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Print - 2004-07-25
Currency notes: exchange rates

Currency notes: exchange rates

Exchange rates for Currency Notes issued by the Treasury Management Division of National Bank of Pakistan (NBP) here on Saturday (July 24, 2004).
Published 25 Jul, 2004 12:00am
Conversion for foreign currency deposits

Conversion for foreign currency deposits

Conversion for foreign currency deposits, DBC/FCBC, special USD bond & profits thereon (excluding FE-25 deposits) on Saturday (July 24, 2004).
Published 25 Jul, 2004 12:00am
Exchange rates: buying and selling

Exchange rates: buying and selling

Exchange rates issued by the Treasury Management Division of National Bank of Pakistan on Saturday (July 24, 2004).
Published 25 Jul, 2004 12:00am
Barclays bid rates and maximum rates for payment of interest

Barclays bid rates and maximum rates for payment of interest

Barclays bid rates, maximum rates for payment of interest by authorised dealers on deposits (other than those brought under FE Circular No: 45 of 1985) and on deposits (brought under FE Circular No: 45 of 1985) -- issued by the Foreign Exchange Rates Comm
Published 25 Jul, 2004 12:00am
State Bank of Pakistan conversion rates

State Bank of Pakistan conversion rates

Rates applicable for conversion into rupees of Foreign Currency Deposits, Dollar Bearer Certificates, Foreign Currency Bearer Certificates, Special US Dollar bonds and profits thereon by all banks and also for providing forward cover on foreign currency d
Published 25 Jul, 2004 12:00am
US official denies talk of Jenkins deal

US official denies talk of Jenkins deal

A US official denied there could be a plea bargain for Charles Robert Jenkins, an ex-US soldier accused of deserting to North Korea, but Japanese media said on Saturday he may meet a legal expert soon to discuss his options.
Published 25 Jul, 2004 12:00am
Southeast Asia winning war on terror: Badawi

Southeast Asia winning war on terror: Badawi

Southeast Asia was winning the war against terror but could not yet declare victory, Malaysian Prime Minister Abdullah Badawi said, a day after his intelligence chief warned of fresh attacks.
Published 25 Jul, 2004 12:00am
Darfur conflict: Europe adds to US pressure on Sudan

Darfur conflict: Europe adds to US pressure on Sudan

European allies joined the United States on Saturday in heaping pressure on Sudan to end a conflict in its western Darfur region which threatens millions of lives and has been labelled genocide by the US Congress.
Published 25 Jul, 2004 12:00am
Gunmen storm Gaza government office, challenge Arafat

Gunmen storm Gaza government office, challenge Arafat

Palestinian militants briefly commandeered a government building in the Gaza Strip on Saturday, demanding President Yasser Arafat reinstate comrades they said had been dismissed from the national security forces.
Published 25 Jul, 2004 12:00am
South Asia's flood-hit areas threatened by disease

South Asia's flood-hit areas threatened by disease

Millions of people made homeless in South Asia's worst floods in one-and-a half decades were threatened by disease on Saturday as rising waters cut off access to food and drinking water.
Published 25 Jul, 2004 12:00am
China sentences baby traffickers

China sentences baby traffickers

A court in southern China convicted 52 people of selling infants on the black market, sentencing six to death and five to life in prison, Xinhua news agency reported on Saturday.
Published 25 Jul, 2004 12:00am
North Korea rejects US nuclear proposal

North Korea rejects US nuclear proposal

North Korea dismissed as "nothing but a sham offer" on Saturday US proposals that the communist state follow the example of Libya and scrap its nuclear weapons in exchange for aid and diplomatic recognition.
Published 25 Jul, 2004 12:00am
More vigilantes operating in Afghanistan: US

More vigilantes operating in Afghanistan: US

Further vigilante groups are operating in Afghanistan like the three US citizens facing trial for setting up a private prison in Kabul, a US military spokesman said Saturday.
Published 25 Jul, 2004 12:00am
Egyptian envoy abduction raises Iraq stakes

Egyptian envoy abduction raises Iraq stakes

Iraq and Egypt tried to secure the release of a senior Egyptian diplomat on Saturday after he was snatched in a brazen kidnapping while leaving a mosque - the first envoy to be taken hostage in a growing wave of abductions.
Published 25 Jul, 2004 12:00am
Indian minister resigns after arrest warrant

Indian minister resigns after arrest warrant

Indian Coal and Mines Minister Shibu Soren resigned on Saturday after an arrest warrant was issued against him on charges of inciting arson and violence during a rally in 1975.
Published 25 Jul, 2004 12:00am
Bush weighs 9/11 panel's ideas as pressure builds

Bush weighs 9/11 panel's ideas as pressure builds

As pressure built for swift US government action on the September 11 commission's recommendations to avert another terror attack, President George W. Bush said on Saturday he wanted to "carefully examine" the ideas before deciding how to proceed.
Published 25 Jul, 2004 12:00am
Volkswagen to build C1 model

Volkswagen to build C1 model

Europe's biggest carmaker Volkswagen AG, which has cut its profit goal for 2004, still plans to manufacture its new C1 model, its chief executive was quoted in a German magazine as saying on Saturday.
Published 25 Jul, 2004 12:00am
Singapore doubling size of arts industry by 2012

Singapore doubling size of arts industry by 2012

Singapore plans to double the size of its media, design and arts industries by 2012, a government minister said on Saturday, as the trade-reliant city-state embraces creativity to sustain economic growth.
Published 25 Jul, 2004 12:00am
US wants new pact to bar EU subsidies for Airbus

US wants new pact to bar EU subsidies for Airbus

The United States wants the European Union to negotiate a new civil aircraft agreement that would bar future government subsidies for European aerospace giant Airbus, a US trade official said on Friday.
Published 25 Jul, 2004 12:00am
China and US sign air traffic expansion plan

China and US sign air traffic expansion plan

China and the United States signed a deal on Saturday to increase by more than fourfold the number of commercial and cargo flights between the two countries, starting gradually from August.
Published 25 Jul, 2004 12:00am
Shanghai opts for D Boerse trading system

Shanghai opts for D Boerse trading system

The Shanghai Stock Exchange has decided to implement Deutsche Boerse's Xetra electronic trading system, a German newspaper reported on Saturday, citing financial market sources.
Published 25 Jul, 2004 12:00am
Venezuela and Argentina sign energy, trade deals

Venezuela and Argentina sign energy, trade deals

Venezuela and Argentina late Friday signed energy and trade agreements aimed at strengthening ties between the South American nations, including a deal to repair Venezuelan oil tankers in Argentine shipyards.
Published 25 Jul, 2004 12:00am
EU not ripe for single financial regulator

EU not ripe for single financial regulator

The European Union is not ripe for a single financial regulator, Bundesbank Vice President Juergen Stark said in a newspaper article published on Saturday.
Published 25 Jul, 2004 12:00am
Libya may struggle to hit oil targets

Libya may struggle to hit oil targets

Libya may struggle to hit its ambitious oil production growth targets in coming years, even with the imminent return of US companies to its petroleum sector, industry analysts said on Friday.
Published 25 Jul, 2004 12:00am
EBRD to raise support to Bosnia private sector

EBRD to raise support to Bosnia private sector

The European Bank for Reconstruction and Development (EBRD) said late Friday it wants to help Bosnia shift from post-war reconstruction to investment to develop its neglected private sector and revive privatisation.
Published 25 Jul, 2004 12:00am
Microsoft puts Slate magazine up for sale

Microsoft puts Slate magazine up for sale

Microsoft Corp, the world's largest software maker, wants to sell its online magazine Slate and has begun talks with potential buyers, a source close to the talks said late Friday.
Published 25 Jul, 2004 12:00am
Asian airlines report robust growth

Asian airlines report robust growth

Asia-Pacific airlines' passenger numbers in June rose 85 percent from a year earlier to 10.3 million as the industry continued its recovery from a SARS-induced slowdown, an aviation association said Friday.
Published 25 Jul, 2004 12:00am
Serbia adopts economic laws sought by investors

Serbia adopts economic laws sought by investors

Serbia adopted on Friday a set of economic laws which foreign investors said would help boost direct investment in the country which is struggling to attract overseas businesses.
Published 25 Jul, 2004 12:00am
Malaysian tin down

Malaysian tin down

Malaysian tin fell $30 on Friday as sellers came out to overwhelm the market ahead of the weekend after holding back for days in the hope of better prices.
Published 25 Jul, 2004 12:00am
Brazil cotton growth in doubt as prices ease

Brazil cotton growth in doubt as prices ease

Planting of a record 2004/05 (September/August) Brazilian cotton crop now looks doubtful due to a world surplus and falling prices, cotton analysts said on Friday.
Published 25 Jul, 2004 12:00am
Australian cotton hit by China defaults: exporters

Australian cotton hit by China defaults: exporters

China has defaulted on cotton purchases from Australia because of the country's credit squeeze and the collapse in world cotton prices, Australian industry leaders said on Friday.
Published 25 Jul, 2004 12:00am
Tokyo rubber edges up on adjustments before expiry

Tokyo rubber edges up on adjustments before expiry

Tokyo rubber futures rose modestly on Friday as traders made adjustments to correct recent steep falls ahead of the weekend and the expiration of the prompt August contract next week.
Published 25 Jul, 2004 12:00am
CBOT rice futures weaker on selling

CBOT rice futures weaker on selling

Chicago Board of Trade rice futures closed weaker on Friday on slipover selling from Thursday's 50-cent limit down move, traders said.
Published 25 Jul, 2004 12:00am
New York sugar rebounds from lows to settle mixed

New York sugar rebounds from lows to settle mixed

NYBOT raw sugar futures finished mixed on Friday as nearby months were buoyed by buying from the trade and small speculators which wiped out downturn in the sweetener, with the market tipped to bound higher next week, brokers said.
Published 25 Jul, 2004 12:00am
Comex gold pares losses

Comex gold pares losses

Comex gold futures tumbled on Friday but still closed above five-week lows, as the market continued to grapple with fund selling and a surging dollar, countered by only limited physical demand at lower prices, dealers said.
Published 25 Jul, 2004 12:00am
Soyabean up on technical recovery

Soyabean up on technical recovery

Chicago Board of Trade soyabean ended higher on Friday on a technical recovery from Thursday's limit down close and 8-1/2 month low in August, brokers said.
Published 25 Jul, 2004 12:00am
Oil cake market rates

Oil cake market rates

The January vaida was launched on Saturday with opening showing at Rs 426, highest at the same amount. Lowest was marked at Rs 424.50 and closing was seen at Rs 424.50.
Published 25 Jul, 2004 12:00am
Ginners not happy with slow pace of trading

Ginners not happy with slow pace of trading

Movement sustained on the cotton market with four deals struck at much below spot rate, the relevant sources said on Saturday. The spot rate was maintained at Rs 2500 without Rs 50 upcountry expenses.
Published 25 Jul, 2004 12:00am
Wheat down on grain market

Wheat down on grain market

Gram varieties fluctuated heavily on the seed and grain wholesale markets on Saturday amid modest business.
Published 25 Jul, 2004 12:00am
Brazil mulls waiving taxes to spur port investments

Brazil mulls waiving taxes to spur port investments

Brazil may waive taxes levied on the nation's ports as a way to stimulate investment in the dilapidated transport sector, the Development and Trade Minister Luiz Fernando Furlan said.
Published 25 Jul, 2004 12:00am
Peru eyes fuel tax cut for shippers to boost trade

Peru eyes fuel tax cut for shippers to boost trade

Peru is considering cutting taxes on fuel for shipping companies and airlines to attract more shippers as an export boom crowds out container space and delays goods, the government said on Tuesday.
Published 25 Jul, 2004 12:00am
Brazil beefing up port security, but irked at cost

Brazil beefing up port security, but irked at cost

Brazil's ports are amenable to beefing up security to meet new International Maritime Organisation (IMO) rules, but some exporters said on Wednesday they were not happy about the added costs.
Published 25 Jul, 2004 12:00am
Kazakh shipping company seeks loans to buy tankers

Kazakh shipping company seeks loans to buy tankers

Kazakhstan's state shipping company Kazmortransflot said on Wednesday it was in talks with the European Bank for Reconstruction and Development on a loan to build three oil tankers estimated at $42 million.
Published 25 Jul, 2004 12:00am
Ports of Auckland Container volumes up

Ports of Auckland Container volumes up

New Zealand's largest port operator, Ports of Auckland Ltd, on Thursday reported a two percent rise in container volumes for the year to June.
Published 25 Jul, 2004 12:00am
Brazil's Rio Grande port resumes soya shipments

Brazil's Rio Grande port resumes soya shipments

Brazil's southern port of Rio Grande said on Tuesday it would resume soyabean shipments on Wednesday, its first since May when China rejected the port's cargo saying it contained traces of fungicide.
Published 25 Jul, 2004 12:00am
Asian freight rates slip on slow demand

Asian freight rates slip on slow demand

Panamax dry bulk rates are seen drifting with a softer bias this week as the recent sharp rebound in shipping costs has depressed raw material demand amid the summer lull, shipping company officials said on Wednesday.
Published 25 Jul, 2004 12:00am
Turkey plans for ports privatisation

Turkey plans for ports privatisation

Turkey plans to launch an international tender in the coming weeks for companies interested in participating in the privatisation of its ports, the country's transport minister said on Tuesday.
Published 25 Jul, 2004 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 89,723 tonnes of cargo including 65,244 tonnes import and 24,479 tonnes export cargo during last 24 hours ending at 0700 hours on Friday.
Published 25 Jul, 2004 12:00am
Indian foreign exchange reserves rise

Indian foreign exchange reserves rise

India's foreign exchange reserves rose to $121.1 billion on July 16 from $120.78 billion a week, the Reserve Bank of India (RBI) said in its weekly statistical supplement on Saturday.
Published 25 Jul, 2004 12:00am
Colombia posts $4.6 million surplus in April

Colombia posts $4.6 million surplus in April

Colombia's government said on Friday it posted a small surplus in April after a deficit in the year-earlier month, but over the first four months of 2004 ran a deficit about the same as in the previous-year period.
Published 25 Jul, 2004 12:00am
IMM euro speculators grow net long position: CFTC

IMM euro speculators grow net long position: CFTC

Speculators in euro futures grew the net long position to its largest on record in the week ended July 20, data from the Commodity Futures Trading Commission showed on Friday.
Published 25 Jul, 2004 12:00am
Dollar rallies across the board on Greenspan assessment

Dollar rallies across the board on Greenspan assessment

The dollar surged to fresh one-month highs against the euro and Swiss franc on Friday, accelerating its upward momentum since Federal Reserve Chairman Alan Greenspan's upbeat assessment of the US economy and relatively tough talk on interest rates earlier
Published 25 Jul, 2004 12:00am
South Korea signals loosening grip on won

South Korea signals loosening grip on won

South Korea's finance minister said on Friday the government was not seeking to undervalue the won to support exports, signalling authorities may be loosening a policy of holding the currency down.
Published 25 Jul, 2004 12:00am
Singapore inflation levels out in June

Singapore inflation levels out in June

Singapore's consumer prices levelled out in June after rising steadily each month since February, government data showed on Friday, but economists expect more price rises in the months ahead.
Published 25 Jul, 2004 12:00am
Canadian dollar dips

Canadian dollar dips

The Canadian dollar slipped against the US currency on Friday as it faced a rangebound session with no economic data to guide on either side of the border, but geopolitical concern could be the major influence.
Published 25 Jul, 2004 12:00am
Canadian bonds drift higher

Canadian bonds drift higher

The Canadian bond prices drifted higher on Friday, benefiting mildly from weakness on North American equity markets.
Published 25 Jul, 2004 12:00am
Canadian bonds drift higher

Canadian bonds drift higher

The Canadian bond prices drifted higher on Friday, benefiting mildly from weakness on North American equity markets.
Published 25 Jul, 2004 12:00am
Chile stocks end mixed

Chile stocks end mixed

Chilean stocks ended mixed on Friday as weak retail sales data tempered gains in the country's top electrical generator Endesa after posting strong first-half earnings, analysts said.
Published 25 Jul, 2004 12:00am
Mexican stocks weaken

Mexican stocks weaken

Mexican stocks fell on Friday, after the country's central bank acted to drive up interest rates.
Published 25 Jul, 2004 12:00am
US Treasury prices finish firmer

US Treasury prices finish firmer

US Treasuries crept up in thin trade on Friday as security fears ahead of the weekend and shoddy stock market performance fuelled a modest safe-haven bid.
Published 25 Jul, 2004 12:00am
US Treasury prices finish firmer

US Treasury prices finish firmer

US Treasuries crept up in thin trade on Friday as security fears ahead of the weekend and shoddy stock market performance fuelled a modest safe-haven bid.
Published 25 Jul, 2004 12:00am
Brazil tax evasion report hits bonds

Brazil tax evasion report hits bonds

A magazine report that Brazil's Central Bank President Henrique Meirelles is embroiled in a tax evasion scandal hit the country's bonds at the end of an otherwise quiet session for emerging market debt on Friday.
Published 25 Jul, 2004 12:00am
Brazil tax evasion report hits bonds

Brazil tax evasion report hits bonds

A magazine report that Brazil's Central Bank President Henrique Meirelles is embroiled in a tax evasion scandal hit the country's bonds at the end of an otherwise quiet session for emerging market debt on Friday.
Published 25 Jul, 2004 12:00am
Argentine stocks dip

Argentine stocks dip

Argentine shares slipped on Friday in light trading as investors awaited news on the country's negotiations with the International Monetary Fund.
Published 25 Jul, 2004 12:00am
US corporate bonds spread mostly flat

US corporate bonds spread mostly flat

US corporate bond spreads were unchanged overall on Friday, with most bonds stalled in an 11-week trading range as losses in stocks offset a mostly positive second-quarter earnings season.
Published 25 Jul, 2004 12:00am
US corporate bonds spread mostly flat

US corporate bonds spread mostly flat

US corporate bond spreads were unchanged overall on Friday, with most bonds stalled in an 11-week trading range as losses in stocks offset a mostly positive second-quarter earnings season.
Published 25 Jul, 2004 12:00am
Brazilian markets follow Wall Street fall

Brazilian markets follow Wall Street fall

Brazilian stocks fell on Friday for the third consecutive session, pressured by lower US markets and concern about a local media report on alleged tax evasion by the Central Bank president, traders said.
Published 25 Jul, 2004 12:00am
Toronto stocks decline as techs and golds sag

Toronto stocks decline as techs and golds sag

Toronto stocks closed lower on Friday as the latest round of corporate results could not make a thin market ignore growing concerns about corporate performance in the second half of the year.
Published 25 Jul, 2004 12:00am
MetroPCS to land during IPO rough patch

MetroPCS to land during IPO rough patch

MetroPCS Communications Inc will attempt to raise half a billion dollars next week in an initial public offering that comes as deals are consistently pricing below expectations.
Published 25 Jul, 2004 12:00am
MetroPCS to land during IPO rough patch

MetroPCS to land during IPO rough patch

MetroPCS Communications Inc will attempt to raise half a billion dollars next week in an initial public offering that comes as deals are consistently pricing below expectations.
Published 25 Jul, 2004 12:00am
American credit market outlook

American credit market outlook

With corporate America having cleaned up their balance sheets and boosted cash holdings in the aftermath of the late-1990s binge, Morgan Stanley analysts say the halcyon days of credit quality may be coming to an end.
Published 25 Jul, 2004 12:00am
American credit market outlook

American credit market outlook

With corporate America having cleaned up their balance sheets and boosted cash holdings in the aftermath of the late-1990s binge, Morgan Stanley analysts say the halcyon days of credit quality may be coming to an end.
Published 25 Jul, 2004 12:00am
Dow ends below 10,000, jitters ahead of convention

Dow ends below 10,000, jitters ahead of convention

US stocks tumbled on Friday after investors were unnerved by disappointing results from Coca-Cola Co and Microsoft Corp and fretted about possible attacks at next week's Democratic National Convention.
Published 25 Jul, 2004 12:00am
India odds-on favourite in today's game

India odds-on favourite in today's game

India captain Saurav Ganguly believes his side's recent success against arch-rivals Pakistan will count for little when the teams meet in the Asia Cup on Sunday.
Published 25 Jul, 2004 12:00am
Pakistan in a must-win situation against India

Pakistan in a must-win situation against India

On March 21 this year, India began their fourth match of the one-day series against Pakistan with a do-or-die going. Being 2-1 down in the series, they simply had to win to stay alive.
Published 25 Jul, 2004 12:00am
Flintoff treble keeps England in command

Flintoff treble keeps England in command

England were 71 without loss and in total control at stumps on day three of the first test at Lord's on Saturday after Andrew Flintoff took three wickets for no runs to help dismiss West Indies for 416.
Published 25 Jul, 2004 12:00am
Weary Cubans wonder if oil could revive Castro regime

Weary Cubans wonder if oil could revive Castro regime

Weary from economic hardship, Cubans are eagerly awaiting news of the outcome of oil exploration off Cuba by Spain's Repsol YPF that could turn cash-strapped Havana into an oil producer overnight and breathe life into President Fidel Castro's communist re
Published 25 Jul, 2004 12:00am
New Zealand economy looking up

New Zealand economy looking up

New Zealand is a financially sophisticated and developed, small South Pacific country with a population of 4 million people.
Published 25 Jul, 2004 12:00am
Nepali kidnapped students recount brush with rebels

Nepali kidnapped students recount brush with rebels

Nepalese students, recounting their abduction by Maoist rebels, say the militants treated them well and wanted to hear their views - even if they were critical of rebel actions.
Published 25 Jul, 2004 12:00am
Duty on cars

Duty on cars

I have seen a letter in the Business Recorder, of Abdul Shakoor Umer, regarding the Central Board of Revenue, which has fixed the rate of customs duty on the import of cars.
Published 25 Jul, 2004 12:00am
White lie about Bt cotton

White lie about Bt cotton

Bt cotton, the first transgenic non-food crop, is designed to protect crops from pests and cut spraying costs. It contains a strand of genetic material from the naturally occurring soil micro-organism Bacillus thuringiensis (Bt), and it has been successfu
Published 25 Jul, 2004 12:00am
Uzbek kids pave roads as school homework

Uzbek kids pave roads as school homework

There is a blurred line for kids in Uzbekistan between school and labour camp. Homework just might include paving roads under a scorching sun in a struggling ex-Soviet state run with a thumping fist by President Islam Karimov.
Published 25 Jul, 2004 12:00am
Government serves as marketing board for sugar mills

Government serves as marketing board for sugar mills

A leading English newspaper carried an article clarifying the position of the sugar industry, for which the government serves as the marketing board. Obviously, the sugar industry, which is the main beneficiary of the current policy, is hurt at the unplea
Published 25 Jul, 2004 12:00am
Prospects of Geneva moot

Prospects of Geneva moot

The warning the World Trade Organisation chief, Supachai Panitchpakdi, sounded to the member states on Monday (July 19), has not come unexpected. For it revolves round fears of "all of us" turning poorer in case of failure of the Geneva moot to somehow sa
Published 25 Jul, 2004 12:00am
Autonomous status for CBR

Autonomous status for CBR

According to a news report, the World Bank is pressing the government to convert the Central Board of Revenue into a fully autonomous organisation with authority to manage its own affairs without any interference from the finance ministry.
Published 25 Jul, 2004 12:00am
No breach of Irsa's directives: Wapda

No breach of Irsa's directives: Wapda

Water and Power Development Authority (Wapda) has always respected Irsa's indents in letter and in spirit irrespective of power requirements.
Published 25 Jul, 2004 12:00am
Newsmen asked to promote healthy journalism

Newsmen asked to promote healthy journalism

Speaker Punjab Assembly Muhammad Afzal Sahi on Saturday took oath from President Najam Wali and Secretary Agha Ifthikar Ali of Punjab Assembly Press Gallery.
Published 25 Jul, 2004 12:00am
Musharraf to be briefed on Wage Award

Musharraf to be briefed on Wage Award

The Ministry of Information and Broadcasting has been preparing to give detailed briefing to President Pervez Musharraf on the implementation of 7th Wage Board Award for newspaper employees.
Published 25 Jul, 2004 12:00am
Sindh University teachers urged to work with missionary zeal

Sindh University teachers urged to work with missionary zeal

The Vice-Chancellor of Sindh University, Mazharul Haq Siddiqui, has said that the academicians and teachers are most honourable and respectable segment of the society and urged the academicians and scholars to work with missionary zeal to shape the talent
Published 25 Jul, 2004 12:00am
CDGK to build 31 local buses' termini

CDGK to build 31 local buses' termini

The Nazim City District Government Karachi (CDGK), Naimatullah Khan has accorded approval for establishing termini for local buses on 31 sites, identified by Transport & Communication Department.
Published 25 Jul, 2004 12:00am