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Print - 2004-06-17
Top energy group boss runs for Indian upper house

Top energy group boss runs for Indian upper house

Anil Ambani, one of India's most powerful businessmen, will contest a seat in the country's upper house of parliament later this month, a statement from his office said on Wednesday.
Published 17 Jun, 2004 12:00am
Britain torpedoes Verhofstadt for top EU job

Britain torpedoes Verhofstadt for top EU job

Britain torpedoed Belgian Prime Minister Guy Verhofstadt's bid for the European Commission presidency on Wednesday, plunging the search for a new head of the EU executive into disarray on the eve of a crucial summit.
Published 17 Jun, 2004 12:00am
China general threatens war if Taiwan targets dam

China general threatens war if Taiwan targets dam

A Chinese general denounced an idea that Taiwan's military could threaten China's Three Gorges dam and said on Wednesday that any strike on the world's biggest hydropower project would lead to war.
Published 17 Jun, 2004 12:00am
Ukraine to destroy toxic nuclear missile fuel

Ukraine to destroy toxic nuclear missile fuel

Ukraine will forge ahead next year with the decommissioning of a critical part of its nuclear arsenal despite being denied promised financial aid from the United States, Russian ITAR-TASS news agency quoted a senior Ukrainian official as saying on Wednesd
Published 17 Jun, 2004 12:00am
Pope calls for end to arms trade

Pope calls for end to arms trade

Pope John Paul II called for an end to the arms trade and for its profits to be used instead to aid developing countries at his weekly general audience in Saint Peter's Square on Wednesday.
Published 17 Jun, 2004 12:00am
Colombian rebels massacre 34 peasants

Colombian rebels massacre 34 peasants

Suspected leftist rebels killed 34 peasants in a jungle hamlet in Colombia on Tuesday, in the worst massacre since law-and-order President Alvaro Uribe took office nearly two years ago, officials said.
Published 17 Jun, 2004 12:00am
Sharon may ask Labour into government as bribery case fades

Sharon may ask Labour into government as bribery case fades

Buoyed by the dropping of a bribery case against him, Israel's Ariel Sharon is preparing to invite the opposition Labour Party into his government to pursue his Gaza withdrawal plan, political sources said on Wednesday.
Published 17 Jun, 2004 12:00am
Palestinian villagers protest over settlement barrier

Palestinian villagers protest over settlement barrier

Hundreds of villagers protested Wednesday against the first day of building work on Israel's West Bank barrier around the major settlement of Ariel, vowing to fight tooth and nail against the destruction of their land.
Published 17 Jun, 2004 12:00am
South Korea divided over capital relocation

South Korea divided over capital relocation

A South Korean government plan to relocate the country's capital came under attack Wednesday with the Seoul city mayor calling for a national referendum on the project.
Published 17 Jun, 2004 12:00am
Ten die in Nepal Maoist uprising

Ten die in Nepal Maoist uprising

Ten more deaths were reported Wednesday in Nepal's Maoist insurgency as talks broke down to end a rebel strike at schools that has kept 7.5 million students out of class for 10 days, officials said.
Published 17 Jun, 2004 12:00am
Coal mine explosion kills 15 in China

Coal mine explosion kills 15 in China

An explosion in a coal mine in north-western China has killed 15 people and left seven missing, the state-run Xinhua news agency reported on Wednesday.
Published 17 Jun, 2004 12:00am
20 killed as train derails in India

20 killed as train derails in India

At least 20 people were killed and about 100 injured on Wednesday when a passenger train plunged off a bridge in western India after hitting a boulder on the tracks, railways minister Lalu Prasad Yadav said.
Published 17 Jun, 2004 12:00am
Riyadh will not cave in to captors of American

Riyadh will not cave in to captors of American

Saudi Arabia will not give in to al Qaeda's demands to free jailed militants to secure the release of an American the group kidnapped last week, Saudi official sources said on Wednesday.
Published 17 Jun, 2004 12:00am
EU proposes strategic partnership with India

EU proposes strategic partnership with India

Long neglected as the poor cousin of Asian powerhouse China, India should now be drawn into a strategic partnership with the 25-nation European Union, the bloc's executive Commission said on Wednesday.
Published 17 Jun, 2004 12:00am
Jordan sentences Kurd to 15 years jail

Jordan sentences Kurd to 15 years jail

Jordan sentenced an Iraqi Kurd suspected by Washington of links to al Qaeda to 15 years in prison on Wednesday after finding him guilty of helping to plan attacks on US targets in the kingdom.
Published 17 Jun, 2004 12:00am
Judges uphold genocide charge against Milosevic

Judges uphold genocide charge against Milosevic

Judges at the war crimes trial of former Yugoslav leader Slobodan Milosevic have rejected a motion to drop genocide charges against him, in a decision published Wednesday.
Published 17 Jun, 2004 12:00am
Four Afghans die in blast

Four Afghans die in blast

Four Afghans died in a bomb attack on Wednesday apparently targeting Nato peacekeepers, officials said, a day after President George W. Bush held up Afghanistan as a role model for Iraq.
Published 17 Jun, 2004 12:00am
Joyce's Dublin throws party for 100th 'Bloomsday'

Joyce's Dublin throws party for 100th 'Bloomsday'

Ireland launched its biggest-ever literary shindig on Wednesday, as thousands gathered on Dublin's streets for the centenary of "Bloomsday" - the day immortalised by James Joyce in his epic novel "Ulysses".
Published 17 Jun, 2004 12:00am
Tehran won't extradite al Qaeda detainees to US

Tehran won't extradite al Qaeda detainees to US

Iran is holding "a few" al Qaeda members whom it will not extradite to the United States, a member of Iran's Supreme National Security Council said in Vienna on Wednesday.
Published 17 Jun, 2004 12:00am
Iran threatens to resume uranium enrichment

Iran threatens to resume uranium enrichment

Iran threatened on Wednesday to resume uranium enrichment, a process that could be used to make atomic bombs, if the UN nuclear agency passed a toughly-worded resolution rebuking Tehran for poor co-operation.
Published 17 Jun, 2004 12:00am
Panel finds no Iraq 9/11 link

Panel finds no Iraq 9/11 link

Investigators have found no evidence Iraq aided al Qaeda attempts to strike the United States, a commission investigating the September 11, 2001, attacks said on Wednesday in a report that undermines Bush administration arguments for war.
Published 17 Jun, 2004 12:00am
Sterling up verses euro

Sterling up verses euro

Sterling rose on Wednesday against the euro and was flat against the dollar after data showed wage growth picking up, reinforcing expectations of British interest rate hikes.
Published 17 Jun, 2004 12:00am
Dollar retraces sharp losses

Dollar retraces sharp losses

The dollar retraced Tuesday's sharp losses against the euro and gained one percent against the Swiss franc on Wednesday as markets took a calmer view of recent dovish Federal Reserve comments and US inflation.
Published 17 Jun, 2004 12:00am
US Stocks: Wednesday's unofficial close

US Stocks: Wednesday's unofficial close

US blue chip stocks edged lower on Wednesday, while the tech-driven Nasdaq rose slightly as investors' concerns about attacks on Iraq's oil pipelines offset economic reports that reinforced the view the economy is stronger.
Published 17 Jun, 2004 12:00am
Bonds: Air Liquide and Telecom Italia deals lead market

Bonds: Air Liquide and Telecom Italia deals lead market

New issues stole the show in the European corporate bond market on Wednesday as Air Liquide saw good demand for a one billion euro deal despite pricing described as aggressive, and Telecom Italia prepared a sterling bond.
Published 17 Jun, 2004 12:00am
Bonds: Air Liquide and Telecom Italia deals lead market

Bonds: Air Liquide and Telecom Italia deals lead market

New issues stole the show in the European corporate bond market on Wednesday as Air Liquide saw good demand for a one billion euro deal despite pricing described as aggressive, and Telecom Italia prepared a sterling bond.
Published 17 Jun, 2004 12:00am
Britain's top share index rises for second day

Britain's top share index rises for second day

Britain's FTSE-100 ended higher on Wednesday as investors piled into telecoms group BT, pushing the stock past key chart resistance, and as a cheery broker note drove up grocery chain Morrison.
Published 17 Jun, 2004 12:00am
London sugar ends up

London sugar ends up

Liffe white sugar futures closed firmer on trade buying in light volumes, playing "follow my leader" with New York raws on Wednesday.
Published 17 Jun, 2004 12:00am
EU experts fail to agree biotech rapeseed approval

EU experts fail to agree biotech rapeseed approval

EU environment experts failed to muster enough support on Wednesday to approve a genetically modified rapeseed, officials said, despite the recent end of an informal biotech ban that had irked the EU's top trade partners.
Published 17 Jun, 2004 12:00am
Oil eases, supply build calms Iraq fears

Oil eases, supply build calms Iraq fears

Oil prices eased on Wednesday as a modest increase in US crude stocks offset the impact of sabotage attacks that have crippled Iraqi exports.
Published 17 Jun, 2004 12:00am
London coffee ends lower

London coffee ends lower

Liffe coffee futures closed lower on Wednesday on speculative profit taking and origin selling, dealers said, but many participants held back to see if New York extended Tuesday's losses.
Published 17 Jun, 2004 12:00am
London cocoa ends higher

London cocoa ends higher

London cocoa futures finished moderately higher after a session that saw more switch-based, technical activity, dealers said.
Published 17 Jun, 2004 12:00am
Harvest hopes push Spanish grain prices lower

Harvest hopes push Spanish grain prices lower

Spanish grain prices fell further on Wednesday with consumers shrugging off concerns over dry French weather and focusing instead on expectations of a plentiful local harvest.
Published 17 Jun, 2004 12:00am
LME metals end mixed after erratic trading

LME metals end mixed after erratic trading

Base metals remained mixed during Wednesday London Metal Exchange (LME) open-outcry trading, with the market seeking clear direction after this week's sharp fluctuations, traders said.
Published 17 Jun, 2004 12:00am
Gold drops in Europe, market tracks euro and data

Gold drops in Europe, market tracks euro and data

Gold fell more than one percent in Europe on Wednesday as the market moved in step with a pressured euro, hit by stronger-than-expected US industrial production numbers that underpinned bullish expectations for economic growth.
Published 17 Jun, 2004 12:00am
US MIDDAY: wheat up on export news

US MIDDAY: wheat up on export news

Soft red winter wheat futures at the Chicago Board of Trade rallied early on Wednesday on supportive export news and weather worries, traders said.
Published 17 Jun, 2004 12:00am
US MIDDAY: corn future firms

US MIDDAY: corn future firms

Corn futures at the Chicago Board of Trade were slightly firmer on Wednesday on a mild recovery after dipping to a three-week low on Tuesday, traders said.
Published 17 Jun, 2004 12:00am
US MIDDAY: soyabeans mixed on tight supplies

US MIDDAY: soyabeans mixed on tight supplies

Chicago Board of Trade soyabean futures were mixed early on Wednesday with old-crop July lower and new-crop November higher on a correction in the July/November spread which had firmed during the past week, traders said.
Published 17 Jun, 2004 12:00am
Two Nigerians held for having fake papers

Two Nigerians held for having fake papers

Two Nigerian were taken into custody by the Federal Investigation Agency (Immigration cell) on the charge of visiting Pakistan on fake documents, and not getting themselves registered with the police department. However, another slipped away to Islamabad.
Published 17 Jun, 2004 12:00am
Hesco to disconnect defaulters' power supply from June 21

Hesco to disconnect defaulters' power supply from June 21

Chief Executive of Hyderabad Electric Supply Company (Hesco) Adeebul Hassan Rizvi has asked the defaulters to pay their dues by 20 June 2004 otherwise their power supply will be disconnected from June 21.
Published 17 Jun, 2004 12:00am
Police fail to unravel Cox murder mystery

Police fail to unravel Cox murder mystery

The police is still groping in dark in the case of British educationist Alan Cox (60), who was assassinated on June 3 at 0800 pm in Multan city.
Published 17 Jun, 2004 12:00am
Prisoners hunger strike enters 11th day

Prisoners hunger strike enters 11th day

As many as 14 prisoners called off their hunger strike on Wednesday, while remaining 48 prisoners are still on hunger strike in New Central Jail, Multan, since June 6 and their strike entered the 11th day.
Published 17 Jun, 2004 12:00am
Property tax issue resolved in Multan

Property tax issue resolved in Multan

The ticklish issue of property tax, that had been lingering on for the last one year, has been resolved by lowering categories of city's different localities.
Published 17 Jun, 2004 12:00am
Saarc working group on energy meets

Saarc working group on energy meets

Federal Minister for Petroleum and Natural Resources Chaudhry Nouraiz Shakoor Khan has said that long-term energy co-operation would translate into a substantive confidence-building measures in South Asia and bring enormous benefits to its people who dese
Published 17 Jun, 2004 12:00am
Balochistan budget on June 23

Balochistan budget on June 23

Balochistan Minister for Finance, Syed Ehsan Shah will present the provincial budget for the financial year 2004-05 during the Provincial Assembly session on June 23 at 5 pm.
Published 17 Jun, 2004 12:00am
Security beefed up in Sialkot district

Security beefed up in Sialkot district

Sialkot police have set up 15 check-posts in Sialkot, Pasrur and Daska tehsils for checking the activities of suspected persons while police have been directed to keep an eye on anti-social and anti-state elements in the district, said District Police Off
Published 17 Jun, 2004 12:00am
KCCI's viewpoint

KCCI's viewpoint

At the Asia Investment Forum, the KCCI lamented about the restrictions on trade as self-imposed by vested interests.
Published 17 Jun, 2004 12:00am
Improper bank accounting

Improper bank accounting

Please refer to the letter published in the Business Recorder on 7th June 2004 written by Mohammad Iqbal, which is fully correct especially about improper accounting in the Habib Bank Ltd.
Published 17 Jun, 2004 12:00am
Enlightened Moderation

Enlightened Moderation

General Pervez Musharraf's article "Enlightened Moderation" was published on June 2, 2004. Every thoughtful Pakistani while agreeing with General Musharraf, with the present pathetic state of the Muslim Ummah, would like to ask him to about his own countr
Published 17 Jun, 2004 12:00am
High taxes make owning a car a dream for most Syrians

High taxes make owning a car a dream for most Syrians

In the streets of Damascus, it is not rare to come across a Chevrolet or Buick from the 1950s, complete with chrome and gleaming tail fins - and it's not because the country is full of vintage car buffs.
Published 17 Jun, 2004 12:00am
Challenge for Unctad

Challenge for Unctad

Opening the 180-nation 11th UN Conference on Trade and Development Summit in Sao Paulo (Brazil), on June 14, UN Secretary General Kofi Annan urged the poor nations to keep mounting pressure on wealthy countries for access to their farm to markets and to m
Published 17 Jun, 2004 12:00am
A way out of the CVT muddle

A way out of the CVT muddle

The stock market crash on Monday the 14th of June saw Rs 44 billion wiped off market capitalisation, as investors demonstrated their resentment against the Capital Value Tax announced by the Finance Minister in his budget speech.
Published 17 Jun, 2004 12:00am
Punjab budget on June 17

Punjab budget on June 17

The Punjab Budget 2004-05 is being presented in the Provincial Assembly on Thursday, June 17 at 11 am.
Published 17 Jun, 2004 12:00am
DPO's posting in Gujrat challenged

DPO's posting in Gujrat challenged

The Lahore High Court (LHC) has called for a report from Chief Secretary Punjab and Inspector General of Police (IGP) Punjab within a fortnight in a petition filed by President Gujrat Bar Association challenging the posting of Raja Munawar as District Pol
Published 17 Jun, 2004 12:00am
Minister assures solution to UoG problems

Minister assures solution to UoG problems

Problems confronted to the newly established University of Gujrat (UoG) would be resolved on priority basis so that people of the area could get higher education.
Published 17 Jun, 2004 12:00am
Hearing put off

Hearing put off

The Lahore High Court (LHC) on Tuesday adjourned the proceedings in a petition to July 21, as his counsel failed to appear before the court.
Published 17 Jun, 2004 12:00am
APTUF demand

APTUF demand

All Pakistan Trade Unions Federation (APTUF) has demanded of the government to safeguard the interests of workers of printing units of Eastern Lahore and also take steps to stop their retrenchment.
Published 17 Jun, 2004 12:00am
Crafts Village to be set up in Lahore

Crafts Village to be set up in Lahore

'Crafts Village' of an international standard would be established in the provincial metropolis, where craft-persons from all over Punjab could market their products.
Published 17 Jun, 2004 12:00am
HCCI hails federal budget

HCCI hails federal budget

President Hyderabad Chamber of Commerce and Industry (HCCI) Emad Siddiqui has said that the budget for the year 2004-05 has marked the shift in fiscal policies towards growth in agricultural and industrial sectors.
Published 17 Jun, 2004 12:00am
NIT net average value up 64.5 percent

NIT net average value up 64.5 percent

National Investment Trust (NIT) has once again outperformed its benchmark of KSE-100 by a healthy margin of 6.3 percent during the period July 1, 2003 to June 11, 2004 where its net average value (NAV) increased by 64.5 percent against 58.2 percent last y
Published 17 Jun, 2004 12:00am
NIT net average value up 64.5 percent

NIT net average value up 64.5 percent

National Investment Trust (NIT) has once again outperformed its benchmark of KSE-100 by a healthy margin of 6.3 percent during the period July 1, 2003 to June 11, 2004 where its net average value (NAV) increased by 64.5 percent against 58.2 percent last y
Published 17 Jun, 2004 12:00am
LCCI for export of gems and jewellery

LCCI for export of gems and jewellery

Huge potential exists for export of precious stones and jewellery from Pakistan, as jewellery manufactured locally is no lesser than international quality with regard to design.
Published 17 Jun, 2004 12:00am
Work on Sundar Industrial Estate starts

Work on Sundar Industrial Estate starts

Work on state-of-the-art 1500-acre Industrial Estate, which is one of the biggest such projects in the Punjab province, has been commenced.
Published 17 Jun, 2004 12:00am
Industrial policy to be workers-friendly: Cheema

Industrial policy to be workers-friendly: Cheema

New industrial policy of the province would be industrialist and workers-friendly while working-relationship between the industrialists and the workers would further be cemented under the policy.
Published 17 Jun, 2004 12:00am
Notices issued to Hashmi's family

Notices issued to Hashmi's family

An accountability court on Wednesday issued notices to the family members of PML-N Acting President, Javed Hashmi MNA and one Ghulam Yasin in a reference against Hashmi.
Published 17 Jun, 2004 12:00am
LSE members discuss alternatives of proposed CVT

LSE members discuss alternatives of proposed CVT

The stock brokers and members of the Lahore Stock Exchange (LSE) in a meeting on Wednesday discussed alternative proposals of the capital value tax (CVT), including raising withholding tax from 5 percent to 10 percent and curtailing CVT from 0.1 percent t
Published 17 Jun, 2004 12:00am
Punjab University organises essay and sports competition

Punjab University organises essay and sports competition

Punjab University Vice Chancellor, Arshad Mahmood on Wednesday distributed cash prizes among the students of BS (Hons), MS and EMS class of the University Hailey College of Banking and Finance who won top three positions in essay contest titled 'Banking s
Published 17 Jun, 2004 12:00am
Inflows and outflows of rivers

Inflows and outflows of rivers

The inflows/outflows at Tarbela, Mangla and Chashma along with the reservoirs levels and the barrages at 6.00 am on Wednesday.
Published 17 Jun, 2004 12:00am
Experts to answer queries on CBR helpline

Experts to answer queries on CBR helpline

Experts on income tax, sales tax, customs and central excise duty (CED) matters would be available from 9:00 am to 5.00 pm on-line at the Help-line Centre of Central Board of Revenue (CBR).
Published 17 Jun, 2004 12:00am
Supreme Court judges to work as usual during summer vacations

Supreme Court judges to work as usual during summer vacations

Chief Justice Nazim Hussain Siddiqui had decided to carry the tradition set by one of his predecessors, Chief Justice Ajmal Mian to keep on working for at least half of the three months' summer vacations and has nominated benches and dispersed those to va
Published 17 Jun, 2004 12:00am
SBP's NPLs have reduced: Ishrat

SBP's NPLs have reduced: Ishrat

State Bank Governor Dr Ishrat Hussain has said that non-performing loans of the central bank had reduced drastically after achieving autonomous status in 1997.
Published 17 Jun, 2004 12:00am
Good prospects of gems export to France

Good prospects of gems export to France

The Consul General of France, Jean Yves Berthault, said here on Wednesday that there is a greater possibility of exporting gems and precious and semi-precious stones from Pakistan to France
Published 17 Jun, 2004 12:00am
Habib Bank AG ratings reaffirmed

Habib Bank AG ratings reaffirmed

JCR-VIS Credit Rating Co has reaffirmed the medium to long-term rating of Habib Bank AG Zurich Pakistan branches at 'AA+' (Double A Plus) with 'stable' outlook. Short-term rating has been reaffirmed at 'A 1+' (A One Plus).
Published 17 Jun, 2004 12:00am
Habib Bank AG ratings reaffirmed

Habib Bank AG ratings reaffirmed

JCR-VIS Credit Rating Co has reaffirmed the medium to long-term rating of Habib Bank AG Zurich Pakistan branches at 'AA+' (Double A Plus) with 'stable' outlook. Short-term rating has been reaffirmed at 'A 1+' (A One Plus).
Published 17 Jun, 2004 12:00am
Prolonged power outage irks Karachiites

Prolonged power outage irks Karachiites

Karachiites continued to brave prolonged load-shedding on Wednesday as the KESC remained indifferent to the sufferings of the citizens.
Published 17 Jun, 2004 12:00am
The Weather

The Weather

The weather report on Wednesday (June 16) and the forecast for Thursday (June 17, 2004).
Published 17 Jun, 2004 12:00am
New York cotton

New York cotton

Wednesday's closing prices of New York cotton in US cents/lb.
Published 17 Jun, 2004 12:00am
PSO installs leakage detectors at CNG stations

PSO installs leakage detectors at CNG stations

Pakistan State Oil (PSO) has introduced state-of-the-art Gas Leakage Detection System at its CNG stations to ensure safety and health of its customers.
Published 17 Jun, 2004 12:00am
New York cotton

New York cotton

Wednesday's closing prices of New York cotton in US cents/lb.
Published 17 Jun, 2004 12:00am
Key stock market movements at 1700 GMT on June 16

Key stock market movements at 1700 GMT on June 16

The latest close of key indices on major world stock exchanges and the London closing values of the euro, the Japanese yen, the British pound and gold bullion (previous day's closes in brackets).
Published 17 Jun, 2004 12:00am
PIA Fokker damaged at Chitral

PIA Fokker damaged at Chitral

A Fokker aircraft of Pakistan International Airlines (PIA) was "slightly damaged", which after normal landing at Chitral airport on Wednesday encountered some technical snag due to which it could not be stopped on the runway and overshoot into the overrun
Published 17 Jun, 2004 12:00am
NWFP government to set up Journalist Welfare Foundation

NWFP government to set up Journalist Welfare Foundation

The NWFP government on Wednesday formally approved the establishment of Journalists Welfare Foundation. A committee was also constituted to work out procedure, structure and other details of the foundation. The committee has been tasked to prepare its rep
Published 17 Jun, 2004 12:00am
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