Hong Kong stocks decreased the very first time in 4 days exactly as banks as well as oil producers retreated as worries fastened that Greece's sovereign-debt crisis might well be emerging to a front, intimidating to cease a worldwide economic recovery.

HSBC Holdings Plc, Europe's primary bank by way of market worth, ease 2 %. Esprit Holdings Ltd., the clothier that receives almost all of its revenue right from Europe, declined 17 %, stretching out its downturn among analyst downgrades following the company noted a while back that overly full year profit stepped 98 %. Cnooc Ltd., China's leading offshore oil producer as by market value, turned down 3.6 % soon after crude prices lowered.

"The Greek scenario could possibly be moving to a head," stated Khiem Do, the Hong Kong centered head of multi asset tactic at Baring Asset Management, which runs just about $10 billion. "Quite a few hair cut may very well be necessary for Greece in case it does not get further funding. That might generate a domino impact in nations just like Spain, Italy along with Portugal. The same exactly what the market is worrying."

The Federal Reserve reported in US that U.S. industrial production rose 0.2% in August after a strong 0.9% gain in July. Production is now up in four straight months. Market had expected no change in industrial output in August given the weak unemployment report that showed a decline in factory jobs and a steady manufacturing workweek.

Gains in manufacturing and mining offset a drop in utilities to drive the increase.

Factory activity alone rose 0.5% in August after a 0.6% gain in the prior month. Mining posted a 1.2% increase during August after a 1.1% gain in the previous month..

Utilities output dropped 3.0% in August as demand for air conditioning declined after a relatively hot July.

Capacity utilization increased 0.1 percentage point to 77.4% in August, the highest level since August 2008. Capacity utilization is now 0.9 percentage points above the rate from a year ago.

Production for most major market groups moved up in August.

The report also detailed that production of high tech goods rose 1.5% in August after a 0.9% fall in July. Motor vehicle and auto part production increased 1.7% in August after jumping 4.5% in the prior month.

U.S. stocks moved on Friday, taking off the week's gains, among the mounting worries just about fallout right from Europe's debt crisis. On the lookout for less risky investments, investors delivered the yield on the ten year Treasury note as a way to the lowest level within 5 decades.

The resignation of a crucial official away from the European Central Bank exposed deepening divisions well over the way to resolve Europe's economic worries.

Traders concern that one of Europe's heavily indebted economies could quite possibly collapse. That is going to send out distress waves via the worldwide banking system and making it hard for several other European nations going through default to positively borrow money.

This kind of consequence to the European debt crisis may well tip the globe economy straight back into recession.

The euro languished near a 2 month weak hit Thursday right after the zone's deepening debt crisis pushed the European Central Bank shed its tightening policy bias, a vital operater during the single currency's rally this current year.

Euro STOXX 50 index futures declined 1.1 %, along with DAX combined with CAC-40 futures additionally in the red, and as well, spreadbetters referred to as FTSE 100 .FTSE to unblock lower 0.3 %.

Asian markets were straight down about half a %, following see-sawing in between gains as well as losses, whilst S&P 500 futures gave up earlier gains in addition to stowed 0.2 %. .EU.N

"Obama's plan was in step with perspectives, and even U.S. stocks are unexpected to rally over it," stated Takashi Ushio, head of investment tactic at Marusan Securities Co. here in Tokyo. "Bias concerning the track of the U.S. economy keeps."

On thursday, U.S. stock index futures were bit of varied due to the fact investors anticipated data on the labor market well before U.S. President Barack Obama's speech overview his strategy to energize jobs rate of growth.

Each week U.S. jobless assertions are due over at 8:30 a.m. EDT (1230 GMT), which in turn investors will take a look for signs the recovery is enhancing. Economists in a Reuters review forecast an overall of 405,000 most recent filings, in comparison to 409,000 in the earlier week.

Subsequent to very last Friday's dismal U.S. nonfarm payroll data, investors will meticulously check out Obama's televised conversation to Congress by 7 p.m. EDT (2300 GMT). The president is anticipated to plan tax cuts with respect to middle class households as well as businesses and also all new spending to repair roads, bridges and various infrastructure.

The euro lowered and as well , European stock index futures seen up on Thursday well before European Central Bank conference that are anticipated to call a cease to its rate shrinking cycle to back up economies struggling by a 2-year-old sovereign debt uncertainty.

Euro STOXX 50 index futures went up by 0.2 % and financial bookmakers referred to as FTSE to start up 0.3 %, nonetheless a recurring in Asian shares came out of steam as concerns in regards to the perspective for the worldwide economy gnawed at investor self-belief.

The solitary currency continued susceptible to worries that endeavours to include the debt crisis aren't going readily enough, whilst the Australian dollar was struck by surprisingly weak employment data.

London stocks rose strongly in answer to gains all over Asia right after a lot better than anticipated business activity data outside the US right away.

The FTSE 100 rose 127 points to positively 5,284.73 at the start, an increase of 2.5 %.

The catalyst with respect to the rally was first Tuesday's astonishingly effective purchasing manager review over the US service segment.

Despite the fact that stocks on Wall Street ended weaker, they contributed the entire session regaining ranging from sharp beginning cutbacks. Previously being almost 3 % weaker at its most severe on Tuesday, the S&P 500 concluded just 0.7 % straight down.

~Subsequent to a choppy begin, Wall Street equity markets put in high of Tuesday's session milling their way much higher,~ stated Cameron Peacock over at IG Markets.

~The leading US indices might still have done in the red though the strength has been set up, we have noticed wide based gains over Asia consequently as well as the trend is established to prolong in to European markets at the start as well.~

European stocks were set to go by Asian shares excessive Wednesday as investors track down for bargains, whilst the euro framed up in opposition to the dollar due to the fact traders coated a few bets resistant to the well-known currency after having a sharp overnight decline.

The asset's price action constellation shown risk taking amongst investors, exactly who had been primarily powered within the last couple of weeks by fears that even now lingered in regards to a euro zone break-up as well as world-wide recession.

The Australian dollar moved 1 %, hiking over $1.06, U.S. Treasury yields lined much higher along with gold sliped on a unexpected huge sell order in thin trading types of conditions.

The Swiss franc, which in fact had been together with gold the risk-free haven of preference for investors, continued to a fairly limited trading range over 1.2000 for each euro, the day following the Swiss central bank pointed out it would likely acquire foreign currencies in "limitless quantities" to implement a cap over the currency vs the euro.

The central bank of Switzerland moved in to cease investors taking up the franc right on Tuesday, submitting the euro all the way up roughly 9 % as well as sweltering a sensitive European stock recuperation from very sharp losses just a day before.

Core German debt yields, nonetheless, kept close to historic levels, effectively below 2 %, pointing a frenzied seek for safety was moving forward.

European banking stocks, struggling all by worries of publicity to both the euro zone peripheral debt and also a U.S. lawsuit well over mortgage backed securities, added in to Monday's cutbacks.

The Swiss National Bank striked up the markets, stating it turned out placing a baseline exchange rate niche of 1.20 francs to the euro that it'll implement by getting foreign currency in boundless volumes.

The franc has leaped up against the euro along with the dollar although in the past as investors have acquired the currency as a risk-free spot for their own money presented the U.S. as well as euro zone debt downturn.

The stock market, as considered via the Nasdaq Composite Index, had nose-jumped above 18% down of its July peak, exiting investors shell-stunned as ratings of leading stocks separated open up to the down side. Even though many would prefer to presume that a low was done during the early August, if historical past is any sort of guide investors are more likely to uncover themselves getting into what many of us term the "chop zone" as we switch straight into the thirty days of September.

Until recently, the moment the market splits down dramatically, taking leading stocks all the way down with it, an instantaneous bottom part isn't the most doable conclusion. Period of time is necessary for the techie destruction to recover and also this can commonly result in a risky period where by stocks as well as the standard market averages "chop" lower back and 4th in something comparable to a "twilight zone" with respect to stocks.

European stock markets tumble on Monday, just after Friday's lower rather than anticipated U.S. monthly payrolls report driven worries on the subject of further more decline in economic conditions, foremost investors to shed equities as well as the euro currency, along with as an alternative favor traditional safe havens like the Swiss franc together with core govt ties.

Friday's U.S. monthly payrolls file, which exhibited nil jobs growth for very last month, has straight away retargeted the markets' consideration on the actuality of the failing global economic condition. so that nerves seem be to rising on top of approaching economic emits for the thirty days of September, which may possibly point out whether the global economy is falling once again into recession, stated Rabobank. "Markets continue being nervous, just as resembled in the elevated VIX.. A leveling in financial markets is vital in case we all would like to stay clear of a recession, although even more turmoil may force us well over the edge," it added.

Euro-zone economic growth slowed down to a 2 year low here in August, a intently witnessed review of business process confirmed Monday, the most recent in a line of data to urge the economy is declining.

U.S. stocks declined 2 % on Friday after having a report of nil increase in jobs added investors face-to-face with all the issue of one other recession.

The Dow Jones industrial average decreased 253.16 points, or 2.20 %, to 11,240.41. The Standard & Poor's 500 Index decreased 30.46 points, and / or 2.53 %, to

1,173.96. The Nasdaq Composite Index fell 65.71 points, or 2.58 %, to 2,480.33.

A weaker reading of the payroll data, due in the morning, could stoke worries the U.S.is moving all the way to recession.

The data is anticipated to disclose an upturn of 75,000, as outlined by Reuters review, decreasing away from July's 117,000 surge.

European shares declined 1.8 % in morning hours trade right on Friday on U.S. non-farm payroll data concerns, whilst Athens General .ATG dropped 3.3 % soon after Greece stated on Thursday it will probably pass up its budget deficit objectives this 12 month period.

U.S. stocks clicked a 4 day rally on Thursday concerning worries on the subject of U.S. jobs report.

Hong Kong's stocks lost his balance for the 1st time within 5 days, paring the following week's gains, just before a report that may exhibit U.S. employment growth has slowed down, pushing up concerns the globe's biggest economy is going down hill.

Li & Fung Ltd. (494), a provider of toys as well as clothes to Wal-Mart Stores Inc., displaced 1.6 pct. Techtronic Industries Co. (669), which adds up North America as the No. 1 market with regards to its electrical products, declined 1.7 %. Esprit Holdings Ltd. (330), a clothing retailer, drops 9.2 % just after slicing its profit perspective. Sino Land Co., a property developer, higher 2.5 % right after reporting a rise in full-12 months profit.

~Anticipations are fairly minimal with respect to tonight's jobs data,~ stated Tim Schroeders, exactly who aids coordinate $1 billion in equities here at Pengana Capital Ltd. present in Melbourne. “The U.S. recovery continues to be anemic, along with lingering issues on top of job creation as well as house prices.~

The Hang Seng Index tucked 1.2 % to 20,340.64 by 1:44 p.m. in Hong Kong. On the subject of 5 stocks declined for each and every that heighten on the fouthy-six member gauge. The measure increased the recent 4 days, delivering the index all the way to a weekly gain of 3.8 %.

World stock markets soared on Wednesday as the investors expected that the Federal Reserve would interact to growing indications of some weakness in the worldwide economy by adding much more stimulus towards the U.S. economy.

Economic reviews have been typically unfavorable in the recent weeks, along with consumer as well as business confidence slouching dramatically in developed economies.

Despite the fact that Fed Chairman Ben Bernanke a week ago didn't point any kind of new help by way of the central bank - but instead questioned the govt . to support growth - he departed the door available to additional stimulus if required.

On Tuesday, European stocks traded mixed together with weak confidence data distressed sentiment in the euro zone yet backed up by sturdy gains within the U.K., as the London trialled catch up right after Monday's public holiday break.

During the 1025 GMT, Frankfurt's DAX was basically off 0.5% to 5645.30 as well as Paris's CAC-40 turned out to be 0.1% increased at 3150.65. Subsequently, London's FTSE 100 acquired 2.2% to 5241.61, gaining a tailwind away from Monday's gains all over global markets as being the index played out catch-up subsequent a very long holiday weekend. In addition to these robust gains in London assisted the Stoxx Europe 600 index to publish gains of 0.9% to positively 230.37.

Even now, Wall Street is envisioned to begin weak on Tuesday, with all the DJIA futures contract just for the September delivery straight down 50 points by 11,467.0, as well as the S&P 500 futures contract for the exact same month straight down 7.1 points at the 1201.0.

The headline Economic Sentiment Index away from the European Commission's month-to-month survey stepped to 98.3 in August right from 103.0 in July, the lowest reading as March a year ago, and as well directly below the market complete prediction of 100.5.

Asian stocks higher on Tuesday exactly as effective U.S. consumer spending data assisted soothe a bit of fears the fact that economy was decreasing back into a recession, supporting investors to swap out of safe-haven assets just like the Swiss franc as well as gold.

Wall Street's major indexes closed down in between 2.3 % and also 3.3 % rose on Monday after having a report exhibited consumer spending noted its greatest surge within 5 months in July in the U.S.

Together with U.S. stock futures combining over night positive aspects in Asia, Japan 's Nikkei higher 1.5 % although MSCI's Asia ex-Japan index.

However , with the euro zone debt crisis exhibiting simply no signs of ending soon and also a few European banks even now going through troubles in lifting funds in the money markets, there's a rising likelihood that this move might run out of steam shortly.

Apart from high objectives, the head of the U.S. central bank on Friday didn't file any sort of actions in order to bolster the U.S. economy.Speculation had been going higher that Federal Reserve Chairman Ben Bernanke would probably implement his due speech here at a gathering of leading economist within the western state of Wyoming to declare a 3rd set of quantitative easing. Alternatively, Bernanke toned on Congress to execute more to finally restore the country's economic health.

All the same, european markets had just as high expectations, particularly with cutting edge figures displaying the U.S. economy increased at a sluggish pace compared to very first estimates in the 1st half of this present year.

European stocks are likely to commence mixed and as well , the workout session probably will be unstable as the investors hold out nervously on behalf of Federal Reserve chairman Ben Bernanke to go over the Jackson Hole economic symposium on Friday.

Markets have continuously been intending Bernanke to point out or sign at certain intervention in to the U.S. economy, adhering to a few weeks of unsatisfactory economic data.

Rabobank International outlined that objectives are ever increasing as it was as of this event this past year of which he foreshadowed the Fed's implementation of a 2nd quantitative lowering program.

Having said that, Rabobank was not assured that a 3rd intervention program, generally known as QE3, might possibly be hinted at.

"We all uncertainty there'll be a plain signal relating to prospective Fed policy this time around along with inflationary constraints at this point far more extensive than was considered the case in the month of August a year ago."

The blue-chip index filled 76.43 points, or 1.5 %, higher up on Wednesday at 5,205.85, its greatest close in seven days, raised as a result of strength in miners and also energy stocks on probable demand boosts if Bernanke were being to point nearly any further stiumulus measures with regard to the U.S. economy.

U.S. blue chips soared 1.3 % excessive on Wednesday, rallying solidly for a 2nd day as the investors picked up beaten-down financial shares, as well as Asian shares as well increased on Thursday, cheered via the gains on Wall Street.

Nonetheless, London's upfront viewed to be more sensible with U.S. stock index futures SPc1 DJc1 at present straight down up to 0.4 %, even though the tech-heavy Nasdaq futures NDc1 reduce 1.0 % weighed lower by huge falls via Apple .

Apple shares droped just as much as 7 % in after-hours trade on news Steve Jobs previously had resigned as chief executive of the world's most worthy technological innovation company.

World stocks rallied, oil rose bush as well as the dollar lowered on Tuesday referring to speculation the Federal Reserve may well indicate far more stimulus is onward for the U.S. economy.

Further dismal U.S. economic data made it easier for spur the objectives, which doubled world stocks just as assessed by way of the MSCI All-Country World Index 2.4 % and also the U.S. benchmark Standard & Poor's 500 3.4 %.

Financial markets have been around in turmoil on behalf of the last month concerning issues the U.S may well be on course for one more recession in addition as the euro zone's debt crisis has worsened.

U.S. stocks had trouble to end seldom higher right on Monday soon after 4 weeks of cutbacks, whilst Brent crude prices lowered on leads Libya's civil war will quickly end and so bring back oil exports away from the north African region.

Conventional safe-haven gold struck a 3rd consecutive just about all time higher close to $1,900 right after setting up its greatest weekly gain in 2-1/2 years a while back.

Well-defined volatility in stocks, that has labeled trading in most recent weeks, underscored investor uneasiness.

The turmoil mainly shows continual worries the fact that U.S may tumble back to recession, besides the worry that sovereign debt issues here in euro zone peripheral countries could quite possibly pass on to the much larger economies.

Tech shares declined right on Wednesday following Dell's unsatisfactory sales view fanned worries low economic growth will, no doubt affect earnings in the 3rd quarter.

The Dow and also S&P indices ended bit of altered in an up-band-down session whereby investors offered growth areas in support of defensive shares just like telecoms as well as utilities.

Computer maker Dell was actually the S&P 's worst performer, shedding 10 % to $14.20 right after cautious responses relating to spending on technology via the govt area.

Britain asked on Monday for fresh regulatory advice over the bid by Rupert Murdoch's News Corp to buy BSkyB , signalling it could be looking for a way out of approving the deal while a phone hacking scandal rages. Shares in the British satellite firm slumped over 7 % on Monday, after a related stories
Pressure builds on Murdoch to reconsider BSkyB bid
New allegations hit Rupert Murdoch's media empire
BSkyB shares slide over doubts on News Corp. bid
similar fall on Friday, as politicians added to the pressure by demanding the government delay the bid and send it for a longer investigation at the Competition Commission.

"We believe the deal is all but dead," Panmure Gordon analyst Alex DeGroote said.

"On Friday we cut our probability of the deal going ahead to 50:50 ('evens') from 90:10 in favour. This seems very optimistic now. Our new assessment is 10:90 in favour."

News Corp had secured initial government backing for the bid by promising to spin off BSkyB's influential Sky News channel in response to claims the deal would give Rupert Murdoch too much influence over public opinion.

News Corp would however have retained a 39 % holding in the new company and provided much of its revenue through a deal to carry the channel on the BSkyB platform, prompting critics to question how much editorial independence the channel would really have.

The request for further information from regulators means the government may now have room to refer the deal to the Competition Commission for a full investigation which could last up to a year, taking pressure off Prime Minister David Cameron who is himself under fire for his close ties to Murdoch.

"We think there is a very strong chance the News Corp bid for BSkyB gets completely scrapped," Liberum analyst Ian Whittaker said in a note.

"While the government has emphasised that the due regulatory process has to be followed and there has been commentary News Corp would head to the courts if its bid was blocked, this has now become a completely politically-driven issue.

"It will be hard for the government to approve the bid, either now or at some point in the future."

The Department of Culture, Media and Sport is to write to Ofcom and the Office of Fair Trading on Monday to ask whether the original submissions around the deal should change following the phone hacking scandal that has damaged the reputation of the media conglomerate.

The letter is expected to ask if the undertakings given by News Corp over Sky News are still acceptable in light of the hacking scandal, which resulted in Murdoch closing the tabloid at the centre of the problem.

It will also ask if that closure affects media plurality, or the number of media voices, in Britain, and to inform the government of any opinion it takes on whether News Corp is a 'fit and proper' holder of a broadcast licence.

Several analysts said they still expected a deal to go through eventually, while others said it was now too hard to call as the deal is overtaken by political events.

Citi analyst Thomas Singlehurst said a potential BSkyB/News Corp merger no longer looked as certain as thought a week ago.

"At the same time, the actions taken to date by News Corp suggest that its ambition to own 100 % of BSkyB is undimmed," he said. "Barring the most dramatic of outcomes from the criminal investigations, we still see it as a matter of 'when' not 'if'."

Analyst Claudio Aspesi at Bernstein said the chance of the deal going through was now less than 50 %, although he said a deal could be resumed at a later date if they could prove the problem was confined to the newspaper arm of the company.

"What I worry about is that questions will now shift to "What did James (Murdoch) and Rupert know, and when did they know it?"," he told Reuters.

"Unless this is cleared very soon, the deal will fall through, because the government will be under pressure to distance itself from the Murdoch family."

BSkyB shares were trading between 550 and 600 pence before News Corp made its initial approach in June last year. They then spiked over 700 pence as the two sides revealed that News Corp had offered 700 pence and BSkyB independent directors were insisting on an offer of over 800 pence.

On Monday they were trading down 7.3 % to 695 pence.

Chief Secretary to the Treasury Danny Alexander said the Department of Culture, Media and Sport was writing to the regulators because it needed the most up to date information as it made its final decision on the deal.

"It is right in the light of ... all the developing issues (that) Ofcom have the opportunity to come forward with fresh advice," he told Sky News.

Anshu Jain, the 48-year-old Indian head of Deutsche Bank investment banking, is tipped to be named co-chief executive of the German bank, the Frankfurter Allgemeine Zeitung reported Monday. This followed a meeting on Sunday of members of the bank's supervisory board who decided to recommend that Jain, along with Juergen Fitschen, currently head of the bank's German operations, take over from current chief executive Josef Ackermann in 2013.

The decision will quickly be put to the whole supervisory board, the paper said, while warning that the two candidates were not yet assured of a majority vote.

The main problem resides in the fact that Fitschen, at age 63, is considered close to retirement, and that his appointment would in effect leave Jain in charge.

Jain, who has spent much of his career in London, does not speak German.

He has been responsible for running Deutsche Bank's most profitable division.

Anshu Jain, who captains Deutsche Bank's cricket team, until recently owned a stake in the Mumbai Indians, the all-star Indian Premier League cricket team owned by the super-rich Mukesh Ambani.

Armed with a degree from Delhi University and an MBA in finance from University of Massachusetts Amherst, Jain first cut his teeth at Merrill Lynch in New York before moving to his present employer in London in 1995.

And despite running a division that earned its crust using the kind of opaque investment bets that brought the global financial system close to collapse in 2008, Jain is generally seen as having had a "good" crisis.

He is credited with having managed rapidly to re-organise his division post-crisis and get it back to making money. In the first quarter of 2010, it generated 2.7 billion euros (3.3 billion dollars) in pre-tax profits.

Since 2002 he has been on the bank's executive committee and since April 2009 a member of the management board, earning an estimated 9.7 million euros last year, 200,000 euros more than the man he might succeed, Josef Ackermann.

Swiss-born Ackermann is believed to have wanted former German central banker Axel Weber to succeed him, but Weber has instead decided to head the Swiss bank UBS.

NEW DELHI: India is set to fund bailouts in financially-stricken Europe, marking a dramatic role reversal from 20 years ago when it went knocking on the doors of the International Monetary Fund (IMF) to avert a balance of payments crisis.

The government on Tuesday sought parliamentary approval to provide over Rs 9,003 crore (over $2 billion) in loans to the multilateral agency's New Arrangements to Borrow (NAB), a fund whose corpus was raised to over $500 billion in March when the debt crisis in Europe showed no signs of abating.

So, from Greece, which has received $300 billion so far, to Portugal's $100 billion bailout, India could be playing a part in the international rescue operations.

There are already suggestions that more funding would be required from the European Union as well as multilateral bodies.

Over the past two years, amid increased stress in the global economy, the IMF has been pressed into service on several occasions and has financed bailouts in European countries facing a crisis due to high levels of debt.

The 10-fold rise in the NAB corpus was the result of the new global financing order created by G20, a group of the world's most powerful economies, in the post-financial crisis era. Along with the jump in corpus, membership to the elite club of NAB contributors was also expanded to include 13 emerging economies, which included India.

"The NAB is the facility of first and principal recourse in circumstances in which the IMF needs to supplement its quota resources," the agency said on its website.

BEIJING: China is stepping into the Indian Ocean for the first time, something it has been unsuccessfully seeking through alliances with Myanmar and Sri Lanka. It is doing it for mineral exploration. But the move is bound to draw close scrutiny from India, which is worried about China's military goals in the area.

The China Ocean Mineral Resources Research and Development Association announced on Tuesday the country has obtained approval to explore a 10,000-square-km polymetallic sulphide ore deposit in an international seabed region of the southwest Indian Ocean.

Its application for prospecting the region was recently approved by the International Seabed Authority, the association said.

It is not clear if India and other countries had a say in the decision taken by the ISA. China also gained exclusive rights to prospect in a 75,000-square-km polymetallic nodule ore deposit in the east Pacific Ocean in 2001.

The latest move will make it possible for China to sign a 15-year exploration contract with the ISA later this year, the association said. What is more, China will enjoy preemptive rights to develop the ore deposit in the future.

China's state energy group CNPC last year begun building a crude oil port in Myanmar. It is part of a pipeline project aimed at cutting out the long detour oil cargoes take through the congested and strategically vulnerable Malacca Strait.

BOSTON: Security experts have discovered the biggest series of cyber attacks to date, involving the infiltration of the networks of 72 organizations including the United Nations, governments and companies around the world.

Security company McAfee, which uncovered the intrusions, said it believed there was one "state actor" behind the attacks but declined to name it, though one security expert who has been briefed on the hacking said the evidence points to China.

The long list of victims in the five-year campaign include the governments of the United States, Taiwan, India, South Korea, Vietnam and Canada; the Association of Southeast Asian Nations (ASEAN); the International Olympic Committee (IOC); the World Anti-Doping Agency; and an array of companies, from defense contractors to high-tech enterprises.

In the case of the United Nations, the hackers broke into the computer system of the UN Secretariat in Geneva in 2008, hid there unnoticed for nearly two years, and quietly combed through reams of secret data, according to McAfee.

"Even we were surprised by the enormous diversity of the victim organizations and were taken aback by the audacity of the perpetrators," McAfee's vice president of threat research, Dmitri Alperovitch, wrote in a 14-page report released on Wednesday.

"What is happening to all this data ... is still largely an open question. However, if even a fraction of it is used to build better competing products or beat a competitor at a key negotiation (due to having stolen the other team's playbook), the loss represents a massive economic threat."

McAfee learned of the extent of the hacking campaign in March this year, when its researchers discovered logs of the attacks while reviewing the contents of a "command and control" server that they had discovered in 2009 as part of an investigation into security breaches at defense companies.

It dubbed the attacks "Operation Shady RAT" and said the earliest breaches date back to mid-2006, though there might have been other intrusions as yet undetected. (RAT stands for "remote access tool," a type of software that hackers and security experts use to access computer networks from afar).

Some of the attacks lasted just a month, but the longest -- on the Olympic Committee of an unidentified Asian nation -- went on and off for 28 months, according to McAfee.

"Companies and government agencies are getting raped and pillaged every day. They are losing economic advantage and national secrets to unscrupulous competitors," Alperovitch said.

"This is the biggest transfer of wealth in terms of intellectual property in history," he said. "The scale at which this is occurring is really, really frightening."

China connection?
He said that McAfee had notified all the 72 victims of the attacks, which are under investigation by law enforcement agencies around the world. He declined to give more details, such as the names of the companies hacked.

Jim Lewis, a cyber expert with the Center for Strategic and International Studies, was briefed on the discovery by McAfee. He said it was very likely that China was behind the campaign because some of the targets had information that would be of particular interest to Beijing.

The systems of the IOC and several national Olympic Committees were breached in the run-up to the 2008 Beijing Games, for example.

And China views Taiwan as a renegade province, and political issues between them remain contentious even as economic ties have strengthened in recent years.

"Everything points to China. It could be the Russians, but there is more that points to China than Russia," Lewis said.

He added that the US and Britain have capabilities to pull off this kind of campaign, but said, "We wouldn't spy on ourselves and the Brits wouldn't spy on us."

McAfee, which was acquired by Intel Corp this year, would not comment on whether China was responsible. Security researchers who work for large corporations are often reluctant to link governments to cyber attacks out of fear it could hurt their business in those countries.

Hackers conference
The UN said it was aware of the report, and that it has started an investigation to ascertain if there was an intrusion.

"The idea is to look into the entire Geneva network," said Farhan Haq, Deputy Spokesperson for the UN Secretary-General, adding that it was difficult to quantify the potential damage without knowing exactly what had been attacked.

He declined to be drawn on who might be behind the attacks. When asked what would happen if it turned out to be China, he said: "We'll have to cross that bridge once we find out what happened to our network."

McAfee released the report to coincide with the start of the Black Hat conference in Las Vegas on Wednesday, an annual gathering of security professionals and hackers who use their skills to promote security and fight cyber crime.

In the scorching desert heat, they will meet to talk about a series of recent headline-grabbing hacks, such as on Lockheed Martin Corp, the International Monetary Fund, Citigroup Inc, Sony Corp and EMC Corp's RSA Security.

Experts will disclose security vulnerabilities in commonly used software, computers, services and electronics to help companies and governments combat criminal hackers.

The activist groups Anonymous and Lulz Security have recently grabbed the spotlight for temporarily shutting down some high-profile websites and defacing others.

But attacks like Operation Shady RAT are far more costly and often undisclosed, as victims fear reputational damage or attention from other hackers. McAfee sees Operation Shady RAT as the tip of the iceberg.

"I am convinced that every company in every conceivable industry with significant size and valuable intellectual property and trade secrets has been compromised (or will be shortly), with the great majority of the victims rarely discovering the intrusion or its impact," Alperovitch wrote in the report.

"In fact, I divide the entire set of Fortune Global 2000 firms into two categories: those that know they've been compromised and those that don't yet know."

World Bank chief Robert Zoellick warned of a"new and more dangerous"time in the global economy today, with little breathing space in most developed countries as a debt crisis hits Europe.

Zoellick said the eurozone's sovereign debt issues were more troubling than the"medium and long-term"problems which saw the United States downgraded by Standard and Poor's last week, sending global markets into panic.

"We are in the early moments of a new and different storm, it's not the same as 2008,"said Zoellick, referring to the global financial crisis.

"In the past couple of weeks the world has moved from a troubled multi-speed recovery -- with emerging markets and a few economies like Australia having good growth and developed markets struggling -- to a new and more dangerous phase,"he said in an interview with the Weekend Australian newspaper.

People were in less debt than during the credit crunch and current events did not have the same"sudden shock"factor, but Zoellick said there was less room to manoeuvre this time around.

"Most developed countries have used up their fiscal space and monetary policy is about as loose as it can be,"he said.

Zoellick said the eurozone's structure"could turn out to be the most important"challenge currently facing the world economy, with some hope for Spain and Italy but debt-crippled Greece and Portugal unable to devalue.

European Union action taken to date"fall short of what is needed", the World Bank chief said.

"The lesson of 2008 is that the later you act, the more you have to do,"said Zoellick, questioning whether the troubled European nations could"ever get ahead of the problems that have plagued them."

He also urged British Prime Minister David Cameron not to be deterred from austerity measures by recent riots -- the country's worst in decades -- saying his spending cuts were"really necessary."

"My concern would be if the politics knocked them off course,"Zoellick said.

Markets swung wildly this week on rumours of a French credit downgrade over the debt crisis, which started in Greece and is now fuelled by fears Spain or Italy might default, sparking a break up of the 17-nation currency.

New Delhi, Aug 22, 2011 (PTI) Leading global potash supplier Belarusian Potash Company (BPC) has been contracted to supply 1.93 million tonnes of muriate of potash (MoP) to India over the next six months this fiscal, sources said.

"As of now, BPC has contracted to supply 1.93 million tonnes of potash to India. If talks with state-run MMTC materialise, then total exports could touch 2.1 million tonnes,"the industry sources said.

The contracted potash will be supplied at a flat rate of USD 490 a tonne in the next six months, they said.

Out of 1.93 million tonnes, BPC will supply 1.2 million tonnes of potash to Indian Potash Ltd (IPL), 0.4 million tonnes to Zuari Industries and 0.15 million tonnes to Nagarjuna Chemicals and Fertilisers, they said.

BPC has been contracted to supply 60,000 tonnes each to DCM Shriram Consolidated Ltd, Deepak Fertilisers and Mangalore Fertilisers and Chemicals, they added.

BPC is the marketing arm of major potash miners and producers Uralkali and Belaruskali.

Earlier this month, the government had assured Parliament that domestic supply of potash will improve from September, as India has made a breakthrough in securing a long-term contract for import of the fertiliser.

Amid a tight global supply situation, India could not finalise potash imports in the first half of the current fiscal on account of high prices. This led to domestic shortages.

As per official data, potash supply was sluggish, at 6,31,000 tonnes, till July this fiscal, as against the requirement of 13,43,000 tonnes.

The entire demand for MoP in the country is met through imports, as India has no viable source of potash deposits, he added.

The industry sources mentioned that global prices of potash are expected to remain firm beyond USD 490 a tonne due to robust demand.