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Print - 2009-05-27
Oil hits six-month high

Oil hits six-month high

Oil hit a fresh six-month high on Tuesday, bolstered by US consumer confidence data and comments from Opec kingpin Saudi Arabia that prices may continue to rise. Saudi Arabian Oil Minister Ali al-Naimi told journalists ahead of Thursday's Opec meeting he
Published 27 May, 2009 12:00am
Copper rebounds

Copper rebounds

Copper prices rebounded from a near 3 percent drop on Tuesday as rallying equities and robust US consumer confidence data helped offset investor concerns over domestic copper sales by China.
Published 27 May, 2009 12:00am
India suspends new sugar futures

India suspends new sugar futures

India's commodities market regulator has barred the launch of new sugar futures contracts until the end of 2009, a move that analysts say may hit imports as buyers would not be able to hedge their risks.
Published 27 May, 2009 12:00am
Progas can supply LPG to 1,500 autogas stations

Progas can supply LPG to 1,500 autogas stations

Progas Pakistan Limited, one of the leading LPG companies in the country, with its current capacity can supply LPG to 1500 autogas stations. According to a press release issued here on Tuesday, the company has an integrated supply infrastructure geared up
Published 27 May, 2009 12:00am
Pak-Iran gas pipeline agreement is a historic deal: Dr Asim

Pak-Iran gas pipeline agreement is a historic deal: Dr Asim

The Advisor to Prime Minister on Petroleum and Natural Resources, Dr Asim Hussain, has said that Pak-Iran gas pipeline agreement "is a historic deal". Speaking at a dinner hosted by Abdul Sami Khan, Chairman, Pakistan Petroleum Dealers Association, here o
Published 27 May, 2009 12:00am
National Day of Yemen celebrated

National Day of Yemen celebrated

National day of Yemen was celebrated along with launching of consular corps Sindh, Pakistan chapter in Karachi. A large number of diplomats, ministers, senators, parliamentarians and dignities attended the event. Dr Mirza Ikhtair Baig has been elected as
Published 27 May, 2009 12:00am
Marble and agriculture sectors badly affected by military operation

Marble and agriculture sectors badly affected by military operation

The military operation against terrorists in Swat, Buner and Lower Dir brought the marble and agriculture sector business to standstill, as about 400 marble factories in the Buner district have been closed depriving the government of million in revenue ea
Published 27 May, 2009 12:00am
New residence costing Rs 107 million to be built for Senate Chairman

New residence costing Rs 107 million to be built for Senate Chairman

The government is planning to construct a new residence for Chairman Senate in Minister's enclave at an estimated cost of Rs 107 million. This was revealed exclusively to Business Recorder. According to sources in Cabinet division, the new residenc
Published 27 May, 2009 12:00am
Fahim for early conclusion of FTA with Jordan

Fahim for early conclusion of FTA with Jordan

The Federal Minister for Commerce Makhdoom Amin Fahim has asked for an early conclusion of Free Trade Agreement (FTA) with Jordan. The Federal Minister said this while talking to the Ambassador of Jordan, H E Saleh Ahmed Al-Jawarneh who called on him on T
Published 27 May, 2009 12:00am
Tax compliance rate should be raised, seminar told

Tax compliance rate should be raised, seminar told

A former official of Federal Board of Revenue (FBR) has claimed that informal sector is paying much less tax than the documented sectors of the economy, which is major reason of ever-increasing budget deficit. Dr Ather Maqsood, who is presently teaching i
Published 27 May, 2009 12:00am
Business community opposes Afghan transit trade agreement

Business community opposes Afghan transit trade agreement

The business community has impressed upon the federal government to avoid inking new Afghan Transit Trade Agreement to save the economy and industrial sector from further damage as it will provide Indian products free access to Pakistani markets. The busi
Published 27 May, 2009 12:00am
e-filing system: taxpayers raise queries about discrepancies

e-filing system: taxpayers raise queries about discrepancies

Taxpayers have raised several questions for removing discrepancies in sales and purchase data in their sales tax returns filed electronically during 2008-09. The representatives and tax lawyers of taxpayers and corporate entities told Business Recorder
Published 27 May, 2009 12:00am
Bus-shuttle service for Pakistan Secretariat employees inaugurated

Bus-shuttle service for Pakistan Secretariat employees inaugurated

The SSP Traffic, Islamabad, Dr Sultan Azam Temuri on Tuesday inaugurated the bus-shuttle service for the employees of Pak Secretariat, which was widely endorsed and admired by the government employees. He said on this occasion that Islamabad Traffic Polic
Published 27 May, 2009 12:00am
BuildCon Exposition and Seminar 2009

BuildCon Exposition and Seminar 2009

For the improvement of construction sector and all allied industries "Evolution" and "Construct Pakistan" are holding BuildCon Expo and Seminar 2009 in Islamabad. "Evolution and Construct Pakistan have joined hands with the National Highway Authority (NHA
Published 27 May, 2009 12:00am
FTSE moves up after US data

FTSE moves up after US data

Britain's leading share index ended 1.1 percent higher on Tuesday after data showed US consumer confidence rose, with energy stocks, cigarette makers and food retailers leading the gainers. The FTSE 100 closed 46.43 points higher at 4,411.72, reversing ea
Published 27 May, 2009 12:00am
Indian shares down 2.33 percent

Indian shares down 2.33 percent

Indian shares fell 2.33 percent Tuesday as European markets opened weak and investors took profits after last week's surge, dealers said. The benchmark 30-share Sensex fell 323.99 points to 13,589.23. Weak global trends saw investors locking in gains with
Published 27 May, 2009 12:00am
Asian bond spreads narrow

Asian bond spreads narrow

Asian debt spreads narrowed on Tuesday, with the region's bonds lifted by rising expectations that the worst of the global downturn may be over after Japan raised its economic outlook for the first time in three years. Tokyo said the pace of decline in th
Published 27 May, 2009 12:00am
Asian bond spreads narrow

Asian bond spreads narrow

Asian debt spreads narrowed on Tuesday, with the region's bonds lifted by rising expectations that the worst of the global downturn may be over after Japan raised its economic outlook for the first time in three years. Tokyo said the pace of decline in th
Published 27 May, 2009 12:00am
Hong Kong, China shares lower in light turnover

Hong Kong, China shares lower in light turnover

Hong Kong and China stocks retreated on Tuesday in light turnover as heightened political risks in the region and lower oil prices weighed. The strong run-ups in both markets in recent weeks, with the Hang Seng Index jumping more than 50 percent since ear
Published 27 May, 2009 12:00am
Euro bond supply tops second-highest of 2009

Euro bond supply tops second-highest of 2009

Primary market activity returned with a vengeance on Tuesday, making 2009 the second-highest on record for euro bond supply, boosted by a host of investment-grade companies including Pfizer and ArcelorMittal. High-grade euro-denominated bond supply has su
Published 27 May, 2009 12:00am
Euro bond supply tops second-highest of 2009

Euro bond supply tops second-highest of 2009

Primary market activity returned with a vengeance on Tuesday, making 2009 the second-highest on record for euro bond supply, boosted by a host of investment-grade companies including Pfizer and ArcelorMittal. High-grade euro-denominated bond supply has su
Published 27 May, 2009 12:00am
Dollar rises in London

Dollar rises in London

The dollar rose on Tuesday, recovering from a five-month low hit last week, while investors cautiously awaited US Treasury debt auctions kicking off later in the day. The euro was hurt by plummeting share prices and weak economic data. A media report ques
Published 27 May, 2009 12:00am
Sterling recovers

Sterling recovers

Sterling recovered from an earlier slide against the dollar on Tuesday after a strong improvement in US consumer confidence beat market expectations, prompting demand for riskier assets. The US confidence indicator rose to 54.9 in May, adding to hopes tha
Published 27 May, 2009 12:00am
Libor rates rise for first time since March

Libor rates rise for first time since March

The interbank cost of borrowing three-month dollars on Tuesday edged up for the first time since late March as banks reduced their reliance on central bank funding despite persistent concern about counterparty risk. After declining for two months, the des
Published 27 May, 2009 12:00am
Three US soldiers among 22 killed in Afghanistan

Three US soldiers among 22 killed in Afghanistan

A bomb attack on US troops north of the Afghan capital Tuesday killed three soldiers and three Afghan civilians, officials said, as 13 militants were reported killed in air strikes. In other violence linked to Taliban-led insurgency, two Afghan policemen
Published 27 May, 2009 12:00am
Indian rupee tumbles

Indian rupee tumbles

The Indian rupee fell by 1.25 percent on Tuesday, its biggest fall in nearly three months, as the stock market fell and regular month-end demand for dollars was exacerbated by broad-based strength in the US currency. The partially convertible rupee closed
Published 27 May, 2009 12:00am
Russia signs $1 billion uranium deals with US companies

Russia signs $1 billion uranium deals with US companies

Russia signed $1 billion worth of contracts on Tuesday to supply uranium to US companies from 2014, a landmark deal that Moscow hopes will drive sales of nuclear fuel in the United States. Russia's Techsnabexport (Tenex) signed the deal with Fuelco, a com
Published 27 May, 2009 12:00am
Astronauts to blast off to expanded space station

Astronauts to blast off to expanded space station

A Belgian, a Canadian and a Russian blast off for the International Space Station on Wednesday as Russia steps up its rocket launches to support a doubling of the station's crew. The astronauts will lift off aboard a Russian Soyuz rocket at 4:34 pm (1034
Published 27 May, 2009 12:00am
Europe's fastest supercomputer unveiled

Europe's fastest supercomputer unveiled

A new supercomputer with the power of 50,000 home PCs - the fastest in Europe and the third world-wide - was unveiled on Tuesday in Germany. The "Jugene," capable of 1,000,000,000,000,000 calculations per second, ranks behind the "Roadrunner" and "Jaguar"
Published 27 May, 2009 12:00am
UN rights council divided over Sri Lanka

UN rights council divided over Sri Lanka

Asian and Western members of the UN Human Rights Council failed to find a common voice on the situation in Sri Lanka before they were due to hold a special session on the issue Tuesday. Switzerland, with the support of about 30 mainly Western states, has
Published 27 May, 2009 12:00am
Sri Lanka rehabilitates 7,000 former Tamil Tigers

Sri Lanka rehabilitates 7,000 former Tamil Tigers

More than 7,000 Tamil Tiger fighters have been questioned by judges as part of their rehabilitation following Asia's longest modern war, Sri Lanka's military said on Tuesday. After declaring victory over the separatist rebels last week, the government mus
Published 27 May, 2009 12:00am
Georgians mark Independence Day with protest rally

Georgians mark Independence Day with protest rally

Tens of thousands of opposition supporters rallied in Tbilisi on Tuesday, Georgia's Independence Day, to demand the resignation of President Mikheil Saakashvili. The opposition accuses Saakashvili of monopolising power since the 2003 "Rose Revolution" tha
Published 27 May, 2009 12:00am
Iran sends six warships to international waters

Iran sends six warships to international waters

Iran has sent six warships into international waters including the Gulf of Aden, a local newspaper reported on Tuesday, just days after it test-fired a new missile that can reach some parts of Europe. "We have dispatched six warships to international wate
Published 27 May, 2009 12:00am
Nepal's new Prime Minister asks Maoists to join government

Nepal's new Prime Minister asks Maoists to join government

Nepal's new prime minister appealed on Tuesday for the Maoist party to join his government, saying the former rebels' participation was needed to protect the country's peace process. Madhav Kumar Nepal was sworn in on Monday after three weeks of political
Published 27 May, 2009 12:00am
Afghan was taken to Guantanamo aged 12

Afghan was taken to Guantanamo aged 12

An Afghan who has spent over six years at the US military's Guantanamo Bay prison was only around 12-years-old when he was detained, not 16 or 17 as his official record says, an Afghan rights group said on Tuesday. Interviews with the family of Mohammed J
Published 27 May, 2009 12:00am
North Korea fires more rockets; says US hostile

North Korea fires more rockets; says US hostile

North Korea, defiant in the face of international condemnation of its latest nuclear test, fired two more short-range missiles off its east coast on Tuesday and accused the United States of plotting against its government. In a move certain to compound te
Published 27 May, 2009 12:00am
North Korea to 'pay a price' for more weapons tests: US

North Korea to 'pay a price' for more weapons tests: US

North Korea will "pay a price" if it continues to carry out nuclear weapon and missile tests in violation of international law, US ambassador to the United Nations Susan Rice said Tuesday. "If you want to continue to test and provoke the international com
Published 27 May, 2009 12:00am
Curfew imposed in India's Punjab

Curfew imposed in India's Punjab

Troops patrolled towns and highways in India's northern state of Punjab to enforce a curfew on Tuesday after three people were killed in riots sparked by the killing of a Sikh preacher in Austria. More than 18,000 bus and railway passengers had been stran
Published 27 May, 2009 12:00am
Over 120 dead after cyclone hits Bangladesh and India

Over 120 dead after cyclone hits Bangladesh and India

Bangladesh and India launched major relief operations Tuesday after a cyclone tore into the northern coast of the Bay of Bengal, killing at least 126 people and leaving hundreds of thousands homeless. Many of the casualties in Bangladesh were children who
Published 27 May, 2009 12:00am
Suu Kyi denies charges at trial

Suu Kyi denies charges at trial

Myanmar pro-democracy icon Aung San Suu Kyi told her trial Tuesday that she did not violate the terms of her house arrest by offering "temporary shelter" to a US man who swam to her lakeside home. The Nobel Peace Prize winner was testifying for the first
Published 27 May, 2009 12:00am
Saudi Shia demand better rights in Yemen border area

Saudi Shia demand better rights in Yemen border area

Minority Shias in Saudi Arabia have asked the Sunni-led authorities to end discrimination in a remote province bordering Yemen, which Saudi Arabia fears could give al Qaeda a staging post for a new campaign. Al Qaeda staged suicide attacks on foreign resi
Published 27 May, 2009 12:00am
China to build world's largest quake simulator

China to build world's largest quake simulator

A Chinese university said Tuesday it had started to build the world's largest quake simulator, a week after the first anniversary of the deadly earthquake in south-west China. It will be used to accurately test the designs of bridges, tunnels, subways, st
Published 27 May, 2009 12:00am
Obama picks first Hispanic Supreme Court justice

Obama picks first Hispanic Supreme Court justice

US President Barack Obama on Tuesday nominated an "inspiring woman," appeals court judge Sonia Sotomayor to serve as the first Hispanic justice on the Supreme Court. The move, which will delight Latino voters, a fast-growing demographic bloc which helped
Published 27 May, 2009 12:00am
19 buried alive in PNG landslide

19 buried alive in PNG landslide

Up to 19 people were buried alive when heavy rains triggered a landslide in remote Papua New Guinea, a report said Tuesday. Women and children were believed to be among those buried in the collapse, which hit Zongefifi village in Morobe province, on PNG's
Published 27 May, 2009 12:00am
Belgian former Guantanamo Bay inmates cleared

Belgian former Guantanamo Bay inmates cleared

Two Belgians held for four years in the notorious US military prison at Guantanamo Bay have been cleared of belonging to a criminal group, a Belgian justice official said Tuesday. The two, Moussa Zemmouri and Mesut Sun, were captured respectively in Afgha
Published 27 May, 2009 12:00am
Israel withdraws opposition to Egypt's candidate for UNESCO

Israel withdraws opposition to Egypt's candidate for UNESCO

Israel has withdrawn its opposition to Egypt's candidate to head the United Nations Educational, Scientific and Cultural Organisation, Foreign Ministry spokesman Yigal Palmor confirmed Tuesday. The commitment not to oppose Egypt's Cultural Minister Farouk
Published 27 May, 2009 12:00am
Eight dead in Turkey hospital fire

Eight dead in Turkey hospital fire

Eight patients in an intensive care unit died after a fire erupted overnight in a state hospital in north-western Turkey, Health Minister Recep Akdag said Tuesday. Women holding babies wrapped in blankets were seen rushing out of the building in the city
Published 27 May, 2009 12:00am
China praised at climate talks for planned curbs

China praised at climate talks for planned curbs

China won praise for moves to cap its surging greenhouse gas emissions at a meeting of major economies on Tuesday, even as Germany criticised the lack of progress towards a new United Nations climate treaty. "China is very active," French Environment Mini
Published 27 May, 2009 12:00am
Defensive worries for Barcelona and Manchester United as fans arrive

Defensive worries for Barcelona and Manchester United as fans arrive

For all the talk of their devastating attacking capabilities, Barcelona and Manchester United must sort out defensive worries for Wednesday's Champions League final. As the teams and hordes of fans arrive in Rome for the 67,000 sell-out, Barca coach Josep
Published 27 May, 2009 12:00am
Yousuf confirms severed ties with ICL in bid to return

Yousuf confirms severed ties with ICL in bid to return

Former Pakistan batsman Mohamad Yousuf said Tuesday he had produced a letter confirming he had severed ties with a rebel Indian league, and was keen to revive his international career. Yousuf last year defected to the Indian Cricket League (ICL), not reco
Published 27 May, 2009 12:00am
Australia want to play extra man in Ashes warm-up

Australia want to play extra man in Ashes warm-up

Australia's cricket chiefs have asked their hosts for permission to play an extra man in two tour matches ahead of the first Ashes Test against England, Cricket Australia said Tuesday. The return of veterans Brett Lee and Stuart Clark has presented a sele
Published 27 May, 2009 12:00am
Jankovic eases into second round in Paris

Jankovic eases into second round in Paris

Jelena Jankovic took baby steps towards her first grand slam title when she dismissed Czech Petra Cetkovska 6-2 6-3 to reach the second round of the French Open on Tuesday. The Serbian fifth seed, who reached the semi-finals at Roland Garros last year, wi
Published 27 May, 2009 12:00am
Djokovic advances

Djokovic advances

Serbian fourth seed Novak Djokovic reached the French Open second round on Tuesday when his opponent, Ecuador's Nicolas Lapentti, retired with an injury. Djokovic was leading 6-3, 3-1 when Lapentti called it quits after suffering a foot injury. The Serbia
Published 27 May, 2009 12:00am
Magician Santoro takes limelight in Paris

Magician Santoro takes limelight in Paris

French veteran Fabrice Santoro, playing his 67th grand slam before retiring at the end of the year, is set to steal the show from Serbs Novak Djokovic and Jelena Jankovic at the French Open on Tuesday. The 36-year-old Santoro, dubbed the Magician due to h
Published 27 May, 2009 12:00am
Prior powers England against West Indies

Prior powers England against West Indies

Matt Prior's one-day international best of 87 was the highlight of England's record total against the West Indies of 328 for seven at Edgbaston here on Tuesday. Together with Owais Shah, who made an entertaining 75, wicket-keeper Prior put on 149 in 126 b
Published 27 May, 2009 12:00am
Mirza rues injury woes after exit

Mirza rues injury woes after exit

India's Sania Mirza blamed a lack of match practice after being eliminated in the first round of the French Open here on Tuesday. The world number 95 is trying to regain form after an injury-plagued 2008, but looked short of sharpness in a rain-hit 6-4, 7
Published 27 May, 2009 12:00am
Japan to play Chile, Belgium in World Cup warm-up

Japan to play Chile, Belgium in World Cup warm-up

Former Asian champions Japan will tune up for the World Cup qualifiers by playing Chile and Belgium in the three-nation Kirin Cup football tournament this week. In the Asian final qualifying round Group A, Australia lead the table with four wins and a dra
Published 27 May, 2009 12:00am
Dollar off five-month low

Dollar off five-month low

The dollar rose from a five-month low against a basket of currencies on Tuesday as investors booked profits on a spike in the euro and other higher-yielding currencies, while traders awaited US Treasury auctions to test the strength of investor appetite f
Published 27 May, 2009 12:00am
Asian currencies: won dips, Singapore dollar shrugs off output data

Asian currencies: won dips, Singapore dollar shrugs off output data

The South Korean won fell sharply on Tuesday amid growing tensions after North Korea's nuclear test, leading the weakness in Asian currencies with sentiment undermined by China's bid to weaken the yuan. The US dollar rose from a five-month low against a b
Published 27 May, 2009 12:00am
Australian dollar takes a pause from rally

Australian dollar takes a pause from rally

The Australian dollar eased on Tuesday, taking a breather from its recent rally, although investors remained optimistic over the currency amid mounting concerns about the United States' fiscal troubles. The US dollar has taken a beating in the past week a
Published 27 May, 2009 12:00am
Yuan suffers biggest daily loss

Yuan suffers biggest daily loss

The yuan suffered its biggest daily fall against the dollar in nearly four months on Tuesday mainly because the Chinese central bank surprised the market by fixing a sharply weaker mid-point, or its daily reference rate, sparking speculation about the cen
Published 27 May, 2009 12:00am
Hong Kong dollar eases slightly

Hong Kong dollar eases slightly

The Hong Kong dollar edged lower against the US dollar on Tuesday, while interbank rates were steady and hovered at a similar level to the previous session. The local currency hit an intraday low of 7.7521, slightly softer than late Monday trade in Asia.
Published 27 May, 2009 12:00am
Taiwan dollar softens

Taiwan dollar softens

The Taiwan dollar weakened on Tuesday as North Korea's nuclear and missile tests pressured Asian currencies, while reported comments from the island's central bank also damped sentiment. The Taiwan dollar ended at T$32.660 to the US dollar, weaker than th
Published 27 May, 2009 12:00am
Nikkei dips after North Korea missile warning

Nikkei dips after North Korea missile warning

Japan's Nikkei average fell 0.4 percent on Tuesday, hurt after North Korea warned of further short-range missile tests and by selling in the futures market after it failed to make a sustained break above a key level the previous day. Market participants s
Published 27 May, 2009 12:00am
Swiss franc ticks lower

Swiss franc ticks lower

The Swiss franc slipped against the dollar on Tuesday, but hovered close to a recent 5-month high as investors return from a long-weekend in New York and London. "The big question is if the dollar selling from last week is going to continue. We expect it
Published 27 May, 2009 12:00am
Philippines shares decline

Philippines shares decline

Philippines share prices closed 1.06 percent lower on Tuesday as the market corrected from an upturn the previous day, dealers said. The composite index fell 24.94 points to 2,309.68 while the all-shares index fell 0.83 percent to 1,504.87. There were 23
Published 27 May, 2009 12:00am
Thai share prices close 1.42 percent lower

Thai share prices close 1.42 percent lower

Thai shares closed 1.42 percent lower on Tuesday as analysts said North Korea's nuclear test had frightened off some regional investors. They said news a day earlier that Thailand's economy had officially entered recession amid fractious ties among the ru
Published 27 May, 2009 12:00am
Singapore shares dip 1.26 percent

Singapore shares dip 1.26 percent

Singapore shares closed 1.26 percent lower on Tuesday as investors looked for fresh leads amid mixed recovery signals for the ailing economy. The blue chip Straits Times Index (STI) fell 28.67 points to 2,238.79 on volume of 2.75 billion shares worth 1.61
Published 27 May, 2009 12:00am
JGB futures edge up

JGB futures edge up

Japanese government bond futures edged up on Tuesday as a drop in Tokyo shares gave safe-haven debt a lift, but activity was quiet as investors waited for the US markets to reopen after a long weekend. Investors were cautious about buying JGBs before US m
Published 27 May, 2009 12:00am
Malaysian shares sag

Malaysian shares sag

Malaysian shares closed down 0.14 percent on Tuesday after the government said the economy is expected to shrink by more than forecast this year, dealers said. The Kuala Lumpur Composite Index lost 1.51 points to 1,051.63, with losers outpacing advancers
Published 27 May, 2009 12:00am
JGB futures edge up

JGB futures edge up

Japanese government bond futures edged up on Tuesday as a drop in Tokyo shares gave safe-haven debt a lift, but activity was quiet as investors waited for the US markets to reopen after a long weekend. Investors were cautious about buying JGBs before US m
Published 27 May, 2009 12:00am
Seoul shares fall

Seoul shares fall

Seoul shares fell on Tuesday, weighed down by heavy futures selling and news that North Korea was planning another missile launch, while Hyundai Heavy tumbled on rumours of its interest in Hynix. The Korea Composite Stock Price Index (KOSPI) finished down
Published 27 May, 2009 12:00am
Taiwan stocks slip

Taiwan stocks slip

Taiwan stocks changed course to end 0.76 percent lower on Tuesday, as fears that North Korea might launch more missiles as a long holiday weekend approaches, prompting investors to cash in gains in financial and technology shares. The main TAIEX share ind
Published 27 May, 2009 12:00am
New Zealand shares fall

New Zealand shares fall

New Zealand share prices closed 0.22 percent lower on Tuesday, with the spotlight on a sharp fall in Fisher & Paykel Healthcare in an otherwise quiet market, dealers said. The NZX-50 index fell 6.12 points to 2,734.08 on light turnover worth 84.9 million
Published 27 May, 2009 12:00am
Malaysia holds rates, easing seen over

Malaysia holds rates, easing seen over

Malaysia's central bank kept interest rates steady on Tuesday at a record low of 2 percent for the second successive month in a decision that economists said likely marked the end of its easing cycle. The decision was in line with expectations in a Reuter
Published 27 May, 2009 12:00am
Jakarta shares drop

Jakarta shares drop

Indonesian shares ended 1.77 percent lower on Tuesday, led by profit-taking in mining and bank blue chips, dealers said. The Jakarta Composite Index lost 33.38 points to close at 1,857.59 in thin volume. Dealers said worries about the direction of Wall St
Published 27 May, 2009 12:00am
Canada deficit will be much larger than expected

Canada deficit will be much larger than expected

Canada's budget deficit will be "substantially more" than the C$33.7 billion ($30.1 billion) forecast in January because the economic slowdown is sapping tax revenue, Finance Minister Jim Flaherty warned on Monday. The acknowledgement, which had little im
Published 27 May, 2009 12:00am
Fiat chief tries to clinch Opel deal in Berlin

Fiat chief tries to clinch Opel deal in Berlin

Fiat chief Sergio Marchionne jetted back to Germany on Tuesday for an eleventh-hour attempt to win over a sceptical Chancellor Angela Merkel to his bid for General Motors' Opel unit. With signs that Berlin and GM prefer a Russian-backed bid from Canada's
Published 27 May, 2009 12:00am
Russia recession may be deeper than 1998: government official

Russia recession may be deeper than 1998: government official

Russia's recession this year may be 50 percent deeper than during the 1998 crisis, a senior finance ministry official said on Tuesday, a day after President Dmitry Medvedev called for a conservative approach to forecasts. Russia's once buoyant economy has
Published 27 May, 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 day's closes in brackets).

Published 27 May, 2009 12:00am
Virgin Atlantic doubles profits, but sees loss

Virgin Atlantic doubles profits, but sees loss

Privately-owned airline Virgin Atlantic said yearly profits nearly doubled, but warned the weak economic environment would make it "almost impossible" for airlines to make a profit in the current year. Chief Executive Steve Ridgeway echoed British Airways
Published 27 May, 2009 12:00am
World economy stabilising says Krugman

World economy stabilising says Krugman

The world economy has avoided "utter catastrophe" and industrialised countries could register growth this year, Nobel Prize-winning economist Paul Krugman said on Monday. "I will not be surprised to see world trade stabilise, world industrial production s
Published 27 May, 2009 12:00am
Virgin Atlantic doubles profits, but sees loss

Virgin Atlantic doubles profits, but sees loss

Privately-owned airline Virgin Atlantic said yearly profits nearly doubled, but warned the weak economic environment would make it "almost impossible" for airlines to make a profit in the current year. Chief Executive Steve Ridgeway echoed British Airways
Published 27 May, 2009 12:00am
Zardari arrives in Karachi

Zardari arrives in Karachi

President Asif Ali Zardari arrived here on Tuesday, Aaj TV reported. President will attend special session of Sindh cabinet on Wednesday.
Published 27 May, 2009 12:00am
Europe telecoms desperately seeking steady margins

Europe telecoms desperately seeking steady margins

The deep recession hitting Europe has compounded problems in the already saturated and highly competitive mobile market and will force operators to seek strength in numbers and cut more costs. "In Europe, every five-year-old has a phone," said a telecoms
Published 27 May, 2009 12:00am
Zardari arrives in Karachi

Zardari arrives in Karachi

President Asif Ali Zardari arrived here on Tuesday, Aaj TV reported. President will attend special session of Sindh cabinet on Wednesday.
Published 27 May, 2009 12:00am
China and Taiwan to start economic pact talks

China and Taiwan to start economic pact talks

Chinese President Hu Jintao said Tuesday talks with Taiwan on an economic pact were likely to start in the second half of the year, state media reported, in yet another sign of warming ties. "Both sides should push forward the preparation work for signing
Published 27 May, 2009 12:00am
Balochistan issues: President advises Gilani to convene PPP meeting

Balochistan issues: President advises Gilani to convene PPP meeting

President Asif Ali Zardari on Tuesday advised Prime Minister Syed Yousuf Raza Gilani to convene a meeting of Pakistan People's Party (PPP) on the issue of Balochistan to firm up recommendations for resolving the outstanding issues of the province.
Published 27 May, 2009 12:00am
Opec set to stay the course after oil price rally

Opec set to stay the course after oil price rally

Oil around $60 a barrel is likely to convince Opec ministers meeting in Vienna this week they can stick with existing output targets, even though they are worried by swollen stocks and depleted demand. US futures were trading at above $60 barrel on Tuesda
Published 27 May, 2009 12:00am
PPP not to field candidate against Sharifs

PPP not to field candidate against Sharifs

Pakistan People's Party on Tuesday decided not to field its candidate on any seat against the PML-N leaders, following the Supreme Court decision to lift ban on them from contesting elections. The decision came at a meeting here at the Aiwan-e-Sadr betwee
Published 27 May, 2009 12:00am
Hong Kong announces additional $2.2 billion stimulus

Hong Kong announces additional $2.2 billion stimulus

Hong Kong announced an additional HK$16.8 billion ($2.2 billion) in fiscal stimulus on Tuesday, including temporary tax exemptions and subsidies for public services, to try and pull its economy out of its worst recession in more than a decade. "There is s
Published 27 May, 2009 12:00am
PPP not to field candidate against Sharifs

PPP not to field candidate against Sharifs

Pakistan People's Party on Tuesday decided not to field its candidate on any seat against the PML-N leaders, following the Supreme Court decision to lift ban on them from contesting elections. The decision came at a meeting here at the Aiwan-e-Sadr betwee
Published 27 May, 2009 12:00am
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