DIR: Four policemen were taken hostage by prisoners during search operation at District Jail Temar Garah in Dir on Thursday. According to reports, the police started search operation after receiving information that some persons were carrying mobile phones in the District Jail Temar Garah. However, prisoners started a brawl with police and took four of them hostage. Meanwhile, sources said that police used tear gas shells to disburse the prisoners. In addition, heavy contingents of police have been deployed outside the jail.
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VIENNA: Oil prices slid Wednesday on concerns that a massive bank bailout by the U.S. and Europe won”t keep the global economy from slipping into a severe slowdown.Beyond fears that demand would slow, expectations that the latest snapshot of U.S. crude supplies would show additional builds also weighed on markets.Light, sweet crude for November delivery was down US$2.09 toUS$76.54 a barrel in electronic trading on the New York Mercantile Exchange by afternoon in Europe. The contract fell US$2.56 overnight to settle at US$78.63.“People are worried that the world economy is heading for recession,”” said Gerard Rigby, an energy analyst at Fuel First Consulting in Sydney. “The bailout may save the banks, but companies are still laying off workers and demand is going to suffer.””The latest OPEC report on the state of oil markets reflected the extent of the downturn in developing countries while showing that appetite for crude remained robust elsewhere.While total oil consumption dropped in developing countries by more than 1 million barrels a day as of September over a 12 month period, demand growth from developing countries increased by a daily1.2 million barrels over the same time, said the Organization of Petroleum Exporting Countries.For next year, developed nations are expected to need only400,000 barrels a day more oil than this year, whereas demand from developing countries will increase by an estimated 1.1 million barrels, with most of that growth coming from China, the Middle East and India, said the OPEC report.The U.S. plans to spend as much as US$250 billion this year of aUS$700 billion bailout buying stock in private banks, President George W. Bush said Tuesday. Governments across the globe have pledged more than US$3 trillion to prop up ailing banks in a bid to stabilize a credit crisis that began last year in the U.S. sub-prime mortgage market.Former U.S. Federal Reserve Chairman Paul Volcker said Tuesday the U.S. and Europe face a “considerable recession.””“The banks might be ok, but the rest of the economy needs help as well,”” Rigby said. Such pessimistic voices are strengthening expectations that crude prices still have some way to go before they bottom out. Trader and analyst Stephen Schork suggested that US$50 “is now within the realm of possibilities.””Investors are also watching for signs of slowing U.S. demand in the weekly oil inventories report to be released Thursday from the U.S. Energy Department’’s Energy Information Administration. The petroleum supply report was expected to show that oil stocks rose3.1 million barrels last week, according to the average of analysts” estimates in a survey by energy information provider Platts.
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Pakistan News
KarachiA meeting was held in NAPA, under the chairmanship of its music department head Nafees Ahmed Khan, wherein a discussion was held betwee
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Pakistan News
Karachi A violent protest broke out in Malir Jail on Wednesday and the ensuing clashes between the prisoners of Malir jail and the jail police
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KarachiThe prisoners destroyed the recently-revived Jail Industry which restarted operations last year on March-24. Apart from the one at Mali
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KARACHI: A number of shopkeepers and people related to different businesses protested on Wednesday against the latest increase in power tariff by the
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KARACHI: The Saudi investor-led holding company, which owns majority shares in Karachi Electric Supply Company (KESC), finally announced on Wednesday
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KABUL: The Afghan Taliban could cut its ties with the militant al-Qaeda group it once harboured as part of a peace agreement in Afghanistan, a former
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NEW YORK: World oil prices skidded Wednesday on recession fears that swept markets after massive government interventions to kick-start frozen credit flows in the global financial crisis.New York’’s main contract, light sweet crude for November, slid 4.09 dollars to close at 74.54 dollars. In London, Brent North Sea crude futures plunged below 70 dollars in electronic trading after the market close, dropping below the level for the first time since June 2007. Brent fell as low as 69.97 dollars a barrel, after settling 3.73 dollars lower at 70.80 dollars. The futures contracts had fallen to intraday lows of 74.32 dollars in New York and 70.21 dollars in London, levels last seen in August 2007. “The oil market is caught in the wake of four tsunamis: a global recession, tighter credit, increased refining capacity, and rising non-OPEC supplies — all of which pressure the demand for OPEC crude,” JPMorgan analyst Lawrence Eagles said in a report. “The developments have taken perceived recessionary economic conditions to a state that is far more concrete, and severe,” he said. The Organization of the Petroleum Exporting Countries slashed its estimate of growth in demand this year and shaved its estimate for 2009, citing an “excessive” easing of demand in the United States, the single biggest energy consumer. The organization’’s monthly report noted “bearish” oil price trends and signs of “recession” in the US, Europe and Japan. OPEC member Nigeria’’s oil minister Odein Ajumogobia said his country is concerned about falling oil prices, “Of course we are concerned because we are budgeting based on a benchmark price and we have to obviously try and ensure that we meet our budget. If the price falls below the budget, there will be consequences. Of course it’’s a matter of concern to all oil-producing countries,” he told media. Crude oil prices, which hit record highs above 147 dollars in July, have since slid on demand concerns in a slowing global economy facing the worst financial crisis since the 1930s Great Depression. Ajumogobia declined to say what Nigeria would propose at a special OPEC meeting on November 18. Several OPEC members have called for the meeting to decide on an output cut to shore up falling prices.
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IslamabadPolio eradication and the ongoing national anti-polio round completely overshadowed the Global Handwashing and the Global White Cane
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