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Print - 2009-11-11
EU ministers agree premature for bank aid phaseout

EU ministers agree premature for bank aid phaseout

European Union finance ministers agreed on Tuesday to start large-scale fiscal consolidation in 2011 at the latest but said it was too early to consider similar deadlines for ending bank support in the EU. The agreement on deficit reduction at EU level fo
Published 11 Nov, 2009 12:00am
President chairs Karachi Coordination body meeting

President chairs Karachi Coordination body meeting

President Asif Ali Zardari chaired a meeting of the Karachi Co-ordination Committee held in the Presidency on Tuesday night. Law and order, development projects and party matters were discussed in the meeting.
Published 11 Nov, 2009 12:00am
Apec ponders ambitious free trade area

Apec ponders ambitious free trade area

Apec's industrialised countries have yet to reach open trade goals set 15 years ago with a deadline of next year, even as the Asia-Pacific group ponders building an ambitious regional free trade area, officials said. The "Bogor Goals", adopted at the 1994
Published 11 Nov, 2009 12:00am
SBP chief says economy growing, no need for aid

SBP chief says economy growing, no need for aid

Pakistan will not need additional financial aid, despite hefty costs of fighting insurgents, as the economy is out of the woods with growth seen around 3 percent this fiscal year, its central bank governor said. The International Monetary Fund bailed out
Published 11 Nov, 2009 12:00am
General Motors names turnaround expert interim head of Opel

General Motors names turnaround expert interim head of Opel

US automaker General Motors named executive vice president Nick Reilly Tuesday as interim head of its Opel/Vauxhall brands in Europe and said it has begun to pay back emergency German loans. Reilly "will immediately assume responsibility for the operation
Published 11 Nov, 2009 12:00am
SBP chief says economy growing, no need for aid

SBP chief says economy growing, no need for aid

Pakistan will not need additional financial aid, despite hefty costs of fighting insurgents, as the economy is out of the woods with growth seen around 3 percent this fiscal year, its central bank governor said. The International Monetary Fund bailed out
Published 11 Nov, 2009 12:00am
Tokyo supports strong dollar: Japan tells Geithner

Tokyo supports strong dollar: Japan tells Geithner

Japan's finance minister told visiting US Treasury Secretary Timothy Geithner Tuesday that Tokyo supported Washington's strong dollar policy, during talks on the global economy. "A strong dollar policy is correct," Japanese Finance Minister Hirohisa Fujii
Published 11 Nov, 2009 12:00am
SBP chief says economy growing, no need for aid

SBP chief says economy growing, no need for aid

Pakistan will not need additional financial aid, despite hefty costs of fighting insurgents, as the economy is out of the woods with growth seen around 3 percent this fiscal year, its central bank governor said. The International Monetary Fund bailed out
Published 11 Nov, 2009 12:00am
Signals mixed on eurozone output

Signals mixed on eurozone output

Industrial output from France and Italy pointed to a bumpy road ahead for the eurozone's still fragile economic recovery on Tuesday, even if government spending will maintain the momentum into the end of this year. Analysts said sharp falls in output in I
Published 11 Nov, 2009 12:00am
PML-N wants CCP Ordinance revised

PML-N wants CCP Ordinance revised

PML-N on Tuesday said it wants some amendments to the Competition Commission Ordinance 2007 and discuss it with the National Assembly''s Standing Committee on Finance to revamp the existing law. PML-N leader Khawaja Muhammad Asif said his party did not co
Published 11 Nov, 2009 12:00am
US worker quit rate unchanged in September

US worker quit rate unchanged in September

US workers were reluctant to quit their jobs in September as businesses showed no signs of increased hiring, a government report showed on Tuesday. The job separations rate, a measure that covers all terminations of employment, stood at 3.3 percent in Sep
Published 11 Nov, 2009 12:00am
PML-N wants CCP Ordinance revised

PML-N wants CCP Ordinance revised

PML-N on Tuesday said it wants some amendments to the Competition Commission Ordinance 2007 and discuss it with the National Assembly's Standing Committee on Finance to revamp the existing law. PML-N leader Khawaja Muhammad Asif said his party did not com
Published 11 Nov, 2009 12:00am
Unemployment to dog US economy for years

Unemployment to dog US economy for years

US unemployment, now in the double digits, may remain "high" for several years and dampen economy recovery from a brutal recession, a regional central bank official warned Tuesday. The United States had experienced so-called jobless recoveries following t
Published 11 Nov, 2009 12:00am
PML-N wants CCP Ordinance revised

PML-N wants CCP Ordinance revised

PML-N on Tuesday said it wants some amendments to the Competition Commission Ordinance 2007 and discuss it with the National Assembly's Standing Committee on Finance to revamp the existing law. PML-N leader Khawaja Muhammad Asif said his party did not com
Published 11 Nov, 2009 12:00am
5,000 more jobs to go at Lloyds Banking Group

5,000 more jobs to go at Lloyds Banking Group

Lloyds Banking Group PLC says it plans to cut 5,000 more jobs in a series of reorganisational moves in its group operations, insurance and retail division. The bank, which was bailed out by the government, had announced a total reduction of 6,400 jobs in
Published 11 Nov, 2009 12:00am
5,000 more jobs to go at Lloyds Banking Group

5,000 more jobs to go at Lloyds Banking Group

Lloyds Banking Group PLC says it plans to cut 5,000 more jobs in a series of reorganisational moves in its group operations, insurance and retail division. The bank, which was bailed out by the government, had announced a total reduction of 6,400 jobs in
Published 11 Nov, 2009 12:00am
Taiwan curbs capital inflows with eye on currency

Taiwan curbs capital inflows with eye on currency

Taiwan imposed capital controls on Tuesday, banning foreign funds from investing in time deposits in a move that appeared to be aimed at deterring bets on currency appreciation. The central bank, which announced in October that foreigners had parked about
Published 11 Nov, 2009 12:00am
Rwanda to launch $27 million free trade zone

Rwanda to launch $27 million free trade zone

Rwanda will launch a $27 million free trade zone at the end of this year in an attempt to diversify exports and redress its widening trade deficit, authorities said on Tuesday. The 100 hectare zone will be funded by a public-private partnership and will b
Published 11 Nov, 2009 12:00am
Notices issued to five fertiliser companies

Notices issued to five fertiliser companies

Chairman Competition Commission of Pakistan Khalid Mirza has said that the CCP has issued show cause notices to five leading fertiliser companies for, prima facie, linking sale of Urea with other fertilisers like Diammonium Phosphates (DAP) or its substit
Published 11 Nov, 2009 12:00am
Sukuk market helped by sovereign issues: Moody's

Sukuk market helped by sovereign issues: Moody's

Global issuance of Islamic bonds, or sukuk, has risen 40 percent in the first ten months of the year, helped by sovereign issues that will provide benchmark pricing to corporates still hesitant to launch, Moody's said on Tuesday.
Published 11 Nov, 2009 12:00am
Notices issued to five fertiliser companies

Notices issued to five fertiliser companies

Chairman Competition Commission of Pakistan Khalid Mirza has said that the CCP has issued show cause notices to five leading fertiliser companies for, prima facie, linking sale of Urea with other fertilisers like Diammonium Phosphates (DAP) or its substit
Published 11 Nov, 2009 12:00am
Sukuk market helped by sovereign issues: Moody's

Sukuk market helped by sovereign issues: Moody's

Global issuance of Islamic bonds, or sukuk, has risen 40 percent in the first ten months of the year, helped by sovereign issues that will provide benchmark pricing to corporates still hesitant to launch, Moody's said on Tuesday.
Published 11 Nov, 2009 12:00am
Notices issued to five fertiliser companies

Notices issued to five fertiliser companies

Chairman Competition Commission of Pakistan Khalid Mirza has said that the CCP has issued show cause notices to five leading fertiliser companies for, prima facie, linking sale of Urea with other fertilisers like Diammonium Phosphates (DAP) or its substit
Published 11 Nov, 2009 12:00am
Germany will meet EU budget goal by 2013

Germany will meet EU budget goal by 2013

Germany will begin consolidating its finances from 2011 and get its public deficit under the European Union limit by 2013, Finance Minister Wolfgang Schaeuble said on Tuesday. Germany expects its deficit to hit 3.7 percent of gross domestic product (GDP)
Published 11 Nov, 2009 12:00am
Pakistan has taken steps to safeguard nuclear: Clinton

Pakistan has taken steps to safeguard nuclear: Clinton

Voicing confidence in the safety of Pakistan's nuclear weapons, US Secretary of State Hillary Clinton has said the country, battling extremists in its north-western regions along the Afghan border, has taken adequate measures to safeguard its arsenal.
Published 11 Nov, 2009 12:00am
South Africa's factory output decline slows, worst over

South Africa's factory output decline slows, worst over

South Africa's factory output shrunk less-than-expected in September, suggesting the sector is on the mend although a recovery is expected to be slow. Statistics South Africa said on Tuesday manufacturing output shrunk by 11.4 percent year-on-year in volu
Published 11 Nov, 2009 12:00am
Pakistan has taken steps to safeguard nuclear: Clinton

Pakistan has taken steps to safeguard nuclear: Clinton

Voicing confidence in the safety of Pakistan's nuclear weapons, US Secretary of State Hillary Clinton has said the country, battling extremists in its north-western regions along the Afghan border, has taken adequate measures to safeguard its arsenal.
Published 11 Nov, 2009 12:00am
Chinese property sector shows strength in October

Chinese property sector shows strength in October

China's real estate sector powered ahead in October, suggesting private sector investment is starting to contribute more significantly to an economic recovery led so far by government spending. Property sales and new construction surged, while investment
Published 11 Nov, 2009 12:00am
Suicide car bombing kills 32 in Charsadda

Suicide car bombing kills 32 in Charsadda

A suicide car bomb tore through a crowded shopping street in Charsadda on Tuesday, killing 32 people in the third militant attack to strike the nuclear-armed country in as many days. The bomber blew up his vehicle in the heart of the north-west town of Ch
Published 11 Nov, 2009 12:00am
Government plans pension cuts, bridge loan in JAL rescue

Government plans pension cuts, bridge loan in JAL rescue

Japan's government said it was considering legislation to cut the pensions of Japan Airlines Corp retirees and would use loans from a state bank to keep it operating while it seeks its fourth bailout since 2001. Transport Minister Seiji Maehara said the g
Published 11 Nov, 2009 12:00am
Suicide car bombing kills 32 in Charsadda

Suicide car bombing kills 32 in Charsadda

A suicide car bomb tore through a crowded shopping street in Charsadda on Tuesday, killing 32 people in the third militant attack to strike the nuclear-armed country in as many days. The bomber blew up his vehicle in the heart of the north-west town of Ch
Published 11 Nov, 2009 12:00am
India targets domestic demand; concerns on prices

India targets domestic demand; concerns on prices

India will focus on driving domestic demand until key developed economies recover and will not exit fiscal stimulus measures until necessary, Finance Minister Pranab Mukherjee said on Tuesday. Separately, a central bank deputy governor said India faces a
Published 11 Nov, 2009 12:00am
China's Alibaba profit hit as it bets on expansion

China's Alibaba profit hit as it bets on expansion

Alibaba.com China's largest e-commerce company, reported its worst profit in three quarters after betting on acquisitions and product development to tap the region's early recovery from the global downturn. The company, Yahoo's business partner in China,
Published 11 Nov, 2009 12:00am
China's Alibaba profit hit as it bets on expansion

China's Alibaba profit hit as it bets on expansion

Alibaba.com China's largest e-commerce company, reported its worst profit in three quarters after betting on acquisitions and product development to tap the region's early recovery from the global downturn. The company, Yahoo's business partner in China,
Published 11 Nov, 2009 12:00am
India's central bank faces higher inflation, capital flows

India's central bank faces higher inflation, capital flows

India is facing a dilemma of needing to contain rising inflation while trying to support growth and managing foreign capital inflows, central bank deputy governor Shyamala Gopinath said on Tuesday. Inflationary pressures in India were higher than those in
Published 11 Nov, 2009 12:00am
Electronic Arts to cut 1,500 jobs

Electronic Arts to cut 1,500 jobs

US videogame giant Electronic Arts posted a net loss for the 11th consecutive quarter on Monday and said it was cutting 1,500 jobs, or 16 percent of its workforce. EA reported a net loss of 391 million dollars, or 1.21 dollars per share, in its fiscal sec
Published 11 Nov, 2009 12:00am
British syndicate, couple scoop lottery mega-jackpot

British syndicate, couple scoop lottery mega-jackpot

A group of British IT workers who won 45 million pounds in a record lottery payout revealed Tuesday how they feared they were going to be sacked when they received the call about the win. John Walsh, 57, who with six members of his syndicate won 45,570,83
Published 11 Nov, 2009 12:00am
Seoul shares retreat from high

Seoul shares retreat from high

Seoul shares retreated from an early high to end up slightly on Tuesday, as initial strong reaction to a Wall Street surge faded across Asia, while defence issues jumped on news of a naval clash between two Koreas. Most heavyweights gave up early gains, w
Published 11 Nov, 2009 12:00am
Jakarta shares down

Jakarta shares down

Indonesian shares closed 1.02 percent lower Tuesday due to selling in mining and banking stocks, dealers said. The Jakarta Composite Index lost 24.47 points to 2,381.95 in moderate trade. "The selloff was likely related to margin calls and fears that the
Published 11 Nov, 2009 12:00am
Hong Kong posts two-week high; Chinese shares up

Hong Kong posts two-week high; Chinese shares up

Hong Kong stocks rose to a two-week closing high on Tuesday, with investors taking heart from a rally on Wall Street and a pledge by the Group of 20 to keep aid flowing to the world economy. But the index trimmed earlier strong gains in afternoon trade as
Published 11 Nov, 2009 12:00am
Dow hits 2009 high in rally

Dow hits 2009 high in rally

A broad US stocks rally sent the Dow industrials to a 13-month high on Monday, after the Group of 20 pledged to keep aid flowing to the world economy, strengthening investors' desire for risk. The agreement by G20 finance ministers and central bankers ove
Published 11 Nov, 2009 12:00am
Philippines shares jump

Philippines shares jump

Philippines share prices closed 2.78 percent higher on Tuesday, lifted by a rally in overseas markets, dealers said. The composite index gained 81 points to 2,996.71 while the all-shares index added 1.86 percent to 1,866.25 points. There were 88 gainers a
Published 11 Nov, 2009 12:00am
US Treasuries firmer

US Treasuries firmer

US Treasury debt prices were steady to modestly higher on Monday before a $40 billion auction of three-year notes, part of this week's record $81 billion November refunding. A combination of short-covering and buying of longer-dated debt pushed up bond pr
Published 11 Nov, 2009 12:00am
US Treasuries firmer

US Treasuries firmer

US Treasury debt prices were steady to modestly higher on Monday before a $40 billion auction of three-year notes, part of this week's record $81 billion November refunding. A combination of short-covering and buying of longer-dated debt pushed up bond pr
Published 11 Nov, 2009 12:00am
Singapore shares higher

Singapore shares higher

Singapore shares closed 0.53 percent higher Tuesday with flag carrier Singapore Airlines (SIA) finishing on a high ahead of the release of its September quarter earnings results, dealers said. The blue chip Straits Times Index gained 14.22 points to 2,707
Published 11 Nov, 2009 12:00am
Asian debt spreads narrow

Asian debt spreads narrow

Asian bond spreads narrowed to their lowest in three weeks on Tuesday as gains in equities markets encouraged investors to pile into riskier assets, while others covered short positions after a recent selloff. The Asia ex-Japan iTraxx investment-grade ind
Published 11 Nov, 2009 12:00am
Asian debt spreads narrow

Asian debt spreads narrow

Asian bond spreads narrowed to their lowest in three weeks on Tuesday as gains in equities markets encouraged investors to pile into riskier assets, while others covered short positions after a recent selloff. The Asia ex-Japan iTraxx investment-grade ind
Published 11 Nov, 2009 12:00am
Nikkei average edges up

Nikkei average edges up

Japan's Nikkei average rose 0.6 percent on Tuesday as trading houses climbed after rises in commodities the day before, though a late rise by the yen against the dollar pared gains in many shares. Advantest Corp and other chip-related shares rose after ga
Published 11 Nov, 2009 12:00am
New Zealand shares end flat

New Zealand shares end flat

New Zealand share prices closed flat Tuesday, as local investors remained uninspired by strong gains in the United States, dealers said. The benchmark NZX-50 index closed up 2.34 points or 0.07 percent at 3,167.41 on turnover worth 275.2 million dollars (
Published 11 Nov, 2009 12:00am
Yuan flat

Yuan flat

The yuan ended little changed against the dollar on Tuesday as the government reaffirmed its commitment to a stable yuan policy, despite the dollar hovering just above a 15-month low against a basket of currencies as investors piled into leveraged carry t
Published 11 Nov, 2009 12:00am
Dollar near 15-month lows

Dollar near 15-month lows

The dollar hovered just above a 15-month low against a basket of currencies on Tuesday as investors looked to return to leveraged carry trades, while sterling tumbled after a warning on Britain's credit rating. Fitch Ratings said that of the four major ec
Published 11 Nov, 2009 12:00am
Dollar falls

Dollar falls

The dollar fell to a 15-month low against a basket of currencies on Monday and the euro rose above $1.50 after the Group of 20 pledged to keep emergency stimulus spending in place until global recovery is assured. The G20's action suggested global interes
Published 11 Nov, 2009 12:00am
Bangladesh interbank forex, interest rates

Bangladesh interbank forex, interest rates

Interbank buy/sell rates for the taka against the dollar on Tuesday. 69.12/69.15 (previous 69.15/69.15) Call Money Rates: 2.00-7.00 percent (previous 2.25-6.50 percent).
Published 11 Nov, 2009 12:00am
Hong Kong dollar stays firm

Hong Kong dollar stays firm

The Hong Kong dollar held at the top of its trading band against the US dollar on Tuesday, prompting the city's central bank to step in and sell HK$5.425 billion ($700 million) for US dollars in late morning to defend the currency peg, amid a persistent i
Published 11 Nov, 2009 12:00am
Australian dollar flies near 14-1/2-month highs

Australian dollar flies near 14-1/2-month highs

The Australian dollar flirted with 14-1/2-month highs on Tuesday against an ailing US dollar, helped by buoyant local business confidence and firm regional stock markets. The Aussie was strong at $0.9258, up from Monday's $0.9244. One dealer said it faced
Published 11 Nov, 2009 12:00am
Asian currencies: peso and baht rise

Asian currencies: peso and baht rise

The Philippine peso and Thai baht hit multi-week highs against a broadly weaker dollar on Tuesday, but their gains were capped by suspected official intervention. Asian currencies also received some support from rising regional stocks on improved risk app
Published 11 Nov, 2009 12:00am
Swiss franc rangebound

Swiss franc rangebound

The Swiss franc continued to flirt with recent intervention levels against the euro on Tuesday. The SNB has kept a lid on franc appreciation with its threatened intervention, but franc weakness has also been contained and the currency remains firmly withi
Published 11 Nov, 2009 12:00am
Netanyahu upbeat about Washington talks with Obama

Netanyahu upbeat about Washington talks with Obama

Israeli Prime Minister Benjamin Netanyahu concluded an unusually low-key US visit on Tuesday voicing confidence that his White House talks would benefit Israel's security and peacemaking efforts. Netanyahu, whose ties with Washington have been strained by
Published 11 Nov, 2009 12:00am
Doctors will let sick baby die after court case in Britain

Doctors will let sick baby die after court case in Britain

A seriously ill baby at the centre of a court battle between his parents in Britain will be allowed to die after his father dropped his objection to switching off his ventilator Tuesday. The one-year-old's mother and his doctors wanted to switch off the v
Published 11 Nov, 2009 12:00am
Turkey brings Kurdish peace plan to parliament

Turkey brings Kurdish peace plan to parliament

Turkey's parliament met Tuesday to hear the government unveil a plan to end a deadly 25-year Kurdish insurgency, a project the opposition views as a threat to the country's unity. Opposition parties tried to delay the debate as soon as the session started
Published 11 Nov, 2009 12:00am
World leaders call for justice on Berlin Wall anniversary

World leaders call for justice on Berlin Wall anniversary

A Berlin Wall anniversary plea by world leaders for a new fight against 'tyranny' was hailed on Tuesday as Germany cleared away its dominoes of freedom. "Even the sky was weeping with joy," screamed a headline in the mass circulation Bild - a reference to
Published 11 Nov, 2009 12:00am
Saudi Arabia to bomb until Yemen rebels back off: minister

Saudi Arabia to bomb until Yemen rebels back off: minister

Saudi Arabia will keep up its air strikes against Yemeni rebels until they pull back from the two countries' border, Deputy Defence Minister Prince Khaled bin Sultan said on Tuesday. "We are not going to stop the bombing until the Huthis retreat tens of k
Published 11 Nov, 2009 12:00am
Gun inventor, 'happy man' Kalashnikov turns 90

Gun inventor, 'happy man' Kalashnikov turns 90

Mikhail Kalashnikov, the Russian inventor of the globally popular AK-47 assault rifle, declared himself a happy man with few regrets as he celebrated his 90th birthday on Tuesday. "Age is not significant. I have plenty of life left in me. But still, this
Published 11 Nov, 2009 12:00am
Berlusconi wins backing for justice reform

Berlusconi wins backing for justice reform

Italian Prime Minister Silvio Berlusconi, set to go on trial soon, on Tuesday won backing for a radical justice reform just as his government was shaken by an arrest warrant for a senior aide on charges of Mafia collusion. Lower house speaker Gianfranco F
Published 11 Nov, 2009 12:00am
India's communists crumble in key elections

India's communists crumble in key elections

India's communists on Tuesday lost key seats in elections held in two of their heartland states, weakening them further and paving the way for the ruling Congress government to speed up reforms. In West Bengal state, ruled by the world's longest-serving d
Published 11 Nov, 2009 12:00am
Food prices still high for world's poorest: UN

Food prices still high for world's poorest: UN

Food prices remain stubbornly high in the developing world despite a strong cereal harvest this year, and 31 countries need emergency aid, the UN food agency warned Tuesday. "For the world's poorest people who spend up to 80 percent of their household bud
Published 11 Nov, 2009 12:00am
Iran frees Danish journalism student

Iran frees Danish journalism student

Iran freed on Tuesday a Danish journalism student arrested last week on the sidelines of anti-government demonstrations in Tehran, the capital's chief prosecutor was quoted by the official IRNA news agency as saying. "The Danish citizen arrested on the si
Published 11 Nov, 2009 12:00am
Somali pirates demand $3 million for ship with 18 crew

Somali pirates demand $3 million for ship with 18 crew

A Somali businessman says pirates have hijacked a Panamanian-flagged ship with 18 crew. Abdirisaq Abdulkadir says he heads a business group that hired the al-Mizan to carry food, electronics and other small items from the United Arab Emirates to Mogadishu
Published 11 Nov, 2009 12:00am
Indian landslides, flash floods kill 45

Indian landslides, flash floods kill 45

Heavy rain in southern India triggered flash floods and landslides that killed 45 people in the last 24 hours and left about 1,000 tourists stranded, police said Tuesday. More than 70 deaths have been recorded across several districts in the state of Tami
Published 11 Nov, 2009 12:00am
Thaksin arrives in Cambodia

Thaksin arrives in Cambodia

Former Thai Prime Minister Thaksin Shinawatra, wanted at home for a graft conviction, arrived in Cambodia on Tuesday to take up a government job offer that has set off a diplomatic row with Bangkok. "Thaksin is now in Cambodia. He flew in on a special fli
Published 11 Nov, 2009 12:00am
Afghan deployment likely for US troops

Afghan deployment likely for US troops

President Barack Obama is nearing a decision to add tens of thousands more US troops to Afghanistan, although not quite the 40,000 sought by his top general there, as Pentagon planners work to make room for the influx. Administration officials told The As
Published 11 Nov, 2009 12:00am
IEA sees 1.3 billion people without power in 2030

IEA sees 1.3 billion people without power in 2030

The proportion of the world's population with access to electricity will rise over the next 20 years but more than a billion people will still be without power in 2030, the International Energy Agency (IEA) said on Tuesday. The IEA, which advises 28 indus
Published 11 Nov, 2009 12:00am
Rocket with new module for space station blasts off

Rocket with new module for space station blasts off

A Soyuz rocket carrying a new Russian-made module for the International Space Station blasted off on Tuesday from the Baikonur space base in Kazakhstan, television pictures showed. The Poisk (Search) module, also known as the Mini-Research Module 2, will
Published 11 Nov, 2009 12:00am
Maoists blockade Kathmandu

Maoists blockade Kathmandu

Maoist activists on Tuesday blocked all roads in and out of Nepal's capital Kathmandu in the latest stage of a two-week protest against the government. Riot police stood on guard as hundreds of activists waving Maoist flags rallied at the main entry and e
Published 11 Nov, 2009 12:00am
US school hostage crisis ends peacefully

US school hostage crisis ends peacefully

A hostage drama ended peacefully on Tuesday after the gunman who briefly captured the principal at a high school in New York State surrendered following police negotiations, a local official said. "He is in custody, he has given himself up. No gunshots fi
Published 11 Nov, 2009 12:00am
Strains unless US, China balance growth: Obama

Strains unless US, China balance growth: Obama

The United States sees China as a vital partner and competitor, but the two countries need to address economic imbalances or risk "enormous strains" on their relationship, President Barack Obama said on Monday. Three days before leaving on a nine-day trip
Published 11 Nov, 2009 12:00am
Ida makes landfall on US Gulf Coast, hits oil supply

Ida makes landfall on US Gulf Coast, hits oil supply

A weakening Tropical Storm Ida lashed the US Gulf Coast with drenching rain and high surf on Tuesday as it moved ashore after shutting down almost 30 percent of Gulf of Mexico energy production. Ida, once a Category 2 hurricane, made its first US landfall
Published 11 Nov, 2009 12:00am
EU states struggle to agree on who gets top jobs

EU states struggle to agree on who gets top jobs

Divisions in the European Union make it increasingly unlikely members will agree unanimously on the appointment of a president and foreign policy chief under the bloc's new structure. Swedish Prime Minister Fredrik Reinfeldt, whose country holds the EU pr
Published 11 Nov, 2009 12:00am
Short-term bank lending rates slightly up

Short-term bank lending rates slightly up

Short-term interbank lending rates in New York were steady to slightly higher on Tuesday while benchmark euro interbank lending rates edged lower. Overnight rates in Europe jumped, however, as the European Central Bank drained liquidity at the end of the
Published 11 Nov, 2009 12:00am
Sterling falls

Sterling falls

Sterling fell on Tuesday after a ratings agency said highly-indebted Britain was the major economy most at risk of losing its triple-A rating. The pound retreated from a three-month high against the dollar hit on Monday, after Fitch told Reuters Britain w
Published 11 Nov, 2009 12:00am
Indian rupee slips

Indian rupee slips

The Indian rupee was unable to hold on to an early rise to three-week highs gains on Tuesday, losing ground to end slightly weaker after the stock market posted its first fall in five days. The partially convertible rupee ended at 46.50/51 per dollar, wea
Published 11 Nov, 2009 12:00am
Dollar hovers near 15-month low

Dollar hovers near 15-month low

The dollar's trade-weighted index hovered near a 15-month low on Tuesday on the view US interest rates will stay low, while sterling fell after Fitch said the UK was the major economy most at risk of losing its AAA rating. Analysts said investors lacked a
Published 11 Nov, 2009 12:00am
NH&MP Patrolling officers behaving with violators pleasantly: DIG

NH&MP Patrolling officers behaving with violators pleasantly: DIG

Patrolling officers of NH&MP present highly sophisticated behaviour and graciousness with the violators and execute their duties with keenness and allegiance. This was stated by Syed Ibne Hussain Deputy Inspector General National Highways and Motorway Pol
Published 11 Nov, 2009 12:00am
PPP circles cut a sorry figure over NRO's fate

PPP circles cut a sorry figure over NRO's fate

Pakistan Peoples Party (PPP) circles are cutting a sorry figure over the fate of the National Reconciliation Ordinance (NRO) amid disgraceful retreat of the party leadership on the issue. The PPP circles are totally mum over the situation and they are avo
Published 11 Nov, 2009 12:00am
Submarines deal: Zardari accused of receiving $4.3 million in kickbacks

Submarines deal: Zardari accused of receiving $4.3 million in kickbacks

President Asif Ali Zardari is suspected of having received millions of dollars in kickbacks from the 1994 sale of three French submarines to the Pakistani Navy, the daily Liberation reported Tuesday. In addition, investigators believe that the non-payment
Published 11 Nov, 2009 12:00am
FROM A RINGSIDE SEAT

FROM A RINGSIDE SEAT

While the presence of Parliamentarians was very low during the first hour of the National Assembly session on Tuesday, it considerably increased after the arrival of Prime Minister Syed Yousuf Raza Gilani and opposition leader Chaudhary Nisar Ali Khan.
Published 11 Nov, 2009 12:00am
Businesswomen need to play role for economic growth of country

Businesswomen need to play role for economic growth of country

The Lahore Chamber of Commerce and Industry (LCCI) Vice President, Faisal Iqbal Sheikh has said that the women entrepreneurs need to play their role with greater reliance, self-esteem and dedication for the economic growth of the country. He also said tha
Published 11 Nov, 2009 12:00am
First consignment of scanners from China to reach on November 15: Malik

First consignment of scanners from China to reach on November 15: Malik

Interior Minister Rehman Malik told National Assembly on Tuesday that Pakistan would receive the first consignment of scanners from China on November 15. Responding point of orders raised by parliamentarians, the Minister said that the government wants to
Published 11 Nov, 2009 12:00am
ZTBL and Japanese firm join hands for transfer of technology

ZTBL and Japanese firm join hands for transfer of technology

Zarai Taraqiati Bank Ltd (ZTBL) would collaborate with Japanese firm M/s Finetech for the transfer of Japanese technology for improvement of soil quality and enhancement of crop productivity. They would bring investment in Pakistan for the development of
Published 11 Nov, 2009 12:00am
New York cotton futures climb

New York cotton futures climb

Cotton futures surged to a strong close on Tuesday on investor short-covering as a bullish government crop report buoyed fibre contracts for most of the session, brokers said. The December cotton contract climbed 1.44 cents to settle at 69.05 cents per lb
Published 11 Nov, 2009 12:00am
Copper declines

Copper declines

Copper slipped in erratic trade on Tuesday, as the dollar gyrated around 15-month lows against a basket of currencies, while nickel fell to a seven-week trough on a poor stainless steel demand outlook. Investors remained mostly on the sidelines ahead of k
Published 11 Nov, 2009 12:00am
Oil falls on Ida recovery

Oil falls on Ida recovery

Oil prices fell on Tuesday as the dollar firmed and energy companies began restoring offshore operations disrupted by Tropical Storm Ida. US crude for December delivery settled down 38 cents at $79.05 a barrel. London Brent crude dropped 27 cents to settl
Published 11 Nov, 2009 12:00am
London coffee, sugar and cocoa lower

London coffee, sugar and cocoa lower

London January robusta coffee closed down $95 at $1,320 a tonne on Tuesday, dragged down by a sharp setback in ICE arabicas as funds liquidated longs on a stronger dollar. Harvest progress in top robusta producer Vietnam also weighed on the market. Decemb
Published 11 Nov, 2009 12:00am
Gold slips in Europe

Gold slips in Europe

Gold prices fell in volatile, currency-driven trade on Tuesday, with the dollar's rally from 15 month lows versus a basket of currencies clipping interest in the precious metal as an alternative asset. Spot gold was bid at $1,100.40 at 1639 GMT, against $
Published 11 Nov, 2009 12:00am
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