NEW YORK: Crude prices settled below $113 a barrel for the first time in over three months Monday as Tropical Storm Fay steered clear of oil-producing infrastructure in the Gulf of Mexico. Light, sweet crude for September delivery fell 90 cents to settle at $112.87 on the New York Mercantile Exchange, after earlier risingas high as $115.35. It was the first time crude ended below $113since May 1. The contract fell $1.24 on Friday to settle at $113.77a barrel, about $35, or 24 percent, lower than its trading record of$147.27, set July 11. Fay, the sixth named storm of the 2008 Atlantic season, was approaching the Florida Keys after leaving at least eight people dead in Haiti and the Dominican Republic. The storm is expected to near hurricane strength later Monday but does not currently pose a threat to oil platforms in the Gulf, forecasters said.
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A ruling party spokesman says coalition government leaders will meet Tuesday to discuss Pervez Musharraf’s successor as Pakistan’s president.
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BEIJING: Rafael Nadal’’s summer keeps getting better. A day after winning an Olympic gold medal in Beijing, Nadal officially unseated Roger Federer to become the world’’s No. 1 tennis player when the ATP rankings came out on Monday. Federer had been atop the rankings for 237 weeks since February2004, but Nadal has won eight tournaments this year and heads into next week’’s U.S. Open as the favorite to win his third straight Grand Slam. Federer has won the last four U.S. Opens.Nadal ensured he”d rise to No. 1 two weeks ago when he reached the Cincinnati Masters semifinals and Federer lost early. Nadal had been No. 2 for a record 160 consecutive weeks since July 2005. He has won 38 of his last 39 matches on tour and beat Federer in the finals of the French Open and Wimbledon this summer. Nadal beat Fernando Gonzalez of Chile in straight sets on Sunday to win a gold medal for Spain in men’’s singles. Federer continued his yearlong slump when he lost in the quarterfinals to James Blake, though he did take a gold medal for Switzerland in doubles with partner Stanislas Wawrinka. Since the ATP rankings began in 1973, Nadal was the 24th man to become No. 1., and the third Spaniard after Carlos Moya (1999) and Juan Carlos Ferrero (2003). Ana Ivanovic was back on top in the women’’s rankings. The 20-yearold Serb, who held the No. 1 WTA ranking for nine weeks from June9-Aug. 11, moved past compatriot Jelena Jankovic.
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LONDON: England’’s participation in next month’’s Champions Trophy in Pakistan will be discussed at an England and Wales Cricket Board (ECB) meeting on Tuesday.Security fears have already led to New Zealand and Australia casting doubts about competing despite meeting with high-ranking figures from the International Cricket Council (ICC), the sport’’s world governing body. England players met with ICC representatives Sunday night to discuss their fears about travelling. An England spokesman told media, “ECB chief executive Davd Collier was at the meeting and he will report back. “They have a board meeting in London on Tuesday to discuss the issue.” The ECB spokesman added, “The meeting lasted two hours and it was an opportunity for all the players to ask whatever questions they had about the tournament. “David Collier and Hugh Morris, managing director of the England team, were both there and they heard the views of all the players. “They will report back to the ECB board on Tuesday but I don”t know when a decision is going to be announced.”
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KARACHI: Prominent businessmen have already turned towards the ruling government with high expectations and advices as they foresee a stable economy a
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Key figures in Pakistan’s transition to new president:
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Chris Brummitt, a veteran correspondent who has covered wars in Iraq and Afghanistan, was appointed on Monday as The Associated Press chief of bureau in Islamabad, Pakistan.
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Pervez Musharraf resigned Monday as the president of Pakistan, avoiding a power struggle with rivals vowing to impeach him that would have deepened the country’s political crisis.
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KARACHI: The price of liquefied petroleum gas (LPG) surged to Rs87 per kg on Monday as authorities remained oblivious to continuous exploitation of sh
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Despite the massive shifts in Pakistan’s political landscape, the new government’s approach to dealing with Islamic extremists likely will follow the same lines it has since Pervez Musharraf sided with the U.S. after the 9/11 attacks.
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