HONG KONG: Asian stock markets dropped early Wednesday as U.S. markets plummeted toward last year’’s lows and investors began losing hope that governments can rescue the world’’s economies from slipping deeper into recession.It marked the region’’s third day of declines, and followed a sell-off overnight on Wall Street that sent the major benchmarks to within a hair’’s breadth of their lowest close in more than five years.As President Barack Obama signed America’’s $787 billion measure to revive the world’’s largest economy, investors were still faced with a rash of downbeat news about everything form struggling U.S. carmakers to beleaguered banks and slumping business activity. Amid the growing evidence of decay, investors are still waiting for more specifics from policy makers on plans to turn around a flagging world economy.
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SINGAPORE: U.S. oil prices were little changed at $35 a barrel on Wednesday after falling nearly 7 percent a day earlier on fresh concerns over the economy and sliding oil demand, which has caused inventories to bloat.Global markets were roiled by fear that Eastern Europe’’s battered economies would drag down Western banks, while oil traders braced for an eighth consecutive rise in weekly U.S. crude oil stock data.U.S. crude for March delivery, which expires on Friday, gained 8 cents to $35.01 a barrel at 0208 GMT, while London Brent crude for April delivery fell 34 cents to $40.69 a barrel.With the expiry of the March contract just days away, the April contract has fallen even faster than the front-month, narrowing the gap to around $3.50 on Wednesday versus nearly $8 last week, suggesting traders believe the swollen stocks in Cushing, Oklahoma, may persist.In Asia on Wednesday, Japan’’s Nikkei stock average N225 fell at one point to a three-month intraday low.The financial crisis has left much of the world in recession and hammered oil consumption, pulling crude prices from record highs above $147 a barrel hit in July.
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Feb. 18 (Bloomberg) — Pakistan Petroleum Ltd. , the nation’s biggest gas producer, said deteriorating security may jeopardize plans to increase output by as much as 30 percent over the next three years to plug a shortage of energy.
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Pakistan’s government says it is implementing Islamic law in the Swat Valley in return for a truce with Taliban militants in the region. U.S. intelligence officials say similar truces have failed and allowed the Taliban to grow in strength.
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LAHORE: The trade activities between Pakistan and India suspended temporarily following the 26/11 attacks on Mumbai have resumed though land route at Wagah border, a custom official said Wednesday.Custon Incharge posted at Wagah Check-post, Muhammad Saeed told Geo news bilateral trade between two nuclear neighbours continue to rise on daily basis.Trucks loaded with potato, onion, tomato and meat are crossing the Wagah border, he said.
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KARACHI: National coach Shahid Ali Khan on Tuesday urged fellow former Olympians to support his bid to revive the glory days of Pakistan hockey.b
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KARACHI: Chief selector Abdul Qadir will announce Pakistan team for the first Test against Sri Lanka on Wednesday (today) after the conclusion of a tw
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RawalpindiInternally Displaced Persons (IDPs) temporarily staying in the city distributed sweets, biscuits and other food items to express the
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NEW DELHI: Mahendra Singh Dhoni faces the toughest challenge of his fairytale-like career to date when he leads India in New Zealand from this month,
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Pakistan News
DENVER: President Barack Obama signed a $787 billion economic stimulus package on Tuesday as global markets plunged on fears that governments were doing too little, too late to fight the deepening recession.Declaring it would lay the groundwork for “real and lasting change for generations to come,” Obama signed the bill in Colorado, an electoral battleground state in the 2008 presidential election.Obama has staked his own political viability on the package, a mixture of tax cuts and spending projects, saying its success will determine his own.
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