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Print - 2010-08-01
Rates fluctuate marginally after more rain forecast in cotton belt

Rates fluctuate marginally after more rain forecast in cotton belt

Some fluctuations were seen on the cotton market on Saturday following the prospects of more rains. So mills continued buying on anticipations of slow arrival in the near-future, dealers said. The Karachi Cotton Association (KCA) official spot rate was un
Published 01 Aug, 2010 12:00am
No trade reported on grain market

No trade reported on grain market

No business was reported on wholesale grain and seed market on Saturday as merchants' group did not issue rates due to death of one of its members.
Published 01 Aug, 2010 12:00am
USDA sets fiscal year 2011 sugar import quota

USDA sets fiscal year 2011 sugar import quota

The US Agriculture Department said on Friday it set the sugar import quota for fiscal 2011 at 1.231 million short tons raw value, the minimum amount it is obliged to accept under World Trade Organisation commitments.
Published 01 Aug, 2010 12:00am
US wheat posts biggest monthly gain since 1959

US wheat posts biggest monthly gain since 1959

US wheat futures rose over 5 percent on Friday and posted the biggest monthly percentage gain since at least 1959 as drought decimated the crop in dominant global supplier Russia. The gains in wheat boosted corn and soyabean futures for a third straight d
Published 01 Aug, 2010 12:00am
Shipping congestion at Venezuela's main sea port

Shipping congestion at Venezuela's main sea port

Some 30 ships lined up this week waiting to unload at a port on the central Venezuelan coast, where imports are being delayed amid an uproar over rotting food stocks owned by the government. Puerto Cabello is at the center of the scandal in which tens of
Published 01 Aug, 2010 12:00am
US wheat premiums steady to mostly higher

US wheat premiums steady to mostly higher

US wheat export premiums were steady to mostly higher on Friday, supported by demand from Egypt and worries about drought-reduced production and possible export curbs in Russia, traders said. Soft red winter wheat premiums were mostly unchanged, but hard
Published 01 Aug, 2010 12:00am
Karachi Port activities

Karachi Port activities

The Karachi Port handled 109,932 tonnes of cargo including 80,828 tonnes of import cargo; 29,104 tonnes of export cargo and 3,411 loaded and empty containers during last 24 hours ended at 0700 hours on Saturday. The total import cargo of 80,828 tonnes com
Published 01 Aug, 2010 12:00am
Greek fuel shortage eases, truckers start complying

Greek fuel shortage eases, truckers start complying

Some Greek truckers complied with a government order to return to work after a five-day strike on Saturday, relieving fuel-starved petrol stations and officials now expect the disruption to ease markedly. Greece's 33,000 truckers have been fighting the so
Published 01 Aug, 2010 12:00am
South Korean firms hike wages for North Koreans

South Korean firms hike wages for North Koreans

South Korean firms operating in a Seoul-backed industrial estate in North Korea have accepted the North's demand to raise workers' wages by five percent, a spokesman said Saturday. An umbrella association representing around 120 businesses operating in th
Published 01 Aug, 2010 12:00am
BP may sell German gas stations for $2.6 billion

BP may sell German gas stations for $2.6 billion

BP Plc is seeking to sell its German petrol station chain Aral for around 2 billion euros ($2.6 billion), German magazine Wirtschaftswoche reported on Saturday, citing investment bankers familiar with BP's plans. BP last week unveiled plans to sell $30 bi
Published 01 Aug, 2010 12:00am
China invests $40 billion in Iran oil, gas: minister

China invests $40 billion in Iran oil, gas: minister

Iran's main economic partner China has invested around 40 billion dollars in the Islamic republic's oil and gas sector, a senior Iranian official said on Saturday. Deputy Oil Minister Hossein Noqrehkar Shirazi also said that Tehran's oil exports to China
Published 01 Aug, 2010 12:00am
Republicans holding small businesses 'hostage': Obama

Republicans holding small businesses 'hostage': Obama

US President Barack Obama on Saturday accused Republicans of holding American small businesses "hostage to politics" after Republican senators refused to back a $30 billion small-business lending package. Senate Republicans blocked the package on Thursday
Published 01 Aug, 2010 12:00am
Philippine Airlines cancels flights after pilots quit

Philippine Airlines cancels flights after pilots quit

Flag-carrier Philippine Airlines (PAL) said Saturday it had to cancel several domestic and international flights after some of its pilots quit without giving enough notice. Three flights to Hong Kong and at least eight domestic flights were cancelled afte
Published 01 Aug, 2010 12:00am
Gazprom sees 2011 export revenues rising

Gazprom sees 2011 export revenues rising

Russia's gas monopoly Gazprom expects export revenues, one of the company's key earnings figures, to rise further in 2011, the deputy chief executive of the world's largest gas producer told Reuters Insider TV. Export revenues are set to continue their ri
Published 01 Aug, 2010 12:00am
South Korea sees $30 billion trade surplus in 2010

South Korea sees $30 billion trade surplus in 2010

South Korea is on course to achieve a $30 billion trade surplus by year's end as it is expected to have already reached its earlier forecast of $23 billion by the end of this month, Economy Minister Choi Kyung-hwan said on Saturday. "Our economy has been
Published 01 Aug, 2010 12:00am
UAE's ADCB posts second quarter loss

UAE's ADCB posts second quarter loss

Abu Dhabi Commercial Bank said on Saturday it had 6.6 billion dirhams ($1.8 billion) worth of exposure to indebted state conglomerate Dubai World and posted a second-quarter loss. The lender reported a net loss of 531 million dirhams in the second quarter
Published 01 Aug, 2010 12:00am
UAE's ADCB posts second quarter loss

UAE's ADCB posts second quarter loss

Abu Dhabi Commercial Bank said on Saturday it had 6.6 billion dirhams ($1.8 billion) worth of exposure to indebted state conglomerate Dubai World and posted a second-quarter loss. The lender reported a net loss of 531 million dirhams in the second quarter
Published 01 Aug, 2010 12:00am
Eurozone jobless flat at 10 percent, inflation up

Eurozone jobless flat at 10 percent, inflation up

Eurozone unemployment was flat at 10 percent for the fourth month running in June and inflation remained muted in July, boosting the case for the fragile economic recovery to be nursed with low interest rates. European Union statistics office Eurostat sai
Published 01 Aug, 2010 12:00am
100 hurt in Bangladesh clashes over wages

100 hurt in Bangladesh clashes over wages

At least 100 people were injured when garment workers attacked factories and vehicles in Bangladesh on Saturday in a second day of protests to demand higher wages, police and witnesses said. Police fired rubber bullets and used teargas and batons against
Published 01 Aug, 2010 12:00am
Malaysian tycoon launches billion-dollar power firm buyout

Malaysian tycoon launches billion-dollar power firm buyout

Malaysian tycoon Ananda Krishnan has made a 1.48 billion dollar buyout offer for power and gambling firm Tanjong, the second major corporate deal he has launched in a week. Malaysia's second-richest man has made a series of big plays in recent months incl
Published 01 Aug, 2010 12:00am
JAL to spend $2.8 billion to procure 65 aircrafts

JAL to spend $2.8 billion to procure 65 aircrafts

Japan Airlines plans to spend 241.5 billion yen ($2.8 billion) in the next five years to procure 65 aircrafts as it rejigs its fleet toward smaller, more fuel-efficient airplanes, Jiji news agency reported on Saturday. JAL, which filed for bankruptcy prot
Published 01 Aug, 2010 12:00am
Food fund to release $120 million in October

Food fund to release $120 million in October

A global fund to boost agricultural investment in the world's poor countries will release about $120 million in October to states who qualify, a senior US Treasury said on Friday. Treasury Under-Secretary Lael Brainard said more than 25 countries are expe
Published 01 Aug, 2010 12:00am
Spain's Treasury adds 2020 bond for September 16

Spain's Treasury adds 2020 bond for September 16

Spain's Treasury said on Friday it would issue a 10-year bond with a 4.85 percent coupon maturing October 2020 on September 16, in addition to a 2041 bond with 4.7 percent coupon already announced. The government had planned to issue five regular bonds in
Published 01 Aug, 2010 12:00am
Spain's Treasury adds 2020 bond for September 16

Spain's Treasury adds 2020 bond for September 16

Spain's Treasury said on Friday it would issue a 10-year bond with a 4.85 percent coupon maturing October 2020 on September 16, in addition to a 2041 bond with 4.7 percent coupon already announced. The government had planned to issue five regular bonds in
Published 01 Aug, 2010 12:00am
Turkish stocks sink, bonds soar

Turkish stocks sink, bonds soar

Turkish stocks closed lower on Friday hit by sales of bank stocks after the publishing of earnings by some sector players, and booking profits on three consecutive days of gains. The main stock exchange index fell 1.43 percent to 59,866.75 points, but is
Published 01 Aug, 2010 12:00am
Turkish stocks sink, bonds soar

Turkish stocks sink, bonds soar

Turkish stocks closed lower on Friday hit by sales of bank stocks after the publishing of earnings by some sector players, and booking profits on three consecutive days of gains. The main stock exchange index fell 1.43 percent to 59,866.75 points, but is
Published 01 Aug, 2010 12:00am
South Korean government bonds flat

South Korean government bonds flat

South Korean government bonds closed flat on Friday, with a benchmark treasury yield sticking to its lowest levels in more than a month, after industrial output growth slowed as expected and ahead of US GDP data. South Korea's factory output growth modera
Published 01 Aug, 2010 12:00am
South Korean government bonds flat

South Korean government bonds flat

South Korean government bonds closed flat on Friday, with a benchmark treasury yield sticking to its lowest levels in more than a month, after industrial output growth slowed as expected and ahead of US GDP data. South Korea's factory output growth modera
Published 01 Aug, 2010 12:00am
Indian bond yields rise, OIS hit new highs

Indian bond yields rise, OIS hit new highs

Indian federal bond yields rose to fresh highs on Friday on concerns of sharper monetary action going ahead and traders said the selling pressure may remain next week as well due to tight cash conditions. The benchmark 10-year bond yield ended at 7.80 per
Published 01 Aug, 2010 12:00am
Indian bond yields rise, OIS hit new highs

Indian bond yields rise, OIS hit new highs

Indian federal bond yields rose to fresh highs on Friday on concerns of sharper monetary action going ahead and traders said the selling pressure may remain next week as well due to tight cash conditions. The benchmark 10-year bond yield ended at 7.80 per
Published 01 Aug, 2010 12:00am
Cheap valuations make China stocks a great takeaway

Cheap valuations make China stocks a great takeaway

Shanghai's stock market, the world's worst performer this year after Greece, has started to rebound after plunging as much as 30 percent this year. With valuations at their lowest in 19 months and as confidence mounts that China can orchestrate a controll
Published 01 Aug, 2010 12:00am
Canadian bond prices jump

Canadian bond prices jump

Canadian bond prices climbed strongly across the curve, mimicking US Treasuries, on talk that prospects of slow growth and low inflation could lead the US Federal Reserve to become more accommodative. The Canadian two-year bond drove 15 Canadian cents hig
Published 01 Aug, 2010 12:00am
Canadian bond prices jump

Canadian bond prices jump

Canadian bond prices climbed strongly across the curve, mimicking US Treasuries, on talk that prospects of slow growth and low inflation could lead the US Federal Reserve to become more accommodative. The Canadian two-year bond drove 15 Canadian cents hig
Published 01 Aug, 2010 12:00am
Treasuries higher

Treasuries higher

US Treasury prices rose on Friday as weak US growth data fuelled talk of more accommodative monetary policy and fund managers realigned portfolios to match benchmark indices. Treasury yields probed recent lows. The benchmark 10-year note yield came within
Published 01 Aug, 2010 12:00am
Treasuries higher

Treasuries higher

US Treasury prices rose on Friday as weak US growth data fuelled talk of more accommodative monetary policy and fund managers realigned portfolios to match benchmark indices. Treasury yields probed recent lows. The benchmark 10-year note yield came within
Published 01 Aug, 2010 12:00am
Sri Lankan shares up in record trade

Sri Lankan shares up in record trade

Sri Lanka's shares gained on Friday with a record number of trades on hopes of higher profits after top blue chips reported better earnings in their last quarter, analysts said. The Colombo Stock Exchange's All-Share Price Index closed 0.83 percent firmer
Published 01 Aug, 2010 12:00am
Chile issues $1.5 billion bonds abroad

Chile issues $1.5 billion bonds abroad

Chile on Thursday returned to international capital markets after a six-year hiatus, raising $1.52 billion in 10-year bonds to rebuild cities devastated by a massive February earthquake. The bonds, issued in dollars and pesos, were priced at the tight end
Published 01 Aug, 2010 12:00am
Chile issues $1.5 billion bonds abroad

Chile issues $1.5 billion bonds abroad

Chile on Thursday returned to international capital markets after a six-year hiatus, raising $1.52 billion in 10-year bonds to rebuild cities devastated by a massive February earthquake. The bonds, issued in dollars and pesos, were priced at the tight end
Published 01 Aug, 2010 12:00am
US corporate bond spreads steady

US corporate bond spreads steady

US corporate bond spreads were little changed on Friday, maintaining the gains from a three-week rally as investors mulled the slowing pace of economic growth. With companies focusing on reducing their debt loads and keep more cash on hand, corporate bond
Published 01 Aug, 2010 12:00am
US corporate bond spreads steady

US corporate bond spreads steady

US corporate bond spreads were little changed on Friday, maintaining the gains from a three-week rally as investors mulled the slowing pace of economic growth. With companies focusing on reducing their debt loads and keep more cash on hand, corporate bond
Published 01 Aug, 2010 12:00am
Investors eye Ukraine local bonds after IMF deal

Investors eye Ukraine local bonds after IMF deal

Foreign interest in Ukrainian government debt may pick up further given the country's improving credit profile after a $15 IMF billion deal and a rating upgrade from S&P, analysts say. The International Monetary Fund board on Wednesday approved a new prog
Published 01 Aug, 2010 12:00am
Investors eye Ukraine local bonds after IMF deal

Investors eye Ukraine local bonds after IMF deal

Foreign interest in Ukrainian government debt may pick up further given the country's improving credit profile after a $15 IMF billion deal and a rating upgrade from S&P, analysts say. The International Monetary Fund board on Wednesday approved a new prog
Published 01 Aug, 2010 12:00am
Emerging Markets: Latin American stocks up, strong Brazil month

Emerging Markets: Latin American stocks up, strong Brazil month

Latin American stocks advanced on Friday as Brazilian stocks, buoyed by strong earnings, notched their best monthly performance in more than a year. The MSCI Latin American stocks index put on 0.68 percent, its ninth advance in the past 10 sessions. The T
Published 01 Aug, 2010 12:00am
Wall street marks best month in a year

Wall street marks best month in a year

US stocks closed little changed on Friday, but Wall Street wrapped up its best month in a year after the earnings season rounded the final turn with a group of strong results that offset the impact of poor economic data. While the major indexes each poste
Published 01 Aug, 2010 12:00am
Canada's economic growth ticks higher

Canada's economic growth ticks higher

Growth in Canada's economy edged up in May after stalling unexpectedly in April, helped by strength in the goods-producing sectors led by oil and gas extraction, while the service sector faltered for a second straight month. Real gross domestic product ti
Published 01 Aug, 2010 12:00am
UN panel to probe further Kyoto CO2-cut projects

UN panel to probe further Kyoto CO2-cut projects

A United Nations climate panel will ask a working group to investigate further claims that a Kyoto Protocol scheme may be incentivising participants to emit more greenhouse gases, it said on Friday. Several carbon-cutting projects approved under Kyoto's $
Published 01 Aug, 2010 12:00am
Japan's MUFG, Mizuho and Nomura post strong results

Japan's MUFG, Mizuho and Nomura post strong results

Japan's biggest financial groups, Mitsubishi UFJ, Mizuho and Nomura, on Friday posted strong first quarter earnings results on the back of an economic recovery that shrank bad-loan costs. Leading banking group Mitsubishi UFJ Financial said net profit more
Published 01 Aug, 2010 12:00am
Japan's MUFG, Mizuho and Nomura post strong results

Japan's MUFG, Mizuho and Nomura post strong results

Japan's biggest financial groups, Mitsubishi UFJ, Mizuho and Nomura, on Friday posted strong first quarter earnings results on the back of an economic recovery that shrank bad-loan costs. Leading banking group Mitsubishi UFJ Financial said net profit more
Published 01 Aug, 2010 12:00am
Merck pares 2010 forecast

Merck pares 2010 forecast

Merck and Co issued a more cautious 2010 profit outlook on Friday and reported disappointing second-quarter sales of its vaccines and Singulair asthma drug, sending its shares down more than 3 percent. The US drugmaker said it had earned $752 million, or
Published 01 Aug, 2010 12:00am
Merck pares 2010 forecast

Merck pares 2010 forecast

Merck and Co issued a more cautious 2010 profit outlook on Friday and reported disappointing second-quarter sales of its vaccines and Singulair asthma drug, sending its shares down more than 3 percent. The US drugmaker said it had earned $752 million, or
Published 01 Aug, 2010 12:00am
Li Ka-shing to buy EDF's UK grids for $9 billion

Li Ka-shing to buy EDF's UK grids for $9 billion

Hong Kong billionaire Li Ka-shing is to buy UK power grids from France's EDF for 5.8 billion pounds ($9.1 billion), the biggest full European acquisition by a North Asian group. The tycoon's investment vehicles Cheung Kong Infrastructure (CKI) and Hongkon
Published 01 Aug, 2010 12:00am
Total, Galp profits soar

Total, Galp profits soar

French oil major Total said second-quarter underlying net profit soared thanks to higher oil prices, strong production and a recovery in refining, which also boosted smaller Portuguese rival Galp. Echoing a trend across the sector, Total reported a strong
Published 01 Aug, 2010 12:00am
Total, Galp profits soar

Total, Galp profits soar

French oil major Total said second-quarter underlying net profit soared thanks to higher oil prices, strong production and a recovery in refining, which also boosted smaller Portuguese rival Galp. Echoing a trend across the sector, Total reported a strong
Published 01 Aug, 2010 12:00am
ANA quarterly loss narrows to $60 million

ANA quarterly loss narrows to $60 million

Japan's All Nippon Airways (ANA) Friday said its first-quarter net loss had narrowed to 60 million dollars compared to last year and predicted a return to net profit for this fiscal year. Japan's number-two carrier said it expected cost cuts and a rise in
Published 01 Aug, 2010 12:00am
ANA quarterly loss narrows to $60 million

ANA quarterly loss narrows to $60 million

Japan's All Nippon Airways (ANA) Friday said its first-quarter net loss had narrowed to 60 million dollars compared to last year and predicted a return to net profit for this fiscal year. Japan's number-two carrier said it expected cost cuts and a rise in
Published 01 Aug, 2010 12:00am
CME, CBOE chiefs sing same tune on M&A

CME, CBOE chiefs sing same tune on M&A

CME Group Inc and CBOE Holdings Inc are singing in perfect harmony. After years of speculation about whether the two Chicago financial giants might tie the knot, the chiefs of both derivatives exchange operators have come out in unison: we're not interest
Published 01 Aug, 2010 12:00am
Wildfires spread in western Russia, kill 28

Wildfires spread in western Russia, kill 28

Raging wildfires spread across parts of western Russia on Saturday, engulfing 30 percent more land in just 24 hours, and Prime Minister Vladimir Putin described the situation as very difficult. At least 28 people have been killed and 3,500 evacuated since
Published 01 Aug, 2010 12:00am
Iran quake injures 274; new tremor hits central Iran

Iran quake injures 274; new tremor hits central Iran

An earthquake in north-eastern Iran injured 274 people on Friday, the semi-official ILNA news agency reported, and a slightly stronger tremor struck central Iran on Saturday. The first quake with a magnitude of 5.7 hit the city of Torbat-e Heydariyeh, abo
Published 01 Aug, 2010 12:00am
In security test, agents use fraud to get US passports

In security test, agents use fraud to get US passports

Undercover US agents were easily able to obtain three out of seven US passports that they had filed fraudulent applications for, a top US government investigator told lawmakers Thursday. "State's passport issuance process continues to be vulnerable to fra
Published 01 Aug, 2010 12:00am
Philippine leader unveils giant photo tribute to mother

Philippine leader unveils giant photo tribute to mother

Philippine President Benigno Aquino on Saturday unveiled a massive photo mosaic of his mother, the late president Corazon Aquino, in a tribute just before the first anniversary of her death. The mosaic, which is larger than 10 basketball courts, was unvei
Published 01 Aug, 2010 12:00am
Kazakh miners oppose export tax, plan growth

Kazakh miners oppose export tax, plan growth

Kazakhstan's miners, planning a $16.5 billion drive to double metals output by 2015, are urging the government of Central Asia's largest economy to abandon plans for export tariffs that they say could harm productivity. The Association of Mining and Metal
Published 01 Aug, 2010 12:00am
South African government can't afford public servants' demands

South African government can't afford public servants' demands

South Africa cannot afford pay demands from thousands of public service workers and hopes a deal can be reached next week before a strike widens to nearly a million workers, a minister said on Friday. Thousands of workers from the Public Servants Associat
Published 01 Aug, 2010 12:00am
Activists in China protest jailing of Uighur journalist

Activists in China protest jailing of Uighur journalist

A group of prominent activists in China have signed an open letter protesting the heavy jail sentence for a Uighur journalist over deadly riots in the far-western Xinjiang region last year. The letter, signed by 23 human rights lawyers, academics and writ
Published 01 Aug, 2010 12:00am
China Foreign Minister signs cooperation deal in Mexico

China Foreign Minister signs cooperation deal in Mexico

Chinese Foreign Minister Yang Jiechi signed on Friday a four-year co-operation accord with Mexico aimed at boosting political and economic ties. The deal, also signed by Mexican Foreign Minister Patricia Espinosa at the end of talks in the Mexican capital
Published 01 Aug, 2010 12:00am
Chavez says deployed military units in Colombia row

Chavez says deployed military units in Colombia row

Venezuelan President Hugo Chavez on Friday said he deployed military units to repel a possible attack after Colombia claimed last week his country harboured leftist rebels, but said he hoped to mend ties soon. Chavez severed relations with US ally Colombi
Published 01 Aug, 2010 12:00am
Cuba readies to dive into offshore oil exploration

Cuba readies to dive into offshore oil exploration

A Chinese-built drilling rig is expected to arrive in Cuban waters in early 2011, likely opening the open the way for full-scale exploration of the island's untapped offshore fields. Companies with contracts to search for oil and gas in Cuba's portion of
Published 01 Aug, 2010 12:00am
Iran's filmmaker accuses FBI of using 'pressure' in US custody

Iran's filmmaker accuses FBI of using 'pressure' in US custody

An Iranian documentary filmmaker who returned home after reportedly spending two months in US custody has said the FBI held him in solitary confinement and put "pressure" on him, state media reported Saturday. Hossein Dehbashi, 38, was reportedly arrested
Published 01 Aug, 2010 12:00am
Canada jails man for attempting nuclear exports to Iran

Canada jails man for attempting nuclear exports to Iran

A Canadian court on Thursday sentenced a Toronto man to four years and three months prison for attempting to export dual-use nuclear-related items to Iran, in violation of UN resolutions. Mahmoud Yadegari was sentenced in the Ontario Court of Justice to 2
Published 01 Aug, 2010 12:00am
Japan to host former US prisoners of war

Japan to host former US prisoners of war

Six US veterans who survived Japanese captivity in one of World War II's most notorious episodes will be invited with their families to stay in Japan in September, a newspaper reported Saturday. The six are survivors of the 1942 "Bataan death march," in w
Published 01 Aug, 2010 12:00am
Euro to drift downwards in wake of stress tests

Euro to drift downwards in wake of stress tests

After showing muted reaction to European bank stress test results, the euro is unlikely to add much to its gains against the dollar as investors focus on euro zone economic weakness. Friday's test results failed to add significant impetus to the euro's ra
Published 01 Aug, 2010 12:00am
Brazilian real flat

Brazilian real flat

Brazil's real was under pressure from lingering concerns that the country's central bank might be about to intervene in the derivatives market in an effort to control the currency's moves on Friday. The real was flat at 1.759 reais per US dollar on the lo
Published 01 Aug, 2010 12:00am
Speculators increase net short dollar position

Speculators increase net short dollar position

Currency speculators increased net short dollar positions in the latest week, data from the Commodity Futures Trading Commission showed on Friday. The value of the dollar's net short position was $5.73 billion in the week ended July 27 compared with a net
Published 01 Aug, 2010 12:00am
Canadian dollar overcomes GDP worry and rises

Canadian dollar overcomes GDP worry and rises

The Canadian dollar rose for a second straight session against its US counterpart on Friday as month-end demand overtook initial disappointment from soft US economic news. Marginally firmer overnight, the currency hit a session low after the release of US
Published 01 Aug, 2010 12:00am
Key Euribor rate drops for first time since April

Key Euribor rate drops for first time since April

Key euro interbank lending rates fell for the first time since mid-April on Friday after banks increased their uptake of cash from the European Central bank, signifying that the recent uptrend in money market rates is likely to capped by unrestricted ECB
Published 01 Aug, 2010 12:00am
Dollar hits lowest since November versus yen

Dollar hits lowest since November versus yen

The dollar hit its lowest since November against the Japanese yen on Friday as data showed growth in the world's largest economy is slowing, reinforcing expectations for low US interest rates into 2011. Dollar bears sold the US currency against the yen af
Published 01 Aug, 2010 12:00am
Most African currencies look set to gain

Most African currencies look set to gain

Kenya's shilling is likely to extend its rally against the dollar next week if a new constitution passes a referendum on August 4. Zambia's kwacha and Nigeria's naira are also seen firming up against the dollar.
Published 01 Aug, 2010 12:00am
Mexican peso firm

Mexican peso firm

The Mexican currency firmed on Friday 0.6 percent to 12.6520 per dollar after early weakness and was set for a similar gain over the week. "The market is also looking at the very positive revision in the first quarter. It could take the market a bit to as
Published 01 Aug, 2010 12:00am
Taiwan dollar at six-week high

Taiwan dollar at six-week high

The Taiwan dollar reached a nearly six-week high on Friday, gaining on broad US dollar weakness that reflected uncertainty in the world's biggest economy and firming over the month as risky assets gained favour. The local currency ended at T$32.05 to the
Published 01 Aug, 2010 12:00am
BCCI rejects Delhi plea for funds

BCCI rejects Delhi plea for funds

India's cricket chiefs on Saturday turned down a request from beleaguered Commonwealth Games organisers for a grant of one billion rupees (22 million dollars). Games organiser Suresh Kalmadi earlier this month asked the cash-rich Indian cricket board (BCC
Published 01 Aug, 2010 12:00am
Delhi Commonwealth Games chief denies corruption

Delhi Commonwealth Games chief denies corruption

Claims of shoddy construction in the venues for India's Commonwealth Games emerged Saturday as the organising committee head denied the latest in a slew of corruption allegations. With barely two months to go before the Commonwealth Games start in October
Published 01 Aug, 2010 12:00am
India rest Tendulkar

India rest Tendulkar

India's cricket selectors on Saturday rested batting superstar Sachin Tendulkar and recalled Yuvraj Singh for next month's triangular one-day series in Sri Lanka. Yuvraj, with 7,345 runs in 250 one-day internationals, was dropped from India's squad for th
Published 01 Aug, 2010 12:00am
Inzamam offers to assist Pakistan's struggling batsmen

Inzamam offers to assist Pakistan's struggling batsmen

Former Pakistan captain Inzamam-ul-Haq has offered his services as a batting coach for a national side struggling to score runs in England. "The team definitely needs a full-time batting coach and if any offer is made to me for this position, I will defin
Published 01 Aug, 2010 12:00am
Brazilian goalkeeper charged with murder

Brazilian goalkeeper charged with murder

Bruno Souza, a Brazilian star goalkeeper suspected of having his ex-girlfriend killed, was on Friday formally charged with her murder, officials said. The footballer, who played for Rio de Janeiro's Flamengo team, was also charged with kidnapping, hiding
Published 01 Aug, 2010 12:00am
Women Football Championship: sports Sciences, KP enter last eight

Women Football Championship: sports Sciences, KP enter last eight

National Champions 2007 Sports Sciences and Khyber Pakhtoonkhawa won honours in Group-D and entered the quarter-finals of the sixth National Women Football Championship. Both joined Islamabad, Diya Football Club, Pakistan Wapda, and Frontier Women College
Published 01 Aug, 2010 12:00am
Barcelona release Mexico captain Marquez

Barcelona release Mexico captain Marquez

Mexico captain Rafael Marquez, who has been strongly linked in the media with a move to New York Red Bulls, has reached a deal with La Liga champions Barcelona that releases him from his contract. "Barcelona and the player Rafa Marquez have agreed to resc
Published 01 Aug, 2010 12:00am
Salman Butt voices DRS doubts

Salman Butt voices DRS doubts

Pakistan captain Salman Butt defended his side doing without the controversial Decision Review System (DRS), during a batting collapse in the first Test against England, by saying the technology on offer was "not a hundred percent". However, some replays
Published 01 Aug, 2010 12:00am
Dibaba restores Ethiopian pride

Dibaba restores Ethiopian pride

Double Olympic champion Tirunesh Dibaba restored Ethiopia's track pride when she won the women's 10,000m at the African athletics championships here on Saturday. The 24-year-old proved she has overcome the injuries that decimated her entire 2009 season wh
Published 01 Aug, 2010 12:00am
'Wrong' Borlee brother wins European 400 title

'Wrong' Borlee brother wins European 400 title

A Borlee brother won the 400 metres title at the European championships on Friday although not the one everyone had expected. Belgian Kevin Borlee, who at the start of the week tipped his twin Jonathan to be a medal contender, stole the show - and the gol
Published 01 Aug, 2010 12:00am
Golden double for Lemaitre, Spain off mark

Golden double for Lemaitre, Spain off mark

Christophe Lemaitre's fairytale European championship continued when he completed a sprint double on Friday and the Olympic stadium finally came to life as the hosts celebrated their first medals. Spain had to wait a little bit longer than anticipated for
Published 01 Aug, 2010 12:00am
Balciunaite stands the heat to take marathon gold

Balciunaite stands the heat to take marathon gold

Lithuania's Zivile Balciunaite put previous European misery behind her as she came out on top in punishing heat in Barcelona to win gold in Saturday's women's marathon. The 31-year-old just missed out on a medal four years ago in Gothenburg but having tar
Published 01 Aug, 2010 12:00am
Pakistan slump 15-3 as England set record total

Pakistan slump 15-3 as England set record total

Matt Prior's unbeaten century left England well placed for victory inside four days in the first Test against Pakistan at Trent Bridge on Saturday. Pakistan, at stumps on the third day, had collapsed to 15 for three - still needing a further 420 runs for
Published 01 Aug, 2010 12:00am
Wealthy Texas brothers become SEC fraud target

Wealthy Texas brothers become SEC fraud target

Brothers Charles and Sam Wyly, born a year apart during the Great Depression, almost always have been joined at the hip. They were kids when the collapsed economy forced the surrender of the family cotton farm in Louisiana. Later, they starred on the high
Published 01 Aug, 2010 12:00am
Hamas vows revenge after Israeli strikes on Gaza

Hamas vows revenge after Israeli strikes on Gaza

Hamas vowed revenge on Saturday after Israeli airstrikes on the Gaza Strip killed a senior militant and wounded eight other people. The overnight Israeli raids came after a rocket fired from the strip hit a southern Israeli city.
Published 01 Aug, 2010 12:00am
US House approves oil spill reform bill

US House approves oil spill reform bill

The US House of Representatives on Friday approved the toughest reforms ever to offshore energy drilling practices, as Democrats narrowly pushed through an election-year response to BP's massive oil spill in the Gulf of Mexico.
Published 01 Aug, 2010 12:00am
Obama urges Iran to release three US hikers

Obama urges Iran to release three US hikers

President Barack Obama on Friday called on Iran to immediately release three Americans who were detained a year ago after straying across the border while hiking in the mountains of northern Iraq. Obama, in a statement marking the Americans' 12 months in
Published 01 Aug, 2010 12:00am
Obama warns Abbas against failure to resume direct talks

Obama warns Abbas against failure to resume direct talks

US President Barack Obama has warned Palestinian leader Mahmud Abbas that failure to resume direct peace talks with Israel could undermine US-Palestinian ties, Palestinian officials said on Saturday. Obama made the warning in a letter to Abbas but also pl
Published 01 Aug, 2010 12:00am
Sri Lankan, Hawaiian sites added to world heritage list

Sri Lankan, Hawaiian sites added to world heritage list

A region of mountainous forests in Sri Lanka and an isolated archipelago off Hawaii have been added to UNESCO's World Heritage list, officials of the UN cultural and scientific body said Saturday. The World Heritage Committee of the United Nations Educati
Published 01 Aug, 2010 12:00am
Turkey sued in California over Armenian genocide

Turkey sued in California over Armenian genocide

Lawyers for two Armenian men have sued Turkey and two of its major banks, claiming they and others were victims of genocide and seeking what could amount to hundreds of millions of dollars in damages. The lawsuit, filed on Thursday in US District Court in
Published 01 Aug, 2010 12:00am
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