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Print - 2004-06-11
Thousands rally for pay, pensions across Russia

Thousands rally for pay, pensions across Russia

Thousands of Russians took to the streets across the vast country Thursday to condemn controversial social reforms that were launched by President Vladimir Putin and now see his government facing rare discontent.
Published 11 Jun, 2004 12:00am
New EU economies outpace 'old Europe' in first quarter

New EU economies outpace 'old Europe' in first quarter

Just over a month after joining the European Union, its new central and eastern European members have reported a strong economic start to the year, as their manufacturers cash in on an upturn in export markets.
Published 11 Jun, 2004 12:00am
World oil demand growth at 23-year high: IEA

World oil demand growth at 23-year high: IEA

Global economic expansion is fuelling the biggest increase in world oil demand for 23 years but extra supply from producing nations is gradually replenishing consumers' stocks, the International Energy Agency (IEA) said on Thursday.
Published 11 Jun, 2004 12:00am
Rising energy prices may stall economic growth in Apec

Rising energy prices may stall economic growth in Apec

Rising energy prices may arrest growth in Pacific Rim economies particularly among countries dependent on fuel imports, energy experts at an Asia-Pacific Economic Co-operation (APEC) forum warned Thursday.
Published 11 Jun, 2004 12:00am
Yukos chief sees tax case loss would hit output: WSJ

Yukos chief sees tax case loss would hit output: WSJ

Russian oil major Yukos will have to cut crude oil output forecasts if it loses its next court case over a $3.4 billion tax bill, the firm's chief executive was quoted as saying on Thursday.
Published 11 Jun, 2004 12:00am
Gazprom Russian gas sales seen loss-free this year

Gazprom Russian gas sales seen loss-free this year

Russian gas monopoly Gazprom will break even on domestic gas sales this year and hopes to post $300-400 million in profits from Russian deliveries in 2005, a senior company official said on Thursday.
Published 11 Jun, 2004 12:00am
Australia offers LNG to Mexico

Australia offers LNG to Mexico

Australia has held preliminary talks with Mexico to supply liquefied natural gas (LNG) in the country's latest pitch to try to find buyers for its huge gas reserves, a Mexican diplomat said on Thursday.
Published 11 Jun, 2004 12:00am
US tourism industry sales hit record

US tourism industry sales hit record

Sales from US tourism industries to consumers and businesses set a record in the first quarter, surpassing a peak hit in the final quarter of 2000 as the recovery in the battered industry gained pace, a government report showed on Thursday.
Published 11 Jun, 2004 12:00am
Sarkozy disrupts Franco-German harmony

Sarkozy disrupts Franco-German harmony

France's industry policy, dubbed nationalistic by Germany, is putting pressure on the close alliance between the countries just days after their regular expressions of warmth culminated in joint D-Day commemorations.
Published 11 Jun, 2004 12:00am
Singapore residual fuel stocks at five-year high

Singapore residual fuel stocks at five-year high

Singapore's onshore stocks of residual fuels rose 964,000 barrels in the week ended June 9 to 13.495 million barrels, the highest level in more than five years, International Enterprise (IE) data showed on Thursday.
Published 11 Jun, 2004 12:00am
US Treasuries drop as rate fears offset good auction

US Treasuries drop as rate fears offset good auction

US Treasury prices slipped on Wednesday as traders' fears the Federal Reserve may raise interest rates more rapidly than anticipated offset strong results from an auction of new five-year notes.
Published 11 Jun, 2004 12:00am
US Treasuries drop as rate fears offset good auction

US Treasuries drop as rate fears offset good auction

US Treasury prices slipped on Wednesday as traders' fears the Federal Reserve may raise interest rates more rapidly than anticipated offset strong results from an auction of new five-year notes.
Published 11 Jun, 2004 12:00am
Malaysian shares up in razor-thin trade

Malaysian shares up in razor-thin trade

Malaysian shares ended up in razor-thin trade on Thursday for their fifth-day of gains, helped by advances in key stocks like Maybank, as concerns over a rate rise in the US kept many investors out of the market.
Published 11 Jun, 2004 12:00am
Hong Kong stocks soar, lifted by strong dairy IPO

Hong Kong stocks soar, lifted by strong dairy IPO

Hong Kong stocks ended higher on Thursday getting a shot in the arm from the successful trading debut of China's largest dairy firm, while rotational buying lifted laggard blue chips such as China Unicom and PCCW.
Published 11 Jun, 2004 12:00am
Thai stocks rise for second straight day

Thai stocks rise for second straight day

Thai stocks edged higher for a second straight day on Thursday, helped by strong gains in auto-related shares and late buying by funds, analysts said.
Published 11 Jun, 2004 12:00am
Taiwan stocks close weaker

Taiwan stocks close weaker

Taiwan stocks ended lower on Thursday with electronics shares leading losses after Goldman Sachs downgraded index heavyweights TSMC and UMC and US tech stocks fell sharply overnight.
Published 11 Jun, 2004 12:00am
Indian shares slip with eyes on budget and rates

Indian shares slip with eyes on budget and rates

Indian shares fell on Thursday as uncertainty about the new government's economic policies chipped away at four days of gains, while bonds weakened on expectations of a hike in US interest rates.
Published 11 Jun, 2004 12:00am
Sri Lankan stocks sag

Sri Lankan stocks sag

Sri Lankan stocks closed lower on Thursday, weighed down by a lack of institutional interest in blue-chip counters, despite some retail buying in smaller stocks.
Published 11 Jun, 2004 12:00am
Philippines stocks decline

Philippines stocks decline

Philippine stocks dipped on Thursday, led by dominant phone group PLDT, on concern over a potential hike in local interest rates if the United States raises its benchmark rates this month.
Published 11 Jun, 2004 12:00am
Singapore shares jump, lifted by new listing

Singapore shares jump, lifted by new listing

Singapore shares closed slightly higher on Thursday as blue chips such as United Overseas Bank (UOB) rose but activity was centred around new listings such as China Petrotech
Published 11 Jun, 2004 12:00am
Nikkei hits six-week closing high after strong data

Nikkei hits six-week closing high after strong data

Japan's Nikkei average ended up one percent at a six-week closing high on Thursday after unexpectedly strong machinery orders data underpinned a rise sparked earlier by futures-driven buying.
Published 11 Jun, 2004 12:00am
Jakarta stocks finish lower

Jakarta stocks finish lower

The main Jakarta share index finished down on Thursday as a weakening rupiah exchange rate renewed investor concerns on the currency, which hit two-year lows last week.
Published 11 Jun, 2004 12:00am
Hong Kong dollar weakens

Hong Kong dollar weakens

The Hong Kong dollar drifted lower on Thursday as investors bought the US currency on heightened speculation of aggressive interest rate rises in the United States, dealers said.
Published 11 Jun, 2004 12:00am
Chinese yuan unchanged versus US dollar

Chinese yuan unchanged versus US dollar

The yuan ended unchanged versus the US dollar at 8.2767 on Thursday, remaining near the stronger end of its managed trading range.
Published 11 Jun, 2004 12:00am
Indian rupee snaps eight-day firming streak

Indian rupee snaps eight-day firming streak

The Indian rupee snapped an eight-day strengthening streak to end weaker on Thursday, falling past the 45 per dollar level breached the previous day, on local corporate demand for a resurgent dollar.
Published 11 Jun, 2004 12:00am
Dollar rallies on rate hike expectations

Dollar rallies on rate hike expectations

The dollar surged across the board on Wednesday as investors bought the US currency on strong expectations the Federal Reserve could raise interest rates more aggressively than previously thought.
Published 11 Jun, 2004 12:00am
Australian dollar recovers from low

Australian dollar recovers from low

The Australian dollar ended Thursday up around half a US cent from session lows after news that the nation's jobless rate hit a 23-year low in May.
Published 11 Jun, 2004 12:00am
Indonesian military kills 12 Aceh rebels

Indonesian military kills 12 Aceh rebels

Indonesian troops have killed 12 separatist guerrillas in Aceh province in a single day, the military said Thursday, while a soldier was later killed in a separate clash.
Published 11 Jun, 2004 12:00am
Britons and Dutch start largest EU election

Britons and Dutch start largest EU election

The British and Dutch kicked off the biggest cross-border ballot in history on Thursday with European Union elections that look certain to embarrass many governments across the 25-nation bloc.
Published 11 Jun, 2004 12:00am
Arabs say G8 reform plan an improvement

Arabs say G8 reform plan an improvement

The Group of Eight's plan for reform in the Middle East improved on the original version for some Arabs but many still doubted Washington's intentions and commitment to a fair peace between Israelis and Palestinians.
Published 11 Jun, 2004 12:00am
12,000 former Baathists to reintegrate into public services

12,000 former Baathists to reintegrate into public services

More than 12,000 former members of Saddam Hussein's Baath party have been or will be reintegrated into public service one year after losing their jobs under a policy to punish those loyal to the ousted regime, a senior official said Thursday.
Published 11 Jun, 2004 12:00am
Rumsfeld may extend scope of Iraq abuse probe

Rumsfeld may extend scope of Iraq abuse probe

US Defence Secretary Donald Rumsfeld may move to extend the investigation of abuses of Iraqi prisoners to include top military ranks, defence officials said on Thursday.
Published 11 Jun, 2004 12:00am
Bosphorus to be shut for Nato summit

Bosphorus to be shut for Nato summit

Turkey's Bosphorus strait, one of the world's busiest shipping lanes, will be closed during the June 28-29 Nato summit in Istanbul for security reasons, a Turkish political source said on Thursday.
Published 11 Jun, 2004 12:00am
Princes William and Harry bury Diana's mother

Princes William and Harry bury Diana's mother

Britain's princes William and Harry laid to rest the mother of the late Princess Diana on Thursday on the remote Scottish coast where she spent her last years shunning the royal family.
Published 11 Jun, 2004 12:00am
Sudan blames West for Darfur conflict

Sudan blames West for Darfur conflict

Sudanese Vice President Ali Osman Taha blamed Western governments for the conflict in Sudan's Darfur region that the United Nations has described as the world's worst humanitarian crisis.
Published 11 Jun, 2004 12:00am
Another newspaper shut down in Zimbabwe

Another newspaper shut down in Zimbabwe

Zimbabwean authorities have shut down another independent paper, the weekly Tribune, owned by a ruling party lawmaker, the publisher and the state media commission said Thursday.
Published 11 Jun, 2004 12:00am
Sharon inflames settlers over Gaza pullout timetable

Sharon inflames settlers over Gaza pullout timetable

Jewish settlers could start leaving Gaza in two months under a withdrawal timetable proposed by a government committee, setting Prime Minister Ariel Sharon on a collision course with the powerful settler lobby.
Published 11 Jun, 2004 12:00am
US charges Australian detainee at Guantanamo

US charges Australian detainee at Guantanamo

The United States has charged Australian David Hicks, a detainee at a prison in Guantanamo Bay, Cuba, with conspiracy to commit war crimes, attempted murder and aiding the enemy, the Pentagon said Thursday.
Published 11 Jun, 2004 12:00am
Iraq to surmount Kurd discontent, says Allawi

Iraq to surmount Kurd discontent, says Allawi

Iraq has resolved a dispute over Kurdish autonomy, which threatened to split the fledgling government, Prime Minister Iyad Allawi said on Thursday.
Published 11 Jun, 2004 12:00am
Six killed as Shia militia, Iraqi police clash

Six killed as Shia militia, Iraqi police clash

Iraqi police battled Shia fighters in the holy city of Najaf Thursday in the first major clashes between Iraqi security forces and radical cleric Moqtada Sadr's militia since the launch of his uprising against the US-led occupation more than two months ag
Published 11 Jun, 2004 12:00am
Kerry leads Bush in nation-wide poll

Kerry leads Bush in nation-wide poll

Democrat John Kerry has a solid lead over US President George W. Bush among voters nation-wide, according to a Los Angeles Times poll on Thursday that cited widespread unease over the country's direction, Iraq policies and the economy.
Published 11 Jun, 2004 12:00am
Seven Turks held hostage in Iraq

Seven Turks held hostage in Iraq

Iraqi insurgents are holding seven Turks hostage and demanding Turkish companies leave Iraq, a Turkish Foreign Ministry official said on Thursday.
Published 11 Jun, 2004 12:00am
Indian parliament adjourned

Indian parliament adjourned

India's parliament adjourned Thursday after MPs hastily passed the policy statement of the new left-leaning Congress government which outlines a package of reforms to tackle poverty, a report said.
Published 11 Jun, 2004 12:00am
Thousands of Americans pay tribute to Reagan

Thousands of Americans pay tribute to Reagan

Thousands of Americans filed silently past Ronald Reagan's body at the US Capitol on Thursday in an emotional outpouring of respect and affection for the 40th president of the United States.
Published 11 Jun, 2004 12:00am
Berlin unveils spectacular restored Pergamon Altar

Berlin unveils spectacular restored Pergamon Altar

After a decade-long restoration, the 2,200-year-old giant marble frieze known as the Pergamon Altar of ancient Greece gleamed again Thursday at the heart of Berlin's cultural landscape.
Published 11 Jun, 2004 12:00am
Pound slips against dollar

Pound slips against dollar

Sterling slipped to its lowest in nearly two weeks against the dollar and eased away from recent eight-week highs against the euro on Thursday, as markets took profits in the wake of a largely anticipated rate hike.
Published 11 Jun, 2004 12:00am
Dollar hits 2-1/2-week high against euro

Dollar hits 2-1/2-week high against euro

The dollar hit a 2-1/2 week high on the euro on Thursday as expectations rose the Federal Reserve might aggressively raise interest rates to contain inflation, while the yen pressed higher after robust Japanese data.
Published 11 Jun, 2004 12:00am
US Stocks: Thursday's unofficial close

US Stocks: Thursday's unofficial close

US stocks rose Thursday, as investors set aside worries about budding inflation and a looming interest hike and embraced a positive forecast from Fedex Corp, which bolstered anticipation of a strong earnings season.
Published 11 Jun, 2004 12:00am
Seoul shares down

Seoul shares down

South Korean shares closed 1.5 percent lower on Thursday, hit by heavy foreign selling focused on technology shares and as investors sold off large caps linked to the expiry of derivatives and given an uncertain market outlook.
Published 11 Jun, 2004 12:00am
European corporate bonds narrowed down

European corporate bonds narrowed down

Volumes in Europe's corporate bond markets narrowed down to a trickle on Thursday with most investors starting the weekend early, but the potential pricing of two new issues could spice things up on Friday.
Published 11 Jun, 2004 12:00am
European corporate bonds narrowed down

European corporate bonds narrowed down

Volumes in Europe's corporate bond markets narrowed down to a trickle on Thursday with most investors starting the weekend early, but the potential pricing of two new issues could spice things up on Friday.
Published 11 Jun, 2004 12:00am
Britain's top share index dips on rates hike

Britain's top share index dips on rates hike

Britain's top shares dipped on Thursday as UK interest rates rose for the second time in two months, with more rises expected in a bid to cool the economy, but services firm Rentokil jumped on take-over speculation.
Published 11 Jun, 2004 12:00am
London coffee moves to firm finish

London coffee moves to firm finish

London coffee futures closed around four percent higher on Thursday after breaking down resistance on a wave of fund buying and later support from New York, dealers said.
Published 11 Jun, 2004 12:00am
Soyabeans surge globally, US winter wheat dips: USDA

Soyabeans surge globally, US winter wheat dips: USDA

US farmers will reap a lacklustre 1.53 billion bushels of winter wheat this year, and prospects of a record soyabean crop in South America will drag down market prices, the government said on Thursday.
Published 11 Jun, 2004 12:00am
London cocoa futures end weaker

London cocoa futures end weaker

London cocoa futures ended lower on Thursday after a weak opening and a session dominated by funds again rolling short positions out of the front month contract.
Published 11 Jun, 2004 12:00am
London sugar slides as New York slips

London sugar slides as New York slips

London's white sugar market posted a new round of losses during a busy afternoon session on Thursday as falling prices in New York encouraged a fresh sell-off on the spot contract, dealers said.
Published 11 Jun, 2004 12:00am
LME copper ends down but pares sharp losses

LME copper ends down but pares sharp losses

London Metal Exchange (LME) benchmark copper contract was whipsawed by funds on Thursday, as it initially took a beating that chopped over $100 off prices, before abruptly reversing direction and partially recouping the sharp losses.
Published 11 Jun, 2004 12:00am
Precious metals firmer in Europe

Precious metals firmer in Europe

Precious metals steadied in Europe on Thursday afternoon, with gold firming while platinum metals found some poise after sharp, currency-induced falls seen earlier.
Published 11 Jun, 2004 12:00am
US MIDDAY: coffee future firms

US MIDDAY: coffee future firms

CSCE arabica coffee futures closed higher on Thursday but trimmed gains before a three-day weekend, in trade focused on July/September spreads and winter weather in Brazil.
Published 11 Jun, 2004 12:00am
US MIDDAY: cocoa down on speculative sales

US MIDDAY: cocoa down on speculative sales

CSCE cocoa futures settled lower Thursday on speculative sales and continued fund roll out of front month July ahead of first notice day next Thursday, traders said.
Published 11 Jun, 2004 12:00am
US MIDDAY: sugar at two-week low

US MIDDAY: sugar at two-week low

CSCE raw sugar futures ended lower on Thursday as spread business and a slack cash market kept prices on the defensive, with more of the same range-bound business expected in the coming week, traders said. "It was primarily guys rolling out of July today.
Published 11 Jun, 2004 12:00am
US MIDDAY: wheat falls on USDA report

US MIDDAY: wheat falls on USDA report

Chicago Board of Trade wheat futures fell hard early on Thursday, reacting to a bigger-than-expected US winter wheat crop estimate released by USDA before the open, traders said.
Published 11 Jun, 2004 12:00am
US MIDDAY: corn drops on bearish export sales

US MIDDAY: corn drops on bearish export sales

Corn futures at the Chicago Board of Trade fell 10 to 13 cents per bushel early Thursday on a bearish weekly export sales tally and USDA world crop data, traders said.
Published 11 Jun, 2004 12:00am
US MIDDAY: soyabeans lower on crop data report

US MIDDAY: soyabeans lower on crop data report

Chicago Board of Trade soyabean futures fell on Thursday, led by the new-crop months in reaction to the government's June monthly crop data released before the open, traders said.
Published 11 Jun, 2004 12:00am
US MIDDAY: copper slides on stop-loss sell orders

US MIDDAY: copper slides on stop-loss sell orders

COMEX copper prices reversed early gains on Thursday and fell sharply when stop-loss sell orders were triggered, as few players wanted to get caught long in a falling market before a 3-day weekend, traders said.
Published 11 Jun, 2004 12:00am
US MIDDAY: gold firms, platinum up

US MIDDAY: gold firms, platinum up

Precious metals futures in New York were mostly higher Thursday morning after a prior heavy selloff, as the dollar turned neutral on two US economic reports, traders said.
Published 11 Jun, 2004 12:00am
CNS asks officers to maintain high standards of professionalism

CNS asks officers to maintain high standards of professionalism

Chief of the Naval Staff Admiral Shahid Karimullah on Thursday emphasised upon the graduating officers to maintain high standards of professionalism and to selflessly discharge their sacred duty of safeguarding the sea frontiers of the country.
Published 11 Jun, 2004 12:00am
Private pensioners

Private pensioners

The amount of pension to government pensioners as well as the private pensioners was simultaneously enhanced some three years ago when the cost of living had gone up.
Published 11 Jun, 2004 12:00am
Low-quality motorcycle rickshaws

Low-quality motorcycle rickshaws

The suburbs of city of Lahore are flooded with motorcycle rickshaws of different makes and categories.
Published 11 Jun, 2004 12:00am
Multiple taxation: tiers, types and rates

Multiple taxation: tiers, types and rates

There is neither any insignificant buzz nor a normal bugaboo about the budget for the fiscal year 2004-05, to be announced this week. Nonetheless, traditional suggestions by trade bodies and industrial associations, besides pre-budget seminars by professi
Published 11 Jun, 2004 12:00am
State Bank's response to rising prices

State Bank's response to rising prices

In an article entitled "Time to review monetary policy" appearing in this newspaper on 17th May, I had argued to tighten the monetary policy to contain emerging price pressures in the economy.
Published 11 Jun, 2004 12:00am
A dangerous development

A dangerous development

The assassination attempt on the Karachi Corps Commander yesterday raises the level of threat to security in the city to unprecedented levels. If the top military commander in the city can be targeted, what chance do ordinary citizens have against the ter
Published 11 Jun, 2004 12:00am
Growth and poverty

Growth and poverty

Federal Finance Minister Shaukat Aziz said in a seminar the other day that South Asia had over 550 million people living below the poverty line. Of these, some 50 million can be found in Pakistan alone, if the previous figure of 32.1 percent below the pov
Published 11 Jun, 2004 12:00am
Irrigation department high ups praised

Irrigation department high ups praised

President Kissan Welfare Council (KWC) Muhammad Ayub has praised the high ups of the irrigation department for initiating action against corrupt elements in the department through its vigilance cell.
Published 11 Jun, 2004 12:00am
Lahore Nazim praised

Lahore Nazim praised

Punjab Chief Minister Chaudhry Pervaiz Elahi has appreciated the relief and rehabilitation efforts made by District Nazim, Mian Amir Mahmood, immediately after the thunderstorm in the provincial metropolis.
Published 11 Jun, 2004 12:00am
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