News Archives for Print - 2005-02-03

Currency notes: exchange rates

Exchange rates for Currency Notes issued by the Treasury Management Division of National Bank of Pakistan (NBP) here on Wednesday (February 02, 2005).

Published 03 Feb, 2005 12:00am

Hitachi profits up but cuts full-year forecasts

Japanese electronics giant Hitachi said Wednesday profits jumped sharply in the nine months to December but it cut its full-year forecasts sharply, citing falling prices and lower profitability in some IT projects. Net profit rose 759 percent from a year

Published 03 Feb, 2005 12:00am

Conversion for foreign currency deposits

Conversion for foreign currency deposits, DBC/FCBC, special USD bond & profits thereon (excluding FE-25 deposits) on Wednesday (February 02, 2005).

Published 03 Feb, 2005 12:00am

News Corp profit rises on DVDs, cable networks

Media conglomerate News Corp on Wednesday posted a higher quarterly profit, boosted by strong DVD sales of the film "Day After Tomorrow" and advertising sales at its cable networks. News Corp, the company controlled by Rupert Murdoch that owns the 20th Ce

Published 03 Feb, 2005 12:00am

Exchange rates: buying and selling

Exchange rates issued by the Treasury Management Division of National Bank of Pakistan on Wednesday (February 02, 2005).

Published 03 Feb, 2005 12:00am

News Corp profit rises on DVDs, cable networks

Media conglomerate News Corp on Wednesday posted a higher quarterly profit, boosted by strong DVD sales of the film "Day After Tomorrow" and advertising sales at its cable networks. News Corp, the company controlled by Rupert Murdoch that owns the 20th Ce

Published 03 Feb, 2005 12:00am

Barclays bid rates and maximum rates for payment of interest

Barclays bid rates, maximum rates for payment of interest by authorised dealers on deposits (other than those brought under FE Circular No: 45 of 1985) and on deposits (brought under FE Circular No: 45 of 1985) -- issued by the Foreign Exchange Rates Comm

Published 03 Feb, 2005 12:00am

Russia should cut spending to boost benefits: IMF

Russia should look at areas in its current budget where it can make cuts rather than raise overall spending to pay for pension increases, an International Monetary Fund spokesman said on Wednesday. Protests, mainly by the elderly, against the scrapping of

Published 03 Feb, 2005 12:00am

State Bank of Pakistan conversion rates

Rates applicable for conversion into rupees of Foreign Currency Deposits, Dollar Bearer Certificates, Foreign Currency Bearer Certificates, Special US Dollar bonds and profits thereon by all banks and also for providing forward cover on foreign currency d

Published 03 Feb, 2005 12:00am

Russian bank denies financing Yukos take-over

Russian bank Vnesheconombank denied on Wednesday having played a role in financing the state's acquisition of the main asset owned by Russian oil giant Yukos but confirmed it had arranged a Chinese credit line secured against future oil supplies. State-ow

Published 03 Feb, 2005 12:00am

Karachi interbank rates

Karachi interbank rates on Wednesday (February 02, 2005).

Published 03 Feb, 2005 12:00am

Bulls take control of ISE

Bulls continued to stay in the front seat at the Islamabad Stock Exchange (ISE) where equities showed plus signs amid increase in index. ISE network index showed an improvement of 58.31 points as the price-based indictor moved from 13,607.69 to 13,666.00

Published 03 Feb, 2005 12:00am

Coffee firm in New York

Arabica coffee futures clawed back from losses to end higher on Tuesday for the third consecutive session, buoyed mainly by roasters adjusting their positions, traders and brokers said. "Roaster buying into negative territory caused the day traders to cov

Published 03 Feb, 2005 12:00am

Bulls take control of ISE

Bulls continued to stay in the front seat at the Islamabad Stock Exchange (ISE) where equities showed plus signs amid increase in index. ISE network index showed an improvement of 58.31 points as the price-based indictor moved from 13,607.69 to 13,666.00

Published 03 Feb, 2005 12:00am

New York cocoa climbs

New York cocoa futures rallied over 2 percent on Tuesday, propelled by trade and speculative buying amid a lack of producer selling, market sources said. "There was some good spec buying on the close, and there didn't seem to be much selling around," said

Published 03 Feb, 2005 12:00am

LSE equities stay in upbeat mood

Equities, helped by aggressive buying in banks and textiles, remained in the upbeat mood on Lahore Stock Exchange (LSE) Wednesday, while index moved up by 52.28 points amid decline in overall trade turnover. The LSE-25 index closed at 3468.79 points as ag

Published 03 Feb, 2005 12:00am

MGE wheat futures higher on short-covering

Minneapolis Grain Exchange spring wheat futures closed mostly higher on Tuesday on a modest rebound following last week's drop too contract lows, traders said. "Fundamentally, things still look pretty negative, (but) a little bit of fund short covering is

Published 03 Feb, 2005 12:00am

LSE equities stay in upbeat mood

Equities, helped by aggressive buying in banks and textiles, remained in the upbeat mood on Lahore Stock Exchange (LSE) Wednesday, while index moved up by 52.28 points amid decline in overall trade turnover. The LSE-25 index closed at 3468.79 points as ag

Published 03 Feb, 2005 12:00am

ICAC pegs world cotton crop at record 25.2 million tonnes

An international farm group on Tuesday forecast world cotton production in 2004/05 at a record 25.2 million tonnes, up 22 percent from last year, because of bumper crops in China, India and Pakistan. The International Cotton Advisory Committee (ICAC) Secr

Published 03 Feb, 2005 12:00am

Pakistan and OIC won't back military operation against Iran

The visiting Secretary-General of the Organisation of Islamic Conference (OIC), Dr Ekmelddin Ihsanoglu, and his host Foreign Minister Khurshid Mahmood Kasuri have said they will not support any military operation against Iran because of its instance to mo

Published 03 Feb, 2005 12:00am

Kenyan tea prices mixed

Kenya tea prices were mixed, as buyers followed varying quality for top grades, dealers said on Wednesday. Prices of Brighter Broken Pekoe Ones (BP1s) fell, with better grades losing substantially, African Tea Brokers (ATB) said. A total of 121,206 packag

Published 03 Feb, 2005 12:00am

Pakistan and OIC won't back military operation against Iran

The visiting Secretary-General of the Organisation of Islamic Conference (OIC), Dr Ekmelddin Ihsanoglu, and his host Foreign Minister Khurshid Mahmood Kasuri have said they will not support any military operation against Iran because of its instance to mo

Published 03 Feb, 2005 12:00am

Singapore bunker fuel prices down

Singapore bunker prices eased on Wednesday, tracking lower fuel oil cargo values. Bunker fuel of 380-centistoke (cst) grade was pegged at $191-$193 a tonne, down $2 from the previous trading day with the premium to cargo levels fell $1.75 to $1.50 a tonne

Published 03 Feb, 2005 12:00am

KSE index breaks 6900 level

The stock market for the second consecutive session recorded handsome gains despite the fact that the State Bank of Pakistan raised the cut-off yield on six month treasury bills on Wednesday. The KSE-100 index recorded an increase of 80.60 points, or 1.17

Published 03 Feb, 2005 12:00am

Activity at Karachi and Qasim ports

The Karachi Port handled 134,772 tonnes of cargo including 115,037 tonnes import and 19,735 tonnes export inclusive of containerised cargo carried in 5,970 containers, during last 24 hours ending at 0700 hours on Wednesday. The cargo comprised of 73,730 t

Published 03 Feb, 2005 12:00am

KSE index breaks 6900 level

The stock market for the second consecutive session recorded handsome gains despite the fact that the State Bank of Pakistan raised the cut-off yield on six month treasury bills on Wednesday. The KSE-100 index recorded an increase of 80.60 points, or 1.17

Published 03 Feb, 2005 12:00am

Brazilian cocoa arrivals fall

Brazilian 2004/05 (May/April) cocoa arrivals from Bahia and other states totalled 2.70 million 60-kg bags by January 30, down 11 percent from 3.04 million bags a year ago, the Bahia Commercial Association said Wednesday. Bahia state, Brazil's main cocoa p

Published 03 Feb, 2005 12:00am

Wapda tariff raise likely by February 15, World Bank team informed

The government has conveyed to the World Bank (WB) that the long-awaited increase in power tariff for Wapda consumers is expected to materialise by February 15, it is reliably learnt. This assurance was given by Water and Power Secretary Ashfaq Mehmood to

Published 03 Feb, 2005 12:00am

Indonesian aluminium smelter sees output up

Southeast Asia's only aluminium smelter, Japanese-owned PT Indonesia Asahan Aluminium, expects to produce about 13 percent more metal in the current fiscal year, which ends on March 31, a company official said on Wednesday. Higher water levels at Lake Tob

Published 03 Feb, 2005 12:00am

Wapda tariff raise likely by February 15, World Bank team informed

The government has conveyed to the World Bank (WB) that the long-awaited increase in power tariff for Wapda consumers is expected to materialise by February 15, it is reliably learnt. This assurance was given by Water and Power Secretary Ashfaq Mehmood to

Published 03 Feb, 2005 12:00am

Syria tenders to sell wheat

Syria's state grains agency has issued a tender for the sale and export of 50,000 T of soft milling wheat and 50,000 tonnes of hard amber durum wheat, European traders said on Wednesday. Bidding deadline is February 8. It is for shipment between February

Published 03 Feb, 2005 12:00am

TCP may sell 50 percent cotton stock locally

The government is considering to sell half of the cotton from the stock of Trading Corporation of Pakistan to local textile millers, said sources in the ministry of commerce. It would be a vital decision for the textile millers who still want to buy cotto

Published 03 Feb, 2005 12:00am

Thai rice futures higher in sluggish trade

Thai rice futures ended higher in a sluggish trade on Wednesday as players were reluctant to take positions ahead of the country's general election at the weekend, brokers said. Overall volume dropped sharply with only 44 contracts of 5 percent white rice

Published 03 Feb, 2005 12:00am

TCP may sell 50 percent cotton stock locally

The government is considering to sell half of the cotton from the stock of Trading Corporation of Pakistan to local textile millers, said sources in the ministry of commerce. It would be a vital decision for the textile millers who still want to buy cotto

Published 03 Feb, 2005 12:00am

Pakistan's edible oil imports seen slow

Pakistan's edible oil imports are likely to remain slow in the coming week as importers become more cautious about falling international prices, dealers said on Wednesday. "Prices have again fallen in Malaysia, which will make importers more cautious," sa

Published 03 Feb, 2005 12:00am

Bank holiday

The State Bank of Pakistan (SBP) will remain closed on February 5 (Saturday) due to public holiday declared by the government on account of Kashmir Day, according to a circular issued by the SBP here on Wednesday. All the commercial banks and development

Published 03 Feb, 2005 12:00am

FOB Gulf corn and soya steady; Ohio lock reopens

US Gulf FOB corn and soyabean basis offers were steady on Tuesday, with high water on the Mississippi River near the Gulf coast slowing barge traffic. "The high water at the Gulf is making it dangerous for barge tows to move at regular speed," a trader sa

Published 03 Feb, 2005 12:00am

Bank holiday

The State Bank of Pakistan (SBP) will remain closed on February 5 (Saturday) due to public holiday declared by the government on account of Kashmir Day, according to a circular issued by the SBP here on Wednesday. All the commercial banks and development

Published 03 Feb, 2005 12:00am

Vietnam rice: Manila demand, thin supply firm prices

Current ship loading for Manila and news of a planned Philippine rice tender have firmed prices in Vietnam, traders said on Wednesday. They said prices should ease late this month when supplies arrived from the new harvest. Vietnam is the world's second-l

Published 03 Feb, 2005 12:00am

CBR starts Budget 2005-06 preperation

The Central Board of Revenue (CBR) has started budget preparation exercise for the fiscal 2005-06 with the consultation of business community, trade and industry. The consultation with stakeholders and their involvement in the decision-making process will

Published 03 Feb, 2005 12:00am

US Midwest soyabean firm, corn mixed

US Midwest spot soyabean basis bids were steady to firm early Wednesday, while corn basis bids were steady to narrowly mixed, grain merchandisers said. Light sales of both commodities were reported despite the drop to fresh contract lows this week in Chic

Published 03 Feb, 2005 12:00am

CBR starts Budget 2005-06 preperation

The Central Board of Revenue (CBR) has started budget preparation exercise for the fiscal 2005-06 with the consultation of business community, trade and industry. The consultation with stakeholders and their involvement in the decision-making process will

Published 03 Feb, 2005 12:00am

Oil cake market rates

Sharp increase was seen in the forward cottonseed oilcake price on Wednesday as buying continued on anticipation of further rise in the prices, dealers said. The March vaida commenced unchanged at Rs 406.00, which proved to be day's lowest also. Later, it

Published 03 Feb, 2005 12:00am

IPBCC to raise freight to Europe from March 1

The India-Pakistan-Bangladesh-Ceylon Conference (IPBCC) will from March 1 increase freight for exports to Europe by 300 dollars for a 20-foot container and 600 dollars for a 40-foot container. The decision to implement a general rate increase (GRI) was ma

Published 03 Feb, 2005 12:00am

Quality consideration keeps cotton prices steady

Improving demand for better quality lint helped cotton prices to maintain their present levels on Wednesday, brokers said. The official spot rate remained unchanged at Rs 2075, without upcountry expenses. The seed-cotton prices were mostly unchanged in Si

Published 03 Feb, 2005 12:00am

IPBCC to raise freight to Europe from March 1

The India-Pakistan-Bangladesh-Ceylon Conference (IPBCC) will from March 1 increase freight for exports to Europe by 300 dollars for a 20-foot container and 600 dollars for a 40-foot container. The decision to implement a general rate increase (GRI) was ma

Published 03 Feb, 2005 12:00am

Sugar and oilcake prices rise sharply

Rising demand for sugar, pushed the prices sharply up on the grain market on Wednesday, dealers said. On the cereals side, sugar prices went up by Rs 105-110 to Rs 2540 and Rs 2580, respectively. Gur prices followed suit and picked up Rs 50 for both types

Published 03 Feb, 2005 12:00am

Saarc summit postponed after India retracts

A South Asian summit at which the prime ministers of India and Pakistan were set to meet has been postponed after India's Manmohan Singh pulled out, Pakistan said on Wednesday. Pakistan, current chairman of the South Asian Association for Regional Coopera

Published 03 Feb, 2005 12:00am

Milk powder down on Jodia Bazar

The trading on milk powder sector moved downward on Jodia Bazar on Wednesday.

Published 03 Feb, 2005 12:00am

Saarc summit postponed after India retracts

A South Asian summit at which the prime ministers of India and Pakistan were set to meet has been postponed after India's Manmohan Singh pulled out, Pakistan said on Wednesday. Pakistan, current chairman of the South Asian Association for Regional Coopera

Published 03 Feb, 2005 12:00am

Nokia's rubber boot roots struggle for survival

Rubber boots maker Nokian Footwear has a legacy which many firms of greater stature could only dream of. Founded in 1898 as galoshes and technical rubber factory Someone Gummitehdas, it grew through mergers and acquisitions into a huge conglomerate that s

Published 03 Feb, 2005 12:00am

Libyan uranium came from North Korea, not Pakistan

North Korea almost certainly sold processed uranium to Libya, according to US tests conducted on nuclear material surrendered by Libya last year, The New York Times said on Wednesday quoting officials familiar with US intelligence.

Published 03 Feb, 2005 12:00am

Comex copper shaves loss

US copper futures finished lower on Tuesday, with a sell off sparked by dollar strength, but some copper buyers jumped back in to minimise the damage once the dollar clipped its gains, traders said. "The banks started to sell it and that set the tone for

Published 03 Feb, 2005 12:00am

Investment to help reduce poverty, curb extremism: Musharraf opens Expo 2005

President General Pervez Musharraf on Wednesday inaugurated the largest trade exhibition, Expo 2005, informing international entrepreneurs that Pakistan is a rising economy and poised to serve as a regional hub of trade and economic activities. Addressing

Published 03 Feb, 2005 12:00am

Tokyo platinum slips

Tokyo platinum futures retreated from a 2-1/2 month high on Wednesday, yielding to profit-taking after spot metal prices failed to sustain the $880 an ounce level and a major platinum producer reported an output increase. The December platinum futures con

Published 03 Feb, 2005 12:00am

Investment to help reduce poverty, curb extremism: Musharraf opens Expo 2005

President General Pervez Musharraf on Wednesday inaugurated the largest trade exhibition, Expo 2005, informing international entrepreneurs that Pakistan is a rising economy and poised to serve as a regional hub of trade and economic activities. Addressing

Published 03 Feb, 2005 12:00am

Comex gold lower on firm dollar

US gold futures lost ground on Tuesday but settled above a three-week low as a stronger dollar dictated direction before the US Federal Reserve's interest rate decision on Wednesday. In other precious metals, platinum rose on short covering, though it hel

Published 03 Feb, 2005 12:00am

Fed increases interest rates

The US Federal Reserve on Wednesday raised interest rates for a sixth straight time, extending a policy of gradually lifting borrowing costs to levels high enough to ward off inflation pressures. The unanimous decision by the US central bank's policy-sett

Published 03 Feb, 2005 12:00am

Gold off three-week low in Asian markets

Gold shrugged off a weaker dollar to hold steady in Asia on Wednesday ahead of an expected interest rate rise by the US Federal Reserve later in the day. Spot gold was at $421.65/422.15 an ounce, little changed from $420.80/421.60 late in New York. The me

Published 03 Feb, 2005 12:00am

Fed increases interest rates

The US Federal Reserve on Wednesday raised interest rates for a sixth straight time, extending a policy of gradually lifting borrowing costs to levels high enough to ward off inflation pressures. The unanimous decision by the US central bank's policy-sett

Published 03 Feb, 2005 12:00am

Shanghai copper down

Shanghai copper futures ended lower on Wednesday alongside lower London prices, despite some support from Chinese traders keeping a wary eye on London fundamentals ahead of the week-long Spring Festival break. "Last week everyone thought traders would try

Published 03 Feb, 2005 12:00am

Six-month treasury bills hiked by 55 basis points

By hiking the Treasury Bills (T-bills) rate, the State Bank of Pakistan (SBP) has sent a clear signal to the market that tightening is on cards, and it is committed to taking every step to contain inflation. Though by international market practice the T-b

Published 03 Feb, 2005 12:00am

Oil hovers at $47, expected US crude build weighs

Oil prices drifted around $47 a barrel on Wednesday, well off recent peaks as traders braced for another increase in US crude oil inventories. US light crude was down 12 cents at $47.00 a barrel, deepening on Tuesday's more than $1 drop. Prices have retre

Published 03 Feb, 2005 12:00am

Six-month treasury bills hiked by 55 basis points

By hiking the Treasury Bills (T-bills) rate, the State Bank of Pakistan (SBP) has sent a clear signal to the market that tightening is on cards, and it is committed to taking every step to contain inflation. Though by international market practice the T-b

Published 03 Feb, 2005 12:00am

Malaysia buys 60,000 tonnes Argentine corn

Malaysia, Southeast Asia's biggest corn buyer, has sealed a deal to import 60,000 tonnes of corn from Argentina for March-April shipment, regional traders said on Wednesday. The contract was finalised at $128 a tonne, including cost and freight, which is

Published 03 Feb, 2005 12:00am

Six-month treasury bills hiked by 55 basis points

By hiking the Treasury Bills (T-bills) rate, the State Bank of Pakistan (SBP) has sent a clear signal to the market that tightening is on cards, and it is committed to taking every step to contain inflation. Though by international market practice the T-b

Published 03 Feb, 2005 12:00am

Tokyo rubber hits 12-week high

Tokyo rubber futures rose briskly to mark a fresh 12-week high on Wednesday on technical buying, with the market anticipating further gains after the benchmark contract closed above the key 135-yen level. The benchmark July TOCOM rubber contract on the To

Published 03 Feb, 2005 12:00am

Good African crops cold comfort for hungry refugees

African farmers have produced more than expected despite locust plagues and drought, but that is cold comfort to the continent's countless refugees with no cash to pay, or aid agencies whose funding has dried up. "We are looking at a very serious situatio

Published 03 Feb, 2005 12:00am

New York sugar settles at week low, may slip further

Raw sugar futures closed on Tuesday at a week-low on speculative fund liquidation and the market may grind lower in the days ahead on follow-through pressure in the sweetener, brokers said. The New York Board of Trade's March raw sugar contract dove 0.27

Published 03 Feb, 2005 12:00am

Soya slides to contract lows as CIF weakens

Soybean futures at the Chicago Board of Trade sank to contract lows on Tuesday, following a sharp decline in the CIF market at the US Gulf, traders said. The nearby CBOT soybean and meal spreads weakened as the CIF market fell. Eventually, sell-stops were

Published 03 Feb, 2005 12:00am

CBOT rice higher after choppy trade

Rough rice futures at the Chicago Board of Trade closed mostly higher on Tuesday boosted late by speculative buying, floor traders said. CBOT March rice futures settled 1 cent higher at $6.68 per hundredweight. The defenders closed 5 cents firmer to 5 cen

Published 03 Feb, 2005 12:00am

Thai rubber prices rise on higher demand

Thai rubber prices are expected to rise over the next week, supported by tight domestic supplies and strong overseas demand, exporters said on Wednesday. The price of unsmoked rubber sheet grade 3 (USS3), the raw material for export-grade rubber, has rise

Published 03 Feb, 2005 12:00am

Malaysian palm oil falls on soya, eyes 1,250 ringgit support

Malaysian crude palm oil futures fell more than 1 percent on Wednesday and seemed poised to break the key psychological support of 1,250 ringgit as the market tracks sharp falls in rival US soyoil, dealers said. The benchmark third-month crude palm oil co

Published 03 Feb, 2005 12:00am

Taiwan stocks end at one-month high as techs jump

Taiwan stocks rose to their highest close in a month on Wednesday, as gains in US tech shares and hopes of a tech recovery lent strength to tech heavyweights like United Microelectronics Corp (UMC). The main TAIEX ended up a 0.62 percent at 6,018.69 point

Published 03 Feb, 2005 12:00am

Malaysian shares close higher

Malaysian share prices closed 0.25 percent higher on Wednesday, supported by overnight gains on Wall Street, dealers said. They said trading was moderately active as most investors refrained from taking heavy positions in the absence of market moving news

Published 03 Feb, 2005 12:00am

Hong Kong stocks dip, rates in focus

Hong Kong stocks slipped 0.17 percent on Wednesday, with investors hesitant ahead of an expected interest rate increase by the US Federal Reserve. Traders said investors were holding their breaths to see whether Hong Kong banks will follow the Fed's widel

Published 03 Feb, 2005 12:00am

US stocks rise on Exxon and American Express

US stocks gained on Tuesday, helped by a surge in American Express Co after the Dow component said it will spin off its personal finance unit. Shares of American Express, the credit card and travel services company, spurted more than 6 percent after the c

Published 03 Feb, 2005 12:00am

Singapore shares soar on interest in blue chips

Singapore share prices closed 0.67 percent higher on Wednesday with the main index rising above the 2,100-point level on gains in selected blue chips, dealers said. The Straits Times Index rose 14.04 points to 2,108.69 and the All-Singapore Equities index

Published 03 Feb, 2005 12:00am

US Treasuries sag, awaiting Fed decision and jobs data

US Treasury debt prices eased slightly on Tuesday as investors felt wary of making any major moves ahead of the Federal Reserve's interest rate decision and monthly employment figures due later this week. With the two-day central bank meeting already unde

Published 03 Feb, 2005 12:00am

US Treasuries sag, awaiting Fed decision and jobs data

US Treasury debt prices eased slightly on Tuesday as investors felt wary of making any major moves ahead of the Federal Reserve's interest rate decision and monthly employment figures due later this week. With the two-day central bank meeting already unde

Published 03 Feb, 2005 12:00am

Indian shares dip on profit-taking

Indian share prices fell 0.34 percent Wednesday on profit-taking by funds but phone companies rose on a government decision to raise the foreign investment limit to 74 percent, dealers said. The Bombay Stock Exchange's 30-share benchmark Sensex index fell

Published 03 Feb, 2005 12:00am

Jakarta shares surge

Indonesian share prices closed 0.51 percent higher on Wednesday as interest in infrastructure and mining stocks drove the market to another record finish although profit-taking capped the gains, dealers said. The Jakarta Stock Exchange composite index was

Published 03 Feb, 2005 12:00am

Philippine shares decline

Philippine share prices closed 0.14 percent lower on Wednesday in a continued technical correction following recent gains, dealers said. They said the market has come of the highs above 2,000 points, with trade beginning to thin ahead of next week's Lunar

Published 03 Feb, 2005 12:00am

Tokyo stocks finish firmer but Hitachi sinks

Tokyo's Nikkei hit a two-week closing high on Wednesday as favourable earnings lifted companies such as drug maker Eisai Co and Mitsubishi Electric Corp while steel makers gained on an expected rise in steel sheet prices. After the closing bell, Suzuki Mo

Published 03 Feb, 2005 12:00am

Sri Lankan stocks up

Sri Lankan stocks rose to a record closing high on Wednesday on heavy buying in select blue-chip shares on hopes of upbeat quarterly earnings and bonus expectations, brokers said. The key Colombo all-share index rose a provisional 0.75 percent, or 125.39

Published 03 Feb, 2005 12:00am

UK regulator unveils scope of enforcement probe

Britain's Financial Services Authority (FSA) will look at the role of its senior management and the fairness of its procedures in a review of its processes for probes and levying fines, the regulator said on Wednesday. The review, partly precipitated by a

Published 03 Feb, 2005 12:00am

Bad loan ratio at South Korean banks hits record low

The ratio of bad loans at South Korean banks fell to a record low last year, a financial regulator said on Wednesday, adding to signs that the sector is bouncing back from the impact of a soured credit card boom. Aggressive write-offs and a fall in new ba

Published 03 Feb, 2005 12:00am

Strong Russian 2004 GDP gets sceptical reaction

Russia's economy grew by an estimated 7.1 percent in 2004, the Federal Statistics Service said on Wednesday, beating official forecasts and leading some economists to question the figure's reliability. The stats office's first official estimate topped gov

Published 03 Feb, 2005 12:00am

Australia to extend 13 years of expansion: OECD

The Australian economy can expect continued strong growth over the next two years and a narrowing current account deficit, but there is a risk of higher consumer prices, the OECD said in a report on Thursday. The Organisation for Economic Co-operation and

Published 03 Feb, 2005 12:00am

Hedge fund industry seen facing round of take-overs

The hedge fund industry faces a round of take-overs that will cut the number of independent fund-of-fund managers, those who invest in a variety of hedge funds, to less than a dozen, a fund executive said on Wednesday. "The hedge fund consolidation will c

Published 03 Feb, 2005 12:00am

Hedge fund industry seen facing round of take-overs

The hedge fund industry faces a round of take-overs that will cut the number of independent fund-of-fund managers, those who invest in a variety of hedge funds, to less than a dozen, a fund executive said on Wednesday. "The hedge fund consolidation will c

Published 03 Feb, 2005 12:00am

Swing to higher global rates proving less than smooth

The global pendulum has swung toward higher interest rates but the move to costlier credit world-wide is proving less than smooth, and it looks as if cheap money will remain readily available for much of 2005. Major central banks, anxious to prevent an in

Published 03 Feb, 2005 12:00am

Sumitomo Mitsui sues CAO Singapore, CEO, parent

A creditor of collapsed jet fuel trader China Aviation Oil (CAO) (Singapore) Ltd is suing the firm, its suspended chief and its Beijing state-owned parent for fraud and wrongful conspiracy, court documents showed on Wednesday. The move may scuttle a recen

Published 03 Feb, 2005 12:00am

Sumitomo Mitsui sues CAO Singapore, CEO, parent

A creditor of collapsed jet fuel trader China Aviation Oil (CAO) (Singapore) Ltd is suing the firm, its suspended chief and its Beijing state-owned parent for fraud and wrongful conspiracy, court documents showed on Wednesday. The move may scuttle a recen

Published 03 Feb, 2005 12:00am

Mercedes and BMW hit by faulty diesel injection pumps

German car makers DaimlerChrysler and BMW continued to be plagued by problems related to faulty diesel injection pumps produced by Robert Bosch on Wednesday, with DaimlerChrysler saying it was halting production not only in Germany, but also in Spain. A D

Published 03 Feb, 2005 12:00am

Poland places two-year bonds despite euro worries

Poland sold all 2.3 billion zlotys ($740 million) of its 2-year notes on offer at a tender on Wednesday, with demand strong despite warnings from Brussels Warsaw may miss its euro adoption targets. Bond prices fell in morning trade, but the 2-year note in

Published 03 Feb, 2005 12:00am

Poland places two-year bonds despite euro worries

Poland sold all 2.3 billion zlotys ($740 million) of its 2-year notes on offer at a tender on Wednesday, with demand strong despite warnings from Brussels Warsaw may miss its euro adoption targets. Bond prices fell in morning trade, but the 2-year note in

Published 03 Feb, 2005 12:00am

US job cuts ease 15 percent

US employers announced 92,351 layoffs in January, down 15 percent from December's tally, outplacement firm Challenger Gray and Christmas said Wednesday. It was the first month since August that planned job cuts were below 100,000, the firm said. Planned r

Published 03 Feb, 2005 12:00am

India raises foreign investment cap for telecoms

India raised the foreign investment cap in telecoms companies to 74 percent from 49 percent on Wednesday, clearing the way for badly needed investment in the world's fastest-growing mobile phone market. The move, a long-standing industry demand, comes des

Published 03 Feb, 2005 12:00am

German unemployment highest since 1930s

German unemployment rose in January to the highest recorded level since 1933 as government labour market reforms and seasonal effects added more than half a million people to jobless rosters. German Economy and Labour Minister Wolfgang Clement said the pi

Published 03 Feb, 2005 12:00am

Currency	Rate
USD PKR Interbank Selling / Sep 27	277.70
USD PKR Interbank Buying / Sep 27	277.50
USD to Japanese Yen / Sep 27	146.23
USD to Swiss Franc / Sep 27	0.85
Pound Sterling to USD / Sep 27	1.34
Euro to USD / Sep 27	1.12

Stock	Volume
S&P 500 / Sep 27	5,738.17
India Sensex / Sep 27	85,571.85
Tokyo Nikkei / Sep 27	39,829.56
Nasdaq / Sep 27	18,119.59
Hang Seng / Sep 27	20,632.30
FTSE 100 / Sep 27	8,320.76
Dow Jones / Sep 27	42,313
Germany DAX 30 / Sep 27	19,473.63

Item	Value
Crude Oil USD/Barrel / Sep 27	67.47
Gold 10 Grams PKR / Sep 27	240,144.70
Gold Spot USD/Ounce / Sep 27	2,665.83
Cotton US¢/pound / Sep 27	73.60
Karachi Cotton PKR/37.32 KG / Sep 28	18,235
Petrol/Litre / Sep 29	249.10

Stock	Price
786 Invest Ltd / Sep 29 786 Investments Limited(786)	5 ▼ 0.00 (0.00%)
AL-Abbas Sugar / Sep 29 Al-Abbas Sugar Mills Limited(AABS)	585 ▼ 0.00 (0.00%)
Agro Allianz / Sep 29 Agro Allianz Limited(AAL)	16 ▼ 0.00 (0.00%)
AL-Abid Silk / Sep 29 Al-Abid Silk Mills Limited(AASM)	3.49 ▼ 0.00 (0.00%)
Ali Asghar / Sep 29 Ali Asghar Textile Mills Limited(AATM)	2.07 ▼ 0.00 (0.00%)
Allied Bank / Sep 29 Allied Bank Limited(ABL)	87.10 ▼ 0.00 (0.00%)
Abbott Lab. / Sep 29 Abbott Laboratories (Pakistan) Limited(ABOT)	499.34 ▼ 0.00 (0.00%)
Abson Ind. / Sep 29 Abson Industries Limited(ABSON)	2.50 ▼ 0.00 (0.00%)
Alfalah ETF. / Sep 29 Alfalah Consumer Index ETF.(ACIETF)	9.84 ▼ 0.00 (0.00%)

Stock	Price
786 Invest Ltd / Sep 29 786 Investments Limited(786)	5 ▲ 0.00 (0.00%)
AL-Abbas Sugar / Sep 29 Al-Abbas Sugar Mills Limited(AABS)	585 ▲ 0.00 (0.00%)
Agro Allianz / Sep 29 Agro Allianz Limited(AAL)	16 ▲ 0.00 (0.00%)
AL-Abid Silk / Sep 29 Al-Abid Silk Mills Limited(AASM)	3.49 ▲ 0.00 (0.00%)
Ali Asghar / Sep 29 Ali Asghar Textile Mills Limited(AATM)	2.07 ▲ 0.00 (0.00%)
Allied Bank / Sep 29 Allied Bank Limited(ABL)	87.10 ▲ 0.00 (0.00%)
Abbott Lab. / Sep 29 Abbott Laboratories (Pakistan) Limited(ABOT)	499.34 ▲ 0.00 (0.00%)
Abson Ind. / Sep 29 Abson Industries Limited(ABSON)	2.50 ▲ 0.00 (0.00%)
Alfalah ETF. / Sep 29 Alfalah Consumer Index ETF.(ACIETF)	9.84 ▲ 0.00 (0.00%)

Stock	Volume
P.I.A.C.(A) / Sep 29 Pakistan International Airlines Corp(PIAA)	47,200,500 ▲ 0.00
Cnergyico PK / Sep 29 Cnergyico PK Limited(CNERGY)	29,719,327 ▲ 0.00
Pak Petroleum / Sep 29 Pakistan Petroleum Limited(PPL)	21,170,581 ▲ 0.00
Pak Refinery / Sep 29 Pakistan Refinery Limited(PRL)	16,965,134 ▲ 0.00
The Searle Co. / Sep 29 The Searle Company Limited(SEARL)	15,793,227 ▲ 0.00
P.T.C.L. / Sep 29 Pakistan Telecommunication Company Ltd(PTC)	15,054,641 ▲ 0.00
K-Electric Ltd. / Sep 29 K-Electric Limited(KEL)	14,145,556 ▲ 0.00
WorldCall Telecom / Sep 29 Worldcall Telecom Limited(WTL)	13,158,668 ▲ 0.00
Telecard Limited / Sep 29 Telecard Limited(TELE)	12,358,668 ▲ 0.00

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