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Print - 2010-08-26
US new home sales sag, durables orders soft

US new home sales sag, durables orders soft

New US home sales slumped to the slowest pace on record in July and orders for costly durable goods were weak, heightening fears the economy was at risk of a new downturn. Wednesday's reports from the Commerce Department suggested growth could slow materi
Published 26 Aug, 2010 12:00am
Power tariff raise widely criticised

Power tariff raise widely criticised

Industrialists and economists on Wednesday expressed deep concerns over increase in electricity tariff of 26 paisa per unit, and termed it "an irrational decision", especially for industrial sector that is already facing enormous problems. They were of th
Published 26 Aug, 2010 12:00am
Violence, floods badly hit Eid shopping

Violence, floods badly hit Eid shopping

Due to continued violence in the city it is feared that it would badly hit the over Rs 70 billion Eid sales, as shopping for the festival is seen 70 percent down this year, traders said on Wednesday. Karachi's Rs 10 billion trade with other cities of the
Published 26 Aug, 2010 12:00am
Unilever Foods declares Rs 35 per share dividend

Unilever Foods declares Rs 35 per share dividend

The profit after tax of Unilever Pakistan Foods Limited increased to Rs 219.783 million in the half-year period ended on June 30, 2010 as compared to Rs 124.456 million earned in the corresponding period in 2009. The company's earning per share surged to
Published 26 Aug, 2010 12:00am
Amtex profit after tax declines to Rs 730.512 million

Amtex profit after tax declines to Rs 730.512 million

The profit after tax of Amtex Limited has declined to Rs 730.512 million in the year ended June 30, 2010 (FY10 as compared to Rs 920.862 million earned in FY09. The company's earning per share declined to Rs 3.74 in the period under review against Rs 5.19
Published 26 Aug, 2010 12:00am
Amtex profit after tax declines to Rs 730.512 million

Amtex profit after tax declines to Rs 730.512 million

The profit after tax of Amtex Limited has declined to Rs 730.512 million in the year ended June 30, 2010 (FY10 as compared to Rs 920.862 million earned in FY09. The company's earning per share declined to Rs 3.74 in the period under review against Rs 5.19
Published 26 Aug, 2010 12:00am
Oracle announces BPM Suite 11g

Oracle announces BPM Suite 11g

To help customers lower costs, adapt to change and simplify business process management, Oracle announced on Tuesday that Oracle Business Process Management Suite 11g, the industry's most complete, open and integrated Business Process Management (BPM) sol
Published 26 Aug, 2010 12:00am
US MIDDAY: wheat and soya lower; corn up

US MIDDAY: wheat and soya lower; corn up

Chicago Board of Trade grain and soy complex trends at 12:35 pm CDT (1735 GMT) Wednesday. September wheat down 18 cents at $6.56-3/4 a bushel. Market tumbled on technical selling, pushing front-month September to a one-week low. Sell-stops triggered early
Published 26 Aug, 2010 12:00am
US MIDDAY: copper down

US MIDDAY: copper down

US copper futures slid on Wednesday after a government report showed new US home sales slumped to their slowest pace on record, exacerbating demand worries, but prices trimmed some of those losses by the close, along with equities markets.
Published 26 Aug, 2010 12:00am
US MIDDAY: coffee extends losses

US MIDDAY: coffee extends losses

Arabica coffee futures on ICE extended losses early on Wednesday after their biggest one-day fall in 2-1/2 years in the previous session, as system funds continued to cut long positions built up in recent months. Broad-based losses were seen in several co
Published 26 Aug, 2010 12:00am
Gold at eight-week high in European trade

Gold at eight-week high in European trade

Gold rose for a second day on Wednesday to an eight-week high above $1,240 an ounce as the dollar fell against the euro and concern over economic growth hit equities, fuelling interest in the metal as a safe haven. Spot gold was bid at $1,237.70 an ounce
Published 26 Aug, 2010 12:00am
Gold gains in Asia

Gold gains in Asia

Gold rose on Wednesday despite a slight drop in ETF holdings, with more poor data from the United States likely to spur buying by investors worried about the health of the global economy. Gold added $2.15 to $1,231.40 an ounce by 0530 GMT, having dropped
Published 26 Aug, 2010 12:00am
US gold moves up

US gold moves up

New York gold futures ended higher on Tuesday as investors sought a safe haven after a sharply weaker-than-expected US existing home sales report sparked worries about a double-dip recession. COMEX December gold futures settled up $4.90 at $1,233.40 an ou
Published 26 Aug, 2010 12:00am
Oil ends five-day losing streak

Oil ends five-day losing streak

US crude oil futures ended more than 1 percent higher on Wednesday, rebounding from an 11-week low and five days of losses as the market shrugged off government data showing across-the-board rises in crude oil and product inventories last week. Oil trader
Published 26 Aug, 2010 12:00am
Liffe coffee dips, sugar rises

Liffe coffee dips, sugar rises

Liffe November robusta coffee settled $49 lower at $1,591 per tonne on continued fund selling. Dealers said system funds liquidated about 25 percent of their long positions in the market on Tuesday and continued selling in lighter volumes on Wednesday.
Published 26 Aug, 2010 12:00am
Malaysian palm oil futures tumble

Malaysian palm oil futures tumble

Malaysian crude palm oil futures dropped to one-month lows on Wednesday as slower overseas demand and concerns over the pace of global economic recovery weakened sentiment. Palm oil fell for a second consecutive day after cargo surveyors reported declines
Published 26 Aug, 2010 12:00am
US soya lower

US soya lower

US soyabean futures closed lower on Tuesday on outlooks for record large US 2010 soya production, spillover from falling wheat futures, lower crude oil and equities markets in addition to weight from seasonal harvest pressure. CBOT September down 7-1/2 ce
Published 26 Aug, 2010 12:00am
New York coffee plummets

New York coffee plummets

Arabica coffee futures fell from Monday's 13-year high to close down 8.1 percent on Tuesday in their biggest daily percentage loss in 2-1/2 years. Raw sugar reversed to settle firm and US cocoa quietly drifted to a 5-1/2-month low.
Published 26 Aug, 2010 12:00am
Tokyo rubber futures slips

Tokyo rubber futures slips

Key Tokyo rubber futures slipped lower on Wednesday, weighed by a strong yen and weak oil prices while technical sentiment remained poor after prices failed to break above a key resistance at 290 yen, dealers said. The benchmark rubber contract on the Tok
Published 26 Aug, 2010 12:00am
Copper hits one-month low

Copper hits one-month low

Copper prices hit a one month low on Wednesday as a spate of poor US data highlighted concern about deteriorating economic growth prospects and demand in the United States, the world's largest economy. Battery material lead and stainless steel ingredient
Published 26 Aug, 2010 12:00am
Shanghai copper lower

Shanghai copper lower

Shanghai copper edged lower on Wednesday, while London futures scored modest gains, paring losses from the previous session following a record fall in US existing home sales. "We are seeing a fight between short-term bears and long-term bulls. The long-te
Published 26 Aug, 2010 12:00am
US copper plummets

US copper plummets

US copper futures ended sharply lower on Tuesday, after a report that US existing home sales plummeted in July sparked concerns about the demand outlook for the metal. Copper for September delivery fell 5.05 cents, or 1.53 percent, to close at $3.241 per
Published 26 Aug, 2010 12:00am
Three-year work programme taken up with IDB mission

Three-year work programme taken up with IDB mission

Islamic Development Bank (IDB) mission here on Wednesday discussed three-year work programme 2011 to 2014 between IDB and Pakistan. An IDB delegation headed by its Manager for West and Southeast Asia Division Ahmed Saleh is visiting Pakistan to participat
Published 26 Aug, 2010 12:00am
Damage to wheat stock: clarification

Damage to wheat stock: clarification

The Food Department is not in agreement with the contents of a news item carried by Business Recorder on Wednesday regarding damage of over 0.3 million tonnes of wheat stock by the recent flood and torrential rains. It is categorically stated that
Published 26 Aug, 2010 12:00am
Support for LDCs: ban appoints group of eminent persons for advice

Support for LDCs: ban appoints group of eminent persons for advice

Secretary General Ban Ki-moon on Wednesday appointed a Group of Eminent Persons to advise on the support needed to help the world's poorest nations achieve their development targets, ahead of a major international conference on the least developed countri
Published 26 Aug, 2010 12:00am
Differences among LPG distributors come to the fore

Differences among LPG distributors come to the fore

Vice Chairman All Pakistan LPG Distributors Pakistan (Registered) Attique Khan has announced disassociation from the strike call of August 31 given by the Chairman LPG Distributors Irfan Khokar. Addressing a press conference on Wednesday, he said the grou
Published 26 Aug, 2010 12:00am
China's third consignment reaches

China's third consignment reaches

The third consignment of aid worth Renminbi (RMB) 10 million provided by the People's Liberation Army of China (PLA), as part of its government's efforts to help the flood victims of Pakistan reached on Wednesday.
Published 26 Aug, 2010 12:00am
40 more helicopters urgently required: UN

40 more helicopters urgently required: UN

United Nations Under-Secretary-General for Humanitarian Affairs and Emergency Relief Co-ordinator, John Holmes, said more helicopters were urgently required to reach out to isolated flood areas as an estimated 800,000 people in need across the country wer
Published 26 Aug, 2010 12:00am
TI Pakistan reacts strongly to JWP accusations

TI Pakistan reacts strongly to JWP accusations

Transparency International Pakistan Chairman Syed Adil Gilani has strongly reacted to the accusations of Secretary General, Jamhoori Watan Party (JWP). Talking to Business Recorder from Karachi, he said TI Pakistan only signs MoU for Implementation
Published 26 Aug, 2010 12:00am
Petition filed with SJC against two LHC judges

Petition filed with SJC against two LHC judges

A reference of 'professional misconduct' has been filed with Supreme Judicial Council (SJC) against two judges of Lahore High Court (LHC), Justice Syed Mansoor Ali Shah and Justice Muhammad Yawar Ali Khan.
Published 26 Aug, 2010 12:00am
Punjab University College of Art meeting held

Punjab University College of Art meeting held

A meeting of Punjab University College of Art and Design faculty and alumni was held here on Wednesday under the chairmanship of Principal Professor Rahat Naveed Masud to make all-out efforts in generating funds for flood victims. The meeting was informed
Published 26 Aug, 2010 12:00am
'Floods inflicted Rs 250 billion loss to agriculture sector'

'Floods inflicted Rs 250 billion loss to agriculture sector'

Former Federal Minister Alhaj Sikandar Hayat Bosan has said that recent devastating floods across the country have caused damage worth Rs 250 billion to the agriculture sector with maximum losses suffered by the small farmers of around Rs 100 billion, whi
Published 26 Aug, 2010 12:00am
Qureshi phones German, Portuguese FMs, discusses flood relief operations

Qureshi phones German, Portuguese FMs, discusses flood relief operations

Foreign Minister Shah Mehmood Qureshi on Wednesday telephoned Foreign Ministers of Germany and Portugal and discussed flood relief operations. Foreign Minister Qureshi briefed his counterparts from Germany and Portugal on the latest flood situation and th
Published 26 Aug, 2010 12:00am
Kuwait TV raises $8 million

Kuwait TV raises $8 million

A special live transmission on state-owned Kuwait television on fund-raising for the flood victims in Pakistan has managed to raise eight million dollars in just two days. According to a message received here on Wednesday, the campaign was organised by th
Published 26 Aug, 2010 12:00am
NGOs urged to take part in rehabilitation

NGOs urged to take part in rehabilitation

NGOs should actively take part in the rehabilitation of flood-affected people. They should prioritise the provision of basic facilities like education, healthcare and shelter to the displaced people. The Punjab government will provide support to such NGOs
Published 26 Aug, 2010 12:00am
'Transparent system evolved for rehabilitation of flood victims'

'Transparent system evolved for rehabilitation of flood victims'

Senior Advisor to Chief Minister Punjab, Sardar Zulfiqar Ali Khan Khosa has said the leaders and workers of Pakistan Muslim League Nawaz (PML-N) are helping the flood victims and a transparent system has been evolved for their rehabilitation.
Published 26 Aug, 2010 12:00am
Breach in Kirthar Canal widened to 100 feet

Breach in Kirthar Canal widened to 100 feet

The breach in Kirthar Canal widened to 100 feet near Sheranpur village, unleashing huge torrents that are fast headed towards Rato Dero and Nodero. According to sources privy to Irrigation Department, efforts are afoot to divert the current from the breac
Published 26 Aug, 2010 12:00am
Workshop on 'Flood Disaster Management of Human and Livestock' held

Workshop on 'Flood Disaster Management of Human and Livestock' held

Speaker Punjab Assembly Rana Muhammad Iqbal has said that there would be a shortage of sacrificial animals on Eid-ul-Azha because floods have destroyed eighty per live stock in the areas of Muzarfargh as these were the major areas of lives stock.
Published 26 Aug, 2010 12:00am
First mega black holes were born soon after 'Big Bang'

First mega black holes were born soon after 'Big Bang'

The first "supermassive" black holes were created relatively soon after the Big Bang that created the Universe, a finding which could rewrite theories about the formation of galaxies, scientists said on Wednesday. Ordinary black holes are entities of mass
Published 26 Aug, 2010 12:00am
Lebanese army deploys in Beirut after clashes

Lebanese army deploys in Beirut after clashes

Lebanese soldiers patrolled a Beirut neighbourhood and residents stepped over spent bullet casings and broken glass Wednesday after deadly street battles between the Shia Hezbollah group and a small Sunni faction killed at least four people.
Published 26 Aug, 2010 12:00am
Three Germans charged with 'terror' links

Three Germans charged with 'terror' links

Germany's federal prosecutor said Wednesday it had charged three German citizens with supporting groups linked to al Qaeda, including the wife of a man convicted in March of a thwarted car bomb plot. The trio, identified only as 21-year-old Alican T., 28-
Published 26 Aug, 2010 12:00am
Sarkozy warns Iran on failure of nuclear talks

Sarkozy warns Iran on failure of nuclear talks

French President Nicolas Sarkozy told Iran on Wednesday that failure to reach a credible agreement over its nuclear programme would force world powers to mobilise to protect threatened states in the region.
Published 26 Aug, 2010 12:00am
Carter in North Korea to free US prisoner

Carter in North Korea to free US prisoner

Former US President Jimmy Carter met North Korea's nominal head of state on Wednesday after touching down in Pyongyang for a private visit to win the release of an American jailed in the reclusive state. North Korean state television showed footage of Car
Published 26 Aug, 2010 12:00am
Lightning kills 25 in India, heavy rains strike Delhi

Lightning kills 25 in India, heavy rains strike Delhi

At least 25 people were killed by lightning in the eastern Indian states of Bihar and Jharkhand, officials said Wednesday, as monsoon storms lashed much of the country. Torrential rains and strong winds uprooted trees, damaged houses and brought down powe
Published 26 Aug, 2010 12:00am
Canada intercepts two Russian bombers

Canada intercepts two Russian bombers

Fighter jets were scrambled to intercept two Russian bombers in the Arctic as they approached Canadian airspace on the eve of a visit from Canada's prime minister who will observe an Arctic military exercise, a spokesman for the prime minister said Wednes
Published 26 Aug, 2010 12:00am
450 nabbed in largest Taiwan-China fraud bust

450 nabbed in largest Taiwan-China fraud bust

About 450 people were arrested in Taiwan and China Wednesday in the largest joint anti-fraud operation launched by the two sides, the island's police said. More than 2,700 Chinese policemen and nearly 550 from Taiwan took part in co-ordinated raids agains
Published 26 Aug, 2010 12:00am
India and Afghanistan vow to fight terrorism together

India and Afghanistan vow to fight terrorism together

India and Afghanistan on Wednesday wound up two days of talks during a visit to New Delhi by Afghan Foreign Minister Zalmai Rassoul, saying they would work together to combat terrorism in the region. Rassaoul met Indian Prime Minister Manmohan Singh and h
Published 26 Aug, 2010 12:00am
Three Spaniards killed in Afghan 'rogue' attack

Three Spaniards killed in Afghan 'rogue' attack

Two Spanish police and an interpreter were killed by an Afghan policeman they were training on Wednesday, an untimely attack as questions grow over the readiness of Afghan forces to take over from foreign troops. The shootings at a remote Spanish-run base
Published 26 Aug, 2010 12:00am
Kuwaiti MP wants state aid for men to get second wives

Kuwaiti MP wants state aid for men to get second wives

A Kuwaiti MP proposed Wednesday state-aid for male citizens to take second wives, in a bid to reduce the large number of unmarried women in the oil-rich emirate. "The proposal aims at solving the problem of unmarried women, which is a problem facing our s
Published 26 Aug, 2010 12:00am
Ancient Egyptian city found

Ancient Egyptian city found

Archaeologists have uncovered a pharaonic settlement in an Egyptian oasis that may have supplied food for troops along Saharan trade routes, Egypt's antiquities department said on Wednesday. Yale University's American-Egyptian mission, which found the sit
Published 26 Aug, 2010 12:00am
Prospects bleak for peace deal: Israel's Foreign Minister

Prospects bleak for peace deal: Israel's Foreign Minister

Israel and the Palestinians have virtually no chance of reaching a peace deal within the one-year target set by the United States, Israeli Foreign Minister Avigdor Lieberman said on Wednesday. "I think there's room to lower expectations and get real," Lie
Published 26 Aug, 2010 12:00am
Pakistan bowlers seek to square series in final Test

Pakistan bowlers seek to square series in final Test

England will undergo another searching examination at the hands of an increasingly potent Pakistan attack in the final Test starting at Lord's on Thursday. Pakistan, who drew 1-1 with Australia earlier in the season, can level the four-match series 2-2 if
Published 26 Aug, 2010 12:00am
Drawn series would be 'wonderful', says Salman

Drawn series would be 'wonderful', says Salman

Pakistan captain Salman Butt said it would be "the most wonderful thing" for his largely youthful side if they could draw their Test series with England. "I think it would be the most wonderful thing," Butt told reporters at Lord's - where the fourth Test
Published 26 Aug, 2010 12:00am
FIFA drops North Korea World Cup probe

FIFA drops North Korea World Cup probe

A FIFA investigation into claims that members of North Korea's World Cup squad had been punished following their failure to win a match has been dropped, world football's governing body said on Wednesday. The FIFA probe had been launched after reports tha
Published 26 Aug, 2010 12:00am
Semenya to run at Commonwealth Games

Semenya to run at Commonwealth Games

World 800m champion Caster Semenya was on Wednesday added to South Africa's team for the Commonwealth Games, boosting her come-back after the sex test ordeal that saw her barred from competition. The 19-year-old world has run and won three races since bei
Published 26 Aug, 2010 12:00am
'Doosra' stumps allcomers in cricket lexicon

'Doosra' stumps allcomers in cricket lexicon

That cricket has a language all of its own is something that has long been acknowledged. But now a survey has concluded that 'Doosra' is the single most untranslatable term in cricket, after topping the poll of more than 300 language specialists with 21 p
Published 26 Aug, 2010 12:00am
Rogge praises enjoyable and creative first Youth Games

Rogge praises enjoyable and creative first Youth Games

International Olympic Committee (IOC) President Jacque Rogge has hailed the inaugural Youth Olympic Games as a fun and innovative event which will become the test ground for future sporting adaptations. The 68-year-old Belgian, who has suffered much criti
Published 26 Aug, 2010 12:00am
Dons down Blackpool in League Cup

Dons down Blackpool in League Cup

MK Dons produced the upset of the English League Cup second round on Tuesday with a 4-3 victory over Premier League Blackpool. Sam Baldock gave the League One side a first-minute lead before an extraordinary burst of four goals in six minutes at the start
Published 26 Aug, 2010 12:00am
Kumar, Sehwag help India enter final

Kumar, Sehwag help India enter final

Praveen Kumar grabbed three early wickets and Virender Sehwag smashed a superb century as India entered the tri-series final with an emphatic 105-run win over New Zealand on Wednesday. India, with 10 points from four matches, will clash with Sri Lanka (11
Published 26 Aug, 2010 12:00am
Badminton World: Lin accelerates towards a Chinese showdown

Badminton World: Lin accelerates towards a Chinese showdown

Lin Dan, bidding to become the first player ever to win four world singles titles, moved smoothly into the last 16 with another masterfully taken win. The man regarded by many as the greatest of all time was able to play at cruising pace and then move thr
Published 26 Aug, 2010 12:00am
Former France doctor claims suspect samples in 1998 team

Former France doctor claims suspect samples in 1998 team

A former doctor with the French football team has claimed that several members of the France squad provided suspect blood samples just before their 1998 World Cup win. In an interview in the daily Le Parisien on Wednesday, the day before his book "The Imp
Published 26 Aug, 2010 12:00am
Wozniacki, Nadal seeded No 1 for US Open

Wozniacki, Nadal seeded No 1 for US Open

Serena Williams' loss is Caroline Wozniacki's gain as the Danish tennis star was named Monday the top women's seed for the US Open which begins on Monday. Wozniacki was the runner-up at Flushing Meadows last year and is the first woman since 2003 to be se
Published 26 Aug, 2010 12:00am
Indian rupee steadies

Indian rupee steadies

The Indian rupee erased all intraday gains to end almost steady on Wednesday, dragged down by strong overseas dollar and weak local stocks. The partially convertible rupee ended at 46.90/91 per dollar, after rising to 46.82 earlier, and stronger than its
Published 26 Aug, 2010 12:00am
Yuan slips versus dollar

Yuan slips versus dollar

The yuan ended slightly down against the dollar on Wednesday as the dollar hovered at six-week highs, but the Chinese currency traded above the People's Bank of China's reference rate. Spot yuan closed at 6.7986 per dollar on Wednesday, up 0.41 percent ag
Published 26 Aug, 2010 12:00am
Australian and New Zealand dollars recover

Australian and New Zealand dollars recover

The Australian and New Zealand dollars shrugged off soft Asian stocks on Wednesday to recoup some overnight losses, helped by gains on the yen as investors stayed on guard for intervention from Tokyo. Aussie traded at $0.8857, against Tuesday's local leve
Published 26 Aug, 2010 12:00am
Peso and baht rises

Peso and baht rises

The Philippine peso rose on Wednesday as investors bought local stocks while the Bank of Thailand was seen again trying to halt the baht's appreciation. The yen pulled back from a 15-year high against the dollar and a nine-year peak on the euro on due to
Published 26 Aug, 2010 12:00am
Swiss franc hits new all-time high versus euro

Swiss franc hits new all-time high versus euro

The Swiss franc hit an all-time high versus the euro on Wednesday and some said it could rise even further unless the central bank took action as worries about eurozone debt mount, prompting investors to shun risk. "Unless the Swiss National Bank interven
Published 26 Aug, 2010 12:00am
Bangladesh's interbank forex, interest rates

Bangladesh's interbank forex, interest rates

Interbank buy/sell rates for the taka against the dollar on Wednesday. 69.58/69.60 (previous 69.56/69.59). Call Money Rates: 4.50-6.00 percent (previous 4.50-7.00 percent).
Published 26 Aug, 2010 12:00am
Yen posts large gains in New York

Yen posts large gains in New York

The yen jumped to a 15-year peak against the dollar on Tuesday on fears the global economy is slowing, testing Japanese authorities' resolve to stem the currency's climb. The yen's rise accelerated as stop-loss sales were triggered in euro/yen at around 1
Published 26 Aug, 2010 12:00am
Early trade: yen pulls back

Early trade: yen pulls back

The yen pulled back from 15-year highs against the US dollar and a nine-year peak versus the euro on Wednesday on speculation Japanese authorities may take action to stem the currency's rise. The euro was supported by strong German economic data, while th
Published 26 Aug, 2010 12:00am
Yen retreats in London

Yen retreats in London

The yen pulled back from 15-year highs against the dollar and a nine-year peak versus the euro on Wednesday on speculation Japanese authorities may take action to stem the currency's rise. The euro erased gains made on strong German economic data as a wid
Published 26 Aug, 2010 12:00am
Yen dips in Asia

Yen dips in Asia

The yen pulled back from 15-year highs on the dollar and a nine-year peak on the euro on Wednesday due to chances that Japanese authorities may take steps such as yen-selling intervention to stem the yen's rise. The caution initially stemmed from a Nikkei
Published 26 Aug, 2010 12:00am
Sterling rises versus dollar

Sterling rises versus dollar

Sterling edged higher against the dollar on Wednesday, helped by a bout of short covering after it fell to a one-month low the previous day. The pound pared gains against the dollar after data showed new US single-family home sales fell in July to set the
Published 26 Aug, 2010 12:00am
Interbank tension surfaces as global worries weigh

Interbank tension surfaces as global worries weigh

Banks increased borrowing from the European Central Bank on Wednesday and sought longer loans, in an early sign that worries over the health of the economy were spilling into money markets. At the ECB's refinancing operations eurozone banks took less one-
Published 26 Aug, 2010 12:00am
FTSE falls to seven-week low

FTSE falls to seven-week low

Britain's top share index fell to a seven-week closing low on Wednesday on growing unease that the global economy may slip back into another recession following further weak economic data from the United States. New orders for long-lasting US made goods r
Published 26 Aug, 2010 12:00am
US data drags European shares down

US data drags European shares down

European shares hit a five-week closing low on Wednesday after lower-than-expected US durable goods orders and weak US new home sales data sparked worries over the prospects of a global economic recovery. Investor sentiment had earlier been knocked after
Published 26 Aug, 2010 12:00am
Seoul shares lower

Seoul shares lower

Seoul shares extended falls to a third session on Wednesday, as an unexpectedly large drop in US home sales fuelled concerns about global economies, sending key technology exporters such as LG Electronics lower. The Korea Composite Stock Price Index (KOSP
Published 26 Aug, 2010 12:00am
Nikkei hits 16-month low

Nikkei hits 16-month low

The Nikkei average hit a 16-month closing low on Wednesday, at one point falling over 2 percent, as disappointment spread over the lack of policy action by Japan to rein in the strong yen, which threatens a fragile economic recovery. Hopes for action by t
Published 26 Aug, 2010 12:00am
Shanghai, Hong Kong stocks dip

Shanghai, Hong Kong stocks dip

Shares in Shanghai and Hong Kong fell on Wednesday as discouraging US economic data stoked fears of a double-dip recession. The Shanghai Composite Index fell 2 percent to 2,596.6 points, surrendering some of its gains from Tuesday, while the Hang Seng end
Published 26 Aug, 2010 12:00am
Taiwan stocks post worst percentage fall in three months

Taiwan stocks post worst percentage fall in three months

Taiwan stocks ended Wednesday down 2.56 percent in their worst daily percentage fall in three months, as a Wall Street slide raised concerns about the health of the island's main export destination. The main TAIEX plunged 203.66 points to 7,736.98. All se
Published 26 Aug, 2010 12:00am
Treasuries rise

Treasuries rise

US Treasuries advanced on Tuesday, sending yields to new lows as another sharp drop in home sales appeared to confirm investor fears the economic recovery was dying on the vine. Sales of previously occupied US homes fell 27.2 percent in July, accelerating
Published 26 Aug, 2010 12:00am
Treasuries rise

Treasuries rise

US Treasuries advanced on Tuesday, sending yields to new lows as another sharp drop in home sales appeared to confirm investor fears the economic recovery was dying on the vine. Sales of previously occupied US homes fell 27.2 percent in July, accelerating
Published 26 Aug, 2010 12:00am
European CDS widen

European CDS widen

European corporate credit default swap spreads were wider on Wednesday, partly in response to falls on Wall Street and also a credit rating downgrade of Ireland by Standard & Poor's. S&P cut Ireland's long-term rating to AA- from AA with a negative outloo
Published 26 Aug, 2010 12:00am
European CDS widen

European CDS widen

European corporate credit default swap spreads were wider on Wednesday, partly in response to falls on Wall Street and also a credit rating downgrade of Ireland by Standard & Poor's. S&P cut Ireland's long-term rating to AA- from AA with a negative outloo
Published 26 Aug, 2010 12:00am
US indices slip to lowest level in seven weeks

US indices slip to lowest level in seven weeks

US stocks fell to their lowest level in seven weeks on Tuesday as an unexpectedly large drop in home sales ratcheted up concerns that the economic recovery is even weaker than had been feared. The Dow and S&P 500 racked up their fourth day of losses in a
Published 26 Aug, 2010 12:00am
Wednesday's midday: trade Wall Street dips on data

Wednesday's midday: trade Wall Street dips on data

US stocks fell on Wednesday as weak data on US housing and orders for long-lasting manufactured goods underscored the prospect of a sharp economic slowdown. But a rebound off an S&P 500 index technical support level after five days of broad declines helpe
Published 26 Aug, 2010 12:00am
Southeast Asian markets: Indonesia climbs to fresh all-time high

Southeast Asian markets: Indonesia climbs to fresh all-time high

Indonesia's main share index climbed to a fresh all-time high on Wednesday as investors sought bargains from resource-related shares just as regional equities remained wary of a spate of worrying US economic data. Cautious investors cut positions in overb
Published 26 Aug, 2010 12:00am
Indian shares stay lower

Indian shares stay lower

Indian shares fell for the second day to end 0.7 percent lower on Wednesday, knocked down by world equities, as rising fears over global economic recovery triggered a flight to safety. A one-notch downgrade of Ireland's debt rating by Standard & Poor's an
Published 26 Aug, 2010 12:00am
Asian bond spreads widen further

Asian bond spreads widen further

Asian debt spreads swelled to their widest in more than a month on Wednesday as weak US housing data fuelled concerns its economic recovery is stalling, while Philippine issues extended losses on profit-taking. The Asia ex-Japan iTraxx investment-grade in
Published 26 Aug, 2010 12:00am
Asian bond spreads widen further

Asian bond spreads widen further

Asian debt spreads swelled to their widest in more than a month on Wednesday as weak US housing data fuelled concerns its economic recovery is stalling, while Philippine issues extended losses on profit-taking. The Asia ex-Japan iTraxx investment-grade in
Published 26 Aug, 2010 12:00am
Steel pipe manufacturers approach FBR: Customs notices for recovery

Steel pipe manufacturers approach FBR: Customs notices for recovery

Some 30 steel pipe manufacturers have approached the Federal Board of Revenue (FBR) against customs' show-cause notices for recovery of millions of rupees customs duty and other levies on import of cold rolled coils (CRC) and hot rolled coils (HRC) of pri
Published 26 Aug, 2010 12:00am
Steel pipe manufacturers approach FBR: Customs notices for recovery

Steel pipe manufacturers approach FBR: Customs notices for recovery

Some 30 steel pipe manufacturers have approached the Federal Board of Revenue (FBR) against customs' show-cause notices for recovery of millions of rupees customs duty and other levies on import of cold rolled coils (CRC) and hot rolled coils (HRC) of pri
Published 26 Aug, 2010 12:00am
New York cotton

New York cotton

Tuesday's closing prices of New York cotton in US cents/lb.

Published 26 Aug, 2010 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 118,784 tonnes of cargo including 86,358 tonnes of import cargo, 32,426 tonnes of export cargo, 6,519 loaded and empty containers during last 24 hours ended at 0700 hours on Wednesday.
Published 26 Aug, 2010 12:00am
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