NEW YORK: The dollar rebounded against the euro Monday in volatile trading in the wake of the Lehman Brothers bankruptcy, while traders eyed the possibility of a Federal Reserve rate cut to ease market turmoil. The greenback lost ground against the yen but recouped most losses against other currencies. The single European currency at 2100 GMT was at 1.4227 dollars against 1.4229 late Friday in New York. At one point, however, the euro jumped to 1.4481 dollars. The US unit was weaker against the Japanese currency, at 104.89 yen after 107.92 on Friday. Stuart Bennett of investment bank Calyon said the dollar’’s slide earlier Monday in Asian trade may have been “a short-term reaction” reflecting investor unease at the collapse of Lehman Brothers and emergency sale of Merrill Lynch to Bank of America. But the dollar later strengthened as turmoil in the US financial sector prompted investors to take risk-averse positions that favored the US currency.
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MINGORA: The Taliban on Monday released 25 out of 38 kidnapped personnel of the Frontier Corps, while the security forces pounded the militant positio
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PESHAWAR: Shots were fired when US-led coalition helicopters based in Afghanistan neared the border with Pakistan, officials said Monday, but there were conflicting accounts of the incident. Security officials said the threat of an incursion Sunday led Pakistani troops and tribesmen to fire their weapons, but the chief Pakistan army spokesman, the Pentagon and the coalition denied any such incident took place. The gunfire broke out about 100 metres (yards) from the South Waziristan tribal area, where Al Qaeda and Taliban fighters are believed to be sheltering. There were no casualties.”The US-led coalition troops in helicopters came close to the border and they tried to sneak into Pakistan territory but shots were fired by Pakistani troops and the coalition troops retreated,” a local security official said. A military official based in the area initially confirmed to media that an incident took place.”There was firing but our troops were not involved,” he told media. “Firing was heard but there was no violation of Pakistan territory,” he said. A second security official in the area said tribesmen joined in the firing after Pakistani soldiers played bugles to alert local people to the threat of an incursion. But the Pakistan army’’s chief military spokesman, Major General Athar Abbas, denied there had been any such incident late Sunday.
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KarachiWith no end in sight to the lingering power crisis, a team of technical experts headed by the Federal Water and Power Secretary, has gi
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LAHOREAround 20 bottlenecks on City Roads have become permanent nuisance for Lahorites resulting in traffic mess for hours on daily basis and
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IslamabadA pilot study conducted by the National AIDS Control Programme in 2005-06 on sex workers shows that their activities are mostly conce
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LAHOREThe Lahore High Court has adjourned till September 18 the hearing of various identical petitions challenging the continuous increase in
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ISLAMABAD: The government has decided to table much-awaited Poverty Reduction Strategy Paper (PRSP-II) before the federal cabinet by November 2008 for
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LAHOREPUNJAB Chief Minister Mian Shahbaz Sharif has reprimanded the Health authorities for not completing arrangements, including transfer of
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Karachi Sindh Chief Minister Qaim Ali Shah has decided to establish the Sindh Mass Transit Authority (SMTA) to implement the Karachi Mass Tran
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