News Archives for Print - 2004-05-19

Print - 2004-05-19

Malaysian palm oil rebounds but trade still cautious

Malaysian crude palm oil futures rebounded by nearly one percent on Tuesday, following a sell-off a day that sent prices to six-month lows.

Published 19 May, 2004 12:00am

Indian banks asked to prepare Basel II roadmap

Indian banks should draw a roadmap by the end of this year for complying with new capital rules under the international Basel II accord, the Reserve Bank of India (RBI) said on Tuesday.

Published 19 May, 2004 12:00am

Oil prices pushed up UK inflation in April

Surging crude oil prices pushed up British inflation in April and analysts predicted further acceleration this month as the cost of petrol keeps rising.

Published 19 May, 2004 12:00am

US twin deficits a risk for foreign exchange and rates: Chirac

Strong growth in the US economy is being financed by the United States' budget and trade deficits, and this carries risks for foreign exchange and interest rates, French President Jacques Chirac said on Tuesday.

Published 19 May, 2004 12:00am

US housing starts dip in April, permits rise

US housing starts slid in April, the government said on Tuesday, but permits to build new homes rose more than expected in a sign builders foresee solid demand as buyers rush to lock in low mortgage interest rates.

Published 19 May, 2004 12:00am

Opec sees third-quarter world oil demand up

Opec expects world oil demand to grow by nearly 1.9 million barrels a day in the third quarter this year, driven higher by strong economic growth, the oil producer cartel said in its monthly oil market report on Tuesday.

Published 19 May, 2004 12:00am

Eurozone inflation accelerates

Inflation in the 12-nation eurozone accelerated to an annual rate of 2.0 percent in April from 1.7 percent in March, the European Union statistics office said on Tuesday, confirming its flash estimate from last month.

Published 19 May, 2004 12:00am

NASD disciplines three Wall Street banks

Three major Wall Street banks will pay a combined $15 million under a censure issued on Tuesday by brokerages regulator NASD for improper initial public stock offering allocation practices.

Published 19 May, 2004 12:00am

China plagued by wasteful investment in cities and towns

China vowed Tuesday to crackdown on "wasteful" construction in its cities and towns, which has led to large amounts of land, money and resources being used for unnecessary projects.

Published 19 May, 2004 12:00am

German investor confidence falls for fifth month: ZEW

Confidence among German analysts and investors fell to a 10-month low in May on worries about soaring oil prices, rising interest rates and weak domestic demand, a survey showed on Tuesday.

Published 19 May, 2004 12:00am

Japanese economy grows at faster pace in three months

Japan's economy grew at a faster pace than expected in the first three months of the year as rising business investment and consumer spending helped to broaden an export-led recovery.

Published 19 May, 2004 12:00am

Alan Greenspan re-nominated

The White House said on Tuesday that President George W. Bush plans to re-nominate Federal Reserve Chairman Alan Greenspan to a fresh four-year term at the helm of the US central bank.

Published 19 May, 2004 12:00am

Alan Greenspan re-nominated

The White House said on Tuesday that President George W. Bush plans to re-nominate Federal Reserve Chairman Alan Greenspan to a fresh four-year term at the helm of the US central bank.

Published 19 May, 2004 12:00am

IBM and Cisco to offer VOIP service

International Business Machines Corp and Cisco Systems Inc said they will launch a joint services and product offering aimed at corporations who buy telephone services over the Internet.

Published 19 May, 2004 12:00am

IBM and Cisco to offer VOIP service

International Business Machines Corp and Cisco Systems Inc said they will launch a joint services and product offering aimed at corporations who buy telephone services over the Internet.

Published 19 May, 2004 12:00am

China and Kazakhstan seal landmark oil pipeline deal

China has signed a long-awaited pact with Kazakhstan to build a multibillion-dollar pipeline to pump crude from the Central Asian nation and help the world's second-largest oil consumer secure its oil supply.

Published 19 May, 2004 12:00am

World Bank to hike support for mid-income nations

The World Bank plans to increase its support for development in middle-income countries to encourage more private sector investment, according to an internal bank report, in a new strategy that could see more funding going to their governments.

Published 19 May, 2004 12:00am

HBL and NBP jointly arrange loan facility for JDW Sugar Mills

Habib Bank Limited and National Bank of Pakistan has arranged a syndicate term loan facility of Rs 600 million for JDW Sugar Mills Ltd.

Published 19 May, 2004 12:00am

Honda seeks fair play for auto-makers in Malaysia under AFTA

Japan's Honda on Tuesday urged Malaysia to ensure a level playing field for non-national auto-makers under the Association of Southeast Asian Nations Free Trade Area.

Published 19 May, 2004 12:00am

IMF and Croatia resume talks on new stand-by deal

A mission of the International Monetary Fund started fresh talks with Croatia on Tuesday on a new stand-by arrangement that should reassure foreign investors and help the country reduce fiscal deficit and foreign debt.

Published 19 May, 2004 12:00am

EasyJet appeals against Air France-KLM merger

No-frills airline easyJet Plc has launched a legal challenge against the merger between Air France and KLM on the grounds it would substantially reduce consumer choice.

Published 19 May, 2004 12:00am

Singapore Air sticking to A380 delivery in 2006

Singapore Airlines Ltd, the world's second-largest airline by market value, said on Tuesday it would stick to plans to become the world's first carrier to fly the 555-seat Airbus A380 in 2006.

Published 19 May, 2004 12:00am

ECB allots refinancing agreements at two percent lowest rate

The European Central Bank on Tuesday allocated 223.5 billion euros in 7-day refinancing agreements at 2.00 percent and above for a weighted average rate of 2.01 percent.

Published 19 May, 2004 12:00am

Glut concerns aside, Nissan joint venture opens China plant

Nissan Motor Co, unfazed by talk of over-investment in China, on Tuesday opened a joint venture sedan plant - part of a spending spree by auto makers gunning for a piece of the world's fastest growing major car market.

Published 19 May, 2004 12:00am

Thailand to ban MTBE imports by end 2006

Thailand will ban imports of the gasoline additive methyl tertiary butyl ether (MTBE) by end-2006 as part of a plan to reduce the country's dependence on imported oil, Energy Minister Prommin Lertsuriyadej said on Tuesday.

Published 19 May, 2004 12:00am

Vietnam keeps oil subsidy to ensure economic growth

Communist Vietnam will keep state subsidies on oil imports to fuel its fast-expanding economy despite a sharp rise in global energy prices, state media reported on Tuesday.

Published 19 May, 2004 12:00am

World Bank says Indonesia investment outlook worrying

Indonesia needs to show it is serious about protecting investors and reforming its laws if it wants to turn around declining investment and achieve growth comparable to its neighbours, the World Bank said on Tuesday.

Published 19 May, 2004 12:00am

US Treasury prices climb

US Treasury prices climbed on Monday as renewed violence in Iraq prompted a world-wide retreat from equity markets in favour of safe-haven debt.

Published 19 May, 2004 12:00am

US Treasury prices climb

US Treasury prices climbed on Monday as renewed violence in Iraq prompted a world-wide retreat from equity markets in favour of safe-haven debt.

Published 19 May, 2004 12:00am

Malaysian shares snap three-day losing streak

Malaysian shares ended with small gains on Tuesday, regaining some composure after a 4.6 percent loss in three days, sparked by concerns over rising oil prices and prospects of US rate hike.

Published 19 May, 2004 12:00am

Indian shares bounce on hopes for reformist Prime Minister

Indian shares made their second-biggest daily gain on Tuesday as investors hunted bargains a day after the market's worst crash, encouraged by signs that a reformist leader might be sworn in later this week.

Published 19 May, 2004 12:00am

US stocks hit 2004 lows on Iraq unrest, oil prices

US stocks sank on Monday, with all three major market gauges falling to their lowest levels this year, after the killing of a key figure in Iraq's new government increased investors' worries about geopolitical instability and helped push US oil futures pr

Published 19 May, 2004 12:00am

Taiwan stocks soar on deregulation

Taiwan stocks closed higher on Tuesday, bouncing from a nine-month low, as government moves to loosen regulations on foreign trading encouraged investors to come back to buy tech shares like UMC.

Published 19 May, 2004 12:00am

Hong Kong stocks finish higher

Leading Hong Kong shares finished higher on Tuesday, helped by a rebound in laggard blue-chip stocks and China commodity plays such as offshore oil company CNOOC and Maanshan Iron and Steel.

Published 19 May, 2004 12:00am

Sri Lankan stocks fall

Sri Lankan stocks fell more than two percent on Tuesday, with investors disappointed by the lack of an expected announcement on restarting peace talks between the Tamil Tiger rebels and the government, brokers said.

Published 19 May, 2004 12:00am

Philippines stocks decline on PLDT shares

Philippines shares slumped to a six-week low on Tuesday following a sharp drop in Philippine Long Distance Telephone Co's (PLDT) shares in New York and worries over delays in the vote count after the May 10 elections.

Published 19 May, 2004 12:00am

Singapore shares jump on bargain hunting

Singapore shares finished higher on Tuesday, snapping four days of losses as investors hunted for bargains in airline, banking and property blue chips.

Published 19 May, 2004 12:00am

Tokyo stocks surge after strong growth data

Tokyo stocks closed higher on Tuesday as bargain hunters, inspired by robust Japanese growth data, scooped up banks, brokerages and steel makers that were beaten down in the market's recent sell-off.

Published 19 May, 2004 12:00am

Jakarta stocks end firmer

The Jakarta stock market closed higher on Tuesday as a previous day slump to five-month lows on rising oil prices and US rate rise expectations prompted some bargain hunting.

Published 19 May, 2004 12:00am

US Stocks: Tuesday's unofficial close

Stocks stretched to fresh session highs in midday trading on Tuesday, as investors, encouraged by a batch of upbeat earnings reports, nibbled at stocks beaten to 2004 lows a day earlier.

Published 19 May, 2004 12:00am

Seoul shares close higher

South Korean shares rebounded 1.8 percent on Tuesday, with market leader Samsung Electronics Co Ltd and other large-cap shares climbing on bargain hunting, as investors bet recent losses were overdone.

Published 19 May, 2004 12:00am

Corporate bonds tick up as stocks gain

European corporate bonds ticked higher in average value on Tuesday to track gains on US and European stock markets, but bond traders were reluctant to declare the rise a rally.

Published 19 May, 2004 12:00am

Corporate bonds tick up as stocks gain

European corporate bonds ticked higher in average value on Tuesday to track gains on US and European stock markets, but bond traders were reluctant to declare the rise a rally.

Published 19 May, 2004 12:00am

Closing stock market indices

Here is how major stock markets outside the United States ended on Tuesday.

Published 19 May, 2004 12:00am

Britain's top share index bounces back by batch of robust results

Britain's top shares bounced back from a two-day fall on Tuesday with investors encouraged by a batch of robust results, a 1.5 billion pound bid for biotech firm Celltech and some easing in rampant oil prices.

Published 19 May, 2004 12:00am

Bangladeshi taka ends flat on payments

The Bangladeshi taka closed little changed on Tuesday, with one state-run bank selling dollars to importers to cover for oil imports, traders said.

Published 19 May, 2004 12:00am

Hong Kong dollar remains weak

The Hong Kong dollar remained under selling pressure on Tuesday as investors pulled out more funds from the city's ailing stock market.

Published 19 May, 2004 12:00am

Chinese yuan notches stronger

The yuan ended two notches stronger versus the US dollar at 8.2770 on Tuesday, near the stronger end of its managed trading range.

Published 19 May, 2004 12:00am

Indian rupee gains for second straight day

The Indian rupee ended firmer for the second straight day on Tuesday, with sentiment bolstered by central bank support and a bounce of more than eight percent on the equity market after a historic drop a day earlier.

Published 19 May, 2004 12:00am

Dollar seesaws versus yen after healthy Japan GDP

The dollar seesawed versus the yen on Tuesday, as investors weighed healthy gross domestic product data in Japan against expectations that interest rates will soon rise in the United States.

Published 19 May, 2004 12:00am

Dollar slides on renewed global tensions

The dollar wiped out some of last week's gains on Monday as geopolitical tensions resurfaced following bombings in Turkey and Iraq, sparking a sell-off in the US currency on heightened security fears.

Published 19 May, 2004 12:00am

Asian currencies; rupiah weaker, rest steady but wary

Indonesia's rupiah was the weakest currency in Asia on Tuesday as regionals trod water, wary of a volatile Japanese yen and a tentative recovery in stock markets.

Published 19 May, 2004 12:00am

Australian dollar bears draw breath at 68 US cent

The Australian dollar managed to hold on to the 68 US cent area on Tuesday after getting hammered in offshore and early Asian trading on a renewed bout of investor risk aversion that saw it lose more than a cent.

Published 19 May, 2004 12:00am

Sterling recovers

Sterling recouped earlier losses against the dollar on Tuesday and gained ground versus the euro as high-yielding currencies such as the pound won a respite from recent selling.

Published 19 May, 2004 12:00am

Yen rallies broadly

The yen rallied broadly on Tuesday on news the Japanese economy grew faster than expected in the first three months of 2004 while the euro took a hit from signs of souring German economic sentiment.

Published 19 May, 2004 12:00am

Fuel train explodes in Thailand: three hurt

A Thai train carrying nearly a million litres of fuel derailed and exploded Tuesday after it was struck by a truck, injuring three people, according to police and news reports.

Published 19 May, 2004 12:00am

Rights group urges Bahrain to free reformists

Bahrain should immediately release a group of opposition activists detained for petitioning the Gulf state's government for more democratic reforms, a human rights watchdog said on Tuesday.

Published 19 May, 2004 12:00am

Indonesian rebels free 138 hostages: Red Cross

Separatists in Indonesia's Aceh province have released a total of 138 hostages in the past three days, the International Committee of the Red Cross (ICRC) said Tuesday.

Published 19 May, 2004 12:00am

Pressure mounts on Malaysia over 'Iraq style' torture claims

Pressure mounted on the Malaysian government Tuesday to investigate claims of the torture of prisoners which human rights groups have likened to the abuse of Iraqi detainees by US troops.

Published 19 May, 2004 12:00am

US readies troop redeployment: South Korea downplays security fears

South Korea's government moved to calm security fears here Tuesday as Washington confirmed plans to re-deploy some 3,600 US troops from the tense border with North Korea to Iraq.

Published 19 May, 2004 12:00am

Nine dead as Typhoon lashes Philippines

Eight people drowned when a ferrry capsized and a man was killed by lightning as Typhoon Nida lashed the Philippines, causing floods and landslides that also buried entire villages, officials said Tuesday.

Published 19 May, 2004 12:00am

Nepalese troops get shoot-on-sight orders

Troops were given shoot-on-sight orders as Nepal was shut down Tuesday at the start of a three-day strike called by Maoist rebels, two of whom died trying to bomb a government office, officials said.

Published 19 May, 2004 12:00am

UK says no change to its EU 'red lines'

Britain said Tuesday that it was making no fresh additions to its "red lines" on the proposed EU constitution, after being accused by Germany and France of engaging in "salami tactics" at ongoing talks in Brussels.

Published 19 May, 2004 12:00am

UN must reduce reparations paid from oil: Iraqi team

An Iraqi delegation will travel to the United Nations on Wednesday to demand full control of the country's oil revenues and a cut in war reparations.

Published 19 May, 2004 12:00am

UN refugee chief faces sexual harassment case

The UN High Commissioner for Refugees, Ruud Lubbers, said Tuesday that a staff member had filed a complaint about sexual harassment against him.

Published 19 May, 2004 12:00am

Thai queen concerned over unrest in south

Thailand's queen has expressed concern about mounting violence in the kingdom's Muslim-dominated south and is loath to see it broaden into major religious strife, a government spokesman said Tuesday.

Published 19 May, 2004 12:00am

Taiwan vote recount ends, but dispute not over

A vote recount in Taiwan's contested presidential election concluded on Tuesday, but the bitter dispute is far from ended, as a final court ruling will come after incumbent Chen Shui-bian takes office.

Published 19 May, 2004 12:00am

Bomb attacks kill two, wound 13 in Algeria

Two booby-trap bombs laid by armed extremists killed two soldiers and wounded 13 others on patrol in highlands near the north-east Algerian town of Setif, newspapers reported Tuesday.

Published 19 May, 2004 12:00am

Prison abuse scandal limited to Abu Ghraib: lawmakers

US lawmakers said after a private meeting Tuesday with General Antonio Taguba that they were assured that the prison abuse scandal in Iraq was limited to the facility at Abu Ghraib.

Published 19 May, 2004 12:00am

New security scare for British royals

Security for British royal family was re-examined yet again Tuesday after a man impersonating a police officer gained access to one of their main homes, reportedly wandering almost as far as Queen Elizabeth's bedroom.

Published 19 May, 2004 12:00am

Nigerian leader takes emergency powers in Plateau

Nigerian President Olusegun Obasanjo assumed emergency powers to govern the violence-torn central state of Plateau on Tuesday, saying recent killings there threatened to plunge the whole country into crisis.

Published 19 May, 2004 12:00am

Putin hails relations with Vietnam

Russian President Vladimir Putin hailed relations with Vietnam on Tuesday during a meeting at the Kremlin with his counterpart Tran Duc Luong.

Published 19 May, 2004 12:00am

Reuters staff abused by US troops in Iraq

US forces beat three Iraqis working for Reuters and subjected them to sexual and religious taunts and humiliation during their detention last January in a military camp near Falluja, the three said on Tuesday.

Published 19 May, 2004 12:00am

Schroeder calls for Muslim troops to stabilise Iraq

German Chancellor Gerhard Schroeder said here Tuesday that Nato was not the appropriate body to stabilise Iraq and instead called for the dispatch of troops from Islamic countries.

Published 19 May, 2004 12:00am

Pentagon plans to stop funding Chalabi

The Pentagon plans to stop funding Ahmad Chalabi, the Iraqi exile it hoped might help lead Iraq but whose intelligence reports and motives were questioned elsewhere in Washington, US officials said on Tuesday.

Published 19 May, 2004 12:00am

Seven dead after cargo plane crashes in China

A cargo plane crashed in China's north-western Xinjiang region Tuesday, killing its seven crew and narrowly missing houses after running into trouble soon after take off.

Published 19 May, 2004 12:00am

Sistani urges forces to leave holy cities

Iraq's foremost Shia cleric, Grand Ayatollah Ali al-Sistani, called on US forces and Shia militia fighters to withdraw from the holy cities of Najaf and Kerbala on Tuesday.

Published 19 May, 2004 12:00am

US takes Sudan off terror list, keeps sanctions

The United States plans to remove Sudan from a blacklist of nations failing to help its war on terrorism, in a sign Africa's largest nation has taken some steps to fight militants, US officials said on Tuesday.

Published 19 May, 2004 12:00am

Kuwaiti court jails Shia activist for 10 years

Kuwait's criminal court Tuesday sentenced a Shia activist to 10 years in jail in absentia for abusing Islam's first two caliphs in an audiotape that was distributed in the emirate, the defence lawyer said.

Published 19 May, 2004 12:00am

Pope celebrates 84th birthday

Pope John Paul II celebrates his 84th birthday Tuesday, with the Vatican submerged by well-wishers for this popular and earthy pontiff who has defied old age and poor health with plans for fresh trips abroad in his 25-year-old ministry to reach ordinary p

Published 19 May, 2004 12:00am

Bush calls actions in Gaza Strip 'troubling'

Previous Day

Forex
World
Commodity

Currency	Rate
USD PKR Interbank Selling / Sep 20	277.90
USD PKR Interbank Buying / Sep 20	277.70
USD to Japanese Yen / Sep 20	142.19
USD to Swiss Franc / Sep 20	0.85
Pound Sterling to USD / Sep 20	1.33
Euro to USD / Sep 20	1.12

Stock	Volume
S&P 500 / Sep 19	5,713.64
Nasdaq / Sep 19	18,013.98
FTSE 100 / Sep 19	8,328.72
Dow Jones / Sep 19	42,025.19
Germany DAX 30 / Sep 19	19,002.38
France CAC40 / Sep 19	7,615.41
India Sensex / Sep 20	83,711.40
Tokyo Nikkei / Sep 20	37,879.54

Item	Value
Gold 10 Grams PKR / Sep 19	230,195
Crude Oil USD/Barrel / Sep 20	71.80
Karachi Cotton PKR/37.32 KG / Sep 20	18,935
Gold Spot USD/Ounce / Sep 20	2,599.47
Cotton US¢/pound / Sep 20	73.42
Petrol/Litre / Sep 21	249.10

Gainers
Losers
Leaders

Stock	Price
786 Invest Ltd / Sep 21 786 Investments Limited(786)	5 ▼ 0.00 (0.00%)
AL-Abbas Sugar / Sep 21 Al-Abbas Sugar Mills Limited(AABS)	585 ▼ 0.00 (0.00%)
Agro Allianz / Sep 21 Agro Allianz Limited(AAL)	16 ▼ 0.00 (0.00%)
AL-Abid Silk / Sep 21 Al-Abid Silk Mills Limited(AASM)	3.49 ▼ 0.00 (0.00%)
Ali Asghar / Sep 21 Ali Asghar Textile Mills Limited(AATM)	2.07 ▼ 0.00 (0.00%)
Allied Bank / Sep 21 Allied Bank Limited(ABL)	87.10 ▼ 0.00 (0.00%)
Abbott Lab. / Sep 21 Abbott Laboratories (Pakistan) Limited(ABOT)	499.34 ▼ 0.00 (0.00%)
Abson Ind. / Sep 21 Abson Industries Limited(ABSON)	2.50 ▼ 0.00 (0.00%)
Alfalah ETF. / Sep 21 Alfalah Consumer Index ETF.(ACIETF)	9.84 ▼ 0.00 (0.00%)

Stock	Price
786 Invest Ltd / Sep 21 786 Investments Limited(786)	5 ▲ 0.00 (0.00%)
AL-Abbas Sugar / Sep 21 Al-Abbas Sugar Mills Limited(AABS)	585 ▲ 0.00 (0.00%)
Agro Allianz / Sep 21 Agro Allianz Limited(AAL)	16 ▲ 0.00 (0.00%)
AL-Abid Silk / Sep 21 Al-Abid Silk Mills Limited(AASM)	3.49 ▲ 0.00 (0.00%)
Ali Asghar / Sep 21 Ali Asghar Textile Mills Limited(AATM)	2.07 ▲ 0.00 (0.00%)
Allied Bank / Sep 21 Allied Bank Limited(ABL)	87.10 ▲ 0.00 (0.00%)
Abbott Lab. / Sep 21 Abbott Laboratories (Pakistan) Limited(ABOT)	499.34 ▲ 0.00 (0.00%)
Abson Ind. / Sep 21 Abson Industries Limited(ABSON)	2.50 ▲ 0.00 (0.00%)
Alfalah ETF. / Sep 21 Alfalah Consumer Index ETF.(ACIETF)	9.84 ▲ 0.00 (0.00%)

Stock	Volume
P.I.A.C.(A) / Sep 21 Pakistan International Airlines Corp(PIAA)	47,200,500 ▲ 0.00
Cnergyico PK / Sep 21 Cnergyico PK Limited(CNERGY)	29,719,327 ▲ 0.00
Pak Petroleum / Sep 21 Pakistan Petroleum Limited(PPL)	21,170,581 ▲ 0.00
Pak Refinery / Sep 21 Pakistan Refinery Limited(PRL)	16,965,134 ▲ 0.00
The Searle Co. / Sep 21 The Searle Company Limited(SEARL)	15,793,227 ▲ 0.00
P.T.C.L. / Sep 21 Pakistan Telecommunication Company Ltd(PTC)	15,054,641 ▲ 0.00
K-Electric Ltd. / Sep 21 K-Electric Limited(KEL)	14,145,556 ▲ 0.00
WorldCall Telecom / Sep 21 Worldcall Telecom Limited(WTL)	13,158,668 ▲ 0.00
Telecard Limited / Sep 21 Telecard Limited(TELE)	12,358,668 ▲ 0.00

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