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Print - 2004-12-22
Malaysian palm oil down

Malaysian palm oil down

Malaysian crude palm oil futures fell on Tuesday as players booked profits from previous day's gains ahead of a December crop report from private forecaster Ivan Wong. Softer prices of rival US soyaoil during Asian trade also weighed on the palm oil marke
Published 22 Dec, 2004 12:00am
Norwegian media giant launches take-over bid for Finnish rival

Norwegian media giant launches take-over bid for Finnish rival

Schibsted, the Nordic region's fourth largest media group and owner of Norway's paper-of-record Aftenposten, launched a 705-million-euro (943-million-dollar) take-over bid for Finnish rival Alma Media on Tuesday. "Alma Media is a perfect strategic partner
Published 22 Dec, 2004 12:00am
Australia cuts growth forecast, says budget strong

Australia cuts growth forecast, says budget strong

Australia pared its economic growth forecast on Tuesday because of sluggish exports, as expected, but said rising tax receipts would boost the country's budget surplus. Treasurer Peter Costello, releasing the government's mid-year review of the 2004/05 bu
Published 22 Dec, 2004 12:00am
India's IPO boom set to spill into 2005

India's IPO boom set to spill into 2005

India's investment bankers are counting on another hectic year of capital raising. Some 23 companies have raised $2.9 billion through IPOs so far this year, more than the total raised in the previous seven years. And share sales by listed companies have r
Published 22 Dec, 2004 12:00am
UK house-builder Persimmon sees price growth in 2005

UK house-builder Persimmon sees price growth in 2005

Persimmon Plc, Britain's biggest house-builder by market value, said it was on course to meet market expectations of record annual profits as its chief executive predicted new house prices would rise next year. The market had been looking to Persimmon for
Published 22 Dec, 2004 12:00am
PanAmSat plans for $1.12 billion IPO

PanAmSat plans for $1.12 billion IPO

Satellite operator PanAmSat Holding Corp, filed for a $1.12 billion initial public offering on Monday, continuing the year-long trend of private equity firms taking their portfolio companies public. The No 3 US satellite operator, which was acquired in Au
Published 22 Dec, 2004 12:00am
Japan business leaders' confidence drops: survey

Japan business leaders' confidence drops: survey

Japanese business leaders are far less confident in the economy than they were three months ago, their wariness growing on everything from exports and earnings to personal spending, a poll by a business lobby showed on Tuesday. Only 49.6 percent of the re
Published 22 Dec, 2004 12:00am
Think tanks trim German outlook, ECB action sought

Think tanks trim German outlook, ECB action sought

Two more leading German institutes wound back their 2005 economic growth forecasts on Tuesday and the European Central Bank came under pressure to help stem the rise in the euro which is damaging German exports. Munich's Ifo and Hamburg's HWWA became the
Published 22 Dec, 2004 12:00am
EU and Canada to start new trade pact talks in 2005

EU and Canada to start new trade pact talks in 2005

The European Union and Canada will start negotiations early next year on a pact to beef up bilateral trade and investment, European Trade Commissioner Peter Mandelson said on Tuesday. Mandelson told a news conference after talks with Canadian Minister of
Published 22 Dec, 2004 12:00am
Toyota sees 2005 group global sales rising seven percent

Toyota sees 2005 group global sales rising seven percent

Toyota Motor Corp said on Tuesday it expects its group-wide auto sales to rise 7 percent next year to a record 8.03 million vehicles globally as it boosts its production capabilities in almost every corner of the world. That would follow a 10 percent rise
Published 22 Dec, 2004 12:00am
UK fines Axa 500,000 pounds

UK fines Axa 500,000 pounds

Britain's Financial Services Authority fined a unit of French insurer Axa 500,000 pounds ($974,100) for misleading life insurance advertisements, the UK watchdog said on Tuesday. The penalty imposed on Axa Sun Life is the biggest the FSA has meted out for
Published 22 Dec, 2004 12:00am
US Air Force gives Lockheed rocket launch order

US Air Force gives Lockheed rocket launch order

The US Air Force on Monday said it awarded Lockheed Martin Corp a contract to launch into space a classified spy satellite from its newly built West Coast facility by July 2006. Neither the Air Force nor Lockheed disclosed the terms of the pact awarded un
Published 22 Dec, 2004 12:00am
Indian first international airport clears final hurdle

Indian first international airport clears final hurdle

India's southern Karnataka state Tuesday gave the green light for a consortium led by Germany's Siemens to build the country's first private airport in the hi-tech hub of Bangalore. Dharam Singh, the chief minister of Karnataka state, of which Bangalore i
Published 22 Dec, 2004 12:00am
Philippines seizes disputed airport terminal

Philippines seizes disputed airport terminal

The Philippine government moved dramatically on Tuesday to break a two-year deadlock over a new airport terminal, sending police to seize it from a consortium led by Germany's Fraport AG after winning a court order. The dispute over the state-of-the-art t
Published 22 Dec, 2004 12:00am
French consumer spending booms, Italy clouds picture

French consumer spending booms, Italy clouds picture

French consumers spent more than expected in November but Italians' optimism about the outlook for their economy faded in December, creating a mixed overall picture for the eurozone. The 1.5-percent rise in French spending, reported by state statistics of
Published 22 Dec, 2004 12:00am
EU scraps cod closure plan in marathon fish talks

EU scraps cod closure plan in marathon fish talks

The European Commission abandoned plans on Tuesday to close off fishing areas in 2005 for severely depleted species such as cod, in the face of bitter opposition from EU governments such as Britain and France. In a bid to secure a deal over how much fish
Published 22 Dec, 2004 12:00am
EU trade chief vows to stand by textile liberalisation

EU trade chief vows to stand by textile liberalisation

The European Union's trade chief vowed on Tuesday to stand by next month's liberalisation of the global textiles and clothing market, the prospect of which has brought US pressure on China to limit its exports. The expiry of a decades-old quota system on
Published 22 Dec, 2004 12:00am
Morgan Stanley profit rises

Morgan Stanley profit rises

US securities firm Morgan Stanley on Tuesday said fourth-quarter profit rose sharply on higher investment banking activity, offset in part by lower fixed-income sales and trading results. New York-based Morgan Stanley, the largest US securities firm by ma
Published 22 Dec, 2004 12:00am
Morgan Stanley profit rises

Morgan Stanley profit rises

US securities firm Morgan Stanley on Tuesday said fourth-quarter profit rose sharply on higher investment banking activity, offset in part by lower fixed-income sales and trading results. New York-based Morgan Stanley, the largest US securities firm by ma
Published 22 Dec, 2004 12:00am
Air Deccan to buy 30 Airbus A320s

Air Deccan to buy 30 Airbus A320s

European consortium Airbus Industrie Tuesday won its second deal in a week from India's growing budget airline business, selling 30 Airbus A320 aircraft to Air Deccan. John Leahy, chief commercial officer of Airbus, said the 1.8 billion dollar deal was a
Published 22 Dec, 2004 12:00am
China toughens stance on intellectual property

China toughens stance on intellectual property

China promised on Tuesday to get tougher on copyright and patent violations, a long-awaited move that may ease US concerns over rampant piracy believed to cost foreign businesses billions of dollars every year. In a new interpretation of the law governing
Published 22 Dec, 2004 12:00am
US trade pacts: Gulf leaders end summit without settling row

US trade pacts: Gulf leaders end summit without settling row

Gulf Arab leaders wound up a two-day summit here Tuesday without settling a dispute over a Bahraini free trade pact with Washington that prompted a boycott by Saudi Arabia's de facto ruler. The summit "took note ... of the signing of free trade accords an
Published 22 Dec, 2004 12:00am
Siemens wins contract to deliver 60 trains to Russia

Siemens wins contract to deliver 60 trains to Russia

German engineering giant Siemens has won a contract worth 1.5 billion euros (two billion dollars) to supply 60 high-speed trains to Russia, Siemens chairman Heinrich von Pierer announced Tuesday. Russia also had an option to take delivery of a further 90
Published 22 Dec, 2004 12:00am
US to hire 12,000 air controllers

US to hire 12,000 air controllers

The Federal Aviation Administration plans to hire 12,000 air traffic controllers over 10 years amid a wave of expected retirements in the industry, the Wall Street Journal reported on Tuesday. The FAA, the nation's civil aviation regulator, is likely to a
Published 22 Dec, 2004 12:00am
Bangladesh enters global computer game market

Bangladesh enters global computer game market

Bangladesh took its first step into the global computer game market when a local IT firm, Bangladesh Online, signed a partnership deal with a British games developer, Deep Red Games, officials said Tuesday. "It's a partnership rather than an outsourcing o
Published 22 Dec, 2004 12:00am
Britain on course to meet Brown's fiscal rules: IMF

Britain on course to meet Brown's fiscal rules: IMF

Britain's economic performance is impressive and Chancellor of the Exchequer Gordon Brown is on course to meet his fiscal rules in the current cycle, the International Monetary Fund said on Tuesday. With the economy expected to form one of the key planks
Published 22 Dec, 2004 12:00am
US Treasury prices end mixed

US Treasury prices end mixed

US Treasury prices were mixed on Monday, with shorter-term maturities lower after a Federal Reserve official outlined a scenario that could force the central bank to raise interest rates more quickly. Trading was thin as the holiday season and end-of-year
Published 22 Dec, 2004 12:00am
US Treasury prices end mixed

US Treasury prices end mixed

US Treasury prices were mixed on Monday, with shorter-term maturities lower after a Federal Reserve official outlined a scenario that could force the central bank to raise interest rates more quickly. Trading was thin as the holiday season and end-of-year
Published 22 Dec, 2004 12:00am
Malaysian stocks close lower

Malaysian stocks close lower

Malaysian share prices closed 0.34 percent lower on Tuesday in thin trade with some light selling seen in select blue chips, dealers said. The Kuala Lumpur Composite Index lost 3.11 points at 906.5. Volume traded totalled 389.18 million shares worth 654.8
Published 22 Dec, 2004 12:00am
Hong Kong stocks drop amid light profit-taking

Hong Kong stocks drop amid light profit-taking

Hong Kong's stocks finished a touch lower on Tuesday with investors taking profits on recent winners such as Hutchison and Esprit in quiet pre-Christmas trade. But analysts said the market was well supported by strong liquidity thanks to continued low loc
Published 22 Dec, 2004 12:00am
US blue chips slightly high as oil prices sag

US blue chips slightly high as oil prices sag

US blue chips rose slightly on Monday as oil prices slipped and alleviated worry about high energy costs cutting into corporate profits, but a 5 percent slide in Symantec Corp weighed on the Nasdaq. Symantec shares continued to fall after its agreement to
Published 22 Dec, 2004 12:00am
Indian shares end at record high

Indian shares end at record high

India's key share index rallied to a new closing high and the rupee rose to a two-week peak on Tuesday on a flow of foreign fund investments into an economy forecast to post sturdy growth. The 30-share Mumbai Stock Exchange index ended up 0.75 percent at
Published 22 Dec, 2004 12:00am
Singapore shares soar

Singapore shares soar

Singapore share prices closed 0.36 percent higher on Tuesday on bargain hunting in selected blue chips, dealers said. Gains in blue chips such as local publishing giant Singapore Press Holdings boosted the main index but trading in coming sessions will re
Published 22 Dec, 2004 12:00am
Philippines shares decline

Philippines shares decline

Philippines share prices closed 0.6 percent lower on Tuesday on continued profit-taking, dealers said. They said the day's turnover was light compared to previous sessions, suggesting that most fund managers had already left the market ahead of the Christ
Published 22 Dec, 2004 12:00am
Taiwan stocks flat; steel shares outperform

Taiwan stocks flat; steel shares outperform

Taiwan stocks ended little changed on Tuesday, with the market largely directionless as foreign investors headed off on holiday, though steel shares like Chung Hung shined thanks to surging nickel prices. The TAIEX share index ended with a paper-thin gain
Published 22 Dec, 2004 12:00am
Tokyo stocks surge, banks lead gains

Tokyo stocks surge, banks lead gains

Tokyo's Nikkei average ended higher for the third straight session on Tuesday amid a growing consensus that Japanese shares would catch up with gains in overseas stock markets despite recent poor news on the economy. Banking shares such as Mizuho Financia
Published 22 Dec, 2004 12:00am
Sri Lankan stocks little changed

Sri Lankan stocks little changed

Sri Lankan stocks ended flat for the fifth day in a row on Tuesday as retail profit-taking in blue chip shares offset institutional buying, brokers said. The key Colombo all-share index gained a provisional 0.03 percent, or 0.41 percent, to 1,539.77 point
Published 22 Dec, 2004 12:00am
Jakarta shares make gains

Jakarta shares make gains

Indonesian share prices closed 0.98 percent higher on Tuesday in a technical rebound led by banks and energy stocks after the country's top court rejected efforts to annul an oil and gas law, dealers said. The Jakarta Stock Exchange composite index closed
Published 22 Dec, 2004 12:00am
Hong Kong dollar ends little changed

Hong Kong dollar ends little changed

The Hong Kong dollar was trapped in a tight range against the US dollar on Tuesday amid a dearth of fresh market-moving news. "With the holiday season looming, trading has thinned," one trader at a local bank said. After shuffling between 7.7795 and 7.780
Published 22 Dec, 2004 12:00am
Chinese yuan notches lower

Chinese yuan notches lower

The yuan ended a notch lower at 8.2765 per US dollar on Tuesday, near the stronger end of its managed trading range. The one-year non-deliverable dollar forward discount versus the yuan was at 4,700 points, implying a rate of 7.808 yuan per dollar in 12 m
Published 22 Dec, 2004 12:00am
Swiss franc eases against dollar and euro

Swiss franc eases against dollar and euro

The Swiss franc eased a touch against the dollar in early trade on Tuesday as traders adjusted their holdings ahead of the holiday season and awaited Swiss economic data later on the day. The dollar traded higher at 1.1489 francs after levels around 1.146
Published 22 Dec, 2004 12:00am
Dollar trapped in ranges but seen vulnerable

Dollar trapped in ranges but seen vulnerable

The dollar traded in tight ranges against the euro and the yen on Tuesday ahead of the year-end holidays, but market players said it was only a matter of time before the currency resumed its slide. With trading activity subdued, many investors and dealers
Published 22 Dec, 2004 12:00am
Dollar falls as market positions ahead of holiday

Dollar falls as market positions ahead of holiday

The dollar fell in thin trade on Monday, with the euro one of the biggest beneficiaries as traders took note of market positioning and adjusted their holdings ahead of new year holidays. The euro gained after futures market data released on Friday showed
Published 22 Dec, 2004 12:00am
Bangladeshi taka edges up against dollar

Bangladeshi taka edges up against dollar

The Bangladeshi taka ended slightly higher on Tuesday as importers' demand for dollars ebbed, dealers said. The taka was quoted at 59.67/61.10 per dollar, against 59.65/61.20 on Monday. Call rates ranged between 4.5 percent and 8.0 percent, down from Mond
Published 22 Dec, 2004 12:00am
Asian currencies: rupiah under pressure, others higher

Asian currencies: rupiah under pressure, others higher

The Indonesian rupiah laboured under persistent political worries on Tuesday but other Asian currencies rallied as markets resumed selling the dollar against the yen and euro. Trading in the majors as well as in Asian currencies was listless heading into
Published 22 Dec, 2004 12:00am
Australian dollar plays catch-up

Australian dollar plays catch-up

The Australian dollar touched its highest level in two weeks at 76.85 US cents on Tuesday after the mid-year Budget review sprang few surprises, recovering from an early mark-down with the New Zealand dollar. The Aussie sank as the kiwi dollar dropped aro
Published 22 Dec, 2004 12:00am
Canadian dollar slips

Canadian dollar slips

The Canadian dollar weakened on Monday as selling against the euro overcame the impact of stronger-than-expected Canadian economic data and a greenback that was generally lower against the majors. The domestic currency finished at C$1.2294 to the US dolla
Published 22 Dec, 2004 12:00am
US and UN need each other: Annan

US and UN need each other: Annan

The United Nations and the United States need each other and must work together, UN Secretary General Kofi Annan said on Tuesday, responding to sharp criticism from US media and politicians about the world body.
Published 22 Dec, 2004 12:00am
Tokyo and Washington plan talks on US military shift in Japan

Tokyo and Washington plan talks on US military shift in Japan

Japan plans to hold ministerial-level security talks with the United States in February, focusing on a realignment of US forces on its soil, a senior Japanese official said Tuesday. "We think it would be great if we can hold the meeting in February," the
Published 22 Dec, 2004 12:00am
Remains of Biblical city of Cana uncovered

Remains of Biblical city of Cana uncovered

Archaeologists have uncovered remains of the Biblical city of Cana where the Bible says Jesus Christ performed his first miracle, turning water into wine, Israel's antiquities authority said Tuesday. The stone remains of buildings, household utensils and
Published 22 Dec, 2004 12:00am
Karzai to bar dual-nationality ministers

Karzai to bar dual-nationality ministers

Afghan President Hamid Karzai will ban ministers in his future cabinet from holding dual nationality, his spokesman said Tuesday in a move which some officials fear could sideline reformists. Karzai could have used a constitutional loophole to avoid such
Published 22 Dec, 2004 12:00am
Iodine deficiency still threatens 2 billion world-wide: WHO

Iodine deficiency still threatens 2 billion world-wide: WHO

Two billion people world-wide do not consume enough iodine despite a 50 percent drop in the number of countries where iodine deficiency, which can cause brain damage, is a public health problem, the World Health Organisation (WHO) said on Tuesday. "Iodine
Published 22 Dec, 2004 12:00am
Peres' Labour Party approves joining with Sharon

Peres' Labour Party approves joining with Sharon

Veteran Israeli peacemaker Shimon Peres' Labour Party voted on Tuesday in favour of joining with Prime Minister Ariel Sharon's right-wing Likud in a governing coalition dedicated to carrying out a Gaza withdrawal. Party officials said Labour's Central Com
Published 22 Dec, 2004 12:00am
Abbas hails 'eternal' Arafat at end of 40-day mourning

Abbas hails 'eternal' Arafat at end of 40-day mourning

PLO chairman Mahmud Abbas marked the end of 40 days of mourning Tuesday with lavish praise for the "eternal" Yasser Arafat, vowing the Palestinian patriarch would one day be buried in his beloved Jerusalem. "No words of homage are sufficient to commemorat
Published 22 Dec, 2004 12:00am
Experts mull code of conduct for security firms on front line

Experts mull code of conduct for security firms on front line

Armed contractors are flourishing in danger zones such as Iraq, triggering the need for international regulations to better control the murky field of private security, industry experts say. The lack of rules has created a grey area for private military o
Published 22 Dec, 2004 12:00am
Mystery Martian 'carwash' helps US space buggy

Mystery Martian 'carwash' helps US space buggy

An unexplained phenomenon akin to a space-borne car wash has boosted the performance of one of the two US rovers probing the surface of Mars, New Scientist magazine said on Tuesday. It said something - or someone - had regularly cleaned layers of dust fro
Published 22 Dec, 2004 12:00am
Tens of thousands protest in Brussels over pay

Tens of thousands protest in Brussels over pay

Tens of thousands of Belgian workers protested in sub-zero temperatures here Tuesday demanding a better pay deal from employers. Co-ordinated by three main unions under the slogan "Workers deserve better", the demonstration drew about 50,000 people, accor
Published 22 Dec, 2004 12:00am
'US seeking direct talks with Iran'

'US seeking direct talks with Iran'

Washington wants to hold direct talks with Tehran, with which it broke ties 24 years ago, to discuss a number of issues including the Islamic state's nuclear programme, a senior Iranian security official said on Tuesday. Hossein Mousavian, one of Iran's c
Published 22 Dec, 2004 12:00am
UN troops deploy to stop east Congo fighting

UN troops deploy to stop east Congo fighting

United Nations peacekeepers in helicopters and armoured troop carriers headed for the frontline in eastern Congo on Tuesday to stop renegade soldiers advancing further after more than a week of fighting. The UN mission in Democratic Republic of Congo said
Published 22 Dec, 2004 12:00am
Fire at Paris airport causes evacuation, no casualties

Fire at Paris airport causes evacuation, no casualties

A fire at Charles de Gaulle airport outside Paris forced the evacuation of 500 people from one of its terminals Tuesday, officials and fire-fighters said. The blaze, which started from an electrical malfunction in a baggage area of the facility's Terminal
Published 22 Dec, 2004 12:00am
Thousands rally for jailed Sri Lankan opposition figure

Thousands rally for jailed Sri Lankan opposition figure

Thousands of opposition activists took to the streets Tuesday to call for the release of a former cabinet minister jailed after he criticised the judiciary. The main opposition United National Party (UNP) of former premier Ranil Wickremesinghe called for
Published 22 Dec, 2004 12:00am
Potential hostage situation unfolds near White House

Potential hostage situation unfolds near White House

Police sealed off streets near the White House on Tuesday and deployed sharpshooters and armoured vehicles after a botched robbery at a downtown pharmacy. Rush-hour traffic came to a standstill after dozens of police officers and members of elite SWAT tea
Published 22 Dec, 2004 12:00am
White House expects full probe of prisoner abuses

White House expects full probe of prisoner abuses

The White House said on Tuesday it expected a full investigation of prisoner abuses in Iraq and Guantanamo Bay, Cuba, after new FBI memos described detainees facing beatings and having lit cigarettes placed in their ears. "If there is abuse that occurs, w
Published 22 Dec, 2004 12:00am
Indian rupee posts two-week closing high

Indian rupee posts two-week closing high

The Indian rupee rallied smartly for a second session to post its highest close in two weeks on Tuesday, helped by strong foreign fund inflows into a booming domestic share market, dealers said. The rupee ended 0.26 percent stronger at 43.8000/8200 per do
Published 22 Dec, 2004 12:00am
Sterling falls across the board

Sterling falls across the board

Sterling tumbled across the board on Tuesday as more evidence emerged that higher interest rates were slowing Britain's once-booming property market. A survey from the Royal Institution of Chartered Surveyors suggested British house prices were falling at
Published 22 Dec, 2004 12:00am
Dollar dozes above December's record low versus euro

Dollar dozes above December's record low versus euro

The dollar traded within a cent of recent record lows against the euro on Tuesday as market players took advantage of a brief rise in the US currency earlier to sell it amid broadly bearish sentiment. With thinning volumes and little major economic data t
Published 22 Dec, 2004 12:00am
Seoul shares slightly lower

Seoul shares slightly lower

Seoul stocks ended a touch lower on Tuesday, as investors booked profits from five consecutive sessions of gains, and as LG Card shares fell sharply following LG Group's refusal to join a bailout for the ailing card issuer. The benchmark Korea Composite S
Published 22 Dec, 2004 12:00am
Bonds: early buyers support prices as Christmas lull looms

Bonds: early buyers support prices as Christmas lull looms

European corporate bonds struggled through a thin session on Tuesday as the Christmas break loomed, but funds getting a head start on putting next year's money to work supported prices. The FTSE Euro Corporate Bond Index showed investment-grade corporate
Published 22 Dec, 2004 12:00am
Bonds: early buyers support prices as Christmas lull looms

Bonds: early buyers support prices as Christmas lull looms

European corporate bonds struggled through a thin session on Tuesday as the Christmas break loomed, but funds getting a head start on putting next year's money to work supported prices. The FTSE Euro Corporate Bond Index showed investment-grade corporate
Published 22 Dec, 2004 12:00am
Britain's top share index clings onto slim gain on miners

Britain's top share index clings onto slim gain on miners

Britain's leading shares clung onto slim gains on Tuesday as higher prices for mining and oil stocks helped offset a fall by tobacco stocks as Imperial and Gallaher unwound the previous session's take-over-inspired increases, although a slowdown in activi
Published 22 Dec, 2004 12:00am
EU split over genetically modified rapeseed, awaits approval

EU split over genetically modified rapeseed, awaits approval

EU environment ministers failed to agree on Monday on authorising imports of a genetically modified (GMO) rapeseed, the ninth occasion in a row where the bloc has been deadlocked over biotech foods, officials said. Again exposing the EU's deep divisions o
Published 22 Dec, 2004 12:00am
Low-priced Argentine wheat regains African markets

Low-priced Argentine wheat regains African markets

Argentina has regained crucial African markets for its wheat by lowering prices, at a time when world-wide production is seen reaching record highs and exports to Brazil have fallen. In the drought-plagued 2002/03 growing season, Argentina's wheat output
Published 22 Dec, 2004 12:00am
Oil prices steady, warming weather counters supply fear

Oil prices steady, warming weather counters supply fear

Oil prices steadied on Tuesday, holding Monday's losses as forecasts for a swift end to this week's US cold snap eased worries over thin fuel stocks in the world's biggest energy consumer. US light crude settled down two cents at $45.76 a barrel, after a
Published 22 Dec, 2004 12:00am
Oil World sees oilseeds in oversupply, weak prices

Oil World sees oilseeds in oversupply, weak prices

Global production of the 10 main oilseeds is likely to exceed consumption by about 22 million tonnes in 2004/05, leading to downward price pressure, Hamburg-based newsletter Oil World said. It has increased its estimate of 2004/05 world oilseed output to
Published 22 Dec, 2004 12:00am
New York cotton futures marginally easier

New York cotton futures marginally easier

Cotton futures closed marginally easier Tuesday on trade and speculative sales in lethargic trade, with the market seen stuck in a band because players are already in a holiday frame of mind, brokers said. The key March cotton contract on the New York Boa
Published 22 Dec, 2004 12:00am
London cocoa consolidates near eight-week low

London cocoa consolidates near eight-week low

Liffe's cocoa market settled little changed and near an eight-week low on Tuesday after a quiet session of consolidation, traders said. London's front-month March closed one pound stronger at 845 pounds a tonne after an 841-854 range, which saw the market
Published 22 Dec, 2004 12:00am
LME prices mostly up on technical buying

LME prices mostly up on technical buying

London Metal Exchange (LME) prices ended firmly in Tuesday's trading on technical buying, traders said. "It was a very technically driven session today, with aluminium leading the way," one LME trader said. "Aluminium did very well, breaching resistance a
Published 22 Dec, 2004 12:00am
Gold ticks down in Europe, focus on dollar

Gold ticks down in Europe, focus on dollar

Gold drifted back towards $440 an ounce in thin European trade on Tuesday as the dollar moved off its lows, while business slowed ahead of the year-end, dealers said. Spot gold stood at $440.60/441.40 an ounce by 1544 GMT, compared with $441.90/442.70 quo
Published 22 Dec, 2004 12:00am
US MIDDAY: coffee retreats on profit taking

US MIDDAY: coffee retreats on profit taking

New York coffee hit a new four-year high on Tuesday before retreating to end lower after speculators pocketed some windfall profits from recent gains. "The market is taking on a ho-ho hum attitude ... Christmas is descending like a wet blanket over the ma
Published 22 Dec, 2004 12:00am
US MIDDAY: cocoa at four-week low on fund selling

US MIDDAY: cocoa at four-week low on fund selling

New York benchmark cocoa futures settled at a four-week low on Tuesday, pressured by fund and currency-based selling, while scale-down trade buying lent support in thin pre-holiday trade, dealers said. "Cocoa's fall was influenced by the sterling's losses
Published 22 Dec, 2004 12:00am
US MIDDAY: sugar softer as market consolidates

US MIDDAY: sugar softer as market consolidates

Raw sugar futures finished marginally easier Tuesday as the market consolidated after surging to a one-month high, and the sweetener may stay in a band ahead of the year-end holidays, brokers said. The New York Board of Trade's key March raw sugar contrac
Published 22 Dec, 2004 12:00am
US MIDDAY: wheat mixed on speculators sides

US MIDDAY: wheat mixed on speculators sides

Soft red winter wheat futures at the Chicago Board of Trade were mixed in early dealings with the market seeking direction following Monday's rally to two-week highs, traders said. Locals and large speculators were on both sides of the market and the volu
Published 22 Dec, 2004 12:00am
US MIDDAY: corn mildly weaker in pre-holiday type trade

US MIDDAY: corn mildly weaker in pre-holiday type trade

The Chicago Board of Trade corn market was slightly weaker on Tuesday but prices were range-bound in pre-holiday type trade, traders said. There was little fresh news to stir much market excitement. That has been the general trend since harvest. The March
Published 22 Dec, 2004 12:00am
US MIDDAY: soyabeans choppy on funds short positions

US MIDDAY: soyabeans choppy on funds short positions

Soyabean futures at the Chicago Board of Trade were choppy with the nearby months weaker early Tuesday, setting back from a recent climb and on weaker cash markets at interior locations after country sales picked up, traders said. The January soyabean con
Published 22 Dec, 2004 12:00am
US MIDDAY: copper down in thin trading

US MIDDAY: copper down in thin trading

COMEX copper futures opened lower on Tuesday in thin volume as funds were content to pocket profits after last week's gains amid a firmer dollar, floor sources said. "Not too much action down here. We have light volume with the funds selling it. A lot of
Published 22 Dec, 2004 12:00am
US MIDDAY: gold limps lower in lacklustre trade

US MIDDAY: gold limps lower in lacklustre trade

US gold futures drifted lower early Tuesday in lacklustre trade as the dollar held firm during a holiday-shortened week, dealers said. Gold stuck to a recent $440 to $445 range, guided by a few market players who squared up positions in front of year-end.
Published 22 Dec, 2004 12:00am
Stranded girl students rescued

Stranded girl students rescued

Abbottabad police have rescued as many as 50 people, including 44 female students, who got stranded in snow, in the wee hours of Tuesday, near Changla Gali, some 45 km from here. Female students of a private college of Lahore, along with six male staff me
Published 22 Dec, 2004 12:00am
National Assembly speaker meets Indian president

National Assembly speaker meets Indian president

The National Assembly Speaker Chaudhry Amir Hussain on Tuesday called on Indian President A P J Abdul Kalam here at Rashtrapati Bhavan and conveyed the goodwill message of Pakistan's President Pervez Musharraf. National Assembly Speaker, who is leading a
Published 22 Dec, 2004 12:00am
PMDC to open asthma hospital in a few weeks

PMDC to open asthma hospital in a few weeks

Pakistan Mineral Development Corporation (PMDC) asthma hospital, being completed at a cost of Rs 50 million at Khewra Salt Mines, will become operational in the next few weeks. The Asthma hospital, being set up inside Khewra Salt Mines, will have 50 beds
Published 22 Dec, 2004 12:00am
Skill development of workers urged

Skill development of workers urged

The participants of a five-day national workshop on "Workers Rights International Labour standards and labour laws in Pakistan" called for skill development of the manpower to ensure workers rights and for the progress of the country. The training course
Published 22 Dec, 2004 12:00am
Police officers directed to curb crimes

Police officers directed to curb crimes

City Police Chief DIG Tariq Salim has directed police officers to take effective measures to curb the crimes besides further intensifying patrolling system. He was addressing a meeting of police officers at District Police Lines Qilla Gujjar Singh here on
Published 22 Dec, 2004 12:00am
Rs 3 billion Rabi loans for small farmers

Rs 3 billion Rabi loans for small farmers

Punjab Parliamentary Secretary (consolidation) Malik Ahmed Saeed Khan on Tuesday said that small farmers will be issued loans for Rabi crops up to Rs 3 billion till January 31 next through the Punjab Provincial Co-operative Bank via co-operative societies
Published 22 Dec, 2004 12:00am
Meals ban

Meals ban

Apropos the letter dated 15 December of Kamran Shafique on the 'ban on wedding meals', I would state, where there is a will there is a way. Why cannot my friend serve meals to his guests from Hyderabad inside his house or in the neighbouring houses? On su
Published 22 Dec, 2004 12:00am
Markup on markup

Markup on markup

It has been a long story by Habib Bank Ltd which has become a nightmare. The State Bank of Pakistan Circular No 29 has clearly mentioned that no markup on markup be charged from the clients but the HBL dues not refund the amount to unnecessary harass the
Published 22 Dec, 2004 12:00am
Differential payment in KDA schemes

Differential payment in KDA schemes

This is with reference to Syed A. Mateen's letter in your esteemed issue of 8 December. What is stated is that in relation to the irregular allotments of residential plots in various KDA schemes during 2-8-1990 to 6-11-1996, a list of 685 plots was drawn
Published 22 Dec, 2004 12:00am
Chinese investors take a shine to gold

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 22 Dec, 2004 12:00am
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