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Print - 2004-08-15
The Weather

The Weather

The weather report on Saturday (August 14) and the forecast for Sunday (August 15, 2004).

Published 15 Aug, 2004 12:00am
Your rupee last week

Your rupee last week

Following currency fluctuations took place in foreign exchange rates during the last week (August 9 to 13, 2004).

Published 15 Aug, 2004 12:00am
EFU funds rates

EFU funds rates

EFU Life Assurance Ltd announced that the Offer and Bid prices for the following funds effective from Monday August 16, 2004.

Published 15 Aug, 2004 12:00am
EFU funds rates

EFU funds rates

EFU Life Assurance Ltd announced that the Offer and Bid prices for the following funds effective from Monday August 16, 2004.

Published 15 Aug, 2004 12:00am
EFU funds rates

EFU funds rates

EFU Life Assurance Ltd announced that the Offer and Bid prices for the following funds effective from Monday August 16, 2004.

Published 15 Aug, 2004 12:00am
Automart: car prices in Karachi

Automart: car prices in Karachi

The prices of different makes and models of cars prevailing in Karachi in the week ended Saturday (August 14, 2004).

Published 15 Aug, 2004 12:00am
World Shipping Schedule

World Shipping Schedule

Karachi Port's world-wide shipping schedule beginning Saturday (August 14, 2004).

Published 15 Aug, 2004 12:00am
World Shipping Schedule

World Shipping Schedule

Karachi Port's world-wide shipping schedule beginning Saturday (August 14, 2004).

Published 15 Aug, 2004 12:00am
World currencies and dollar

World currencies and dollar

Value of the dollar in terms of other world currencies as prevailing in the week ended Saturday (August 14, 2004).

Published 15 Aug, 2004 12:00am
THE RUPEE: recovery may prove short-lived

THE RUPEE: recovery may prove short-lived

The rupee refused to accept further vulnerability versus dollar on the back of increasing inflows after minor fluctuations last week ending on August 15, 2004, currency experts said.
Published 15 Aug, 2004 12:00am
THE RUPEE: recovery may prove short-lived

THE RUPEE: recovery may prove short-lived

The rupee refused to accept further vulnerability versus dollar on the back of increasing inflows after minor fluctuations last week ending on August 15, 2004, currency experts said.
Published 15 Aug, 2004 12:00am
Sri Lanka leaves interest rates flat

Sri Lanka leaves interest rates flat

The Central Bank of Sri Lanka left its key interest rates unchanged on Friday despite worries about inflationary pressure, warning that economic growth would slow in the second quarter compared with the first quarter.
Published 15 Aug, 2004 12:00am
Indian foreign reserves rise

Indian foreign reserves rise

India's foreign exchange reserves broke a two-week free-fall to rise $1 billion to $119.34 billion in the week to August 6, mainly on revaluation gains booked due to dollar weakness overseas, analysts said.
Published 15 Aug, 2004 12:00am
Dollar falls broadly on record US trade gap

Dollar falls broadly on record US trade gap

The dollar tumbled broadly on Friday after data showing a record US trade deficit in June cast fresh doubts on the economy's recovery and its ability to draw foreign capital to fund the growing gap.
Published 15 Aug, 2004 12:00am
China July retail sales up

China July retail sales up

Following are analysts' reactions to China's July retail sales data, released on Friday.
Published 15 Aug, 2004 12:00am
Hungary forint recovers

Hungary forint recovers

Hungary's forint ended slightly firmer to the euro on Friday, factoring in an expected 25 or 50 basis point interest rate cut by the National Bank of Hungary (NBH) on Monday.
Published 15 Aug, 2004 12:00am
Forex market views, key levels

Forex market views, key levels

Following is a selection of comments from analysts on important technical developments in the foreign exchange market.
Published 15 Aug, 2004 12:00am
Toyota to build Russian plant in 2008

Toyota to build Russian plant in 2008

Toyota Motor Corp plans to build an auto assembly plant in Russia in 2008, the first local production in that country by any Japanese carmaker, a newspaper said on Saturday.
Published 15 Aug, 2004 12:00am
Embattled Kuwait Airways gets new chief

Embattled Kuwait Airways gets new chief

State-owned Kuwait Airways Corp, which has faced serious financial problems for more than a decade, got a new chairman Saturday, six months after its former chief quit, the official KUNA news agency reported.
Published 15 Aug, 2004 12:00am
Schroeder dismisses more labour reform concessions

Schroeder dismisses more labour reform concessions

German Chancellor Gerhard Schroeder dismissed a minister's proposal for further concessions over unpopular labour market reforms on Saturday, despite protesters plans to expand demonstrations next week.
Published 15 Aug, 2004 12:00am
Asia strikes out on different rate path from Fed

Asia strikes out on different rate path from Fed

It stops short of a declaration of monetary independence, but Thursday's surprise South Korean interest rate cut underscores just how much Asia has managed to free itself from the US interest rate cycle.
Published 15 Aug, 2004 12:00am
France to drop plans for tax amnesty

France to drop plans for tax amnesty

The French government is withdrawing a plan to offer a tax amnesty to attract back home money deposited or invested outside the country but denied Saturday that it had abandoned the scheme.
Published 15 Aug, 2004 12:00am
North Korea need no UN humanitarian aid from 2005

North Korea need no UN humanitarian aid from 2005

Impoverished North Korea has told the United Nations it did not need humanitarian aid from the world body from 2005, but did not give any reason, Kyodo news agency said on Saturday.
Published 15 Aug, 2004 12:00am
Iraq halts oil exports from main pipeline

Iraq halts oil exports from main pipeline

Authorities have halted oil export flows from the main pipeline in southern Iraq after intelligence showed a rebel militia could strike infrastructure, an oil official said on Saturday.
Published 15 Aug, 2004 12:00am
Vietnam culls poultry in bird flu-hit province

Vietnam culls poultry in bird flu-hit province

Vietnam stepped up culling poultry on Saturday in a southern province where a woman was confirmed to have died of H5N1 bird flu, the same strain that killed 24 people in Asia earlier this year.
Published 15 Aug, 2004 12:00am
Oil markets oversupplied, says Iranian governor

Oil markets oversupplied, says Iranian governor

Opec can do nothing to douse scorching oil prices when markets are already oversupplied by 2.8 million barrels per day (bpd) of crude, Iran's Opec governor said on Saturday.
Published 15 Aug, 2004 12:00am
Athens hotels report full house

Athens hotels report full house

Relieved Athens hoteliers reported peak capacity after a surge in last-minute bookings from tourists abroad, encouraged by slashed prices.
Published 15 Aug, 2004 12:00am
Bush threatens possible WTO case against Airbus

Bush threatens possible WTO case against Airbus

US President George W. Bush warned Friday that the United States may bring WTO action in September against Airbus Industrie, citing "unfair" government subsidies to the European aircraft maker.
Published 15 Aug, 2004 12:00am
New York cocoa firmer

New York cocoa firmer

NYBOT cocoa futures ended up modestly on Friday after the dollar fell in the face of a record trade deficit in June, analysts said.
Published 15 Aug, 2004 12:00am
Falling coffee price sparks German buying interest

Falling coffee price sparks German buying interest

Falling New York coffee prices sparked more purchasing by German industry this week with interest largely focused on first half 2005 delivery, Hamburg traders said on Friday.
Published 15 Aug, 2004 12:00am
German farmers advised to delay new crop rye sales

German farmers advised to delay new crop rye sales

German farmers should not sell new crop rye at current low prices but hold onto stocks and wait for an improvement in the market, the association of German rye producers said on Friday.
Published 15 Aug, 2004 12:00am
Tokyo rubber up, yen's drop helps but top limited

Tokyo rubber up, yen's drop helps but top limited

Tokyo rubber futures rose modestly in thin trade on Friday, supported by the yen's sharp fall after surprisingly weak Japanese growth data, but rubber faced stiff technical resistance amid a dearth of strong buying factors.
Published 15 Aug, 2004 12:00am
Shanghai copper perks up

Shanghai copper perks up

Most Shanghai copper futures sidled higher in narrow trade on Friday as investors stayed on the sidelines awaiting market leads, traders said.
Published 15 Aug, 2004 12:00am
Malaysian tin up $40 per tonne

Malaysian tin up $40 per tonne

Malaysian tin rose $40 a tonne on Friday on a technical price adjustment as the value of the metal remained firm in London despite corrections in Kuala Lumpur this week.
Published 15 Aug, 2004 12:00am
Australian wool market falls

Australian wool market falls

The Australian wool market fell 1.4 percent in average values this week as weak demand and a large offering pushed prices lower, analysts said on Friday.
Published 15 Aug, 2004 12:00am
New York copper rises

New York copper rises

Comex copper futures rallied on Friday but ended below fresh four-month highs as a sharp drop in the dollar sparked technical buying by funds and the trade, with a copper mine accident on Thursday in Chile lending support, traders and analysts said.
Published 15 Aug, 2004 12:00am
Soyabean futures soften

Soyabean futures soften

Chicago Board of Trade soyabean ended mostly lower on Friday on forecasts for warmer, rainy US Midwest crop weather next week, brokers said.
Published 15 Aug, 2004 12:00am
Comex gold tackles $400 per ounce on trade, oil worries

Comex gold tackles $400 per ounce on trade, oil worries

Comex gold advanced above the $400 an ounce mark on Friday on the back of a blow-out in the US trade deficit to a record in June, which convinced investors that the dollar remained too expensive to make US exports competitive.
Published 15 Aug, 2004 12:00am
Rand and crop data

Rand and crop data

South Africa's volatile rand currency and crop estimates data will guide maize prices next week, traders said on Friday.
Published 15 Aug, 2004 12:00am
CBOT rice ends mixed

CBOT rice ends mixed

Chicago Board of Trade rough rice ended narrowly mixed on Friday after a session of very moderate two-sided speculative trade, brokers said.
Published 15 Aug, 2004 12:00am
Oil prices soar to historic peaks above 46 dollars in New York

Oil prices soar to historic peaks above 46 dollars in New York

Oil surged to fresh historic peaks this week, above 46 dollars per barrel in New York, fuelled by concerns over disruptions to supply in the wake of reduced exports from Iraq, the fear of strike action in major producer Venezuela and the financial crisis
Published 15 Aug, 2004 12:00am
US corporate bonds slightly changed

US corporate bonds slightly changed

US corporate bond spreads were unchanged to a touch tighter on Friday after a record US trade deficit in June confirmed hopes that the Federal Reserve can take its time in raising interest rates.
Published 15 Aug, 2004 12:00am
US corporate bonds slightly changed

US corporate bonds slightly changed

US corporate bond spreads were unchanged to a touch tighter on Friday after a record US trade deficit in June confirmed hopes that the Federal Reserve can take its time in raising interest rates.
Published 15 Aug, 2004 12:00am
Emerging debt spreads narrow on weak US data

Emerging debt spreads narrow on weak US data

Emerging market spreads narrowed on Friday as traders said softer US economic data sparked a rally in Treasuries that spilled over into emerging debt.
Published 15 Aug, 2004 12:00am
Emerging debt spreads narrow on weak US data

Emerging debt spreads narrow on weak US data

Emerging market spreads narrowed on Friday as traders said softer US economic data sparked a rally in Treasuries that spilled over into emerging debt.
Published 15 Aug, 2004 12:00am
US Treasuries rally on soft consumer data

US Treasuries rally on soft consumer data

US Treasury debt prices rallied on Friday as the latest trade and consumer data cast doubt on conventional wisdom that the US economy is poised for stronger growth ahead.
Published 15 Aug, 2004 12:00am
US Treasuries rally on soft consumer data

US Treasuries rally on soft consumer data

US Treasury debt prices rallied on Friday as the latest trade and consumer data cast doubt on conventional wisdom that the US economy is poised for stronger growth ahead.
Published 15 Aug, 2004 12:00am
Energy and gold lift Toronto stocks to higher finish

Energy and gold lift Toronto stocks to higher finish

Toronto stocks ended a difficult week on a positive note on Friday as investors welcomed computer maker Dell Inc's upbeat outlook, while gold and energy stocks buoyed the market.
Published 15 Aug, 2004 12:00am
European shares likely to test new 2004 lows

European shares likely to test new 2004 lows

European shares may test new 2004 lows next week as oil prices and economic data still dictate investor mood and overshadow earnings from food titan Nestle and financial giant Allianz.
Published 15 Aug, 2004 12:00am
Argentine shares fall

Argentine shares fall

Argentine shares closed down on Friday as the market continued to react to worse-than-expected second quarter earnings results, traders said.
Published 15 Aug, 2004 12:00am
American credit market outlook

American credit market outlook

Business has been so tough for Toys R Us' in the past few years, it disclosed this week that toys may not be in its future.
Published 15 Aug, 2004 12:00am
American credit market outlook

American credit market outlook

Business has been so tough for Toys R Us' in the past few years, it disclosed this week that toys may not be in its future.
Published 15 Aug, 2004 12:00am
Chile stocks slip

Chile stocks slip

Chilean stocks fell slightly on Friday as the market took a breather from its recent run-up, eyeing foreign markets where record high oil prices have limited stock gains, analysts said.
Published 15 Aug, 2004 12:00am
Mexican stocks plunge

Mexican stocks plunge

Mexican stocks dipped on low volume on to close lower on Friday, but the peso gained, after the central bank left monetary policy unchanged. The IPC benchmark stock index declined 0.22 percent to end at 9,790.62 points with 28 million shares traded.
Published 15 Aug, 2004 12:00am
Brazil stocks decline on oil worries

Brazil stocks decline on oil worries

Record high oil prices sent Brazilian stocks lower on Friday in a market already concerned about a court ruling next week on the government's pension reform.
Published 15 Aug, 2004 12:00am
Canadian bond prices drop

Canadian bond prices drop

The Canadian bonds slipped on Friday as the domestic economic numbers upped the odds of a September rate hike by the Bank of Canada. But some issues rose as the US reports showed benign inflation, a widening US trade gap, and softer consumer sentiment, al
Published 15 Aug, 2004 12:00am
Canadian bond prices drop

Canadian bond prices drop

The Canadian bonds slipped on Friday as the domestic economic numbers upped the odds of a September rate hike by the Bank of Canada. But some issues rose as the US reports showed benign inflation, a widening US trade gap, and softer consumer sentiment, al
Published 15 Aug, 2004 12:00am
Malaysia's Naza Group may bid for DRB stake

Malaysia's Naza Group may bid for DRB stake

The Malaysian distributor of Kia cars, Naza Group, is poised to bid for a 19.4 percent stake in motor and financial group DRB-Hicom Bhd, a business weekly said on Saturday.
Published 15 Aug, 2004 12:00am
Malaysia's Naza Group may bid for DRB stake

Malaysia's Naza Group may bid for DRB stake

The Malaysian distributor of Kia cars, Naza Group, is poised to bid for a 19.4 percent stake in motor and financial group DRB-Hicom Bhd, a business weekly said on Saturday.
Published 15 Aug, 2004 12:00am
US stocks end up, but near year lows as oil surges

US stocks end up, but near year lows as oil surges

US stocks ended slightly higher on Friday but stayed near lows for the year as oil prices surged past $46 a barrel, offsetting a positive outlook from computer maker Dell Inc.
Published 15 Aug, 2004 12:00am
Cease-fire takes effect in Georgia

Cease-fire takes effect in Georgia

Fighting in Georgia's separatist South Ossetia region came to a halt Saturday as a cease-fire took effect amid a push to end fighting that has left several dead and dozens injured in recent days, officials said.
Published 15 Aug, 2004 12:00am
China typhoon heads inland; death toll to rise

China typhoon heads inland; death toll to rise

Rescue workers in eastern China searched for more victims while residents cleaned up on Saturday after one of the worst typhoons to hit the region in seven years killed 115 people and injured more than 1,800.
Published 15 Aug, 2004 12:00am
Hutus kill 159 in refugee camp

Hutus kill 159 in refugee camp

Hutu rebels and allied attackers armed with guns and machetes killed at least 159 people in "a plan of genocide" at a camp for Tutsi Congolese refugees in western Burundi, the army said on Saturday.
Published 15 Aug, 2004 12:00am
India executes schoolgirl killer

India executes schoolgirl killer

India executed a criminal for the first time in 13 years on Saturday, a 41-year-old man convicted of raping and killing a schoolgirl in the eastern city of Calcutta.
Published 15 Aug, 2004 12:00am
US to withdraw 70,000 troops from Europe and Asia

US to withdraw 70,000 troops from Europe and Asia

The United States plans to withdraw about 70,000 troops from Europe and Asia in a major realignment of American military presence prompted by the end of the Cold War and the beginning of the war on terrorism, US officials said on Saturday.
Published 15 Aug, 2004 12:00am
Sistani undergoes heart surgery in London

Sistani undergoes heart surgery in London

Ayatollah Ali al-Sistani, Iraq's most influential Shia cleric who has been a voice for moderation, has successfully undergone heart surgery in London, an aide said on Saturday.
Published 15 Aug, 2004 12:00am
Iraq national conference to begin on August 15

Iraq national conference to begin on August 15

Iraq's much-anticipated national conference, seen as a major experiment in democracy, will open Sunday, the president of the preparatory committee confirmed Saturday.
Published 15 Aug, 2004 12:00am
US sees widening crack in Taleban leadership

US sees widening crack in Taleban leadership

There are signs of the Taleban leadership "falling apart", a US military spokesman said on Saturday, citing reports this week that a breakaway faction no longer recognises Mullah Mohammad Omar.
Published 15 Aug, 2004 12:00am
US cuisine queen Julia Child dies at 91

US cuisine queen Julia Child dies at 91

Julia Child, the grande dame of US television cooking shows whose operatic voice and irreverent attitude brought French haute cuisine into America's humble kitchens, died in her sleep at her California home on Friday at the age of 91.
Published 15 Aug, 2004 12:00am
Venezuela risk seen higher if Chavez loses vote

Venezuela risk seen higher if Chavez loses vote

President Hugo Chavez's left-wing government said late Friday Venezuela's people, including oil workers, would not accept his defeat in Sunday's referendum on his rule.
Published 15 Aug, 2004 12:00am
Sadr's actions 'unlawful and harmful': Rumsfeld

Sadr's actions 'unlawful and harmful': Rumsfeld

Radical Shia cleric Moqtada al-Sadr's behaviour has been "unlawful and harmful" but it was up to Iraq's government to decide how to bring order before elections, US Defence Secretary Donald Rumsfeld said on Saturday.
Published 15 Aug, 2004 12:00am
First African Union troops leave Rwanda for Darfur

First African Union troops leave Rwanda for Darfur

The first elements of a 300-strong African Union protection force left Kigali on Saturday for Sudan's troubled region of Darfur, where they are to help restore stability after clashes between the government and rebel forces.
Published 15 Aug, 2004 12:00am
Respect sick and elderly, says Pope

Respect sick and elderly, says Pope

Pope John Paul, calling himself a sick man among the sick, arrived in the world's premier Roman Catholic "miracle shrine" on Saturday and urged society not to cast aside the old and the suffering.
Published 15 Aug, 2004 12:00am
Iran official lauds world champ for dodging Israel

Iran official lauds world champ for dodging Israel

Iran's Olympic team chief said world judo champion Arash Miresmaeili should receive a $115,000 reward for refusing to compete against Israel in his first-round match at the Athens Olympics.
Published 15 Aug, 2004 12:00am
Bettini gets cycling gold for Italy

Bettini gets cycling gold for Italy

Italy's lead rider Paolo Bettini outsprinted Portugal's Sergio Paulinho to win the gold medal in the Olympic men's road cycling race here on Saturday.
Published 15 Aug, 2004 12:00am
Phelps wins first gold in record time

Phelps wins first gold in record time

Michael Phelps made the perfect start to his bid to win a record eight gold medals in Athens when he broke his own world record to win the 400 metres individual medley on Saturday.
Published 15 Aug, 2004 12:00am
China scoop first two golds in Olympics

China scoop first two golds in Olympics

China's shooters won the first two gold medals of the Athens Olympics on the first full day of competition on Saturday as swimming stars Michael Phelps and Ian Thorpe began what is expected to be one of the great rivalries of the Games.
Published 15 Aug, 2004 12:00am
India A crush Kenya by 10 wickets

India A crush Kenya by 10 wickets

India "A" turned on the heat and crushed Kenya by 10 wickets in their One-day triangular match at the Nairobi Gymkhana club on Saturday.
Published 15 Aug, 2004 12:00am
Muralitharan out for four months, says surgeon

Muralitharan out for four months, says surgeon

Sri Lanka's Muttiah Muralitharan will have surgery on a career-threatening shoulder injury on Monday and is expected to be out of cricket for four months, his surgeon David Young said on Saturday.
Published 15 Aug, 2004 12:00am
Tony Blair signs Olympic truce in Athens

Tony Blair signs Olympic truce in Athens

Heads of state and government as well as royals from 20 countries, including Britain's Prime Minister Tony Blair, subscribed Saturday in Athens to the Olympic truce agreement symbolically agreeing to suspend armed conflict during the Olympic Games.
Published 15 Aug, 2004 12:00am
Portugal: growth of mutual funds

Portugal: growth of mutual funds

As of June 2003, there were 42 Portuguese Investment Funds Management Companies, 16 of them managing conventional Mutual Funds and 26 managing only Real Estate Funds.
Published 15 Aug, 2004 12:00am
Enlightened Moderation?

Enlightened Moderation?

As we celebrated our 57th Independence Day with the usual "zeal and fervour", we are compelled to ask ourselves as to what have we achieved and where we are heading-"kia khoya-kia paia"?
Published 15 Aug, 2004 12:00am
India's financial hub to gain space as land freed up

India's financial hub to gain space as land freed up

India's congested financial hub, Bombay, stands to gain vital new breathing space with the freeing-up of a vast tract of land belonging to textile mills which once were the city's industrial backbone.
Published 15 Aug, 2004 12:00am
Traditional and modern system of education in Muslim Bengal

Traditional and modern system of education in Muslim Bengal

The records of the period from the beginning of British rule in the 18th century up to the end of the first quarter of the twentieth century show that most of the decisions which apparently should have been academic were dictated under political considera
Published 15 Aug, 2004 12:00am
Removing hurdles to trade facilitation

Removing hurdles to trade facilitation

It is gratifying, indeed, to learn from a report that at long last the main factors hampering trade facilitation in the country were identified at a brainstorming session of the Trade Facilitation Project, held in Karachi last month.
Published 15 Aug, 2004 12:00am