News Archives for Print - 2004-12-21

Bullion Rates

Gold and silver rates in rupees per 10 grams prevailing in major cities on Monday (December 20, 2004).

Published 21 Dec, 2004 12:00am

Seven percent GDP growth likely this year

Pakistan is likely to achieve 7 percent GDP growth and is targeting 3 to 3.5 percent fiscal deficit for the current fiscal year. This was stated by Dr Salman Shah at the inauguration of a Picic Commercial Bank branch. He said that this growth rate might b

Published 21 Dec, 2004 12:00am

Bullion Rates

Gold and silver rates in rupees per 10 grams prevailing in major cities on Monday (December 20, 2004).

Published 21 Dec, 2004 12:00am

Seven percent GDP growth likely this year

Pakistan is likely to achieve 7 percent GDP growth and is targeting 3 to 3.5 percent fiscal deficit for the current fiscal year. This was stated by Dr Salman Shah at the inauguration of a Picic Commercial Bank branch. He said that this growth rate might b

Published 21 Dec, 2004 12:00am

Posco to buy stake in Canadian coal mine

Posco Co Ltd, the world's fifth-largest steel maker, said on Monday it would buy a 2.5 percent stake in a Canadian coal mine as part of efforts to secure stable supplies of the raw material. The steel maker said in a filing to the Korea Stock Exchange the

Published 21 Dec, 2004 12:00am

Tax disputes: CBR launches drive for out-of-court settlement

The Central Board of Revenue (CBR) has launched a countrywide campaign to encourage the business community for out-of-court settlement through Alternative Dispute Resolution (ADR) mechanism. In this connection, the Legal Wing of CBR has conveyed to the Fe

Published 21 Dec, 2004 12:00am

China to tax aluminium, copper and nickel exports

China plans to impose an export tax on aluminium, copper and nickel from January 1, the official Xinhua News Agency reported, dealing a fresh blow to the country's aluminium smelters. Xinhua did not elaborate on the level of the tax, which is being impose

Published 21 Dec, 2004 12:00am

Tax disputes: CBR launches drive for out-of-court settlement

The Central Board of Revenue (CBR) has launched a countrywide campaign to encourage the business community for out-of-court settlement through Alternative Dispute Resolution (ADR) mechanism. In this connection, the Legal Wing of CBR has conveyed to the Fe

Published 21 Dec, 2004 12:00am

Oil cake market rates

Falling trend persisted on the forward cottonseed oilcake market on Monday as prices tended lower on less interest, dealers said. The December vaida opened with Rs 1.50 at Rs 395.50 and that proved to be day's highest. In the process of trading it lost Rs

Published 21 Dec, 2004 12:00am

Urea sales set new record

Urea offtake in the 11 months of 2004 reached record level of 3.95 million tons showing an increase of 9 percent, according to the latest report of National Fertiliser Development Centre. Urea offtake in the month of November was 500 thousand tons, which

Published 21 Dec, 2004 12:00am

Low trading on cotton market

Modest business was seen on cotton market on Monday as the tug of war over prices again started between the ginners and spinners, dealers said. The official spot rate of grade 3 cotton was reduced by Rs 25 to Rs 1850, without upcountry expenses. Cotton pr

Published 21 Dec, 2004 12:00am

Urea sales set new record

Urea offtake in the 11 months of 2004 reached record level of 3.95 million tons showing an increase of 9 percent, according to the latest report of National Fertiliser Development Centre. Urea offtake in the month of November was 500 thousand tons, which

Published 21 Dec, 2004 12:00am

Tanzania coffee prices down

Most Tanzanian coffee grades fetched lower prices at the last sale due to falling qualities but robusta beans sold at good prices as their season draws to a close, traders said on Monday. The weekly auction is normally held on Thursdays in the northern Ta

Published 21 Dec, 2004 12:00am

Bulls dominate ISE proceedings

Equities scored handsome gains under the lead of trend-setters at the Islamabad Stock Exchange (ISE) where bulls dominated the proceedings amid increase in index. ISE network index was up by 46.41 points as the rate-based indicator moved from 12,416.84 to

Published 21 Dec, 2004 12:00am

Falling trend on grain market

Bearish trend was seen on the week's opening session on the grain market as several buyers kept on the sidelines due to less interest in fresh purchasing, brokers said. On the cereals side, wheat Mexipak lost Rs 25 to Rs 1165 and New type dropped Rs 30 to

Published 21 Dec, 2004 12:00am

Bulls dominate ISE proceedings

Equities scored handsome gains under the lead of trend-setters at the Islamabad Stock Exchange (ISE) where bulls dominated the proceedings amid increase in index. ISE network index was up by 46.41 points as the rate-based indicator moved from 12,416.84 to

Published 21 Dec, 2004 12:00am

Egypt to buy raw sugar

Egypt's Sugar and Integrated Industries Company (SIIC) is looking to buy around 30,000 tonnes of raw sugar and could announce its intention to suppliers in the second half of January, a company official said on Monday. "Yes, we are looking to buy We will

Published 21 Dec, 2004 12:00am

PPL and PSO lead LSE rally

The local stock market, which mostly remained sideways on first trading day of the week, amid slow trading activity, ended with an upbeat note helped by buying interest in petroleum sector. The LSE-25 index ended up with a fractional increase of 0.98 poin

Published 21 Dec, 2004 12:00am

France has 45,400 tonnes grain offers

French grain office ONIC said on Monday it had received fresh intervention offers for 45,400 tonnes of grain this week, comprising 43,500 tonnes of wheat and 1,900 tonnes of barley. ONIC now has a total of 219,100 tonnes of grain in store, comprising 112,

Published 21 Dec, 2004 12:00am

PPL and PSO lead LSE rally

The local stock market, which mostly remained sideways on first trading day of the week, amid slow trading activity, ended with an upbeat note helped by buying interest in petroleum sector. The LSE-25 index ended up with a fractional increase of 0.98 poin

Published 21 Dec, 2004 12:00am

South Africa cuts wheat estimate

South Africa has cut its estimate for the 2004/05 wheat crop to 1.752 million tonnes from 1.864 million due to drought, the Crop Estimates Committee said on Monday. South Africa is a net importer of wheat, and at one stage traders had expected a crop poss

Published 21 Dec, 2004 12:00am

KSE index shows small gain

Selling pressure in blue chips forced the index to record small gains on the first day of the week at Karachi Stock Exchange where business was on the lower side as compared with Friday. The KSE-100 index showed a gain of 10.28 points, or 0.18 percent, to

Published 21 Dec, 2004 12:00am

EU outlines De Beers, Alrosa antitrust deal proposal

Diamond giant De Beers and Russian monopoly Alrosa have offered to scale back drastically a rough diamond distribution deal in response to EU concerns it harmed competition, the EU's executive said on Monday. Under the proposal, Russia's state-owned diamo

Published 21 Dec, 2004 12:00am

KSE index shows small gain

Selling pressure in blue chips forced the index to record small gains on the first day of the week at Karachi Stock Exchange where business was on the lower side as compared with Friday. The KSE-100 index showed a gain of 10.28 points, or 0.18 percent, to

Published 21 Dec, 2004 12:00am

Benelux feed grain prices will keep falling

Benelux feed grain prices will keep falling in the coming weeks, reflecting generally weak European prices unless the European Commission decides to revive wheat exports subsidies, traders said on Monday. They said market activity had slowed substantially

Published 21 Dec, 2004 12:00am

ADB approves $200 million for Punjab social services

The Asian Development Bank (ADB) has approved an assistance of $200 million for 'Punjab Devolved Social Services Program (DSSP)'. The project is to be financed through loan of $75 million from ADB's Ordinary Capital Resources (OCR) and $75 million from it

Published 21 Dec, 2004 12:00am

Japanese firms and Venezuelan smelter end aluminium row

Venezuela's largest aluminium smelter, Venalum, and Japanese shareholders have settled a row over shareholder rights after the Japanese withdrew a court case against Venalum and agreed to modify a supply contract. Japan's Showa Denko K.K. said on Monday t

Published 21 Dec, 2004 12:00am

KWSB's power supply disconnected

The Karachi Electric Supply Corporation (KESC) has disconnected the power supply to defaulting government departments for the recovery of over Rs 1.5 billion outstanding charges. A KESC spokesman on Monday confirmed that the disconnected departments inclu

Published 21 Dec, 2004 12:00am

Chinese investors take a shine to gold

It took the Caishikou department store just hours last month to run out of gold bars stamped with a Year of the Rooster motif, so Beijing's top gold retailer asked customers to register by phone for a second round. Nearly 3,000 did, salesmen said. In Chin

Published 21 Dec, 2004 12:00am

KWSB's power supply disconnected

The Karachi Electric Supply Corporation (KESC) has disconnected the power supply to defaulting government departments for the recovery of over Rs 1.5 billion outstanding charges. A KESC spokesman on Monday confirmed that the disconnected departments inclu

Published 21 Dec, 2004 12:00am

US Plains HRW wheat bids mostly steady

Spot basis bids for hard red winter wheat were mostly steady Monday, with demand noted at the Gulf amid an otherwise lacklluster market, merchants said. Traders said mills were largely well supplied and farmers were uninterested in selling. Demand was not

Published 21 Dec, 2004 12:00am

Railway fares raised by 5 percent

The Pakistan Railways (PR) administration has announced five percent increase in railway fares effective from December 21. However, this raise will not be applicable for the passengers travelling up to 100-km. A PR spokesman said here on Monday that all t

Published 21 Dec, 2004 12:00am

World rice prices may climb on tight supplies: FAO

An anticipated squeeze in global rice availability amid buoyant demand may push up world prices of the grain in 2005, the United Nations' food agency FAO said on Monday. "As import demand is anticipated to remain strong, the current world rice price weakn

Published 21 Dec, 2004 12:00am

Railway fares raised by 5 percent

The Pakistan Railways (PR) administration has announced five percent increase in railway fares effective from December 21. However, this raise will not be applicable for the passengers travelling up to 100-km. A PR spokesman said here on Monday that all t

Published 21 Dec, 2004 12:00am

Afghanistan may resume sugar output next year: UN

Afghanistan may restart sugar production from late 2005 thanks to German aid to rehabilitate the country's only sugar beet processing factory, a United Nations official said on Monday. "The factory in Baghlan, around 250 kilometres (160 miles) north-west

Published 21 Dec, 2004 12:00am

Cotton output estimate revised

The Central Cotton Research Institute on Monday revised its earlier cotton production, and predicted total production of 13.2 million bales, which would be all-time high production. In a meeting held at the Institute under the chairmanship of Food, Agricu

Published 21 Dec, 2004 12:00am

Thai rubber futures fall

Thai rubber futures ended lower in subdued trade on Monday as players sold contracts ahead of the year-end holiday, tracking TOCOM's fall, brokers said. Overall volume dropped as 74 contracts of ribbed smoked sheet number three (RSS 3) were traded compare

Published 21 Dec, 2004 12:00am

Sindh opposes Mangla dam filling

Sindh has opposed filling of Mangla dam till fulfilment of water requirements of the province, it is learnt. These objections were aired by the representative of Sindh in the first day meeting of Technical Committee on Water Resources (TCWR), headed by AN

Published 21 Dec, 2004 12:00am

Ivorian cocoa exports down on last season: BCC

Cocoa beans and products declared for export by shippers at Ivory Coast ports since the start of the 2004/05 (October-September) season reached 206,177 tonnes by December 3, official data showed on Monday. That compared with 245,569 tonnes by the same tim

Published 21 Dec, 2004 12:00am

Sindh opposes Mangla dam filling

Sindh has opposed filling of Mangla dam till fulfilment of water requirements of the province, it is learnt. These objections were aired by the representative of Sindh in the first day meeting of Technical Committee on Water Resources (TCWR), headed by AN

Published 21 Dec, 2004 12:00am

US Midwest corn and soya steady to easier

Spot basis bids for corn and soya were mostly steady to weak in the US Midwest early on Monday, with light, scattered grain sales pressuring bids in a few locations, merchandisers said. Iowa soyabean processors trimmed the basis by 2 cents at Des Moines a

Published 21 Dec, 2004 12:00am

US sets final duties on Asia, Latin America shrimp

The US Commerce Department set final anti-dumping duties ranging from 2.35 percent to nearly 68 percent on Monday on shrimp from Thailand, Brazil, Ecuador and India, industry officials said. Commerce set duties for Thailand, the largest of the four suppli

Published 21 Dec, 2004 12:00am

Singapore bunker fuel prices higher

Singapore bunker prices edged higher amid healthier enquiries on Monday, with last-minute buyers stocking up before the holidays. Bunker fuel of 380-centistoke (cst) grade rose around $3 to trade a few times at $176 a tonne, although major sellers were qu

Published 21 Dec, 2004 12:00am

Saudi national executed

Saudi Arabia executed a Saudi national on Monday convicted of murder, the Interior Ministry said. Ali bin Ahmed al-Asiri killed a man with two rifle shots after an argument, the ministry said. He was executed in the western city of Taif, raising to at lea

Published 21 Dec, 2004 12:00am

Activity at Karachi and Qasim port

The Karachi Port handled 107,205 tonnes of cargo including 88,851 tonnes import and 18,354 tonnes export cargo during last 24 hours ending at 0700 hours on Monday. The cargo comprised of 31,888 tonnes dry and 75,317 tonnes liquid cargo. Two ships namely C

Published 21 Dec, 2004 12:00am

14 killed in Iraq

Fourteen people were killed in attacks around central Iraq on Monday as insurgents ambushed those suspected of collaborating with US forces. Four men driving in a sports utility vehicle, which are often used by foreign contractors, were hit by a roadside

Published 21 Dec, 2004 12:00am

Tritton starting Australia copper mine shipments

Australia's Tritton Resources NL. Said Monday it will start shipping copper concentrate from its new Australian mine in February, yielding 11,000 tonnes of metal over six months. The company also said it had pureblood much of the mine's next two years' pr

Published 21 Dec, 2004 12:00am

14 killed in Iraq

Fourteen people were killed in attacks around central Iraq on Monday as insurgents ambushed those suspected of collaborating with US forces. Four men driving in a sports utility vehicle, which are often used by foreign contractors, were hit by a roadside

Published 21 Dec, 2004 12:00am

Tokyo gold up on New York, platinum slips further

Tokyo gold futures rose on Monday, drawing strength from New York's higher close and firm bullion prices, while platinum mostly slipped as traders adjusted their positions ahead of the year-end. The benchmark October 2005 gold contract on the Tokyo Commod

Published 21 Dec, 2004 12:00am

Bush lauds al Qaeda pursuit in South Waziristan

President George Bush appreciated on Monday the work done by Pakistan to pursue al Qaeda targets in South Waziristan, saying "a good strategy" was in place, allies were co-operating in "sharing of intelligence" in war on terror and "we'll stay on the hunt

Published 21 Dec, 2004 12:00am

Gold sits tight in Asia, seen in $440-$445/oz range

Gold held steady in narrow ranges in Asia on Monday as trading slowed to a trickle ahead of the year-end holiday season. A fall in the fund's long positions in New York helped ease year-end selling pressure, but gold was likely to hover in a tight $5 an o

Published 21 Dec, 2004 12:00am

Bush lauds al Qaeda pursuit in South Waziristan

President George Bush appreciated on Monday the work done by Pakistan to pursue al Qaeda targets in South Waziristan, saying "a good strategy" was in place, allies were co-operating in "sharing of intelligence" in war on terror and "we'll stay on the hunt

Published 21 Dec, 2004 12:00am

East Asian grain: Japan seeks soya; South Korea and Taiwan quiet

Japanese oilseed crushers are set to finish buying soyabeans for February shipment this week ahead of the New Year holiday, but activity in South Korea and Taiwan is seen quiet after recent tenders, traders said on Monday. After wrapping up the November t

Published 21 Dec, 2004 12:00am

Commerce ministry against cotton export

The Commerce ministry has decided to recommend to the Economic Co-ordination Committee (ECC) not to allow export of cotton at this stage, otherwise the national exchequer and the textile industry will suffer heavy losses, official sources told Business

Published 21 Dec, 2004 12:00am

Malaysian tin rebounds

Tin rebounded in Malaysian trade on Monday as a smaller quantity offered by producers helped to offset a weaker trend in London. Spot tin on the Kuala Lumpur Tin Market closed up $30, or 0.3 percent, at $8,800 a tonne on turnover of 43 tonnes. It fell 0.6
Published 21 Dec, 2004 12:00am

Commerce ministry against cotton export

The Commerce ministry has decided to recommend to the Economic Co-ordination Committee (ECC) not to allow export of cotton at this stage, otherwise the national exchequer and the textile industry will suffer heavy losses, official sources told Business
Published 21 Dec, 2004 12:00am

Oil holds at $46 on cold weather, security threats

Oil prices held above $46 a barrel on Monday, supported by a blast of freezing weather in the United States and renewed threats by Muslim militants to attack oil facilities in the major exporting Middle East region. US light crude for January delivery, wh
Published 21 Dec, 2004 12:00am

Pakistan supports Iraq's sovereignty: Musharraf

President General Pervez Musharraf on Monday assured visiting Iraqi foreign minister Hoshyar Zebari that Pakistan fully supports the territorial integrity and national sovereignty of Iraq. "Pakistan sincerely desires that the sufferings of brotherly Iraqi
Published 21 Dec, 2004 12:00am

South Korea may extend rice talks, farmers block roads

South Korea said on Monday that talks with nine countries on raising foreign rice imports could be extended into 2005, as farmers protesting the plans paralysed traffic on several bridges in the capital. The government had aimed to wrap up seven months of
Published 21 Dec, 2004 12:00am

Pakistan supports Iraq's sovereignty: Musharraf

President General Pervez Musharraf on Monday assured visiting Iraqi foreign minister Hoshyar Zebari that Pakistan fully supports the territorial integrity and national sovereignty of Iraq. "Pakistan sincerely desires that the sufferings of brotherly Iraqi
Published 21 Dec, 2004 12:00am

Shanghai copper up on LME, tax weighs on aluminium

Chinese aluminium futures fell on Monday as traders waited for Beijing to announce a new tax on exports, which would swell domestic supplies of the metal next year by deterring overseas shipments. China's State Council plans to introduce a new export tax
Published 21 Dec, 2004 12:00am

Most Thai rice futures drop in thin volume

Most Thai rice futures ended lower in a directionless market on Monday as many players sold due to rumours of changes in the government intervention scheme, brokers said. Overall volume dropped as 119 contracts of 5 percent white rice's were traded compar
Published 21 Dec, 2004 12:00am

Tokyo rubber on defensive before expiry, trend weak

Tokyo rubber futures were on the defensive on Monday as investors lightened their positions ahead of the expiry of the prompt December contract the next day. The underlying technical trend stayed weak after the benchmark distant contract on the Tokyo Comm
Published 21 Dec, 2004 12:00am

US exporters sell soyabeans to China

Private exporters reported the sale of 118,000 tonnes of soyabeans to China for the 2004/05 marketing year, the US Agriculture Department said on Monday. The marketing year for soyabeans began on September 1. US exporters must report any US or optional or
Published 21 Dec, 2004 12:00am

Japanese sugar imports seen at 201,100 tonnes in January-March

Japanese sugar imports in the January-March quarter are forecast at 201,100 tonnes on a refined basis, up about 11.1 percent from the same period a year, data from the Agriculture Ministry showed on Monday. The Japanese sweetener industry uses the ministr
Published 21 Dec, 2004 12:00am

Licht raises European sugar output estimate

German analyst F.O. Licht on Monday raised by two million tonnes its estimate of European beet sugar output in 2004/05 to 28.2 million tonnes, against 26.479 million in 2003/04. "Optimal growing and harvesting conditions would mean that average per hectar
Published 21 Dec, 2004 12:00am

Algeria not under pressure to buy grains

Algeria is not under pressure to return to the international market after purchasing 3.95 million tonnes of cereals in the first 10 months of the year, official data showed on Sunday. In the same period last year Algeria, among the world's largest grains
Published 21 Dec, 2004 12:00am

Malaysian palm oil up on soyaoil strength

Malaysian crude palm oil futures rose 1.7 percent on Monday as gains in rival US soyaoil helped to offset data showing weaker exports in the first 20 days of December. Society General de Surveillance (SGS), the market's main cargo tracker, said on Monday
Published 21 Dec, 2004 12:00am

Bunds set to outperform Treasuries as US rates rise

German government bonds are set to outperform their US counterparts, as they continue to benefit from a weaker economy and lower interest rates in the euro zone, according to a Reuters poll of 35 strategists. Yields, which move inversely to prices, were e
Published 21 Dec, 2004 12:00am

Hong Kong investors and government anguish over failed $3 billion IPO

Half a million Hong Kong investors hoping for a slice of the world's largest property trust IPO licked their wounds on Monday after the government shelved the US $3 billion deal at the last minute. The Link REIT IPO - the sale of the Hong Kong Housing Aut
Published 21 Dec, 2004 12:00am

Tullow Oil makes £200 million bet on North Sea gas

Irish oil company Tullow Oil Plc bought two North Sea gas fields from Shell and ExxonMobil for 200 million pounds ($390 million), tapping a region now less favoured by oil majors as it bets on higher UK gas prices. Tullow said on Monday the purchase of th
Published 21 Dec, 2004 12:00am

Court to rule on Indonesia oil and gas law

An Indonesian court will rule on Tuesday on the validity of an oil and gas law aimed at ending a state monopoly in the sector, a move that has industry executives fearing for billions of dollars of contracts. The decision by the newly established Constitu
Published 21 Dec, 2004 12:00am

Wall Street bull statue up for sale

Wall Street's famous "Charging Bull" statue, a symbol of unbridled capitalism and a major tourist draw, has been put up for sale, with bidding expected to start at five million dollars. The Wall Street Journal on Monday reported that artist Arturo Di Modi
Published 21 Dec, 2004 12:00am

Fiat seeks $3 billion from General Motors to end put option

Italy's Fiat is seeking a $3 billion payment from General Motors to cancel a put option that would let it sell its loss-making and indebted car business to GM, Automotive News reported on Monday. Citing sources at Fiat, the industry paper said General Mot
Published 21 Dec, 2004 12:00am

Euronext joins battle for London Stock Exchange

The London Stock Exchange faces a likely take-over war after Euronext joined the battle for the 200-year-old British institution on Monday with a take-over approach pitting it against Germany's Deutsche Boerse. Paris-based Euronext, which was formed in Se
Published 21 Dec, 2004 12:00am

'Disney broke disclosure rules'

The Walt Disney Company acknowledged violating securities in a settlement with US regulators for failing to disclose relationships between the company and its directors. Between 1999 and 2001, Disney failed to tell regulators the company employed three ch
Published 21 Dec, 2004 12:00am

EU states back expensing of stock options by firms

European Union member states have backed an accounting rule that forces EU firms to treat stock options as an expense, a move that will hit profits, an EU diplomat told Reuters on Monday. "The standard was endorsed. All EU member states voted in favour, a
Published 21 Dec, 2004 12:00am

UK public finances post worst record

Britain's public finances last month posted their worst November in at least 20 years as spending surged, raising speculation that Chancellor of the Exchequer Gordon Brown will overshoot his borrowing forecasts. Economists said the sharp deterioration sug
Published 21 Dec, 2004 12:00am

Euro zone faces growth risks: EU

Euro zone growth faces short-term risks as the euro's rise to record highs against the dollar hurts exporters, the European Commission said on Monday. Its quarterly report on the euro zone economy sought to put the best gloss on the clouded outlook by poi
Published 21 Dec, 2004 12:00am

Drought, locusts and conflict add up to food crisis for Africa: FAO

Sub-Saharan Africa's record invasion of locusts backed by years of conflict has exacerbated the impacts of drought, the UN's Food and Agriculture Organisation said Monday, which will likely spur a food crisis. In its final report for 2004 on Africa, FAO n
Published 21 Dec, 2004 12:00am

Bundesbank refuses to sell gold

The Bundesbank refused on Monday to bow to pressure from the German government, which has been calling on the central bank to sell a large part of its gold reserves and use the proceeds to bring down Germany's soaring public deficit. Under a recently rene
Published 21 Dec, 2004 12:00am

East Asian growth to hit post-crisis high: ADB

East Asia's economic growth this year should be the strongest since the Asian financial crisis, despite high oil prices and slowing export growth in the second half of 2004, the Asian Development Bank (ADB) said on Monday. Growth was likely to moderate to
Published 21 Dec, 2004 12:00am

Tokyo to cut overseas aid

Japan is set to trim its overseas aid budget for the sixth straight year in the next fiscal year as the government steps up efforts to curb spending, budget plans showed on Monday. The government's plans showed it is set to allocate 786.2 billion yen ($7.
Published 21 Dec, 2004 12:00am

Japan sees GDP growth slowing to 1.6 percent in 2005-06

The Japanese government forecast on Monday that economic growth would slow to 1.6 percent next fiscal year from 2.1 percent, but it said it was making progress on ending deflation. Alongside that real, price-adjusted growth forecast for gross domestic pro
Published 21 Dec, 2004 12:00am

US leading indicators edge up in November

A key gauge of future US economic growth snapped a five-month losing streak and edged up 0.2 percent in November, a private research firm said on Monday. The New York-based Conference Board said its index of leading indicators gained last month to 115.2 a
Published 21 Dec, 2004 12:00am

Bush vows to save Social Security from 'crisis'

US President George W. Bush promised Monday to reform the overburdened Social Security system, telling lawmakers a "crisis is upon them" and they must act. The US president told a news conference that he was determined to "fix the social security system f
Published 21 Dec, 2004 12:00am

'State has destroyed Russia's best oil firm'

The jailed founder of Russia's Yukos oil giant, Mikhail Khodorkovsky, accused the Russian government Monday of "destroying" the country's top oil company by auctioning off its main asset. "The state has offered itself a wonderful Christmas present, destro
Published 21 Dec, 2004 12:00am

Yukos slides towards collapse

Russia's top oil exporter, Yukos, slid closer to collapse after it lost its main production unit to a mystery buyer in a forced auction and acknowledged on Monday that its crude shipments were slowing. Yukos Chief Executive Stephen Theede said the firm wo
Published 21 Dec, 2004 12:00am

India and Malaysia sign joint ventures for satellites, airports

India and Malaysia on Monday agreed to join forces to develop satellites and build an international airport in Hyderabad following wide-ranging talks between the two countries' leaders, the Indian government said. The joint venture between the Indian Spac
Published 21 Dec, 2004 12:00am

Gulf summit opens: Saudi Arabia insists on solution to row over US trade deals

Leaders of oil-rich Gulf Arab states began a summit Monday, with Saudi Arabia refusing to discuss economic integration unless a solution is found to a row over free trade pacts with the United States. The summit was opened by Bahrain's King Hamad in the a
Published 21 Dec, 2004 12:00am

Sony denies report of exit plan from plasma TV business

Japanese consumer products giant Sony Corp denied Monday a report it planned to withdraw from the plasma television business but said its priority in flat-panel TVs remained liquid crystal display (LCD) sets. "Regarding our flat television business, we wi
Published 21 Dec, 2004 12:00am

China mulls $3.6 billion bailout of Guangdong Bank

The Chinese government is considering a 30 billion yuan (3.6 billion dollars) capital injection to bail out the debt-ridden Guangdong Development Bank, state media reported Monday. The People's Bank of China expects the Guangdong provincial government to
Published 21 Dec, 2004 12:00am

Iranian GDP growth slows, current account widens

Iranian economy expanded 4.0 percent year-on-year in the three months to June 21, slower growth than in the previous quarter and below targeted growth of 6.8 percent, Central Bank figures released on Monday showed. There was better news, however, on Iran'
Published 21 Dec, 2004 12:00am

Australian stocks end with slight gains

Australian stocks closed up 0.14 percent on Monday with News Corp and BHP dominating broadly mixed blue chip trade as investors started to square up their books ahead of the Christmas break. In latest available data, the benchmark S&P/ASX 200 closed up 5.
Published 21 Dec, 2004 12:00am

Philippines shares close 1.11 percent lower

Philippines share prices closed 1.11 percent lower on Monday back under the key 1,800-points level as investors took profits following gains made last week, dealers said. They said the market should begin consolidating Tuesday, to trade mixed to higher fo
Published 21 Dec, 2004 12:00am

Taiwan stocks hit by China secession law

Taiwan stocks ended with broad losses on Monday as Beijing's plans for legislation aimed against Taiwan secession hit China-related shares like China Motor and China Airlines. The TAIEX share index lost 0.39 percent to close at 5,985.94, dropping for the
Published 21 Dec, 2004 12:00am

Hong Kong stocks surge after property deal pulled

Hong Kong blue chips closed up 1.58 percent on Monday, after the decision to pull a listing of the city's first real estate investment trust ended a week of uncertainty. The Hong Kong government shelved a US $3 billion property privatisation deal late on
Published 21 Dec, 2004 12:00am

Abu Dhabi in $80 million foodstuff firm IPO

The Gulf emirate of Abu Dhabi plans to raise 294 million dirhams ($80 million) from the sale of a 49 percent stake in Emirates Foodstuff and Mineral Water Company (Agthia), the financial adviser said in a statement. Up to 294 million shares valued at one
Published 21 Dec, 2004 12:00am

Currency	Rate
USD PKR Interbank Selling / Dec 26	278.42
USD PKR Interbank Buying / Dec 26	278.27
USD to Japanese Yen / Dec 26	157.65
USD to Swiss Franc / Dec 26	0.90
Pound Sterling to USD / Dec 26	1.25
Euro to USD / Dec 26	1.04

Stock	Volume
Germany DAX 30 / Dec 23	19,848.77
FTSE 100 / Dec 24	8,136.99
France CAC40 / Dec 24	7,282.69
S&P 500 / Dec 26	6,037.59
India Sensex / Dec 26	78,472.48
Tokyo Nikkei / Dec 26	40,225.56
Nasdaq / Dec 26	20,020.36
Hang Seng / Dec 26	20,121.80

Item	Value
Crude Oil USD/Barrel / Dec 26	69.68
Karachi Cotton PKR/37.32 KG / Dec 26	17,785
Gold 10 Grams PKR / Dec 26	234,911.70
Gold Spot USD/Ounce / Dec 26	2,633.37
Cotton US¢/pound / Dec 26	68.80
Petrol/Litre / Dec 27	252.10

Stock	Price
Premier Insurance / Dec 27 Premier Insurance Limited(PINL)	6.39 ▲ 0.88 (15.97%)
Sec. Inv. Bank / Dec 27 Security Investment Bank Limited(SIBL)	7.99 ▲ 1.00 (14.31%)
Askari Life Assur. / Dec 27 Askari Life Assurance Company Limited(ALAC)	6.24 ▲ 0.60 (10.64%)
Hala Enterprise / Dec 27 Hala Enterprises Limited(HAEL)	15.72 ▲ 1.43 (10.01%)
Liven Pharma / Dec 27 Liven Pharma Limited(LIVEN)	124.41 ▲ 11.31 (10.00%)
Suhail Jute / Dec 27 Suhail Jute Mills Limited(SUHJ)	108.97 ▲ 9.91 (10.00%)
Pak Gulf Leasing / Dec 27 Pak-Gulf Leasing Company Limited(PGLC)	17.39 ▲ 1.58 (9.99%)
Imperial Limited / Dec 27 Imperial Limited(IML)	22.48 ▲ 2.03 (9.93%)
Shams Textile / Dec 27 Shams Textile Mills Limited(STML)	28.68 ▲ 2.57 (9.84%)

Stock	Price
First AL-Noor Mod. / Dec 27 First Al-Noor Modaraba(FANM)	3 ▼ -0.49 (-14.04%)
Mehmood Tex / Dec 27 Mehmood Textile Mills Limited(MEHT)	596.56 ▼ -66.28 (-10.00%)
Al-Khair Gadoon / Dec 27 Al-Khair Gadoon Limited(AKGL)	41.71 ▼ -4.63 (-9.99%)
Leather Up Ltd. / Dec 27 Leather Up Limited(LEUL)	26.21 ▼ -2.91 (-9.99%)
Sardar Chemical / Dec 27 Sardar Chemical Industries Limited(SARC)	33.04 ▼ -3.63 (-9.90%)
Sanghar Sugar / Dec 27 Sanghar Sugar Mills Limited(SANSM)	21.51 ▼ -2.27 (-9.55%)
Kohat Textile / Dec 27 Kohat Textile Mills Limited(KOHTM)	30.04 ▼ -3.11 (-9.38%)
Faran Sugar (R) / Dec 27 Faran Sugar Mills Limited (R)(FRSMR)	7.30 ▼ -0.75 (-9.32%)
Silk Bank Ltd / Dec 27 Silkbank Limited(SILK)	0.98 ▼ -0.08 (-7.55%)

Stock	Volume
Fauji Foods Ltd / Dec 27 Fauji Foods Limited(FFL)	93,341,113 ▲ 0.74
WorldCall Telecom / Dec 27 Worldcall Telecom Limited(WTL)	49,879,145 ▲ 0.01
TRG Pak Ltd / Dec 27 TRG Pakistan Limited(TRG)	46,907,628 ▲ 2.55
B.O.Punjab / Dec 27 The Bank of Punjab(BOP)	30,318,392 ▲ 0.07
Hascol Petrol / Dec 27 Hascol Petroleum Limited(HASCOL)	22,947,833 ▲ 0.13
K-Electric Ltd. / Dec 27 K-Electric Limited(KEL)	22,753,854 ▼ -0.02
Silk Bank Ltd / Dec 27 Silkbank Limited(SILK)	16,349,091 ▼ -0.08
Fauji Cement / Dec 27 Fauji Cement Company Limited(FCCL)	16,189,868 ▼ -0.19
Cnergyico PK / Dec 27 Cnergyico PK Limited(CNERGY)	14,738,115 ▼ -0.01

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