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....more

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."...more

KARACHI: The rupee value edged up by paisas 8 against the dollar, as the greenback closed at Rs79.42 at the interbank on Wednesday. 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 Rs79....more

LONDON: Oil prices dropped on Wednesday, with Brent crude falling close to 50 dollars a barrel, as demand for energy weakens worldwide and as the market awaits data on the health of US crude stockpiles. Brent North Sea crude for delivery in January was down 27 cents at 51.57 dollars a barrel in late morning trade on London''s InterContinental Exchange (ICE). Earlier it touched 50.61 dollars. On the New York Mercantile Exchange (NYMEX), light sweet crude for December delivery slipped 29 cents to 54.10 dollars a barrel. It earlier fell to 53.30 dollars, the lowest point since January 2007. "Concerns about slow demand from the global economic woes continue to weigh on market sentiment," said Michael Davies, an oil analyst at Sucden brokers in London. Later on Wednesday, the US Department of Energy publishes its latest weekly snapshot of energy inventories in the United States, the world''s biggest oil consuming nation. "An increase in distillate stocks may have been limited by some increase in heating oil demand due to cooler weather in the US Northeast, the world''s largest heating oil market," said Davies. "Refinery capacity utilisation is expected near unchanged at 84.6 pecent; last year the figure was at 87 percent," he added. Oil prices have plunged almost two-thirds since striking record highs of above 147 dollars in July as a global economic slowdown dents world energy demand. Prices in London had last week slumped to three-and-a-half-year lows close to 50 dollars, prompting the OPEC exporters'' cartel to call an emergency meeting in Cairo to discuss output levels. Crude futures should drop further to 43 or 44 dollars a barrel before rebounding along with the global economy next year, CFC Seymour securities said in a report published on Wednesday. "We believe prices will be in decline until evidence emerges that the US is on track to end its recession," CFC Seymour said in Hong Kong. The London-based Centre for Global Energy Studies (CGES) on Tuesday forecast a contraction in global demand for the first time in 25 years amid a severe global economic slowdown. On Monday, the Organization of Petroleum Exporting Countries, which produces 40 percent of the world''s oil, said it was ready to intervene on a regular basis to help prop up the prices....more

KARACHI: Trade activities were limited on Wednesday at the Karachi Stock Exchange and benchmark KSE –100 Index closed without any change at 9,184. The share market opened downbeat today and the trend sustained itself throughout the session. Trade volume improved to 118,000 shares compared to 99,000 shares traded yesterday. National Assets attracted maximum trade activity as its share price declined by paisas 2 to paisas 42. KSE 30-index also finished the day without any change at 9,981 points....more

TOKYO: Asian stock markets stumbled Wednesday. Japan''s Nikkei index lost 0.7 percent while Korea''s Kospi shed 1.9 percent and Australia''s SP/ASX 200 declined 0.7 percent. In Europe, the FTSE 100 opened 0.12 percent lower while the Paris CAC-40 edged up 0.05 percent and the Frankfurt DAX firmed 0.15 percent. Chinese share prices, however, surged 6.05 percent as bargain hunters bought up energy stocks following sharp losses the previous day. Hong Kong pumped 600 million US dollars into the forex market to defend the local currency''s peg to the greenback. South Korea said its corporate bankruptcies hit a three-year high in October....more

SINGAPORE: World oil prices held steady on Wednesday at their lowest levels in about 22 months but analysts said they would drop even lower because of worries over falling energy demand. New York''s main oil futures contract, light sweet crude for December delivery, was three cents higher at 54.42 dollars a barrel after closing Tuesday in New York down 56 cents at 54.39 dollars, its lowest since January 2007. Brent North Sea crude for delivery in January was three cents higher at 51.87 dollars after settling 47 cents lower at 51.84 on Wednesday in London....more

LONDON: European stock markets fell Tuesday following Asian losses amid further gloom about the state of the world economy and the banking system''s prospects in particular. The FTSE 100 index of leading British shares was down 63.37 points, or 1.5 percent, at 4,069.79, while Germany''s DAX was 64.85, or 1.4 percent, lower at 4,492.42. The CAC-40 in France was down 47.79, or 1.5 percent, at 3,134.24. Banks across Europe were particularly badly hit by recession fears after Citigroup announced it would cut thousans of jobs, with Barclays PLC down 6 percent, HBOS PLC another 12 percent, Deutsche Bank AG 5 percent and Commerzbank AG 6 percent. "There is huge uncertainty hanging over the markets'' head, and banks are really out of favor," said Howard Wheeldon, senior strategist at BGC Partners. The morning losses in Europe follow similar drops in Asia. Tokyo''s Nikkei 225 stock average fell 194.17 points, or 2.3 percent to 8,328.41, a day after confirmation Japan, the world''s second largest economy, had slipped into a recession. Hong Kong''s Hang Seng Index shed 4.5 percent to 13,131.23. The lurch lower in Europe and Asia followed Wall Street, where traders sold heavily on evidence of more economic weakness and Citigroup Inc''s announcement Monday that it is to cull 53,000 jobs around the world as it seeks to deal with the impact of the financial crisis. The Dow fell Monday by 223.73 points, or 2.6 percent, to 8,273.58. The Standard Poor''s 500 index fell 22.54, or 2.6 percent, to 850.75. Wall Street futures pointed to a lower open on Tuesday. Dow futures were down 1.1 percent to 8171. Some hopeful signs emerged with the news that inflation in Britain fell in October for the first time in 14 months largely because of cheaper oil prices. Official figures showed that the annual rate of the consumer price index measure of inflation dropped to 4.5 percent in the year to October from 5.2 percent in the year to September. Analysts had expected a more modest decline to 4.7 percent. As a result, the markets are expecting the Bank of England to continue to cut interest rates aggressively over the coming months, with some predicting it to lop off another percentage point of its benchmark rate when it meets again in early December....more

KARACHI: Amid decline in palm oil price in International market, ghee mills owners are earning a profit of Rs25 per kilogramme. Mill owners said on Tuesday that no promise was made to the government regarding the reduction of ghee price in open market and that it cannot reduce prices by force. The government said it would conduct a probe into mill owners’ profiteering. Members of Pakistan Banaspati Manufacturers Association (PBMA) told Geo News that the association promised the government to provide ghee at cheaper rates (Rs 95 per kg) only at Utility Stores. Meanwhile, secretary industries and production, Shahab Khawaja said that the PBMA had pledged to reduce prices of ghee, however, he said the association had sought more time because bookings had been made at previous rates....more

KARACHI: The 100-Index of Karachi Stock Exchange (KSE) closed unchanged at 9,184.09 for the second consecutive day on lowest ever turnover Tuesday, dealers said. The turnover volume hit the bottom at 19,660 shares as two scrips recorded gains while three sustained losses and two remained unchanged out of a total of 7 companies. The market capitalization was eroded by Rs. 484 million to Rs.2.826 trillion on sluggish every day. A dealer at a leading brokerage house said that the market was deserted due to lack on interest as investors watched from sidelines. Only seven scrips exchanged hands, he added. Southern Electric was the volume leader with a turnover of 9,000shares followed by Gharibwal Cement 6,000 shares, Habib-ADM Ltd 3,000share, Mohammad Farooq 500 and Haydery Construction 500 shares....more