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Print - 2004-02-05
New York cocoa gains

New York cocoa gains

CSCE cocoa futures jumped nearly 4.6 percent on Tuesday to its highest level in six sessions on short-covering by speculators in a thin market with supportive spread trade, brokers said. "We went up on speculative buying. Volume was light. There was some
Published 05 Feb, 2004 12:00am
London sugar weaker in spread dealings

London sugar weaker in spread dealings

London sugar futures ended weaker on Tuesday in spread-related business but dealers said the overall market remained supported.
Published 05 Feb, 2004 12:00am
Brazilian wheat imports up in 2003 despite big harvest

Brazilian wheat imports up in 2003 despite big harvest

Despite a near doubling in domestic wheat production in 2003, Brazilian flour mills imported more wheat last year than in 2002, spending over $1 billion, millers and wheat specialists said.
Published 05 Feb, 2004 12:00am
Expectations fade for G7 accord on dollar

Expectations fade for G7 accord on dollar

Financial markets are becoming increasingly doubtful that the Group of Seven industrial powers can agree on how to tackle dollar weakness and the latest comments of policymakers give little indication any such accord is likely.
Published 05 Feb, 2004 12:00am
Halliburton unit gets British defence contract

Halliburton unit gets British defence contract

Halliburton, the Texas oilfield services firm once run by US Vice President Dick Cheney, said on Tuesday one of its subsidiaries had won a logistics contract worth 12 million pounds with Britain's defence ministry.
Published 05 Feb, 2004 12:00am
Accounting problems at China Life predecessor

Accounting problems at China Life predecessor

China Life Insurance Co Ltd, which last year's sold the world's largest IPO at $3.5 billion, said on Wednesday that state auditors uncovered accounting irregularities at its predecessor company, a development that could deflate investors' China mania.
Published 05 Feb, 2004 12:00am
Accounting problems at China Life predecessor

Accounting problems at China Life predecessor

China Life Insurance Co Ltd, which last year's sold the world's largest IPO at $3.5 billion, said on Wednesday that state auditors uncovered accounting irregularities at its predecessor company, a development that could deflate investors' China mania.
Published 05 Feb, 2004 12:00am
Iraq creditors divided on debt write-off

Iraq creditors divided on debt write-off

Iraq's creditors are still divided over whether the country needs a huge debt write-off or a repayment rescheduling which would give it a breathing space until it starts pumping more oil, a creditor source told Reuters.
Published 05 Feb, 2004 12:00am
ABN Amro raises merger possibility after record profit

ABN Amro raises merger possibility after record profit

The Netherlands' biggest bank ABN Amro on Wednesday raised the possibility of a merger as it scrapped a take-over defence and reported record net profit for 2003, boosted by a turnaround in investment banking.
Published 05 Feb, 2004 12:00am
LG Card delays bailout as two banks stall

LG Card delays bailout as two banks stall

South Korea's largest credit card firm, LG Card Co, delayed the first stage of its $4.5 billion bailout for at least a week on Wednesday after two foreign-controlled banks failed to agree to the plan.
Published 05 Feb, 2004 12:00am
Algeria, China deepen co-operation with oil and gas pact

Algeria, China deepen co-operation with oil and gas pact

Algeria and China signed several co-operation pacts during Chinese President Hu Jintao's visit ending Wednesday, including an agreement on oil and gas, much needed by China to fuel runaway growth.
Published 05 Feb, 2004 12:00am
US services sector flourished in January

US services sector flourished in January

The US services sector forged ahead at a record pace in January, outstripping expectations for a more modest expansion, and hinting at even better economic growth to come, a report on Wednesday showed.
Published 05 Feb, 2004 12:00am
European economic recovery robust, jobs not following

European economic recovery robust, jobs not following

European economic recovery is firmly under way, but the millions out of work may have to wait before firms take on more staff, surveys of the key services sector suggested on Wednesday.
Published 05 Feb, 2004 12:00am
France Telecom sales dip in 2003

France Telecom sales dip in 2003

France Telecom posted a big rise in 2003 operating profit on Wednesday but its shares tumbled after weakness in its fixed-line businesses raised concerns about future growth.
Published 05 Feb, 2004 12:00am
Malaysian trade surplus hits new high in 2003

Malaysian trade surplus hits new high in 2003

Malaysia's exports in 2003 breached the 100 billion-dollar mark for the first time, driving the trade surplus up 45.7 percent year-on-year to a record high of 75.04 billion ringgit (19.75 billion dollars), the trade ministry said Wednesday.
Published 05 Feb, 2004 12:00am
World oil prices fall as US stockpiles swell

World oil prices fall as US stockpiles swell

Oil prices fell more than a dollar Wednesday after the US government reported a surprisingly large rise in crude supplies in the world's biggest energy consumer.
Published 05 Feb, 2004 12:00am
London sugar ends weaker

London sugar ends weaker

London sugar futures ended weaker on Wednesday in spread-based trade and dealers said activity remained focused on the coming expiry of the March contract.
Published 05 Feb, 2004 12:00am
New York cotton settles firm

New York cotton settles firm

NYCE cotton futures crawled to a firmer finish Wednesday on trade and speculative buying as players awaited tomorrow's weekly USDA export sales report, brokers said.
Published 05 Feb, 2004 12:00am
Gold static in Europe, under-performs against dollar

Gold static in Europe, under-performs against dollar

Gold traded sideways in a quiet European session on Wednesday, but analysts were disappointed with its recent performance, given security threats which should raise its profile as a safe-haven asset, and renewed dollar weakness.
Published 05 Feb, 2004 12:00am
London cocoa ends down

London cocoa ends down

London cocoa futures ended lower after a mixed session, with origin selling pressuring prices down and industry supporting a market that was assessing new data from Ivory Coast, dealers said.
Published 05 Feb, 2004 12:00am
LME metals end mostly firm on fund buying

LME metals end mostly firm on fund buying

Base metals held mostly firm in Wednesday London Metal Exchange (LME) open-outcry trading, notching up fresh highs on continued fund buying, traders said.
Published 05 Feb, 2004 12:00am
US MIDDAY: CSCE coffee future falls

US MIDDAY: CSCE coffee future falls

CSCE coffee futures fell 4 percent to touch a two-week low Wednesday as commodity funds sold, reducing their record long position before the approach of first notice day, brokers said.
Published 05 Feb, 2004 12:00am
US MIDDAY: sugar easier on light speculative sales

US MIDDAY: sugar easier on light speculative sales

CSCE raw sugar futures ended softer Wednesday on light speculative sales in range-bound business, with most of the running in the market taken up by players engaged in switch trades, brokers said.
Published 05 Feb, 2004 12:00am
US MIDDAY: soya mostly higher

US MIDDAY: soya mostly higher

Chicago Board of Trade soybeans rose on Wednesday amid firm US cash values and speculative follow-through buying and on a rally in neighbouring soymeal from its one-month low on Tuesday, brokers said.
Published 05 Feb, 2004 12:00am
US MIDDAY: copper rises to new highs

US MIDDAY: copper rises to new highs

COMEX copper futures rose to new highs on Wednesday, driven by a slew of factors from striking miners to the falling dollar to signs of increasing demand in the latest orders data, traders.
Published 05 Feb, 2004 12:00am
US MIDDAY: COMEX gold firmer, awaits G7

US MIDDAY: COMEX gold firmer, awaits G7

COMEX gold was firm early Wednesday, settled in a small range as investors awaited a rich nations finance ministers meeting Friday for possible comments on the strong euro or renewal of a central bank gold sales pact.
Published 05 Feb, 2004 12:00am
Thai stocks sharply higher

Thai stocks sharply higher

Thai stocks rose sharply on Wednesday as investors fished for bargains after recent falls due to the bird flu outbreak left many stocks looking cheap.
Published 05 Feb, 2004 12:00am
Seoul shares lower as Kookmin Bank and Samsung sag

Seoul shares lower as Kookmin Bank and Samsung sag

South Korean shares ended lower on Wednesday, hit by foreign selling of Samsung Electronics Co Ltd after weaker earnings from US tech bellwether Cisco Systems, and also a big fall in Kookmin Bank.
Published 05 Feb, 2004 12:00am
Hong Kong equities close flat as bird flu fears wane

Hong Kong equities close flat as bird flu fears wane

Hong Kong stocks ended little changed on Wednesday as bargain hunting offset worries over the spread of bird flu to neighbouring Guangdong province and weak quarterly results from US tech giant Cisco Systems.
Published 05 Feb, 2004 12:00am
Malaysian shares at one-month low

Malaysian shares at one-month low

Malaysian shares finished at their lowest in almost a month on Wednesday due to worries that the country may have been hit by the bird flu outbreak but the rumours were swiftly denied by the authorities.
Published 05 Feb, 2004 12:00am
Taiwan stocks down as techs slip on Cisco news

Taiwan stocks down as techs slip on Cisco news

Taiwan stocks closed a touch lower on Wednesday as disappointing results from US network equipment maker Cisco Systems weighed on tech shares like UMC, but industrial shares rebounded to offset losses.
Published 05 Feb, 2004 12:00am
Chinese shares higher, investors hot on banks

Chinese shares higher, investors hot on banks

China's shares closed two percent higher on Wednesday, buoyed by solid gains in bank stocks on news that China's Big Four state lenders could issue nearly $36 billion in subordinated bonds to boost their capital base.
Published 05 Feb, 2004 12:00am
Nikkei closes at six-week low; techs and banks off

Nikkei closes at six-week low; techs and banks off

Japan's Nikkei average fell to a six-week low on Wednesday as a weakening dollar raised concerns about corporate earnings and spurred selling of Canon Inc and other exporters.
Published 05 Feb, 2004 12:00am
Australian stocks finish flat

Australian stocks finish flat

Australian stocks finished a shade firmer on Wednesday thanks to the central bank's decision not to raise rates, but spice maker Burns Philp plumbed an 11-month low after reporting a fall in first-quarter profit.
Published 05 Feb, 2004 12:00am
US stocks up a touch, Cisco falls after bell

US stocks up a touch, Cisco falls after bell

US stocks ended slightly higher on Tuesday as more US companies reported strong quarterly profits, but investors were shaken by the discovery of the poison ricin in a US Senate office late Monday evening.
Published 05 Feb, 2004 12:00am
Manila stocks cut five-day losing streak

Manila stocks cut five-day losing streak

Philippine stocks led by telecom leader PLDT rose for the first time in six days on Wednesday as punters scoured the market for bargains after it sank to its lowest level this year.
Published 05 Feb, 2004 12:00am
Indian shares snap four-day fall

Indian shares snap four-day fall

Indian shares reversed a four-day slide and jumped more than two percent on Wednesday as investors spotted bargains among both technology and old economy companies, while the rupee inched higher to a fresh 12-week closing high.
Published 05 Feb, 2004 12:00am
US Stocks: Wednesday's unofficial close

US Stocks: Wednesday's unofficial close

US technology stocks were lower at midday Wednesday after cautious comments from Cisco Systems Inc's chief executive about the outlook for technology spending overshadowed reports showing manufacturing and the services sector were stronger than expected.
Published 05 Feb, 2004 12:00am
Corporate bonds eke out gains, Daimler in focus

Corporate bonds eke out gains, Daimler in focus

European corporate bonds eked out gains on Wednesday, as investors focused on Germany's DaimlerChrysler 2003 profits, while France Telecom results fuelled concern over fixed line business.
Published 05 Feb, 2004 12:00am
Corporate bonds eke out gains, Daimler in focus

Corporate bonds eke out gains, Daimler in focus

European corporate bonds eked out gains on Wednesday, as investors focused on Germany's DaimlerChrysler 2003 profits, while France Telecom results fuelled concern over fixed line business.
Published 05 Feb, 2004 12:00am
FTSE-100 index squeezes to higher close, defies rate gloom

FTSE-100 index squeezes to higher close, defies rate gloom

Britain's FTSE-100 index turned up late in the day to close higher on Wednesday following strong US economic data, although many investors expect Britain will raise interest rates on Thursday to cool UK growth.
Published 05 Feb, 2004 12:00am
Dollar tumbles in Europe as G7 concerns, ricin find weigh

Dollar tumbles in Europe as G7 concerns, ricin find weigh

The dollar hit a three-year low on the yen on Tuesday and slid versus the euro after a top US official fanned the view G7 ministers would offer the greenback little help and the poison ricin was found in US Senate mail.
Published 05 Feb, 2004 12:00am
Bangladeshi taka stronger

Bangladeshi taka stronger

The Bangladeshi taka ended stronger against the dollar on Wednesday in dull inter-bank trading following a three-day-long Eid -ul-Azha holiday, dealers said. The taka was quoted at 58.8250/58.8650 per dollar against 58.82/58.8750 on Saturday.
Published 05 Feb, 2004 12:00am
Asian currencies move in tight range

Asian currencies move in tight range

Asian currencies were confined to narrow ranges and sluggish movements on Wednesday due to ambiguity over the outcome of the approaching Group of Seven meeting in Florida.
Published 05 Feb, 2004 12:00am
Indian rupee hits fresh 12-week high

Indian rupee hits fresh 12-week high

The Indian rupee notched mild gains on Wednesday despite central bank intervention to hit a fresh 12-week closing high, helped by foreign investment and trade inflows, traders said.
Published 05 Feb, 2004 12:00am
Sterling sets one-year high on trade basis, rates eyed

Sterling sets one-year high on trade basis, rates eyed

Sterling rose to one-year highs on a trade-weighted basis and gained ground on the stumbling dollar as robust data cemented the view the Bank of England will kick off this year's interest rate hikes with a move this week.
Published 05 Feb, 2004 12:00am
Dollar struggles on dwindling hopes of G7 help

Dollar struggles on dwindling hopes of G7 help

The dollar fell back near to a multiyear low against the yen on Wednesday on the fading prospect of any kind of support emerging from a Group of Seven (G7) finance ministers' meeting at the end of the week.
Published 05 Feb, 2004 12:00am
Dollar retains weak bias in London, limited G7 aid seen

Dollar retains weak bias in London, limited G7 aid seen

The dollar retained a weak bias on Wednesday, sticking near the previous session's three-year low against the yen with many traders doubting Group of Seven finance ministers would agree measures to halt its slide.
Published 05 Feb, 2004 12:00am
Karzai replaces top intelligence official

Karzai replaces top intelligence official

Afghan President Hamid Karzai has replaced the country's intelligence head, officials said on Wednesday, weeks after the capital Kabul was rocked by a burst of violence.
Published 05 Feb, 2004 12:00am
China to build new north-east railway to Russia

China to build new north-east railway to Russia

China plans to build a railway linking the port of Dalian with Russia, the latest project to help pump new life into its dilapidated north-east, the China Daily said on Wednesday.
Published 05 Feb, 2004 12:00am
Japanese Iraq mission in Kuwait

Japanese Iraq mission in Kuwait

The first troops of a main contingent of Japanese forces arrived in Kuwait on Wednesday on their way to start a humanitarian mission in southern Iraq.
Published 05 Feb, 2004 12:00am
Chinese academics dismiss Taiwan's peace overtures

Chinese academics dismiss Taiwan's peace overtures

Top Chinese academics have dismissed Taiwan President Chen Shui-bian's latest peace overtures as an attempt to win votes in a presidential election next month - a sure sign China will reject his offer.
Published 05 Feb, 2004 12:00am
Indian government sells budget in poll countdown

Indian government sells budget in poll countdown

India's ruling coalition set about selling its vote-catching pre-election budget on Wednesday, as the election commission discussed the dates of an early poll.
Published 05 Feb, 2004 12:00am
Japan expects no breakthrough in North Korea talks

Japan expects no breakthrough in North Korea talks

Japan does not expect any major breakthrough in a fresh round of six-country talks on North Korea's nuclear programmes to be held in Beijing later this month, a senior Japanese government official said on Wednesday.
Published 05 Feb, 2004 12:00am
Australia sees no need for US and UK-style Iraq hearing

Australia sees no need for US and UK-style Iraq hearing

Australia's prime minister ruled out on Wednesday an independent investigation into intelligence on Iraqi weapons, saying a parliamentary inquiry had covered the issue thoroughly and the public would soon get the facts.
Published 05 Feb, 2004 12:00am
Khamenei turns down election postponement

Khamenei turns down election postponement

Iran's supreme leader, Ayatollah Ali Khamenei, has rejected the postponement of the February 20 elections demanded by reformists following the barring of hundreds of their candidates, members of parliament and press reports said Wednesday.
Published 05 Feb, 2004 12:00am
US deploying B-52 bombers to Guam

US deploying B-52 bombers to Guam

The United States is deploying a half dozen B-52 bombers to Guam this month as part of a 90-day rotation to back up US forces in the region, air force officials said Wednesday.
Published 05 Feb, 2004 12:00am
Zahir Shah flown to India

Zahir Shah flown to India

Afghanistan's former king Mohammad Zahir Shah, 89, was flown overnight to New Delhi for hospital treatment after complaining of intestinal problems, the Afghan ambassador to India said Wednesday.
Published 05 Feb, 2004 12:00am
Adviser to Hoon resigns

Adviser to Hoon resigns

A top adviser to British Defence Secretary Geoff Hoon who contradicted statements made by his minister during an inquiry into the suicide of a government weapons scientist has resigned, officials said Tuesday.
Published 05 Feb, 2004 12:00am
Iraq war is Britain's 'greatest blunder': Cook

Iraq war is Britain's 'greatest blunder': Cook

The war in Iraq is the "greatest blunder" in British foreign policy since the 1956 Anglo-French expedition in Suez, Egypt, former British foreign secretary Robin Cook wrote in the Independent daily Wednesday.
Published 05 Feb, 2004 12:00am
Rumsfeld defends intelligence on Iraq

Rumsfeld defends intelligence on Iraq

US Defence Secretary Donald Rumsfeld insisted Wednesday there was no definitive proof that Iraq had no weapons of mass destruction as he launched a strong defence of US intelligence on Iraq.
Published 05 Feb, 2004 12:00am
Blair dismisses fresh assault on case for war

Blair dismisses fresh assault on case for war

Britain's Tony Blair dismissed a fresh assault on the case he made for attacking Iraq but the prime minister was hounded by members of the public on Wednesday as he failed to quell the furore over Iraq's missing weapons of mass destruction.
Published 05 Feb, 2004 12:00am
US soldier killed in Baghdad explosion

US soldier killed in Baghdad explosion

A US soldier was killed and another injured Tuesday when a home-made bomb exploded south of Baghdad as a patrol was sweeping the area for booby traps, a US military spokesman said.
Published 05 Feb, 2004 12:00am
Fernandes exonerated in arms bribery scandal

Fernandes exonerated in arms bribery scandal

An inquiry commission has exonerated Defence Minister George Fernandes from corruption charges in a bribes-for-arms scandal which surfaced three years ago, media reports said Wednesday.
Published 05 Feb, 2004 12:00am
Ukraine writers burn books

Ukraine writers burn books

Ukrainian writers and publishers set ablaze manuscripts and books in front of government headquarters on Wednesday to denounce tax policies they say could kill off the ex-Soviet state's fledgling publishing sector.
Published 05 Feb, 2004 12:00am
US troops apologise for Kirkuk killing

US troops apologise for Kirkuk killing

The US army apologised Wednesday for killing an Iraqi child on a family picnic in the northern region of Kirkuk, as his father vowed to sue the military for compensation.
Published 05 Feb, 2004 12:00am
British gunrunner freed from Indian jail

British gunrunner freed from Indian jail

After years of pleading for his freedom, British gunrunner Peter Bleach was released Wednesday from an Indian jail where he had been serving a life sentence for air-dropping arms to militants.
Published 05 Feb, 2004 12:00am
Bird flue: Europe readies action plans

Bird flue: Europe readies action plans

Asia's deadly bird flu has spared Europe so far, but governments are busy drawing up contingency plans to deal with any outbreak including mass culls, transport curbs and farm disinfection, officials said on Wednesday.
Published 05 Feb, 2004 12:00am
Bird flu death toll rises to 15

Bird flu death toll rises to 15

The death toll from Asia's bird flu outbreak rose to 15 on Wednesday as the virus ravaged poultry flocks in 10 countries and, most worrying, spread in China.
Published 05 Feb, 2004 12:00am
South Korean mayor found dead in cell

South Korean mayor found dead in cell

The mayor of South Korea's second largest city was found dead in a jail cell on Wednesday where he was awaiting the outcome of an investigation into charges he took $85,000 in bribes, an official at city hall said.
Published 05 Feb, 2004 12:00am
US under Bush danger to world: Soros

US under Bush danger to world: Soros

Billionaire fund manager George Soros said on Wednesday the United States under President George W. Bush was "a danger to the world" and renewed a pledge to open his wallet to Democratic party challengers.
Published 05 Feb, 2004 12:00am
Two killed in Russian car blast near Chechnya

Two killed in Russian car blast near Chechnya

The toll from a car blast in Russia's southern city of Vladikavkaz near war-torn Chechnya rose on Wednesday to two dead after a soldier died of his injuries in hospital, news agencies reported.
Published 05 Feb, 2004 12:00am
Consumers confidence of both brother countries

Consumers confidence of both brother countries

Human Society is a product of consumerism which brings men closer to each other and offer a facilitated life style by benefiting from services and products produced by others.
Published 05 Feb, 2004 12:00am
Economy of Sri Lanka - an overview

Economy of Sri Lanka - an overview

With an economy of $16.6 billion, and a per capita GDP of about $872, Sri Lanka has mostly enjoyed strong growth rates in recent years. Sri Lanka began to shift away from a socialist orientation in 1977.
Published 05 Feb, 2004 12:00am
Why investors choose Sri Lanka?

Why investors choose Sri Lanka?

The Board of Investment of Sri Lanka is structured to function as a central facilitation point for investors, providing advice and assistance at every stage of the investment process. It is the only organisation an investor needs to contact.
Published 05 Feb, 2004 12:00am