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Print - 2004-01-05
Indian shares seen hitting new highs ahead of results

Indian shares seen hitting new highs ahead of results

Indian shares, Asia's second biggest gainers in 2003, are expected to stretch rises into a seventh straight week and hit record highs on buying stoked by expectations of strong earnings in a rapidly expanding economy.
Published 05 Jan, 2004 12:00am
Hong Kong stocks to start week slowly after sharp gains

Hong Kong stocks to start week slowly after sharp gains

Hong Kong stocks are expected to face profit taking early this week after strengthening last week, but traders said bullish momentum should gather as investors position themselves for a traditional New Year rally.
Published 05 Jan, 2004 12:00am
Old Mutual considering Nedcor stake sale

Old Mutual considering Nedcor stake sale

London-listed South African insurer Old Mutual has approached several banks about selling its 53-percent stake in banking subsidiary Nedcor, The Business newspaper reported on Sunday.
Published 05 Jan, 2004 12:00am
Old Mutual considering Nedcor stake sale

Old Mutual considering Nedcor stake sale

London-listed South African insurer Old Mutual has approached several banks about selling its 53-percent stake in banking subsidiary Nedcor, The Business newspaper reported on Sunday.
Published 05 Jan, 2004 12:00am
Outlook for Asian dollar bonds turns bleak in 2004

Outlook for Asian dollar bonds turns bleak in 2004

Asian dollar bond investors pocketed high single-digit gains in 2003, but the going may be tough next year as regional spreads are likely to be threatened by slowing growth in China, high oil prices and election-related political risks.
Published 05 Jan, 2004 12:00am
Outlook for Asian dollar bonds turns bleak in 2004

Outlook for Asian dollar bonds turns bleak in 2004

Asian dollar bond investors pocketed high single-digit gains in 2003, but the going may be tough next year as regional spreads are likely to be threatened by slowing growth in China, high oil prices and election-related political risks.
Published 05 Jan, 2004 12:00am
UK stocks set to kick off first full week

UK stocks set to kick off first full week

UK stocks are set to kick off the first full week of 2004 with trading updates from clothing chain Next and jewellery retailer Signet, which may offer some clues to how the retail sector fared over Christmas.
Published 05 Jan, 2004 12:00am
Egypt interbank rate rises

Egypt interbank rate rises

The median interbank overnight rate on Egypt's pound rose to two percent on Sunday from one percent on Wednesday with demand low because most banks had met central bank reserve requirements, bankers said.
Published 05 Jan, 2004 12:00am
Telecoms rally boosts big-cap Cairo stocks

Telecoms rally boosts big-cap Cairo stocks

Anticipated strong 2003 results from MobilNil and the short-listing of Orascom Telecom (OT) for a mobile phone licence in Iran pushed big-cap Egyptian stocks to a higher close on Sunday, traders said.
Published 05 Jan, 2004 12:00am
Judgment key to good monetary policy: BOE's King

Judgment key to good monetary policy: BOE's King

Bank of England Governor Mervyn King said recently that judgement was crucial to sound monetary policy, even at central banks like the BOE that have inflation targets as policy guides.
Published 05 Jan, 2004 12:00am
Saudi Arabia and Kuwait to discuss future oil operations

Saudi Arabia and Kuwait to discuss future oil operations

Oil-rich Gulf Arab neighbours Kuwait and Saudi Arabia are to discuss later this month joint oil operations in their shared border areas, including the Dorra gas field, a Kuwaiti official said Sunday.
Published 05 Jan, 2004 12:00am
Fed was right not to prick stocks bubble: Greenspan

Fed was right not to prick stocks bubble: Greenspan

US Federal Reserve Chairman Alan Greenspan said on Saturday that policymakers have been proven correct in their decision not to try to prick a 1990s stock-market bubble that subsequently broke on its own.
Published 05 Jan, 2004 12:00am
Oman sets 2004 budget at $8.9 billion, deficit up

Oman sets 2004 budget at $8.9 billion, deficit up

Oman on Sunday set its 2004 budget with spending at 3.425 billion rials ($8.9 billion) and forecast a deficit of 500 billion rials, 25 percent higher than in 2003.
Published 05 Jan, 2004 12:00am
US FDA faces pressure for more action over mad cow

US FDA faces pressure for more action over mad cow

The US Food and Drug Administration, which has not implemented any new safeguards since the discovery of the first US mad cow case, faces growing pressure to bolster its ban on the use of cattle remains in certain animal feed.
Published 05 Jan, 2004 12:00am
German 'wise man' urges lower tax on capital income

German 'wise man' urges lower tax on capital income

One of the German government's panel of independent economic advisers, Wolfgang Wiegard, has urged the government to cut taxes on capital income to make the country a more attractive destination for investment.
Published 05 Jan, 2004 12:00am
Japan to reveal progress in cutting deficit: Takenaka

Japan to reveal progress in cutting deficit: Takenaka

The Japanese government will soon show it is making progress in efforts to return to a balanced budget, despite record debt issuance planned in the next fiscal year, Economics Minister Heizo Takenaka said on Sunday.
Published 05 Jan, 2004 12:00am
Soaring euro puts question mark over eurozone recovery outlook

Soaring euro puts question mark over eurozone recovery outlook

Hopes that the long-ailing German economy this year will finally put behind it three long years of stagnation - and help pull the entire eurozone with it - could soon fizzle if the euro continues to soar, experts warn.
Published 05 Jan, 2004 12:00am
British Airways plans extra cost-slashing measures

British Airways plans extra cost-slashing measures

British Airways, which has seen profits cut by terrorism fears and wildcat strikes, plans to slash another 500 million pounds (715 million euros, 900 million dollars) a year from its costs, it was reported on Sunday.
Published 05 Jan, 2004 12:00am
South Korean prosecutors indict 48 people in IBM probe

South Korean prosecutors indict 48 people in IBM probe

South Korean prosecutors said Sunday that 48 people have been indicted for bribery and other irregularities in a corruption probe involving the local subsidiary of US technology giant IBM Corp.
Published 05 Jan, 2004 12:00am
AirAsia insists low-price ads not misleading

AirAsia insists low-price ads not misleading

Malaysia's budget airline AirAsia is to continue with advertisements for cheap fares despite a claim that they are misleading, a press report said Sunday.
Published 05 Jan, 2004 12:00am
Parmalat prepares to ask banks for new loans

Parmalat prepares to ask banks for new loans

Parmalat's rescue managers prepared on Sunday to ask creditor banks for new loans to keep its factories running, as prosecutors broaden a multi-billion euro fraud probe to examine the role of financial institutions.
Published 05 Jan, 2004 12:00am
Parmalat prepares to ask banks for new loans

Parmalat prepares to ask banks for new loans

Parmalat's rescue managers prepared on Sunday to ask creditor banks for new loans to keep its factories running, as prosecutors broaden a multi-billion euro fraud probe to examine the role of financial institutions.
Published 05 Jan, 2004 12:00am
Schroeder looking for Germany's first female president

Schroeder looking for Germany's first female president

German Chancellor Gerhard Schroeder said his Social Democrats (SPD) could renounce a run for the presidency if it helped the country get its first female head of state, in remarks to be published on Monday.
Published 05 Jan, 2004 12:00am
10 dead in southern Philippine bombing

10 dead in southern Philippine bombing

At least 10 people were killed and 40 wounded when a bomb tore through a packed sports hall in the southern Philippines Sunday, officials said.
Published 05 Jan, 2004 12:00am
Iran begins work on Bam reconstruction plan

Iran begins work on Bam reconstruction plan

Iranian authorities were Sunday starting to draw up a multi-million-dollar reconstruction plan for earthquake-hit Bam, but the foreign ministry said the time was not yet right to receive a high-level US delegation to follow up on Washington's dispatch of
Published 05 Jan, 2004 12:00am
Americans suspect political motives in Iraq contracts

Americans suspect political motives in Iraq contracts

More Americans believe that contracts to rebuild Iraq are awarded to politically well-connected firms than to the best-qualified companies, according to a survey released Sunday.
Published 05 Jan, 2004 12:00am
Saakashvili wins in Georgia by landslide, exit poll

Saakashvili wins in Georgia by landslide, exit poll

Mikhail Saakashvili, who led the "rose revolution" that forced Eduard Shevardnadze from office six weeks ago, won Sunday's Georgian presidential vote by a landslide, according to an independent exit poll.
Published 05 Jan, 2004 12:00am
Egypt plane crash may be due to power loss: France

Egypt plane crash may be due to power loss: France

Search teams hunted with nets on Sunday for the remains of 148 people, mostly French tourists, who died in an Egyptian plane crash France said was most likely due to a loss of power.
Published 05 Jan, 2004 12:00am
Blair visits Iraq; US troops arrest senior Kurdish official

Blair visits Iraq; US troops arrest senior Kurdish official

British Prime Minister Tony Blair defended the Iraq invasion in a surprise visit to the southern port of Basra on Sunday, while US troops arrested a senior Kurdish official in the ethnic tinderbox of Kirkuk.
Published 05 Jan, 2004 12:00am
Myanmar's military leaders promote democracy road map

Myanmar's military leaders promote democracy road map

Military ruler Senior General Than Shwe called on Sunday for Myanmar's various ethnic groups to support the junta's "road map" to democracy as the country commemorated its 56th independence day.
Published 05 Jan, 2004 12:00am
No justification for prolonging sanctions: Libya

No justification for prolonging sanctions: Libya

Libyan Prime Minister Shukri Ghanim said Sunday there was no justification for the United States to keep sanctions in place after Tripoli's move to abandon secret weapons programmes.
Published 05 Jan, 2004 12:00am
Ukraine fears expansion of Russia's UES electric monopoly

Ukraine fears expansion of Russia's UES electric monopoly

Ukraine's move to halt the privatisation of energy firms highlights fears that Russian electricity monopoly UES is aggressively taking over the energy market, deepening Moscow's influence on the Ukrainian economy.
Published 05 Jan, 2004 12:00am
Who is responsible?

Who is responsible?

Never before in the history of the land of the pure, an attempt was made by suicide bombers to take the life of the Head of State.
Published 05 Jan, 2004 12:00am
Dedicating roads to leading personalities

Dedicating roads to leading personalities

The Karachi City District Government's trend to name streets and roads after leading personalities and philanthropists is admirable.
Published 05 Jan, 2004 12:00am
Lahore Stock Exchange's clarification

Lahore Stock Exchange's clarification

This is with reference to the letter of Ayub Khalid Bhatti of Gujranwala addressed to you, which appeared in the Business Recorder, Lahore, on December 23, 2003.
Published 05 Jan, 2004 12:00am
US pushing new poverty-fighting agenda for LatAm

US pushing new poverty-fighting agenda for LatAm

After over a decade of big-picture talk on the need to open Latin American economies more to trade and investment, the Bush administration is shifting gears to promote the nitty-gritty of capitalism such as the creation of small businesses.
Published 05 Jan, 2004 12:00am
Management of high blood pressure in the elderly

Management of high blood pressure in the elderly

The elderly population is arbitrarily defined as individuals aged 65 years or above. The incidence of high Blood Pressure and its complications increase dramatically with age.
Published 05 Jan, 2004 12:00am
Arab nationalism and Zionism

Arab nationalism and Zionism

Libya is not even in a position to question the US demand of disarmament. Iraq has been practically taken over. Is Iran the next target? After Iran, hardly anyone would remain in the Arab World who could pose a threat to Israel's sovereignty.
Published 05 Jan, 2004 12:00am
Reflections on two great Asian neighbours

Reflections on two great Asian neighbours

"Imagine a happy little family. If this family is truly knit together in bonds of love and understanding, a stranger cannot enter it, he cannot disrupt it. But if the members of this family somehow come to nourish secret hates and fears against one anothe
Published 05 Jan, 2004 12:00am
Cellular phone: ensuring quality of service

Cellular phone: ensuring quality of service

After passing through the slow evolution process for quite some time, the cellular mobile phone industry is expanding world-wide by leaps and bounds for the past few years.
Published 05 Jan, 2004 12:00am
South Asian co-operation

South Asian co-operation

The anticipation that the South Asian Association for Regional Co-operation (SAARC) Summit would yield a rich crop of measures to bring the seven countries of the region together in ties that encompass economics and other strategic areas, seems to be dest
Published 05 Jan, 2004 12:00am
Reduction in NSS rates

Reduction in NSS rates

As per agreement with the IMF, the government has been revising the rate of return on National Saving Schemes (NSS) in line with the yield on Pakistan Investment Bonds (PIBs) on six monthly basis since July 1999.
Published 05 Jan, 2004 12:00am
23 injured in road accident

23 injured in road accident

As many as 23 persons were injured, three of them seriously, when a coach crashed into a tractor near Adda Qazi Abad here on Sunday.
Published 05 Jan, 2004 12:00am
Jamaat-e-Islami Shoora meeting on January 5

Jamaat-e-Islami Shoora meeting on January 5

More than 90 members of the central Shoora of Jamaat-e-Islami, Pakistan, will take part in a three-day meeting commencing here at Mansoora from January 5.
Published 05 Jan, 2004 12:00am
Release of Asif Zardari demanded

Release of Asif Zardari demanded

People's Youth Organisation (PYO) on Sunday established a hunger strike camp at Khuni Burj to press the rulers for the release of Asif Ali Zardari spouse of chairperson of PPPP Benazir Bhutto, Malik Salahuddin Dogar, ex-MPA and former mayor of Multan, wit
Published 05 Jan, 2004 12:00am
Kashmiris stage demonstration

Kashmiris stage demonstration

Workers of various Kashmiri organisations held a demonstration here on Sunday near Dyal Singh Mansion to express solidarity with the people of occupied valley for the right of self-determination. The demonstration was held under the auspices of Jammu Kash
Published 05 Jan, 2004 12:00am
Kashmir not part of Saarc agenda: foreign minister

Kashmir not part of Saarc agenda: foreign minister

Foreign Minister Khurshid Mahmood Kasuri said on Sunday Kashmir could not to be part of the agenda of South Asian Association for Regional Co-operation (Saarc) because it was a "bilateral issue" between India and Pakistan.
Published 05 Jan, 2004 12:00am
Saarc summit to help resolve Kashmir issue

Saarc summit to help resolve Kashmir issue

AJK president Major General Sardar Mohammad Anwar Khan has expressed optimism that successful Saarc summit in Islamabad will pave the ways for resolution of disputes between India and Pakistan including the core issue of Kashmir.
Published 05 Jan, 2004 12:00am
Saraiki Party organises peace rally

Saraiki Party organises peace rally

Pakistan Saraiki Party (PSP) and Saraiki Students Federation on Sunday organised a peace rally from Chowk Nawan Shehr to Multan Press Club to press the member of Saarc countries to sign a no-war pact, reduce their armed forces, cut defence budget and spen
Published 05 Jan, 2004 12:00am
Kashmiri refugees urge Vajpayee to stop bloodshed

Kashmiri refugees urge Vajpayee to stop bloodshed

Refugees from occupied Jammu and Kashmir settled in Sialkot and Narowal districts have urged upon the visiting prime minister Atal Behari Vajpayee to take immediate steps for stopping the excessive barbarism and killing of innocent Kashmiris in held valle
Published 05 Jan, 2004 12:00am
Airmen final results announced

Airmen final results announced

Pakistan Air Force Information and Selection Centre, Hyderabad, has announced the final result of Airmen Entry No.2004-01 (Aero Technician and Aero Support).
Published 05 Jan, 2004 12:00am
APHC wants to put fresh proposals for peace

APHC wants to put fresh proposals for peace

Former All Parties Hurriyat Conference (APHC) chairman and chairman Awami Action Committee (AAC), Mirwaiz Umar Farooq has said the APHC wants to put several fruitful and positive new suggestions before New Delhi and Islamabad and said they would help the
Published 05 Jan, 2004 12:00am
Two die in car-truck collision

Two die in car-truck collision

Two persons were killed and three other injured when their car collided with a truck on National Highway near Kinjhar Lake on Sunday.
Published 05 Jan, 2004 12:00am
Dry fruits register 70 percent increase in prices

Dry fruits register 70 percent increase in prices

Dry fruits have registered about 50 to 70 percent increase in prices as compared to last year while dealers have urged upon the government to form a uniform policy for their export keeping in view the local requirements.
Published 05 Jan, 2004 12:00am
Cheap atta bags for needy

Cheap atta bags for needy

A total number of 126,000 of 20-kg atta bags priced at Rs 170 will be given to 63,000 needy families in Lahore. Each family will get two such bags under the scheme, initiated by provincial government, recently.
Published 05 Jan, 2004 12:00am
Best communication facility to masses assured

Best communication facility to masses assured

Punjab Housing and Communication Minister Chaudhry Zaheeruddin Khan has said the past regime obtained a lot of loans for construction of roads in the provincial capital, which are now being paid by the present government.
Published 05 Jan, 2004 12:00am
Wapda urged to accept union's demands

Wapda urged to accept union's demands

Pakistan Wapda Hydro Electric Central Labour Union (PWHECLU) leadership has asked the Wapda authority to accept the just demands of more than 120,000 workers of the organisation, including restoring employment quota for the Wapda employees children and cr
Published 05 Jan, 2004 12:00am
Staff urged to improve Punjab food department image

Staff urged to improve Punjab food department image

Punjab Food Minister Chaudhry Mohammad Iqbal has said no government department can run its day-to-day affairs smoothly without the support and co-operation of its officers and officials.
Published 05 Jan, 2004 12:00am
Saarc summit's live coverage keenly watched

Saarc summit's live coverage keenly watched

People in Karachi watched with keen interest the live coverage of the 12th Saarc summit inaugural session and were delighted watching Jamali-Vajpayee meet.
Published 05 Jan, 2004 12:00am
Cotton prices jump in quick succession

Cotton prices jump in quick succession

The local conditions were adequately supported by world surging rates which constrained spinners either to sideline or book import orders, relevant sources said.
Published 05 Jan, 2004 12:00am
Indian Cricket Board confirms Pakistan's tour

Indian Cricket Board confirms Pakistan's tour

Indian cricket team will undertake a tour of Pakistan after a gap of 15 years and play three Tests and five One-Day matches beginning in March, the board announced here on Sunday.
Published 05 Jan, 2004 12:00am
Hyderabad rationing controller suspended

Hyderabad rationing controller suspended

The Rationing Controller, Hyderabad district, Abdul Malik Abbasi, has been suspended with immediate effect following raids by vigilance staff on the directive of provincial Food Secretary on three roller flour mills and a small grinding units, Jubilee, fo
Published 05 Jan, 2004 12:00am
Minister thanks Prime Minister

Minister thanks Prime Minister

Punjab Social Welfare Minister Nasim Lodhi has received a letter of felicitation from Prime Minister Mir Zafarullah Khan Jamali on her appointment as the minister in Punjab Cabinet, recently.
Published 05 Jan, 2004 12:00am
Cane growers complain about slow crushing pace

Cane growers complain about slow crushing pace

Sugarcane growers have expressed apprehensions that if the crushing by sugar mills continues at the present pace it might leave huge quantity of sugarcane uncrushed resulting in enormous losses to them.
Published 05 Jan, 2004 12:00am
Commodities vacillate amid slow trading

Commodities vacillate amid slow trading

Juwar, yellow peas, and sugar were subjected to repeated revision while other commodities also fluctuated both ways. Sharp changes were not reflected as movement remained rather slow.
Published 05 Jan, 2004 12:00am
PML-N to reorganise party in Lahore

PML-N to reorganise party in Lahore

Pakistan Muslim League (N) has planned to complete reorganisation of party offices in Lahore city by March next.
Published 05 Jan, 2004 12:00am
Summit an opportunity to resolve regional disputes: MMA

Summit an opportunity to resolve regional disputes: MMA

Mutahidda Majlis-i-Amal has said the Saarc summit would provide an opportunity to the South Asian leaders to discuss the ways for the resolution of region's outstanding issues including Kashmir.
Published 05 Jan, 2004 12:00am
Kashmiris to observe self-determination day on January 5

Kashmiris to observe self-determination day on January 5

The Kashmiri people living on both sides of the Line of Control and across the world would observe January 5 as the Right to Self-determination Day in commemoration of UN-adopted resolution on the same day in 1949.
Published 05 Jan, 2004 12:00am
Workshop on 'Advanced techniques in biotechnology' from January 5

Workshop on 'Advanced techniques in biotechnology' from January 5

National Institute for Biotechnology and Genetic Engineering (NIBGE) will host an International Workshop on "Advanced Techniques in Biotechnology" here from January 5 to 17, 2004, which will be inaugurated by the eminent Biotechnologist Dr Anwar Nasim, Si
Published 05 Jan, 2004 12:00am
162 new development schemes approved for Faisalabad

162 new development schemes approved for Faisalabad

The District Development Committee (DDC) has approved 162 new development schemes with an out lay of Rs 109.785 million for the provision of basic amenities in the different rural and urban areas of Faisalabad district.
Published 05 Jan, 2004 12:00am
Summit to kick-start formal dialogues: Maleeha

Summit to kick-start formal dialogues: Maleeha

Pakistan High Commissioner to the United Kingdom Dr Maleeha Lodhi said on Saturday that South Asian Association for Regional Co-operation (Saarc) summit gave Pakistan and India a historic opportunity to kick start resumption of a formal dialogue process.
Published 05 Jan, 2004 12:00am
Saarc summit a milestone in improving Pak-India ties

Saarc summit a milestone in improving Pak-India ties

The 12th South Asian Association for Regional Co-operation (Saarc) summit being held in Islamabad was a milestone in improving relations between the two nuclear-capable powers in South Asian, said a leading British daily on Sunday.
Published 05 Jan, 2004 12:00am
Saarc leaders call on Jamali

Saarc leaders call on Jamali

President of Maldives Mammon Abdul Gayyum, Prime Minister of Bangladesh Begum Khalida Zia, Prime Minister of Nepal Suriya Bahadur Thapa and Prime Minister of Bhutan Jigmi Thinley separately held meetings with Prime Minister Mir Zafarullah Khan Jamali here
Published 05 Jan, 2004 12:00am
Peace depends only on Kashmir solution

Peace depends only on Kashmir solution

Speaker AJK Legislative Assembly, Sardar Sayyab Khalid Khan has said that rapid development and peace in South Asia depends only on resolution of occupied Kashmir issue.
Published 05 Jan, 2004 12:00am
Ignoring Kashmiris would be a historic mistake: Hurriyat Conference

Ignoring Kashmiris would be a historic mistake: Hurriyat Conference

As the Saarc leaders gathered in Islamabad for their summit, Hurriyat Conference led by Maulana Mohammad Abbas Ansari appealed to them to give priority to Kashmir issue, though against their charter, because it related to the region's security and develop
Published 05 Jan, 2004 12:00am
Key Kashmiri group pledges positive steps for peace

Key Kashmiri group pledges positive steps for peace

Hard line and moderate freedom fighters in occupied Kashmir vowed to work for peace in the revolt-torn region in 2004 and called Saarc summit which opening in Pakistan on Sunday a good start to the new year.
Published 05 Jan, 2004 12:00am
Four killed in occupied Kashmir

Four killed in occupied Kashmir

Four people died on Sunday in occupied Kashmir, as security was tightened to brace for potential attacks during a landmark South Asian summit in Pakistan, police said.
Published 05 Jan, 2004 12:00am