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Nov 28, 2024 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Print - 2005-01-13
Malaysian tin rises

Malaysian tin rises

Malaysia's tin rose further on Wednesday, helped by a higher price of the metal in London and a lack of sellers. Spot tin on the Kuala Lumpur Tin Market ended up $10 at $7,860 a tonne. It has risen $620, or 8.6 percent, since hitting a 9-1/2-month low of
Published 13 Jan, 2005 12:00am
Shipping companies cut fuel surcharge

Shipping companies cut fuel surcharge

The shipping companies, following decrease in the world oil prices, have reduced bunker (fuel) surcharge by 46 dollars per 20-foot container for the export cargo destined for the US. According to the shipping sources, the new rate, effective from January
Published 13 Jan, 2005 12:00am
Chinese copper futures rise on weaker dollar

Chinese copper futures rise on weaker dollar

Shanghai copper futures ended up on Wednesday as a weaker US dollar boosted metals prices domestically as well as on the London Metal Exchange. Most-active March copper closed at 28,900 yuan on Wednesday, up 390 yuan from Tuesday's close, after trading in
Published 13 Jan, 2005 12:00am
Shipping companies cut fuel surcharge

Shipping companies cut fuel surcharge

The shipping companies, following decrease in the world oil prices, have reduced bunker (fuel) surcharge by 46 dollars per 20-foot container for the export cargo destined for the US. According to the shipping sources, the new rate, effective from January
Published 13 Jan, 2005 12:00am
Oil ticks up, anticipates mixed US stock data

Oil ticks up, anticipates mixed US stock data

Oil prices edged higher on Wednesday ahead of weekly US inventory data expected to show a fall in crude stockpiles but rising product tanks. Global supply outages and forecasts for colder weather in the US Northeast have also underpinned the market this w
Published 13 Jan, 2005 12:00am
Eid holidays

Eid holidays

The government has announced three holidays on account of Eid-ul-Azha. According to PTV, Thursday, Friday and Saturday (January 20, 21 and 22) will be observed as gazetted holidays.
Published 13 Jan, 2005 12:00am
Tokyo rubber slips heavily on yen, stock data

Tokyo rubber slips heavily on yen, stock data

Tokyo rubber futures tumbled on Wednesday, with the benchmark contract falling to a one-month low, pressured by a firm yen and increased domestic stocks. The benchmark June 2005 contract on the Tokyo Commodity Exchange (TOCOM) settled down 3.8 yen per kg
Published 13 Jan, 2005 12:00am
Eid holidays

Eid holidays

The government has announced three holidays on account of Eid-ul-Azha. According to PTV, Thursday, Friday and Saturday (January 20, 21 and 22) will be observed as gazetted holidays.
Published 13 Jan, 2005 12:00am
Vietnam rice rise on overseas demands

Vietnam rice rise on overseas demands

Rice prices in Vietnam, the world's second-largest exporter of the grain, have risen sharply this week as exporters scramble to snap up thinning supplies for fresh overseas demands, traders said on Wednesday. This week, the Philippines awarded 320,000 ton
Published 13 Jan, 2005 12:00am
Drive against non-duty paid vehicles to start next month

Drive against non-duty paid vehicles to start next month

The Central Board of Revenue (CBR) will launch a country-wide drive against non-duty paid smuggled cars wrongly registered by the provincial excise departments from next month. Official sources told Business Recorder here on Wednesday that the CBR
Published 13 Jan, 2005 12:00am
New York sugar ends firm on consumers' demands

New York sugar ends firm on consumers' demands

Raw sugar futures settled slightly higher on Tuesday on trade and consumer buying as the market recovered after easing recently to a three-week low, brokers said. The New York Board of Trade's March raw sugar contract gained 0.03 cent to close at 8.55 cen
Published 13 Jan, 2005 12:00am
Drive against non-duty paid vehicles to start next month

Drive against non-duty paid vehicles to start next month

The Central Board of Revenue (CBR) will launch a country-wide drive against non-duty paid smuggled cars wrongly registered by the provincial excise departments from next month. Official sources told Business Recorder here on Wednesday that the CBR
Published 13 Jan, 2005 12:00am
Soyabeans down on big supply outlooks

Soyabeans down on big supply outlooks

Soyabean futures at the Chicago Board of Trade closed lower on Tuesday amid a weaker cash market at the US Gulf Coast and outlooks for world soyabean supplies to grow, traders said. Expectations that the government could report a record December 1 world s
Published 13 Jan, 2005 12:00am
Bearish trend on KSE

Bearish trend on KSE

After witnessing unprecedented bullish rallies for the last two consecutive days, the stock market on Wednesday finally experienced the much-needed technical correction, losing 52.63 points. The KSE-100 index lost 52.63 points or 0.78 percent to close at
Published 13 Jan, 2005 12:00am
Thai rice futures higher

Thai rice futures higher

Thai rice futures climbed on Wednesday, boosted by speculative buying, in line with physical prices rising due to strong overseas demand and tight domestic supply, brokers said. Overall volume dropped as 140 contracts of 5 percent white rice were traded c
Published 13 Jan, 2005 12:00am
Bearish trend on KSE

Bearish trend on KSE

After witnessing unprecedented bullish rallies for the last two consecutive days, the stock market on Wednesday finally experienced the much-needed technical correction, losing 52.63 points. The KSE-100 index lost 52.63 points or 0.78 percent to close at
Published 13 Jan, 2005 12:00am
CBOT rice futures weak on monthly crop report

CBOT rice futures weak on monthly crop report

Rough rice futures at the Chicago Board of Trade fell on Tuesday on prospects that the government will raise its US rice stocks estimate in its monthly crop report on Wednesday, traders said. "There was aggressive speculative selling in front of the repor
Published 13 Jan, 2005 12:00am
IMF satisfied with CBR performance

IMF satisfied with CBR performance

International Monetary Fund (IMF) has expressed satisfaction over Central Board of Revenue's (CBR) revenue collection performance in 2004-2005 facilitated by timely implementation of reforms in Pakistan. Official sources told Business Recorder on W
Published 13 Jan, 2005 12:00am
Dutch 2004 sugar output exceeds initial forecast

Dutch 2004 sugar output exceeds initial forecast

The Netherlands produced 1.032 million tonnes of white sugar last year, slightly above initial forecasts of 1.02 million tonnes but below the previous year's 1.074 million, industry officials said on Wednesday. The total Dutch sugar output last year excee
Published 13 Jan, 2005 12:00am
IMF satisfied with CBR performance

IMF satisfied with CBR performance

International Monetary Fund (IMF) has expressed satisfaction over Central Board of Revenue's (CBR) revenue collection performance in 2004-2005 facilitated by timely implementation of reforms in Pakistan. Official sources told Business Recorder on W
Published 13 Jan, 2005 12:00am
Malaysian palm oil futures hit 16-month low, pare losses

Malaysian palm oil futures hit 16-month low, pare losses

Malaysian crude palm oil futures closed with pared losses on Wednesday on short covering after falling to 16-month lows due to worries over weak exports and losses in rival US soyaoil. Bursar Malaysia Derivatives' benchmark third-month crude palm oil cont
Published 13 Jan, 2005 12:00am
SBP sets standard for raw sugar import

SBP sets standard for raw sugar import

The State Bank of Pakistan (SBP) has issued industry-specific procedure by fixing "international commission for uniform mechanism for sugar analysis" (Icumsa) standard at 1,000 for raw sugar import. Sources said the SBP would strictly monitor the import t
Published 13 Jan, 2005 12:00am
Warid and Mobilink sign agreement for GSM traffic

Warid and Mobilink sign agreement for GSM traffic

Warid Telecom (Pvt) Limited and Mobilink-GSM signed the interconnection agreement for GSM traffic to establish connectivity between the two cellular mobile providers. The agreement was signed by Hamid Farooq, CEO Warid Telecom and Zouhair A. Khaliq, Presi
Published 13 Jan, 2005 12:00am
SBP sets standard for raw sugar import

SBP sets standard for raw sugar import

The State Bank of Pakistan (SBP) has issued industry-specific procedure by fixing "international commission for uniform mechanism for sugar analysis" (Icumsa) standard at 1,000 for raw sugar import. Sources said the SBP would strictly monitor the import t
Published 13 Jan, 2005 12:00am
Asia's richest man wants to buy Marionnaud

Asia's richest man wants to buy Marionnaud

Asia's richest man, Li Ka-Shing, has made an offer to buy troubled French perfume retailer Marionnaud, French newspaper Les Echos said on Wednesday, citing several sources. Li Ka-Shing, the chairman of ports-to-telecoms conglomerate Hutchinson Whampoa, co
Published 13 Jan, 2005 12:00am
World Bank chief says planning for transition

World Bank chief says planning for transition

World Bank President James Wolfensohn, set to leave his post in June, said on Wednesday he hoped the institution's shareholder governments will appoint his successor in time to ensure an overlap and smooth transition. The World Bank chief, who offered no
Published 13 Jan, 2005 12:00am
Deutsche Boerse chief threatens hostile LSE bid

Deutsche Boerse chief threatens hostile LSE bid

Deutsche Boerse chief Werner Seifert told the London Stock Exchange he will make a hostile bid unless the board backs his take-over offer, a source familiar with the talks said on Wednesday. "He made it clear that they either give in or he comes with his
Published 13 Jan, 2005 12:00am
US troops could start Iraq withdrawal this year: Powell

US troops could start Iraq withdrawal this year: Powell

US troops could start withdrawing from Iraq this year as Iraqi forces take over security in the violence-wracked country, US Secretary of State Colin Powell said Wednesday. In an interview with National Public Radio, Powell was unable to say how quickly A
Published 13 Jan, 2005 12:00am
Microsoft chief financial officer to leave

Microsoft chief financial officer to leave

Microsoft Corp's Chief Financial Officer John Connors said late Tuesday he would leave the world's largest software maker after 16 years to become a partner at a Seattle-area venture capital firm. Redmond, Washington-based Microsoft did not name a success
Published 13 Jan, 2005 12:00am
Global foreign direct investment grew 6 percent in 2004: Unctad

Global foreign direct investment grew 6 percent in 2004: Unctad

Global foreign direct investment grew six percent last year, with the United States reclaiming from China the title of leading destination for foreign capital, a UN report said on Wednesday. World-wide foreign direct investment flows reached 612 billion d
Published 13 Jan, 2005 12:00am
Hedge fund firm Man Group's third quarter assets rise

Hedge fund firm Man Group's third quarter assets rise

British hedge fund company Man Group said assets under management had risen to $42 billion by the end of December, up by $3.6 billion from the previous quarter, sending its shares higher on Wednesday. The world's largest listed hedge fund manager's new fu
Published 13 Jan, 2005 12:00am
Paris Club reaches pact on tsunami debt freeze

Paris Club reaches pact on tsunami debt freeze

The Paris Club of creditor nations reached an agreement on Wednesday to freeze debt repayments of countries hit by the Asian tsunami, the Club's president said. "The suspension takes effect immediately," Paris Club President Jean-Pierre Jouyet told a news
Published 13 Jan, 2005 12:00am
Hedge fund firm Man Group's third quarter assets rise

Hedge fund firm Man Group's third quarter assets rise

British hedge fund company Man Group said assets under management had risen to $42 billion by the end of December, up by $3.6 billion from the previous quarter, sending its shares higher on Wednesday. The world's largest listed hedge fund manager's new fu
Published 13 Jan, 2005 12:00am
India seeks solutions to disputes with Pakistan and China

India seeks solutions to disputes with Pakistan and China

Indian Prime Minister Manmohan Singh said on Wednesday that he wants "out-of-the-box" solutions to settle his country's long running disputes with neighbours Pakistan and China. Singh told a meeting organised by the Confederation of Indian Industry (CII),
Published 13 Jan, 2005 12:00am
Apple enters value market with cheap iPod and Mac

Apple enters value market with cheap iPod and Mac

Apple Computer Inc on Tuesday moved to make its products more affordable for the masses, unveiling its cheapest Macintosh computer ever and a version of its iPod digital music player for under $100. Apple co-founder and Chief Executive Steve Jobs, announc
Published 13 Jan, 2005 12:00am
Twin car bombs kill many civilians in Mosul

Twin car bombs kill many civilians in Mosul

A pair of car bombings in Mosul killed two Iraqi soldiers and an undetermined number of civilians Wednesday in the troubled northern city, the US military said. A white van in eastern Mosul tried to swerve inside a joint convoy of US and Iraqi military ve
Published 13 Jan, 2005 12:00am
Global steel output to grow 5 percent: OECD

Global steel output to grow 5 percent: OECD

Global steel production should grow five percent in 2005 and 3.5 percent in 2006, the Organisation for Economic Co-operation and Development said Wednesday. Initial estimates showed that 1.05 billion tonnes of steel were forged in 2004, 8.7 percent more t
Published 13 Jan, 2005 12:00am
10 Wapda employees abducted

10 Wapda employees abducted

Kidnappers snatched 10 employees of Water and Power Development Authority (Wapda) near a key gas producing region where up to 18 people have been killed in tribal violence since last week, officials said on Wednesday. The Wapda employees were abducted lat
Published 13 Jan, 2005 12:00am
Opec to meet on January 30 despite Iraq request

Opec to meet on January 30 despite Iraq request

Opec oil ministers will meet on January 30 as scheduled despite a request from Iraq to move the date of the meeting to avoid a clash with the Iraqi elections, an Opec spokesman said on Wednesday. "The meeting will go ahead as scheduled. All the ministers
Published 13 Jan, 2005 12:00am
10 Wapda employees abducted

10 Wapda employees abducted

Kidnappers snatched 10 employees of Water and Power Development Authority (Wapda) near a key gas producing region where up to 18 people have been killed in tribal violence since last week, officials said on Wednesday. The Wapda employees were abducted lat
Published 13 Jan, 2005 12:00am
Canadian trade surplus surges

Canadian trade surplus surges

Canada's trade surplus staged a surprising surge to a near-record C$7.3 billion ($6.08 billion) in November as the strong Canadian dollar made imports cheaper. Statistics Canada said on Wednesday that the value of imports fell 10.2 percent from October to
Published 13 Jan, 2005 12:00am
Over 1,000 soldiers sent to Sui

Over 1,000 soldiers sent to Sui

More than 1,000 troops have been sent to the Sui gas field after its closure because of a series of clashes with tribesmen, which left eight people dead, officials said on Wednesday. Violence erupted five days ago at the state-run Sui gas facility in Balo
Published 13 Jan, 2005 12:00am
Evans urges flexibility for Chinese yuan

Evans urges flexibility for Chinese yuan

Outgoing US Commerce Secretary Don Evans urged China on Wednesday to adopt a market-driven exchange rate, saying it was the best policy to ensure long-term growth and prosperity. Evans, on his final official visit to China, lauded growing Sino-US trade ti
Published 13 Jan, 2005 12:00am
Over 1,000 soldiers sent to Sui

Over 1,000 soldiers sent to Sui

More than 1,000 troops have been sent to the Sui gas field after its closure because of a series of clashes with tribesmen, which left eight people dead, officials said on Wednesday. Violence erupted five days ago at the state-run Sui gas facility in Balo
Published 13 Jan, 2005 12:00am
Snow affirms strong dollar policy

Snow affirms strong dollar policy

US Treasury Secretary John Snow said on Wednesday the Bush administration believes in a strong dollar policy. "It's always the same policy, our policy is the strong dollar. And there has been no change in that since the day I, two years ago, came into off
Published 13 Jan, 2005 12:00am
Pakistan on high-growth trajectory, says Prime Minister

Pakistan on high-growth trajectory, says Prime Minister

Pakistan is on the rise and pacing up to join the middle income countries group so that the standard of living of the people is improved. This was stated by the Prime Minister Shaukat Aziz while talking to Augustian Carstens, Deputy Managing Director of I
Published 13 Jan, 2005 12:00am
NYSE hits Morgan with record $19 million fine

NYSE hits Morgan with record $19 million fine

The New York Stock Exchange on Wednesday imposed a $19 million fine on investment bank Morgan Stanley, the largest ever meted out by the exchange, for various regulatory and supervisory lapses. In addition to the fines, the NYSE also censured the firm.
Published 13 Jan, 2005 12:00am
Pakistan on high-growth trajectory, says Prime Minister

Pakistan on high-growth trajectory, says Prime Minister

Pakistan is on the rise and pacing up to join the middle income countries group so that the standard of living of the people is improved. This was stated by the Prime Minister Shaukat Aziz while talking to Augustian Carstens, Deputy Managing Director of I
Published 13 Jan, 2005 12:00am
Intel reports highest-ever quarterly revenue

Intel reports highest-ever quarterly revenue

Microchip maker Intel Corp Tuesday late reported its highest-ever quarterly revenue and boosted its budget for factory and manufacturing investments by more than $1 billion as profits exceeded Wall Street expectations. The bellwether report, the first ear
Published 13 Jan, 2005 12:00am
Intel reports highest-ever quarterly revenue

Intel reports highest-ever quarterly revenue

Microchip maker Intel Corp Tuesday late reported its highest-ever quarterly revenue and boosted its budget for factory and manufacturing investments by more than $1 billion as profits exceeded Wall Street expectations. The bellwether report, the first ear
Published 13 Jan, 2005 12:00am
Airbus claims top spot against Boeing in 2004

Airbus claims top spot against Boeing in 2004

Airbus asserted its dominance over arch rival Boeing for the second year running on Wednesday, when it reported deliveries of 320 jetliners in 2004 and predicted record deliveries and a majority of the market again in 2005. Airbus, the largest unit of Eur
Published 13 Jan, 2005 12:00am
IBM in 'flexible' outsourcing deal with insurer

IBM in 'flexible' outsourcing deal with insurer

A US insurer is handing over its entire electronic infrastructure to IBM and AT&T, giving it access to the latest technology while shedding tens of millions of dollars in upfront investment and long-term costs. Property and casualty insurer Fireman's Fund
Published 13 Jan, 2005 12:00am
India to drop anti-foreign investment provision

India to drop anti-foreign investment provision

The Indian government will abolish a "restrictive" clause impeding foreign firms from forging joint ventures with local partners, Prime Minister Manmohan Singh said Wednesday. Singh told a meeting organised by the Confederation of Indian Industry (CII), t
Published 13 Jan, 2005 12:00am
Jailed Yukos owner hands stake to ally

Jailed Yukos owner hands stake to ally

Jailed Russian tycoon Mikhail Khodorkovsky said on Wednesday he had handed control of Yukos to a close ally, as prosecutors stepped up efforts to seize the stricken oil major's offshore assets. Khodorkovsky ceded his 60 percent stake in Gibraltar holding
Published 13 Jan, 2005 12:00am
UK trade gap narrows

UK trade gap narrows

Britain's global goods trade deficit narrowed more than expected in November as exports surged, although the gap remains on a widening trend and is set to reach a record for the year in 2004. The Office for National Statistics said on Wednesday that the g
Published 13 Jan, 2005 12:00am
EU extends ban on Asian poultry imports to September

EU extends ban on Asian poultry imports to September

EU animal health experts have extended a ban on poultry imports from eight Asian nations until the end of September due to uncertainty that deadly bird flu is under control in the region, the EU executive said on Wednesday. The EU ban had been due to expi
Published 13 Jan, 2005 12:00am
BP narrowly misses output target

BP narrowly misses output target

BP Plc, the world's second-largest listed oil company, reported slightly lower-than-expected oil output and higher costs for the fourth quarter, prompting some analysts to lower earnings forecasts. BP said on Wednesday it produced 4.09 million barrels of
Published 13 Jan, 2005 12:00am
US job openings fall, hirings move up

US job openings fall, hirings move up

There were fewer US job openings in November and more positions filled, the Labour Department said on Wednesday. Job openings as of the last day of November stood at 3.204 million, down 6.3 percent from 3.420 million in October. The department said openin
Published 13 Jan, 2005 12:00am
US trade gap swells unexpectedly in November

US trade gap swells unexpectedly in November

The US trade deficit widened unexpectedly in November to a record $60.3 billion, propelled by the highest-ever oil import bill and a drop in exports, a government report showed on Wednesday. The surprising surge in the trade gap sent the dollar tumbling i
Published 13 Jan, 2005 12:00am
Australian bonds firmer on back of weak stock markets

Australian bonds firmer on back of weak stock markets

Australian bond futures rose on Wednesday due to weakness in regional stock markets after falls on Wall Street and in anticipation of a softer labour force report on Thursday. Local market price gains came despite data showing consumer confidence rising t
Published 13 Jan, 2005 12:00am
Australian bonds firmer on back of weak stock markets

Australian bonds firmer on back of weak stock markets

Australian bond futures rose on Wednesday due to weakness in regional stock markets after falls on Wall Street and in anticipation of a softer labour force report on Thursday. Local market price gains came despite data showing consumer confidence rising t
Published 13 Jan, 2005 12:00am
Chinese shares steady as earnings draw attention

Chinese shares steady as earnings draw attention

China's shares closed flat on Wednesday as blue chips turned in a mixed performance, with investors beginning to focus more on companies' earnings prospects as the results season approaches. Stocks in companies deemed to outperform in the medium term, suc
Published 13 Jan, 2005 12:00am
Hong Kong shares up 0.41 percent after six days of losses

Hong Kong shares up 0.41 percent after six days of losses

Hong Kong stocks climbed 0.41 percent on Wednesday after six days of losses, in what traders said was a technical rebound from oversold conditions. Traders said worries about hot money flowing out of the market and concerns about higher interest rates thi
Published 13 Jan, 2005 12:00am
US stocks decline on weak earnings

US stocks decline on weak earnings

US stocks carved out fresh lows for 2005 on Tuesday as earnings season got off to a disappointing start, after aluminium producer Alcoa Inc missed Wall Street expectations and chip maker Advanced Micro Devices Inc issued a sales warning. However, after th
Published 13 Jan, 2005 12:00am
Sri Lankan stocks higher

Sri Lankan stocks higher

Sri Lankan stocks ended higher on Wednesday, boosted by retail and foreign investor buying into select bullwhips, brokers said. The key Colombo all-share index gained a provisional 0.6 percent, or 9.44 points, to 1,571.49 points. The bourse has gained mor
Published 13 Jan, 2005 12:00am
Japanese government bond prices at one-month high, economy data awaited

Japanese government bond prices at one-month high, economy data awaited

Japanese government bond (JGB) prices rose to one-month highs on Wednesday, buoyed by a fall in stocks, but dealers said that activity was thin as they awaited the release of economic data later in the week. Low-yielding JGBs were supported by a 0.75 perc
Published 13 Jan, 2005 12:00am
Japanese government bond prices at one-month high, economy data awaited

Japanese government bond prices at one-month high, economy data awaited

Japanese government bond (JGB) prices rose to one-month highs on Wednesday, buoyed by a fall in stocks, but dealers said that activity was thin as they awaited the release of economic data later in the week. Low-yielding JGBs were supported by a 0.75 perc
Published 13 Jan, 2005 12:00am
Seoul shares end lower, wary ahead of BoK meeting

Seoul shares end lower, wary ahead of BoK meeting

South Korean shares finished lower on Wednesday, as concerns about weaker steel prices hit POSCO and other local steel makers, and as investors turned cautious ahead of the central bank's rate-setting meeting. "The market is split right down the middle on
Published 13 Jan, 2005 12:00am
Nikkei falls on stronger yen, weaker Wall Street

Nikkei falls on stronger yen, weaker Wall Street

Japanese stocks closed lower in broad-based selling on Wednesday, with a drop in US shares and a weaker dollar against the yen prompting investors to take a breather from the market's recent rally. Japan Tobacco Inc and Mizuho Financial Group Inc led decl
Published 13 Jan, 2005 12:00am
US Treasuries firm to day's highs as stocks sag

US Treasuries firm to day's highs as stocks sag

The US Treasury prices were higher on Tuesday, picking up a stronger bid as stock market losses increased in early afternoon. The S&P 500 index slipped to its lowest level in a month and the tech-heavy Nasdaq sagged to its lowest since late November. Earl
Published 13 Jan, 2005 12:00am
US Treasuries firm to day's highs as stocks sag

US Treasuries firm to day's highs as stocks sag

The US Treasury prices were higher on Tuesday, picking up a stronger bid as stock market losses increased in early afternoon. The S&P 500 index slipped to its lowest level in a month and the tech-heavy Nasdaq sagged to its lowest since late November. Earl
Published 13 Jan, 2005 12:00am
Manila bonds ease on profit taking

Manila bonds ease on profit taking

Philippine sovereign dollar bond prices eased on Wednesday on profit taking and market rumours of fresh debt supply, while the regional market held steady. Investors were awaiting the pricing of a combined $235 million in fresh debt from the Philippines'
Published 13 Jan, 2005 12:00am
Manila bonds ease on profit taking

Manila bonds ease on profit taking

Philippine sovereign dollar bond prices eased on Wednesday on profit taking and market rumours of fresh debt supply, while the regional market held steady. Investors were awaiting the pricing of a combined $235 million in fresh debt from the Philippines'
Published 13 Jan, 2005 12:00am
Bangladeshi taka ends weaker

Bangladeshi taka ends weaker

The Bangladeshi taka ended weaker on Wednesday after importers sought US dollars so they could obtain letters of credit for food grain and capital machinery shipments, dealers said. The taka was quoted at 59.97/63.20 per dollar, against 59.95/62.90 on Tue
Published 13 Jan, 2005 12:00am
Chinese yuan unchanged

Chinese yuan unchanged

The yuan ended unchanged at 8.2765 per US dollar on Wednesday, near the stronger end of its managed trading range. The one-year non-deliverable dollar forward discount versus the yuan was at 4,350 points, implying a rate of 7.843 yuan per dollar in 12 mon
Published 13 Jan, 2005 12:00am
Indian rupee ends lower as stocks fall

Indian rupee ends lower as stocks fall

The Indian rupee closed weaker on Wednesday, after it failed to hold on to early gains as the local stock market slid nearly 2 percent amid worries about waning foreign investor interest. The rupee ended at 43.8150/8350 per dollar, 0.06 percent weaker tha
Published 13 Jan, 2005 12:00am
Australian dollar extends slide versus yen, hugs 76 US cents

Australian dollar extends slide versus yen, hugs 76 US cents

The Australian dollar extended losses against the Japanese yen, falling to a one-month low, but managed to cling to 76 US cents as investors await US trade data later on Wednesday. The Aussie joined the US dollar and euro in falling sharply versus the Jap
Published 13 Jan, 2005 12:00am
Dollar on defensive ahead of US deficit data

Dollar on defensive ahead of US deficit data

The dollar held near a one-week low against the yen on Wednesday ahead of US trade data that could swing the market's focus back to the problem of huge deficits in the United States. The yen was broadly firm, staying near a six-week high versus the euro a
Published 13 Jan, 2005 12:00am
Dollar skids versus yen, pressured by ECB comments

Dollar skids versus yen, pressured by ECB comments

The dollar slid against the yen on Tuesday after a European Central Bank official fretted about the euro's strength and said Asian currencies should bear more of the burden of the greenback's broad weakness. "In terms of foreign exchange developments, we
Published 13 Jan, 2005 12:00am
Asian currencies: rupiah catches up, peso rises

Asian currencies: rupiah catches up, peso rises

The Indonesian rupiah caught up rather late with the Asian currency rally on Wednesday in anticipation of a debt moratorium by Paris Club creditors, while the Philippine peso was boosted by expectations of foreign investment flows. Other Asian currencies
Published 13 Jan, 2005 12:00am
Hong Kong dollar edges higher

Hong Kong dollar edges higher

The Hong Kong dollar edged higher on Wednesday, buoyed by comments from a European Central Bank official, but further gains were capped as some investors took advantage of comparatively higher US interest rates. "The market was rangebound with some dollar
Published 13 Jan, 2005 12:00am
Swiss franc flat against greenback

Swiss franc flat against greenback

The Swiss franc was flat against the dollar and the euro on Wednesday, after the Swiss National Bank said in the previous session it was too soon to call its next interest rate decision. SNB board member Philipp Hildebrand on Tuesday said the bank would n
Published 13 Jan, 2005 12:00am
Sohail Abbas to play in Indian hockey league

Sohail Abbas to play in Indian hockey league

India is launching a new, hyped-up field hockey competition from Thursday in a bid to revive what was once the country's national sport till cricket became an all-consuming passion. The Premier Hockey League (PHL), to be played over the next 30 days in th
Published 13 Jan, 2005 12:00am
Aussies won't write-off West Indies, Pakistan

Aussies won't write-off West Indies, Pakistan

Rising Australian batting star Michael Clarke on Wednesday played down suggestions his team would breeze through the upcoming tri-nations one-day international series here. A potentially depleted Australia will square-up to the West Indies in the opening
Published 13 Jan, 2005 12:00am
Federer & Agassi set the standard

Federer & Agassi set the standard

Super-fit Andre Agassi laid the groundwork for an Australian Open assault on Fortress Federer with an opening win at the Kooyong Classic ON Wednesday as his Swiss rival scored a fighting victory of his own. Federer, the world number one who began 2005 wit
Published 13 Jan, 2005 12:00am
Flintoff fit for today's Test

Flintoff fit for today's Test

All-rounder Andrew Flintoff will play in the fourth Test against South Africa starting on Thursday after passing a fitness test. Flintoff tore a side muscle during the third Test, won by South Africa to level the five-match series at 1-1, but England capt
Published 13 Jan, 2005 12:00am
Shoaib fit for tri-series, says Inzamam

Shoaib fit for tri-series, says Inzamam

Injured Pakistani fast bowler Shoaib Akhtar should be fit for the upcoming tri-series one-day cricket matches against Australia and the West Indies, captain Inzamamul Haq said on Wednesday. Speaking after Pakistan had beaten Australia 'A' by 13 runs in a
Published 13 Jan, 2005 12:00am
Sparkling Razzaq belts Pakistan to victory

Sparkling Razzaq belts Pakistan to victory

Pakistan all-rounder Abdul Razzaq belted 89 runs from 61 balls to lift his team to a morale-boosting 13-run win over Australia A in their limited-overs match at the Adelaide Oval here on Wednesday. Razzaq smacked half a dozen sixes - including three off j
Published 13 Jan, 2005 12:00am
Hong Kong leader opens door to early democracy

Hong Kong leader opens door to early democracy

Hong Kong's leader on Wednesday signalled that democratic reform in the Chinese autonomous region may come sooner than expected, declaring that universal suffrage could be achieved "at an early date". Chief Executive Tung Chee-hwa said a reform programme
Published 13 Jan, 2005 12:00am
UK rejects calls for lethal force against burglars

UK rejects calls for lethal force against burglars

Britain has rejected calls to change the law to allow householders to use extreme force against intruders although the government insists it backs the public's right to use "reasonable" self-defence. Home Secretary Charles Clarke said on Wednesday a revie
Published 13 Jan, 2005 12:00am
Mugabe vows to uphold land reform policies

Mugabe vows to uphold land reform policies

Zimbabwean President Robert Mugabe, in Zanzibar to mark the semi-autonomous Tanzanian island's 1964 revolution, vowed Wednesday to press ahead with controversial land reform policies in his country. The visiting Mugabe, the sole foreign leader to attend t
Published 13 Jan, 2005 12:00am
Astronomers establish unit of measurement for expanding universe

Astronomers establish unit of measurement for expanding universe

Astrophysicists have drawn up the largest map to date of the universe, confirming gravity's role in its formation and establishing an accurate way of measuring its expansion, according to studies presented at a meeting of the American Astronomical Society
Published 13 Jan, 2005 12:00am
German anti-hijack law faces legal challenge

German anti-hijack law faces legal challenge

Powers given to Germany's defence minister in the wake of the September 11 attacks to shoot down hijacked aircraft were questioned by the country's president on Wednesday, opening the door to a possible legal challenge. In a statement, the office of Germa
Published 13 Jan, 2005 12:00am
Afghan parliament polls as soon as possible: Karzai

Afghan parliament polls as soon as possible: Karzai

Afghan President Hamid Karzai pledged on Wednesday to ensure delayed parliamentary elections that had been due in April are held as soon as possible. Diplomats fear a prolonged postponement of the polls could undermine the legitimacy of Afghanistan's new
Published 13 Jan, 2005 12:00am
EU lawmakers back disputed constitution

EU lawmakers back disputed constitution

European Union lawmakers voted massively in favour Wednesday of the EU's proposed constitution, which will be submitted to a series of make-or-break referendums from next month in the 25-nation bloc. In a symbolic ballot, 500 deputies in the Strasbourg-ba
Published 13 Jan, 2005 12:00am
US ends search for banned weapons in Iraq

US ends search for banned weapons in Iraq

The search for weapons of mass destruction in Iraq ended last month, but the analysis of documents seized in the hunt continues, US officials said on Wednesday. Charles Duelfer, the CIA special adviser who led the investigation, has returned home and is e
Published 13 Jan, 2005 12:00am
Mahathir turns chauffeur in tsunami aid

Mahathir turns chauffeur in tsunami aid

Former Malaysian Prime Minister Mahathir Mohamad plans to auction off his services as a part-time chauffeur to raise money for Asia's tsunami victims. The country's longest serving and most outspoken premier, who turned 79 last month, is to climb into the
Published 13 Jan, 2005 12:00am
Pilgrims converge on Makkah for Haj

Pilgrims converge on Makkah for Haj

Some of the 1.2 million foreign pilgrims and hundreds of thousands from Saudi Arabia expected to perform the annual Haj pilgrimage have started converging on the Muslim holy city of Makkah. More than 1.07 million pilgrims have already arrived in Saudi Ara
Published 13 Jan, 2005 12:00am
South Korean MPs protest as China breaks up meeting

South Korean MPs protest as China breaks up meeting

South Korean lawmakers found out for themselves the limits of political freedom in China on Wednesday when men believed to be Chinese state security officials shut down their planned news conference. The lawmakers had called the news conference to publici
Published 13 Jan, 2005 12:00am
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