News Archives for Print - 2004-05-02

Print - 2004-05-02

Safta experts to meet from May 5

The second meeting of the Committee of Experts (CoEs) on South Asian Free Trade Agreement (Safta) will be held from May 5 to 7 in Islamabad.

Published 02 May, 2004 12:00am

Egyptian leaders greet Pakistan

Egyptian government leaders have sent greetings to their counterparts in Pakistan on the occasion of the birthday of Prophet Muhammad (PBUH) and wished strengthening of mutual relations.

Published 02 May, 2004 12:00am

Mofaz appeals for Likud support

Israel's defence minister urged the ruling Likud party on Saturday to support a proposed Gaza pullout, saying a rejection would mean squandering a historic opportunity.

Published 02 May, 2004 12:00am

Indian chief justice blasts Gujarat riots 'collusion'

India's chief justice Saturday said the Supreme Court had to order protection for witnesses of deadly riots in western Gujarat state because of "collusion" between the accused and the prosecution.

Published 02 May, 2004 12:00am

Violence marks May Day rallies

Hundreds of thousands of people took to the streets in Europe, Africa and Asia for May 1 celebrations supporting causes ranging from social justice to nostalgia for Soviet-era Communism, to hostility to the war in Iraq and European Union membership.

Published 02 May, 2004 12:00am

BJP turns to Modi to woo voters

India's ruling Bharatiya Janata Party, rattled by a poor showing in exit polls, has turned to a controversial Hindu hard-liner to shore up support in the final rounds of voting in key heartland states.

Published 02 May, 2004 12:00am

Bangladesh opposition calls fresh protests

Bangladesh's main opposition party said Saturday it planned fresh nation-wide protests this weekend to try to force the government to resign after conceding defeat on an earlier deadline for it to quit.

Published 02 May, 2004 12:00am

Four dead and 10 missing as Chinese boat capsizes

Four people died and 10 are missing after a boat capsized on China's Yellow River Saturday at the start of the May Day holiday week, state media said.

Published 02 May, 2004 12:00am

American troops face serious challenges in Iraq: Bush

A year after declaring major combat over in Iraq, President George W. Bush said on Saturday that US forces still faced serious challenges there but that daily life was improving for Iraqis in many ways.

Published 02 May, 2004 12:00am

Kerry urges 'marching again' for veterans benefits

Democratic presidential candidate John Kerry, a decorated Navy lieutenant who later protested the Vietnam War, urged veterans on Saturday to "get out there marching again" for better benefits.

Published 02 May, 2004 12:00am

Iraq abuse 'totally unacceptable': Blair

Images of British troops apparently abusing an Iraqi prisoner are "totally unacceptable" and, if confirmed as genuine, are to be "condemned utterly" Prime Minister Tony Blair said on Saturday.

Published 02 May, 2004 12:00am

25 dead and scores missing as boat sinks in Vietnam

At least 25 people were killed and scores more were missing and feared dead after a boat carrying Vietnamese tourists sank off the coast of southern Vietnam, officials said Saturday.

Published 02 May, 2004 12:00am

India bans public smoking and tobacco ads

A ban on smoking in public places and any direct or indirect advertising of tobacco products came into effect in India from Saturday, health officials said.

Published 02 May, 2004 12:00am

China confirms sixth Sars case

China confirmed a sixth case of Sars on Saturday, as experts said the latest outbreak of the disease was not a threat to the public as all the infections could be traced back to a research laboratory.

Published 02 May, 2004 12:00am

Sudan rebels and government extend truce

Sudan's government and main southern rebels signed a one-month truce extension, days after the top negotiators trying to end a 21-year civil war restarted talks following a two-week break, mediators said on Saturday.

Published 02 May, 2004 12:00am

US stocks finish down on interest-rate hike fears

US stocks sagged on Friday, pushing the technology-dominated Nasdaq to its biggest weekly drop in 2 years, on worries that the Federal Reserve will move closer to raising interest rates at its meeting next week.

Published 02 May, 2004 12:00am

Chile stocks dip on worries over China and US rates

Chilean stocks chalked up a third straight session of losses on Friday due to worries about energy cuts and a slowing Chinese economy that would hit the commodity-based economy hard, analysts said.

Published 02 May, 2004 12:00am

Metal jitters likely to jolt South African stock market

A shaky outlook for metal prices will continue to afflict South Africa's stock market next week after sharp drops in the commodities this week battered mining shares, dealers said on Friday.

Published 02 May, 2004 12:00am

Toronto stocks close with slight gains

Toronto stocks eked out a modest gain on Friday after erasing much of their earlier advance on continued weakness in tech issues and investor caution ahead of a US Federal Reserve interest rate decision next week.

Published 02 May, 2004 12:00am

US corporate bonds: ratings action on autos buoys market

US corporate bond spreads tightened on Friday as investors shrugged off interest rate worries for a day and bought bonds of top automakers after their credit ratings were affirmed.

Published 02 May, 2004 12:00am

US corporate bonds: ratings action on autos buoys market

US corporate bond spreads tightened on Friday as investors shrugged off interest rate worries for a day and bought bonds of top automakers after their credit ratings were affirmed.

Published 02 May, 2004 12:00am

American credit market outlook

AT&T Corp has taken a walloping in the credit markets this month.

Published 02 May, 2004 12:00am

American credit market outlook

AT&T Corp has taken a walloping in the credit markets this month.

Published 02 May, 2004 12:00am

Argentine stocks end 2.37 percent lower

Argentine stocks slumped for the fourth straight day on Friday, falling in tandem with other markets in the region spooked by the possibility of a US interest rate hike, traders said.

Published 02 May, 2004 12:00am

US Treasuries rise but rally seen short-lived

US Treasury prices held on to modest gains on Friday, defying a strong showing from Midwest manufacturers as traders hunted for bargains after several weeks of heavy selling.

Published 02 May, 2004 12:00am

US Treasuries rise but rally seen short-lived

US Treasury prices held on to modest gains on Friday, defying a strong showing from Midwest manufacturers as traders hunted for bargains after several weeks of heavy selling.

Published 02 May, 2004 12:00am

Brazilian stocks plunge on US rate outlook

Brazil's stocks extended declines for a fifth consecutive session on Friday on fears a US rate hike could come sooner than expected, diminishing the allure of Brazilian assets.

Published 02 May, 2004 12:00am

Rate fears send Mexican stocks roiling

Fears of higher US interest rates continued to weigh in Mexico on Friday, where stocks ended weaker for a fifth straight day, although the peso recovered slightly from a record low.

Published 02 May, 2004 12:00am

Canadian bonds jump

The Canadian bond prices rallied significantly on Friday, helped in part by the disappointing Canadian GDP numbers and mixed news in the United States.

Published 02 May, 2004 12:00am

Canadian bonds jump

The Canadian bond prices rallied significantly on Friday, helped in part by the disappointing Canadian GDP numbers and mixed news in the United States.

Published 02 May, 2004 12:00am

Dollar jittery on rising inflation pressure

The dollar fell slightly against the euro on Friday but rose versus the yen after upbeat US economic data, including more evidence of growing inflation, aided the case for higher US interest rates.

Published 02 May, 2004 12:00am

Deflation risk may have been overstated: Fed

Risks of US deflation may have been overstated, said a new study from the Federal Reserve Bank of Atlanta that blamed the scare last year on rent and used car prices rather than widespread disinflation.

Published 02 May, 2004 12:00am

Net short IMM Canadian dollar position extended: CFTC

Speculators in Canadian dollar futures rapidly extended a net short position in the week ended April 27 to its largest in two years, data from the Commodity Futures Trading Commission showed on Friday.

Published 02 May, 2004 12:00am

BoJ to keep 'quantitative easing' policy

The Bank of Japan will maintain its so-called "quantitative easing" policy for the time being despite growing signs of an economic recovery, business daily Nihon Keizai Shimbun (Nikkei) quoted BOJ Governor Toshihiko Fukui as saying.

Published 02 May, 2004 12:00am

Forex market views and key levels

A selection of comments from analysts on important technical developments in the foreign exchange market.

Published 02 May, 2004 12:00am

Forex and bond investors shy of 'commodity currencies'

Slowing Chinese demand for commodities and a firming US dollar have dealt a one-two punch to so-called "commodity currencies" as global asset allocators turn bets away from the once-soaring currencies.

Published 02 May, 2004 12:00am

Indian foreign exchange reserves rise

India's foreign exchange reserves rose to $117.879 billion in the week ended April 23 from $117.592 billion in the previous week, the Reserve Bank of India (RBI) said in its weekly statistical supplement on Saturday.

Published 02 May, 2004 12:00am

Brazilian real gains

In the currency market, Brazil's real gained 1.18 percent to 2.932 per greenback.

Published 02 May, 2004 12:00am

Canada dollar down on disappointing GDP

Pushed by a disappointing February GDP figure, the Canadian dollar fell to its worst level in seven months against the greenback on Friday, but clawed back most of the losses to finish only slightly lower.

Published 02 May, 2004 12:00am

China fears shake international commodity markets

Efforts unveiled by China last week to try to cool its sizzling economy roiled many global commodities, which have enjoyed a boom thanks to the country's strong appetite for raw materials.

Published 02 May, 2004 12:00am

Nymex crude bolstered again by gasoline rally

Nymex oil futures ticked upon on Friday, boosted by soaring US gasoline prices and concerns about possible supply disruptions caused by Middle East violence.

Published 02 May, 2004 12:00am

Gold and silver bounce back in New York

Prices of gold and silver futures rose on Friday, recouping steep losses two days ago fuelled by an expected slump in demand from China, while soybeans posted a second day of gains amid continued concerns over supplies.

Published 02 May, 2004 12:00am

Soyabean futures higher

The Chicago Board of Trade soyabeans ended higher on Friday on speculative buying and after a key Brazilian analyst cut its production estimate for the country's 2003/04 soyabean crop, brokers said.

Published 02 May, 2004 12:00am

Sugar lower in New York

CSCE raw sugar futures ended slightly lower on Friday after speculators took advantage of gains earlier in the week and made quick profits in month-end book-squaring, traders said.

Published 02 May, 2004 12:00am

CBOT rice futures higher

Chicago Board of Trade rough rice futures ended higher on Friday after setting a near-six-year top and contract highs on light speculative buying, a lack of selling interest and talk of tightening US rice supplies, traders said.

Published 02 May, 2004 12:00am

Australian wool prices fall marginally

Australian wool prices fell slightly this week, but lost only 0.1 percent in average values as the Australian dollar dropped below the 72 US cent level, analysts said on Friday.

Published 02 May, 2004 12:00am

Coffee ends at four-month low

CSCE coffee futures finished with sizeable losses on Friday as some funds liquidated their long positions once the current contract fell to its lowest level in nearly four months, traders said.

Published 02 May, 2004 12:00am

Drought concerns emerging in US spring wheat belt

Clear skies for much of April helped farmers in the northern US Plains get a big jump on planting small grains, but some are starting to worry about the lack of rain, crop experts said on Friday.

Published 02 May, 2004 12:00am

Brazil sees US cotton sales down after WTO

US cotton exports could fall by 41 percent if a ruling by the world trade watchdog is confirmed and Washington slashes subsidies, the Brazilian Cotton Producers Association (Abrapa) said Thursday.

Published 02 May, 2004 12:00am

New York copper higher on bargain hunting

COMEX copper prices ended higher Friday on bargain hunting and short covering after a 20-cent drop in the last two weeks, but trade was muted before holidays in the UK, China and Japan next week, dealers said.

Published 02 May, 2004 12:00am

IBM and Wipro in $1 billion Shell outsourcing deal

Indian software services exporter Wipro Ltd and International Business Machines Corp have won a long-term outsourcing deal worth $1.0 billion from Anglo-Dutch oil giant Royal Dutch/Shell, The Economic Times daily reported on Saturday.

Published 02 May, 2004 12:00am

Australians rank as hardest worker

Forget the image of the laid-back Aussie lifestyle, Australians now work more hours than Americans or Japanese and rank as the hardest-working people in the developed world, according to a new book.

Published 02 May, 2004 12:00am

Hong Kong lifts ban on US poultry

Hong Kong, the No 3 buyer of US chicken, has lifted a three-month ban on American poultry that was imposed due to fears of bird flu disease, the US Agriculture Department said on Friday.

Published 02 May, 2004 12:00am

Germany expects to avoid EU deficit breach

Germany's Finance Ministry said on Saturday a magazine report that it expects its budget deficit to breach European Union budget rules for a fourth straight year in 2005 was "speculation", and that its target could still be met.

Published 02 May, 2004 12:00am

France plans road sell-offs

France may open up some of the capital in two motorway firms by autumn and allow more Sunday shopping, the Journal du Dimanche newspaper said on Saturday.

Published 02 May, 2004 12:00am

China to improve labour relations

China will upgrade dialogue mechanisms to deal with growing unrest among its tens of millions of unemployed workers, but will not allow rights to collective bargaining or independent unions, officials said Saturday.

Published 02 May, 2004 12:00am

Worker pockets not yet profiting from US recovery

American workers had their pockets pinched in the first quarter of 2004 and economists say there is a risk consumer spending could falter if the recovery doesn't start to lift wages soon.

Published 02 May, 2004 12:00am

Diplomats hope for WTO progress after London talks

The EU and United States were pressed again over billions of dollars of aid they give to their farmers at trade talks with Brazil, Kenya and South Africa on Saturday, diplomats said.

Published 02 May, 2004 12:00am

Iran signs gas export agreement with UAE

Iran has inked a deal to supply the United Arab Emirates with 15 million cubic meters (525 million feet) of gas a day, a senior official said Saturday.

Published 02 May, 2004 12:00am

Qatar launches $20 billion tourism plan

Gas-rich Qatar unveiled Saturday a 15-20-billion dollar infrastructure plan in a bid to put the ambitious Gulf state on the world tourist map over the next 10 years.

Published 02 May, 2004 12:00am

Buffett warns of 'huge' derivatives problem

Billionaire Warren Buffett warned of the risks of derivatives on Saturday, and said that the financial instruments could lead to a "huge problem" within the next 10 years.

Published 02 May, 2004 12:00am

Buffett warns of 'huge' derivatives problem

Billionaire Warren Buffett warned of the risks of derivatives on Saturday, and said that the financial instruments could lead to a "huge problem" within the next 10 years.

Published 02 May, 2004 12:00am

Free trade deals to take spotlight at Apec summit

Asia-Pacific leaders meeting in Chile this year are expected to discuss linking the mushrooming regional and bilateral free-trade pacts to help speed up the stalled global trade process, Chilean President Ricardo Lagos said Saturday.

Published 02 May, 2004 12:00am

Tourism council see potential bonanza for new EU nations

The 10 nations who have joined the European Union have huge potential to develop tourism, led by Hungary and Poland, the World Travel and Tourism Council (WTTC) announced on Saturday.

Published 02 May, 2004 12:00am

Hungary, central Europe's economic powerhouse

Hungary is an economic powerhouse among the 10 countries that joined the European Union on Saturday.

Published 02 May, 2004 12:00am

China-driven freight boom seen far from over

A lull in Chinese orders for raw materials has pulled dry freight rates back from recent all-time highs, but the shipping market should resume its rise as jams ease at China's ports, analysts and brokers say.

Published 02 May, 2004 12:00am

Raw goods freight rates sink as Chinese orders slow

Prices for shipping the world's key raw materials fell again on Thursday as looming holidays in Asia and worries that China would act strongly to rein in its surging economy bit into forward orders, brokers and analysts said.

Published 02 May, 2004 12:00am

Asian freight rates tumble

Panamax dry bulk rates for the benchmark US Gulf to Japan route have fallen sharply on a drop in Japanese and Chinese demand ahead of key holidays, brokers said on Tuesday.

Published 02 May, 2004 12:00am

Thai shipper RCL sees sales up

Thailand's Regional Container Lines RCL said on Friday it expected revenue to rise 10 percent this year on higher Asian demand despite fears about China's moves to cool its fast-growing economy.

Published 02 May, 2004 12:00am

CMB profit soars on record freight levels

Belgian shipping company CMB revealed a first-quarter operating profit that was nearly triple the level a year ago, thanks to booming trade with China, and forecast good results for the next quarter.

Published 02 May, 2004 12:00am

CMB profit soars on record freight levels

Belgian shipping company CMB revealed a first-quarter operating profit that was nearly triple the level a year ago, thanks to booming trade with China, and forecast good results for the next quarter.

Published 02 May, 2004 12:00am

Brazil's sugar vessels line-up falls

The line-up of vessels to load sugar in Brazil's ports felt to 21 this week from last week's 24, shipping agent Williams said Thursday.

Published 02 May, 2004 12:00am

Evergreen net profit up seven-fold

Taiwan's Evergreen Marine Corp, the world's third-largest shipping line, posted a seven-fold jump in quarterly net profit on Friday, due to booming exports from Asia, especially China, and higher freight rates.

Published 02 May, 2004 12:00am

Evergreen net profit up seven-fold

Published 02 May, 2004 12:00am

China Shipping to launch $2 billion IPO

China Shipping Container, sailing against a tide of worsening investor sentiment towards China, will start pre-marketing next week for an IPO to raise up to US$2 billion, sources close to the deal said on Friday.

Published 02 May, 2004 12:00am

China Shipping to launch $2 billion IPO

Published 02 May, 2004 12:00am

World currencies and dollar

Value of the dollar in terms of other world currencies as prevailing in the week ended Saturday (May 01, 2004).

Published 02 May, 2004 12:00am

World Shipping Schedule

Karachi Port's world-wide shipping schedule beginning Saturday (May 01, 2004).

Published 02 May, 2004 12:00am

World Shipping Schedule

Karachi Port's world-wide shipping schedule beginning Saturday (May 01, 2004).

Published 02 May, 2004 12:00am

Automart: car prices in Karachi

The prices of different makes and models of cars prevailing in Karachi in the week ended Saturday (May 01, 2004).

Published 02 May, 2004 12:00am

State Bank statement of affairs

The statement of affairs of the State Bank of Pakistan, Banking Department, as on 24th April 2004.

Published 02 May, 2004 12:00am

State Bank statement of affairs

The statement of affairs of the State Bank of Pakistan, Banking Department, as on 24th April 2004.

Published 02 May, 2004 12:00am

Your rupee last month

Following currency fluctuations took place in foreign exchange rates during the last month (April 01 - 30, 2004).

Published 02 May, 2004 12:00am

EFU managed funds rates

EFU Life Assurance Ltd announced that the Offer and Bid prices for the following funds effective from May 03, 2004.

Published 02 May, 2004 12:00am

EFU managed funds rates

EFU Life Assurance Ltd announced that the Offer and Bid prices for the following funds effective from May 03, 2004.

Published 02 May, 2004 12:00am

Currency values in term of Special Drawing Rights

The International Monetary Fund(IMF), treasuries' department's currency values in terms of Special Drawing Rights(SDR).

Published 02 May, 2004 12:00am

The Weather

The weather report on Saturday (May 01) and the forecast for Sunday (May 02, 2004).

Published 02 May, 2004 12:00am

Five Westerners among 10 killed in Saudi Arabia

Workers at a petrochemical site used their passes to access the complex and kill five Western engineers in a shooting spree in the Saudi oil city of Yanbu on Saturday, the Interior Ministry said.

Published 02 May, 2004 12:00am

Five Westerners among 10 killed in Saudi Arabia

Workers at a petrochemical site used their passes to access the complex and kill five Western engineers in a shooting spree in the Saudi oil city of Yanbu on Saturday, the Interior Ministry said.

Published 02 May, 2004 12:00am

Ban on wheat movement to stay: Punjab will supply atta to other provinces

After day-long negotiations with provincial representatives and Federal Food Minister Yar Mohammad Rind, Punjab Chief Minister Pervaiz Elahi on Saturday announced that ban on wheat movement would stay until food security is assured for full one year to al

Published 02 May, 2004 12:00am

Previous Day

Forex
World
Commodity

Currency	Rate
USD PKR Interbank Selling / May 12	281.63
USD PKR Interbank Buying / May 12	281.43
USD to Japanese Yen / May 12	145.91
USD to Swiss Franc / May 12	0.83
Pound Sterling to USD / May 12	1.33
Euro to USD / May 12	1.12
UK LIBOR % / May 9	4.96

Stock	Volume
S&P 500 / May 9	5,659.91
Nasdaq / May 9	17,928.92
FTSE 100 / May 9	8,554.80
Dow Jones / May 9	41,249.38
Germany DAX 30 / May 9	23,499.32
France CAC40 / May 9	7,743.75
India Sensex / May 12	81,746.51
Tokyo Nikkei / May 12	37,643.20
Hang Seng / May 12	23,174.79

Item	Value
Karachi Cotton PKR/37.32 KG / May 9	16,985
Gold 10 Grams PKR / May 9	300,840
Petrol/Litre / May 12	252.63
Crude Oil USD/Barrel / May 12	61.81
Gold Spot USD/Ounce / May 12	3,279.94
Diesel/Litre / May 12	256.64
Cotton US¢/pound / May 12	67.45

Gainers
Losers
Leaders

Stock	Price
Kohinoor Spining / May 12 Kohinoor Spinning Mills Limited(KOSM)	4.92 ▲ 0.93 (23.31%)
Al-Shaheer Corp / May 12 Al Shaheer Corporation Limited(ASC)	5.88 ▲ 1 (20.49%)
Colony Tex.Mills Ltd / May 12 Colony Textile Mills Limited(CTM)	3.58 ▲ 0.58 (19.33%)
Dewan Farooque Sp. / May 12 Dewan Farooque Spinning Mills Limited(DFSM)	2.82 ▲ 0.45 (18.99%)
Pace (Pak) Ltd. / May 12 Pace (Pakistan) Limited(PACE)	5.22 ▲ 0.8 (18.1%)
Chenab Ltd / May 12 Chenab Limited(CHBL)	5.90 ▲ 0.89 (17.76%)
Chenab Ltd (Pref) / May 12 Chenab Limited (Pref)(CLCPS)	2.41 ▲ 0.36 (17.56%)
Media Times Ltd / May 12 Media Times Limited(MDTL)	1.77 ▲ 0.26 (17.22%)
Hira Textile / May 12 Hira Textile Mills Limited(HIRAT)	3.20 ▲ 0.46 (16.79%)
Askari Life Assur. / May 12 Askari Life Assurance Company Limited(ALAC)	5.25 ▲ 0.75 (16.67%)

Stock	Price
First AL-Noor Mod. / May 12 First Al-Noor Modaraba(FANM)	2.50 ▼ -0.5 (-16.67%)
Elahi Cot. / May 12 Elahi Cotton Mills Limited(ELCM)	113.26 ▼ -12.58 (-10%)
Ali Asghar / May 12 Ali Asghar Textile Mills Limited(AATM)	41 ▼ -3.87 (-8.62%)
Hussain Industries / May 12 Husein Industries Limited(HUSI)	27 ▼ -2.29 (-7.82%)
Gulistan Sp. / May 12 Gulistan Spinning Mills Limited(GUSM)	6.50 ▼ -0.51 (-7.28%)
Trust Mod. / May 12 Trust Modaraba(TRSM)	4.52 ▼ -0.21 (-4.44%)
Pak Paper Prod / May 12 Pakistan Paper Products Limited(PPP)	148.10 ▼ -6.01 (-3.9%)
Sanghar Sugar / May 12 Sanghar Sugar Mills Limited(SANSM)	48.60 ▼ -1.76 (-3.49%)
AL-Abbas Sugar / May 12 Al-Abbas Sugar Mills Limited(AABS)	720 ▼ -24.77 (-3.33%)
Bank of Khyber / May 12 The Bank of Khyber(BOK)	14.20 ▼ -0.46 (-3.14%)

Stock	Volume
K-Electric Ltd. / May 12 K-Electric Limited(KEL)	45,412,416 ▲ 0.42
WorldCall Telecom / May 12 Worldcall Telecom Limited(WTL)	41,894,927 ▲ 0.15
At-Tahur Ltd. / May 12 At-Tahur Limited(PREMA)	40,681,621 ▲ 2.18
Cnergyico PK / May 12 Cnergyico PK Limited(CNERGY)	25,724,943 ▲ 0.95
Power Cement / May 12 Power Cement Limited(POWER)	19,588,748 ▲ 1.03
B.O.Punjab / May 12 The Bank of Punjab(BOP)	15,810,240 ▲ 0.92
Kohinoor Spining / May 12 Kohinoor Spinning Mills Limited(KOSM)	12,991,876 ▲ 0.93
Pak Elektron / May 12 Pak Elektron Limited(PAEL)	11,464,281 ▲ 4.02
Pak Int.Bulk / May 12 Pakistan International Bulk Terminal(PIBTL)	9,767,144 ▲ 0.94
Hub Power Co. / May 12 The Hub Power Company Limited(HUBC)	9,688,529 ▲ 9.73

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