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Print - 2004-02-27
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Thursday (February 26, 2004).
Published 27 Feb, 2004 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Thursday (February 26, 2004).
Published 27 Feb, 2004 12:00am
China and US to hold fresh textile talks

China and US to hold fresh textile talks

Chinese and US officials are expected to meet soon to discuss Washington's move to cap Chinese textile imports, the China Daily said on Thursday, citing an unnamed source.
Published 27 Feb, 2004 12:00am
Spot dollar rates

Spot dollar rates

Spot Dollar rates from Khadim Ali Shah Bukhari & Co Ltd on Thursday (February 26, 2004).
Published 27 Feb, 2004 12:00am
Money Market Report

Money Market Report

Money market report by Khadim Ali Shah Bukhari & Co on Thursday (February 26, 2004).
Published 27 Feb, 2004 12:00am
Azad Kashmir finance minister tenders resignation

Azad Kashmir finance minister tenders resignation

The Azad Jammu and Kashmir (AJK) Finance Minister Shah Ghulam Qadir handed over resignation to party head on Thursday as crisis within the ruling Muslim conference deepened.
Published 27 Feb, 2004 12:00am
Bill buying rates per unit of currency

Bill buying rates per unit of currency

Bill Buying Rates per unit of currency -- issued by the Treasury Management Division of the National Bank of Pakistan on Thursday (February 26, 2004).
Published 27 Feb, 2004 12:00am
Azad Kashmir finance minister tenders resignation

Azad Kashmir finance minister tenders resignation

The Azad Jammu and Kashmir (AJK) Finance Minister Shah Ghulam Qadir handed over resignation to party head on Thursday as crisis within the ruling Muslim conference deepened.
Published 27 Feb, 2004 12:00am
Iran and Japan open to US stake in Azadegan oilfield

Iran and Japan open to US stake in Azadegan oilfield

Iran and Japan are open to eventual US investment in a controversial project to tap the Islamic Republic's giant Azadegan oilfield, a top Iranian oil official said on Thursday.
Published 27 Feb, 2004 12:00am
Africa moves towards single defence policy

Africa moves towards single defence policy

African leaders gather on Friday for a summit to adopt a common defence policy and give the 53-nation African Union (AU) the right to intervene in armed conflicts across the continent, AU officials said.
Published 27 Feb, 2004 12:00am
Currency notes: exchange rates

Currency notes: exchange rates

Exchange rates for Currency Notes issued by the Treasury Management Division of National Bank of Pakistan (NBP) here on Thursday (February 26, 2004).
Published 27 Feb, 2004 12:00am
Edwards unveils plan to cut US poverty

Edwards unveils plan to cut US poverty

Democratic presidential hopeful John Edwards on Wednesday unveiled a plan that he said would lift 10 million Americans out of poverty and cut the poverty rate.
Published 27 Feb, 2004 12:00am
Conversion for foreign currency deposits

Conversion for foreign currency deposits

Conversion for foreign currency deposits, DBC/FCBC, special USD bond & profits thereon (excluding FE-25 deposits) on Thursday (February 26, 2004).
Published 27 Feb, 2004 12:00am
Eurozone M3, loan data signal low inflation growth

Eurozone M3, loan data signal low inflation growth

Growth in eurozone M3 money supply slowed in January while expansion of loans to the private sector was flat, a sign of non-inflationary economic growth ahead that should reassure the European Central Bank.
Published 27 Feb, 2004 12:00am
Exchange rates: buying and selling

Exchange rates: buying and selling

Exchange rates issued by the Treasury Management Division of National Bank of Pakistan on Thursday (February 26, 2004).
Published 27 Feb, 2004 12:00am
KCCI invited to send trade team to Russia

KCCI invited to send trade team to Russia

Valadimir P. Mikhalov, Consul General of Russia, invited Karachi Chamber of Commerce and Industry (KCCI) to send trade delegation to Russia for which he assured to extend all his co-operation.
Published 27 Feb, 2004 12:00am
Barclays bid rates and maximum rates for payment of interest

Barclays bid rates and maximum rates for payment of interest

Barclays bid rates, maximum rates for payment of interest by authorised dealers on deposits (other than those brought under FE Circular No: 45 of 1985) and on deposits (brought under FE Circular No: 45 of 1985) -- issued by the Foreign Exchange Rates Comm
Published 27 Feb, 2004 12:00am
US lifts travel ban on Libya

US lifts travel ban on Libya

The United States on Thursday lifted US travel restrictions on Libya as a reward for scrapping its nuclear arms programmes, the White House said.
Published 27 Feb, 2004 12:00am
State Bank of Pakistan conversion rates

State Bank of Pakistan conversion rates

Rates applicable for conversion into rupees of Foreign Currency Deposits, Dollar Bearer Certificates, Foreign Currency Bearer Certificates, Special US Dollar bonds and profits thereon by all banks and also for providing forward cover on foreign currency d
Published 27 Feb, 2004 12:00am
US lifts travel ban on Libya

US lifts travel ban on Libya

The United States on Thursday lifted US travel restrictions on Libya as a reward for scrapping its nuclear arms programmes, the White House said.
Published 27 Feb, 2004 12:00am
Newspaper holiday

Newspaper holiday

The All Pakistan Newspapers Society (APNS) informed its members to observe March 2 (Tuesday) as closed holiday on account of Ashura.
Published 27 Feb, 2004 12:00am
Newspaper holiday

Newspaper holiday

The All Pakistan Newspapers Society (APNS) informed its members to observe March 2 (Tuesday) as closed holiday on account of Ashura.
Published 27 Feb, 2004 12:00am
Taiwan cancels sugar tender

Taiwan cancels sugar tender

State-run Taiwan Sugar Co, the island's sole refiner, passed on a tender for 2,000 tonnes of refined sugar due to high prices, said a company executive on Thursday.
Published 27 Feb, 2004 12:00am
Bank holidays

Bank holidays

The State Bank of Pakistan and all offices of SBP Banking Services Corporation including the Public Debt Office will remain closed on Monday and Tuesday, 1st and 2nd March being declared public holidays by Government of Pakistan on account Ashura-e-Muh
Published 27 Feb, 2004 12:00am
Bank holidays

Bank holidays

The State Bank of Pakistan and all offices of SBP Banking Services Corporation including the Public Debt Office will remain closed on Monday and Tuesday, 1st and 2nd March being declared public holidays by Government of Pakistan on account Ashura-e-Muh
Published 27 Feb, 2004 12:00am
IGC pegs world wheat output at 601 million tonnes

IGC pegs world wheat output at 601 million tonnes

Global wheat output is likely to rise to 601 million tonnes in 2004/05 from a nine-year-low of 557 million in 2003/04, when months of drought bruised crops across large swathes of Europe, the International Grains Council (IGC) said in its latest monthly r
Published 27 Feb, 2004 12:00am
Handsome gains on Islamabad Stock Exchange

Handsome gains on Islamabad Stock Exchange

Equities scored handsome gains under the lead of hot favourite on the Islamabad Stock Exchange (ISE) where bulls snatched the floor from the bears amid increase in index.
Published 27 Feb, 2004 12:00am
China resumes feed wheat exports despite low stocks

China resumes feed wheat exports despite low stocks

China has resumed limited exports of feed wheat despite low stocks while higher domestic prices have fuelled hopes for more purchases from the United States, traders said on Thursday.
Published 27 Feb, 2004 12:00am
Handsome gains on Islamabad Stock Exchange

Handsome gains on Islamabad Stock Exchange

Equities scored handsome gains under the lead of hot favourite on the Islamabad Stock Exchange (ISE) where bulls snatched the floor from the bears amid increase in index.
Published 27 Feb, 2004 12:00am
French traders bid for wheat

French traders bid for wheat

French traders submitted bids for 240,370 tonnes of wheat stored in intervention stocks at the EU tender for sale onto the domestic EU market, French grain office ONIC said on Thursday.
Published 27 Feb, 2004 12:00am
Government advised to focus on wooing long-term FDI

Government advised to focus on wooing long-term FDI

J.P. Morgan President Andrew Crockett said Pakistan needs to focus on attracting long-term investment, package and market viable sectors for foreign direct investment, substantially increase its exports, and focus on increasing its growth trajectory to ac
Published 27 Feb, 2004 12:00am
Singapore bunker prices fall

Singapore bunker prices fall

Singapore bunker prices fell on Thursday on thinning demand for the shipping fuel, despite a firmer cargo market, traders said.
Published 27 Feb, 2004 12:00am
Government advised to focus on wooing long-term FDI

Government advised to focus on wooing long-term FDI

J.P. Morgan President Andrew Crockett said Pakistan needs to focus on attracting long-term investment, package and market viable sectors for foreign direct investment, substantially increase its exports, and focus on increasing its growth trajectory to ac
Published 27 Feb, 2004 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 100,578 tonnes of cargo including 75,271 tonnes import and 25,307 tonnes export cargo during last 24 hours ending at 0700 hours on Thursday.
Published 27 Feb, 2004 12:00am
Range-bound activity on LSE

Range-bound activity on LSE

Equity prices moved both ways on the local bourse on Thursday, with activity remaining range-bound, as investors adopted a cautious approach ahead of Moharram-ul-Harram.
Published 27 Feb, 2004 12:00am
Range-bound activity on LSE

Range-bound activity on LSE

Equity prices moved both ways on the local bourse on Thursday, with activity remaining range-bound, as investors adopted a cautious approach ahead of Moharram-ul-Harram.
Published 27 Feb, 2004 12:00am
Lint prices continue to move lower

Lint prices continue to move lower

Lint prices have gone down by nearly Rs 200 per mound (37.32 kgs) this month and seem likely to move down further.
Published 27 Feb, 2004 12:00am
PTCL earnings help boost share prices

PTCL earnings help boost share prices

Handsome earnings reported by Pakistan Telecommunication Ltd, for the six months ended December 31, 2003 helped share market to close on a positive note where business showed small gain as compared to last session.
Published 27 Feb, 2004 12:00am
Lint prices continue to move lower

Lint prices continue to move lower

Lint prices have gone down by nearly Rs 200 per mound (37.32 kgs) this month and seem likely to move down further.
Published 27 Feb, 2004 12:00am
PTCL earnings help boost share prices

PTCL earnings help boost share prices

Handsome earnings reported by Pakistan Telecommunication Ltd, for the six months ended December 31, 2003 helped share market to close on a positive note where business showed small gain as compared to last session.
Published 27 Feb, 2004 12:00am
Oil cake market rates

Oil cake market rates

The March vaida opened unchanged at Rs 433.30 and highest was seen at Rs 433.50. Later in depressed trading it lost 50 paisa to be quoted lowest at Rs 433 and closed at same level.
Published 27 Feb, 2004 12:00am
Nil trading in ready cotton

Nil trading in ready cotton

Trading was reported nil in cotton on Thursday during normal business hours though DMR reported a couple of deals struck on Wednesday, the relevant sources said.
Published 27 Feb, 2004 12:00am
Gram down on grain market

Gram down on grain market

A few changes were marked on the seed and grain wholesale markets on Thursday (February 26, 2004).
Published 27 Feb, 2004 12:00am
Rs 13.28 billion half-yearly earnings for PTCL

Rs 13.28 billion half-yearly earnings for PTCL

Pakistan Telecommunication Company Limited (PTCL) has earned a net profit of Rs 13.28 billion during the first half of the fiscal year, surprising all the analysts.
Published 27 Feb, 2004 12:00am
Chemicals mixed on Jodia Bazar

Chemicals mixed on Jodia Bazar

Steady conditions were marked on the Jodia Bazar where chemicals depicted changes on both sides of the counters on Thursday (February 26, 2004).
Published 27 Feb, 2004 12:00am
Rs 13.28 billion half-yearly earnings for PTCL

Rs 13.28 billion half-yearly earnings for PTCL

Pakistan Telecommunication Company Limited (PTCL) has earned a net profit of Rs 13.28 billion during the first half of the fiscal year, surprising all the analysts.
Published 27 Feb, 2004 12:00am
New York coffee in quiet retreat as bulls rest

New York coffee in quiet retreat as bulls rest

CSCE coffee futures closed lower on Wednesday as bullish traders decided to let prices fall, easing off the 4.7 percent rally staged on Tuesday, brokers said.
Published 27 Feb, 2004 12:00am
New York cocoa follows London beans higher

New York cocoa follows London beans higher

CSCE cocoa futures closed higher on Wednesday in a dull session marked by sporadic speculative buying as producers and manufacturers were absent from the market, brokers said.
Published 27 Feb, 2004 12:00am
'Karachi-Bombay ferry service shortly'

'Karachi-Bombay ferry service shortly'

Deputy chairperson of Rajya Sabha, Dr Najma Heptullah, disclosed that ferry service between Karachi and Bombay would be launched soon.
Published 27 Feb, 2004 12:00am
US soyabean sales slow despite historic rallies

US soyabean sales slow despite historic rallies

Multiyear highs in US corn and soyabean prices this week sparked farmers to sell new- and old-crop corn but they remain hesitant to price many beans, waiting for even higher prices, grain industry sources said.
Published 27 Feb, 2004 12:00am
'Karachi-Bombay ferry service shortly'

'Karachi-Bombay ferry service shortly'

Deputy chairperson of Rajya Sabha, Dr Najma Heptullah, disclosed that ferry service between Karachi and Bombay would be launched soon.
Published 27 Feb, 2004 12:00am
Shanghai copper retreats

Shanghai copper retreats

Shanghai copper futures fell on Thursday disappointed by the London Metal Exchange's (LME) failure to maintain 8-1/2 year highs, traders said.
Published 27 Feb, 2004 12:00am
Comex copper soars in an abrupt reversal

Comex copper soars in an abrupt reversal

Comex copper ended sharply lower on Wednesday, in an abrupt reversal after nearing 8-year highs at the start, with traders saying the red metal's fate was tied to abrupt movements in the dollar.
Published 27 Feb, 2004 12:00am
Tokyo platinum surges to highest since October 1987

Tokyo platinum surges to highest since October 1987

Tokyo platinum surged to its highest level in 16 years on Thursday as active speculative bids spurred massive short-squeezing from retail investors, overshadowing the recent strength of the dollar, traders said.
Published 27 Feb, 2004 12:00am
Habib Bank handed over to Aga Khan Fund

Habib Bank handed over to Aga Khan Fund

The Privatisation Commission on Thursday handed over Habib Bank Limited (HBL) to the successful bidder, Aga Khan Fund for Economic Development (AKFED).
Published 27 Feb, 2004 12:00am
Comex gold nosedives on ECB jitters

Comex gold nosedives on ECB jitters

Comex gold fell more than 2 percent on Wednesday to its lowest price in more than three months, as the dollar rebounded on reports that the European Central Bank stood ready to intervene to slow the euro's rise.
Published 27 Feb, 2004 12:00am
Habib Bank handed over to Aga Khan Fund

Habib Bank handed over to Aga Khan Fund

The Privatisation Commission on Thursday handed over Habib Bank Limited (HBL) to the successful bidder, Aga Khan Fund for Economic Development (AKFED).
Published 27 Feb, 2004 12:00am
Gold holds above $395 an ounce in Asian trade

Gold holds above $395 an ounce in Asian trade

Scattered physical demand lifted gold in Asian afternoon trade on Thursday, but the market lacked direction and was vulnerable to volatile moves due to thin liquidity.
Published 27 Feb, 2004 12:00am
Habib Bank handed over to Aga Khan Fund

Habib Bank handed over to Aga Khan Fund

The Privatisation Commission on Thursday handed over Habib Bank Limited (HBL) to the successful bidder, Aga Khan Fund for Economic Development (AKFED).
Published 27 Feb, 2004 12:00am
Malaysian tin edges closer to $7,000 a tonne

Malaysian tin edges closer to $7,000 a tonne

Malaysian tin inched $10 up on Thursday, a step closer to the $7,000-a-tonne barrier as Japanese and Europeans kept up their relentless demand for the metal.
Published 27 Feb, 2004 12:00am
UBL becoming a 'preferred solution provider'

UBL becoming a 'preferred solution provider'

The financial results of 2003 are a reflection of United Bank becoming a 'preferred solution provider' and with a series of new underlying drivers of business on the anvil in consumer finance in the year 2004 the bank will continue its successful journey
Published 27 Feb, 2004 12:00am
Philippine coconut oil exports seen up

Philippine coconut oil exports seen up

Philippine coconut oil exports in February are likely to rise 6.5 percent to 84,850 tonnes, compared with the 79,638 tonnes exported in the same month last year, a trade official said on Thursday.
Published 27 Feb, 2004 12:00am
UBL becoming a 'preferred solution provider'

UBL becoming a 'preferred solution provider'

The financial results of 2003 are a reflection of United Bank becoming a 'preferred solution provider' and with a series of new underlying drivers of business on the anvil in consumer finance in the year 2004 the bank will continue its successful journey
Published 27 Feb, 2004 12:00am
New York sugar rises on speculative buying

New York sugar rises on speculative buying

CSCE raw sugar futures sprang to a firm finish on Wednesday on speculative short-covering and were seen punching their way higher on follow-through buying in the days ahead, brokers said.
Published 27 Feb, 2004 12:00am
Italy eyes exploration of Pakistani marble and granite

Italy eyes exploration of Pakistani marble and granite

Italian businessmen have started looking towards Pakistan for the exploitation of its marble and granite reserves to keep their marble industry alive as after about 25 years the Italian reserves of these mineral wealth would exhaust.
Published 27 Feb, 2004 12:00am
Further world sugar surplus seen in 2003-04

Further world sugar surplus seen in 2003-04

A further world sugar surplus is expected in 2003/04 with little likelihood of any price recovery, British commodity house ED&F Man said on Thursday.
Published 27 Feb, 2004 12:00am
Italy eyes exploration of Pakistani marble and granite

Italy eyes exploration of Pakistani marble and granite

Italian businessmen have started looking towards Pakistan for the exploitation of its marble and granite reserves to keep their marble industry alive as after about 25 years the Italian reserves of these mineral wealth would exhaust.
Published 27 Feb, 2004 12:00am
Uzbekistan grain crop higher in 2003

Uzbekistan grain crop higher in 2003

Uzbekistan, keen to achieve self-sufficiency in grain, last year harvested a record 5.781 million tonnes of grain by bunker weight, up from 5.420 million tonnes in 2002, the State Statistics Committee said on Thursday.
Published 27 Feb, 2004 12:00am
EU willing to negotiate farm subsidies

EU willing to negotiate farm subsidies

European Union Trade Commissioner Pascal Lamy said on Thursday that the EU is willing to negotiate the potential elimination of export subsidies for all agricultural commodities.
Published 27 Feb, 2004 12:00am
CBOT rice futures make gains

CBOT rice futures make gains

Chicago Board of Trade rough rice futures settled higher on Wednesday on speculative buying, traders said.
Published 27 Feb, 2004 12:00am
EU willing to negotiate farm subsidies

EU willing to negotiate farm subsidies

European Union Trade Commissioner Pascal Lamy said on Thursday that the EU is willing to negotiate the potential elimination of export subsidies for all agricultural commodities.
Published 27 Feb, 2004 12:00am
Vietnam coffee exports up

Vietnam coffee exports up

Vietnam, the world's top robusta exporter, estimated on Thursday its coffee export in the October-February period of the 2003/2004 season at 356,000 tonnes (5.93 million 60-kg bags), up 16.3 percent.
Published 27 Feb, 2004 12:00am
Chinese investors assured of relief in duties and taxes

Chinese investors assured of relief in duties and taxes

The Central Board of Revenue (CBR) has assured Chinese investors concessions in duties and taxes on the import of plant and machinery for establishing coal-based 600-megawatt power plants in Sindh.
Published 27 Feb, 2004 12:00am
US cotton sales likely to decline

US cotton sales likely to decline

The US upland cotton sales should slip in USDA's weekly export sales report after prices rebounded from recent lows, cotton brokers said on Wednesday
Published 27 Feb, 2004 12:00am
Chinese investors assured of relief in duties and taxes

Chinese investors assured of relief in duties and taxes

The Central Board of Revenue (CBR) has assured Chinese investors concessions in duties and taxes on the import of plant and machinery for establishing coal-based 600-megawatt power plants in Sindh.
Published 27 Feb, 2004 12:00am
Soyabeans, meal up after two-sided trade

Soyabeans, meal up after two-sided trade

Chicago Board of Trade soyabean and soyameal futures ended higher on Wednesday, despite profit-taking, on worries about tight US stocks and potential South American crop damage, traders said.
Published 27 Feb, 2004 12:00am
Al-Zarrar tanks handed over to Army

Al-Zarrar tanks handed over to Army

President Pervez Musharraf handed over 80 indigenously upgraded Al-Zarrar medium weight main battle tanks to Pakistan Army on Thursday, pledging that security and integrity of Pakistan would never be compromised.
Published 27 Feb, 2004 12:00am
Tokyo rubber edges up

Tokyo rubber edges up

Tokyo rubber futures inched up on Thursday due to chances of falling production and rising demand backed by brighter prospects in the Japanese economy.
Published 27 Feb, 2004 12:00am
Al-Zarrar tanks handed over to Army

Al-Zarrar tanks handed over to Army

President Pervez Musharraf handed over 80 indigenously upgraded Al-Zarrar medium weight main battle tanks to Pakistan Army on Thursday, pledging that security and integrity of Pakistan would never be compromised.
Published 27 Feb, 2004 12:00am
Oil higher as US gasoline stocks shrink

Oil higher as US gasoline stocks shrink

US oil prices continued to climb on Thursday, approaching $36 a barrel on persistent concerns that gasoline stocks in the United States might not be enough to meet peak demand in the summer holiday season.
Published 27 Feb, 2004 12:00am