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21-11-08 |
Blast injures boy in Latifabad |
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HYDERABAD: A 10-year old young boy was injured in a blast of explosive, occurred in a house of Latifabad, an area of Hyderabad on Thursday, police sources said.
According to details, the detonation took place in a house of Asad where he had explosive material. After the blast the rubble of upper room fell on to the boy, Ali, who was playing beside there.
The injured boy was shifted to hospital while the police cordoned of the house and held the owner of the house.
Explosion triggered the panic in the people of the area. |
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21-11-08 |
Irregularities in KPP to be brought to light :Sherry |
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ISLAMABAD: Minister for Information and Broadcasting Sherry Rehman said on Thursday that her Ministry is committed to bringing to light the irregularities in the advertisement distribution of the Khushal Pakistan Programme (KPP), initiated by the previous regime.
Talking to the media about her response on the subject to the Question Hour session in the Parliament, the Minister said that she ordered an independent inquiry into the matter soon after taking charge of the office early this year.
We have been actively pursuing the matter as it pertains to the abuse of a development project, involving public money. We want an independent inquiry to ensure that all details including the names of the individuals that supervised the irregularities be brought to public knowledge.
Sherry Rehman had earlier given a detailed answer to the question of Belhum Husnain,MNA over the issue of advertisement of the Khushal Pakistan Programme.
The Opposition and the Civil Society had repeatedly expressed concerns over reports of corruption in the Programme as there were glaring gaps in the advertisement budget of the Khushal Pakistan projects.
The figures provided to us regarding release of funds failed to match the expenditure made. Since the programme had a development-oriented nature, it is very important that all details regarding funds disbursements and spending be brought to forth, she added. |
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21-11-08 |
Five pc quota for minorities in all federal jobs: PM |
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ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani has said the government is committed to protecting the rights of minorities as envisaged in the constitution of Pakistan and would provide five percent quota to them in all federal government jobs. Necessary legislation would soon be moved in this regard, he added.
The Premier said this while talking to the Federal Minister for Minorities Affairs Shahbaz Bhatti, who called on him at the Prime Minister House on Thursday afternoon.
The Prime Minister said the government is taking steps for bringing minorities in the mainstream and resolving their problems on priority basis.
He also issued directions to the concerned authorities in this regard. The Prime Minister said the religious festivals of the minorities should be celebrated at national level and their proper coverage to be ensured in the state media.
The Prime Minister lauded the services rendered by members of the minority community towards the stability and prosperity of the country.
Shahbaz Bhatti apprised the Prime Minister of various matters related to his ministry as well as his constituency.
He also invited the Prime Minister to visit the Ministry of Minorities Affairs. |
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21-11-08 |
President Zardari to visit UAE on Nov 25 |
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ISLAMABAD: Spokesman Foreign Office Muhammad Sadiq said Thursday that President Asif Ali Zardari would undertake his first official visit to United Arab Emirates (UAE) on November 25 where he would meet his UAE counterpart Sheikh Khalifa Bin Zaid Al-nahyan, Prime Minister, Finance Minister Sheikh Hamdan Bin Rashid Al-Maktoum, Crown Prince and businessmen and traders.
Issue with regard to enhancing economic, trade and defense ties between two countries would be discussed during the meetings, he said. UK Foreign Minister David Miliband is also arriving Pakistan on November 26, he remarked. During visit, he would hold talks with President Asif Zardari and Foreign Minister Shah Mehmood Qureshi on matters related to boost bilateral relations, economic coordination and joint trade would be discussed.
Regional peace, peace in Afghanistan and move forward process of Pak-Afghan peace Jirga would also come under discussion, he said. |
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21-11-08 |
U.S. strikes issue not to be raised before UN: Pak |
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ISLAMABAD: Pakistan in unequivocal terms has said that the strikes and incursion of Afghanistan based US and allied forces in countrys tribal areas is tantamount to attack on its sovereignty and breaching international law while the matter would not be raised before the United Nations.
The continuous attacks of US drones in countrys areas is distracting Pakistan efforts to combat menace of terrorism and extremism while bilateral talks between two countries would be given priority to halt US attacks, said Spokesman Foreign Office Muhammad Sadiq while briefing to media men on Thursday.
The statement delivered by Prime Minister Syed Yousuf Raza Gilani in the National Assembly speaks countrys policy towards US attacks in Pakistan areas, he said, adding that, the work of foreign office is to resolve matter amicably and through dialogue.
Efforts are being made through diplomatic channel and dialogue to halt US attacks in Pakistan, Sadiq said. The main reason behind summoning US Ambassador into Pakistan Anne W. Peterson was to make it clear on her that Pakistan would not tolerate incursion of and strikes of Afghanistan based US and allied forces into its areas. The attacks are causing bad impact on Pakistan-US relations, he said.
US Ambassador into Pakistan, he said, also expressed her sorrow and grief over the loss of innocent lives in US drone attacks and assured that she would raise the mater before her country administration.
Responding to a question, FO Spokesman said that the investigations of Murder of Benazir Bhutto Shaheed will be done from the platform of United Nations, however it will take some time.
Regarding Aafia Saddique, he confirmed that that her case is in the US court and is not in good physical condition.
Responding to another query, FO Spokesman said that in line with the decision taken at Pak-Afghan Mini Jirga meeting held, Pakistan and Afghanistan have formed Committees of Influential Persons to hold peace talks with Taliban on both sides of the Border.
Answering a question by Online, FO Spokesman said that undoubtedly there has been no easy excess to European Markets of Pakistani products besides restriction imposed on Pakistani Bed Linen in European Union.
He said that Friends of Pakistan Group besides other European Countries are trying their level best for easy access to European Markets adding it is a huge and vast market, urging we need time. |
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21-11-08 |
PML-N Condemns Bannu attack |
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ISLAMABAD: PML-N opposition leader, Ch Nisar Ali Khan and central leader of PML (N), Ahsan Iqbal have strongly condemned the US attack on Bannu and said that such attacks were harmful to Pakistans sovereignty, while the government was performing nothing other than issuing statements against such attacks.
While talking to journalists Chaudhry Nisar advised that government should warn US government to stop such attacks and should make it clear to the US that otherwise the Pakistan government would consult UN and all facilities would also be taken back, that were given to foreigners. "Without this warning such attacks cannot be prevented", he added.
He also notified that US attacks were being increased after a unanimous resolution in Parliament and the government by not following this resolution was making itself a joke in the eyes of world.
He also asked the government leaders to disclose the secret agreement between the Pakistan government and US government because their silence was depicting such an agreement. "If there is not any agreement then government should file a case against American newspaper on false reporting", he maintained.
He demanded to stop giving the facilities to foreign powers inside the territory of Pakistan. Talking about the discussion in National Assembly, he said that to pass a bill in NA without discussion was illegal and an un-parliamentary action. He said that NA was the platform of elected representatives and they (PML-N) had suggested taking the consensus of labor unions. |
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21-11-08 |
Pak says US attacks ''intolerable''; Taliban vow revenge |
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ISLAMABAD: Pakistan today denounced as "intolerable" the frequent American missile strikes targeting militants on its soil as the local Taliban threatened "revenge" in the event of another drone attack by the US-led forces based in Afghanistan.
Angered by yesterday''s drone attack in the restive Bannu district that killed six people including a top al-Qaeda militant, the Foreign Ministry here summoned US Ambassador Anne Patterson, who was told that such incidents violate Pakistan''s sovereignty and should be stopped immediately.
Gilani also told the House that there is no understanding with the United States over missiles attacks.
"Several members mentioned that there is any understanding with the US. I assure you there is no understanding and if any understanding reached with the US during the period of former President Pervez Mushahrraf, there is no record with the Foreign Ministry and the government".
Meanwhile, the Pakistani Taliban warned of reprisal if another drone attack occurred in the troubled northwest.
"We will start revenge attacks across other districts if the US drone attacks do not stop after November 20," a Taliban spokesman said in a statement. |
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21-11-08 |
Zardari urges to bring reforms in Sindh agriculture sector |
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KARACHI: A special meeting of Sindh Cabinet was held here on Thursday evening at the Chief Minister House. President Asif Ali Zardari presided over the special meeting.
Addressing the Provincial Cabinet, the President called for working hard to solve the problems being faced by the common man.
He directed that schemes chalked out for poverty alleviation, enhancement of agriculture sector, repair and improvement of old irrigation system, construction of small irrigation dams, provision of incentives for industries in the province and other social-economic projects be encouraged for benefit of the people.
President Asif Ali Zardari directed to take into hand lining of water channels, canals and distributaries.
He said the Korean Government would be associated in implementing the project and the Federal Government would prepare a strategy of expenditure to be incurred on it.
The President said water is an important factor for the future and it could be as vital as oil and advised every drop of water should be properly utilized for attaining targets of food production and meeting other necessities.
President Asif Ali Zardari also announced that a special package would be implemented for developing and rehabilitating Lyari area, which has a population of about 2 million.
He directed that a pilot project under SASTI BASTI scheme be developed with a margin of 30% to 40% share for developers and the remaining share will be given to the poor allottees. |
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21-11-08 |
Pakistan protests over U.S. missile strikes |
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ISLAMABAD: Pakistan summoned U.S. ambassador Anne Patterson on Thursday to protest over missile strikes launched by pilotless drone aircraft against militant targets in Pakistan.
The protest came a day after a suspected U.S. missile strike on Pakistani soil killed five militants, possibly including an Arab al-Qaeda operative.
There have been at least 20 strikes in the last three months, reflecting U.S. impatience over militants from Pakistan fueling the Taliban insurgency in Afghanistan and fears that al-Qaeda fighters in northwest Pakistan could plan attacks in the West.
Pakistan said the attacks violate its sovereignty, undermine efforts to win public support for the fight against militancy, and make it harder to justify the U.S. alliance. |
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20-11-08 |
President, PM condemn Bajaur bomb blast |
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ISLAMABAD: President Asif Ali Zardari and Prime Minister Syed Yousuf Raza Gilani have strongly condemned the bomb blast in Badan area of Tehsil Mamond in Bajaur agency on Thursday, which caused loss of human lives. At least nine people including the head of Mamond tribal peace Lashkar, Malik Rehmatullah Khan were killed and several others injured in the blast.
The President in a message expressed his deep grief and sorrow over the loss of precious human lives in the cowardly act of terrorism.
Prime Minister Syed Yousuf Raza Gilani strongly condemned the Bajaur blast. In a statement, the Prime Minister expressed his sorrow over the loss of lives in the cowardly act. |
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21-11-08 |
Sub Committee to draft new PCB constitution |
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ISLAMABAD: A sub-committee will prepare the new draft constitution of Pakistan Cricket Board. This was decided at the meeting of PCB Constitution Committee, chaired by the Federal Minister for Law and Justice, Farooq H. Naek, here on Thursday.
The meeting was held to consider various amendments required in the PCB Constitution 2007 and to restructure the domestic cricket system.
The PCB constitution will be enforced after approval by President Asif Ali Zardari who is the Patron-in-Chief of PCB, Law Minister Farooq H. Naik told reporters after the Constitution Committee meeting.
The meeting, which continued for four and half hours, was attended by Federal Sports Minister Pir Aftab Shah Jilani, PCB Chairman Ijaz Butt, former PCB Chairman, Lt. Gen. (Retd) Tauqeer Zia, Chief Operating Officer of PCB, Salim Altaf, newly-appointed Director General Javed Miandad, national captain Shoaib Malik, vice captain Misbahul Haq, Members of Governing Board, and some former Test cricketers.
The sub-committee will be formulated with consultation of Minister for Sports and Chairman PCB. The Committee will incorporate all the suggestions and proposals given by the participants while recommending changes in PCB constitution.
The Sub Committee will submit its recommendations based on proposals and suggestions of the participants round about in 30 days.
Naek said the officials of the board as well as former cricketers presented their proposals as to how best the weaknesses of Pakistan cricket could be corrected and it be put on the right track.
The participants discussed how to make improvements in the national team, how to better run National Cricket Academy, how to rejuvenate junior cricket and such other matters, the Minister said.
The Chairman of Pakistan Cricket Board, Ijaz Butt, said he had pleaded that the new constitution be implemented after September 2009 in view of Indian cricket teams tour of Pakistan starting in January and the Champions Trophy scheduled to be hosted by Pakistan in September next year.
He said during his call on Prime Minister Syed Yousuf Raza Gilani on Thursday, he was assured that the Government of Pakistan would provide all kind of security during their Pakistan tour during which they would play three Tests, five One Day Internationals and a Twenty20 fixture.
I am now hopeful of Indians making the Pakistan tour as per schedule, said the PCB Chairman.
While talking with media#8209;men, the Sports Minister, Aftab Hussain Shah Jillani, said that we wanted to make constitution of PCB more democratic and more participatory and to remove grey areas.
On the forthcoming Indian cricket tour of Pakistan, the Minister said thatIndia should visit Pakistan because situation is good for cricket in this country.
Also attending the meeting were Dr. Syed Muhammad Ali Shah of Sindh, Ashraf Khan Federal Secretary Sports, Tariq Baloch President Balochistan Cricket Region, Muhammad Muneer, President Multan Region, Ex#8209;Cricketers Majid Khan and Sadiq Muhammad. |
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21-11-08 |
Abdul Qadir appointed Chief Selector PCB |
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ISLAMABAD: Former Test star and spin bowling magician Abdul Qadir has been appointed Chief Selector of Pakistan Cricket Board.
This was announced by the Chairman of Pakistan Cricket Board, Ijaz Butt, while informally talking with reporters here on Thursday.
Abdul Qadir, once a match-winning leg-spinner for Pakistan, was widely expected to be nominated Chairman Selection Committee of PCB. |
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20-11-08 |
PCB begins downsizing |
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LAHORE: The Pakistan Cricket Board (PCB) has begun downsizing to minimize monetary burden of the board.
In the first phase, the PCB has retrenched 60 employees including regional development managers and general managers.
According to the PCB sources, the regional offices were set up four years ago and an expenditure of five million rupees was incurred annually on the people posted on various positions in the board.
Now the board expressing non-confidence on the performance of the regional offices have relieved off the employees. |
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20-11-08 |
India beat England by 16 runs in 3rd ODI |
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KANPUR: India defeated England by 16 runs under Duckworth/Lewis method in the third One-day International here on Thursday.
England won the toss and elected to bat first at the Green Park Stadium and they were all out for 240 runs in the 49th over.
Ravi Bopara top-scored with 60 runs, followed by Ian Bell (46) and Ovais Shah (40).
For India, off-spinner Harbhajan Singh claimed three wickets while pacers Munaf Patel and Ishant Sharma took two wickets each.
Chasing the moderate target of 241 runs in 49 overs, India reached 198 for five at the end of 40 overs when the play was called off due to bad light.
India then were 16 runs ahead under D/L method and they were declared the winners by the same margin.
Opener Virender Sehwag top-scored with 68 while Yuvraj Singh made 38 runs.
For England, Andrew Flintoff took three wickets. |
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20-11-08 |
Naik asks PCB to stop fresh hiring before constitution |
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ISLAMABAD: Federal law minister Farooq H. Naik asked the Pakistan Cricket Board (PCB) to stop fresh appointments in the board until the new PCB constitution is not formulated.
Farooq Naik, who is heading the committee set up for making amendments in the constitution of the Pakistan Cricket Board, presided over the meeting of the committee here on Thursday.
The meeting was attended by federal sports minister Aftab Jilani, chairman PCB Ijaz Butt, chief operating officer Saleem Altaf, director general Javed Miandad, captain national cricket team Shoaib Malik, former cricketers and the representatives of the regional associations.
Farooq H. Naik said at the meeting that amendments should be made in one month and all fresh appointments in the PCB be stopped.
On this occasion, chairman PCB Ijaz Butt said that the amendments should not be made hastily and they should be made after the Indian teams tour and the ICC Champions Trophy. |
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20-11-08 |
Ganguly included in BCCI technical committee |
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NEW DELHI: Though Indias former captain Sourav Ganguly has retired from international cricket but he is still in touch with the game and he has been included in the technical committee of the BCCI.
He will very soon join the BCCI technical committee where he will render his services along with Sunil Gavaskar.
The objective of the committee is to formulate rules and regulations of domestic and international tournaments in India.
Besides Ganguly, the committee consists of Gavaskar, Srikkanth and Chetan Chouhan.
Chief administrative officer of the BCCI Ratnakar Shetty said that there was a vacant post for one Test cricketer in the technical committee which the BCCI offered to Ganguly and he gave his consent.
Shetty said that Ganguly would be a good addition to the committee. He has played cricket for 16 years and his experience would be much beneficial for India. |
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20-11-08 |
Pakistanll provide full security to India: PM |
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ISLAMABAD: Chairman Pakistan Cricket Board (PCB) Ijaz Butt called on prime minister Syed Yousuf Raza Gilani here on Thursday.
According to reports, views were exchanged in the meeting on the forthcoming cricket series between Pakistan and India.
On this occasion, the prime minister assured chairman PCB that the government would provide full security for the Pak-India cricket series so that the series could be held according to schedule. |
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20-11-08 |
India need 241 runs to beat England in 3rd ODI |
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KANPUR: England were all out for 240 runs in 48.4 overs in the third One-day International against India being played here at the Green Park on Thursday.
India who have already won the first two ODIs have now to chase a moderate target of 241 runs in 49 overs to win the third successive game of the seven-match series.
England winning the toss decided to bat first and their captain Kevin Peitersen changed the batting line-up.
His decision proved fruitful as his openers Bopara and Ian Bell provided a solid start of 79 runs in 14.3 overs. Bopara top scored 60 and Bell made 46.
However, other batsmen except Ovais Shah (40) could not make any significant contribution and the whole team was dismissed for 240 with only two balls remaining.
For India, spinner Harbhajan Singh claimed three wickets while pacers Munaf Patel and Ishant Sharma captured two wickets each Yousuf Pathan and Zaheer Khan took one wicket each. |
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20-11-08 |
Brazilian breaks record for surfing on longest board |
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RIO DE JANEIRO: A Brazilian surfer broke his own record after riding a wave on an extra-long 30-foot (9.16-metre) surfboard for
over ten seconds.
In 2006, Rico de Souza broke the Guinness World Record by riding a wave on a 25.6-foot board (8.05-m).
From his prior experience, Souza developed the new 100-kilo (220-pound) surfboard with the adjustments he had missed before.
Souza said that surfing the lengthy board was a challenging, but thrilling experience.
Souza also organized another record in September this year, when 88 people surfed the same wave for over ten seconds up four from 2007.
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20-11-08 |
Football: Ronaldo mulling over retirement |
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ROME: Former World Player of the Year Ronaldo has admitted for the first time that retirement is a possibility if his knee fails to improve.
The 32 year-old underwent surgery on his knee in February 2008 and has been without a club since that injury negated his contract with AC Milan.
Ronaldo did receive a pay-as-you-score offer from Siena, but the former Barcelona, Inter Milan and Real Madrid striker turned it down as he was weighing up his future.
He told La Gazzetta dello Sport: "I''m thankful to him (Siena president Giovanni Lombardi Stronati), but I''m not sure what the future holds. I don''t know if I''ll continue to play or retire. I haven''t yet made that decision."
For the moment the Brazilian is concentrating on finishing his recovery, a process not helped by his fluctuating weight levels, but only once he has some idea of how well the recovery has gone will he make a decision.
"I don''t know, I''m not in a hurry. I want to finish my recovery work and then you will know. I could decide tomorrow or in a few months. I really don''t know.
"After an operation on a ruptured knee tendon you need to work for some months. The recovery is exhausting," he added. |
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21-11-08 |
Oil hits 3-year lows, 2009 US oil price forecasts slashed |
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COLUMBUS: Oil prices have hit levels not seen in more than three years and retail gasoline prices are below $2 in nearly half of the country.
Oil prices Thursday fell as low as $49.75 a barrel, levels last seen on May 18, 2005, when oil was at $46.80 a barrel.
Light, sweet crude for December delivery is still down $2.64, nearly 5 percent at $50.98 a barrel on the New York Mercantile Exchange.
Meanwhile, prices at the pump fell again overnight to nearly $2 a gallon and are now down more than 50 percent in just four months when they reached a record $4.11 in July.
Energy price forecasts have been slashed by the U.S. Department of Energy and the International Energy Agency as economic woes intensify.
An October report by the U.S. Energy Departments Energy Information Administration (EIA) forecast a price of $112 for West Texas Intermediate crude oil in 2009. This figure has now been revised downwards by a massive 43% to $63.50 a barrel.
The EIA said in its report that the price of oil would depend on the scale and length of the current financial crisis as well as actions taken by OPEC.
Our current expectation of future oil prices assumes that the OPEC production cut may limit, but not reverse, the recent sharp fall in oil prices. We project oil prices to remain relatively flat, averaging $60-$65 per barrel throughout 2009, the report said.
Meanwhile, the International Energy Agency last week cut its 2009 average oil price forecast to $80 from its previous estimate of $110. |
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21-11-08 |
Oil prices slump under 50 dollars per barrel |
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LONDON: Oil prices tumbled under 50 dollars on Thursday, as plunging equities and weak US data sparked fresh concern that a worldwide recession could ravage energy demand, traders said.
In New York, light sweet crude for delivery in December dived to 49.75 dollars a barrel -- the lowest level since May 2005. The December contract expires at the close.
Brent North Sea crude for January tumbled to 48.20 dollars, which was also last seen in May 2005. Brent closed on Wednesday at 51.72 dollars.
Crude futures were pulled down by fears about the impact of the ongoing chronic global financial crisis, analysts said.
Oil prices have now plunged by about two-thirds since striking record highs above 147 dollars in July as a global economic slowdown slashes worldwide demand for energy.
"The oil market is reacting to yet more negative news on the prospects for the global economy," said IHS Global Insight oil analyst Simon Wardell.
"With stock markets continuing to fall around the world, and particularly in Asia, there is just no positive news out there which could help restore confidence in oil markets."
Stock markets plunged Thursday as a jump in US jobless figures and fresh job cuts worldwide deepened fears of recession and sent investors fleeing for cover.
The latest economic news remained grim as the US Labor Department said new claims for unemployment benefits jumped to a 16-year high of 542,000.
Later Thursday, oil prices went on to recover somewhat, with New York oil at 50.56 dollars and Brent at 49.05 dollars in late afternoon London trade. |
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20-11-08 |
Govt cuts cooking oil, ghee prices by up to Rs30 |
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ISLAMABAD: Government has announced a decrease of Rs8 to Rs10 per kilogram/litre in ghee and oil prices at utility stores across the country with immediate effect.
Rate of sugar has also been brought down by Rs1 per kg to Rs34.50. |
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20-11-08 |
Oil prices drop below 50 dollars, hit 3.5-year lows |
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LONDON: Oil prices sank under 50 dollars a barrel in London on Thursday, reaching the lowest levels for three and a half years, as the market was plagued by weak energy demand.
Brent North Sea crude for delivery in January tumbled to 48.54 dollars a barrel -- last reached in May 2005. The contract had closed on Wednesday at 51.72 dollars. |
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20-11-08 |
Forex reserves shrink to $6.63 bln |
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KARACHI: The foreign exchange reserves of the country have declined to 6.63 billion dollars, the State Bank of Pakistan said Thursday.
SBP spokesman Wasimuddin told Geo News that after witnessing a further fall of 100 million dollars during the week ended November 15, the foreign exchange reserves now stand at 6.63 billion dollars.
Economic experts say the present level of foreign exchange reserves is only sufficient for nine weeks imports. The reserves level is expected to improve after the first tranche of loan is received from IMF on November 24. |
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20-11-08 |
SBP issues Aluminum coins of Rs 1 and Rs 2 |
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KARACHI: State Bank of Pakistan (SBP) has issued new coins of Rs 1 and Rs 2 on Thursday.
According to State Bank, field offices of SBP banking services has started issuing Aluminum coins of worth Rs 1 and Rs 2 from today.
SBP said that the legal status of current coins would be continued.
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20-11-08 |
Rupee up by 7 paisa against dollar |
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KARACHI: The rupee value appreciated by paisas 7 against the dollar, as the greenback was bought at Rs79.30 and sold at Rs79.35 at the inter-bank on Thursday.
Upon the approval of loans by world financial institutions, the rupee value was seen gaining value.
Forex market dealers said the sale of dollars recorded increase as investors opted for off loading their US currency holdings.
The boost in dollar supply in the market resulted in strengthening of rupee as the dollar was bought at Rs78 and sold at Rs80 in open market. |
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20-11-08 |
Candidates elected unopposed in KCCI elections |
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KARACHI: All the candidates have been elected unopposed in the elections for governing body of the Karachi Chamber of Commerce and Industry (KCCI).
According to election commission set up for KCCI elections, 52 candidates filed papers for 30 seats of governing body among which nine were rejected during scrutiny whereas 13 candidates withdraw their nominations.
Keeping in view this situation, election commission has declared that all 30 members have been elected unopposed. The election commission also announced the cancellation of polling scheduled to be held on November 22.
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20-11-08 |
Asian markets tumble |
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TOKYO: Asian stock markets tumbled Thursday, with benchmarks in Japan and Hong Kong both losing more than 5 percent, after fears of a protracted recession sent Wall Street plunging toit lowest point in five years.
Tokyo''s benchmark Nikkei 225 average lost 534.82 points, or 6.5percent to 7, 738.40 as Japan posted its second trade deficit in three months on plummeting demand for the nation''s exports.
Elsewhere, Hong Kong''s Hang Seng Index sank 704.29 points, or 5.5percent, to 12,111.51, and South Korea''s main stock measure lost 6.6percent.
In Australia, the key benchmark declined 4.2 percent as weakening commodity prices dragged down the country''s resource giants like BHP Billiton and Rio Tinto were both down 9 percent or more.
In New York overnight, the Dow Jones industrial average tumbled427.47 points, or 5.07 percent, to 7,997.28, while the SP 500 slid52.54 points, or 6.12 percent, to 806.58. Both closed at their lowest levels since March 2003, and are rapidly approaching the lowsof the 2000 to 2002 bear market.
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19-11-08 |
EU plans 130-billion-euro stimulus plan |
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BERLIN: The European Commission is planning a 130-billion-euro (163-billion-dollar) economic stimulus programme, a German economy ministry spokeswoman said Wednesday.
"That represents one percent of gross domestic product for each member state," she told a foreign news agency.
"For Germany, that means 25 billion euros." |
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