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HONG KONG, Asian markets fell and the euro sat near 16-month lows on Monday after Standard & Poor's cut the rating of nine European nations, including France and Austria's triple-A status.
The news brought the eurozone debt crisis back to the forefront as traders look ahead to a crucial week in the region as Greece struggles to come to an agreement with creditors over its repayments, raising fears it could default.
Tokyo was 1.53 percent lower, Hong Kong lost 1.00 percent, Sydney slipped 1.17 percent, Shanghai gave up 0.68 percent, Seoul shed 1.34 percent.
Taipei also fell, losing 1.09 percent despite Beijing-friendly President Ma Ying-jeou being handed a second term in weekend elections, a result that came as a relief to the United States and China.
S&P on Friday cut France's and Austria's top AAA rating by one notch to AA+ with a negative outlook, citing European leaders' inability to come up with a solid plan to tackle the two-year-old crisis.
It also downgraded under-pressure Italy and Spain, which have already seen the interest on its bonds hit dangerously high levels. |
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The Sui Northern Gas Corporation (SNGC) announced on a week-long closure of Compressed Natural Gas (CNG) filling stations in Punjab on Tuesday.
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Pakistan Tehrek-i-Insaf (PTI) Lahore has welcomed the decision by Election Commission of Pakistan regarding fingerprint verification of votes through National Database and Registration Authority (NADRA).
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The Deputy Convener of Muttahida Qaumi Movement (MQM) Khalid Maqbool Siddiqui claimed that Zahra Shahid Hussain’s murder was result of PTI’s internal conflicts, on Monday.
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The orders of re-polling in two polling stations of PK-60 Battagram have been issued by the Election Commission of Pakistan (ECP) on Tuesday, where women were barred from voting on May 11.
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