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Nov 14, 2024 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Print - 2009-05-13
FTSE slips as banks, miners weigh on index

FTSE slips as banks, miners weigh on index

Britain's FTSE 100 index ended down on Tuesday as losses in banks and miners offset gains in drugmakers, oil producers and Vodafone. The UK benchmark closed 9.96 points lower, or 0.2 percent at 4,425.54, after losing 0.6 percent on Monday. The index is do
Published 13 May, 2009 12:00am
Crossover index volatile

Crossover index volatile

European speculative-grade credit spreads were volatile on Tuesday as investors fretted that the recent rally may be overdone. By 1511 GMT, the Markit iTraxx Crossover index, made up of 45 mostly "junk"-rated credits, was at 791.5 basis points, according
Published 13 May, 2009 12:00am
Crossover index volatile

Crossover index volatile

European speculative-grade credit spreads were volatile on Tuesday as investors fretted that the recent rally may be overdone. By 1511 GMT, the Markit iTraxx Crossover index, made up of 45 mostly "junk"-rated credits, was at 791.5 basis points, according
Published 13 May, 2009 12:00am
Indian shares climb

Indian shares climb

Indian shares rose 4.07 percent Tuesday on fresh fund buying as national parties started building alliances ahead of the results of general elections due next weekend, dealers said. The benchmark 30-share Sensex rose 475.04 points to 12,158.03. Polling in
Published 13 May, 2009 12:00am
Tuesday's early afternoon trade: Wall Street slides

Tuesday's early afternoon trade: Wall Street slides

US stocks fell on Tuesday as investors took profits in the technology and banking sectors while a drop in US exports in March and multiple stock offerings from various companies dampened enthusiasm. Among the heaviest weights were J.P. Morgan Chase & Co o
Published 13 May, 2009 12:00am
Asian bond spreads widen

Asian bond spreads widen

Asian bond spreads widened for a second straight day on Tuesday, as investors pocketed gains after a recent rally, while others were sidelined ahead of the release of key US economic data. The Asia Itraxx investment-grade index excluding Japan widened to
Published 13 May, 2009 12:00am
Asian bond spreads widen

Asian bond spreads widen

Asian bond spreads widened for a second straight day on Tuesday, as investors pocketed gains after a recent rally, while others were sidelined ahead of the release of key US economic data. The Asia Itraxx investment-grade index excluding Japan widened to
Published 13 May, 2009 12:00am
Malaysian shares down

Malaysian shares down

Malaysian shares fell 0.2 percent Tuesday due to profit-taking, dealers said. The Kuala Lumpur Composite Index lost 2.48 points to close at 1,023.02 in a volume of 2.204 billion shares worth 1.66 billion ringgit (472.25 million dollars). There were 253 ga
Published 13 May, 2009 12:00am
$5 billion 'Tokyo package' a bridge to stronger revenue efforts: IMF

$5 billion 'Tokyo package' a bridge to stronger revenue efforts: IMF

The International Monetary Fund (IMF) on its website referred to the Tokyo package of over 5 billion dollars as "a bridge towards a stronger medium-term revenue effort". The time period, constituting medium term, was not specified. However, this reflects
Published 13 May, 2009 12:00am
Islamabad traders threaten to go on indefinite strike

Islamabad traders threaten to go on indefinite strike

The Traders Action Committee, Islamabad, on Tuesday threatened to go on strike for indefinite period if their demands for release of traders, held under the Anti-terrorism Act, were not met.
Published 13 May, 2009 12:00am
FROM A RINGSIDE SEAT

FROM A RINGSIDE SEAT

There were some signs of unity. There was unanimity of views. It seemed on Tuesday that parliamentarians from all parties stand behind the armed forces currently engaged in battle with militants to save Swat. It cannot be said for sure that this unity cam
Published 13 May, 2009 12:00am
Interim report by Justice Bhagwandas-led commission

Interim report by Justice Bhagwandas-led commission

The following is full text of the Interim report of Judicial Commission in CP Nos 33 & 34 of 2005. "1. In deference to the court order on my representation for extension of time in finalisation of the report and asking for an interim report by 12-5-2009,
Published 13 May, 2009 12:00am
Stickers provided by ITP mandatory for all PSVs

Stickers provided by ITP mandatory for all PSVs

For effective security arrangements in the capital, Islamabad Traffic Police (ITP) has issued stickers to those Public Service Vehicles (PSVs) who have completed all the required documents.
Published 13 May, 2009 12:00am
Half a million people flee fresh fighting: UN

Half a million people flee fresh fighting: UN

More than half a million people have fled fighting between the military and Taliban in north-west Pakistan and registered with authorities in the last 10 days, the UN refugee agency said Tuesday.
Published 13 May, 2009 12:00am
Commission starts functioning

Commission starts functioning

Attention of general public is invited to the fact that Commission on oil and gas products prices, has started functioning under the direction of Supreme Court of Pakistan, at Supreme Court of Pakistan Building M.R. Kiyani Road, Karachi.
Published 13 May, 2009 12:00am
RCCI sets up special relief fund for IDPs

RCCI sets up special relief fund for IDPs

Rawalpindi Chamber of Commerce and Industry (RCCI) has established a special relief fund from Rs one million for the help of immigrants from Swat and Buner due to military operation against miscreants and terrorists in these areas.
Published 13 May, 2009 12:00am
IDPs' issue needs unprecedented response: Fehmida

IDPs' issue needs unprecedented response: Fehmida

The Acting President Dr Fehmida Mirza has said that the issue of the internally displaced people of Swat and Malakand (IDPs) was human catastrophe and it needed an unprecedented response from the international community and people of Pakistan to overcome
Published 13 May, 2009 12:00am
Deal inked on wheat procurement financing to Punjab government

Deal inked on wheat procurement financing to Punjab government

The consortium of three banks including two Islamic banks and Punjab Food Department have signed Rs 5 billion agreement according to which the consortium would provide Wheat Procurement Financing to Government of Punjab.
Published 13 May, 2009 12:00am
Clarification

Clarification

Apropos a news item "25-foot berth space caves in under heavy cargo" carried by Business Recorder on Tuesday, the Karachi Port Trust (KPT) has clarified that no berth has collapsed; the storage area of about 1000 sq. meters which is 100 meters away
Published 13 May, 2009 12:00am
Government approves Rs 400 million for promotion of sports activities

Government approves Rs 400 million for promotion of sports activities

The government has approved Rs 400 million for the promotion of sports activities and completion of the continuing projects said Federal Minister for Sports, Pir Aftab Hassain Shah Jilani, while talking to the media men after chairing the 4th meeting of I
Published 13 May, 2009 12:00am
Call to bring small units into tax net

Call to bring small units into tax net

Federal B Area Association of Trade and Industry (FBAATI) has urged the government to take comprehensive measures to formalise all sectors of the economy, particularly, the small businesses, as 90 per cent of them are being operated informally.
Published 13 May, 2009 12:00am
Ministry concerned over growing losses of PSMC

Ministry concerned over growing losses of PSMC

The Ministry of Industries and Production, showing concern over the dismal performance of Pakistan Steel Mills Corporation (PSMC), has asked the Corporation to make concerted efforts to increase productivity and profitability.
Published 13 May, 2009 12:00am
PBM allocates Rs one billion for IDPs

PBM allocates Rs one billion for IDPs

Pakistan Bait-ul-Mal (PBM) has allocated a budget of Rs 1 billion for providing food and other facilities to internally displaced persons (IDPs) of Swat, Dir and Buner under its special package. According to a statement issued here on Tuesday.
Published 13 May, 2009 12:00am
Indian rupee gains

Indian rupee gains

The Indian rupee rode a surging share market and a weaker US dollar to recover from early losses on Tuesday, but some poor data and caution ahead of election results at the weekend prevented a sharper rally. The partially convertible rupee closed at 49.26
Published 13 May, 2009 12:00am
Three bodies recovered from different areas

Three bodies recovered from different areas

Three bodies including a body of woman were found from different parts of the metropolis on Tuesday, police and witnesses said. A four-day old body of a young man, Saifullah, 30, was found in a house located at Saeedabad Colony in limits of Saeedabad poli
Published 13 May, 2009 12:00am
Dollar plummets in London

Dollar plummets in London

The dollar fell to a four-month low against a currency basket on Tuesday as solid UK data fanned optimism that the global recession is easing, boosting sterling, as well as the euro and other perceived higher-risk currencies. Stronger-than-expected UK ret
Published 13 May, 2009 12:00am
Dollar Libor at historic lows but flows thin

Dollar Libor at historic lows but flows thin

Bank-to-bank dollar funding costs fell again to historic lows on Tuesday, reflecting a gradual return in confidence in money markets that analysts also caution still has some way to go. Money market participants took heart after US stress tests on major b
Published 13 May, 2009 12:00am
US sacks top commander in Afghanistan

US sacks top commander in Afghanistan

US Defence Secretary Robert Gates has sacked the top commander in Afghanistan to make way for "new thinking" in the seven-year-old war that has struggled to halt a widening Taliban insurgency. Gates, explaining Monday his decision to replace General David
Published 13 May, 2009 12:00am
20 dead as US, Afghans battle suicide bombers

20 dead as US, Afghans battle suicide bombers

Eleven Taliban suicide bombers attacked government buildings in eastern Afghanistan on Tuesday, sparking running gunbattles that killed at least 20 people and wounded three US troops, officials said. US and Afghan troops freed 20 hostages taken by the ins
Published 13 May, 2009 12:00am
Pound sets four-month high

Pound sets four-month high

Sterling rallied to a four-month high against a broadly weaker dollar on Tuesday but lost steam in late trade after a key measure of UK unemployment showed a bigger-than-expected rise in the jobless rate in March. Still, the latest batch of economic repor
Published 13 May, 2009 12:00am
Khamenei offers implicit support to Ahmadinejad

Khamenei offers implicit support to Ahmadinejad

Iran's supreme leader, Ayatollah Ali Khamenei, on Tuesday offered his implicit support to hard-line President Mahmoud Ahmadinejad who is seeking a second term as the Islamic republic's president. Iran will vote on June 12 to elect its new president.
Published 13 May, 2009 12:00am
Sri Lanka brushes off criticism over rebel war

Sri Lanka brushes off criticism over rebel war

Sri Lankan troops broke through Tamil Tiger defences on Tuesday and the government brushed off Western criticism of civilian deaths as part of a rebel-orchestrated bid for a last-minute reprieve. The rebels, cornered in a coastal strip where they have hel
Published 13 May, 2009 12:00am
Nato appoints US admiral as supreme commander

Nato appoints US admiral as supreme commander

Nato announced Tuesday that it had appointed US Admiral James Stavridis as its supreme military commander, following a request from the United States. Stavridis will replace US General John Craddock as Supreme Allied Commander Europe (SACEUR), said a stat
Published 13 May, 2009 12:00am
27 killed as storm lashes northern India

27 killed as storm lashes northern India

At least 27 people were killed in India's northern state of Uttar Pradesh in heavy rainstorms that uprooted trees and caused several houses to collapse, news reports and officials said Tuesday.The PTI news agency, quoting police sources, reported 27 peopl
Published 13 May, 2009 12:00am
Malaysian government regains power in disputed state

Malaysian government regains power in disputed state

Malaysia's National Front government, armed with a court order, took control of disputed Perak state again on Tuesday in a development that will likely deepen political divisions in the country. An appeals court decision on Tuesday delayed the handover of
Published 13 May, 2009 12:00am
Incense burns as solemn China mourns quake dead

Incense burns as solemn China mourns quake dead

Mourners crowded ruins in south-west China on Tuesday to mark one year since an earthquake shattered the region, while President Hu Jintao called reconstruction efforts a testament to national strength. In Sichuan province, where the earthquake rippled ou
Published 13 May, 2009 12:00am
Pope comes under criticism in Israel

Pope comes under criticism in Israel

The speaker of Israel's parliament accused German-born Pope Benedict on Tuesday of showing detachment from Jewish suffering in the Nazi Holocaust, adding to criticism that has marked his Holy Land pilgrimage. The pontiff, described by one Israeli newspape
Published 13 May, 2009 12:00am
Mugabe backs North Korea's rocket launch

Mugabe backs North Korea's rocket launch

Zimbabwe's President Robert Mugabe has congratulated North Korea on its rocket launch and expressed hopes for even warmer ties, Pyongyang's official news agency said Tuesday. It said Mugabe made the comments Monday during a meeting with the North's visiti
Published 13 May, 2009 12:00am
Thousands flee Mogadishu, death toll hits 113

Thousands flee Mogadishu, death toll hits 113

Thousands of residents fled bomb-blasted north Mogadishu on Tuesday where the worst fighting in months between Islamist militants and the government has killed at least 113 civilians, according to a rights group.
Published 13 May, 2009 12:00am
Berlin court fines man for beheading wax Hitler

Berlin court fines man for beheading wax Hitler

A German court fined an unemployed man 900 euros ($1,227) on Tuesday for knocking the head off a waxwork figure of Adolf Hitler in a Berlin museum. Minutes after the Madame Tussauds museum opened in the German capital in July, the 42-year-old pushed past
Published 13 May, 2009 12:00am
BBC names first Muslim head of religious programmes

BBC names first Muslim head of religious programmes

The BBC has appointed its first Muslim head of religious programming, in a move likely to further raise concerns within the Church of England that Christian views were being sidelined. Aaqil Ahmed will join the state-funded broadcaster from privately run
Published 13 May, 2009 12:00am
Freed US-born reporter says to rest, be with family

Freed US-born reporter says to rest, be with family

US-born reporter Roxana Saberi, free after more than three months in an Iranian jail, said on Tuesday she wanted to rest and be with her family after she was acquitted of spying for the United States.
Published 13 May, 2009 12:00am
Accused Nazi guard arrives in Germany to face charges

Accused Nazi guard arrives in Germany to face charges

Accused Nazi death camp guard John Demjanjuk arrived from the United States on Tuesday to face charges he helped kill 29,000 Jews in 1943, and what is likely to be Germany's last major Nazi trial. Police cars and ambulances surrounded his plane when it la
Published 13 May, 2009 12:00am
World seabed in dispute at May 13 claims deadline

World seabed in dispute at May 13 claims deadline

The world faces disputes over the seabed from the South China Sea to the North Pole at a May 13 UN deadline for claims meant as a milestone towards the final fixing of maritime boundaries. Most coastal states have to define their continental shelves, area
Published 13 May, 2009 12:00am
Expenses create image problem for UK conservatives

Expenses create image problem for UK conservatives

Revelations that Conservative politicians claimed public funds to clean swimming pools and tend gardens have undermined leader David Cameron's attempts to tone down the party's elitist image. The disclosures about MPs' expense claims in The Daily Telegrap
Published 13 May, 2009 12:00am
New virus could still mutate, spark pandemic: WHO

New virus could still mutate, spark pandemic: WHO

The new H1N1 flu virus could still mutate into a more virulent form and spark an influenza pandemic that could be expected to circle the globe up to three times, the World Health Organisation said on Tuesday. The impact of any pandemic would vary, as a vi
Published 13 May, 2009 12:00am
Scores of Afghan girls ill in third school poisoning

Scores of Afghan girls ill in third school poisoning

Five young girls slipped briefly into comas and nearly 100 were taken to hospital after a gas attack on their school on Tuesday, the third in a series of such incidents north of Kabul, Afghan officials said. The early morning mass-poisoning at Qazaaq scho
Published 13 May, 2009 12:00am
Economic woes weigh as Cannes film festival opens

Economic woes weigh as Cannes film festival opens

The Cannes film festival opens on Wednesday with 3D animation comedy "Up", but with studios cutting back due to the recession the "feel good" factor at the famously extravagant cinema showcase may quickly fade. Vanity Fair's exclusive party has been cance
Published 13 May, 2009 12:00am
Japan opposition to pick new leader before poll

Japan opposition to pick new leader before poll

Japan's main opposition party will vote on Saturday for a new leader to replace scandal-tainted Ichiro Ozawa, in a move that could boost its fading prospects of winning an election just months away. The Democratic Party had a clear poll lead until a fundi
Published 13 May, 2009 12:00am
Berlusconi blasts Ancelotti for failed title bid

Berlusconi blasts Ancelotti for failed title bid

AC Milan president Silvio Berlusconi has blamed coach Carlo Ancelotti for the club's failure to win the Serie A title this season. Milan can still mathematically finish top of the pile but with city rivals Inter Milan needing only one more victory from th
Published 13 May, 2009 12:00am
Ajmal seeks action clearance

Ajmal seeks action clearance

Pakistan spin bowler Saeed Ajmal has been sent to Australia in an attempt to get his action cleared before next month's Twenty20 World Cup in England. The Pakistan Cricket Board said on Tuesday that Ajmal had left for Perth, where his technique would be r
Published 13 May, 2009 12:00am
PCB steps up challenge against World Cup match bans

PCB steps up challenge against World Cup match bans

Pakistan cricket's board said on Tuesday it had written to the International Cricket Council, stepping up its challenge against a decision to strip the troubled country of World Cup matches. The Pakistan Cricket Board (PCB) said Saturday it was mounting a
Published 13 May, 2009 12:00am
Pakistan to tour Sri Lanka in June-August

Pakistan to tour Sri Lanka in June-August

Pakistan will play three Tests, five one-day internationals and a Twenty20 match on their tour of Sri Lanka in June-August, Sri Lanka Cricket said on Tuesday.
Published 13 May, 2009 12:00am
Pakistan hires psychologist to boost players' morale

Pakistan hires psychologist to boost players' morale

Pakistan's cricket team has enlisted the help of a motivational psychologist to try to boost player unity and mental strength ahead of key matches, coach Intikhab Alam said Tuesday. Following the lead of teams like Australia, India and Sri Lanka - all of
Published 13 May, 2009 12:00am
Manchester United on brink of title at Wigan

Manchester United on brink of title at Wigan

Manchester United can move to within one point of wrapping up a third straight Premier League title by beating Wigan here on Wednesday. But Sir Alex Ferguson's stars have been warned by France defender Patrice Evra that they could yet throw the title away
Published 13 May, 2009 12:00am
Ronaldo, United have agreed Real transfer

Ronaldo, United have agreed Real transfer

Cristiano Ronaldo and Manchester United have both signed agreements with Real Madrid regarding the Portuguese winger's transfer to the Spanish side, a newspaper reported Tuesday. Under the agreements, Manchester will let the 2008 FIFA World Footballer of
Published 13 May, 2009 12:00am
India's IPL stops SMS game after 'gambling' slur

India's IPL stops SMS game after 'gambling' slur

Indian Premier League chiefs cancelled a mobile phone SMS contest on Tuesday following accusations from the government that it encouraged gambling and betting. "There was no formal complaint, but sports minister's views were taken into account and the org
Published 13 May, 2009 12:00am
Zola Chelsea link costs BBC libel payment

Zola Chelsea link costs BBC libel payment

West Ham manager Gianfranco Zola and first-team coach Steve Clarke accepted undisclosed libel damages from the BBC Tuesday over an interview in which it was claimed the pair were planning to become the new management team at Chelsea. The interview, with f
Published 13 May, 2009 12:00am
Swiss franc higher

Swiss franc higher

The Swiss franc traded near flat against the euro on Tuesday and managed to gain some ground against the dollar as investors remain encouraged by strong equity market performances over the past few weeks. The franc versus the euro remained hovering around
Published 13 May, 2009 12:00am
Rupiah leads Asian retreat

Rupiah leads Asian retreat

The Indonesian rupiah lost 1 percent on Tuesday, leading a broad retreat in Asian currencies as investors book profits on a recent rally due to renewed concerns about the global economy. Asian shares fell after data showed China's exports in April fell mo
Published 13 May, 2009 12:00am
US dollar regains ground

US dollar regains ground

The US dollar rose on Monday, rebounding from a four-month low as a global decline in stock prices boosted the greenback's safe-haven appeal and investors bought the currency after a sharp sell-off last week. Renewed risk aversion also boosted demand for
Published 13 May, 2009 12:00am
Yen gains broadly in Asia

Yen gains broadly in Asia

The yen rose broadly on Tuesday to extend gains made the previous day as regional stocks fell after a slide on Wall Street, prompting investors to further reduce investments in risky assets. The dollar edged down against a basket of currencies towards Mon
Published 13 May, 2009 12:00am
Yuan slightly up

Yuan slightly up

The yuan reversed earlier losses on Tuesday to end slightly higher as the market brushed off China's disappointing exports and as the US dollar index fell 0.60 percent in early European trade. Spot yuan finished at 6.8216 versus the dollar from Monday's c
Published 13 May, 2009 12:00am
Hong Kong dollar hovers at upper limit

Hong Kong dollar hovers at upper limit

The Hong Kong dollar hovered around the top of its trading band against the US dollar on Tuesday in quiet trade, while interbank rates were steady to a touch softer after repeated fund injections by the city's central bank the previous session to defend t
Published 13 May, 2009 12:00am
New Zealand shares dip

New Zealand shares dip

New Zealand share prices closed 0.58 percent lower on Tuesday, led down by top stocks Telecom and Fletcher Building, dealers said. The benchmark NZX-50 index fell 16.53 points to 2,812.70 on turnover worth 85.7 million dollars (51.2 million US). Telecom f
Published 13 May, 2009 12:00am
China flags others' foreign exchange policies among export risks

China flags others' foreign exchange policies among export risks

Currency depreciation by some of China's trade rivals means Beijing faces a daunting task to support exporters and help keep economic growth on track, the Ministry of Commerce said on Tuesday. The global economic downturn, a tightening of credit for impor
Published 13 May, 2009 12:00am
Nikkei retreats 1.6 percent

Nikkei retreats 1.6 percent

Japan's Nikkei average lost 1.6 percent on Tuesday, succumbing to profit-taking after hitting a six-month closing high the previous day, with drugmaker Daiichi Sankyo sliding 9.3 percent after a large annual net loss. Bank shares such as Mitsubishi UFJ Fi
Published 13 May, 2009 12:00am
Thai stocks close 1.75 percent firmer

Thai stocks close 1.75 percent firmer

Thai share prices closed 1.75 percent higher on Tuesday on bargain hunting, reaching the highest level since political protests erupted in deadly violence seven months ago, dealers said. The Stock Exchange of Thailand (SET) composite index gained 9.36 poi
Published 13 May, 2009 12:00am
Taiwan stocks fall in three weeks

Taiwan stocks fall in three weeks

Taiwan stocks shed 3.23 percent on Tuesday, their worst one-day decline in three weeks, as losses on Wall Street and other global markets promoted investors to lock in profits from a recent rally in financial and tourism stocks. Weaker sales from local te
Published 13 May, 2009 12:00am
China stocks up 1.5 percent

China stocks up 1.5 percent

Chinese stocks rose 1.49 percent on Tuesday in light trade, with property, coal and steel shares strong as a steep fall in exports cast doubt over the economic recovery but raised hopes for government support measures. The Shanghai Composite Index ended a
Published 13 May, 2009 12:00am
US Treasury prices rally

US Treasury prices rally

US government bond prices jumped on Monday as stocks took a dive and the Federal Reserve made its largest foray yet into longer-dated Treasuries. With the supply of new notes letting up for the coming two weeks, traders seemed willing to take a chance on
Published 13 May, 2009 12:00am
Philippines shares decline

Philippines shares decline

Philippines shares closed 0.51 percent lower on Tuesday on profit-taking, dealers said. The composite index fell 11.64 points to 2,253.91 while the all-shares index lost 0.46 percent to 1,449.66. There were 40 gainers, 59 losers and 49 unchanged. Volume t
Published 13 May, 2009 12:00am
US Treasury prices rally

US Treasury prices rally

US government bond prices jumped on Monday as stocks took a dive and the Federal Reserve made its largest foray yet into longer-dated Treasuries. With the supply of new notes letting up for the coming two weeks, traders seemed willing to take a chance on
Published 13 May, 2009 12:00am
Jakarta shares rise

Jakarta shares rise

Indonesian share prices ended 0.62 percent higher on Tuesday on late buying by local institutional funds in mining and telecom blue chips, dealers said. The Jakarta Composite Index gained 11.28 points to close at 1,842.02. "Massive buying by local funds o
Published 13 May, 2009 12:00am
US stocks sag

US stocks sag

US stocks fell on Monday as investors booked profits in financials after a two-month run-up and news of several banks' share offerings heightened worries about their dilutive impact on current shareholders. With government stress tests on big banks out of
Published 13 May, 2009 12:00am
Seoul shares fall

Seoul shares fall

Seoul shares fell on Tuesday led by banks on concerns about major US lenders' share offerings, while the South Korean central bank's widely expected decision to keep interest rates unchanged had a limited impact on markets. The Korea Composite Stock Price
Published 13 May, 2009 12:00am
Hong Kong shares jump

Hong Kong shares jump

Hong Kong share prices closed 0.38 percent higher on Tuesday, as strong investor confidence helped overturn earlier losses, dealers said. The benchmark Hang Seng Index closed up 65.69 points at 17,153.64, after dropping into negative territory in the morn
Published 13 May, 2009 12:00am
Singapore shares make slight gains

Singapore shares make slight gains

Singapore shares closed 0.56 percent higher on Tuesday after bargain-hunting reversed earlier losses, dealers said. The blue chip Straits Times Index climbed 12.03 points to 2,178.13 on volume of 2.70 billion shares worth 2.09 billion Singapore dollars (1
Published 13 May, 2009 12:00am
PCCW buyout bid clearly manipulated: Hong Kong judge

PCCW buyout bid clearly manipulated: Hong Kong judge

A shareholder vote that approved Hong Kong telecom giant PCCW's 2.1 billion US dollar privatisation move was clearly manipulated by a city businessman, a court ruled Monday. Lam Hau-wah, a senior manager at Fortis Insurance Company (Asia), dished out arou
Published 13 May, 2009 12:00am
'UK economy shows signs of stabilisation'

'UK economy shows signs of stabilisation'

Britain's economy stabilised in April after a year of falling output, the National Institute of Economic and Social Research said on Tuesday. It said last month's improvement suggested the decline in output since the start of the recession may not be as s
Published 13 May, 2009 12:00am
Standard Bank executive says 2009 tough year

Standard Bank executive says 2009 tough year

The head of Standard Bank's South African business said on Tuesday 2009 was proving "tougher than anybody expected" as bad debts at its corporate and retail business continue to rise and trade slows. Sim Tshabalala, who is also one of the group deputy CEO
Published 13 May, 2009 12:00am
China eight percent growth target achievable'

China eight percent growth target achievable'

China has the resources to achieve its economic growth target of 8 percent this year but a recovery will not be sustainable unless it improves its economic structure, Yu Yongding, an influential economist and former central bank adviser, said on Tuesday.
Published 13 May, 2009 12:00am
'EU to stress test banking system by September'

'EU to stress test banking system by September'

The European Union will stress test its banking system by September to determine its resilience to the economic downturn and find out if it is adequately capitalised, EU sources and banking supervisors said on Tuesday. The stress tests will be done by nat
Published 13 May, 2009 12:00am
Eastern Europe business climate worsens, pace of downturn slows

Eastern Europe business climate worsens, pace of downturn slows

Business sentiment worsened among companies operating in central and Eastern Europe in the three months to April, although the pace of the fall slowed due to resilience in countries like Poland and the Czech Republic. The Thomson Reuters & OeKB Central an
Published 13 May, 2009 12:00am
Bank of France sees economic slowdown easing

Bank of France sees economic slowdown easing

The French economy is expected to shrink at a slower pace in the second quarter of 2009, the Bank of France said in its latest survey on Tuesday. Giving its first estimate for the quarter, the central bank said gross domestic product (GDP) will contract b
Published 13 May, 2009 12:00am
South Korea rates held at record low, seen on hold

South Korea rates held at record low, seen on hold

South Korea's central bank on Tuesday held interest rates at a record low 2.0 percent for the third month in a row, as expected, but sparked a bond rally by promising to keep to an easier policy stance for the time being. It forecast mildly positive quart
Published 13 May, 2009 12:00am
Russian oligarch Deripaska to shrink property empire

Russian oligarch Deripaska to shrink property empire

Russian billionaire Oleg Deripaska, once the country's richest man, is moving to sell off his domestic construction empire as he grapples with his vast debts, a newspaper reported on Tuesday. The report prompted a clarification by a spokesman for Deripask
Published 13 May, 2009 12:00am
Cash-strapped French cut down on holidays

Cash-strapped French cut down on holidays

The global downturn is forcing French families to scrap their summer holidays and those who will be frolicking on the beach plan to watch every euro they spend, according to a survey on Tuesday. About 62 percent of the French told the OpinionWay polling f
Published 13 May, 2009 12:00am
Oil falls below $58 in Asia

Oil falls below $58 in Asia

Oil prices fell for a second straight day on Tuesday to below $58 a barrel on weaker equities, consolidating after touching a six-month peak last week, as China disappointed markets with a sharp drop in April exports. Crude prices touched $58.75 on Friday
Published 13 May, 2009 12:00am
US trade chief starts talks in conciliatory mode

US trade chief starts talks in conciliatory mode

The new US trade chief arrived in Geneva on Monday in conciliatory mode, declaring he wanted to listen to America's trade partners and resolve disputes with the European Union through negotiation, not litigation. US Trade Representative Ron Kirk, who took
Published 13 May, 2009 12:00am
Malaysian palm oil futures up

Malaysian palm oil futures up

Malaysian palm futures rose 1.1 percent on Tuesday as fears lingered over prospects for strong exports to mop up low stock levels in the world's second largest producer of the vegetable oil. The benchmark July contract settled down 28 ringgit at 2,688 rin
Published 13 May, 2009 12:00am
Tokyo rubber futures fall

Tokyo rubber futures fall

Tokyo rubber futures fell on Tuesday, extending losses into a third day in a truncated trading session, as a rising yen hurt sentiment while declines in global stock markets prompted profit-taking. A systems fault at the Tokyo Commodity Exchange, Japan's
Published 13 May, 2009 12:00am
Rains to cut Brazil's 2008-09 Bahia cotton crop

Rains to cut Brazil's 2008-09 Bahia cotton crop

Output from Brazil's No 2 cotton producing state, Bahia, could fall by as much as 20 percent 2008/09 from initial forecasts due to excessive rains in recent weeks, a farmers' association said on Monday. Heavy rains should also delay the beginning of the h
Published 13 May, 2009 12:00am
US soya ends mixed

US soya ends mixed

US soybean futures on the Chicago Board of Trade closed mixed on Monday with spot May easing on profit-taking after last week's rally and positioning before USDA's monthly report on Tuesday. CBOT May soy down 4 cents per bushel at $11.30. July up 4-1/2 at
Published 13 May, 2009 12:00am
New York sugar closes near three-year high

New York sugar closes near three-year high

Raw sugar futures settled up and near a three-year top on Monday as the sweetener defied weak outside markets and was bolstered by expected offtake from Asian countries led by India, brokers said. The July raw sugar contract gained 0.34 cent to conclude a
Published 13 May, 2009 12:00am
US gold drops

US gold drops

New York gold futures edged down in mixed trade on Monday, whipsawing between selling pressure related to a financial market sell-off and technical buying. Gold for June delivery down $1.10 at $913.80 an ounce at 11:16 am EDT (1616 GMT) on the COMEX divis
Published 13 May, 2009 12:00am
Gold ends steady in Asia

Gold ends steady in Asia

Gold was little changed on Tuesday, taking a breather a day after paring a 3 percent gain made last week on a rebound in the dollar, while declines in global stock markets underpinned its allure as a safe-haven asset. Tokyo's Nikkei share average fell 1.6
Published 13 May, 2009 12:00am
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