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Nov 15, 2024 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Print - 2004-07-28
Paper firm UPM second-quarter profits fall

Paper firm UPM second-quarter profits fall

The world's top magazine paper maker UPM-Kymmene posted lower second-quarter profits on Tuesday due to weak paper prices but said growing demand would help raise prices and keep operating rates high this quarter.
Published 28 Jul, 2004 12:00am
DuPont profit falls on charges, ups outlook

DuPont profit falls on charges, ups outlook

DuPont Co, the No 2 US chemical maker, on Tuesday said quarterly profit fell after taking charges of $302 million for jobs cuts and the sale of its carpet and textiles business, But quarterly sales rose and the company increased its full-year earnings out
Published 28 Jul, 2004 12:00am
DuPont profit falls on charges, ups outlook

DuPont profit falls on charges, ups outlook

DuPont Co, the No 2 US chemical maker, on Tuesday said quarterly profit fell after taking charges of $302 million for jobs cuts and the sale of its carpet and textiles business, But quarterly sales rose and the company increased its full-year earnings out
Published 28 Jul, 2004 12:00am
US Treasury prices down

US Treasury prices down

US Treasury prices fell on Monday as investors suspected record US home sales might herald a wave of strong data in a week packed with economic reports. Policy-makers have argued that a June slowdown in US economic growth was a blip in an otherwise health
Published 28 Jul, 2004 12:00am
US Treasury prices down

US Treasury prices down

US Treasury prices fell on Monday as investors suspected record US home sales might herald a wave of strong data in a week packed with economic reports. Policy-makers have argued that a June slowdown in US economic growth was a blip in an otherwise health
Published 28 Jul, 2004 12:00am
Taiwan stocks up as tech shares rebound

Taiwan stocks up as tech shares rebound

Taiwan stocks closed up 1.25 percent on Tuesday, bouncing from a near 1-year low, as investors ventured back for bargains in the tech sector that had been hurt by concern over slower demand in the second half.
Published 28 Jul, 2004 12:00am
Hong Kong stocks end flat

Hong Kong stocks end flat

Hong Kong's leading stock index fell a slim 0.15 percent on Tuesday as a rally in property stocks ran out of steam and investors worried over signs that international funds are exiting Greater China. "Overall confidence is lacking because money continues
Published 28 Jul, 2004 12:00am
US stocks fall; S&P 500 and Nasdaq at 2004 lows

US stocks fall; S&P 500 and Nasdaq at 2004 lows

US blue chips ended flat and technology stocks fell to fresh 2004 lows on Monday, as investors looked past some strong earnings reports and fretted over the possibility that corporate profit growth may slow in the months ahead. Beaten down in a month-long
Published 28 Jul, 2004 12:00am
Thai stocks slip, bank scare eases

Thai stocks slip, bank scare eases

Thailand's main stock index slipped 0.03 percent on Tuesday as profit-taking ate into early gains by bank stocks after the central bank eased scares about non-performing loans, analysts said. The benchmark Stock Exchange of Thailand (SET) index closed dow
Published 28 Jul, 2004 12:00am
Jakarta stocks drop

Jakarta stocks drop

Jakarta stocks finished lower on Tuesday in a quiet market due to lack of positive leads and weaker trading in some regional bourses, analysts said. The Jakarta Composite Index closed 0.33 percent lower at 759.28 points in very thin trade with an estimate
Published 28 Jul, 2004 12:00am
Philippines stocks surge, spotlight on telecoms

Philippines stocks surge, spotlight on telecoms

Philippine stocks closed higher on Tuesday, supported by growing expectations of strong second-quarter profit growth at telecoms PLDT and Globe Telecom, traders said. The Philippine main index ended 17.64 points or 1.14 percent higher at 1,560.90 points.
Published 28 Jul, 2004 12:00am
Singapore blue chips soar, Chartered recovers

Singapore blue chips soar, Chartered recovers

Singapore's key share index rose about three-fourth of a percent on Tuesday to its highest close in about a week, on bargain hunting in select blue chips ahead of their second-quarter results. The Straits Times Index rose 13.1 points, or 0.71 percent, to
Published 28 Jul, 2004 12:00am
Nikkei declines, earnings worries hit techs

Nikkei declines, earnings worries hit techs

Tokyo's Nikkei lost just over one percent on Tuesday, closing lower for a fourth straight session as nagging worries on the outlook for corporate earnings and continued losses in US tech shares again hit local tech issues. Investors dumped Seiko Epson Cor
Published 28 Jul, 2004 12:00am
Sri Lankan stocks set record closing high

Sri Lankan stocks set record closing high

Sri Lankan stocks ended at a record closing high on Tuesday as retailers drove up smaller stock values, despite weaker foreign interest, brokers said. The key Colombo all-share index gained 0.22 percent, or 3.14 points, to 1,442.55, just above last Friday
Published 28 Jul, 2004 12:00am
Indian shares snap four-day rise

Indian shares snap four-day rise

India's key share index slid on Tuesday on disappointing results from heavyweights State Bank of India and Reliance Industries Ltd. The 30-share Mumbai index fell 0.83 percent to 5,075.88 points after rising 3.2 percent in the last 4 sessions. "State Bank
Published 28 Jul, 2004 12:00am
Hong Kong dollar remains weak

Hong Kong dollar remains weak

The Hong Kong dollar remained under selling pressure against the US unit on Tuesday as investors continued to pull out funds from the territory. The Hong Kong Monetary Authority (HKMA), the city's de facto central bank, reported that it had bought HK $234
Published 28 Jul, 2004 12:00am
Chinese yuan notches softer

Chinese yuan notches softer

The yuan ended two notches softer at 8.2768 per US dollar on Tuesday, near the stronger end of its trading range. The one-year non-deliverable dollar forward discount versus the yuan was at 975 points implying a rate of 8.1805 yuan per dollar in 12 months
Published 28 Jul, 2004 12:00am
Indian rupee gains on trade flows

Indian rupee gains on trade flows

The Indian rupee appreciated for a second straight day on Tuesday, buoyed by robust trade inflows, which lifted the local currency as much as 0.25 percent at one point before late dollar buying by importers capped gains. The rupee finished one-tenth of a
Published 28 Jul, 2004 12:00am
Dollar locked in range as market eyes US data

Dollar locked in range as market eyes US data

The dollar was locked in ranges against major rivals on Tuesday as the market awaited data that is seen key to gauging the buoyancy of the US economic recovery. Analysts said that last week's dollar rally, spurred by upbeat comments by Federal Reserve Cha
Published 28 Jul, 2004 12:00am
Dollar slides on profit taking, awaits US data

Dollar slides on profit taking, awaits US data

The dollar retreated on Monday as investors took profits from last week's gains and awaited the next few days' US data to see whether the numbers would support the Federal Reserve's optimism on the US economy. The greenback rallied last week as upbeat com
Published 28 Jul, 2004 12:00am
Bangladeshi taka steady

Bangladeshi taka steady

The Bangladesh taka closed steady on Tuesday on low demand for US dollars after floods disrupted business activities in the capital, Dhaka, dealers said. The taka was quoted at 59.27/60.15 per dollar, from 57.27/60.53 per dollar on Monday.
Published 28 Jul, 2004 12:00am
Asian currencies: intervention fears limit losses

Asian currencies: intervention fears limit losses

Asian currencies fell on Tuesday, some to new lows for the year, as foreign investors kept up their liquidation of Asian assets though the fear of intervention by local central banks lent some support.
Published 28 Jul, 2004 12:00am
Swiss franc little changed against dollar and euro

Swiss franc little changed against dollar and euro

The Swiss franc was little changed in early trading on Tuesday with the focus on US data this week, which is expected to gauge the current health of the US economy, the world's business engine. The dollar traded at 1.2651/55 francs compared with levels ar
Published 28 Jul, 2004 12:00am
Lara declared TBCC cricketer of the year

Lara declared TBCC cricketer of the year

Firebrand batsman Brian Lara was conferred with the "Cricketer of the year 2003-04" award for his phenomenal performance by the Trinidad and Tobago Cricket Board (TBCC) on Tuesday. In a spectacular batting display, Lara had earlier this year amassed 400 n
Published 28 Jul, 2004 12:00am
Odumbe match-fixing panel jeered

Odumbe match-fixing panel jeered

A tribunal hearing allegations of match-fixing against former Kenyan captain Maurice Odumbe resumed here Tuesday to jeers at the International Cricket Council (ICC) legal team. Dozens of demonstrators carrying placards jeered the ICC team, led by Zimbabwe
Published 28 Jul, 2004 12:00am
England have the edge, says Vaughan

England have the edge, says Vaughan

England captain Michael Vaughan said his side had a "psychological edge" over the West Indies after their first Test win at Lord's. Victory left England 1-0 up in the four-Test series ahead of Thursday's second match at Edgbaston. "Going into the game Thu
Published 28 Jul, 2004 12:00am
Durham sign Australian bowler Tait

Durham sign Australian bowler Tait

Promising Australian fast bowler Shaun Tait has signed for English country cricket club Durham. The 21-year-old, included in the Australian squad for the recent Test series against Sri Lanka, will replace Shoaib Akhtar who was recalled to Pakistan for the
Published 28 Jul, 2004 12:00am
Ganguly calls for bigger squads for ODIs

Ganguly calls for bigger squads for ODIs

Indian skipper Sourav Ganguly said the International Cricket Council (ICC) should allow for bigger squads for One-day tournaments considering the number of matches teams have to play which tend to make players more prone to injuries. "There is a problem i
Published 28 Jul, 2004 12:00am
India qualify for final with narrow Colombo win

India qualify for final with narrow Colombo win

Virender Sehwag shone with bat and ball as India beat Sri Lanka by four runs in their Asia Cup clash on Tuesday to book their place in the final against the same opponents. Sehwag top-scored for India with 81 and then took three for 37 with his occasional
Published 28 Jul, 2004 12:00am
Swiss bank branch evacuated after bomb alert

Swiss bank branch evacuated after bomb alert

Three hundred staff at the Geneva branch of the Swiss bank UBS were evacuated for three hours Tuesday as bomb disposal squads with sniffer dogs searched the building following an alert, police said.
Published 28 Jul, 2004 12:00am
US threatens to withdraw aid for Falluja

US threatens to withdraw aid for Falluja

US aircraft dropped leaflets on the rebellious Iraqi city of Falluja on Tuesday, warning residents they would lose $102 million in rebuilding funds if they did not halt attacks and allow US troops to enter freely. After fierce fighting in April in which h
Published 28 Jul, 2004 12:00am
South Korean defence chief offers to resign: ministry

South Korean defence chief offers to resign: ministry

South Korea's defence minister offered to resign on Tuesday to take responsibility for the military's cover-up of details in a recent naval incident with North Korea, a ministry spokesman said. Cho Young-gil had expressed his intention to step down in com
Published 28 Jul, 2004 12:00am
Suicides on the rise in Russian army: prosecutor

Suicides on the rise in Russian army: prosecutor

Suicides are on the rise in Russia's demoralised armed forces, the military prosecutor general said Tuesday, adding that over half of the military officials who took their own lives were driven to it by their commanders.
Published 28 Jul, 2004 12:00am
Modern day Noahs race to build wildlife gene bank

Modern day Noahs race to build wildlife gene bank

Scientists are racing to set up a gene bank of the world's endangered animals, with thousands of species expected to become extinct within a generation due to climate change and habitat destruction. The plan, dubbed the Frozen Ark and announced on Tuesday
Published 28 Jul, 2004 12:00am
Japanese panel agrees on review of arms export ban

Japanese panel agrees on review of arms export ban

An advisory panel on defence strategy to Japan's prime minister agreed on Tuesday a review of a government ban on weapon exports was needed to enable the industry to develop technology with other countries, media said.
Published 28 Jul, 2004 12:00am
Lee Kuan Yew to stay in Singapore cabinet

Lee Kuan Yew to stay in Singapore cabinet

The founding father of modern Singapore, Lee Kuan Yew, says he will remain in the cabinet in an advisory role when his son becomes prime minister on August 12 but outgoing premier Goh Chok Tong will take over from him as "number two".
Published 28 Jul, 2004 12:00am
Assad and Mubarak discuss need to seal border with Iraq

Assad and Mubarak discuss need to seal border with Iraq

President Hosni Mubarak and his counterpart from Damascus, Bashar al-Assad, discussed the need to seal off the border between Syria and Iraq and preserve Iraq's unity here Tuesday. Assad stressed "Syrian efforts to hermetically control the border between
Published 28 Jul, 2004 12:00am
Court voids France's first same-sex marriage

Court voids France's first same-sex marriage

France's first gay marriage - performed last month in the south-west city of Bordeaux - was officially declared void by a court Tuesday. The judge sided with the conservative government by ruling that the June 5 wedding between a shopkeeper and a male nur
Published 28 Jul, 2004 12:00am
Pirates storm gas tanker in Indonesia, open fire

Pirates storm gas tanker in Indonesia, open fire

Armed pirates stormed a gas tanker at anchor in Indonesia firing several shots at the crew, the latest in a string of attacks in the country's troubled waters, an ocean crime watchdog said on Tuesday. The International Maritime Bureau (IMB) said five men
Published 28 Jul, 2004 12:00am
US envoy to Kabul warns of divisions

US envoy to Kabul warns of divisions

The US ambassador to Kabul warned on Tuesday of tension between Afghan President Hamid Karzai and ethnic minority factions in his government who say they will challenge the frontrunner in October elections. He referred to "hurt feelings", "injured pride"
Published 28 Jul, 2004 12:00am
North Korea demands US troop pullout

North Korea demands US troop pullout

North Korea urged the United Nations on Tuesday to dissolve the UN Command on the tense peninsula and press for the withdrawal of US troops based in South Korea. In a rare letter to UN Secretary General Kofi Annan, North Korea's representative at the Kore
Published 28 Jul, 2004 12:00am
Sudan will fight if foreign troops enter Darfur: foreign minister

Sudan will fight if foreign troops enter Darfur: foreign minister

Sudan's foreign minister said on Tuesday Sudanese soldiers would fight back if foreign troops entered his country to quell ethnic violence in its western Darfur region, but said he hoped this would not happen. The United States Congress has branded the Da
Published 28 Jul, 2004 12:00am
Powell calls for resolve over Iraq kidnappings

Powell calls for resolve over Iraq kidnappings

US Secretary of State Colin Powell urged allies in Iraq not to bow to guerrillas waging a campaign of hostage-taking and bombing as an attack wounded 14 foreign soldiers in Baghdad on Tuesday. Insurgents bent on undermining Iraq's interim government fired
Published 28 Jul, 2004 12:00am
Afghan hospital collapse kills 8

Afghan hospital collapse kills 8

The collapse of a hospital building under construction in the Afghan capital has killed at least eight workers and injured 27 others, officials said Tuesday. A Chinese construction company was working on the building in central Kabul when it collapsed on
Published 28 Jul, 2004 12:00am
Thousands of children demonstrate in Gaza

Thousands of children demonstrate in Gaza

Around 7,000 children took to the streets here Tuesday to demonstrate against the Israeli army's offensive in the northern Gaza town of Beit Hanun and against corruption among Palestinian officials. Boys and girls, aged 10 to 14, took part in the demonstr
Published 28 Jul, 2004 12:00am
Hindu-Muslim clash shuts down Veraval

Hindu-Muslim clash shuts down Veraval

Riot police patrolled a port town in India's western Gujarat state on Tuesday a day after two people were killed in Hindu-Muslim clashes that began when a Muslim boy was beaten up for teasing a Hindu girl. Businesses and schools were shut and authorities
Published 28 Jul, 2004 12:00am
French Guantanamo suspects back home

French Guantanamo suspects back home

Four Frenchmen detained in the US military camp at Guantanamo Bay in Cuba for more than two years arrived back in France on Tuesday after being handed over to French authorities. The men were captured during the US led-war in Afghanistan on suspicion of f
Published 28 Jul, 2004 12:00am
Hoax bomb threat forces LA-bound flight to turn back

Hoax bomb threat forces LA-bound flight to turn back

A hoax bomb threat on a United Airlines plane carrying 264 people forced an emergency return to Sydney Tuesday, sparking a full alert in airspace along Australia's eastern seaboard. A government spokesman said the pilot of Los Angeles-bound flight UA840 d
Published 28 Jul, 2004 12:00am
Democrats begin the selling of Kerry

Democrats begin the selling of Kerry

After a full-bore attack on George W. Bush, Democrats here turned Tuesday to the job of selling their presidential candidate John Kerry to a US electorate still filled with many questions. Some 5,000 delegates went into the second day of their four-day na
Published 28 Jul, 2004 12:00am
Bush takes minor spill on mountain bike

Bush takes minor spill on mountain bike

US President George W. Bush, for the second time in two months, took a tumble on his mountain bike while riding on his Texas ranch, a White House spokeswoman said on Monday. "During an 18-mile ride, as bikers often do, the president took a minor spill and
Published 28 Jul, 2004 12:00am
Qorei drops resignation in deal with Arafat: two Palestinians killed

Qorei drops resignation in deal with Arafat: two Palestinians killed

Palestinian Prime Minister Ahmed Qorei retracted his resignation on Tuesday after Yasser Arafat granted him some powers to carry out reforms, easing a paralysing leadership crisis, officials said. Qorei's chief of staff said he had won effective control o
Published 28 Jul, 2004 12:00am
Sterling falls against dollar

Sterling falls against dollar

Sterling fell against the dollar on Tuesday after stronger than expected US consumer confidence data triggered a broad-based rally in the greenback. Having spent most of the European session shuttling in tight ranges, sterling dropped to the day's low of
Published 28 Jul, 2004 12:00am
Dollar slips away from multi-week peaks in London

Dollar slips away from multi-week peaks in London

The dollar slipped away from recent multi-week peaks against the euro and yen on Tuesday as a brief United Airlines security scare and a strong German business survey pushed it back a bit ahead of key US data.
Published 28 Jul, 2004 12:00am
US Stocks: Tuesday's unofficial close

US Stocks: Tuesday's unofficial close

US stocks gained on Tuesday, getting a boost from higher earnings at Verizon Communications Inc and data showing consumer confidence strengthened. Markets have been under pressure in recent weeks on fears the solid improvement in earnings seen over the pa
Published 28 Jul, 2004 12:00am
Corporate bonds focussed on results, equities

Corporate bonds focussed on results, equities

Stronger equity markets and surging US consumer confidence data gave European corporate bond markets a positive tone on Tuesday. The FTSE Euro Corporate Bond Index showed investment-grade corporate bonds in euros yielding an average 51.3 basis points more
Published 28 Jul, 2004 12:00am
Corporate bonds focussed on results, equities

Corporate bonds focussed on results, equities

Stronger equity markets and surging US consumer confidence data gave European corporate bond markets a positive tone on Tuesday. The FTSE Euro Corporate Bond Index showed investment-grade corporate bonds in euros yielding an average 51.3 basis points more
Published 28 Jul, 2004 12:00am
Insurers and Vodafone lead FTSE-100 share index recovery

Insurers and Vodafone lead FTSE-100 share index recovery

A rally in financial stocks, including Legal & General, lifted Britain's leading share index on Tuesday after insurer Prudential beat earnings forecasts and sounded a upbeat note on trading. A rise in US consumer confidence injected support while a 2.4 pe
Published 28 Jul, 2004 12:00am
Seoul shares up

Seoul shares up

Seoul stocks ended a shade higher on Tuesday, as investors snapped up local refiners betting on handsome margins from high oil prices, while late interest in index heavyweights such as Samsung Electronics also helped overturn initial tech-led losses. Fore
Published 28 Jul, 2004 12:00am
Oil steadies on refinery woes as crude data looms

Oil steadies on refinery woes as crude data looms

US oil prices held firm above $41 a barrel on Tuesday, with refinery problems in Europe and Asia and expectations of lower US stockpiles countering forecasts for steadier gasoline supplies. US light crude was flat at $41.44 a barrel, after losing 27 cents
Published 28 Jul, 2004 12:00am
Vietnam halts new rice deals

Vietnam halts new rice deals

Vietnam, the world's second-biggest rice exporter, has ordered all rice traders to cease offering and signing new deals to export rice after hitting a limit of 3.5 million tonnes set for 2004. In an emergency directive sent out to all traders obtained by
Published 28 Jul, 2004 12:00am
Indian officials clamp down on illegal GMO cotton

Indian officials clamp down on illegal GMO cotton

Authorities in India's main cotton growing region are raiding farmers and traders to prevent rampant illegal planting of genetically modified (GMO) cotton, officials said on Tuesday. Farmers are estimated to have planted unapproved GMO cotton in more than
Published 28 Jul, 2004 12:00am
Oil flirts with record over $42 on supply concerns

Oil flirts with record over $42 on supply concerns

US oil prices approached a record high above $42 a barrel on Tuesday as worries lingered over whether the Opec producer cartel had enough spare capacity to quench global demand. Speculative fund buying was supported by a spate of refinery problems world-w
Published 28 Jul, 2004 12:00am
Oil flirts with record over $42 on supply concerns

Oil flirts with record over $42 on supply concerns

US oil prices approached a record high above $42 a barrel on Tuesday as worries lingered over whether the Opec producer cartel had enough spare capacity to quench global demand. Speculative fund buying was supported by a spate of refinery problems world-w
Published 28 Jul, 2004 12:00am
London sugar ends mostly up

London sugar ends mostly up

London white sugar futures settled mostly higher on Tuesday on trade and speculator buying in low turnover, traders said. Front month October finished unchanged at $248.0 a tonne in volume of just 586 lots, having moved between $249.5 and $247.2. December
Published 28 Jul, 2004 12:00am
New York cotton hits another 21-month low mark

New York cotton hits another 21-month low mark

NYBOT cotton futures reeled from a fresh bout of speculative fund sales to finish on Tuesday at a fresh 21-month low, with a poor technical outlook and bearish fundamentals seen punishing the market further, brokers said. Key December cotton fell 0.52 cen
Published 28 Jul, 2004 12:00am
London coffee weak on offset fund selling

London coffee weak on offset fund selling

London robusta coffee futures weakened as support levels were tested but failed to break as roaster buying offset fund selling. LIFFE September coffee was down $7 at $672 a tonne after reaching a new contract low of $664 earlier. That's the weakest for a
Published 28 Jul, 2004 12:00am
London cocoa up, rebound seen as temporary

London cocoa up, rebound seen as temporary

London cocoa futures closed in positive territory on Tuesday, rebounding from a correction on Monday after reaching seven-month highs last week. The gain is seen as a temporary rebound with further losses expected later this week on expectations of a surp
Published 28 Jul, 2004 12:00am
Gold falls as dollar rises, sentiment weak

Gold falls as dollar rises, sentiment weak

Gold moved down in Europe on Tuesday as a jump in US consumer confidence boosted the dollar and dulled the metal as an alternative investment. Spot gold eased to $387.80/388.30 per troy ounce by 1423 GMT, compared with $390.25/$391.00 quoted late in New Y
Published 28 Jul, 2004 12:00am
LME copper hit by fund, CTA selling; lead firmer

LME copper hit by fund, CTA selling; lead firmer

Base metals mostly dropped during Tuesday London Metal Exchange (LME) open-outcry business, led by fund and technical selling in copper, while lead was lifted by supply worries, traders said. Copper was lower, as it had been throughout the session, breaki
Published 28 Jul, 2004 12:00am
US MIDDAY: coffee at three-week low

US MIDDAY: coffee at three-week low

NYBOT arabica coffee futures settled Tuesday at a fresh 3-week low on speculative and options-related sales, although brisk roaster buying pared losses in the market and should help coffee consolidate in the days ahead, brokers said.
Published 28 Jul, 2004 12:00am
US MIDDAY: sugar mixed on speculators, subdued business

US MIDDAY: sugar mixed on speculators, subdued business

NYBOT raw sugar futures settled mixed Tuesday in activity featuring small speculators in subdued business, with the sweetener tipped to drift in a tight band given the dearth of market-moving news, dealers said. October sugar added 0.01 cent to end at 8.2
Published 28 Jul, 2004 12:00am
US MIDDAY: wheat futures decline on quiet exports

US MIDDAY: wheat futures decline on quiet exports

Soft red winter (SRW) wheat futures at the Chicago Board of Trade turned lower early on Tuesday amid quiet exports and seasonal harvest hedge pressure, traders said. Exports were quiet overnight and there are no large-volume export tenders on the horizon,
Published 28 Jul, 2004 12:00am
US MIDDAY: corn falls on speculative buying

US MIDDAY: corn falls on speculative buying

Corn futures at the Chicago Board of Trade weakened on Tuesday, pressured by ideal crop weather and improving condition ratings for US corn, traders said. CBOT corn futures were 1/2 to 2-1/2 cents per bushel lower by 10:45 am CDT (1545 GMT). September was
Published 28 Jul, 2004 12:00am
US MIDDAY: soya futures lower on speculators profits

US MIDDAY: soya futures lower on speculators profits

Soyabean futures at the Chicago Board of Trade turned lower within the first 30 minutes of Tuesday's session as speculators took profits after an early rally, floor traders said. CBOT soyabean futures were 5 to 10-1/4 cents per bushel lower by 10:30 am CD
Published 28 Jul, 2004 12:00am
US MIDDAY: copper inches down on follow-through sales

US MIDDAY: copper inches down on follow-through sales

COMEX copper futures drifted lower Tuesday morning after overnight Far Eastern selling pressured London Metal Exchange prices, but a lack of follow-through sales and imminent US consumer confidence data kept the market afloat as dealers tracked the foreig
Published 28 Jul, 2004 12:00am
US MIDDAY: gold falls on consumer confidence data

US MIDDAY: gold falls on consumer confidence data

COMEX gold futures opened moderately higher Tuesday in continued consolidation from recent sharp declines, but when US consumer confidence data came out well above forecasts the dollar firmed against the euro and gold prices turned down, traders said. Onc
Published 28 Jul, 2004 12:00am
PIA to cancel Muscat operation

PIA to cancel Muscat operation

Pakistan International Airlines (PIA) has decided to cancel its Gwadar-Muscat-Gwadar operation from August l, 2004. According to PIA, the decision was taken in view of refusal by Director General Civil Aviation Authority of Oman to extend waiver to operat
Published 28 Jul, 2004 12:00am
Muttahida activist acquitted in newspaper office blast case

Muttahida activist acquitted in newspaper office blast case

A division bench of Sindh High Court (SHC) comprising Justice Muhammad Mujeebullah Siddiqui and Justice Muhammad Afzal Soomro on Tuesday set aside the conviction of Muttahida Qaumi Movement (MQM)'s activist in newspaper office blast case. Muhammad Uzair Q
Published 28 Jul, 2004 12:00am
West must pay heed to grievances of Muslim world: Maleeha

West must pay heed to grievances of Muslim world: Maleeha

Pakistan's envoy to the UK, Dr Maleeha Lodhi has said that the West must pay heed to grievances of the Muslim world for a "real" dialogue between civilisations. Addressing the central council of the Royal Overseas League here on late Monday, Dr Maleeha Lo
Published 28 Jul, 2004 12:00am
Thousands of jute bags burnt

Thousands of jute bags burnt

Thousands of jute bags were burnt as fire erupted suddenly at Indus Jute Mill (IJM) in Dhabeji Industrial Area here on Tuesday, while the fire fighter were trying to put out fire. Fire brigade vehicles called from Karachi were trying to extinguish fire.
Published 28 Jul, 2004 12:00am
Humayun to lead team at Pak-Kenya JMC

Humayun to lead team at Pak-Kenya JMC

Commerce Minister Humayun Akhtar Khan will be visiting Kenya from July 29 to 30, to attend the third session of Kenya- Pakistan Joint Ministerial Commission (JMC).
Published 28 Jul, 2004 12:00am
Swimming and bathing banned on beaches

Swimming and bathing banned on beaches

City Nazim Naimatullah Khan has imposed ban on swimming, bathing and wading on all beaches, here, under section 144 for a period of seven days immediately. Access or visit to dangerous location for recreation like Sunerah Beach, Mubarak Village Beach, Nee
Published 28 Jul, 2004 12:00am
SHOs directed to eliminate vice dens

SHOs directed to eliminate vice dens

Sindh Governor Dr Ishratul Ibad Khan ordered on Tuesday immediate removal of Station House Officers (SHOs) if any vice den is found operative in their respective areas throughout the province. Presiding over a high level meeting on law & order at Governor
Published 28 Jul, 2004 12:00am
US Congressman lauds Pakistan's role

US Congressman lauds Pakistan's role

US Congressman Dan Burton has said that President Musharraf and the government of Pakistan are doing everything they can to work with the United States to stop the terrorists' threats.
Published 28 Jul, 2004 12:00am
Aero Asia launches e-ticketing service

Aero Asia launches e-ticketing service

The Aero Asia (Pvt) Ltd and the Citibank announced on Tuesday a pioneering service for the first time in Pakistan, to purchase domestic airline tickets online through an e-ticketing facility. "Citibank is proud to once again fulfill its commitment to intr
Published 28 Jul, 2004 12:00am
Italian parliamentarians to attend K-2 jubilee ceremony

Italian parliamentarians to attend K-2 jubilee ceremony

Italian Minister for Agriculture Giovanni Alimanno and members of the Parliament have already reached here to participate in the Golden Jubilee celebrations of K-2 and 51st anniversary of Nanga. The distinguished guests are currently at the base camp of K
Published 28 Jul, 2004 12:00am
Pakistan's unqualified support to China reiterated

Pakistan's unqualified support to China reiterated

Pakistan will continue unqualified support to China on Tibet, Taiwan and will further enhance mutual co-operation to counter terrorism and extremism. These views were expressed by Chairman Senate Mohammadmian Soomro in a meeting with Ismail Tilwaldi, the
Published 28 Jul, 2004 12:00am
Textile and garment sectors contribute 68 percent of total exportsISLAMABAD: Almost all restrictions on relocation of used textile machinery and related equipment have been removed to encourage aggressive establishment of enhanced textile production capac

Textile and garment sectors contribute 68 percent of total exportsISLAMABAD: Almost all restrictions on relocation of used textile machinery and related equipment have been removed to encourage aggressive establishment of enhanced textile production capac

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Published 28 Jul, 2004 12:00am
Government gets $344 million by issuing 19 phone licences

Government gets $344 million by issuing 19 phone licences

The government has received about 344 million dollars by issuing 19 licences till-to-date from various companies to initiate fixed-line and cellular phone services in the country. Pakistan Telecommunication Authority (PTA) has issued these licences as par
Published 28 Jul, 2004 12:00am
Textile quota

Textile quota

The efforts of exporters to export more are being sabotaged by the greedy speculators. The Commerce Ministry and the EPB should keep track of what's happening to the quota market. The EU quota market, especially cat. 4 and cat. 5, made a sudden jump in Ma
Published 28 Jul, 2004 12:00am
PIA's clarification

PIA's clarification

With reference to a letter from Syed I. Ahmad in the Business Recorder of July 22, I would like to point out the following facts. It is incorrect to say that the PIA has decreased its capacity on flights to USA during the peak season. In fact the t
Published 28 Jul, 2004 12:00am
Foreign investment

Foreign investment

I read the letter of Muhammad Shaukat, of Switzerland, published in the Business Recorder July 19, 2004, which is 100% correct. There is a lot of corruption in the Director General (Gas) Office in Islamabad, as well as in Sui Southern Gas Company L
Published 28 Jul, 2004 12:00am
Persian carpet weaving unravels in its homeland

Persian carpet weaving unravels in its homeland

For nine months primary school teacher Kazem Karimi has been meticulously knotting the silk strands of a lush crimson Persian carpet hung on a frame in his front room. He has reached the half-way point.
Published 28 Jul, 2004 12:00am
Gazans expect no relief after Israeli 'disengagement'

Gazans expect no relief after Israeli 'disengagement'

"I'll bet some of it is melting by now." Palestinian truck driver Majd al-Wahdiya was weary. He had waited for hours for word that his ice creams had passed elaborate security checks at an Israeli border crossing point that dictates the fortunes of busine
Published 28 Jul, 2004 12:00am
Law of Contracts

Law of Contracts

During its course of life a business uses or becomes subject to a large number of laws. To name only a few major ones, there are laws governing contracts, sale of goods and negotiable instruments; laws relating to taxation such as laws of customs and exci
Published 28 Jul, 2004 12:00am
Gaining confidence of tax-payers

Gaining confidence of tax-payers

It is a welcome news as reported in Business Recorder the other day that the Central Board of Revenue (CBR) has at long last taken notice of the frivolous appeals filed by the Income Tax department against the orders of various of adjudication foru
Published 28 Jul, 2004 12:00am
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