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Print - 2004-11-09
More rain heads for Brazilian coffee belt this week

More rain heads for Brazilian coffee belt this week

Coffee areas should experience a couple of dry days before rain returns to Parana state and spreads northwards, aiding crop development, private meteorologists Somar said on Monday. During the weekend, south Minas and Minas Cerrado received 26 and 21 mill
Published 09 Nov, 2004 12:00am
Exporters expect raw cotton export worth $100 million

Exporters expect raw cotton export worth $100 million

Exporters say they can earn over 100 million dollars through export of raw cotton as the production has gone beyond expectation. The Committee on Cotton Crop Assessment has estimated that the country might receive a total of 12.1 million bales in the curr
Published 09 Nov, 2004 12:00am
Sugar prices up on grain market

Sugar prices up on grain market

Sugar prices were higher on the opening session of the grain market due to tight supplies and surging demand in the month of Ramazan, dealers said. On the cereals side, sugar prices low type shed Rs 50 at Rs 2100 and better type lost Rs 70 to Rs 2150 in t
Published 09 Nov, 2004 12:00am
US firm to invest $1.2 billion in energy sector

US firm to invest $1.2 billion in energy sector

The Chief Executive Officer of Access Energy USA, Shahid Naeem in a meeting with Minister of State for Finance, Omar Ayub Khan here on Monday disclosed that Access Group International is planning to invest $1.2 billion in Pakistan's energy sector in the n
Published 09 Nov, 2004 12:00am
Iraq seeks 150,000 tonnes US HRW wheat

Iraq seeks 150,000 tonnes US HRW wheat

Iraq has set a tender to buy 100,000 tonnes to 150,000 tonnes of hard red winter wheat from the United States for December-January shipment, US grain traders said on Monday. They said the deadline for submitting offers to the Grain Board of Iraq was Novem
Published 09 Nov, 2004 12:00am
US firm to invest $1.2 billion in energy sector

US firm to invest $1.2 billion in energy sector

The Chief Executive Officer of Access Energy USA, Shahid Naeem in a meeting with Minister of State for Finance, Omar Ayub Khan here on Monday disclosed that Access Group International is planning to invest $1.2 billion in Pakistan's energy sector in the n
Published 09 Nov, 2004 12:00am
Costa Rica coffee meeting in search of good beans

Costa Rica coffee meeting in search of good beans

Gourmet coffee drinkers may find themselves staring into empty cups if the fashion for fine coffee keeps spreading as fast as in recent years, Costa Rica coffee expert Grace Mena said on Monday. At a time when cash-strapped growers are struggling to emerg
Published 09 Nov, 2004 12:00am
UNSC mulls Ivory Coast arms embargo

UNSC mulls Ivory Coast arms embargo

The UN Security Council held talks on Monday on a French resolution to impose an arms embargo on Ivory Coast, where nine French peacekeepers were killed in government air raids at the weekend.
Published 09 Nov, 2004 12:00am
German coffee imports down in August

German coffee imports down in August

Germany's August net green coffee imports fell to 1,332,057 60-kg bags from 1,558,674 in August 2003 and 1,353,298 in July 2004, industry association DKV said. Brazil maintained its long-standing position as Germany's largest supplier, followed by Vietnam
Published 09 Nov, 2004 12:00am
'Major archaeological sites in Pakistan being plundered'

'Major archaeological sites in Pakistan being plundered'

A British professor of Archaeology at the University of Bradford, Robin Coningham has claimed that major archaeological sites in Pakistan and Iran were being plundered and their objects were being brought in London for sale.
Published 09 Nov, 2004 12:00am
Algerian coffee imports up

Algerian coffee imports up

Algerian coffee imports, mainly from the Ivory Coast, rose 11 percent in the first nine months of 2004 to reach $82.84 million compared with the same period last year, a newspaper said on Monday. Government-backed daily El Moudjahid said the north African
Published 09 Nov, 2004 12:00am
Global warming to expose Arctic to oil and gas drilling

Global warming to expose Arctic to oil and gas drilling

Rising global temperatures will melt areas of the Arctic this century, making them more accessible for oil and natural gas drilling, a report prepared by the United States and seven other nations said on Monday. It predicts that over the next 100 years, g
Published 09 Nov, 2004 12:00am
Singapore bunker fuel prices up

Singapore bunker fuel prices up

Singapore bunker prices rose on Monday, despite lower 380-cst fuel oil cargo values. Suppliers pegged 380-cst bunker fuel oil levels at $194-$196 a tonne, up $1 from Friday. Prices for the 180-cst grades were at $201-$203.
Published 09 Nov, 2004 12:00am
LHCBA seeks issuance of small coins

LHCBA seeks issuance of small coins

A member of the Lahore High Court Bar Association (LHCBA) has written a letter to Chief Manager State Bank of Pakistan praying for issuance small coins in the interest of general public at large. M.D. Tahir in his letter contended that small coins of deno
Published 09 Nov, 2004 12:00am
Argentine wheat sales rise

Argentine wheat sales rise

Argentine export commitments of 2003/04 wheat totalled 8.35 million tonnes by November 5, up from 8.04 million tonnes a week before, the local agriculture department said on Monday. By the same date last year, Argentina had sold 6.05 million tonnes of the
Published 09 Nov, 2004 12:00am
Nato urges Europe and US to come together on Iraq

Nato urges Europe and US to come together on Iraq

Nato Secretary General Jaap de Hoop Scheffer on Monday warned Europe and America against opposing each other over the Iraqi conflict, saying it was essential to build consensus on the issue within the North Atlantic alliance.
Published 09 Nov, 2004 12:00am
US Midwest bids corn and soyabean mixed

US Midwest bids corn and soyabean mixed

Spot basis bids for corn and soyabeans were mixed in the interior US Midwest early on Monday as scattered country sales pressured values in a few areas after a busy harvest weekend, dealers said. Soybean movement picked up after mostly dry weekend weather
Published 09 Nov, 2004 12:00am
800 foreigners holed up at Abidjan UN buildings

800 foreigners holed up at Abidjan UN buildings

Some 800 foreigners have taken refuge at the UN mission in Abidjan, under guard of UN peacekeepers as "unruly mobs" roam the streets, a UN spokesman said on Monday. "The UN mission in Cote d'Ivoire reports that unruly mobs are roaming the streets or some
Published 09 Nov, 2004 12:00am
London coffee flat

London coffee flat

London coffee futures were barely changed on Monday in very low volume as soft commodities players focused on surging cocoa prices, floor sources said.
Published 09 Nov, 2004 12:00am
White House re-affirms Iraq vote in January

White House re-affirms Iraq vote in January

Iraq will hold elections in January, despite European Foreign Minister Javier Solana's statement putting the deadline in doubt, the White House said on Monday. "We fully expect it will happen in January," White House spokesman Scott McClellan told reporte
Published 09 Nov, 2004 12:00am
London cocoa skyrockets on Ivorian conflict

London cocoa skyrockets on Ivorian conflict

Cocoa prices in London surged to a three-month high on Monday as violence in Ivory Coast fuelled fears of disruption to supply from the world's biggest cocoa grower, traders said. "I have never seen an opening like this," one trader said. "People are worr
Published 09 Nov, 2004 12:00am
Customs may clear 452 used cars in couple of days

Customs may clear 452 used cars in couple of days

About 452 imported re-conditioned cars with engine capacity ranging from 800 cc to 1800 cc will be cleared by the Customs authorities in next couple of days after the decision of Economic Co-ordination Committee (ECC) of the federal Cabinet.
Published 09 Nov, 2004 12:00am
South African panel dismisses Gold Fields bid appeal

South African panel dismisses Gold Fields bid appeal

South Africa's securities regulator SRP on Monday turned down an application by Gold Fields Ltd for Harmony Gold's $7.12 billion hostile take-over bid to be declared unlawful, strengthening the bidder's hand, a Harmony executive said. Ferdi Dippenaar, Har
Published 09 Nov, 2004 12:00am
Armitage arrives

Armitage arrives

United States Deputy Secretary of State, Richard Armitage arrived here on Monday evening. He will call on President Pervez Musharraf, Prime Minister Shaukat Aziz, Foreign Minister Khurshid Kasuri and have talks with Foreign Secretary Riaz H Khokhar on pos
Published 09 Nov, 2004 12:00am
Ivory Coast conflict paralyses cocoa exports

Ivory Coast conflict paralyses cocoa exports

Leading cocoa exporters in Ivory Coast's main city Abidjan were closed on Monday as mob violence erupted after France destroyed most of the country's air force in retaliation for the killing of nine French peacekeepers. "Nobody has come in today," said a
Published 09 Nov, 2004 12:00am
Armitage arrives

Armitage arrives

United States Deputy Secretary of State, Richard Armitage arrived here on Monday evening. He will call on President Pervez Musharraf, Prime Minister Shaukat Aziz, Foreign Minister Khurshid Kasuri and have talks with Foreign Secretary Riaz H Khokhar on pos
Published 09 Nov, 2004 12:00am
France has new intervention grain offers

France has new intervention grain offers

French grain office ONIC said on Monday it had received fresh intervention offers for 53,700 tonnes of grain, comprising 42,800 tonnes of barley and 10,900 tonnes of wheat. ONIC now has a total of 102,800 tonnes of grain in store, comprising 79,000 tonnes
Published 09 Nov, 2004 12:00am
Pakistan and Kyrgyzstan to boost economic ties

Pakistan and Kyrgyzstan to boost economic ties

Pakistan and Kyrgyzstan on Monday agreed to expand their bilateral relations with particular emphasis on boosting economic ties and jointly combating terrorism. A joint statement, issued on the conclusion of a two-day visit of Kyrgyz Foreign Minister Aska
Published 09 Nov, 2004 12:00am
HRW wheat basis firmer in US Plains

HRW wheat basis firmer in US Plains

Hard red winter wheat basis bids in the US Plains were steady to firmer on Monday, with sluggish country movement noted, merchants said. The Gulf track market was a penny a bushel higher, and the bid in Lincoln, Nebraska, was up 3 cents a bushel, while ot
Published 09 Nov, 2004 12:00am
Pakistan and Kyrgyzstan to boost economic ties

Pakistan and Kyrgyzstan to boost economic ties

Pakistan and Kyrgyzstan on Monday agreed to expand their bilateral relations with particular emphasis on boosting economic ties and jointly combating terrorism. A joint statement, issued on the conclusion of a two-day visit of Kyrgyz Foreign Minister Aska
Published 09 Nov, 2004 12:00am
Thai rice futures mostly steady

Thai rice futures mostly steady

Thai rice futures ended mostly steady on Monday in the absence of fresh news to stir interest, brokers said. Overall volume rose as 122 contracts of 5 percent white rice were traded compared to 100 contracts on Friday.
Published 09 Nov, 2004 12:00am
Indian Prime Minister backtracks on 'all options' for Kashmir

Indian Prime Minister backtracks on 'all options' for Kashmir

India rowed back on Monday after voicing readiness to look at all options for a solution to the long-running dispute over Kashmir, balking at Pakistan's suggestion that the region could be demilitarised. "Jammu and Kashmir is an integral part of India and
Published 09 Nov, 2004 12:00am
Suez Canal blocked by tanker, 2 days or more delays

Suez Canal blocked by tanker, 2 days or more delays

Egypt's Suez Canal remained blocked on Monday and shipping could be disrupted for at least two more days after a Liberian-flagged oil tanker broke down in the middle of the strategic waterway, shipping sources said. Shipping came to a standstill late on S
Published 09 Nov, 2004 12:00am
Indian Prime Minister backtracks on 'all options' for Kashmir

Indian Prime Minister backtracks on 'all options' for Kashmir

India rowed back on Monday after voicing readiness to look at all options for a solution to the long-running dispute over Kashmir, balking at Pakistan's suggestion that the region could be demilitarised. "Jammu and Kashmir is an integral part of India and
Published 09 Nov, 2004 12:00am
Freight derivatives boom, volatility worries some

Freight derivatives boom, volatility worries some

Trade in freight derivatives, which allow shippers and brokers to hedge risk, is mushrooming as booming demand for sea transport fuels record-high shipping rates. But volatility in the derivatives has claimed several victims, leading some participants to
Published 09 Nov, 2004 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 39,864 tonnes of cargo including 36,154 tonnes import and 3,710 tonnes export cargo during last 24 hours ending at 0700 hours on Monday. The cargo comprised of 27,214 tonnes dry and 12,650 tonnes liquid cargo. Two ships namely Pro
Published 09 Nov, 2004 12:00am
Asian oil swaps: prices rise, naphtha spread widens

Asian oil swaps: prices rise, naphtha spread widens

Singapore oil swaps prices rose on Monday as the products caught up with last week's crude gains and naphtha's backwardation widened on talk of delays to barrels from Kuwait. Singapore naphtha prices were quoted at $47.55 a barrel, versus on Friday's $47.
Published 09 Nov, 2004 12:00am
US-led forces storm Fallujah

US-led forces storm Fallujah

The skies above Fallujah burned red late on Monday as artillery, war planes and tanks pounded the Iraqi rebel bastion with a barrage of firepower at the start of an operation to retake the city. Following a day of heavy shelling and missiles, US marines a
Published 09 Nov, 2004 12:00am
LME copper retreats in Asia but trend bullish

LME copper retreats in Asia but trend bullish

London Metal Exchange (LME) copper futures slipped in Asia on Monday due to profit-taking after sharp gains in London, but they were supported by a weaker dollar that prompted solid demand from investors seeking hard assets. Falls in the cash price also u
Published 09 Nov, 2004 12:00am
US-led forces storm Fallujah

US-led forces storm Fallujah

The skies above Fallujah burned red late on Monday as artillery, war planes and tanks pounded the Iraqi rebel bastion with a barrage of firepower at the start of an operation to retake the city. Following a day of heavy shelling and missiles, US marines a
Published 09 Nov, 2004 12:00am
Tokyo gold touches two-week high on New York gains

Tokyo gold touches two-week high on New York gains

Tokyo gold futures touched their highest level in more than two weeks on Monday, tracking both New York gold, which finished last week at a 16-year peak, and firm bullion prices. The October gold contract on the Tokyo Commodity Exchange (TOCOM) rose as hi
Published 09 Nov, 2004 12:00am
East Asian grain: Japan and South Korea eye USDA, freight rates

East Asian grain: Japan and South Korea eye USDA, freight rates

Grain importers in Japan and South Korea are holding off buying this week ahead of a major US crop report that could put pressure on prices, with high freight rates also dampening buying interest, traders said on Monday. Cheaper exports of Chinese corn we
Published 09 Nov, 2004 12:00am
Further uncertainty seen for Australian wool prices

Further uncertainty seen for Australian wool prices

The outlook for Australian wool prices remains uncertain as a rising Australian dollar and weak buyer demand is likely to place further pressure on an already struggling wool market, analysts said on Monday. Last week, the AWEX Eastern Market Indicator (E
Published 09 Nov, 2004 12:00am
Oil heads down, holds above $49 as supply fears ease

Oil heads down, holds above $49 as supply fears ease

Oil prices slipped on Monday but held above $49 a barrel as easing concerns about a winter supply crunch pulled the market further away from record highs set two weeks ago. US light crude fell to an intrude low of $49.28 Arabia, almost $6.50 below the all
Published 09 Nov, 2004 12:00am
Shanghai copper higher

Shanghai copper higher

China's copper futures finished on Monday higher, beefed up by a dollar-triggered rally on the London Metal Exchange. The most active January contract on the Shanghai Futures Exchange climbed 620 yuan to 28,610 yuan ($3,457) per tonne, while most other co
Published 09 Nov, 2004 12:00am
Malaysia wants quota for pepper exporters: paper

Malaysia wants quota for pepper exporters: paper

Malaysia wants pepper exporting nations to adopt a self-imposed output quota to prevent oversupply, the Business Times newspaper reported on Monday. "It will be a voluntary co-operation among pepper-producing countries to work together to make sure that t
Published 09 Nov, 2004 12:00am
Tokyo rubber falls on strong yen, lower oil prices

Tokyo rubber falls on strong yen, lower oil prices

Tokyo rubber futures fell for the second straight session on Monday, pressured by the yen's strength and lower oil prices, but the market lacked energy to drive prices in one decisive direction, traders said. Fund operators held their short positions as t
Published 09 Nov, 2004 12:00am
Thai sugar premiums seen steady, new offers thin

Thai sugar premiums seen steady, new offers thin

Thai sugar premiums are likely to hold steady this week, with new offers remaining thin ahead of the start of the 2004/05 harvest later this month, traders said on Monday. Bids for Thai 100 ICUMSA white sugar premiums for March-April 2005 shipment were st
Published 09 Nov, 2004 12:00am
Asian gold hits fresh 16-year high on weak dollar

Asian gold hits fresh 16-year high on weak dollar

Gold climbed to a fresh 16-year high in Asian trade on Monday after the dollar retorted record lows against the euro, making dollar-priced gold cheaper for holders of other currencies. Spot gold was at $433.50/434.25 an ounce after hitting $434, compared
Published 09 Nov, 2004 12:00am
Egypt's Alcotexa sells 4,839 tonnes of cotton in week

Egypt's Alcotexa sells 4,839 tonnes of cotton in week

The Alexandria Cotton Exporters' Association (Alcotexa) said on Monday it had committed to sell 4,839 tonnes of cotton in the week ended November 6. An official said the association committed to sell 1,456 tonnes of Giza 70, 710 tonnes of Giza 88, 2,573 t
Published 09 Nov, 2004 12:00am
China crushers defer US soya as margins evaporate

China crushers defer US soya as margins evaporate

China, the world's top soya importer, has deferred shipment of a few US soya cargoes as falling domestic meal prices hit profit margins for crushers, traders said on Monday. The traders said Chinese buyers might also have cancelled some cargoes in respons
Published 09 Nov, 2004 12:00am
Malaysian palm oil down on soya, outlook bleak

Malaysian palm oil down on soya, outlook bleak

Malaysian crude palm oil futures fell on Monday as players unwound positions in late trade, after holding the market up in the on gains reflected in rival US soyaoil. Dealers saw on Tuesday as another day of uncertainties as the exchange imposes higher tr
Published 09 Nov, 2004 12:00am
Dacom, Hanaro and Citigroup fund bid for Thrunet

Dacom, Hanaro and Citigroup fund bid for Thrunet

Hanaro Telecom Inc, Dacom Corp and a Citigroup fund have submitted bids for bankrupt South Korean broadband service operator, Thrunet Co, in a deal estimated to be worth over 400 billion won ($361 million). Thrunet Co said on Monday it received three bids
Published 09 Nov, 2004 12:00am
New Siemens bid values VA Tech at 825 million euros

New Siemens bid values VA Tech at 825 million euros

Siemens AG is confident a renewed offer on Monday for Austrian engineering company VA Technologie AG will succeed, two months after political opposition killed a previous bid.
Published 09 Nov, 2004 12:00am
BMW group sales rise 8.2 percent

BMW group sales rise 8.2 percent

Powered by new models, BMW group sales rose 8.2 percent in October to 101,899 units, the German premium carmaker said on Monday. Sales of BMW brand vehicles gained 8.9 percent to 86,768 units, while Mini brand sales gained 4.3 percent to 15,060 and 71 Rol
Published 09 Nov, 2004 12:00am
BMW group sales rise 8.2 percent

BMW group sales rise 8.2 percent

Powered by new models, BMW group sales rose 8.2 percent in October to 101,899 units, the German premium carmaker said on Monday. Sales of BMW brand vehicles gained 8.9 percent to 86,768 units, while Mini brand sales gained 4.3 percent to 15,060 and 71 Rol
Published 09 Nov, 2004 12:00am
UK lukewarm on open-access science publishing

UK lukewarm on open-access science publishing

The British government has issued a lukewarm verdict on a new model of academic publishing that shifts costs from subscribers to authors, and poses a threat to the business model of publishers such as Reed Elsevier.
Published 09 Nov, 2004 12:00am
Banks cut analyst coverage in Europe

Banks cut analyst coverage in Europe

The number of European companies covered by research analysts has fallen to the lowest level in nearly a decade, as investment banks cut costs in their traditional equities businesses, research showed on Monday. The number of analysts in western Europe is
Published 09 Nov, 2004 12:00am
Hyundai Motor targets 200,000 China sales in 2005

Hyundai Motor targets 200,000 China sales in 2005

South Korea's biggest auto maker, Hyundai Motor Co, aims to sell 200,000 vehicles in China next year, up a third from this year's sales target, a company spokesman said on Monday. Hyundai, which hopes to become a top three player in the world's fourth-lar
Published 09 Nov, 2004 12:00am
Commodity investments less risky than stocks

Commodity investments less risky than stocks

Investing in commodities is not as risky as stocks, can offer investors diversification of returns and is a better hedge against inflation than equities, according to a study presented at a conference on Monday. The study carried out by The Wharton School
Published 09 Nov, 2004 12:00am
Commodity investments less risky than stocks

Commodity investments less risky than stocks

Investing in commodities is not as risky as stocks, can offer investors diversification of returns and is a better hedge against inflation than equities, according to a study presented at a conference on Monday. The study carried out by The Wharton School
Published 09 Nov, 2004 12:00am
Novell agrees $536 million settlement with Microsoft

Novell agrees $536 million settlement with Microsoft

Novell Inc on Monday said it had reached a settlement with software maker Microsoft Corp over antitrust issues in which Microsoft will pay it $536 million in cash, sending Novell shares 11 percent higher in pre-market trading. In addition, Novell said it
Published 09 Nov, 2004 12:00am
General Electric sells India back office unit stake for $500 million

General Electric sells India back office unit stake for $500 million

General Electric Co, the world's top conglomerate, said on Monday it had sold a majority of its pioneering Indian back-office unit to exit a non-core business and help the fast-growing unit gain new customers. The sale of 60 percent of GE Capital Internat
Published 09 Nov, 2004 12:00am
Unocal to invest $230 million in Bangladesh gas field

Unocal to invest $230 million in Bangladesh gas field

US energy company Unocal Corp will invest $230 million to develop a gas field in north-eastern Bangladesh that will help ease a domestic shortfall, senior officials said on Monday. Unocal signed the deal with state-run Bangladesh Oil, Gas and Mineral Corp
Published 09 Nov, 2004 12:00am
UK factory gate inflation at nine-year high

UK factory gate inflation at nine-year high

The cost of goods leaving Britain's factories in October rose at its fastest annual pace in nearly nine years as oil prices hit record highs, suggesting inflationary pressures are now working through the supply chain.
Published 09 Nov, 2004 12:00am
French finance minister raps US on dollar weakness

French finance minister raps US on dollar weakness

Market concern about the United States' current account deficit is harming the dollar and Washington should be careful not to weaken the currency further, French Finance Minister Nicolas Sarkozy said on Monday.
Published 09 Nov, 2004 12:00am
British Airways beats forecasts but cautious on fuel, fares

British Airways beats forecasts but cautious on fuel, fares

British Airways Plc beat second-quarter profit forecasts on Monday but investors reacted cautiously after it warned that high fuel costs and lower ticket prices would continue to weigh on its performance this year. Europe's second-biggest airline said pro
Published 09 Nov, 2004 12:00am
British Airways beats forecasts but cautious on fuel, fares

British Airways beats forecasts but cautious on fuel, fares

British Airways Plc beat second-quarter profit forecasts on Monday but investors reacted cautiously after it warned that high fuel costs and lower ticket prices would continue to weigh on its performance this year. Europe's second-biggest airline said pro
Published 09 Nov, 2004 12:00am
China to keep tight grip on yuan, monetary policy

China to keep tight grip on yuan, monetary policy

China will maintain a stable monetary and yuan policy as it keeps a racing economy in check, state media on Monday quoted a senior central banker as saying, amid speculation Beijing could move any time to revalue the currency. But China should keep moving
Published 09 Nov, 2004 12:00am
AirAsia favours Airbus planes

AirAsia favours Airbus planes

Malaysia's AirAsia is leaning towards European aircraft maker Airbus for an order of up to 80 short-haul planes, a source close to the airline said on Monday, in what would be another blow to rival Boeing. News of AirAsia's likely deal with Airbus that co
Published 09 Nov, 2004 12:00am
Bush seen pressing on with change in global lenders

Bush seen pressing on with change in global lenders

US President George W. Bush's re-election may bring stepped-up pressure on global financial institutions to reform their lending practices, quite possibly accompanied by change at the helm of the World Bank. The current World Bank president James Wolfenso
Published 09 Nov, 2004 12:00am
Mitsubishi Motors posts big second quarter loss

Mitsubishi Motors posts big second quarter loss

Hard-pressed Japanese auto maker Mitsubishi Motors Corp posted a big quarterly loss on Monday and widened its full-year net loss projection even as it aims to tame a sales plunge with its newly launched compact car. Japan's only unprofitable car maker is
Published 09 Nov, 2004 12:00am
Mitsubishi Motors posts big second quarter loss

Mitsubishi Motors posts big second quarter loss

Hard-pressed Japanese auto maker Mitsubishi Motors Corp posted a big quarterly loss on Monday and widened its full-year net loss projection even as it aims to tame a sales plunge with its newly launched compact car. Japan's only unprofitable car maker is
Published 09 Nov, 2004 12:00am
EU asks WTO to rule US, Canada sanctions illegal

EU asks WTO to rule US, Canada sanctions illegal

The European Union executive asked the World Trade Organisation on Monday to rule that it was illegal for the United States and Canada to retain sanctions on EU exports to counter the bloc's ban on hormone-treated beef. The EU's ban on beef treated with g
Published 09 Nov, 2004 12:00am
BT to buy US network firm Infonet

BT to buy US network firm Infonet

BT Group Plc will buy Infonet Services Corp for $965 million in cash, giving Britain's top fixed-line telecoms company 1,800 multinational corporate clients and an expanded presence in the United States and Asia. BT said on Monday the purchase of Californ
Published 09 Nov, 2004 12:00am
Malaysian industrial output slowest in a year

Malaysian industrial output slowest in a year

Malaysia's industrial production grew at the slowest pace in a year in September, official data on Monday showed, underlining concerns that economic growth is cooling. The industrial production index - which monitors manufacturing, electricity and mining
Published 09 Nov, 2004 12:00am
G10 central bankers see dynamic growth ahead

G10 central bankers see dynamic growth ahead

The global economy remains very dynamic although it will slow slightly from its rapid pace next year, the Group of Ten Chairman Jean-Claude Trichet said on Monday after a meeting of top central bankers. "Next year will be very dynamic, too - less dynamic
Published 09 Nov, 2004 12:00am
Philippines stocks fall, PLDT and Ayala Land lead

Philippines stocks fall, PLDT and Ayala Land lead

Philippines stocks ended slightly lower on Monday as investors took profits on firms that reported stronger-than-expected third quarter profits such as telecom giant PLDT and property leader Ayala Land Inc.
Published 09 Nov, 2004 12:00am
Taiwan stocks flat; currency worries hit techs

Taiwan stocks flat; currency worries hit techs

Taiwan stocks ended flat on Monday as sharp gains in the local currency led investors to cash out of big tech exporters like AU Optronics that had led the 4.86-percent rally over the last four sessions. Gains in industrial shares and banking stocks helped
Published 09 Nov, 2004 12:00am
Yangtze Power helps Chinese shares recoup losses

Yangtze Power helps Chinese shares recoup losses

China's shares closed almost unchanged on Monday as buying in index heavyweight Yangtze Power late in the session helped the key index recoup most of the morning's losses. The benchmark Shanghai composite index, grouping foreign-currency B shares and loca
Published 09 Nov, 2004 12:00am
Hong Kong stocks surge, weak US dollar eyed

Hong Kong stocks surge, weak US dollar eyed

Hong Kong stocks rose half a percent on Monday, helped by a strong US jobs report and with investors taking a weak US dollar as a cue to buy banks, property and China plays. "The weak US dollar helps Hong Kong and China competitiveness. Equity prices also
Published 09 Nov, 2004 12:00am
Indian shares at eight-month high

Indian shares at eight-month high

India's second-biggest software services exporter, Infosys Technologies Ltd, led the key Mumbai index to an eight-month high on Monday, as it creeps closer to the psychologically important 6,000-mark, while bonds showed signs of recovering from a two-week
Published 09 Nov, 2004 12:00am
Thai stocks at one-week low

Thai stocks at one-week low

Thai stocks fell 0.93 percent to close at a one-week low on Monday as lingering concerns about the restive Muslim south weakened market enthusiasm, but earnings optimism boosted medium-cap shipping and telecom stocks. The benchmark Stock Exchange of Thail
Published 09 Nov, 2004 12:00am
Sri Lankan stocks dip

Sri Lankan stocks dip

Sri Lankan stocks ended sharply lower on Monday as local small investors sold shares across the board, but trading volumes were low as many investors marked time ahead of the 2005 budget looming on November 18, traders said. The key Colombo all-share inde
Published 09 Nov, 2004 12:00am
Jakarta stocks drop as long holidays near

Jakarta stocks drop as long holidays near

Jakarta shares finished lower on Monday as investors decided to cash in on recent strong gains in the market with a lengthy holiday period approaching, traders said. The Jakarta Composite Index fell 0.55 percent to 888.74 points in trade of an estimated 8
Published 09 Nov, 2004 12:00am
Singapore shares plunge on SingTel, Venture losses

Singapore shares plunge on SingTel, Venture losses

Singapore shares reversed early gains to end lower on Monday weighed down by losses in Singapore Telecommunications (SingTel) and Venture Corp. The Straits Times Index was down 5.81 points, or 0.29 percent, at 2,009.96. It rose as high as 2,020.95 points
Published 09 Nov, 2004 12:00am
Malaysian shares slightly changed

Malaysian shares slightly changed

Malaysian shares ended just up on Monday, unmoved by a sovereign ratings upgrade by Fitch, with trading focused on market debutants like Ekowood International. Ekowood, a maker of hardwood floors, rose as much as 62 percent over the initial public offer p
Published 09 Nov, 2004 12:00am
Seoul shares decline

Seoul shares decline

South Korean stocks closed 1.7 percent lower on Monday, as concerns about the impact of a surging South Korean won hit shares in major exporters such as Samsung Electronics and Hyundai Motor. The won's climb to four-year highs against the US dollar came a
Published 09 Nov, 2004 12:00am
Nikkei ends lower due to jitters over yen, economy

Nikkei ends lower due to jitters over yen, economy

Japan's Nikkei average snapped a three-day winning streak to close down 0.7 percent on Monday as a rise in the yen hit exporters and worries about the domestic economy weighed on banks. Exporters such as Sony Corp and Toyota Motor Corp fell as the yen hit
Published 09 Nov, 2004 12:00am
Bangladeshi taka steadier

Bangladeshi taka steadier

The Bangladeshi taka ended steadier on Monday, after banks received remittances from expatriated Bangladeshis ahead of the Eid-ul-Fitr feast next week, dealers said. The taka was quoted at 59.50/59.85 against 59.50/59.92 per US dollar on Saturday. The mar
Published 09 Nov, 2004 12:00am
Indian rupee at fresh five-month high

Indian rupee at fresh five-month high

The Indian rupee slid from intra-day peaks after state-run banks, possibly acting on behalf of the central bank, stepped in to curb sharp gains, but the local unit still managed to end at a new 5-month high on Monday. The rupee ended at 45.1700/1800 per d
Published 09 Nov, 2004 12:00am
Top central bankers keep wary eye on currencies

Top central bankers keep wary eye on currencies

Top central bankers said on Sunday they were keeping a wary eye on currencies after a tumble in the US dollar in the past few months has raised the spectre of upheaval for the global economy. But so far the world economy and financial markets appear to be
Published 09 Nov, 2004 12:00am
Dollar wilts to record low versus euro

Dollar wilts to record low versus euro

The dollar fell to a record low against the euro and to multi-month troughs versus other currencies on Monday, after strong US employment data last week failed to dispel worries about the bloated US current account deficit. The dollar hit an all-time low
Published 09 Nov, 2004 12:00am
Hong Kong dollar sheds some early gains

Hong Kong dollar sheds some early gains

The Hong Kong dollar trimmed some of its earlier gains late on Monday as some players covered short US dollar positions after the latest intervention by the Hong Kong Monetary Authority (HKMA) to stem the local currency's advance against the greenback. Th
Published 09 Nov, 2004 12:00am
Asian currencies boosted by US dollar woes, yuan speculation

Asian currencies boosted by US dollar woes, yuan speculation

Growing bearishness on the US dollar and speculation on a Chinese yuan revaluation boosted the Korean won to its highest level in more than 4 years and the Singapore dollar to near 5-year highs on Monday. The won rose to 1,105.1 per dollar, its highest si
Published 09 Nov, 2004 12:00am
Australian dollar slips from seven-month peak

Australian dollar slips from seven-month peak

The Australian dollar retreated from a seven-month high after the central bank indicated it was in no rush to tighten policy but held near the 76 US-cent mark against a depressed US dollar. In its latest quarterly monetary policy statement, the Reserve Ba
Published 09 Nov, 2004 12:00am
Chinese yuan notches softer

Chinese yuan notches softer

The yuan ended a notch softer at 8.2765 per US dollar on Monday, still near the stronger end of its managed trading range. The one-year non-deliverable dollar forward discount versus the yuan was at 3,730 points implying a rate of 7.905 yuan per dollar in
Published 09 Nov, 2004 12:00am
Swiss franc hits fresh eight-year high against dollar

Swiss franc hits fresh eight-year high against dollar

The Swiss franc hovered around fresh eight-year highs against the dollar on Monday, as dealers shrugged off upbeat US jobs data, focusing instead on worries about bloated deficits in the United States. The dollar fell to a low of 1.1760 francs in early tr
Published 09 Nov, 2004 12:00am
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