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Nov 25, 2024 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Print - 2004-01-23
Citigroup plans spending boost, still eyes mergers

Citigroup plans spending boost, still eyes mergers

In a strategy shift, Citigroup Inc plans to spend more to expand its existing businesses, even as it eyes "significant" opportunities to grow by acquisition, its chief operating officer said on Thursday.
Published 23 Jan, 2004 12:00am
Time is ripe to invest in China, the world's goldmine

Time is ripe to invest in China, the world's goldmine

The time is ripe to invest in China where profit margins are huge, business leaders said Thursday, and one of them urged investors to hurry before the Chinese currency rises, possibly in the next nine months.
Published 23 Jan, 2004 12:00am
Buyer beware as Baghdad stock market set to reopen

Buyer beware as Baghdad stock market set to reopen

In what may be an acid test for investor confidence in post-war Iraq, a revamped Baghdad Stock Exchange is due to open later this month and may have more than 100 companies listed by the end of the year.
Published 23 Jan, 2004 12:00am
Siemens restructuring helps first-quarter profits soar

Siemens restructuring helps first-quarter profits soar

German engineering giant Siemens AG posted substantially higher operating and net profits for its first quarter on Thursday despite flat sales, as it continued to reap the rewards of tough restructuring.
Published 23 Jan, 2004 12:00am
Siemens restructuring helps first-quarter profits soar

Siemens restructuring helps first-quarter profits soar

German engineering giant Siemens AG posted substantially higher operating and net profits for its first quarter on Thursday despite flat sales, as it continued to reap the rewards of tough restructuring.
Published 23 Jan, 2004 12:00am
Ackermann defends Mannesmann bonuses

Ackermann defends Mannesmann bonuses

Germany's top banker, battling to clear his name over controversial bonuses he approved for Mannesmann executives, told a court on Thursday he acted within the law and had nothing to hide.
Published 23 Jan, 2004 12:00am
Eight EU states sued over insurance protection law

Eight EU states sued over insurance protection law

Eight European Union countries will face a court challenge for failure to enforce an EU-wide bill that improves consumer protection when an insurer goes bankrupt, the EU executive said on Thursday.
Published 23 Jan, 2004 12:00am
Bird flu cases

Bird flu cases

Japan suspended on Thursday imports from Thailand's huge and lucrative chicken industry as the Southeast Asian nation swore it is not covering up cases of the bird flu which has killed at least five people in Vietnam.
Published 23 Jan, 2004 12:00am
Norske Skog chief says uncertain on upturn

Norske Skog chief says uncertain on upturn

Norske Skog, the world's second biggest newsprint paper producer, is still waiting for the long expected upturn in demand and European prices remain flat, the Norwegian company's Chief Executive said on Thursday.
Published 23 Jan, 2004 12:00am
California judge to rule in Myanmar pipeline case

California judge to rule in Myanmar pipeline case

Lawyers for villagers who claim Unocal Corp turned a blind eye to human rights abuses while building a natural gas pipeline in Myanmar urged a judge on Wednesday to find the oil giant liable for damages or risk creating "havoc on the global economy."
Published 23 Jan, 2004 12:00am
Dominican Republic making progress toward deal: IMF

Dominican Republic making progress toward deal: IMF

The IMF said on Wednesday the Dominican Republic is making progress toward a deal on a crucial loan payment as the Inter-American Development Bank considers a $200 million credit for the nation.
Published 23 Jan, 2004 12:00am
Euro Disney sales decline ends in first quarter

Euro Disney sales decline ends in first quarter

Euro Disney, the French theme park operator suffering from a heavy debt load and a tourist downturn, reported broadly flat first-quarter sales on Thursday following two consecutive quarters of decline.
Published 23 Jan, 2004 12:00am
Toronto stocks end flat

Toronto stocks end flat

Toronto stocks ended flat on Wednesday as high-flying technology issues took a breather, but the market still managed to erase earlier losses and was poised to push upwards again, analysts said.
Published 23 Jan, 2004 12:00am
Sri Lankan stocks surge for third-straight day

Sri Lankan stocks surge for third-straight day

Sri Lankan stocks edged higher on Thursday for a third-straight day despite political worries, with renewed buying in blue-chip John Keells Holdings Ltd.
Published 23 Jan, 2004 12:00am
Chilean stocks close lower

Chilean stocks close lower

Chile's stocks continued in negative territory on Wednesday, dragged by falls in Chilean stocks that trade on Wall Street and persisting jitters about the impact the strong local currency will have on exporters' profits, analysts said. The IPSA blue-chip
Published 23 Jan, 2004 12:00am
Mexican stocks jump, driven by blue-chip gains

Mexican stocks jump, driven by blue-chip gains

Mexican stocks set record highs again on Wednesday, driven by blue-chip gains by America Movil, Telmex and BBVA-Bancomer, but traders said buying extended across the board on expectations of solid earnings results.
Published 23 Jan, 2004 12:00am
Tokyo stocks end flat, component makers fall

Tokyo stocks end flat, component makers fall

Tokyo stocks ended flat on Thursday, giving up gains after electronics components makers such as Alps Electric Co Ltd fell following disappointing earnings by their US peers.
Published 23 Jan, 2004 12:00am
Dow near two-year high; Nasdaq slips on semiconductors

Dow near two-year high; Nasdaq slips on semiconductors

US blue chips rallied to their highest levels in nearly two years on Wednesday, after solid earnings from several big financial services companies raised investors' hopes for more positive results in the coming weeks. But weakness in semiconductor stocks
Published 23 Jan, 2004 12:00am
Indian key share index slips to month low

Indian key share index slips to month low

India's key share index slipped to a one-month closing low on Thursday on worries that hedge funds and small foreign funds may face new regulatory restrictions, though analysts remained confident the downtrend was temporary.
Published 23 Jan, 2004 12:00am
US Stocks: Thursday's unofficial close

US Stocks: Thursday's unofficial close

US technology stocks fell for a second day on Thursday, led down by Tellabs Inc and Lucent Technologies Inc after a brokerage report suggested shares of traditional telecom equipment makers are overvalued.
Published 23 Jan, 2004 12:00am
Saudi Arabian stocks inch up

Saudi Arabian stocks inch up

Saudi Arabian stocks edged up 0.5 percent in the week to Thursday after Arab National Bank posted higher annual profit, while agriculture firms climbed for a third consecutive week on a state decision to boost wheat output.
Published 23 Jan, 2004 12:00am
Corporate bonds slip as Ford reports loss

Corporate bonds slip as Ford reports loss

European corporate bonds slipped slightly on Thursday as auto bonds drifted lower in value after Ford reported a fourth-quarter loss.
Published 23 Jan, 2004 12:00am
Corporate bonds slip as Ford reports loss

Corporate bonds slip as Ford reports loss

European corporate bonds slipped slightly on Thursday as auto bonds drifted lower in value after Ford reported a fourth-quarter loss.
Published 23 Jan, 2004 12:00am
Britain's top shares suffer biggest drop in six weeks

Britain's top shares suffer biggest drop in six weeks

Britain's top shares suffered their biggest drop in six weeks on Thursday as a cautious trading update from insurer Prudential and weak media stocks overshadowed positive earnings news overseas.
Published 23 Jan, 2004 12:00am
Australian dollar ends higher

Australian dollar ends higher

The Australian dollar re-tested its offshore high on Thursday and is just over a half US cent from its 2004 peak, but its near term direction is still likely to hinge on the fortunes of the euro.
Published 23 Jan, 2004 12:00am
Swiss franc firms ahead of Roth speech

Swiss franc firms ahead of Roth speech

The Swiss franc firmed against the dollar in early trade on Thursday as the greenback retraced from its recent rally, while dealers awaited a speech by Swiss National Bank chairman Jean-Pierre Roth later in the session.
Published 23 Jan, 2004 12:00am
Dollar weakens against majors on pre-G7 jitters

Dollar weakens against majors on pre-G7 jitters

The dollar fell on Thursday on growing doubt that Group of Seven (G7) finance leaders will take a stand against the currency's weakness when they meet next month.
Published 23 Jan, 2004 12:00am
Russian rouble rises against US dollar

Russian rouble rises against US dollar

The Russian rouble rose against the dollar in official trade on Thursday to a weighted average for tomorrow settlement of 28.6959 per dollar compared with 28.8026 the previous session, the exchange said.
Published 23 Jan, 2004 12:00am
Indian rupee ends steady

Indian rupee ends steady

The Indian rupee ended steady on Thursday after robust dollar supplies from exporters were matched by foreign fund outflows and corporate purchases, dealers said.
Published 23 Jan, 2004 12:00am
Sterling hits one-week high against dollar

Sterling hits one-week high against dollar

Sterling gained to one-week highs against the dollar on Thursday, rising in tandem with the euro but also helped by recent signals from the Bank of England (BoE) that UK rate hikes remained on the cards.
Published 23 Jan, 2004 12:00am
Euro upbeat as ECB rhetoric seen softened

Euro upbeat as ECB rhetoric seen softened

The euro hit a one-week high on the dollar on Thursday as investors treated a lack of recent aggressive opposition by euro zone policymakers to renewed euro strength as a green light to buy the single currency.
Published 23 Jan, 2004 12:00am
Cambodian trade unionist shot dead

Cambodian trade unionist shot dead

Cambodia's most prominent trade union activist Chea Vichea was shot dead in downtown Phnom Penh Thursday as he sat at a street-side newspaper stand, police said.
Published 23 Jan, 2004 12:00am
Anatomist can not rule out using execution victims

Anatomist can not rule out using execution victims

The German creator of the controversial "Body Worlds" anatomical exhibition said on Thursday he could not rule out having used the corpses of Chinese execution victims as a magazine alleged this week.
Published 23 Jan, 2004 12:00am
Mugabe agrees talks with Zimbabwe opposition: Mbeki

Mugabe agrees talks with Zimbabwe opposition: Mbeki

South African President Thabo Mbeki said on Thursday Zimbabwean President Robert Mugabe had agreed to enter formal talks with the opposition on ending the country's long-running crisis.
Published 23 Jan, 2004 12:00am
French doctors and airport staff stage protests

French doctors and airport staff stage protests

French doctors and airport staff staged protests on Thursday, a day after a train strike upset travel in a week of protests in various sectors to pressure the conservative government over its economic reforms.
Published 23 Jan, 2004 12:00am
Georgia leader to be sworn in after conflict warning

Georgia leader to be sworn in after conflict warning

Georgia's Mikhail Saakashvili will be sworn in as president this weekend in ceremonies his people hope will mark an end to years of post-Soviet upheaval, but with the new leader warning the way ahead will not be easy.
Published 23 Jan, 2004 12:00am
'Titanic' director sets sail with new film

'Titanic' director sets sail with new film

"Titanic" writer/director James Cameron is preparing a follow-up feature, six years after his maritime saga smashed world-wide box office records, Daily Variety reported in its Thursday edition.
Published 23 Jan, 2004 12:00am
Afghanistan probes death reports

Afghanistan probes death reports

Afghanistan's government is investigating reports of civilian deaths in a US air strike, despite the US military saying only armed men were killed in the Sunday attack.
Published 23 Jan, 2004 12:00am
Russian majority party set to offer new ministers

Russian majority party set to offer new ministers

The head of the main pro-Kremlin party said on Thursday it would push its own candidates for Russia's next cabinet, reviving President Vladimir Putin's idea of having a government that reflected who controls parliament.
Published 23 Jan, 2004 12:00am
EU lawmakers want end to long UK working hours

EU lawmakers want end to long UK working hours

European Union lawmakers called on Thursday for an end to a loophole that allows British firms to break working time limits laid down by the bloc's laws.
Published 23 Jan, 2004 12:00am
FCC's Powell sees broad support for swear word ban

FCC's Powell sees broad support for swear word ban

US regulators will increase the pressure on media outlets to ban foul language from the airwaves, and have broad political support to do so, the top US telecoms regulator said on Thursday.
Published 23 Jan, 2004 12:00am
EU Commission takes merger powers fight to court

EU Commission takes merger powers fight to court

The European Commission goes to the EU's highest court next week to halt what it sees as the poaching by EU judges of its powers to halt mergers that damage competition.
Published 23 Jan, 2004 12:00am
Saudi prince abducted in Geneva over criticism

Saudi prince abducted in Geneva over criticism

An outspoken Saudi prince said on Thursday he was under house arrest in Riyadh after Saudi agents drugged and abducted him from Switzerland because of his criticism of corruption and calls for democracy in the kingdom.
Published 23 Jan, 2004 12:00am
Palestinian boy killed

Palestinian boy killed

Israeli soldiers shot and killed a 12-year-old Palestinian boy and wounded two other youths on Thursday near a fence dividing the Gaza Strip and Israel, Palestinian officials said.
Published 23 Jan, 2004 12:00am
Israeli army forces mother to beg her son to surrender

Israeli army forces mother to beg her son to surrender

Israeli troops Thursday forced the mother of a wanted Palestinian militant to beg her son to surrender and then blew up the house in which he was allegedly hiding, Palestinian security officials and witnesses said.
Published 23 Jan, 2004 12:00am
Afghanistan announces reconstruction project

Afghanistan announces reconstruction project

Afghanistan, struggling to recover from 23 years of war and drought, will undertake a nation-wide 160 million US dollar project to build government infrastructure, a minister announced Thursday.
Published 23 Jan, 2004 12:00am
Former Rwandan minister gets life sentence

Former Rwandan minister gets life sentence

Rwandan former minister Jean de Dieu Kamuhanda was Thursday sentenced to life in jail for genocide and crimes against humanity by a special UN tribunal that sits in Tanzania.
Published 23 Jan, 2004 12:00am
BBC exposes its own failings over Iraq row

BBC exposes its own failings over Iraq row

The BBC dramatically exposed its own failings in a primetime television documentary which probed the public broadcaster's reporting during a controversy over British Prime Minister Tony Blair's rationale for joining the war against Iraq.
Published 23 Jan, 2004 12:00am
Sharon rules out resignation over bribery scandal

Sharon rules out resignation over bribery scandal

Israeli Prime Minister Ariel Sharon said on Thursday he had no intention of resigning as prosecutors considered indicting him over allegations a businessman friend bribed him.
Published 23 Jan, 2004 12:00am
Japan plans to cut contribution to UN

Japan plans to cut contribution to UN

Japan plans to cut its financial contribution to the United Nations, though that does not mean Tokyo is distancing itself diplomatically from the world body, officials said on Thursday.
Published 23 Jan, 2004 12:00am
IAEA asks Iran to co-operate or face consequences

IAEA asks Iran to co-operate or face consequences

International Atomic Energy Agency chief Mohamed ElBaradei said on Thursday Iran must co-operate with the nuclear watchdog's efforts to monitor its atomic energy programme or face "serious implications".
Published 23 Jan, 2004 12:00am
Iraq war reparations not negotiable: Kuwait

Iraq war reparations not negotiable: Kuwait

Kuwait will discuss cutting Iraqi debt but billions of dollars in reparations dating from Iraq's 1990-91 occupation of its neighbour are not negotiable, the foreign minister said in comments published on Thursday.
Published 23 Jan, 2004 12:00am
Egypt and Libya lift travel hurdles on desert border

Egypt and Libya lift travel hurdles on desert border

Egypt and Libya on Thursday lifted restrictions on travellers crossing their common desert border that were imposed two weeks ago during a diplomatic row, the border authorities said.
Published 23 Jan, 2004 12:00am
Lawyers protest on January 23

Lawyers protest on January 23

Lawyers in Sialkot, Daska, Pasrur, Shakargarh and Narowal will observe complete strike on Friday in protest against the arrest and humiliation of nuclear scientists by the government, according to a press release issued here on Thursday.
Published 23 Jan, 2004 12:00am
Sarhad Chamber body opposes taxes on imported timber

Sarhad Chamber body opposes taxes on imported timber

The Standing Committee of the Sarhad Chamber of Commerce and Industry (SCCI) on Tribal Area has expressed serious concern over levy of taxes on timber imported from Afghanistan, and termed it as unjustified.
Published 23 Jan, 2004 12:00am
PPP demands release of nuclear scientists

PPP demands release of nuclear scientists

Refuting the claims of Federal Information Minister Shaikh Muhammad Rashid, Pakistan People's Party said that it is a bundle of lies because families and relatives of nuclear scientists are not aware of their whereabouts and they forced to file writ petit
Published 23 Jan, 2004 12:00am
Monetary policy

Monetary policy

State Bank of Pakistan (SBP) has issued Monetary Policy Statement (MPS) for the first half of the fiscal year 2003-04 (FY-04) on l9th January, 2004.
Published 23 Jan, 2004 12:00am
Best interest of SMEs

Best interest of SMEs

Shahab Khawaja the Chief Executive Officer (CEO) of The Small & Medium Enterprises Development Authority (SMEDA) invited us to discuss programmes for the coming year 2004.
Published 23 Jan, 2004 12:00am
Relatives wait in vain for word on Iraqis jailed by US

Relatives wait in vain for word on Iraqis jailed by US

At the barbed wire fence around Iraq's notorious Abu Ghraib prison, Safia Shamri pleaded with a US soldier to be allowed a glimpse of her only remaining son, who she says has been in jail since October.
Published 23 Jan, 2004 12:00am
ABN Amro Economy Watch

ABN Amro Economy Watch

Amongst the primary concerns regarding Pakistan's current economic state and its medium-term prospects relates to the state of investment.
Published 23 Jan, 2004 12:00am
Foreign investors and advance ruling

Foreign investors and advance ruling

The Pakistan government is striving for foreign investments. Recently a delegation of foreign investors visited Pakistan. Speaking to them President General Pervez Musharraf said that the country holds immense promise for return to foreign investors.
Published 23 Jan, 2004 12:00am
Needed a bold thrust on poverty reduction

Needed a bold thrust on poverty reduction

According to a news report, the Prime Minister's Task Force on poverty alleviation and employment generation has decided to submit its recommendations to the President, General Pervez Musharraf, and Prime Minister Mir Zafarullah Khan Jamali, in a fortnigh
Published 23 Jan, 2004 12:00am
The epoch making accords

The epoch making accords

The four agreements and a memorandum of understanding (MoU), which Pakistan and Turkey signed in Ankara last Tuesday, subsequent to the talks between visiting Pakistani President General Pervez Musharraf and Turkish President Ahmet Necdet Sezer, can certa
Published 23 Jan, 2004 12:00am
Mining sector: summary to be moved for duty relief on machinery import

Mining sector: summary to be moved for duty relief on machinery import

The Ministry of Petroleum and Natural Resources is likely to move a summary to the Economic Co-ordination Committee (ECC) for exemption of custom duty on import of machinery and equipment for the mining sector as the Central Board of Revenue has turned do
Published 23 Jan, 2004 12:00am
World Leprosy Day on January 31

World Leprosy Day on January 31

Marie Adelaide Leprosy Centre is organising a programme to mark 51st World Leprosy Day at Finance and Trade Centre auditorium here on January 31.
Published 23 Jan, 2004 12:00am
LHC returns petition against hike in flour prices

LHC returns petition against hike in flour prices

The Lahore High Court (LHC) additional registrar returned a petition filed by M.D. Tahir against increase in flour prices. Additional registrar while justifying the act said the petitioner had not raised any legal point in his petition.
Published 23 Jan, 2004 12:00am
Decision to convert park into university flayed

Decision to convert park into university flayed

World Wide Funds for Nature-Pakistan's (WWF-P) Board has shown concern over government's plan to take 280-acres from the Hazargani National Park, near Quetta, as part of land for an information technology university.
Published 23 Jan, 2004 12:00am
Piaf seeks early construction of Kalabagh Dam

Piaf seeks early construction of Kalabagh Dam

In a bid to evolve consensus on construction of Kalabagh Dam, formation of a parliamentary committee is a right step in right direction, hence all patriotic segments should extend maximum co-operation to the committee members.
Published 23 Jan, 2004 12:00am
OIC statisticians to meet in Lahore from February 11

OIC statisticians to meet in Lahore from February 11

A three-day fourth meeting of heads of national statistical organisations of Organisation of Islamic Countries (OIC) member states would be held here from February 11, with the objective of compiling comprehensive vital data of the Islamic countries.
Published 23 Jan, 2004 12:00am
PHA chalks out programmes for Jashan-e-Baharan

PHA chalks out programmes for Jashan-e-Baharan

Parks and Horticulture Authority (PHA) in Lahore has chalked out various recreational and cultural programmes in connection with Jashan-e-Baharan-2004, which will be celebrated from February 6 to 20.
Published 23 Jan, 2004 12:00am
Punjab Bank declares PLS profit rates

Punjab Bank declares PLS profit rates

The Bank of Punjab has declared the following rates for PLS deposits for the half year ended on December 31, 2003.
Published 23 Jan, 2004 12:00am
Many Chinese firms to take part in ITIF Asia-2004

Many Chinese firms to take part in ITIF Asia-2004

There will be a big participation of the Chinese firms in the International Trade and Industry Fair (ITIF) Asia-2004 to be held at the Karachi Expo Centre from January 26 to 28.
Published 23 Jan, 2004 12:00am
Single country exhibition in Bahrain

Single country exhibition in Bahrain

Pakistan will hold a single country exhibition at Bahrain from February 17 to 20 to exhibit its wide ranging manufacturing capability.
Published 23 Jan, 2004 12:00am
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