Two million Muslim pilgrims ending annual Haj

#GNN - Two #million #Muslim pilgrims begin leaving the holy city of #Makkah on Monday, concluding the annual Haj during which Saudi leaders lashed out at Islamic extremism.

The faithful will symbolically stone the devil for a third day in the Mina Valley before many will move to nearby Makkah.

There, they will circumambulate the holy cube-shaped Kaaba, before returning home having reached the spiritual peak of their lives.

The Haj is one of the world’s largest religious festivals and this year drew believers from 163 nations. Some of the faithful will remain until Tuesday, officially the last day of Haj.

“I wish I could always stay here and not return home,” said an Indonesian pilgrim who gave her name only as Umm Mohammed, 58, speaking in Arabic.

This year’s Haj attracted just over two million domestic and foreign believers, including almost 1.4 million from abroad, according to the official SPA news agency.

These numbers are roughly the same as last year.

The Haj has drawn a cross-section of humanity, from a few presidents to commoners, including a wounded Syrian rebel war veteran.

This year’s pilgrimage came as Saudi Arabia and four other Arab states took part in or gave support to US-led air strikes against Islamic State group militants in Syria.

The Sunni extremist group has seized large parts of Syria and Iraq, declaring a “caliphate” where it has been accused of carrying out widespread atrocities, including mass executions, crucifixions, beheadings, and forcing women into slavery.

Saudi King Abdullah told leaders of parties of pilgrims from Islamic states on Sunday that extremism must be eradicated because it “has nothing to do with Islam.“ On Friday the kingdom’s grand mufti, Sheikh Abdul Aziz al-Sheikh, said Muslim leaders must strike the enemies of Islam with “an iron hand”.

He made the comments from the holy site of Mount Arafat, during the peak of Haj.

Some pilgrims denounced atrocities by the Islamic State group but many also expressed concerns about the US-led air war against them.

This year’s Haj came with authorities on guard against infectious diseases.

But no cases of the deadly MERS or Ebola viruses have been recorded among the pilgrims, SPA quoted a health ministry official as saying on Saturday.

SOURCE: AIP, AJ, AFP

Oil prices slip on increased supply, strong dollar

#GNN - HONG KONG: Crude prices slipped Monday to multi-year lows owing to a build-up in supplies while the dollar rallied in response to a strong US jobs report, as analysts warned of further losses.

US benchmark West Texas Intermediate for November delivery was down 18 cents at $89.56.

On Friday it closed below $90 for the first time since April 2013. Brent North Sea crude eased 40 cents to $91.91, a two-year low.

While output surged in the United States owing to oil shale extraction, exports are on the rise in Russia, Libya and Kurdistan. Also, Saudi Arabia cut prices for the fourth straight month last week to defend its market share, suggesting it is unlikely to cut production any time soon.

Both Brent and New York contracts have shed about 15 percent in the past three months.

“Oil prices are likely to keep falling for the rest of the year as global supply is outstripping demand,” said Tony Nunan, oil risk manager at Mitsubishi Corp. in Tokyo.

“Supply of US shale gas alone can cover global demand this year, and unless OPEC countries reduce their production, or unless a fresh geopolitical concern occurs, the best estimate now is a bearish market,” he added.

Also depressing prices is the stronger dollar, which surged Friday after the Labor Department said the US economy created 248,000 jobs in September and the jobless rate dipped to a six-year low of 5.9 percent.

The news increased the likelihood the Federal Reserve will hike interest rates sooner than later. The greenback is sitting at six-year highs against the yen and two-year highs against the euro.

A stronger greenback makes dollar-priced commodities more expensive for buyers using weaker currencies, which tends to dent demand and push prices lower.

SOURCE: AIP, AJ, AFP

Dollar steady in Asia after jobs rally

#GNN - #TOKYO: The dollar held steady in Asia Monday after surging on strong US jobs data that fanned expectations the Federal Reserve will hike interest rates sooner rather than later.

In Tokyo afternoon trading, the greenback fetched 109.52 yen, weakening from 109.75 yen in New York but sharply up from 108.98 yen in Tokyo earlier Friday.

The euro was sitting around two-year lows of $1.2520 against $1.2514 in US trade, while it bought 137.12 yen compared with 137.33 yen.

On Friday the Labor Department said the world´s biggest economy created 248,000 jobs in September and the jobless rate dipped to a six-year low of 5.9 percent.

The report is the latest indicator that the economy is on track to recover and will add to pressure on the Fed to increase rates before its mid-2015 timetable to avoid bubbles forming.

By contrast, European Central Bank chief Mario Draghi expressed concern about more weakness in the eurozone on Thursday, as the ECB prepares easing measures to fend off deflation.

“This ECB policy profile stands in stark contrast to the Fed where Friday´s payrolls report push the Fed profile towards earlier tightening,” Credit Agricole said in a note.

Speculation is mounting about when the Bank of Japan will expand its own asset-buying growth programme after a second-quarter contraction in the economy and a string of other weak data.

BoJ policymakers kicked off a two-day meeting on Monday, but few observers expect any further action until its October 31 meeting at the earliest.

“Speculation of another round of BoJ (monetary easing) remains fuelled by recent fragile corporate sentiment, soft production, declining inflation,” Credit Agricole said.

“Even so, our economists remain firm in their view that the BoJ will not act unless a significant fall in equity markets ensues,” it added.

The dollar was mostly stronger against other Asia-Pacific currencies.

It rose to Sg$1.2796 from Sg$1.2731 on Friday, to 32.67 Thai baht from 32.45 baht, and to 1,069.68 South Korean won from 1,061.68 won.

It also climbed to 12,209 Indonesian rupiah from 12,146.00 rupiah, to Tw$30.46 from Tw$30.41, and to 44.75 Philippine pesos against 44.74 pesos.

The greenback was flat at 61.61 Indian rupees.

The Australian dollar fell to 86.95 US cents from 87.93 cents, while the Chinese yuan bought 17.81 yen from 17.73 yen.

SOURCE: AFP, AJ

Karachi: CID kills two TTP men on Northern Bypass

#GNN - #KARACHI: The personnel of the Sectarian Cell of the Crime Investigation Department (CID) Sindh gunned down two members of the banned Tehrik-e-Taliban Pakistan, including their Naib Karachi Ameer late on Sunday night.

According to the reports,  Chief of the Sectarian Cell, Khurram Waris along with his team raided the Northern Bypass area late on Sunday night.

On seeing the police, the accused opened fire which was retaliated and an encounter took place.

After a brief encounter, police arrested two members of the banned outfit in an injured condition while their associates fled.

The alleged terrorists were shifted to a local hospital where they died. Police also recovered 18 kilograms of explosives, two hand grenades, two launchers, and pistols.(GNN, AIP, AJ)