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Print - 2004-10-27
Gold pauses in Asia, 16-year high eyed

Gold pauses in Asia, 16-year high eyed

Gold was mostly steady in Asia on Tuesday, taking a breather before another expected attempt at a 16-year high above $430, helped by the weak US dollar and high oil prices, traders said.
Published 27 Oct, 2004 12:00am
Autos and insurers rally in bond markets

Autos and insurers rally in bond markets

Autos and insurers led spreads tighter in the European corporate bond markets on Tuesday, as stock markets remained in positive territory and concerns over a regulatory probe into the insurance sector receded somewhat.
Published 27 Oct, 2004 12:00am
Autos and insurers rally in bond markets

Autos and insurers rally in bond markets

Autos and insurers led spreads tighter in the European corporate bond markets on Tuesday, as stock markets remained in positive territory and concerns over a regulatory probe into the insurance sector receded somewhat.
Published 27 Oct, 2004 12:00am
Seoul shares up

Seoul shares up

Seoul shares closed up on Tuesday, as a dip in oil prices eased concerns about the impact of high energy costs on corporate profits and a struggling economy, and as investors hunted for bargains following sharp losses in the previous session.
Published 27 Oct, 2004 12:00am
US Stocks: Tuesday's unofficial close

US Stocks: Tuesday's unofficial close

US stocks jumped on Tuesday as battered insurers such as Marsh & McLennan Cos. gained on increased confidence of a quick resolution to New York Attorney General Eliot Spitzer's probe of the industry.
Published 27 Oct, 2004 12:00am
Oil prices dip toward $54, winter fears persist

Oil prices dip toward $54, winter fears persist

Oil prices slipped further below $55 a barrel on Tuesday, breathing easier after a Norwegian strike threat receded but still anxious over the thin state of pre-winter heating oil supplies.
Published 27 Oct, 2004 12:00am
Dollar pauses for breath, near historic low versus euro

Dollar pauses for breath, near historic low versus euro

The dollar hit an eight-month low against the euro on Tuesday, coming within a cent of a record low, and set its lowest level in eight years versus the Swiss franc on worries about the US economy and current account gap.
Published 27 Oct, 2004 12:00am
Pound grazes nine-month low versus euro

Pound grazes nine-month low versus euro

Sterling briefly touched a nine month low against the euro on Tuesday after data showed British manufacturers' confidence faltering and raised expectations of a respite in the Bank of England's rate-tightening cycle.
Published 27 Oct, 2004 12:00am
Muslim scholars gather in UAE to defend Islam

Muslim scholars gather in UAE to defend Islam

Dozens of Islamic scholars have gathered in the United Arab Emirates (UAE) to defend their religion against accusations of fostering terrorism and to denounce groups of co-religionist fanatics distorting the image of Islam.
Published 27 Oct, 2004 12:00am
Kuwait's new parliament opens, full rights for women urged

Kuwait's new parliament opens, full rights for women urged

Kuwait's Emir Sheikh Jaber al-Ahmad al-Sabah opened the new legislative term of the emirate's outspoken parliament Tuesday by urging MPs to pass a bill granting women full political rights and to approve a package of economic reforms.
Published 27 Oct, 2004 12:00am
Post-Taleban human rights poor: UN

Post-Taleban human rights poor: UN

Despite progress since the fall of the Taleban in 2001, Afghans suffer from human rights violations, an UN expert reported Monday to the UN General Assembly.
Published 27 Oct, 2004 12:00am
Schroeder and Chirac back Turkey's EU bid

Schroeder and Chirac back Turkey's EU bid

The leaders of France and Germany reiterated their support for Turkey's bid to join the European Union, despite wide scepticism at home, saying they expected an EU summit in December to approve starting entry talks next year.
Published 27 Oct, 2004 12:00am
New Interpol chief declares war on guns

New Interpol chief declares war on guns

The new head of Interpol declared war on small arms on Tuesday, saying the proliferation of pistols, shotguns and rifles threatens peace and law enforcement across Africa and around the world.
Published 27 Oct, 2004 12:00am
Lebanon forms new cabinet

Lebanon forms new cabinet

Prime minister-designate Omar Karameh formed a new 30-member cabinet on Tuesday, with keys posts going to pro-Syrian figures and with women entering government for the first time in Lebanon's history.
Published 27 Oct, 2004 12:00am
EU agrees to put biometric data in passports

EU agrees to put biometric data in passports

The European Union reached a provisional agreement on Tuesday to issue passports with biometric data such as fingerprints and digital photographs in the coming years, diplomats said.
Published 27 Oct, 2004 12:00am
Protesters harry Israeli parliament before vote

Protesters harry Israeli parliament before vote

Thousands of rightist Israelis accused Prime Minister Ariel Sharon of treason on Tuesday as parliament looked set to approve the first pullout of settlers from occupied land Palestinians want as part of a future state.
Published 27 Oct, 2004 12:00am
Zoellick to give up US trade post

Zoellick to give up US trade post

US Trade Representative Robert Zoellick will give up his post even if President George W Bush wins the November two election, a trade source in Germany said on Tuesday.
Published 27 Oct, 2004 12:00am
US troops reinforce after Falluja air strike

US troops reinforce after Falluja air strike

US troops stepped up pressure on the rebel-held Iraqi city of Falluja on Tuesday, cutting roads and reinforcing positions around the town as jets criss-crossed the sky ahead of an expected assault.
Published 27 Oct, 2004 12:00am
Muralitharan hopes to bowl 'doosra' again

Muralitharan hopes to bowl 'doosra' again

Sri Lankan star Muttiah Muralitharan hopes he will be allowed to bowl his controversial 'doosra' delivery after the International Cricket Council (ICC) announced it was holding a review illegal bowling.
Published 27 Oct, 2004 12:00am
Axed Moin confident his career is not over

Axed Moin confident his career is not over

Pakistani wicket-keeper Moin Khan said on Tuesday he was confident his international career was not over despite being dumped from the national team before this week's second Test against Sri Lanka.
Published 27 Oct, 2004 12:00am
Dyson praises Lanka's Aussie-like fightback

Dyson praises Lanka's Aussie-like fightback

Sri Lanka's Australian coach John Dyson said on Tuesday his side had started to emulate some of the gritty toughness of world champsions Australia and was putting its new attitude to good use against Pakistan.
Published 27 Oct, 2004 12:00am
Another Martyn ton add insult to India's injuries

Another Martyn ton add insult to India's injuries

Damien Martyn hit a second consecutive century as world champions Australia flayed injury-ravaged India on the opening day of the third cricket Test here on Tuesday.
Published 27 Oct, 2004 12:00am
Congo unable to help its 40,000 rape victims

Congo unable to help its 40,000 rape victims

Fighters in Congo have raped at least 40,000 women and girls over the past six years yet the health system in the central African country can offer the victims little help, Amnesty International said on Tuesday.
Published 27 Oct, 2004 12:00am
Spain sees further threat from Islamist radicals

Spain sees further threat from Islamist radicals

Despite dozens of arrests, Spanish police have yet to establish who ultimately ordered the Madrid rail bombings and seven months later are still uncovering new militant threats.
Published 27 Oct, 2004 12:00am
In Africa, hoping for Kerry because he's not Bush

In Africa, hoping for Kerry because he's not Bush

US President George W. Bush's administration boasts no other American presidency has done more for Africa than his, and many on the world's poorest continent agree.
Published 27 Oct, 2004 12:00am
Japan's quake survivors face rain, tremors, stress

Japan's quake survivors face rain, tremors, stress

More than 100,000 exhausted survivors of Japan's deadliest earthquake in a decade bedded down again in schools, cars and tents on Tuesday as rain threatened to trigger more landslides and hamper rescue efforts.
Published 27 Oct, 2004 12:00am
Experts fear messy, disorderly US election

Experts fear messy, disorderly US election

Long lines, malfunctioning machines and duelling lawyers could turn next week's US presidential election and its aftermath into a disorderly and even chaotic experience, political analysts said on Tuesday.
Published 27 Oct, 2004 12:00am
Swiss franc maintains strength versus dollar

Swiss franc maintains strength versus dollar

The Swiss franc held on to recent highs against the dollar in early Tuesday trading as the greenback hit fresh historic lows against key currencies, hurt by nagging worries over the US economy and high oil prices.
Published 27 Oct, 2004 12:00am
Australian dollar flirts with 75 cents

Australian dollar flirts with 75 cents

The Australian dollar flirted briefly above 75 US cents on Tuesday and the market is looking for a sustained move above this psychological level while sentiment towards the US dollar remains poor.
Published 27 Oct, 2004 12:00am
Canadian dollar ends near 82 US cents

Canadian dollar ends near 82 US cents

The Canadian dollar popped through the psychological level of 82 US cents twice on Monday, but briefly, as the US currency was weighed down by high oil prices and recent remarks from the US Federal Reserve.
Published 27 Oct, 2004 12:00am
Dollar loses more ground, hits eight-month low versus euro

Dollar loses more ground, hits eight-month low versus euro

The dollar tumbled to fresh eight-month lows against the euro on Tuesday, down for a 10th straight day as traders sold more of the currency on worries about the US economy and the gaping trade deficit.
Published 27 Oct, 2004 12:00am
Indian rupee ends lower

Indian rupee ends lower

The Indian rupee side-stepped an increase in the overnight repo rate to end off four-month highs on Tuesday, as oil companies stepped up dollar purchases to cover the increasing cost of crude oil, dealers said.
Published 27 Oct, 2004 12:00am
Chinese yuan notches firmer

Chinese yuan notches firmer

The yuan ended three notches firmer at 8.2765 per US dollar on Tuesday, near the stronger end of its managed trading range.
Published 27 Oct, 2004 12:00am
Hong Kong dollar eases

Hong Kong dollar eases

The Hong Kong dollar pared some of its recent gains on Tuesday after aggressive intervention by the Hong Kong Monetary Authority on Monday afternoon to stem the currency's advance against the greenback.
Published 27 Oct, 2004 12:00am
Sri Lankan stocks dip

Sri Lankan stocks dip

Sri Lankan stocks ended slightly lower on Tuesday, retreating from all-time highs as investors skimmed profits after two weeks of strong gains in the leisure sector, brokers said. The key Colombo all-share index closed down a provisional 0.83 percent or 1
Published 27 Oct, 2004 12:00am
Tokyo stocks finish with slight gain

Tokyo stocks finish with slight gain

Japanese stocks closed little changed on Tuesday as a recovery in banks and insurers was offset by losses in exporters, hit by the yen's recent rise and uncertainty over the outcome of the US presidential election.
Published 27 Oct, 2004 12:00am
Singapore shares rebound on oil fall

Singapore shares rebound on oil fall

Singapore shares bounced off early lows to end higher on Tuesday, aided by a fall in oil prices and surge in SembCorp Logistics (SembLog) to a 2-week high on hopes for a generous dividend payout.
Published 27 Oct, 2004 12:00am
Philippines stocks surge, led by telecoms

Philippines stocks surge, led by telecoms

Manila shares closed nearly 2 percent higher on Tuesday as telecoms leader PLDT led a late rebound on expectations of higher third-quarter earnings after the market fell to a one-month low on Monday amid rising inflation fears.
Published 27 Oct, 2004 12:00am
Jakarta stocks ease

Jakarta stocks ease

Jakarta stocks eased on Tuesday in modest turnover as sentiment remained weak due to high oil prices, although positive earnings reports from several small-capped companies helped lend support.
Published 27 Oct, 2004 12:00am
Indian stocks bounce back on fund support

Indian stocks bounce back on fund support

Indian share prices closed 1.25 percent higher Tuesday as foreign and domestic funds came back into the market after Monday's downturn, dealers said.
Published 27 Oct, 2004 12:00am
Taiwan stocks end at nine-week low on US, demand worry

Taiwan stocks end at nine-week low on US, demand worry

Taiwan stocks fell in a broad-based pullback to a 9-week closing low on Tuesday, after a recent retreat in US shares and on worries over demand for electronics from the island's biggest tech customers in the US
Published 27 Oct, 2004 12:00am
Hong Kong stocks finish firmer

Hong Kong stocks finish firmer

Hong Kong stocks rose a quarter of a percent on Tuesday with investors cautious ahead of the US presidential election, while China commodity plays such as oil producer CNOOC surged on strong performance figures.
Published 27 Oct, 2004 12:00am
US Treasury yields end flat

US Treasury yields end flat

US Treasury debt yields ended flat on Monday after plumbing a seven-month low as stubbornly high energy prices hinted at a slowdown in economic growth.
Published 27 Oct, 2004 12:00am
US Treasury yields end flat

US Treasury yields end flat

US Treasury debt yields ended flat on Monday after plumbing a seven-month low as stubbornly high energy prices hinted at a slowdown in economic growth.
Published 27 Oct, 2004 12:00am
BP reports bumper third-quarter profits

BP reports bumper third-quarter profits

BP Plc, the world's second largest oil company, reported bumper third-quarter profits on Tuesday thanks to high oil prices, but analysts said higher capital expenditure plans raised some concerns about the extent of future share buybacks.
Published 27 Oct, 2004 12:00am
BP reports bumper third-quarter profits

BP reports bumper third-quarter profits

BP Plc, the world's second largest oil company, reported bumper third-quarter profits on Tuesday thanks to high oil prices, but analysts said higher capital expenditure plans raised some concerns about the extent of future share buybacks.
Published 27 Oct, 2004 12:00am
Global aircraft makers eye India's huge aviation growth

Global aircraft makers eye India's huge aviation growth

Global aircraft makers battling for business are likely to get billions of dollars of passenger aircraft orders from India where air travel is poised for massive growth, industry officials said.
Published 27 Oct, 2004 12:00am
South Africa scraps key exchange controls

South Africa scraps key exchange controls

South Africa took a major step towards scrapping exchange controls on Tuesday, allowing companies to invest offshore freely for the first time and pledging that remaining limits would be lifted.
Published 27 Oct, 2004 12:00am
EU approves Oracle's pursuit of Peoplesoft

EU approves Oracle's pursuit of Peoplesoft

The European Commission approved Oracle Corp's proposed $7.7 billion hostile take-over of rival software company PeopleSoft Inc on Tuesday, clearing the last competition hurdle to the deal.
Published 27 Oct, 2004 12:00am
Critics say Bush job gain claim rests on uncounted jobs

Critics say Bush job gain claim rests on uncounted jobs

With days to go before the presidential election, the Bush administration is trumpeting the creation of nearly 2 million jobs in the last 13 months - a claim critics say rests on payrolls not yet officially logged by the Labour Department.
Published 27 Oct, 2004 12:00am
EU to monitor China textile imports from 2005

EU to monitor China textile imports from 2005

The EU will set up a special monitoring system for textile imports from China after it scraps quotas on such imports from all WTO countries on January 1, the bloc's executive Commission said on Tuesday.
Published 27 Oct, 2004 12:00am
World oil output should not peak before 2030: IEA

World oil output should not peak before 2030: IEA

World oil output should not peak before 2030, but about $3 trillion may need to be invested to meet an expected 60 percent surge in consumption, the International Energy Agency said on Tuesday.
Published 27 Oct, 2004 12:00am
US consumer confidence hits seven-month low

US consumer confidence hits seven-month low

US consumers turned more gloomy in October, beset by soaring energy prices, relentless violence in Iraq and the increasingly bitter end of the presidential election campaign.
Published 27 Oct, 2004 12:00am
Cuba to stop accepting US dollars in transactions

Cuba to stop accepting US dollars in transactions

Cuba said Monday that US dollars would no longer be accepted in stores on the island starting November 8, marking a sharp change in the country's financial policies in response to what the government called hostile US policies toward the communist-ruled n
Published 27 Oct, 2004 12:00am
IMF sees rising demand behind record oil prices

IMF sees rising demand behind record oil prices

The head of the International Monetary Fund (IMF) said on Tuesday rising demand was the most important reason behind record oil prices and more investment was needed in oil refineries by crude producers and consumers.
Published 27 Oct, 2004 12:00am
Halliburton posts loss on asbestos charge

Halliburton posts loss on asbestos charge

Halliburton Co, the world's No two oil field services company, on Tuesday posted a quarterly loss as gains in its energy business were outweighed by $230 million in charges to fund its asbestos settlement.
Published 27 Oct, 2004 12:00am
Halliburton posts loss on asbestos charge

Halliburton posts loss on asbestos charge

Halliburton Co, the world's No two oil field services company, on Tuesday posted a quarterly loss as gains in its energy business were outweighed by $230 million in charges to fund its asbestos settlement.
Published 27 Oct, 2004 12:00am
Indian September crude oil imports up 13.5 percent

Indian September crude oil imports up 13.5 percent

India's crude oil imports rose 13.5 percent year on year to 8.53 million tonnes in September as domestic sales and exports of refined products rose, an industry official told Reuters on Tuesday.
Published 27 Oct, 2004 12:00am
China strapped by energy shortages as winter nears

China strapped by energy shortages as winter nears

China's booming economy is driving demand for coal, oil, power and transport that far outstrips national supplies, potentially leaving millions nation-wide in the cold, the China Daily said on Tuesday.
Published 27 Oct, 2004 12:00am
Norway oil workers say to resume work on October 27

Norway oil workers say to resume work on October 27

Norwegian oil rig workers will return to work from midnight (2200 GMT) on Wednesday after the government intervened to end a four-month conflict with employers, the OFS oil union said on Tuesday.
Published 27 Oct, 2004 12:00am
Argentina to seal another local debt deal

Argentina to seal another local debt deal

Argentina hopes to strike a deal this week with banks and insurance companies operating in the country to restructure the defaulted sovereign debt they hold as it did recently with local pension funds, a source at the Economy Ministry said on Monday.
Published 27 Oct, 2004 12:00am
News Corp move to New York approved by shareholders

News Corp move to New York approved by shareholders

News Corp shareholders emphatically backed Rupert Murdoch's plan Tuesday to move his media empire to the United States from the sleepy Australian city of Adelaide where he laid the company's foundations more than 50 years ago.
Published 27 Oct, 2004 12:00am
News Corp move to New York approved by shareholders

News Corp move to New York approved by shareholders

News Corp shareholders emphatically backed Rupert Murdoch's plan Tuesday to move his media empire to the United States from the sleepy Australian city of Adelaide where he laid the company's foundations more than 50 years ago.
Published 27 Oct, 2004 12:00am
Sumitomo and Credit Lyonnais Rouse settle rogue trader lawsuit

Sumitomo and Credit Lyonnais Rouse settle rogue trader lawsuit

Japan's Sumitomo Corporation and Credit Lyonnais Rouse said Tuesday they had agreed to settle a 1.1-billion-dollar (895-million-euro) lawsuit launched by Sumitomo against the French broker over one of the world's biggest rogue trader scandals.
Published 27 Oct, 2004 12:00am
Malaysian palm up on soya, exports optimism

Malaysian palm up on soya, exports optimism

Malaysian crude palm oil futures were up and running for a second straight day on Tuesday, with the benchmark contract shattering the 1,450-ringgit-a-tonne psychological barrier, after a rally in rival US soyaoil.
Published 27 Oct, 2004 12:00am
India sees good mustard crop on 'ideal' weather

India sees good mustard crop on 'ideal' weather

Recent rains and cool weather in India's key oilseed-producing regions have improved prospects of the mustard crop for which sowing is on in full swing, farm scientists and traders said on Tuesday.
Published 27 Oct, 2004 12:00am
CBOT rice slips

CBOT rice slips

Chicago Board of Trade rough rice futures closed lower on Monday on a mild setback from Friday, traders said.
Published 27 Oct, 2004 12:00am
Soya rallies on fund short-covering

Soya rallies on fund short-covering

Soyabean futures at the Chicago Board of Trade rallied on Monday on follow-through fund short-covering amid firm US cash markets as farmers held beans, traders said.
Published 27 Oct, 2004 12:00am
Kashmiris welcome Musharraf's proposals

Kashmiris welcome Musharraf's proposals

The Kashmiri leaders on Tuesday welcomed as "path-breaking" and "positive" a raft of fresh proposals by President Pervez Musharraf to resolve the Kashmir dispute. Musharraf late on Monday called for a national debate on ways to end the dispute between Pak
Published 27 Oct, 2004 12:00am
Tokyo rubber falls as oil price retreats

Tokyo rubber falls as oil price retreats

Tokyo rubber futures settled mostly lower on Tuesday, losing upward momentum due to a retreat in oil prices from a record high, but underlying sentiment remained solid after the upbeat expiry of the spot October contract.
Published 27 Oct, 2004 12:00am
Kashmiris welcome Musharraf's proposals

Kashmiris welcome Musharraf's proposals

The Kashmiri leaders on Tuesday welcomed as "path-breaking" and "positive" a raft of fresh proposals by President Pervez Musharraf to resolve the Kashmir dispute. Musharraf late on Monday called for a national debate on ways to end the dispute between Pak
Published 27 Oct, 2004 12:00am
New York sugar easier

New York sugar easier

NYBOT raw sugar futures crumbled from late fund selling to finish on Monday near a one-month low, with follow-through sales seen nudging the market lower in the days ahead, brokers said.
Published 27 Oct, 2004 12:00am
Nine tribesmen killed in South Waziristan

Nine tribesmen killed in South Waziristan

Nine people were killed and five others injured when a tribal Jirga came under rocket fire in Spin Kairaghzai area, South Waziristan Agency, PTV reports. "The Jirga was on a peace mission in the area," Inter Services Public Relations (ISPR) Director-Gener
Published 27 Oct, 2004 12:00am
Thai rice higher on drought fears

Thai rice higher on drought fears

Thai rice futures firmed on Tuesday on speculative buying amid worries that drought could hit output in some areas, brokers said.
Published 27 Oct, 2004 12:00am
Nine tribesmen killed in South Waziristan

Nine tribesmen killed in South Waziristan

Nine people were killed and five others injured when a tribal Jirga came under rocket fire in Spin Kairaghzai area, South Waziristan Agency, PTV reports. "The Jirga was on a peace mission in the area," Inter Services Public Relations (ISPR) Director-Gener
Published 27 Oct, 2004 12:00am
Malaysian tin softens

Malaysian tin softens

Malaysian tin fell 0.6 percent on Tuesday to correct a widening freight premium to the European market, dealers said.
Published 27 Oct, 2004 12:00am
Israeli parliament ratifies Gaza withdrawal plan

Israeli parliament ratifies Gaza withdrawal plan

Israel's divided parliament on Tuesday approved Prime Minister Ariel Sharon's US-backed plan to withdraw from the occupied Gaza Strip and parts of the West Bank.
Published 27 Oct, 2004 12:00am
Shanghai copper dives

Shanghai copper dives

China's copper futures contracts ended down sharply on Tuesday as steep losses on the London Metal Exchange overwhelmed a shortfall of the metal on the domestic market, traders said.
Published 27 Oct, 2004 12:00am
Sindh chief minister calls on Shaukat

Sindh chief minister calls on Shaukat

Sindh Chief Minister Dr Arbab Ghulam Rahim along with Krishan Chand Parwani called on Prime Minister Shaukat Aziz on Tuesday at the Prime Minister House.
Published 27 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 27 Oct, 2004 12:00am
UK manufacturers' confidence dips as oil soars

UK manufacturers' confidence dips as oil soars

British manufacturers' business confidence in the three months to October deteriorated to its weakest level since the middle of last year as input prices, particularly oil, remained high, a survey showed on Tuesday.
Published 27 Oct, 2004 12:00am
Bullion Rates

Bullion Rates

Gold and silver rates in rupees per 10 grams prevailing in major cities on Tuesday (October 26, 2004).
Published 27 Oct, 2004 12:00am
Zimbabwe expels angry South African union team

Zimbabwe expels angry South African union team

Zimbabwe deported a South African trade union delegation on Tuesday after it arrived on a fact-finding trip despite orders from President Robert Mugabe's government to stay away.
Published 27 Oct, 2004 12:00am
Income tax returns: external auditors barred from raising objections

Income tax returns: external auditors barred from raising objections

The external auditors of the Revenue Receipt Audit will not have the authority to raise objections pertaining to income tax returns filed under Universal Self Assessment Scheme (USAS). Sources told Business Recorder here on Tuesday that income tax
Published 27 Oct, 2004 12:00am