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Print - 2004-02-29
MTL to invest 4 billion yuan in Suzhou port

MTL to invest 4 billion yuan in Suzhou port

Modern Terminals Ltd (MTL), the port operating arm of Wharf (Holdings), said on Friday it would take 70 percent of a four billion yuan (US$483.09 million) container terminal project in the Chinese city of Suzhou.
Published 29 Feb, 2004 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 75,660 tonnes of cargo including 52,557 tonnes import and 23,103 tonnes export cargo during last 24 hours ending at 0700 hours on Saturday.
Published 29 Feb, 2004 12:00am
Renault has no plan to merge with Nissan

Renault has no plan to merge with Nissan

French carmaker Renault has no plans to merge with Japanese partner Nissan or increase its stake in the company, Renault's chairman was quoted as saying in a German paper on Saturday.
Published 29 Feb, 2004 12:00am
US and EU sign marine safety equipment trade pact

US and EU sign marine safety equipment trade pact

The United States and the European Union said they had signed an agreement on Friday aimed at boosting trade in marine safety equipment, such as life rafts and echo-sounding equipment, across the Atlantic.
Published 29 Feb, 2004 12:00am
Parmalat to unveil rescue plan

Parmalat to unveil rescue plan

Crisis-hit Italian food group Parmalat will present a much-awaited recovery plan within days, Industry Minister Antonio Marzano, who is due to evaluate the plan, said on Saturday.
Published 29 Feb, 2004 12:00am
Strong growth to produce more jobs: Greenspan

Strong growth to produce more jobs: Greenspan

Federal Reserve Chairman Alan Greenspan said on Friday strong economic growth should soon produce more jobs but he warned US manufacturers they should not count on a Chinese currency revaluation being a major boon for them.
Published 29 Feb, 2004 12:00am
Iraq wins 60 percent debt cut, seeks funding

Iraq wins 60 percent debt cut, seeks funding

Iraq said on Saturday it had won assurances for a 60 percent cut in the $120 billion it owes and urged the world community to back its recovery with $4 billion in funding for key projects over the next 12 months.
Published 29 Feb, 2004 12:00am
Middle East's first budget airline expands

Middle East's first budget airline expands

Air Arabia, which bills itself as the Middle East's first low-cost airline, has taken delivery of the first of three new Airbus A320 to be leased this year to keep up with an expanding network, the company announced Saturday.
Published 29 Feb, 2004 12:00am
Euro may reach $1.40, Fed should act: Rogoff

Euro may reach $1.40, Fed should act: Rogoff

The euro will continue to strengthen against the dollar and could reach $1.40 by the end of 2005, former IMF chief economist Kenneth Rogoff said on Saturday, urging the US Federal Reserve to take action.
Published 29 Feb, 2004 12:00am
Saudi-US divide widens on oil price

Saudi-US divide widens on oil price

Washington is chiding Opec for pushing oil prices too high but top world exporter Saudi Arabia is happy to feed the price boom as long as rocketing US and Chinese demand proves consumers aren't bothered, analysts said on Friday.
Published 29 Feb, 2004 12:00am
WTO chief sees substantial progress by July

WTO chief sees substantial progress by July

The head of the World Trade Organisation said on Friday that world trade talks appear to have recovered from their collapse six months ago in Cancun, Mexico, and could make substantial progress by July.
Published 29 Feb, 2004 12:00am
Bird flu crisis will cost Asia half-a-billion dollars

Bird flu crisis will cost Asia half-a-billion dollars

The bird flu crisis engulfing Asia will cost the region at least half-a-billion dollars and the bulk of that will be borne by individual countries, experts at a UN-backed conference said Saturday.
Published 29 Feb, 2004 12:00am
Martha Stewart judge escapes most serious charge

Martha Stewart judge escapes most serious charge

Martha Stewart escaped the most serious charge in her trial on Friday when a federal judge threw out a securities fraud count that could have landed the lifestyle trendsetter in prison for 10 years.
Published 29 Feb, 2004 12:00am
US will consult Arabs on embattled initiative

US will consult Arabs on embattled initiative

The United States will consult with key Arab states next week as it seeks to defuse growing opposition to a sweeping plan for economic, political and cultural reform in the Middle East that has become a central feature of President George W. Bush's foreig
Published 29 Feb, 2004 12:00am
Uganda army kills 30 rebels

Uganda army kills 30 rebels

The Ugandan army said on Saturday it killed 30 Lord's Resistance Army rebels this week, including 15 believed to be behind one the east African nation's worst massacres in years.
Published 29 Feb, 2004 12:00am
Rights group urges Sri Lankan rebels to allow free polls

Rights group urges Sri Lankan rebels to allow free polls

Sri Lanka's Tamil Tiger rebels must let opposing ethnic Tamil politicians campaign freely for an April election and all parties must work to keep the poll peaceful, Amnesty International said on Saturday.
Published 29 Feb, 2004 12:00am
Former US adviser likens Iraq to Vietnam war

Former US adviser likens Iraq to Vietnam war

A former US national security adviser who served in the administration of the first president Bush, warned on Saturday that the war in Iraq threatens to grind on for years like the Vietnam conflict.
Published 29 Feb, 2004 12:00am
Communists compare Putin to Matrix movie robots

Communists compare Putin to Matrix movie robots

Police detained 11 young Russian communists in Saint Petersburg on Saturday who staged a demonstration wearing masks of President Vladimir Putin and compared him and his officials to the robots who repeatedly replicate themselves in the science-fiction mo
Published 29 Feb, 2004 12:00am
Italy rejects sky marshals

Italy rejects sky marshals

Italy opposes using armed guards on transatlantic flights, preferring tough pre-boarding measures instead, the interior minister said in an interview published on Saturday.
Published 29 Feb, 2004 12:00am
Zawahri to be re-tried in Egypt

Zawahri to be re-tried in Egypt

A brother of al Qaeda terror network number two, Ayman al-Zawahri, already sentenced to death in absentia by an Egyptian court, will be re-tried here, a court official said Saturday.
Published 29 Feb, 2004 12:00am
Two killed as dome of Turkish mosque collapses

Two killed as dome of Turkish mosque collapses

Two people were killed and 10 others injured when the dome of a mosque under construction collapsed in the western Turkish city of Usak on Saturday, a local official said.
Published 29 Feb, 2004 12:00am
Sudan rebels and government extend truce

Sudan rebels and government extend truce

Sudan's government and main rebel group signed a one-month truce extension on Saturday amid hopes the extra time would help them resolve two issues blocking a final agreement on ending Africa's longest civil war.
Published 29 Feb, 2004 12:00am
Venezuela's opposition to continue protests

Venezuela's opposition to continue protests

Venezuela's opposition planned further protests Saturday, a day after demonstrations in favour of a referendum on recalling President Hugo Chavez turned deadly, with two people killed and 54 injured just outside the summit of the Group of 15 developing na
Published 29 Feb, 2004 12:00am
GCC calls for help to Iraqis, Arab League reform

GCC calls for help to Iraqis, Arab League reform

A meeting of foreign ministers of the Gulf Co-operation Council (GCC) opened here on Saturday with a call to help Iraqis chose their government and to prepare to reform the Arab League.
Published 29 Feb, 2004 12:00am
Foul play ruled out in Macedonian leader's death

Foul play ruled out in Macedonian leader's death

Bad weather, human error or technical failure may have caused the air crash that killed Macedonian President Boris Trajkovski, but foul play can be ruled out, officials said on Saturday.
Published 29 Feb, 2004 12:00am
Bush replaces advisers on cloning, medical issues

Bush replaces advisers on cloning, medical issues

US President George W. Bush reshuffled his advisory council on cloning and related medical issues on Friday, adding a prominent neurosurgeon known for his work on conjoined twins and two conservatives who have spoken out strongly against cloning.
Published 29 Feb, 2004 12:00am
CBOT wheat futures down

CBOT wheat futures down

Wheat futures at the Chicago Board of Trade closed lower on Friday on pressure from the delivery market and from forecasts for showers in the US Plains winter wheat-growing region, traders said.
Published 29 Feb, 2004 12:00am
Oil cake market rates

Oil cake market rates

The March vaida opened unchanged at Rs 433.50 and ws incidentally highest also at the same amount. Later trading depressed and it was shown lowest at Rs 433 and closing was also seen at the same level.
Published 29 Feb, 2004 12:00am
Modest trading before Muharram holidays

Modest trading before Muharram holidays

Spinners took advantage of low prices of cotton at home despite world rate showing sharply upward edge and lifted modest quantity ahead of long Muharram holidays.
Published 29 Feb, 2004 12:00am
Ivorian coffee exports fall

Ivorian coffee exports fall

Ivory Coast coffee bean exports totalled 31,236 tonnes from October to January of the 2003-2004 season, down about 15 percent from the same period last year, port data showed on Friday.
Published 29 Feb, 2004 12:00am
Jodia Bazar

Jodia Bazar

Milk powder and raw rubber had a few changes in Milko Veg down Rs 50 to Rs 3650, sweetened Comella up Rs 20 to Rs 1650. Raw rubber Ceylon's RSSV up Rs 2 to Rs 43.50.
Published 29 Feb, 2004 12:00am
CBOT rice futures end firm, options active

CBOT rice futures end firm, options active

Chicago Board of Trade rough rice futures settled higher on Friday after good buying of new-crop months by Man Financial and speculative buying of nearby old-crop contracts, traders said.
Published 29 Feb, 2004 12:00am
Australian wool market makes small gains

Australian wool market makes small gains

The Australian wool market steadied this week with prices rising 0.7 percent on average values, as the Australian dollar retreated from seven-year highs of 80 US cents, analysts said on Friday.
Published 29 Feb, 2004 12:00am
New York copper down on heavy deliveries

New York copper down on heavy deliveries

COMEX copper trimmed its losses by the close but traders said the market may see more selling next week as it will still need to digest the unexpectedly large number of delivery notices issued and the array of mixed economic data released on Friday.
Published 29 Feb, 2004 12:00am
Tokyo rubber falls on position adjustments

Tokyo rubber falls on position adjustments

Tokyo rubber futures fell on Friday on position adjustments as the key contract failed to hold above a key technical level, snapping an eight-day winning streak, traders said.
Published 29 Feb, 2004 12:00am
Soya futures climb on speculative buying

Soya futures climb on speculative buying

Chicago Board of Trade soyabean futures ended mostly higher on Friday on good commercial and speculative buying amid renewed concerns about South America's much-anticipated soyabean crop, traders said.
Published 29 Feb, 2004 12:00am
Comex gold higher, platinum soars

Comex gold higher, platinum soars

COMEX gold ended higher on Friday, seesawing in the last session of an erratic week as the dollar sought direction after a batch of mixed US economic data.
Published 29 Feb, 2004 12:00am
CSCE sugar ends mixed

CSCE sugar ends mixed

CSCE raw sugar futures settled mixed on Friday as operators kept an eye on expiration of spot March and the amount of potential deliveries against the contract, brokers said.
Published 29 Feb, 2004 12:00am
US wheat exports recapture Egyptian market

US wheat exports recapture Egyptian market

The US Agriculture Department's attache in Cairo released the following report, dated February 18, on the outlook for Egypt's grain sector.
Published 29 Feb, 2004 12:00am
Mexican stocks slightly weaken, ICA surges

Mexican stocks slightly weaken, ICA surges

Mexican stocks ended weaker on Friday amid expectations of higher interest rates, although some investors took advantage of lower stock prices to buy companies like ICA that reported improved earnings.
Published 29 Feb, 2004 12:00am
Canadian bonds rise after strong GDP data

Canadian bonds rise after strong GDP data

The Canadian bond prices rode the coattails of their US counterparts on Friday, and also took comfort in the details of the domestic data.
Published 29 Feb, 2004 12:00am
Canadian bonds rise after strong GDP data

Canadian bonds rise after strong GDP data

The Canadian bond prices rode the coattails of their US counterparts on Friday, and also took comfort in the details of the domestic data.
Published 29 Feb, 2004 12:00am
Brazilian stocks finish 1.4 percent firmer

Brazilian stocks finish 1.4 percent firmer

Brazil's financial markets gained ground on Friday as traders were heartened by supportive US data and a lack of new shocking developments in a political scandal at home that has spooked investors.
Published 29 Feb, 2004 12:00am
Energy issues push Toronto stocks to close higher

Energy issues push Toronto stocks to close higher

Energy shares led Toronto stocks to a higher close on Friday as worries about gasoline supply levels drew investors into a stock market that has now recorded its fifth straight month of gains.
Published 29 Feb, 2004 12:00am
Chile stocks jump

Chile stocks jump

Chilean stocks saw small gains on Friday as positive unemployment data boosted consumer-related shares, adding to optimism about strong copper prices and the overall economy.
Published 29 Feb, 2004 12:00am
US corporate bonds spread widen despite upbeat data

US corporate bonds spread widen despite upbeat data

Corporate bond yield spreads edged wider on Friday, failing to get much of a lift from upbeat economic reports amid continued investor worries that the market is overvalued after last year's rally.
Published 29 Feb, 2004 12:00am
US corporate bonds spread widen despite upbeat data

US corporate bonds spread widen despite upbeat data

Corporate bond yield spreads edged wider on Friday, failing to get much of a lift from upbeat economic reports amid continued investor worries that the market is overvalued after last year's rally.
Published 29 Feb, 2004 12:00am
South African stocks week ahead: Results to rule

South African stocks week ahead: Results to rule

Investors in South African equities will focus on a host of results next week, with banking group FirstRand expected to post a solid performance while insurers Sanlam and Liberty also release numbers.
Published 29 Feb, 2004 12:00am
American credit market outlook

American credit market outlook

As the five-month California strike and lockout looks to be coming to an end, the credit spreads of the grocery chains targeted by picketers have improved on hopes of an end to the labour dispute's earnings drain.
Published 29 Feb, 2004 12:00am
American credit market outlook

American credit market outlook

As the five-month California strike and lockout looks to be coming to an end, the credit spreads of the grocery chains targeted by picketers have improved on hopes of an end to the labour dispute's earnings drain.
Published 29 Feb, 2004 12:00am
Greenspan urges intellectual property protection

Greenspan urges intellectual property protection

Federal Reserve Chairman Alan Greenspan on Friday said the rising importance of ideas as the key force behind economic development is driving a debate on whether legal protections are adequate for the times.
Published 29 Feb, 2004 12:00am
Forex market views, key levels

Forex market views, key levels

Following is a selection of comments from analysts on important technical developments in the foreign exchange market.
Published 29 Feb, 2004 12:00am
Dollar falls slightly versus euro on mixed US data

Dollar falls slightly versus euro on mixed US data

The dollar fell slightly against the euro on Friday as investors took profits on gains posted earlier in the session after news that US economic growth in the fourth quarter was a touch faster than expected.
Published 29 Feb, 2004 12:00am
IMM yen speculators post new net short position: CFTC

IMM yen speculators post new net short position: CFTC

In a dramatic trend reversal mirroring the dollar's recent strength, speculators in IMM yen futures built a fresh net short position in the week ended February 24, data from the Commodity Futures Trading Commission showed on Friday.
Published 29 Feb, 2004 12:00am
Canadian dollar eases

Canadian dollar eases

The Canadian dollar fell against a broadly firmer US currency on Friday ahead of crucial fourth-quarter economic growth numbers, the last major data before the Bank of Canada sets policy next week.
Published 29 Feb, 2004 12:00am
Brazilian real firmer

Brazilian real firmer

Brazil's financial markets gained ground on Friday as traders were heartened by supportive US data and a lack of new shocking developments in a political scandal at home that has spooked investors.
Published 29 Feb, 2004 12:00am
Myanmar rejects US rights report

Myanmar rejects US rights report

Military-run Myanmar on Saturday said the United States "has lost its credibility" over what it called an inaccurate, unbalanced and politically motivated condemnation of the junta's human rights record.
Published 29 Feb, 2004 12:00am
Bangladesh hit by fourth opposition strike

Bangladesh hit by fourth opposition strike

Bangladesh was hit on Saturday by the fourth opposition-led general strike this month, but the prime minister said the protests would never achieve their aim of forcing her to quit.
Published 29 Feb, 2004 12:00am
17 arrested in Malaysia in protest against police

17 arrested in Malaysia in protest against police

Seventeen people including activists and politicians were arrested in Kuala Lumpur for illegal assembly Saturday in a protest against alleged police brutality and abuse of power.
Published 29 Feb, 2004 12:00am
US pays informant reward for Saddam's sons

US pays informant reward for Saddam's sons

The informant who helped lead the US military to ousted Iraqi leader Saddam Hussein's two sons has been paid most of a $30 million reward for the tip-off, the State Department said on Saturday.
Published 29 Feb, 2004 12:00am
Libya and African Union to work together

Libya and African Union to work together

Presidents and top officials from African Union (AU) countries on Saturday formally ended a two-day AU summit in Libya agreeing to work together to tackle the crucial issues of water and agriculture and politely dismissing their host's idea of a creating
Published 29 Feb, 2004 12:00am
Chen leads huge human chain against China

Chen leads huge human chain against China

Taiwan President Chen Shui-bian and up to two million of his supporters formed a human chain down the length of the island on Saturday in its biggest ever protest against China.
Published 29 Feb, 2004 12:00am
Blix suspects US spied on him over Iraq

Blix suspects US spied on him over Iraq

Former chief UN weapons inspector Hans Blix said on Saturday he suspected the United States bugged his office and home in the run-up to the Iraq war, but had no hard evidence.
Published 29 Feb, 2004 12:00am
Thousands march in Rome against education reform

Thousands march in Rome against education reform

Tens of thousands of teachers, students and trades unionists marched through the centre of Rome on Saturday to protest at planned education reforms by Prime Minister Silvio Berlusconi's conservative government.
Published 29 Feb, 2004 12:00am
North Korea talks end without breakthrough

North Korea talks end without breakthrough

Six-party talks on the North Korean nuclear crisis ended on Saturday without a breakthrough but a senior US official said the meetings had advanced Washington's agenda of disarming Pyongyang.
Published 29 Feb, 2004 12:00am
Aristide urges calm after gangs rampage in Haiti

Aristide urges calm after gangs rampage in Haiti

Embattled President Jean-Bertrand Aristide called on Saturday for an end to looting and violence after many of his armed loyalists terrorised residents of Haiti's capital as rebels advanced on the city.
Published 29 Feb, 2004 12:00am
Britain to keep key report on Iraq war under wraps

Britain to keep key report on Iraq war under wraps

The British government said on Saturday it would not disclose a key report on the legality of the Iraq war, as requested by the opposition and anti-war militants, citing a "long-standing convention that advice to governments in office is not disclosed".
Published 29 Feb, 2004 12:00am
Pakistan has potential to export $4 billion worth items to India

Pakistan has potential to export $4 billion worth items to India

Pakistan has a potential to export its items worth 4 billion dollars to India, while short-term export is of 700 million dollars. However, it can't say about India's expectation, said Tariq Ikram Chairman of Export Promotion Bureau (EPB).
Published 29 Feb, 2004 12:00am
NBP to open two more branches in Afghanistan

NBP to open two more branches in Afghanistan

National Bank of Pakistan (NBP) will open two more branches in Afghanistan in next three to four months to support the growing trade between Pakistan and Afghanistan.
Published 29 Feb, 2004 12:00am
Cheap atta scheme fails in Multan

Cheap atta scheme fails in Multan

The provincial chief minister's 'cheap atta scheme' is at stake following complaints lodged by a number of local government representatives, including Tehsil Nazim, against the purity of 'atta' bags and the scheme is facing serious crisis in the district,
Published 29 Feb, 2004 12:00am
Brazil: investment and the funds industry

Brazil: investment and the funds industry

In December - 2002 the Brazilian funds industry had a total of R$ 344 billion in Assets Under Management - AUM, the same figure as at the end of 2001.
Published 29 Feb, 2004 12:00am
Disrespect of national flag

Disrespect of national flag

Flag of any country represents the country itself the world over. Soldiers die for its dignity and pride. A raised flag means there is peace and harmony in the country. Its position on different occasions signals the feelings experienced by the nation as
Published 29 Feb, 2004 12:00am
VVIPs and traffic jams

VVIPs and traffic jams

Now-a-days, the practice has become very common that during the VVIPs visits, the security personnel stop the traffic long before the arrival of the important person, to just secure him from any terror attack and to make his visit hindrance-free.
Published 29 Feb, 2004 12:00am
Towards poverty reduction in Pakistan

Towards poverty reduction in Pakistan

Allama Iqbal, the thinker of Pakistan, underscored the relationship between economic activity and human psychology and raised the question of the effect that it would have on a man's body and mind which would affect his human soul very deeply.
Published 29 Feb, 2004 12:00am
Investors' unprecedented response

Investors' unprecedented response

According to the Federal Minister for Investment and Privatisation, Dr Abdul Hafeez Shaikh, who addressed a press conference in Islamabad on February 20, the initial public offering of 5 percent govt holdings of the Sui Southern Gas Company Limited, evoke
Published 29 Feb, 2004 12:00am
Commercial banks and agriculture financing

Commercial banks and agriculture financing

The Governor of the State Bank of Pakistan, Dr Ishrat Husain, addressing the 53rd Annual General Meeting of the Institute of Bankers Pakistan, in Karachi on February 21, discussed the impact of the past four years of financial sector reforms on the effort
Published 29 Feb, 2004 12:00am
Mehfil-e-Masalma

Mehfil-e-Masalma

A "Mehfil-e-Masalma" was held under the management of Faisalabad Arts Council in connection with the Muharrram at lqbal Stadium here.
Published 29 Feb, 2004 12:00am
Industrial fair in Gujranwala

Industrial fair in Gujranwala

The Gujranwala Chamber of Commerce and Industry will organise an industrial exhibition at Gulshan-e-Iqbal Park here on March 5.
Published 29 Feb, 2004 12:00am
Book fair inaugurated

Book fair inaugurated

Finance Minister Punjab Sardar Hasnain Bahadur Dareshek on Saturday inaugurated the Lahore Book Fair organised by the Pakistan Publishers and Book Sellers Association in collaboration with Lahore Arts Council.
Published 29 Feb, 2004 12:00am
30 TV channels to start transmission this year

30 TV channels to start transmission this year

Pakistan Electronic Media Regulatory Authority (Pemra) Chairman Mian Muhammad Javed has said that about 30 TV channels would start its transmissions by the end of this year.
Published 29 Feb, 2004 12:00am
Lahore High Court benches for next week

Lahore High Court benches for next week

As many as 12 division benches and 28 single benches will work at principal seat of the Lahore High Court (LHC) during the week commencing from Monday, March 1.
Published 29 Feb, 2004 12:00am
Previous management involved in corruption: IEP president

Previous management involved in corruption: IEP president

President and Administrator of Institution of Engineers Pakistan (IEP) Engineer Aftab Islam Agha has claimed that he has unearthed embezzlement of millions of rupees in the accounts of the association at the hands of its previous management.
Published 29 Feb, 2004 12:00am
Lahore High Court postings and transfers

Lahore High Court postings and transfers

The Chief Justice of the Lahore High Court (LHC) has made transfer and posting among two Additional Registrars (ARs) of the august court.
Published 29 Feb, 2004 12:00am
LHC dismisses appeal of Mashreq Bank

LHC dismisses appeal of Mashreq Bank

Justice Muhammad Ghani of the Lahore High Court (LHC), while dismissing an appeal filed by Mashreq Bank, has observed that a bank waived its right in invoking the penalty clause in the deed of compromise if it failed to exercise the same at appropriate ti
Published 29 Feb, 2004 12:00am
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