latest world business news

KARACHI- Pakistan has ordered the evacuation of a southern town after the swollen Indus river broke its banks, nearly a month after devastating floods first struck, an official said on Friday. Floodwaters are beginning to recede across most of the country as the water flows down the Indus, but because of high tides in the Arabian Sea, they still pose a threat to towns such as Thatta, 70 km (45 miles) east of Karachi, in the river delta. The floods have killed almost 1,600 people, forced about six million from their homes and raised the danger of epidemics with the lack of fresh food and clean water. "There was another breach last night which is very close to Thatta and the evacuation has been ordered for the whole city," Riaz Ahmed Soomro, relief commissioner in the southern province of Sindh, told Reuters. Many people from outlying areas had taken refuge in Thatta, which normally has a population of about 300,000, and now had to move again, he said. There is no threat to the...

Peoples in Pakistan under threat of life for natural calamity began in late July ISLAMABAD- Parts of northwest Pakistan inundated by the worst floods in 80 years face life-threatening food shortages, a United Nations aid agency said recently. That scenario would create a new crisis for politically-fragile President Asif Ali Zardari, in a country where civilian governments have a poor history of managing crises, leaving the powerful military to step in. World Food Programme (WFP) spokesman Amjad Jameel said the organisations' workers were urgently trying to reach flood areas in the northwest cut off from food supplies, which a U.N. aid agency said devastated the lives of over 3 million people. Before the floods hit, a million people were already forced from their homes in the Pakistani northwest because of fighting between the army and Taliban militants. If the floods deepen the problem, it could set back government efforts to get the people back home in a bid to help stabilise nucl...

Devastating floods hit Pakistan: peoples lost lives & in shortage of foods & safe water Life in Pakistan is under threat now for natural disaster

U.S. natural gas storage levels on average are expected to rise by 31 billion cubic feet when weekly data from the U.S. Energy Information Administration are released today. In the weekly Reuters survey of 31 industry traders and analysts, injection estimates for the week ended Aug. 13 ranged from 23 to 41 bcf. Stocks rose an adjusted 54 bcf for the same week last year, while the five-year average gain for that week is 50 bcf.The median build in the survey was also 31 bcf. Besides, Natural gas moved lower despite a U.S. government report that showed a smaller-than-expected build in natural gas inventories last week. The U.S. Energy Information Administration reported that natural gas inventories increased by 27 billion cubic feet, which fell short of the consensus estimate for a build of 32 billion cubic feet. Natural Gas yesterday we have seen that market has moved -0.76%. Market has opened at 197.8 & made a low of 193.6 versus the day high of 204.1. The total volu...

Transocean, the company that owned the rig behind the Gulf of Mexico disaster, has accused oil giant BP of hiding key data needed for a probe in a recently published strongly worded letter. Transocean accused BP of trying to stop any other entity from probing the April 20 explosion of the Deepwater Horizon rig, leased by BP, which killed 11 workers and unleashed the worst oil spill in history. BP quickly denounced the letter, which was sent to three members of President Barack Obama's cabinet and leading members of Congress, calling it a "publicity stunt" to deflect Transocean's responsibility. Transocean said BP had stopped even acknowledging requests for documents that "only BP has and that are critical to an honest assessment of the incident and the identification of possible improvements for the entire industry." "BP has continued to demonstrate its unwillingness, if not outright refusal, to deliver even the most basic information to Transocean,...

Oil prices wallowed below $75 a barrel Friday in Asia as a spate of weak figures on the U.S. economy added to expectations that demand for crude will weaken. Benchmark crude for October delivery edged up 2 cents to $74.45 a barrel at midday Kuala Lumpur time in electronic trading on the New York Mercantile Exchange. The contract fell 99 cents to settle at $74.43 on Thursday. Crude prices have retreated nearly 8 percent in the past two weeks amid evidence of slowing economic growth. Prices rebounded Tuesday but the rally was short-lived after a U.S. report showed crude inventories fell less than expected last week as demand remained sluggish. Adding to the gloom, the U.S. Labor Department said Thursday that jobless benefit claims rose last week while the Federal Reserve of Philadelphia said manufacturing activity in the mid-Atlantic region dropped during August. Fewer jobs mean fewer people filling their tanks to drive to work. Also, fewer vacationers will be on the road after Labor Day...

Toxic chemicals & materials emitted from ship breaking hit the life of human beings in the South Asian Countries like Bangladesh & India seriously. Toxic metals & chemicals are emitted directly in the water without treating those which is very harmful to the environment, sea plants, animals and biodiversity. There should have some policies on the issue of sea pollution, experts observe. Ship breaking means ship demolition which is a type of ship disposal involving the breaking up of ships for scrap recycling, with the hulls being discarded in ship graveyards. Most ships have a lifespan of a few decades before there is so much wear that refitting and repair becomes uneconomical. Ship breaking allows materials from the ship, especially steel, to be reused. Equipment on board the vessel can also be reused. In addition to steel and other useful materials, however, ships (particularly older vessels) can contain many substances that are banned or considered dangerous in developed...