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Print - 2009-04-25
Government firm to enforce writ across the country

Government firm to enforce writ across the country

The government on Friday reiterated its resolve to enforce writ of the government in all parts of the country. This commitment was made by top political and military leaderships of the country in a high-level meeting held at Aiwan-e-Sadr.
Published 25 Apr, 2009 12:00am
Government firm to enforce writ across the country

Government firm to enforce writ across the country

The government on Friday reiterated its resolve to enforce writ of the government in all parts of the country. This commitment was made by top political and military leaderships of the country in a high-level meeting held at Aiwan-e-Sadr.
Published 25 Apr, 2009 12:00am
FTSE reaches highest close since mid-February

FTSE reaches highest close since mid-February

Britain's top share index jumped 3.4 percent on Friday, shrugging off dire UK economic data as US company results and housing data lifted markets, including boosting commodity prices. The FTSE 100 gained 137.76 points to 4,155.99, its highest close since
Published 25 Apr, 2009 12:00am
European credit spreads tighten

European credit spreads tighten

European credit spreads tightened on Friday, along with a rally on share markets, after German business sentiment and US durables goods data came in better than expected. By 1443 GMT, the Markit iTraxx Crossover index, made up of 45 mostly "junk"-rated cr
Published 25 Apr, 2009 12:00am
European credit spreads tighten

European credit spreads tighten

European credit spreads tightened on Friday, along with a rally on share markets, after German business sentiment and US durables goods data came in better than expected. By 1443 GMT, the Markit iTraxx Crossover index, made up of 45 mostly "junk"-rated cr
Published 25 Apr, 2009 12:00am
Philippines shares gain

Philippines shares gain

Philippines share prices closed 1.7 percent higher on Friday, lifted by key blue chips, dealers said. The composite index gained 35.33 points to 2,103.63 while the all-shares index gained 1.64 percent to 1,367.33. There were 62 gainers, 31 losers and 40 u
Published 25 Apr, 2009 12:00am
Friday's midday trade: reassuring earnings lift Wall Street

Friday's midday trade: reassuring earnings lift Wall Street

US stocks rose on Friday on better-than-expected results from companies, including American Express and Schlumberger, as economic data raised hopes the economic cycle may have hit a trough. Struggling automaker Ford Motor Co was among the bright spots in
Published 25 Apr, 2009 12:00am
Asian bond spreads narrow

Asian bond spreads narrow

Asian bond spreads narrowed on Friday, capping a volatile week on an upbeat tone, helped by gains in US stocks and improving outlook on the Chinese and South Korean economies. Stocks on Wall Street jumped overnight as better-than-expected earnings from se
Published 25 Apr, 2009 12:00am
Indian shares gain

Indian shares gain

Indian shares rose 1.74 percent on Friday, on firm European markets and sustained buying by local funds, dealers said. The benchmark 30-share Sensex rose 194.06 points to 11,329.05. Markets were choppy in early trade, amid political uncertainty as the pos
Published 25 Apr, 2009 12:00am
Asian bond spreads narrow

Asian bond spreads narrow

Asian bond spreads narrowed on Friday, capping a volatile week on an upbeat tone, helped by gains in US stocks and improving outlook on the Chinese and South Korean economies. Stocks on Wall Street jumped overnight as better-than-expected earnings from se
Published 25 Apr, 2009 12:00am
Indian rupee strengthens

Indian rupee strengthens

The Indian rupee ended stronger after a choppy session on Friday, riding a late stock market surge and strength in other Asian currencies to post its seventh successive weekly gain. The partially convertible rupee closed at 49.81/82 per dollar, off a high
Published 25 Apr, 2009 12:00am
Euro jumps versus dollar in London

Euro jumps versus dollar in London

The euro jumped to its highest level in a week against the dollar on Friday after a better-than-expected German business confidence survey fanned hopes that the worst may be over for the eurozone economy. Gains in the euro helped to drive the dollar down
Published 25 Apr, 2009 12:00am
Sterling falls

Sterling falls

Sterling fell to a two-week low against the euro on Friday, after data showed the UK economy's fall in the first quarter was its fastest in 30 years, casting doubt on the government's economic outlook. The UK currency later pared some of those losses, rec
Published 25 Apr, 2009 12:00am
Dollar Libor mostly lower

Dollar Libor mostly lower

The rates that banks charge each other for borrowing three-month dollar funds eased on Friday and a gauge of money market stress was little changed, although worries about the banking sector persisted. Concern about the embattled industry is likely to lin
Published 25 Apr, 2009 12:00am
French business morale brightens

French business morale brightens

Business morale in France recovered from recent lows in April as an influential survey showed private sector activity shrinking at a slower pace, fuelling hopes that the intensity of recession may be weakening. The monthly business confidence index publis
Published 25 Apr, 2009 12:00am
Canada's retail sales rise slightly in February

Canada's retail sales rise slightly in February

Canadian retail sales notched up their second straight monthly increase, rising by 0.2 percent in February from January, after big drops in November and December, Statistics Canada said on Thursday. Analysts had predicted sales would remain unchanged from
Published 25 Apr, 2009 12:00am
Barclays first quarter up on year, chairman survives protest

Barclays first quarter up on year, chairman survives protest

Barclays Plc, Britain's third biggest bank by market value, said on Thursday its first-quarter financial performance was well ahead of the same period last year as its chairman survived a protest vote against his re-election. Barclays said 16.3 percent of
Published 25 Apr, 2009 12:00am
Barclays first quarter up on year, chairman survives protest

Barclays first quarter up on year, chairman survives protest

Barclays Plc, Britain's third biggest bank by market value, said on Thursday its first-quarter financial performance was well ahead of the same period last year as its chairman survived a protest vote against his re-election. Barclays said 16.3 percent of
Published 25 Apr, 2009 12:00am
Crisis weighs on Asian Islamic bond market: Moody's

Crisis weighs on Asian Islamic bond market: Moody's

The global economic crisis has slowed down the issuance of Islamic bonds in Asia but the market remains resilient, Moody's Investor Service said Thursday. Issuance of the bonds, or sukuk, in Asian currencies totalled 64.3 billion US dollars in 2008, down
Published 25 Apr, 2009 12:00am
Crisis weighs on Asian Islamic bond market: Moody's

Crisis weighs on Asian Islamic bond market: Moody's

The global economic crisis has slowed down the issuance of Islamic bonds in Asia but the market remains resilient, Moody's Investor Service said Thursday. Issuance of the bonds, or sukuk, in Asian currencies totalled 64.3 billion US dollars in 2008, down
Published 25 Apr, 2009 12:00am
Lloyds Banking Group says to cut 1,000 jobs

Lloyds Banking Group says to cut 1,000 jobs

Lloyds Banking Group, the British government-controlled banking giant, said Thursday that it would cut nearly 1,000 jobs over the next two years. Changes to LBG's motor finance business would "result in the loss of 910 full-time jobs which affects 985 ful
Published 25 Apr, 2009 12:00am
Fed's balance sheet doubles in size in 2008

Fed's balance sheet doubles in size in 2008

The US Federal Reserve's balance sheet ballooned in 2008, more than doubling in size, as the central bank ramped up funding to bail out the financial system, according to Fed data released on Thursday. Combined assets in the Federal Reserve system reached
Published 25 Apr, 2009 12:00am
Lloyds Banking Group says to cut 1,000 jobs

Lloyds Banking Group says to cut 1,000 jobs

Lloyds Banking Group, the British government-controlled banking giant, said Thursday that it would cut nearly 1,000 jobs over the next two years. Changes to LBG's motor finance business would "result in the loss of 910 full-time jobs which affects 985 ful
Published 25 Apr, 2009 12:00am
Auto part makers feel pain as Toyota sales drop

Auto part makers feel pain as Toyota sales drop

Auto parts maker Robert Bosch announced job cuts on Thursday and German rival Continental prepared to tighten its belt as world No 1 carmaker Toyota suffered a further slump in sales. The part makers' statements came as Italy's Fiat SpA reported a first-q
Published 25 Apr, 2009 12:00am
Slow foreign aid risks loss of US clout to China: Hillary

Slow foreign aid risks loss of US clout to China: Hillary

The United States risks losing influence to China because it is sometimes too slow to deliver aid to needy nations, Secretary of State Hillary Clinton warned here on Thursday. Speaking to a congressional committee, Clinton cited the example of an emergenc
Published 25 Apr, 2009 12:00am
UK imposes carbon limits on new coal plants

UK imposes carbon limits on new coal plants

Britain announced on Thursday plans to force all new British coal plants to test a pioneering carbon-cutting technology, as the country tries to sharpen efforts to meet steep climate change targets. The move would make Britain the first country to require
Published 25 Apr, 2009 12:00am
German economy to shrink six percent

German economy to shrink six percent

Germany's economy is poised to shrink by a record six percent this year, a group of top economic institutes said Thursday, the latest in a series of dire predictions for Europe's largest economy. As the economy nosedives, jobless lines are set to grow, th
Published 25 Apr, 2009 12:00am
Ireland signals social welfare cuts next year

Ireland signals social welfare cuts next year

Ireland's government signalled on Thursday that it may cut social welfare payments next year as part of a wider squeeze on spending to tackle a ballooning budget deficit. Finance Minister Brian Lenihan said a reduction in the cost of living as interest ra
Published 25 Apr, 2009 12:00am
Britain refuses full settlement rights for former Gurkhas

Britain refuses full settlement rights for former Gurkhas

The British government refused to offer full settlement rights to all former Gurkhas Friday despite a High Court ruling last year, in a move slammed by the Nepalese ex-soldiers and their supporters. Britain will not grant settlement rights to more than 4,
Published 25 Apr, 2009 12:00am
ANC celebrates, pressure on Zuma

ANC celebrates, pressure on Zuma

South Africa's ruling ANC celebrated a dominating lead in an election that will install Jacob Zuma as president and put him under immediate pressure to deal with a faltering economy and improve the lives of the poor. The African National Congress held 66.
Published 25 Apr, 2009 12:00am
Two US journalists to be tried in North Korea

Two US journalists to be tried in North Korea

Two US journalists accused by North Korea of crossing into the country illegally from China and committing ``hostile acts' will be tried on criminal charges, the isolated nation announced Friday. Laura Ling and Euna Lee, who work for San Francisco-based C
Published 25 Apr, 2009 12:00am
Medvedev sacks military intelligence chief

Medvedev sacks military intelligence chief

President Dmitry Medvedev dismissed the head of Russia's military intelligence agency on Friday, the Kremlin said, after he was reported to have opposed sweeping reforms. Medvedev signed a decree "to remove Army General Valentin Vladimirovich Korabelnikov
Published 25 Apr, 2009 12:00am
North Korea to boycott nuclear talks: Russia

North Korea to boycott nuclear talks: Russia

North Korea will stay away from international nuclear disarmament talks, Russia's foreign minister said on Friday after visiting the secretive state and pressing Pyongyang to return to the sputtering discussions. North Korea, which raised regional tension
Published 25 Apr, 2009 12:00am
Fatal swine flu breaks out in Mexico

Fatal swine flu breaks out in Mexico

A deadly swine flu never seen before has broken out in Mexico, killing at least 16 people and raising fears of a possible pandemic. The World Health Organisation said it was concerned at what it called 800 "influenza-like" cases in Mexico, and also about
Published 25 Apr, 2009 12:00am
Let military contractors police themselves: UK

Let military contractors police themselves: UK

Private military companies that refuse to sign up to tougher standards on human rights and accountability will lose out on British government contracts under a plan laid out Friday. Britain's Foreign Secretary David Miliband said military and security con
Published 25 Apr, 2009 12:00am
60 die in deadliest Iraq bombing since June

60 die in deadliest Iraq bombing since June

In a second day of major bloodshed, two female suicide bombers blew themselves up near the gates of a Shia shrine in Baghdad on Friday, killing 60 people, Iraqi police said. The attack was the deadliest single incident in Iraq since 63 people died in a tr
Published 25 Apr, 2009 12:00am
US-Russian arms talks make 'productive' start

US-Russian arms talks make 'productive' start

US and Russian arms negotiators held a "very productive" initial round of talks on Friday aimed at agreeing a new treaty to curb nuclear weapons as part of a broader effort to improve relations. Rose Gottemoeller, US Assistant Secretary of State for verif
Published 25 Apr, 2009 12:00am
Indian Maoists kill five in election attack

Indian Maoists kill five in election attack

Suspected Maoist rebels killed five people, including four policemen, returning from election duty in the eastern Indian state of Bihar, police said Friday. The policemen and one election official had been guarding polling stations in the state when a lan
Published 25 Apr, 2009 12:00am
Thai Prime Minister lifts state of emergency

Thai Prime Minister lifts state of emergency

Thailand lifted a state of emergency Friday that was imposed in the capital following anti-government riots by supporters of ousted Prime Minister Thaksin Shinawatra, while authorities tried to locate the fugitive tycoon abroad. Thaksin travelled to Liber
Published 25 Apr, 2009 12:00am
Singaporean has Asia's first combined heart, liver swap

Singaporean has Asia's first combined heart, liver swap

A 58-year-old Singaporean pastor is recovering well after undergoing Asia's first simultaneous heart and liver transplant, his medical team said Friday. The 13-hour surgery, which took place two weeks ago at the Singapore General Hospital (SGH), was neede
Published 25 Apr, 2009 12:00am
Punjab University holds book fair at new campus

Punjab University holds book fair at new campus

Former Foreign Minister Khurshed Mahmood Kasuri, PPP leader Asharf Ali Sohna, Ahsan Ullah Waqas, renowned writers Tariq Ismail Sagar, Mashkoor Hussain Yaad and other national renowned personalities along with PU Vice-Chancellor Professor Dr Mujahid Kamran
Published 25 Apr, 2009 12:00am
PIICA points out snags in large infrastructure projects implementation

PIICA points out snags in large infrastructure projects implementation

Paucity of human resources and materials, poor planning and management skills, and the inability of Pakistan to timely attract 'substitute' external implementation resources is making difficult the on-time and within budget implementation of large infrast
Published 25 Apr, 2009 12:00am
AAML approves interim dividends

AAML approves interim dividends

The Board of Directors of Atlas Asset Management Limited (AAML) the management company of Atlas Income Fund (AIF) and Atlas Islamic Income Fund (AIIF), on Friday, April 24, 2009 approved interim dividends for AIF and AIIF for the third quarter ended March
Published 25 Apr, 2009 12:00am
Progress of work on 'DHA City' reviewed

Progress of work on 'DHA City' reviewed

A meeting of DHA Executive Board, chaired by its President Corps commander Lieutenant General, Shahid Iqbal, was held at Headquarters 5 Corps here on Thursday to discuss the pace of progress of the ongoing projects in DHA, says a press release. The Execut
Published 25 Apr, 2009 12:00am
MBL restructures USL's business process

MBL restructures USL's business process

Pakistan's first and largest Islamic bank, Meezan Bank Limited (MBL) has restructured the internal and external processes, documentation and procedures of the instalment sale business of United Sales (Private) Limited (USL) to make them Shariah compliant.
Published 25 Apr, 2009 12:00am
AAML approves interim dividends

AAML approves interim dividends

The Board of Directors of Atlas Asset Management Limited (AAML) the management company of Atlas Income Fund (AIF) and Atlas Islamic Income Fund (AIIF), on Friday, April 24, 2009 approved interim dividends for AIF and AIIF for the third quarter ended March
Published 25 Apr, 2009 12:00am
MBL restructures USL's business process

MBL restructures USL's business process

Pakistan's first and largest Islamic bank, Meezan Bank Limited (MBL) has restructured the internal and external processes, documentation and procedures of the instalment sale business of United Sales (Private) Limited (USL) to make them Shariah compliant.
Published 25 Apr, 2009 12:00am
FIFA rules 'banned' AFC associations can vote

FIFA rules 'banned' AFC associations can vote

World football's governing body on Friday said five "banned" Asian football associations have the right to vote at the AFC's crucial upcoming Congress. It followed a letter from the associations to FIFA president Sepp Blatter urging him to intervene and s
Published 25 Apr, 2009 12:00am
Final whistle tolls for debt-ridden La Louviere

Final whistle tolls for debt-ridden La Louviere

Debt-ridden La Louviere, winners of the 2003 Belgian Cup, will go out of existence at the end of the season, the Belgian club's vice president Olivier Michel announced on Friday. "All the decision-makers are resigned to it. On June 27 it will be proposed
Published 25 Apr, 2009 12:00am
Flintoff out of West Indies series, OK for Ashes

Flintoff out of West Indies series, OK for Ashes

England all-rounder Andrew Flintoff is to undergo surgery on his right knee, ruling him out of the upcoming two-Test series against the West Indies. Flintoff has returned from South Africa, where he was playing in the Indian Premier League, to undergo the
Published 25 Apr, 2009 12:00am
Cautious Davydenko makes Nadal favourite

Cautious Davydenko makes Nadal favourite

Nikolay Davydenko will line up Saturday against rested and refreshed holder Rafael Nadal in Saturday's semi-final at the Barcelona Open as the Russian tries to invade the Spaniard's clay playground.
Published 25 Apr, 2009 12:00am
Australia's Davis Cup tie to stay in India

Australia's Davis Cup tie to stay in India

Australia's appeal to shift next month's Asian zonal Davis Cup tie against hosts India out of Chennai over security fears was rejected by the International Tennis Federation (ITF) on Friday. "The ITF board of directors has upheld the decision of the Davis
Published 25 Apr, 2009 12:00am
Inter rescind Adriano contract

Inter rescind Adriano contract

Italian league leaders Inter Milan said on Friday they had rescinded the contract of Brazilian striker Adriano, who recently returned to his homeland citing depression and the need for a break from football. The club said the player's contract would be te
Published 25 Apr, 2009 12:00am
Imran Khan calls for 2011 World Cup venue swap

Imran Khan calls for 2011 World Cup venue swap

Former Pakistan captain Imran Khan said Friday international cricket authorities should swap the 2011 and 2015 World Cup venues, rather than deprive Pakistan of its matches in the earlier tournament. "Pakistan should have gathered the support of its Asian
Published 25 Apr, 2009 12:00am
Fergie backs Giggs for belated award

Fergie backs Giggs for belated award

Sir Alex Ferguson wants to see his veteran Ryan Giggs reach a double milestone this weekend with his 800th Manchester United appearance followed by the PFA's Player of the Year Award. Giggs, 35, can reach the remarkable 800-game landmark when United aim t
Published 25 Apr, 2009 12:00am
Singapore dollar rises, ringgit NDF spreads narrow

Singapore dollar rises, ringgit NDF spreads narrow

The Malaysian ringgit led a broad Asia currency rally on Friday amid optimism about the global economy, while the Singapore dollar rose as investors moved to cut their long US dollar holdings. Some analysts attributed the firmness in Asian currencies to t
Published 25 Apr, 2009 12:00am
Australian dollar edges up

Australian dollar edges up

The Australian dollar edged up on Friday, but was wedged in a tight range with gains contained by weaker regional stocks and as investor unease about the outcome of the stress tests on US banks grew. The Aussie had been gaining ground in the past seven we
Published 25 Apr, 2009 12:00am
Euro rallies on bank results

Euro rallies on bank results

The euro rallied broadly on Thursday as encouraging news about the European economy and banking system sparked hope that the 16-country euro zone may be emerging from the depths of recession. The dollar, meanwhile, fell against most currencies as a net qu
Published 25 Apr, 2009 12:00am
Yen hits four-week high

Yen hits four-week high

The yen hit its highest level in about four weeks against the dollar on Friday, driven by the unwinding of money-losing positions, as the market awaited developments on US banks' stress tests. The yen gained broadly, with the Australian dollar falling 1.2
Published 25 Apr, 2009 12:00am
Swiss franc up

Swiss franc up

The Swiss franc rose against the dollar and crept upwards against the euro on Friday as investors worried about the health of the global economy. "People are more worried that the economic rebound may take longer to materialise than they had hoped after a
Published 25 Apr, 2009 12:00am
Yuan firmer, hits fresh one-month high

Yuan firmer, hits fresh one-month high

The yuan rose to a fresh one-month high against the dollar on Friday after the Chinese central bank fixed the mid-point of the yuan at a five-month high, outside the range it has maintained since mid-December. The People's Bank of China appears to be test
Published 25 Apr, 2009 12:00am
Hong Kong dollar still strong

Hong Kong dollar still strong

The Hong Kong dollar hovered at the top of its trading band on Friday, prompting the Hong Kong Monetary Authority (HKMA) to step in three times and sell HK$6.975 billion ($900 million) in total for US dollars to prevent the currency from rising beyond its
Published 25 Apr, 2009 12:00am
Indonesian shares end flat

Indonesian shares end flat

Indonesian shares ended flat Friday as political uncertainty ahead of presidential elections and selling of resource stocks weighed on sentiment, dealers said. The Jakarta Composite Index lost 1.37 points, or 0.09 percent, to 1,591.33 in moderate volume.
Published 25 Apr, 2009 12:00am
Nikkei average slides

Nikkei average slides

Japan's Nikkei average fell 1.6 percent on Friday as mobile phone operator KDDI sank on disappointing earnings, while steelmaker JFE Holdings lost ground after not issuing an annual earnings forecast. Auto shares dropped on news that US automaker Chrysler
Published 25 Apr, 2009 12:00am
Seoul shares end down

Seoul shares end down

Seoul shares ended lower after volatile trade on Friday, weighed down by losses in Samsung Electronics, which fell despite posting strong results. Samsung Elec shed 5.58 percent, posting its biggest daily percentage loss in more than three months since mi
Published 25 Apr, 2009 12:00am
Chinese stocks drop

Chinese stocks drop

Chinese stocks slipped 0.62 percent on Friday in shrinking turnover, marking their first weekly decline in six weeks with blue chips soft on worries about a possible tightening of liquidity in the market. The Shanghai Composite Index ended at 2,448.595 po
Published 25 Apr, 2009 12:00am
US Treasury debt prices lower

US Treasury debt prices lower

US Treasury debt prices eased on Thursday as investors uneasily awaited word of how much debt the government will auction next week. Although the Federal Reserve was buying Treasuries on Thursday, the market was focusing on an expected flood of new debt s
Published 25 Apr, 2009 12:00am
US Treasury debt prices lower

US Treasury debt prices lower

US Treasury debt prices eased on Thursday as investors uneasily awaited word of how much debt the government will auction next week. Although the Federal Reserve was buying Treasuries on Thursday, the market was focusing on an expected flood of new debt s
Published 25 Apr, 2009 12:00am
New Zealand shares end unchanged

New Zealand shares end unchanged

New Zealand shares closed little changed on Friday as local investors ignored a positive lead from a rising Wall Street, dealers said. The benchmark NZX-50 index dropped 2.46 points to 2,656.39 on turnover worth 113.7 million dollars (63.9 million US). Th
Published 25 Apr, 2009 12:00am
Singapore shares lower

Singapore shares lower

Singapore shares closed 0.38 percent lower Friday after the release of more gloomy economic data in the recession-hit economy, dealers said. The main Straits Times Index fell 7.13 points to 1,852.85. Volume totalled 1.44 billion shares worth 1.04 billion
Published 25 Apr, 2009 12:00am
Wall Sreet rises as banks, Apple offset data

Wall Sreet rises as banks, Apple offset data

US stocks rose in volatile trade on Thursday as better-than-expected results from several regional banks lifted financial shares, overshadowing disappointing economic data and anemic outlooks from economic bellwethers like United Parcel Service. Earnings
Published 25 Apr, 2009 12:00am
Malaysian shares up

Malaysian shares up

Malaysian shares closed up 1.40 percent Friday due to strong buying interest, dealers said. The Kuala Lumpur Composite Index added 14.04 points to 992.68, with gainers outnumbering decliners 594 to 139. "There was strong buying interest across the board w
Published 25 Apr, 2009 12:00am
Hong Kong shares edge up

Hong Kong shares edge up

Hong Kong shares rose 0.3 percent on Friday, with Huiyuan Juice spiking on hopes of a deal with Coca-Cola, but a run of six straight weekly gains ended as doubts emerged about the health of the financial sector and the pace of recovery in China.
Published 25 Apr, 2009 12:00am
Thai stocks climb

Thai stocks climb

Thai share prices closed 1.72 percent higher on Friday as the market welcomed the government's lifting of a state of emergency in and around Bangkok, dealers said. The Stock Exchange of Thailand (SET) composite index gained 8.01 points to close at 474.07
Published 25 Apr, 2009 12:00am
Taiwan stocks inch up

Taiwan stocks inch up

Taiwan stocks inched up 0.09 percent on Friday, with financial shares such as Cathay Financial rising ahead of cross-Strait talks on Taiwan and China opening their financial sectors. The main TAIEX share index closed up 5.53 points at 5,880.77, but gave u
Published 25 Apr, 2009 12:00am
German business morale improves, lifts recovery hopes

German business morale improves, lifts recovery hopes

German corporate sentiment improved in April to its best level in five months, adding to hopes that the downturn in Europe's largest economy may be easing despite gloomy forecasts released this week. The Ifo business climate index, based on a poll of arou
Published 25 Apr, 2009 12:00am
UK economy suffers sharpest decline since 1979

UK economy suffers sharpest decline since 1979

Britain's economy shrank at its sharpest rate in 30 years in the first three months of 2009 and more dramatically than expected, casting serious doubt over government forecasts for a recovery by the end of the year. Official figures on Friday - the first
Published 25 Apr, 2009 12:00am
WTO backs Japan against US in compliance case

WTO backs Japan against US in compliance case

A World Trade Organisation (WTO) dispute panel said on Friday that the United States had not complied with an earlier ruling in a case brought by Japan over US treatment of unfairly priced imports. Friday's ruling clears the way for Japan to seek up to $2
Published 25 Apr, 2009 12:00am
Microsoft cuts costs

Microsoft cuts costs

Microsoft Corp's quarterly profit fell 32 percent, but its shares rose as investors welcomed continuing efforts to cut costs and news that the release of its Windows 7 operating system is on track. The world's top software maker offered no profit forecast
Published 25 Apr, 2009 12:00am
14,000 at Hong Kong's two main airlines agree to take unpaid leave

14,000 at Hong Kong's two main airlines agree to take unpaid leave

Around 14,000 staff at Hong Kong airlines Cathay Pacific and Dragonair have agreed to take unpaid leave in response to a cost-cutting appeal, the sister airlines announced Friday. The response - amounting to some 70 per cent of the two airlines' global wo
Published 25 Apr, 2009 12:00am
Microsoft cuts costs

Microsoft cuts costs

Microsoft Corp's quarterly profit fell 32 percent, but its shares rose as investors welcomed continuing efforts to cut costs and news that the release of its Windows 7 operating system is on track. The world's top software maker offered no profit forecast
Published 25 Apr, 2009 12:00am
Ford posts loss of $1.4 billion

Ford posts loss of $1.4 billion

Ford Motor Co announced Friday it lost 1.4 billion dollars in the first quarter, and said its restructuring was on track to achieve "break-even or better" results by 2011. The automaker, the only member of the Detroit Big Three, which includes Chrysler an
Published 25 Apr, 2009 12:00am
Ford posts loss of $1.4 billion

Ford posts loss of $1.4 billion

Ford Motor Co announced Friday it lost 1.4 billion dollars in the first quarter, and said its restructuring was on track to achieve "break-even or better" results by 2011. The automaker, the only member of the Detroit Big Three, which includes Chrysler an
Published 25 Apr, 2009 12:00am
US backs opening of Central Asian gas markets

US backs opening of Central Asian gas markets

The United States on Friday encouraged Turkmenistan to diversify its energy markets as Washington hopes to shake off Moscow's grip on this energy-rich but reclusive Central Asian nation. Speaking at an energy conference in the Turkmen capital, US Deputy A
Published 25 Apr, 2009 12:00am
Opec chief plays down possible output cut

Opec chief plays down possible output cut

Opec chief Abdalla Salem El-Badri does not expect the oil cartel to cut production at a key meeting next month, Dow Jones Newswires reported Friday. Despite signs of even weaker crude demand and swelling oil inventory in big energy consuming nations, the
Published 25 Apr, 2009 12:00am
Durable goods orders slip 0.8 percent: new US homes inventories plummet

Durable goods orders slip 0.8 percent: new US homes inventories plummet

The inventory of new US homes for sale at the end of the March plummeted at a record pace, government data showed on Friday, bringing a glimmer of hope of improvement in the housing market even as data on durable goods sales showed weakness in the economy
Published 25 Apr, 2009 12:00am
Yearly economic growth at a 27-week high

Yearly economic growth at a 27-week high

A weekly measure of US future economic growth remained unchanged, while its annualised growth rate rose to levels last seen in early October 2008, suggesting economic recovery for the near future, a research group said Friday. The Economic Cycle Research
Published 25 Apr, 2009 12:00am
No reason to change in language on G7 currency

No reason to change in language on G7 currency

There is no reason for the Group of Seven's communique on Friday to show any change in language on currencies from the statement at its last meeting, a Group of Seven official said. "There is no reason for the paragraph on currencies to change. For the mo
Published 25 Apr, 2009 12:00am
UN calls on Asia to protect poor from food crisis

UN calls on Asia to protect poor from food crisis

The food crisis that hit many developing countries last year is likely to re-emerge following the recession and Asian countries must take measures to protect poor people from rising prices, a UN report said Friday. The report released in Bangkok called fo
Published 25 Apr, 2009 12:00am
New law gives more power to workers in big firms

New law gives more power to workers in big firms

European Union negotiators have approved a new law that gives workers in large companies more say over major decisions such as restructuring. An agreement between the European Parliament and the EU's 27 national governments late on Thursday amends legisla
Published 25 Apr, 2009 12:00am
Brazil jobless rate rises to highest since September 2007

Brazil jobless rate rises to highest since September 2007

Unemployment in Brazil jumped to the highest since September 2007 as companies laid off workers and a sharp slowdown in Latin America's largest economy made it harder for people to find jobs. The jobless rate rose to 9 percent in March from 8.5 percent in
Published 25 Apr, 2009 12:00am
Despite downturn, Nobel cash prizes to stay unchanged

Despite downturn, Nobel cash prizes to stay unchanged

The cash prize of 10 million kronor (1.2 million dollars, 922,700 euros) for each Nobel category will remain unchanged this year, despite the recession, the Nobel Foundation said Friday. The organisation - which manages the vast fortune left by Swedish in
Published 25 Apr, 2009 12:00am
Bank official sentenced to death in China

Bank official sentenced to death in China

A postal bank official in southern China was sentenced to death Friday for siphoning off more than 1.3 billion yuan (190 million dollars) to pay off her gambling debts, state media reported. He Liqiong, 45, was given the death penalty by an intermediate c
Published 25 Apr, 2009 12:00am
Eni profits collapse, beat forecasts

Eni profits collapse, beat forecasts

Italy's Eni SpA said profits collapsed in the first quarter of 2009 but continued a trend of oil producers and service companies suffering less than expected after a $100/barrel collapse in oil prices. Eni said net profit excluding one-off items and unrea
Published 25 Apr, 2009 12:00am
Eni profits collapse, beat forecasts

Eni profits collapse, beat forecasts

Italy's Eni SpA said profits collapsed in the first quarter of 2009 but continued a trend of oil producers and service companies suffering less than expected after a $100/barrel collapse in oil prices. Eni said net profit excluding one-off items and unrea
Published 25 Apr, 2009 12:00am
Singapore home prices down 14 percent

Singapore home prices down 14 percent

Singapore's once high-flying property market remained depressed in the first quarter of this year amid a deepening recession, government data and company results showed Friday. Private residential home prices dived 14.1 percent in the three months to Marc
Published 25 Apr, 2009 12:00am
Credit Suisse head warns of state influence in banks

Credit Suisse head warns of state influence in banks

The chairman of Swiss banking giant Credit Suisse on Friday warned against excessive government intervention in the lending policies of banks that have been bailed out by the state. "In view of the growing number of banks relying on government support, ho
Published 25 Apr, 2009 12:00am
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