Bussiness n World News

Dominican Republic President Leonel Fernandez fired 700 police officers Sunday and forced the retirement of 31 military and police generals, two days after he promised in a state-of-the-nation speech to cleanse the government of corruption. While Fernandez, who was on a state visit to Cuba on Monday, didn't state a reason, the dismissals came as the government has announced that more than 535 members of the nation's 24,000-strong military have been forced out in the past six months due to their suspected involvement in the drug trade. Among the generals forced to retire was the former head of the nation's top anti-drug agency, the Dominican National Drug Control, known by its Spanish acronym DNCD. In his speech Friday, Fernandez said, "In the Dominican Republic -- listen well -- narcotrafficking will not pass." Despite the president's strong words, many Dominican citizens and outside analysts say narcotrafficking has already taken hold. "The situat

(CNN) -- The United States has offered more than $900 million to help the Palestinian people, particularly those in Gaza, Secretary of State Hillary Clinton announced Monday. U.S. Secretary of State Hillary Clinton attends Gaza donors conference in Egypt on Monday.

BEIJING, China (CNN) -- When China's legislature opens its annual session this week, the focus will be on jobs, the economy and social stability. Delegates have begun to gather for China's annual meeting of its National People's Congress. Every year, over 3,000 delegates to the National People's Congress meet in Beijing to review draft laws and vote on government budget and policies. Delegates come from central and local governments, the military and police, including ethnic minority representatives, who typically show up in their traditional costumes. In the past, the NPC has been dismissed as

Climate protesters demonstrating against Donald Trump's plans for a sports resort broke into a Scottish airport Tuesday, setting up a small golf course and scaling the roof of a terminal building. Climate protesters broke into Aberdeen Airport in the early hours of Tuesda

Gas demand goes up 10 pc annually Updated at: 0725 PST, Tuesday, March 03, 2009 KARACHI: Demand for gasoline consumption is going up by 10 percent annually here in Pakistan; experts said adding it is necessary to find new oil and gas reservoirs to meet the rising demand. In a report on energy in Pakistan, it is stated that country’s daily gas demand was 4731 mmcfd while locally we produce 4528 mmcfd. Pakistan remain short of 203 mmcfd gas daily while mere 17 percent of the total population have access to gas in country.

US offers new $30 bln bailout package to troubled AIG Updated at: 0121 PST, Tuesday, March 03, 2009 WASHINGTON: The US government Monday unveiled a fresh rescue plan worth 30 billion dollars to help AIG stave off collapse as the ailing insurer revealed the biggest loss in American corporate history. The revamped bailout came as American International Group announced a quarterly loss of 61.7 billion dollars -- the biggest ever for a US firm in one quarter -- pushing up its net loss for 2008 to 99.3 billion dollars. The government, which had already pumped some 150 billion dollars into AIG, said the restructured aid package sought to avert a potentially catastrophic collapse of what had been the world's biggest insurer. Officials said a failure at AIG could send new shockwaves through an economy already ravaged by recession. "Given the systemic risk AIG continues to pose and the fragility of markets today, the potential cost to the economy and the taxpayer of government ina

Oil prices recover in Asian trade Updated at: 1313 PST, Tuesday, March 03, 2009 SINGAPORE: Oil prices recovered slightly in Asian trade Tuesday after falling earlier on fresh financial turmoil, analysts said. New York's main futures contract, light sweet crude for April delivery, gained 25 cents to 40.40 dollars a barrel in afternoon trade. Brent North Sea crude for April was up 17 cents to 42.38 dollars per barrel. Oil prices had risen last week in anticipation of increasing demand for motor fuel and indications of output cuts by the Organisation of the Petroleum Exporting Countries (OPEC), traders said.

‘There will be no recession in UAE’, says Al Mansouri Updated at: 0127 PST, Tuesday, March 03, 2009 ABU DHABI: The global slowdown could prompt adjustments in Abu Dhabi’s economic plans for the next five years, but it will not cause any modification of the emirate’s plan to diversify and expand its economy in the long run, a government official says. “The principles and priorities for the 2030 plan have not changed,” said Mohammed Abdullah, the undersecretary of the Abu Dhabi Department of Planning and Economy, referring to the long-term blueprint for the emirate. The Minister of Economy, Sultan al Mansouri, speaking on the sidelines of the forum, agreed. “I don’t think there will be recession in the UAE,” he said, according to foreign media report. “At present, we see stability for at least nine months.” “The Federal Government has provided liquidity to banks to help the private sector, but unfortunately the private sector still lacks a lot,” said Abdullah al Mansouri, the chairman

Updated at: 0403 PST, Tuesday, March 03, 2009 GENEVA Twenty-six journalists have been killed on assignment since the start of this year, a sharp rise on the same period last year, an international journalists defence group said Monday. The Press Emblem Campaign, a non-governmental organisation seeking better protection for journalists in conflict areas, said the toll compared with 16 deaths recorded in January and February 2008. "The killing of journalists is clearly linked with situations of internal conflict," said the group's secretary general Blaise Lempen in a statement. The toll included four killed in the Gaza Strip and four in Pakistan. Two deaths were reported each in Iraq, Mexico, Nepal, Russia, Somalia, Sri Lanka and Venezuela, while the other deaths occurred in Colombia, Kenya, Madagascar and Philippines. The Press Emblem Campaign - which recorded a total of 81 deaths among journalists worldwide in 2008 - called upon the UN Human Rights Council to tackle wha

Tehran dismisses Mullen’s allegations Updated at: 0412 PST, Tuesday, March 03, 2009 TEHRAN: Iran Foreign Ministry spokesman Hassan Qashqavi on Monday dismissed claims about Iran’s nuclear program by a U.S. military official, insisting that “atomic bomb has no place in Iran’s defense approach.” U.S. Navy Adm. Michael G. Mullen, chairman of the Joint Chiefs of Staff, told media on Sunday that he believed Iran had enough fissile nuclear material for an atomic bomb. "All these statements regarding the production of a nuclear bomb are very baseless," Qashqavi told a regular news briefing. The spokesman said anyone who has the most rudimentary knowledge of nuclear technology understands that Iran’s nuclear activities are intended for civilian uses. "It is baseless from a technical point of view and has propaganda connotations," he explained. He said Iran is a signatory to Non-Proliferation Treaty and all its nuclear activities are monitored by the IAEA cameras and that

Iran will not agree to talks on nuke program: Hillary Updated at: 0410 PST, Tuesday, March 03, 2009 CAIRO: Even as the Obama administration pledges to engage Iran over its nuclear program, Secretary of State Hillary Clinton is telling key Arab leaders that she’s “doubtful” Tehran will actually respond. Clinton met Monday with her counterpart from the United Arab Emirates, Sheikh Abdullah bin Zayed Al Nahyan, on the sidelines of an international aid conference for the Palestinian territories. According to a senior U.S. official, Sheikh Abdullah raised his concerns with Clinton that the U.S. could reach some agreement with Iran on key strategic issues without Washington consulting its Arab allies. Clinton, however, assured the Emirati royal that this wouldn’t be the case. “Our eyes are wide open” when it comes to Iran, Clinton told Sheikh Abdullah, the U.S. official said. She added that the U.S. “was doubtful Iran would respond” to calls for an international dialogue, despite repeated

Clinton arrives Jerusalem Updated at: 0625 PST, Tuesday, March 03, 2009 JERUSALEM: US Secretary of State Hillary Clinton meets Israeli leaders on her first official Middle East visit on Tuesday aiming to focus on hobbled peace talks while her hosts hope to switch attention to Iran. Clinton arrived in key ally Israel from Egypt, where she told a conference on Gaza reconstruction that rebuilding the Palestinian enclave after Israel's deadly war could not be separated from the Middle East peace process. "Our response to today's crisis in Gaza cannot be separated from our broader efforts to achieve a comprehensive peace," she said in the Egyptian resort of Sharm el-Sheikh at a conference attended by delegates from more than 70 countries and organisations. "By providing humanitarian assistance to Gaza, we also aim to foster conditions in which a Palestinian state can be fully realised," she said. Clinton later told a news conference she was troubled by continu

NATO secretary general terms Swat deal as Pakistan’s internal issue Updated at: 1228 PST, Tuesday, March 03, 2009 BRUSSELS: NATO Secretary General Jaap De Hoop has said that the Swat peace deal is Pakistan’s internal matter. Talking to media in Brussels, Hoop said NATO forces had no intention to enter Pakistani borders. He said Pakistani routes for NATO supplies still carried importance despite the start of NATO supply to Afghanistan through Russia. Hoop said cultivation of opium and smuggling were becoming major reasons for terrorism in Afghanistan.

Updated at: 1744 PST, Tuesday, March 03, 2009 ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani has advised President Asif Ali Zardari to withdraw the mobile courts ordinance promulgated on Monday. Speaking at the National Assembly session here, Prime Minister said that the ordinance should not have been promulgated. “Now I advise President Zardari under article 89 of the constitution to withdraw the ordinance,” he said, adding that it has violated the sanctity of the assembly.

Updated at: 1315 PST, Monday, March 02, 2009 KARACHI: Karachi Port Trust (KPT)’s cement export terminal constructed at the cost of $12 million went into operation here today. Addressing the inaugural ceremony, Federal Minister for shipping and ports, Babar Khan Ghori said that Pakistan could now export more cement due to the construction of this terminal, as this terminal has the capacity of handling 10 to 12 thousand tons of cement per day. Babar Ghori directed Ports and Shipping DG to work out a plan for the reduction in port charges. Earlier, Lucky Cement CEO, Muhammad Ali Taba said that KPT should cut down its charges because in India and other countries port charges per ton amount to $1, while in Pakistan it comes to $4/5 and this was the reason cement exports facing set back.

Updated at: 1259 PST, Monday, March 02, 2009 SINGAPORE: Oil prices fell in Asian trade Monday on demand concerns after the US economy performed below expectations in the fourth quarter, dealers said. New York's main futures contract, light sweet crude for April delivery, fell 80 cents to 43.96 dollars a barrel. Brent North Sea crude for April shed 75 cents to 45.60 dollars per barrel.

Asian shares down after more bad news on Wall Street Updated at: 0903 PST, Monday, March 02, 2009 TOKYO: Asian stocks tumbled early Monday on the back of Wall Street's losing streak as gloom deepened over the global economy and the health of major banks. Tokyo was down 3.2 percent by lunch and Sydney lost 3.0 percent by midday. Hong Kong opened 2.3 percent lower and Chinese shares were down 1.0 percent. Asian shares started the week on the downbeat note amid worries about the health of large US banks and broader fears over the global economy. "The US economy is in the worst shape it's been for probably 50 or 60 years, so it's hard for equities to rally." The Dow has dropped 19.5 percent so far this year while Japan's Nikkei is down 17 percent and Hong Kong's Hang Seng is off almost 13 percent. Investors were disappointed by news of a 6.2 percent contraction in the US economy in the fourth quarter of last year that was far worse than the earlier govern

Updated at: 0502 PST, Sunday, March 01, 2009 LAHORE: Pakistan Flour Mills Association (PFMA) has announced to supply 70,000 bags of Atta to Sunday Bazars. PFMA spokesman said steps are being taken to ensure smooth supply of Atta in Lahore city with the help of Food Department. The flour mills will supply Atta in their own trucks at Sunday Bazars.

LONDON: HSBC, Europe’s largest bank, will tomorrow announce the closure of its troubled US mortgage lending operation to new business alongside plans to cut its dividend and raise more than £12bn in a deeply-discounted rights issue. The developments will underline the depth of the international financial crisis and, in the context of HSBC’s substantial operations in Asia, raise questions about the deteriorating health of the global economy. HSBC, led by Stephen Green, its executive chairman, will say that it is drawing a line under the continuing problems of HFC, the consumer finance operation in the US which has racked up billions of pounds in losses since it was acquired six years ago, by putting it into run-off. The bank plans to announce a two-for-five rights issue, underwritten by Goldman Sachs and JP Morgan Cazenove, which will be priced at about 300p, a discount of more than 40pc to Friday’s closing price of 491.25p. It will also cut its dividend by at least a third, according t

Updated at: 0327 PST, Sunday, March 01, 2009 KARACHI: Pakistan State Oil (PSO) has slashed the price of furnace oil by Rs2,770 per tonne to Rs25,445 for the next fifteen days. PSO has decided to reduce the price imported furnace oil by Rs823 per tonne to Rs26,608. The above reduction will bring down the cost of production for the power producers that use mostly use furnace oil for generation of power.

Updated at: 1255 PST, Monday, March 02, 2009 KARACHI: Inter-bank initial interest rate dropped down below 13 percent, as six months’ Kibor stood at 12.85 percent. Money market dealers said that the interest rate of six months’ Kibor during January 1 till to date shrank by 2.83 percent due to existing additional liquidity in the banking system and, therefore, the money market dealers were expecting a cut in interest rate. On the other hand, inter-bank one year T-Bills cut off yield was 13 percent on February 25, which now after the shrink traded at 12.85 percent. Economists said that the banks preferring investment in government securities instead of giving loans to the private sector and avoiding taking any risk. In this backdrop, private sector was also reluctant taking loans at high rate of interest. According to State Bank disbursement of loans to the private sector as against previous year remained 47 percent low.

Consumer spending up, ending slide Government report shows larger-than-expected increase was first gain in 7 months. Income in surprise gain. March 2, 2009: 8:36 AM E NEW YORK -- Consumer spending rose more than expected in January, after declining for six consecutive months, according to government figures released Monday. The Commerce Department report showed spending by individuals rose 0.6% last month, after dropping 1% in December. Economists surveyed by Briefing.com had forecast an increase of 0.4%. The report also showed that personal income rose 0.4% in January, following a decline of 0.2% in the previous month. Economists had forecast another 0.2% decline. Last month, the government reported that consumer spending rose an anemic 3.6% in 2008, the smallest full-year increase in 47 years.

Stocks set for drubbing U.S. stocks expected to tumble at the open as investors react to massive quarterly loss from AIG and bailout restructuring. NEW YORK (CNNMoney.com) -- Stocks could take a beating at Monday's open on Wall Street after American International Group reported a massive quarterly loss and a restructuring of its bailout by the government. At 7:52 a.m. ET, Standard & Poor's 500, Nasdaq-100 and Dow Jones industrial average futures were sharply lower. The Dow and S&P begin the week at their lowest levels in about 12 years, after tumbling last week on market anxiety over the state of the global economy and the world financial system. At its current rate of decline, the Dow could easily slip below its 7,000 mark on Monday. "There's a buyer's strike right now in the stock market," said Art Hogan, chief market strategist at Jefferies & Co. He blamed the decline in futures on "ongoing concerns about the global recession,

Markets routed as AIG reveals $62B loss Global stock markets were reeling Monday as U.S. insurance giant AIG revealed monumental quarterly losses of $62 billion and UK bank HSBC announced a huge slump in profits. AIG's quarterly losses amounted t

WASHINGTON -- The "most worrisome" part of the U.S.-led war in Afghanistan has become the havens the Taliban and other insurgents have carved out in neighboring Pakistan, U.S. Defense Secretary Robert Gates said. Afghan and U.S. soldiers walk at the site of a suicide attack outside Jalalabad in Nangarhar province Sunday. Gates said the United States had a similar perch in Pakistan when U.S. and Pakistani officials supported Afghanistan's mujahedeen rebels against the Soviet Union in the 1980s -- "and let me tell you, it made a big difference." "I think as long as they have a safe haven to operate t

Zhao Jiuhe sweeps the floors at his dad's restaurant, chats with customers and waitresses whom he calls "older sisters," and clears the tables. Jiuhe, who can speak some English, says he likes coming to the restaurant with his father. But he is no ordinary 19-year-old. Jiuhe, who suffers from cerebral palsy, could not walk until he was four or talk until he was five. His father started the Beijing eatery, "Hand in Hand," to give his son a chance to improve his life after Jiuhe finished his education at a school for the disabled. "It seems I am running a business, but I am actually taking care of him. His growth at the restaur

The Bangladeshi army fanned out across the country Monday, hunting down paramilitary troops who fled their barracks in the capital, Dhaka, after a deadly uprising that killed dozens of their superiors. A Bangladeshi woman waits for news of a missing relative at the Bangaldesh Rifles heaquarters in Dhaka. Search crews have now recovered at least 73 bodies from a river, sewers and three mass graves inside the Bangladesh Rifles (BDR) paramilitary headquarters, where the rebellion occurred Wednesday. Fifty-one of the dead were confirmed as army officers, the home ministry sai

Updated at: 1804 PST, Monday, March 02, 2009 NAROWAL: Pakistan Muslim League-Nawaz (PML-N) chief Nawaz Sharif has said that people are not willing to accept judges appointed by former president Pervez Musharraf. Addressing a public rally here on Monday, he said that massive public turn out was a prelude to change. He said Shahbaz Sharif still enjoys the majority support in Punjab. “Asif Zardari has embraced Musharraf judges,” he said, adding that change is indispensable. The former prime minister said that country’s socio-economic turn around depends upon political change. “PPP can not succeed in its bid to form Punjab government,” he added.