In Tuesday's South Asia papers

30 September 2008 06:08  [Source: ICIS news]

THE TIMES OF INDIA

Front page

40 killed in temple stampede near Jodhpur
40 people have died and more than 100 others injured in a stampede at Chamunda temple near Jodhpur. Rumours of a bomb at the area led to the stampede.

US bailout rejected; 1.2 trillion lost in six hours
In a vote that shook the government, Wall Street and markets around the world, the House of Representatives defeated a $700bn bailout plan for the US financial system.

Business

Markets close sharply lower; Sensex below 13k
Any optimism that the approval of the India-US nuclear deal by the House of Representatives would have a positive impact was quickly dispelled as the sensex plummeted to an 18-month low of 12,403.

Rupee falls past 47.04 to five-year low
As the crisis in US financial market is now spreading in Europe, dollar is getting stronger against most of the currencies in the world including rupee.

THE ECONOMIC TIMES

Front page

$700bn bailout package fails, Dow slips 777
The Dow Jones industrial average lost 777 points, its biggest single-day fall ever, beating the 684 points it lost on the first day of Sept 9/11.

Crisis-hit US institutions may sell off India assets
AIG, Morgan Stanley, Wachovia and others are planning to liquidate some of the Indian assets in which they had invested their proprietary capital.

THE BANGLADESH TODAY

Front page

Bail of Hasina in Noor Ali’s case rejected
A petition praying for bail of Awami League President Sheikh Hasina in Tk 5 crore extortion case filed by Unique group boss Noor Ali for allegedly taking donation in favour of Bangabandhu Memorial Trust has been rejected.

AL to launch movement to restore democracy after Hasina’s return: Zillur
Acting Awami League (AL) President Zillur Rahman said that AL would launch fresh movement to restore democracy across the country after the return of Party president Sheikh Hasina in mid October.

Business

BTRC allocates spectrum to mobile operators; Unveils future plan
The Bangladesh Telecommunication and Regulatory Commission (BTRC) has allocated new spectrum to three top mobile operators at a meeting between telecom regulator and respective mobile operators on Monday.

Weakening dollar impacts compensation packages of MNCs
Fluctuations in foreign exchange value of global currencies, especially the US dollar, which is weakening against its rivals, following the financial turmoil in the US have severely impacted the compensation packages of overseas employees working with MNCs, a latest survey says.

DAILY MIRROR

Front page

Lankan found guilty of people smuggling
A Sri Lankan man living in upstate New York has been sentenced to time served, about seven months, for smuggling people from Canada into the United States by boat.

Water not poisoned
The police and water board officials said fears by residents in Kandy of pipe-borne water being poisoned last night was created by false rumours and insisted there was no need for panic.

Business

SL on course to achieve MDGs by 2015
Minister of Foreign Affairs, Rohitha Bogollagama said that Sri Lanka is on track to achieve the MDGs by 2015, which has been facilitated by re-structuring the country’s socio-economic fundamentals, in keeping with the aspirations of the people.

DFCC Vardhana Bank MoU with Sri Lanka Posts
DFCC Vardhana Bank (Vardhana), the everyday banking unit of DFCC Bank yesterday signed a Memorandum of Understanding with the Sri Lanka Posts.

DAWN

Front page

Kayani shakes up army command
In a major reshuffle in the army’s top command, Chief of the Army Staff General Ashfaq Parvez Kayani on Monday brought in a new head of the all-powerful Inter-Services Intelligence (ISI), changed four of the nine corps commanders and appointed a new chief of general staff, besides giving key postings to a few others.

Move for food security: wheat support price raised to Rs 950
The federal cabinet decided on Monday to increase the wheat support price from Rs 625 per 40kg to Rs 950 - a rise of Rs 325 - for the next crop.

Business

Credit limit for major crops raised by 70%
Credit limit for major crops has been increased by 70 to 100 % to support farmers against costlier inputs, plagued by the spiraling inflation.

80 firms declare financial results
As dense despondency settled over the Karachi Stock Exchange, where on Monday, only 24 shares changed values with the volume of trade at life-time low of 1.7m shares, corporates queued up to announce their financial results in order to meet the regulatory deadlines.

BUSINESS RECORDER

Front page

Wheat support price raised to Rs 950 per 40kg
The government on Monday fixed wheat support price at Rs 950 per 40-kg, increasing from earlier Rs 625 and made a passionate appeal to the farmers to increase crop yield target by three million tonnes to ensure food security.

SBP enhances indicative credit limits for crops
The Governor, State Bank of Pakistan, Dr Shamshad Akhtar on Monday announced that the SBP has enhanced the indicative per acre credit limits for major & minor crops, orchards and forestry by an average 70%.

Business

Model for broad-based NFC award ready
A model for a broad-based National Finance Commission (NFC) Award meant to raise provinces' share from 47.5 % to 55 % of the resources of divisible pool is ready for consideration of the newly constituted commission.

Food inflation swells to 34%
Inflation is getting bigger and uglier by the minute as the Consumer Price Index (CPI) inflation soared to peak level of 25.3% during August 2008, as compared to 6.5% in the same period last year.

By: Staff Reporter
+44 20 8652 3214

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