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Nov 16, 2024 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Print - 2005-02-02
Oil holds near $48, frets over possible Opec cut

Oil holds near $48, frets over possible Opec cut

Oil prices held just below $48 a barrel on Tuesday, as the market remained nervous that Opec producers may cut supplies before the end of the first quarter. US light crude dropped 21 cents to $47.99 a barrel, about $2 above on Monday's low when prices fel
Published 02 Feb, 2005 12:00am
Six-month treasury-bills rate may rise by 25-35 basis points

Six-month treasury-bills rate may rise by 25-35 basis points

The State Bank of Pakistan (SBP) on Wednesday will hold the auction for six - month Treasury Bills. Against zero maturity it has set a target of Rs 5 billion. Market participants are expecting 25 to 35 basis points hike as the last three - month treasury
Published 02 Feb, 2005 12:00am
Comex copper declines

Comex copper declines

US copper futures ended modestly lower on Monday, after trimming most losses sustained as the dollar strengthened, traders said. As the dollar gave back some of its gains, and copper supplies in London appeared to tighten, New York copper buyers grabbed t
Published 02 Feb, 2005 12:00am
Six-month treasury-bills rate may rise by 25-35 basis points

Six-month treasury-bills rate may rise by 25-35 basis points

The State Bank of Pakistan (SBP) on Wednesday will hold the auction for six - month Treasury Bills. Against zero maturity it has set a target of Rs 5 billion. Market participants are expecting 25 to 35 basis points hike as the last three - month treasury
Published 02 Feb, 2005 12:00am
Tokyo platinum hits 2 1/2-month high on buybacks

Tokyo platinum hits 2 1/2-month high on buybacks

Tokyo platinum futures extended gains to a fresh 2 1/2 month high on Tuesday, as the market's technical strength prompted speculative buying by overseas operators and stop-loss orders from local investors. The December platinum futures contract on the Tok
Published 02 Feb, 2005 12:00am
Decision on reservoirs in Sindh's interest only: President

Decision on reservoirs in Sindh's interest only: President

President Pervez Musharraf on Tuesday pinpointed the dire need for Sindh to have more water reservoirs and canals for its sustained agricultural growth and held out a firm assurance that the government would take a decision on the construction of reservoi
Published 02 Feb, 2005 12:00am
New York gold retreats but closes above three-week low

New York gold retreats but closes above three-week low

US gold futures fell almost 1 percent but ended above a three-week low on Monday, as traders unwound last week's safe haven bets after Iraqi voters defied insurgents to vote in the weekend election, dealers said. Benchmark April delivery gold shed $4 to c
Published 02 Feb, 2005 12:00am
Decision on reservoirs in Sindh's interest only: President

Decision on reservoirs in Sindh's interest only: President

President Pervez Musharraf on Tuesday pinpointed the dire need for Sindh to have more water reservoirs and canals for its sustained agricultural growth and held out a firm assurance that the government would take a decision on the construction of reservoi
Published 02 Feb, 2005 12:00am
Gold steady in Asia after New York drop, India active

Gold steady in Asia after New York drop, India active

Gold held steady in Asian trading on Tuesday as jewellers and investors bought at lower levels, after losing nearly $4 an ounce in New York. Spot gold was at $422.15/422.65 an ounce after touching a bid high of $422.60 and a low of $421.50. That compared
Published 02 Feb, 2005 12:00am
US official scoffs at fears of war with Iran

US official scoffs at fears of war with Iran

US President George W. Bush will make clear in his annual State of the Union address that he wants a peaceful solution to the dispute over Iran's nuclear program, a senior aide said on Tuesday. The official, speaking at a briefing organised by the White H
Published 02 Feb, 2005 12:00am
Sri Lankan rupee weaker

Sri Lankan rupee weaker

The Sri Lanka rupee weakened on Tuesday on heavy importer demand for dollars to settle trade bills and in the absence of dollar sales by state banks, dealers said.
Published 02 Feb, 2005 12:00am
US rate hike expected as Fed begins meeting

US rate hike expected as Fed begins meeting

The Federal Open Market Committee, the rate setting-panel for the Federal Reserve, began its first meeting of the year on Tuesday with financial markets expecting a sixth straight quarter-percentage point interest rate increase. Economic data since the Fe
Published 02 Feb, 2005 12:00am
Bulgartabak sale collapses as BAT withdraws

Bulgartabak sale collapses as BAT withdraws

The drawn-out sale of Bulgarian state tobacco firm Bulgartabak collapsed on Tuesday when the sole bidder, British American Tobacco, withdrew a 200 million euro offer for the company's three best factories. Analysts and the IMF said the failure could send
Published 02 Feb, 2005 12:00am
Russia sold $6 billion worth of arms in 2004

Russia sold $6 billion worth of arms in 2004

Russia sold six billion dollars (4.6 billion euros) of weapons last year, the director of Moscow's military-technological co-operation service, Mikhail Dmitriev, was quoted as saying on Tuesday by the ITAR-TASS news agency. "The portfolio of orders is rel
Published 02 Feb, 2005 12:00am
Euronext would consider London base

Euronext would consider London base

European stock market operator Euronext would consider basing all its operations in London if its expected bid for the London Stock Exchange is successful, the Times newspaper reported on Tuesday. The report said that Euronext is prepared to allow a combi
Published 02 Feb, 2005 12:00am
POL prices raised

POL prices raised

The Oil Companies Advisory Committee (OCAC) raised the oil prices in the range of Rs 0.95 to Rs 2.73 per liter effective from Wednesday because of rising crude oil prices. The OCAC held its fortnightly meeting on Tuesday to review the prices of the petrol
Published 02 Feb, 2005 12:00am
Indian communists ask government not to sell BHEL stake

Indian communists ask government not to sell BHEL stake

India's communists, a vital prop of the ruling coalition, urged the government on Tuesday not to sell a stake in engineering firm Bharat Heavy Electricals Ltd (BHEL) and not to allow more foreign investment in private banks. Leaders from the left parties
Published 02 Feb, 2005 12:00am
POL prices raised

POL prices raised

The Oil Companies Advisory Committee (OCAC) raised the oil prices in the range of Rs 0.95 to Rs 2.73 per liter effective from Wednesday because of rising crude oil prices. The OCAC held its fortnightly meeting on Tuesday to review the prices of the petrol
Published 02 Feb, 2005 12:00am
UK broker consolidation kicks off with twin deals

UK broker consolidation kicks off with twin deals

Two British stockbrokers were snapped up on Tuesday in deals that kicked off long-awaited consolidation in the UK's fast-growing mid-cap broking sector, where activity has outpaced the FTSE 100 over the past year. In two separate announcements, Iceland's
Published 02 Feb, 2005 12:00am
Power line blown up in Balochistan

Power line blown up in Balochistan

A major electricity transmission line was blown up in Balochistan late on Tuesday, plunging about two-thirds of the province into darkness, an official said. The attack occurred in Sibi district, south-east of Quetta, they said. A little-known group calle
Published 02 Feb, 2005 12:00am
French unions vow to fight changes to 35-hour week

French unions vow to fight changes to 35-hour week

French trade unions accused the government of trying to hoodwink workers into accepting changes to their prized 35-hour week, vowing to fight the plan even as parliament prepared to debate it on Tuesday. Prime Minister Jean-Pierre Raffarin's conservatives
Published 02 Feb, 2005 12:00am
Power line blown up in Balochistan

Power line blown up in Balochistan

A major electricity transmission line was blown up in Balochistan late on Tuesday, plunging about two-thirds of the province into darkness, an official said. The attack occurred in Sibi district, south-east of Quetta, they said. A little-known group calle
Published 02 Feb, 2005 12:00am
Sharp posts third quarter profit rise on LCDs, keeps outlook

Sharp posts third quarter profit rise on LCDs, keeps outlook

Japan's Sharp Corp on Tuesday posted an 11 percent rise in quarterly profit as strong sales of liquid crystal displays (LCDs) and mobile phones offset falling chip prices, and it left its full-year outlook unchanged. Sharp's results compared favourably wi
Published 02 Feb, 2005 12:00am
Negligence of income tax department causes huge loss

Negligence of income tax department causes huge loss

The negligence of income tax department has caused a huge loss to the national kitty by not collecting 'additional taxes' under various provisions/sections, incorrect application of Income Tax Ordinance 2001, non-recovery of surcharges and leakage of reve
Published 02 Feb, 2005 12:00am
Sharp posts third quarter profit rise on LCDs, keeps outlook

Sharp posts third quarter profit rise on LCDs, keeps outlook

Japan's Sharp Corp on Tuesday posted an 11 percent rise in quarterly profit as strong sales of liquid crystal displays (LCDs) and mobile phones offset falling chip prices, and it left its full-year outlook unchanged. Sharp's results compared favourably wi
Published 02 Feb, 2005 12:00am
Negligence of income tax department causes huge loss

Negligence of income tax department causes huge loss

The negligence of income tax department has caused a huge loss to the national kitty by not collecting 'additional taxes' under various provisions/sections, incorrect application of Income Tax Ordinance 2001, non-recovery of surcharges and leakage of reve
Published 02 Feb, 2005 12:00am
British home loan approvals rise in December

British home loan approvals rise in December

The number of British loans approved for house purchases rose in December for the first time in seven months, the Bank of England said on Tuesday, suggesting that the property market slowdown could be moderating. Mortgage lending and consumer borrowing al
Published 02 Feb, 2005 12:00am
American Express to spin off personal finance unit

American Express to spin off personal finance unit

American Express Co the global credit card and travel services company, on Tuesday said it will spin off its personal finance unit in a move intended to boost profitability. The New York-based financial giant said it will distribute all shares of American
Published 02 Feb, 2005 12:00am
American Express to spin off personal finance unit

American Express to spin off personal finance unit

American Express Co the global credit card and travel services company, on Tuesday said it will spin off its personal finance unit in a move intended to boost profitability. The New York-based financial giant said it will distribute all shares of American
Published 02 Feb, 2005 12:00am
Global factory growth eases, worst may be over: PMI

Global factory growth eases, worst may be over: PMI

Global manufacturing growth eased slightly in January as slack new orders offset firmer output and employment, but the worst may be over as conditions are in place for a recovery, a key indicator showed on Tuesday. The indicator, which is based on nationa
Published 02 Feb, 2005 12:00am
Citigroup memorandum details bond profit strategy

Citigroup memorandum details bond profit strategy

An internal Citigroup memorandum detailed how the US financial services company could "very profitably" manipulate the eurozone government bond market two weeks before it made several controversial trades, Britain's Financial Times newspaper said on Tuesd
Published 02 Feb, 2005 12:00am
Citigroup memorandum details bond profit strategy

Citigroup memorandum details bond profit strategy

An internal Citigroup memorandum detailed how the US financial services company could "very profitably" manipulate the eurozone government bond market two weeks before it made several controversial trades, Britain's Financial Times newspaper said on Tuesd
Published 02 Feb, 2005 12:00am
Recovery in Japan incomes, jobs seen sketchy

Recovery in Japan incomes, jobs seen sketchy

With unemployment falling to levels not seen in six years, the average Japanese "salaryman" should be feeling more confident than he has been in a long time. But a closer look shows a recovery in employment conditions is rather sketchy, and with higher ta
Published 02 Feb, 2005 12:00am
Full release of search engine unveiled

Full release of search engine unveiled

Microsoft Corp unveiled the full-release version of its search engine on Monday, turning up the heat on Web search leader Google Inc. The world's largest software maker also revamped its MSN.com Web portal www.msn.com to make its search engine more promin
Published 02 Feb, 2005 12:00am
Gates vows Microsoft will be 'responsive' to EU

Gates vows Microsoft will be 'responsive' to EU

Microsoft Corp Chairman Bill Gates will ensure the software giant is "very responsive" to the antitrust demands of the European Union, he said on Tuesday. The EU's executive Commission believes Microsoft is dragging its feet in implementing sanctions desi
Published 02 Feb, 2005 12:00am
Japan distances itself from UK aid plan for poor

Japan distances itself from UK aid plan for poor

Japan on Tuesday distanced itself from British proposals to reduce debt and provide extra grant aid to help the world's poorest countries, arguing that loans are still useful as long-term development tools. "There has been discussions of reducing debt and
Published 02 Feb, 2005 12:00am
Tyco profit falls on charges

Tyco profit falls on charges

Diversified manufacturer Tyco International Ltd on Tuesday said quarterly net profit slipped on charges to pare debt and sell assets, and its shares fell 4 percent on lower-than-expected sales and rising inventory. Tyco, whose products range from hypoderm
Published 02 Feb, 2005 12:00am
Tyco profit falls on charges

Tyco profit falls on charges

Diversified manufacturer Tyco International Ltd on Tuesday said quarterly net profit slipped on charges to pare debt and sell assets, and its shares fell 4 percent on lower-than-expected sales and rising inventory. Tyco, whose products range from hypoderm
Published 02 Feb, 2005 12:00am
US factories expanded more slowly in January

US factories expanded more slowly in January

US factory output grew more slowly in January as companies received fewer orders, although managers did show a renewed desire to hire new workers, an industry survey showed on Tuesday. As manufacturers began the new year, the Institute for Supply Manageme
Published 02 Feb, 2005 12:00am
Eurozone jobless rate up in December

Eurozone jobless rate up in December

The eurozone unemployment rate rose to 8.9 percent in December from a revised 8.8 percent in November, data showed on Tuesday, confirming the region's chronic inability to create jobs despite modest growth. The jobless rate in the 12-nation single currenc
Published 02 Feb, 2005 12:00am
Stock markets irrational: US study

Stock markets irrational: US study

Investors who feel there is no good reason for their stock losses may be right, said US researchers who reported on Monday that an irrational computer model very accurately predicted activity on the London Stock Exchange. The model, which assumed buyers a
Published 02 Feb, 2005 12:00am
German inflation slows

German inflation slows

Germany's annual rate of inflation slowed to 1.6 percent in January from 2.1 percent in December as a spike in health costs last year fell out of the consumer price index, preliminary official data showed on Tuesday. "The strong price increases of the hea
Published 02 Feb, 2005 12:00am
Graft and red tape hurting Arab economies

Graft and red tape hurting Arab economies

To win more foreign investment Arab countries must tackle corruption and red tape, reform weak legal system and cut high business costs, OECD and World Bank representatives said on Tuesday. "A lack of a private sector in the economy, a lack of effectivene
Published 02 Feb, 2005 12:00am
China's $6 billion loan helps Russia nationalise Yugansk

China's $6 billion loan helps Russia nationalise Yugansk

China lent Russia $6 billion to help the Kremlin denationalise the key unit of oil major Yukos, officials said on Tuesday, underpinning oil-hungry Beijing's efforts to tap into Russia's huge energy business. Finance Minister Alexei Kudrin told a news conf
Published 02 Feb, 2005 12:00am
Singapore shares end little changed

Singapore shares end little changed

Singapore share prices closed flat on Tuesday following three straight sessions of gains with blue chips leading the losses, dealers said. They said underlying investment sentiment remained strong and anticipated further gains in coming sessions. The Stra
Published 02 Feb, 2005 12:00am
Hong Kong stocks decline

Hong Kong stocks decline

Hong Kong blue chips ended 1.05 percent lower on Tuesday amid cautious trading as investors eyed a US Federal Reserve meeting where an interest rate hike is widely expected. Concerns that investors were withdrawing funds from the territory were also stoke
Published 02 Feb, 2005 12:00am
Iraq elections, merger news lift Wall Street

Iraq elections, merger news lift Wall Street

Stocks gained on Monday, buoyed by relief that Iraq's historic election went off without major disruptions, but that was not enough to prevent a lower finish for the month of January. Monday's rally also got some fuel from a spurt of deal activity, such a
Published 02 Feb, 2005 12:00am
Indian shares touch lower

Indian shares touch lower

Indian shares were a touch lower on Tuesday after their recent rally to four-week highs. Market players widely expect a quarter-percentage point increase in US rates. Still, investors will watch for signs the Fed may accelerate its campaign of 'measured'
Published 02 Feb, 2005 12:00am
Longer-dated US Treasuries rise on eve of Fed moot

Longer-dated US Treasuries rise on eve of Fed moot

Longer-dated US Treasury prices climbed on Monday, pushing yields on the 30-year bond to 1-1/2-year lows after the latest US economic figures offered a subdued reading of inflation. In contrast, short-term yields hovered near 2-1/2-year highs, pressured b
Published 02 Feb, 2005 12:00am
Longer-dated US Treasuries rise on eve of Fed moot

Longer-dated US Treasuries rise on eve of Fed moot

Longer-dated US Treasury prices climbed on Monday, pushing yields on the 30-year bond to 1-1/2-year lows after the latest US economic figures offered a subdued reading of inflation. In contrast, short-term yields hovered near 2-1/2-year highs, pressured b
Published 02 Feb, 2005 12:00am
Taiwan stocks dip

Taiwan stocks dip

Taiwan stocks fell from a 1-month closing high on Tuesday, as losses in display screen makers like Chi Mei Optoelectronics Corp pulled down the heavily weighted electronics sector. The TAIEX share index was supported by Wall Street's overnight gains, but
Published 02 Feb, 2005 12:00am
Philippines shares plunge

Philippines shares plunge

Philippines share prices closed 1.34 percent lower on Tuesday as profit-taking set in after the index approached five-year highs on Monday, dealers said. They said some market participants had decided to cash out of their positions ahead of companies' 200
Published 02 Feb, 2005 12:00am
Jakarta shares up

Jakarta shares up

Indonesian share prices closed 0.20 percent higher on Tuesday as mild gains in blue chips and infrastructure-related stocks offset losses elsewhere on the market, nudging the index up to another record close, dealers said. They said weakness in regional m
Published 02 Feb, 2005 12:00am
Nikkei closes flat, Sharp keeps outlook unchanged

Nikkei closes flat, Sharp keeps outlook unchanged

Tokyo stocks closed flat on Tuesday as firms such as Pioneer Corp fell on poor earnings, cancelling out gains in raw material producers after Chuetsu Pulp & Paper Co announced a merger with a rival firm. Pioneer tumbled after it joined a list of technolog
Published 02 Feb, 2005 12:00am
Sri Lankan stocks sag

Sri Lankan stocks sag

Sri Lankan stocks ended lower on Tuesday as investors skimmed profits across the board but retail buying in select stocks propped up the blue chip index, brokers said. The key Colombo all-share index fell by a provisional 0.11 percent or 1.75 percent, to
Published 02 Feb, 2005 12:00am
Chinese shares at six-year low

Chinese shares at six-year low

China's shares reversed an early bounce to end down 0.24 percent on Tuesday, with the key index hitting its lowest level in nearly six years for a second day as investors dumped firms expected to post poor results. The benchmark Shanghai composite index f
Published 02 Feb, 2005 12:00am
Aussie Open title propels Williams into second spot

Aussie Open title propels Williams into second spot

Serena Williams' seventh career Grand Slam singles title vaulted her into second spot in the women's tennis rankings behind fellow American Lindsay Davenport, the WTA announced on Monday. Williams, who won the Australian Open on the weekend, jumped five s
Published 02 Feb, 2005 12:00am
Clarke prepared for the bad and the good in cricket

Clarke prepared for the bad and the good in cricket

Rising young Australian cricketer Michael Clarke said Tuesday he was prepared for his golden run to end after winning the Allan Border Medal. The dashing 23-year-old batsman on Monday won Australian cricket's top individual honour ahead of the more experi
Published 02 Feb, 2005 12:00am
Norman looking forward to being a 'rookie'

Norman looking forward to being a 'rookie'

Greg Norman said on Tuesday he was looking forward to leaving golf's no-man's zone and tackling the seniors' tour as a rookie this year. The Australian golfing great turns 50 on February 10 and so is eligible to play in lucrative seniors' tournaments afte
Published 02 Feb, 2005 12:00am
Tiger won't dominate golf any more, says Els

Tiger won't dominate golf any more, says Els

World number three Ernie Els said Tiger Woods won't dominate golf again despite his recent resurgence in form. Woods claimed his first stroke-play win in more than a year when he won the 4.5 million US dollar PGA Buick Invitational in La Jolla, California
Published 02 Feb, 2005 12:00am
Sugiyama and Jankovic crash out of Pan Pacific Open tennis

Sugiyama and Jankovic crash out of Pan Pacific Open tennis

Japanese ace Ai Sugiyama continued her losing streak on Tuesday when she fell to Roberta Vinci of Italy in the opening round of the Pan Pacific Open tennis tournament. The fifth-seeded Sugiyama, first-round loser at the Gold Coast, Sydney and the Australi
Published 02 Feb, 2005 12:00am
West Indies madness gift Pakistan a berth in tri-series final

West Indies madness gift Pakistan a berth in tri-series final

West Indies threw away three wickets for nine runs Tuesday to hand Pakistan a 30-run victory and a berth in the finals of the tri-series limited-overs cricket competition against Australia. The Windies, chasing Pakistan's massive total of 307 for eight, h
Published 02 Feb, 2005 12:00am
Mixed feelings as Swedes return to tsunami beaches

Mixed feelings as Swedes return to tsunami beaches

Swedish tourist Kurt-Ake Pettersson narrowly escaped Asia's tsunami, flying out of Thailand two hours before the killer waves struck. On Tuesday, Pettersson, 57, went back to Thailand for another holiday, among the first major batch of tourists from Swede
Published 02 Feb, 2005 12:00am
UK homeowners can even kill intruders

UK homeowners can even kill intruders

Homeowners in Britain will not be imprisoned for using "reasonable force" to fight off intruders even if they kill, under guidelines published on Tuesday by the state prosecution service. Britain's opposition Conservative Party has been calling for a chan
Published 02 Feb, 2005 12:00am
'Bird flu remains endemic in Asia, may worsen'

'Bird flu remains endemic in Asia, may worsen'

The deadly bird flu virus remains endemic in parts of Asia, where it will not be eradicated soon and poultry movements following the tsunami disaster may worsen the crisis, world animal agencies said on Tuesday. "Recent experience shows it may be impossib
Published 02 Feb, 2005 12:00am
Croatia steps up hunt for wanted general

Croatia steps up hunt for wanted general

Croatia, moving to rescue its European Union membership bid, ordered police and intelligence services on Tuesday to step up the hunt for a top fugitive wanted by the United Nations war crimes tribunal. President Stjepan Mesic and Prime Minister Ivo Sanade
Published 02 Feb, 2005 12:00am
Spain to offer Basques autonomy compromise

Spain to offer Basques autonomy compromise

Spain will offer to revise the Basque region's degree of autonomy, offering an olive branch to the Basque premier whose plan for virtual independence is set to be thrown out by parliament on Tuesday, newspapers reported. Basque premier Juan Jose Ibarretxe
Published 02 Feb, 2005 12:00am
Malawi losing 10 people per hour to AIDS: minister

Malawi losing 10 people per hour to AIDS: minister

AIDS kills about 10 people every hour in Malawi and the government of the impoverished southern African nation is increasingly unable to cope with the crisis, Health Minister Heatherwick Ntaba said. "This is a disaster because it means that the country is
Published 02 Feb, 2005 12:00am
Afghan drug eradication could backfire: NGOs

Afghan drug eradication could backfire: NGOs

US-backed efforts to eradicate Afghan opium poppy fields could backfire, by stirring up instability and enriching powerful drug lords, some 30 non-governmental organisations said in an open letter on Tuesday. Afghan opium output has surged to near-record
Published 02 Feb, 2005 12:00am
Bangladeshi taka dips on import needs

Bangladeshi taka dips on import needs

The Bangladeshi taka eased on Tuesday on demand for US dollars for import payments, dealers said. The taka was quoted at 61.00/63.47 per dollar, little changed from 61.00/63.43 on Monday. Call rates rose slightly and ranged between 4.75 percent and 12.5 p
Published 02 Feb, 2005 12:00am
Chinese yuan ends softer

Chinese yuan ends softer

The yuan ended one notch softer 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 3,750 points, implying a rate of 7.903 yuan per dollar in 1
Published 02 Feb, 2005 12:00am
Indian rupee edges up, but eyes on Fed dollar impact

Indian rupee edges up, but eyes on Fed dollar impact

The rupee edged up on Tuesday, helped by a pick-up in foreign fund inflows into local stocks, but dealers remained circumspect as the market awaits the dollar's reaction to a US Federal Reserve meeting. The rupee ended at 43.70/71 per dollar, a marginal 0
Published 02 Feb, 2005 12:00am
Dollar shuffles in ranges ahead of Fed, G7

Dollar shuffles in ranges ahead of Fed, G7

The dollar stuck to tight ranges on Tuesday ahead of a Federal Reserve interest rate decision and a gathering of Group of Seven finance ministers and central bankers late in the week. The market has already factored in a quarter percentage point rise in t
Published 02 Feb, 2005 12:00am
Dollar rises modestly, helped by US data

Dollar rises modestly, helped by US data

The dollar posted modest gains on Monday in tight ranges ahead of a Federal Reserve monetary policy meeting starting Tuesday and a gathering of Group of Seven finance ministers and central bankers late in the week. US economic data gave the dollar some su
Published 02 Feb, 2005 12:00am
Peso extends rally, other Asian currencies down

Peso extends rally, other Asian currencies down

The Philippine peso climbed to its highest levels in more than a year on Tuesday, before being capped by suspected intervention, on reports the US's biggest pension fund will retain investments in the country. Other Asian currencies were slightly down, de
Published 02 Feb, 2005 12:00am
Hong Kong dollar hovers close to peg

Hong Kong dollar hovers close to peg

The Hong Kong dollar hovered close to its pegged rate of 7.80 to the US dollar on Tuesday and dealers said there were signs it could test that level soon. The local currency has been pressured recently because US interest rates are higher than Hong Kong r
Published 02 Feb, 2005 12:00am
Afghan mine blast kills one

Afghan mine blast kills one

A civilian has been killed and another injured in a landmine blast in Afghanistan, officials said Tuesday. The mine planted by suspected anti-government rebels exploded when a vehicle passed over it in the western city of Herat on Monday, interior ministr
Published 02 Feb, 2005 12:00am
Afghanistan national army reaches 19,000 members

Afghanistan national army reaches 19,000 members

Afghanistan's fledgling national army trained by US-led coalition forces has reached 19,000 members, the US military said Tuesday. About 3,400 soldiers are due to join the national army over next few months, the US military said in a statement. The new re
Published 02 Feb, 2005 12:00am
Britain frees Egyptian terror suspect

Britain frees Egyptian terror suspect

An Egyptian terror suspect, held by Britain for three years without trial because he was said to be the leader of an al Qaeda-linked militant group, has been released from prison, the government said on Tuesday. The announcement comes as lawyers, relative
Published 02 Feb, 2005 12:00am
Canada unveils gay marriage legislation

Canada unveils gay marriage legislation

Canada's minority government unveiled draft legislation to permit gay marriage on Tuesday, taking a political gamble on a social issue that has split the country and the ruling Liberal Party. Prime Minister Paul Martin says Ottawa had to act after courts
Published 02 Feb, 2005 12:00am
Car bomb kills three cops in Georgia

Car bomb kills three cops in Georgia

A car bomb exploded outside a police station in ex-Soviet Georgia on Tuesday, killing three police and destroying the building in what officials called a "terrorist act". Only the outside walls remained of the burnt-out police headquarters in the town of
Published 02 Feb, 2005 12:00am
Saddam did not vote

Saddam did not vote

Saddam Hussein did not vote in Iraq's historic election but he could have done if he had turned up at a polling station, officials said on Tuesday. The former dictator was eligible to vote as an Iraqi citizen with no criminal record. Despite being accused
Published 02 Feb, 2005 12:00am
Iraq vote count proceeds despite al Qaeda threats

Iraq vote count proceeds despite al Qaeda threats

Iraq began compiling election results from around the country on Tuesday and eased security measures surrounding its historic poll despite al Qaeda's vow to pursue "holy war" after failing to deter millions from voting. Vote totals were being checked, the
Published 02 Feb, 2005 12:00am
US must help avert climate catastrophe: UK

US must help avert climate catastrophe: UK

Britain, arguing that climate change is now unstoppable, urged the United States on Tuesday to sign up to life-saving cuts in greenhouse gas emissions as environmentalists warned of approaching Armageddon. Opening a three-day scientific meeting to assess
Published 02 Feb, 2005 12:00am
Malaysia delays illegal immigrant crackdown

Malaysia delays illegal immigrant crackdown

Malaysia postponed a controversial round-up of illegal immigrants at the last moment on Tuesday. But the delay could be more of a tactical move than a response to pleas to suspend the crackdown from its poorer neighbour Indonesia, where most of the immigr
Published 02 Feb, 2005 12:00am
US faces $4 billion budget gap for feeding troops in Iraq

US faces $4 billion budget gap for feeding troops in Iraq

Food, housing and other services for US troops in Iraq will cost four billion dollars more than the Pentagon anticipated in its 2005 budget, The Wall Street Journal reported Tuesday, citing figures from Halliburton, the parent company of KBR, which provid
Published 02 Feb, 2005 12:00am
Israeli government ordered to stop Jerusalem land seizure

Israeli government ordered to stop Jerusalem land seizure

Israel's attorney general ordered the government on Tuesday to rescind a decision to enforce a decades-old law under which large tracts of Palestinian land in Arab East Jerusalem could be confiscated, officials said. The government invoked the 1950 Absent
Published 02 Feb, 2005 12:00am
UN report disappoints both sides of Darfur conflict

UN report disappoints both sides of Darfur conflict

Both Sudan's government and Darfur rebels criticised a UN report which accused Khartoum and allied militias of atrocities in the country's western region but stopped short of calling the violence genocide. The UN report, released on Monday, recommended th
Published 02 Feb, 2005 12:00am
Israel puts West Bank security transfer on hold

Israel puts West Bank security transfer on hold

Israel put the transfer of security control in parts of the West Bank on hold Tuesday as a new volley of mortar attacks by Palestinians in Gaza further undermined a fragile truce. Palestinians had been preparing to take control in the city of Ramallah, as
Published 02 Feb, 2005 12:00am
Nepal's coalition government sacked

Nepal's coalition government sacked

King Gyanendra dismissed Nepal's coalition government on Tuesday and enforced an indefinite emergency, igniting charges he had staged a coup in the Himalayan outpost battling a Maoist revolt. "I have exercised the rights given to the crown under the prese
Published 02 Feb, 2005 12:00am
Sterling drifts lower

Sterling drifts lower

Sterling drifted lower against the dollar and euro on Tuesday as disappointing British manufacturing data overshadowed broadly sterling-positive mortgage lending and consumer credit data. However, moves were limited as all eyes were focused across the Atl
Published 02 Feb, 2005 12:00am
Dollar moderately stronger

Dollar moderately stronger

The dollar edged up against major currencies on Tuesday, but kept to tight ranges versus the euro ahead of an expected Federal Reserve rate hike and a meeting of Group of Seven industrialised nations later in the week. The yen lost some ground on waning e
Published 02 Feb, 2005 12:00am
US Stock: Tuesday's unofficial close

US Stock: Tuesday's unofficial close

US stocks rose Tuesday, helped by a more than 6 percent jump in shares of American Express Co after the Dow component said it will spin off its personal finance unit. Exxon Mobil Corp, the world's largest publicly traded oil company, helped push the Stand
Published 02 Feb, 2005 12:00am
Bonds: General Motors euro debt in focus as Fiat deadline looms

Bonds: General Motors euro debt in focus as Fiat deadline looms

Bonds of US auto maker General Motors were in focus once again as a deadline loomed in its long dispute with Italy's Fiat on Tuesday, while in the high-yield market default worries cast a shadow. Widely held bonds of GM were little changed as neither it n
Published 02 Feb, 2005 12:00am
Bonds: General Motors euro debt in focus as Fiat deadline looms

Bonds: General Motors euro debt in focus as Fiat deadline looms

Bonds of US auto maker General Motors were in focus once again as a deadline loomed in its long dispute with Italy's Fiat on Tuesday, while in the high-yield market default worries cast a shadow. Widely held bonds of GM were little changed as neither it n
Published 02 Feb, 2005 12:00am
Seoul shares slide

Seoul shares slide

Seoul stocks fell almost 1 percent on Tuesday, led by a decline in key exporters such as Hyundai Motor on concerns about the impact of a strong won, and as investors traded cautiously ahead of a US Fed meeting. A spike in crude oil prices hit transportati
Published 02 Feb, 2005 12:00am
FTSE hits 2-1/2-year high as bid talk flies

FTSE hits 2-1/2-year high as bid talk flies

Britain's blue chip share index scored its biggest point gain in four months and touched a 2-1/2 year high on Tuesday, boosted by higher oils and miners and a fresh bout of bid talk that fired up logistics group Exel. Exel closed 9 percent higher at 873 p
Published 02 Feb, 2005 12:00am
EU sugar plan stymied by quota transfer

EU sugar plan stymied by quota transfer

EU ministers face an agonising choice over whether to let national sugar industries collapse, due to plans to change the production quota system, Europe's leading farmers' union said on Tuesday. So far the EU's long-debated sugar reform plan calls for hef
Published 02 Feb, 2005 12:00am
Gold miners cut hedge again: analysts

Gold miners cut hedge again: analysts

Gold producers planning to cash in on the rising price for their precious metal will further reduce forward selling commitments in 2005, but the pace will slow, analysts said. Miners cut back their hedge books - the amount of unmined gold they sell forwar
Published 02 Feb, 2005 12:00am
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