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Print - 2009-03-08
Attack on Sri Lankan team: terrorists used illegal cell-phone SIMs

Attack on Sri Lankan team: terrorists used illegal cell-phone SIMs

Terrorists have used illegally registered cell-phone SIMs during the attack on Sri Lankan cricket team and succeeded in hiding their identifications. This was stated by Senate Standing Committee on Interior Chairman Senator Talha Mehmood while addressing
Published 08 Mar, 2009 12:00am
Three reports of House Committees presented to Senate

Three reports of House Committees presented to Senate

Three reports of different Standing Committees of the Senate were presented to the House on Saturday. Senator Nisar Memon presented the report of Standing Committee on Defence and Defence Production on Defence Housing Authority, as Chairman of the Committ
Published 08 Mar, 2009 12:00am
Crippling cost of inaction

Crippling cost of inaction

Despite the rapidly escalating energy crisis in the country, which has caused heavy losses in almost all sectors of the economy, particularly in the industrial sector, no unified and well-directed approach has apparently been adopted to overcome the crunc
Published 08 Mar, 2009 12:00am
AIOU extends admission forms date

AIOU extends admission forms date

Allama Iqbal Open University (AIOU) has notified March 28 as the last date for submitting forms for admission in Spring 2009 semester of the university. A spokesman of the regional campus of AIOU said here Saturday that computerised admission forms have b
Published 08 Mar, 2009 12:00am
Textile City in doldrums?

Textile City in doldrums?

Addressing a news conference in Karachi on Wednesday, the CEO of the Pakistan Textile City (PTC), Zaheer Hussain, said the progress of the project has stalled due to shortage of funds and frequent changes in board members. PTC was launched nearly two year
Published 08 Mar, 2009 12:00am
Its not cricket alone

Its not cricket alone

Yes, the terrorist attack on Sri Lankan team has impacted upon all spheres of life heavily, but definitely the biggest losers are the cricket and the economy. I was in Jakarta, in connection with World Islamic Economic Forum, for the last four days and yo
Published 08 Mar, 2009 12:00am
Obama trade hopes fray under crisis pressure

Obama trade hopes fray under crisis pressure

Developing countries have high hopes that President Barack Obamas readiness to work with other nations could clear the way for a deal in the World Trade Organisations (WTO) long-running Doha trade talks. But the reality of tackling the global crisis, as t
Published 08 Mar, 2009 12:00am
Los Aztecas gang spreads terror across US-Mexico border

Los Aztecas gang spreads terror across US-Mexico border

The dreaded Los Aztecas gang demonstrated this week that it can operate with impunity and kill at will, even within prison walls. The gang was responsible for the deaths of 20 inmates in a prison in Ciudad Juarez, Mexico, a city that has become a bloody b
Published 08 Mar, 2009 12:00am
International Women Day

International Women Day

Celebrating International Women Day this year in the shadow of the global economic doom and recession, I thought it was all gloom and doom. Quite reasonably with more job layoffs and decreasing demand for products world-wide, women workforce and labour al
Published 08 Mar, 2009 12:00am
WEF deliberations

WEF deliberations

World Economic Forum, held annually at Davos in Switzerland, brings together large number of leading businessmen, economists as well as heads of states and Government for three to five days. So gathered at one place from all over the world, they avail the
Published 08 Mar, 2009 12:00am
Public meetings, lawyers rallies cut down business by 20 percent

Public meetings, lawyers rallies cut down business by 20 percent

The frequent public meetings held by various political parties, protests, lawyers rallies on the Shahra-e-Quaid-e-Azam has cut down the traders business by about 20 percent besides creating severe traffic jams and hardships for the motorists and the gener
Published 08 Mar, 2009 12:00am
All Pakistan Naat Competition held

All Pakistan Naat Competition held

The final round of All Pakistan Naat Competition held here on Saturday at Pakistan Broadcasting Corporations Bokhari Auditorium, in connection with Eid-e-Milad-Un-Nabi (Peace Be Upon Him). The jointly organised programme by Pakistan Television and Radio P
Published 08 Mar, 2009 12:00am
Doctors at Civil Hospital Karachi demand separate cafeteria

Doctors at Civil Hospital Karachi demand separate cafeteria

Doctors at Civil Hospital Karachi (CHK), have to face difficulties due to non-availability of doctors cafeteria within the premises in the citys largest hospital. CHK doctors talking to APP here Saturday said absence of an essential facility, particularly
Published 08 Mar, 2009 12:00am
PML-Q senator urges deposed Chief Justice to retire in national interest

PML-Q senator urges deposed Chief Justice to retire in national interest

The Pakistan Muslim League-Q Senator Gulshan Saeed on Saturday said the deposed Chief Justice Iftikhar Mohammed Chaudhary should say good bye to the lawyers movement and retire from his office in better national interest. Speaking on a point of order, he
Published 08 Mar, 2009 12:00am
Shujaat favours Ramdays formula to end judicial crisis

Shujaat favours Ramdays formula to end judicial crisis

Pakistan Muslim League (Q) president Chaudhry Shujaat Hussain has favoured the Justice Khalilur Rehman Ramdays formula to end the most serious political and judicial crisis in the country. It may be recalled that Justice Ramday in a statement had offered
Published 08 Mar, 2009 12:00am
Backdoor channels active to search possible turncoats

Backdoor channels active to search possible turncoats

Backdoor channels are active to search out possible turncoats in opposite political camps with special focus on women members parliament (MPs) in Punjab assembly. According to the sources, one senior MP from the Pakistan Peoples Party (PPP) contacted a la
Published 08 Mar, 2009 12:00am
Imran condemns Peshawar blast

Imran condemns Peshawar blast

Chairman Pakistan Tehreek-e-Insaaf (PTI) Imran Khan has strongly condemned the bomb blast in Peshawar, which claimed several precious lives, besides causing injuries to others. In a statement here on Saturday, Imran Khan stressed that the government shoul
Published 08 Mar, 2009 12:00am
Total remission to growers being considered actively

Total remission to growers being considered actively

Sindh Minister for Agriculture Syed Ali Nawaz Shah has said the government has already suspended the recoveries of government revenue taxes and was actively considering giving total remission to the growers of the districts of Sindh, where they sustained
Published 08 Mar, 2009 12:00am
Outgoing Senators term Upper House toothless

Outgoing Senators term Upper House toothless

The outgoing Senators after completing their tenure, with all the perks and privileges on Thursday, termed the Upper House toothless, stressing that all the organs working under its jurisdiction are good for nothing, instead sheer wastage of time and prec
Published 08 Mar, 2009 12:00am
Fazl calls on Raja Zafarul Haq

Fazl calls on Raja Zafarul Haq

Maulana Fazal ur Rehman, Ameer, Jamiat Ulema e Islam called on Chairman Pakistan Muslim League Nawaz (PML-N) leader Raja Zafarul Haq. Maulana Fazlur Rehman conveyed the "reconciliatory" message and various suggestions of President Asif Ali Zardari to PML-
Published 08 Mar, 2009 12:00am
Moot to review health facility held

Moot to review health facility held

With a view to reviewing the basic health facilities in the health centres in all the districts and implementing the Health Sector Reforms Programme (HSRP), under Punjab Millennium Development Goals (MDG), one-day conference was held in Management and Pro
Published 08 Mar, 2009 12:00am
FROM A RINGSIDE SEAT

FROM A RINGSIDE SEAT

"Mans feelings are always purest and most glowing in the hour of meeting and of farewell," is a famous quote of Jean Paul Richter, a German novelist and short story writer. Perhaps this quote gets very fit into what was mostly expressed by some enactors i
Published 08 Mar, 2009 12:00am
Sweden take lead over Israel

Sweden take lead over Israel

Sweden took a 2-1 Davis Cup lead over Israel behind closed doors on Saturday when Robert Lindstedt and Simon Aspelin won the doubles over Andy Ram and Amir Hadad.
Published 08 Mar, 2009 12:00am
Protestors riot over Sweden-Israel Davis Cup match

Protestors riot over Sweden-Israel Davis Cup match

More than 100 masked demonstrators clashed Saturday with Swedish police outside a sports arena amid a larger protest against the Scandinavian countrys Davis Cup tie against Israel. Youths clad in black, their faces covered with masks, threw bottles of pai
Published 08 Mar, 2009 12:00am
Prior becomes third England centurion

Prior becomes third England centurion

Matt Prior joined Paul Collingwood and skipper Andrew Strauss as first-innings centurions as England piled up 490 for five at tea on the second day of the fifth and final test against West Indies on Saturday. West Indies used eight bowlers, including the
Published 08 Mar, 2009 12:00am
Man Utd beat Fulham

Man Utd beat Fulham

Manchester United cruised into the semi-finals of the FA Cup as Carlos Tevez scored twice and Wayne Rooney and Park Ji-sung were also on target in their 4-0 victory at Fulham on Saturday. United, resting Cristiano Ronaldo and Dimitar Berbatov but otherwis
Published 08 Mar, 2009 12:00am
Nadal puts Spain in charge, Djokovic wilts

Nadal puts Spain in charge, Djokovic wilts

Rafael Nadal shrugged off fears over his fitness with a brutally one-sided 6-1, 6-0, 6-2 win over Janko Tipsarevic to put holders Spain on the verge of the Davis Cup quarter-finals on Saturday. The world number ones victory gave Spain a 2-0 lead over Serb
Published 08 Mar, 2009 12:00am
Iran considering to Afghan meeting offer from US

Iran considering to Afghan meeting offer from US

Iran said on Saturday it would consider an invitation from its old foe the United States to attend a meeting on Afghanistan and that it was ready to help its neighbour as it battles a growing Taliban insurgency. The United States said on Thursday that Pre
Published 08 Mar, 2009 12:00am
Japanese workers demand pay rise amid recession

Japanese workers demand pay rise amid recession

Thousands of workers rallied at a Tokyo park on Saturday, demanding companies keep jobs and increase salaries to stimulate recovery from a deepening z recession. "Secure regular pay rises! Have serious talks with management about rises in consumer prices,
Published 08 Mar, 2009 12:00am
12 killed in Afghan violence

12 killed in Afghan violence

Twelve people, including seven suspected militants, have been killed in a series of violent incidents in southern and eastern Afghanistan, officials said Saturday. In one incident, a border guard was killed in a bomb blast in the eastern province of Pakti
Published 08 Mar, 2009 12:00am
US envoy calls on: North Korea to drop harsh rhetoric

US envoy calls on: North Korea to drop harsh rhetoric

The US special envoy urged North Korea Saturday to halt its belligerent rhetoric after the communist country said it could not guarantee the safety of South Koreas passenger jets flying near its airspace. North Korea escalated tensions Thursday by saying
Published 08 Mar, 2009 12:00am
Iran calls Moroccos severing of ties questionable

Iran calls Moroccos severing of ties questionable

Iranian Foreign Minister Monouchehr Mottaki on Saturday said Tehran found Moroccos decision to sever ties with the Islamic republic in a spat over Bahrain both surprising and questionable. On Friday, Rabat announced it was cutting ties with Tehran, resurr
Published 08 Mar, 2009 12:00am
Palestinian Prime Minister resigns

Palestinian Prime Minister resigns

The Western-backed Palestinian prime minister Salam Fayyad stepped down on Saturday to try to pave the way for the formation of a national unity government and reconciliation with Hamas. "Prime minister Salam Fayyad has submitted his resignation from the
Published 08 Mar, 2009 12:00am
Karzai approves August date for Afghan polls

Karzai approves August date for Afghan polls

Afghan President Hamid Karzai said Saturday presidential elections would go ahead on August 20 and called for a "national consensus" to decide on who should rule the country after his term ends in May. Karzai, under huge pressure from the United Nations,
Published 08 Mar, 2009 12:00am
US cybersecurity chief resigns

US cybersecurity chief resigns

The US governments director for cybersecurity resigned on Friday, criticising the excessive role of the National Security Agency in countering threats to the countrys computer systems. "He has tendered his resignation," Amy Kudwa, a Department of Homeland
Published 08 Mar, 2009 12:00am
Chinas large passenger jet ready in eight years

Chinas large passenger jet ready in eight years

Chinas first large passenger jet will take off in about eight years and will be named C919, state media reported Saturday. China is keen to cooperate with foreigners on the project, which is meant to rival Airbus and Boeing, Xinhua news agency said, citin
Published 08 Mar, 2009 12:00am
Russia pushes for new strategic arms pact with US

Russia pushes for new strategic arms pact with US

Russia called on Saturday for a successor agreement with the United States to replace the START-1 strategic nuclear arms reduction pact, saying this was a priority in resetting their relations as Washington has urged. Foreign Minister Sergei Lavrov, addre
Published 08 Mar, 2009 12:00am
China warns world against hosting Dalai Lama

China warns world against hosting Dalai Lama

Chinas foreign minister, speaking ahead of two sensitive anniversaries next week, warned other countries on Saturday not to let the Dalai Lama use their territory to try to sever Tibet from Chinese control. Beijing abruptly cancelled a China-EU summit las
Published 08 Mar, 2009 12:00am
Obama to visit Turkey, first trip to Muslim nation

Obama to visit Turkey, first trip to Muslim nation

US Secretary of State Hillary Clinton held up Turkey on Saturday as proof that democracy and Islam can coexist and said Barack Obama would visit the Nato state in his first trip as president to a Muslim country. The choice of Turkey - a secular Muslim dem
Published 08 Mar, 2009 12:00am
Afghanistan mission worthless: UK former commander

Afghanistan mission worthless: UK former commander

A former British commander in Afghanistan has described the military operation in the south of the country as "worthless" and compared the campaign to the start of the Vietnam war. Ex-SAS commander Major Sebastian Morley, who resigned last year in protest
Published 08 Mar, 2009 12:00am
Malaysian police fire teargas at protesters

Malaysian police fire teargas at protesters

Riot police fired tear-gas to disperse at least 5,000 ethnic Malays who demonstrated in the Malaysian capital Kuala Lumpur Saturday against the use of English in local schools, witnesses said. The protesters planned to march to the royal palace to ask the
Published 08 Mar, 2009 12:00am
Libyas Gaddafi meets ousted Mauritanian leader

Libyas Gaddafi meets ousted Mauritanian leader

Libyan leader Muammar Gaddafi has held talks with Mauritanias ousted president, and state media suggested on Saturday the African Union chairman recognised him as head of state despite last years coup. Libyas state news agency Jana described Mauritanias o
Published 08 Mar, 2009 12:00am
Iraqi women suffer silent emergency: aid agency

Iraqi women suffer silent emergency: aid agency

Women in Iraq are trapped in a "silent emergency", victims of poverty and insecurity, an aid agency said on Sunday, International Womens Day. Oxfam released the report to highlight what it called the desperation of daily hardships women face after years o
Published 08 Mar, 2009 12:00am
Malaysian fisherman uses WWII bomb as anchor

Malaysian fisherman uses WWII bomb as anchor

A Malaysian fisherman has been using a deadly World War II bomb as an anchor for his boat, according to a report Saturday. Local police made the shocking discovery Thursday during a routine patrol in a fishing village in the southern Johor state. The fish
Published 08 Mar, 2009 12:00am
Two dead in attack on barracks in Algeria

Two dead in attack on barracks in Algeria

Two people were killed and five others wounded in an attack Saturday on the barracks of Algerian security forces at Tadmait near Tizi Ouzou east of the capital, security officials said. The two dead were identified as a security guard and an elderly passe
Published 08 Mar, 2009 12:00am
Body dumped at Bangladesh airport: police

Body dumped at Bangladesh airport: police

Police found the body of a strangled woman in a suitcase dumped at Bangladeshs Zia International Airport, an official said Saturday. Security officials alerted customs and police after the suitcase was found on a trolley outside the airports departure doo
Published 08 Mar, 2009 12:00am
Five foreign robbers shot dead: police

Five foreign robbers shot dead: police

Five men believed to be Vietnamese were killed in a shoot-out on Saturday in northern Malaysia after they staged an armed robbery, police said. Wira Ayub Yaakob, Penang state police chief said the shooting happened when the five, along with three other su
Published 08 Mar, 2009 12:00am
Four militants killed in Indias north-east: police

Four militants killed in Indias north-east: police

Security forces killed four Muslim rebels in Indias restive north-eastern state of Manipur, police said Saturday. A police spokesman said militants belonging to the outlawed Peoples United Liberation Front (PULF) started shooting at a team of police comma
Published 08 Mar, 2009 12:00am
Politics intrudes on Davis Cup as Nadal dominates

Politics intrudes on Davis Cup as Nadal dominates

Rafael Nadal brought defending Davis Cup champions Spain to the brink of victory for the loss of just three games Saturday - but the world number one was eclipsed by political protests which continued to mar the World Group match pitting Sweden against Is
Published 08 Mar, 2009 12:00am
Chelsea reach FA Cup semi-finals

Chelsea reach FA Cup semi-finals

Chelsea became the first team into the FA Cup semi-finals at Wembley when they comfortably beat Championship (second division) Coventry City 2-0 away on Saturday. Goals in each half by Didier Drogba and Alex made it six wins out of six under new manager G
Published 08 Mar, 2009 12:00am
Johnson rattles South Africans

Johnson rattles South Africans

Australian fast bowler Mitchell Johnson took three wickets in his first over and forced South African captain Graeme Smith and key batsman Jacques Kallis to retire hurt on a dramatic second day of the second Test at Kingsmead here on Saturday. South Afric
Published 08 Mar, 2009 12:00am
Strauss revelling in fine form against West Indies

Strauss revelling in fine form against West Indies

Andrew Strauss plans to revel in the rich vein of form that he has displayed on Englands tour of the Caribbean. The England captain batted doggedly on Friday to grind his way to his third hundred in the five-Test series, an undefeated 139, his 17th Test h
Published 08 Mar, 2009 12:00am
Sehwag factor key to New Zealand, India ODI

Sehwag factor key to New Zealand, India ODI

New Zealand go into the must-win third one-day cricket international against India here Sunday struggling to find an answer to the Virender Sehwag problem. Sehwag has ensured India get their innings off to a lightning start with his 77 from 56 balls in th
Published 08 Mar, 2009 12:00am
Collingwood ton leads England to 372

Collingwood ton leads England to 372

Paul Collingwoods ninth Test hundred helped England to 372 for four at lunch on the second day of the fifth and final test against West Indies on Saturday. West Indies gained two early breakthroughs when Fidel Edwards bowled Andrew Strauss around his legs
Published 08 Mar, 2009 12:00am
Taiwan dollar at one-week high

Taiwan dollar at one-week high

The Taiwan dollar jumped to a one-week high on Friday on stop-loss selling of the US dollar and tracking gains in the South Korean won. The Taiwan dollar firmed 0.6 percent to as high as T$34.732 to the US dollar in late trade, before erasing some gains t
Published 08 Mar, 2009 12:00am
Canadian dollar rises

Canadian dollar rises

The Canadian dollar climbed versus the US dollar on Friday after US data showed a massive job loss in February but one that wasnt as bad as some in the market had feared. The US economy shed 651,000 jobs in February, pushing the unemployment rate to its h
Published 08 Mar, 2009 12:00am
Dollar slides versus euro

Dollar slides versus euro

The dollar slid versus the euro on Friday, as investors locked in gains and pared back safe-haven trades on the greenback, emboldened by US payrolls data showing job losses were less severe than many had feared. The euro/dollar pair usually tracks the per
Published 08 Mar, 2009 12:00am
Kenyan unit holds steady

Kenyan unit holds steady

Kenyas shilling was little changed against the dollar on Friday despite hard currency inflows from agricultural exports and dealers forecast it would remain in a tight range in the days ahead. The commercial banks posted the unit at 80.00/80.10 per dollar
Published 08 Mar, 2009 12:00am
Mexican peso strengthens

Mexican peso strengthens

Mexicos peso strengthened sharply on Friday after US job losses failed to match the wilder fears of some investors in global financial markets. Data showed US employers shed 651,000 jobs in February, and while the reading was in line with expectations, so
Published 08 Mar, 2009 12:00am
IMM speculators increase long dollar positions

IMM speculators increase long dollar positions

Currency speculators increased their long US dollar position in the latest week, according to data from the Commodity Futures Trading Commission on Friday. The value of the US dollars net long position was $5.75 billion in the week ending March 3, up from
Published 08 Mar, 2009 12:00am
US stocks rise as Dow and S&P rebound

US stocks rise as Dow and S&P rebound

US stocks mostly rose on Friday, with the Dow and S&P rebounding late in the day to end higher as surging oil prices lifted energy stocks and offset a sell-off in technology shares on bets that the slowing economy will sap consumer spending on gadgets.
Published 08 Mar, 2009 12:00am
Forex outlook: US dollar expected to continue gains next week

Forex outlook: US dollar expected to continue gains next week

Safe haven buying is expected to bolster the US dollar again in the coming week, extending the strong gains for the US currency already seen in 2009. While the dollar ends the current week on a negative note at current prices, analysts expect the dollars
Published 08 Mar, 2009 12:00am
US Treasury Out Look": eye on stocks, especially GM, financial services

US Treasury Out Look": eye on stocks, especially GM, financial services

US Treasuries prices will be pulled by two counter-weighing forces in the coming week, new supply that tends to push prices down, and investors whose hunger for safe-haven government debt tends to push prices up. The stock markets performance is likely to
Published 08 Mar, 2009 12:00am
US Treasury Out Look": eye on stocks, especially GM, financial services

US Treasury Out Look": eye on stocks, especially GM, financial services

US Treasuries prices will be pulled by two counter-weighing forces in the coming week, new supply that tends to push prices down, and investors whose hunger for safe-haven government debt tends to push prices up. The stock markets performance is likely to
Published 08 Mar, 2009 12:00am
US corporate bond spreads mixed overall

US corporate bond spreads mixed overall

US corporate bonds were mixed on Friday, with buying interest surfacing for higher-quality bonds while weaker names continued to languish, traders said. In the derivatives market, the main index of investment-grade credit default swaps widened by about 5
Published 08 Mar, 2009 12:00am
US corporate bond spreads mixed overall

US corporate bond spreads mixed overall

US corporate bonds were mixed on Friday, with buying interest surfacing for higher-quality bonds while weaker names continued to languish, traders said. In the derivatives market, the main index of investment-grade credit default swaps widened by about 5
Published 08 Mar, 2009 12:00am
Brazil stocks slump

Brazil stocks slump

Brazils stocks slumped on Friday, led by losses in heavyweights Petrobras and Vale, as poor industrial data at home and grim job figures abroad dented appetite for risker assets such as the local currency. The Bovespa index rallied at the open but by late
Published 08 Mar, 2009 12:00am
US Treasury debt prices slip

US Treasury debt prices slip

US Treasury debt prices slipped on Friday, after data showed a loss of 651,000 non-farm payroll jobs in February, close to economists consensus forecasts but still underscoring that the worst recession in decades remained in full force. Treasuries traders
Published 08 Mar, 2009 12:00am
US Treasury debt prices slip

US Treasury debt prices slip

US Treasury debt prices slipped on Friday, after data showed a loss of 651,000 non-farm payroll jobs in February, close to economists consensus forecasts but still underscoring that the worst recession in decades remained in full force. Treasuries traders
Published 08 Mar, 2009 12:00am
Argentine stocks rise

Argentine stocks rise

Argentinas MerVal stocks index rose 1.06 percent to 965.02 points on Friday as investors bought banking shares after recent losses and a rise in global oil prices pushed up index heavyweight Tenaris. Banco Patagonia rose 3.01 percent to 1.37 pesos and Ten
Published 08 Mar, 2009 12:00am
Korean bonds rise

Korean bonds rise

South Korean government bond prices jumped on Friday, wiping out Thursdays losses, as Europes rate cut reinforced hopes for a similar action by the Bank of Korea next week. The wons rebound also supported the debt market, with North Koreas threats against
Published 08 Mar, 2009 12:00am
JGB futures narrow gain

JGB futures narrow gain

Japanese government bonds rose on Friday as a slide in Tokyo stocks on worries about the US auto sector and the health of the US banking system led investors to seek safety in government debt. JGB futures also took their cue from a rally in US Treasuries,
Published 08 Mar, 2009 12:00am
Korean bonds rise

Korean bonds rise

South Korean government bond prices jumped on Friday, wiping out Thursdays losses, as Europes rate cut reinforced hopes for a similar action by the Bank of Korea next week. The wons rebound also supported the debt market, with North Koreas threats against
Published 08 Mar, 2009 12:00am
JGB futures narrow gain

JGB futures narrow gain

Japanese government bonds rose on Friday as a slide in Tokyo stocks on worries about the US auto sector and the health of the US banking system led investors to seek safety in government debt. JGB futures also took their cue from a rally in US Treasuries,
Published 08 Mar, 2009 12:00am
LatAm stocks lower

LatAm stocks lower

Latin American currencies strengthened on Friday as rising commodity prices suggested more dollars from exports may flow into the region, but stocks finished lower after bad economic data curbed any optimism. The MSCI stock index for Latin America fell 0.
Published 08 Mar, 2009 12:00am
Canadian stocks fall to five-year low

Canadian stocks fall to five-year low

Torontos key stock index ended at its lowest closing level in five years on Friday, as early strength credited to a better-than-expected US jobs report faded, replaced by fears about the severity of the economic downturn.
Published 08 Mar, 2009 12:00am
Economic recovery signs steepen China yield curve

Economic recovery signs steepen China yield curve

Chinas yield curve steepened further on Friday on signs that the economy was heading towards an early recovery while authorities would keep money market liquidity loose to facilitate debt sales. The central bank is set to conduct a surprise net injection
Published 08 Mar, 2009 12:00am
Chile stocks slide

Chile stocks slide

Chilean stocks slid in thin trade for a second day on Friday, shadowing a fall on Wall Street after news the US jobless rate hit a 25-year high, while the peso rose against the dollar on firm copper prices. The blue chip IPSA index was down 1.15 percent i
Published 08 Mar, 2009 12:00am
Economic recovery signs steepen China yield curve

Economic recovery signs steepen China yield curve

Chinas yield curve steepened further on Friday on signs that the economy was heading towards an early recovery while authorities would keep money market liquidity loose to facilitate debt sales. The central bank is set to conduct a surprise net injection
Published 08 Mar, 2009 12:00am
Belgium, BNP reach new deal to save Fortis

Belgium, BNP reach new deal to save Fortis

The Belgium government and BNP Paribas have clinched a new deal to carve up struggling financial group Fortis, the prime ministers office said Saturday. The Belgian government and the French banking group had given themselves until midnight on Friday to r
Published 08 Mar, 2009 12:00am
Global recession may last till end 2010 or longer

Global recession may last till end 2010 or longer

The US professor nicknamed "Dr Doom" for forecasting the financial crisis has said the global recession will last all of this year and probably next, Indias Mail Today reported Saturday. New York University professor Nouriel Roubini said that in the best-
Published 08 Mar, 2009 12:00am
Britain takes majority stake in Lloyds Banking Group

Britain takes majority stake in Lloyds Banking Group

The British government said Saturday it will take a majority stake in Lloyds Banking Group and guarantee toxic assets, leaving only two major British banks outside the states control. The state will increase its ownership of the group from 43 percent to 6
Published 08 Mar, 2009 12:00am
Oil prices cant continue at low levels: Iraq

Oil prices cant continue at low levels: Iraq

Iraqi Oil Minister Hussain al-Shahristani said on Saturday oil prices could not continue at such low levels and that Opec may look into an output cut at the groups next meeting in Vienna. "Oil prices cannot continue at these low levels. The oil market has
Published 08 Mar, 2009 12:00am
Internet Explorer will come with off switch in Windows 7

Internet Explorer will come with off switch in Windows 7

Microsoft said Friday that a control panel in its next-generation computer operating system will let users shut off Internet Explorer 8 and other built-in programs. The news comes less than two months after the European Commission sent Microsoft a Stateme
Published 08 Mar, 2009 12:00am
Saleswomen only in Iran womens clothing shops

Saleswomen only in Iran womens clothing shops

Iranian police have issued a directive that only saleswomen be employed in womens clothes shops across the Islamic republic, a newspaper reported on Saturday. The move comes ahead of international womens day on Sunday. The Vatan eh-Emrouz newspaper said t
Published 08 Mar, 2009 12:00am
Obama vows end to irresponsible budgets

Obama vows end to irresponsible budgets

US President Barack Obama vowed Saturday that irresponsible budgets were a thing of the past as he promised bold action to help the United States emerge from the current economic crisis stronger than before. In his weekly radio address, Obama said his adm
Published 08 Mar, 2009 12:00am
Congress watchdog faults Obama mortgage plan

Congress watchdog faults Obama mortgage plan

The Obama administrations $275 billion housing rescue plan is encouraging, but it doesnt do enough about, for instance, legal impediments to mortgage modification, said a US Congress watchdog panel on Friday. In a report that highlights the soaring US hom
Published 08 Mar, 2009 12:00am
Congress watchdog faults Obama mortgage plan

Congress watchdog faults Obama mortgage plan

The Obama administrations $275 billion housing rescue plan is encouraging, but it doesnt do enough about, for instance, legal impediments to mortgage modification, said a US Congress watchdog panel on Friday. In a report that highlights the soaring US hom
Published 08 Mar, 2009 12:00am
Africa can survive global crisis: IMF

Africa can survive global crisis: IMF

Most African governments should continue their development spending plans and draw down foreign exchange reserves to bolster their economies while global commodity prices fall, the International Monetary Fund said. Demand for African commodities has decli
Published 08 Mar, 2009 12:00am
US McDermott gets Saudi gas field contract

US McDermott gets Saudi gas field contract

State oil giant Saudi Aramco said on Saturday it had awarded a contract for the Karan gas field to J.Ray McDermott, which is wholly-owned by US engineering and construction firm McDermott International Inc. The turnkey contract provides for the manufactur
Published 08 Mar, 2009 12:00am
US government may take oil royalty fight to Supreme Court

US government may take oil royalty fight to Supreme Court

The US government, fearing the loss of up to $10 billion in old drilling royalties from oil companies, may take a dispute with Anadarko Petroleum Corp to the US Supreme Court, Interior Secretary Ken Salazar said on Friday.
Published 08 Mar, 2009 12:00am
US wheat futures higher

US wheat futures higher

US wheat futures rose on Friday as traders covered shorts after prices fell to their lowest level since mid-December earlier in the week. Rising crude oil prices and a drop in the dollar, which makes US supplies more attractive to overseas buyers, also su
Published 08 Mar, 2009 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 56,237 tonnes of cargo including 34,846 tonnes of import and 21,391 tonnes of export, 3,251 loaded and empty containers (TEUs) during last 24 hours ending at 0700 hours on Saturday. The freights comprised of 53,189 tonnes of dry c
Published 08 Mar, 2009 12:00am
Regulators close Freedom Bank of Georgia

Regulators close Freedom Bank of Georgia

US regulators closed Freedom Bank of Georgia bank on Friday, the 17th US bank to fail this year as the struggling economy and falling home prices take their toll on financial institutions. The Federal Deposit Insurance Corp said Freedom Bank of Georgia ha
Published 08 Mar, 2009 12:00am
US corn futures up

US corn futures up

US corn futures on the Chicago Board of Trade ended higher on Friday, buoyed the strength in the energy markets, traders said. March corn ended 3-1/2 cents higher at $3.52-3/4 a bushel. May closed 3 higher at $3.61-1/2. Volume was light estimated at 158,4
Published 08 Mar, 2009 12:00am
Canadian canola futures end mixed

Canadian canola futures end mixed

ICE Canadian canola futures closed mixed on Friday amid a combination of hedge pressure, exporter short covering and a higher dollar. May canola fell 40 cents to $409.70 on a volume of 7,652 while July eased 20 cents to $406.90 on 3,943 contracts. Novembe
Published 08 Mar, 2009 12:00am
Asias cocoa grind seen falling: Armajaro

Asias cocoa grind seen falling: Armajaro

Asias cocoa grind, a measure of demand for chocolates key ingredient, is expected to fall this year as consumers in Europe and the United States tighten their wallets amid the financial crisis, said Jasbir Singh, general manager for Armajaro KL.
Published 08 Mar, 2009 12:00am
FOB Gulf corn, soya export premiums end week higher

FOB Gulf corn, soya export premiums end week higher

US corn and soyabean export premiums at the Gulf of Mexico ended the week higher due to a downturn in futures prices and tight supplies as farmers hold out for higher prices, traders said. Wheat basis offers were unchanged. Downward trend in grain futures
Published 08 Mar, 2009 12:00am
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