Israel insists UN flotilla probe will not question soldiers

JERUSALEM: Israel will pull out of a UN probe into a deadly May 31 raid on a Gaza-bound flotilla if the panel insists of grilling its soldiers, a spokesman for Prime Minister Benjamin Netanyahu said Tuesday.

“The prime minister said Israel would not cooperate with any commission that would ask to question soldiers,” Nir Hefetz told military radio.

“Before Israel gave the green light to its participation in the panel we had discreet negotiations in order to ensure that this commission would not harm the vital interests of Israel,” he added.

The remarks came after UN chief Ban Ki-moon denied he had struck an agreement with Israel that would bar the UN panel from interviewing Israeli military personal about the bloody commando raid on the activist aid fleet.

“There was no such agreement behind the scene,” Ban told a press conference in New York on Monday in a response to a question as to whether he had reached an understanding with Israel on the matter.

Israeli Deputy Foreign Minister Danny Ayalon said earlier this month that investigators would have access to an Israeli military examination of the incident but would not be allowed to question the commandos, whom he claimed acted in a “very professional, very measured” manner and “prevented a real fiasco.”

Oil edges up in Asia

SINGAPORE: Oil edged up in Asian trade Tuesday as the European single currency recovered, spurring investor demand for crude futures, analysts said.

New York”s main futures contract, light sweet crude for delivery in July gained nine cents to 71.53 dollars a barrel while Brent North Sea crude for July delivery was up three cents to 72.15 dollars.

The euro changed hands at 1.1960 dollars in Tokyo morning trade, up from 1.1919 in New York on Monday. Against the yen, it fetched 109.32 against 109.00 in New York.

Oil settles below $85

NEW YORK: Oil prices fell for a fourth day on Monday despite a weak dollar and upbeat reports on Greece rescue and company takeovers.

Market sentiment was boosted on Monday as euro zone nations” agreement on a 30-billion-euro package to Greece eased investors” concerns over the debt crisis. The above report also pushed euro higher, and the dollar weakened against a basket of currencies.

However, energy commodities, which are priced in the dollar, didn”t follow the usual inverse correlation with the currency. Crude futures dropped to as low as 84.08 U.S. dollars a barrel in New York trading.

Analysts believed that the strong rally between end of March and early April, which sent oil prices to 86.84 dollars from 80 dollars, has no fundamental support and the still-weak demand does not justify a 85-dollar oil.

According to latest government data, U.S. commercial crude inventory has been rising for ten consecutive weeks.

Light, sweet crude for May delivery fell 58 cents to settle at 84.34 dollars a barrel on the New York Mercantile Exchange.

In London, Brent crude for May delivery fell 5 cents to 84.78 dollars a barrel on the ICE Futures Exchange.

Asian stock markets fall after muted US session

TOKYO: Most Asian stock markets declined Tuesday after a directionless day on Wall Street as investors awaited earnings from some of the region”s biggest companies.

Japan”s Nikkei 225 stock average fell 0.4 percent to 11,119.5 as investors took profits after a big jump Monday. Sentiment was also cautious ahead of earnings reports from big Japanese companies over the next few weeks.

Due out Tuesday are financial results from Sharp Corp., mobile carrier Softbank Corp. and automaker Mitsubishi Motors Corp.

Hong Kong”s Hang Seng index lost 1.2 percent to 21,302.31. South Korea’s Kospi slipped 0.2 percent to 1,748.54 despite data showing that the country”s economic growth accelerated sharply in the first quarter of 2010. Gross domestic product expanded 1.8 percent in the January-March period from the fourth quarter last year.

Benchmarks in mainland China, Taiwan and Singapore also declined.

Australian shares bucked the trend, with the SP/ASX 200 edging up less than 0.1 percent to 4,883.30 on gains in mining shares. Rio Tinto Ltd. rose 0.2 percent, and rival BHP Billiton Ltd. added 0.3percent.

In New York on Monday, shares eked out a tiny gain after strong earnings reports overshadowed questions about financial regulation. The Dow Jones industrial average rose 0.75 point, or less than 0.1percent, to 11,205.03.

Investors also got some reassurance about Greece”s debt problems. The Greek government on Friday said it wanted to tap a rescue package from 15 European countries and the International Monetary Fund.

Oil prices fell in Asia with benchmark crude for June delivery down 58 cents at $83.62 a barrel in electronic trading on the New York Mercantile Exchange.

In currencies, the dollar slipped to 93.82 yen from 93.98 yen late Monday. The euro was trading at $1.3375 from $1.3394.

Oil dips in Asian trade, stays around 86 dollars

SINGAPORE: Oil prices dipped in Asian trade Tuesday after surging near 87 dollars on demand optimism, analysts said.

New York”s main contract light sweet crude for May delivery eased 20 cents to 86.42 dollars a barrel.

Brent North Sea crude for May was down 27 cents to 85.61 dollars.

“Oil prices have softened a little bit but it”s still at extremely high levels,” said David Moore, a commodity strategist with the Commonwealth Bank of Australia in Sydney.

“Fundamentally, we still have very strong price gains over the last couple of days and we are seeing the market take a breather after a very strong run higher.”

Oil prices surged Monday on a swathe of positive economic data that pointed to a building US economic recovery from the worst recession in a generation.

Stronger-than-expected housing and service-sector data followed improving employment figures published on Friday, pushing up expectations of higher energy demand.

The US Labor Department on Friday said 162,000 jobs were created in March, the highest figure in three years.

On Monday the Institute of Supply Management said its non-manufacturing index rose to 55.4 percent in March, its third consecutive month of growth. Most analysts had expected the so-called purchasing managers index would register 54 percent.

There was also good news on the troubled US housing sector, the epicentre of the financial crisis that drove the global economy into the worst recession in decades.

Pending home sales surged 8.2 percent in February, the National Association of Realtors said.

Monday”s rally followed gains made last week as investors bet on better demand prospects amid signs of a strengthening economic recovery, analysts said.

KSE100-index touches 19-month highs

KARACHI: Karachi Stock Exchange (KSE) surged to 19-month highs, as the trading opened today on active bullish note, Geo News reported Tuesday.

The KSE benchmark 100-index gained over 50 points, which pushed up the index beyond 10500-point mark. The rigorous activity took the index to the highest point in 19 months.

The 100-index is present at 10507 up 59 points.

Asian stock markets mixed as US economy recovers

SINGAPORE: Asian stock markets were mixed Tuesday as traders mulled whether a recovering U.S. economy would allow the region to continue to expand at a breakneck pace.

Australia”s benchmark SP/ASX 200 index led gainers jumping 0.8 percent to 4,946.50 while Malaysia and Singapore each rose 0.2 percent.

Japan”s benchmark Nikkei 225 stock average fell 1.0 percent while China, South Korea, Indonesia and India were little changed.

Markets in Hong Kong and Thailand were closed for holidays.

In New York on Monday, the Dow Jones industrial average gained 46.48, or 0.4 percent, to 10,973.55 as reports showed strong improvements in demand at services businesses and in the housing market.

“The rest of the world is recovering and that adds some gas to Asia”s fire, both in terms of fundamental demand and improving confidence,” Singapore”s DBS bank said in a report.

“The upward surge in industrial output in the region that has been under way for more than a year now shows absolutely no sign of letting up.”

“Things really do have to slow down soon. A turn has to come, it just hasn”t come yet,” the report said.

Asian gross domestic product grew more than 10 percent annualized in each of the last three quarters of 2009, DBS said. Countries will begin announcing preliminary GDP results for the first quarter later this month.

In currencies, the dollar slipped to 93.98 yen on Tuesday from 94.34 on Monday. The euro fell to $1.3431 from $1.3482.

Benchmark crude for May delivery were down 24 cents to $86.38 a barrel.

Wyclef Jean Breaks Into Tears Over Haiti’s Situation

TrendPK.com Wyclef Jean Breaks Into Tears Over Haiti’s Situation:NEW YORK: Wyclef Jean was very upset for the Situation of Haiti. He made an emotional plea in New York on Monday, calling on the international community to enable the evacuation of his homeland’s earthquake-ravaged capital.
Tears streamed down his face as he looked into [...]