RAWALPINDI: Chaklala Auto Diesel Garrison workshop, near Rahimabad Bridge has caught fire here on early Saturday. Sources said that the vehicles for revamping were standing at the workshop that caught fire; meanwhile the rescue work is underway.Civil Aviation rescue teams have also been called in together with 20 vehicles of fire tenders to bring ablaze under control.Oil depot, Benazir Bhutto Airport and offices of army personnel are located near workshop, sources said adding no reason of fire eruption could be confirmed.
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MOSCOW: Russia would come under crippling financial pressure and may need to raise money externally if oil languishes at an average of $30 a barrel over the next two years, the World Bank predicted Friday.The bleak scenario would mark a rapid unraveling of Russia’’s oil-fueled economic gains over the past eight years, during which time the government has paid down most of its foreign debt and built up a vast stockpile of international reserves.”If oil prices in 2009 and 2010 average $30 a barrel, that would be a nightmare scenario for a global economy,” Zeljko Bogetic, the World Bank’’s chief economist in Russia told investors on Friday. “The pressures on the current account and public finances in Russia would quickly rise to a point where the financing constraint would become so sharp that it’’s possible even to envisage Russia’’s return from a creditor to international organizations to a borrower.”At $50 a barrel, Russia could drain much of its reserve funds and run budgetary deficits, but would not face a “meltdown” scenario, Bogetic said.
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KARACHI: Internet services have been badly affected as the under-sea fiber optic was damaged due to fault.According to PTCL sources, fault has occurred in See Me We optic fiber cable three and four.The sources said that the fiber optic cable in Alexandria, Egypt has been damaged.
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HYDERABAD: Shah Lateef Express, coming from Mirpurkhas to Hyderabad collided with an oil tanker on Friday.As per reports, the train collided with the oil tanker at Narajani Phatak near Tando Jam and according to the initial reports, the movement of trains was suspended after the accident while the oil has spread on the spot and the oil tanker has caught the fire.
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NEW YORK: World oil traded below 34 dollars on Friday, at its lowest levels in more than four years, after OPEC’’s announcement of a record production cut failed to rally prices.New York’’s main futures contract, light sweet crude for delivery in January, traded at 34 dollars a barrel in afternoon trade, off its morning low of 36.00.On Thursday the contract dived 3.84 dollars to 36.22 dollars, its weakest finish since July 2004, on the New York Mercantile Exchange.Brent North Sea crude for February delivery was down by 40 dollars a barrel on Thursday in London.A slowing global economy and resulting fears of weaker energy demand have pulled prices down from record highs of 147 dollars a barrel reached in July.In a bid to shore up prices, ministers of the Organisation of the Petroleum Exporting Countries (OPEC) on Wednesday approved a record output cut of 2.2-million barrels a day, about 7.0 percent of the cartel’’s output quota.Before the latest cuts, OPEC’’s official daily output target was 27.3 million barrels a day.
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LAHORE: Sri Lankan Cricket Board has confirmed on Friday its team would tour Pakistan in the third week of January. Director media Pakistan Cricket Board (PCB) Asif Sohail while talking to Geo News said Sri Lankan Cricket Board chairman Arjuna Ranatunga has made it confirm that Sri Lankan team would tour Pakistan in the third week of January.Asif Sohail said Sri Lanka would play three tests, three one-day matches and a 20twenty match during the tour.PCB spokesman said PCB is finalizing the schedule of Sri Lankan series, which would be announced likely within couple of days.
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LONDON: The price of New York oil sank under 34 dollars per barrel on Friday for the first time for more than four and a half years, as weak global demand overshadowed a record OPEC output cut, traders said.In mid-day trading, New York’’s light sweet crude for delivery in January sank as low as 33.44 dollars a barrel, which was the lowest point since April 2, 2004.
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SINGAPORE: World oil traded above 36 dollars on Friday, at its lowest levels in more than four years, after OPEC’’s announcement of a record production cut failed to rally prices.New York’’s main futures contract, light sweet crude for delivery in January, traded at 36.36 dollars a barrel in afternoon trade, off its morning low of 36.00.On Thursday the contract dived 3.84 dollars to 36.22 dollars, its weakest finish since July 2004, on the New York Mercantile Exchange.Brent North Sea crude for February delivery gained 52 cents to 43.88 dollars a barrel in the afternoon after slumping 2.17 dollars to settle at 43.36 dollars a barrel on Thursday in London.A slowing global economy and resulting fears of weaker energy demand have pulled prices down from record highs of 147 dollars a barrel reached in July.In a bid to shore up prices, ministers of the Organisation of the Petroleum Exporting Countries (OPEC) on Wednesday approved a record output cut of 2.2-million barrels a day, about 7.0 percent of the cartel’’s output quota.Before the latest cuts, OPEC’’s official daily output target was 27.3 million barrels a day.
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LAHORE: Sri Lankan Cricket Board has confirmed on Friday its team would tour Pakistan in the third week of January. Director media Pakistan Cricket Board (PCB) Asif Sohail while talking to Geo News said Sri Lankan Cricket Board chairman Arjuna Ranatunga has made it confirm that Sri Lankan team would tour Pakistan in the third week of January.Asif Sohail said Sri Lanka would play three tests, three one-day matches and a 20twenty match during the tour.PCB spokesman said PCB is finalizing the schedule of Sri Lankan series, which would be announced likely within couple of days.
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KABUL: Pakistani President Asif Ali Zardari on Friday was forced to call off his trip to Afghanistan for talks with his counterpart Hamid Karzai due to bad weather, officials from both sides said.Zardari was unable to leave Pakistan due to the poor weather conditions, the Afghan presidency said in a statement.The Pakistani leader thanked Karzai for inviting him and said he “wishes to visit Afghanistan at an appropriate future time,” the statement said.In Islamabad, a foreign ministry official confirmed the postponement of the trip, without specifying whether a new date had been set.It was to have been Zardari’’s first official visit to Afghanistan. Karzai’’s office said the invitation to Zardari was “still in place”, the statement said.
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