banks said they were bracing for a tough year after taking body blows from the credit crisis in 2008, as concerns grow over the worsening economic situation in eastern and central Europe. France's Societe Generale eked out a small profi
Published 19 Feb, 2009 12:00am
Mixed trend on LSE

Mixed trend on LSE

Mixed trend prevailed at Lahore Stock Exchange on Wednesday and equities moved both ways and closed lower amid selling pressure on account of profit taking in oil sector stocks. The LSE-25 index marginally improved by 6.45 points to 1717.83 against 1711.3
Published 19 Feb, 2009 12:00am
IMF agrees $120 million loan for Tajikistan

IMF agrees $120 million loan for Tajikistan

The International Monetary Fund agreed a 120 million dollar (95.2 million euro) loan to crisis-hit Tajikistan Wednesday, in a bid to help the Central Asian state weather the financial downturn. "I am pleased to announce that we have reached a preliminary
Published 19 Feb, 2009 12:00am
BRIndex30 surges 76.94 points

BRIndex30 surges 76.94 points

On Wednesday, the BRIndex30 opened at 5,340.56 and closed at 5,413.81 with a positive change of 76.94 points, or 1.44 percent, after remaining positive for almost the entire trading time. It experienced intra-day high of 5,464.67 and low of 5,293.25 point
Published 19 Feb, 2009 12:00am
General Motors's planned cuts in Europe spark outrage

General Motors's planned cuts in Europe spark outrage

General Motors Corp forecast its European business will post a profit in 2011 at the earliest once it cuts $1.2 billion in costs that could mean plant closures and thousands of jobs lost. The ailing US automaker said late on Tuesday that it would also cap
Published 19 Feb, 2009 12:00am
BRIndex30 surges 76.94 points

BRIndex30 surges 76.94 points

On Wednesday, the BRIndex30 opened at 5,340.56 and closed at 5,413.81 with a positive change of 76.94 points, or 1.44 percent, after remaining positive for almost the entire trading time. It experienced intra-day high of 5,464.67 and low of 5,293.25 point
Published 19 Feb, 2009 12:00am
US housing starts, permits plumb record lows

US housing starts, permits plumb record lows

US housing starts and building permits dropped to record lows in January, data showed on Wednesday, as builders shelved construction plans to try to clear a glut of unsold houses caused by a slump in demand. The data came as President Barack Obama unveile
Published 19 Feb, 2009 12:00am
Index gains 40 points

Index gains 40 points

Karachi share market witnessed a range bound session with the benchmark KSE-100 index oscillating between 5,917.07 points intra-day high and 5,810.35 points intra-day low levels. Finally the index closed at 5,880.14 points level with a net gain of 40.51 p
Published 19 Feb, 2009 12:00am
Lukewarm response to Iran state bank sale

Lukewarm response to Iran state bank sale

Private investors gave a lukewarm response to the sale on Wednesday of a five percent stake in Iran's state-owned Bank Mellat, the first stage of a planned privatisation, news agencies reported. "As per the plan, five percent of Bank Mellat's shares were
Published 19 Feb, 2009 12:00am
Index gains 40 points

Index gains 40 points

Karachi share market witnessed a range bound session with the benchmark KSE-100 index oscillating between 5,917.07 points intra-day high and 5,810.35 points intra-day low levels. Finally the index closed at 5,880.14 points level with a net gain of 40.51 p
Published 19 Feb, 2009 12:00am
Merckle son breaks silence on break-up of empire

Merckle son breaks silence on break-up of empire

The son of German billionaire Adolf Merckle has broken his family's silence since his father's suicide to fire the starting shot on the break-up of one of the country's biggest industrial empires. In an exclusive interview with Reuters, Ludwig Merckle sig
Published 19 Feb, 2009 12:00am
Index gains 40 points

Index gains 40 points

Karachi share market witnessed a range bound session with the benchmark KSE-100 index oscillating between 5,917.07 points intra-day high and 5,810.35 points intra-day low levels. Finally the index closed at 5,880.14 points level with a net gain of 40.51 p
Published 19 Feb, 2009 12:00am
IT and electronics sectors to be boosted

IT and electronics sectors to be boosted

China said on Wednesday it would boost its electronics and computer sectors with trade financing, credit guarantees and continued export-tax rebates to help them weather the global financial crisis. However, a government statement on the decision offered
Published 19 Feb, 2009 12:00am
Government to buy 6.5 million tonnes of wheat by March 15

Government to buy 6.5 million tonnes of wheat by March 15

Federal Information and Broadcasting Minister Sherry Rehman on Wednesday said that the federal government has given the approval for privatisation of government-run corporations. She expressed these views during a press conference here, after the conclusi
Published 19 Feb, 2009 12:00am
China says foreign exchange assets safe but face 'grave' challenge

China says foreign exchange assets safe but face 'grave' challenge

China's foreign exchange assets remained safe and even yielded profits last year despite the global financial crisis, a top forex regulator said Wednesday, before warning "grave challenges" lay ahead. "By the end of 2008, the national foreign exchange res
Published 19 Feb, 2009 12:00am
Government to buy 6.5 million tonnes of wheat by March 15

Government to buy 6.5 million tonnes of wheat by March 15

Federal Information and Broadcasting Minister Sherry Rehman on Wednesday said that the federal government has given the approval for privatisation of government-run corporations. She expressed these views during a press conference here, after the conclusi
Published 19 Feb, 2009 12:00am
EU moves against six states over deficits

EU moves against six states over deficits

The European Commission took the first move on Wednesday to tackle swelling budget deficits in six EU states, including France, Ireland and Spain, as the economic crisis burns through public coffers. But the EU executive arm said it would use the "full fl
Published 19 Feb, 2009 12:00am
Government to buy 6.5 million tonnes of wheat by March 15

Government to buy 6.5 million tonnes of wheat by March 15

Federal Information and Broadcasting Minister Sherry Rehman on Wednesday said that the federal government has given the approval for privatisation of government-run corporations. She expressed these views during a press conference here, after the conclusi
Published 19 Feb, 2009 12:00am
Satyam seeks nod to find buyer

Satyam seeks nod to find buyer

Fraud-hit Satyam sought permission Wednesday to find a buyer, warning many key clients had threatened to leave the Indian outsourcing giant due to its fragile financial position, a report said. The government-appointed board of Satyam asked India's Compan
Published 19 Feb, 2009 12:00am
Finance to pay Pepco January-June cash shortfall

Finance to pay Pepco January-June cash shortfall

The Ministry of Finance has agreed to pay a cash shortfall of Pakistan Electric Power Company (Pepco) from January 2009 onward on the instructions of Prime Minister Yousaf Raza Gilani, sources told Business Recorder. Pepco''s monthly cash shortfall
Published 19 Feb, 2009 12:00am
Iran and Total a "done" deal by March 20

Iran and Total a "done" deal by March 20

Iran will finalise a $5 billion deal with France's Total by March 20 to develop Phase Two of South Pars gas field, the head of the National Iranian Oil Company, Seyfollah Jashnsaz, was quoted as saying by state television. "We have been in talks with Tota
Published 19 Feb, 2009 12:00am
Finance to pay Pepco January-June cash shortfall

Finance to pay Pepco January-June cash shortfall

The Ministry of Finance has agreed to pay a cash shortfall of Pakistan Electric Power Company (Pepco) from January 2009 onward on the instructions of Prime Minister Yousaf Raza Gilani, sources told Business Recorder. Pepco's monthly cash shortfall
Published 19 Feb, 2009 12:00am
Trade growth slows sharply in December

Trade growth slows sharply in December

World trade growth was on a sharply slowing trend in December as volumes dropped at unprecedented rates at the end of the year, the Dutch CPB economic institute said on Wednesday. In the 12 months ended December, trade growth slowed to 2.4 percent compare
Published 19 Feb, 2009 12:00am
Finance to pay Pepco January-June cash shortfall

Finance to pay Pepco January-June cash shortfall

The Ministry of Finance has agreed to pay a cash shortfall of Pakistan Electric Power Company (Pepco) from January 2009 onward on the instructions of Prime Minister Yousaf Raza Gilani, sources told Business Recorder. Pepco's monthly cash shortfall
Published 19 Feb, 2009 12:00am
OCBC Bank: Net profit down 30 percent

OCBC Bank: Net profit down 30 percent

Singapore's OCBC Bank on Wednesday said fourth-quarter net profit fell 30 percent year-on-year as deteriorating credit markets and economic conditions led to higher allowances for loans. Net profit was 301 million dollars (201 million US) against 428 mill
Published 19 Feb, 2009 12:00am
OCBC Bank: Net profit down 30 percent

OCBC Bank: Net profit down 30 percent

Singapore's OCBC Bank on Wednesday said fourth-quarter net profit fell 30 percent year-on-year as deteriorating credit markets and economic conditions led to higher allowances for loans. Net profit was 301 million dollars (201 million US) against 428 mill
Published 19 Feb, 2009 12:00am
Opec should cut supply further if oil demand slows: Iraq

Opec should cut supply further if oil demand slows: Iraq

Opec should look to reduce oil supply further if demand is insufficient to absorb supplies, Iraq's oil minister said on Tuesday. "If there is not sufficient demand for Opec crude we will have to consider a reduction," Oil Minister Hussain al-Shahristani t
Published 19 Feb, 2009 12:00am
KESC fails to deposit Rs 900 million taxes collected through bills

KESC fails to deposit Rs 900 million taxes collected through bills

Director-General, Withholding tax (DGW) has detected Rs 900 million tax evasion by Karachi Electric Supply Company (KESC), collected through electricity bills during September 2008 to January, 2009. Sources told Business Recorder on Wednesday that
Published 19 Feb, 2009 12:00am
Austria at risk from eastern European credit crunch: analysts

Austria at risk from eastern European credit crunch: analysts

Austria, until now a model of budgetary discipline, could find itself at risk of contagion from a looming credit crunch in eastern Europe because of huge Austrian bank exposure in the region, analysts said Wednesday. "Among the banking systems in western
Published 19 Feb, 2009 12:00am
KESC fails to deposit Rs 900 million taxes collected through bills

KESC fails to deposit Rs 900 million taxes collected through bills

Director-General, Withholding tax (DGW) has detected Rs 900 million tax evasion by Karachi Electric Supply Company (KESC), collected through electricity bills during September 2008 to January, 2009. Sources told Business Recorder on Wednesday that
Published 19 Feb, 2009 12:00am
UK recession to bite deeper despite rate cut

UK recession to bite deeper despite rate cut

Britain is slumping into a deeper recession than earlier thought and will not grow until 2010, prompting the Bank of England to cut interest rates closer to zero next month and boost money supply, a Reuters poll of 57 economists showed.
Published 19 Feb, 2009 12:00am
KESC fails to deposit Rs 900 million taxes collected through bills

KESC fails to deposit Rs 900 million taxes collected through bills

Director-General, Withholding tax (DGW) has detected Rs 900 million tax evasion by Karachi Electric Supply Company (KESC), collected through electricity bills during September 2008 to January, 2009. Sources told Business Recorder on Wednesday that
Published 19 Feb, 2009 12:00am
Latvian economy to shrink 12 percent

Latvian economy to shrink 12 percent

Crisis-hit Latvia faces even deeper trouble as its economy will shrink 12 percent this year, more than double the fall expected when it took an IMF-led rescue last year, the Finance Ministry said on Wednesday. The new forecast, made as Latvia holds talks
Published 19 Feb, 2009 12:00am
Ogra under fire for capping LPG price

Ogra under fire for capping LPG price

The Oil and Gas Regulatory Authority (Ogra) is under fire for reportedly hurting the business of liquefied petroleum gas (LPG) companies through imposition of price cap at a time when prices are already showing declining trend, well-informed sources in Og
Published 19 Feb, 2009 12:00am
Toyota plans to raise output in May: official

Toyota plans to raise output in May: official

Toyota Motor Corp will boost domestic production in May after deep cuts in recent months to reduce a stockpile of cars left by the global economic crisis, an official said Wednesday. Toyota, the world's biggest automaker, plans "slightly higher" output in
Published 19 Feb, 2009 12:00am
Ogra under fire for capping LPG price

Ogra under fire for capping LPG price

The Oil and Gas Regulatory Authority (Ogra) is under fire for reportedly hurting the business of liquefied petroleum gas (LPG) companies through imposition of price cap at a time when prices are already showing declining trend, well-informed sources in Og
Published 19 Feb, 2009 12:00am
Bank of East Asia net profit falls 99 percent in 2008

Bank of East Asia net profit falls 99 percent in 2008

Hong Kong's Bank of East Asia said Tuesday its 2008 net profit fell 99 percent compared to the previous year, as it sold off a huge chunk of toxic assets at the centre of the global credit crunch. Net profit at the lender fell from 4.14 billion Hong Kong
Published 19 Feb, 2009 12:00am
Ogra under fire for capping LPG price

Ogra under fire for capping LPG price

The Oil and Gas Regulatory Authority (Ogra) is under fire for reportedly hurting the business of liquefied petroleum gas (LPG) companies through imposition of price cap at a time when prices are already showing declining trend, well-informed sources in Og
Published 19 Feb, 2009 12:00am
Bank of East Asia net profit falls 99 percent in 2008

Bank of East Asia net profit falls 99 percent in 2008

Hong Kong's Bank of East Asia said Tuesday its 2008 net profit fell 99 percent compared to the previous year, as it sold off a huge chunk of toxic assets at the centre of the global credit crunch. Net profit at the lender fell from 4.14 billion Hong Kong
Published 19 Feb, 2009 12:00am
Talks deadlocked on deemed duty replacement

Talks deadlocked on deemed duty replacement

Talks between oil refineries and the government over the issue of replacing deemed duty with processing fee have met a deadlock as the refineries have refused to accept processing fee offered by government from $3.5 to $5 per barrel crude oil, and demande
Published 19 Feb, 2009 12:00am
Germany could take Opel stake if GM goes bankrupt

Germany could take Opel stake if GM goes bankrupt

Germany could take a holding in the auto maker Opel if its parent company, General Motors (GM), declares bankruptcy, a press report said on Tuesday. The idea, which was considered a last resort, was floated during talks between the federal government and
Published 19 Feb, 2009 12:00am
Talks deadlocked on deemed duty replacement

Talks deadlocked on deemed duty replacement

Talks between oil refineries and the government over the issue of replacing deemed duty with processing fee have met a deadlock as the refineries have refused to accept processing fee offered by government from $3.5 to $5 per barrel crude oil, and demande
Published 19 Feb, 2009 12:00am
Philippine growth seen at 2.25 percent in 2009: IMF

Philippine growth seen at 2.25 percent in 2009: IMF

The Philippines is relatively insulated from the global economic crisis but growth in the Southeast Asian nation should still slow sharply to 2.25 percent this year, the International Monetary Fund said on Wednesday. The forecast, announced by IMF Country
Published 19 Feb, 2009 12:00am
Talks deadlocked on deemed duty replacement

Talks deadlocked on deemed duty replacement

Talks between oil refineries and the government over the issue of replacing deemed duty with processing fee have met a deadlock as the refineries have refused to accept processing fee offered by government from $3.5 to $5 per barrel crude oil, and demande
Published 19 Feb, 2009 12:00am
Reliance imports LPG for state firms

Reliance imports LPG for state firms

India's Reliance Industries Ltd is importing LPG to deliver promised supplies to state oil firms, indicating some secondary units at its new refinery may not be fully operational until April, trade and industry sources said. "It seems their FCCU (fluidise
Published 19 Feb, 2009 12:00am
Pakistan formally asks India to hand over Kasab

Pakistan formally asks India to hand over Kasab

Pakistan has formally demanded of India to hand over Ajmal Kasab to Pakistan so that he will be investigated properly for his alleged involvement in Mumbai terrorist attacks. His repatriation will help remove many doubts and to make sure the transparent t
Published 19 Feb, 2009 12:00am
Taiwan stocks end firmer

Taiwan stocks end firmer

Taiwan stocks ended 0.15 percent higher on Wednesday, as investors ignored the island's poor GDP data and bought shares of technology exporters such as chip designer Mediatek following a weakening Taiwan dollar. The main TAIEX share index finished up 6.59
Published 19 Feb, 2009 12:00am
Obama unveils plan for troubled housing market

Obama unveils plan for troubled housing market

President Barack Obama on Wednesday pledged up to $275 billion to help stem a wave of home foreclosures that sparked the US financial meltdown, the next phase in a multi-pronged effort to lift the country out of recession. Obama, who on Tuesday signed a l
Published 19 Feb, 2009 12:00am
Hong Kong shares slightly changed

Hong Kong shares slightly changed

Hong Kong shares clawed into the black, closing 0.6 percent higher in a late rally on Wednesday as investors short-covered previously sold-down stocks including China Mobile and Bank of East Asia. But gains were offset by losses in shares of heavyweight H
Published 19 Feb, 2009 12:00am
Obama unveils plan for troubled housing market

Obama unveils plan for troubled housing market

President Barack Obama on Wednesday pledged up to $275 billion to help stem a wave of home foreclosures that sparked the US financial meltdown, the next phase in a multi-pronged effort to lift the country out of recession. Obama, who on Tuesday signed a l
Published 19 Feb, 2009 12:00am
US stocks dip on bank, recession fears

US stocks dip on bank, recession fears

US stocks slid within striking distance of the November bear-market low on Tuesday, as grim manufacturing data signalled the recession is worsening and warnings on risks facing European banks underscored the continuing toll of the financial crisis.
Published 19 Feb, 2009 12:00am
Obama unveils plan for troubled housing market

Obama unveils plan for troubled housing market

President Barack Obama on Wednesday pledged up to $275 billion to help stem a wave of home foreclosures that sparked the US financial meltdown, the next phase in a multi-pronged effort to lift the country out of recession. Obama, who on Tuesday signed a l
Published 19 Feb, 2009 12:00am
US Treasury prices jump

US Treasury prices jump

US Treasury debt prices rallied on Tuesday as tumbling stocks and deepening concerns about the global banking system and economy convinced investors to buy more safe-haven US government debt. Bond analysts said worries about European banks, weak economic
Published 19 Feb, 2009 12:00am
13 percent fall in foreign investment

13 percent fall in foreign investment

Net foreign investment has declined by 13 percent during the first seven months of the current fiscal year mainly due to massive outflow from portfolio investment due to of poor law and order situation and political instability.
Published 19 Feb, 2009 12:00am
US Treasury prices jump

US Treasury prices jump

US Treasury debt prices rallied on Tuesday as tumbling stocks and deepening concerns about the global banking system and economy convinced investors to buy more safe-haven US government debt. Bond analysts said worries about European banks, weak economic
Published 19 Feb, 2009 12:00am
13 percent fall in foreign investment

13 percent fall in foreign investment

Net foreign investment has declined by 13 percent during the first seven months of the current fiscal year mainly due to massive outflow from portfolio investment due to of poor law and order situation and political instability.
Published 19 Feb, 2009 12:00am
Chinese stocks fall 4.7 percent

Chinese stocks fall 4.7 percent

China's stock market tumbled for a second straight day on Wednesday, and turnover shrank, because of fears that a surge in January bank lending could prove negative for the economy rather than signalling a recovery. The Shanghai Composite Index slid 4.72
Published 19 Feb, 2009 12:00am
13 percent fall in foreign investment

13 percent fall in foreign investment

Net foreign investment has declined by 13 percent during the first seven months of the current fiscal year mainly due to massive outflow from portfolio investment due to of poor law and order situation and political instability.
Published 19 Feb, 2009 12:00am
Singapore shares creep up

Singapore shares creep up

Singapore shares closed 0.80 percent higher on Wednesday in a market lacking catalysts, dealers said. The blue chip Straits Times Index (STI) climbed 13.14 points to 1,651.06 on volume of 827 million shares worth 808 million Singapore dollars (529 million
Published 19 Feb, 2009 12:00am
India warns of danger from resurgent Taliban

India warns of danger from resurgent Taliban

India denounced the Taliban as a "danger to humanity" days after Pakistan struck a deal with militants allowing Sharia Law in Swat region. When asked to comment late Tuesday on Islamabad's pact with pro-Taliban militants, Indian Foreign Minister Pranab Mu
Published 19 Feb, 2009 12:00am
Thai share prices rally

Thai share prices rally

Thai share prices closed 0.31 percent higher on Wednesday amid light trading as persisting concerns about the state of the global economy dampened market sentiment, dealers said. The Thai index moved narrowly, finishing up mostly on selective small-cap sh
Published 19 Feb, 2009 12:00am
India warns of danger from resurgent Taliban

India warns of danger from resurgent Taliban

India denounced the Taliban as a "danger to humanity" days after Pakistan struck a deal with militants allowing Sharia Law in Swat region. When asked to comment late Tuesday on Islamabad's pact with pro-Taliban militants, Indian Foreign Minister Pranab Mu
Published 19 Feb, 2009 12:00am
Nikkei hits four-month closing low

Nikkei hits four-month closing low

Japan's benchmark Nikkei average shed 1.5 percent on Wednesday to hit its lowest close in nearly 4 months as financial shares sank amid worries about European banks and credit concerns hurt property firms. In a sign of wide-ranging worries that include a
Published 19 Feb, 2009 12:00am
France worried by Sharia deal

France worried by Sharia deal

France expressed worry on Wednesday that Pakistan's decision to allow local leaders in a strife-torn north-western region impose Sharia law would mark a setback for girls and womens' rights. "We are concerned by the decision of the government of North Wes
Published 19 Feb, 2009 12:00am
Seoul shares end down 1.2 percent

Seoul shares end down 1.2 percent

Seoul shares fell on Wednesday led by financials such as KB Financial on deepening worries about European banks, but technology issues including Hynix outperformed helped by the weaker won currency. The Korea Composite Stock Price Index finished down 1.24
Published 19 Feb, 2009 12:00am
US watching post-Swat deal situation

US watching post-Swat deal situation

The State Department on Wednesday said the United States is watching the situation in wake of Swat peace agreement and will see what results the Pakistani strategy yields. "No we leave it where we had it yesterday. We are watching the situation, we are in
Published 19 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 Wednesday. 68.90/68.91 (previous 68.90/68.92). Call Money Rates: 8.00-12.00 percent (previous 8.00-12.00 percent).
Published 19 Feb, 2009 12:00am
US watching post-Swat deal situation

US watching post-Swat deal situation

The State Department on Wednesday said the United States is watching the situation in wake of Swat peace agreement and will see what results the Pakistani strategy yields. "No we leave it where we had it yesterday. We are watching the situation, we are in
Published 19 Feb, 2009 12:00am
Yuan rebounds

Yuan rebounds

The yuan rebounded against the dollar in the spot and offshore forwards markets on Wednesday after the Chinese government denied magazine reports that a senior official saw a possibility of moderate yuan depreciation. China Briefing magazine on Tuesday qu
Published 19 Feb, 2009 12:00am
Euro bounces back in Asia

Euro bounces back in Asia

The euro bounced back from its lowest level in more than two months against the dollar on Wednesday but worries remain about regional banks after warnings from ratings agencies fuelled concern over the effects of a deep recession in Eastern Europe.
Published 19 Feb, 2009 12:00am
Dollar gains broadly

Dollar gains broadly

The dollar gained broadly on Tuesday, hitting a 10-week high against the euro after warnings from two credit ratings agencies sparked fear that a deep recession in Eastern Europe would cause further damage to banks in the euro zone. The yen also fell afte
Published 19 Feb, 2009 12:00am
Australian dollar tumbles

Australian dollar tumbles

The Australian dollar hit two-week lows on Wednesday as worries about the health of the European banking system sent investors fleeing to the safety of US Treasuries and gold. The local dollar dropped over a cent to as deep as $0.6332 at one stage before
Published 19 Feb, 2009 12:00am
Asian currencies hurt by economic fears

Asian currencies hurt by economic fears

Asian currencies fell on Wednesday as news of a record slump in Taiwan's economy added to the region's woes, but the Chinese yuan rebounded after Beijing denied its officials had predicted a weaker currency. The South Korean won briefly fell to 1,475.8 pe
Published 19 Feb, 2009 12:00am
Swiss franc falls versus euro

Swiss franc falls versus euro

The Swiss franc fell against the euro on Wednesday as the euro pared some of its losses from the previous session after tumbling global stock markets spooked investors and encouraged them to flee to safety.
Published 19 Feb, 2009 12:00am
Swann takes his chance to impress

Swann takes his chance to impress

Graeme Swann grabbed the chance of his surprise selection to bowl England to a 281-run lead over West Indies in the third Test on Tuesday. The off-spin bowler captured five wickets for 57 runs from 24 overs, as West Indies were dismissed for 285, replying
Published 19 Feb, 2009 12:00am
Deportivo Quito go on strike

Deportivo Quito go on strike

Players at Ecuadorean champions Deportivo Quito have gone on strike over unpaid wages. "It's indefinite," midfielder Oswaldo Mina told daily newspaper La Hora. "It's a decision which the entire group has taken and we won't train until they pay us."
Published 19 Feb, 2009 12:00am
Coe joins England's World Cup bid team

Coe joins England's World Cup bid team

Sebastian Coe, the driving force behind London's successful bid for the 2012 Olympics, will add his weight to England's campaign to host the 2018 or 2022 soccer World Cup, the FA said on Wednesday. Coe has accepted an invitation to become a non-executive
Published 19 Feb, 2009 12:00am
Venus marches into last eight in Dubai

Venus marches into last eight in Dubai

Seven-times grand slam champion Venus Williams breezed into the quarter-finals of the Dubai Championships with a 6-3 6-2 victory over Frenchwoman Alize Cornet on Wednesday. Virginie Razzano of France followed up her win over second seed Dinara Safina by b
Published 19 Feb, 2009 12:00am
Sri Lanka lose tour match

Sri Lanka lose tour match

Kumar Sangakkara hit a fighting hundred but could not prevent Sri Lanka from losing the two-day tour match by 112 runs against Patron's XI here on Wednesday. The attractive left-handed batsman scored 100 off 176 balls before retiring hurt as the tourists
Published 19 Feb, 2009 12:00am
Pakistan drop Tanvir and Afridi for first Test

Pakistan drop Tanvir and Afridi for first Test

Pakistan have dropped pace bowler Sohail Tanvir and allrounder Shahid Afridi for the first Test against Sri Lanka starting on Saturday. The selectors have called up uncapped youngsters Mohammad Talha and Ahmed Shahzad to the 15-man squad. Chief selector A
Published 19 Feb, 2009 12:00am
Platini says no plan B to ditch Euro 2012 hosts

Platini says no plan B to ditch Euro 2012 hosts

UEFA chief Michel Platini said on Wednesday there was "no plan B" to stage Euro 2012 outside Poland and Ukraine and he was confident both nations would be able to co-host the tournament. European soccer's governing body had criticised Warsaw and Kiev over
Published 19 Feb, 2009 12:00am
Saudi Arabia appoint Peseiro as football coach

Saudi Arabia appoint Peseiro as football coach

Portugal's Jose Peseiro has been appointed national team coach of Saudi Arabia in a bid to ensure the Gulf giants' passage to the 2010 World Cup finals. The former Panathinaikos and Rapid Bucharest boss becomes the Kingdom's 20th coach since 1994 and is t
Published 19 Feb, 2009 12:00am
Seven Iraqis killed

Seven Iraqis killed

At least seven Iraqis died when a bus carrying Shia Muslim pilgrims crashed into a parked British army vehicle near the southern city of Basra, British and Iraqi officials said on Wednesday. Around 45 people were injured in the accident near Basra airport
Published 19 Feb, 2009 12:00am
Sarkozy promises billions for French households

Sarkozy promises billions for French households

French President Nicolas Sarkozy on Wednesday unveiled proposals for tax breaks and social benefits worth up to 2.65 billion euros (3.3 billion dollars) to help families cope with the economic crisis. The package of social measures was unveiled at a meeti
Published 19 Feb, 2009 12:00am
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