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Print - 2012-09-01
IMF voices support for Greece; mission next week

IMF voices support for Greece; mission next week

The International Monetary Fund on Thursday voiced steadfast support for debt-riddled Greece ahead of next week's return of international inspectors overseeing its progress under a rescue program. "The IMF is supporting Greece, has been supporting Greece
Published 01 Sep, 2012 12:00am
EU confirms November summit on trillion-euro bloc budget

EU confirms November summit on trillion-euro bloc budget

The European Union on Thursday confirmed it will stage an extraordinary summit of leaders in November to try and settle arguments over an estimated trillion euros of EU spending. European Commission budget spokesman Patrizio Fiorillo said ministers meetin
Published 01 Sep, 2012 12:00am
Danish Genmab inks $1.1 billion deal with Johnson & Johnson

Danish Genmab inks $1.1 billion deal with Johnson & Johnson

Danish pharmaceutical group Genmab said Thursday it had reached a deal worth up to $1.1 billion (876 million euros) with US drug giant Johnson & Johnson for the rights to the cancer treatment Daratumumab. The deal with J&J unit Janssen Biotech involves a
Published 01 Sep, 2012 12:00am
Canada's second quarter growth beats analysts' expectations

Canada's second quarter growth beats analysts' expectations

The Canadian economy grew at an annualised 1.8 percent in the second quarter, exceeding market expectations and matching a recent forecast by the central bank, helped by strong investment by companies in new machinery, equipment and buildings. The Statist
Published 01 Sep, 2012 12:00am
Japan's surprisingly weak industrial output darkens economic outlook

Japan's surprisingly weak industrial output darkens economic outlook

Japan's industrial output unexpectedly fell as factories cut output to key Chinese and European markets while a leading indicator for manufacturing hovered at its lowest in 16 months, in a sign that the economy could contract in the third quarter. Industr
Published 01 Sep, 2012 12:00am
Spain creates bad bank, injects funds in Bankia

Spain creates bad bank, injects funds in Bankia

Spain overhauled its banks for the fifth time in three years on Friday in order to secure up to 100 billion euros ($125 billion) in European aid, and injected emergency funds into its biggest problem bank, Bankia.
Published 01 Sep, 2012 12:00am
Spain creates bad bank, injects funds in Bankia

Spain creates bad bank, injects funds in Bankia

Spain overhauled its banks for the fifth time in three years on Friday in order to secure up to 100 billion euros ($125 billion) in European aid, and injected emergency funds into its biggest problem bank, Bankia.
Published 01 Sep, 2012 12:00am
Russia unveils own 'almost Android' system

Russia unveils own 'almost Android' system

It seems that Russia's defence ministry has little faith in Google's operating systems: it has just unveiled its own encrypted version that has the remarkably familiar feel of an Android. Russia's very first smart prototype was presented on the sidelines
Published 01 Sep, 2012 12:00am
Japan court rejects Apple patent claims against Samsung

Japan court rejects Apple patent claims against Samsung

A Japanese court Friday rejected Apple's claim that Samsung stole its technology, dealing a blow to the iPhone maker which last week won more than $1 billion in damages in the US from its bitter rival. The ruling by the Tokyo District Court is the latest
Published 01 Sep, 2012 12:00am
India's economic growth languishes, worst may be over

India's economic growth languishes, worst may be over

Indian economic growth languished near its slowest in three years in the quarter that ended in June but was slightly better than expected, signalling the worst may be over for Asia's third largest economy and dashing investor hopes of an early rate cut.
Published 01 Sep, 2012 12:00am
Facebook hits new low after price target cuts

Facebook hits new low after price target cuts

Shares of Facebook Inc fell 4.5 percent to a new low on Friday after brokerages cut their price targets on the company's shares, saying several lock-up expirations over the next year will weigh on the stock. Early investors got the green light to sell Fac
Published 01 Sep, 2012 12:00am
DuPont wins 20-year ban in Kevlar row with Kolon

DuPont wins 20-year ban in Kevlar row with Kolon

US chemicals giant DuPont has won a 20-year global ban on a Kevlar rival product made by South Korea-based Kolon industries after a court found Kolon had stolen its trade secrets. "The trial court ordered Kolon to not produce, market or sell any para-aram
Published 01 Sep, 2012 12:00am
Asia edges towards giant free trade zone: Asean

Asia edges towards giant free trade zone: Asean

Sixteen nations home to roughly half the world's population have agreed "in principle" to create a free trade area spanning Asia, the secretary-general of Asean said Friday. Trade ministers from the 10-member Association of Southeast Asian Nations (Asean)
Published 01 Sep, 2012 12:00am
Irish credit card spend up for first time in four years

Irish credit card spend up for first time in four years

Irish consumers spent more money using credit cards in July than in the same month in 2011, the first year-on-year increase for four years and a potential sign that some stabilisation may be on the way for the battered domestic economy.
Published 01 Sep, 2012 12:00am
AMR, US Airways say evaluating potential merger

AMR, US Airways say evaluating potential merger

American Airlines parent AMR Corp and US Airways Group Inc said on Friday the carriers have to evaluate a potential merger. The companies have signed a non-disclosure agreement and agreed to exchange confidential information in collaboration with AMR's Un
Published 01 Sep, 2012 12:00am
US consumer confidence rises but outlook still grim

US consumer confidence rises but outlook still grim

US consumer sentiment hit a three-month high in August as households chipped away at outstanding debt, though Americans were pessimistic about the future, a survey showed on Friday. Separate reports on the manufacturing sector painted a mixed picture, wit
Published 01 Sep, 2012 12:00am
Indian shares tumble

Indian shares tumble

Indian shares fell on Friday to their lowest close in four weeks as lenders such as ICICI Bank were hit after stronger-than-expected GDP data dashed hopes for rate cuts next month, while Reliance Industries fell after Citigroup downgraded the stock. India
Published 01 Sep, 2012 12:00am
Nikkei drops to four-week low; Sharp shares tumble

Nikkei drops to four-week low; Sharp shares tumble

Japan's Nikkei average fell to a four-week closing low on Friday as resources-related shares remained under pressure on concern over slowing China growth, while Sharp Corp sank on uncertainty over a tie-up with Taiwan's Hon Hai Precision Industry. Expecta
Published 01 Sep, 2012 12:00am
Friday's early afternoon trade: stock advances after Bernanke

Friday's early afternoon trade: stock advances after Bernanke

US stocks rose on Friday after Federal Reserve Chairman Ben Bernanke said the central bank stood ready to bolster the economy if necessary, although he stopped short of giving an explicit signal of more monetary easing. Trading was volatile, and the S&P 5
Published 01 Sep, 2012 12:00am
US stocks fall

US stocks fall

US stocks fell on Thursday after several days of muted trading as investors took a defensive posture before Federal Reserve Chairman Ben Bernanke's much-awaited speech on Friday. Bernanke, due to speak to central bankers in Jackson Hole, Wyoming, at 10 am
Published 01 Sep, 2012 12:00am
Treasuries gain

Treasuries gain

US Treasuries gained in price on Thursday as stocks retreated and investors focused on whether Federal Reserve Chairman Ben Bernanke will hint at a third round of bond purchases when he speaks on Friday. Weighing the likelihood of the Fed launching new st
Published 01 Sep, 2012 12:00am
Treasuries gain

Treasuries gain

US Treasuries gained in price on Thursday as stocks retreated and investors focused on whether Federal Reserve Chairman Ben Bernanke will hint at a third round of bond purchases when he speaks on Friday. Weighing the likelihood of the Fed launching new st
Published 01 Sep, 2012 12:00am
Taiwan stocks up

Taiwan stocks up

Taiwan stocks rose 0.35 percent on Friday, paced by banks ahead of an expected announcement by the central bank on a memorandum of understanding (MOU) for a long-awaited clearing system for transaction in the Chinese yuan. But Apple supplier Hon Hai fell
Published 01 Sep, 2012 12:00am
Chinese shares sink; Hong Kong down

Chinese shares sink; Hong Kong down

Hong Kong shares slipped and China sank to levels not seen since early 2009 on Friday, with both markets ending August in the red after first half corporate earnings disappointed and there seemed little chance of an imminent recovery. Turnover was lacklus
Published 01 Sep, 2012 12:00am
Bernanke speech helps European shares end month on a high

Bernanke speech helps European shares end month on a high

European shares ended higher on Friday, holding onto gains after US Federal Reserve Chairman Ben Bernanke left the carrot of further stimulus measures dangling. The FTSEurofirst closed up 5.00 points, 0.5 percent, at 1,082.93, paring the previous session'
Published 01 Sep, 2012 12:00am
Most Southeast Asian stocks up

Most Southeast Asian stocks up

Stocks in Singapore, Indonesia and the Philippines edged higher in subdued session on Friday, ending August with their first decline in two months as weak exports data kept market investors cautious about the global economic impact on domestic growth. For
Published 01 Sep, 2012 12:00am
Seoul shares down

Seoul shares down

Seoul shares edged down on Friday in mixed trading as hopes diminished that US Federal Reserve Chairman Ben Bernanke would hint in a closely-watched speech later in the day that he is ready to launch a new round of bond-buying. The Korea Composite Stock P
Published 01 Sep, 2012 12:00am
UK's top shares keep sliding

UK's top shares keep sliding

Britain's benchmark share index fell for the fourth consecutive day on Friday, as uncertainty over the economy and any new monetary stimulus measures resulted in a late sell-off after the market had spent much of the day in positive territory. The blue-ch
Published 01 Sep, 2012 12:00am
Sterling rallies

Sterling rallies

Sterling rose against the dollar in volatile trading on Friday after market players interpreted a speech by Federal Reserve Chairman Ben Bernanke as relatively dovish, although he did not explicitly signal more imminent US monetary easing. Bernanke told a
Published 01 Sep, 2012 12:00am
Euro holds breath in Asia

Euro holds breath in Asia

The euro hovered near this week's low against the dollar on Friday, as the market grew nervous whether the US Federal Reserve chief will indicate the possibility of imminent monetary stimulus later in the day. A fall in European and some other shares to f
Published 01 Sep, 2012 12:00am
Euro hits eight-week high against dollar in London

Euro hits eight-week high against dollar in London

The euro rose to an eight-week high against the dollar on Friday before a speech by Federal Reserve Chairman Ben Bernanke which would push the US currency lower if he signals more monetary easing may be imminent. Following comments by European Central Ban
Published 01 Sep, 2012 12:00am
Euro stays lower

Euro stays lower

The euro declined for the second straight day against the dollar on Thursday as investors pared back expectations Federal Reserve Chairman Ben Bernanke will hint at near-term monetary easing in a much-awaited speech on Friday. Currency moves were limited
Published 01 Sep, 2012 12:00am
Swiss franc flat

Swiss franc flat

The Swiss franc idled against the euro and dollar on Friday, as market participants weighed up whether the US Federal Reserve chief will indicate the possibility of imminent monetary stimulus later in the day. The franc was flat against the dollar to trad
Published 01 Sep, 2012 12:00am
Australian and New Zealand dollars under pressured

Australian and New Zealand dollars under pressured

The Australian and New Zealand dollars were hovering around one-month lows on Friday as commodities remained under pressure and investors fretted about the chances of further US stimulus, putting the currencies on track to end the month weaker.
Published 01 Sep, 2012 12:00am
Caution prevails on Asian forex before Bernanke

Caution prevails on Asian forex before Bernanke

Emerging Asian currencies barely stirred on Friday amid caution before Federal Reserve Chairman Ben Bernanke's speech later in the day, but regional units were set for a mixed monthly performance as hopes of imminent Fed policy easing faded. The Taiwan do
Published 01 Sep, 2012 12:00am
Yuan at eight-week high

Yuan at eight-week high

China's yuan edged up to an eight-week closing high on Friday in light trade and mild volatility as the dollar continued to soften in global markets. The dollar index has weakened since reaching a two-year high in late July, as weak US data raised the pos
Published 01 Sep, 2012 12:00am
Indian rupee gains

Indian rupee gains

The Indian rupee rebounded from session lows to gain for the day after the economy grew more strongly-than-expected in the April-June quarter, while a late surge in the euro ahead of a speech from Federal Reserve Chairman Ben Bernanke also helped. The rup
Published 01 Sep, 2012 12:00am
Kerber eliminates Venus at US Open

Kerber eliminates Venus at US Open

Seven-time Grand Slam champion Venus Williams made her second consecutive US Open second-round exit as German sixth seed Angelique Kerber ousted the American 6-2, 5-7, 7-5, early on Friday morning. The loss made this the first year in Williams' pro career
Published 01 Sep, 2012 12:00am
Roddick to quit, Federer, Serena advance

Roddick to quit, Federer, Serena advance

Andy Roddick celebrated his 30th birthday on Thursday by announcing his retirement as Roger Federer, the great Grand Slam tormentor of the American, eased into the third round at the US Open. Roddick, a former world number one, who won his only major titl
Published 01 Sep, 2012 12:00am
Liverpool strike late to break Hearts, CSKA out

Liverpool strike late to break Hearts, CSKA out

An 87th-minute goal from Luis Suarez took Liverpool through to the Europa League main draw at the expense of Scotland's Hearts as CSKA Moscow crashed out to AIK Solna on Thursday. CSKA, 2005 UEFA Cup winners, lost 2-0 to the Swedes who knocked out the Rus
Published 01 Sep, 2012 12:00am
Taylor flays India attack with 113

Taylor flays India attack with 113

Ross Taylor put India's attack to the sword with a robust century as New Zealand posted 328-6 at stumps on the opening day of the second and final Test in Bangalore on Friday. The skipper, who promised ahead of the Test that his team would play attacking
Published 01 Sep, 2012 12:00am
Cummings wins 13th Vuelta stage

Cummings wins 13th Vuelta stage

Britain's Stephen Cummings of BMC won the 13th stage of the Tour of Spain Friday, a relatively flat 172.8-kilometre (108-mile) ride from Santiago de Compostela to Ferrol. Spaniard Joaquim Rodriguez held on to the overall leader's red jersey.
Published 01 Sep, 2012 12:00am
Zaka named as Chairman of ACC Development Committee

Zaka named as Chairman of ACC Development Committee

Chairman PCB Zaka Ashraf has been appointed as Chairman of Asian Cricket Council Development Committee. This is a coveted position that deals with Development of the game of cricket in Associate member countries of ACC. Pakistan did not have any Committee
Published 01 Sep, 2012 12:00am
Giant-killing British teen knocks Li out of US Open

Giant-killing British teen knocks Li out of US Open

Chinese ninth seed Li Na was knocked out of the US Open in the third round on Friday, losing 6-4, 6-7 (5/7), 6-2 to Britain's Laura Robson, who had beaten triple champion Kim Clijsters in the previous round. Robson becomes the first British woman to make
Published 01 Sep, 2012 12:00am
Packed crowds, controversy at Paralympics

Packed crowds, controversy at Paralympics

A near-capacity crowd at the Olympic Stadium on Friday greeted the first day of athletics at the Paralympics but the jubilant mood was overshadowed by a mix-up that saw the wrong athlete awarded a gold. There was controversy, too, at the Velodrome, where
Published 01 Sep, 2012 12:00am
'Daddy' of Mumbai gets life term for murder

'Daddy' of Mumbai gets life term for murder

An Indian gangster-politician who rose from the working classes to be called "daddy" by his adoring followers was sentenced to life imprisonment on Friday for murdering a local rival in 2008. A court earlier this week found Arun Gawli and 10 others guilty
Published 01 Sep, 2012 12:00am
Three die in US supermarket shooting

Three die in US supermarket shooting

A man armed with a Kalashnikov-style automatic rifle and a handgun shot two people Friday at a supermarket in a town near New York, then killed himself, officials said. The attack took place at a Pathmark store in Old Bridge, New Jersey. Middlesex County
Published 01 Sep, 2012 12:00am
Flags at half-mast across US for Neil Armstrong funeral

Flags at half-mast across US for Neil Armstrong funeral

Flags flew at half mast across the United States on Friday in memory of astronaut Neil Armstrong to mark the private funeral in Ohio of the first man to walk on the moon. Family and friends of Armstrong, who died Saturday aged 82, gathered at a club in th
Published 01 Sep, 2012 12:00am
Libya's largest refinery restarts after war closure

Libya's largest refinery restarts after war closure

Libya's largest oil refinery, Ras Lanuf, has resumed operating after shutting during the uprising that ousted Muammar Gaddafi last year, traders said on Friday. The refinery, which accounts for well over half of the country's oil processing capacity, was
Published 01 Sep, 2012 12:00am
US Gulf Coast in recovery mode after Isaac

US Gulf Coast in recovery mode after Isaac

The remnants of Hurricane Isaac brought heavy rainfall and the threat of flash flooding to the Mississippi Valley on Friday as Gulf Coast residents cleaned up and major energy facilities geared back into operation. The first hurricane to hit the United St
Published 01 Sep, 2012 12:00am
North Korea makes 'significant' nuclear reactor progress: IAEA

North Korea makes 'significant' nuclear reactor progress: IAEA

North Korea has made significant progress in the construction of a light water atomic reactor over the past year, a UN watchdog report said, a facility that may extend Pyongyang's capacity to produce material for nuclear weapons. The International Atomic
Published 01 Sep, 2012 12:00am
South Korea, US complete joint military drill

South Korea, US complete joint military drill

South Korea and the United States on Friday completed an annual joint military drill denounced by North Korea as a rehearsal for war. The computer-assisted simulation exercise, named Ulchi Freedom Guardian, was successfully finished after kicking off on A
Published 01 Sep, 2012 12:00am
Pacific leaders urge US to clean up nuclear mess

Pacific leaders urge US to clean up nuclear mess

Pacific leaders preparing to greet US Secretary of State Hillary Clinton called on Washington Thursday to clean-up the mess left by its nuclear tests in the Marshall Islands. A meeting of the 15-nation Pacific Island Forum (PIF) in the Cook Islands issued
Published 01 Sep, 2012 12:00am
Japan eyes suspending state spending as money runs out

Japan eyes suspending state spending as money runs out

Japan's government laid out plans on Friday to suspend some state spending as it could run out of cash by October, with a deficit financing bill blocked by opposition parties trying to force Prime Minister Yoshihiko Noda into an early election. The impass
Published 01 Sep, 2012 12:00am
China frees Yahoo! dissident after 10 years

China frees Yahoo! dissident after 10 years

A Chinese dissident convicted based on evidence provided by US Internet giant Yahoo! was released from prison on Friday after serving a 10-year term for subversion, his wife said. Wang Xiaoning, who spent a decade in jail for calling for democratic reform
Published 01 Sep, 2012 12:00am
Abramovich wins battle of Russian oligarchs in UK

Abramovich wins battle of Russian oligarchs in UK

Russian billionaire Roman Abramovich, the owner of Chelsea football club, won his bitter legal battle with fellow oligarch Boris Berezovsky in a British court on Friday. Berezovsky, 66, was seeking more than £3 billion ($4.75 billion, 3.8 billion euros) i
Published 01 Sep, 2012 12:00am
Obama campaign launches Romney counter attack

Obama campaign launches Romney counter attack

President Barack Obama's team ripped into Republican Mitt Romney's big convention speech on Friday, complaining it lacked a governing vision and disguised plans to punish the middle class. As dust settled from the Republican National Convention in Florida
Published 01 Sep, 2012 12:00am
Harvard probes mass exam cheating

Harvard probes mass exam cheating

As many as 125 students at Harvard University are being probed for allegedly cheating in a final exam at the elite institution, administrators said Thursday. The official university site news.harvard.edu/gazette reported that a large number of undergradua
Published 01 Sep, 2012 12:00am
Somalia sets presidential election for September 10

Somalia sets presidential election for September 10

Somalia's parliament will hold a presidential election on September 10, the final stage of a UN-backed process to set up a new administration for the war-torn country, an election official said Friday. "September 10, 2012, is the day that the presidential
Published 01 Sep, 2012 12:00am
Court tells India's Sahara group to refund $3 billion

Court tells India's Sahara group to refund $3 billion

India's Supreme Court on Friday ordered business conglomerate and leading sports sponsor Sahara to refund more than $3 billion it collected from millions of small savers. The court told Sahara India Real Estate Corp and Sahara Housing Investment Corp, uni
Published 01 Sep, 2012 12:00am
One dead in Philippine earthquake

One dead in Philippine earthquake

One person in the Philippines was killed when a powerful earthquake struck off the east coast of the country on Friday, the civil defence chief said. "There's a 60-year-old woman who died and a five-year-old girl who was injured. There was a small landsli
Published 01 Sep, 2012 12:00am
Apple shoots down drone strike tracking iPhone app

Apple shoots down drone strike tracking iPhone app

The maker of an application that would alert iPhone users to US military drone strikes said Thursday that Apple has repeatedly shot down his efforts to get it into the App Store. "I just wanted to make a simple app that would send a push notification ever
Published 01 Sep, 2012 12:00am
Civilians face dramatically worsening conditions in Syria

Civilians face dramatically worsening conditions in Syria

Syrian civilians' living conditions are worsening dramatically, as it becomes harder to obtain food and escape fighting which caused a record death toll of 1,600 in the past week, aid agencies said on Friday. The International Committee of the Red Cross,
Published 01 Sep, 2012 12:00am
Thousands stranded by Lufthansa cabin crew strike

Thousands stranded by Lufthansa cabin crew strike

A strike by Lufthansa cabin crew disrupted hundreds of flights on Friday, stranding thousands of passengers who faced further delays over a busy holiday travel weekend from a rolling series of stoppages about pay and cost cuts. Frankfurt Airport operator
Published 01 Sep, 2012 12:00am
Three former UBS bankers guilty in muni bond rigging case

Three former UBS bankers guilty in muni bond rigging case

Three former UBS AG executives were convicted on Friday of conspiring to deceive US cities and towns by operating a scheme to rig bids to invest municipal bond proceeds. The verdict by a federal court jury in Manhattan is the latest victory for the US Dep
Published 01 Sep, 2012 12:00am
Three former UBS bankers guilty in muni bond rigging case

Three former UBS bankers guilty in muni bond rigging case

Three former UBS AG executives were convicted on Friday of conspiring to deceive US cities and towns by operating a scheme to rig bids to invest municipal bond proceeds. The verdict by a federal court jury in Manhattan is the latest victory for the US Dep
Published 01 Sep, 2012 12:00am
First conviction in Brazil graft mega-trial

First conviction in Brazil graft mega-trial

Brazil's Supreme Court convicted a leading politician Thursday, the first in a major bribery trial over alleged vote-buying in Congress under former president Luiz Inacio Lula da Silva. A majority of the justices on the bench found Joao Paulo Cunha, a top
Published 01 Sep, 2012 12:00am
Thousands flee deadly forest fire near Marbella

Thousands flee deadly forest fire near Marbella

Towering flames raced through mountain forests by the glitzy Spanish resort of Marbella on Friday, killing at least one person, injuring five and sending thousands fleeing. Hundreds of fire-fighters, reinforced by emergency military personnel and backed b
Published 01 Sep, 2012 12:00am
New York cotton remains higher

New York cotton remains higher

Cotton futures in New York rose for a second straight day on Thursday, bucking the weak trend in other major commodities, after strong US consumer spending data in July indicated more demand ahead for the industrial commodity. Short-covering prior to the
Published 01 Sep, 2012 12:00am
Shanghai copper falls

Shanghai copper falls

The most active December copper contract on the Shanghai Futures Exchange fell 0.5 percent to 55,420 yuan ($8,700) per tonne on Friday, catching up with previous losses in London. It is on track to post a 1.2 percent rise on the month. In the Chinese phys
Published 01 Sep, 2012 12:00am
Copper recovers

Copper recovers

Copper was up slightly on Friday as a weak dollar helped prices recover from an earlier drop to a 10-day low on initial disappointment of investor hopes for fresh stimulus to boost the sluggish US economy. Federal Reserve Chairman Ben Bernanke said in a s
Published 01 Sep, 2012 12:00am
Brent tops $114 a barrel after Bernanke

Brent tops $114 a barrel after Bernanke

Oil rose above $114 a barrel in volatile trading on Friday, taking gains in August above 9 percent, after US Federal Reserve Chairman Ben Bernanke stopped short of signalling extra monetary easing was imminent but kept the door open for action. Crude init
Published 01 Sep, 2012 12:00am
Tokyo rubber futures fall

Tokyo rubber futures fall

Key TOCOM rubber futures retreated on Friday on diminishing hopes for the US Federal Reserve to indicate the possibility of another round of quantitative easing, and the market posted a sixth successive monthly decline on a weak outlook for demand. The mo
Published 01 Sep, 2012 12:00am
Soyabeans hit record high

Soyabeans hit record high

US soyabeans rose to a record high on Thursday on a round of technical buying and concerns that harvest of the drought-ravaged crop will not meet lowered expectations, traders said. Corn and wheat closed lower on some mild profit taking on strong gains ea
Published 01 Sep, 2012 12:00am
ICE cocoa ends August up 9 percent

ICE cocoa ends August up 9 percent

ICE cocoa eked out further gains on Friday and ended the month more than 9 percent higher as speculative buying continued amid fears of lower output from key grower Ivory Coast. Sugar rose slightly on short-covering ahead of the long US Labour Day weekend
Published 01 Sep, 2012 12:00am
Gold little changed in Asia

Gold little changed in Asia

Gold was little changed on Friday, holding near a 4-1/2 month high hit earlier this week on hopes the US Federal Reserve Chairman Ben Bernanke would hint at more measures to stimulate the economy at a central bankers meeting later in the day. Spot gold wa
Published 01 Sep, 2012 12:00am
Gold flat in New York

Gold flat in New York

Gold ended flat on Thursday as weakness in other financial markets prompted bullion investors to hold their bets ahead of a speech by US Federal Reserve Chairman Ben Bernanke which investors will watch for clues to monetary policy. In the last eight sessi
Published 01 Sep, 2012 12:00am
Gold slips in Europe

Gold slips in Europe

Gold prices surrendered early gains to hit a session low at $1,649.09 an ounce on Friday after Federal Reserve chairman Ben Bernanke said the US central bank would act as needed to boost growth, but was mindful of risks. Spot gold was down 0.1 percent at
Published 01 Sep, 2012 12:00am
US MIDDAY: wheat falls

US MIDDAY: wheat falls

Wheat prices fell more than 1 percent on Friday to post its biggest loss in a week in reaction to month-end fund positioning, profit taking, and bearish news that Russia said it will not limit grain exports. Corn and soyabeans also declined on profit-taki
Published 01 Sep, 2012 12:00am
US MIDDAY: copper rises

US MIDDAY: copper rises

Copper rose on Friday to end August with a monthly gain, after Federal Reserve Chairman Ben Bernanke said high unemployment is a "grave concern", leaving investors hopeful for another round of government bond buying, or quantitative easing, or QE, from th
Published 01 Sep, 2012 12:00am
US MIDDAY: gold surges

US MIDDAY: gold surges

Gold surged to a five-month high in heavy trade on Friday after Federal Reserve Chairman Ben Bernanke's key speech fuelled speculation of new US stimulus in the near future. At the economic symposium in Jackson Hole, Wyoming, Bernanke said that progress r
Published 01 Sep, 2012 12:00am
Circumventing CCP reservations: PTA tells LDIs to set up ICH exchange

Circumventing CCP reservations: PTA tells LDIs to set up ICH exchange

Despite strong reservations of the Competition Commission of Pakistan (CCP) over the establishment of International Clearing House Exchange (ICH Exchange), Pakistan Telecommunication Authority (PTA) has issued Policy directive to Long Distance Internation
Published 01 Sep, 2012 12:00am
Tribesmen to get modern education: governor

Tribesmen to get modern education: governor

Tribesmen will be provided modern education to enable them to face worldly challenges, Governor Khyber-Pakhtunkhwa Masood Kausar said on Friday. He was talking with members of a delegation of Jamiat-e-Ulema Islam from Miranshah, North Waziristan Agency. T
Published 01 Sep, 2012 12:00am
AJK government, UN Women sign MoU

AJK government, UN Women sign MoU

The government of Azad Jammu and Kashmir (AJK) and United Nations Entity for Gender Equality and the Empowerment of Women (UN Women) have joined hands together under a memorandum of understanding (MoU). The MoU signing ceremony was held on Friday by the S
Published 01 Sep, 2012 12:00am
Centre eager to complete execution of 20 projects ahead of poll

Centre eager to complete execution of 20 projects ahead of poll

The federal government is keen to complete 20 water and power projects by December this year before holding general elections, it is learnt. Till August 31 this year, the Planning Commission released Rs 32.9 billion against Rs 360 billion for completion o
Published 01 Sep, 2012 12:00am
Fazl convenes Kashmir committee meeting on September 11

Fazl convenes Kashmir committee meeting on September 11

Chairman Kashmir Committee Maulana Fazlur Rehman on Friday convened a meeting on September 11 to discuss the problems being confronted by the refugees of Indian Held Kashmir (IHK). The meeting will be attended by members of the committee, Federal Minister
Published 01 Sep, 2012 12:00am
Deadline for IT returns, statements extended

Deadline for IT returns, statements extended

The Federal Board of Revenue (FBR) has extended the date of filing of the Income Tax returns/statements for the Tax year 2012 as under: Date of filing of Returns of Total Income through e-portal in case of salaried persons (or a Statement required under s
Published 01 Sep, 2012 12:00am
'Blasphemy' girl remand extended by 14 days

'Blasphemy' girl remand extended by 14 days

Police on Friday won permission to hold a young Christian girl accused of blasphemy in custody for a further 14 days while her case is investigated, officials said. Rimsha was arrested in a poor suburb of Islamabad on August 16 after a neighbour accused h
Published 01 Sep, 2012 12:00am
Man gunned down in Turbat

Man gunned down in Turbat

Unknown gunmen gunned down a man in Turbat district. Police said on Friday that the victim identified as Abdul Baqi was on way home when armed assailants riding a motorbike opened fire on him and fled from the scene. As a result, he died on the spot. His
Published 01 Sep, 2012 12:00am
'FBISE is having no surplus funds to launch new projects'

'FBISE is having no surplus funds to launch new projects'

Federal Board of Intermediate and Secondary Education (FBISE), which was a financially viable autonomous entity in early 2000, now having no surplus funds to launch new development projects. Professor Israr Ali, Secretary FBISE, while talking to Busine
Published 01 Sep, 2012 12:00am
Unregistered unit making counterfeit cigarettes raided

Unregistered unit making counterfeit cigarettes raided

The Directo-rate-General Intelligence and Investigation Inland Revenue (IR) has raided an unregistered cigarette manufacturing unit involved in making counterfeit products at Sargodha and seized machines and equipment, including packing machines. Sources
Published 01 Sep, 2012 12:00am
Ufone offers unlimited calls across country

Ufone offers unlimited calls across country

In order to provide economical package to its prepaid customer base of well over 23 million customers, Ufone has now offered unlimited calls to all Ufone and millions of PTCL and Vfone numbers across Pakistan between 9am to 5pm. The offer is perhaps the m
Published 01 Sep, 2012 12:00am
Revival of textile sector: APTMA to prepare road map: Dr Baig

Revival of textile sector: APTMA to prepare road map: Dr Baig

President Asif Ali Zardari has asked All Pakistan Textile Mills Association (APTMA) to prepare a road map for the revival of the country's textile industry, which will be shared with all political parties so that they can include the same in their economi
Published 01 Sep, 2012 12:00am
Government to complete Lowari Tunnel at all costs: minister

Government to complete Lowari Tunnel at all costs: minister

Federal Minister for Communications Dr Arbab Alamgir Khan Khalil has said that Lowari Tunnel is a project of great value, not only for Khyber Pakhtunkhwa but for the whole country and the present democratic government of PPP is determined to complete this
Published 01 Sep, 2012 12:00am
Deadline for filing income tax returns

Deadline for filing income tax returns

Every year, the FBR discovers that the deadline (August 31) it has set for filing income tax returns proves over-optimistic, and then that deadline is moved forward. Yet the FBR refuses to learn a lesson. Even in a highly organised society like the UK, th
Published 01 Sep, 2012 12:00am
US Senator Reid, son combine for China firm's desert plant

US Senator Reid, son combine for China firm's desert plant

US Senator Harry Reid recognised nine years ago that connections between his official duties and the lobbying activities of his relatives could lead to ethical questions. In 2003, the Nevada Democrat publicly banned relatives from lobbying him or his staf
Published 01 Sep, 2012 12:00am
Baby-shy Singapore to get new ministry of procreation

Baby-shy Singapore to get new ministry of procreation

Young Singaporeans need to get down to it if they want to produce another generation before they grow old. That was the message from the nation's own founding father, 88-year-old Lee Kuan Yew, who bemoaned the city-state's declining birth rate in his rece
Published 01 Sep, 2012 12:00am
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