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Print - 2011-08-25
Transfers, postings in Punjab

Transfers, postings in Punjab

The Punjab government has on Wednesday carried out transfer and postings of government officials. According to a notification, Sardar Muhammad Akram Javed, Member (Judicial-III), Board of Revenue Punjab, is promoted to BS-21 to the rank of Secretary/Commi
Published 25 Aug, 2011 12:00am
Setting up of fiberglass boat manufacturing unit on the cards

Setting up of fiberglass boat manufacturing unit on the cards

Federal government is actively considering establishing a Fiberglass Boat Manufacturing Unit in near future in the country. Official sources told Business Recorder here on Wednesday that the concept of initiating this project was to put fisheries s
Published 25 Aug, 2011 12:00am
Punjab millers want uniform wheat quota policy

Punjab millers want uniform wheat quota policy

Founders Group of the flour millers have thanked the Punjab Food Department for allowing the flour millers to grind their wheat bought from private sector. Chairman Founders Group Dr Bilal Aslam Sufi and Co-chairman Muhammad Khalique Arshad in a joint sta
Published 25 Aug, 2011 12:00am
Peaceful society a prerequisite to development: Michael

Peaceful society a prerequisite to development: Michael

Pakistani youth should get themselves equipped with modern technical education and enterprising skills as technological development always plays a key role in Pakistan's progress in the coming years. This was said by Punjab Minister for Finance, Human Rig
Published 25 Aug, 2011 12:00am
LHC issues notice on plea against closing door of shrine

LHC issues notice on plea against closing door of shrine

The Lahore High Court on Wednesday admitting a petition against closing customary oldest door of Shrine Hazrat Baba Fareed ud Din Shakar Gunj issued notice for September 16 to Chief Secretary Punjab, Chief Administrator Auqaf Punjab, Secretary Auqaf Punja
Published 25 Aug, 2011 12:00am
Aptma rejects 20 days gas curtailment plan of SNGPL

Aptma rejects 20 days gas curtailment plan of SNGPL

All Pakistan Textile Mills Association (APTMA) has rejected 20 days suspension of gas supply to industry by the SNGPL under its gas load management plan and said that it would lead to the layoff of one million workforce and export loss of $1.3 billion.
Published 25 Aug, 2011 12:00am
Speakers for implementation of anti-sexual harassment laws

Speakers for implementation of anti-sexual harassment laws

The implementation of anti-sexual harassment laws is must against injustice and discrimination of women at workplaces. This was stated by the speakers at the launch of AASHA exhibition in Faisalabad. The event was organised in collaboration with Associati
Published 25 Aug, 2011 12:00am
British Council team visits UAF

British Council team visits UAF

A three-member delegation from British Council visited the University of Agriculture, Faisalabad to discuss the ways of commercialisation of technologies initiated by university faculty through Business Incubation Centre (BIC), UAF. The delegation was hea
Published 25 Aug, 2011 12:00am
'UVAS making efforts to provide quality education'

'UVAS making efforts to provide quality education'

The universities can play a vital role by conducting research and focusing on indigenous resources towards overcoming the challenges being faced by the people in Pakistan. This was resolved by a focused group meeting on "Knowledge Exchange strategic devel
Published 25 Aug, 2011 12:00am
Karachi: too little to late

Karachi: too little to late

Given the gravity of situation that has obtained in Karachi for over many months now it is only natural, and is also expected that the government of Sindh should feel deeply concerned and get engaged in hammering out some kind of a workable plan to pull t
Published 25 Aug, 2011 12:00am
Pakistan Railways remains in the doldrums

Pakistan Railways remains in the doldrums

The National Assembly Standing Committee on Pakistan Railways (PR) was informed by railway officials that a revenue shortfall of 6 billion rupees in the current fiscal year is expected. The projected income is forecast at 12 billion rupees - or 6 billion
Published 25 Aug, 2011 12:00am
Reign of terror in Karachi

Reign of terror in Karachi

Prime Minister Yousuf Raza Gilani finally made it to Karachi on Monday, and presided over a Sindh cabinet meeting where he said that the federal government was ready to help the provincial government, but the bleeding of Karachi must first stop. Which mer
Published 25 Aug, 2011 12:00am
Fighting money laundering - a UK perspective - I

Fighting money laundering - a UK perspective - I

1. Introduction What is money laundering? It is broadly the process or scheme by which both the identity of dirty money or money representing the proceeds of crime and the true ownership of those proceeds, are changed so that the money appears to c
Published 25 Aug, 2011 12:00am
Obama, Bush and 9/11: Avid warrior to reluctant commander

Obama, Bush and 9/11: Avid warrior to reluctant commander

When US President Barack Obama reached the White House, there were many hopes for change in the country's foreign policy: torture, war and imperial rhetoric were expected to become a thing of the past under George W Bush's successor. More than two years l
Published 25 Aug, 2011 12:00am
The killing spree in Karachi

The killing spree in Karachi

What is happening in Karachi will send a shudder through the nerves of even the perpetrators of the holocaust. Those who are involved in this carnage are neither Muslims nor human beings if we view this in the backdrop of what the Holy Quran has to say ab
Published 25 Aug, 2011 12:00am
Citi Pakistan, Citi Philippines honoured

Citi Pakistan, Citi Philippines honoured

Citi Pakistan and Citi Philippines have been recognised and awarded for the 'Best Community Programme' in the 'Gold Category' at the Global CSR Summit 2011, for their pioneering work in microfinance and vocational training. This award is one of five categ
Published 25 Aug, 2011 12:00am
Khyber Pakhtunkhwa government to move Supreme Court over hydel dues

Khyber Pakhtunkhwa government to move Supreme Court over hydel dues

Khyber Pakhtunkhwa (KP) government will take the matter to the Supreme Court if the federal government fails to call a meeting of the Council of Common Interest (CCI) to resolve the issue of pending net hydel power profit dues. Talking to Business Recorde
Published 25 Aug, 2011 12:00am
ASER Pakistan 2011 survey launched

ASER Pakistan 2011 survey launched

Annual Status of Education Report (ASER) Pakistan 2011 survey will be conducted in 84 districts of the country - 82 rural and two urban districts - and its results would be shared with key stakeholders by mid January 2012. ASER Pakistan 2011 Survey was fo
Published 25 Aug, 2011 12:00am
Faysal Bank signs service contract with HP Enterprise

Faysal Bank signs service contract with HP Enterprise

HP has announced that Pakistan's Faysal Bank has signed a five-year outsourcing service contract with HP Enterprise Services. Faysal Bank was looking to expand its business and had acquired Royal Bank of Scotland's (RBS) credit card division in January 20
Published 25 Aug, 2011 12:00am
'Mega uplift project for labourers on the cards'

'Mega uplift project for labourers on the cards'

Khyber Pakhtunkhwa Minister for Labour Sher Azam Wazir has said that mega uplift projects for the welfare of the labourers were in pipeline for which funds would be released shortly from the Workers Welfare Fund. Talking to media persons here on Wednesday
Published 25 Aug, 2011 12:00am
Capital police arrest 14 outlaws

Capital police arrest 14 outlaws

Islamabad police have arrested 14 outlaws from different parts of the federal capital and seized three pistols, drugs and stolen commodities worth Rs 1.095 million, Naeem Iqbal, spokesman of Islamabad police said on Wednesday. Aabpara Police arrested an a
Published 25 Aug, 2011 12:00am
Three killed, three hurt in Musakhail firing

Three killed, three hurt in Musakhail firing

At least three people were killed and three others sustained injuries in a firing incident in Kingri area of Musakhail on Wednesday. Levis official said newsmen that unknown armed men opened fire at the group of people who hailed from Dera Ghazi Khan for
Published 25 Aug, 2011 12:00am
Sindh University notification

Sindh University notification

The Controller of Examinations Sindh University (SU) has announced the schedule for the submission of examination form college side annual examination 2011 for regular and external candidates here on Wednesday.
Published 25 Aug, 2011 12:00am
Nadra removes 37.18 million unverified voters from FER-2007

Nadra removes 37.18 million unverified voters from FER-2007

The verification of 80.724 million registered voters in Draft Electoral Rolls 2011 (DER-2011) by Election Commission of Pakistan (ECP) will assist in bringing voters to their correct Census Blocks, as well as assist in registration with National Database
Published 25 Aug, 2011 12:00am
KU and US University ink MoU

KU and US University ink MoU

The Karachi University on behalf of its International Centre for Chemical and Biological Sciences (ICCBS), has inked a Memorandum of Understanding (MoU) with the University of Rhode Island (URI, USA) to establish a productive co-operative relations betwee
Published 25 Aug, 2011 12:00am
'Livestock plays vital role in national development'

'Livestock plays vital role in national development'

The Punjab Minister for Agriculture, Livestock and Dairy Development Malik Ahmed Ali has directed the high ups of the provincial livestock department to submit comprehensive proposals for the improvement of livestock farms in Punjab.
Published 25 Aug, 2011 12:00am
IPDF to initiate solid waste management project in Islamabad

IPDF to initiate solid waste management project in Islamabad

Infrastructure Project Development Facility (IPDF) has decided to initiate a modern Municipal Solid Waste Management Project in collaboration with the Capital Development Authority (CDA) to develop a proper system of collection, transport, processing and
Published 25 Aug, 2011 12:00am
US MIDDAY: gold drops three percent

US MIDDAY: gold drops three percent

Gold dropped 3 percent on Wednesday as news of a sharp rise in US durable goods orders prompted more profit-taking on bullion's rally to record highs ahead of a Federal Reserve gathering this week. Gold appeared headed for its biggest two-day decline in a
Published 25 Aug, 2011 12:00am
US MIDDAY: copper up a shade

US MIDDAY: copper up a shade

Copper ended up in light volume on Wednesday, after a surprising jump in US durable goods orders brightened the demand picture which had also been reinforced by expectations that more Federal Reserve economic stimulus may come soon.
Published 25 Aug, 2011 12:00am
US MIDDAY: wheat falls

US MIDDAY: wheat falls

US wheat fell early on Wednesday to reverse earlier gains led by a nearly 3 percent plunge in top quality spring wheat that posted its biggest drop in nearly two months. Corn and soyabeans also turned down on profit-taking in volatile dealings mirroring p
Published 25 Aug, 2011 12:00am
Gold slides 3.5 percent in European trade

Gold slides 3.5 percent in European trade

Gold surrendered gains to fall 3.5 percent on Wednesday as above-consensus US economic data lifted stock markets, prompting some investors to cash in this month's hefty gains ahead of a keenly awaited central bank gathering this week. Some economists have
Published 25 Aug, 2011 12:00am
Gold rebounds in Asia

Gold rebounds in Asia

Gold rebounded more than 1 percent on Wednesday after posting its worst daily drop in 18 months, as risk appetite retreated after Moody's downgraded Japan's debt rating and strong buying interest in Asia's physical market lent support. The sharp drop in p
Published 25 Aug, 2011 12:00am
US gold tumbles

US gold tumbles

Gold recoiled from its first ever foray above record $1,900 an ounce on Tuesday in the sharpest one-day drop in 18 months, as rebounding equities prompted traders to rethink a bullion rally which many now see as overdone. In the spot market, the precious
Published 25 Aug, 2011 12:00am
Arabica hits 2-1/2-month top, sugar stumbles

Arabica hits 2-1/2-month top, sugar stumbles

Arabica coffee futures sprang Wednesday to a 2-1/2-month high on chart-based and investor buying while raw sugar scaled a new contract peak but then slipped when profit-taking set in. The arabica coffee market climbed for the 12th straight session, barrel
Published 25 Aug, 2011 12:00am
US grains soar

US grains soar

US grains rose for a third straight day on Tuesday, with benchmark December corn notching a contract high as crop conditions deteriorated and sparse rains fell on the dryer soils leading to more concerns. The waning crop prospects led weather forecaster C
Published 25 Aug, 2011 12:00am
Malaysian palm oil slips

Malaysian palm oil slips

Malaysian palm oil futures edged lower on Wednesday on an uncertain global economic outlook and weaker commodity markets although hopes for strong export data curbed losses. Palm oil has lost about 18 percent so far this year thanks to a stock build and f
Published 25 Aug, 2011 12:00am
Tokyo rubber up' Shanghai falls

Tokyo rubber up' Shanghai falls

Tokyo rubber futures rose to a one-week high on Wednesday on the back of steady oil prices and speculative buying, but gains were limited by concerns about the global economy, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for
Published 25 Aug, 2011 12:00am
Brent rises above $110 as US crude stocks dip

Brent rises above $110 as US crude stocks dip

Brent oil prices edged higher in choppy trading on Wednesday, but US prices slipped as traders weighed expectations for the eventual return of Libyan oil exports against a surprise dip in crude inventories in the United States. The US Energy Information A
Published 25 Aug, 2011 12:00am
Copper prices ascend

Copper prices ascend

Copper rose on Wednesday after orders for long-lasting US manufactured goods rose more than expected, but gains were capped as the dollar rose and markets awaited a US Federal Reserve speech on Friday. Three-month copper on the London Metal Exchange close
Published 25 Aug, 2011 12:00am
Shanghai copper down

Shanghai copper down

The most-active November copper contract on the Shanghai Futures Exchange edged down 0.3 percent to 66,470 yuan per tonne by its midday close on Wednesday, after rising 1.1 percent in the previous session.
Published 25 Aug, 2011 12:00am
US copper soars

US copper soars

The active December COMEX contract settled up 3.95 cents at $4.0145 per lb on Tuesday, after dealing between $3.9540 and $4.40580. Aluminium ended at $2,371 a tonne from a last bid of $2,336 at the close on Monday.
Published 25 Aug, 2011 12:00am
New York cotton futures stay lower

New York cotton futures stay lower

Cotton futures settled easier Wednesday on technically motivated investor sales, but the market held above its lows for the week and analysts were uncertain about the next move in fibre contracts. The key December cotton contract on ICE Futures US fell 0.
Published 25 Aug, 2011 12:00am
Saudi woman campaigner arrested for driving

Saudi woman campaigner arrested for driving

A Saudi mother was arrested in the western city of Jeddah on Wednesday for defying a ban on women drivers, her daughter told AFP. Najla Hariri was arrested while driving to the office of her daughter, Dalia. "My mother was taken to the police station," th
Published 25 Aug, 2011 12:00am
Fifty soldiers, militants killed in south Yemen

Fifty soldiers, militants killed in south Yemen

Eleven Yemeni soldiers and 39 suspected Islamist militants were killed in some of the worst violence to grip the volatile south since mass protests began in January against President Ali Abdullah Saleh, residents and officials said.
Published 25 Aug, 2011 12:00am
South African school bus crash kills 15

South African school bus crash kills 15

A school bus veered off a road and plunged into a river Wednesday in South Africa, killing 14 children and the bus driver, rescue officials said. "Only the rear of the bus was above the water" when paramedics arrived, said Andre Visser, spokesman for resc
Published 25 Aug, 2011 12:00am
Ukraine marks independence amid Tymoshenko protests

Ukraine marks independence amid Tymoshenko protests

Ukraine on Wednesday marked 20 years since it split from the USSR with ceremonies shadowed by sadness over its unfulfilled potential and protests over the arrest of opposition leader Yulia Tymoshenko. The two-decade anniversary of the declaration of indep
Published 25 Aug, 2011 12:00am
Thai court acquits former wife of ousted Prime Minister Thaksin

Thai court acquits former wife of ousted Prime Minister Thaksin

A Thai court on Wednesday acquitted the ex-wife of ousted premier Thaksin Shinawatra in an appeal against her three-year prison sentence for tax evasion. Pojaman Shinawatra "did not have a duty to pay tax" when she sold shares in a then family-owned telec
Published 25 Aug, 2011 12:00am
Seven children among dead in Australian fire

Seven children among dead in Australian fire

At least seven children were among 11 people presumed dead in one of Australia's worst urban fire disasters, officials said Wednesday, describing it as an "unimaginable" tragedy. The inferno, which razed a two-storey house near the city of Brisbane - repo
Published 25 Aug, 2011 12:00am
Somalia famine set to spread to two new areas: UN

Somalia famine set to spread to two new areas: UN

Famine is set to spread to two new southern Somali regions with millions of people reeling from extreme drought, the top UN humanitarian aid official for the war-torn nation warned on Wednesday. "We are anticipating that two more areas of southern Somalia
Published 25 Aug, 2011 12:00am
False FIRs: Senate panel asks government to amend relevant sections

False FIRs: Senate panel asks government to amend relevant sections

Senate Standing Committee on Interior has called upon the government to ensure section 182 and 211 regarding registration of false FIRs are amended, declaring it the registration of FIR a cognisable offence with at least three years sentence. Senator Talh
Published 25 Aug, 2011 12:00am
North Korea set to consider nuclear moratorium: Kremlin

North Korea set to consider nuclear moratorium: Kremlin

North Korean leader Kim Jong-il promised on Wednesday to consider suspending nuclear arms tests and production if international talks on Pyongyang's atomic programme resume, a Kremlin spokeswoman said. The pledge, made at talks with President Dmitry Medve
Published 25 Aug, 2011 12:00am
South Korean, Uzbek leaders sign $4.1 billion worth of deals

South Korean, Uzbek leaders sign $4.1 billion worth of deals

The presidents of Uzbekistan and South Korea have signed energy deals worth a total of around $4.1 billion, marking a notable investment coup for the diplomatically isolated ex-Soviet nation. South Korean President Lee Myung-bak wrapped up a two-day state
Published 25 Aug, 2011 12:00am
Syrian forces raid eastern towns; EU may embargo oil

Syrian forces raid eastern towns; EU may embargo oil

Syrian forces killed one person and arrested dozens in raids on an eastern tribal region on Wednesday as part of a crackdown on dissent which could lead to European Union oil sanctions on Damascus as early as next week. A force of more than 20 tanks and o
Published 25 Aug, 2011 12:00am
Japan protests over China ships in disputed waters

Japan protests over China ships in disputed waters

Japan lodged a formal protest on Wednesday after two Chinese ships briefly entered what it regards as its territorial waters near disputed East China Sea islets, the latest flare-up in a long-running dispute. "Vice Foreign Minister (Kenichiro) Sasae summo
Published 25 Aug, 2011 12:00am
Former minister got prisoners to paint her house

Former minister got prisoners to paint her house

Two prisoners who were supposed to be doing community work found themselves invited into a former British government minister's home to do a spot of decorating. Jacqui Smith, the former home secretary, said the pair had been at a loose end so she had put
Published 25 Aug, 2011 12:00am
Karzai meets would-be child suicide bombers

Karzai meets would-be child suicide bombers

Afghan President Hamid Karzai met a group of would-be child suicide bombers aged as young as seven Wednesday and ordered their release on compassionate grounds. The 20 or so youngsters were recruited individually by the Taliban, often at religious schools
Published 25 Aug, 2011 12:00am
Afghan parliament rejects new vote decision

Afghan parliament rejects new vote decision

Afghanistan's parliament on Wednesday rejected a decision by the war-torn country's vote authorities to replace nine MPs as part of efforts to settle a long-running dispute over last year's elections. After almost a year of street protests and controversy
Published 25 Aug, 2011 12:00am
Chavez formalises nationalisation of gold industry

Chavez formalises nationalisation of gold industry

President Hugo Chavez signed a decree on Tuesday formalising the nationalisation of Venezuela's gold mining industry, a move aimed at giving the government total control over gold produced in the South American country. Speaking during a televised speech,
Published 25 Aug, 2011 12:00am
ISS crew safe despite supply failure: Russia, US

ISS crew safe despite supply failure: Russia, US

Russian mission control and NASA said Wednesday there was no need to evacuate the six-member crew from the International Space Station (ISS) despite the launch failure of a vessel carrying tonnes of supplies. "Of course we have to study the situation, but
Published 25 Aug, 2011 12:00am
Gaza truce under fire after Israeli strike kills militant

Gaza truce under fire after Israeli strike kills militant

Israeli air strikes on Wednesday killed at least one Palestinian, prompting mortar fire into southern Israel just days after armed groups agreed to a temporary truce. The exchange of fire across the Gaza border raised fears of a fresh descent into violenc
Published 25 Aug, 2011 12:00am
Indian Prime Minister asks rivals to help end anti-graft fast

Indian Prime Minister asks rivals to help end anti-graft fast

Indian Prime Minister Manmohan Singh and his political rivals joined forces Wednesday to appeal to social activist Anna Hazare to call off his anti-corruption hunger strike, now in its second week. But a spokesman for the ailing 74-year-old campaigner sai
Published 25 Aug, 2011 12:00am
Four lawmakers charged in India bribe scandal

Four lawmakers charged in India bribe scandal

Police have filed corruption charges against four Indian lawmakers after bribery was alleged in a crucial confidence vote the ruling Congress party faced in 2008. A police official said Wednesday charges had been filed against Amar Singh, Ashok Argal, Fag
Published 25 Aug, 2011 12:00am
Australian and New Zealand dollars fade

Australian and New Zealand dollars fade

The Australian and New Zealand dollars came under renewed pressure on Wednesday as Asian stocks erased gains after Moody's cut Japan's credit rating by a notch. The rating downgrade to Aa3 served as a reminder of the debt burdens plaguing the world's majo
Published 25 Aug, 2011 12:00am
Sterling slips

Sterling slips

Sterling fell versus the dollar on Wednesday, triggering stop loss orders as it slipped below the key level of $1.65, with better-than-expected US durable goods orders data prompting investors to pare long positions in the UK currency. Market players said
Published 25 Aug, 2011 12:00am
Yuan rises

Yuan rises

The yuan closed up slightly against the dollar in early trade on Wednesday after the People's Bank of China fixed its mid-point at a record high, signalling the government is permitting another leg of yuan appreciation, traders said. The PBOC has engineer
Published 25 Aug, 2011 12:00am
Won, Singapore dollar dip

Won, Singapore dollar dip

The South Korean won and the Singapore dollar eased on Wednesday as interbank speculators and custodian banks reduced exposure to emerging Asian currencies, with regional stocks turning weaker on persistent worries about the global economy and the eurozon
Published 25 Aug, 2011 12:00am
Indian rupee dives

Indian rupee dives

The Indian rupee dived on Wednesday, pummelled by dollar demand from oil companies, a slide in domestic equities and weak Asian currencies. The partially convertible rupee ended at 45.99/46.00 per dollar, nearly 0.8 percent weaker from Tuesday's close of
Published 25 Aug, 2011 12:00am
Swiss franc rises

Swiss franc rises

The Swiss franc was treading water against the euro and the dollar on Wednesday, with investors less risk averse due to the prospect of another bout of stimulus measures by the Federal Reserve to breathe life into the US economy. The franc rose 0.1 percen
Published 25 Aug, 2011 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. 73.45/73.85 (previous 73.90/74.12). Call Money Rates: 12.00-18.00 percent (previous 8.00-15.00 percent).
Published 25 Aug, 2011 12:00am
Dollar slides in New York

Dollar slides in New York

The US dollar fell on Tuesday on hopes the Federal Reserve will ease policy further to stimulate a flagging US economy, while better-than-expected German and Chinese factory data tempered worries about global growth. Fed Chairman Ben Bernanke will speak a
Published 25 Aug, 2011 12:00am
Early trade in New York: dollar rises versus majors

Early trade in New York: dollar rises versus majors

The dollar rose against major currencies on Wednesday, erasing early losses, as investors bought the currency for fear the Federal Reserve may not signal any new plans to stimulate the economy at a meeting this week. The currency's gains were not big and
Published 25 Aug, 2011 12:00am
Dollar near lows versus yen in London

Dollar near lows versus yen in London

The dollar hovered near record lows against the yen after measures taken by Japan to help companies deal with the impact of a strong yen proved ineffective, and concerns over the health of the global economy kept investors wary of risk. Major currencies h
Published 25 Aug, 2011 12:00am
Dollar falls in Asia

Dollar falls in Asia

The dollar fell slightly versus the yen after Japan unveiled a $100 billion credit line to help companies deal with the impact from a strong yen but shied away from stepping into currency markets. The dollar quickly came off an intraday high of 76.88 yen
Published 25 Aug, 2011 12:00am
Money markets: lack of demand for ECB dollars eases nerves

Money markets: lack of demand for ECB dollars eases nerves

Dollar funding costs for European banks stayed high on Wednesday but fears that more institutions would borrow greenbacks from the European Central Bank proved unfounded, with none seeking cash at a weekly tender. European banks are facing higher dollar f
Published 25 Aug, 2011 12:00am
FTSE up in edgy trade

FTSE up in edgy trade

Strong miners and energy stocks helped drive Britain's top share index to its highest close in a week on Wednesday in choppy trade as investors jostled for position ahead of a speech by Federal Reserve Chairman Ben Bernanke on Friday. Traders pointed to c
Published 25 Aug, 2011 12:00am
Australian shares down

Australian shares down

Australian shares slipped 0.1 percent on Wednesday, reversing early gains as banks, mining and energy firms went into retreat in tandem with Asian bourses after a credit downgrade of Japan. At the market close, BHP Billiton reported a record second-half p
Published 25 Aug, 2011 12:00am
Seoul shares slide

Seoul shares slide

South Korean stocks fell on Wednesday as heavy waves of program selling pushed the broad market down. The Korea Composite Stock Price Index ended down 1.23 percent at 1,754.78 points after swerving between small gains and losses. Stock futures slid 1.25 p
Published 25 Aug, 2011 12:00am
Nikkei average slips

Nikkei average slips

The Nikkei stock average fell on Wednesday as Moody's Investors Service's downgrade of Japan's sovereign debt rating spurred some foreign investors to take profits, erasing intraday gains made on speculation of more US easing. "Japanese investors shrugged
Published 25 Aug, 2011 12:00am
European shares hit one-week high

European shares hit one-week high

European shares hit a one-week closing high on Wednesday on better-than-expected US durable goods data and on hopes that the US Federal Reserve Chairman Ben Bernanke could signal on Friday further stimulus measures to help the economic recovery. Auto shar
Published 25 Aug, 2011 12:00am
Treasuries decline

Treasuries decline

US Treasury debt prices ended lower on Tuesday as a rally on Wall Street caused traders to pare bond holdings and erased earlier gains driven by bets the Federal Reserve will launch a new stimulus plan to help a flagging economy. Despite the late pullback
Published 25 Aug, 2011 12:00am
Treasuries decline

Treasuries decline

US Treasury debt prices ended lower on Tuesday as a rally on Wall Street caused traders to pare bond holdings and erased earlier gains driven by bets the Federal Reserve will launch a new stimulus plan to help a flagging economy. Despite the late pullback
Published 25 Aug, 2011 12:00am
Taiwan stocks down

Taiwan stocks down

Taiwan stocks closed down 0.63 percent on Wednesday, dragged down by cement stocks, while Acer shed 2.9 percent ahead of second-quarter preliminary results due later in the afternoon. Analysts expect the computer maker to post a loss of T$3.3 billion. The
Published 25 Aug, 2011 12:00am
US stocks climb on hopes for Fed rescue

US stocks climb on hopes for Fed rescue

US stocks shot 3 percent higher on Tuesday on speculation Federal Reserve Chairman Ben Bernanke this week would signal new help for the economy, giving investors hope a four-week rout was nearing an end. Weak data in housing and regional factory activity
Published 25 Aug, 2011 12:00am
Wednesday's early afternoon trade: Dow, S&P rise modestly

Wednesday's early afternoon trade: Dow, S&P rise modestly

The Dow and the S&P 500 rose modestly in volatile trading on Wednesday, as equities bounced around on heightened uncertainty surrounding Federal Reserve Chairman Ben Bernanke's speech to central bankers on Friday. Sectors that led Tuesday's rally, such as
Published 25 Aug, 2011 12:00am
Hong Kong, China shares dips

Hong Kong, China shares dips

Hong Kong and China shares slipped on Wednesday as mainland insurers plunged, underscoring investors' reluctance to hold stocks in companies that post weak interim earnings in a fragile market environment. Earnings remain in focus with prominent mainland
Published 25 Aug, 2011 12:00am
Indian shares lower

Indian shares lower

Indian shares fell 1.29 percent on Wednesday, snapping a two-session rising trend, mirroring weak Asian and European peers as cooling hopes over the prospect of further economic stimulus in the United States took the steam out of a recent rebound.
Published 25 Aug, 2011 12:00am
Most South East Asian stocks fall

Most South East Asian stocks fall

Southeast Asian stock markets fell on Wednesday after ratings agency Moody's downgraded Japan, making investors wary of risky assets and dampening regional sentiment. Markets failed to sustain early gains that were fuelled by speculation the Federal Reser
Published 25 Aug, 2011 12:00am
Japan boosts FX monitoring, creates $100 billion credit line

Japan boosts FX monitoring, creates $100 billion credit line

Japan unveiled a $100 billion credit line on Wednesday for companies investing overseas, tapping its foreign reserves for a third time in as many years, and stepped up monitoring currency positions of financial institutions in an attempt to curb the yen's
Published 25 Aug, 2011 12:00am
Moody's cuts Japan debt rating

Moody's cuts Japan debt rating

Ratings agency Moody's downgraded Japan's credit rating by one notch Wednesday, blaming a build up of borrowing and revolving-door politics for delaying efforts to cut the world's largest debt. The downgrade of Japan's government bond rating to Aa3 from A
Published 25 Aug, 2011 12:00am
Moody's cuts Japan debt rating

Moody's cuts Japan debt rating

Ratings agency Moody's downgraded Japan's credit rating by one notch Wednesday, blaming a build up of borrowing and revolving-door politics for delaying efforts to cut the world's largest debt. The downgrade of Japan's government bond rating to Aa3 from A
Published 25 Aug, 2011 12:00am
Merkel rejects Eurobonds once again

Merkel rejects Eurobonds once again

German Chancellor Angela Merkel once again rejected the idea of jointly-issued eurozone bonds, saying on Wednesday they would not help at all in the current crisis. Merkel said that such bonds - advocated by some of her European partners and by financial
Published 25 Aug, 2011 12:00am
Merkel rejects Eurobonds once again

Merkel rejects Eurobonds once again

German Chancellor Angela Merkel once again rejected the idea of jointly-issued eurozone bonds, saying on Wednesday they would not help at all in the current crisis. Merkel said that such bonds - advocated by some of her European partners and by financial
Published 25 Aug, 2011 12:00am
Germany sells new bond despite record low yields

Germany sells new bond despite record low yields

Germany launched a 10-year benchmark bond at auction on Wednesday with record low yields limiting demand, but the debt's safe-haven status attracted enough investors to absorb the new issue smoothly. Germany sold 4.86 billion euros ($7 billion) of the Sep
Published 25 Aug, 2011 12:00am
Germany sells new bond despite record low yields

Germany sells new bond despite record low yields

Germany launched a 10-year benchmark bond at auction on Wednesday with record low yields limiting demand, but the debt's safe-haven status attracted enough investors to absorb the new issue smoothly. Germany sold 4.86 billion euros ($7 billion) of the Sep
Published 25 Aug, 2011 12:00am
German business morale plummets

German business morale plummets

German business morale posted its steepest drop this month since the aftermath of the Lehman Brothers collapse in late 2008, raising fresh doubts about the broader European economy as it grapples with a crippling debt crisis. The Munich-based Ifo think ta
Published 25 Aug, 2011 12:00am
Nakheel ends restructuring, to issue $1 billion sukuk

Nakheel ends restructuring, to issue $1 billion sukuk

Dubai's Nakheel, hit by a property slump in the emirate, said it had completed the restructuring of its $16 billion debt pile and will soon deliver pending projects and pay investors. The developer, which overstretched itself building islands in the shape
Published 25 Aug, 2011 12:00am
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