Brent jumps to 6-month high on Europe cold snap

NEW YORK (Reuters) - Brent oil rose for a fifth straight session on Monday to settle at a six-month high as cold weather in Europe boosted heating fuel demand and pushed the crude's premium to U.S. oil to the highest since November. European gasoil led gains across the oil complex, rising more than 3.5 percent as bitter weather killed another 33 people in Europe. Italy announced it would allow electricity providers to fire up oil-fueled generators to limit natural gas after six-straight days of reduced supplies from Russia. Additional support for Brent came amid supply concerns from OPEC members Iran and Nigeria. "The cold weather is giving us a lift in the products and that is feeding through to Brent," said Rob Montefusco, a trader...

Read more »

Market Watch: Bourse surges to six-month high

  KSE’s benchmark 100-share index jumps 154 points.  KARACHI: The stock market closed at a six-month high on Monday as investors took activity up a notch on rumours of foreign buying and ease in the circular debt in the next few days. The Karachi Stock Exchange’s (KSE) benchmark 100-share index jumped 1.29 per cent or 154.3 points to end at the 12,136.92 point level. “Term Finance Certificates are expected to be issued in the next few days to resolve the circular debt issue,” said JS Global Capital analyst Shakir Padela. A healthy intra-day upward correction was also witnessed after reports surfaced that Supreme Court suspended membership of a few senators and parliamentarians including Finance Minster...

Read more »

How the major stock indexes fared on Monday

Stock indexes closed slightly lower Monday as talks dragged on between Greek political leaders over a package of spending cuts and other measures required for the country to get more bailout loans. President Nicolas Sarkozy of France and German Chancellor Angela Merkel warned Greek leaders that they need to push through another package of cost-cutting measures or risk letting the country go bankrupt. The Dow Jones industrial average fell 17.10 points, or 0.1 percent, to close at 12,845.13. The Standard & Poor's 500 index slipped 0.57 of a point to 1,344.33. The Nasdaq composite fell 3.67, or 0.1 percent, to 2,901.99. For the year so far: The Dow is up 627.57 points, or 5.1 percent. The S&P 500 is up 86.73 points, or 6.9 percent. The Nasdaq...

Read more »

Deeper Iran sanctions; US targets its central bank

  FILE- In this April, 9, 2007, file photo Iranian President Mahmoud Ahmadinejad, speaks at a ceremony in Iran's nuclear enrichment facility in Natanz, 300 kms 186 (miles) south of capital Tehran, Iran. For the first time in nearly two decades of escalating tensions over the Iranian nuclear program, it appears that world leaders are genuinely concerned that an Israeli military attack on the Islamic Republic could be imminent, an action that many fear might trigger war, terrorism and global economic havoc. Photo: Hasan Sarbakhshian / AP WASHINGTON (AP) — Targeting Iran's economy, the U.S. ordered tough new penalties Monday to further pinch the country's financial system and...

Read more »

Canadian ambassador to remain in Syria

OTTAWA - Canada will not shut its embassy in Syria, officials say, after the United States evacuated all diplomatic staff and closed its embassy in the country on Monday. A spokesman for Foreign Minister John Baird said that Canada is not considering following the U.S. lead. ``The U.S. as a sovereign nation makes decisions based on its situation,'' wrote Rick Roth in an email. ``We make decisions based on ours.'' Roth said Canada's ambassador to Syria - retired vice-admiral Glenn Davidson - will remain in Damascus to voice Canada's displeasure at the ongoing government crackdown in the country. ``Canada has extremely strong views about the abhorrent actions of the current regime,'' he wrote. ``And our ambassador continues to deliver those messages at the highest levels.'' ``We have...

Read more »

Sharapova sets sights on London Olympics

PARIS: Maria Sharapova is making the London Olympics one of her top priorities this year after missing the Beijing Games with an injury. The third-ranked Russian has already won three Grand Slams but has never competed at the Olympics. Sharapova said on Monday that "representing my country will be a huge honor," and is something she has wanted to do "since I was a young kid." Sharapova missed the 2008 Beijing Olympics because of a shoulder injury. Sharapova reached the final of the Australian Open last month and said she hopes that will be a springboard for winning another Grand Slam title this year. She is competing in the Open GDF Suez for the first time this week....

Read more »