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Jan 11, 2025 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Print - 2009-07-09
US MIDDAY: corn rebounds

US MIDDAY: corn rebounds

Corn futures rose at the Chicago Board of Trade early on Wednesday in a short-covering rebound from a nearly seven-month low, traders said. The corn/soybean spread was correcting after a recent rally in the July soybean contract. At 9:38 am CDT (1438 GMT)
Published 09 Jul, 2009 12:00am
Gold falls in Asia

Gold falls in Asia

Gold prices fell on Wednesday as the dollar remained firm, sapping gold's appeal as an alternative investment, and on easing inflation fears as oil prices weakened. Gold has been hurt by the dollar's strength as investors have recently preferred the US cu
Published 09 Jul, 2009 12:00am
Gold slips, platinum dips below $1,100 in Europe

Gold slips, platinum dips below $1,100 in Europe

Gold fell in Europe on Wednesday and platinum dropped below $1,100 an ounce for the first time since May 18 as the dollar firmed against the euro, making precious metals more expensive for holders of other currencies. Hard commodities weakened across the
Published 09 Jul, 2009 12:00am
London cocoa and sugar up

London cocoa and sugar up

September cocoa settled 53 pounds higher at 1,662 pounds a tonne on Wednesday, having touched a three-week high of 1,664 pounds a tonne earlier, on a weak pound. Traders were also digesting a Reuters interview with Olam, a leading supplier of cocoa beans,
Published 09 Jul, 2009 12:00am
US gold higher

US gold higher

US gold futures ended higher on Tuesday as investors bought the metal following its recent price weakness, but oil's extended decline lessened inflation worries and limited further gains in bullion. August gold settled up $4.80 at $929.10 an ounce on the
Published 09 Jul, 2009 12:00am
Oil falls under $61

Oil falls under $61

Oil dropped over 4 percent to under $61 a barrel on Wednesday after a US government report showed that distillate stocks have risen near a 25-year high, reinforcing worries about a potential economic rebound. US crude settled $2.79 lower at $60.14 a barre
Published 09 Jul, 2009 12:00am
Copper prices further down

Copper prices further down

Copper prices extended their fall on Wednesday, hitting a fresh two-week low as expectations of a poor economic outlook and slowing demand growth prospects prompted an across-the-board commodities sell-off. Tin and nickel prices on the London Metal Exchan
Published 09 Jul, 2009 12:00am
New York cotton settles lower

New York cotton settles lower

Cotton futures settled lower Wednesday on investor sales, but the market again pared its losses as players waited for leads to provide direction on its next move, brokers said. The new-crop December cotton contract fell 0.60 cent to close at 59.11 cents p
Published 09 Jul, 2009 12:00am
FTSE down 1.1 percent

FTSE down 1.1 percent

London's top share index ended down 1.1 percent on Wednesday, hitting its lowest closing level in more than two months, as weakness in banks, oil producers and miners offset minor resistance in some defensives. The FTSE 100 closed down 46.77 points at 414
Published 09 Jul, 2009 12:00am
Asian bond spreads widen

Asian bond spreads widen

Asian bond spreads widened on Wednesday, tracking weakness in stock markets on heightened risk aversion, while the newly-issued bonds from Export-Import Bank of Korea (KEXIM) were little changed. The Asia iTraxx investment-grade index excluding Japan wide
Published 09 Jul, 2009 12:00am
Indian shares fall 2.83 percent

Indian shares fall 2.83 percent

Indian shares fell 2.83 percent on Wednesday, following other Asian markets, in reaction to a tumble on Wall Street as concerns persisted over a recovery in the global economy, dealers said. The benchmark 30-share Sensex fell 401.3 points to 13,769.15, it
Published 09 Jul, 2009 12:00am
Asian bond spreads widen

Asian bond spreads widen

Asian bond spreads widened on Wednesday, tracking weakness in stock markets on heightened risk aversion, while the newly-issued bonds from Export-Import Bank of Korea (KEXIM) were little changed. The Asia iTraxx investment-grade index excluding Japan wide
Published 09 Jul, 2009 12:00am
Wednesday's midday trade: US stocks fall on recovery concerns

Wednesday's midday trade: US stocks fall on recovery concerns

US stock indices fell on Wednesday on lingering worries about the state of the economy and the uncertain outlook for second-quarter earnings, though surprisingly strong demand for a Treasury auction limited losses. The earnings period unofficially kicks o
Published 09 Jul, 2009 12:00am
Credit spreads widen, Peugeot brings bond deal

Credit spreads widen, Peugeot brings bond deal

European credit spreads widened on Wednesday as equities remained volatile, although Crossover member Peugeot managed to raise 750 million euros ($1 billion) in the bond market despite the more nervous mood. By 1447 GMT, the investment-grade Markit iTraxx
Published 09 Jul, 2009 12:00am
Credit spreads widen, Peugeot brings bond deal

Credit spreads widen, Peugeot brings bond deal

European credit spreads widened on Wednesday as equities remained volatile, although Crossover member Peugeot managed to raise 750 million euros ($1 billion) in the bond market despite the more nervous mood. By 1447 GMT, the investment-grade Markit iTraxx
Published 09 Jul, 2009 12:00am
Yen climbs broadly in London

Yen climbs broadly in London

The yen climbed broadly on Wednesday as the recent optimism on the global economy continued to dissipate, prompting investors to shun perceived riskier assets as stock markets fell. The dollar also gained against currencies such as the Australian dollar a
Published 09 Jul, 2009 12:00am
Dollar, euro, sterling Libor hits fresh lows

Dollar, euro, sterling Libor hits fresh lows

Dollar borrowing costs between banks fell again on Wednesday, touching the latest in a series of all-time lows, LIBOR rates showed. Three-month interbank lending rates for dollar, euro and sterling funds fell to new lows as the euro rate hit the European
Published 09 Jul, 2009 12:00am
Sterling extends losses

Sterling extends losses

Sterling extended losses on Wednesday, hitting a one-month low against the dollar and the euro after weak UK manufacturing output data the previous day further clouded optimism that the economy may be improving. Brushing off figures on Wednesday showing a
Published 09 Jul, 2009 12:00am
Indian rupee drops to two-week low

Indian rupee drops to two-week low

The Indian rupee dropped to a two-week low on Wednesday as falling local stocks triggered concerns about the sustainability of foreign fund inflows in the near term. The partially convertible rupee ended at 48.88/89 per dollar, 0.9 percent below Tuesday's
Published 09 Jul, 2009 12:00am
US mortgage fraud soars in 2008, still growing: FBI

US mortgage fraud soars in 2008, still growing: FBI

Mortgage fraud cost the embattled US lending industry more than one billion dollars last year and is on track to cost it even more in 2009, a report by the FBI showed Tuesday. Suspicious activity reports filed by financial institutions in 2008 showed loss
Published 09 Jul, 2009 12:00am
War crimes court to try Karadzic, rejects Holbrooke 'deal'

War crimes court to try Karadzic, rejects Holbrooke 'deal'

The war crimes trial of Radovan Karadzic will go ahead as planned, the International Criminal Tribunal for the former Yugoslavia said Wednesday, refusing to be bound by an alleged immunity deal between the Bosnian Serb wartime leader and US negotiator Ric
Published 09 Jul, 2009 12:00am
Troops pour into city in China's restive west

Troops pour into city in China's restive west

Hundreds of helmeted troops in riot gear swarmed the central square of the capital of western Xinjiang on Wednesday after ethnic riots left at least 156 dead. The city's Communist Party boss promised that those behind the killings would be executed.
Published 09 Jul, 2009 12:00am
Kuwait open to investing war reparations into Iraq

Kuwait open to investing war reparations into Iraq

Kuwait is open to investing into Iraq some $25 billion still owed it in reparations from the 1990-1991 Gulf crisis, Iraq's parliament speaker said while visiting the oil rich emirate Wednesday. A United Nations commission has been deducting a percentage o
Published 09 Jul, 2009 12:00am
Pirates hijack Turkish ship in Gulf of Aden

Pirates hijack Turkish ship in Gulf of Aden

Pirates hijacked a Turkish ship in the Gulf of Aden on Wednesday in an unusual attack because of rough seas at this time of year, a Kenyan maritime official said. Andrew Mwangura, co-ordinator of the East African Seafarers' Assistance Programme, named the
Published 09 Jul, 2009 12:00am
Indian troops fly to France for National Day parade

Indian troops fly to France for National Day parade

A contingent of Indian troops left for Paris on Wednesday to join French soldiers in next week's Bastille Day parade where the Indian premier will be the guest of honour, officials said. Some 310 soldiers will parade down the Champs Elysees on July 14 to
Published 09 Jul, 2009 12:00am
Honduras rivals head for dialogue with US backing

Honduras rivals head for dialogue with US backing

The two rivals in Honduras' political crisis prepared on Wednesday to open talks on a solution to last month's coup and a senior US official pledged Washington's strong support for the dialogue. President Barack Obama's administration, facing a major test
Published 09 Jul, 2009 12:00am
Taliban kill eight cops, surround east Afghan office

Taliban kill eight cops, surround east Afghan office

A district in Afghanistan's restive east was in danger of falling into Taliban hands after pitched gunbattles with insurgents killed at least eight police, a senior official said on Wednesday. The fighting erupted late on Tuesday in Afghanistan's eastern
Published 09 Jul, 2009 12:00am
US military chief says clock ticking on Iran nuclear

US military chief says clock ticking on Iran nuclear

The top US military officer warned on Tuesday that time is running out for dialogue with Tehran to avoid either a nuclear-armed Iran or a possible military strike against the Islamic Republic. Admiral Mike Mullen, chairman of the US Joint Chiefs of Staff,
Published 09 Jul, 2009 12:00am
EON, GDF Suez hit with huge EU anti-trust fine

EON, GDF Suez hit with huge EU anti-trust fine

The European Commission fined Germany's EON and GDF Suez of France on Wednesday a total of over a billion euros for agreeing to stay out of each other's markets in breach of EU rules, a statement said. In the first ever anti-trust fines imposed in the ene
Published 09 Jul, 2009 12:00am
Some 400,000 displaced in east DR Congo since March: ICRC

Some 400,000 displaced in east DR Congo since March: ICRC

Some 400,000 people have fled growing tension and violence in the east of Democratic Republic of Congo since March, the International Committee of the Red Cross said Wednesday. In Nord-Kivu province some 300,000 civilians have fled their homes, while in n
Published 09 Jul, 2009 12:00am
Scientists unveil ultra-thin surgical patch

Scientists unveil ultra-thin surgical patch

Japanese scientists said Wednesday they had developed a surgical 'nano-sheet' one thousand times thinner than Cellophane that can patch up internal wounds and later dissolves inside the body. The transparent and adhesive sheeting, made from a substance de
Published 09 Jul, 2009 12:00am
Bangladesh man explodes bombs trying to avoid arrest

Bangladesh man explodes bombs trying to avoid arrest

A man in Bangladesh exploded home-made bombs strapped to his body on Wednesday as he tried to avoid arrest for holding two people hostage, police said. The 40-year-old man was left seriously injured and a police officer hurt as the five-hour hostage drama
Published 09 Jul, 2009 12:00am
Turkish president approves law on military courts

Turkish president approves law on military courts

Turkish President Abdullah Gul on Wednesday signed into law changes aimed at meeting EU criteria limiting the power of military courts, despite opposition from the military, a statement on the presidential website said. Parliament last month passed legal
Published 09 Jul, 2009 12:00am
China holds Rio executive as spy; iron ore deal in doubt

China holds Rio executive as spy; iron ore deal in doubt

Chinese authorities are detaining Rio Tinto Ltd's top iron ore negotiator on suspicion of espionage and stealing state secrets, Australia said on Wednesday, threatening to strain already fraying ties. Details about the detention of Stern Hu, as well as th
Published 09 Jul, 2009 12:00am
Malaysian schools drop instruction in English

Malaysian schools drop instruction in English

Malaysia has announced it will abandon the use of English to teach math and science, bowing to protesters who demanded more use of the national Malay language. Malay will be reinstated in state-funded schools starting in 2012 because teaching in English c
Published 09 Jul, 2009 12:00am
ArcelorMittal steelworkers win higher pay in Algeria

ArcelorMittal steelworkers win higher pay in Algeria

Some 7,000 workers at ArcelorMittal Annaba, the Algerian subsidiary of the multinational steel giant, have won a 15 percent pay rise after a two-day strike, their spokesman said Wednesday. "We obtained a rise of 15 percent in the basic pay scale, and re-e
Published 09 Jul, 2009 12:00am
Israel strikes deal with US on settlements

Israel strikes deal with US on settlements

Israel and the United States have reached a deal allowing the Jewish state to build about 2,500 housing units already under construction in West Bank settlements, a newspaper reported on Wednesday. The agreement was secured during a meeting between Israel
Published 09 Jul, 2009 12:00am
Russia's new WTO entry proposal 'unworkable': US

Russia's new WTO entry proposal 'unworkable': US

Russia's proposal for joining the WTO as a single customs bloc with Kazakhstan and Belarus is "unworkable," a top US trade official said Wednesday, fueling doubt over Moscow's application. "According to most members of the WTO (Russia's proposal) is just
Published 09 Jul, 2009 12:00am
US government buildings security deeply flawed

US government buildings security deeply flawed

Investigators testing security at key US government buildings were able to sneak bomb-making materials at 10 sites over the past year, the investigative arm of the US Congress reported Wednesday. The Government Accountability Office (GAO) report said the
Published 09 Jul, 2009 12:00am
India's $30 billion defence plan hampered by graft scandal

India's $30 billion defence plan hampered by graft scandal

An arms corruption scandal is threatening to delay India's $30 billion plan to modernise its military to counter security threats on its borders, officials said on Wednesday. The scandal, involving seven companies being investigated for paying bribes to w
Published 09 Jul, 2009 12:00am
Eight killed in Russian Caucasus violence

Eight killed in Russian Caucasus violence

A Russian soldier and two policemen died in clashes with militants in the country's restive North Caucasus, along with five rebel fighters, news agencies and officials said on Wednesday. The soldier and one of the rebels died following a shootout on Tuesd
Published 09 Jul, 2009 12:00am
Younus lauds 'brilliant' Sangakkara

Younus lauds 'brilliant' Sangakkara

Pakistan captain Younus Khan Wednesday hailed the 'brilliant' leadership of his counterpart Kumar Sangakkara after the Sri Lankan led his side to victory in his first Test as captain. Sri Lanka pulled off a dramatic 50-run win in the first Test at Galle T
Published 09 Jul, 2009 12:00am
Google to launch its own PC operating system

Google to launch its own PC operating system

Google has plans for its own personal computer operating system, it announced on its blog, setting up another clash between the Internet search giant and PC software supremo Microsoft. "We're announcing a new project," said the Mountain View, California-b
Published 09 Jul, 2009 12:00am
Real sold 15 Ronaldo jerseys per minute

Real sold 15 Ronaldo jerseys per minute

Real Madrid sold 15 Cristiano Ronaldo jerseys per minute at the club's shop at the Santiago Bernabeu stadium in the two hours that followed the player's presentation on Monday, reports said Wednesday. The shop sold 2,000 jerseys bearing the Portuguese str
Published 09 Jul, 2009 12:00am
Pakistan rues team's 'fall in Galle'

Pakistan rues team's 'fall in Galle'

Pakistan's former cricket greats and fans were despondent Wednesday after their team followed last month's World Twenty20 triumph with a collapse in their first Test against Sri Lanka in Galle. "It was the fall in Galle," former Test batsman Ijaz Ahmed to
Published 09 Jul, 2009 12:00am
Shoaib Akhtar targets Sri Lanka one-day return

Shoaib Akhtar targets Sri Lanka one-day return

Injury-prone paceman Shoaib Akhtar said Wednesday he wants to return to international cricket in the one-day series against Sri Lanka after missing out on Pakistan's World Twenty20 triumph. The 33-year-old was withdrawn a week before the start of the Worl
Published 09 Jul, 2009 12:00am
Indian panel against foreigners in domestic events

Indian panel against foreigners in domestic events

Indian cricket board's technical committee on Wednesday recommended that foreign players be barred from playing in domestic competition from this season. "Foreign players should not be permitted to play in domestic tournaments from the 2009-10 season onwa
Published 09 Jul, 2009 12:00am
Duckworth-Lewis aim for direct hit in album charts

Duckworth-Lewis aim for direct hit in album charts

To an outsider, the complicated world of cricket can seem mundane and impenetrable and the last thing that a rock musician would write an album about. But this has not deterred Irish musical all-rounders Neil Hannon, best known for his work with The Divin
Published 09 Jul, 2009 12:00am
Swiss franc down

Swiss franc down

The Swiss franc ticked down against the dollar on Wednesday as investors remained wary about taking on risk on concerns about how fast the global recovery. "The market remains on recovery watch, with any increase in economic sentiment still likely to weig
Published 09 Jul, 2009 12:00am
Asian currencies fall

Asian currencies fall

The Malaysian ringgit fell to seven-week lows on concerns about the global economy, while risk aversion also pressured the Indonesian rupiah in offshore markets, even as President Susilo Bambang Yudhoyono looked set for a re-election. Asian stocks fell wh
Published 09 Jul, 2009 12:00am
Australian dollar skids to six-week low

Australian dollar skids to six-week low

The Australian dollar hit a six-week low against the yen on Wednesday as signs an economic recovery in Asia was struggling to gain traction deterred investors from buying riskier currencies. The Aussie fell to a low of 73.60 yen, a level last seen on May
Published 09 Jul, 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 09 Jul, 2009 12:00am
Yen hits six-week highs

Yen hits six-week highs

The yen hit its highest levels in more than six weeks against the dollar and euro on Wednesday as traders bet that a recent pullback in risk assets could provide the impetus for a further rise in the Japanese currency. Sterling hit a one-month low against
Published 09 Jul, 2009 12:00am
Yen and dollar rise

Yen and dollar rise

The yen and dollar rose broadly on Tuesday as uncertainty about the global economic outlook and forthcoming US corporate earnings increased the safe-haven appeal of both currencies. Sterling fell as weak industrial output data reinforced doubts about a UK
Published 09 Jul, 2009 12:00am
Yuan down in NDFs market

Yuan down in NDFs market

The yuan fell to a multi-month low against the dollar in the benchmark offshore non-deliverable forwards (NDFs) on Wednesday, pressured by a steep rise in levels of onshore forwards. Benchmark one-year dollar/yuan NDFs rose to an intraday high of 6.7950 b
Published 09 Jul, 2009 12:00am
Hong Kong shares decline

Hong Kong shares decline

Hong Kong share prices closed 0.79 percent lower on Wednesday, tracking losses on Wall Street and regional bourses, dealers said. The benchmark Hang Seng Index ended down 141.20 points at 17,721.07, after trading between 17,493.62 and 17,819.31 during the
Published 09 Jul, 2009 12:00am
Nikkei tumbles 2.4 percent to six-week low

Nikkei tumbles 2.4 percent to six-week low

Japan's Nikkei average fell 2.4 percent to a six-week closing low on Wednesday, hurt by an unexpected slide in domestic machinery orders and as the yen rose to seven-week highs against the dollar on talk of more stimulus for the US economy. Komatsu and ot
Published 09 Jul, 2009 12:00am
Philippines shares plunge

Philippines shares plunge

Philippines share prices closed 0.39 percent lower on Wednesday as weakness in the US market deterred local investors, dealers said. The composite index fell 9.77 points to 2,461.99 while the all-shares index slipped 0.25 percent to 1,578.77. There were 4
Published 09 Jul, 2009 12:00am
Chinese shares tumble

Chinese shares tumble

Chinese shares closed down 0.28 percent on Wednesday after an overnight fall in Wall Street dampened sentiment in Asian markets, dealers said. The Shanghai Composite Index, which covers A and B shares, was down 8.68 points to 3,080.77 on turnover of 170.7
Published 09 Jul, 2009 12:00am
Malaysian shares end flat

Malaysian shares end flat

Malaysian shares were flat on Wednesday due to mild profit-taking on selected blue chips, dealers said. The Kuala Lumpur Composite Index lost 0.89 point, or 0.08 percent, to close at 1,065.47. Losers outnumbered gainers 336 to 188. "Thin, negatively biase
Published 09 Jul, 2009 12:00am
US Treasury prices rise

US Treasury prices rise

US Treasuries prices rose on Tuesday, pushing benchmark yields to six-week lows, as weak stocks enhanced the allure of safe-haven government debt and investors cheered a decent auction of three-year notes. Some measures showed strong demand at the auction
Published 09 Jul, 2009 12:00am
Seoul shares pare losses

Seoul shares pare losses

Seoul shares trimmed early losses to end slightly lower on Wednesday, hovering near a 9-month intraday high hit in the previous session, helped by expectations for healthy earnings in carmakers and technology firms. The market fell more than 1 percent ear
Published 09 Jul, 2009 12:00am
Thai share prices slump

Thai share prices slump

Thai stocks closed 1.30 percent lower on Wednesday, in line with regional markets and following a slump in oil prices, an analyst said. The Stock Exchange of Thailand (SET) composite index lost 7.61 points to close at 575.87 while the blue chip SET-50 ind
Published 09 Jul, 2009 12:00am
US Treasury prices rise

US Treasury prices rise

US Treasuries prices rose on Tuesday, pushing benchmark yields to six-week lows, as weak stocks enhanced the allure of safe-haven government debt and investors cheered a decent auction of three-year notes. Some measures showed strong demand at the auction
Published 09 Jul, 2009 12:00am
Taiwan stocks dip

Taiwan stocks dip

Taiwan stocks fell 0.7 percent on Wednesday, their worst daily percentage drop in one week, with export-reliant tech shares such as TSMC sinking on worries over slowing demand from China and the United States. The main TAIEX share index closed 47.08 point
Published 09 Jul, 2009 12:00am
Wall Street hits 10-week low

Wall Street hits 10-week low

US stocks fell to their lowest level in 10 weeks on Tuesday as talk of a second government stimulus plan heightened fears that the economy is not yet on the path to recovery and that the corporate earnings season starting this week will be weak. A member
Published 09 Jul, 2009 12:00am
Singapore shares fall

Singapore shares fall

Singapore shares closed 0.55 percent lower on Wednesday, joining other regional bourses in a fall on concerns over the prospects for an economic recovery. The blue chip Straits Times Index fell 12.49 points to 2,259.77 on volume of 1.63 billion shares wor
Published 09 Jul, 2009 12:00am
Sukuk defaults seen rising

Sukuk defaults seen rising

A default on Islamic bonds by Kuwaiti firm Investment Dar is just the tip of the iceberg, with more failures expected as the weak global economy hits issuers, industry experts warned on Wednesday. Unlike traditional banking, the $1 trillion Islamic financ
Published 09 Jul, 2009 12:00am
Sukuk defaults seen rising

Sukuk defaults seen rising

A default on Islamic bonds by Kuwaiti firm Investment Dar is just the tip of the iceberg, with more failures expected as the weak global economy hits issuers, industry experts warned on Wednesday. Unlike traditional banking, the $1 trillion Islamic financ
Published 09 Jul, 2009 12:00am
Germany backs idea of EU groups for IMF voting

Germany backs idea of EU groups for IMF voting

Germany supports a French proposal to form "constituency" groups within the European Union to reduce EU representation within the International Monetary Fund, Finance Minister Peer Steinbrueck said on Tuesday. "This seems like a sensible approach to me so
Published 09 Jul, 2009 12:00am
California IOU holders may turn to check cashers

California IOU holders may turn to check cashers

California "IOU" recipients can turn to credit unions and check-cashing storefronts if a state budget deal does not appear by Friday and if three major banks refuse to accepting the notes beyond Friday as planned, analysts said on Tuesday.
Published 09 Jul, 2009 12:00am
Nissan says industry distress to continue

Nissan says industry distress to continue

The global car market will take until 2013 to return to last year's sales levels, a senior executive at Nissan Motor Co said on Tuesday. "I think the distress in the industry will continue. I think the suppliers will continue to be distressed. I think it'
Published 09 Jul, 2009 12:00am
Brazil inflation slows in June

Brazil inflation slows in June

Inflation in Brazil lost some steam in June as a spike in the cost of food and beverages was offset by slower gains in prices of personal items and housing, government data showed on Wednesday. The benchmark IPCA consumer price index rose 0.36 percent in
Published 09 Jul, 2009 12:00am
Stimulus reaching US states faster than expected: GAO

Stimulus reaching US states faster than expected: GAO

The US government is sending stimulus money to states faster than it anticipated, defying some claims that it is not acting quickly enough, but its checks on how the states spend come up. The Government Accountability Office report, obtained by Reuters la
Published 09 Jul, 2009 12:00am
Australians grow more upbeat about economy, housing

Australians grow more upbeat about economy, housing

Australian consumer sentiment unexpectedly surged for the second straight month in July to reach its best level in 19 months, as households grew more optimistic about an economic recovery. Adding to the positive mood, government data on Wednesday showed d
Published 09 Jul, 2009 12:00am
EU ministers pledge to cut budget gaps after crisis

EU ministers pledge to cut budget gaps after crisis

European Union finance ministers renewed pledges on Tuesday to cut their countries' swelling budget deficits once the economic crisis is over. "It is a very important priority for us to establish a common approach to rising deficits ... we need to establi
Published 09 Jul, 2009 12:00am
BMW says auto sales slump eased in June

BMW says auto sales slump eased in June

Slumping sales by German luxury car makers BMW and Daimler eased in June, suggesting a slight recovery might lie ahead, figures released by the companies showed on Tuesday. BMW warned however that more time was needed to determine if the improvement would
Published 09 Jul, 2009 12:00am
BMW says auto sales slump eased in June

BMW says auto sales slump eased in June

Slumping sales by German luxury car makers BMW and Daimler eased in June, suggesting a slight recovery might lie ahead, figures released by the companies showed on Tuesday. BMW warned however that more time was needed to determine if the improvement would
Published 09 Jul, 2009 12:00am
Swiss jobless hits highest level in over three years

Swiss jobless hits highest level in over three years

Unemployment in Switzerland rose more than expected in June to its highest level in over three years as the deep recession forced more companies to axe jobs. The unadjusted unemployment rate rose to 3.6 percent from 3.4 percent in May, the State Secretari
Published 09 Jul, 2009 12:00am
Strike halts construction at World Cup stadiums

Strike halts construction at World Cup stadiums

Over 70,000 workers labouring on South Africa's World Cup stadiums embarked on a strike Wednesday to press for higher wages, sparking fears of building delays a yeear before the sporting event The strike threatens the completion deadlines at five venues f
Published 09 Jul, 2009 12:00am
Sri Lanka's revenue hit by global downturn

Sri Lanka's revenue hit by global downturn

Sri Lanka's government revenue fell 10 percent in the first four months of the year, while expenditure overshot the target by 28 percent as the world economic crisis pushed borrowing costs higher. The Ministry of Finance and Planning said in its mid-year
Published 09 Jul, 2009 12:00am
German industrial output rise strongest in 16 years

German industrial output rise strongest in 16 years

German industrial production rose at the fastest pace in nearly 16 years in May, official data showed on Wednesday, bolstering hopes Europe's biggest economy may be starting to recover from a deep recession. The rise was largely due to a jump in car sales
Published 09 Jul, 2009 12:00am
US mortgage applications climb

US mortgage applications climb

Demand for US mortgages to buy homes and refinance loans bounced from seven-month lows last week, with average 30-year borrowing rates unchanged, the Mortgage Bankers Association said on Wednesday. The industry group's total loan applications index rose a
Published 09 Jul, 2009 12:00am
EU watchdogs plan short selling regulation

EU watchdogs plan short selling regulation

European Union regulators unveiled proposals on Wednesday to force short sellers of stocks to publicly disclose significant positions in a bid to crack down on those who abuse the market. Short selling is a practice often favoured by hedge funds and has b
Published 09 Jul, 2009 12:00am
Swiss to stop UBS handing over data in US tax row

Swiss to stop UBS handing over data in US tax row

Switzerland has vowed to prevent UBS from handing over client information to US authorities, in an attempt to defend bank secrecy, saying a tax case targeting its main bank is souring diplomatic ties. Wealth management giant UBS is facing a court hearing
Published 09 Jul, 2009 12:00am
G8 agrees to limit global warming; China, India resist

G8 agrees to limit global warming; China, India resist

The G8 agreed on Wednesday to try to limit global warming to 2 degrees Celsius and cut its greenhouse gas emissions by 80 percent, but it failed to persuade China and India to join a bid to halve world emissions. With only five months until a new UN clima
Published 09 Jul, 2009 12:00am
PepsiCo opens bottling largest plant in Russia

PepsiCo opens bottling largest plant in Russia

US soft drink giant PepsiCo on Wednesday opened the new largest bottling plant in its world network, 50 years after it brought Pepsi to the Soviet Union, in a ceremony outside Moscow. The opening came amid pledges to boost the company's Russia portfolio d
Published 09 Jul, 2009 12:00am
G8 agrees to limit global warming; China, India resist

G8 agrees to limit global warming; China, India resist

The G8 agreed on Wednesday to try to limit global warming to 2 degrees Celsius and cut its greenhouse gas emissions by 80 percent, but it failed to persuade China and India to join a bid to halve world emissions. With only five months until a new UN clima
Published 09 Jul, 2009 12:00am
Britain to tighten up banking supervision

Britain to tighten up banking supervision

Britain will tighten up how it supervises banks, scrutinise bonuses paid to their employees and punish misconduct harder as it tries to prevent a re-run of the credit crunch, the government said on Wednesday. "Financial institutions in many countries took
Published 09 Jul, 2009 12:00am
Deutsche Bank plans Asia ETF expansion

Deutsche Bank plans Asia ETF expansion

Germany's Deutsche Bank on Wednesday said it was embarking on a major build-up for its exchange-traded funds in Asia, as it expects the region's ETF sector to grow 20 percent annually in coming years. Deutsche Bank was aiming to launch 16 more ETFs across
Published 09 Jul, 2009 12:00am
Japan's machinery orders fall to record low value

Japan's machinery orders fall to record low value

Japan's core private-sector machinery orders unexpectedly fell in May to a record low value, pointing to a bleak outlook for capital spending and backing expectations the central bank will extend measures to support corporate finance. Bank lending slowed
Published 09 Jul, 2009 12:00am
World starting to pull out of recession: IMF

World starting to pull out of recession: IMF

The global economy is starting to pull out of its deepest recession since World War Two but recovery will be sluggish and policies need to remain supportive, the International Monetary Fund said on Wednesday. In an update of its World Economic Outlook, th
Published 09 Jul, 2009 12:00am
Oil pricing mechanism: Commission submits report to Supreme Court

Oil pricing mechanism: Commission submits report to Supreme Court

The Judicial Commission, established by the Supreme Court of Pakistan, to look into the oil pricing mechanism, submitted its findings to the court and made short-, medium- and long-term recommendations that an expert body be put in place for oil policy-ma
Published 09 Jul, 2009 12:00am
World starting to pull out of recession: IMF

World starting to pull out of recession: IMF

The global economy is starting to pull out of its deepest recession since World War Two but recovery will be sluggish and policies need to remain supportive, the International Monetary Fund said on Wednesday. In an update of its World Economic Outlook, th
Published 09 Jul, 2009 12:00am
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