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Print - 2004-10-21
World Bank assures help in petroleum sector

World Bank assures help in petroleum sector

A World Bank delegation led by Country Director John W. Wall called on Petroleum and Natural Resources Minister Amanullah Khan Jadoon here on Wednesday, and discussed with him matter pertaining to World Bank's co-operation in the petroleum sector.
Published 21 Oct, 2004 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Wednesday (October 20, 2004).
Published 21 Oct, 2004 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Wednesday (October 20, 2004).
Published 21 Oct, 2004 12:00am
Russia should use oil money to pay debt early

Russia should use oil money to pay debt early

Russia should use windfall oil revenues to fund early repayment of foreign debts, especially some of the $46 billion it owes to the Paris Club, Finance Minister Alexei Kudrin said on Wednesday.
Published 21 Oct, 2004 12:00am
Spot dollar rates

Spot dollar rates

Spot Dollar rates from Khadim Ali Shah Bukhari & Co Ltd on Wednesday (October 20, 2004).
Published 21 Oct, 2004 12:00am
Experts see solar power competitive in next decade

Experts see solar power competitive in next decade

Solar energy will become economically competitive in the next decade or so and supply a significant amount of the world's power after 2020, industry experts told a conference on Tuesday.
Published 21 Oct, 2004 12:00am
Money Market Report

Money Market Report

Money market report by Khadim Ali Shah Bukhari & Co on Wednesday (October 20, 2004).
Published 21 Oct, 2004 12:00am
Kodak profit rises

Kodak profit rises

Eastman Kodak Co, the world's top maker of photographic film, said Wednesday its third-quarter profit rose, helped by the sale of one of its businesses and growth in its digital business, but declines in its traditional film segment held back revenue.
Published 21 Oct, 2004 12:00am
Kodak profit rises

Kodak profit rises

Eastman Kodak Co, the world's top maker of photographic film, said Wednesday its third-quarter profit rose, helped by the sale of one of its businesses and growth in its digital business, but declines in its traditional film segment held back revenue.
Published 21 Oct, 2004 12:00am
Bill buying rates per unit of currency

Bill buying rates per unit of currency

Bill Buying Rates per unit of currency -- issued by the Treasury Management Division of the National Bank of Pakistan on Wednesday (October 20, 2004).
Published 21 Oct, 2004 12:00am
JP Morgan Chase profit falls

JP Morgan Chase profit falls

J.P. Morgan Chase & Co posted lower third-quarter earnings on Wednesday, missing analyst expectations, as costs from its July merger with Bank One Corp and anemic fixed-income trading revenue hurt profits.
Published 21 Oct, 2004 12:00am
JP Morgan Chase profit falls

JP Morgan Chase profit falls

J.P. Morgan Chase & Co posted lower third-quarter earnings on Wednesday, missing analyst expectations, as costs from its July merger with Bank One Corp and anemic fixed-income trading revenue hurt profits.
Published 21 Oct, 2004 12:00am
UK public finances suffer worst September on record

UK public finances suffer worst September on record

Britain's public finances last month marked their worst September since records began although borrowing remains relatively stable in the fiscal year to date, official data showed on Wednesday.
Published 21 Oct, 2004 12:00am
Yahoo Japan profit rises in second quarter

Yahoo Japan profit rises in second quarter

Yahoo Japan Corp said on Wednesday its net profit in the second quarter rose 46.2 percent from a year earlier on higher sales, but it forecast little further growth in the current quarter due to higher costs.
Published 21 Oct, 2004 12:00am
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 Wednesday (October 20, 2004).
Published 21 Oct, 2004 12:00am
Yahoo Japan profit rises in second quarter

Yahoo Japan profit rises in second quarter

Yahoo Japan Corp said on Wednesday its net profit in the second quarter rose 46.2 percent from a year earlier on higher sales, but it forecast little further growth in the current quarter due to higher costs.
Published 21 Oct, 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 Wednesday (October 20, 2004).
Published 21 Oct, 2004 12:00am
Rioters burn, loot in west China demonstration

Rioters burn, loot in west China demonstration

Rioters in the western Chinese region of Chongqing burned police cars and looted government buildings after a quarrel between residents escalated into a riot involving thousands, residents and officials said.
Published 21 Oct, 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 Wednesday (October 20, 2004).
Published 21 Oct, 2004 12:00am
Gold prices peak at Rs 8,246 per 10gms

Gold prices peak at Rs 8,246 per 10gms

Gold prices touched new peak level on Wednesday appreciating by almost Rs 120 per 10 grams after international gold prices reached new heights. The prices in Karachi gold market on Wednesday increased to Rs 8,246 per 10 grams from Rs 8,126 of Tuesday foll
Published 21 Oct, 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 21 Oct, 2004 12:00am
Gold prices peak at Rs 8,246 per 10gms

Gold prices peak at Rs 8,246 per 10gms

Gold prices touched new peak level on Wednesday appreciating by almost Rs 120 per 10 grams after international gold prices reached new heights. The prices in Karachi gold market on Wednesday increased to Rs 8,246 per 10 grams from Rs 8,126 of Tuesday foll
Published 21 Oct, 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 21 Oct, 2004 12:00am
Sale of 51 to 73 percent KESC shares allowed

Sale of 51 to 73 percent KESC shares allowed

The Cabinet Committee on Privatisation (CCoP) on Wednesday approved transaction structure for Karachi Electric Supply Corporation (KESC), allowing the Privatisation Commission (PC) to sell 51 percent to 73 percent shares of the utility to a strategic buye
Published 21 Oct, 2004 12:00am
Sale of 51 to 73 percent KESC shares allowed

Sale of 51 to 73 percent KESC shares allowed

The Cabinet Committee on Privatisation (CCoP) on Wednesday approved transaction structure for Karachi Electric Supply Corporation (KESC), allowing the Privatisation Commission (PC) to sell 51 percent to 73 percent shares of the utility to a strategic buye
Published 21 Oct, 2004 12:00am
Bullion Rates

Bullion Rates

Gold and silver rates in rupees per 10 grams prevailing in major cities on Wednesday (October 20, 2004).
Published 21 Oct, 2004 12:00am
Potato exporters to get Rs 2 million freight subsidy

Potato exporters to get Rs 2 million freight subsidy

The government has decided to provide subsidy of Rs 2 million from Export Development Fund (EDF) to potato exporters. According to a press release, the decision was taken at a meeting of EDF Board here on Wednesday where it was felt that exporters of pota
Published 21 Oct, 2004 12:00am
Bullion Rates

Bullion Rates

Gold and silver rates in rupees per 10 grams prevailing in major cities on Wednesday (October 20, 2004).
Published 21 Oct, 2004 12:00am
Potato exporters to get Rs 2 million freight subsidy

Potato exporters to get Rs 2 million freight subsidy

The government has decided to provide subsidy of Rs 2 million from Export Development Fund (EDF) to potato exporters. According to a press release, the decision was taken at a meeting of EDF Board here on Wednesday where it was felt that exporters of pota
Published 21 Oct, 2004 12:00am
Brazil cocoa arrivals down

Brazil cocoa arrivals down

Brazil's 2004/05 (May/April) cocoa arrivals from Bahia and other states totalled 1.83 million 60-kg bags by October 17, down 17 percent from 2.21 million bags a year ago, the Bahia Commercial Association said Wednesday.
Published 21 Oct, 2004 12:00am
24 Sindh sugar mills fire up boilers

24 Sindh sugar mills fire up boilers

The controversy on price structure and commencement of sugarcane crushing season ended on Wednesday when 25 mills, out of 28, fired up their boilers. According to sources close to Sindh Cane Commissioner office, 24 sugar mills have lighted up their boiler
Published 21 Oct, 2004 12:00am
24 Sindh sugar mills fire up boilers

24 Sindh sugar mills fire up boilers

The controversy on price structure and commencement of sugarcane crushing season ended on Wednesday when 25 mills, out of 28, fired up their boilers. According to sources close to Sindh Cane Commissioner office, 24 sugar mills have lighted up their boiler
Published 21 Oct, 2004 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 104,926 tonnes of cargo including 98,731 tonnes import and 6,195 tonnes export cargo during last 24 hours ending at 0700 hours on Wednesday.
Published 21 Oct, 2004 12:00am
Bears stage comeback on ISE

Bears stage comeback on ISE

Equities witnessed broad-based erosion at the Islamabad Stock Exchange (ISE) where bulls handed over the floor to the bears amid the decrease in the ISE index. The ISE network index showed a decrease of 75.43 points as the rate-based indicator moved from
Published 21 Oct, 2004 12:00am
CBOT wheat futures firm on technical bounce

CBOT wheat futures firm on technical bounce

Soft red winter wheat futures at the Chicago Board of Trade ended higher on Tuesday on a technical bounce as buy-stops were hit, triggering a bout of fund-short covering, traders said.
Published 21 Oct, 2004 12:00am
Bears stage comeback on ISE

Bears stage comeback on ISE

Equities witnessed broad-based erosion at the Islamabad Stock Exchange (ISE) where bulls handed over the floor to the bears amid the decrease in the ISE index. The ISE network index showed a decrease of 75.43 points as the rate-based indicator moved from
Published 21 Oct, 2004 12:00am
FOB Gulf corn and soyabean higher

FOB Gulf corn and soyabean higher

US Gulf corn basis offers were mostly higher on Tuesday amid fresh export demand and slow farmer selling, while November soyabeans were higher.
Published 21 Oct, 2004 12:00am
LSE index drops 72.06 points

LSE index drops 72.06 points

Share prices on Lahore Stock Exchange (LSE) Wednesday dropped following heavy selling pressure emerged in last minutes that forced the index to shed 72 points amid improvement in the turnover. According to stock analysts, the late session profit-selling p
Published 21 Oct, 2004 12:00am
Tunisian eight-month wheat imports fall

Tunisian eight-month wheat imports fall

The value of wheat imports of Tunisia, main state wheat importer in North Africa, dropped 22.23 percent in the January-August period in 2004 from the same period a year ago, official figures showed on Wednesday.
Published 21 Oct, 2004 12:00am
LSE index drops 72.06 points

LSE index drops 72.06 points

Share prices on Lahore Stock Exchange (LSE) Wednesday dropped following heavy selling pressure emerged in last minutes that forced the index to shed 72 points amid improvement in the turnover. According to stock analysts, the late session profit-selling p
Published 21 Oct, 2004 12:00am
Thai rice futures end higher and volume drops

Thai rice futures end higher and volume drops

Thai rice futures ended higher on Wednesday, tracking the physical price on strong demand from exporters who need to buy rice to fulfil shipments, brokers said.
Published 21 Oct, 2004 12:00am
KSE undergoes small pruning

KSE undergoes small pruning

The share prices remained range-bound as a volley of selling orders before the close reduced the overall tally and the index finished with small pruning. The KSE-100 index fell 1.70 points, 0.03 percent, to 5465.36 as compared with 5467.06. The volume ros
Published 21 Oct, 2004 12:00am
Pakistani palm oil prices firm on high demand

Pakistani palm oil prices firm on high demand

Pakistan's palm oil rates were firm on the back of high domestic demand and dealers said on Wednesday they were in no hurry to place new import orders when international oil prices were on the high side.
Published 21 Oct, 2004 12:00am
KSE undergoes small pruning

KSE undergoes small pruning

The share prices remained range-bound as a volley of selling orders before the close reduced the overall tally and the index finished with small pruning. The KSE-100 index fell 1.70 points, 0.03 percent, to 5465.36 as compared with 5467.06. The volume ros
Published 21 Oct, 2004 12:00am
Ukraine doubles wheat exports

Ukraine doubles wheat exports

Ukraine increased wheat exports through its seaports to 220,100 tonnes in the first 10 days of October from 112,900 tonnes in the same period of September, a local agriculture constancy said on Wednesday.
Published 21 Oct, 2004 12:00am
Pakistan at No 129 in TI ranking of corrupt countries

Pakistan at No 129 in TI ranking of corrupt countries

The Transparency International (TI) has placed Pakistan at 129 in its annual ranking of corrupt countries released on Wednesday, with Bangladesh rated the most corrupt in the world for the fourth consecutive year.
Published 21 Oct, 2004 12:00am
Spain sows wheat and barley; prices perk up

Spain sows wheat and barley; prices perk up

Spanish farmers started sowing wheat and barley this week after rain softened the soil, while grain prices nudged higher because of the rising cost of freight, traders said.
Published 21 Oct, 2004 12:00am
Rising freight rates deter sugar buyers

Rising freight rates deter sugar buyers

Rising freight rates are deterring cash sugar demand this week and may be sidelining Indian buyers, traders and shipping brokers said on Wednesday.
Published 21 Oct, 2004 12:00am
Slow lifting of wheat costs TCP heavily

Slow lifting of wheat costs TCP heavily

The Trading Corporation of Pakistan (TCP) is to pay heavy demurrage due to slow lifting of wheat being imported to eliminate grain shortage in the country, sources at Port Qasim revealed on Wednesday. Wheat discharged from a second ship of the total five
Published 21 Oct, 2004 12:00am
Oil cake market rates

Oil cake market rates

Higher trend was seen on the forward cottonseed oilcake market as both contracts tended up on rising demand, dealers said.
Published 21 Oct, 2004 12:00am
Slow lifting of wheat costs TCP heavily

Slow lifting of wheat costs TCP heavily

The Trading Corporation of Pakistan (TCP) is to pay heavy demurrage due to slow lifting of wheat being imported to eliminate grain shortage in the country, sources at Port Qasim revealed on Wednesday. Wheat discharged from a second ship of the total five
Published 21 Oct, 2004 12:00am
SBP injects Rs 14 billion into liquidity-dry market

SBP injects Rs 14 billion into liquidity-dry market

The State Bank on Wednesday injected Rs 14 billion to fill the liquidity-dry money market and provide relief for at least one week. The injection of liquidity into the market, which experienced a fairly long dry spell, got immediate response as the rates
Published 21 Oct, 2004 12:00am
Easier trend on grain market

Easier trend on grain market

Softer trend was witnessed in the grain market on Wednesday in modest trading, dealers said.
Published 21 Oct, 2004 12:00am
SBP injects Rs 14 billion into liquidity-dry market

SBP injects Rs 14 billion into liquidity-dry market

The State Bank on Wednesday injected Rs 14 billion to fill the liquidity-dry money market and provide relief for at least one week. The injection of liquidity into the market, which experienced a fairly long dry spell, got immediate response as the rates
Published 21 Oct, 2004 12:00am
Nitze dies at 97

Nitze dies at 97

Paul Nitze, one of the last leading US statesmen of the Cold War period, has died at the age of 97.
Published 21 Oct, 2004 12:00am
World market rice prices: USDA

World market rice prices: USDA

The US Agriculture Department's Commodity Credit Corporation on Tuesday announced the following world market prices of milled and rough rice.
Published 21 Oct, 2004 12:00am
Moneychanger robbed of Rs 400 million

Moneychanger robbed of Rs 400 million

Some armed dacoits looted a huge amount of foreign currency from a moneychanger (Paracha Money Changer) located in Saddar under the jurisdiction of Preedy Police Station here on Wednesday.
Published 21 Oct, 2004 12:00am
New York cocoa makes quick retreat on technical breakdown

New York cocoa makes quick retreat on technical breakdown

US cocoa futures ended in the red on Tuesday after quickly turning on their heels in late trading on weak technical signals and a lack of follow-through speculative buying, traders and floor sources said.
Published 21 Oct, 2004 12:00am
New York coffee extends losses as Brazil rains help crop

New York coffee extends losses as Brazil rains help crop

US coffee futures extended losses on Tuesday for the second day in a row as speculative funds sold on improving crop prospects in top grower Brazil, traders said. "A lot of people are talking about the flowering trees in Brazil," one trader said.
Published 21 Oct, 2004 12:00am
US farm subsidies zoom in wake of record crops

US farm subsidies zoom in wake of record crops

US crop subsidy costs are skyrocketing in the wake of this fall's mammoth harvest, possibly making the farm program a larger target in the struggle to rein in federal spending in 2005.
Published 21 Oct, 2004 12:00am
Malaysian palm exports 804,369 tonnes for October

Malaysian palm exports 804,369 tonnes for October

Malaysian oil palm product exports for October 1-20 stood at 804,369 tonnes, down 9.4 percent from the 887,481 tonnes shipped in September 1-20, cargo surveyor Society Generale de Surveillance said on Wednesday.
Published 21 Oct, 2004 12:00am
Schedule for Balochistan UC Nazim by-polls announced

Schedule for Balochistan UC Nazim by-polls announced

Chief Election Commissioner, Irshad Hasan Khan on Wednesday notified programme of by-elections to fill the seats of Nazims of Union Council Urban, Tehsil Harnai, District Sibi; Union Council Nichara, District Kalat and Union Council Kalatuk, Tehsil Turbat
Published 21 Oct, 2004 12:00am
Gold futures firm in Tokyo

Gold futures firm in Tokyo

Tokyo gold futures firmed on Wednesday after gains in New York as the yen's steep rise against the dollar made local investors wary of chasing the rally.
Published 21 Oct, 2004 12:00am
Shaukat stresses timely completion of projects

Shaukat stresses timely completion of projects

Prime Minister Shaukat Aziz on Wednesday asked the parliamentarians to keep strict check and vigilance on the development projects to ensure their timely completion.
Published 21 Oct, 2004 12:00am
Comex copper posts gains, propped by strike news

Comex copper posts gains, propped by strike news

Comex copper prices finished with healthy gains on Tuesday, as bullish fundamentals like striking workers in Mexico, declining inventories, and robust demand provide an underpinning, copper traders said.
Published 21 Oct, 2004 12:00am
ADB to provide $802 million in 2005

ADB to provide $802 million in 2005

The Asian Development Bank will provide $ 802 million assistance to Pakistan during 2005 for eight projects. Informed sources stated that the ADB President Tadao Chino during his recent visit here promised assistance of two billion dollars for the next tw
Published 21 Oct, 2004 12:00am
ADB to provide $802 million in 2005

ADB to provide $802 million in 2005

The Asian Development Bank will provide $ 802 million assistance to Pakistan during 2005 for eight projects. Informed sources stated that the ADB President Tadao Chino during his recent visit here promised assistance of two billion dollars for the next tw
Published 21 Oct, 2004 12:00am
Gold hovers around $420 in Asia, eyes on currency

Gold hovers around $420 in Asia, eyes on currency

Gold was fluctuating narrowly around the key $420 an ounce level in Asia on Wednesday, losing momentum as the dollar took a breather after hitting a three-month low against the yen and as oil prices steadied.
Published 21 Oct, 2004 12:00am
Dates for new round of India talks announced

Dates for new round of India talks announced

Announcing the schedule of meetings of Pak-India dispute resolution working groups, the Foreign Office spokesman said on Wednesday that the meetings would start from November 29 and last until the middle of December. Among the groups' meetings during thro
Published 21 Oct, 2004 12:00am
Thai rubber prices seen steady

Thai rubber prices seen steady

Thai rubber prices are likely to remain steady over the next few days, with increased supply balanced by strong overseas demand, traders said on Wednesday.
Published 21 Oct, 2004 12:00am
Dates for new round of India talks announced

Dates for new round of India talks announced

Announcing the schedule of meetings of Pak-India dispute resolution working groups, the Foreign Office spokesman said on Wednesday that the meetings would start from November 29 and last until the middle of December. Among the groups' meetings during thro
Published 21 Oct, 2004 12:00am
Oil holds firm as worries on heating fuels persist

Oil holds firm as worries on heating fuels persist

Oil prices held steady above $53 a barrel on Wednesday as worries over a winter supply crunch countered expectations that high fuel costs would curb growth in petroleum demand next year.
Published 21 Oct, 2004 12:00am
Shipping lines slap GRI on cargo for South America

Shipping lines slap GRI on cargo for South America

Foreign shipping lines have slapped a general rate increase (GRI) on cargo destined for West Coast of South America from October 15. The rates of the GRI implemented are dollar 750 for a 20-foot container and dollar 1,000 for a 40-foot box.
Published 21 Oct, 2004 12:00am
Shanghai copper down

Shanghai copper down

Most of China's copper futures edged lower on Wednesday, playing catch-up with LME losses during Asian trade, traders said.
Published 21 Oct, 2004 12:00am
Shipping lines slap GRI on cargo for South America

Shipping lines slap GRI on cargo for South America

Foreign shipping lines have slapped a general rate increase (GRI) on cargo destined for West Coast of South America from October 15. The rates of the GRI implemented are dollar 750 for a 20-foot container and dollar 1,000 for a 40-foot box.
Published 21 Oct, 2004 12:00am
CBOT rice futures firm

CBOT rice futures firm

Rough rice futures at the Chicago Board of Trade closed steady to higher on Tuesday on speculative buying and firm cash prices, traders said.
Published 21 Oct, 2004 12:00am
Six of a family among 16 killed in Iraq

Six of a family among 16 killed in Iraq

US warplanes killed a family of six in raids against rebels led by al-Qaeda ally Abu Musab al-Zarqawi, while a top international aid agency suspended Iraq operations on Wednesday after its manager was kidnapped. A Reuters witness saw a man and a woman and
Published 21 Oct, 2004 12:00am
Six of a family among 16 killed in Iraq

Six of a family among 16 killed in Iraq

US warplanes killed a family of six in raids against rebels led by al-Qaeda ally Abu Musab al-Zarqawi, while a top international aid agency suspended Iraq operations on Wednesday after its manager was kidnapped. A Reuters witness saw a man and a woman and
Published 21 Oct, 2004 12:00am
New York sugar ends mixed, March down on producer sales

New York sugar ends mixed, March down on producer sales

NYBOT raw sugar futures settled mixed on Tuesday, with sustain producer selling nudging key March lower, and brokers said the sweetener may slide further from follow-through sales in the days ahead.
Published 21 Oct, 2004 12:00am
Soyabean futures climb on speculative buying

Soyabean futures climb on speculative buying

Chicago Board of Trade soyabean futures ended higher on Tuesday on firm cash soyabean and soyameal prices, speculative short-covering and buying of November soyabeans by option traders, brokers and traders said.
Published 21 Oct, 2004 12:00am
Tokyo rubber hits two-week low

Tokyo rubber hits two-week low

Tokyo rubber futures slipped to a two-week low on Wednesday as crude oil prices took a break from their upward march, while a strong yen also weighed on the market.
Published 21 Oct, 2004 12:00am
India upbeat on oilseed crop after late rains

India upbeat on oilseed crop after late rains

Late rains in key oilseed-growing regions have improved the prospects of India's winter crop and the resultant soil moisture would boost the size of the summer crop, traders said on Wednesday.
Published 21 Oct, 2004 12:00am
Malaysian palm oil up modestly on Wong report

Malaysian palm oil up modestly on Wong report

Malaysian crude palm oil futures rallied on Wednesday, with the benchmark contract up 2 percent to return to the psychologically-important 1,400 ringgit-a-tonne mark, spurred by a rise in US soyaoil.
Published 21 Oct, 2004 12:00am
Hedge funds - hot air or hot stuff?

Hedge funds - hot air or hot stuff?

Hedge fund returns rose in September, but a muted performance this year after the triumphs of 2000-2003 has raised doubts about the durability of future earnings.
Published 21 Oct, 2004 12:00am