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Print - 2004-08-14
Google auction opens despite violation

Google auction opens despite violation

The auction on Google Inc's much-watched $3.3 billion initial public offering opened Friday despite the company saying a Playboy magazine interview with its founders may have violated securities rules.
Published 14 Aug, 2004 12:00am
CBR moves defy government commitment to investors

CBR moves defy government commitment to investors

The two major announcements in federal budget 2004-2005 by the Central Board of Revenue (CBR), pertaining to tax structure for Export Processing Zones (EPZs), have hampered supplies to the tariff areas, violating government's commitment with investors for
Published 14 Aug, 2004 12:00am
Canada's trade surplus hits record

Canada's trade surplus hits record

Canada's trade surplus surged to a record C$8.63 billion ($6.49 billion) in June, far beyond market expectations, on a jump in exports and a dip in imports, Statistics Canada said on Friday.
Published 14 Aug, 2004 12:00am
Olympic Games launched

Olympic Games launched

A theatrical mixture of ancient and modern Greece launched the Athens Olympics on Friday, lifting spirits in the Games' birthplace after the host nation was rocked by a drugs drama involving its two top sprinters.
Published 14 Aug, 2004 12:00am
Tax hikes will hit economy: Snow

Tax hikes will hit economy: Snow

US jobs growth will recover but increasing taxes right now could risk the economic recovery, Treasury Secretary John Snow said on Friday.
Published 14 Aug, 2004 12:00am
Olympic Games launched

Olympic Games launched

A theatrical mixture of ancient and modern Greece launched the Athens Olympics on Friday, lifting spirits in the Games' birthplace after the host nation was rocked by a drugs drama involving its two top sprinters.
Published 14 Aug, 2004 12:00am
US trade gap hits record, producer prices tame

US trade gap hits record, producer prices tame

The US trade deficit widened much more than expected in June, hitting a record $55.8 billion dollars on the biggest drop in exports in nearly three years and record imports, the government said on Friday.
Published 14 Aug, 2004 12:00am
Sadr lays down conditions to leave Najaf

Sadr lays down conditions to leave Najaf

Shia cleric Moqtada al-Sadr is unhurt and is negotiating with the Iraqi government to leave the Hazrat Ali shrine in the city of Najaf, Interior Minister Falah al-Naqib said on Friday.
Published 14 Aug, 2004 12:00am
Foreigners could enter bidding for Yukos

Foreigners could enter bidding for Yukos

Russia's decision to appoint a foreign bank to prepare the main production unit of Yukos for sale could pave the way for a foreign company to make a bid, something which until now had seemed unthinkable.
Published 14 Aug, 2004 12:00am
Sadr lays down conditions to leave Najaf

Sadr lays down conditions to leave Najaf

Shia cleric Moqtada al-Sadr is unhurt and is negotiating with the Iraqi government to leave the Hazrat Ali shrine in the city of Najaf, Interior Minister Falah al-Naqib said on Friday.
Published 14 Aug, 2004 12:00am
Germany to adopt fixed pricing plan for drugs

Germany to adopt fixed pricing plan for drugs

The German government on Friday adopted recommendations to include a range of drugs in a fixed price setting system as part of reforms aimed at cutting the rising healthcare costs in Europe's largest economy.
Published 14 Aug, 2004 12:00am
Holiday notice

Holiday notice

The offices of Business Recorder will remain closed on Saturday, August 14, on account of Independence Day.
Published 14 Aug, 2004 12:00am
Australian parliament passes US free trade agreement

Australian parliament passes US free trade agreement

Australia's parliament approved a free trade pact with the United States Friday, ending months of pre-election political wrangling but raising concerns Washington will scupper the deal over last-minute Australian amendments.
Published 14 Aug, 2004 12:00am
Eurozone growth eases unexpectedly in second quarter

Eurozone growth eases unexpectedly in second quarter

Growth in the eurozone unexpectedly eased in the second quarter, despite rising consumer spending in France and stronger exports in Germany, putting a question mark over the speed of economic revival.
Published 14 Aug, 2004 12:00am
Japanese growth slows but recovery seen intact

Japanese growth slows but recovery seen intact

Japan's economy grew just 0.4 percent in the April-June quarter, falling short of forecasts and off the blistering pace in the preceding quarters, although economists and the government said the recovery would continue.
Published 14 Aug, 2004 12:00am
India and Japan agree to set up trade study group

India and Japan agree to set up trade study group

India and Japan agreed Friday to set up a joint study group to suggest ways to lift bilateral trade beyond the current four billion dollars a year, an official said.
Published 14 Aug, 2004 12:00am
US consumers get gloomier in August: survey

US consumers get gloomier in August: survey

US consumers felt less confident in early August than they did last month as high oil prices and slowing job creation clouded expectations for the economy, according to a private survey published on Friday.
Published 14 Aug, 2004 12:00am
Indian annual inflation rises

Indian annual inflation rises

India's annual wholesale price inflation inched up to a new 3-1/2-year high of 7.61 percent in the year to July 31 on higher food and oilseed prices, adding to fears of a potential interest rate rise in the near term.
Published 14 Aug, 2004 12:00am
British Airways staff vote for strike, talks continue

British Airways staff vote for strike, talks continue

British Airways ground staff prepared for a strike on Friday, threatening to throw summer travel at Britain's airports into chaos unless Europe's second-biggest airline agrees to better wages.
Published 14 Aug, 2004 12:00am
FDA probes Boston Scientific acid-reflux treatment

FDA probes Boston Scientific acid-reflux treatment

Boston Scientific Corp on Friday said the US Food and Drug Administration is looking into reports of one death and six injuries linked to the use of its treatment for acid-reflux disease.
Published 14 Aug, 2004 12:00am
Inflation worry in South Korea import price surge

Inflation worry in South Korea import price surge

South Korean import prices rose near their fastest pace in about four years in July, data showed on Friday, indicating inflation remains a key worry just a day after policy makers signalled a shift in priority towards growth.
Published 14 Aug, 2004 12:00am
Australian farm trade licks lips over China FTA

Australian farm trade licks lips over China FTA

Australia would significantly boost agricultural and other exports to China if a free trade agreement (FTA) were forged with the key Asian country, officials and analysts said on Friday.
Published 14 Aug, 2004 12:00am
US FDA issues warning over Avastin

US FDA issues warning over Avastin

The US Food and Drug Administration on Friday said it warned that Genentech Inc's key cancer drug Avastin can cause an increased risk of deadly blood clots in arteries.
Published 14 Aug, 2004 12:00am
Stake in New York's Plaza hotel sells for $675 million

Stake in New York's Plaza hotel sells for $675 million

British firm Millennium & Copthorne sold its stake in New York's Plaza Hotel in a $675 million deal on Friday, bidding farewell to a fabled Fifth Avenue address that has been running up losses.
Published 14 Aug, 2004 12:00am
McCreevy has key background for EU free market job

McCreevy has key background for EU free market job

Charlie McCreevy will bring his experience of running an economy reliant on open markets and his accountancy skills to the big new task assigned him this week - breaking down barriers in the European Union free trade area.
Published 14 Aug, 2004 12:00am
Sweden seeks advisers for prime state assets

Sweden seeks advisers for prime state assets

Sweden is seeking advisers through a tender to help manage state-owned companies with combined annual sales of 425 billion crowns ($56.6 billion), a move that could pave the way for a privatisation of key holdings.
Published 14 Aug, 2004 12:00am
Swatch denies it broke law after tax evasion claim

Swatch denies it broke law after tax evasion claim

Swatch Group denied on Friday that it had broken any laws after two former employees claimed that the world's biggest watchmaker had evaded taxes and customs duties with complex pricing methods.
Published 14 Aug, 2004 12:00am
Kerry touts Clinton economy, slams Bush record

Kerry touts Clinton economy, slams Bush record

Democratic White House hopeful John Kerry on Thursday launched a two-week campaign to promote his economic proposals, as a new poll showed President George W. Bush vulnerable on the key campaign issue.
Published 14 Aug, 2004 12:00am
Singapore shares drop

Singapore shares drop

Singapore shares fell nearly one percent on Friday to close at a 2-week low, hit by surging oil prices and selling in technology stocks such as Venture Corporation.
Published 14 Aug, 2004 12:00am
Hong Kong's benchmark share index falls 0.43 percent

Hong Kong's benchmark share index falls 0.43 percent

Hong Kong's benchmark share index fell 0.43 percent on Friday after record high oil prices knocked US stocks lower amid rising concerns that higher operating costs might cripple corporate earnings.
Published 14 Aug, 2004 12:00am
US stocks end at new year lows on oil and HP news

US stocks end at new year lows on oil and HP news

US stocks tumbled to new lows for the year on Thursday after a disappointing earnings and outlook from technology bellwether Hewlett-Packard Co and record oil prices jolted confidence.
Published 14 Aug, 2004 12:00am
Jakarta stocks close lower

Jakarta stocks close lower

Jakarta stocks ended down on Friday, in line with their regional peers amid a lack of fresh leads and continued weakness in the rupiah currency.
Published 14 Aug, 2004 12:00am
Taiwan stocks up on defensive industrials

Taiwan stocks up on defensive industrials

Taiwan stocks ended firmer on Friday despite weak results from foreign and local computer heavyweights as investors picked up industrial shares with good interim earnings reports, such as plastics and transport shares.
Published 14 Aug, 2004 12:00am
Malaysian shares down

Malaysian shares down

Malaysian shares followed regional markets lower on Friday, weighed by sales of big blue chips, such as Maybank and Maxis, as world oil prices hit fresh record-highs, threatening corporate earnings.
Published 14 Aug, 2004 12:00am
Philippines stocks close four-day streak on inflation worry

Philippines stocks close four-day streak on inflation worry

Philippines stocks fell on Friday, after four straight days of gains, as concern over rising inflation spurred profit-taking in select blue chips including leading phone firm PLDT and number two Globe Telecom Inc.
Published 14 Aug, 2004 12:00am
Nikkei down over 2 percent on weak GDP and oil

Nikkei down over 2 percent on weak GDP and oil

Japan's Nikkei average dropped 2.46 percent to a three-month closing low on Friday as disappointing Japanese growth data added to nagging worries about the US economic outlook and triggered broad-based selling.
Published 14 Aug, 2004 12:00am
Sri Lankan shares up

Sri Lankan shares up

Sri Lankan stocks rose marginally on Friday on retail interest in select small stocks that posted upbeat first-quarter results, brokers said. The key Colombo all-share index ended up 0.11 percent, or 1.61 points at 1,441.88.
Published 14 Aug, 2004 12:00am
Hong Kong dollar eases

Hong Kong dollar eases

The Hong Kong dollar drifted lower against the US unit on Friday as investors continued to draw funds from the local currency in search of higher yields elsewhere.
Published 14 Aug, 2004 12:00am
Chinese yuan notches softer

Chinese yuan notches softer

The yuan closed three notches softer at 8.2768 per US dollar on Friday, near the stronger end of its managed trading range.
Published 14 Aug, 2004 12:00am
Swiss franc holds ground before welter of US data

Swiss franc holds ground before welter of US data

The Swiss franc held recent gains on the dollar and the euro in early trade as players paused before a batch of US economic data due later on Friday, hoping for clues as to the direction of US interest rate policy.
Published 14 Aug, 2004 12:00am
Yen tumbles after surprisingly weak Japan GDP

Yen tumbles after surprisingly weak Japan GDP

The yen fell almost one percent against the dollar and hit a three-month low versus the euro on Friday, after surprisingly weak Japanese growth data cast doubt over the health of the economy.
Published 14 Aug, 2004 12:00am
Dollar down but supported by retail sales

Dollar down but supported by retail sales

The dollar reversed some of its earlier losses against the euro on Thursday after a report on US retail sales helped shore up the Federal Reserve's upbeat outlook on the economy.
Published 14 Aug, 2004 12:00am
Australian dollar sinks 71 cents

Australian dollar sinks 71 cents

The Australian dollar sank to its lowest level for the week on Friday at below 71 US cents, tripped by a sell-off in the yen versus the US dollar, and after repeated tests towards 72 cents lacked follow-through.
Published 14 Aug, 2004 12:00am
Thai child survives four-storey plunge

Thai child survives four-storey plunge

A four-year-old Thai boy survived a four-storey plunge onto a roof after climbing over the balcony of his family's 12th floor Bangkok apartment, hospital officials said Friday.
Published 14 Aug, 2004 12:00am
China homeowners defy Summer Palace power project

China homeowners defy Summer Palace power project

China's staid middle class put on a rare show of defiance on Friday over a power project they said is threatening their health due to the proximity of pylons to their homes and some fear may ruin the Summer Palace landscape.
Published 14 Aug, 2004 12:00am
Japan's Kansai Electric to shut reactors

Japan's Kansai Electric to shut reactors

Japan's Kansai Electric Power Co said it would gradually shut down all of its nuclear reactors for safety checks starting from Friday, four days after the deadliest nuclear industry accident in Japanese history.
Published 14 Aug, 2004 12:00am
Hurricane roars across Cuba, threatens US

Hurricane roars across Cuba, threatens US

Hurricane Charley roared across Cuba early Friday leaving flooding and power blackouts before heading for Florida where hundreds of thousands of people have been told to move away from coastal districts.
Published 14 Aug, 2004 12:00am
ETA throws down gauntlet to Spain before talks

ETA throws down gauntlet to Spain before talks

Basque separatists ETA have thrown down the gauntlet to Spain's new Socialist government with a series of bombs in tourist resorts ahead of a crucial period for talks between Madrid and the restive region.
Published 14 Aug, 2004 12:00am
Row over Bouteflika as France recalls WW2 landings

Row over Bouteflika as France recalls WW2 landings

A row simmered in France on Friday over an invitation to Algerian President Abdelaziz Bouteflika to attend ceremonies marking the 60th anniversary of World War Two Allied landings on the French south coast.
Published 14 Aug, 2004 12:00am
Air Malta makes emergency landing

Air Malta makes emergency landing

An Air Malta Boeing 737 aircraft bound for Moscow with 122 passengers on board was forced to make an emergency landing at the island's international airport on Friday after a tyre burst on take-off.
Published 14 Aug, 2004 12:00am
New European Commission hopes to win over sceptics

New European Commission hopes to win over sceptics

The next European Commission has a mammoth five-year task ahead to convince millions of EU citizens of the benefits of Brussels' policies if it wants to rectify a "crisis of comprehension", analysts said on Friday.
Published 14 Aug, 2004 12:00am
Zimbabwe in spotlight at South African summit

Zimbabwe in spotlight at South African summit

Proposed electoral reforms could win Zimbabwe qualified support at an African summit next week, but analysts say tough security and media laws might leave President Robert Mugabe under pressure.
Published 14 Aug, 2004 12:00am
Genocide tribunal to send cases, convicts to Rwanda

Genocide tribunal to send cases, convicts to Rwanda

The UN court trying the perpetrators of Rwanda's 1994 genocide will hand over about 40 genocide-related cases to national courts in Kigali early next year, the tribunal's chief prosecutor said on Friday.
Published 14 Aug, 2004 12:00am
Georgian Prime Minister's convoy comes under fire

Georgian Prime Minister's convoy comes under fire

Georgian Prime Minister Zurab Zhvania said his convoy had come under fire on Friday in the breakaway region of South Ossetia where a dispute between separatists and central government has turned violent.
Published 14 Aug, 2004 12:00am
Kidnapped British journalist released in Iraq

Kidnapped British journalist released in Iraq

A kidnapped British journalist was released in Iraq less than 24 hours after he was abducted at gunpoint from a hotel, after aides of radical Shiite cleric Moqtada Sadr apparently came to his rescue.
Published 14 Aug, 2004 12:00am
Former spy chief to head British version of FBI

Former spy chief to head British version of FBI

Britain named a former spy chief on Friday to head a new national police unit modelled on the US Federal Bureau of Investigation (FBI) to fight organised crime.
Published 14 Aug, 2004 12:00am
India's new AIDS infections seen rising: World Bank

India's new AIDS infections seen rising: World Bank

The number of Indians contracting AIDS could rise to 5.5 million a year by 2033 - more than the total number of current cases - unless urgent steps are taken, the World Bank said on Friday.
Published 14 Aug, 2004 12:00am
Turkish mosque introduces sign-language sermons

Turkish mosque introduces sign-language sermons

A mosque in eastern Turkey on Friday introduced sign-language during sermons, saying that caring for the disabled was a requirement of Islam, Anatolia news agency reported.
Published 14 Aug, 2004 12:00am
State of emergency in Maldives

State of emergency in Maldives

The Maldives declared a state of emergency on Friday after using tear gas and truncheons to break up thousands of demonstrators making an unprecedented call for political reform in the tiny resort island nation.
Published 14 Aug, 2004 12:00am
Sadr supporters march, vow to fight

Sadr supporters march, vow to fight

Thousands of supporters of Shia militia leader Moqtada Sadr, who was reported wounded on Friday in the besieged city of Najaf, marched through Baghdad, saying they were willing to die as his martyrs.
Published 14 Aug, 2004 12:00am
Israel could give up occupied Golan Heights

Israel could give up occupied Golan Heights

Israel could hand back the Golan Heights seized from Syria in 1967 as part of an eventual peace deal with Syria, armed forces chief General Moshe Yaalon said in an interview published Friday.
Published 14 Aug, 2004 12:00am
New York Times to fight subpoena on CIA leak story

New York Times to fight subpoena on CIA leak story

A Washington grand jury, investigating the disclosure of the name of a CIA undercover agent, has summoned New York Times reporter Judith Miller, but the newspaper said Friday it would fight the order.
Published 14 Aug, 2004 12:00am
Egyptian hostage beheaded in Iraq: website

Egyptian hostage beheaded in Iraq: website

A website on Friday broadcast a video which it said showed an Egyptian hostage in Iraq being beheaded by the terror group of alleged al Qaeda operative Abu Mussab al-Zarqawi.
Published 14 Aug, 2004 12:00am
Bird flu returns to Asia, three die in Vietnam

Bird flu returns to Asia, three die in Vietnam

The deadly spectre of bird flu has returned to Asia, with Vietnam confirming Friday that three people have become the latest victims of the disease that claimed 24 lives across the region earlier this year.
Published 14 Aug, 2004 12:00am
New Pentagon plan takes aim at terror at home

New Pentagon plan takes aim at terror at home

Plans to shoot down threatening planes and to seize weapons of mass destruction on the high seas long before they reach US shores are part of the military's first full homeland defence strategy due to be finalised next month, a senior Pentagon official sa
Published 14 Aug, 2004 12:00am
Palestinian and Jewish settler killed

Palestinian and Jewish settler killed

A Palestinian militant killed a Jewish settler and wounded another before being shot dead by settlement guards in the West Bank Friday, an Israeli military source said.
Published 14 Aug, 2004 12:00am
Bush tax cuts tilted to rich: CBO report

Bush tax cuts tilted to rich: CBO report

One-third of President George W. Bush's tax cuts have gone to the wealthiest 1 percent of Americans, shifting more burden to middle-income taxpayers, congressional analysts said on Friday.
Published 14 Aug, 2004 12:00am
Indian rupee eases

Indian rupee eases

The Indian rupee eased on Friday as dollar demand from state-run oil companies forced banks to cut short positions built on expectations of foreign fund inflows towards the country's largest initial public offering (IPO).
Published 14 Aug, 2004 12:00am
Sterling jumps against dollar

Sterling jumps against dollar

Sterling jumped one percent against the dollar after weaker than expected US data on Friday and clawed back some ground from recent one-month lows against the euro.
Published 14 Aug, 2004 12:00am
Yen slides against dollar and euro

Yen slides against dollar and euro

The yen slid to a two-week low against the dollar and a three-month low against the euro on Friday as surprisingly weak Japanese growth data cast doubt about the health of the world's second-largest economy.
Published 14 Aug, 2004 12:00am
Indian shares keep declining

Indian shares keep declining

India's key index fell for a third straight session on Friday on nagging worries about oil prices and inflation and a weaker global trend for equities.
Published 14 Aug, 2004 12:00am
US Stocks: Friday's unofficial close

US Stocks: Friday's unofficial close

Technology stocks rose on Friday after computer maker Dell Inc gave a favourable earnings outlook in contrast to several gloomy forecasts by other bellwether tech companies this week.
Published 14 Aug, 2004 12:00am
Seoul shares higher

Seoul shares higher

Seoul shares closed 1.2 percent higher on Friday, led by an upsurge in financial stocks on expectations the central bank's surprise interest rate cut would help kick off a recovery in weak domestic spending.
Published 14 Aug, 2004 12:00am
Airlines bonds under pressure in thin market

Airlines bonds under pressure in thin market

Airlines were in focus in the European corporate bond market on Friday as British Airways ground staff voted in favour of a strike and default swaps on SAS switched to being quoted on an "upfront" basis.
Published 14 Aug, 2004 12:00am
Airlines bonds under pressure in thin market

Airlines bonds under pressure in thin market

Airlines were in focus in the European corporate bond market on Friday as British Airways ground staff voted in favour of a strike and default swaps on SAS switched to being quoted on an "upfront" basis.
Published 14 Aug, 2004 12:00am
New record oil price hits Britain's share index

New record oil price hits Britain's share index

Britain's blue chip share index fell on Friday to its seventh weekly loss in eight weeks as oil prices spiked to a new record, renewing investors' worries about the resulting effect on corporate profits.
Published 14 Aug, 2004 12:00am
Black Sea back as major grain exporter

Black Sea back as major grain exporter

Black Sea countries have taken the world grain markets by storm this year, signing deals from Spain to the Philippines and snatching them from usual exporters.
Published 14 Aug, 2004 12:00am
Brazil to tighten grip on world sugar market

Brazil to tighten grip on world sugar market

Brazil's sugar and ethanol export industries, already the world's biggest, are expected to grow even bigger as foreign investors fuel expansion into freer world markets, producers and analysts said on Friday.
Published 14 Aug, 2004 12:00am
London white sugar prices drift lower

London white sugar prices drift lower

London white sugar futures ended on a weaker note on Friday after day of quiet, mainly directionless trade, dealers said.
Published 14 Aug, 2004 12:00am
New York cotton rebounds to firmer finish

New York cotton rebounds to firmer finish

NYBOT cotton futures closed with slight gains on Friday as the market staged a modest rebound after sharp losses yesterday sparked by the federal government projecting the second-biggest cotton harvest on record, dealers said.
Published 14 Aug, 2004 12:00am
London coffee ends flat

London coffee ends flat

London coffee futures closed almost flat on Friday following a session of light origin selling and spread activity, traders said.
Published 14 Aug, 2004 12:00am
London cocoa weaken slightly

London cocoa weaken slightly

London cocoa futures settled lower on Friday with volume coming mainly from switch-related activity, traders said.
Published 14 Aug, 2004 12:00am
Oil roars to new record after US refinery blast

Oil roars to new record after US refinery blast

Fears of an oil shock deepened on Friday as crude set new highs, underpinned by fresh evidence of strong Chinese demand and worries about sabotage in Iraq.
Published 14 Aug, 2004 12:00am
Oil roars to new record after US refinery blast

Oil roars to new record after US refinery blast

Fears of an oil shock deepened on Friday as crude set new highs, underpinned by fresh evidence of strong Chinese demand and worries about sabotage in Iraq.
Published 14 Aug, 2004 12:00am
US MIDDAY: coffee futures ends easier

US MIDDAY: coffee futures ends easier

NYBOT coffee futures ended mostly easier Friday as traders and players awaited Brazil's revised forecast for its coffee crop, due out after the close, traders said.
Published 14 Aug, 2004 12:00am
US MIDDAY: sugar lower on speculative sales

US MIDDAY: sugar lower on speculative sales

NYBOT raw sugar futures finished down and near session lows Friday on speculative sales, and the market could lose further ground from follow-through pressure next week, analysts said.
Published 14 Aug, 2004 12:00am
US MIDDAY: wheat higher on technical recovery

US MIDDAY: wheat higher on technical recovery

Soft red winter (SRW) wheat futures at the Chicago Board of Trade were higher early on Friday in a technical recovery from Thursday's losses and on Egypt's purchase of US wheat, traders said.
Published 14 Aug, 2004 12:00am
US MIDDAY: corn declines on weather forecasts

US MIDDAY: corn declines on weather forecasts

Chicago Board of Trade corn futures sagged early Friday on forecasts for warmer US Midwest temperatures next week and follow-through sales after the government forecast a record US corn crop, brokers said.
Published 14 Aug, 2004 12:00am
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