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Print - 2009-03-04
Hong Kong tycoons back HSBC despite stock plunge

Hong Kong tycoons back HSBC despite stock plunge

HSBC shares plunged Tuesday after the banking giant asked shareholders for a 17.8 billion US dollar cash boost, but Hong Kong's powerful tycoons insisted the firm remained a good long-term bet. The bank's share price slumped 18.8 percent to 46.25 Hong Kon
Published 04 Mar, 2009 12:00am
List of imported items carrying cash margin changed

List of imported items carrying cash margin changed

The State Bank of Pakistan (SBP) on Tuesday announced some changes in the list of imported items, on which some 35 per cent cash margin has been imposed. SBP have waived some 70 items from the cash margin list, while some 145 have been added in the list.
Published 04 Mar, 2009 12:00am
South Korea cuts inventory, idles factories in crisis

South Korea cuts inventory, idles factories in crisis

South Korean manufacturers cut inventories at the second-fastest pace since 1998 in January and idled the most production in three decades in the latest signs of their increasing anxiety about global demand. Factories left almost 40 percent of production
Published 04 Mar, 2009 12:00am
Senate elections today

Senate elections today

The Election Commission of Pakistan (ECP) has finalised arrangements for Senate elections on 20 Senate seats to be held on Wednesday (today) for which 87 candidates are still in the run. Out of 50 seats to be vacated by Senators on March 11, 30 candidates
Published 04 Mar, 2009 12:00am
IMF chief backs $540 million loan to Armenia

IMF chief backs $540 million loan to Armenia

The head of the International Monetary Fund said Tuesday that he backed a 540-million-dollar (426-million-euro) loan to Armenia to help the ex-Soviet republic deal with the global economic crisis. The move came as Armenia's central bank announced that it
Published 04 Mar, 2009 12:00am
Senate elections today

Senate elections today

The Election Commission of Pakistan (ECP) has finalised arrangements for Senate elections on 20 Senate seats to be held on Wednesday (today) for which 87 candidates are still in the run. Out of 50 seats to be vacated by Senators on March 11, 30 candidates
Published 04 Mar, 2009 12:00am
Ukraine currency devaluation is 'political sabotage': Prime Minister

Ukraine currency devaluation is 'political sabotage': Prime Minister

Ukrainian Prime Minister Yulia Tymoshenko lashed out in an interview Tuesday at her country's central bank, accusing her opponents of using it to destroy the economy and discredit her government. "I cannot share its policy of destruction of the currency b
Published 04 Mar, 2009 12:00am
Zardari and Gilani speak to Rajapakse

Zardari and Gilani speak to Rajapakse

President Asif Ali Zardari and the Prime Minister Syed Yousuf Raza Gilani on Tuesday called President of Sri Lanka Mahinda Rajapakse and expressed their condemnation and deep regrets over the terror attack on the cricket team of Sri Lanka in Lahore. Presi
Published 04 Mar, 2009 12:00am
Germany says ready to compromise in EU row on value added tax

Germany says ready to compromise in EU row on value added tax

Germany is ready to compromise in the long-running battle over lower value added tax rates in the European Union and is hoping for a deal at a meeting next week, German Finance Minister Peer Steinbrueck said on Tuesday. EU leaders have said previously the
Published 04 Mar, 2009 12:00am
Zardari and Gilani speak to Rajapakse

Zardari and Gilani speak to Rajapakse

President Asif Ali Zardari and the Prime Minister Syed Yousuf Raza Gilani on Tuesday called President of Sri Lanka Mahinda Rajapakse and expressed their condemnation and deep regrets over the terror attack on the cricket team of Sri Lanka in Lahore. Presi
Published 04 Mar, 2009 12:00am
Venezuela seeks to slash oil production costs

Venezuela seeks to slash oil production costs

Venezuelan Energy and Oil Minister Rafael Ramirez vowed in an interview to slash production costs by 40 percent in hopes of making up for low oil prices that has put a hole in his country's budget. Cost-cutting would include re-negotiating deals with cont
Published 04 Mar, 2009 12:00am
India slams 'inadequate' security

India slams 'inadequate' security

India denounced "hopelessly inadequate" Pakistani security after Tuesday's attack on the Sri Lankan cricket team in Lahore and cited Islamabad for failing to crush militant groups on its soil. "The security for the Sri Lankan cricket team was hopelessly i
Published 04 Mar, 2009 12:00am
Financing in Canada under pressure, says official

Financing in Canada under pressure, says official

Access to financing in Canada is under pressure despite an increased volume of business lending, a senior official at the federal finance ministry said on Tuesday. Tiff Macklem, an associate deputy minister of finance, told a parliamentary finance committ
Published 04 Mar, 2009 12:00am
India slams 'inadequate' security

India slams 'inadequate' security

India denounced "hopelessly inadequate" Pakistani security after Tuesday's attack on the Sri Lankan cricket team in Lahore and cited Islamabad for failing to crush militant groups on its soil. "The security for the Sri Lankan cricket team was hopelessly i
Published 04 Mar, 2009 12:00am
'No need for more Dubai support measures now'

'No need for more Dubai support measures now'

Government measures taken so far to support Dubai through a sharp economic downturn should be sufficient to stabilise its economy for at least nine months, the United Arab Emirates' economy minister said on Monday. Sultan al-Mansouri also said he expected
Published 04 Mar, 2009 12:00am
Mobile Courts Ordinance withdrawn

Mobile Courts Ordinance withdrawn

President Asif Ali Zardari has withdrawn the Code of Criminal Procedure (Amendment) Ordinance 2009 (VII of 2009) on the advice of Prime Minister Yousuf Raza Gilani. The said Ordinance envisaging the setting up of mobile courts had been issued on February
Published 04 Mar, 2009 12:00am
Naftogaz has cash for Russian gas, Fitch worried

Naftogaz has cash for Russian gas, Fitch worried

Ukraine's Naftogaz said it would pay for last month's Russian gas supplies on time but Fitch signalled it might cut the energy company's rating due to doubts over future payment and Kiev's willingness to cover its debts. The Naftogaz statement on Tuesday
Published 04 Mar, 2009 12:00am
Mobile Courts Ordinance withdrawn

Mobile Courts Ordinance withdrawn

President Asif Ali Zardari has withdrawn the Code of Criminal Procedure (Amendment) Ordinance 2009 (VII of 2009) on the advice of Prime Minister Yousuf Raza Gilani. The said Ordinance envisaging the setting up of mobile courts had been issued on February
Published 04 Mar, 2009 12:00am
Taiwan's jobless claims hit record: government

Taiwan's jobless claims hit record: government

The number of monthly unemployment benefit claims in Taiwan hit a record 100,000 in February, as the local economy deteriorates in the face of the world financial crisis, officials said Monday. The February jobless claims totalled two billion Taiwan dolla
Published 04 Mar, 2009 12:00am
Mobile Courts Ordinance withdrawn

Mobile Courts Ordinance withdrawn

President Asif Ali Zardari has withdrawn the Code of Criminal Procedure (Amendment) Ordinance 2009 (VII of 2009) on the advice of Prime Minister Yousuf Raza Gilani. The said Ordinance envisaging the setting up of mobile courts had been issued on February
Published 04 Mar, 2009 12:00am
French deficit to exceed five percent of GDP in 2009: Prime Minister

French deficit to exceed five percent of GDP in 2009: Prime Minister

France's budget deficit will exceed 5 percent of gross domestic product in 2009, with the economic crisis likely to be long and hard, French Prime Minister Francois Fillon said on Tuesday. Fillon told Europe 1 radio that the government had slashed its eco
Published 04 Mar, 2009 12:00am
Gunmen wound Sri Lankan cricketers; seven policemen among eight killed

Gunmen wound Sri Lankan cricketers; seven policemen among eight killed

The Sri Lankan cricket team was attacked by about a dozen terrorists on Tuesday morning when the bus carrying the team was heading to the Gaddafi Stadium for the third day's play of the second Test match. According to details, at about 8.40 am, when the b
Published 04 Mar, 2009 12:00am
ADB cuts Bangladesh growth forecast as exports sag

ADB cuts Bangladesh growth forecast as exports sag

The Asian Development Bank (ADB) lowered its economic growth forecast for Bangladesh to 5.5-6.0 percent for the year ending in June, from a previous forecast of 6.5 percent, as the global slowdown hits exports from Asia. "Before the onset of the global fi
Published 04 Mar, 2009 12:00am
Gunmen wound Sri Lankan cricketers; seven policemen among eight killed

Gunmen wound Sri Lankan cricketers; seven policemen among eight killed

The Sri Lankan cricket team was attacked by about a dozen terrorists on Tuesday morning when the bus carrying the team was heading to the Gaddafi Stadium for the third day's play of the second Test match. According to details, at about 8.40 am, when the b
Published 04 Mar, 2009 12:00am
US January pending home sales drop

US January pending home sales drop

Pending sales of existing US homes fell sharply in January, with the index dropping to a record low, according to a report on Tuesday that showed the deteriorating economy was keeping buyers on the sidelines. The National Association of Realtors Pending H
Published 04 Mar, 2009 12:00am
Obama concerned about attacks

Obama concerned about attacks

President Barack Obama expressed deep US concern on Tuesday about the attack on the Sri Lankan cricket team in Pakistan. "Obviously, we are deeply concerned," Obama told reporters as he met British Prime Minister Gordon Brown after attackers armed with gu
Published 04 Mar, 2009 12:00am
Bernanke urges bold action to avoid lengthy slump

Bernanke urges bold action to avoid lengthy slump

Federal Reserve Chairman Ben Bernanke on Tuesday urged bold action to pull the economy out of a deepening slump, even if it means a surge in US government debt. "We are better off moving aggressively today to solve our economic problems," he told the Sena
Published 04 Mar, 2009 12:00am
Obama concerned about attacks

Obama concerned about attacks

President Barack Obama expressed deep US concern on Tuesday about the attack on the Sri Lankan cricket team in Pakistan. "Obviously, we are deeply concerned," Obama told reporters as he met British Prime Minister Gordon Brown after attackers armed with gu
Published 04 Mar, 2009 12:00am
Goldman forecasts seven percent contraction in US GDP

Goldman forecasts seven percent contraction in US GDP

The US economy is deteriorating more severely than previously anticipated and will shrink at an annual rate of 7 percent this quarter, with the unemployment rate rising to 10 percent by the end of next year, a Goldman Sachs economist forecast. "Our expect
Published 04 Mar, 2009 12:00am
US economy won't turn around quickly: Obama

US economy won't turn around quickly: Obama

President Barack Obama said on Tuesday he saw little hope of near-term improvement in the US economy after a staggering drop in gross domestic product in the final three months of last year. "The economy's performance in the last quarter of 2008 was the w
Published 04 Mar, 2009 12:00am
US Treasury, Fed launch loan plan

US Treasury, Fed launch loan plan

The US Federal Reserve and Treasury on Tuesday extended a new securities loan programme to include equipment and vehicle fleet leases and said a future expansion to $1 trillion may also include some of the riskier mortgage and debt securities now plaguing
Published 04 Mar, 2009 12:00am
US Treasury, Fed launch loan plan

US Treasury, Fed launch loan plan

The US Federal Reserve and Treasury on Tuesday extended a new securities loan programme to include equipment and vehicle fleet leases and said a future expansion to $1 trillion may also include some of the riskier mortgage and debt securities now plaguing
Published 04 Mar, 2009 12:00am
Carmakers push for aid, German sales up

Carmakers push for aid, German sales up

Carmakers kept inventory cuts and calls for more financial help on the agenda on Tuesday as the annual Geneva Motor Show opened to the media against the backdrop of the continuing financial crisis. But a jump in German car sales last month helped keep the
Published 04 Mar, 2009 12:00am
Russia and Spain sign energy deal

Russia and Spain sign energy deal

Russia and Spain signed an energy agreement on Tuesday that will give Spanish companies greater access to Russian fields and could smooth the path for Russian firms to buy stakes in Spanish energy companies.
Published 04 Mar, 2009 12:00am
Canada cuts rates to record low, eyes next steps

Canada cuts rates to record low, eyes next steps

The Bank of Canada cut its main interest rate to a record low on Tuesday and signalled for the first time that it may take extra steps to pump money into a system that remains stubbornly short of credit. The central bank reduced its key overnight rate by
Published 04 Mar, 2009 12:00am
EU can aid eurozone states, OECD warns on crisis

EU can aid eurozone states, OECD warns on crisis

The European Union can help any struggling eurozone member, it said on Tuesday, as British UK Prime Minister Gordon Brown took Europe's views on taming the financial crisis to President Barack Obama in Washington. The turmoil world leaders face is worse t
Published 04 Mar, 2009 12:00am
Standard Chartered profits jump, rosy on Asia

Standard Chartered profits jump, rosy on Asia

Standard Chartered, the emerging markets bank, said Tuesday that its net profit jumped a fifth to 3.41 billion dollars (2.69 billion euros) in 2008, leaving it well-placed to tackle a slowdown in Asia. Despite the lift in profits after tax, Standard Chart
Published 04 Mar, 2009 12:00am
Standard Chartered profits jump, rosy on Asia

Standard Chartered profits jump, rosy on Asia

Standard Chartered, the emerging markets bank, said Tuesday that its net profit jumped a fifth to 3.41 billion dollars (2.69 billion euros) in 2008, leaving it well-placed to tackle a slowdown in Asia. Despite the lift in profits after tax, Standard Chart
Published 04 Mar, 2009 12:00am
EU slaps duties on US biodiesel imports

EU slaps duties on US biodiesel imports

A key European Union trade panel approved on Tuesday temporary anti-dumping and anti-subsidy duties on imports of biodiesel from the United States, sources with knowledge of the decision said. "It went through with no problem," one source told Reuters on
Published 04 Mar, 2009 12:00am
Taiwan stocks slightly firmer

Taiwan stocks slightly firmer

Taiwan stocks rose 0.21 percent on Tuesday, paring losses during the session, as a weaker Taiwan dollar helped boost export-heavy technology shares such as AU Optronics and HTC. However, the world's top contract chip maker TSMC edged down 0.34 percent des
Published 04 Mar, 2009 12:00am
China stocks bring relief to Hong Kong shares

China stocks bring relief to Hong Kong shares

Hong Kong shares ended 2.3 percent lower on Tuesday after heavyweight HSBC shed nearly a fifth of its value, losing around $17 billion in market capitalisation, after the bank announced a rights issue at a deep discount and slashed its dividend.
Published 04 Mar, 2009 12:00am
US stocks plunge to 12-year lows

US stocks plunge to 12-year lows

US stocks slid to 12-year lows on Monday as a record $61.7 billion loss for AIG and another government bailout for the insurer heightened concerns about the extent of the damage to the financial system. Shares of companies that have found themselves on th
Published 04 Mar, 2009 12:00am
Singapore shares fall

Singapore shares fall

Singapore shares closed down 0.32 percent on Tuesday with investors still worried about the health of the global financial sector, dealers said. The blue chip Straits Times Index fell 4.89 points to 1,528.51 on volume of 1.05 billion shares worth 1.09 bil
Published 04 Mar, 2009 12:00am
US Treasury prices jump

US Treasury prices jump

US government debt prices jumped on Monday as worries about a deepening recession and a shaky financial sector made investors favour low-risk assets over stocks, sending Wall Street to 12-year lows. The benchmark 10-year Treasury note's yield, which moves
Published 04 Mar, 2009 12:00am
US Treasury prices jump

US Treasury prices jump

US government debt prices jumped on Monday as worries about a deepening recession and a shaky financial sector made investors favour low-risk assets over stocks, sending Wall Street to 12-year lows. The benchmark 10-year Treasury note's yield, which moves
Published 04 Mar, 2009 12:00am
Seoul shares gain

Seoul shares gain

Seoul shares managed to erase an earlier 2.55 percent decline to end higher on Tuesday as exporters rebounded, helped by lingering weakness in the won, but financials fell on continued global bank worries. The Korea Composite Stock Price Index (KOSPI) end
Published 04 Mar, 2009 12:00am
Malaysian shares tumble

Malaysian shares tumble

Malaysian shares closed down 0.9 percent on Tuesday due to declines on Wall Street and weaker regional markets, dealers said. The Kuala Lumpur Composite Index lost 7.82 points to 868.74, with decliners outpacing gainers 277 to 172. "Negative cues from Wal
Published 04 Mar, 2009 12:00am
Thai shares decline

Thai shares decline

Thai share prices closed 0.82 percent lower on Tuesday as sentiment was hit by the global economic gloom, dealers said. The market rebounded slightly after a steep drop the previous day amid light trade, they said. The Stock Exchange of Thailand (SET) com
Published 04 Mar, 2009 12:00am
Nikkei hits four-month closing low

Nikkei hits four-month closing low

Japan's Nikkei average ended down 0.7 percent on Tuesday, trimming losses but marking a four-month closing low as banking shares fell, though investors picked up beaten-down exporters such as Sony Corp. Although the benchmark briefly turned positive in af
Published 04 Mar, 2009 12:00am
Philippines shares rise

Philippines shares rise

Philippines shares edged up 0.2 percent on Tuesday, lifted by bargain-hunting and buying in companies linked to the prominent Lopez family, dealers said. The composite index gained 3.55 points to 1,859.98 points while the all-shares index rose 0.1 percent
Published 04 Mar, 2009 12:00am
Bangladesh interbank forex, interest rates

Bangladesh interbank forex, interest rates

Interbank buy/sell rates for the taka against the dollar on Tuesday. 68.90/68.96 (previous 68.91/68.94). Call Money Rates: 7.50-12.00 percent (previous 7.50-12.00 percent.
Published 04 Mar, 2009 12:00am
Hong Kong dollar ends off day's low

Hong Kong dollar ends off day's low

The Hong Kong dollar recouped some early losses to end marginally lower against the US dollar on Tuesday as some short-term players moved to take profits from the US currency's recent rally. The local currency fell to as low as 7.7582 in the morning sessi
Published 04 Mar, 2009 12:00am
Chinese central bank helps yuan rebound

Chinese central bank helps yuan rebound

The yuan rebounded against the dollar in the spot and offshore forwards markets on Tuesday after the Chinese central bank again signalled it did not want significant depreciation, despite weakness in other emerging market Asian currencies.
Published 04 Mar, 2009 12:00am
Swiss franc down

Swiss franc down

The Swiss franc fell against the euro on Tuesday as growth data showed the Swiss economy had fallen into recession. The franc was trading 0.3 percent lower against the euro compared to the New York close at 1.4837 per euro. Real Swiss gross domestic produ
Published 04 Mar, 2009 12:00am
Dollar slips, Aussie up

Dollar slips, Aussie up

The dollar slipped on Tuesday as short-term speculators bought the euro and other higher-yielding currencies after the Reserve Bank of Australia unexpectedly left interest rates on hold. But activity was subdued as investors took a wait-and-see stance, be
Published 04 Mar, 2009 12:00am
Dollar gains

Dollar gains

The dollar climbed to nearly three-year highs on Monday as a slew of dire financial news led by insurer AIG's record loss exacerbated worries about the global credit crisis, boosting the greenback's safe-haven allure. Wall Street shares posted sharp losse
Published 04 Mar, 2009 12:00am
Canadian dollar hits three-month low

Canadian dollar hits three-month low

The Canadian dollar hit a three-month low versus the US dollar on Monday, spurred by renewed risk aversion and the declining price of crude oil. Much of the day's action was an extension of the overnight session, where financial woes prompted a flight to
Published 04 Mar, 2009 12:00am
Australian dollar rescued from one-month low

Australian dollar rescued from one-month low

The Australian dollar rebounded from one-month lows on Tuesday while bill futures plunged after the central bank surprised some by not cutting interest rates, although it left the door open for future moves.
Published 04 Mar, 2009 12:00am
Taiwan dollar gains

Taiwan dollar gains

The Taiwan dollar rose on Tuesday as dealers squared off their long positions in the US currency and the central bank intervened lightly, a day after the local currency hit a 22-year closing low. The Taiwan dollar closed at T$35.095 to the US dollar, up f
Published 04 Mar, 2009 12:00am
Kenyan shilling falls to four-year low

Kenyan shilling falls to four-year low

Kenya's shilling fell to a 4-year low against the dollar on Monday, weighed down by interbank demand after data showed hard currency inflows from Kenyans abroad fell 27 percent in January. At 1000 GMT, commercial banks posted the unit at 80.10/20 against
Published 04 Mar, 2009 12:00am
Chilean peso off on dollar gains

Chilean peso off on dollar gains

Chile's peso fell in early Monday trade, pulled down by weaker US stock futures and dollar gains abroad, traders said. The peso fell 1.11 percent to 603.00/603.50 per dollar in early trade compared with Friday's close at 596.30/596.80, before paring losse
Published 04 Mar, 2009 12:00am
India reign in New Zealand wet

India reign in New Zealand wet

The strike power of Virender Sehwag, Mahendra Singh Dhoni and Suresh Raina delivered India a 53-run win in a rain-marred opening one-day international against New Zealand here Tuesday. It was the perfect response from India after they lost the two Twenty2
Published 04 Mar, 2009 12:00am
Former Pakistan captains expect Cup to be moved

Former Pakistan captains expect Cup to be moved

Pakistan's chances of co-hosting the 2011 World Cup have almost certainly disappeared after Tuesday's deadly attack on the Sri Lanka team bus, according to three of the country's former captains. "I don't see the International Cricket Council allowing Wor
Published 04 Mar, 2009 12:00am
Quaid-e-Azam Trophy final: KRL in good position after Azhar knock

Quaid-e-Azam Trophy final: KRL in good position after Azhar knock

KRL scored 208 for the loss of four wickets in 83 overs on Tuesday in its first innings of Quaid-e-Azam trophy final being played between KRL and Sialkot Region here at Jinnah stadium. After losing quick wickets Azhar Ali Khan played a responsible knock a
Published 04 Mar, 2009 12:00am
Put off IPL, says India's Home minister

Put off IPL, says India's Home minister

India's home minister P. Chidambaram said on Tuesday he wanted the Indian Premier League cricket tournament postponed because it clashed with next month's general elections. "I have asked the home secretary to get in touch with the IPL organisers," Chidam
Published 04 Mar, 2009 12:00am
All players are now targets, says West Indies chief

All players are now targets, says West Indies chief

The attack on the Sri Lanka team has security implications beyond Pakistan with all cricketers now targets, West Indies Cricket Board president Julian Hunte said on Tuesday. "All test-playing nations must ensure that security is priority number one, in ou
Published 04 Mar, 2009 12:00am
Test nations worry about Pakistan's future

Test nations worry about Pakistan's future

The cricket world was united in shock on Tuesday after gunmen attacked Sri Lanka's team bus in Lahore, with some countries wondering if they had played their last matches in Pakistan for a long time. "As far as Pakistan is concerned I'm afraid this could
Published 04 Mar, 2009 12:00am
Strauss slams test pitch

Strauss slams test pitch

Andrew Strauss laid into the Kensington Oval pitch and criticised it for producing a dull draw in the fourth Test against West Indies which ended on Monday. The England captain felt betrayed by the flat nature of the pitch which produced 1,628 runs - incl
Published 04 Mar, 2009 12:00am
Ukraine foreign minister sacked

Ukraine foreign minister sacked

Ukraine's foreign minister was sacked by parliament on Tuesday, raising the risk of a further split between president and prime minister and exposing the fragility of a coalition government struggling with deep economic crisis. The dismissal of Volodymyr
Published 04 Mar, 2009 12:00am
Sudan inaugurates massive Nile dam

Sudan inaugurates massive Nile dam

Sudanese President Omar al-Beshir inaugurated a massive hydro-electric project on Tuesday that has displaced tens of thousands and is the largest to be built along the Nile in 40 years. The 1.8-billion-dollar (1.4-billion-euro) Chinese-engineered Merowe d
Published 04 Mar, 2009 12:00am
Zimbabwe Prime Minister takes seat in parliament

Zimbabwe Prime Minister takes seat in parliament

Zimbabwe's new Prime Minister Morgan Tsvangirai was sworn in as a member of parliament Tuesday, nearly three weeks after joining a unity government with President Robert Mugabe. "The is a culmination of the inclusive government by the political parties in
Published 04 Mar, 2009 12:00am
First US cargo for Afghanistan crosses Russia

First US cargo for Afghanistan crosses Russia

Russia has allowed a first shipment of US equipment bound for Afghanistan to cross its territory in support of Western operations there, Interfax news agency said Tuesday. The report cited unnamed diplomatic sources saying that the shipment, containing no
Published 04 Mar, 2009 12:00am
First US cargo for Afghanistan crosses Russia

First US cargo for Afghanistan crosses Russia

Russia has allowed a first shipment of US equipment bound for Afghanistan to cross its territory in support of Western operations there, Interfax news agency said Tuesday. The report cited unnamed diplomatic sources saying that the shipment, containing no
Published 04 Mar, 2009 12:00am
Hamas accuses Gaza donors of 'blackmail'

Hamas accuses Gaza donors of 'blackmail'

The Islamist Hamas movement ruling Gaza on Tuesday accused some in the international community of using a donors' conference in Egypt to "blackmail" the group into changing its policies. "Some participants, especially the US administration, to a great ext
Published 04 Mar, 2009 12:00am
Poor countries need $25 billion to deal with crisis: IMF

Poor countries need $25 billion to deal with crisis: IMF

Financing needs for the world's poorest countries, hit by the global crisis, will increase by $25 billion in 2009, possibly as much as $140 billion, the International Monetary Fund said on Tuesday. "The global financial crisis is expected to have a severe
Published 04 Mar, 2009 12:00am
Hillary pledges to press for Palestinian state

Hillary pledges to press for Palestinian state

US Secretary of State Hillary Clinton pledged on Tuesday to press hard for Palestinian statehood, putting Washington on a possible collision course with Israeli Prime Minister-designate Benjamin Netanyahu. "We happen to believe that moving towards a two-s
Published 04 Mar, 2009 12:00am
Bangladesh arrests mutiny 'ring leader'

Bangladesh arrests mutiny 'ring leader'

Bangladesh's security forces Tuesday arrested a man accused of being the "ring leader" behind a mutiny by border troops that left at least 74 people dead, an official said. Rapid Action Battalion (RAB) spokesman M. Kamruzzaman told AFP that five men had b
Published 04 Mar, 2009 12:00am
New trial of Khodorkovsky begins

New trial of Khodorkovsky begins

A new trial of jailed Russian oil tycoon Mikhail Khodorkovsky began on Tuesday with the former Yukos chief facing charges of financial crimes that could keep him jailed into old age. Khodorkovsky and fellow defendant Platon Lebedev shook hands as they too
Published 04 Mar, 2009 12:00am
Secret Obama letter to Moscow on missile defence, Iran: official

Secret Obama letter to Moscow on missile defence, Iran: official

US President Barack Obama has written his Russian counterpart about the relationship between US plans to deploy a missile defence system in Europe and the Iranian "threat," a senior US official said Tuesday. The New York Times reported Tuesday that Obama
Published 04 Mar, 2009 12:00am
US sanctions 11 Iranian firms tied to Bank Melli

US sanctions 11 Iranian firms tied to Bank Melli

The US Treasury on Tuesday widened sanctions against Iran's largest state bank by blacklisting 11 firms linked to Bank Melli and labelling them proliferators of weapons of mass destruction. The firms include Bank Melli Iran Investment Co, which the Treasu
Published 04 Mar, 2009 12:00am
Indian rupee slumps to record low

Indian rupee slumps to record low

The Indian rupee dropped to a record low beyond 52 per dollar on Tuesday, undermined by a slump in the stock market to its lowest close in more than three years as investors became more risk averse. Dealers said sporadic dollar selling by the central bank
Published 04 Mar, 2009 12:00am
Three-month dollar Libor rates inch up

Three-month dollar Libor rates inch up

The cost of borrowing dollars over three months inched up on Tuesday, maintaining its slight rising trend due to ongoing concerns about the global economy, while euro rates touched a lifetime low ahead of a widely expected interest rate cut this week.
Published 04 Mar, 2009 12:00am
Sterling falls

Sterling falls

Sterling fell against the dollar on Tuesday, erasing early gains as UK stock reversed course to fall to multi-year lows, prompting investors to seek the perceived safety of US dollar assets. The pound hit its lowest level in just over a month against the
Published 04 Mar, 2009 12:00am
Dollar pares losses in London

Dollar pares losses in London

The dollar cut early broad-based losses on Tuesday, as sterling fell and euro gains lost steam with European stock markets at record lows starting to draw nervy investors back towards dollar liquidity. Euro gains were also stemmed after European Central B
Published 04 Mar, 2009 12:00am
Asian debt spreads widen

Asian debt spreads widen

Asian bond spreads widened on Tuesday on fresh worries about the health of the global financial system after insurer AIG reported a record quarterly loss and another bailout from the US government. American Insurance Group reported a $61.7 billion loss on
Published 04 Mar, 2009 12:00am
Asian debt spreads widen

Asian debt spreads widen

Asian bond spreads widened on Tuesday on fresh worries about the health of the global financial system after insurer AIG reported a record quarterly loss and another bailout from the US government. American Insurance Group reported a $61.7 billion loss on
Published 04 Mar, 2009 12:00am
Tuesday's midday trade: Wall Street rises

Tuesday's midday trade: Wall Street rises

US stocks mostly edged higher on Tuesday after President Barack Obama said share prices are potentially a good deal at current levels, offsetting persistent uncertainty about plans to shore up the financial system.
Published 04 Mar, 2009 12:00am
Tuesday's midday trade: Wall Street rises

Tuesday's midday trade: Wall Street rises

US stocks mostly edged higher on Tuesday after President Barack Obama said share prices are potentially a good deal at current levels, offsetting persistent uncertainty about plans to shore up the financial system.
Published 04 Mar, 2009 12:00am
Indian shares fall

Indian shares fall

Indian shares fell 2.09 percent on Tuesday, dragged down by weak European markets and a sharp sell-off by overseas funds amid fresh concerns about the global downturn, dealers said. The benchmark 30-share Sensex index fell 179.79 points to 8,427.29, a thr
Published 04 Mar, 2009 12:00am
Key European share index falls to record low

Key European share index falls to record low

A key European stock index fell to a lifetime closing low on Tuesday, led lower by oil stocks as crude prices slipped towards $40 a barrel. The FTSEurofirst 300 fell 1.9 percent to 669.64 points, the lowest close since the index's inception in July 1997.
Published 04 Mar, 2009 12:00am
China stocks down

China stocks down

China's main stock index fell on Tuesday because of concern about the weakness of the US financial system, but it came off its lows after nearing major technical support. The Shanghai Composite Index ended down 1.05 percent at 2,071.431 points, after hitt
Published 04 Mar, 2009 12:00am
Crossover index at record wide

Crossover index at record wide

European credit default swap spreads widened sharply on Tuesday, in response to the deteriorating economic climate and growing financial industry losses that also pushed European equity markets lower. By 1559 GMT, the Markit iTraxx Crossover index, made u
Published 04 Mar, 2009 12:00am
Crossover index at record wide

Crossover index at record wide

European credit default swap spreads widened sharply on Tuesday, in response to the deteriorating economic climate and growing financial industry losses that also pushed European equity markets lower. By 1559 GMT, the Markit iTraxx Crossover index, made u
Published 04 Mar, 2009 12:00am
UK's top share index slips

UK's top share index slips

Britain's leading share index closed 3.1 percent lower on Tuesday, led down to fresh six-year lows by heavyweight oil shares that fell on demand concerns as BP scaled back its growth plans. At the close, the FTSE 100 was down 113.74 points at 3,512.09, af
Published 04 Mar, 2009 12:00am
New York cotton futures rise

New York cotton futures rise

Cotton futures vaulted to a strong close Tuesday on investor short-covering as the market rebounded from Monday's fall to a 3-1/2-month low, brokers said. The key May cotton contract rose 0.23 cent to finish at 41.72 cents per lb, trading from 41.39 to 42
Published 04 Mar, 2009 12:00am
Copper bounces five percent

Copper bounces five percent

Copper bounced almost 5 percent on Tuesday as inventories fell but analysts said the demand outlook remained grim as the world's major economies grapple with financial meltdown. Copper for three months delivery on the London Metal Exchange closed at $3,53
Published 04 Mar, 2009 12:00am
Oil rises on expectations for another Opec cut

Oil rises on expectations for another Opec cut

Oil prices rose $1 to over $41 a barrel on Tuesday as expectations that producer group Opec will cut production again countered wider economic concerns. US crude traded up $1.10 to $41.25 a barrel by 2:25 pm EST (1925 GMT), while London Brent crude rose $
Published 04 Mar, 2009 12:00am
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