Thursday, March 5, 2009

US stock markets dropped to twelve-year lows on Thursday, amidst falling confidence in the financial sector and worries over whether the US automobile manufacturer General Motors will be able to keep operating.

The Dow Jones Industrial Average dropped by 4.08%, or 280.52 points, at the closing bell, reaching a level of 6595.32, a new 12-year low. The Nasdaq Composite lost 54.15 points, or 4%, to 1299.59, while the Standard & Poor’s 500 plunged by 30.27 points, or 4.25%, closing at 682.60.

Every stock in the Dow Jones, other than Wal-Mart, either lost ground or remained even, and all stocks in the S&P 500 index lost ground.

General Motors’ shares lost 15.5% after the auto firm announced that its auditors had “substantial doubt” over whether it would be able to keep operating.

Shares of financial companies were lower by nine percent, with Bank of America losing 11.7% and Citigroup falling by 9.7%.

“What’s most worrisome is that we haven’t hit the crescendo yet,” said Bill Groeneveld, the head trader for vFinance Investments. “Asset-management divisions are getting calls to just liquidate everything, and we haven’t seen the big players come back in at all.”

“This is one of the worst bear markets in the last 100 years; it started out with the credit crisis and the subprime [loans], but it is like a forest fire that has raced across the clearing and ignited other parts: Autos, auto parts, the insurance companies have been hit very hard. The credit crisis is causing an unraveling of industry after industry because the banks don’t lend,” said David Dreman, the chief investment officer of Dreman Value Management.

European markets were also lower today, with the London’s FTSE index losing 3.2% and the DAX index of Germany falling by five percent.

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Sunday, August 16, 2009

Pakistani Prime Minister Yousaf Raza Gillani has launched Pakistan’s first international container train service from Islamabad to Istanbul via the Iranian capital, Tehran, as a trial project of the Economic Cooperation Organization to boost Pakistan’s trade with Turkey and Iran.

The train is carrying 20 containers on its first journey from Islamabad railway station, delivering 14 to Tehran and 6 to Istanbul and will cover 6,500 kilometres in two weeks.

Minister for Railways Ghulam Ahmed Bilour said a successful trial phase of the freight train service would be followed by a passenger train service in an effort to boost tourism in the region.

There are also hopes the route will eventually provide a link to Europe and Central Asia.

Thursday, January 19, 2006

The Delhi High Court expressed its displeasure to the civic authorities on their continued failure to resolve the problem of marauding monkeys in the court premises. The court was in session when the public interest litigation filed by a Supreme Court lawyer was brought to its attention.

The petitioner Mr.Nirmal Chopra argued the case and explained how the simians showed up during work hours and attacked people and snatched food from them. The rhesus monkeys have also been blamed for damaging furniture belonging to the lawyers and courtroom fixtures such as electrical fittings. According to Mr.Chopra India‘s Wildlife Act of 1972 empowers civic authorities to kill or hunt animals when they endanger human life. He said that the lawyers from the Tis Hazari court had requested the state government and the municipality to tackle the situation but no action had resulted.

The lawyer for the civic authority was quoted by the Press Trust of India as saying that catching monkeys was no longer its responsibility. The court was informed that a monkey catcher hired by the municipality had required 72 stitches after being mauled during an operation. After this incident the work had to be halted because other monkey catchers refused to take up the job.

The court gave the civic authority four more weeks to catch the monkeys that are disrupting work at the Tis Hazari courts. “If you cannot perform your statutory duty, then close down your institution” the court is reported to have told the counsel.

Delhi is known to suffer from trouble brought on by monkeys. The animals are reported to invade homes, schools and government offices in the city. Scores of animals have moved in as the city expands into surrounding forests. In an effort to control the problem, the Delhi administration captured about 500 monkeys and took them to the outskirts of the city last year.

Sunday, June 8, 2008

Eight people are dead and two more are missing and presumed dead after an explosion and fire on a cargo ship undergoing repairs at a naval dockyard in Kaliningrad, Russia.

The container ship MV Yenisey was the scene of an explosion while in drydock at about 3:00 p.m. Moscow time (11:00 GMT). Ten people were missing after the explosion. It was confirmed today that the eighth body has been recovered, and the remaining two are thought to be dead as well. Three more were injured.

Captain 1st Rank Igor Dygalo, acting as a navy spokesperson, said “Each family of the victims of the fire on the Yenisey civilian vessel will be paid more than a million rubles.” This makes their compensation roughly equivalent to US$43,000.

Dygolo said that the dockyard, in the closed military town of Baltiysk, near Kaliningrad, had been leased to the Yenisey’s St Petersburg owner, a private company, who were conducting the work themselves. He said an investigation has been launched by the navy led by top admiral Vladimir Vysotsky.

Vysotski himself has indicated that serious safety legislation breaches concerning welding regulations by both the vessel’s owner and the naval dockyard’s bosses. He did not go into details, but RIA Novosti claimed that a source at the dockyard said a gas burner applied to the roof of a fuel tank to heat and therefore loosen its bolts had triggered the disaster.

Today is an official day of mourning for Kaliningrad Region to mark the deaths.