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Print - 2009-06-25
Benchmark euro Libor rates hit record low

Benchmark euro Libor rates hit record low

The interbank cost of borrowing three-month euros hit a record low on Wednesday after the European Central Bank lent nearly 450 billion euros in 1-year funds, providing a flood of excess liquidity to the market.
Published 25 Jun, 2009 12:00am
Taliban could move from Afghanistan to Central Asia: Nato chief

Taliban could move from Afghanistan to Central Asia: Nato chief

Nato forces in Afghanistan cannot prevent insurgents from moving to Central Asia as their fight against the Taliban intensifies, outgoing Nato chief Jaap de Hoop Scheffer said Wednesday. In an interview with AFP on the eve of a regional security conferenc
Published 25 Jun, 2009 12:00am
US warns of threats against Sudan government and West

US warns of threats against Sudan government and West

Islamic militants have threatened violence against Sudan's government and could target Western interests following the death of a suspected militant, the US embassy in Khartoum said on Wednesday. The US embassy, which urged its citizens to keep a low prof
Published 25 Jun, 2009 12:00am
Kazakh lawmakers back restrictive Internet law

Kazakh lawmakers back restrictive Internet law

Kazakh lawmakers approved Internet legislation Wednesday that media rights activists say will limit freedom of speech in the Central Asian nation. The bill would subject Internet outlets - such as chat rooms, blogs and online stores - to the same criminal
Published 25 Jun, 2009 12:00am
Arabs vow to support Obama's Middle East peace drive

Arabs vow to support Obama's Middle East peace drive

Arab foreign ministers meeting in Cairo vowed on Wednesday to support US President Barack Obama's Middle East peace efforts, but said normalisation with Israel depends on its halting settlement activity. Arab countries "are prepared to deal positively wit
Published 25 Jun, 2009 12:00am
US-Israel meeting scrapped over settlements

US-Israel meeting scrapped over settlements

A meeting between Israeli Prime Minister Benjamin Netanyahu and the US Middle East envoy was called off because of disagreements over settlement growth, Israeli media reported on Wednesday. Oficials close to Netanyahu said he had called off the meeting an
Published 25 Jun, 2009 12:00am
Iran considering downgrading ties with Britain

Iran considering downgrading ties with Britain

Foreign Minister Manouchehr Mottaki said on Wednesday Iran is reviewing whether to downgrade ties with Britain, accusing London of meddling in the post-election tumult gripping the Islamic republic. "We are examining it," he was quoted by the ISNA news ag
Published 25 Jun, 2009 12:00am
Brown misled parliament on spending: UK opposition

Brown misled parliament on spending: UK opposition

Britain's opposition Conservatives called on Prime Minister Gordon Brown to apologise on Wednesday for telling parliament last week that capital expenditure would grow until 2012. "The prime minister has been caught absolutely red-handed. He made a statem
Published 25 Jun, 2009 12:00am
North Korea threatens US; world anticipates missile launch

North Korea threatens US; world anticipates missile launch

North Korea threatened Wednesday to wipe the United States off the map as Washington and its allies watched for signs the regime will launch a series of missiles in the coming days. Off China's coast, a US destroyer was tailing a North Korean ship suspect
Published 25 Jun, 2009 12:00am
Turkish jets sour relations with Greece

Turkish jets sour relations with Greece

Turkish jets have stepped up sorties over inhabited Greek islands, increasing tensions between Aegean neighbours Greece and Turkey, Greek Foreign Minister Dora Bakoyanni said in an interview on Wednesday. Bakoyanni told Reuters she would raise the issue w
Published 25 Jun, 2009 12:00am
Former detainees allege abuse at US Afghan base: BBC

Former detainees allege abuse at US Afghan base: BBC

Former detainees of the Bagram air base in Afghanistan have alleged a catalogue of abuse at the US military facility, the BBC reported Wednesday, after a two-month investigation. Ex-inmates listed mistreatment including beatings, sleep deprivation and bei
Published 25 Jun, 2009 12:00am
UN chief urges reform of global financial institutions

UN chief urges reform of global financial institutions

UN chief Ban Ki-moon called for a reform of international financial institutions Wednesday at the start of a UN conference looking into ways to help poor countries weather the global financial crisis. "The world institutions created generations ago must b
Published 25 Jun, 2009 12:00am
Somali legislators flee abroad, parliament paralysed

Somali legislators flee abroad, parliament paralysed

Scores of Somali legislators have fled violence at home to the safety of other countries in Africa, Europe and the United States, leaving the nation's parliament without a quorum to meet. Violence from an Islamist-led insurgency has worsened this month, w
Published 25 Jun, 2009 12:00am
US credit card chargeoffs break new record: Moody's

US credit card chargeoffs break new record: Moody's

The US monthly credit card chargeoff rate surpassed 10 percent and hit a sixth straight record high in May, Moody's Investors Services said on Wednesday, as unemployment grew to a 26-year high. The chargeoff rate index - which measures credit card loans t
Published 25 Jun, 2009 12:00am
Israeli former foreign minister gets five years

Israeli former foreign minister gets five years

A Tel Aviv court sentenced former Israeli finance minister Avraham Hirchson to five and a half years imprisonment Wednesday, after he was found guilty two weeks ago of embezzlement.Hirchson was also ordered to pay a 450,000-shekel (114,000-dollar) fine.
Published 25 Jun, 2009 12:00am
No evidence against Turkish officer over plot report

No evidence against Turkish officer over plot report

Turkey's military will not prosecute a senior officer over a reported plot to destabilise the Islamist-rooted government as it is not clear if the document is authentic, military prosecutors said on Wednesday. The plot, published this month by liberal dai
Published 25 Jun, 2009 12:00am
Myanmar postpones Aung San Suu Kyi court hearing again

Myanmar postpones Aung San Suu Kyi court hearing again

Myanmar court authorities Wednesday postponed the next hearing in the controversial trial of opposition leader Aung San Suu Kyi, who had been scheduled to appear in court Friday.The special court set up in Insein Prison delayed the hearing indefinitely as
Published 25 Jun, 2009 12:00am
Saudi media blast French push against burqa

Saudi media blast French push against burqa

Journalists in ultra-conservative Saudi Arabia blasted France on Wednesday over President Nicolas Sarkozy's criticism of the burqa, the head-to-toe garment favoured for women by conservative Muslims. "What about personal freedom? What about respect for pe
Published 25 Jun, 2009 12:00am
World's rich lost 20 percent of wealth in 2008

World's rich lost 20 percent of wealth in 2008

The world's rich lost nearly 20 percent of their total wealth in 2008 as volatile markets wiped out two years of growth, a Merrill Lynch study showed on Wednesday. The total value of the wealth of people with net assets of more than $1 million, excluding
Published 25 Jun, 2009 12:00am
Heroin, cocaine production drop but ecstasy on the rise: UN

Heroin, cocaine production drop but ecstasy on the rise: UN

Production of heroin, cocaine and cannabis decreased or stabilised in 2008, but synthetic drugs like ecstasy went up, the UN's drug agency said in its annual report published Wednesday. "Global markets for cocaine, opiates and cannabis are steady or in de
Published 25 Jun, 2009 12:00am
Ancient well, and body, found in Cyprus

Ancient well, and body, found in Cyprus

Archaeologists have discovered a water well in Cyprus that was built as long as 10,500 years ago, and the skeleton of a young woman at the bottom of it, an official said Wednesday. Pavlos Flourentzos, the nation's top antiquities official, said the 16-foo
Published 25 Jun, 2009 12:00am
China urges US to scrap Taiwan arms sale, avoid sea standoffs

China urges US to scrap Taiwan arms sale, avoid sea standoffs

China said Wednesday it urged the United States in defence talks here to cancel an arms sale to Taiwan and stay away from waters where the two powers were recently involved in high-seas standoffs. China also urged all sides to exercise restraint over Nort
Published 25 Jun, 2009 12:00am
Briton with artificial arm sues US clothing store

Briton with artificial arm sues US clothing store

A British woman with a prosthetic arm took US clothing store Abercrombie & Fitch to a tribunal Wednesday, saying she was forced to work in its stock room because she did not fit its "look policy". Riam Dean, a 22-year-old law graduate who was born with no
Published 25 Jun, 2009 12:00am
Pakistan must build on Twenty20 win, says Afridi

Pakistan must build on Twenty20 win, says Afridi

Popular allrounder Shahid Afridi said Pakistan need to build on their historic victory in the World Twenty20 championship as he arrived home Wednesday. Pakistan beat Sri Lanka by eight wickets to win the World Twenty20 title in England - their second bigg
Published 25 Jun, 2009 12:00am
Five charged of plot to kill Libyan Prime Minister

Five charged of plot to kill Libyan Prime Minister

Lebanon charged five people on Wednesday on charges of planning to murder Libya's prime minister to avenge the 1978 disappearance of a Shia spiritual leader, a judicial official said. The defendants, three Lebanese, one Libyan and a Palestinian, are accus
Published 25 Jun, 2009 12:00am
Five killed as storm whips Philippines

Five killed as storm whips Philippines

At least five people have been killed and seven others are missing as tropical storm Nangka sweeps over the central Philippines, officials said Wednesday. Packing winds of up to 83 kilometres (52 miles) an hour - with gusts of up to 102 kilometres (63 mil
Published 25 Jun, 2009 12:00am
Sania Mirza crashes out

Sania Mirza crashes out

Indian number one Sania Mirza tumbled out of Wimbledon in the second round, losing 6-4, 6-4 to Romanian number 28 seed Sorana Cirstea on Wednesday. Mirza was able to break her friend's serve but hit far more unforced errors than the French Open quarter-fi
Published 25 Jun, 2009 12:00am
Sharapova suffers shock Wimbledon defeat

Sharapova suffers shock Wimbledon defeat

Centre court queen Maria Sharapova, the 2004 champion, was sensationally dumped out of Wimbledon on Wednesday losing 6-2, 3-6, 6-4 to Argentina's Gisela Dulko in the second round. Dulko, who needed five knife-edge match points to seal victory after 2hr 13
Published 25 Jun, 2009 12:00am
Deal reached to avoid breakaway Formula One series

Deal reached to avoid breakaway Formula One series

Peace broke out in Formula One (F1) on Wednesday when a deal was reached to avert a breakaway series and teams agreed to further cut costs. Embattled FIA president Max Mosley, who said he would not be seeking re-election, had been at loggerheads with eigh
Published 25 Jun, 2009 12:00am
Refresher courses for coaches starts

Refresher courses for coaches starts

A week-long refresher courses of the Pakistan Sports Board (PSB) in athletics, volleyball, and table tennis started at the Pakistan Sports Board Coaching Centre on Wednesday. NWFP Minister for Sports Syed Aqil Shah was the chief guest on the occasion and
Published 25 Jun, 2009 12:00am
Japan and Korean teams reach AFC Champions League quarters

Japan and Korean teams reach AFC Champions League quarters

Defending champions Gamba Osaka crashed out of the AFC Champions League on Wednesday, but Japanese and Korean teams booked four places in the quarter-finals. J-League sides Kawasaki Frontale and Nagoya Grampus together with FC Seoul and Pohang Steelers fr
Published 25 Jun, 2009 12:00am
Asian currencies rise

Asian currencies rise

The South Korean won and Indonesian rupiah rose on Wednesday as the dollar faltered globally in anticipation that the Federal Reserve will move later in the day to dampen expectations of higher US interest rates. Asian currencies generally firmed as the d
Published 25 Jun, 2009 12:00am
Australian dollar firms

Australian dollar firms

The Australian dollar held fast on Wednesday as investors, having been caught off-guard by this week's choppy trade, waited on the sidelines ahead for the outcome to a US central bank policy meeting. Traders said they were wary of waging big bets on the c
Published 25 Jun, 2009 12:00am
Dollar pressured ahead of Fed meeting outcome

Dollar pressured ahead of Fed meeting outcome

The US dollar fell on Tuesday on speculation the Federal Reserve may attempt to keep debt costs low by reducing expectations for higher interest rates at the conclusion of its meeting on Wednesday. Higher consumer and business borrowing costs would jeopar
Published 25 Jun, 2009 12:00am
Swiss franc up

Swiss franc up

The Swiss franc extended gains against the dollar on Wednesday as the greenback weakened broadly ahead of the Federal Reserves interest rate decision. Policy makers at the Fed began their two-day meeting on Tuesday and many expect they will want to play d
Published 25 Jun, 2009 12:00am
Dollar hovers near lows

Dollar hovers near lows

The dollar sat on steep losses on Wednesday, after tumbling sharply against the euro and other majors, as the market got set for the Federal Reserve to dampen expectations for higher interest rates. Policy makers at the Fed began their two-day meeting on
Published 25 Jun, 2009 12:00am
Yuan ends higher

Yuan ends higher

The yuan finished slightly firmer against the dollar on Wednesday but its rise lagged far behind the dollar's fall against a basket of major currencies as global investors expected the Federal Reserve to dampen expectations for higher interest rates.
Published 25 Jun, 2009 12:00am
Hong Kong dollar inches higher

Hong Kong dollar inches higher

The Hong Kong dollar rose against the US dollar on Wednesday amid an inflow of funds into the territory and as the US currency came under selling pressure ahead of a Federal Reserve interest rate decision due later in the day. The local currency hit the t
Published 25 Jun, 2009 12:00am
Singapore shares climb

Singapore shares climb

Singapore share prices closed 2.37 percent higher on Wednesday as investors bought into cheaper stocks following two straight days of losses, dealers said. Volume was thin however and there were no clear indications of where the market is heading, they sa
Published 25 Jun, 2009 12:00am
Bangladesh interbank forex, interest rates

Bangladesh interbank forex, interest rates

Interbank buy/sell rates for the taka against the dollar on Wednesday. 69.06/69.06 (previous 69.06/69.06). Call Money Rates: 0.10-10.00 percent (previous 0.10-10.00 percent).
Published 25 Jun, 2009 12:00am
Philippines shares jump

Philippines shares jump

Philippines share prices closed 1.93 percent higher on Wednesday in a technical rebound after a sharp fall the previous day, dealers said. The composite index gained 45.77 points to 2,415.83 while the all-shares index rose 1.86 percent to 1,557.29. There
Published 25 Jun, 2009 12:00am
Jakarta shares make gains

Jakarta shares make gains

Indonesian shares ended 4.25 percent higher on Wednesday as a firmer rupiah and gains across Asian markets triggered bargain buying in most blue chips, dealers said. The Jakarta Composite Index gained 81.28 points to 1,995.67 in moderate trade. "We have l
Published 25 Jun, 2009 12:00am
Tokyo stock slightly up

Tokyo stock slightly up

Japan's Nikkei stock average edged 0.4 percent higher on Wednesday as investors picked up some battered shares, with wireless carrier Softbank climbing after UBS Securities raised its target price. Oil company Showa Shell Sekiyu gained 6.1 percent on its
Published 25 Jun, 2009 12:00am
Hong Kong shares rally

Hong Kong shares rally

Hong Kong share prices closed 2.02 percent higher on Wednesday, as investors grabbed bargains in property firms after a heavy fall in the previous session, dealers said. The benchmark Hang Seng Index closed up 353.78 points at 17,892.15. Turnover was low
Published 25 Jun, 2009 12:00am
US bonds soar

US bonds soar

US Treasury debt prices climbed on Tuesday as a solid auction of two-year notes encouraged bond bulls a day ahead of a Federal Reserve announcement that was expected to yield little in the way of new action. The week's $104 billion in new issuance started
Published 25 Jun, 2009 12:00am
China shares at 12-month high

China shares at 12-month high

Chinese shares finished at a 12-month high on Wednesday as institutional investors chased blue chip steel makers on hopes of growing demand, dealers said. The Shanghai Composite Index, which covers A and B shares, gained 29.60 points, or 1.02 percent, to
Published 25 Jun, 2009 12:00am
US bonds soar

US bonds soar

US Treasury debt prices climbed on Tuesday as a solid auction of two-year notes encouraged bond bulls a day ahead of a Federal Reserve announcement that was expected to yield little in the way of new action. The week's $104 billion in new issuance started
Published 25 Jun, 2009 12:00am
Seoul shares end firm

Seoul shares end firm

Seoul shares ended firmer after volatile trade on Wednesday as caution prevailed before the announcement of a rate decision by the US Federal Open Market Committee, but gains in technology issues including LG Display fuelled the main index. The Korea Comp
Published 25 Jun, 2009 12:00am
Malaysian shares rise

Malaysian shares rise

Malaysian shares closed up 1.28 percent on Wednesday driven by strong gains in property and construction stocks and selected blue chips, dealers said. The Kuala Lumpur Composite Index gained 13.37 points to 1,057.85. Advancers outpaced losers 594 to 120.
Published 25 Jun, 2009 12:00am
S&P gains on bargain hunting

S&P gains on bargain hunting

The S&P 500 rose on Tuesday as investors hunted for bargains a day after a steep sell-off, but another delay for Boeing's 787 Dreamliner kept the Dow in the red. Shares that led the market down on Monday, when the market suffered its worst one-day loss in
Published 25 Jun, 2009 12:00am
S&P gains on bargain hunting

S&P gains on bargain hunting

The S&P 500 rose on Tuesday as investors hunted for bargains a day after a steep sell-off, but another delay for Boeing's 787 Dreamliner kept the Dow in the red. Shares that led the market down on Monday, when the market suffered its worst one-day loss in
Published 25 Jun, 2009 12:00am
China to cut unnecessary government spending

China to cut unnecessary government spending

China will try every possible means of increasing fiscal revenue this year, while working to ensure that government money is not wasted, Finance Minister Xie Xuren said on Wednesday, according to state media. Xie made the comments in a work report deliver
Published 25 Jun, 2009 12:00am
Taiwan stocks finish firmer

Taiwan stocks finish firmer

Taiwan stocks rose 2.95 percent on Wednesday, their biggest daily jump in nearly one month, led by financial shares including Cathay Financial on increasing hopes that a financial agreement with China will be signed soon. The main TAIEX share index closed
Published 25 Jun, 2009 12:00am
MySpace to cut two-thirds of global workforce

MySpace to cut two-thirds of global workforce

MySpace, the social networking website owned by Rupert Murdoch's News Corp, said on Tuesday it plans to cut about two-thirds of its international workforce and close at least four of its offices outside the United States. The proposed restructuring plan w
Published 25 Jun, 2009 12:00am
UK to propose complex banks hold more capital

UK to propose complex banks hold more capital

Britain will propose next week that more complicated banks should hold extra capital to minimise the cost to the taxpayer if they go bust, a source familiar with a Treasury paper on the subject told Reuters. The Treasury is set to publish a paper next Wed
Published 25 Jun, 2009 12:00am
Zimbabwe's economy begins to recover

Zimbabwe's economy begins to recover

Zimbabwe's economy has turned around in the past four months, with employment and industrial capacity use doubling and once record-breaking inflation under control, the minister for economic planning said on Tuesday. The recovery follows an effective doll
Published 25 Jun, 2009 12:00am
French consumer spending falls unexpectedly

French consumer spending falls unexpectedly

Spending by French consumers on manufactured goods fell unexpectedly in May, according to data on Tuesday that cast a shadow over recent signs of improvement in the euro zone's second-largest economy. The data from national statistics office INSEE showed
Published 25 Jun, 2009 12:00am
Carmakers fight EU ban on climate change chemicals

Carmakers fight EU ban on climate change chemicals

Carmakers are lobbying the European Union to delay an agreed 2011 ban on climate-damaging chemicals in car air conditioners, a letter from auto industry group ACEA shows. The move has aroused strong opposition from environmentalists and suppliers of green
Published 25 Jun, 2009 12:00am
Japan export rebound slows as global demand remains weak

Japan export rebound slows as global demand remains weak

A rebound in Japanese exports slowed in May as shipments to China deteriorated and US demand remained weak, suggesting hopes for a quick recovery in global demand may be premature. Though exports are now showing signs of bottoming out after a period of pa
Published 25 Jun, 2009 12:00am
Russian economy to shrink 7.9 percent in 2009: World Bank

Russian economy to shrink 7.9 percent in 2009: World Bank

Russia's once-booming economy will shrink by 7.9 percent in 2009 as it reels from the global economic crisis, a sharper contraction than previously expected, the World Bank said Wednesday. "Real economy and social impact on Russia was also larger than ant
Published 25 Jun, 2009 12:00am
Hong Kong government to waive licence fees for hard-hit sectors

Hong Kong government to waive licence fees for hard-hit sectors

The Hong Kong government said Wednesday it will waive several key licensing fees for a year starting July in a bid to help sectors hard-hit by the economic downturn. Starting July 1, fees payable for the issue or renewal of licences necessary to sell liqu
Published 25 Jun, 2009 12:00am
Germany to break EU budget rules until 2013-2014

Germany to break EU budget rules until 2013-2014

Germany will not be able to bring its budget deficit to within European Union limits until 2013 or 2014 because of the recession, Finance Minister Peer Steinbrueck said on Wednesday. "Based on the current economic forecasts, we will not be below the upper
Published 25 Jun, 2009 12:00am
India asks struggling national carrier to cut costs

India asks struggling national carrier to cut costs

India on Wednesday asked its loss-making national carrier to cut costs and warned the government would recruit new directors for the board of Air India to help its revival. The comments came after a newspaper reported that the state-run airline was planni
Published 25 Jun, 2009 12:00am
US hopeful on India trade relationship

US hopeful on India trade relationship

United States Trade Representative Ron Kirk is looking forward to working closely with his new Indian counterpart after a series of encouraging meetings, Kirk said on Wednesday. His comments indicated that one of the most troubled relationships in interna
Published 25 Jun, 2009 12:00am
US and EU reject Russian accusations over WTO bid

US and EU reject Russian accusations over WTO bid

The United States and the European Union rejected on Wednesday Russian accusations that Washington and Brussels were to blame for the collapse of Moscow's unilateral bid to join the World Trade Organisation. "Let's be clear on this - this is a Russia-crea
Published 25 Jun, 2009 12:00am
Siemens see big orders from China stimulus

Siemens see big orders from China stimulus

German industrial group Siemens expects to land orders worth 2.9 billion dollars over the next three years as part of China's economic stimulus plan, state media reported Tuesday. Half of the orders would focus on energy-efficient and environment-friendly
Published 25 Jun, 2009 12:00am
OECD more optimistic, downturn close to bottom

OECD more optimistic, downturn close to bottom

The economic outlook has improved for the first time in two years but soaring unemployment and ballooning budget deficits could knock a weak recovery off track, the OECD said on Wednesday. The Organisation for Economic Co-operation and Development said in
Published 25 Jun, 2009 12:00am
Islamic markets fret as regulators revamp bank rules

Islamic markets fret as regulators revamp bank rules

Islamic financial markets heaved a sigh of relief after dodging the securitisation crisis which hit traditional banks, but the fallout may spark a global regulatory overhaul that could stifle the $1 trillion industry. As Western governments and regulators
Published 25 Jun, 2009 12:00am
China finds 'Asia's largest iron ore deposit'

China finds 'Asia's largest iron ore deposit'

China said Wednesday it had found a new iron ore deposit in north-eastern Liaoning province that state media has described as the largest in Asia. "We did find an iron ore deposit there," an official with the land and resources ministry, who declined to b
Published 25 Jun, 2009 12:00am
IMF to upgrade some growth outlooks in Asia

IMF to upgrade some growth outlooks in Asia

The International Monetary Fund is likely next month to upgrade its growth outlook for South Korea and other emerging Asian economies as stability begins to return, a senior IMF economist said Wednesday. "We haven't finalised the new numbers (for emerging
Published 25 Jun, 2009 12:00am
US durable goods orders surge, housing data mixed

US durable goods orders surge, housing data mixed

An unexpected jump in US durable goods orders last month backed hopes that the economy was healing, but news from the hard-hit housing market remained mixed. New orders for long-lasting US manufactured goods rose by a much stronger-than-expected 1.8 perce
Published 25 Jun, 2009 12:00am
China defends export policies against WTO complaint

China defends export policies against WTO complaint

China on Wednesday rejected US and European charges that its restrictions on raw materials exports violate international trade rules, saying that its policies were in keeping with WTO regulations. The European Union and the United States said on Tuesday t
Published 25 Jun, 2009 12:00am
Eurozone banks leap at record ECB loan offer

Eurozone banks leap at record ECB loan offer

The European Central Bank lent commercial banks a record 442.24 billion euros (620 billion dollars) at 1.0 percent on Wednesday via its first offer of 12-month funds in a bid to boost credit flows. Analysts at UniCredit markets expected the ECB's spectacu
Published 25 Jun, 2009 12:00am
Fed keeps near-zero rates

Fed keeps near-zero rates

The Federal Reserve on Wednesday held its base rate near zero, as it predicted a "gradual resumption of sustainable economic growth" without inflationary pressures. Concluding a two-day meeting, the policymaking Federal Open Market Committee, as widely ex
Published 25 Jun, 2009 12:00am
Gold steadies above $920 in Asia

Gold steadies above $920 in Asia

Gold steadied above $920 on Wednesday, off the previous session's six-week low as traders awaited the outcome of a key Federal Reserve meeting on interest rates. The precious metal bounced back from the six-week low of $912.90 as the dollar, the main driv
Published 25 Jun, 2009 12:00am
Fed keeps near-zero rates

Fed keeps near-zero rates

The Federal Reserve on Wednesday held its base rate near zero, as it predicted a "gradual resumption of sustainable economic growth" without inflationary pressures. Concluding a two-day meeting, the policymaking Federal Open Market Committee, as widely ex
Published 25 Jun, 2009 12:00am
Lufthansa raises fuel surcharge on most flights

Lufthansa raises fuel surcharge on most flights

The leading German airline, Lufthansa, unveiled Wednesday an increase in fuel surcharges for most passenger flights owing to higher oil prices. Passengers are to be charged an extra three euros (4.2 dollars), bringing the total surcharge to 24 euros for f
Published 25 Jun, 2009 12:00am
Fake fertiliser producers discovered in Vietnam

Fake fertiliser producers discovered in Vietnam

Vietnamese police have discovered several factories producing vast quantities of fake and diluted fertiliser, a police official said Wednesday. "The quantity is so huge, we don't have enough storage space (to confiscate it)," said Lieutenant Colonel Vu Ho
Published 25 Jun, 2009 12:00am
Fed keeps near-zero rates

Fed keeps near-zero rates

The Federal Reserve on Wednesday held its base rate near zero, as it predicted a "gradual resumption of sustainable economic growth" without inflationary pressures. Concluding a two-day meeting, the policymaking Federal Open Market Committee, as widely ex
Published 25 Jun, 2009 12:00am
US gold higher

US gold higher

New York gold futures ended higher on Tuesday as bullion's dollar-hedge buying picked up as the US currency fell sharply against the euro, but signs of lagging investment demand from exchange-traded funds limited further gains. August settle up $3.30 at $
Published 25 Jun, 2009 12:00am
Malaysian tin inches up

Malaysian tin inches up

Malaysian tin inched up on Wednesday, tracking higher London Metal Exchange prices, although gains were curbed as some buyers were cautious about the recent volatility in global commodity markets, one dealer said.
Published 25 Jun, 2009 12:00am
Oil falls below $69 in Asia

Oil falls below $69 in Asia

Oil slid back below $69 a barrel on Wednesday, reversing a 2.6 percent gain the day before, after data showed a surge in US gasoline stocks, signalling weaker-than-expected demand from the world's top energy user. The market awaits confirmation of the Ame
Published 25 Jun, 2009 12:00am
Swiss order more evidence destroyed in nuclear probe

Swiss order more evidence destroyed in nuclear probe

The Swiss government on Wednesday ordered the quick destruction of about 100 pages of evidence linked to an investigation of three Swiss engineers suspected of smuggling nuclear weapons technology. The Cabinet said the documents were ``the most explosive'
Published 25 Jun, 2009 12:00am
Malaysian palm oil prices retreat

Malaysian palm oil prices retreat

Malaysian palm futures fell 1.6 percent on Wednesday, retreating from the previous day's surge as weakening soyoil prices prompted some investors to take profits. Sentiment remained buoyant as Malaysian palm oil shipments were expected to show improvement
Published 25 Jun, 2009 12:00am
Swiss order more evidence destroyed in nuclear probe

Swiss order more evidence destroyed in nuclear probe

The Swiss government on Wednesday ordered the quick destruction of about 100 pages of evidence linked to an investigation of three Swiss engineers suspected of smuggling nuclear weapons technology. The Cabinet said the documents were ``the most explosive'
Published 25 Jun, 2009 12:00am
US soyabean higher

US soyabean higher

US soybean futures on the Chicago Board of Trade rose 2 percent on Tuesday as the weakness in the dollar fuelled a recovery bounce, traders said. The dollar fell on speculation the Federal Reserve may keep debt costs low by reducing expectations for highe
Published 25 Jun, 2009 12:00am
Witnesses report clashes around Iran's parliament

Witnesses report clashes around Iran's parliament

Riot police in Iran's capital fired tear gas and bullets in the air Wednesday in clashes with protesters who converged on a square near the parliament building in defiance of government orders to halt demonstrations demanding a new presidential election,
Published 25 Jun, 2009 12:00am
US copper futures end up

US copper futures end up

US copper futures ended up over 3 percent on Tuesday, with renewed weakness in the US dollar helping to fuel a short-covering bounce in the red metal from a new three-week low reached overnight. Copper for September delivery rose 6.80 cents, or 3.2 percen
Published 25 Jun, 2009 12:00am
Witnesses report clashes around Iran's parliament

Witnesses report clashes around Iran's parliament

Riot police in Iran's capital fired tear gas and bullets in the air Wednesday in clashes with protesters who converged on a square near the parliament building in defiance of government orders to halt demonstrations demanding a new presidential election,
Published 25 Jun, 2009 12:00am
Shanghai copper rises

Shanghai copper rises

A weaker US dollar pushed copper nearly 2 percent higher on Wednesday as investors waited for the outcome of the Federal Reserve's two-day meeting later in the day. Economists expect the US central bank to keep interest rates on hold and dampen expectatio
Published 25 Jun, 2009 12:00am
Forces kill seven terrorists in Malakand: six soldiers martyred

Forces kill seven terrorists in Malakand: six soldiers martyred

The security forces have killed seven terrorists and arrested seven other during the last 24 hours in the ongoing operation "Rah-e-Raast" in different parts of Malakand division, while six soldiers, including two officers, were also martyred and three sus
Published 25 Jun, 2009 12:00am
US rice futures end firm

US rice futures end firm

US rice futures on the Chicago Board of Trade rose on Tuesday as a weaker dollar enticed traders to buy CBOT grains, including rice. When the dollar weakens, it makes the price of US commodities more attractive to overseas buyers and encourages managed fu
Published 25 Jun, 2009 12:00am
Bid to attack Parliament foiled: Malik

Bid to attack Parliament foiled: Malik

The vigilant law enforcement agencies have foiled a bid to attack Parliament and security agencies after they arrested two suicide bombers from Islamabad during the last two days, said Rehman Malik, Federal Interior Minister here on Wednesday. "Two suicid
Published 25 Jun, 2009 12:00am
Tokyo rubber futures dip

Tokyo rubber futures dip

Key Tokyo rubber futures fell towards 150 yen on Wednesday and hit a three-month low on a decline in crude oil prices. The key Tokyo Commodity Exchange rubber contract for November delivery settled at 152.1 yen per kg, down 0.8 yen or 0.5 percent from the
Published 25 Jun, 2009 12:00am
Bid to attack Parliament foiled: Malik

Bid to attack Parliament foiled: Malik

The vigilant law enforcement agencies have foiled a bid to attack Parliament and security agencies after they arrested two suicide bombers from Islamabad during the last two days, said Rehman Malik, Federal Interior Minister here on Wednesday. "Two suicid
Published 25 Jun, 2009 12:00am
New York sugar touches near three-year top

New York sugar touches near three-year top

Raw sugar futures finished on Tuesday near a three-year peak on fund buying, switch trade and expectations a major trade house will take delivery of sugar when the July contract expires next week, brokers said. The key October raw sugar contract climbed 0
Published 25 Jun, 2009 12:00am
Baghdad market blast kills 62 as US pullout looms

Baghdad market blast kills 62 as US pullout looms

At least 62 people were killed by a bomb in a crowded market in Baghdad's sprawling slum neighbourhood of Sadr City on Wednesday, less than a week before US troops must pull out of Iraq's cities. Another 150 people were wounded in the attack in the predom
Published 25 Jun, 2009 12:00am
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