SINGAPORE: Oil prices posted their biggest loss in more than two weeks on Friday after a report showing weak U.S. consumer confidence darkened the economic outlook and tanked stocks on Wall Street.

U.S. crude oil futures fell $3.01, or 4.27 percent, to settle at $67.51 a barrel while London Brent crude fell $1.07 to settle at $72.41.

Stocks on Wall Street tumbled on the news as investors worried sluggish consumer activity would prolong the economic recession.

“Crude futures are down, following a slide in the stock market and after the Reuters/University of Michigan survey showed consumer confidence down earlier this month,” said Tom Pawlicki, analyst at MF Global Research in Chicago.

Oil prices remain more than double their winter lows below $33 in December, with most of the support for commodities markets so far this year finding root in economic optimism.

Data on Thursday showed Germany and France had posted second quarter growth, ending their recessions in April-June, which was earlier than expected.

Some of the market’’s attention has also been on the weather in the Atlantic Ocean, which could soon see its first named storm of the hurricane season.

Tropical storms and hurricanes can disrupt operations at offshore platforms and coastal refineries but many forecasts are for a mild hurricane season this year.

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KARACHI: Federal Minister for Information and Broadcasting Kamaruz Zaman Kaira has said the Local Government issue does not merely involve Hyderabad and Karachi cities and this issue must be resolved through four provinces? consensus.

Briefing media here at new Sindh Secretariat over the engagements of president Asif Ali Zardari during his visit to Karachi, Kaira said whatever may be the court?s ruling on former president Pervez Musharraf, it shall be accepted.

The coalition parties will be taken into confidence over all issues before reaching any decision including the matter to repeal local governments, Kaira told reporters when asked about the meeting of MQM delegation with President Zardari on district government system.

Federal Minister ruled out possibility to disseminate information to media in regard to every meeting coalition government hold.

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Force and violence is never a recommended option to solve problems but a civil war is truly tragic. Unfortunately, Pakistan these days finds itself in

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SHEIKHUPURA: Prime Minister Syed Yusuf Raza Gilani has said that government is continuously monitoring the demand and supply situation of power and is taking all possible steps to meet the demand for maintaining the momentum of growth and development.

Speaking after inaugurating 225 MW Atlas Power Plant at Sheikhupura road here on Saturday, he said, ?While new avenues in all other development sectors are being opened, our main priority right now is power generation, which is the main mover of economy, and without which the development of other sectors is not possible.?

Chief Minsiter Punjab Shahbaz Sharif, Federal Minsiter for Water and Power Raja Pervez Ashraf and Senior Minsiter Punjab Raja Riaz were also present on the occasion.

He said, ?Our commitment in the matter is reflected by the fact that we have formed a cabinet committee which is responsible for closely monitoring the power situation, besides reviewing the transmission and distribution losses and recommending efficiency improvement plans.?

The committee will also facilitate provision of enhanced supply of oil and gas to the power plants. The circular debt issue has almost been resolved.

The Prime Minsiter said, ? We are aware of the current power situation in the country where the nation is subjected to long hours of load shedding. Our government has accepted the challenge as total current deficit of electricity in the system stands at around 3,500 MW.?

He said the immediate solution to overcome this deficit is to install rental power plants adding ? Nation will witness that about 3500 MWs would be soon added to the national grid. The CEOs of the new IPPs have assured us timely completion of their projects.?

He said the government is working on a fast track to get the required megawatts, and today?s ceremony is proof of the fulfillment of our promise.

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Pakistan News

Aug. 15 (Bloomberg) — Pakistan cut interest rates for the second time this year as a war against Taliban insurgents threatens an already “anaemic” economy.

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PESHAWAR: The process of repatriation continues as 368 more families returned to Swat, Buner, Lower Dir and Shangla.

According to Emergency Response Unit (ERU), 163 families including 54 from Jalala Camp returned to Shamozai area of Swat on government-arranged transport. 85 families returned to Buner, 117 to Lower Dir and 3 to Shangla.

ERU said 223,683 families had gone back to their respective areas in Malakand division during July 13 to August 15.

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Karachi

City Nazim Syed Mustafa Kamal has said that the Muttahida Qaumi Movement (MQM) had extended unconditional support to the present local

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SOCHI: German Chancellor Angela Merkel said on Friday she had a clear preference for Magna?s Russian-backed bid to buy control in General Motors? stru

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ISLAMABAD: A delegation of MQM led by Governor Sindh Ishratul Ibad Khan called on President Asif Ali Zardari in Bilawal House in Karachi on Saturday.

Besides the Sindh governor the MQM delegation included Babar Khan Ghauri Federal Minister for Ports and Shipping, Mustafa Kamal City District Nazim and Provincial Ministers including Adil Siddiqui, Dr Saghir Ahmad and Haroon Ahmad.

Information Minister Qamar Zaman Kaira, Interior Minister Rehman Malik, Minister of State for Information Samsam Ali Bokhari, Secretary General Salman Faruqi and Sindh Minister Plenipotentiary Jameel Soomro also attended the meeting.

General political situation with particular reference to Sindh and issues relating to the coalition were discussed in the meeting.

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ISLAMABAD: The twin cities, federal capital Islamabad and Rawalpindi have been receiving heavy rainfalls for last some hours while many areas in two cities have been flooded with stagnant water.

The downpours started to fall late on Saturday night and got intensified in no time, sources said adding that the traffic on many Sahrah of Rawalpindi has been clogged adversely while the torrential rain are still falling at as late as 1:30am on Sunday.

Many domestic and international flights of PIA and other private international airlines have been delayed due to relentless showers, sources claimed.

According to met office, the rain in torrents will continue unabated for as late as Sunday afternoon while this recent wave of showers will remain so for some couple of days to come.

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