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Print - 2004-05-12
Dollar pushes higher verses yen, high yielders

Dollar pushes higher verses yen, high yielders

The dollar rolled higher across the board on Monday, hurting high-yielding currencies and pushing the yen to an eight-month low as accelerated expectations of higher US interest rates gripped the market.
Published 12 May, 2004 12:00am
Asian currencies: yen's rally, intervention ease pressure

Asian currencies: yen's rally, intervention ease pressure

A modest recovery in Japanese stocks and the yen, as well as some intervention by regional central banks, gave some support to weak Asian currencies on Tuesday, despite worries about possible rate rises in the United States.
Published 12 May, 2004 12:00am
Hong Kong dollar weaker

Hong Kong dollar weaker

The Hong Kong dollar was under pressure on Tuesday on fears of further fund flows out of the territory, forcing the defacto central bank to step in three times to maintain the pegged exchange rate of 7.80 to the US dollar.
Published 12 May, 2004 12:00am
Greenpeace stage timber protest in Brussels

Greenpeace stage timber protest in Brussels

Some 50 protestors from the environmental group Greenpeace staged a protest Tuesday against a new EU building in Brussels, claiming it was built using timber provided by illegal logging practices.
Published 12 May, 2004 12:00am
Mandela heads delegation for World Cup bid

Mandela heads delegation for World Cup bid

Nelson Mandela will lead a high-profile South African delegation to Zurich this week for the announcement of which country will host the 2010 football World Cup finals, his office said Tuesday.
Published 12 May, 2004 12:00am
Ivory Coast opposition wants UN court to try leaders

Ivory Coast opposition wants UN court to try leaders

Ivory Coast's opposition on Tuesday called on the United Nations to set up a special court to try those responsible for a violent crackdown on an anti-government rally in March, in which at least 120 civilians were killed, according to a UN report.
Published 12 May, 2004 12:00am
India facing 'catastrophic' HIV/AIDS epidemic

India facing 'catastrophic' HIV/AIDS epidemic

A senior international health official warned Tuesday that HIV/AIDS is growing into a "catastrophic epidemic" in India, the world's second most populous country.
Published 12 May, 2004 12:00am
Spain says its troops refused US requests to arrest Sadr

Spain says its troops refused US requests to arrest Sadr

Spanish troops rejected a US request for a major offensive against the Shiite Muslim militia in the holy city of Najaf before they pulled out of Iraq last month, a Spanish general in the US-led occupation force was quoted as saying on Tuesday.
Published 12 May, 2004 12:00am
Iraq prisoner scandal raises fears in Afghanistan

Iraq prisoner scandal raises fears in Afghanistan

Afghanistan's main rights body is seeking access to prisoners in US custody in Afghanistan, following graphic revelations of abuse of Iraqi prisoners by US soldiers, an official said Tuesday.
Published 12 May, 2004 12:00am
Outlook dim as envoys gather for North Korea talks

Outlook dim as envoys gather for North Korea talks

Chances appeared slim on Tuesday of a breakthrough to the North Korean nuclear crisis as envoys to six-party negotiations gathered in Beijing on Tuesday ahead of talks aimed at breaking the impasse.
Published 12 May, 2004 12:00am
Iranian students protest dissident death sentence

Iranian students protest dissident death sentence

Some 600 students gathered at Tehran University to hear the sister of jailed Iranian dissident Hashem Aghajari, who is facing the death penalty for blasphemy, denounce "religion in the service of power".
Published 12 May, 2004 12:00am
Spanish premier stresses EU a greater priority than US

Spanish premier stresses EU a greater priority than US

Prime Minister Jose Luis Rodriguez Zapatero said on Tuesday that the European Union was a greater priority for his government than the United States because of the contribution of EU members to the development of modern, democratic Spain.
Published 12 May, 2004 12:00am
South Korean court to rule on Roh impeachment on May 14

South Korean court to rule on Roh impeachment on May 14

South Korea's Constitutional Court will announce its ruling on Friday on parliament's unprecedented vote two months ago to impeach President Roh Moo-hyun, a court official said on Tuesday.
Published 12 May, 2004 12:00am
Fernandes condemns US treatment of Iraqi prisoners

Fernandes condemns US treatment of Iraqi prisoners

Indian Defence Minister George Fernandes Tuesday accused the US military of violating international standards on the treatment of prisoners, in the first condemnation by a senior Indian leader of the alleged abuse of Iraqi inmates.
Published 12 May, 2004 12:00am
Saddam to be handed over before power transfer

Saddam to be handed over before power transfer

US-led forces will hand over Saddam Hussein and top officials of his former regime to the Iraqis before the handover of power, a top lawyer who is co-ordinating the toppled dictator's trial said on Tuesday.
Published 12 May, 2004 12:00am
Four killed in Scottish factory blast

Four killed in Scottish factory blast

At least four people were killed when a huge explosion flattened a Scottish plastics factory on Tuesday, trapping workers in the wreckage, rescuers said.
Published 12 May, 2004 12:00am
Hundreds call on Sadr militia to quit Najaf

Hundreds call on Sadr militia to quit Najaf

Hundreds of people marched in Najaf on Tuesday calling on rebel Shia cleric Moqtada al-Sadr to pull his militia out of the Iraqi holy city.
Published 12 May, 2004 12:00am
Putin boosts Chechnya's police after rare visit

Putin boosts Chechnya's police after rare visit

Russian President Vladimir Putin sought to seize the initiative in Chechnya with a lightning visit to the troubled province two days after separatist rebels assassinated its Kremlin-backed leader.
Published 12 May, 2004 12:00am
China to consider legislation to reunify Taiwan

China to consider legislation to reunify Taiwan

Chinese Premier Wen Jiabao said he would consider a proposal to introduce legislation for the eventual reunification of Taiwan, state media reported Tuesday.
Published 12 May, 2004 12:00am
Nuclear dispute moving toward resolution: Iran

Nuclear dispute moving toward resolution: Iran

Iran's top nuclear negotiator said on Tuesday that international concerns about its nuclear programme were close to being resolved - but US officials promptly denied this.
Published 12 May, 2004 12:00am
Al Qaeda-linked group beheads American

Al Qaeda-linked group beheads American

An Islamist web site showed a videotape on Tuesday of an al Qaeda-linked group beheading an American and vowing more executions as revenge for the abuse of Iraqi prisoners.
Published 12 May, 2004 12:00am
Scientists prepare for rare astronomical event

Scientists prepare for rare astronomical event

Europe, the Middle East and much of Asia and Africa will offer prime viewing next month for an astronomical event that has not occurred for 122 years - the transit of the planet Venus across the sun.
Published 12 May, 2004 12:00am
11 killed in fresh violence in Nigeria

11 killed in fresh violence in Nigeria

Rioting Nigerian Muslims killed at least 11 Christians and set two churches ablaze in the northern city of Kano on Tuesday, in a reprisal for the slaying of hundreds of Muslims in central Nigeria last week.
Published 12 May, 2004 12:00am
US general blames 'leadership failure' for abuse

US general blames 'leadership failure' for abuse

The abuse of Iraqi prisoners reflected a failure of leadership in the US armed forces, the general who investigated the mistreatment said on Tuesday, but he said he found no evidence that American soldiers had acted on the direct orders of higher-ups.
Published 12 May, 2004 12:00am
Indian rupee at four-month lows

Indian rupee at four-month lows

The Indian rupee dropped 0.8 percent to its lowest close in four months on Tuesday amid worries about political uncertainty following the recently concluded national election.
Published 12 May, 2004 12:00am
Sterling tumbles

Sterling tumbles

Sterling tumbled two cents against the dollar and shed about one percent versus the euro on Tuesday after news of a surprise fall in UK manufacturing output in March cast doubts over expectations of interest rate hikes.
Published 12 May, 2004 12:00am
Dollar back on firm footing

Dollar back on firm footing

The dollar extended its recent gains against the euro into a fourth straight session on Tuesday, shrugging off an earlier bout of profit-taking as markets remained focused on rising US rate hike expectations.
Published 12 May, 2004 12:00am
Indian shares dive as hung parliament looms

Indian shares dive as hung parliament looms

Indian markets slid on Tuesday as investors feared the ruling federal coalition would fall well short of a majority in parliament, heightening the prospect of a slowdown in economic reforms and foreign investment.
Published 12 May, 2004 12:00am
Taiwan stocks down

Taiwan stocks down

Taiwan stocks extended losses from the last session's 2004 closing low in trade on Tuesday, as heavy foreign selling pressure on tech shares outweighed bargain-hunting in banking and industrial stocks.
Published 12 May, 2004 12:00am
US Stocks: Tuesday's unofficial close

US Stocks: Tuesday's unofficial close

US stocks hovered near unchanged Tuesday, erasing earlier gains, as shares that fell to 2004 lows in the previous session lured some buyers, but stubbornly high oil prices tempered Wall Street's mood.
Published 12 May, 2004 12:00am
London cocoa rises

London cocoa rises

London cocoa prices ended higher on Tuesday in a spread-driven market, hemmed in between speculative short covering and origin and trade selling, dealers said.
Published 12 May, 2004 12:00am
EU set to approve GMO maize, battle looms on seeds

EU set to approve GMO maize, battle looms on seeds

The European Union, poised to lift its five-year ban on gene-spliced foods, will now open the next battle in its biotech saga and try to agree purity levels in seeds, the European Commission said on Tuesday.
Published 12 May, 2004 12:00am
Oil breaks $40 on doubts Opec can fix supply crunch

Oil breaks $40 on doubts Opec can fix supply crunch

Oil prices bounced back to 13-year peaks above $40 on Tuesday on doubts that top world exporter Saudi Arabia's call for a rise in Opec quotas would add much actual supply to a tight international market.
Published 12 May, 2004 12:00am
Oil breaks $40 on doubts Opec can fix supply crunch

Oil breaks $40 on doubts Opec can fix supply crunch

Oil prices bounced back to 13-year peaks above $40 on Tuesday on doubts that top world exporter Saudi Arabia's call for a rise in Opec quotas would add much actual supply to a tight international market.
Published 12 May, 2004 12:00am
London sugar ends down

London sugar ends down

London sugar futures closed weaker in a quiet session on Tuesday as bears consolidated their grip on spot months.
Published 12 May, 2004 12:00am
USDA cotton forecasts seen inflated by plantings

USDA cotton forecasts seen inflated by plantings

The US Department of Agriculture will release its first estimates for the 2004/05 cotton crop on Wednesday, and though analysts said they look for a healthy, though not unusually large crop, they think it will be inflated by an overly optimistic plantings
Published 12 May, 2004 12:00am
Liffe coffee up in thin market

Liffe coffee up in thin market

London coffees closed modestly higher on Tuesday in a subdued market where spreads accounted for a significant part of volume and dealers said the outlook was for a range-bound market.
Published 12 May, 2004 12:00am
Gold slips in Europe, attempts to consolidate

Gold slips in Europe, attempts to consolidate

Gold fell in European trade on Tuesday but was still above the seven-month low reached on Monday with physical demand seen stemming further falls for now, dealers said.
Published 12 May, 2004 12:00am
LME metals end mostly higher, but vulnerable

LME metals end mostly higher, but vulnerable

The metals market opted for stability during Tuesday's open-outcry sessions on the London Metal Exchange (LME) after an earlier upward correction, traders said.
Published 12 May, 2004 12:00am
US MIDDAY: cocoa unchanged on speculative short-covering

US MIDDAY: cocoa unchanged on speculative short-covering

CSCE cocoa futures ended unchanged to down slightly on Tuesday as early speculative short-covering gave way to scale-up trade selling which "washed out" the day's earlier gains and kept futures held in a sideways range, floor sources said.
Published 12 May, 2004 12:00am
US MIDDAY: sugar falls to six-week low

US MIDDAY: sugar falls to six-week low

CSCE raw sugar prices extended their slide to a six-week low as a large crop from top-sugar grower Brazil weighed on market sentiment.
Published 12 May, 2004 12:00am
US MIDDAY: wheat futures down on rains

US MIDDAY: wheat futures down on rains

Wheat futures at the Chicago Board of Trade turned lower early on Tuesday on rains in the Plains hard red winter wheat region and an Egyptian snub of US wheat, traders said.
Published 12 May, 2004 12:00am
US MIDDAY: corn firmer

US MIDDAY: corn firmer

Corn futures at the Chicago Board of Trade were firm early Tuesday on a mild bounce from Monday's sharp slide to an 8-1/2 week low, traders said.
Published 12 May, 2004 12:00am
US MIDDAY: soyabeans mixed on technical recovery

US MIDDAY: soyabeans mixed on technical recovery

Chicago Board of Trade soyabean futures were mixed early Tuesday, with nearby contracts up on a technical recovery from this week's losses following good US Midwest rains and speculative liquidation, brokers said.
Published 12 May, 2004 12:00am
US MIDDAY: copper advances on short-covering

US MIDDAY: copper advances on short-covering

COMEX copper futures on Tuesday morning extended gains from Monday's late bout of short-covering but ran into technical resistance as follow-through buying was patchy, floor traders said.
Published 12 May, 2004 12:00am
US MIDDAY: gold eases

US MIDDAY: gold eases

COMEX gold eased early Tuesday but found a floor above the previous session's seven-month low as the dollar back-pedalled from its overnight 15-day high against the euro.
Published 12 May, 2004 12:00am
Tail-enders assured due share of water

Tail-enders assured due share of water

The tail-end growers have a right to get their due share of irrigation water and any kind of slackness in this regard would not be tolerated at any cost.
Published 12 May, 2004 12:00am
Humanitarian aid efforts being encouraged: Nilofar

Humanitarian aid efforts being encouraged: Nilofar

The Prime Minister's Advisor on women development, Nilofar Bakhtiar, on Tuesday said the government encourages the steps of humanitarian assistance that help cultivate an atmosphere of harmony in the society.
Published 12 May, 2004 12:00am
Wheat prices shoot up

Wheat prices shoot up

Wheat prices have shoot up due to storage and black marketing of wheat by influential businessmen in several district of interior Sindh including Badin.
Published 12 May, 2004 12:00am
UAE to co-operate in IT growth: minister

UAE to co-operate in IT growth: minister

Minister for Information Technology Awais Ahmad Khan Leghari on Tuesday said setting up of modern technology park in collaboration with Dubai Internet City would help enhance IT growth in Pakistan.
Published 12 May, 2004 12:00am
Karachi's desalination plants

Karachi's desalination plants

Karachi is presently facing a water shortage of around 100 million gallons per day (MGD) as against its total water requirements of around 600 MGD. Efforts are afoot to enhance water supply from existing sources.
Published 12 May, 2004 12:00am
Oman's charms lure tourists to troubled Gulf

Oman's charms lure tourists to troubled Gulf

Nestled at the bottom of the Arabian peninsula and blessed by the monsoon rains, Oman seems like an oasis in the troubled Gulf region of the Middle East.
Published 12 May, 2004 12:00am
National stock exchange

National stock exchange

The Securities and Exchange Commission of Pakistan (SEC) has set-up an Expert Committee, comprising Security Market Experts, both national and international, to formulate a comprehensive plan for the demutualisation and integration of the present three st
Published 12 May, 2004 12:00am
Industrial Policy on anvil

Industrial Policy on anvil

The Federal Minister for Industries and Production, Liaquat Ali Khan Jatoi, after presiding over a meeting of the 15 state-owned Corporations the other day, disclosed that a National Industrial Policy was under preparation.
Published 12 May, 2004 12:00am
Cash margin on wheat

Cash margin on wheat

The State Bank of Pakistan belatedly stepped forward on 10th May, to lend a helping hand to the administration to counter the abnormal rise in the price of wheat. It imposed a cash margin of 50 percent on bank loans granted to the private sector for the p
Published 12 May, 2004 12:00am
Environment under threat in Pakistan

Environment under threat in Pakistan

The Lahore Chamber of Commerce and Industry (LCCI) Senior Vice-President, Mian Misbah-ur-Rehman has called for taking necessary steps on priority basis, as environment in Pakistan is under threat due to day-by-day increasing pollution.
Published 12 May, 2004 12:00am
LHC directs EC to issue fresh poll schedule for NA-89 Jhang

LHC directs EC to issue fresh poll schedule for NA-89 Jhang

The Lahore High Court (LHC), while allowing a petition filed by Hassan Mohyuddin, a candidate from NA-89 Jhang, has directed the Chief Election Commissioner (CEC), to issue fresh election schedule for holding bye-polls in the said constituency.
Published 12 May, 2004 12:00am
Concern voiced over violation of consumer rights

Concern voiced over violation of consumer rights

Expressing deep concern over the violation of consumer rights, Mukhtar Ali, Executive Co-ordinator of the Consumers Rights Commission of Pakistan (CRCP), has said that all sectors of the economy of the country should take the problems of consumers serious
Published 12 May, 2004 12:00am
Industrial community urged to implement rules

Industrial community urged to implement rules

Lahore Chamber of Commerce and Industry (LCCI) President Mian Anjum Nisar has made an appeal to the industrial community to implement rules and regulations notified by the government with regard to EOBI, Labour and Social Security.
Published 12 May, 2004 12:00am
The Founders unhappy over law and order situation

The Founders unhappy over law and order situation

The Founders at the Lahore Chamber of Commerce and Industry (LCCI), while expressing concern over worsening law and order situation in the country, has said that it would repel local investment to offshore destination what to dream of foreign investment.
Published 12 May, 2004 12:00am
Withdrawal of sanitation tax demanded

Withdrawal of sanitation tax demanded

Opposition members in the District Council, Lahore, have given a deadline of seven days to the City District Government for withdrawal of 30 percent sanitation tax being charged by the Water and Sanitation Agency (Wasa) for the last eight months.
Published 12 May, 2004 12:00am
Investment in real estate a profitable venture: Butt

Investment in real estate a profitable venture: Butt

Real estate business has received a boost in the provincial metropolis mainly on account of investment by the overseas Pakistanis, decline in the rate of interest on deposits in the banks and National Saving Schemes, end of the "hundi" system and huge rem
Published 12 May, 2004 12:00am
Seminar on Indo-Pak ties held

Seminar on Indo-Pak ties held

Islamabad Policy Research Institute President Professor Dr Pervez Iqbal Cheema has said that Kashmir is the core issue in Pakistan-India relations and talks between the two countries will succeed, if the Kashmiris are involved in the process.
Published 12 May, 2004 12:00am
Filipinos interested in investing in various sectors

Filipinos interested in investing in various sectors

Filipino investors showed interest in information technology, real estate, tourism and human resources. These investors also showed indication to use Pakistan as a base for production of exportable goods.
Published 12 May, 2004 12:00am
Wasa asked for steps against throwing solid waste into drains

Wasa asked for steps against throwing solid waste into drains

Lahore District Nazim Amer Mahmood has directed Wasa and Revenue officials to take steps for preventing the incidents of throwing solid waste and other types of wreckage into 83 storm water channels of the city and also take stern legal action against tho
Published 12 May, 2004 12:00am
Visitors' entry in CBR premises banned

Visitors' entry in CBR premises banned

As tax managers are actively engaged in budget preparation exercise, the Central Board of Revenue (CBR) has imposed ban on the entry of visitors, including journalists, in the Board office building from May 13, 2004.
Published 12 May, 2004 12:00am
PNSC earns Rs 152.81 million profit in first quarter

PNSC earns Rs 152.81 million profit in first quarter

Pakistan National Shipping Corporation (PNSC) has earned an operating profit of Rs 152.81 million for the first quarter ending on March 31, but its cumulative profits for the first nine months of the current fiscal dropped by Rs 139.5 million compared to
Published 12 May, 2004 12:00am
PNSC earns Rs 152.81 million profit in first quarter

PNSC earns Rs 152.81 million profit in first quarter

Pakistan National Shipping Corporation (PNSC) has earned an operating profit of Rs 152.81 million for the first quarter ending on March 31, but its cumulative profits for the first nine months of the current fiscal dropped by Rs 139.5 million compared to
Published 12 May, 2004 12:00am
SNL to raise Rs 150 million through IPO

SNL to raise Rs 150 million through IPO

Southern Network Limited (SNL), a cable TV operator, is all set to raise Rs 150 million through an IPO to finance the expansion cost of digital-based Multi Point Multi Channel Distribution System (MMDS) technology.
Published 12 May, 2004 12:00am
SNL to raise Rs 150 million through IPO

SNL to raise Rs 150 million through IPO

Southern Network Limited (SNL), a cable TV operator, is all set to raise Rs 150 million through an IPO to finance the expansion cost of digital-based Multi Point Multi Channel Distribution System (MMDS) technology.
Published 12 May, 2004 12:00am
INTERNATIONAL TENDERS

INTERNATIONAL TENDERS

Export Promotion Bureau has received the following International Tenders from abroad. Interested Pakistani parties dealing in the under mentioned items can obtain further details of Tenders from the addresses given or from EPB Head Quarters and its Region
Published 12 May, 2004 12:00am
FOREIGN TRADE INQUIRIES

FOREIGN TRADE INQUIRIES

Export Promotion Bureau has received the following Trade Enquiries from abroad. Interested Pakistani parties dealing in the under mentioned items can obtain further details from the addresses given or from EPB Head Quarters and its Regional/Sub-Regional O
Published 12 May, 2004 12:00am
NAB arrests KPT official

NAB arrests KPT official

NAB Sindh has arrested accused Muhammad Akhtar Qureshi, a senior clerk in the Accounts Department of Karachi Port Trust (KPT) on charges of misappropriation through fraud of Rs 5.5 million from "Approaching Fee" which is levied by KPT for use of KPT water
Published 12 May, 2004 12:00am
Asma to act as UN expert

Asma to act as UN expert

Pakistani lawyer and human rights activist Ms Asma Jehangir will visit upper Nile region of Darfur in Sudan next month as a United Nations expert on arbitrary executions and report to the UN Commission on Human Rights.
Published 12 May, 2004 12:00am
PML factions meeting on May 12

PML factions meeting on May 12

A meeting of general councils of all factions of Pakistan Muslim League (PML) would be held at cricket ground adjacent to PML central secretariat here on Wednesday morning.
Published 12 May, 2004 12:00am
Shahbaz has every right to return: PML-N

Shahbaz has every right to return: PML-N

The prominent leaders of Pakistan Muslim League(N) on Tuesday claimed that party president Shahbaz Sharif enjoys every right to return and live anywhere in Pakistan as a free citizen.
Published 12 May, 2004 12:00am
China hopes Pakistan to join ARF by July

China hopes Pakistan to join ARF by July

China on Tuesday hoped that Pakistan's request to join the high-profile security club Asean Regional Forum (ARF) will be finally accepted.
Published 12 May, 2004 12:00am
The Weather

The Weather

The weather report on Tuesday (May 11) and the forecast for Wednesday (May 12, 2004).
Published 12 May, 2004 12:00am
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