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Print - 2009-05-31
CDGK adds two more mega projects to corridor-III

CDGK adds two more mega projects to corridor-III

The City District Government Karachi (CDGK) has added two more mega projects in the under construction signal free corridor-III. Work on an underpass and flyover at Shahra-e-Quaideen is being executed rapidly with the addition of these projects while the
Published 31 May, 2009 12:00am
'Changes in KESC set-up essential'

'Changes in KESC set-up essential'

'The change of faces is not likely to make any improvement in the present electricity crisis, but it is essential that major changes are made in the present policy and set up of the company.' Welcoming the appointment of Wiqar Siddiqui as the Chairman of
Published 31 May, 2009 12:00am
IDPs need anti-mosquito medicines, other essential items

IDPs need anti-mosquito medicines, other essential items

The government of NWFP requires at least 50,000 bottles of anti- mosquito medicines to protect internally displaced persons (IDPs) from biting of mosquitos and prevention of the outbreak of malaria in the camps. More than 3 million people have been report
Published 31 May, 2009 12:00am
UHS mobile hospitals treating 400 IDPs daily

UHS mobile hospitals treating 400 IDPs daily

Medical teams of the University of Health Sciences (UHS) sent to Mardan and Swabi for providing health cover to the Internally Displaced Persons (IDPs) are treating more than 400 patients daily. The UHS sent two mobile hospitals with 16 doctors, nurses an
Published 31 May, 2009 12:00am
'Talimi Basta' to be distributed among children

'Talimi Basta' to be distributed among children

Advisor to Sindh Chief Minister, Sharmila Faruqui said on Saturday that she, in collaboration with the Sindh government and NGos, has planned to distribute "Talimi Basta" comprising games and other educational material among children at street schools in
Published 31 May, 2009 12:00am
LHC constitutes 15 DBs, 33 SBs

LHC constitutes 15 DBs, 33 SBs

Chief Justice Lahore High Court (LHC), Khawaja Muhammad Sharif, here on Saturday constituted 15 division benches (DBs) and 33 single benches (SBs) for the disposal of the cases pending with principal seat of the august court for the week starting from Jun
Published 31 May, 2009 12:00am
NWFP governor asks FDA to speed up uplift works

NWFP governor asks FDA to speed up uplift works

The NWFP Governor, Owais Ahmed Ghani on Saturday directed Fata Development Authority to accelerate the work on mega development project in FATA saying that timely completion of these projects was necessary for speedy socio-economic development in the trib
Published 31 May, 2009 12:00am
'All measures being taken to make budget business-friendly'

'All measures being taken to make budget business-friendly'

The Federal Minister for Parliamentary Affairs, Dr Babar Awan, has said that all measures are being taken to ensure a business- and people-friendly budget for the financial year 2009-10. Addressing members of the Lahore Camber of Commerce and Industry on
Published 31 May, 2009 12:00am
Survey being conducted to assess Lahore blast damages

Survey being conducted to assess Lahore blast damages

Punjab government is conducting a survey to assess the degree of damages occurred to private property in Wednesday's bomb blast in the city of Lahore that killed 30 people and left 250 civilians and security personnel severely injured. The intensity of th
Published 31 May, 2009 12:00am
Hafiz Saeed case proceedings adjourned till June 1

Hafiz Saeed case proceedings adjourned till June 1

A full bench of Lahore High Court (LHC) adjourned till Monday (tomorrow), June 1, the proceedings in relation to a habeas corpus petition, challenging the detention of Chief Jamat-ud-Dawa (JD) Hafiz Muhammad Saeed and its' another leader Colonel Nazir Ahm
Published 31 May, 2009 12:00am
29 POs arrested, 22 policemen punished for inefficiency

29 POs arrested, 22 policemen punished for inefficiency

On the directive of Capital City Police Officer (CCPO), Muhammad Pervez Rathore, the Investigation Police Iqbal Town has arrested as many as 29 dangerous proclaimed offenders including two women. While, SP Investigation Iqbal Town has awarded 22 different
Published 31 May, 2009 12:00am
IESCO Mobile Unit schedules for June

IESCO Mobile Unit schedules for June

Islamabad Electric Supply Company (IESCO) has taken a lot of steps to provide facilities to its consumers. IESCO Mobile Unit is one of them, which is providing services to the consumer doorstep since long. In this regard, IESCO Mobile Unit schedule for th
Published 31 May, 2009 12:00am
Shutdown Notice

Shutdown Notice

According to IESCO press release, power supply will remain suspended due to construction work as per following schedule:
Published 31 May, 2009 12:00am
15 employees of Lesco handed over pension papers

15 employees of Lesco handed over pension papers

Chief Executive Lesco, Muhammad Akram Arain handed over complete pension papers to 15 Lesco employees and presented souvenirs to those who retired during May, 2009 from service after attaining the superannuating age. Briefly speaking on the 62nd farewell
Published 31 May, 2009 12:00am
No security check at entry points of Capital

No security check at entry points of Capital

The security high alert declared by the government on Friday after threats from Taliban to target major cities including Islamabad proved only one day affair, as there was no security check at entry points of Islamabad on Saturday. Shortage of vehicles an
Published 31 May, 2009 12:00am
Water loss of $60 billion

Water loss of $60 billion

The Chairman of Institute of Electrical and Electronics Engineers Pakistan (IEEEP), Lahore Chapter, Suleman N. Khan, while talking to Business Recorder has made two very important and valid points regarding Pakistan's long-term economic viability.
Published 31 May, 2009 12:00am
Pre-empting plight of millions on the breadline

Pre-empting plight of millions on the breadline

Breaking several years of the vicious cycle of compelling wheat imports caused by failure to meet planned targets, dreams of a bumper wheat crop have come true, or so it appears, as this year's estimated yield is around 24 to 25 million tons.
Published 31 May, 2009 12:00am
Reasons for industrial Backwardness

Reasons for industrial Backwardness

No doubt Pakistan is an agricultural country. Industrial sector is the second largest sector of the economy contributing 19% to GDP of Pakistan and employing a large number of population of the country. At the time of partition of Pakistan the contributio
Published 31 May, 2009 12:00am
Pepco - a strategic vision

Pepco - a strategic vision

Pakistan Electric Power Company (Private) Limited (Pepco), has been entrusted the task of managing the transition to a commercially viable and productive corporate entity. It is a mammoth task and progress in the initial months was rather slow, but one sh
Published 31 May, 2009 12:00am
Finns get a break from stress in saunas

Finns get a break from stress in saunas

While Brits beat stress by relaxing in the pub and the French chat over a cup of coffee, people in Finland kick back in a hot room where the temperature can soar close to 100 degrees C (212 degrees F). The Nordic country of 5.3 million inhabitants is esti
Published 31 May, 2009 12:00am
Influx of terrorists

Influx of terrorists

The people of Swat and those living along the Afghan border are facing an influx of terrorists from across the border. These terrorists are armed to the teeth, possess latest weapons and have enough cash to bribe their way through and employ frustrated lo
Published 31 May, 2009 12:00am
Troubled lives

Troubled lives

Pakistan is an underdeveloped country. Average income of a common man is very low. People of middle and lower middle class mostly live from hand to mouth situation. It is very difficult for them to meet their daily basic needs. It is their genuine problem
Published 31 May, 2009 12:00am
Wrong policy

Wrong policy

This is with reference to the recent suicide attack in Lahore and threat to other cities of Punjab. I will hold Nawaz Sharif responsible for his wrong policy and the result today is that people of Punjab are still confused about the war on terror.
Published 31 May, 2009 12:00am
Students suffer in France's four-month strike

Students suffer in France's four-month strike

Roland Lloyd ParryShahinez Benabed turned up in February to finish a history degree at the renowned Sorbonne university on the Left Bank in Paris, but found the historic lecture halls shut by a teachers' strike. Four months later, she has not had a single
Published 31 May, 2009 12:00am
New optimism on US healthcare, but obstacles remain

New optimism on US healthcare, but obstacles remain

The US Congress has started work on a broad overhaul of the healthcare system in a rare spirit of optimism, but brewing battles over its cost, scope and structure could still scuttle hopes for a solution. From President Barack Obama's declaration that "th
Published 31 May, 2009 12:00am
Fiat expansion stirs resentment in Italy's south

Fiat expansion stirs resentment in Italy's south

Staring at the locked gates of a Fiat car factory, Mimmo Vacchiano says many families in this poor corner of southern Italy face a stark choice unless its turnstiles reopen. "If they close this plant, there's nothing else here, only unemployment or the ma
Published 31 May, 2009 12:00am
Revenue officers asked to recover dues within 15 days

Revenue officers asked to recover dues within 15 days

Acting Commissioner Faisalabad Division Saeed Wahlah has assigned new targets of recovery of agriculture income tax, water bills and other government dues to Revenue Officers and directed them to achieve 100 percent recovery within next 15 days. He was pr
Published 31 May, 2009 12:00am
PCP, SCCI hold seminar on 'Public-Private Partnership'

PCP, SCCI hold seminar on 'Public-Private Partnership'

Planning Commission of Pakistan (PCP) and Sialkot Chamber of Commerce and Industry (SCCI) jointly organised a one-day seminar on 'Public-Private Partnership' here on Saturday at Sialkot Chamber of Commerce and Industry (SCCI). The purpose of seminar was t
Published 31 May, 2009 12:00am
35,000 megawatts power generation by the end of 2009: MD Pepco

35,000 megawatts power generation by the end of 2009: MD Pepco

Managing Director Energy Management Pakistan Electric Power Company (Pepco) Tahir Basharat Cheema said on Saturday that government is working on several power generation projects to overcome electricity deficit in the country. Talking to a private TV chan
Published 31 May, 2009 12:00am
'Ibrahim Joyo rendered matchless services for people'

'Ibrahim Joyo rendered matchless services for people'

The literary services of eminent intellectual, writer and researcher Muhammad Ibrahim Joyo were highly eulogised by the writers, educationists and politicians while an Honorary Degree of Doctorate was announced for him by the University of Sindh (SU) in r
Published 31 May, 2009 12:00am
Seven militants killed in Nigeria clashes

Seven militants killed in Nigeria clashes

A private security source says sailors on a Nigerian naval vessel battled speedboat-borne militants in the southern oil region, killing seven militants. The private security official said Saturday the clash began when a naval boat moving through the south
Published 31 May, 2009 12:00am
Four killed in various incidents

Four killed in various incidents

At least four people lost their lives in different incidents across the metropolis on Saturday, police and witnesses said. A 30-year-old young man was found dead around pedestrian bridge near Radio Pakistan, Quaidabad in the wee hours Saturday. Shariyar,
Published 31 May, 2009 12:00am
Seven militants killed in Nigeria clashes

Seven militants killed in Nigeria clashes

A private security source says sailors on a Nigerian naval vessel battled speedboat-borne militants in the southern oil region, killing seven militants. The private security official said Saturday the clash began when a naval boat moving through the south
Published 31 May, 2009 12:00am
Former Iraq trade minister arrested in mid-flight drama

Former Iraq trade minister arrested in mid-flight drama

Iraq's former trade minister Abdel Falah al-Sudani was arrested on Saturday when trying to flee the country in the wake of a graft scandal after his plane was dramatically ordered back to Baghdad. The minister was on board a flight to Dubai, which authori
Published 31 May, 2009 12:00am
Fifty-five whales stranded on South African beach

Fifty-five whales stranded on South African beach

About 55 whales were stranded on a beach near Cape Town on Saturday and rescue teams had to humanely kill some after failing to return all of them to the ocean, the sea rescue institute said. Marine scientists and volunteers managed to get more than 20 of
Published 31 May, 2009 12:00am
Saudi Arabia rejects Iraq claims of 'negativity'

Saudi Arabia rejects Iraq claims of 'negativity'

Saudi Interior Minister Prince Nayef bin Abdul-Aziz has rejected Iraqi claims that the kingdom was adopting "negative positions" on repairing diplomatic ties and urged Baghdad to improve border security. In remarks published on Saturday by Saudi newspaper
Published 31 May, 2009 12:00am
Amitabh Bachchan may snub Australia over attacks

Amitabh Bachchan may snub Australia over attacks

Bollywood legend Amitabh Bachchan said Saturday he may reject an honorary doctorate from a Brisbane university to protest at a wave of attacks on Indian students in Australia. "My conscience does not permit me to accept this decoration from a country that
Published 31 May, 2009 12:00am
G8 ministers target global crime

G8 ministers target global crime

Justice and home affairs ministers from the Group of Eight (G8) on Saturday adopted a series of proposals aimed at combating organised crime, child pornography, human trafficking, terrorism, piracy and internet fraud.A "critical tool" in fighting criminal
Published 31 May, 2009 12:00am
Berlusconi blocks publication of party photos

Berlusconi blocks publication of party photos

Italy's Prime Minister Silvio Berlusconi has succeeded in blocking publication of photos of his New Year's Eve party after reports said guests included a teenage girl whose relationship with him has caused a scandal. Judicial sources said the 72-year-old
Published 31 May, 2009 12:00am
Brown heading for electoral disaster

Brown heading for electoral disaster

British Prime Minister Gordon Brown is on course for a drubbing at European elections next week after a scandal over politicians' expenses damaged him far more than his rivals, an opinion poll showed on Saturday. His ruling Labour Party has slumped to a r
Published 31 May, 2009 12:00am
Cuba criticises Microsoft blocking Messenger

Cuba criticises Microsoft blocking Messenger

Cuba criticised Microsoft on Friday for blocking its Messenger instant messaging service on the island and in other countries under US sanctions, calling it yet another example of Washington's ``harsh' treatment of Havana. The technology giant recently an
Published 31 May, 2009 12:00am
Think tank accuses Ahmadinejad of distorting facts

Think tank accuses Ahmadinejad of distorting facts

A moderate think tank led by Iran's former top nuclear negotiator accused President Mahmoud Ahmadinejad of distorting facts about the country's nuclear program to depict himself as a hero and improve his chances in the upcoming election. It is rare for an
Published 31 May, 2009 12:00am
25 killed in China mine blast

25 killed in China mine blast

Twenty-five miners were killed and 20 trapped by a gas explosion at a coal mine in south-west China on Saturday, state media reported. The accident occurred at 11:00 am (0300 GMT) when 131 miners were working underground at the Tonghua Coal Mine in Anwen
Published 31 May, 2009 12:00am
China defends military buildup, urges calm in North Korea row

China defends military buildup, urges calm in North Korea row

China on Saturday defended its military buildup and called for calm over North Korea as the global community looked to Beijing for a breakthrough in efforts to stop Pyongyang's nuclear ambitions. Lieutenant General Ma Xiaotian, deputy chief of the general
Published 31 May, 2009 12:00am
56 die in Afghan violence

56 die in Afghan violence

A battle in a militant-controlled region of western Afghanistan killed 30 insurgents and nine Afghan soldiers, while a roadside bomb in the country's north wounded an Afghan governor, officials said Saturday. Violence elsewhere in the country killed 17 ot
Published 31 May, 2009 12:00am
Obama asks Australia to take Guantanamo detainees

Obama asks Australia to take Guantanamo detainees

The United States has made a new request for Australia to accept a group of detainees from Guantanamo Bay for resettlement, a government spokeswoman said on Saturday. The request is the first by President Barack Obama's administration, which plans to clos
Published 31 May, 2009 12:00am
US high-tech jets deployed in Japan amid tensions

US high-tech jets deployed in Japan amid tensions

The first of 12 high-tech US F-22 fighter jets landed on the southern Japanese island of Okinawa on Saturday, days after North Korea unnerved the region by detonating a nuclear device. The arrival of the top-of-the line aircraft at Kadena air force base c
Published 31 May, 2009 12:00am
Pakistan players in high spirit to win World T20 Cup, says Alam

Pakistan players in high spirit to win World T20 Cup, says Alam

Led by Younus Khan, a 15-member Pakistani squad left here for England on Saturday to take part in Twenty20 World Cup that will get underway from June 5. Pakistan will play warm up matches for the Twenty20 assignment by playing a couple of practice games i
Published 31 May, 2009 12:00am
Lebanon charges four with collaborating with Israel

Lebanon charges four with collaborating with Israel

Lebanon charged four people with collaborating with Israel on Saturday, raising to 23 the number of suspected spies who have been charged in the last few months, a court official said. Since the recent crackdown began in April, Lebanon has arrested 35 peo
Published 31 May, 2009 12:00am
Lampard's Cup winner gives Hiddink the perfect leaving

Lampard's Cup winner gives Hiddink the perfect leaving

Chelsea gave Guus Hiddink the perfect farewell present as Frank Lampard's goal clinched a 2-1 win over Everton in Saturday's FA Cup final at Wembley. Blues interim boss Hiddink resumes his role as Russia coach on a full-time basis in June but he will alwa
Published 31 May, 2009 12:00am
Aussie chief throws riches at World Cup bid

Aussie chief throws riches at World Cup bid

Billionaire football chief Frank Lowy has taken his luxury yacht to the Bahamas to lobby for support from FIFA's executive for Australia's bid to stage the 2018 or 2022 World Cups, reports said Saturday. The Football Federation Australia (FFA) chairman, l
Published 31 May, 2009 12:00am
Andy Roddick reaches last 16 at French Open

Andy Roddick reaches last 16 at French Open

Andy Roddick reached the last 16 at the French Open for the first time in his career on Saturday by defeating France's Marc Gicquel 6-1, 6-4, 6-4. It was a stunning turnaround in fortunes on clay for the former world No 1 who went out in the first round h
Published 31 May, 2009 12:00am
Aussie Stosur sends Dementieva crashing

Aussie Stosur sends Dementieva crashing

Russian fourth seed Elena Dementieva, the 2004 Roland Garros runner-up, was sent crashing out of the French Open in the third round on Saturday by Australia's Samantha Stosur. The 30th seed won 6-3, 4-6, 6-1 to reach the fourth round of a Grand Slam for o
Published 31 May, 2009 12:00am
Figo officially announces retirement

Figo officially announces retirement

Portugal legend Luis Figo on Saturday announced his definitive retirement from the game. His final match will be on Sunday when the Italian champions entertain Atalanta at the San Siro. It will bring down the curtain on a glorious career that saw the 36-y
Published 31 May, 2009 12:00am
Canadian dollar shoots higher

Canadian dollar shoots higher

Canada's currency raced higher versus the US dollar on Friday and touched its highest level in nearly eight months as commodity prices surged and upbeat economic data sideswiped the greenback. After hoarding US dollars during the worst of the global finan
Published 31 May, 2009 12:00am
East African currencies seen mixed in next week

East African currencies seen mixed in next week

The Kenya shilling is seen trading in a tight range against the dollar in the coming week to Wednesday, while the Tanzanian unit is expected to have mixed trade and the Ugandan currency is projected to firm.
Published 31 May, 2009 12:00am
Brazilian real to hold above 2.0 per dollar this year

Brazilian real to hold above 2.0 per dollar this year

Brazil's currency is unlikely to cruise below 2.0 to the dollar this year and instead will give back modest gains after a surging rally, a Reuters poll found. The real soared last week to its strongest level since early October as investors flocked to Bra
Published 31 May, 2009 12:00am
Rise in risk appetite, US deficit fear slam dollar

Rise in risk appetite, US deficit fear slam dollar

The dollar hit a five-month low against a basket of major currencies on Friday and the euro rose above $1.41 for the first time this year as investors bought higher-yielding currencies and assets on hopes of a global economic recovery.
Published 31 May, 2009 12:00am
Forex outlook: US dollar could still languish after May drop

Forex outlook: US dollar could still languish after May drop

After a brutal sell-off in May, the dollar looks vulnerable with the start of June as recovery hopes and lingering worries about the growing US deficit prompt investors to move away from the greenback. The dollar fell to a five-month low on Friday and was
Published 31 May, 2009 12:00am
Euro risks technical breakdown versus sterling

Euro risks technical breakdown versus sterling

A sharp fall by the euro against the pound recently puts the pair at risk of a technical breakdown that would point much lower in coming weeks. The euro slid as far as 0.8660 against the pound in late European trade from Tuesday's close of 0.8780. Traders
Published 31 May, 2009 12:00am
IMM speculators increase short US dollar positions

IMM speculators increase short US dollar positions

Currency speculators increased their short positions on US dollars in the latest week, according to data from the Commodity Futures Trading Commission on Friday. The value of the US dollar's net short position was $5.67 billion in the week ending May 26,
Published 31 May, 2009 12:00am
Wall Street climbs

Wall Street climbs

US stocks rose on Friday, capping their third straight monthly advance, as rising commodity prices lifted shares of natural resource companies, while a sliding dollar boosted the allure of multinationals, including Coca-Cola Co. Investors were encouraged
Published 31 May, 2009 12:00am
Korean bond prices rebound

Korean bond prices rebound

South Korean three-year government bond prices rebounded from a two-day decline on Friday, but five-year treasuries fell further as output data suggested economic recovery was underway but at a very slow pace. Domestic factory output rose in April for a f
Published 31 May, 2009 12:00am
Korean bond prices rebound

Korean bond prices rebound

South Korean three-year government bond prices rebounded from a two-day decline on Friday, but five-year treasuries fell further as output data suggested economic recovery was underway but at a very slow pace. Domestic factory output rose in April for a f
Published 31 May, 2009 12:00am
Philippine yields up on budget gap fears

Philippine yields up on budget gap fears

Philippine bond yields rose on Friday, with investors spooked by the prospect of a ballooning deficit after the economy shrank more than forecast, raising fears of weaker revenue and higher spending, traders said.
Published 31 May, 2009 12:00am
Philippine yields up on budget gap fears

Philippine yields up on budget gap fears

Philippine bond yields rose on Friday, with investors spooked by the prospect of a ballooning deficit after the economy shrank more than forecast, raising fears of weaker revenue and higher spending, traders said.
Published 31 May, 2009 12:00am
Chile shares post biggest monthly gain in 15 years

Chile shares post biggest monthly gain in 15 years

Chilean stocks closed mixed on Friday but blue chip stocks posted their biggest monthly gain in 15 years, traders said, while the peso closed firmer. The blue chip IPSA index closed 0.05 percent weaker at 3,100.42 points, preliminary closing data showed,
Published 31 May, 2009 12:00am
Toronto shares slip

Toronto shares slip

Toronto's main stock index ended lower on Friday, weighed down by energy issues and a quarterly loss reported by Royal Bank of Canada. But on the week the index gained 3.8 percent and for May it logged its steepest monthly climb in nearly 10 years, driven
Published 31 May, 2009 12:00am
JGB yields higher

JGB yields higher

The benchmark 10-year Japanese government bond yield edged higher on Friday as investors were cautious about the outlook for US Treasury debt despite it showing some recovery the previous day. Investors brushed off mixed domestic economic data, and trade
Published 31 May, 2009 12:00am
JGB yields higher

JGB yields higher

The benchmark 10-year Japanese government bond yield edged higher on Friday as investors were cautious about the outlook for US Treasury debt despite it showing some recovery the previous day. Investors brushed off mixed domestic economic data, and trade
Published 31 May, 2009 12:00am
US Treasury debt prices rise

US Treasury debt prices rise

US Treasuries rose on Friday with the help of soft economic data and relief over a pause in government bond auctions, but the market remained vulnerable as it closed in on its worst sell-off since 2003. As was the case six years ago, hopes of economic rec
Published 31 May, 2009 12:00am
US Treasury debt prices rise

US Treasury debt prices rise

US Treasuries rose on Friday with the help of soft economic data and relief over a pause in government bond auctions, but the market remained vulnerable as it closed in on its worst sell-off since 2003. As was the case six years ago, hopes of economic rec
Published 31 May, 2009 12:00am
Malaysian yields down

Malaysian yields down

Malaysian bond yields were lower on Friday, with the benchmark five-year bond down 7 bps to 3.57 percent, on bargain-hunting after a recent selloff, traders said. "There is still some value on the five-year bond," the trader said. "Even at 3.5 percent, it
Published 31 May, 2009 12:00am
Malaysian yields down

Malaysian yields down

Malaysian bond yields were lower on Friday, with the benchmark five-year bond down 7 bps to 3.57 percent, on bargain-hunting after a recent selloff, traders said. "There is still some value on the five-year bond," the trader said. "Even at 3.5 percent, it
Published 31 May, 2009 12:00am
US corporate bond yields narrow

US corporate bond yields narrow

US corporate bond yield spreads narrowed over Treasuries on Friday, extending a two-month rally that's become increasingly reliant on economic optimism, analysts said. Investors have accelerated their shift out of US government Treasuries into corporate b
Published 31 May, 2009 12:00am
Wall Street outlook: economic optimism may trump GM bankruptcy

Wall Street outlook: economic optimism may trump GM bankruptcy

Wall Street faces a historic shake-up next week as General Motors, a pillar of American industry, heads into bankruptcy, but the market could advance further if economic data signals the worst of the recession has passed. Stocks could also get a boost if
Published 31 May, 2009 12:00am
US corporate bond yields narrow

US corporate bond yields narrow

US corporate bond yield spreads narrowed over Treasuries on Friday, extending a two-month rally that's become increasingly reliant on economic optimism, analysts said. Investors have accelerated their shift out of US government Treasuries into corporate b
Published 31 May, 2009 12:00am
Mexican stocks dip

Mexican stocks dip

Mexico's stocks ended lower reversing earlier gains amid losses in telecom bellwether America Movil. Revised first-quarter US GDP figures showed less of a contraction than initial estimates, while another report showed Japanese factory output jumped in Ap
Published 31 May, 2009 12:00am
Brazilian shares drop

Brazilian shares drop

Brazilian stocks fell on Friday, weighed by concerns on Wall Street. over the looming bankruptcy of automaker General Motors Corp and data showing much deeper than expected business activity slump in the US Midwest. The benchmark Bovespa index of the Sao
Published 31 May, 2009 12:00am
Emerging markets: Latin American stocks up

Emerging markets: Latin American stocks up

Latin American currencies appreciated against the US dollar and stocks rose on Friday as yield-hungry foreign investors put their money to work in emerging market assets - deemed high risk. Appetite for emerging market assets has increased as rising optim
Published 31 May, 2009 12:00am
Canadian bonds end mixed

Canadian bonds end mixed

Canadian bond prices, mixed for much of the session, ended higher across the curve on Friday, alongside the bigger US Treasury market as dealers moved back into government debt after a steep selloff earlier in the week. Dong said the Canadian bond market
Published 31 May, 2009 12:00am
Canadian bonds end mixed

Canadian bonds end mixed

Canadian bond prices, mixed for much of the session, ended higher across the curve on Friday, alongside the bigger US Treasury market as dealers moved back into government debt after a steep selloff earlier in the week. Dong said the Canadian bond market
Published 31 May, 2009 12:00am
Banks agree deal to ease conditions on Tata Steel loan

Banks agree deal to ease conditions on Tata Steel loan

Tata Steel UK, a wholly owned subsidiary of Tata Steel Ltd, has won approval from banks to ease conditions on 3.7 billion pounds of loans it took to buy Anglo-Dutch Corus, the company said on Saturday. Two bankers close to the deal had confirmed the devel
Published 31 May, 2009 12:00am
Risks to nationalised UK bank known in 2004

Risks to nationalised UK bank known in 2004

British regulators identified Northern Rock as a weak link in Britain's banking system during planning exercises three years before the bank collapsed, the Financial Times reported on Saturday. The 2004 tests found that Northern Rock's business model was
Published 31 May, 2009 12:00am
Emerging markets: Latin American stocks up

Emerging markets: Latin American stocks up

Latin American currencies appreciated against the US dollar and stocks rose on Friday as yield-hungry foreign investors put their money to work in emerging market assets - deemed high risk. Appetite for emerging market assets has increased as rising optim
Published 31 May, 2009 12:00am
California rating outlook falls to negative

California rating outlook falls to negative

Citing California's budget woes, including a $24.3 billion shortfall, Fitch Ratings said on Friday it affirmed the most populous US state's 'A' long-term general obligation debt rating, but warned of a possible downgrade. California already has the lowest
Published 31 May, 2009 12:00am
Oman's economy grows two percent so far in 2009

Oman's economy grows two percent so far in 2009

Oman's economy has grown by 2 percent in real terms so far this year and if oil prices remain above $60 a barrel, the non-Opec oil producer's projected budget deficit will narrow, its economy minister said on Saturday. Ahmad bin Abdul-Nabi Mekki also said
Published 31 May, 2009 12:00am
US hotel cost cuts spur investor interest

US hotel cost cuts spur investor interest

Investor interest in the US hotel industry has been rekindled by the recent efforts of hotel companies to temper expansion plans and cut costs amid a deep recession, according to a recent report by Jones Lang LaSalle Hotels. In the first quarter, 23 funds
Published 31 May, 2009 12:00am
US auto sales could hit 10 million annualised rate

US auto sales could hit 10 million annualised rate

US auto sales likely rose in May to a close to 10 million unit annualised rate, supported by sales at closing Chrysler dealerships in the past week, Ford Motor Co's chief sales analyst said on Friday. That result would represent a rise from the roughly 9.
Published 31 May, 2009 12:00am
Russia gambles on passing Opel test: analysts

Russia gambles on passing Opel test: analysts

Russia has taken a gamble by seizing a lead role in the take-over of German automaker Opel as its performance will be closely scrutinised by Europe as a test of Russian reliability, analysts said. With diplomatic relations with the West still strained, Ru
Published 31 May, 2009 12:00am
Gulf Arabs look east after EU trade deal hits wall

Gulf Arabs look east after EU trade deal hits wall

Gulf Arab oil producers are expected to sign trade pacts with China, South Korea, Australia and New Zealand starting this year after talks with the European Union for a similar deal hit a wall, an Omani official said. The Gulf Co-operation Council (GCC) -
Published 31 May, 2009 12:00am
Naimi says no Opec boost until stocks fall

Naimi says no Opec boost until stocks fall

Opec would wait until crude inventories fell to around 53 days of forward cover before considering raising output, Saudi Oil Minister Ali al-Naimi was reported as saying in remarks published late on Friday. Opec left output targets unchanged at a meeting
Published 31 May, 2009 12:00am
Wal-Mart opens in India

Wal-Mart opens in India

The world's number one retailer Wal-Mart opened its first sales venture in India on Saturday as part of an ambitious plan to establish a foothold in the country's vast consumer market. The US discount chain has teamed up with Bharti Enterprises, parent of
Published 31 May, 2009 12:00am
BoA lead director Sloan steps down

BoA lead director Sloan steps down

Bank of America Corp's lead director Temple Sloan resigned from the largest US bank's board of directors on Friday. Sloan's departure is a blow to Chief Executive Kenneth Lewis, whom shareholders ousted as chairman of the bank's board at the annual meetin
Published 31 May, 2009 12:00am
Shell to cut 350-450 senior managers

Shell to cut 350-450 senior managers

Royal Dutch Shell Plc plans to cut 350-450 senior management roles as it restructures to cut costs and improve operational performance, according to a website to which Shell employees post internal information. The cuts represent almost 30 percent of Shel
Published 31 May, 2009 12:00am
Jenan $1.3 billion property plan bets on Saudi recovery

Jenan $1.3 billion property plan bets on Saudi recovery

Saudi property developer Jenan Properties said on Saturday it would spend 5 billion riyals ($1.33 billion) on two projects which would be ready by the time the domestic property market recovers from a slowdown. Jenan, which was founded a year ago by sever
Published 31 May, 2009 12:00am
Indonesia aims to buy planes, submarines

Indonesia aims to buy planes, submarines

Indonesia is in talks with the United States to buy Lockheed Martin C-130 Hercules transport planes and might be in a position to buy fighter jets and submarines in 2-3 years, its defence minister said. Juwono Sudarsono told Reuters on Saturday after talk
Published 31 May, 2009 12:00am
Retired US general said misquoted in rape photo flap

Retired US general said misquoted in rape photo flap

A retired US general has denied reports that he had seen the pictures of Iraqi prisoners being abused that President Barack Obama is seeking to keep secret, Salon reported on Friday. The British newspaper Daily Telegraph reported that retired Major Genera
Published 31 May, 2009 12:00am
Almunia sees no risk of deflation in eurozone

Almunia sees no risk of deflation in eurozone

There is no risk at all of eurozone deflation and inflation should turn positive by the end of the year, European Union economic chief Joaquin Almunia said on Friday. "In the second half of the year base effects are going to tend to push the inflation cur
Published 31 May, 2009 12:00am
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