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Print - 2009-03-12
Chinese military chiefs accuse US navy of spying

Chinese military chiefs accuse US navy of spying

Chinese military chiefs believe a US Navy ship involved in a stand-off near Chinas southern coast was on a spying mission, state media reported on Wednesday. They also defended the actions of Chinese ships, which the Pentagon said had harassed and come da
Published 12 Mar, 2009 12:00am
Scotland Yard team in Bangladesh for mutiny probe

Scotland Yard team in Bangladesh for mutiny probe

A four-member team from Britains Scotland Yard arrived in Dhaka on Wednesday to help probe last months mutiny by paramilitary border guards, in which at least 57 army officers were killed, officials said. The team will assist the authorities in investigat
Published 12 Mar, 2009 12:00am
North Ireland in silent protest against IRA dissidents

North Ireland in silent protest against IRA dissidents

Several thousand Catholics and Protestants united in a silent protest Wednesday against the Irish Republican Army dissidents who have put Northern Ireland on edge _ and its peace in doubt _ with deadly attacks that have left three dead since the weekend.
Published 12 Mar, 2009 12:00am
China pours scorn on gibbering Dalai Lama

China pours scorn on gibbering Dalai Lama

China poured scorn on the Dalai Lama through its state media on Wednesday, accusing him of speaking gibberish, portraying him as a whingeing child and describing Tibet as an earthly paradise. Official media commentaries accused the Dalai Lama of scheming
Published 12 Mar, 2009 12:00am
Philippines enacts law claiming disputed islands

Philippines enacts law claiming disputed islands

The Philippine president has signed a law affirming sovereignty over islands also claimed by China and Vietnam, an official said Wednesday, sparking protests over the control of strategic South China Sea islands. The legislation, signed Tuesday by Preside
Published 12 Mar, 2009 12:00am
South Ossetia to allow Russian bases for 99 years

South Ossetia to allow Russian bases for 99 years

Georgias breakaway region of South Ossetia said Wednesday it was prepared to allow Russian forces to use its territory for military bases for up to 99 years, the Interfax news agency reported. South Ossetian leader Eduard Kokoity said his government had d
Published 12 Mar, 2009 12:00am
Congress votes to ease Cuba travel restrictions

Congress votes to ease Cuba travel restrictions

Congress has voted to lift limits that President George W. Bush tightened on Cuban-Americans wanting to visit relatives in Cuba. US citizens with family in Cuba will be able to visit the island nation more often and stay as long as they like under legisla
Published 12 Mar, 2009 12:00am
Building collapse kills 11 in China

Building collapse kills 11 in China

Eleven people were killed and 20 were injured in eastern China on Wednesday after a blast led to the collapse of a former factory that was housing railway workers, state media reported Preliminary investigations revealed the collapse was triggered when le
Published 12 Mar, 2009 12:00am
World population to reach nine billion by 2050: UN projections

World population to reach nine billion by 2050: UN projections

The world population is projected to exceed nine billion in 2050, up from 6.8 billion this year and seven billion early in 2012, according to UN estimates released Wednesday. Most of the additional 2.3 billion people will swell the population of the devel
Published 12 Mar, 2009 12:00am
North Korea accuses Obamas government of interference

North Korea accuses Obamas government of interference

North Korea accused President Barack Obamas government of meddling in its internal affairs Wednesday and vowed to take ``every necessary measure to defend itself against what it calls US threats. The statement by North Koreas Foreign Ministry, however, wa
Published 12 Mar, 2009 12:00am
French officials make case to rejoin Nato command

French officials make case to rejoin Nato command

Frances defence minister on Wednesday staunchly defended strengthened military ties between the US and Europe as France prepared to rejoin Natos integrated command after an absence of more than four decades. In 1966, President Charles de Gaulle abruptly p
Published 12 Mar, 2009 12:00am
Madoff set to plead guilty, could face 150 years in jail

Madoff set to plead guilty, could face 150 years in jail

Fallen Wall Street baron Bernard Madoff confirmed Tuesday he is set to plead guilty to a massive multi-billion dollar fraud as prosecutors said he should spend the rest of his life in prison. Madoff, 70, said through his lawyer that he expects to plead gu
Published 12 Mar, 2009 12:00am
West Indies victory thrills Gayle

West Indies victory thrills Gayle

Chris Gayle had all reason to smile broadly after West Indies held on grimly for a draw in the fifth and final Test to secure their first Test series victory over England in 11 years. The West Indies captain was speaking after his side won the five-Test s
Published 12 Mar, 2009 12:00am
British press praise England team

British press praise England team

British newspapers praised the English cricket team on Wednesday after they went down fighting in the fifth and final Test in Port of Spain. Though the West Indies eventually won the series 1-0, newspapers praised the England team for pushing the home tea
Published 12 Mar, 2009 12:00am
Proud Ponting celebrates special win over South Africa

Proud Ponting celebrates special win over South Africa

Captain Ricky Ponting said Australias series win over South Africa was among the best achievements of his long career. The visitors avenged their 2-1 home series defeat earlier in the year when they beat South Africa by 175 runs in the second test on Tues
Published 12 Mar, 2009 12:00am
Afghanistan preparing in Pakistan for World Cup

Afghanistan preparing in Pakistan for World Cup

A deadly attack on the Sri Lankan teams convoy at Lahore last week that sent shockwaves around the cricket world has not perturbed at least one team with World Cup aspirations from travelling to Pakistan. The national team from neighbouring Afghanistan ha
Published 12 Mar, 2009 12:00am
Sehwag smashes New Zealand to seal series

Sehwag smashes New Zealand to seal series

India sealed their first ever one-day international series in New Zealand on Wednesday after Virender Sehwag smashed a brutal quick-fire century in the rain-shortened fourth match. India won by 10 wickets to go 3-0 up in the five-match series as openers S
Published 12 Mar, 2009 12:00am
South Africa may host Champions Trophy: ICC

South Africa may host Champions Trophy: ICC

South Africa may replace Sri Lanka as the venue of the Champions Trophy one-day tournament later this year, the International Cricket Council said on Wednesday. A teleconference between members of the ICCs chief executives committee, comprising representa
Published 12 Mar, 2009 12:00am
Sangakkara appointed Sri Lankan captain

Sangakkara appointed Sri Lankan captain

Kumar Sangakkara has been appointed Sri Lanka captain, selectors confirmed on Wednesday. Sangakkara, 31, the vice-captain since 2006, was the obvious heir apparent to Mahela Jayawardene, who stepped down after the recent Pakistan tour which was abandoned
Published 12 Mar, 2009 12:00am
Riquelme quits Argentina and blames Maradona

Riquelme quits Argentina and blames Maradona

Playmaker Juan Roman Riquelme quit the Argentine national side for the second time in three years on Tuesday and blamed coach Diego Maradona for his decision. "The national team is over for me," the former Barcelona and Villarreal player, now with Boca Ju
Published 12 Mar, 2009 12:00am
Asian currencies up

Asian currencies up

Asian currencies rose on Wednesday as investors snapped up regional stocks on hopes that Citigroup will return to profit in the first quarter, with the South Korean leading the pack and hitting a three-week high. The won jumped more than 3 percent to 1,46
Published 12 Mar, 2009 12:00am
Australian dollar tumble

Australian dollar tumble

The Australian dollar tumbled from highs on Wednesday as a surprisingly sharp slump in Chinas exports pointed to weaker demand for Australias key commodity products. The Aussie pulled back to $0.6427 from a high of $0.6494, but remained up on $0.6386 seen
Published 12 Mar, 2009 12:00am
Dollar falls

Dollar falls

The dollar slid against most major currencies on Tuesday as comments by Citigroups chief executive that the bank was profitable in the first two months of 2009 boosted stocks and prompted investors to pare back safe-haven bids on the greenback. The improv
Published 12 Mar, 2009 12:00am
Indian markets closed for holiday

Indian markets closed for holiday

Indian stocks, currency and bond markets are closed on Wednesday for a second local holiday. Trading resumes on Thursday. On Monday, the 30-share BSE index fell 2 percent to 8,160.40, its lowest close since November 2, 2005, as deepening concern about the
Published 12 Mar, 2009 12:00am
Dollar rebounds

Dollar rebounds

The dollar strengthened against other majors on Wednesday, reversing early losses, after a slump in Chinas exports in February knocked down the Australian dollar and other major currencies. The dollar began the Asian session on the back foot as safe-haven
Published 12 Mar, 2009 12:00am
Sterling hits 5-1/2 week low

Sterling hits 5-1/2 week low

Sterling extended falls against a broadly firmer euro, which hit a fresh 5-1/2 week high against the UK currency on Tuesday as data gave more evidence of a deteriorating UK economy. Against the dollar, sterling staged a recovery, after sharp falls on Mond
Published 12 Mar, 2009 12:00am
Dollar slips in London

Dollar slips in London

The dollar fell against a basket of currencies on Tuesday, retracing much of the previous days sharp gains as investors focused on stock market gains that have tended to undermine flows into the US currency. Some easing of wariness towards risk allowed th
Published 12 Mar, 2009 12:00am
Hong Kong dollar ends flat

Hong Kong dollar ends flat

The Hong Kong dollar erased early losses to end virtually unchanged on Wednesday, while interbank rates softened from the previous session. The local currency last traded at 7.7557/59 against the US dollar, having touched a morning low of 7.7568, barely c
Published 12 Mar, 2009 12:00am
Yuan ends little changed

Yuan ends little changed

The yuan was little changed against the dollar in the spot and offshore forwards markets on Wednesday despite much weaker-than-expected Chinese trade data, as many dealers said Beijing remained very unlikely to change its stable currency policy. Exports p
Published 12 Mar, 2009 12:00am
US bonds slump

US bonds slump

US Treasury debt prices tumbled on Tuesday as a powerful surge on Wall Street and worries about the relentless deluge of government debt supply siphoned safe-haven bids for bonds. The US Treasury Department is scheduled to sell a combined $182 billion in
Published 12 Mar, 2009 12:00am
Malaysian shares fall

Malaysian shares fall

Malaysian shares closed down 0.6 percent on Wednesday due to profit-taking in key blue chips, dealers said. The Kuala Lumpur Composite Index lost 4.88 points to 850.37. Turnover was at 375.13 million shares valued at 552.13 million ringgit (149 million do
Published 12 Mar, 2009 12:00am
Thai share prices drop

Thai share prices drop

Thai share prices closed 0.72 percent lower on Wednesday, bucking the regional trend after early gains, dealers said. The Stock Exchange of Thailand (SET) composite index lost 3.00 points to close at 414.41 while the blue chip SET-50 index shed 2.44 point
Published 12 Mar, 2009 12:00am
Nikkei marks best gain in six weeks

Nikkei marks best gain in six weeks

Japans Nikkei average jumped 4.6 percent on Wednesday, posting its biggest rise in 6 weeks a day after hitting a 26-year closing low, as financial shares gained after Citigroups chief executive said the US bank was making profits. Toshiba Corp shot up mor
Published 12 Mar, 2009 12:00am
Jakarta shares surge

Jakarta shares surge

Indonesian shares ended 1.1 percent higher on Wednesday, driven by buying in bank and automotive blue chips on hopes that lower interest rates will boost earnings, dealers said. The Jakarta Composite Index gained 14.31 points to 1314.52 in moderate trade.
Published 12 Mar, 2009 12:00am
Singapore shares rally

Singapore shares rally

Singapore shares rose 1.33 percent on Wednesday in line with most Asian markets, which were buoyed by an overnight rally on Wall Street. The blue chip Straits Times Index (STI) closed 19.76 points higher at 1,505.51 on volume of 1.07 billion shares worth
Published 12 Mar, 2009 12:00am
US bonds slump

US bonds slump

US Treasury debt prices tumbled on Tuesday as a powerful surge on Wall Street and worries about the relentless deluge of government debt supply siphoned safe-haven bids for bonds. The US Treasury Department is scheduled to sell a combined $182 billion in
Published 12 Mar, 2009 12:00am
US stocks rise

US stocks rise

US stocks posted their best day in four months on Tuesday after Citigroup said it was profitable in the first two months of 2009. Major indexes jumped off 12-year lows in heavy trading after a key lawmaker said he expected the reinstatement of a rule that
Published 12 Mar, 2009 12:00am
China stocks decline

China stocks decline

Chinas stock market fell on Wednesday, underperforming regional markets, in response to much weaker-than-expected Chinese export data and concern about high valuations for shares. The Shanghai Composite Index, which had rebounded 1.88 percent on Tuesday,
Published 12 Mar, 2009 12:00am
Hong Kong shares rise

Hong Kong shares rise

Hong Kong shares rose 2 percent on Wednesday as financial firms followed a strong US lead but HSBC closed off early highs as investors readied themselves to meet the banks $18 billion cash call. Cathay Pacific Airways Ltd recovered to rise 5.9 percent to
Published 12 Mar, 2009 12:00am
Taiwan stocks finish firmer

Taiwan stocks finish firmer

Taiwan stocks rose 1.9 percent on Wednesday in busy trade, hitting a fresh two-month closing high, as financials led the rally after Citigroup said it was profitable in the first two months of 2009. Semiconductor shares were also boosted after contract ch
Published 12 Mar, 2009 12:00am
Chile central bank seen opting for new deep rate cut

Chile central bank seen opting for new deep rate cut

Chiles market watchers are betting on a new aggressive central bank interest rate cut this month to combat a sharp economic slowdown caused by the global financial crisis, according to a Reuters poll on Tuesday. With forecasts ranging from a reduction of
Published 12 Mar, 2009 12:00am
Opec may accept Russia as member: Iran

Opec may accept Russia as member: Iran

Irans oil minister suggested Opec would accept Russia as a member if Moscow wanted to join the 12-member oil producers group, the semi-official Fars News Agency reported. Gholamhossein Nozari, speaking a few days before the cartel is due to meet in Vienna
Published 12 Mar, 2009 12:00am
Government must not micro-manage banks: US Treasurys Kashkari

Government must not micro-manage banks: US Treasurys Kashkari

US government officials must be careful not to "micro-manage" banks that receive capital injections from the US Treasury Department, a senior Treasury official said on Wednesday. Neel Kashkari, who administers the $700 billion Troubled Asset Relief Progra
Published 12 Mar, 2009 12:00am
UK recession now seen deeper, to level out in fourth quarter

UK recession now seen deeper, to level out in fourth quarter

Britains economy faces a tougher year than previously thought but will level out at the end of 2009 as stimulus measures including the Bank of Englands drive to inject billions of pounds pay off, a Reuters poll showed. Economists in the poll, taken March
Published 12 Mar, 2009 12:00am
Latvian economy slid 4.6 percent

Latvian economy slid 4.6 percent

Latvia saw its economy shrink 4.6 percent in 2008, the worst performance since 1995, after a jolt downwards of more than 10 percent in the final three months of 2008, data showed on Wednesday. The incoming prime minister said the economy might drop more t
Published 12 Mar, 2009 12:00am
Eurozone GDP to shrink sharply again in first quarter

Eurozone GDP to shrink sharply again in first quarter

The eurozone economy is on course to contract nearly as sharply in the first quarter as in the fourth quarter of last year, while job losses are likely to soar to a 10-year high in 2010, a Reuters poll found. Economists slashed their forecasts again this
Published 12 Mar, 2009 12:00am
Canada housing prices dip; builder profits to fall

Canada housing prices dip; builder profits to fall

The price of new homes in Canada dropped by 0.6 percent in January from December, producing the first year-over-year decline in more than a decade, Statistics Canada said on Wednesday. Analysts had, on average, expected new housing prices to fall by 0.2 p
Published 12 Mar, 2009 12:00am
Investors oppose possible Cintra, Ferrovial merger

Investors oppose possible Cintra, Ferrovial merger

A possible merger between Spanish infrastructure group Ferrovial and its sister company, toll road firm Cintra, would solely benefit Ferrovial, Cintra minority investors said on Wednesday. Debt-laden Ferrovial, which already owns 67 percent of Cintra, sai
Published 12 Mar, 2009 12:00am
Finmeccanica lowers targets, shares fall

Finmeccanica lowers targets, shares fall

Italys largest aerospace and defence group, Finmeccanica SpA, set revenue targets short of analyst forecasts and struck a cautious note on its prospects amid the crisis, sending its shares down 5 percent. The disappointing outlook released on Wednesday ov
Published 12 Mar, 2009 12:00am
Finmeccanica lowers targets, shares fall

Finmeccanica lowers targets, shares fall

Italys largest aerospace and defence group, Finmeccanica SpA, set revenue targets short of analyst forecasts and struck a cautious note on its prospects amid the crisis, sending its shares down 5 percent. The disappointing outlook released on Wednesday ov
Published 12 Mar, 2009 12:00am
JCDecaux warns on 2009, scraps dividend

JCDecaux warns on 2009, scraps dividend

Shares in JCDecaux plunged as the worlds No 2 outdoor advertising group warned 2009 underlying sales could drop for the first time in its history and scrapped its dividend to keep cash for possible acquisitions. The family-controlled firm saw its shares d
Published 12 Mar, 2009 12:00am
JCDecaux warns on 2009, scraps dividend

JCDecaux warns on 2009, scraps dividend

Shares in JCDecaux plunged as the worlds No 2 outdoor advertising group warned 2009 underlying sales could drop for the first time in its history and scrapped its dividend to keep cash for possible acquisitions. The family-controlled firm saw its shares d
Published 12 Mar, 2009 12:00am
South Korea household lending growth at eight-month high

South Korea household lending growth at eight-month high

Growth in bank lending to South Korean households in February hit an eight-month high on more loans backed by property, central bank data showed on Wednesday. Bank lending to South Korean households rose by 2.8 trillion won ($1.87 billion) in February fro
Published 12 Mar, 2009 12:00am
US to be taken to WTO by China over poultry

US to be taken to WTO by China over poultry

China said on Wednesday that it plans to file a complaint against the United States at the World Trade Organisation over US rules it says are blocking it from exporting poultry to that market. The Chinese Commerce Ministry said it took issue with a sectio
Published 12 Mar, 2009 12:00am
China exports, trade surplus sharply down

China exports, trade surplus sharply down

Chinas trade surplus and exports fell off sharply in February, the government said Wednesday, as the worlds third-largest economy took a harder than expected hit from the global downturn. The figures took markets in the region by surprise, and analysts sa
Published 12 Mar, 2009 12:00am
BoE buys gilts, pumps two billion sterling

BoE buys gilts, pumps two billion sterling

Britain on Wednesday officially launched quantitative easing - effectively printing money - to pull the economy out of recession, and bought 2 billion pounds of government bonds in a move that may soon be copied around the world.
Published 12 Mar, 2009 12:00am
Japan wholesale prices slide, deflation beckons

Japan wholesale prices slide, deflation beckons

Japanese wholesale prices marked their biggest annual fall in nearly six years in February in a sign that Japan faced broader and deeper deflation than one merely reflecting the one-off effect of sliding oil prices. In another gloomy signal from the globa
Published 12 Mar, 2009 12:00am
California haemorrhages jobs, but all states hurting

California haemorrhages jobs, but all states hurting

California lost the most jobs of all the states, 79,300, in January, while Michigan registered the highest unemployment rate at 11.6 percent, the Labour Department said on Wednesday. South Carolina followed Michigan with an unemployment rate of 10.4 perce
Published 12 Mar, 2009 12:00am
Key stock and currency market movements

Key stock and currency market movements

The latest close of key indices on major world stock exchanges and the London closing values of the euro, the Japanese yen, the British pound and gold bullion (previous days closes in brackets).

Published 12 Mar, 2009 12:00am
German industrial output slumps

German industrial output slumps

German industrial output tumbled in January as Europes biggest economy and major exporter was pummelled by the global downturn, official figures showed on Wednesday. Industrial orders in January fell 8.0 percent from the previous month, according to an in
Published 12 Mar, 2009 12:00am
Closing of sterling rates

Closing of sterling rates

Closing of sterling rates at 1730 GMT - on Wednesday (March 11, 2009).

Published 12 Mar, 2009 12:00am
Global economies seen trapped in Great Recession

Global economies seen trapped in Great Recession

The "Great Recession" will clamp leading global economies in a vicious grip well into 2010 and push unemployment to multi-year records, Reuters polls show. Double digit losses on equity markets in the past month and turmoil across the banking system have
Published 12 Mar, 2009 12:00am
US for avoidance of violence, freedom of expression

US for avoidance of violence, freedom of expression

The United States on Wednesday urged restraint on part of all political forces in Pakistan and called for resolution of political issues in accordance with the law and constitution of the country. The State Department said the United States supports the d
Published 12 Mar, 2009 12:00am
Obama urges global approach to economic repair

Obama urges global approach to economic repair

President Barack Obama said Wednesday that other nations must sign on to aggressive steps to jump-start their own economies, warning that the US actions could falter without global co-ordination. ``We can do a really good job here at home, with a whole ho
Published 12 Mar, 2009 12:00am
US for avoidance of violence, freedom of expression

US for avoidance of violence, freedom of expression

The United States on Wednesday urged restraint on part of all political forces in Pakistan and called for resolution of political issues in accordance with the law and constitution of the country. The State Department said the United States supports the d
Published 12 Mar, 2009 12:00am
US mortgage applications rise as rates fall

US mortgage applications rise as rates fall

US mortgage applications rose for the first time in three weeks as near record low interest rates spurred demand for home refinancing and purchase loans, data from an industry group showed on Wednesday. The jump in demand came several weeks after the unve
Published 12 Mar, 2009 12:00am
President to return as per schedule: spokesman

President to return as per schedule: spokesman

Senator (Retd) Farhatullah Babar, spokesperson to the President has strongly contradicted media reports claiming that President Zardari is not returning to Islamabad and will stay in Dubai. Spokesperson said that the President will return to Islamabad as
Published 12 Mar, 2009 12:00am
US mortgage applications rise as rates fall

US mortgage applications rise as rates fall

US mortgage applications rose for the first time in three weeks as near record low interest rates spurred demand for home refinancing and purchase loans, data from an industry group showed on Wednesday. The jump in demand came several weeks after the unve
Published 12 Mar, 2009 12:00am
President to return as per schedule: spokesman

President to return as per schedule: spokesman

Senator (Retd) Farhatullah Babar, spokesperson to the President has strongly contradicted media reports claiming that President Zardari is not returning to Islamabad and will stay in Dubai. Spokesperson said that the President will return to Islamabad as
Published 12 Mar, 2009 12:00am
Bashir Bilour escapes attempt on life

Bashir Bilour escapes attempt on life

ANP leader and NWFP Minister Bashir Ahmad Bilour on Wednesday survived a second attempt on life in which four people, including a woman, were killed here in Sarki Gate area of the walled city. According to sources and eyewitnesses, the minister was on his
Published 12 Mar, 2009 12:00am
Wall Street lawyer seen as contender for Treasury post

Wall Street lawyer seen as contender for Treasury post

Prominent Wall Street lawyer H. Rodgin Cohen is being considered by the White House for nomination to the position of deputy Treasury secretary, financial industry sources said on Tuesday. Cohen has worked on a variety of bank regulatory issues and has al
Published 12 Mar, 2009 12:00am
Bashir Bilour escapes attempt on life

Bashir Bilour escapes attempt on life

ANP leader and NWFP Minister Bashir Ahmad Bilour on Wednesday survived a second attempt on life in which four people, including a woman, were killed here in Sarki Gate area of the walled city. According to sources and eyewitnesses, the minister was on his
Published 12 Mar, 2009 12:00am
Iranian businessman sues Dubai sheikhs

Iranian businessman sues Dubai sheikhs

An Iranian businessman is suing members of Dubais ruling family for close to two billion dollars over real estate investments, in a case which opened on Wednesday. Shahram Abdullah Zadeh, former CEO of Al-Fajer Properties who was fired in 2008, has filed
Published 12 Mar, 2009 12:00am
US may ease trade with Pakistan

US may ease trade with Pakistan

Congress could act on legislation this year to establish "permanent normal trade relations" with both Russia and Kazakhstan and to eliminate tariffs on goods from Pakistan, Afghanistan and Georgia, a senior Democratic lawmaker said on Tuesday.
Published 12 Mar, 2009 12:00am
Lacklustre trading seen on grain market

Lacklustre trading seen on grain market

Slow trading was seen on the grain market on Wednesday as leading buyers were conspicuous by their absence, dealers said. On the grain side bajra lower type was higher by Rs 175 to Rs 1575, other items maintained the overnight levels in process slow tradi
Published 12 Mar, 2009 12:00am
US may ease trade with Pakistan

US may ease trade with Pakistan

Congress could act on legislation this year to establish "permanent normal trade relations" with both Russia and Kazakhstan and to eliminate tariffs on goods from Pakistan, Afghanistan and Georgia, a senior Democratic lawmaker said on Tuesday.
Published 12 Mar, 2009 12:00am
Listless business on cotton market

Listless business on cotton market

Dullness was seen on the cotton market on Wednesday in the absence of proper interest by the buyers and sellers, dealers said. The official spot rate was kept at Rs 3250, they said. The phutti prices in both the Punjab and Sindh were at Rs 1550-1650.
Published 12 Mar, 2009 12:00am
US may ease trade with Pakistan

US may ease trade with Pakistan

Congress could act on legislation this year to establish "permanent normal trade relations" with both Russia and Kazakhstan and to eliminate tariffs on goods from Pakistan, Afghanistan and Georgia, a senior Democratic lawmaker said on Tuesday.
Published 12 Mar, 2009 12:00am
Dyes items mixed on Jodia Bazaar

Dyes items mixed on Jodia Bazaar

The trading in dyes items showed mixed trend on Jodia Bazaar here on Wednesday. The following changes were noted.
Published 12 Mar, 2009 12:00am
ECO declaration calls for free trade area

ECO declaration calls for free trade area

The 10th summit meeting of the Economic Co-operation Organisation (ECO) on Wednesday reaffirmed its determination to move towards establishment of a free trade area in ECO region by 2015 as a priority task. In a joint declaration at the end of the meeting
Published 12 Mar, 2009 12:00am
Asian palm oil exports set to rise again: Oil World

Asian palm oil exports set to rise again: Oil World

Palm oil exports by key producer Malaysia and its rival Indonesia are set to rise again this season as the global food industry becomes more dependent on palm oil, Hamburg-based oilseeds analysts Oil World said on Tuesday. Malaysias October 2008/September
Published 12 Mar, 2009 12:00am
ECO declaration calls for free trade area

ECO declaration calls for free trade area

The 10th summit meeting of the Economic Co-operation Organisation (ECO) on Wednesday reaffirmed its determination to move towards establishment of a free trade area in ECO region by 2015 as a priority task. In a joint declaration at the end of the meeting
Published 12 Mar, 2009 12:00am
Kenyan coffee prices drop

Kenyan coffee prices drop

Prices of Kenyan coffee slid at Tuesdays auction as quality continued to slip and as a major buyer stayed away from the sale, the Nairobi Coffee Exchange (NCE) said. The average price for all grades fell $15 to $154.24 per 50-kg bag from $169.76 per 50-kg
Published 12 Mar, 2009 12:00am
ECO declaration calls for free trade area

ECO declaration calls for free trade area

The 10th summit meeting of the Economic Co-operation Organisation (ECO) on Wednesday reaffirmed its determination to move towards establishment of a free trade area in ECO region by 2015 as a priority task. In a joint declaration at the end of the meeting
Published 12 Mar, 2009 12:00am
Ivorian cocoa arrivals down

Ivorian cocoa arrivals down

Cocoa arrivals at ports in top grower Ivory Coast reached 828,000 tonnes by March 8, exporters estimated on Tuesday, compared with 1,023,527 tonnes in the same period of the previous season. Exporters estimated around 12,000 tonnes of beans were delivered
Published 12 Mar, 2009 12:00am
Zardari puts up proposals for economic growth

Zardari puts up proposals for economic growth

President Asif Ali Zardari on Wednesday called for a regional approach to deal with the menace of terrorism and militancy, while taking into account the interests, capacity and aspirations of sovereign states and their peoples.
Published 12 Mar, 2009 12:00am
Russian sugar refining from raws down

Russian sugar refining from raws down

Russia refined 313,500 tonnes of white sugar from imported raws from the start of the year to March 10, down 6.6 percent from year-ago volumes, industry lobby the Russian Sugar Producers Union said on Wednesday. Russia restricted imports of raw cane sugar
Published 12 Mar, 2009 12:00am
Zardari puts up proposals for economic growth

Zardari puts up proposals for economic growth

President Asif Ali Zardari on Wednesday called for a regional approach to deal with the menace of terrorism and militancy, while taking into account the interests, capacity and aspirations of sovereign states and their peoples.
Published 12 Mar, 2009 12:00am
US wheat futures end higher

US wheat futures end higher

US wheat futures closed higher on Tuesday on spillover support from gains in soya and corn in addition to short-covering after Mondays declines. CBOT March wheat closed 9-3/4 cents per bushel higher at $5.22-3/4 per bushel. Texas HRW wheat rated 63 percen
Published 12 Mar, 2009 12:00am
Zardari puts up proposals for economic growth

Zardari puts up proposals for economic growth

President Asif Ali Zardari on Wednesday called for a regional approach to deal with the menace of terrorism and militancy, while taking into account the interests, capacity and aspirations of sovereign states and their peoples.
Published 12 Mar, 2009 12:00am
Bangladesh tea prices rise

Bangladesh tea prices rise

The average price of Bangladesh teas rose nearly 2.0 percent to 113.33 taka ($1.64) per kg at the weekly auction on Wednesday, brokers said. Some 673,525 kg were sold at 113.33 taka per kg on average, up 2.09 taka from the last sale. The withdrawal percen
Published 12 Mar, 2009 12:00am
LSE index down 31.55 points

LSE index down 31.55 points

Depressed sentiments kept the activity range-bound on the Lahore Stock Exchange (LSE) on Wednesday and the equities registered losses amid marginally improved trading turnover due to selling pressure on account of prevailing political uncertainty.
Published 12 Mar, 2009 12:00am
FOB Gulf soya weakens

FOB Gulf soya weakens

US soyabean export premiums at the Gulf of Mexico retreated on Tuesday, pressured by a rally in futures prices and slowing export demand, traders said. Corn and soft wheat held steady while hard wheat rose due to tight supplies. Soyabean supplies remain t
Published 12 Mar, 2009 12:00am
SBP to finance import of used plant, machinery

SBP to finance import of used plant, machinery

In order to facilitate the under stressed industry and to increase industrial growth, the State Bank of Pakistan on Wednesday announced to finance the import of second hand plant and machinery under Long Term Financing Facility (LTFF). Now, exporters and
Published 12 Mar, 2009 12:00am
US Midwest bids for corn weak, soya flat

US Midwest bids for corn weak, soya flat

Spot basis bids for corn weakened at processors and elevators around the US Midwest on Tuesday while soyabean bids were mostly unchanged, grain dealers said. Farmers booked light sales of both commodities after a futures market rally pushed cash prices fo
Published 12 Mar, 2009 12:00am
SBP to finance import of used plant, machinery

SBP to finance import of used plant, machinery

In order to facilitate the under stressed industry and to increase industrial growth, the State Bank of Pakistan on Wednesday announced to finance the import of second hand plant and machinery under Long Term Financing Facility (LTFF). Now, exporters and
Published 12 Mar, 2009 12:00am
Global slump wipes out Norway sovereign fund gains

Global slump wipes out Norway sovereign fund gains

Norways state pension fund, one of the worlds biggest investors, lost 71.5 billion euros last year on its portfolio, wiping out nearly a decade of returns, the central bank said on Wednesday. The central bank said the funds holdings tumbled 633 billion kr
Published 12 Mar, 2009 12:00am
SBP to finance import of used plant, machinery

SBP to finance import of used plant, machinery

In order to facilitate the under stressed industry and to increase industrial growth, the State Bank of Pakistan on Wednesday announced to finance the import of second hand plant and machinery under Long Term Financing Facility (LTFF). Now, exporters and
Published 12 Mar, 2009 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 204,813 tonnes of cargo including 127,528 tonnes of import and 77,285 tonnes of export, 4,641 loaded and empty containers (TEUs) during last 48 hours ending at 0700 hours on Wednesday. The freights comprised of 139,440 tonnes of d
Published 12 Mar, 2009 12:00am
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