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Print - 2004-06-21
The Weather

The Weather

The weather report on Sunday (June 20) and the forecast for Monday (June 21, 2004).
Published 21 Jun, 2004 12:00am
Your rupee last week

Your rupee last week

Following currency fluctuations took place in foreign exchange rates during the last week (June 14 to June 19, 2004).
Published 21 Jun, 2004 12:00am
Commercial Banks: KASB BANK LIMITED - Year Ended 31.12.2003

Commercial Banks: KASB BANK LIMITED - Year Ended 31.12.2003

During the year under review this 19 branch commercial bank has seen radical change in its structure due to amalgamation and rightsizing. A major achievement of the bank was that of the successfully handling of floatation issue of Rs 1.340 billion of OGDC
Published 21 Jun, 2004 12:00am
Commercial Banks: KASB BANK LIMITED - Year Ended 31.12.2003

Commercial Banks: KASB BANK LIMITED - Year Ended 31.12.2003

During the year under review this 19 branch commercial bank has seen radical change in its structure due to amalgamation and rightsizing. A major achievement of the bank was that of the successfully handling of floatation issue of Rs 1.340 billion of OGDC
Published 21 Jun, 2004 12:00am
Indian bonds may rebound, shares seen dull

Indian bonds may rebound, shares seen dull

Indian bonds are likely to rebound slightly from their sharp drop on a surprise spike in inflation, while stocks may remain dull as investors await the budget on July 8, traders said.
Published 21 Jun, 2004 12:00am
Indian bonds may rebound, shares seen dull

Indian bonds may rebound, shares seen dull

Indian bonds are likely to rebound slightly from their sharp drop on a surprise spike in inflation, while stocks may remain dull as investors await the budget on July 8, traders said.
Published 21 Jun, 2004 12:00am
Taiwan stocks upbeat after MSCI weighting hike

Taiwan stocks upbeat after MSCI weighting hike

Taiwan stocks are likely to rise this week following Morgan Stanley Capital International's announcement it would raise the Taipei market's weighting in its emerging markets index.
Published 21 Jun, 2004 12:00am
Nikkei seen up; US, China rate fears to cap gains

Nikkei seen up; US, China rate fears to cap gains

Tokyo stocks are expected to climb slightly higher this week, with traders saying they were positioned for a potential tech slowdown and expected US and China interest rate hikes.
Published 21 Jun, 2004 12:00am
Intel CEO expects strong second-quarter results

Intel CEO expects strong second-quarter results

Intel Corp, the world's largest microchip maker, expects second quarter performance to rival record levels reached in the first quarter, CEO Craig Barrett said in an interview published on Sunday.
Published 21 Jun, 2004 12:00am
Intel CEO expects strong second-quarter results

Intel CEO expects strong second-quarter results

Intel Corp, the world's largest microchip maker, expects second quarter performance to rival record levels reached in the first quarter, CEO Craig Barrett said in an interview published on Sunday.
Published 21 Jun, 2004 12:00am
Egypt interbank rate falls

Egypt interbank rate falls

The median overnight interbank rate on the Egyptian pound fell on Sunday to 7-1/2 percent from 8-3/4 percent on Thursday towards the end of a central bank period for calculating banks' reserves, dealers said.
Published 21 Jun, 2004 12:00am
Cairo shares down over president's health worries

Cairo shares down over president's health worries

Egyptian shares ended lower on Sunday as investors fretted about the political ramifications of President Hosni Mubarak's trip to Germany for medical treatment, traders said.
Published 21 Jun, 2004 12:00am
Hong Kong stocks seen lower on rates, China economy

Hong Kong stocks seen lower on rates, China economy

Hong Kong's blue chip stocks could fall further this week as an expected US interest rate rise nears, but China's assertions that economic-cooling measures are working may halt recent declines of China plays.
Published 21 Jun, 2004 12:00am
Deutsche Bank criticised over IPO delay

Deutsche Bank criticised over IPO delay

The head of Deutsche Post, which has been forced to postpone a flotation of its banking subsidiary Postbank, criticised Deutsche Bank indirectly on Sunday over a leaked document that played a role in the delay.
Published 21 Jun, 2004 12:00am
Deutsche Bank criticised over IPO delay

Deutsche Bank criticised over IPO delay

The head of Deutsche Post, which has been forced to postpone a flotation of its banking subsidiary Postbank, criticised Deutsche Bank indirectly on Sunday over a leaked document that played a role in the delay.
Published 21 Jun, 2004 12:00am
Banks in spotlight but FTSE set to linger

Banks in spotlight but FTSE set to linger

British investors have plenty to focus this week as several banks give trading updates and as electronics retailer Dixons releases final results.
Published 21 Jun, 2004 12:00am
UK gilts counting down to MPC minutes

UK gilts counting down to MPC minutes

UK gilt investors will set their spotlight on the release of the Bank of England's June meeting minutes on Wednesday, keen for clues to the future pace of rate hikes after June's quarter point rise.
Published 21 Jun, 2004 12:00am
UK gilts counting down to MPC minutes

UK gilts counting down to MPC minutes

UK gilt investors will set their spotlight on the release of the Bank of England's June meeting minutes on Wednesday, keen for clues to the future pace of rate hikes after June's quarter point rise.
Published 21 Jun, 2004 12:00am
US stocks: Iraq makes for nervous week

US stocks: Iraq makes for nervous week

Look for another week of low volume and high anxiety on Wall Street as investors sit out the markets, watching for more violence in Iraq and waiting for the US Federal Reserve to raise interest rates.
Published 21 Jun, 2004 12:00am
Shell shareholders prepare to make AGM waves

Shell shareholders prepare to make AGM waves

Royal Dutch/Shell shareholders plan to give the embattled oil giant's directors a rocky ride at its twin annual general meetings on June 28, despite the concessions it made to them last week.
Published 21 Jun, 2004 12:00am
Shell shareholders prepare to make AGM waves

Shell shareholders prepare to make AGM waves

Royal Dutch/Shell shareholders plan to give the embattled oil giant's directors a rocky ride at its twin annual general meetings on June 28, despite the concessions it made to them last week.
Published 21 Jun, 2004 12:00am
Syrian parliament seeks to ban US oil companies

Syrian parliament seeks to ban US oil companies

A majority of members of the Syrian parliament have signed a draft law which would ban US oil companies from operating in the country, in retaliation for Washington's sanctions on Damascus, an MP told AFP Sunday.
Published 21 Jun, 2004 12:00am
Snow sees economy aiding Bush campaign

Snow sees economy aiding Bush campaign

A stream of upbeat economic news should improve the view Americans have of President George W. Bush's handling of the economy, US Treasury Secretary John Snow said on Sunday.
Published 21 Jun, 2004 12:00am
Matsushita plans to cut additional 3,000 jobs

Matsushita plans to cut additional 3,000 jobs

Japanese consumer electronics giant Matsushita plans to cut its group workforce by about 3,000 or three percent in the current business year, despite improving profits, a press report said Sunday.
Published 21 Jun, 2004 12:00am
Moscow vows better ties with world oil partners

Moscow vows better ties with world oil partners

Russia plans to overhaul its energy and transport infrastructure in order to integrate better into the global oil and energy market, Prime Minister Mikhail Fradkov said Sunday according to the Interfax news agency.
Published 21 Jun, 2004 12:00am
Indian largest state-run bank opens in Oman

Indian largest state-run bank opens in Oman

India's largest state-run bank has opened a branch in the Gulf state of Oman, becoming the ninth foreign and second Indian bank to operate in the sultanate.
Published 21 Jun, 2004 12:00am
Iran to stop dual pricing practice for tourist attractions

Iran to stop dual pricing practice for tourist attractions

Iran's tourist office has ordered museums and historical sites to cease the Soviet-style practice of charging foreigners up to 10 times more than locals, the student news agency ISNA reported Sunday.
Published 21 Jun, 2004 12:00am
Soaring Russian oil exports force US and Asia sale

Soaring Russian oil exports force US and Asia sale

Russia's efforts to boost oil flows via Baltic seaports have created a glut in north European markets, making its Urals crude increasingly reliant on exports to Asia and the United States, traders said recently.
Published 21 Jun, 2004 12:00am
EU agrees to weaken Brussels' grip on budget rules

EU agrees to weaken Brussels' grip on budget rules

The EU has agreed to weaken Brussels' powers to enforce strict budget rules in the 12-nation eurozone, in a victory for EU heavyweights led by Germany who have repeatedly flouted those rules.
Published 21 Jun, 2004 12:00am
IMF sees 6.5 percent Iran growth, urges quicker reform

IMF sees 6.5 percent Iran growth, urges quicker reform

The International Monetary Fund (IMF), labelled a poor guide by Iran's Supreme Leader this week, said on Saturday it agreed with Tehran's economic reform goals but argued the pace of change needed to be quicker.
Published 21 Jun, 2004 12:00am
Issing joins ECB fight for moderate wages

Issing joins ECB fight for moderate wages

European Central Bank chief economist Otmar Issing on Sunday became the latest leading euro zone banker to warn companies and workers not to kindle inflation by agreeing lavish wage settlements.
Published 21 Jun, 2004 12:00am
German government sees 22 billion euros new borrowing in 2005

German government sees 22 billion euros new borrowing in 2005

The German government expects to cut new borrowing to 22 billion euros in 2005 with the help of privatisation earnings but spending will rise slightly to 258.3 billion euros, according to a draft budget obtained by Reuters.
Published 21 Jun, 2004 12:00am
BJP stands by Gujarat chief minister

BJP stands by Gujarat chief minister

India's opposition Hindu nationalists on Sunday shot down renewed calls to dismiss Gujarat's hard-line leader, who is accused of abetting anti-Muslim violence in the western state.
Published 21 Jun, 2004 12:00am
Algeria kills head of group allied to al Qaeda

Algeria kills head of group allied to al Qaeda

The Algerian military has killed the leader of an rebel organisation with suspected ties with al Qaeda, the army said on Sunday, dealing a significant blow to north Africa's top militant group.
Published 21 Jun, 2004 12:00am
Karzai warns of more attacks before polls

Karzai warns of more attacks before polls

Afghan President Hamid Karzai vowed Sunday to hold historic post-Taleban elections as scheduled but warned the nation would face more attacks from the country's "enemies" before the polls.
Published 21 Jun, 2004 12:00am
China promotes 15 generals

China promotes 15 generals

China promoted 15 military and paramilitary generals on Sunday, including the top bodyguard of military chief Jiang Zemin, in a move seen by some analysts as an indication the former Communist party chief would not step down.
Published 21 Jun, 2004 12:00am
Arroyo wins fresh term as Philippine president

Arroyo wins fresh term as Philippine president

Long-awaited results of a marathon vote count gave Gloria Macapagal Arroyo a fresh term as Philippine president on Sunday, but opposition allegations of cheating and planned protests threatened to undermine her rule.
Published 21 Jun, 2004 12:00am
Head of Iran election committee quits

Head of Iran election committee quits

The man in charge of overseeing elections in Iran has quit his job in protest, several months after parliamentary polls which saw most reformist candidates disqualified and religious hard-liners win, the official news agency IRNA reported Sunday.
Published 21 Jun, 2004 12:00am
Israeli agents working in Kurdistan and Iran

Israeli agents working in Kurdistan and Iran

Israeli intelligence and military agents are working secretly in Iraq's Kurdistan region, and have slipped into Iran to monitor nuclear facilities, the New Yorker magazine reported Sunday.
Published 21 Jun, 2004 12:00am
EU states face daunting task of selling new charter

EU states face daunting task of selling new charter

European states have begun the daunting task of selling the newly agreed EU constitution at home, and there are already bleak signs for the charter in key member state Britain, opinion polls showed on Sunday.
Published 21 Jun, 2004 12:00am
Egypt wants guarantees before Gaza intervention

Egypt wants guarantees before Gaza intervention

Palestinian officials said on Sunday Egypt will not send security experts to Gaza ahead of any Israeli pullout unless all Palestinian factions accept Cairo's involvement and a truce.
Published 21 Jun, 2004 12:00am
Terror will be defeated: King Fahd

Terror will be defeated: King Fahd

King Fahd pledged Sunday that Saudi Arabia would defeat the terror that has rocked it over the past year and said the conservative kingdom would tailor reforms to its own needs.
Published 21 Jun, 2004 12:00am
Iran could resume centrifuge assembly, ministry says

Iran could resume centrifuge assembly, ministry says

Iran could soon resume the assembly of centrifuges used to enrich uranium but does not yet intend to resume the highly sensitive enrichment process itself, the foreign ministry said Sunday.
Published 21 Jun, 2004 12:00am
China takes pride to host Pak-India talks

China takes pride to host Pak-India talks

China takes pride facilitating ministerial level talks between Pakistan and India, scheduled to take place here in east Chinese coastal city.
Published 21 Jun, 2004 12:00am
'OIC forms EPG to implement enlightened moderation'

'OIC forms EPG to implement enlightened moderation'

Foreign minister Khurshid Mehmud Kasuri has said that the Eminent Persons Group (EPG) has been formed by the OIC to deliberate upon the implementation of the enlightened moderation concepts.
Published 21 Jun, 2004 12:00am
Administrative staff college

Administrative staff college

I wish to point out through your esteemed paper the fact that in written policy brochure provided to the participants at the seminar held by the Administrative Staff College, Lahore clearly says that policy research paper and syndicate research paper shou
Published 21 Jun, 2004 12:00am
44 dead

44 dead

President Musharraf ordered thorough probe into the bus falling off the bridge near Islamabad killing 44 persons, to thwart such accidents in future. Well done, President.
Published 21 Jun, 2004 12:00am
Grouping of borrowers

Grouping of borrowers

We have seen the news in the Business Recorder that the State Bank of Pakistan has decided that in the Credit Information Bureau (CIB) report, grouping of borrowers shall now be done on the basis of revised criterion.
Published 21 Jun, 2004 12:00am
Shortages in country

Shortages in country

There is a mafia that controls wheat-sugar-rice in the country. In the past many years we have been experiencing shortages in one or the other item.
Published 21 Jun, 2004 12:00am
Positive changes in income tax law

Positive changes in income tax law

The new budget is like a breath of fresh air for the common man as it brings a radical attitudinal change for the better. It marks a departure from the historical imperial approach of the budget-makers.
Published 21 Jun, 2004 12:00am
Purse and the priorities

Purse and the priorities

The Federal Budget unveiled on 12th June for the year 2004-05 signifies a marked shift in policies. Such a shift seemed inevitable given the huge difference in the overall economic scene when the present Finance Minister took over the stewardship of the e
Published 21 Jun, 2004 12:00am
Let Bush take responsibility for his lies

Let Bush take responsibility for his lies

It is now official that the former Iraqi President Saddam Hussain had no links with al Qaeda - one of the pretexts used by US President George W. Bush to invade and occupy Iraq.
Published 21 Jun, 2004 12:00am
The Punjab Budget

The Punjab Budget

Punjab Finance Minister Sardar Hasnain Bahadur Dareshak presented the provincial finance bill containing a budgetary outlay of Rs 180.021 billion in the Punjab Assembly on Thursday, showing some creditable initiatives on the part of the government.
Published 21 Jun, 2004 12:00am
The Punjab Budget

The Punjab Budget

Punjab Finance Minister Sardar Hasnain Bahadur Dareshak presented the provincial finance bill containing a budgetary outlay of Rs 180.021 billion in the Punjab Assembly on Thursday, showing some creditable initiatives on the part of the government.
Published 21 Jun, 2004 12:00am
Nilofer for facilitating election of women

Nilofer for facilitating election of women

Advisor to the Prime Minister and Nilofer Bakhtiar has urged the members of provincial legislature to facilitate the process of election of female councillors to the local government institution.
Published 21 Jun, 2004 12:00am
Sawag meeting on June 21

Sawag meeting on June 21

The first meeting of Saarc Autonomous Advocacy Group of Prominent Women Personalities (Sawag) would open here on June 21 at a local hotel.
Published 21 Jun, 2004 12:00am
Heavy downpour lashes Lahore

Heavy downpour lashes Lahore

Heavy downpour, accompanied by windstorm, lashed the provincial metropolis on Sunday morning providing respite from muggy weather but causing problems for motorists and residents of low-lying areas.
Published 21 Jun, 2004 12:00am
RCCI highlights importance of SMEs

RCCI highlights importance of SMEs

Small and Medium Enterprises (SMEs) are playing a vital role in socio-economic uplift and betterment of the country, Rebuild Afghanistan Industrial Fair would help to boost this sector in the country besides enhancing export volume said Hussain Ahmed Ozge
Published 21 Jun, 2004 12:00am
AKRSP workshop opens on June 21

AKRSP workshop opens on June 21

A "Consultation Workshop for the Establishment of National Gender and Energy Network" organised by the Aga Khan Rural Support Programme (AKRSP) opens here on Monday.
Published 21 Jun, 2004 12:00am
Wapda to disconnect supply to defaulters

Wapda to disconnect supply to defaulters

Wapda after intensifying its on-going nation-wide door-to-door recovery drive has given go ahead to all chief executives of distribution companies across the country to disconnect the power supply of all defaulters without any discrimination forthwith.
Published 21 Jun, 2004 12:00am
Pakistani dental surgeon honoured

Pakistani dental surgeon honoured

Renowned Dental Surgeon and Orthodontist of Karachi, Dr Muhmood Shah has been elected Vice President (VP) of the prestigious Asia Pacific Dental Federation (APDF). The elections were held recently in Hong Kong at the APDF moot there.
Published 21 Jun, 2004 12:00am
Workshop to identify livestock sector problems on June 21

Workshop to identify livestock sector problems on June 21

Strengthening of Livestock Services Project (SLSP), a European Union and Government of Pakistan-funded nation-wide project, is holding a one-day workshop on 'identification of problems in livestock sector' on Monday, June 21.
Published 21 Jun, 2004 12:00am
PPP rally condemns Suhrawardy's murder

PPP rally condemns Suhrawardy's murder

PPP workers and activists, led by Senator Jehangir Badr, Khalid Ahmed Kharal and other party leaders, held a protest rally and demonstration outside the local Press Club on Sunday, to condemn the murder of Munawwar Suhrawardy.
Published 21 Jun, 2004 12:00am
Rs 11 million sanctioned for Gandhara museum

Rs 11 million sanctioned for Gandhara museum

The NWFP government has sanctioned Rs 11.104 million for the construction of Pushkalawati Museum at Charsadda district to preserve the antiquities of Gandhara period excavated from various ancient sites of the district, an official source told PPI.
Published 21 Jun, 2004 12:00am
Ellahi approves expansion of anti-corruption department

Ellahi approves expansion of anti-corruption department

Chief minister Punjab, Chaudhry Parvaiz Ellahi has accorded approval for expansion in Anti-Corruption Department and provision of required facilities and resources with a view to strengthening it for enabling it to effectively curb the corruption from the
Published 21 Jun, 2004 12:00am
PLF won't celebrate Benazir Bhutto's birthday

PLF won't celebrate Benazir Bhutto's birthday

The People's Lawyers Forum (PLF) has cancelled birthday ceremony of Benazir Bhutto, which was scheduled to be held in the Lahore High Court premises on June 21.
Published 21 Jun, 2004 12:00am
Crackdown on spurious drugs soon

Crackdown on spurious drugs soon

A special drive will be launched against the owners of various factories and sale points for manufacturing and selling of spurious drugs and sub-standard beverages in the district.
Published 21 Jun, 2004 12:00am
Rahim rules out replacing Sindh governor

Rahim rules out replacing Sindh governor

Sindh Chief Minister Ghulam Rahim has ruled out any political crisis in Sindh or change of governor. However, he said that if the system failed to run smoothly, either the assembly would dismember or governor rule would became inevitable.
Published 21 Jun, 2004 12:00am
LHC benches for this week

LHC benches for this week

As many as seven division benches and 21 single benches will work at principal seat of the Lahore High Court (LHC) during the week commencing from Monday, June 21.
Published 21 Jun, 2004 12:00am
Efforts on to get SMEs properly defined

Efforts on to get SMEs properly defined

A meeting of the managing committee of Union of Small and Medium Enterprises (Unisame) was held at Unisame House to consider the question of which is a small or medium enterprise. In this connection, a talk was given by Zulfikar Thaver, president of Unisa
Published 21 Jun, 2004 12:00am
Hearing against Faisal put off

Hearing against Faisal put off

An accountability court adjourned to July 10 the proceedings in a reference against Home Minister Syed Faisal Saleh Hayat after recording the statement of Investigating Officer Javed Shah.
Published 21 Jun, 2004 12:00am
Violence mars trading on cotton market

Violence mars trading on cotton market

The sustained violence and volatile conditions in the city had firm grip over trading, cotton not being excluded, throughout the week, buyers lifting one or two bales when unavoidable.
Published 21 Jun, 2004 12:00am
Government urged to exempt carpet input from duty

Government urged to exempt carpet input from duty

Pakistan Machine Made Carpet Manufacturers Association (PMMCMA) has demanded of the government and Central Board of Revenue (CBR) to exempt the raw material used by carpet industry from the import duty.
Published 21 Jun, 2004 12:00am
INTERNATIONAL TENDERS

INTERNATIONAL TENDERS

Export Promotion Bureau has received the following International Tenders from abroad. Interested Pakistani parties dealing in the under mentioned items can obtain further details of Tenders from the addresses given or from EPB Head Quarters and its Region
Published 21 Jun, 2004 12:00am
FOREIGN TRADE INQUIRIES

FOREIGN TRADE INQUIRIES

Export Promotion Bureau has received the following Trade Enquiries from abroad. Interested Pakistani parties dealing in the under mentioned items can obtain further details from the addresses given or from EPB Head Quarters and its Regional/Sub-Regional O
Published 21 Jun, 2004 12:00am
Rs 20 million offered for new LSE membership

Rs 20 million offered for new LSE membership

Lahore Stock Exchange (LSE) Chairman Syed Asim Zafar has said the LSE governing board has fixed Rs 20 million as minimum price for sale of a new membership of the Exchange.
Published 21 Jun, 2004 12:00am