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Albany, October 4, 2009: Governor of new York State (NYS) deptartment of labor, Paterson today announced that new York State will receive approximately $4.5 million in federal grant funds for 2009 under the national Reemployment and Eligibility Assessment (REA) initiative of the US Department of Labor.

 The news on the unemployment front is essentially the same: New York is doing better than some states, worse than others. The state has added 163700 people …

TEHRAN : Iranian and Pakistani officials signed first Memorandum of Understanding MoU between the two countries on border trade.

Head of Sistan & Balouchestan’s Trade Organization Iraj Hassanpour said MoU was signed in two countries first joint committee meeting on border trade in Iran’s southeastern Sistan & Balochistan province.

“Based on MoU, two countries are bound to hold public and specialized fairs at their common borders and in capital of Sistan & Balochistan province (Zahedan, in southeastern Iran) and Quetta in Pakistan.

One of 22 paragraphs stated in MoU refers to “increase in exchanges between two countries through rail connections from two to three times a month”, he added. It was also decided that both sides establish big storehouses to facilitate storage of trade commodities at their border customs.

Latest Update News;State Bank of Pakistan (SBP) bought back 94.0 billion rupees ($1.1 billion) of treasury bills and government bonds on Saturday in 9-day reverse-repo contraState Bank of Pakistan (SBP) bought back 94.0 billion rupees ($1.1 billion) of treasury bills and government bonds on Saturday in 9-day reverse-repo contracts at 12.03 percent to inject funds into the money market.cts at 12.03 percent to inject funds into the money market.

The federal government has decided to take action against smuggling of goods under Afghan transit trade.

Federal Board of Revenue (FBR) has issued notifications to seize the smuggled goods including television sets, tea, cooking oil, refrigerators, air conditioners, soaps, shampoo, ball bearing, thread, DVD and CD players, wireless equipments, telephone set, bicycles and stainless steel.

The inflation reached a level of 17.4 percent during the last week in the country.

According to Federal Institutes of Statistics, inflation decreased by 0.1 percent till February 11. However, it rose around 17.4 as compared to the last year. Of 53 edibles, the price of 23 hiked, 13 down and 25 stayed stable.

Pakistan State Oil has warned the government that it would suspend the supply of furnace oil to power companies, if the latter would not pay the payable amount of Rs88billion.
According to petroleum ministry, PSO was to pay around Rs66billion to the oil refineries, while it has to pay Rs18billion to Kuwait Petroleum Company till February 25. The PSO officials have demanded of the government to get it the Rs66billion, and warned that otherwise it would issue the letter of credit default, besides suspending the oil to the refineries.

Oil Products Up by 15% in First Half of Fiscal Year, A 15 percent rise in oil products has been recorded in the first half of the current fiscal year.
According to OCAC, around 1.17million tons petroleum products have been used from January 2009 to January 2010. Loadshedding has shot the oil purchase as 5.3million tons furnace oil, 1.1million tons petrol, 4.4 tons high speed diesel had been sold out. Meanwhile, a rise of 43 percent in the jet fuel, while raw oil and light diesel oil fell by 13 and 11 percent respectively.

Latest News Update Toyota Recall Models List, Toyota Motor Corp said Tuesday its Canadian sales fell 14.8% year over year during the month of January, excluding the Lexus brand, as a result of a massive recall that prompted the Japanese automaker to halts sales on eight of its most popular models in North America for most of the last week ofthe month.

Including the Lexus brand, Toyota Canada’s total sales were down 10.4%, the company said.

Meanwhile, Hyundai Auto Canada Corp. reported its best January on record Tuesday, saying it sold 6,084 units in Canada during the month, or a 32% increase over the same period last year. That was also nearly 1,300 units higher than its previous January record set in 1986, and marked twelve-straight record months of sales for the company’s Canadian division.

General Motors, Ford, and Chrysler will report their own sales figures later today.

Toyota recalled 2.3 million vehicles across on Jan. 21 due to a faulty gas pedal that proved a propensity to stick on rare occasions when worn and exposed to condensation. On Jan. 26, the world’s largest automaker said it would halt the sales of eight of its most popular vehicles and the production of those models this week, including the RAV4, Corolla, and Matrix that it buildsin Canada.

The recall has also spread to Europe and China, putting another 1.9 milllion vehicles on the recall list, and adds to the more than 5 million vehicles Toyota had already recalled since November due to its gas pedals getting stuck on floor mats.

As a result, overall sales for the Toyota brand in Canada was 8,246 units in January, down from 9,681 units for the month last year.

Toyota, however, said this week it intends to begin repairing the recalled vehicles as of Friday at its dealerships and modify its production lines, which should allow it to begin selling the affected models again by this weekend.

Stephen Beatty, Toyota Canada Inc. managing director, said he expects it could take more than a month to repair all 270,000 vehicles affected by the sticky pedal recallin Canada.

On a bright note, Toyota’s Lexus sales in Canada were up 62.1% for the month of January, or 953 units for the month from 588 for the same period a year ago.

LONDON : Oil prices rose on Tuesday, building on strong gains won a day earlier in the wake of robust US manufacturing activity and fresh unrest in Nigeria’s key oil-producing region.

New York’s main futures contract, light sweet crude for delivery in March, was up 27 cents at 74.70 dollars a barrel at about 0945 GMT.

Brent North Sea crude for delivery in March gained 29 cents to 73.40 dollars.

“In the near term, pricing will likely stay around the mid-70s level,” forecast said Victor Shum, an analyst at Purvin and Gertz energy consultants.

“When we see more signs of economic recovery, prices will creep back to 80 dollars but that might be in a few weeks,” Shum added.

Crude futures had closed up more than 1.5 dollars on Monday after a report from the Institute of Supply Management showed a brisk pace of manufacturing activity in the United States — the world’s biggest energy consumer.

The ISM said its manufacturing index, also known as the purchasing managers index, climbed to 58.4 percent in January, the best number since 2004 and well ahead of the 50 percent that indicates growth.

Renewed violence in Nigeria also fuelled prices.

Anglo-Dutch oil group Shell on Monday said it was forced to cut output after a key supply pipeline was sabotaged hours after militants announced the end of a ceasefire in southern Nigeria.

NAGOYA, Japan : Toyota Motor’s unprecedented recall of millions of vehicles with faulty accelerators is already taking a toll on its sales and may force it to cut 2010 sales forecasts.

Toyota Motor’s head of quality said he did not know how much it would cost to recall and fix millions of vehicles with faulty accelerators, but acknowledged sales were suffering.

In the first public comment from an executive at Toyota’s head office, Executive Vice President Shinichi Sasaki said costs were not taken into account with the recall of nearly 4.5 million vehicles equipped with faulty accelerators in North America and Europe.

“The sales forecast is something that we’re extremely worried about,” he told a news conference in the central Japanese city of Nagoya on Tuesday.

“Already, I am hearing that sales have been affected somewhat in January,” he added, noting the company will report its third-quarter earnings on Thursday.

On Monday, the world’s largest automaker detailed its plans to fix the faulty pedals with a small metal shim, or spacer, to prevent them from sticking and causing unintended acceleration.

On top of a separate recall for slipping floormats also linked to unintended acceleration, almost 8 million vehicles worldwide are being recalled.

Toyota, fighting to preserve its reputation for quality, said it would restart production of eight models including its popular Camry, Corolla and Rav4 models on Feb. 8 after an unprecedented one-week shutdown at six plants in the United States and Canada.

Sasaki, who appeared alone in front of more than 100 reporters, said he there had been a bigger-than-usual sales impact from the recall.

Toyota said last month it expected global auto sales to rise 6 percent this year but has said the forecast did not take the recall impact into account.

Sasaki said they would monitor sales before reviewing their 2010 sales forecast.

Toyota President Akio Toyoda, the grandson of the company’s founder, has not formally addressed the public or media on the recall problems. While in Davos, Switzerland last weekend, he appeared briefly on broadcaster NHK and apologised to consumers.

BILLION DOLLAR PROBLEM

The costs for the recall and the shutdown now look to come to roughly 100 billion yen to 200 billion yen ($1.1 billion to $2.2 billion), two analysts estimated.

“It’s a positive that we now can grasp what the direct costs might be, but Toyota has yet to address uncertainties about indirect costs, such as litigation costs and costs of incentives to win back customers,” said JP Morgan analyst Kohei Takahashi.

“The size of these indirect costs is of far greater importance” for Toyota’s future, he said.

Shares in Toyota rallied almost 5 percent in Toyko on Tuesday following the company’s U.S. announcement on the fix and restart for production.

The jump in its shares comes after about an 18 percent tumble over the last seven business days. A weaker yen also boosted shares, some investors said.

Toyota faces a growing number of lawsuits claiming it and its U.S. supplier CTS Corp endangered drivers by not acting sooner to fix problems with faulty accelerator pedals.

Rivals such as General Motors Co, Ford Motor Co and Hyundai Motor Co have been offering discounts targeting Toyota customers.

The moves by Toyota marked the most detail the automaker has provided on its plans to address a safety issue that threatens its finances and reputation, and will have dented its U.S. sales for January.

Lawsuits announced on Monday in the U.S. claimed Toyota had ignored signs of trouble with some of its top-selling models. The suits are part of what is expected to be a wave of litigation against the automaker for claims ranging from losses on car resale values to injury and death.

Analysts and dealers said it would take months for the automaker to fix all of the vehicles at risk of having an accelerator pedal stick in the open position