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Nov 16, 2024 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Print - 2004-12-02
ISE: bears stage comeback

ISE: bears stage comeback

Bears returned in the driving seat on the Islamabad Stock Exchange (ISE) where selling-pressure in trend-setters moved the entire ready-board in downward direction amid decrease in index. ISE network index showed a decrease of 8.18 points as the composite
Published 02 Dec, 2004 12:00am
ISE: bears stage comeback

ISE: bears stage comeback

Bears returned in the driving seat on the Islamabad Stock Exchange (ISE) where selling-pressure in trend-setters moved the entire ready-board in downward direction amid decrease in index. ISE network index showed a decrease of 8.18 points as the composite
Published 02 Dec, 2004 12:00am
LSE values stay range-bound

LSE values stay range-bound

With dull trade activity, share values were range-bound on the Lahore Stock Exchange (LSE) following indifferent attitude on the part of key-players, while analysts ruled out any possibility of change in current trend in the forthcoming session. At close
Published 02 Dec, 2004 12:00am
LSE values stay range-bound

LSE values stay range-bound

With dull trade activity, share values were range-bound on the Lahore Stock Exchange (LSE) following indifferent attitude on the part of key-players, while analysts ruled out any possibility of change in current trend in the forthcoming session. At close
Published 02 Dec, 2004 12:00am
Pak-India secretary-level talks again rescheduled

Pak-India secretary-level talks again rescheduled

The next round of talks under the ongoing composite dialogue process to resolve all outstanding issues between the foreign secretaries of Pakistan and India have again been rescheduled for December 27 and 28 on India's request. The talks on issues of 'pea
Published 02 Dec, 2004 12:00am
Pak-India secretary-level talks again rescheduled

Pak-India secretary-level talks again rescheduled

The next round of talks under the ongoing composite dialogue process to resolve all outstanding issues between the foreign secretaries of Pakistan and India have again been rescheduled for December 27 and 28 on India's request. The talks on issues of 'pea
Published 02 Dec, 2004 12:00am
KSE turnover among world's highest

KSE turnover among world's highest

The KSE market capitalisation in the country in terms of GDP is low as compared with some of the developed countries' bourses, while in terms of turnover it is one of the highest in the world mainly because of availability of badla financing. The State Ba
Published 02 Dec, 2004 12:00am
KSE turnover among world's highest

KSE turnover among world's highest

The KSE market capitalisation in the country in terms of GDP is low as compared with some of the developed countries' bourses, while in terms of turnover it is one of the highest in the world mainly because of availability of badla financing. The State Ba
Published 02 Dec, 2004 12:00am
Rupee fall far greater in currencies other than dollar: SBP

Rupee fall far greater in currencies other than dollar: SBP

While the rupee depreciated by only 0.5 percent against US dollar, its depreciation against other currencies was far greater, said the State Bank State Bank Financial Markets Review issued on Wednesday. The rupee lost 0.5 percent against the greenback in
Published 02 Dec, 2004 12:00am
Rupee fall far greater in currencies other than dollar: SBP

Rupee fall far greater in currencies other than dollar: SBP

While the rupee depreciated by only 0.5 percent against US dollar, its depreciation against other currencies was far greater, said the State Bank State Bank Financial Markets Review issued on Wednesday. The rupee lost 0.5 percent against the greenback in
Published 02 Dec, 2004 12:00am
Spot dollar rates

Spot dollar rates

Spot Dollar rates from Khadim Ali Shah Bukhari & Co Ltd on Wednesday (December 01, 2004).

Published 02 Dec, 2004 12:00am
Telemetry installed at 23 locations, system to resolve water issue

Telemetry installed at 23 locations, system to resolve water issue

Water and Power Minister Liaquat Ali Jatoi on Wednesday inaugurated the telemetry system at dams, barrages, and canals to ensure undisputed distribution of water among the four provinces. "Telemetry has been installed at 23 locations at dams, barrages and
Published 02 Dec, 2004 12:00am
Money Market Report

Money Market Report

Money market report by Khadim Ali Shah Bukhari & Co on Wednesday (December 01, 2004).
Published 02 Dec, 2004 12:00am
Telemetry installed at 23 locations, system to resolve water issue

Telemetry installed at 23 locations, system to resolve water issue

Water and Power Minister Liaquat Ali Jatoi on Wednesday inaugurated the telemetry system at dams, barrages, and canals to ensure undisputed distribution of water among the four provinces. "Telemetry has been installed at 23 locations at dams, barrages and
Published 02 Dec, 2004 12:00am
Machine-readable passport adds to travellers woes

Machine-readable passport adds to travellers woes

Failure of Foreign Office to advise its missions abroad, as also the foreign governments, of the shape and design of Pakistan's newly introduced 'Machine-Readable Passport' has caused more hardships, nay miseries, than ease in travel by Pakistani students
Published 02 Dec, 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 (December 01, 2004).

Published 02 Dec, 2004 12:00am
Machine-readable passport adds to travellers woes

Machine-readable passport adds to travellers woes

Failure of Foreign Office to advise its missions abroad, as also the foreign governments, of the shape and design of Pakistan's newly introduced 'Machine-Readable Passport' has caused more hardships, nay miseries, than ease in travel by Pakistani students
Published 02 Dec, 2004 12:00am
Stock market closes on negative note

Stock market closes on negative note

The share market closed on a negative note on Wednesday as companies in the oil sector depicted downtrend due to domestic oil prices remaining unchanged. The KSE-100 index showed a decline of 7.29 points, or 0.13 percent, to 5560.50 as compared with 5567.
Published 02 Dec, 2004 12:00am
Stock market closes on negative note

Stock market closes on negative note

The share market closed on a negative note on Wednesday as companies in the oil sector depicted downtrend due to domestic oil prices remaining unchanged. The KSE-100 index showed a decline of 7.29 points, or 0.13 percent, to 5560.50 as compared with 5567.
Published 02 Dec, 2004 12:00am
CBR makes sharing of export data easier

CBR makes sharing of export data easier

The Central Board of Revenue (CBR) has decided to link Karachi International Container Terminal (KICT) and other private terminals with the Collectorate of Customs (Export), Karachi, for sharing computerised data pertaining to exports for early clearance
Published 02 Dec, 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 (December 01, 2004).

Published 02 Dec, 2004 12:00am
CBR makes sharing of export data easier

CBR makes sharing of export data easier

The Central Board of Revenue (CBR) has decided to link Karachi International Container Terminal (KICT) and other private terminals with the Collectorate of Customs (Export), Karachi, for sharing computerised data pertaining to exports for early clearance
Published 02 Dec, 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 (December 01, 2004).

Published 02 Dec, 2004 12:00am
Conventional arms capability vital to peace: Shaukat

Conventional arms capability vital to peace: Shaukat

Prime Minister Shaukat Aziz on Wednesday said Pakistan's conventional arms capability was important for peace in the region, adding that $1.3 billion arms sale will help meet its defence needs. He was talking to General John P. Abizaid, commander, US Cent
Published 02 Dec, 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 (December 01, 2004).

Published 02 Dec, 2004 12:00am
Government to sustain economic goals: Shaukat

Government to sustain economic goals: Shaukat

Prime Minister Shaukat Aziz said on Wednesday that government was working to sustain economic achievements on sound footings and pass on the benefits to the common man. He was talking to MNAs Tahir Asif, Shah Jehan Yousaf, Pir Muhammad Shah Khagha, Riaz H
Published 02 Dec, 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 02 Dec, 2004 12:00am
Eight additional LHC judges take oath

Eight additional LHC judges take oath

Chief Justice of the Lahore High Court (LHC) Justice Iftikhar Hussain Chaudhry in a simple but impressive ceremony administered oath to eight newly appointed additional judges of the LHC.
Published 02 Dec, 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 02 Dec, 2004 12:00am
Channel Soft CEO calls on Prime Minister

Channel Soft CEO calls on Prime Minister

Prime Minister Shaukat Aziz said on Wednesday that Pakistan is an investor-friendly country and providing best opportunities for investment. He was talking to Howard Lubert, CEO Channel Soft Partner USA who called on him here at Prime Minister's House.
Published 02 Dec, 2004 12:00am
Several vehicles challaned

Several vehicles challaned

The traffic police challaned a large number of vehicles for having tinted glasses here on Wednesday. The traffic police have launched a campaign against vehicles with tinted glasses following the orders of Sindh Home Minister Rauf Siddiqui.
Published 02 Dec, 2004 12:00am
Iran confirms raw sugar purchase

Iran confirms raw sugar purchase

Iran on Wednesday confirmed it had purchased 40,000 tonnes of raw sugar this week, despite earlier comments that it did not need imports. Iran's Government Trading Corporation (GTC) tendered on Monday for 40,000 tonnes of raw sugar for January shipment. "
Published 02 Dec, 2004 12:00am
Musharraf and Kirchener agree to boost trade

Musharraf and Kirchener agree to boost trade

Pakistan and Argentina on Wednesday expressed mutual resolve to begin new era of strong political and economic relationship through increased trade, as President General Pervez Musharraf and his counterpart Nestor Kirchener explored areas of common intere
Published 02 Dec, 2004 12:00am
Singapore bunker fuel prices down

Singapore bunker fuel prices down

Singapore bunker prices plunged on Wednesday, tracking sharply lower 380-cst fuel oil cargo values. Suppliers pegged 380-cst bunker fuel oil levels at $174-$176 a tonne, down $11 from Tuesday. Prices for the 180-cst grades were also lower at $187-$189.
Published 02 Dec, 2004 12:00am
Musharraf and Kirchener agree to boost trade

Musharraf and Kirchener agree to boost trade

Pakistan and Argentina on Wednesday expressed mutual resolve to begin new era of strong political and economic relationship through increased trade, as President General Pervez Musharraf and his counterpart Nestor Kirchener explored areas of common intere
Published 02 Dec, 2004 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 123,440 tonnes of cargo including 104,264 tonnes import and 19,176 tonnes export cargo during last 24 hours ending at 0700 hours on Wednesday. The cargo comprised of 44,460 tonnes dry and 78,980 tonnes liquid cargo. Five ships nam
Published 02 Dec, 2004 12:00am
Argentinean firm to set up biotech plant in Pakistan

Argentinean firm to set up biotech plant in Pakistan

An agreement was signed here on Wednesday between Argentina's largest industrial group and Ferozesons Laboratories of Pakistan to set up a manufacturing plant of biotechnology products for the treatment of life threatening diseases, including cancer and h
Published 02 Dec, 2004 12:00am
World coffee market seen in surplus this year

World coffee market seen in surplus this year

The global coffee supply-demand balance will swing from deficit to surplus this year, but the world may face a production shortfall again in three to four years as consumption grows, UK analyst CoffeeNetwork said. The analyst sees 2004/05 production of 11
Published 02 Dec, 2004 12:00am
Argentinean firm to set up biotech plant in Pakistan

Argentinean firm to set up biotech plant in Pakistan

An agreement was signed here on Wednesday between Argentina's largest industrial group and Ferozesons Laboratories of Pakistan to set up a manufacturing plant of biotechnology products for the treatment of life threatening diseases, including cancer and h
Published 02 Dec, 2004 12:00am
South Korean Pusan port to sign $800 million expansion deal

South Korean Pusan port to sign $800 million expansion deal

South Korea's Pusan port, the world's fifth-biggest container port, is about to sign an $800 million financing deal to help expand the port, an official involved in the project and a bank source said on Wednesday. The port expansion is part of President R
Published 02 Dec, 2004 12:00am
Brazilian cocoa arrivals lower

Brazilian cocoa arrivals lower

Brazilian 2004/05 (May/April) cocoa arrivals from Bahia and other states totalled 2.21 million 60-kg bags by November 28, down 16.6 percent from 2.65 million bags a year ago, the Bahia Commercial Association said on Wednesday. Bahia state, Brazil's main c
Published 02 Dec, 2004 12:00am
Vietnam rice activity shrinks on fewer ships

Vietnam rice activity shrinks on fewer ships

Rice trade in Vietnam, the world's second-largest exporter, shrunk in the past week because of a shortage of ships and low stocks ahead of the next harvest, traders said on Wednesday. "It is impossible to find ships at the moment, all are booked till the
Published 02 Dec, 2004 12:00am
Pakistan's vegetable oil imports slow

Pakistan's vegetable oil imports slow

Pakistan's vegetable oil imports languished this week as buyers remained on the sidelines, waiting for soft prices in Malaysia to settle and due to a rise in domestic cottonseed supplies, dealers said on Wednesday. "With the increase of cottonseed supplie
Published 02 Dec, 2004 12:00am
Vietnam expects 2005 pepper exports to ease

Vietnam expects 2005 pepper exports to ease

Vietnam, the world's largest pepper exporter, expects its 2005 shipments of the spice to ease slightly from this year's projected 95,000 tonnes due to adverse weather and a reduced crop, an industry executive said. Of this year's forecast shipments, 5,000
Published 02 Dec, 2004 12:00am
South Korea seeks Chinese corn as US import costs rise

South Korea seeks Chinese corn as US import costs rise

South Korean feed makers are eager to import Chinese corn for shipment next year because import costs of US corn have soared as a result of near-record freight rates, traders said on Wednesday. The Korea Feed Association is seeking Chinese corn for up to
Published 02 Dec, 2004 12:00am
CBOT wheat ends mostly up on recovery from decline

CBOT wheat ends mostly up on recovery from decline

Soft red winter wheat futures at the Chicago Board of Trade closed mostly higher on Tuesday on a technical recovery after dropping yesterday to new contract and fresh 18-month lows, traders said. Lighter-than-expected deliveries on the December contract a
Published 02 Dec, 2004 12:00am
Oil cake market rates

Oil cake market rates

Strong supply position pushed the deliveries lower on the forward cottonseed oilcake on Wednesday amid sluggish trading, dealers said. The December vaida opened with 10 paisa loss at Rs 402.50. Later, it gained 30 paisa to be day's best at Rs 402.80. In t
Published 02 Dec, 2004 12:00am
Low business on cotton market

Low business on cotton market

Trading activity came under pressure as chief buyers most of the time kept on the sidelines ahead of Pakistan Cotton Ginners Association (PCGA) report, dealers said. The official spot rate was left unchanged at overnight level at Rs 1825 without upcountry
Published 02 Dec, 2004 12:00am
Few changes on grain market

Few changes on grain market

In the absence of strong demand by buyers, most of the commodities maintained their overnight levels on Wednesday in modest activity, dealers said. On the seed side, rapeseed cake was quoted at Rs 274-275.
Published 02 Dec, 2004 12:00am
New York coffee higher

New York coffee higher

New York's most-active coffee futures contract rose to $1 a pound on Tuesday, a level not seen in this market since July 2000, raising the spectres for price hikes to consumers, analysts said. New York Board of Trade's most-active March arabica contract s
Published 02 Dec, 2004 12:00am
New York cocoa futures up

New York cocoa futures up

New York cocoa futures rose more than 3 percent on Tuesday on speculative funds hedging against a weakening dollar and lingering concerns about slow cocoa arrivals in top grower Ivory Coast, traders said. New York Board of Trade's most-active March cocoa
Published 02 Dec, 2004 12:00am
US subsidies to cotton growers rose in 2003: report

US subsidies to cotton growers rose in 2003: report

US cotton growers collected nearly $2.7 billion in federal subsidies last year, up $400 million from the levels that Brazil successfully argued were a violation of world trade rules, an environmental group reported on Monday. In June, the World Trade Orga
Published 02 Dec, 2004 12:00am
Copper futures drift lower in New York

Copper futures drift lower in New York

US copper futures ended with modest losses on Tuesday, after trading around the unchanged level for much of the day, with participants weighing whether to take profits as prices approach recent highs or add to holdings amid speculation that prices will ri
Published 02 Dec, 2004 12:00am
Tokyo gold falls on profit-taking

Tokyo gold falls on profit-taking

Tokyo gold futures fell on Wednesday as investors awaited US economic data and on profit-taking after the New York market had slipped from a 16-year peak, with no support from the currency market. The benchmark October gold contract on the Tokyo Commodity
Published 02 Dec, 2004 12:00am
New York gold back-pedals from high, ends still atop $450 an ounce

New York gold back-pedals from high, ends still atop $450 an ounce

Gold futures closed down from a 16-1/4-year peak on Tuesday as speculative liquidation pressured the overbought market, but prices remained above $450 an ounce, buoyed by a generally soft US dollar. Resistance leading up to the $460 area and a slight loss
Published 02 Dec, 2004 12:00am
Gold rises in Asia as dollar faces pressure

Gold rises in Asia as dollar faces pressure

Gold traded slightly higher in Asia on Wednesday as the US dollar slipped against currencies across the region, making bullion cheaper to buy. Spot gold was 90 cents up at $451.40/$451.90 an ounce, after starting steady at New York's close of $450.50. "Go
Published 02 Dec, 2004 12:00am
Vietnam coffee crop may fall

Vietnam coffee crop may fall

Vietnam, the world's top robusta coffee exporter, said on Wednesday its crop output may fall 10 percent short of its forecast of 13 million to 13.5 million 60-kg bags due to adverse weather and higher costs. "As producers go to harvest, they say the crop
Published 02 Dec, 2004 12:00am
Oil eases under $49, looks to US inventory build

Oil eases under $49, looks to US inventory build

Oil prices edged below $49 a barrel on Wednesday as traders looked ahead to an expected build in weekly US inventory data that would help bolster the thin supply cushion ahead of peak northern winter demand. US crude oil futures were down 20 cents at $48.
Published 02 Dec, 2004 12:00am
Malaysian tin down

Malaysian tin down

Malaysian tin fell another 0.2 percent on Wednesday to close down for a third straight day as the metal posted fresh losses on the London market. Spot tin on the Kuala Lumpur Tin Market (KLTM) settled $15 down at $8,865 a tonne. On Tuesday, it fell $20, o
Published 02 Dec, 2004 12:00am
Thai rubber prices drop

Thai rubber prices drop

Thai rubber futures drifted lower on Wednesday as players sold contracts on expectations that prices would drop further, brokers said. Overall volume fell as 147 contracts of ribbed smoked sheet number three (RSS3) were traded compared to 192 on Tuesday.
Published 02 Dec, 2004 12:00am
Copper loses ground in Asia

Copper loses ground in Asia

Copper futures fell around 0.5 percent in Asia on Wednesday, after stocks of the metal climbed from a 14-1/2-year low and nervous investors cashed in positions ahead of US November employment data due on Friday. Copper on the London Metal Exchange slipped
Published 02 Dec, 2004 12:00am
New York sugar ends quietly mixed

New York sugar ends quietly mixed

Raw sugar futures closed mixed on Tuesday as nearby months came off on producer and speculative sales, but the sweetener was seen drifting this week due to a lack of market-moving news, brokers said. The New York Board of Trade's key March raw sugar contr
Published 02 Dec, 2004 12:00am
Soya falls on follow-through technical sales

Soya falls on follow-through technical sales

Soyabean futures at the Chicago Board of Trade dived on Tuesday on follow-through technical selling after sharp declines on Monday, traders said. Plentiful soya stocks following harvest of this year's record US soya crop and forecasts for a big crop next
Published 02 Dec, 2004 12:00am
CBOT rice climbs on speculative short covering

CBOT rice climbs on speculative short covering

Chicago Board of Trade rough rice futures rallied on Tuesday after the market gapped higher on the open, triggering speculative short covering and outright buying, traders said. Also supportive were expectations that the US Agriculture Department would ra
Published 02 Dec, 2004 12:00am
Kenyan tea prices rise as demand picks up

Kenyan tea prices rise as demand picks up

Kenya tea prices improved at this week's auction with strong demand from large buyers, dealers in the coastal city of Mombassa said on Wednesday. "We saw much better competition this week from countries like Russia, Britain and Egypt, hence the better pri
Published 02 Dec, 2004 12:00am
Tokyo rubber ends mixed as buying peters out

Tokyo rubber ends mixed as buying peters out

Tokyo rubber futures closed mixed on Wednesday as technical buying ran out of steam in the absence of fresh bullish incentives. The benchmark May 2005 contract on the Tokyo Commodity Exchange (TOCOM) settled down 2.4 yen per kg at 122.0 yen, the day's tro
Published 02 Dec, 2004 12:00am
Malaysian palm oil down on soya and exports weigh

Malaysian palm oil down on soya and exports weigh

Malaysian crude palm oil futures closed lower on Wednesday, surrendering gains from the morning, as the market remained depressed over export estimates for November released a day ago. Bursar Malaysia Derivatives' third-month palm oil futures contract, Fe
Published 02 Dec, 2004 12:00am
Steel stokes Thyssen's profit, 2005 outlook flat

Steel stokes Thyssen's profit, 2005 outlook flat

German industrial group ThyssenKrupp raised its dividend for the second straight year on Wednesday after reporting its best results since the company's merger in 1999, but forecast only flat earnings in 2004/05. Red-hot demand for steel helped Thyssen rak
Published 02 Dec, 2004 12:00am
Steel stokes Thyssen's profit, 2005 outlook flat

Steel stokes Thyssen's profit, 2005 outlook flat

German industrial group ThyssenKrupp raised its dividend for the second straight year on Wednesday after reporting its best results since the company's merger in 1999, but forecast only flat earnings in 2004/05. Red-hot demand for steel helped Thyssen rak
Published 02 Dec, 2004 12:00am
Candidates begin jostling for top world trade job

Candidates begin jostling for top world trade job

Uruguay became the first country on Wednesday formally to put forward a candidate for the top global trade job as the search for a new head of the World Trade Organisation (WTO) got underway. The South American country proposed its former WTO ambassador C
Published 02 Dec, 2004 12:00am
Kuwaitis seek Moroccan debt swap in telecom shares

Kuwaitis seek Moroccan debt swap in telecom shares

A Kuwaiti fund is seeking to swap up to $170 million worth of Moroccan debt for shares in Maroc Telecom's $1.04-billion initial public offering (IPO), a senior government official said on Wednesday. The Moroccan government is offering up to 130.99 million
Published 02 Dec, 2004 12:00am
Kuwaitis seek Moroccan debt swap in telecom shares

Kuwaitis seek Moroccan debt swap in telecom shares

A Kuwaiti fund is seeking to swap up to $170 million worth of Moroccan debt for shares in Maroc Telecom's $1.04-billion initial public offering (IPO), a senior government official said on Wednesday. The Moroccan government is offering up to 130.99 million
Published 02 Dec, 2004 12:00am
China mulling move of central bank departments to Shanghai

China mulling move of central bank departments to Shanghai

China's central bank is mulling a transfer of key departments from Beijing to Shanghai in recognition of the city's increasingly important national economic role, state press reported Wednesday. The People's Bank of China's (PBoC) credit information syste
Published 02 Dec, 2004 12:00am
Microchip cuts third-quarter revenue outlook

Microchip cuts third-quarter revenue outlook

Semiconductor maker Microchip Technology Inc on Wednesday cut its outlook for third-quarter revenue, citing an industry-wide correction and weak demand, and its shares fell 4.7 percent. The company, based in Chandler, Arizona, said it now sees third-quart
Published 02 Dec, 2004 12:00am
Microchip cuts third-quarter revenue outlook

Microchip cuts third-quarter revenue outlook

Semiconductor maker Microchip Technology Inc on Wednesday cut its outlook for third-quarter revenue, citing an industry-wide correction and weak demand, and its shares fell 4.7 percent. The company, based in Chandler, Arizona, said it now sees third-quart
Published 02 Dec, 2004 12:00am
China must crack down on 'mafia' behind counterfeiting: LVMH

China must crack down on 'mafia' behind counterfeiting: LVMH

The head of the world's largest luxury goods maker, LVMH, Wednesday condemned the huge counterfeiting business thriving in China and called on the authorities to take on the "mafia" behind the trade. "When somebody buys a fake, they are giving money to th
Published 02 Dec, 2004 12:00am
Gazprom seeking massive bank loans to buy Yugansk

Gazprom seeking massive bank loans to buy Yugansk

Russia's gas monopoly Gazprom is talking to Western banks to raise up to $10 billion to fund the purchase of the key oil unit of embattled oil major YUKOS, industry sources said on Wednesday. Gazprom, the most leveraged Russian company with over $15 billi
Published 02 Dec, 2004 12:00am
ESPN to launch mobile phone service in Sprint deal

ESPN to launch mobile phone service in Sprint deal

Walt Disney Co's ESPN sports television network is launching its own brand of mobile phone service in a deal with Sprint Corp intended to lure new users with sports news sent over a next-generation network, the companies said on Wednesday. Sprint would ef
Published 02 Dec, 2004 12:00am
Spanish group buys 17 percent of travel firm TUI

Spanish group buys 17 percent of travel firm TUI

A Spanish consortium led by hotelier family Riu has bought 17.3 percent of tourism group TUI from German state bank WestLB, becoming TUI's biggest shareholder and ending fears of its break up. Riu, savings bank Caja de Ahorros del Mediterraneo (CAM) and h
Published 02 Dec, 2004 12:00am
Turkey targets lower inflation, solid growth

Turkey targets lower inflation, solid growth

Turkey aims to achieve solid annual growth of around five percent and halve inflation in the next three years, according to a pre-EU accession economic programme released on Wednesday. The blueprint was unveiled after its presentation to the European Unio
Published 02 Dec, 2004 12:00am
Deutsche Bank to cut 1,920 jobs in Germany

Deutsche Bank to cut 1,920 jobs in Germany

Deutsche Bank will slash close to 2,000 of its 27,000-strong domestic workforce, Germany's biggest bank said on Wednesday. "There will be 1,920 jobs cuts in Germany," said a spokesman for the bank. "The board and workers' council have agreed on that today
Published 02 Dec, 2004 12:00am
EU backs Bull state rescue package

EU backs Bull state rescue package

The European Commission gave the green light to a long-awaited state rescue package of about 517 million euros ($688 million) for struggling French computer maker Bull on Wednesday. The Commission, the executive arm of the European Union, said its approva
Published 02 Dec, 2004 12:00am
Samsung pips Motorola in cellphone ranking

Samsung pips Motorola in cellphone ranking

South Korea's Samsung Electronics overtook Motorola as the world's second-biggest mobile phone maker in the third quarter as the market continued to boom, a survey showed on Wednesday. Confirming an earlier Reuters story, research group Gartner said Samsu
Published 02 Dec, 2004 12:00am
German retail sales post surprise rise in October

German retail sales post surprise rise in October

German retail sales posted a surprise monthly rise in October, but analysts cautioned the figures could yet be revised and 2004 would remain a dismal year for retailers. According to data from the Federal Statistics Office released on Wednesday, retail sa
Published 02 Dec, 2004 12:00am
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