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Print - 2012-10-30
German state races to stop power shortages crippling trains

German state races to stop power shortages crippling trains

Germany's most populous state said Thursday it was looking into ways to keep a key power station operating after warnings that rail transport could grind to a halt when it goes offline. The economy minister of North Rhine-Westphalia (NRW), Garrelt Duin, t
Published 30 Oct, 2012 12:00am
Sovereign wealth funds, pension funds turn bankers

Sovereign wealth funds, pension funds turn bankers

Yield-hungry pension funds and sovereign wealth funds are stepping in where crisis-hit, regulation-laden banks are pulling back: lending to cash-starved businesses. Pension funds hold more than $30 trillion of assets and sovereign wealth funds some $3-5 t
Published 30 Oct, 2012 12:00am
Sovereign wealth funds, pension funds turn bankers

Sovereign wealth funds, pension funds turn bankers

Yield-hungry pension funds and sovereign wealth funds are stepping in where crisis-hit, regulation-laden banks are pulling back: lending to cash-starved businesses. Pension funds hold more than $30 trillion of assets and sovereign wealth funds some $3-5 t
Published 30 Oct, 2012 12:00am
Egypt paying Dana Gas for all current supplies

Egypt paying Dana Gas for all current supplies

Egypt is paying Dana Gas for all fuel it is receiving from its operations in the north African country and the UAE-based company is optimistic outstanding payments will be settled, a Dana Gas board member told Reuters on Wednesday. Economic turmoil after
Published 30 Oct, 2012 12:00am
Canon cuts outlook as China boycott adds to exporters' woes

Canon cuts outlook as China boycott adds to exporters' woes

Japan's Canon Inc cut its full-year earnings outlook and posted a weaker-than-expected quarterly profit as Chinese consumers began shunning Japanese products over a territorial spat, adding to corporate Japan's pain from a slowing global economy. The came
Published 30 Oct, 2012 12:00am
Canon cuts outlook as China boycott adds to exporters' woes

Canon cuts outlook as China boycott adds to exporters' woes

Japan's Canon Inc cut its full-year earnings outlook and posted a weaker-than-expected quarterly profit as Chinese consumers began shunning Japanese products over a territorial spat, adding to corporate Japan's pain from a slowing global economy. The came
Published 30 Oct, 2012 12:00am
Daimler doubts deepen as 2013 group targets scrapped

Daimler doubts deepen as 2013 group targets scrapped

Investors punished Daimler for shelving plans to improve group profit next year, showing they fear the carmaker's management has not yet grasped the scale of its problems. Premium carmakers, which until recently had sailed unscathed through the crisis pla
Published 30 Oct, 2012 12:00am
Daimler doubts deepen as 2013 group targets scrapped

Daimler doubts deepen as 2013 group targets scrapped

Investors punished Daimler for shelving plans to improve group profit next year, showing they fear the carmaker's management has not yet grasped the scale of its problems. Premium carmakers, which until recently had sailed unscathed through the crisis pla
Published 30 Oct, 2012 12:00am
France Telecom slashes dividend as price war bites

France Telecom slashes dividend as price war bites

France Telecom cut its dividend for this year and next by over 40 percent on Thursday, as it tackles tougher than expected competition in its key home market from upstart rival Free Mobile and a weaker economic outlook. Predicting a 1 billion-euro ($1.3 b
Published 30 Oct, 2012 12:00am
France Telecom slashes dividend as price war bites

France Telecom slashes dividend as price war bites

France Telecom cut its dividend for this year and next by over 40 percent on Thursday, as it tackles tougher than expected competition in its key home market from upstart rival Free Mobile and a weaker economic outlook. Predicting a 1 billion-euro ($1.3 b
Published 30 Oct, 2012 12:00am
New CEO has work cut out as AstraZeneca sales fall

New CEO has work cut out as AstraZeneca sales fall

AstraZeneca's sales slumped by a bigger-than-expected 19 percent in the third quarter, underscoring the challenges confronting the drugmaker's new chief executive, Pascal Soriot. Faced with patent expiries on once best-selling medicines and a thin pipelin
Published 30 Oct, 2012 12:00am
Major trade powers using stealth protectionism

Major trade powers using stealth protectionism

The world's biggest economies, especially the European Union and Japan are using protectionist policies that fly below the World Trade Organisation's radar, according to a forthcoming study by two experts. The study, by Vinod Aggarwal, professor of politi
Published 30 Oct, 2012 12:00am
EU proposes 2.5-billion-euro fund for bloc's most deprived

EU proposes 2.5-billion-euro fund for bloc's most deprived

The European Union should make 2.5 billion euros (3,5 billion dollars) available to those hardest hit by the financial crisis in its next 7-year budget, the European Commission proposed Wednesday. "The current economic and social crisis has taken a terrib
Published 30 Oct, 2012 12:00am
EU proposes 2.5-billion-euro fund for bloc's most deprived

EU proposes 2.5-billion-euro fund for bloc's most deprived

The European Union should make 2.5 billion euros (3,5 billion dollars) available to those hardest hit by the financial crisis in its next 7-year budget, the European Commission proposed Wednesday. "The current economic and social crisis has taken a terrib
Published 30 Oct, 2012 12:00am
Turkish gold trade booms to Iran, via Dubai

Turkish gold trade booms to Iran, via Dubai

To see one of Iran's financial lifelines at work, pay a visit to Istanbul's Ataturk International Airport and find a gate for a flight to Dubai. Couriers carrying millions of dollars worth of gold bullion in their luggage have been flying from Istanbul to
Published 30 Oct, 2012 12:00am
International Paper profit down on weak packaging sales

International Paper profit down on weak packaging sales

International Paper Co posted a lower-than-expected profit on Thursday due to weak sales of consumer packaging in North America and Asia. IP, one of the world's largest producers of corrugated packaging and paper, does not expect the global economy to imp
Published 30 Oct, 2012 12:00am
International Paper profit down on weak packaging sales

International Paper profit down on weak packaging sales

International Paper Co posted a lower-than-expected profit on Thursday due to weak sales of consumer packaging in North America and Asia. IP, one of the world's largest producers of corrugated packaging and paper, does not expect the global economy to imp
Published 30 Oct, 2012 12:00am
Brazil job market remained strong in September

Brazil job market remained strong in September

Brazil's unemployment rate rose slightly in September despite a pick up in hiring as more people started looking for jobs, government data showed on Thursday. Brazil's jobless rate edged up to 5.4 percent, statistics agency IBGE said, from 5.3 percent in
Published 30 Oct, 2012 12:00am
Delta, US Airways post profits

Delta, US Airways post profits

US carriers Delta Air Lines and US Airways Group turned in higher quarterly profits on Wednesday and indicated revenue trends looked to be improving following a weaker September. Delta's profit was a penny shy of analysts' average estimates, excluding spe
Published 30 Oct, 2012 12:00am
Delta, US Airways post profits

Delta, US Airways post profits

US carriers Delta Air Lines and US Airways Group turned in higher quarterly profits on Wednesday and indicated revenue trends looked to be improving following a weaker September. Delta's profit was a penny shy of analysts' average estimates, excluding spe
Published 30 Oct, 2012 12:00am
Mine unrest cuts South Africa growth forecast to 2.5 percent: minister

Mine unrest cuts South Africa growth forecast to 2.5 percent: minister

South Africa's economic growth will slow to 2.5 percent this year after wildcat mining strikes cost $1.2 billion and dimmed the outlook for Africa's powerhouse, Finance Minister Pravin Gordhan said Thursday. "Economic growth in South Africa has slowed to
Published 30 Oct, 2012 12:00am
Credit Suisse to cut $1 billion more costs as profits fall

Credit Suisse to cut $1 billion more costs as profits fall

Credit Suisse will cut an extra 1 billion Swiss francs ($1.1 billion) of costs, including axing more jobs, after its third-quarter net profit more than halved due to losses on the value of its own debt. Volatile financial markets, a dearth of deals and ti
Published 30 Oct, 2012 12:00am
Credit Suisse to cut $1 billion more costs as profits fall

Credit Suisse to cut $1 billion more costs as profits fall

Credit Suisse will cut an extra 1 billion Swiss francs ($1.1 billion) of costs, including axing more jobs, after its third-quarter net profit more than halved due to losses on the value of its own debt. Volatile financial markets, a dearth of deals and ti
Published 30 Oct, 2012 12:00am
Wal-Mart in China, pushes suppliers down green path

Wal-Mart in China, pushes suppliers down green path

Wal-Mart Stores Inc has given global suppliers five years to comply with its environmental rules or risk being pushed off US shelves at the world's largest retailer, expanding a sustainability campaign launched in 2009. The new requirements, announced in
Published 30 Oct, 2012 12:00am
Nasdaq net falls as trading volumes decline

Nasdaq net falls as trading volumes decline

Nasdaq OMX Group's third-quarter profit fell 18 percent, due in part to a drop in trading volumes in US and Nordic equities, the exchange operator said on Wednesday. The New York-based company earned $89 million, or 52 cents per share, down from $109 mill
Published 30 Oct, 2012 12:00am
Ten EU nations get go-ahead on 'Robin Hood' finance tax

Ten EU nations get go-ahead on 'Robin Hood' finance tax

The European Commission on Tuesday backed plans by 10 EU nations to launch a hotly contested "Robin Hood" financial transactions tax expected to raise billions for the public purse. After plans to launch the tax across the European Union were scuttled dur
Published 30 Oct, 2012 12:00am
Egypt's index climbs

Egypt's index climbs

Egypt's benchmark index climbs to its highest in over a month ahead of an IMF visit to Cairo that investors hope will lead to a quick loan accord that puts the economy back on track. Egypt has asked the International Monetary Fund for $4.8 billion in fina
Published 30 Oct, 2012 12:00am
Indian shares flat; Reliance gains, BHEL slumps

Indian shares flat; Reliance gains, BHEL slumps

Indian shares ended flat on Monday as Reliance Industries gained on hopes the appointment of a new oil minister would improve relations with the government, but Bharat Heavy Electrical dropped after quarterly earnings missed estimates. The finance ministe
Published 30 Oct, 2012 12:00am
Nikkei steadies as BoJ hopes offset earnings disappointments

Nikkei steadies as BoJ hopes offset earnings disappointments

Japan's Nikkei share average ended flat on Monday as disappointment about a profit warning from Honda Motor Co was balanced by hopes that the Bank of Japan will substantially expand its easing programme when it meets on Tuesday. Honda fell 4.7 percent in
Published 30 Oct, 2012 12:00am
Southeast Asian markets: banks outperform in Malaysia, Philippines

Southeast Asian markets: banks outperform in Malaysia, Philippines

Malaysian shares ended slightly higher on Monday as favourable earnings underpinned buying in banks such as Public Bank, while Philippine shares regained some ground lost early as a Moody's upgrade lifted sentiment in banking stocks. Malaysia's main index
Published 30 Oct, 2012 12:00am
Australian shares inch up

Australian shares inch up

Australian shares rose 0.1 percent on Monday, supported by miners and retailers following upbeat US growth figures, though they pared early gains due to uncertainty as Wall Street markets were set to close because of a massive storm. US economic growth ac
Published 30 Oct, 2012 12:00am
NYSE to remain shut due to storm

NYSE to remain shut due to storm

The New York Stock Exchange was closed on Monday and would remain shut down for a second day Tuesday as Hurricane Sandy bore down on the city, threatening high winds and flooding. "We intend to re-open our US markets on Wednesday, October 31, 2012, condit
Published 30 Oct, 2012 12:00am
Hong Kong shares slip as developers tumble; China hits one-month low

Hong Kong shares slip as developers tumble; China hits one-month low

Hong Kong shares edged lower on Monday, as local developers tumbled on fears that new measures to cool soaring property prices will sap demand, but broader losses were limited by earnings-driven strength in Chinese banks. The Hang Seng Index ended down 0.
Published 30 Oct, 2012 12:00am
European shares fall as hurricane batters insurers

European shares fall as hurricane batters insurers

European stocks fell on Monday, led by insurers on expectations a huge hurricane in the United States would boost damage claims, while political jitters in debt-laden Italy cast shadows on the euro zone. Reinsurers Swiss Re and Hannover RE led a weaker Eu
Published 30 Oct, 2012 12:00am
HTC drags Taiwan stocks to 13-week low

HTC drags Taiwan stocks to 13-week low

Taiwan stocks fell 0.6 percent to its lowest closing level in 13 weeks on Monday, trailing regional bourses, as smartphone maker HTC Corp tumbled by the maximum allowed in a session after it forecast a fall in revenue in the current quarter. The main TAIE
Published 30 Oct, 2012 12:00am
Seoul shares flat

Seoul shares flat

Seoul shares closed flat on Monday, struggling near a seven-week low, as gains in LG Display and other tech stocks were offset by losses in automakers such as Kia Motors. The Korea Composite Stock Price Index (KOSPI) ended up a mere 0.09 point at 1,891.52
Published 30 Oct, 2012 12:00am
UK stocks dip

UK stocks dip

Britain's leading shares dipped in low volume on Monday as concerns over the costs of Hurricane Sandy in the United States added to uncertainties about future corporate earnings. Many investors were sticking to the sidelines ahead of a pick-up in the UK t
Published 30 Oct, 2012 12:00am
Sterling dips against dollar

Sterling dips against dollar

Sterling fell against the dollar on Monday as concerns about Greece and Spain crimped demand for perceived riskier currencies and outweighed better-than-expected UK lending data. The pound tracked a drop in the euro against the dollar, with the single cur
Published 30 Oct, 2012 12:00am
Philippine peso up after Moody's; exporters lift won, Taiwan dollar

Philippine peso up after Moody's; exporters lift won, Taiwan dollar

The Philippine peso turned higher on Monday after Moody's upgraded the country's sovereign ratings, while the South Korean won and the Taiwan dollar gained on month-end demand from exporters amid subdued trading. The peso initially weakened to 41.275 per
Published 30 Oct, 2012 12:00am
Indian rupee falls

Indian rupee falls

The Indian rupee fell to its lowest in over a month on Monday, weakening past the 54-level against the dollar, as caution prevailed ahead of the central bank's policy review and as the euro was dragged lower by uncertainty over Greece and Spain. Most anal
Published 30 Oct, 2012 12:00am
Australian and New Zealand dollar hold their ground; BoJ eyed

Australian and New Zealand dollar hold their ground; BoJ eyed

The Australian and New Zealand dollar held their ground against the greenback on Monday, but struggled to advance on the yen as the market tempered expectations for an aggressive policy easing by the Bank of Japan this week. The Aussie paused at $1.0362,
Published 30 Oct, 2012 12:00am
Yuan touches new high but upward pressure cools

Yuan touches new high but upward pressure cools

The yuan hit another record high on Monday, but then slipped back as traders said pressure on the Chinese currency eased from levels seen late last week. After touching 6.2371, the yuan closed at 6.2436 per dollar, up 0.08 percent on Friday's close of 6.2
Published 30 Oct, 2012 12:00am
Bangladesh's interbank forex and interest rates

Bangladesh's interbank forex and interest rates

Interbank buy/sell rates for the taka against the dollar on Monday: 81.20-81.20 (previous 81.20-81.22). Call Money Rates: 10.00-10.00 percent (previous 06.50-10.00 percent).
Published 30 Oct, 2012 12:00am
Swiss franc slips versus dollar

Swiss franc slips versus dollar

The Swiss franc slipped a touch against the dollar on Monday, as investors worried about tepid corporate earnings and the uncertain outlook for global economic growth. European shares were seen opening mixed on Monday and US stock markets will be closed i
Published 30 Oct, 2012 12:00am
Yen steadies in Asia on eve of BoJ meeting

Yen steadies in Asia on eve of BoJ meeting

The yen steadied on Monday and began the week well above last week's lows, as investors looked past the Bank of Japan's expected easing steps and focused on US economic factors. Traders expect overnight activity might be thin as Hurricane Sandy is expecte
Published 30 Oct, 2012 12:00am
Euro hits two week low versus yen, subdued against dollar

Euro hits two week low versus yen, subdued against dollar

The euro hit a two-week low against the yen and fell versus the dollar on Monday, weighed by concerns over Greece's next aid tranche and a trend of weak earnings from European companies. The euro fell 0.4 percent to 102.53 yen, well below a six-month peak
Published 30 Oct, 2012 12:00am
Ferrer beats Dolgopolov for third Valencia title

Ferrer beats Dolgopolov for third Valencia title

Spaniard David Ferrer gave the home fans something to cheer Sunday when he lifted the Valencia Open title for the third time after a 6-1, 3-6, 6-4 win over Ukraine's Alexandr Dolgopolov to bag his sixth crown of the year. Ferrer, who hails from nearby Ali
Published 30 Oct, 2012 12:00am
Kiwis keen to improve Pallekele T20 record

Kiwis keen to improve Pallekele T20 record

New Zealand will be determined to erase bitter memories of the Pallekele ground when they clash with Sri Lanka in a one-off Twenty20 international on Tuesday. The Black Caps' campaign in the recent World T20 ended at the same venue when they lost all thei
Published 30 Oct, 2012 12:00am
Third umpires to check for no-balls after dismissals

Third umpires to check for no-balls after dismissals

The third umpire will be called upon to check for a no-ball after dismissals as part of a series of amendments to the rules of cricket due to come into force on Tuesday, the ICC said on Monday. Previously, the third umpire would only be asked to adjudicat
Published 30 Oct, 2012 12:00am
Del Potro shatters Federer's sixth Basel title bid

Del Potro shatters Federer's sixth Basel title bid

Juan Martin del Potro earned his revenge after six losses this season to hometown hero Roger Federer when he won the Swiss Indoors title, 6-4, 6-7 (5/7), 7-6 (7/3) on Sunday. The upset victory over the top seed in two and three-quarter hours denied world
Published 30 Oct, 2012 12:00am
Wade gets nod over Haddin for South Africa Test

Wade gets nod over Haddin for South Africa Test

Matthew Wade was named Monday as Australia's wicketkeeper for the opening clash against South Africa in Brisbane next week, suggesting Brad Haddin's Test career could be at an end. Haddin, 35, has been resurgent in recent months, leading the Sydney Sixers
Published 30 Oct, 2012 12:00am
Chelsea rage at referee's 'inappropriate language'

Chelsea rage at referee's 'inappropriate language'

Chelsea have filed a complaint over "inappropriate language" allegedly used by referee Mark Clattenburg towards their players during their stormy 3-2 loss at home to Manchester United on Sunday. Clattenburg sent off Chelsea pair Branislav Ivanovic and Fer
Published 30 Oct, 2012 12:00am
City win longest match in Premier League history

City win longest match in Premier League history

Manchester City won the longest match in Premier League history on Saturday as the champions' 1-0 victory over Swansea lasted 102 minutes and 42 seconds. The clash at Eastlands featured over 12 minutes of stoppage-time after Swansea goalkeeper Michel Vorm
Published 30 Oct, 2012 12:00am
Asif criticises ICC; ban appeal to be heard in February

Asif criticises ICC; ban appeal to be heard in February

Disgraced former Pakistan fast bowler Mohammad Asif said Monday his appeal against a seven-year ban for spot-fixing will be heard by the Court of Arbitration for Sport in February. The 29-year-old was jailed by a British court in November last year after
Published 30 Oct, 2012 12:00am
Serena crowns 2012 with WTA Championships title

Serena crowns 2012 with WTA Championships title

Serena Williams completed her sensational 2012 comeback by easing to a 6-4, 6-3 win over Maria Sharapova for a third WTA Championships title on Sunday. The 31-year-old's victory came at the end of a spectacular year in which she also collected the Wimbled
Published 30 Oct, 2012 12:00am
Lumb stars as Sixers win title

Lumb stars as Sixers win title

Michael Lumb struck an unbeaten 82 as Sydney Sixers overwhelmed Highveld Lions by 10 wickets with 45 balls to spare Sunday in the Champions League Twenty20 final at the Wanderers. South Africa-born Lumb and Brad Haddin (38 not out) were deceptively cautio
Published 30 Oct, 2012 12:00am
England pick Pietersen for India tour opener

England pick Pietersen for India tour opener

Controversial batsman Kevin Pietersen gets an early chance to re-establish himself for England after he was picked for the opening match of the Indian tour in Mumbai starting Tuesday. Team coach Andy Flower said Pietersen will bat at number four in the th
Published 30 Oct, 2012 12:00am
eBay to cut 235 jobs in PayPal restructuring

eBay to cut 235 jobs in PayPal restructuring

US Internet retail giant eBay said Monday it would cut 235 jobs as part of a reorganisation of its PayPal financial division to make it "more agile" with a simplified business structure. The California firm also said it would cut about 120 contractors wor
Published 30 Oct, 2012 12:00am
German inflation steadies

German inflation steadies

Inflation in Germany, Europe's biggest economy, remained steady at 2.0 percent in October, official data showed on Monday. The German consumer price index (CPI) rose by 2.0 percent on a 12-month basis this month, according to a flash estimate using cost-o
Published 30 Oct, 2012 12:00am
EU-Asia summit to highlight ties: diplomats

EU-Asia summit to highlight ties: diplomats

An upcoming Asia-Europe (ASEM) summit will be an opportunity to demonstrate how much both sides need each other, especially at a time when economic growth is under threat, EU diplomats said Monday. The November 5-6 summit in Laos gathers all 27 EU member
Published 30 Oct, 2012 12:00am
Chrysler nearly doubles profit in third quarter

Chrysler nearly doubles profit in third quarter

Chrysler nearly doubled its profit in the third quarter as an improving economy and fresh models drew more consumers into its showrooms, the third largest US automaker said Monday. Net income jumped 80 percent to $381 million as revenues rose 18 percent t
Published 30 Oct, 2012 12:00am
Chrysler nearly doubles profit in third quarter

Chrysler nearly doubles profit in third quarter

Chrysler nearly doubled its profit in the third quarter as an improving economy and fresh models drew more consumers into its showrooms, the third largest US automaker said Monday. Net income jumped 80 percent to $381 million as revenues rose 18 percent t
Published 30 Oct, 2012 12:00am
France probes complaint of Libor rate rigging

France probes complaint of Libor rate rigging

France has launched a probe into suspected rigging of Libor interbank lending rates after a complaint filed by a shareholder in Societe Generale bank, a judicial source said on Monday. The Libor rates are benchmarks for a vast range of instruments at the
Published 30 Oct, 2012 12:00am
Spanish 'bad bank' to pay big discount on soured assets

Spanish 'bad bank' to pay big discount on soured assets

Spain's new 'bad bank' will pay steep discounts for toxic loans and assets weighing on the stricken financial system, the central bank said Monday. The bad bank, called Sareb, aims to take on problem assets crushing Spanish banks since a property market c
Published 30 Oct, 2012 12:00am
Spanish 'bad bank' to pay big discount on soured assets

Spanish 'bad bank' to pay big discount on soured assets

Spain's new 'bad bank' will pay steep discounts for toxic loans and assets weighing on the stricken financial system, the central bank said Monday. The bad bank, called Sareb, aims to take on problem assets crushing Spanish banks since a property market c
Published 30 Oct, 2012 12:00am
Top US trade official to visit Taiwan

Top US trade official to visit Taiwan

A top American trade official who unexpectedly cancelled a trip to Taiwan earlier this year is set to visit the island Tuesday, officials said, following the lifting by Taipei of what the US said was a key trade barrier. Francisco Sanchez, Under Secretary
Published 30 Oct, 2012 12:00am
China developers' credit quality improving: Moody's

China developers' credit quality improving: Moody's

Chinese property developers' credit quality is improving, signalled by rebounding sales and the ability of companies to tap international capital markets to raise funds, ratings agency Moody's Investors Service said on Monday. China has waged a two-year l
Published 30 Oct, 2012 12:00am
China developers' credit quality improving: Moody's

China developers' credit quality improving: Moody's

Chinese property developers' credit quality is improving, signalled by rebounding sales and the ability of companies to tap international capital markets to raise funds, ratings agency Moody's Investors Service said on Monday. China has waged a two-year l
Published 30 Oct, 2012 12:00am
BAE wins further submarine design contract

BAE wins further submarine design contract

British defence group BAE Systems on Monday said it had won a second contract from the government to design Britain's next generation of nuclear submarines. BAE and the government said the contract was worth £315 million ($505 million, 391 million euros).
Published 30 Oct, 2012 12:00am
Post Hajj operation to begin from tomorrow

Post Hajj operation to begin from tomorrow

The post Hajj operation will start from Wednesday to bring back the Pilgrims from Saudi Arabia. According to PIA spokesperson‚ the pilgrims will be brought back through five flights daily.
Published 30 Oct, 2012 12:00am
Seven abducted persons recovered from Sanni area

Seven abducted persons recovered from Sanni area

Seven persons abducted from Dhadar a week ago were recovered from Sanni area here on Monday. According to details, five passengers, a driver and his cleaner were abducted by unknown armed men a week ago near DC Office Dhadar while they were going to Sibi
Published 30 Oct, 2012 12:00am
China backs Pakistan policy on drone attacks

China backs Pakistan policy on drone attacks

Chairman Foreign Affairs Committee of the Chinese People's Political Consultative Conference (CPPCC), Zhao Qizheng, has said that China supports Pakistani policy pertaining to US drone strikes. Talking to media in Islamabad on Monday, he said that it was
Published 30 Oct, 2012 12:00am
'Government approves Rs 5 billion bailout package for PSM'

'Government approves Rs 5 billion bailout package for PSM'

The government plans to seek technical assistance from China and Russia to enhance production capability of Pakistan Steel Mills. Talking to newsmen in Khushab‚ Minister for Production, Chaudhry Anwar Ali Cheema said the government has approved a Rs 5 bil
Published 30 Oct, 2012 12:00am
Obama races back to White House as hurricane threatens

Obama races back to White House as hurricane threatens

President Barack Obama left the campaign trail Monday to lead his nation at a moment of crisis, steering the response to Hurricane Sandy, which left the endgame of the White House race in turmoil. Republican Mitt Romney joined the president in cancelling
Published 30 Oct, 2012 12:00am
Ethiopia charges 29 under anti-terror law

Ethiopia charges 29 under anti-terror law

Twenty-nine Ethiopian Muslims were charged Monday with plotting acts of "terrorism", the majority arrested after protests accusing the government of interference in religious affairs. According to court documents, the group is accused of "intending to adv
Published 30 Oct, 2012 12:00am
Thousands of Turks defy ban to mark Republic Day

Thousands of Turks defy ban to mark Republic Day

Thousands of pro-secular Turks marched Monday in Ankara to mark Republic Day, defying a ban by the moderate Islamist government. Carrying national flags, demonstrators shouted slogans, "Fully independent Turkey," and "We are soldiers of Mustafa Kemal," re
Published 30 Oct, 2012 12:00am
Berlusconi party loses key Sicily vote

Berlusconi party loses key Sicily vote

Italian ex-premier Silvio Berlusconi's People of Freedom party (PDL) on Monday lost a key regional election in Sicily seen as a barometer for national polls due in April, handing victory to a centre-left anti-Mafia candidate. With over 50 percent of votes
Published 30 Oct, 2012 12:00am
Observers slam Ukraine poll as ruling party nears victory

Observers slam Ukraine poll as ruling party nears victory

Ukraine's ruling party was set Monday to beat the allies of jailed ex-premier Yulia Tymoshenko in legislative elections that observers condemned as a setback for the ex-Soviet state's nascent democracy. Prime Minister Mykola Azarov predicted that the Regi
Published 30 Oct, 2012 12:00am
Skyfall breaks 007's British box office record

Skyfall breaks 007's British box office record

"Skyfall" has taken more in its opening weekend at the British box office than any previous James Bond film, its producers said on Monday. Starring Daniel Craig as 007 for a third time, "Skyfall" has made £20.1 million ($32.2 million, 25.0 million euros)
Published 30 Oct, 2012 12:00am
Egypt's Copts choose new pope

Egypt's Copts choose new pope

Egypt's Coptic Christians voted on Monday for a new leader to succeed Pope Shenuda III, who died in March leaving behind a community anxious about its status under an Islamist-led government. More than 1,000 eligible voters - Coptic public officials, MPs
Published 30 Oct, 2012 12:00am
Russia seeks missing ship with 8 crew, gold ore cargo

Russia seeks missing ship with 8 crew, gold ore cargo

Russia on Monday searched for a cargo ship with at least eight crew on board and carrying 700 tonnes of gold ore that went missing off the country's east coast in stormy conditions, officials said. Three ships carried out a search of the icy Okhotsk Sea,
Published 30 Oct, 2012 12:00am
South Korea sets new window for rocket launch

South Korea sets new window for rocket launch

South Korea said Monday it would make another attempt to send a satellite into space next month after a scheduled rocket launch last week was cancelled because of a technical glitch. A Science Ministry statement said the 140-tonne Korea Space Launch Vehic
Published 30 Oct, 2012 12:00am
UN chief renews nuclear disarmament plea

UN chief renews nuclear disarmament plea

UN chief Ban Ki-moon renewed an appeal Monday for global nuclear disarmament, with a special plea to North Korea to divert its scant resources from nuclear weapons to improving living standards. "Some say nuclear disarmament is utopian... I say the illusi
Published 30 Oct, 2012 12:00am
Air strikes, car bombs wreck last day of Syria 'truce'

Air strikes, car bombs wreck last day of Syria 'truce'

Syrian jets bombed parts of Damascus on Monday in what residents said were the capital's fiercest air raids yet, at the end of what was supposed to be a four-day truce. "More than 100 buildings have been destroyed, some levelled to the ground," said oppos
Published 30 Oct, 2012 12:00am
Shanghai copper slips

Shanghai copper slips

The most-traded February copper contract on the Shanghai Futures Exchange edged down 0.18 percent to 56,920 yuan ($9,100) a tonne on Monday. SHFE figures paint a similar picture, notes Standard Bank, as open interest last week gained 6.9 percent while pri
Published 30 Oct, 2012 12:00am
Copper sinks to seven-week low

Copper sinks to seven-week low

Copper hit a 7-week low on Monday as the euro fell and as concern about global growth, heightened by disappointing corporate earnings, dented risk appetite and overshadowed solid US third-quarter economic growth. Activity was expected to be thin as Hurric
Published 30 Oct, 2012 12:00am
US gasoline prices jump, crude dips as Sandy blows in

US gasoline prices jump, crude dips as Sandy blows in

US gasoline futures rallied while benchmark crude oil prices dipped on Monday as Hurricane Sandy slowed East Coast fuel deliveries to a crawl, with major refineries shut, pipelines idle and ports closed. Nearly 70 percent of the region's refining capacity
Published 30 Oct, 2012 12:00am
New York cotton up in light trade after Hurricane Sandy

New York cotton up in light trade after Hurricane Sandy

US cotton futures rose in thin trading on Monday, with players sidelined by the vacuum in activity on Wall Street and other key financial markets due to Hurricane Sandy. The most-actively traded December cotton contract on ICE Futures US settled up 0.19 c
Published 30 Oct, 2012 12:00am
Tokyo rubber futures down

Tokyo rubber futures down

Key TOCOM rubber futures eased off a one-week high hit earlier on Monday to close down 0.5 percent, tracking falls in crude oil and stocks, but hopes for further stimulus measures by the Bank of Japan limited losses. The benchmark Tokyo Commodity Exchange
Published 30 Oct, 2012 12:00am
Arabica coffee climbs

Arabica coffee climbs

Arabica coffee futures trading on ICE turned higher after hitting a four-month low on Monday, on concern about possible flooding in areas where stocks are stored on the US East Coast and as the market approached a key support level. Liffe robusta coffee f
Published 30 Oct, 2012 12:00am
Palm oil ends lower; Indonesia tax cut weighs

Palm oil ends lower; Indonesia tax cut weighs

Malaysian palm oil futures dropped on Monday after a long weekend break, as losses in other vegetable oil markets during the Eid holiday and an export tax cut by Indonesia prompted traders to book profit. Last Friday, US soyoil lost 1 percent while the Ch
Published 30 Oct, 2012 12:00am
Gold rises in Asia

Gold rises in Asia

Gold edged up on Monday after robust US economic data lifted prices in the previous session, but gains could be capped by a firmer US dollar, as well as lingering concerns about Greece's debt woes and a possible bailout for Spain. Gold climbed $4.24 an ou
Published 30 Oct, 2012 12:00am
Gold holds near $1,710 in European trade

Gold holds near $1,710 in European trade

Gold held near $1,710 an ounce on Monday as concerns over the global growth outlook supported demand for the metal as a store of value, but losses in the broader financial markets kept up some pressure on prices. Resilience above $1,700 an ounce, a level
Published 30 Oct, 2012 12:00am
US MIDDAY: soyabeans fall

US MIDDAY: soyabeans fall

US soyabean futures fell 2 percent on Monday and appear headed for their biggest daily slide in almost a month due to long liquidation prompted by crop-friendly weather forecasts for top producer Brazil and by concerns of Hurricane Sandy's impact on the U
Published 30 Oct, 2012 12:00am
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