news

U.K.’s Recession Concerns Push Pound Further Down

Mon, 10 Aug 2009 18:54:34 +0100

The pound started this week continuing Friday’s bearish trend after the Great Britain government affirmed that the current asset purchasing program will be expanded, raising concerns that the British financial system is still in a delicate situation.

Today during the start of the European trading session, U.K. gilts rose and the pound lost versus most of the 16 main traded currencies as the outlook for the British economy stills more negative than most of other global economic regions. The quantitative easing program to be expanded by the Bank of England halted the strongest winning streak for the pound which brought it to a 10-month high versus the dollar and a 1-month high versus the euro, as these measures can be interpreted as an attempt to rescue the problematic economic situation in the country.

A rare economic phenomena in the U.K. is leading analysts to believe that the end of the current recession will not be necessarily followed by times of prosperity, which is definitely weighing on the pound. The artificial credit system made the United Kingdom to be one of the most economically successful countries in the European Union for many years, but from now on, the Brits will have to rely on different methods to bring growth back to the nation’s economic figures.

GBP/USD fell to 1.6627 as of 11:23 GMT from an opening price yesterday of 1.6685. EUR/GBP climbed to 0.8539 from 0.8499.

If you want to comment on the Great Britain pound’s recent action or have any questions regarding this currency, please, feel free to reply below.

Euro Falls Versus Dollar And Yen, Rises Against Pound

Mon, 10 Aug 2009 18:49:07 +0100

(RTTNews) - The euro was mixed against other major currencies on Monday in New York as investors continued to consider interest rate decisions in Europe last week, while looking ahead to the U.S. Federal Reserve's decision later in the week.

The euro continued to pull back versus the dollar, and also slipped versus the yen, as weaker global stocks limited risk appeal. The European currency had reached its best levels of 2009 last week versus the greenback.

On the economic front, the Eurozone sentix investor confidence improved more than expected in August, while French industrial production unexpectedly increased.

The euro fell to 1.4132 against the dollar, its lowest level of August. Last week, the common currency reached a 7 1/2-month high of 1.4446.

The euro reached a 12-day high against the pound of 0.8594. The rally took the European currency away from a six-week low of 0.8464 from last week.

The Bank of England is set to lower UK's GDP forecasts and warn against the risk of the economy falling into a debt deflation trap, in the Inflation Report to be released on August 12, the Telegraph newspaper reported Monday.

The euro fell to 137.12 against the Japanese yen, giving back some of last week's sharp gains. The common currency reached a two-month high of 138.71 last week.

On the economic front in the Eurozone, results of the latest Sentix survey revealed that the headline indicator for Eurozone rose to minus 17 for August, which was the highest reading since August 2008. Economists were expecting the index to rise to just minus 25.8 from minus 31.3 in July.

Earlier today, the French statistical office INSEE announced that the industrial production increased 0.3% month-on-month in June, slower than the 2.8% growth in the previous month, revised from 2.6% rise reported initially. Economists were looking for a decline of 0.2%.

Obama says many months before U.S. exits recession

Sat, 01 Aug 2009 12:16:47 +0100

WSHINGTON (Reuters) - President Barack Obama warned on Saturday it would take "many more months" for the United States to get out of recession even after GDP figures showed the economy shrank only modestly in the second quarter.

Obama, who has defended his young administration's economic policies in recent weeks in the face of worsening unemployment numbers, said jobless figures next week would still show that too many Americans were losing work.

"It will take many more months to fully dig ourselves out of a recession - a recession that we've now learned was even deeper than anyone thought," the president said in his weekly radio and Internet address.

"And when we receive our monthly job report next week, it is likely to show that we are continuing to lose far too many jobs in this country. As far as I'm concerned, we will not have a recovery as long as we keep losing jobs," he said.

Thushara helps Sri Lanka skittle Pakistan for 168

Sat, 01 Aug 2009 12:07:31 +0100

DAMBULLA, Sri Lanka: Thilan Thushara and Muttiah Muralitharan shared five wickets as Sri Lanka bowled out Pakistan for 168 runs in the second one-day international here on Saturday.

Pakistan, sent in to bat by Sri Lankan captain Kumar Sangakkara in overcast conditions, never recovered after losing a wicket off the first ball of the match and were bundled out in 47 overs.

The 26 extras sent down by the Sri Lankan bowlers, including 18 wides, were the highest contributor in Pakistan's dismal batting at the Rangiri International Stadium.

The tourists were reduced to 128-9 before the last pair of Mohammad Aamer (24) and Saeed Ajmal (16) gave the top order a batting lesson by adding 40 runs.

Pakistan captain Younus Khan, who made 23, was the only other batsman to pass 20 as left-arm seamer Thushara finished with 3-33 and off-spinner Muralitharan claimed 2-41.

Sri Lanka need less than four runs an over to take a 2-0 lead in the five-match series after winning Thursday's opening match at the same venue by 36 runs.

Pakistan's gamble to play two 19-year-olds, Nasir Jamshed and Umar Akmal, in place of senior batsmen Mohammad Yousuf and Misbah-ul Haq did not pay off.

Opener Jamshed was dismissed off the first ball of the innings when he chased a wide ball from Nuwan Kulasekera into the safe hands of Mahela Jayawardene at second slip.

Debutant Umar, younger brother of the team's wicket-keeper Kamran Akmal, made a promising 18 during a fourth-wicket stand of 32 with Younus when he was caught behind off Angelo Mathews.

But even the experienced batsmen failed to negotiate the spot-on Sri Lankan attack.

Former captain Shoaib Malik was trapped leg-before by Thushara before he had scored and Shahid Afridi threw away his wicket with a wild slog off Muralitharan that was skied to deep mid-wicket.

Pakistan were struggling at 87-7 before Abdul Razzaq (17) and Umar Gul (14) put on 38 for the eighth wicket to lift the total past the 100-run mark.

CNG price up by 54 paisa in Sindh, Punjab

Sat, 01 Aug 2009 12:04:59 +0100

ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) on Friday notified for the first time the retail price of compressed natural gas (CNG) and reduced the prices of petroleum products by margins ranging between Rs1.24 and Rs1.77 per litre in August.

According to the notification, CNG prices were reduced by 37 paisa to Rs49.73 per kilogram for the NWFP, Balochistan and the Potohar region, including Rawalpindi, Islamabad and Gujarkhan.

However, prices for Sindh and Punjab, excluding the Potohar region, have been increased by 54 paisa to Rs48.54 per kilogram.

The gas prices are adjusted on a six monthly basis in July and January. However, Ogra had not issued CNG prices in July because of a lack of mechanism.

Earlier, CNG prices were determined by dealers after the sector was deregulated. New prices would remain applicable till December this year if there was no increase in electricity tariff.

Meanwhile, price of petrol for August has been slashed by Rs1.66 to Rs60.47 per litre. The price of HOBC has been cut by Rs1.77 to Rs77.01 per litre, kerosene by Rs1.44 to Rs57.91 per litre and light diesel oil by Rs1.67 to Rs53.27.

Oil marketing companies have also reduced diesel prices to Rs61.41 per litre.

Similarly, domestic airlines could now buy JP-1 for Rs44.38 after a reduction of Rs1.44 per litre while foreign airlines and cargo flights would pay Rs38.26 a litre. The price of JP-4 has been cut by Rs1.09 to Rs41.96 per litre

Around 100 on trial after Iran post-election riots

Sat, 01 Aug 2009 12:03:37 +0100

TEHRAN: Around 100 people accused of rioting after the disputed re-election of Mahmoud Ahmadinejad were put on trial in a Tehran revolutionary court on Saturday, the Fars news agency said.

Among those in the dock were prominent reformists and supporters of opposition leaders Mir Hossein Mousavi and Mehdi Karroubi and aides of former reformist president Mohammad Khatami.

The leading reformists on trial were Behzad Nabavi, a top member of the Islamic Republic Mujahedeen Organisation, Mohammad Atrianfar, prominent member of Executives of Construction, and Mohammad Ali Abtahi, a member of the Assembly of Combatant Clerics.

Nabavi was also the deputy speaker of parliament during the Khatami government, while Abtahi was vice president in charge of parliamentary affairs during Khatami's tenure.

Another top accused was Abdollah Ramezanzadeh, Khatami's former spokesman from 1997 to 2005.

Judgment to affect 110 judges of various courts

Sat, 01 Aug 2009 12:01:37 +0100

ISLAMABAD: At least 110 judges of the Supreme Court, Federal Shariat Court and high courts will retire or revert to their respective institutions after the landmark judgment of the apex court in the judges’ case.

The judgment will affect 15 judges of the Supreme Court, 41 of the Lahore High Court, 27 of the Sindh High Court, 10 from the Peshawar High Court, all five of the Balochistan High Court and eight of the Islamabad High Court and four from the Federal Shariat Court.

Supreme Court judges who took oath under PCO are: Justice Faqir Muhammad Khokhar and Justice M Javed Butter. Both will also face a reference before the Supreme Judicial Council for taking oath in disregard of a restraining order issued by a seven-judge bench of the Supreme Court moments after the declaration of emergency on November 3, 2007.

Those who were appointed after Nov three are Justice Ijazul Hassan, Justice Qaim Jan Khan, Justice Moosa K. Leghari, Justice Chaudhry Ejaz Yousaf, Justice Mian Hamid Farooq, Justice Syed Zawar Hussain Jaffry, Justice Zia Perwez, Justice Sheikh Hakim Ali, Justice Syed Sakhi Hussain Bukhari, Justice Farrukh Mehmood, Justice Akhtar Shabbir, Justice Sardar Mohammad Aslam.

In the LHC, judges who took oath under PCO are Justice Sayyed Zahid Hussain, Justice Mian M. Najamuz Zaman, Justice Maulvi Anwarul Haq, Justice Nasim Sikandar, Justice Abdul Shakoor Paracha, Justice Mohammad Khalid Alvi, Justice M. Bilal Khan, Justice Fazale Miran Chauhan, Justice Syed Shabbar Raza Rizvi, Syed Hamid Ali Shah, Justice S. Sajjad Hussain Shah, Justice Tariq Shamim, Justice Syed Asghar Haider and Justice Hasnat Ahmad Khan.

Similarly judges elevated after Nov three are Justice Zubdatul Hussain, Justice Saifur Rehman, Justice Zafar Iqbal Chaudhary, Justice S Ali Hassan Rizvi, Justice Saghir Ahmad, Justice Khwaja Farooq Saeed, Justice M. Akram Qureshi, Justice Khurshid Anwar Bhindar, Justice Muzhar Hussain Minhas, Justice Mohammad Ashraf Bhatti, Justice Rana Zahid Mehmood, Justice Kazim Ali Malik, Justice Hafiz Tariq Nasim, Justice Khalil Ahmad, Justice M.A. Zafar, Justice Malik Saeed Ejaz, Justice S. Shaheen Masood Rizvi, Justice Ali Akber Qureshi and Justice Mohammad Ahsan Bhoon.

Jugdes appointed on March two this year are Justice Parvaiz Ali Chawla, Justice Habibullah Shakir, Justice Nazir Ahmed Ghazi, Justice Abdul Sattar Goraya, Justice Syed Ihtasham Qadir Shah, Justice Jamila Jahanoor Aslam, Justice Mahmood Akhtar Khan, Justice Jamshed Rehmatullah, Justice Pervez Inayat Malik, Justice Arshad Mahmood, Justice Irfan Qadir, Justice Syed Zulfiqar Ali Bukhari, Justice Chaudhry Naeem Masood, Justice Anwarul Haq Pannun, Justice Raja Mohammad Shafqat Khan Abbasi, Justice Imitaz Rasheed Siddiqui.

PCO judges in the SHC are Chief Justice M. Afzal Soomro, Justice Azizullah M. Memon, Justice Munib Ahmad Khan, Justice Yasmin Abbasey, Justice Qaiser Iqbal, Justice Ali Sain Dino Metlo, Justice Nadeem Azhar Siddiqi, Justice Syed Mahmood Alam Rizvi and Justice Abdur Rehman Faruq Pirzada.

Those who were elevated after Nov three are Justice Dr Rana M. Shamim, Justice Khwaja Naveed Ahmad, Justice Khalid Ali Z. Qazi, Justice Syed Pir Ali Shah, Justice Bin Yamin, Justice Arshad Noor, Justice Maqbool Ahmed Awan, Justice Safdar Ali Bhutto, Justice Moharram G. Baloch, Justice Malik Mohammad Aqil, Justice Syed Shafqat Ali Shah Masoomi, Justice Soofia Latif, Justice Mohammad Iqbal Mahar, Justice Khadim Hussain M. Shaikh, Justice Mohammad Ismail Bhutto, Justice Arshad Siraj Memon, Justice Aamir Raza Naqvi and Justice Mohammad Karim Khan Agha.

In the PHC the PCO judges are Justice Jehan Zaib Rahim, Justice Raj Mohammad, Justice Said Maroof Khan and Justice Hamid Farooq Durrani.

Those who were elevated after Nov three are Justice Ghulam Mohyuddin Malik, Justice Syed Yahya Zahid Gillani, Justice Ziauddin Khattak, Justice Syed Musadiq H. Gillani, Justice S. Shahji Rahman Khan and Justice Mohammad Alam Khan.

From BHC, Justice Amanullah Khan, Justice Ahmed Khan Leghari, Justice Akhtar Zaman Malghani, Justice Nadir Khan Durrani and Justice Mehta Kailash Nath Kohli.

In Islamabad High Court, Justice Mohammad Munir Peracha, Justice Dr Sajjid Qureshi, Justice Qalbe Hassan, Justice Raja Saeed Akram, Justice Arshad Tabrez, Justice Amjad Iqbal Qureshi, Justice Ramzan Chaudhary and Justice Intikhab Shah.

From the Federal Shariat Court, Justice Dr Fida Khan, Justice Afzal Haider and Justice Yasin.