Dollar higher as market awaits Japan PM speech

TOKYO: The dollar rose against the yen in Asia on Wednesday as investors await a speech by Japanese Prime Minister Shinzo Abe on his growth strategy for the economy.

The greenback bought 100.18 yen in Tokyo morning trade from 99.98 yen in New York late Tuesday while the euro also edged up to 130.96 yen from 130.79 yen.

The euro bought $1.3072 against $1.3079 in New York.

Abe is due to deliver a speech later Wednesday that observers hope will provide details on his policy to stoke growth.

"I'm guessing he might give lip service," a senior dealer at a major European bank in Tokyo told Dow Jones Newswires.

Abe's policy of active government spending coupled with the Bank of Japan's aggressive monetary easing has boosted Tokyo stock prices to multi-year highs, but the market has been prone to recent wild swings.

The benchmark Nikkei 225 index on the Tokyo Stock Exchange was down 0.23 percent in mid-morning trade Wednesday.

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Building collapse in US leaves 12 hurt, two trapped

PHILADELPHIA: A four-story building being demolished collapsed Wednesday on the edge of downtown, injuring 12 people and trapping two others, the fire commissioner said.

Rescue crews were trying to extricate the two people who were trapped, city Fire Commissioner Lloyd Ayers said. The dozen people who were injured were taken to hospitals with minor injuries, he said.

The collapse involved a building that once housed a first-floor sandwich shop. It collapsed, sending debris onto a Salvation Army corner thrift store next door. The two are adjacent to an adult bookstore and theater that had been taken down earlier.

Rescuers were using buckets and their bare hands to move bricks and rubble to search for survivors.

Witnesses said they heard a loud rumbling sound immediately before the collapse.

Veronica Haynes was on the fifth floor of an apartment building across the street.

"I was standing there looking out my window, watching the men at work on the building, and the next thing I know I heard something go kaboom," she said. "Then you saw the whole side of the wall fall down ... onto the other building."

Roofers Patrick Glynn and Anthony Soli were working atop a nearby building when they heard what sounded like two loud bangs or explosions. They immediately ran down the scaffolding to look for victims, and helped pull out two women and a man.

Glynn said he had been watching workers take down the building next to the Salvation Army building over the past few weeks, and said he suspected a collapse was inevitable because of the methods the workers were using to tear it down.

"For weeks they've been standing on the edge, knocking bricks off," he said. "You could just see it was ready to go at any time. I knew it was going to happen."

Carlton Williams of the city's Department of Licenses and Inspections said there were no existing violations on the building and the demolition company had proper permits for the work they were doing.

Bernie DiTomo was driving past Salvation Army building in his white pickup truck, on his way to an appointment, when the accident happened.

"The next thing you know, I heard a rumble, and a building and a sign fell on my truck," he said.

He said he lay down in the seat of his cab. It was probably over in about 30 seconds, he said. There was a lot of dirt and dust that he breathed in, but he was able to open the door and get out, unhurt. His truck remained nearby, partially covered in debris, as DiTomo watched recovery efforts from across the street.

High school student Jordan McLaughlan said he saw several people on the ground being given oxygen by rescuers after the collapse.

"It was hard to breathe, there was a lot of dust everywhere," McLaughlan said.

The accident happened at 10:45 a.m. Wednesday on the western edge of downtown, between the city's business district and its main train station. (AP)

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Asian stocks mixed, ECB predicts ''gradual'' eurozone recovery

HONG KONG: Asian stocks were mixed in early trade Monday after conflicting Chinese manufacturing data, and as European central bank chief Mario Draghi predicted a "very gradual recovery" in the eurozone to start later this year.

Tokyo was down 2.17 percent by the break, continuing volatile trading after rising Friday following several sharp drops.

Hong Kong was up 0.27 percent, Shanghai rose 0.24 percent, Seoul was down 0.14 percent and Sydney was flat, edging up 0.09 percent.

The movements came after data released Saturday showed manufacturing activity in China unexpectedly rebounded in May from the previous month.

The purchasing managers' index (PMI) grew to 50.8 in May, from 50.6 the month before, according to the National Bureau of Statistics, pointing to a stabilisation in the world's second largest economy.

However, according to figures from British bank HSBC Monday, manufacturing activity fell to an eight-month low in May. It said the PMI fell to 49.2 in May, down from 50.4 in April.

A reading above 50 indicates expansion while anything below that points to contraction.

Markets were also eyeing a financial conference in Shanghai, where Draghi said the ECB expected a recovery in the debt crisis-hit eurozone to start later in the year.

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CNG stations to remain closed in Sindh for 24 hours

KARACHI: The Compressed Natural Gas (CNG) stations would be closed across Sindh for the next 24 hours as part of Gas Load Management Plan, Geo News reported.

The gas outlets would shut down for business from 8:00 Am Friday till 8:00 AM Saturday.

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Oil prices recover in Asia

SINGAPORE: Oil prices recovered in Asian trade Thursday following a drop triggered by fresh economic data that highlighted global growth concerns, analysts said.

New York's main contract, light sweet crude for delivery in July added eight cents to $93.21 a barrel in the afternoon and Brent North Sea crude for July delivery increased 29 cents to $102.72.

Both contracts closed almost $2 lower on Wednesday after the Organisation for Economic Cooperation and Development, which groups industrial economies, trimmed its forecast for 2013 world economic growth to 3.1 percent from 3.4 percent.

"Prices have ticked up a little bit. What we are seeing is normal trading in a market where everyone is trying to manage their risks," Shailaja Nair, associate editorial director for Asia at energy market information provider Platts, told.

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Cherished ''Start'' button returning to Windows software

SAN FRANCISCO: Microsoft on Thursday unveiled an update to its latest Windows operating system that included a return of a "Start" button that had been missed by longtime users of the computer software.

The tweaked version of the operating system, nicknamed Windows Blue, will be previewed on June 26 and will be a free update for users as Windows 8.1, according to the Redmond, Washington-based technology titan.

"It's Windows 8 even better," Windows program management team corporate vice president Antoine Leblond said in a blog post.

"Windows 8.1 will deliver improvements and enhancements in key areas like personalization, search, the built-in apps, Windows Store experience, and cloud connectivity."

Microsoft returned a well-known Windows logo to the lower left corners of computer screens in what was seen as a resurrection of a banished "Start" button missed by users.

"Not only will Windows 8.1 respond to customer feedback, but it will add new features and functionality that advance the touch experience and mobile computing's potential," Leblond said.

Windows upgrades include Bing-powered searches that expand Internet queries to include searching apps and files on computers along with data stored in Microsoft's online SkyDrive service.

The update comes amid a lukewarm reception for Windows 8, an operating system released last year to help the software giant transition from personal computers to tablets and other mobile devices.

Microsoft's Brandon LeBlanc said a public preview of Windows 8.1 will be available starting on June 26, timed with the Microsoft developer conference in San Francisco.

Microsoft said recently it had sold than 100 million licenses for Windows 8 but that the update was planned after listening to customers.

Some analysts say Microsoft was forced to act because of slow adoption of Windows 8, which made some radical changes to the design of the desktop.

With Windows 8, Microsoft was trying to create a system that could be used on mobile touch screen devices while also serving the users of traditional PCs.

Microsoft launched Windows 8 last October, revamping its flagship system in an effort to make inroads in the fast-growing mobile segment. At the same time, it launched its Surface tablet computer. (AFP)

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Asian markets mostly lower after US data

HONG KONG: Asian markets were mostly lower on Tuesday following a weak set of data out of the United States that added to recent concerns about the global economy.

The losses came despite a positive lead from Wall Street, which saw the downbeat US figures as a counterweight to talk that the Federal Reserve will start reeling in its monetary easing.

Tokyo was 0.35 percent lower by the break, Hong Kong fell 0.26 percent, Sydney was down 0.19 percent, Seoul lost 0.19 percent.

In Shanghai shares fell again, losing 0.30 percent, after HSBC released the results of a survey showing manufacturing activity in the world's number two economy shrank in May.

In Washington the Institute for Supply Management's purchasing managers index (PMI) on US manufacturing slumped into negative territory in May, for the first time since November.

Also, the Commerce Department said construction spending in April rose 0.4 percent, less than half of the increase expected.

The news put pressure on the dollar, which had earlier in the day fallen back below the 100 yen level.

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Asian equity markets jump on US stimulus hopes

Hong Kong: Asian stocks gained Friday, with Tokyo clawing back some ground after plunging in the previous session as tepid US data eased concerns that the Federal Reserve could begin tapering its aggressive stimulus program.

Tokyo climbed 1.64 percent after the Japanese government released a barrage of economic data just before the market opened, including a stronger-than-expected on-month rise of 1.7 percent in April factory output.

The benchmark Nikkei index on Thursday lost 5.15 percent as jittery investors dumped shares on the back of a stronger yen and mounting concerns over global growth.

In other markets, Hong Kong rose 0.39 percent, Seoul gained 0.56 percent while Sydney and Shanghai traded flat.

The Dow Jones Industrial Average added 0.14 percent at 15,324.53 on Thursday as weaker-than-expected economic news fueled hopes the Federal Reserve will continue to keep its foot on the stimulus pedal.

New claims for unemployment insurance benefits unexpectedly rose in the US last week, by 10,000, and pending home sales edged up 0.3 percent in April, when 1.5 percent was forecast.

The US government's revised estimate of first-quarter economic growth came in barely changed at 2.4 percent. Analysts had expected that it would hold unchanged at 2.5 percent.

In currency markets, the dollar firmed to ¥101.01 in early Asian trade from ¥100.74 in New York late Thursday.

The euro bought $1.3040 and ¥131.85 against $1.3043 and ¥131.39.

Oil was down in Asia, with New York's main contract, light sweet crude for delivery in July dropping eight cents to $93.53 a barrel and Brent North Sea crude for July delivery shedding seven cents to $102.12.

Gold was at $1,419.80 at 0220 GMT from $1,399.52 late Thursday. (AFP)

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Karachi Stock Exchange finishes lower on profit booking

KARACHI: The Karachi Stock Exchange (KSE) finished lower on Wednesday, as traders booked profits in an overbought market Geo News reproted.

The benchmark 100-Index closed 0.82 percent, or 182.09 points, lower at 22,092.42 as profit-taking was seen in some large-cap scrips.

The Pakistan Oil and Gas Development Co Ltd fell 3.92 percent at 244 rupees, while D.G. Khan Cement was down 0.97 percent at 80.30 rupees.

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Dollar weakens in Asian trade

TOKYO: The dollar weakened in Asian trade Thursday with few trading cues as firms adjust their month-end forex positions, dealers said, while concerns about global growth hung over markets.

The greenback had dropped below the 101-yen level in early Tokyo trade as the Nikkei 225 plunged more than three percent -- yen trade and the benchmark stock index are closely interlinked as the value of the Japanese currency directly affects the competitiveness of the country's exporters.

But by midday, the dollar crept back to 101.07 yen against 101.13 yen in New York late Wednesday.

"No news are behind the move, just flows," a senior dealer at a major Japanese bank told Dow Jones Newswires.

"The correlation between movements in the Nikkei and the dollar/yen appear to be gradually weakening. I think support at the 100-yen level remains strong."

Japanese firms are major currency sellers and buyers as part of running their overseas operations with euro trade also affected by such deals on Thursday, dealers said.

The European single currency gained to $1.2960 from $1.2942 in US trade, while it strengthened against the Japanese unit to 131.01 yen from 130.87 yen.

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Dollar slips in Asian trade after US rally

TOKYO: The dollar lost ground in early Asian trade on Wednesday after flying on fresh data that showed US consumer confidence and home prices were on the rise.

The figures are the latest evidence that the world's biggest economy could be mounting a recovery, paving the way for the US Federal Reserve to roll back its huge bond-buying programme known as quantitative easing.

Dollar trade has been influenced by differing views over comments from Fed chairman Ben Bernanke last week, although dealers generally viewed the central bank chief as saying the Fed needed to see a few months' more data before it would tighten policy.

In Tokyo morning trade, the dollar bought 102.14 yen, slipping from 102.32 yen in New York late Tuesday.

"The dollar is becoming the main driver of the (dollar/yen) pair and focus will increasingly be on the Fed's stance toward its bond buying and indicators like US jobs data," Kengo Suzuki, forex strategist at Mizuho Securities, told Dow Jones Newswires.

The greenback jumped Tuesday following the release of the S&P/Case-Shiller report on March US housing prices, showing they were up 10.9 percent in over March 2012, the largest year-on-year increase since April 2006.

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Turkey unions join raging protests, launch strike

ISTANBUL: Public workers in Turkey launched a two-day strike Tuesday in support of raging anti-government protests as the United States appealed for restraint in the worst political crisis to confront the 10-year-old Islamic-rooted government.

Overnight, riot police in Istanbul and Ankara fired tear gas and water

cannon at protesters who set cars ablaze, hurled stones and bellowed angry slogans in a fifth day of demonstrations that have now cost the lives of two people.

While US Secretary of State John Kerry voiced concern about excessive

police force, Prime Minister Recep Tayyip Erdogan has remained defiant, lashing out at "extremists" he blames for the worst anti-government unrest since he first took office in 2002.

A second protester was killed in the southern city of Antakya on Monday,

local officials said, after a young man was killed in Istanbul when a car ploughed into a crowd of demonstrators in Turkey's largest city on Sunday.

The violence first erupted after police cracked down on a peaceful rally in Istanbul against plans to build over Gezi Park, a rare green spot adjoining the city's main Taksim Square, but quickly mushroomed into broader protests in dozens of other cities by Turks who accuse the government of pushing conservative Islamic reforms.

The Confederation of Public Workers' Unions (KESK) launched a two-day

strike from Tuesday over alleged heavy-handed police action in almost a week of clashes that rights group say have left hundreds of people wounded.

"The state terror implemented against entirely peaceful protests is

continuing in a way that threatens civilians' life safety," the KESK said in a statement, saying the crackdown showed the Islamic-rooted government's "enmity to democracy".

The confederation counts about 240,000 members and the action will likely affect schools, universities and public offices across Turkey, a predominantly Muslim country of 75 million people sitting at the crossroads of east and west.

While Erdogan has largely dismissed the protests, insisting they did not

represent a "Turkish spring," his ally President Abdullah Gul has been more conciliatory, telling demonstrators that their concerns were being heard.

"The situation (in Turkey) is now calming down... On my return from this

visit, the problems will be solved," Erdogan said at a press conference in Rabat, where he kicked off a tour of north Africa despite the problems at home.

Erdogan, whose Justice and Development Party (AKP) first took power in 2002 and has won two further national votes, has accused "vandals" and opponents including the main opposition Republican People's Party of having a hand in the protests.

Opponents have accused Erdogan of repressing critics, including

journalists, Kurds and the military, and pushing conservative Islamic policies including religious education reforms and a law curbing the sale of alcohol.

Deputy Prime Minister Bulent Arinc also sought to ease the concerns of

protesters, saying Turkey's government "respects and is sensitive towards different lifestyles".

But the violence showed no signs of abating in the early hours of Tuesday, with thousands of protesters gathered on Taksim square, the heart of the demonstrations, as white fumes hung in the air in surrounding streets.

"Tayyip, resign!" they yelled, waving red flags and banners and whistling. AFP reporters saw many demonstrators being carried away by medics.

In Antakya, the local governor's office said Tuesday that a 22-year-old

man, Abdullah Comert, had died after being shot in the head by an unidentified person on Monday but the Anatolia news agency, citing the public prosecutor's office, said an autopsy revealed no gunshot wounds but that he had suffered a blow to the head.

Rights groups and doctors say more than 1,000 people had been wounded in

Istanbul and 700 in Ankara. The government had previously put the figure at 58 civilians and 115 security forces injured, but has not given an updated estimate since Sunday, when it said 1,700 people had been arrested and many since released.

Turkey's Western allies have voiced mounting alarm over the crisis in the country, which for years has been trying to join the European Union.

Kerry said Washington was "deeply concerned about the numbers of people

injured," urging all sides to "avoid any provocations or violence."

"We are concerned by the reports of excessive use of force by police,"

Kerry told reporters. "We obviously hope that there will be a full

investigation of those incidents and full restraint from the police force with respect to those kinds of incidents."

NATO-member Turkey is a key regional ally for the United States, and the

two countries have been working together closely, particularly over the brutal conflict in neighbouring Syria.

Erdogan told protesters they should wait to express their views in

elections next year, when observers expect him to make a run for president. "For me, democracy comes from the ballot box."

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Bangladesh ''miracle survivor'' emerges from hospital

SAVAR: A Bangladeshi seamstress trapped in the rubble for 17 days after the country's garment factory disaster in April emerged from hospital on Thursday to tell reporters she had recovered "physically and mentally".

Reshma, 18, who became a national heroine after the tragedy, which claimed more than 1,100 lives, was in good spirits and looked healthy at a ceremony at the hospital organised to mark her release.

"I feel great now. I am recovered mentally and physically," she told reporters, smiling and dressed in a peacock green dress and head scarf.

"I never thought that I would get my life back again when I was trapped under the rubble," she added.

Major-General Chowdhury Hasan Suhrawardy confirmed that she had been discharged from the military hospital after nearly a month of treatment following her spectacular rescue on May 10.

After declaring that she would never again work in the garment industry, she is set to take up a job at a luxury hotel in the capital Dhaka.

"We're proud to arrange a job for her at our hotel. We're sure this young girl will be exceptional in her new job," Azim Shah, general manager of the Hotel Westin, told reporters at the ceremony.

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North, South Korea agree to official talks

SEOUL: North and South Korea agreed in principle Thursday to hold their first official talks for years, signaling a possible breakthrough in cross-border ties after months of escalated military tensions.

A surprise offer from Pyongyang proposed discussions on a range of commercial and humanitarian issues from reopening a joint industrial complex to resuming cross-border family reunions.

The South replied within hours, with the Unification Ministry saying it viewed the offer "positively" and would announce a date, venue and agenda later.

"We hope that South and North Korea can build trust through this opportunity," the ministry added.

Analysts welcomed the development but some advised caution, saying the precise nature and agenda of the dialogue might create insurmountable sticking points.

"I think this is an attempt by the North to seize the initiative, but it's premature to say whether the offer is likely to lead to a sincere dialogue," said Yang Moo-Jin, a professor at the University of North Korean Studies in Seoul.

Official contacts between Seoul and Pyongyang have been essentially frozen since South Korea accused the North of torpedoing one of its warships in March 2010 with the loss of 46 lives.

April and May this year saw tensions soar to worrying levels as the North, angered by joint South-US military drills and UN sanctions imposed after its nuclear test in February, threatened pre-emptive nuclear strikes.

The situation has calmed in recent weeks, with both sides circling warily around the idea of opening some sort of dialogue.

The North's proposal, carried in a statement from the Committee for the Peaceful Reunification of Korea (CPRK), said the venue and date for talks "can be set to the convenience of the South side".

Initial subjects for discussion would be the Kaesong joint industrial zone, which was closed at the height of the recent tensions, and the resumption of cross-border tours to the North's Mount Kumgang resort, the CPRK said.

Humanitarian issues such as reuniting family members separated after the 1950-53 Korean War could also be discussed.

The CPRK said a positive response would see the North consider rolling back measures it took when relations went into a tailspin in April, including restoring a cross-border hotline.

South Korea had already offered working-level talks on Kaesong and Seoul is likely to be wary of agreeing to a much wider-ranging agenda.

While President Park Geun-Hye has spoken of the need for dialogue, she has made it clear -- with US backing -- that substantive talks would require the North to show commitment to abandoning its nuclear weapons programme.

Pyongyang has repeatedly insisted that its nuclear deterrent is not up for negotiation.

"There could be some trouble in setting the agenda, and it's natural to doubt North Korea's sincerity," said Paik Hak-Soon, an analyst at the Sejong Institute think-tank in Seoul.

"But this a typically strategic change of direction by the North, which puts the ball in the South's court and I think it presents a genuine opportunity," Paik said.

The Kaesong complex, established inside North Korea in 2004, was the most high-profile casualty of the recent tensions.

Born out of the "Sunshine Policy" of inter-Korean reconciliation initiated in the late 1990s by South Korean president Kim Dae-Jung, Kaesong was a crucial hard currency source for the impoverished North, through taxes and revenues and its cut of workers' wages.

Operations at the complex ground to a halt after the North pulled all its 53,000 workers out in early April. The South withdrew its managers and officials soon afterwards.

The Mount Kumgang resort, developed by the South's Hyundai Asan company, opened in 1998 as a symbol of reconciliation. It once earned the North tens of millions of dollars a year.

But Seoul suspended tours by its citizens after a North Korean soldier shot dead a South Korean housewife there in July 2008. In response the North scrapped a deal with Hyundai Asan and seized its properties there.

Hundreds of thousands of family members were separated by the Korean War, and the last temporary reunions, arranged by the two Koreas' Red Cross authorities, took place in 2010.

Nearly 80,000 people in the South alone are on the waiting list for reunions should they be resumed.

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Saudi Prince Fahd al-Saud spends $20m in 3 days at Disneyland

LONDON: A SAUDI prince has spent 15 million euros ($A20.41 million) for three days of fun at Disneyland near Paris to celebrate his degree, the group that runs the theme park says.

Prince Fahd al-Saud booked entire areas of the park between May 22 and 24 for his 60-odd guests. The festivities included tailor-made events involving "rare Disney characters", Euro Disney said.

Special security was put in place for the prince, one of the park's top customers, it added.

The theme park attracted 16 million visitors last year but Euro Disney has not made any profits since it was set up 20 years ago. In the six months to March, the group had a net loss of 89.1 million euros compared with a loss of 11.8 million euros in the same period last year.

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Rally at KSE continues; Index hits new height at 22,080 points

KARACHI: The bull-run continued at the local bourse, as the benchmark KSE 100-share Index set a new record on Monday by closing at an unprecedented level of 22,080 points after gaining 258 points.

The new government’s apparent resolve to bring improvement on the economic front prompted the stock traders to inject more investment into the local equities.

The KSE witnessed a strong volume of 570 million shares of worth Rs11 billion. Not only the major players but the small investors were also seen taking interest in a variety of stocks.

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Asian stocks mixed after upbeat US data

HONG KONG: Asian shares were mixed Wednesday after upbeat US economic data sent Wall Street soaring to a fresh all-time high and pushed the greenback to notch up strong gains against the yen.

Trading remained volatile in Tokyo, with the Nikkei swinging between positive and negative territory before edging up 0.10 percent by noon.

Japanese stocks have made sharp intraday movements since the index plunged 7.3 percent last Thursday as investors rushed to book profits after poor Chinese manufacturing data.

In other markets, Hong Kong was down 0.71 percent, Seoul was up 0.54 percent, Shanghai gained 0.18 percent while Sydney traded flat.

In post-holiday New York trading the Dow Jones Industrial Average closed up 0.69 percent at 15,409.39, a new all-time high on strong gains in US home prices and consumer confidence.

The widely watched S&P/Case-Shiller index of US home prices showed the price of a home in the 20 largest cities rose 10.9 percent in the year to March, the largest year-on-year increase since 2006.

Consumer confidence in the US -- a key barometer of the health of the world's largest economy -- surged to 76.2 in May, up from 69.0 in April, hitting the highest level since February 2008.

Stocks were also boosted by indications of continued monetary policy support, with some market watchers expressing confidence that the US Federal Reserve would maintain its bond-buying program.

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Google coming out with two new Android phones

SAN FRANCISCO: Google revealed Thursday that it has two new sophisticated Android smartphones in the works, one of which will have the unprecedented distinction of being made in the United States.

An HTC One smartphone customized to be "Google's take on Android" will make its US debut on June 26 at a price of $599, the head of Android, Chrome and Google Apps said at an AllThingsD conference in California.

"It's a great device," Google executive Sundar Pichai said during an on-stage interview.

Google Edition handsets by Taiwan-based HTC will be compatible with carriers AT&T and T-Mobile.

Pichai made the disclosure a day after Motorola Mobility head Dennis Woodside said on the same stage that the company's was preparing to release its first smartphone since being bought by Google.

The smartphone would be called Moto X and be made in a facility near Fort Worth, Texas, Woodside said.

"It is the first smartphone that is going to be built in the United States," Woodside said, noting that the plant would employ about 2,000 people by August.

"We think that it is going to allow us to innovate and iterate that much faster."

Components for Motorola smartphones will come from Taiwan, South Korea, the United States and elsewhere with about 70 percent of the assembly done in Texas, Woodside said.

Moto X would set itself apart from other smartphones with advanced use of sensors such as gyroscopes and accelerometers to make devices adapt to the conditions or circumstances in which they are being used, Woodside said.

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Floodwaters peak in Prague, head for Germany

PRAGUE: Floodwaters that have killed at least 10 people across Europe on Tuesday morning peaked in the Czech capital Prague and were heading toward Germany, officials said.

"It's peaking in Prague right now and by the evening the wave will get to Usti and Labem," about 30 kilometres (20 miles) up the Elbe river from the German border, Petr Dvorak, spokesman for the Czech Hydrometeorogical Institute, told AFP.

The floods have deluged Prague's historic centre, shuttering businesses and forcing a chaotic nighttime evacuation of the city's zoo.

The floods have killed seven people so far in the Czech Republic, police said Tuesday. Two people died in Austria and one in Switzerland. Germany has also been hit.

"The last victim (in the Czech Republic) was a lady who was walking her dog in a park on Monday evening and who died under an eroded tree that fell on her," police spokeswoman Pavla Kopecka told AFP.

Fire brigades evacuated 8,340 people as of 0400 GMT on Tuesday, said spokeswoman Nicole Zaoralova.

The heavy rainfall has triggered nightmarish memories of the 2002 floods that killed dozens in the region including 17 in the Czech Republic alone.

Dvorak said the waters would recede in the western part of the Czech Republic on Wednesday.

"There will be heavier rain in the east of the country and some rivers there will rise high, but the extent should be lower than here," he added.

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Dollar under pressure in Asia after mixed data

TOKYO: The dollar was mixed in Asian trading on Monday as it faced pressure from data that showed US consumer spending was down in April although shoppers' confidence climbed.

The greenback gained on the yen as Tokyo's Nikkei 225 stock index pared back some of its early losses. The index is closely linked with the yen as the currency's value affects the profitability of Japanese exporters.

Credit Agricole said dollar strength was likely to continue.

"We expect USD/JPY downside to be increasingly limited and stick to the view that the pair will ultimately resume its uptrend," it said.

In Tokyo morning trade, the dollar bought 100.67 yen, gaining from 100.37 yen in New York late Friday, while the euro was also stronger against the Japanese currency at 130.89 yen from 130.44 yen last week.

Against the dollar, the European single currency was slightly stronger at $1.3004, from $1.2996 in US trading.

On Friday, the US Commerce Department reported that consumer spending dropped by 0.2 percent in April, the first monthly fall since May 2012 and a signal that growth slowed at the beginning of the second quarter.

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Oil turns higher in Asian trade

SINGAPORE: Oil prices rose in Asian trade Thursday, boosted by stronger US demand but caution over a slowing Chinese economy limited gains, analysts said.

New York's main contract, West Texas Intermediate (WTI) light sweet crude for delivery in July, added 30 cents to $94.04 a barrel in the afternoon and Brent North Sea crude for July delivery gained 17 cents to $103.21.

"Prices have bounced up in reaction to a drop in US inventories," Kelly Teoh, market strategist at IG Markets in Singapore, told.

"While the market has been very data-sensitive, the overall tone for commodities still remains soft."

The US Department of Energy on Wednesday said stockpiles in the United States plunged 6.3 million barrels in the week ended May 31, much more than analysts expected, with the average estimate pegged at a 400,000 drop.

A decline in stockpiles supports crude prices as it suggests a pick-up in demand, which traditionally rises during the US summer driving season when Americans take to the roads for their holidays.

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Karachi Stock Exchange scales another peak on foreign buying

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Egypt sentences five foreigners to death for drug trafficking

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Oil down in Asia as OPEC leaves output unchanged

SINGAPORE: Oil prices were lower in Asian trade Monday after OPEC kept its output ceiling unchanged and voiced concerns over weak global economic growth dragging crude demand.

New York's main contract, West Texas Intermediate (WTI) light sweet crude for delivery in July, was down 19 cents to $91.78 a barrel in the morning and Brent North Sea crude for July delivery shed 34 cents to $100.05.

"It is obvious that the OPEC announcement over the weekend has had a negative impact on oil prices," Jason Hughes, head of sales trading in CMC Markets, told.

"The OPEC decision will have a greater downside on Brent than on the WTI in the US because of the supply glut there," he added.

The Organization of Petroleum Exporting Countries (OPEC), which pumps about 35 percent of global oil supplies, on Friday said it would leave the output ceiling at 30 million barrels per day (mbpd), where it has stood since late 2011, despite actual production exceeding the target.

The cartel, comprising nations from Africa, Latin America and the Middle East, is aware that cutting production could raise oil prices and boost their incomes -- but that this could also hurt the fragile global recovery.

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Oil prices down in Asia

SINGAPORE: Oil prices fell in Asian trade Tuesday as data showing weak manufacturing activity in China suggested growth in the world's second largest economy was slowing.

New York's main contract, light sweet crude for delivery in July dropped 34

cents to $93.11 a barrel and Brent North Sea crude for July delivery shed four cents to $102.02.

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POL price revision notified

ISLAMABAD: A notification has been issued with regard to revision of prices of petroleum products in the country.

The notification was issued after ministry of petroleum approved a summary for the revision of the prices.

New price of petrol will be Rs99.77 per litre after increase of Rs2.18, while diesel price was cut by Rs1.46 per litre and its new price will be Rs104.60.

Similarly, kerosene price down by Paisa 38 will be available at Rs93.79, light diesel oil at Rs89.13, up by Paisa 7 per litre.

News prices will be applicable from 12:00 am June 1.

View the original article here

Building collapse in US leaves 12 hurt, two trapped

PHILADELPHIA: A four-story building being demolished collapsed Wednesday on the edge of downtown, injuring 12 people and trapping two others, the fire commissioner said.

Rescue crews were trying to extricate the two people who were trapped, city Fire Commissioner Lloyd Ayers said. The dozen people who were injured were taken to hospitals with minor injuries, he said.

The collapse involved a building that once housed a first-floor sandwich shop. It collapsed, sending debris onto a Salvation Army corner thrift store next door. The two are adjacent to an adult bookstore and theater that had been taken down earlier.

Rescuers were using buckets and their bare hands to move bricks and rubble to search for survivors.

Witnesses said they heard a loud rumbling sound immediately before the collapse.

Veronica Haynes was on the fifth floor of an apartment building across the street.

"I was standing there looking out my window, watching the men at work on the building, and the next thing I know I heard something go kaboom," she said. "Then you saw the whole side of the wall fall down ... onto the other building."

Roofers Patrick Glynn and Anthony Soli were working atop a nearby building when they heard what sounded like two loud bangs or explosions. They immediately ran down the scaffolding to look for victims, and helped pull out two women and a man.

Glynn said he had been watching workers take down the building next to the Salvation Army building over the past few weeks, and said he suspected a collapse was inevitable because of the methods the workers were using to tear it down.

"For weeks they've been standing on the edge, knocking bricks off," he said. "You could just see it was ready to go at any time. I knew it was going to happen."

Carlton Williams of the city's Department of Licenses and Inspections said there were no existing violations on the building and the demolition company had proper permits for the work they were doing.

Bernie DiTomo was driving past Salvation Army building in his white pickup truck, on his way to an appointment, when the accident happened.

"The next thing you know, I heard a rumble, and a building and a sign fell on my truck," he said.

He said he lay down in the seat of his cab. It was probably over in about 30 seconds, he said. There was a lot of dirt and dust that he breathed in, but he was able to open the door and get out, unhurt. His truck remained nearby, partially covered in debris, as DiTomo watched recovery efforts from across the street.

High school student Jordan McLaughlan said he saw several people on the ground being given oxygen by rescuers after the collapse.

"It was hard to breathe, there was a lot of dust everywhere," McLaughlan said.

The accident happened at 10:45 a.m. Wednesday on the western edge of downtown, between the city's business district and its main train station. (AP)

View the original article here

Dollar firms in Asia as stocks rebound

TOKYO: The dollar firmed against the yen in Asia Friday, shrugging off weak US growth figures as a rebound in Tokyo stocks boosted risk sentiment and pulled investors away from the safe-haven yen.

The greenback fetched 101.05 yen in Tokyo morning trade from 100.74 yen in New York late Thursday, while the euro also strengthened to 131.79 yen from 131.39 yen. The European single currency was flat at $1.3042.

"Previously the yen's weakening raised expectations for an improvement in corporate profits and pushed Japanese stocks higher, but these days gains in stocks are leading to a weaker yen," a senior dealer at a major Japanese trust bank told Dow Jones Newswires.

Yen trading and Japanese stocks are closely interlinked as the value of the unit affects the competitiveness of the country's exporters overseas.

Tokyo's benchmark Nikkei 225 index was up about two percent Friday morning on the back of buying on dips after tumbling more than five percent the previous day to a five-week low.

View the original article here

Oil prices up in Asian trade

SINGAPORE: Oil prices rose in Asia on Wednesday, with dealers buying cheaper crude ahead of key economic releases from the United States, analysts said.

New York's main contract, West Texas Intermediate (WTI) light sweet crude

for delivery in July added 43 cents to $93.74 a barrel and Brent North Sea

crude for July increased 13 cents to $103.37.

View the original article here

Petrol price hiked by Rs2.18/litre

ISLAMABAD: The prices of petrol will go up effective June 1 by Rs2.18, while diesel will be cheaper by Rs1.46, as the ministry of petroleum has already approved summary for the revision of prices of petroleum products, Geo News reported Friday.

Sources said that after revision in petroleum products’ prices, petrol effective June 1 will be available at Rs99.77 per litre, up by Rs2.18, while diesel price down by Rs1.46 will be selling at Rs104.60.

Similarly, kerosene price down by Paisa 38 will be available at Rs93.79, light diesel oil at Rs89.13, up by Paisa 7 per litre.

Official notification in this regard would be issued sometime tonight, sources said.

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Sandbags and raw nerves as flood peak hits Germany

BITTERFELD: Germany pushed on with frantic efforts to secure saturated river dykes with sandbags Thursday, bracing for a surge of the worst floods in over a decade that have claimed 12 lives and forced mass evacuations across central Europe.

Vast stretches along the Elbe river basin have turned into a sea of brown water in the Czech Republic and downstream in eastern Germany, with only red-tiled roofs sticking out of the muddy water in many abandoned villages and towns.

The picture of devastation was similar along the mighty Danube, which has jumped its banks in Germany's southern Bavaria state and Austria and sparked large-scale disaster preparations in Hungary, where the water was expected to peak in coming days.

In northeast Germany, thousands of volunteers, many organized through social media, firefighters, aid workers and troops have filled millions of sandbags to hold back the torrent, which has risen from two to above eight meters (six to above 26 feet).

Thousands worked through the night or kept a nervous watch on flood barriers while recalling dark memories of the 2002 floods that killed scores across central Europe and caused a clean-up bill running to billions of euros (dollars).

Fears were centered on Bitterfeld in Saxony-Anhalt state where two lakes, one higher than the other, loom dangerously close to a city that during the communist East Germany era became notorious as a heavily polluted industrial centre.

Local officials have warned that a breach in the lake defences could spark a "mini-tsunami" that could engulf the city, and officials have twice attempted to blowholes in the lake dyke away from the city, with limited success.

Chancellor Angela Merkel has promised 100 million euros ($130 million) in immediate flood relief across Germany, and Finance Minister Wolfgang Schaeuble promised on Thursday that more money would follow.

Dresden, with more than two million people, said the peak of 8.75 metres was reached on Thursday, with floodwaters lapping through the mud-caked living

rooms and trashed gardens of thousands of outlying homes.

However, flood barriers installed secured the old inner city --dubbed the “Jewel Box” for its baroque and rococo churches, opera and buildings

after the even higher 2002 flood.

People also breathed a cautious sigh of relief as water levels eased in Halle, where Elbe tributary the Saale had reached its highest level in 400 years the day before and authorities have urged 30,000 people to flee.

Upstream in the Czech Republic -- where five days of flooding killed at least eight people and forced some 20,000 evacuations -- rescue workers in rubber dinghies were supplying isolated families who lack drinking water, power or gas.

In the industrial centre of Usti nad Labem near the German border, where 11,000 people were told to evacuate, looters targeted empty homes and businesses, and a waiter at a pub-restaurant told how he came face to face with three robbers at night.

"I entered the corridor and got a blow. They broke my nose, my side is sore and there's something wrong with my ribs," Ladislav Kratochvil told the DNES daily.

The capital Prague held up well thanks to 17 kilometres of temporary aluminum barriers, and city trains were running again, but people in Usti bemoaned their poorer flood defences.

"It's a shame. If they were a meter higher, it would have been enough," a police officer told the DNES. "It went fast, the water rose really quickly."

In Austria, where two people have died in the floods, the Danube town of Korneuburg just north of Vienna reported an all-time record river level of 8.06 meters.

In nearby Nussdorf a river cruise ship with some 120 tourists onboard was stranded in the middle of the river Thursday, an AFP photographer witnessed.

Down the Danube in Hungary, preparations moved into high gear to prepare Budapest for the wall of water coming along one of Europe's longest waterways that empties into the Black Sea in a delta in Romania and Ukraine.

Prime Minister Viktor Orban has warned large-scale evacuations were likely because of "a real threat to human life" but has pledged that "with good cooperation, we can protect everyone".

An "anti-catastrophe team" with 10,000 volunteers and close to 12,000 police and troops was on stand-by, while some 300 people had been evacuated so far. (AFP)

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Strong bulls push KSE 100-share Index to another new height

KARACHI: Bull-run continued at the Karachi Stock Exchange (KSE) on Thursday as further investment mainly in lowest scrips added 150 more points to the benchmark KSE 100-share Index, pushing it further up to hit a new record at 21,591.

The local equities market remained upbeat for the fourth consecutive day today, as the major Index soared to a new height, unprecedented in the capital market history of Pakistan.

The trade volume was registered at 640 million shares, first time in seven years.

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Oil up in Asian trade

SINGAPORE: Oil was up in Asia on Friday, with dealers buying up the commodity after a drop in prices over the past few days, analysts said.

New York's main contract, light sweet crude for delivery in July increased two cents to $93.63 a barrel and Brent North Sea crude for July delivery added ten cents to $102.29 in mid-morning trade.

View the original article here

Seven hurt after blast at school in New York

NEW YORK: Seven people, including two students, were injured Tuesday in an apparent accidental gas explosion at a college north of New York City, authorities said.

"There were seven injuries. All of them minor injuries. They were transferred to the hospital to be checked out," a police spokesman told AFP about the blast at Nyack College.

He said the cause of the explosion was unknown but that "they believe there was a natural gas line" problem.

The school said the blast hit at about 1545 GMT "in Sky Island Lodge, a building that houses the School of Business and Leadership, on the Rockland County campus.

There was no fire associated with the explosion." "Five employees and two adult students were in the building at the time and all are accounted for.

There were injuries, but no fatalities. All individuals were taken to the hospital for examination as a precautionary measure."

The school, founded in 1882, is a private Christian institution.

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30 lashes, jail for Saudi who slapped wife: report

RIYADH: A Saudi man who slapped his wife has earned himself a flogging and jail sentence, in a rare ruling in the Gulf kingdom that

imposes stiff restrictions on women, a local newspaper reported Wednesday.

A court in the town of Safwa, in the eastern Qatif district, sentenced the man to 10 days in jail and 30 lashes, Al-Sharq daily said.

The judge also allowed the woman to attend the flogging and ordered her

husband to enrol in a course on dealing with partners.

The woman, in her twenties, had lodged a complaint against her husband

after he slapped her during an argument. The man admitted hitting her, saying his wife "was rude to his parents."

The ruling is very uncommon in the ultra-conservative kingdom, where men

usually get the upper hand, while women are dependent on their male guardians in most aspects of their lives.

Women need a close male relative to accompany them if they enter government buildings and courts. Saudi women also are banned from driving and are obliged to cover themselves from head to toe when they are in public.

The King Khalid Foundation, which is a Saudi charity, launched in May the kingdom's first anti-domestic violence advertising campaign.

View the original article here

Fresh violence erupts despite Turkey govt. apology

ISTANBUL: Fresh violence erupted early Wednesday as protesters defied a government plea to end days of deadly unrest, the biggest challenge yet to Prime Minister Recep Tayyip Erdogan's decade-long rule.

Police used tear gas and water cannon on hundreds of protesters, who

ignored warnings to disperse in Istanbul, Ankara and the southeastern city of Hatay, where a young protester died a day earlier.

The violence came after a second major trade union confederation announced it would join protests against the government, calling a strike for Wednesday. In the western city of Izmir, police detained at least 25 people early Wednesday for tweeting "misleading and libellous information", state-run Anatolia news agency reported.

On Tuesday, Deputy Prime Minister Bulent Arinc apologised to legitimate

demonstrators injured by the security forces, a gesture welcomed by the United States. But that did not appease outraged protestors.

Thousands gathered at Istanbul's Taksim Square for a sixth day Wednesday, yelling defiance at Erdogan, who earlier had dismissed the protesters as "extremists" and "vandals". He was in Algeria on the second day of a four-day official visit to north Africa.

"The vandals are here! Where is Tayyip?" yelled the crowd. They accuse Erdogan, who has won three successive national elections, of

imposing conservative Islamic reforms on the predominantly Muslim but

constitutionally secular nation.

But the festive atmosphere in the square was a change from the tense

rallies of the previous five days. Turkish pipe music and singing blared over speakers as the crowd clapped along. Even fans from rival football teams Galatasaray, Besiktas and Fenerbahce linked arms, united in protest.

The wave of protests broke out on Friday after police tear-gassed

demonstrators at a peaceful rally against plans to build on an Istanbul park. On Tuesday, Arinc said sorry to those who had been caught up in that initial violence.

"I apologise to those who were subject to violence because of their

sensitivity for the environment," he said, though he added that his apology excluded "the rioters".

"The government has learnt its lesson from what happened," he added. "We do not have the right and cannot afford to ignore people. Democracies cannot exist without opposition." He called on "responsible citizens" to stop the protests.

Two people have been killed in the clashes, officials and medics say, and rights groups say thousands have been injured. The government puts the figure at around 300.

Erdogan, whose Justice and Development Party (AKP) first took power in

2002, has accused the main opposition Republican People's Party of having a hand in the protests.

The Turkish Confederation of Public Workers' Unions (KESK), which

represents 240,000 employees, lent its weight to the protests when it launched a two-day strike on Tuesday.

Spokesman Baki Cinar dismissed Arinc's conciliatory statement.

"The apology is just damage control and only because they know they are

stuck," he told AFP.

On Tuesday, an even bigger union grouping, DISK, which claims 420,000

members, said it would join the strike and demonstrations on Wednesday.

The United Nations joined Turkey's key strategic ally the US and other

Western partners in voicing concern about reports of police violence. It called for an independent investigation into the allegations.

The White House praised Arinc for his statement on Tuesday.

"We welcome the deputy prime minister's comments apologising for excessive force, and we continue to welcome calls for these events to be investigated," White House spokesman Jay Carney said.

Turkey, a country of 75 million people, is an important ally of the US in the region and has backed it notably in opposing Syrian President Bashar al-Assad in Syria's civil war.

Sitting at the crossroads of East and West, Turkey has long aspired to join the European Union, which sets strict requirements on human rights standards for prospective members.

Opponents have accused Erdogan of repressing critics -- including

journalists, minority Kurds and the military -- and of pushing conservative Islamic policies such as religious education reforms and a law curbing the sale of alcohol.

\

Erdogan told protesters they should wait to express their views in

elections next year, when observers expect him to run for president.

"For me, democracy comes from the ballot box," he said, insisting the

disturbances would calm down by the time he had returned to Turkey on Thursday.

Italy said Tuesday that it considered the violence had not undermined

Turkey's chances of joining the EU. "We are confident that Turkey will overcome this difficult moment, proving itself to be a mature democracy," Foreign Minister Emma Bonino said in a statement.

Although the Istanbul stock market had closed 10 percent lower on Monday it recovered by nearly five percent on Tuesday after Arinc's comments.

View the original article here

Turkey protesters defiant after government apology

ISTANBUL: Fresh violence erupted early Wednesday as protesters defied a government plea to end days of deadly unrest, the biggest challenge yet to Prime Minister Recep Tayyip Erdogan's decade-long rule.

Police used tear gas and water cannon on hundreds of protesters, who ignored warnings to disperse in Istanbul, Ankara and the southeastern city of Hatay, where a young protester died a day earlier.

The violence came after a second major trade union confederation announced it would join protests against the government, calling a strike for Wednesday.

In the western city of Izmir, police detained at least 25 people early Wednesday for tweeting "misleading and libellous information", state-run Anatolia news agency reported.

On Tuesday, Deputy Prime Minister Bulent Arinc apologised to legitimate demonstrators injured by the security forces, a gesture welcomed by the United States.

But that did not appease outraged protestors.

Thousands gathered at Istanbul's Taksim Square for a sixth day Wednesday, yelling defiance at Erdogan, who earlier had dismissed the protesters as "extremists" and "vandals". He was in Algeria on the second day of a four-day official visit to north Africa.

"The vandals are here! Where is Tayyip?" yelled the crowd.

They accuse Erdogan, who has won three successive national elections, of imposing conservative Islamic reforms on the predominantly Muslim but constitutionally secular nation.

But the festive atmosphere in the square was a change from the tense rallies of the previous five days. Turkish pipe music and singing blared over speakers as the crowd clapped along.

Even fans from rival football teams Galatasaray, Besiktas and Fenerbahce linked arms, united in protest.

The wave of protests broke out on Friday after police tear-gassed demonstrators at a peaceful rally against plans to build on an Istanbul park.

View the original article here

Magnitude 5.6 earthquake strikes near Hawaii

PAHALA, Hawaii : The U.S. Geological Survey says a magnitude-5.6 earthquake struck off the southeast coast of Hawaii.

Tuesday afternoon's earthquake was centered about 34 miles (55 kilometers) southeast of Pahala on the Big Island, at a depth of about 25 miles (40 kilometers). Officials say it's not expected to generate a tsunami.

Hawaii County Civil Defense Director Darryl Oliveira says there are no immediate reports of damage.

The USGS website says people as far away as Maui and Oahu reported feeling weak shaking. The Oahu Department of Emergency Management says some areas may have experienced strong shaking.

Kevin Dayton, the executive assistant to the mayor, says he felt a large jolt in the county building in Hilo. Tony Andrade, a stock clerk at the Mizuno Superette grocery store in Pahala, says the shelves rocked but nothing fell off.

View the original article here

Thousands evacuated after fire in Moscow metro

MOSCOW: Thousands of commuters were evacuated from the Moscow metro on Wednesday after a high-voltage electric cable caught fire, filling station platforms with smoke at the height of the rush hour, emergency officials said.

The emergencies ministry said around 4,500 people were evacuated after the fire broke out in a tunnel between the Okhotny Ryad and Biblioteka Imeni Lenina (Lenin Library) stations close to the Kremlin at around 8:20 am (0420 GMT).

Russian television showed pictures of smoke filling the Okhotny Ryad station, one of the system's oldest, which has exits close to the Kremlin and the Bolshoi Theatre.

The fire was extinguished in just over 40 minutes. A total of 45 people sought medical attention and seven were hospitalised, a spokesman for the emergencies ministry, Viktor Biryukov, told the RIA Novosti news agency.

The health ministry said that those hospitalised were suffering from smoke inhalation, while some of those who asked for medical help were suffering "from a serious reaction to stress."

The head of the Moscow metro system, Ivan Besedin, told the Interfax news agency that the fire started in a "complicated technical junction linked to the contact rail."

The metro line affected was shut down but was set to reopen by 1:30 pm (0930 GMT).

View the original article here

Czech, German cities brace for floods

PRAGUE: Cities in Germany and the Czech Republic were scrambling Wednesday to stave off potential disaster as a flood wave headed north, sending thousands of people fleeing their homes.

Hungary has also declared a state of alert as waters surge in the mighty Danube, which is also threatening cities in Austria.

In the Czech Republic, where eight people have already perished in the floods, thousands of households in the north were without power, gas and drinking water.

Several cities in the north of the Czech Republic and eastern Germany are threatened by the surging waters of the Elbe river after torrential rains across swathes of central Europe.

In the German city of Dresden, near the Czech border, several hundred people have been evacuated as water levels in the Elbe were forecast to reach up to nine metres.

Across the Czech Republic, over 19,000 have been evacuated since the floods began, firefighters' spokeswoman Nicole Zaoralova said.

Water levels in the Elbe were expected to peak in the Czech industrial city of the Usti nad Labem on Wednesday, said Jiri Petr, a spokesman for the Povodi Labe water company.

The rising river has already forced 3,700 people from their homes in Usti nad Labem, which lies about 30 kilometres from the German border, and flooded the local railway station.

The water levels expected in Usti nad Labem are close to those recorded in 2002 when massive flooding swept central Europe, killing 17 people in the Czech Republic alone.

In addition to the eight people already declared dead, Czech police are still searching for four missing people.

From Usti, the mass of water will head downstream to eastern Germany, where cities on the Elbe, including Dresden and Magdeburg, are bracing for the flood.

In Magdeburg, authorities declared a state of emergency and said they expected the river, normally at two metres, to rise to almost seven metres -- higher than in 2002.

View the original article here

Economic events for the week beginning Feb. 21

A slew of data about the housing market will be the focus of economic news in this holiday-shortened week.

Tuesday

The Standard & Poor's/Case-Shiller home-price index for December is scheduled to be released, and forecasters expect it to show that prices edged down 0.5 percent in 20 major cities. The index is calculated using a moving average of the previous three months, and captures when home sales close, not when contracts are agreed to. That means an expected dip in home prices - analysts predict a 2.3 percent drop in the year ended in January - should reflect the autumn lull in the economy. The question is whether the improved economic outlook over the past few months will translate into a firming up of home prices in early 2011.

Wednesday

The National Association of Realtors plans to release data on existing-home sales, which are expected to show that the pace of transactions edged down 1.5 percent in January, following a steep 12.3 percent rise in December. Even if the projection of a slight January dip proves accurate, it will be only a slight reversal of December's gains.

Thursday

Two more pieces of housing data before the weekend: The Commerce Department's new home sales data is expected to show an 8.8 percent decline in the pace of home purchases in January. It's not as bad as it sounds; it would represent only a partial reversal of a 17.5 percent gain in December.

And the Federal Housing Finance Agency is releasing its home-price index, which is expected to be unchanged.

Also Thursday, orders for durable goods are expected to show a rise of 3 percent. However, analysts expect orders for non-defense capital goods excluding aircraft, a less volatile measure of trends in business investment, to have fallen 0.9 percent.

Friday

The Commerce Department is expected to revise its fourth-quarter gross domestic product estimate from 3.2 percent to 3.3 percent.

- Neil Irwin

Neil's Must Reads

How has Tim Geithner gone from being the most-attacked public servant in town to last man standing among President Obama's economic team? Noam Scheiber has the story in The New Republic. And the McKinsey Global Institute has a new report on the productivity gains the United States will need to maintain its global economic edge.

Find links at washingtonpost.com/mustreads

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Diner’s Journal Blog: Weekend Calendar

Caleb Ferguson for The New York Times Heritage Wines will host a series of free wine tastings this weekend.

The Brooklyn Flea expands its empire with the debut on Friday of SmorgasBar, located on Front Street near Fulton Street at the South Street Seaport, to help the area’s recovery from Hurricane Sandy. Through October, various vendors will set up shop next to a bar — which serves beer, wines and spirits — located inside a shipping container. The hours are 11 a.m. to 11 p.m. Friday and Saturdays, and 11 a.m. to 10 p.m. the rest of the week.

Heritage Wines, 237 DeKalb Avenue in Fort Greene, Brooklyn, will host a series of free wine tastings this weekend featuring producers who grow grapes in regions with volcanic land. Wines form Greece, Italy and Hungary will be tasted on Friday from 6 to 8 p.m. and Saturday and Sunday from 3 to 5 p.m.

A Polish festival with food, music and family-friendly activities will take place rain or shine Saturday and Sunday at the German Masonic Park, 89 Western Highway in Tappan, N.Y. For the food, expect traditional fare like pierogies, stuffed cabbage, kielbasa and potato pancakes.

An Indonesian food bazaar, which takes place a few weekends throughout the summer, will be open on Sunday from 10 a.m. to 4 p.m. outside the Al-Hikmah Mosque, 48-01 31st Avenue in Astoria, Queens. Attendees can expect traditional dishes like nasi rawon and a variety of skewers.

In conjunction with the premiere this weekend of HBO’s “Behind the Candelabra,” a film about Liberace, an exhibit displaying the performer’s famed grand piano, the world’s largest rhinestone and other items from the Liberace Foundation will be on display at the Time Warner Center. In a nod to Liberace’s taste for only drinking sparkling wine in public, Moët & Chandon will also have a large Champagne tower on display for the celebration. The exhibit is open through Memorial Day from 9 a.m. to 9 p.m.

Brunch service begins at the recently opened Little Prince, 199 Prince Street in SoHo, on Saturday. The menu skews toward a French influence with dishes like a brioche pain perdu soaked in vanilla crème with berry compote and ricotta, croquet madame. The menu is available from 11 a.m. to 3 p.m. Saturday and Sunday.

View the original article here

Dining Review | Westchester: A Review of Muscoot Tavern, in Somers

Bright red and oddly shaped, the restaurant, positioned at an angle and tucked away from the intersection of Routes 35 and 100 in Somers, has been in business since before 1925. Helmed by a series of owners and called Muscoot Diner, Muscoot Restaurant, Muscoot Inn — and for a short, wayward time, Little Brauhaus — the Scoot, as it is affectionately referred to by local residents, was taken over last year by Ann-Margaret Wagner and Eddie Lubic, owner of Eduardo’s in Mount Kisco.

The two gave the restaurant a face-lift with a new kitchen, fresh paint and repaired air-conditioning. But evocative details remain: terrazzo floors are worn bare by thousands of feet, bowed walls show the effects of time, and the bar looks like the meeting place it has been for countless get-togethers over the years.

A menu of good-value comfort food adds to the neighborhood-meeting-place feel. No one gets dressed up to go the Scoot, and the food is similarly straightforward. But that doesn’t mean it isn’t good — and sometimes very good. Steamed little neck clams in garlic butter broth were plump, sweet emissaries of the sea. A baby spinach salad was just-picked fresh and came with chunks of hard-boiled egg, red onion, terrific croutons, tomato and a vinaigrette that — like all of the Scoot’s sauces and dressings — was house-made. And a New York strip with mushroom sauce was a nice piece of steak cooked just to order and accompanied by garlicky mashed potatoes.

There are items you can get only at the Scoot, like Ann-Margaret’s Famous Fresh Rotisserie Chicken Dinner, half a chicken cooked to crispy but juicy deliciousness with a sweet sauce that married well with the rice pilaf and sautéed spinach sides. The meatballs were huge and garlicky, served with a mound of excellent ricotta over spaghetti, and the tasty clams casino, prepared according to “Eddie’s own recipe,” includes a secret combination of spices. The desserts, which change nightly, are mostly old fashioned and house-made. Though the rice pudding was watery and underdone and the chocolate layer cake was a bit stale, the German chocolate cake, made with just the right amount of shredded coconut and big chunks of pecans, was close to ideal.

Muscoot Tavern gives some nods to contemporary interests. Gluten-free pizza, pasta and buns are available. Whole wheat pasta is on the menu; Captain Lawrence beer, from Westchester’s own microbrewery, is on tap. And when extra virgin olive oil is used on a pizza, it is listed as just “EVOO.” But the approach remains old school. The calamari was served with a solid, basic marinara. The flavorful chicken wings come with classic blue cheese, celery and carrot sticks. And the chicken parmigiano was prepared the traditional way, with plenty of fresh mozzarella and that same marinara over linguine.

There is a popular lineup of thin-crust pizzas baked with fresh herbs. We tried “the Brooklyn,” which was basically a margherita, made with tomato sauce and fresh mozzarella and basil. It was lovely, but the best part of that evening was in simply watching the tables around us. The restaurant has live music on Saturday nights and a local guitarist and singer were playing. Children were happily running around, and their parents were greeting each other across tables. As the waiters deftly wove through the crowd, it was easy to imagine the same scene decades ago. Little has changed at places like Muscoot Tavern, and it is its link to the past — before subdivisions and S.U.V.’s, too-fussy food and “mixologists” — that is the restaurant’s greatest appeal.

?

Muscoot Tavern

105 Somerstown Turnpike, (Route 100), Somers

(914) 232-2800

muscoottavern.com

GOOD

THE SPACE An odd-shaped, intriguing space with bowed walls, a low ceiling that opens up in the center and a well-worn floor. Wheelchair accessible.

THE CROWD Casual, relaxed, often families or groups. Waiters are attentive.

THE BAR A cozy, welcoming area along one side of the main room. The wine list is small and mostly house ($7 to $9 a glass; $24 to $75 a bottle), the beers ($4 to $7 a glass) are basic (with a few exceptions, including Westchester’s own Captain Lawrence), but the drinks are big and the bartender is friendly.

THE BILL 14-inch pizzas run $12 to $20; entrees, $14 to $19 or low $20s for the occasional special. Major credit cards accepted.

WHAT WE LIKED Clams casino, chicken wings, steamed clams, fried calamari, baby spinach salad (special); Brooklyn pizza, New York strip, Danish baby back ribs (special), spaghetti with meatballs, rotisserie chicken, chicken parmigiano with linguine, fried lobster tail (special); German chocolate cake (special), lava cake, brownie sundae.

IF YOU GO Open Monday to Thursday, noon to 11 p.m.; Friday and Saturday, noon to midnight; Sunday, 4 to 10 p.m. Reservations for groups of eight or more only. Free parking on site.

RATINGS Excellent, Very Good, Good, Fair, Poor.

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Where We Live: Cross Creek

Andrew Leighton is not a golfer, but the prospect of living on a golf course was intriguing when he and his family discovered the Cross Creek neighborhood. Now, Leighton, his wife, Jackie and their two children enjoy the view from their home adjacent to the course, located along the border between Prince George's and Montgomery counties.

"Sitting on the deck, watching the golfers play, is very nice," said Leighton, 42, a native of Jamaica. The Leightons had lived in the nearby Cherry Hill Road area and had been looking for a bigger house. They found spacious, modern homes in Cross Creek, along with what Leighton called a very welcoming neighborhood, great for raising a family.

"Our neighbors' children attend the same Catholic school (St. Francis International School in Silver Spring) as my kids, so we've got a carpool thing going. There are six or seven homes nearby where I know everyone," he said.

Cross Creek has attracted families such as the Leightons as well as other residents who say the upscale development, located just off Interstate 95 and minutes from the Beltway, is perfect for commuting between Washington and Baltimore. And residents have found that once they return home from work, they are greeted by friendly neighbors and enjoy plenty of outlets to satisfy active lifestyles.

Many were attracted by the golf course, a challenging 6,300-yard par 70 layout along both sides of the Little Paint Branch stream. The course winds its way through the community, mainly behind the homes, and motorists need to be wary of "cart crossings" as golfers traverse the streets.

Patsy Koehler and her husband, Bob, avid golfers who had lived nearby off Fairland Road, made the move to the community in 2003. "We loved it," Patsy Koehler recalled. "Loved the golf course, loved the houses, loved it all."

"For a community course, it's beautiful," she said. "Big trees, greenery . . . a lot of natural environment because the builder didn't cut down the trees. You would never know it was in the middle of suburbia."

When the Koehlers aren't golfing, they're often watching other golfers from their home just off one of the fairways. They also spend time with friends in the neighborhood. Residents say the open interior layouts of the homes, built mostly by Ryan Homes and NV Homes, are perfect for socializing. "A marvelous house to entertain because it's not compartmentalized," said Bob Koehler, 58, whose home features an open floor plan, with large windows and a high ceiling.

Patsy Koehler, 63, serves as the president of the Cross Creek Club Homeowners Association, which sponsors a host of community events designed to unify residents in the development, which lacks continuous street connections because of the golf course and the natural areas. In addition to a spring festival and picnic, the association has held international dinners and jazz nights.

That has created an atmosphere that residents say encourages community engagement. Brian McDaniel, 41, a lawyer and avid golfer, said the course was a draw for him, as was Cross Creek's location, which keeps him within reach of his D.C. office as well as courthouses in Rockville, Upper Marlboro and Baltimore.

But McDaniel said Cross Creek is more than just a convenient place to live. He recalls his neighbors' friendliness while his family was moving in about three years ago and says the positive vibe has continued. "Our community is very diverse. There's a number of different ethnicities. We've all been very respectful of one another . . . learning about other cultures." McDaniel and his wife, Felecia, a fitness expert, and their 3-year-old daughter have found that there is plenty to do as a family. In addition to the golf course and neighborhood parks, the nearby Fairland Community Recreation Center features gymnastics and aquatics, and the Gardens Ice House offers skating. "You can't go wrong if you want to stay active," he said.

McDaniel and Leighton work with Koehler on the association's board, which serves more than 600 homeowners.

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