Irishman makes "billion-euro home" of shredded notes

DUBLIN: An unemployed Irish artist has built a home from the shredded remains of 1.4 billion euros (1.16 billion pounds), a monument to the “madness” he says has been wrought on Ireland by the single currency, from a spectacular construction boom to a wrenching bust.

Frank Buckley built the apartment in the lobby of a Dublin office building that has lain vacant since its completion four years ago at the peak of an ill-fated construction boom, using bricks of shredded euro notes he borrowed from Ireland’s national mint.

“It’s a reflection of the whole madness that gripped us,” Buckley said of what he calls his “billion-euro home.”

“People were pouring billions into buildings now worth nothing,” he said. “I wanted to create something from nothing.”

A wave of cheap credit flowed into Ireland in the early 2000s after Ireland joined the currency zone fuelling a huge property bubble that transformed the country.

The bubble’s collapse since 2007 plunged Ireland into the deepest recession in the industrialised world, forcing the former “Celtic Tiger” to accept a humiliating bailout from the EU and the IMF.

Buckley was given a 100 percent mortgage at the peak of the boom to buy a 365,000 euro home on the far reaches of Dublin’s commuter belt, despite the fact he had no steady income.

He has separated from his wife who lives in the home, which has since lost at least one-third of its value.

Living in his “billion euro home” since the start of December, Buckley is working on adding a kitchen to the living room and hall.

The walls and floor are covered in euro shreddings and the house is so warm Buckley sleeps without a blanket.

Pictures made from notes and coins decorate the walls, including one of a house, made from Irish 5 pence pieces.

“There are houses in Ireland worth less than that,” Buckley quips.

Buckley said he wants Europe’s politicians to solve the euro zone debt crisis without destroying its currency. But if the currency ultimately fails, he will happily use the euro zone’s defunct notes as fodder for future projects.

“Whatever you say about the euro, it’s a great insulator.” AGENCIES

Islamabad: terror plot foiled – 5 arrested

ISLAMABAD: Police, in the federal capital Islamabad, have claimed foiling a terrorism scheme after having arrested a terrorist and his five associates from a compound, TrendPK reported Saturday.

Meanwhile, a suicide bomber had been taken under arrest before his bid to explode himself in a mosque in Swat Valley could be put into practice.

According to details, a suspected man was rounded up from a restaurant in Islamabad. During investigations, he revealed about the whereabouts of his associates who had been holed up in a compound.

Subsequently, police raided the compartment, arresting his five aides.

They (terrorists) disclosed that Sardar Ali Khatak, working as a clerk in Finance Department, is on leave for two months in Khyber Pakhtunkhwa in order to recruit a suicide bomber to target any big religious rally in Islamabad during the holy month of Ramadan.

Also, police recovered a suicide vest, a hand grenade, a pistol and high value foreign currency from their compound.

In another incident in Swat Valley, local people foiled an attempt of suicide attack on a mosque in tehsil Kabal and killed the bomber.

A security man sustained injuries during the gunbattle. TrendPK

Pakistani stocks up; rupee firms; o/n rates unchanged

KARACHI: Pakistani stocks ended higher on Friday, as investors accumulated energy sector shares following a rise in international oil prices, dealers said.

The Karachi Stock Exchange’s benchmark 100-share index . KSE ended 0.39 percent, or 47.63 points, higher at 12,377.77.

Turnover fell to 102.6 million shares from 111.86 million traded on Thursday.

“The increase in international oil prices helped the KSE-100 index to close 50 points up,” said Samar Iqbal, a dealer at brokers Topline Securities.

Dealers expect a steady market in the coming days, despite the hit to sentiment from the government’s decision to maintain a capital gains tax on individual investments in the budget for the fiscal year 2011/12 (July-June), announced last week.

In the currency market, the rupee PKR= ended at 85.68/71 to the dollar, firmer than the previous day’s close of 85.73/77 because of a lack of import payments.

The rupee hit a record low of 86.50 last month, and dealers said the local unit may face some pressure in the days ahead due to increased demand for dollars for import payments.

In the money market, overnight rates remained at the top level of 13.90 percent, unchanged from previous day’s close amid tight liquidity in the interbank market.

Pakistani stocks end up; rupee firms

KARACHI: Pakistani stocks ended more than one percent higher amid healthy turnover on Tuesday, following foreign buying in the cement sector on hopes of healthy exports, dealers said.

The Karachi Stock Exchange (KSE) benchmark 100-share index ended 1.11 percent, or 128.37 points, higher at 11,711.40.

Volume rose to 110.39 million shares, compared with 78.9 million shares traded on Monday.

“The market rallied based on renewed foreign interest, which gave confidence to local investors to step in as well,” said Asad Iqbal, chief investment officer at Faysal Asset Management Ltd.

Lucky Cement ended 1.67 percent higher at 65.94 rupees and Maple Leaf Cement closed 2.56 percent up at 2.40 rupees.

In the currency market, the rupee firmed against the dollar amid fewer import payments, and dealers said the local unit is expected to be range-bound in the coming days because of higher remittances from overseas Pakistanis.

The rupee closed at 85.25/35 to the dollar, compared with Monday’s close of 85.31/36.

In the money market, overnight rates remained at a high of 13.90 percent amid tight liquidity in the interbank market. Dealers said rates would likely stay high because of the end of the quarter. AGENCIES

EU should not press China on yuan – Chinese PM

BRUSSELS: The European Union should stop pressing China to revalue the yuan as a rapid revaluation could cause turmoil, Chinese Premier Wen Jiabao said on Wednesday.

Wen told an EU-China business forum on the sidelines of a summit with European Union leaders that a sharp appreciation of the currency could lead to social unrest in China, with severe consequences for global stability.

However, he stressed Beijing would implement a reform in the exchange rate regime of its non-convertible currency which would lead to a gradual rise.

“Do not work to pressurise us on the renminbi rate,” the premier said, departing from a prepared speech. “Yes, we are going to proceed with the reforms.”

He noted that a U.S. congressman had predicted social unrest in China if there was a rapid rise in the yuan exchange rate.

“If China saw social and economic

Japan intervenes for 1st time in six years to cap yen

TOKYO: Japan stepped into the currency market on Wednesday for the first time in six years, selling yen to stem a rise that is threatening a fragile economic recovery.

The dollar extended its gains after intermittent yen selling and was up 2 percent on the day and nearly two yen above a 15-year low. But it was unclear whether Prime Minister Naoto Kan’s government had the stomach for a prolonged campaign similar to Japan’s last foray into foreign exchange markets in 2003-2004.

Finance Minister Yoshihiko Noda confirmed the intervention, saying Tokyo was also communicating with authorities overseas but indicating that Japan acted alone.

U.S. officials at the Federal Reserve and the Treasury declined to comment immediately about Tokyo’s action.

Noda would not say whether the authorities were buying dollars in the first intervention since March 2004, but

Stocks flat; rupee weakens; o/n rates up

KARACHI: Pakistani stocks ended flat on Thursday in thin trading as investors awaited the announcement of the August and September monetary policy, due to be unveiled on Friday, dealers said.

The KSE”s benchmark 100-share index, fell 0.09 percent, or 9.01 points, to end at 10,427.28 points.

Volume was 63.35 million shares, compared with 93.86 million shares traded on Wednesday.

“Most investors are cautious right now ahead of the monetary policy,” said Ahfaz Mustafa, managing director at Ismail Iqbal Securities Ltd.

In the currency market, the rupee ended weaker at 85.63/68 to the dollar, compared with Wednesday”s close of 85.55/62 amid higher demand for dollar for import payments.

The rupee fell to a record closing low of 85.75/80 this month amid high dollar demand from importers as well as debt repayments.

In the money market, overnight rates rose to 12.40 percent, compared with Wednesday”s close of 11.50 percent.

Dealers said there were inflows worth 121 billion rupees ($1.41 billion) against outflows of around 125 billion rupees ($1.46 billion).

Indian Currency Symbol Will Be Changed

Indian rupee currency symbol will be changed, at list 3000 designer are participate in Indian rupee currency symbol competition,

Designer D Uday Kumar will be pass her symbol in indian currency, which approved by Union Cabinet, and awarded by 2.5 lakh rupees, D Kumar is post graduate in Indian Institute of Technology(IIT), gave it’s approval to the symbol combines the Roman capital letter ‘R’ with the Devnagri ’Ra’

Information and Broadcasting Minister Ambika Soni said the symbol which is reflects the indian culture and ethos, and after a cabinet meting to the press reporter the symbol will not be printed on indian currency and coins, Currency symbol is easily printed in the electronic and print media. The symbol is adopted in a six month in a country and globally 18 to 24 months,

Oil trades lower in Asia

SINGAPORE: Oil prices eased in Asian trade Tuesday after surging the day before as investors weighed the effects of China”s announcement that it would allow a more flexible yuan currency.

New York”s main futures contract, light sweet crude for delivery in July dipped 42 cents to 77.40 dollars a barrel while London”s Brent North Sea crude for August delivery was off 45 cents at 78.37 dollars.

China”s weekend announcement it would “strengthen the flexibility” of the yuan had sent oil prices sharply higher Monday on expectations of higher demand from Chinese consumers.

Analysts had interpreted the Chinese central bank”s statement as a sign that Beijing was ready to adjust the dollar peg, which has been in place for two years, and allow the currency to rise.

China has effectively pegged the yuan at about 6.8 to the dollar since mid-2008 to prop up exporters during the world financial crisis.

Analysts said Tuesday oil prices retreated on signs that any strengthening of the yuan would be gradual.

Iran central bank head denies euro sale report

TEHRAN: The head of Iran’s central bank is denying the country plans to sell billions in euros as the currency weakens because of Europe’s debt crisis.

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Iran central bank head denies euro sale report

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