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Print - 2011-03-31
Russia grows on oil, lacks business climate: World Bank

Russia grows on oil, lacks business climate: World Bank

Russia is recovering well from the financial crisis thanks to strong oil, but high commodity prices pose risks to inflation and fiscal stability, and a poor investment climate puts a drag on growth, the World Bank said.
Published 31 Mar, 2011 12:00am
Aussie scales 29-year peak versus dollar

Aussie scales 29-year peak versus dollar

The Australian dollar scaled a 29-year peak against the greenback on Wednesday, and raced to 10-month highs against a broadly weaker yen as risk sentiment stayed resilient with regional equities making solid gains. The yen has come under broad pressure af
Published 31 Mar, 2011 12:00am
Eonia to fall as liquidity stays ample

Eonia to fall as liquidity stays ample

Overnight eurozone interbank lending rates were set to fall over the next week or so after banks kept up their demand for central bank funding, keeping liquidity ample. The European Central Bank lent 129.5 billion euros of three-month funds against a matu
Published 31 Mar, 2011 12:00am
Yuan near record high

Yuan near record high

The yuan closed up against the dollar and approached its record trading high on Wednesday after the People's Bank of China fixed its daily mid-point near an all-time high. The PBOC has fixed a slew of record high mid-points since the start of this year, i
Published 31 Mar, 2011 12:00am
Tokyo Electric says $24 billion loans not enough; chief in hospital

Tokyo Electric says $24 billion loans not enough; chief in hospital

Tokyo Electric Power warned on Wednesday that a $24 billion bank loan was not enough to keep it afloat and pay for Japan's worst nuclear disaster, adding to expectations the government will step in to bail out the stricken company. Asia's largest utility,
Published 31 Mar, 2011 12:00am
Google, FTC reach Google Buzz privacy settlement

Google, FTC reach Google Buzz privacy settlement

The US Federal Trade Commission announced Wednesday that it has reached a settlement with Google over privacy concerns with Google Buzz, the social network the Internet giant launched last year. The FTC said that under the settlement, Google is required t
Published 31 Mar, 2011 12:00am
US CEO confidence hits record high

US CEO confidence hits record high

US chief executives' view of the economy brightened in the first quarter, with 92 percent expecting sales to rise over the next six months and more than half looking to add jobs, according to a survey. The Business Roundtable's quarterly CEO Economic Outl
Published 31 Mar, 2011 12:00am
US private sector adds jobs; planned layoffs fall

US private sector adds jobs; planned layoffs fall

US private employers added more than 200,000 jobs in March while planned layoffs fell, underscoring expectations that momentum in the labour market will help underpin the economic recovery. The ADP Employer Services report on Wednesday showed that US priv
Published 31 Mar, 2011 12:00am
IMF cuts Japan, US 2011 GDP forecast, ups eurozone

IMF cuts Japan, US 2011 GDP forecast, ups eurozone

The International Monetary Fund has cut its forecast for Japan's 2011 GDP growth after this month's devastating earthquake and has also lowered its near term outlook for the United States, Italian news agency ANSA reported on Wednesday.
Published 31 Mar, 2011 12:00am
Bullish forecasts for Dubai on back of Asia growth

Bullish forecasts for Dubai on back of Asia growth

The economy of Dubai, whose financial woes rattled world markets in late 2009, is tipped to grow over the next two years on the back of robust economic activity in Asia, economists said on Wednesday. "We're quite bullish" about economic growth in the Gulf
Published 31 Mar, 2011 12:00am
Japan industrial production up

Japan industrial production up

Japan's industrial production rose for a fourth straight month in February, data showed Wednesday, in another sign the economy was picking up before a devastating earthquake and tsunami. Factory output increased a seasonally adjusted 0.4 percent in Februa
Published 31 Mar, 2011 12:00am
Medvedev unveils new plan to improve investment climate

Medvedev unveils new plan to improve investment climate

Russian President Dmitry Medvedev on Wednesday slammed the country's investment climate and reeled off a list of measures in a bid to entice foreign capital into the country. At a meeting with state officials and tycoons in the metals city of Magnitogorsk
Published 31 Mar, 2011 12:00am
EU bailout plan raises short-term default risk: Fitch

EU bailout plan raises short-term default risk: Fitch

Plans for the eurozone's new bailout fund increase the risk in the short term that weaker economies will default, Fitch Ratings said on Wednesday after Standard & Poor's downgraded Greece and Portugal due to similar concerns. Fitch said last week's decisi
Published 31 Mar, 2011 12:00am
Won bolts to seven-week high

Won bolts to seven-week high

Hedge funds piled into the won on Wednesday, lifting it to a seven-week high against the dollar and suggesting the South Korean currency may lead other Asian currencies higher in the second quarter with foreign equity flows to the region expected to remai
Published 31 Mar, 2011 12:00am
Obama calls for deep cuts in US oil imports

Obama calls for deep cuts in US oil imports

President Barack Obama set an ambitious goal on Wednesday to cut US oil imports by a third over 10 years, taking up a challenge that eluded previous US leaders, as high gasoline prices threaten to undermine the country's economic recovery. Obama outlined
Published 31 Mar, 2011 12:00am
Middle East markets: Egypt, Saudi indices up

Middle East markets: Egypt, Saudi indices up

Kuwaiti logistics firm Agility fell on Wednesday after an adverse US court ruling, while markets in Egypt and Saudi Arabia climbed, bucking a regional trend. Kuwait's index slipped 0.5 percent, snapping a three-day rally, as Agility dropped 5 percent afte
Published 31 Mar, 2011 12:00am
Australia shares jump

Australia shares jump

Australian stocks jumped 1.4 percent to close at a 3-1/2 week high, with the miners leading solid gains across the board at the same time as the Aussie dollar hit a 29-year peak, but light volumes suggested there was little conviction behind the buying.
Published 31 Mar, 2011 12:00am
Hong Kong shares up, China down

Hong Kong shares up, China down

Financial counters led a broad rebound in Hong Kong shares on Wednesday, as risk appetite improved with traders settling their positions for the end of the first quarter. Hutchison Whampoa Ltd , billionaire Li Ka-shing's flagship ports-to-telecoms company
Published 31 Mar, 2011 12:00am
Wednesday's early afternoon trade: Wall Street gains

Wednesday's early afternoon trade: Wall Street gains

US stocks rose on Wednesday as investors positioned themselves for the quarter's end and the S&P 500 attempted to hold above a key technical level. Stocks advanced as money managers re-allocated positions for the end of the quarter, with the S&P 500 up 5.
Published 31 Mar, 2011 12:00am
Energy lifts Wall Street but caution keeps volume low

Energy lifts Wall Street but caution keeps volume low

Strength in energy lifted US stocks on Tuesday as investors concentrated on adding to winning positions as the quarter winds down, but uncertainty kept trading volume light. About 6.2 billion shares traded in composite volume on the New York Stock Exchang
Published 31 Mar, 2011 12:00am
Taiwan stocks higher

Taiwan stocks higher

Taiwan stocks closed 0.58 percent higher on Wednesday, lifted by banking shares on an expected rate hike by the central bank at its meeting due the following day. Laptop PC maker Acer Inc fell 3.8 percent, taking its decline to 16.5 percent in three sessi
Published 31 Mar, 2011 12:00am
Short-term treasuries rise

Short-term treasuries rise

Hawkish Federal Reserve officials have hurt Treasury yields in recent days, however short-term rates may reflect over optimistic assumptions of a rate increase given signs US economic growth is slowing. Data including consumer confidence and trade balance
Published 31 Mar, 2011 12:00am
Short-term treasuries rise

Short-term treasuries rise

Hawkish Federal Reserve officials have hurt Treasury yields in recent days, however short-term rates may reflect over optimistic assumptions of a rate increase given signs US economic growth is slowing. Data including consumer confidence and trade balance
Published 31 Mar, 2011 12:00am
Southeast Asian markets: earnings optimism lifts stocks

Southeast Asian markets: earnings optimism lifts stocks

Southeast Asian stock markets rose in active sessions on Wednesday as investors picked up shares in companies expected to report good quarterly results, with banks leading the way on strong loan growth. Indonesia and Thailand climbed to the highest in nea
Published 31 Mar, 2011 12:00am
Indian shares rise to 2-1/2 month high

Indian shares rise to 2-1/2 month high

Indian shares gained for the seventh day and were on track for their best monthly performance since last September, closing 0.9 percent higher on Wednesday, as world equities gained on hopes the global economy is recovering and crude oil prices eased.
Published 31 Mar, 2011 12:00am
Uganda takes control of Libya's stake in Uganda Telecom

Uganda takes control of Libya's stake in Uganda Telecom

Uganda's government said on Tuesday it had taken control of Libya's majority stake in Uganda Telecom, the latest move to freeze Libyan assets in the east African nation in compliance with UN sanctions. Information, Communication and Technology Minister Ag
Published 31 Mar, 2011 12:00am
Ghana pension fund to boost share trades

Ghana pension fund to boost share trades

Ghana's state-run pension fund SSNIT intends to gradually ramp up trading of its holdings in local shares when Tullow Oil and other firms float on the west African nation's bourse this year, an executive of the fund told Reuters. The Social Security and N
Published 31 Mar, 2011 12:00am
Qantas cuts staff, flights over fuel costs, disasters

Qantas cuts staff, flights over fuel costs, disasters

Australian flag carrier Qantas said Wednesday it will slash capacity and jobs as it grapples with disasters and surging fuel costs in its "most serious challenge" since the global downturn. The announcement comes with the airline already facing threats of
Published 31 Mar, 2011 12:00am
Travel, nuclear physics replace investment models

Travel, nuclear physics replace investment models

Put away the machines and bring back the humans. Wall Street is setting aside its algorithms and complex models and turning to experts for clues on how to make money in an uncertain world, turned upside down by Japan's disaster and Middle East uprisings.
Published 31 Mar, 2011 12:00am
Japan bank recovery in peril as quake to prolong ultra-low rates

Japan bank recovery in peril as quake to prolong ultra-low rates

The massive earthquake that struck Japan could make its banks hostage to another vicious cycle of low interest rates, hitting profit margins and derailing the sector's recovery from the global financial crisis. One immediate threat to bank earnings after
Published 31 Mar, 2011 12:00am
Eurozone 'Unfinished Symphony' is no masterpiece

Eurozone 'Unfinished Symphony' is no masterpiece

Unlike Schubert's Unfinished Symphony, Europe's incomplete "comprehensive response" to the eurozone debt crisis is unlikely to be rated a masterpiece. When European Union leaders complete a package deal this week to tighten fiscal discipline, improve econ
Published 31 Mar, 2011 12:00am
How much higher can China raise bank reserves?

How much higher can China raise bank reserves?

With little fanfare on Friday, China set a new record, forcing the country's big banks to lock up 20 percent of their deposits as reserves. That level - inconceivable in developed economies - is probably not the ceiling. But just how high can it go? Up to
Published 31 Mar, 2011 12:00am
Japan mulls Tokyo Electric nationalisation; shares at 47 year low

Japan mulls Tokyo Electric nationalisation; shares at 47 year low

Japan may nationalise Tokyo Electric Power as mounting costs and public anger threaten the future of the company at the centre of the country's deepening nuclear crisis. The outlook for Tokyo Electric, known as TEPCO, has been uncertain since the March 11
Published 31 Mar, 2011 12:00am
Europe looks to restrict public procurement access to China

Europe looks to restrict public procurement access to China

Europe is examining plans that would allow individual EU states to veto public procurement deals done by others with China, in a bid to ensure Beijing opens up its market more. France is leading a drive to introduce a European Union interdiction that coul
Published 31 Mar, 2011 12:00am
Finnish Prime Minister aims to rein in spending growth

Finnish Prime Minister aims to rein in spending growth

Finland's prime minister, fighting to win an election in April, said on Tuesday she wanted a line-by-line review of government spending while repeating a call for lower corporate taxes. With one eye aimed at shoring up public finances and the other at imp
Published 31 Mar, 2011 12:00am
Nikkei climbs

Nikkei climbs

Japan's Nikkei stock average climbed 2.6 percent, hitting its highest level since a post-quake panic sell-off as the yen softened against the dollar, but investors said the gains may be short-lived as bargain-hunting by foreigners peters out. Market playe
Published 31 Mar, 2011 12:00am
Electrolux sticks to forecast, Egypt deal

Electrolux sticks to forecast, Egypt deal

World number two home appliances maker Electrolux is sticking to its market growth forecasts this year, with emerging countries remaining strong, the chief executive said on Tuesday. Keith McLoughlin also told Reuters in an interview that a stalled deal t
Published 31 Mar, 2011 12:00am
Morrisons sees grocery market growth staying low

Morrisons sees grocery market growth staying low

Consumer sentiment in Britain has deteriorated since Christmas and there is little prospect of an improvement until at least the end of the year, the finance director of Wm Morrison Supermarkets told Reuters. Richard Pennycook said in an interview on the
Published 31 Mar, 2011 12:00am
Nigerian Finance Minister struggles to impose fiscal discipline

Nigerian Finance Minister struggles to impose fiscal discipline

The 2011 budget passed by Nigeria's parliament this month keeps government spending near record highs and undermines efforts to restore fiscal discipline, Finance Minister Olusegun Aganga said on Tuesday. Parliament approved a 4.972 trillion naira ($32 bi
Published 31 Mar, 2011 12:00am
Bangladesh's interbank forex and interest rates

Bangladesh's interbank forex and interest rates

Interbank buy/sell rates for the taka against the dollar on Wednesday. 72.70/72.77 (previous 72.71/72.75). Call Money Rates: 3.50-6.00 percent (previous 3.00-8.00 percent).
Published 31 Mar, 2011 12:00am
Swiss franc falls

Swiss franc falls

The Swiss franc ticked lower on Wednesday as hawkish central banker comments lifted euro and dollar while a Swiss policy maker struck a more cautious tone. The greenback got a boost from St. Louis Fed chief James Bullard, who urged the US central bank to
Published 31 Mar, 2011 12:00am
Sterling recovers versus euro

Sterling recovers versus euro

Sterling recovered from a five-month low versus the euro and rose against the dollar on Wednesday, helped by better UK data while worries over the eurozone's debt crisis weighed on the euro. Concerns about a fragile UK economy and expectations that UK int
Published 31 Mar, 2011 12:00am
Yen tumbles, Aussie at 29-year peak in Asia

Yen tumbles, Aussie at 29-year peak in Asia

The yen fell broadly on Wednesday, hitting 10-month lows against the euro and touching its lowest level in nearly three weeks versus the dollar as interest rate differentials widened in favour of US and European currencies. The dollar rose 0.6 percent on
Published 31 Mar, 2011 12:00am
Yen falls broadly in London

Yen falls broadly in London

The yen slipped to a 10-month low versus the euro and was broadly weaker on Wednesday after recent hawkish comments from eurozone and US officials contrasted with Japan's loose monetary policy stance. The euro rose to around 117.28 yen, its strongest sinc
Published 31 Mar, 2011 12:00am
Yen weakens broadly

Yen weakens broadly

The yen weakened across the board on Wednesday, sliding to a 10-month low against the euro, as recent hawkish comments from euro zone and US officials contrasted with Japan's loose monetary policy. The euro rose to around 117.28 yen on electronic trading
Published 31 Mar, 2011 12:00am
Dollar jumps versus yen since recent intervention

Dollar jumps versus yen since recent intervention

Rising US bond yields on Tuesday lifted the dollar above 82 yen for the first time since Japan's recent currency intervention, and technical indicators suggested the greenback may be poised to extend those gains. The euro also rose to its highest level ag
Published 31 Mar, 2011 12:00am
Indian rupee up

Indian rupee up

The Indian rupee rose marginally on Wednesday, but was stuck in a narrow band, as demand for the dollar from oil importers offset local share gains and dollar inflows. The partially convertible rupee closed at 44.745/755 per dollar, 0.1 percent stronger t
Published 31 Mar, 2011 12:00am
UBL UAE's Khalifa main branch inaugurated

UBL UAE's Khalifa main branch inaugurated

United Bank Limited's Khalifa Main Branch, Abu Dhabi, was inaugurated by Shaikh Nahayan Mabarak Al Nahayan, UAE Minister of Higher Education and Scientific Research and Chairman United Bank Limited on March 23, 2011. Atif R Bokhari, President and CEO of U
Published 31 Mar, 2011 12:00am
Karzai sacks official after women sing without headscarves

Karzai sacks official after women sing without headscarves

Afghan President Hamid Karzai has sacked the deputy governor of a restive southern province after two women performed without headscarves at a high-profile concert he helped organise, an official from Helmand province said on Wednesday.
Published 31 Mar, 2011 12:00am
Carter meets jailed American in Cuba, calls for release

Carter meets jailed American in Cuba, calls for release

Former US president Jimmy Carter met in Cuba Wednesday with a US contractor jailed on state security charges, calling for the communist-ruled island to release him because he is "innocent" of serious crimes. Carter told reporters on the final day of his C
Published 31 Mar, 2011 12:00am
Canadian hoping to join the Shebab arrested

Canadian hoping to join the Shebab arrested

Canada's federal police arrested a Toronto area man for seeking to join the Shebab, a Somalian group bent on "terrorist activities," the Royal Canadian Mounted Police said Wednesday. Mohamed Hersi, 25, was arrested at the Toronto airport on Tuesday.
Published 31 Mar, 2011 12:00am
Israeli Arabs, Bedouins protest discrimination

Israeli Arabs, Bedouins protest discrimination

Arab Israelis and Bedouins marked "Land Day" on Wednesday, saying the Jewish state still maintains a discriminatory policy of trying to force its minorities off their land. Rallies were held in Israel and the Palestinian territories in an annual commemora
Published 31 Mar, 2011 12:00am
Challenges and accomplishments

Challenges and accomplishments

It is difficult to pen down the performance of the present government during last 3 years as it was not a smooth sailing. The government has faced numerous unforeseen challenges since inception which has obviously changed its priorities. I will particular
Published 31 Mar, 2011 12:00am
RAHMAN MALIK

RAHMAN MALIK

This refers to Interior Minister Rahman Malik's statement, made hours before the commencement of the highly charged semi-final match between arch rivals Pakistan and India, in the ongoing ICC Cricket World Cup tournament, wherein he warned the members of
Published 31 Mar, 2011 12:00am
The need for easy monetary policy

The need for easy monetary policy

The major problems, the economy of Pakistan is facing in recent years, are the macroeconomic imbalances and sluggishness of the economy. On the one hand, the whole burden lies on the shoulders of vulnerable class in the form of high food and non-food pric
Published 31 Mar, 2011 12:00am
Hedge fund risk management

Hedge fund risk management

This article gives you an idea about what are the relevant factors for Hedge Fund Risks fundamentals.
Published 31 Mar, 2011 12:00am
Exploring a new gas resource - Shale Gas

Exploring a new gas resource - Shale Gas

In my previous article, I stressed upon exploring widely available gas resources in the country. I would like to draw the attention of the readers and policy-makers on yet another vast potential, called Shale Gas. There are two types of gas resources; con
Published 31 Mar, 2011 12:00am
Presidential reference for Zulfikar Ali Bhutto's trial review

Presidential reference for Zulfikar Ali Bhutto's trial review

The Federal Cabinet on Monday decided to ask president Zardari to file a reference with the Supreme Court of Pakistan on the death sentence termed by great many as the 'judicial' murder of Zulfikar Ali Bhutto in 1979. The review will be filed under Articl
Published 31 Mar, 2011 12:00am
Textile units and amnesty

Textile units and amnesty

The Federal Board of Revenue (FBR) is expected to announce an amnesty scheme for textile units requiring registration subsequent to the amended zero-rating notification issued on the same day, March 15, as the three presidential ordinances seek to levy ad
Published 31 Mar, 2011 12:00am
Mobilink rewards cricket enthusiasts

Mobilink rewards cricket enthusiasts

As the nation is gripped in cricket frenzy, Mobilink, Pakistan's market leader in cellular services and a part of Orascom Telecom Holding, rewards 30 cricket enthusiasts with a round trip to Sri Lanka. To tap into the pulse of the nation that is wired to
Published 31 Mar, 2011 12:00am
Fresh attempt launched to introduce anti-burqa law in Belgium

Fresh attempt launched to introduce anti-burqa law in Belgium

A committee in Belgium's lower chamber of parliament approved Wednesday a law outlawing burqas and other kinds of Islamic face veils - relaunching efforts to introduce the ban nearly one year after they were thwarted by a government crisis.
Published 31 Mar, 2011 12:00am
Kazmi remanded to 14-day judicial custody

Kazmi remanded to 14-day judicial custody

Court has sent Hamid Saeed Kazmi, former religious affairs minister to jail on 14-day judicial remand in multi-million Hajj corruption scandal, after FIA exhausted his 14-day physical remand. Kazmi will be kept under detention in FIA Academy's room number
Published 31 Mar, 2011 12:00am
Tree plantation drive begins at SU

Tree plantation drive begins at SU

The University of Sindh organised tree plantation campaign at the campus which would start from the Institute of English Language and Literature. Vice Chancellor University of Sindh, Professor Dr Nazir A. Mughal inaugurated the tree plantation move, which
Published 31 Mar, 2011 12:00am
ESUP holds Public Speaking Competition

ESUP holds Public Speaking Competition

The English Speaking Union of Pakistan (ESUP) held its National Public Speaking Competition at Karachi, in which two finalists of each of the public-speaking competitions held by its Karachi, Lahore and Islamabad Chapters, participated. The students were
Published 31 Mar, 2011 12:00am
Convocation of Defence Authority Montessori held

Convocation of Defence Authority Montessori held

A unique convocation ceremony of young beaming students of class Prep belonging to Defence Authority Montessori was held in the Auditorium of DHA College for Men here on Tuesday. The young graduates of the Montessori, who will now be joining class I in ot
Published 31 Mar, 2011 12:00am
NBP 62nd annual general meeting held

NBP 62nd annual general meeting held

National Bank of Pakistan (NBP) held its 62nd Annual General Meeting at a local hotel here on Wednesday March 30th, 2011. The meeting was well attended by the share holders and the senior executives from the Bank. The share holders approved dividend payou
Published 31 Mar, 2011 12:00am
Senate extends warm welcome to Afghan parliamentary team

Senate extends warm welcome to Afghan parliamentary team

The Senate on Wednesday extended a warm welcome with a standing ovation to Afghan parliamentary delegation while expressing their yearning for peace and stability in the region. Farooq H Neak, Chairman Senate requested the members to give a standing ovati
Published 31 Mar, 2011 12:00am
Old enmity claims two lives in Nasirabad

Old enmity claims two lives in Nasirabad

Unknown armed men gunned down two persons over old feud in Bakhtiarabad area of Nasirabad district on Wednesday. According to the Levies Force, the victims, identified as Abdul Rehman and Nazir Ahmad, were on their way to home when the gunmen opened indis
Published 31 Mar, 2011 12:00am
CIMA, AICPA embark on international management accounting initiative

CIMA, AICPA embark on international management accounting initiative

The Chartered Institute of Management Accountants (CIMA), headquartered in London, and the American Institute of Certified Public Accountants (AICPA), headquartered in New York, are launching a joint venture that would give management accountancy a far hi
Published 31 Mar, 2011 12:00am
NTN be made mandatory: Chairman KATI

NTN be made mandatory: Chairman KATI

Chairman, Korangi Association of Trade and Industry (KATI), Johar Ali Qandhari has suggested that National Tax Number (NTN) should be made mandatory for purchase, sale and allotment of property for the purpose of broadening of tax net. He further proposed
Published 31 Mar, 2011 12:00am
Fertiliser prices increase by 10 to 20 percent in markets

Fertiliser prices increase by 10 to 20 percent in markets

Prices of all kind of fertilisers have increased by 10 to 20 percent in the markets of Southern Punjab following the imposition of General Sales Tax on agriculture inputs. The DAP prices have jumped by Rs 779 to Rs 4,059 per bag, while the rates of urea h
Published 31 Mar, 2011 12:00am
Sri Lanka reap benefits from two years' preparation

Sri Lanka reap benefits from two years' preparation

Sri Lanka stand one match away from reaping the benefits of their decision to devote more than two years to prepare for the World Cup. After the disappointment of losing to Australia in the rain-affected 2007 final, the 1996 champions made sure they would
Published 31 Mar, 2011 12:00am
Seoul shares rise

Seoul shares rise

Seoul shares ended up 0.9 percent on Wednesday, drawing support from gains in technology and banking stocks and continued buying by foreign investors. The Korea Composite Stock Price Index (KOSPI) ended up 0.93 percent or 19.25 points at 2,091.38 points.
Published 31 Mar, 2011 12:00am
European shares hit three-week high

European shares hit three-week high

European shares hit a three-week closing high on Wednesday after a US labour report revived confidence in a recovery in the world's largest economy. The pan-European FTSEurofirst 300 index of top shares ended up 0.8 percent at 1,134.63 points, its highest
Published 31 Mar, 2011 12:00am
Industrials power FTSE to best streak in seven months

Industrials power FTSE to best streak in seven months

The FTSE 100 closed higher for a sixth consecutive session on Wednesday, its best run since August 2010, as investors ditched retailers over earnings worries in favour of growth sectors such as industrials and mining. Dixons issued a profit warning and gl
Published 31 Mar, 2011 12:00am
Amazon faces backlash over 'music locker' service

Amazon faces backlash over 'music locker' service

A new Amazon.com Inc service that lets customers store songs and play them on a variety of phones and computers is facing a backlash from the music industry that could ignite a legal battle. Amazon's Cloud Drive, announced on Tuesday, allows customers to
Published 31 Mar, 2011 12:00am
Rooftops to revive Spain's flagging solar industry

Rooftops to revive Spain's flagging solar industry

Solar panels on the rooftops of Spain are likely to pay for themselves within five years without needing subsidies and revive an industry in the doldrums after the country became the world's second-largest producer. Analysts predict the cost of small roof
Published 31 Mar, 2011 12:00am
Saudi huge cash boost no quick fix for property woe

Saudi huge cash boost no quick fix for property woe

Saudi King Abdullah's bumper cash pledge to build more homes shows the kingdom's intent to address vast undersupply in the world's biggest oil exporter, but there is no quick fix for its property woes. In a rare televised speech last week the elderly king
Published 31 Mar, 2011 12:00am
BP shares hit by manslaughter report, downgrade

BP shares hit by manslaughter report, downgrade

Shares in oil major BP fell on Tuesday on a report that its managers could face manslaughter charges following the Gulf of Mexico oil spill, which could lead to much higher fines over the disaster. US prosecutors are considering whether to pursue manslaug
Published 31 Mar, 2011 12:00am
BP shares hit by manslaughter report, downgrade

BP shares hit by manslaughter report, downgrade

Shares in oil major BP fell on Tuesday on a report that its managers could face manslaughter charges following the Gulf of Mexico oil spill, which could lead to much higher fines over the disaster. US prosecutors are considering whether to pursue manslaug
Published 31 Mar, 2011 12:00am
Netherlands, Spain win after rare Euro drama

Netherlands, Spain win after rare Euro drama

The Netherlands and Spain brought a hint of drama to Euro 2012 qualifying on Tuesday, surviving fightbacks by Hungary and Lithuania to maintain their 100 percent records in the competition. Dirk Kuyt scored two goals in three minutes late in the game as t
Published 31 Mar, 2011 12:00am
Ponting shadow as Clarke named Aussie captain

Ponting shadow as Clarke named Aussie captain

The divisive Michael Clarke began his reign as Australia's new Test and one-day captain on Wednesday by denying that former skipper Ricky Ponting's presence in the side will cause problems. Long seen as heir-apparent, the stylish batsman, who turns 30 on
Published 31 Mar, 2011 12:00am
Spanish judge bars league strike

Spanish judge bars league strike

A Spanish judge on Wednesday barred the country's football league (LFP) from staging a strike this weekend to protest broadcast rights. The judge backed a suit filed by six first division clubs who had opposed the planned walkout.
Published 31 Mar, 2011 12:00am
Deflated Pakistan fans blame Misbah for India loss

Deflated Pakistan fans blame Misbah for India loss

Disappointed Pakistani cricket fans on Wednesday blamed a sluggish Misbah-ul-Haq for defeat in the World Cup semi-final thriller with arch-rival India. India defeated Pakistan by 29 runs in a match dubbed the "clash of the titans" to set up a World Cup fi
Published 31 Mar, 2011 12:00am
PBC returns application of woman beaten by lawyer

PBC returns application of woman beaten by lawyer

Punjab Bar Council (PBC) has returned an application of a woman against a lawyer, who beat her in the High Court premises a few days back, asking her to submit process fee. The complainant, Bushra Sayeda (60) said that she time and again approached the PB
Published 31 Mar, 2011 12:00am
Zvonareva books Miami semi-final place

Zvonareva books Miami semi-final place

Russian Vera Zvonareva, ranked number three in the world, advanced to the semi-finals of the WTA premier hardcourt tournament here on Wednesday with a straight sets win over Agnieszka Radwanska. Zvonareva, seeded third, defeated the ninth-seeded Pole 7-5,
Published 31 Mar, 2011 12:00am
World Cup 1014 draw throws up possible Southeast Asian derby

World Cup 1014 draw throws up possible Southeast Asian derby

The AFC headquarters were filled with groans after Malaysia were handed a possible showdown against arch-rivals Singapore in the second round of 2014 World Cup Asian qualifying when the draw was made on Wednesday. Malaysia, winners of the Southeast Asian
Published 31 Mar, 2011 12:00am
Tendulkar targets final glory in Mumbai home

Tendulkar targets final glory in Mumbai home

India's Sachin Tendulkar led a charmed life to hit a crucial 85 in Wednesday's semi-final win against Pakistan before targetting his first World Cup title in front of his home fans in Mumbai. Tendulkar was dropped four times in his man of the match inning
Published 31 Mar, 2011 12:00am
Thai floods kill 15 dead, thousands stranded

Thai floods kill 15 dead, thousands stranded

Thailand mobilised its only aircraft carrier as efforts to rescue thousands trapped on storm-swept holiday islands intensified on Wednesday after severe flooding across the south killed 15. Victims were either swept away by the rising waters, or buried in
Published 31 Mar, 2011 12:00am
Bollywood actor jailed for rape

Bollywood actor jailed for rape

An Indian court on Wednesday jailed a Bollywood actor for seven years for raping his maid, local media said, in a case which has sent shockwaves through the film industry. Shiney Ahuja was convicted of rape, criminal intimidation and wrongful confinement
Published 31 Mar, 2011 12:00am
Campaigners seek cut in global civilian bombing toll

Campaigners seek cut in global civilian bombing toll

About 10,000 civilians have been killed or wounded by bombings in populated areas over the past six months, campaigners said on Wednesday as they launched a global drive to cut the civilian toll in conflicts.
Published 31 Mar, 2011 12:00am
Arab revolts herald 'great leap forward': al Qaeda

Arab revolts herald 'great leap forward': al Qaeda

Al Qaeda's most influential English-language preacher said revolts sweeping the Arab world would help rather than harm its cause by giving Islamic freed from tyranny greater scope to speak out. Western and Arab officials say the example set by young Arabs
Published 31 Mar, 2011 12:00am
Thieves steal diamonds worth millions from Basel fair

Thieves steal diamonds worth millions from Basel fair

Thieves stole four diamonds worth several million dollars from a trader's stand at the world's biggest watch and jewellery fair in Basel on Wednesday, prosecutors said. "Three men engaged the staff in a sales talk while one or two others opened the showca
Published 31 Mar, 2011 12:00am
Uganda says would consider Qadhafi asylum

Uganda says would consider Qadhafi asylum

Uganda would consider an asylum application from Libyan leader Muammar Qadhafi, as it would for anyone seeking refuge in the east African country, a minister said on Wednesday. Al Arabiya television reported that Uganda would welcome Qadhafi after Western
Published 31 Mar, 2011 12:00am
Microsoft co-founder slams Bill Gates in new book

Microsoft co-founder slams Bill Gates in new book

Bill Gates plotted to grab Microsoft shares from his cancer-stricken business partner Paul Allen, the software firm's co-founder has claimed in a new memoir. Painting a unfavourable view of Gates and his rise to the pinnacle of global business, Allen deta
Published 31 Mar, 2011 12:00am
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