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Print - 2011-04-09
KARACHI CHRONICLE: It was a great festival

KARACHI CHRONICLE: It was a great festival

The World Cup semi-final played between Pakistan and India in India, in Mohali on Wednesday March 30 was a phenomenal national festival which the defeat by a paltry 29 runs could not dampen. People still set off fire crackers and smiled proudly through th
Published 09 Apr, 2011 12:00am
Commercial banks no longer financial intermediaries?

Commercial banks no longer financial intermediaries?

There is no free lunch - especially when it comes to finance government expenditure and revenue gap. On a good note, fiscal inflationary borrowing from central bank is and expected to remain below the ceiling of September end level of Rs 1290 billion, the
Published 09 Apr, 2011 12:00am
Writing on the wall?

Writing on the wall?

The so-called experts are fond of repeating pet theories and technical jargon to befuddle a credulous populace, hiding behind such gobbledygook to cover their own incompetence and failure to control the rising spiral of prices and galloping inflation.
Published 09 Apr, 2011 12:00am
Commercial banks no longer financial intermediaries?

Commercial banks no longer financial intermediaries?

There is no free lunch - especially when it comes to finance government expenditure and revenue gap. On a good note, fiscal inflationary borrowing from central bank is and expected to remain below the ceiling of September end level of Rs 1290 billion, the
Published 09 Apr, 2011 12:00am
Dry weather speeds Argentine soya harvesting

Dry weather speeds Argentine soya harvesting

The harvesting of Argentina's 2010/11 soya crop advanced quickly over the last week thanks to the lack of heavy rains, the Buenos Aires Grains Exchange said in a weekly report issued on Thursday. Dry conditions facilitated a faster harvest in the South Am
Published 09 Apr, 2011 12:00am
Commercial banks no longer financial intermediaries?

Commercial banks no longer financial intermediaries?

There is no free lunch - especially when it comes to finance government expenditure and revenue gap. On a good note, fiscal inflationary borrowing from central bank is and expected to remain below the ceiling of September end level of Rs 1290 billion, the
Published 09 Apr, 2011 12:00am
Canadian canola futures fall

Canadian canola futures fall

ICE Canadian canola futures fell on Thursday for the fourth time in five days, hit by concerns over another earthquake in key importer Japan and profit-taking before a US crop report, traders said. Canola was volatile in total volume of 14,600 contracts,
Published 09 Apr, 2011 12:00am
Commercial banks no longer financial intermediaries?

Commercial banks no longer financial intermediaries?

There is no free lunch - especially when it comes to finance government expenditure and revenue gap. On a good note, fiscal inflationary borrowing from central bank is and expected to remain below the ceiling of September end level of Rs 1290 billion, the
Published 09 Apr, 2011 12:00am
China's extension of vegoil price may slow soyabean imports

China's extension of vegoil price may slow soyabean imports

China will extend price controls in place since December on retail cooking oil and may offer more soya and rapeseed oil from state stocks, a move which could slow soya imports by the world's top buyer, industry sources said on Friday. The price controls w
Published 09 Apr, 2011 12:00am
Reference challenged: petitioner seeks action against former CJP Shah

Reference challenged: petitioner seeks action against former CJP Shah

A reference filed by President Asif Ali Zardari to revisit the case of Zulfikar Ali Bhutto was challenged Friday in the Supreme Court. Tariq Asad advocate, the petitioner, requested the apex court to initiate contempt of court proceedings against former C
Published 09 Apr, 2011 12:00am
India to allow wheat, rice exports with duty

India to allow wheat, rice exports with duty

India should allow exports of wheat with a duty of 10 to 15 percent and could consider a similar mechanism for rice if 2011/12 output is around 100 million tonnes, a key member of the government's economic planning panel told Reuters on Friday.
Published 09 Apr, 2011 12:00am
Reference challenged: petitioner seeks action against former CJP Shah

Reference challenged: petitioner seeks action against former CJP Shah

A reference filed by President Asif Ali Zardari to revisit the case of Zulfikar Ali Bhutto was challenged Friday in the Supreme Court. Tariq Asad advocate, the petitioner, requested the apex court to initiate contempt of court proceedings against former C
Published 09 Apr, 2011 12:00am
Vietnam raises rice export forecast by 25 percent

Vietnam raises rice export forecast by 25 percent

Vietnam revised up by a quarter its rice export forecast for this year to a record high of 7.1 million to 7.4 million tonnes, citing rising shipments in the first quarter, the Agriculture Ministry said on Friday. The upward revision, after Vietnam shipped
Published 09 Apr, 2011 12:00am
HEC to be renamed as CSHE: Senate informed

HEC to be renamed as CSHE: Senate informed

The government finally came up with the concrete decision on Friday to devolve the Higher Education Commission (HEC), renaming it as Commission for Standard Higher Education (CSHE) by bringing it in the ambit of 18th Constitutional Amendment. Taking the u
Published 09 Apr, 2011 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 105,255 tonnes of cargo including 67,594 tonnes of import cargo, 37,661 tonnes of export cargo and 1,328 loaded & empty containers during last 24 hours ended at 0700 hours on Friday. The total import cargo of 67,594 tonnes compris
Published 09 Apr, 2011 12:00am
HEC to be renamed as CSHE: Senate informed

HEC to be renamed as CSHE: Senate informed

The government finally came up with the concrete decision on Friday to devolve the Higher Education Commission (HEC), renaming it as Commission for Standard Higher Education (CSHE) by bringing it in the ambit of 18th Constitutional Amendment. Taking the u
Published 09 Apr, 2011 12:00am
Wait-and-see mood persists on cotton market

Wait-and-see mood persists on cotton market

In the absence of fresh leads, wait-and-see mood was adopted by both buyers and sellers on the cotton market on Friday during the slow business, dealers said. Karachi Cotton Association (KCA) official spot rate was steady at Rs 12,500, they said.
Published 09 Apr, 2011 12:00am
Rates unchanged on grain market

Rates unchanged on grain market

Rates were unchanged on the wholesale grain and seed market on Friday as main participants were busy in preparations for Juma prayers, grain and seed merchants group's release said.
Published 09 Apr, 2011 12:00am
Brazil hikes personal credit tax

Brazil hikes personal credit tax

Brazil will raise a tax on personal credit, its finance minister said on Thursday, in a bid to brake inflation that has edged dangerously close to a government ceiling. The government will double the so-called IOF tax on personal credit to 3 percent as of
Published 09 Apr, 2011 12:00am
Most Southeast stocks post small gains; resource shares lead

Most Southeast stocks post small gains; resource shares lead

Most Southeast Asian stock markets eked out small gains in moderate volume on Friday, with high oil prices boosting appetite for resource shares and cautious investors chasing overbought equities. The region has started to see some profit taking following
Published 09 Apr, 2011 12:00am
Hong Kong, China shares hit fresh 2011 highs

Hong Kong, China shares hit fresh 2011 highs

Hong Kong and mainland stocks rose again on Friday, reaching fresh 2011 highs, and institutional investors are expected to keep increasing their exposure next week based on attractive valuations and demand for materials. The benchmark Hang Seng Index reco
Published 09 Apr, 2011 12:00am
Friday's early afternoon trade: volume seen weak

Friday's early afternoon trade: volume seen weak

Higher commodity prices drove a bid for materials and energy stocks in an otherwise lackluster session on Friday, ahead of the start of the corporate earnings season, seen as the next catalyst to drive stocks higher. Stocks have traded in a tight range, r
Published 09 Apr, 2011 12:00am
Wall Street dips

Wall Street dips

Wall Street slipped on Thursday after a major aftershock in Japan reignited fears about its nuclear power crisis, but greater faith in the US economy's steady path held losses in check. A rise in retail stocks after better-than-expected March chain-store
Published 09 Apr, 2011 12:00am
Seoul shares soar

Seoul shares soar

Seoul shares edged up on Friday lifted by a rally in shipyards, including Daewoo Shipbuilding & Marine Engineering, and as foreign buyers scooped up shares for an 18th straight session. The Korea Composite Stock Price Index (KOSPI) ended up 0.27 percent a
Published 09 Apr, 2011 12:00am
Treasuries move up

Treasuries move up

Intermediate-dated US Treasuries rose in price on Thursday after European Central Bank President Jean-Claude Trichet said the ECB's decision to raise benchmark interest rates would not necessarily be the first in a series. Longer-dated government debt eas
Published 09 Apr, 2011 12:00am
Treasuries move up

Treasuries move up

Intermediate-dated US Treasuries rose in price on Thursday after European Central Bank President Jean-Claude Trichet said the ECB's decision to raise benchmark interest rates would not necessarily be the first in a series. Longer-dated government debt eas
Published 09 Apr, 2011 12:00am
Australia-Singapore bourse merger rejected

Australia-Singapore bourse merger rejected

Australian Treasurer Wayne Swan officially rejected a proposed merger of the Australian and Singapore stock exchanges Friday, branding it a take-over by the city-state that offered no benefits. "Let's be clear here: this is not a merger. It's a takeover t
Published 09 Apr, 2011 12:00am
Indian shares stay lower

Indian shares stay lower

Indian shares rose for the third week in a row but fell for the fourth consecutive session, declining 0.7 percent on Friday, and traders expect the market to be subdued next week after the recent sharp rally. Auto stocks declined as traders booked profits
Published 09 Apr, 2011 12:00am
Nikkei jumps 1.9 percent

Nikkei jumps 1.9 percent

Japan's Nikkei stock average jumped 1.9 percent to close at its highest level since the March 11 earthquake, with short-covering encouraged by an outperform rating for beleaguered Tokyo Electric and a government plan to avoid rolling power blackouts. Comm
Published 09 Apr, 2011 12:00am
European shares set five-week high

European shares set five-week high

European shares set a five-week closing high on Friday, led by miners tracking stronger metal prices and investors positioning themselves for an expected positive start to the US corporate results season next week. The pan-European FTSEurofirst 300 index
Published 09 Apr, 2011 12:00am
Miners help FTSE rack up third week of gains

Miners help FTSE rack up third week of gains

Britain's top share index notched up a third week of gains and the highest close since mid-February after rising metals prices and deal-making boosted miners, with technicals pointing to further near-term upside. The FTSE 100 ended up 0.8 percent at 6,055
Published 09 Apr, 2011 12:00am
Dollar/yuan NDFs dive

Dollar/yuan NDFs dive

Offshore dollar/yuan forwards fell across the curve on Friday, with the one-month tenor hitting a record low, as a string of record high mid-points and a vow by the central bank to further open its bond market boosted expectations of yuan appreciation.
Published 09 Apr, 2011 12:00am
Sterling rises versus dollar

Sterling rises versus dollar

Sterling hit a 15-month high against a weak dollar on Friday, but fell versus the euro as investors braced for a quicker pace of tightening by the European Central Bank than by the Bank of England. Sterling hit a high of $1.6430 after data showed producer
Published 09 Apr, 2011 12:00am
Yen resumes slide in Asia

Yen resumes slide in Asia

The yen hit an 11-month low against the euro and neared a six-month trough versus the dollar on Friday and was seen poised for more weakness due to widening yield differentials and concerns Japan's exports may drop after last month's earthquake. The euro
Published 09 Apr, 2011 12:00am
Euro rises to 15-month high

Euro rises to 15-month high

The euro rose to a 15-month high against the dollar on Friday, supported by expectations of more eurozone interest rate hikes, while the prospect of a US government shutdown pushed the dollar lower across the board. The euro rose to $1.4422 on the EBS tra
Published 09 Apr, 2011 12:00am
Early trade in New York: Euro climbs to 15-month high

Early trade in New York: Euro climbs to 15-month high

The euro rose to a 15-month high against the dollar on Friday, supported by expectations of more eurozone interest rate increases, while the prospect of a US government shutdown pushed the dollar broadly lower. The euro was also helped by reported Middle
Published 09 Apr, 2011 12:00am
Euro slips; yen broadly higher in New York

Euro slips; yen broadly higher in New York

The euro fell from a 14-month high against the dollar on Thursday after the head of the European Central Bank dampened market expectations for aggressive interest rate hikes, though any pullback was expected to be limited. The euro also dropped against th
Published 09 Apr, 2011 12:00am
Swiss franc falls

Swiss franc falls

The Swiss franc fell against the euro but pushed higher against the dollar on Friday as traders mulled the eurozone interest rate rise, a budget row that could hamstring the US government and another quake in Japan. Amid the flurry of international develo
Published 09 Apr, 2011 12:00am
Australian and New Zealand dollars up

Australian and New Zealand dollars up

The Australian and New Zealand dollars rose anew on the yen helped by Japanese retail buying, while the US dollar was weighed by the looming risk of a US government shutdown. The Australian dollar lunged to a fresh 29-year peak at $1.0535, and could even
Published 09 Apr, 2011 12:00am
Singapore dollar, won lead gains

Singapore dollar, won lead gains

The Singapore dollar hit a record high and the South Korean won rose to a 2-1/2-year high on Friday, leading gains in emerging Asia, as foreign exchange authorities pulled back their defence lines on domestic currency strength in the face of rising capita
Published 09 Apr, 2011 12:00am
Euro rates rise

Euro rates rise

Euro money market rates rose on Friday after the European Central Bank raised interest rates and signalled there was more tightening to come, suggesting markets may price in more than two further hikes by year-end. Markets are close to factoring in a furt
Published 09 Apr, 2011 12:00am
China to let yuan be traded against more currencies

China to let yuan be traded against more currencies

China will allow the yuan to be traded against a wider variety of currencies in the onshore foreign exchange market, the central bank said in a report on Friday. The People's Bank of China (PBOC) did not name any of the new currency pairs that will be lau
Published 09 Apr, 2011 12:00am
Surprise import surge cuts German trade surplus

Surprise import surge cuts German trade surplus

A surprise surge in imports outpaced rising German exports in February, data showed, cutting into the trade surplus in a sign of robust demand in Europe's largest economy. Germany's trade surplus narrowed to 11.4 billion euros, its lowest level since Janu
Published 09 Apr, 2011 12:00am
UK officials get bank reform report

UK officials get bank reform report

A British commission's report on how to make UK banks safer and more competitive has been given to senior government officials ahead of its official release on Monday, which analysts expect will propose "ring-fencing" retail banks from investment banks. T
Published 09 Apr, 2011 12:00am
SEC to ease fundraising rules for companies

SEC to ease fundraising rules for companies

A US market watchdog plans to make it easier for private companies to issue shares, a move that could help start-ups get cash and recenter the stock market at the heart of business funding. In a recent letter to US lawmakers, the Securities and Exchange C
Published 09 Apr, 2011 12:00am
UK's factory gate inflation highest since October 2008

UK's factory gate inflation highest since October 2008

British factory gate inflation rose to a near two-and-a-half year high in March on soaring food and energy costs, data showed, adding a fresh twist to the policy dilemma facing the country's rate-setters. Sterling strengthened and government bond prices f
Published 09 Apr, 2011 12:00am
US wholesale inventories up, sales fall

US wholesale inventories up, sales fall

US wholesale inventories rose in February, but sales unexpectedly fell to post their largest decline in nearly two years, a government report showed on Friday. Total wholesale inventories increased 1.0 percent to $437.99 billion, the highest level since D
Published 09 Apr, 2011 12:00am
Vodafone's Essar India deal hits new snag

Vodafone's Essar India deal hits new snag

The strained relationship between Vodafone and Indian partner Essar appeared set for new lows on Friday after Indian media said Essar wanted more money to quit their joint venture. Vodafone announced a deal last month to pay a predetermined price of $5 bi
Published 09 Apr, 2011 12:00am
Canada loses jobs in March, full-time numbers jump

Canada loses jobs in March, full-time numbers jump

Canada's economy unexpectedly lost jobs in March, although a surge in full-time employment reflected solid growth and did little to change expectations that the central bank will hike interest rates later this year. Statistics Canada reported on Friday ne
Published 09 Apr, 2011 12:00am
Asian ministers warn of threats to economic growth

Asian ministers warn of threats to economic growth

Asian finance ministers agreed Friday to speed up regional integration and pledged to press ahead with plans for a disaster insurance fund in the wake of Japan's tsunami disaster. They also warned that rising food and oil prices could threaten the global
Published 09 Apr, 2011 12:00am
EU wants pre-election bailout deal for Portugal

EU wants pre-election bailout deal for Portugal

Eurozone ministers said Portugal must make deeper budget cuts and privatise state firms in return for an 80 billion euro bailout the bloc wants to finalise by mid-May, just weeks before an election and state funding crunch. Portugal bowed to pressure from
Published 09 Apr, 2011 12:00am
BP shutting Washington refinery units

BP shutting Washington refinery units

BP Plc's 225,000 barrel-per-day (bpd) Ferndale, Washington, refinery was shutting units on Friday for a planned 60-day overhaul, according to sources familiar with refinery operations. The shutdowns will vary in length of time and overhauls will begin onc
Published 09 Apr, 2011 12:00am
BP gets stay of execution on Rosneft share swap

BP gets stay of execution on Rosneft share swap

BP failed to reverse a block on its proposed $16 billion share swap with Rosneft though it was given time by an arbitration panel to try to extend an April 14 deadline for the deal. The arbitration ruling on Friday, at the end of a week of hearings in Lon
Published 09 Apr, 2011 12:00am
Europe ups the bar for banks, German lenders fragile

Europe ups the bar for banks, German lenders fragile

Europe raised the bar for its banks, demanding more, better-quality capital in a test aimed at reassuring taxpayers the sector can withstand future recessions - and setting up struggling state-owned German lenders to fail. The European Banking Authority (
Published 09 Apr, 2011 12:00am
Seniors Cricket Cup: Lahore Whites in quarters

Seniors Cricket Cup: Lahore Whites in quarters

Lahore Whites moved into quarter-finals of 13th National Seniors Cricket Cup after snatching 8-run win over Lahore Tigers here at Race Course Park Ground on Friday. Lahore Whites: 236-6 (Rauf Wayne 108 (not out), Rana Irfan 30, Nadeem Zafar 28, Arshed Raf
Published 09 Apr, 2011 12:00am
Itinerary of Sultan Azlan Shah Cup Hockey

Itinerary of Sultan Azlan Shah Cup Hockey

Sultan Azlan Shah Cup Hockey Tournament will get underway from May 5 at Ipoh (Malaysia). Australia, England, South Korea, New Zealand, Pakistan, India and host Malaysia are featuring in the Sultan Azlan Shah Cup hockey tournament. Pakistan will face New Z
Published 09 Apr, 2011 12:00am
Ponting advice vital, says captain Clarke

Ponting advice vital, says captain Clarke

Australia's new captain Michael Clarke says he will count on his predecessor Ricky Ponting's advice in a one-day series against Bangladesh starting in Dhaka on Saturday. "Ricky's advice has always been very helpful to me whether that was when I was his vi
Published 09 Apr, 2011 12:00am
ODI series starts Clarke faces Bangladesh test

ODI series starts Clarke faces Bangladesh test

Australia's Michael Clarke will be determined to make a strong start in his new role as captain when he leads against Bangladesh in a One-day series starting in Dhaka on Saturday. The stylish middle-order batsman last month replaced Ricky Ponting as skipp
Published 09 Apr, 2011 12:00am
Qaim honours Pakistan cricketers with cash awards

Qaim honours Pakistan cricketers with cash awards

Sindh Chief Minister Syed Qaim Ali Shah Friday honoured Pakistan cricket team members and officials for reaching the semi-finals of recently concluded 10th edition of Cricket World Cup (CWC). "These cricketers are ambassadors of the country and they broug
Published 09 Apr, 2011 12:00am
Porto, Benfica, Villarreal in Europa goal feast

Porto, Benfica, Villarreal in Europa goal feast

Porto's Radamel Falcao scored a hat-trick to help the newly-crowned Portuguese champions thrash Spartak Moscow 5-1 as goals flowed and South American players shone in Europa League quarter-final first leg ties on Thursday. Porto's compatriots Benfica, att
Published 09 Apr, 2011 12:00am
Fish advances in Houston

Fish advances in Houston

Mardy Fish made a victorious debut as America's top-ranked men's tennis player on Thursday, defeating Albert Ramos in straight sets to reach the quarter-finals of the US Clay Court Championships. Fish, the top seed in this $442,500 ATP event, defeated Ram
Published 09 Apr, 2011 12:00am
Punjab Games Football final today

Punjab Games Football final today

The final of 71st Punjab Games Football Tournament will be played here at Model Town Football Academy Ground on Saturday (today). According to President of Lahore District Football Association Mian Rizwan Ali the initial matches of three-day football even
Published 09 Apr, 2011 12:00am
Asif, Aamir and Salman excluded from Wisden list

Asif, Aamir and Salman excluded from Wisden list

The Wisden Cricketers Almanack has broken with more than 80 years of tradition by naming only four Cricketers of the Year in its latest edition instead of its usual five. Since 1926 the cricketing bible has named five players who had the biggest impact on
Published 09 Apr, 2011 12:00am
Indonesia win Asean Diplomatic Bowling Tournament

Indonesia win Asean Diplomatic Bowling Tournament

Indonesia team is setting up a tradition by winning the 2nd Asean Diplomatic Bowling Tournament held here last weekend. Malaysia and Thailand finished as the first and second runners-up in the team event. Teams and individuals from five Asean countries -
Published 09 Apr, 2011 12:00am
Vesnina topples Stosur in Charleston

Vesnina topples Stosur in Charleston

Second seed and defending champion Samantha Stosur crashed out of the WTA's Family Circle Cup Thursday, falling in straight sets to unseeded Russian Elena Vesnina. On a day when top-seeded Caroline Wozniacki passed a tough test with flying colors, coming
Published 09 Apr, 2011 12:00am
Yemen's Saleh again rejects move to replace him

Yemen's Saleh again rejects move to replace him

Dozens of anti-government protesters in Yemen were shot and wounded in fresh clashes with police on Friday as President Ali Abdullah Saleh rejected a new deal to secure an end to his 32 years in power. Saleh, facing an unprecedented challenge from hundred
Published 09 Apr, 2011 12:00am
Officer killed in shooting on British nuclear submarine

Officer killed in shooting on British nuclear submarine

A Royal Navy officer was killed Friday and another was seriously injured after a shooting aboard a British nuclear-powered submarine docked in port, police said. A third member of the navy was arrested on suspicion of murder following the incident in the
Published 09 Apr, 2011 12:00am
British man jailed for UAE flight bomb hoax

British man jailed for UAE flight bomb hoax

A British man who admitted sparking a bomb scare on a flight from the United Arab Emirates to London's Heathrow airport in January was jailed for three years Friday. James Glen, 38, had admitted "communicating information about a bomb hoax" on an Etihad A
Published 09 Apr, 2011 12:00am
Guatemalan president, wife granted divorce

Guatemalan president, wife granted divorce

The Guatemalan courts have approved the divorce of President Alvaro Colom and First Lady Sandra Torres, opening the way for her to run for president in September, a judge said Friday. "They are legally divorced," said family court judge Midred Roca, who p
Published 09 Apr, 2011 12:00am
UN finds 118 bodies in western Ivory Coast

UN finds 118 bodies in western Ivory Coast

United Nations staff in western Ivory Coast have found more than 100 bodies in the past 24 hours, some burned alive and others thrown down a well, the latest evidence of ethnic bloodshed gripping the country. The discovery came a week after the Internatio
Published 09 Apr, 2011 12:00am
UN climate agenda agreed, roadmap set for 2011

UN climate agenda agreed, roadmap set for 2011

Rich and poor nations overcame deep divisions on Friday to cut a deal that maps out UN climate negotiations for 2011, building on last December's agreement in Mexico and hardening the focus on tougher issues. The deal in Bangkok came after nearly four day
Published 09 Apr, 2011 12:00am
Rebels' council says 10,000 killed in Libya

Rebels' council says 10,000 killed in Libya

An estimated 10,000 people have been killed in Libya in recent weeks, said a spokesman of the rebels' Interim Transitional National Council (ITNC) on Friday. About 2,000 people died in the capital, Tripoli, and Misurata, while 1,500 died in Zawiya, spokes
Published 09 Apr, 2011 12:00am
Thousands back India anti-graft hunger striker; government offers deal

Thousands back India anti-graft hunger striker; government offers deal

Students in T-shirts and Sikhs in turbans and carrying swords rallied alongside peasants and executives on Friday in support of an Indian activist's hunger strike against corruption, as the government and protest leaders neared a deal on an anti-graft bil
Published 09 Apr, 2011 12:00am
British tabloid apologises to phone-hacking victims

British tabloid apologises to phone-hacking victims

The owner of Britain's News of the World tabloid offered an "unreserved apology" Friday and a promise of compensation to victims of phone hacking by its journalists. The announcement by Rupert Murdoch's News International came three days after police arre
Published 09 Apr, 2011 12:00am
Travel ban on Ben Ali allies

Travel ban on Ben Ali allies

Tunisia has imposed a travel ban on all people involved in corruption cases as well as relatives and advisers of ousted leader Zine al-Abidine Ben Ali, the state TAP news agency said on Friday, citing a judicial source. "All persons involved in corruption
Published 09 Apr, 2011 12:00am
Japanese Prime Minister returned foreigner's donation: lawyer

Japanese Prime Minister returned foreigner's donation: lawyer

Japan's prime minister has returned a donation he received from a foreign national, his office said through a lawyer on Friday, four weeks after the scandal looked set to cost him his job. Prime Minister Naoto Kan - Japan's fifth premier in as many years
Published 09 Apr, 2011 12:00am
Japan to stop pumping radioactive water into sea

Japan to stop pumping radioactive water into sea

Japan expects to stop pumping radioactive water into the sea from a crippled nuclear plant on Saturday, a day after China expressed concern at the action, reflecting growing international unease at the month-long nuclear crisis. "The emptying out of the r
Published 09 Apr, 2011 12:00am
Blackout hits much of Venezuela

Blackout hits much of Venezuela

A blackout hit a large swath of Venezuela on Thursday, darkening street lights, shutting down the Caracas subway and forcing President Hugo Chavez's government to resort to temporary rationing measures. The power outage affected the capital of Caracas and
Published 09 Apr, 2011 12:00am
Johnson & Johnson fined for bribing doctors

Johnson & Johnson fined for bribing doctors

US authorities fined cosmetics and drugs giant Johnson & Johnson $70 million on Friday for bribing doctors in Europe and paying kickbacks for contracts under a UN relief program in Iraq. The Department of Justice and Securities and Exchange Commission sai
Published 09 Apr, 2011 12:00am
Thousands of Iraqis mark fall of Baghdad, call for US withdrawal

Thousands of Iraqis mark fall of Baghdad, call for US withdrawal

Thousands of Iraqis on Friday took part in an anti-US rally in central Baghdad, one day before the eighth anniversary of the fall of Baghdad and at the same time as the US secretary of defence visited the north of the country. Thousands gathered in front
Published 09 Apr, 2011 12:00am
New York cotton settles lower

New York cotton settles lower

US cotton futures lost 2.5 percent of the value by the close on Friday, as price momentum stalled following a near 30-cent rally in front of the government's final estimate of 2010/2011 crop. "Why the hell were we up in the first place?," asked Jobe Moss
Published 09 Apr, 2011 12:00am
Shanghai copper soars

Shanghai copper soars

Copper gained about 2 percent on Friday, as investors continued to bet on demand prospects amid a global economic recovery, while a weaker dollar helped buoy sentiment. Shanghai's most active copper futures contract hit a one-month high of 73,190 yuan ($1
Published 09 Apr, 2011 12:00am
Tin, lead at record high; copper up

Tin, lead at record high; copper up

Copper rose to its highest level in more than a month on Friday as a weaker dollar lifted the metal's appeal for holders of other currencies and ahead of trade data from China on Monday. Three-month copper on the London Metal Exchange closed at $9,875 per
Published 09 Apr, 2011 12:00am
Brent jumps above $126 on supply worry

Brent jumps above $126 on supply worry

Brent crude jumped nearly 3 percent to a 32-month high above $126 on Friday and US oil scaled $112 a barrel as commodities climbed on a weaker dollar and after attacks on Libyan oil fields made long-term supply cuts more likely. Brent was poised for a fou
Published 09 Apr, 2011 12:00am
Brent jumps above $126 on supply worry

Brent jumps above $126 on supply worry

Brent crude jumped nearly 3 percent to a 32-month high above $126 on Friday and US oil scaled $112 a barrel as commodities climbed on a weaker dollar and after attacks on Libyan oil fields made long-term supply cuts more likely. Brent was poised for a fou
Published 09 Apr, 2011 12:00am
Brent jumps above $126 on supply worry

Brent jumps above $126 on supply worry

Brent crude jumped nearly 3 percent to a 32-month high above $126 on Friday and US oil scaled $112 a barrel as commodities climbed on a weaker dollar and after attacks on Libyan oil fields made long-term supply cuts more likely. Brent was poised for a fou
Published 09 Apr, 2011 12:00am
Tokyo rubber futures hit one-month high

Tokyo rubber futures hit one-month high

Key Tokyo rubber futures rose to their highest in a month on Friday and posted their biggest weekly gains in three weeks, as a rally in a wide range of commodity markets improved sentiment. The key Tokyo Commodity Exchange rubber contract for September de
Published 09 Apr, 2011 12:00am
New York coffee soars

New York coffee soars

Arabica coffee prices surged to close up 3 percent in heavy volume on Thursday as funds added positions and a lack of origin selling provided little resistance. Cocoa futures finished slightly lower as the conflict in top grower Ivory Coast intensified, w
Published 09 Apr, 2011 12:00am
Malaysian palm oil hits two-week top

Malaysian palm oil hits two-week top

Malaysian palm oil futures hit more than two-week highs on Friday as higher prices of competing crude oil and soyoil markets may kick in more fuel and food demand for the tropical oil. Traders are expecting Malaysian palm oil exports for the first ten day
Published 09 Apr, 2011 12:00am
US soya down

US soya down

US soyabean futures unofficially closed lower on Thursday, falling to their lowest level in more than a week as traders adjusted positions ahead of the US Agriculture Department's monthly supply and demand report. News of an earthquake in Japan also spook
Published 09 Apr, 2011 12:00am
Liffe cocoa and sugar down; coffee up

Liffe cocoa and sugar down; coffee up

Liffe July cocoa ended 25 pounds lower at 1,889 pounds a tonne on Friday as Ivory Coast presidential claimant Alassane Ouattara called for an end to sanctions against the top grower. Liffe May white sugar falls $8.00 to close at $699.70 a tonne. Dealers s
Published 09 Apr, 2011 12:00am
US gold hits record high

US gold hits record high

US gold futures hit a record high for a third straight day Thursday on inflation worries and expectations the European Central Bank's first rate hike since the 2008 financial crisis would weaken the dollar. COMEX June gold futures settled up 80 cents at $
Published 09 Apr, 2011 12:00am
Gold surges in Asia

Gold surges in Asia

Gold struck a record high on Friday, and silver hit $40 an ounce for the first time since 1980, as a weaker dollar and concerns about inflation sent investors piling into precious metals. Spot gold rose as high as $1,466.40 an ounce, on track for a gain o
Published 09 Apr, 2011 12:00am
Gold hits record high in London

Gold hits record high in London

Gold hit record highs on Friday and silver its strongest since early 1980 as the dollar slid on the prospect of a US government shutdown, with eurozone debt concerns and unrest in North Africa further supporting buying. Spot gold rose as high as $1,472.96
Published 09 Apr, 2011 12:00am
US MIDDAY: cocoa and sugar weaker

US MIDDAY: cocoa and sugar weaker

US cocoa futures finished lower in the highest volume in 2-1/2 months on Friday, as the export ban in top grower Ivory Coast appeared close to being lifted and the European Union eased its sanctions on the country. The benchmark May raw sugar contract tum
Published 09 Apr, 2011 12:00am
US MIDDAY: corn gains

US MIDDAY: corn gains

US corn futures rose on Friday as crude oil leaped to its highest since 2008, gold soared to record highs and the dollar fell, feeding inflation worries and prompting broad-based buying of inflation-sensitive commodities. Corn had sagged in early trade af
Published 09 Apr, 2011 12:00am
US MIDDAY: copper rises

US MIDDAY: copper rises

Copper ended up over 2 percent on Friday, posting its biggest weekly advance since early December, as the dollar weakened and investor demand for the metal increased with inflation fears mounting. COMEX May copper surged 8.50 cents, or 1.9 percent, to set
Published 09 Apr, 2011 12:00am
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