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Print - 2004-06-15
LNG suppliers plan co-operation talks: Indonesia

LNG suppliers plan co-operation talks: Indonesia

Liquefied natural gas (LNG) producers, including Qatar, Oman and Indonesia, plan to hold co-operation talks, Indonesia Mines and Energy Minister Purnomo Yusgiantoro said on Monday.
Published 15 Jun, 2004 12:00am
'CVT issue will soon be resolved'

'CVT issue will soon be resolved'

The government will soon resolve the issue pertaining to the imposition of Capital Value Tax (CVT) on shares' transactions.
Published 15 Jun, 2004 12:00am
Budget termed 'relief package'

Budget termed 'relief package'

Former Chairman, Pakistan Tanners Association (PTA) and Ex-VP, Millat Party, Gulzar Firoz, welcoming the budget has termed it as "Relief Package Budget".
Published 15 Jun, 2004 12:00am
PSMA sees budget yielding good results

PSMA sees budget yielding good results

The Chairman Pakistan Sugar Mills Association (PSMA), Iskandar Khan has termed the budget 2004-05 as growth orientated and business-friendly, with a hope that it would yield the desired results.
Published 15 Jun, 2004 12:00am
Sales tax exemption on ginned cotton criticised

Sales tax exemption on ginned cotton criticised

The Pakistan Bedwear Exporters Association (PBEA) has strongly criticised the sales tax exemption on ginned cotton in the new budget, and said it would totally derail the logic of implementation of the sales tax as a future tax.
Published 15 Jun, 2004 12:00am
Maqbool and Pervaiz discuss education reforms

Maqbool and Pervaiz discuss education reforms

Punjab Chief Minister Chaudhry Pervaiz Elahi called on Punjab Governor Lieutenant General Khalid Maqbool (Retd) at the Governor's House here on Monday.
Published 15 Jun, 2004 12:00am
Federal budget criticised

Federal budget criticised

Muhammad Pervaiz Malik MNA and leader PML-N said on Monday that hard hit by price hike, unemployment and poverty, the people were pinning hope on the budget for alleviation of their hardships, but they were disappointed by the cosmetic relief measures ann
Published 15 Jun, 2004 12:00am
'Reduction in duty lowers locally-assembled car prices in black market'

'Reduction in duty lowers locally-assembled car prices in black market'

Prices of the locally-assembled cars in the black market have come down considerably after the announcement of budget, which is expected to come to zero in coming days provided there is no change in the policy on the subject, dealers in local car markets
Published 15 Jun, 2004 12:00am
Rs 250 million allocated for solid waste project in Islamabad

Rs 250 million allocated for solid waste project in Islamabad

At last, Rs 1 billion Japan-funded project for improvement/construction of solid waste management station in Capital will be executed with an initial allocation of over Rs 250 million in the Federal Budget 2004-05.
Published 15 Jun, 2004 12:00am
Piaf office-bearers congratulated

Piaf office-bearers congratulated

Office-bearers of associations of different markets in the provincial metropolis have congratulated newly elected office bearers of Pakistan Industrial and Traders Associations Front (Piaf).
Published 15 Jun, 2004 12:00am
PCDMA delegation to leave for India on June 15

PCDMA delegation to leave for India on June 15

A 46-member delegation of Pakistan Chemicals & Dyes Merchants Association (PCDMA), led by its Chairman Abdul Rahim Chughtai, will leave for India on Tuesday.
Published 15 Jun, 2004 12:00am
Aids Information Helpline launched

Aids Information Helpline launched

Funded by Churches of Netherlands, the Institute for Health, Development and Community Sciences (HIDCS) in collaboration with Punjab AIDS Control Programme has launched first AIDS Information Help line (111-909-111).
Published 15 Jun, 2004 12:00am
Certificate distribution ceremony

Certificate distribution ceremony

Punjab University's Centre for Clinical Psychology arranged a certificate distribution ceremony of its Living Institute for Special Learners here on Monday.
Published 15 Jun, 2004 12:00am
Addressing the needs of the poor

Addressing the needs of the poor

The new budget has won well-deserved praise for being business and investor friendly. In fact, the government's pro-business policies have already helped the large scale manufacturing sector to show an unprecedented 17.1 percent growth, which in turn has
Published 15 Jun, 2004 12:00am
Performance of large taxpayer unit

Performance of large taxpayer unit

The performance of the Large Taxpayer Unit (LTU) in Karachi, as could be noted from the statement of its Director General, Shahid Jamal, is highly encouraging in the context of the process of taxation reforms.
Published 15 Jun, 2004 12:00am
Finance Bill 2004: changes in the right direction

Finance Bill 2004: changes in the right direction

Levy and collection of taxes are the sole prerogative of a sovereign State. Parliament can introduce any change in tax laws by using its wide powers in this regard by either amending a particular tax statute or providing the same in a Finance Bill.
Published 15 Jun, 2004 12:00am
Finance Bill 2004: changes in the right direction

Finance Bill 2004: changes in the right direction

Levy and collection of taxes are the sole prerogative of a sovereign State. Parliament can introduce any change in tax laws by using its wide powers in this regard by either amending a particular tax statute or providing the same in a Finance Bill.
Published 15 Jun, 2004 12:00am
Dangerous job for Kirkuk policemen

Dangerous job for Kirkuk policemen

Police on night patrol in the dimly-lit streets of Kirkuk poke assault rifles out of their vehicle, alert for trouble in Iraq's most ethnically mixed city.
Published 15 Jun, 2004 12:00am
A public plunder

A public plunder

It is an open secret that the financial institutions have been fleecing the public through unlawful accounting practices.
Published 15 Jun, 2004 12:00am
Serene cemetery

Serene cemetery

Professor Nilofar Sultana was captivated by the sublime serenity of a cemetery in the wooded suburbs of West Virginia, USA.
Published 15 Jun, 2004 12:00am
Damage to business

Damage to business

We have seen the news in the Business Recorder, Karachi regarding damage to business by the State Bank of Pakistan's CIB regime.
Published 15 Jun, 2004 12:00am
Musharraf condoles with Sherpao

Musharraf condoles with Sherpao

President General Pervez Musharraf on Monday telephoned Federal Minister for Water & Power Aftab Ahmed Khan Sherpao and expressed condolence over death of his brother.
Published 15 Jun, 2004 12:00am
Restoration of in-band facility demanded

Restoration of in-band facility demanded

Machinery and plant modernisation and new investment in industry shall stand discouraged after new budgetary measure of discontinuing in-bond importation facility for export-oriented units.
Published 15 Jun, 2004 12:00am
World oil prices fall as shortage fears ease

World oil prices fall as shortage fears ease

Oil prices fell a dollar on Monday as rising fuel supplies in the United States soothed fears of a summer gasoline crunch and countered concern over violence in Middle East producers Iraq and Saudi Arabia.
Published 15 Jun, 2004 12:00am
Gold trims losses

Gold trims losses

Gold trimmed earlier losses in Europe on Monday as US data hit the dollar and triggered buying of the euro, dealers said.
Published 15 Jun, 2004 12:00am
New York cotton lower

New York cotton lower

NYBOT cotton futures prices settled lower Monday on switch-linked sales, with more rollover activity expected as players look toward first notice day next week, brokers said.
Published 15 Jun, 2004 12:00am
LME metals end mixed after erratic trading

LME metals end mixed after erratic trading

Base metals fluctuated in their current price ranges on the London Metal Exchange (LME) on Monday, although ring pricing against the June 'third Wednesday' was largely routine, traders said.
Published 15 Jun, 2004 12:00am
FTSE-100 extends losing streak, banks lead way down

FTSE-100 extends losing streak, banks lead way down

Britain's FTSE-100 index closed 1.1 percent lower on Monday with banks leading the way after comment from brokers, while the overall mood was subdued by jitters over US interest rates and violence in Iraq.
Published 15 Jun, 2004 12:00am
European corporate bonds slumber

European corporate bonds slumber

European corporate bonds slumbered through Monday as a lack of company news left investors and traders uninspired, with some seeing little impetus for moves ahead of a US rate decision at the end of the month.
Published 15 Jun, 2004 12:00am
European corporate bonds slumber

European corporate bonds slumber

European corporate bonds slumbered through Monday as a lack of company news left investors and traders uninspired, with some seeing little impetus for moves ahead of a US rate decision at the end of the month.
Published 15 Jun, 2004 12:00am
Dollar hits three-week high verses euro

Dollar hits three-week high verses euro

The dollar hit a three-week high on the euro on Monday, before profit-taking set in, and the yen tumbled as a Federal Reserve official's comments bolstered the view that US interest rates could rise sharply this year.
Published 15 Jun, 2004 12:00am
Sterling at lowest in three weeks

Sterling at lowest in three weeks

Sterling hit its lowest level in almost three weeks versus the dollar on Monday, pressured by the greenback's broad rally and jitters over British politics after the ruling Labour Party suffered at the polls.
Published 15 Jun, 2004 12:00am
US and IAEA demand Iran come clean on nuclear plans

US and IAEA demand Iran come clean on nuclear plans

Iran is not fully co-operating with UN inspectors and must come clean about the full extent of its nuclear programme, the head of the International Atomic Energy Agency (IAEA) and the United States said on Monday.
Published 15 Jun, 2004 12:00am
US to change prisoners' conditions in Afghanistan

US to change prisoners' conditions in Afghanistan

The US-led coalition in Afghanistan is making constant changes to its detention system, following reports of grave abuses of prisoners here and in Iraq, US military spokesman Lieutenant Colonel Tucker Mansager said Monday.
Published 15 Jun, 2004 12:00am
Two Koreas in radio contact

Two Koreas in radio contact

The South and North Korean navies established radio contact for the first time Monday in a major step towards easing tension on the Cold War's last frontier, officials said.
Published 15 Jun, 2004 12:00am
Suspicious powder found at UN offices

Suspicious powder found at UN offices

Hazardous material experts were called to UN headquarters on Monday after a suspicious powder was discovered on the 27th floor, but there was no evacuation and no cause for alarm, security staff said.
Published 15 Jun, 2004 12:00am
EU leaders face challenge to win back voters

EU leaders face challenge to win back voters

Europe's leaders face a tough task in agreeing a first EU constitution this week after European Parliament elections marred by mass abstentions and domestic protest votes.
Published 15 Jun, 2004 12:00am
France unveils new unmanned aircraft project

France unveils new unmanned aircraft project

France unveiled plans on Monday to fund development of a new unmanned reconnaissance plane, signalling its desire to lead a European push into the types of drone aircraft that played a key role during the war in Iraq.
Published 15 Jun, 2004 12:00am
Saddam must be freed or charged before handover: ICRC

Saddam must be freed or charged before handover: ICRC

Ousted dictator Saddam Hussein must be freed or charged before the handover of power to Iraq's interim government on June 30, the International Committee of the Red Cross (ICRC) said on Monday.
Published 15 Jun, 2004 12:00am
UK to charge 4 soldiers with Iraq assault

UK to charge 4 soldiers with Iraq assault

The British military is to court martial four soldiers for allegedly beating and sexually abusing prisoners in Iraq, Attorney General Peter Goldsmith said in a statement Monday.
Published 15 Jun, 2004 12:00am
Sharon survives no-confidence vote

Sharon survives no-confidence vote

Prime Minister Ariel Sharon survived a no-confidence vote over his Gaza pullout plan in Israel's parliament on Monday after receiving a boost from reports that he would avoid charges in a bribery scandal.
Published 15 Jun, 2004 12:00am
17 die as coach runs off bridge in China

17 die as coach runs off bridge in China

Seventeen people were killed and another 15 were injured when a coach ran off a bridge in north-east China's Liaoning province, state media reported Monday.
Published 15 Jun, 2004 12:00am
21 policemen killed in Nepal

21 policemen killed in Nepal

A landmine planted by suspected Maoist rebels in Nepal killed 21 policemen and injured 16 others Monday as a top guerrilla rejected calls by the prime minister to reopen peace talks.
Published 15 Jun, 2004 12:00am
Afghanistan forms body to probe killing of Chinese

Afghanistan forms body to probe killing of Chinese

Local authorities have established a commission to investigate the shocking killing of 11 Chinese road workers in north-eastern Afghanistan, a provincial governor said Monday.
Published 15 Jun, 2004 12:00am
Death toll from poison alcohol binge in Iran climbs to 19

Death toll from poison alcohol binge in Iran climbs to 19

The death toll from the consumption of a consignment of adulterated alcohol bought on the black market in the southern Iranian city of Shiraz has risen to 19, a provincial justice official said Monday.
Published 15 Jun, 2004 12:00am
Bush offers rare tribute to Bill Clinton

Bush offers rare tribute to Bill Clinton

In a rare election-year political truce, US President George W. Bush on Monday warmly paid tribute to Bill Clinton and even plugged his forthcoming memoirs at his formal White House portrait unveiling.
Published 15 Jun, 2004 12:00am
Branson sets record in amphibious car

Branson sets record in amphibious car

Entrepreneur Richard Branson sped across the English Channel in a James-Bond style amphibious car in under two hours to set a new world record on Monday.
Published 15 Jun, 2004 12:00am
Blair seeks to calm his party after poll rout

Blair seeks to calm his party after poll rout

Tony Blair will try to convince worried Labour Party members on Monday he is the best man to lead them into the next British election after suffering historic losses in European and local polls.
Published 15 Jun, 2004 12:00am
US seeks immunity from Baghdad for contractors

US seeks immunity from Baghdad for contractors

Iraq's new government has been resisting US demands that thousands of US civilian contractors be granted immunity from Iraqi law in the same way as US military forces are currently immune, the Washington Post reported Monday, citing Iraqi sources.
Published 15 Jun, 2004 12:00am
Next round of North Korea talks from June 23: Kyodo

Next round of North Korea talks from June 23: Kyodo

A third round of six-way talks on North Korea's nuclear ambitions will be held for four days starting on June 23 in Beijing, conference sources were quoted by Kyodo news agency as saying on Monday.
Published 15 Jun, 2004 12:00am
Road accident leaves 12 dead in Egypt

Road accident leaves 12 dead in Egypt

A fatal collision between a truck and microbus in southern Egypt on Monday left 12 people dead and one injured, according to the police.
Published 15 Jun, 2004 12:00am
Film board rules 'Fahrenheit 9/11' unsuitable for teens

Film board rules 'Fahrenheit 9/11' unsuitable for teens

The United States film ratings board ruled late Sunday that Michael Moore's controversial "Fahrenheit 9/11" film cannot be viewed by people under 17 unless they are accompanied by an adult, sparking an immediate appeal from the distributors.
Published 15 Jun, 2004 12:00am
Eastern Congo becoming civilian disaster zone: UN

Eastern Congo becoming civilian disaster zone: UN

Eastern Congo is rapidly turning into one of the world's biggest disasters, with 3.3 million people out of reach of relief groups, including 4,500 malnourished children, a senior UN official said.
Published 15 Jun, 2004 12:00am
Indonesia presidential hopefuls spar on Aceh, graft

Indonesia presidential hopefuls spar on Aceh, graft

The two front-running candidates in Indonesia's presidential elections sparred on Monday over policies to deal with separatism in Aceh province and endemic graft in the world's fourth most populous country.
Published 15 Jun, 2004 12:00am
Ukraine not ready to join Nato: Kuchma

Ukraine not ready to join Nato: Kuchma

Ukrainian President Leonid Kuchma on Monday said that his country was not yet ready to join the North Atlantic Treaty Organisation (Nato), despite its wish to do so.
Published 15 Jun, 2004 12:00am
Chinese yuan remains unchanged

Chinese yuan remains unchanged

The yuan remained unchanged versus the US dollar at 8.2765 on Monday, remaining near the stronger end of its managed trading range.
Published 15 Jun, 2004 12:00am
Hong Kong dollar firms slightly

Hong Kong dollar firms slightly

The Hong Kong dollar inched higher on Monday morning but dealers expected the upside to be limited, with the greenback supported by speculation that the Fed could raise interest rates quicker than previously expected.
Published 15 Jun, 2004 12:00am
Asian regional currencies down on US rate worries

Asian regional currencies down on US rate worries

Asian regional currencies were mostly down on Monday, as investors stayed focused on the possibility of a larger than expected rate rise in the United States later this month.
Published 15 Jun, 2004 12:00am
Dollar rises on bullish US interest rate outlook

Dollar rises on bullish US interest rate outlook

The dollar rose to a three-week high against the euro and a one-week peak versus the yen on Monday on speculation that the US Federal Reserve could raise interest rates more quickly than expected if inflation speeds up.
Published 15 Jun, 2004 12:00am
Swiss franc eases verses dollar

Swiss franc eases verses dollar

The Swiss franc eased on the dollar on Monday on market speculation that the US Federal Reserve could raise key interest rates faster than expected if inflation sped up.
Published 15 Jun, 2004 12:00am
Indian rupee slips to lowest close in eight sessions

Indian rupee slips to lowest close in eight sessions

The Indian rupee slipped to its lowest close in eight sessions on Monday on increased dollar buying by state-run oil firms and subdued sentiment amid continued weakness in the local stock market, dealers said.
Published 15 Jun, 2004 12:00am
Nikkei lower after techs dip with Asian peers

Nikkei lower after techs dip with Asian peers

Japan's Nikkei share average erased early gains to close lower on Monday after a drop in Asian technology shares put a damper on their Japanese peers, including Toshiba Corp.
Published 15 Jun, 2004 12:00am
Malaysian shares down on rate worries

Malaysian shares down on rate worries

Malaysian shares closed lower on Monday, snapping a six-day winning streak, as investors worry about prospects of interest rate hikes in the United States and China, two of the country's main trading partners.
Published 15 Jun, 2004 12:00am
Sri Lankan stocks edge higher, but activity thin

Sri Lankan stocks edge higher, but activity thin

Sri Lanka stocks edged higher on Monday as blue chips posted modest gains, but trading was light, with a lack of clarity over the government's economic policies keeping investors on the sidelines.
Published 15 Jun, 2004 12:00am
Seoul shares down on tech gloom, China concerns

Seoul shares down on tech gloom, China concerns

South Korean shares closed 1.7 percent lower on Monday, as investors shied away from technology stocks due to a gloomy outlook and as concerns over possible Chinese interest rate rise also dampened investment sentiment.
Published 15 Jun, 2004 12:00am
Singapore's key index ends lower, property down

Singapore's key index ends lower, property down

Singapore shares closed lower on Monday, led by property blue chips such as City Developments on fears that the sector would be hit if internees treat rise.
Published 15 Jun, 2004 12:00am
Malaysia bond prices soft

Malaysia bond prices soft

Malaysian bond prices slipped in early Monday trade, but volume was thin as investors hid their hands ahead of the auction of two three-year government issues worth a combined 6.6 billion ringgit ($1.7 billion).
Published 15 Jun, 2004 12:00am
Malaysia bond prices soft

Malaysia bond prices soft

Malaysian bond prices slipped in early Monday trade, but volume was thin as investors hid their hands ahead of the auction of two three-year government issues worth a combined 6.6 billion ringgit ($1.7 billion).
Published 15 Jun, 2004 12:00am
Chinese shares end at six-month lows

Chinese shares end at six-month lows

China's shares closed at their lowest in six months on Monday as investors sold steel firms amid fears of a money squeeze caused by a potential interest rate rise and a $1.1 billion share issue by Whine Steel.
Published 15 Jun, 2004 12:00am
Indian shares close at one-month low

Indian shares close at one-month low

Indian shares fell sharply to a one-month closing low on Monday, led by steel stocks on fears a government regulator would be set up to control the sector.
Published 15 Jun, 2004 12:00am
Thai stocks gain, funds pick up big caps

Thai stocks gain, funds pick up big caps

Thai stocks ended higher for a fourth straight day on Monday with funds picking up battered blue-chips such as Siam Cement and Bangkok Bank, analysts said.
Published 15 Jun, 2004 12:00am
Taiwan stocks drop 2.8 percent, fretting over economy

Taiwan stocks drop 2.8 percent, fretting over economy

Taiwan stocks fell nearly three percent in slack trade on Monday as investors headed for the sidelines to wait and see if broad market scepticism on the outlook for corporate and economic fundamentals was justified.
Published 15 Jun, 2004 12:00am
Japanese government bonds sag, yields hit multiyear highs

Japanese government bonds sag, yields hit multiyear highs

Japanese government bond (JGB) prices tumbled on Monday, pushing up yields to multi-year highs on speculation that the Bank of Japan is considering how to exit its super-loose policy in light of growing evidence of Japan's economic recovery.
Published 15 Jun, 2004 12:00am
Japanese government bonds sag, yields hit multiyear highs

Japanese government bonds sag, yields hit multiyear highs

Japanese government bond (JGB) prices tumbled on Monday, pushing up yields to multi-year highs on speculation that the Bank of Japan is considering how to exit its super-loose policy in light of growing evidence of Japan's economic recovery.
Published 15 Jun, 2004 12:00am
Mitsubishi Fuso to recall 450,000 more vehicles

Mitsubishi Fuso to recall 450,000 more vehicles

Scandal-hit Mitsubishi Fuso Truck and Bus Corp will recall 450,000 more vehicles in Japan after an internal probe found further defects, a senior company official said Monday.
Published 15 Jun, 2004 12:00am
Mitsubishi Fuso to recall 450,000 more vehicles

Mitsubishi Fuso to recall 450,000 more vehicles

Scandal-hit Mitsubishi Fuso Truck and Bus Corp will recall 450,000 more vehicles in Japan after an internal probe found further defects, a senior company official said Monday.
Published 15 Jun, 2004 12:00am
CVT levy sparks violence at KSE

CVT levy sparks violence at KSE

The imposition of capital value tax (CVT) on purchases of shares brought violent protests in Karachi Stock Exchange on Monday where protesters demanded its immediate withdrawal.
Published 15 Jun, 2004 12:00am
Argentine corn sales up

Argentine corn sales up

Argentine sales of 2003/04 corn totalled 5.975 million tonnes by June 11, up from 5.945 million tonnes the week before, the Agriculture Department said on Monday.
Published 15 Jun, 2004 12:00am
Steady conditions on grain market

Steady conditions on grain market

Steady trend was seen in the first post-budget session at the local grain market as most of the commodities maintained their week-end levels, operators said on Monday (June 14, 2004).
Published 15 Jun, 2004 12:00am
CVT alternatives being discussed

CVT alternatives being discussed

Three new proposals including taxing carryover transaction (COT), brokerage commission and difference in bill of daily trading were deliberated upon by the government and three bourses' chiefs, as Ministry of Finance has agreed in principle to withdraw th
Published 15 Jun, 2004 12:00am
CVT alternatives being discussed

CVT alternatives being discussed

Three new proposals including taxing carryover transaction (COT), brokerage commission and difference in bill of daily trading were deliberated upon by the government and three bourses' chiefs, as Ministry of Finance has agreed in principle to withdraw th
Published 15 Jun, 2004 12:00am