Nikkei at 8-mth top as US data cheers

TOKYO: Japan’s Nikkei climbed to an eight-month high on Thursday after the dollar jumped against the yen following robust US private-sector jobs data, while Resona surged 14 per cent on speculation it would soon launch a planned share sale. Shares of blue-chip exporters rose, with Toyota Motor Corp gaining 2.6 per cent and Hitachi Ltd rising 2 per cent, leading the Nikkei’s advance after the greenback posted its best one-day gain in more than three months against the yen on Wednesday.

Trading volume picked up sharply as more investors tap into riskier assets on hopes of economic recovery. Around 2.4 billion shares changed hands on the Tokyo Stock Exchange’s first section, well above last week’s average of around 1.3 billion. Advancing issues outpaced declining ones by 1,250 to 302.

Read more »

Posted in: cent,focus,Friday,gain,gained,investors,jobs,Nikkei,report,US,US data,yen

Development budget halved

ISLAMABAD: Secretary Finance Dr Farooq Masood has informed the Senate Standing committee for Communication that its development budget of Rs240 billion has been reduced to Rs120 billion because of financial crunch. As per details the Standing Committee presided over by chairman Wali Ahmed Badini was briefed by secretary finance Dr Farooq Masood that due to financial crunch the development funds of the ministries have been slashed.

The committee members have protested against the decision and said they were assured by the PM that there would be no reduction in the development fund of Balochistan.
The committee took notice of the protest and summoned the AGPR in the next session to submit its report. Chairman NHA informed the committee that Rs150 million for Lawari tunnel, and Rs200 million Qalat-Chaman project has been issued.
Chairman planning commission has said that the commission will try its best to release the entire allocated budget for Balochistan but the finance ministry is refusing to release the funds, PM has been informed about the situation in this regard. Committee member Raja Zafar ul Haq has said that AGPR charges 2 per cent commission on the release of all the funds which is wrong. On this the committee summoned AGPR authorities in the next meeting. The committee has asked for the project report for construction of Khusha’al Bridge in the next session of CDWP. Zahid Khan informed that the 1992 project of road construction between Hasan Abdal to Mansehra is still pending and no funds have been released for the project, this will scare off Asian Development Bank as they were suppose to do the funding. -Agencies

Read more »

Posted in: AGPR,budget,construction,crunch,development,Dr Farooq,Farooq,financial,financial crunch,PM,project,report

Taseer received 27 bullets

ISLAMABAD: Punjab Governor Salman Taseer received at least 27 gunshot bullets on his body, according to initial post mortem report.His body was transported to Pakistan Institute of Medical Sciences (PIMS) for detailed post mortem.

Read more »

Posted in: body,Governor,Governor Salman Taseer,Institute,Islamabad,Medical Sciences,Pakistan Institute,PIMS,Punjab,Punjab Governor Salman Taseer,report,Salman Taseer

Cameron may face defeat on EU bill

LONDON: Prime Minister David Cameron could face a parliamentary defeat over Europe but is set to avoid a damaging split in the ruling coalition over a controversial counter-terrorism measure, reports said on Sunday. The Sunday Telegraph said ‘eurosceptics’ among Cameron’s centre-right Conservatives could combine with opposition Labour legislators to inflict an embarrassing first parliamentary defeat on Cameron over his flagship European Union bill.

The proposed law, designed to prevent the transfer of further powers from London to Brussels without a referendum, will be debated in parliament on January 11.
Cameron proposed the so-called “referendum lock” in an attempt to appease eurosceptics in his party angered by his decision to give up his campaign for a referendum on the EU’s Lisbon treaty. But the Sunday Telegraph said his strategy appeared to have backfired.
Some eurosceptic Conservatives feel the measure offers no real safeguards, because ministers would have discretion in many cases over when a referendum was required and their decision could be challenged in the courts.

Read more »

Posted in: Cameron,coalition,defeat,EU,face,Labour,party,report,Sunday Times,suspects,that