Economy

12 arrested over theft of smartphones

KUALA LUMPUR: Malaysian police have arrested 12 people over the theft of 1,400 Samsung Galaxy Note II smartphones a day after the device's much-anticipated launch in the country, a police official said Tuesday. The smartphones, worth 3.23 million rin...

Oil extends losses in Asia

SINGAPORE: Oil extended losses in Asian trade on Tuesday as mega-storm Sandy tore through the eastern coast of the United States and forced the shutdown of refineries, roads and airports. The storm swept a wall of churning sea water and driving rain ...

Sandy threatens $20b in economic damage

WASHINGTON: Hurricane Sandy may cause as much as $20 billion in economic damage and losses as the biggest Atlantic storm made landfall, flooding homes and offices, after disrupting millions of fliers and forcing stores to close. Insured losses may re...

Arms deals scandal: Sarkozy aide charged

PARIS: An aide of French former president Nicolas Sarkozy was on Monday charged in an illegal political funding scandal known as the "Karachi Affair", a complex probe into alleged kickbacks on arms deals. Nicolas Bazire, the current number two of lux...

Google unveils large tablet computer

NEW YORK: Google on Monday unveiled a large-format tablet computer to compete against the original iPad as part of a revamped line of its Nexus devices, and touted a new music service for Europe. Google said on its blog that its Nexus 10, a rival to ...

Microsoft unveils new Windows Phone 8

SAN FRANCISCO: Microsoft on Monday set out to win over iPhone and Android gadget devotees with Windows 8 smartphones, new devices that emphasize individualism and unify digital lives in the Internet cloud. The global rollout of Windows 8 phones, set ...

Dollar firm ahead of BoJ announcement

TOKYO: The dollar held firm against the yen in Asian trade on Tuesday as the market awaited policy announcements by the Bank of Japan (BoJ) amid high hopes for easing measures. The dollar was at 79.88 yen in Tokyo morning trade against 79.80 yen in N...

No slash in fares despite CNG price cut

FAISALABAD: The Supreme Court’s Eid gift to the general public has been stolen by the transporters, as the transport fares could not be reduced despite SC decision and OGRA in compliance allowed a massive cut in CNG prices, media reported. As if this...

Crude down in Asia

SINGAPORE: Oil prices fell in Asia Monday as US refineries cut crude production in anticipation of a plunge in energy demand ahead of the Hurricane Sandy megastorm, analysts said. New York's main contract, light sweet crude for delivery in December s...

Extreme Weather Hits the Poor First – and Hardest

PANSALGOLLA, Sri Lanka: The old adage ‘nature is the great equalizer’ no longer holds true in countries like Sri Lanka, where the poor bear the brunt of extreme weather events.Gamhevage Dayananda, a farmer from the remote village of Pansalgolla in Sr...

Britain's £180m annual aid budget to Afghanistan being wasted, MPs warn

Britain's aid spending in Afghanistan is in danger of going to waste as a result of the failures of the Kabul government, MPs have warned. The Department for International Development (Dfid) was told by MPs on the committee scrutinizing aid that it ...

Human trafficking, prostitution thrive in Afghanistan

Thousands of Afghan girls and boys are trafficked into neighboring countries and sold into slavery each year. Though it is taboo, prostitution is alive and thriving - at the cost of those forced to work in it. It is the oldest trade in the world an...

Algae biofuel not sustainable now

WASHINGTON: Biofuels made from algae, promoted by President Barack Obama as a possible way to help wean Americans off foreign oil, cannot be made now on a large scale without using unsustainable amounts of energy, water and fertilizer, the US Nationa...

Flood victims to get Rs40,000 plus seeds

ROJHAN: Punjab Chief Minister Shahbaz Sharif offered Eidul Azha prayer with the flood victims Friday here, media reported. The chief minister announced a grant of Rs40,000 per family besides the seeds free of cost to those affected by floods. Shahbaz...

Italy's Berlusconi sentenced to jail

MILAN: Former Italian Prime Minister Silvio Berlusconi was sentenced to four years in jail on Friday for tax fraud in connection with the purchase of broadcasting rights by his Mediaset television company. The 76-year-old billionaire media magnate, w...

Exclusive: Iran's coal shipping trade booms despite Western heat

Using shadowy middle men, multiple bank accounts and a fleet of ghost ships, Iran's coal trade is quietly booming as the Islamic Republic tries to sidestep Western sanctions and prevent its industrial economy from crashing.Tougher measures imposed by...

Masses yet to benefit from CNG price cut

MULTAN: Ogra cut the CNG prices following the Supreme Courts' verdict, however transport owners in Multan have not yet reduce the transport fares. The transport owners said that the fares would be decreased after the Eid festival. Passengers of Multa...

OGRA orders gas cut to defiant CNG pumps

ISLAMABAD: The government took serious notice of the closure of CNG stations, following a slash in the per kilo price of CNG by Rs30.90, media reported. Advisor petroleum, Dr. Asim Hussain said that keeping CNG stations shut or selling CNG at the pre...

Pig farm first to tap into carbon credits

A New South Wales piggery has become the first in Australia to turn its manure into carbon credits, earning it as much as $150,000 a year.Blantyre Farms, near Young in the state's south-east, spent almost $1 million on a biogas generator that capture...

Lesco teams to redress problems on Eid

LAHORE: Lahore Electric Supply Company (Lesco) has constituted special mobile teams to ensure smooth and uninterrupted flow of power supply during Eid holidays. Superintending Engineer, Salamar Circile Lesco Muhammad Nasim told APP here Thursday that...

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