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Print - 2005-02-06
India may be left out from gas line: Iran

India may be left out from gas line: Iran

Iran and Pakistan may not wait for an uncertain India to join a deal to buy Iranian gas via a trans-Pakistan pipeline, Iran's deputy oil minister for international affairs was quoted on Saturday as saying. "Iran and Pakistan are ready to separately sign a
Published 06 Feb, 2005 12:00am
India may be left out from gas line: Iran

India may be left out from gas line: Iran

Iran and Pakistan may not wait for an uncertain India to join a deal to buy Iranian gas via a trans-Pakistan pipeline, Iran's deputy oil minister for international affairs was quoted on Saturday as saying. "Iran and Pakistan are ready to separately sign a
Published 06 Feb, 2005 12:00am
Expo-2005: no better deals for carpet, pharma, surgical goods exporters

Expo-2005: no better deals for carpet, pharma, surgical goods exporters

The Expo Pakistan did not come up to the expectations of the exporters of carpets, pharmaceuticals and surgical instruments. "The Expo has proved to be a flop as far our business is concerned," said carpet and pharma exporters on Saturday. Nadeem Sajid, a
Published 06 Feb, 2005 12:00am
Expo-2005: no better deals for carpet, pharma, surgical goods exporters

Expo-2005: no better deals for carpet, pharma, surgical goods exporters

The Expo Pakistan did not come up to the expectations of the exporters of carpets, pharmaceuticals and surgical instruments. "The Expo has proved to be a flop as far our business is concerned," said carpet and pharma exporters on Saturday. Nadeem Sajid, a
Published 06 Feb, 2005 12:00am
Riyadh for setting up center to combat terrorism

Riyadh for setting up center to combat terrorism

Saudi Arabia, hit by a wave of attacks by suspected al-Qaeda militants, called at the start of a counter-terrorism conference here on Saturday for the establishment of an international center to combat and preempt terrorism. "I call on all countries to se
Published 06 Feb, 2005 12:00am
Riyadh for setting up center to combat terrorism

Riyadh for setting up center to combat terrorism

Saudi Arabia, hit by a wave of attacks by suspected al-Qaeda militants, called at the start of a counter-terrorism conference here on Saturday for the establishment of an international center to combat and preempt terrorism. "I call on all countries to se
Published 06 Feb, 2005 12:00am
Army to stay in Wana till ouster of terrorists: minister

Army to stay in Wana till ouster of terrorists: minister

Interior Minister, Aftab Ahmad Khan Sherpao has said that army would not be called back from Wana till complete ouster of foreign terrorists. In a message received here on Saturday from Haripur, he expressed these views while talking to media men at a lun
Published 06 Feb, 2005 12:00am
Soyem of Moroccan honorary Consul General held

Soyem of Moroccan honorary Consul General held

A large number of diplomats, consular corps members, officials, parliamentarians, industrialists, businessmen and men of letters on Saturday afternoon attended the Soyem of late Fateh Ali Hashem, the Honorary Consul General of Morocco and a leading member
Published 06 Feb, 2005 12:00am
23 killed as Iraq vote count continues

23 killed as Iraq vote count continues

Insurgents have killed 21 Iraqis and two US soldiers in recent assaults, showing there has been no respite in the fight against US-led forces and their allies since Sunday's election. The Army of Ansar al-Sunna posted a video on its Web site on Saturday s
Published 06 Feb, 2005 12:00am
23 killed as Iraq vote count continues

23 killed as Iraq vote count continues

Insurgents have killed 21 Iraqis and two US soldiers in recent assaults, showing there has been no respite in the fight against US-led forces and their allies since Sunday's election. The Army of Ansar al-Sunna posted a video on its Web site on Saturday s
Published 06 Feb, 2005 12:00am
Oil prices raised to protect ADP budget: Ashfaq

Oil prices raised to protect ADP budget: Ashfaq

The increase in the oil prices had become imminent in order to save the budget of Annual Development Programme of FY 2004-05, as there were no more funds with the government to provide subsidy to the consumers. The spokesman of finance ministry, Dr Ashfaq
Published 06 Feb, 2005 12:00am
Oil prices raised to protect ADP budget: Ashfaq

Oil prices raised to protect ADP budget: Ashfaq

The increase in the oil prices had become imminent in order to save the budget of Annual Development Programme of FY 2004-05, as there were no more funds with the government to provide subsidy to the consumers. The spokesman of finance ministry, Dr Ashfaq
Published 06 Feb, 2005 12:00am
0.15 million tons refined sugar to be imported

0.15 million tons refined sugar to be imported

On the recommendations of the two-member committee, the government has finally decided to import 0.15 million tonnes refined sugar. The move is meant to check upward trend in sugar prices which have gone alarmingly high during the last two weeks. Sources
Published 06 Feb, 2005 12:00am
0.15 million tons refined sugar to be imported

0.15 million tons refined sugar to be imported

On the recommendations of the two-member committee, the government has finally decided to import 0.15 million tonnes refined sugar. The move is meant to check upward trend in sugar prices which have gone alarmingly high during the last two weeks. Sources
Published 06 Feb, 2005 12:00am
World Bank president due today

World Bank president due today

World Bank president James D. Wolfensohn will arrive in Pakistan on Sunday for a three-day visit to discuss economic and social development.
Published 06 Feb, 2005 12:00am
World Bank president due today

World Bank president due today

World Bank president James D. Wolfensohn will arrive in Pakistan on Sunday for a three-day visit to discuss economic and social development.
Published 06 Feb, 2005 12:00am
The Weather

The Weather

The weather report on Saturday (February 05) and the forecast for Sunday (February 06, 2005).
Published 06 Feb, 2005 12:00am
Your rupee last month

Your rupee last month

Following currency fluctuations took place in foreign exchange rates during the last month. (January 3 to 31, 2005)

Published 06 Feb, 2005 12:00am
State Bank statement of affairs

State Bank statement of affairs

The statement of affairs of the State Bank of Pakistan, Banking Department, as on January 22, 2005.

Published 06 Feb, 2005 12:00am
State Bank statement of affairs

State Bank statement of affairs

The statement of affairs of the State Bank of Pakistan, Banking Department, as on January 22, 2005.

Published 06 Feb, 2005 12:00am
Automart: car prices in Karachi

Automart: car prices in Karachi

The prices of different makes and models of cars prevailing in Karachi in the week ended Saturday (February 05, 2005).

Published 06 Feb, 2005 12:00am
World Shipping Schedule

World Shipping Schedule

Karachi Port's world-wide shipping schedule beginning Saturday (February 05, 2005).

Published 06 Feb, 2005 12:00am
World Shipping Schedule

World Shipping Schedule

Karachi Port's world-wide shipping schedule beginning Saturday (February 05, 2005).

Published 06 Feb, 2005 12:00am
World currencies and dollar

World currencies and dollar

Value of the dollar in terms of other world currencies as prevailing in the week ended Saturday (February 05, 2005).

Published 06 Feb, 2005 12:00am
Sharapova beats Asagoe, to face Davenport in final

Sharapova beats Asagoe, to face Davenport in final

Wimbledon champion Maria Sharapova ended Japan's challenge at the Pan Pacific Open on Saturday, downing local hope Shinobu Asagoe to set up a final with world number one Lindsay Davenport. The Russian second seed, who captured her first WTA singles and do
Published 06 Feb, 2005 12:00am
Axed Australian opener Hayden vows to be back

Axed Australian opener Hayden vows to be back

Dumped Australian opener Matthew Hayden said he had been treated harshly by selectors but vowed to bat his way back into the world champion one-day cricket team. Speaking after he was left out of the side which beat Pakistan by 18 runs in the opening tri-
Published 06 Feb, 2005 12:00am
Razzaq cleared of dissent in opener

Razzaq cleared of dissent in opener

Pakistan all-rounder Abdul Razzaq has been found not guilty of dissent during Australia's 18-run victory in the opening match of the tri-series cricket finals in Melbourne on Friday. Razzaq faced the charge under the International Cricket Council (ICC) co
Published 06 Feb, 2005 12:00am
Smith hits maiden ton as South Africa triumph

Smith hits maiden ton as South Africa triumph

Captain Graeme Smith hit a maiden one-day international century as South Africa levelled the series against England with a three-wicket win in the third limited overs international at St George's Park on Friday. In a second successive tense finish, follow
Published 06 Feb, 2005 12:00am
ICC endorses relaxation of chucking laws

ICC endorses relaxation of chucking laws

Cricket's governing body here on Saturday endorsed recommendations to relax the game's contentious chucking laws for bowlers. An ICC committee comprising former Test players and chaired by former India captain Sunil Gavaskar last November recommended a ne
Published 06 Feb, 2005 12:00am
Norway's envoy meets Sri Lankan rebels

Norway's envoy meets Sri Lankan rebels

Norway's ambassador to Sri Lanka met Tamil Tiger officials on Saturday to find common ground between the rebels and the government about distribution of post-tsunami aid over which the two sides have been bickering. Thousands of people in Sri Lanka lost t
Published 06 Feb, 2005 12:00am
Central African leaders pledge to save Congo forests

Central African leaders pledge to save Congo forests

Central African leaders pledged on Saturday to increase their efforts to protect the forests of the Congo Basin, the world's second biggest tropical forest region after the Amazon. French President Jacques Chirac, a guest of honour at their summit in the
Published 06 Feb, 2005 12:00am
Homecoming delayed for Sudanese refugees in Uganda

Homecoming delayed for Sudanese refugees in Uganda

Shattered infrastructure and the threat of landmines are delaying the assisted return of thousands of south Sudanese refugees languishing in camps in northern Uganda, the UN refugee agency said on Saturday. A peace deal for Sudan that ended Africa's longe
Published 06 Feb, 2005 12:00am
Taking risks, Africa readies troops for Somalia

Taking risks, Africa readies troops for Somalia

African armies planning the first foreign military presence in Somalia in a decade know they are taking risks in a state that humbled US forces but must act, and soon, to end chaos there, an organiser said on Saturday. East African countries agreed at an
Published 06 Feb, 2005 12:00am
Rastas hope Marley bash will win Ethiopian friends

Rastas hope Marley bash will win Ethiopian friends

When he saw a stage being built in the Ethiopian capital to celebrate the 60th anniversary of Bob Marley's birthday, 53-year-old Belay Kidane began to weep. The Ethiopian shed tears not for the Jamaican reggae star, who died of cancer in 1981, but for lat
Published 06 Feb, 2005 12:00am
Malawi president quits ruling party in graft row

Malawi president quits ruling party in graft row

Malawi's President Bingu wa Mutharika quit the ruling party on Saturday after his crackdown on corruption in the impoverished southern African country sparked a political rift with factions loyal to his predecessor. Wa Mutharika, who last month accused Un
Published 06 Feb, 2005 12:00am
US corporate bonds spread firmer

US corporate bonds spread firmer

Strong demand held spreads firm in the US corporate bond market on Friday even after benchmark Treasury yields fell in response to a weak January US jobs report. Some investors anticipate that supply will fall short of demand in coming months, which is ke
Published 06 Feb, 2005 12:00am
US corporate bonds spread firmer

US corporate bonds spread firmer

Strong demand held spreads firm in the US corporate bond market on Friday even after benchmark Treasury yields fell in response to a weak January US jobs report. Some investors anticipate that supply will fall short of demand in coming months, which is ke
Published 06 Feb, 2005 12:00am
Chile stocks climb

Chile stocks climb

Chile's stocks rose for a second day Friday but volume was low as most investors sat out the session, waiting for more news on company earnings. The IPSA index of 40 leading companies gained 0.56 percent to 1,815.54 points while the broader IGPA index cli
Published 06 Feb, 2005 12:00am
Mexican stocks close at record high on Telmex

Mexican stocks close at record high on Telmex

Mexican stocks ended flat on Friday but still closed in record territory after traders said an early rally propelled by telecoms Telmex and America Movil lost steam. The IPC benchmark stock index eked out a gain of 0.05 percent to end at 13,446.95 points,
Published 06 Feb, 2005 12:00am
Toronto stocks end higher as techs take control

Toronto stocks end higher as techs take control

Toronto stocks ended higher on Friday, closing out four straight winning weeks, as a rebound in technology shares helped steer focus away from disappointing job reports in both Canada and the United States. The Toronto Stock Exchange S&P/TSX composite ind
Published 06 Feb, 2005 12:00am
US Treasuries rally as jobs data disappoint again

US Treasuries rally as jobs data disappoint again

US Treasury debt rallied on Friday as another month of mediocre job creation eased fears the Federal Reserve might kick up the pace of interest rate increases. January payrolls showed the net creation of 146,000 jobs, well short of forecasts of 190,000 an
Published 06 Feb, 2005 12:00am
US Treasuries rally as jobs data disappoint again

US Treasuries rally as jobs data disappoint again

US Treasury debt rallied on Friday as another month of mediocre job creation eased fears the Federal Reserve might kick up the pace of interest rate increases. January payrolls showed the net creation of 146,000 jobs, well short of forecasts of 190,000 an
Published 06 Feb, 2005 12:00am
Hurray Holding says IPO raises $70.5 million

Hurray Holding says IPO raises $70.5 million

Chinese mobile phone services company Hurray Holding Co Ltd's initial public offering raised $70.52 million after the shares priced under the midpoint of the expected range, the company said on Friday. Hurray's IPO priced 6.88 million American Depositary
Published 06 Feb, 2005 12:00am
American credit market outlook

American credit market outlook

Credit investors are applauding Hilton Hotels Corp's plans to cash in on the rebounding luxury hotel market with 50 new Conrad Hilton hotels catering to the wealthy. Hilton's credit spreads have narrowed by about 5 basis points since Hilton announced the
Published 06 Feb, 2005 12:00am
American credit market outlook

American credit market outlook

Credit investors are applauding Hilton Hotels Corp's plans to cash in on the rebounding luxury hotel market with 50 new Conrad Hilton hotels catering to the wealthy. Hilton's credit spreads have narrowed by about 5 basis points since Hilton announced the
Published 06 Feb, 2005 12:00am
South African stocks week ahead: banks, miners and rates in focus

South African stocks week ahead: banks, miners and rates in focus

Investors are set to keep an eye on mining and banking stocks next week ahead of the Reserve Bank's Monetary Policy Committee meeting to decide on interest rates and its impact on the currency, traders said. "Two weeks ago consensus was that there would b
Published 06 Feb, 2005 12:00am
Canadian bond prices up

Canadian bond prices up

The Canadian bond prices soared on the disappointing jobs reports on Friday, although one analyst said the weak numbers did not affect the near-term interest rate outlook significantly. Canadian bond prices surged as soft US jobs data eased concerns that
Published 06 Feb, 2005 12:00am
Canadian bond prices up

Canadian bond prices up

The Canadian bond prices soared on the disappointing jobs reports on Friday, although one analyst said the weak numbers did not affect the near-term interest rate outlook significantly. Canadian bond prices surged as soft US jobs data eased concerns that
Published 06 Feb, 2005 12:00am
Argentine stocks rise on debt hopes

Argentine stocks rise on debt hopes

Argentine stocks rallied to historic highs on Friday in the heaviest volume since October after the Senate approved a law prohibiting future debt swap offers, traders said. The MerVal index of the 12 leading stocks jumped 2.09 percent to 1,428.54 points,
Published 06 Feb, 2005 12:00am
Brazilian stocks surge as US jobs data spell relief

Brazilian stocks surge as US jobs data spell relief

Brazil's Bovespa stock index rose more than 3 percent on Friday as weak jobs data in the United States relieved market fears of bigger US interest rate hikes by the Federal Reserve. The Bovespa finished 3.45 percent up at 25,732 points. "The data in the U
Published 06 Feb, 2005 12:00am
Emerging debt: Latam prices soar on weak job tally

Emerging debt: Latam prices soar on weak job tally

Latin American sovereign bond prices soared on Friday, with higher-yielding paper gaining the most, after weak US jobs data suggested the Federal Reserve would not need to hike interest rates more aggressively. Total returns rose 0.81 percent on the JPMor
Published 06 Feb, 2005 12:00am
Emerging debt: Latam prices soar on weak job tally

Emerging debt: Latam prices soar on weak job tally

Latin American sovereign bond prices soared on Friday, with higher-yielding paper gaining the most, after weak US jobs data suggested the Federal Reserve would not need to hike interest rates more aggressively. Total returns rose 0.81 percent on the JPMor
Published 06 Feb, 2005 12:00am
US stocks jump on tobacco case and rate expectations

US stocks jump on tobacco case and rate expectations

US stocks surged ahead on Friday, boosted by a rise in cigarette makers after a favourable court ruling and a weaker-than-expected jobs report that eased concerns about faster interest-rate hikes. Tobacco companies jumped after a US appeals court rejected
Published 06 Feb, 2005 12:00am
New York cocoa extends losses

New York cocoa extends losses

New York cocoa futures fell Friday for the second consecutive session on follow-through speculative selling after sharp gains earlier in the week, traders said. "There was some good spec selling, particularly towards the end of the day," said a trader. "W
Published 06 Feb, 2005 12:00am
New York sugar firm on likely Pakistan buying

New York sugar firm on likely Pakistan buying

Raw sugar futures galloped to a strong finish on Friday on trade and speculative buying sparked by news Pakistan plans to buy 1.0 million tonnes of sugar from next week, brokers said. The New York Board of Trade's March raw sugar contract climbed 0.14 cen
Published 06 Feb, 2005 12:00am
Asian cocoa: Sulawesi awaits main harvest

Asian cocoa: Sulawesi awaits main harvest

Flowers have turned to cherries in Indonesia's main cocoa growing area of Sulawesi but traders are worried pests may yet take their toll when the plants finally produce their cocoa pods. Asking, the Indonesian Cocoa Association, has said it expects output
Published 06 Feb, 2005 12:00am
Tokyo rubber dips

Tokyo rubber dips

Tokyo rubber futures slipped on Friday in long liquidation ahead of the weekend, erasing gains that lifted the key contract to a 14-week high the previous day, although underlying sentiment was believed to be firm. The benchmark July TOCOM rubber contract
Published 06 Feb, 2005 12:00am
CBOT soyabeans close below $5, first in 2-1/2 years

CBOT soyabeans close below $5, first in 2-1/2 years

Soyabean futures at the Chicago Board of Trade sank on Friday with the spot contract closing below $5 for the first time in 2-1/2 years, traders said. The market was under pressure most of the week amid prospects for a huge South American crop and importe
Published 06 Feb, 2005 12:00am
Coffee marks new 4-1/2-year high on fund buying

Coffee marks new 4-1/2-year high on fund buying

Arabica coffee futures vaulted over 5 percent Friday to prices not seen in more than 4-1/2 years on speculative and fund buying amid little producer selling, traders and analysts said. The New York Board of Trade's most-active March arabica contract settl
Published 06 Feb, 2005 12:00am
Winnipeg Commodity Exchange canola lower

Winnipeg Commodity Exchange canola lower

Winnipeg Commodity Exchange canola futures ended lower on Friday for the ninth consecutive session amid late, heavy fund and commercial position-rolling, traders said. Canola settled 10 cents to $4.00 per tonne lower, with March down 10 cents at $247.00,
Published 06 Feb, 2005 12:00am
Comex gold ends at 3-1/2-month low near $415/oz

Comex gold ends at 3-1/2-month low near $415/oz

Gold futures ended at 3-1/2-month lows for a second straight day Friday on currency-based selling and the potential for gold sales or revaluation by the International Monetary Fund (IMF), analysts and traders said. April delivery gold at the New York Merc
Published 06 Feb, 2005 12:00am
Shanghai copper higher before Lunar New Year break

Shanghai copper higher before Lunar New Year break

Shanghai copper futures ended the final session in the Year of the Monkey on an upbeat note, outperforming benchmark London futures on Friday as domestic supply data remained bullish. Official exchange warehouse data, released after the market closed, sho
Published 06 Feb, 2005 12:00am
Oil prices cool, metals lose shine in world markets

Oil prices cool, metals lose shine in world markets

Oil prices fell this week on easing supply worries with the end of winter approaching in the northern hemisphere, OPEC's move to maintain output, calmer-than-expected Iraqi elections and warmer temperatures in the north-eastern United States. Metals were
Published 06 Feb, 2005 12:00am
Mexican GDP up 4.2 percent

Mexican GDP up 4.2 percent

Mexico's economy expanded while its fiscal deficit narrowed in 2004, the government said on Friday, thanks to high oil revenues and prudent spending policies by the government of President Vicente Fox. Fox on Friday said the economy grew 4.2 percent last
Published 06 Feb, 2005 12:00am
Enron tests schemes in Alberta

Enron tests schemes in Alberta

Enron Corp used Alberta as a testing ground for wholesale power trading schemes that would later become notorious in charges of price manipulation in California's energy crisis, an attorney with a Washington state public utility said on Friday. Enron, the
Published 06 Feb, 2005 12:00am
China's Guangdong to be one million workers short in 2005

China's Guangdong to be one million workers short in 2005

China's Guangdong province, one of the main engines of growth in the world's seventh largest economy, will be short of one million migrant labourers this year, state media said, citing a government survey. More than a quarter of Guangdong's population of
Published 06 Feb, 2005 12:00am
Japan FTC thinks Intel violated antitrust law

Japan FTC thinks Intel violated antitrust law

The Japanese unit of Intel Corp, the world's biggest chip maker, declined comment on Saturday on media reports that it would receive a warning from Japan's antitrust regulators about its business practices. The daily Asahi Shimbun said on Saturday that Ja
Published 06 Feb, 2005 12:00am
Opec to wait until March for any cuts: Algeria

Opec to wait until March for any cuts: Algeria

Algeria's Energy and Mines Minister Chakib Khelil said on Saturday he expected Opec to wait until its March 16 meeting in Iran for any possible decision on cutting oil output. "We will wait until March (for any output decision)," Khelil told reporters. Kh
Published 06 Feb, 2005 12:00am
China not to set time-table on forex change

China not to set time-table on forex change

Chinese authorities on Saturday again declined to set out a time-table to make their currency more flexible on the world's money markets and said they had not come under international pressure to revalue the yuan. Major nations and especially the United S
Published 06 Feb, 2005 12:00am
Bush asks $587 million farm payment cuts

Bush asks $587 million farm payment cuts

The Bush administration will propose $587 million in cuts in farm program spending as part of its fiscal 2006 budget, a "very modest" 2.9 percent reduction, a senior administration official said on Friday. Two-thirds of the US Agriculture Department reduc
Published 06 Feb, 2005 12:00am
Jobs data expose gap between Wall Street and Main Street

Jobs data expose gap between Wall Street and Main Street

The latest batch of disappointing US employment data highlights a gap between Wall Street's economic forecasts and the tough labour market facing more than eight million unemployed Americans. The disparity between economic models and real life also casts
Published 06 Feb, 2005 12:00am
Mahathir denies pressing government on Proton

Mahathir denies pressing government on Proton

Former Malaysian premier Mahathir Mohamed denied on Saturday that he had pressured the government over the affairs of state-linked carmaker Proton, and defended its CEO against a bid by the board to remove him. Mahathir was speaking to reporters in the ad
Published 06 Feb, 2005 12:00am
Brazil needs to renew IMF accord: finance minister

Brazil needs to renew IMF accord: finance minister

Brazil, facing a possible decline in economic growth in 2005, will need to renew a funding deal with the International Monetary Fund (IMF), Finance Minister Antonio Palocci said on Saturday. Brazil has not yet drawn on an existing IMF finance stream and,
Published 06 Feb, 2005 12:00am
Argentina gets 74 percent local debt swap approval

Argentina gets 74 percent local debt swap approval

Nearly three-quarters of eligible Argentine creditors signed up for the government's historic $102.6 billion debt swap offer in the first three weeks, the head of the local debt exchange intermediary told Reuters on Saturday. Luis Corsiglia, president of
Published 06 Feb, 2005 12:00am
Thousands protest longer working hours in France

Thousands protest longer working hours in France

French President Jacques Chirac's conservative government faced a major challenge to its economic policies on Saturday as tens of thousands of public and private sector workers protested over labour laws, pensions and schools. With more than 50,000 taking
Published 06 Feb, 2005 12:00am
Algeria buys 300,000 tonnes wheat

Algeria buys 300,000 tonnes wheat

Algeria bought 300,000 tonnes of optional milling wheat earlier this week and is seeking further tonnage, European traders said on Thursday. They said Algeria paid around $152 a tonne, cost and freight, for the wheat. Algeria had tendered for 50,000 tonne
Published 06 Feb, 2005 12:00am
US exporters sell corn to Japan

US exporters sell corn to Japan

Private exporters reported the sale of 110,000 tonnes of corn to Japan for the 2004/05 marketing year, the US Agriculture Department said on Friday. The marketing year for corn began on Sept 1. US exporters must report any US or optional origin export sal
Published 06 Feb, 2005 12:00am
Malaysian Bulk sells two ships

Malaysian Bulk sells two ships

Shipping firm Malaysian Bulk Carriers Bhd said on Friday it agreed to sell two ships for $68 million in a deal that would yield a net gain of $29.9 million. The company said in a statement it signed a memorandum of agreement to sell two handymax bulk carr
Published 06 Feb, 2005 12:00am
Brazilian sugar vessels line-up falls

Brazilian sugar vessels line-up falls

The line-up of vessels waiting to load sugar in Brazil's ports decreased to 44 from 50 last week, shipping agent Williams said Thursday.
Published 06 Feb, 2005 12:00am
Singapore port container volumes hit record

Singapore port container volumes hit record

Singapore remained the world's busiest port by shipping tonnage in 2004, fending off growing regional competition to move 16 percent more containers last year, said the city-state's maritime authority on Monday. Propelled by a trade boom in Asia, containe
Published 06 Feb, 2005 12:00am
CBOT wheat futures weaker in thin trading

CBOT wheat futures weaker in thin trading

Wheat futures at the Chicago Board of Trade closed weak on Friday in thin dealings as traders sought position ahead of the weekend, traders said. "There wasn't much to talk about today. We were up early then turned down on a little light local and fund se
Published 06 Feb, 2005 12:00am
Brazilian farmers replant coffee trees

Brazilian farmers replant coffee trees

Brazilian coffee farmers, flushed by a recovery in world prices, are replacing old coffee trees with new ones rather than expanding the total planted area, agronomists and producers said on Friday. Benchmark futures prices in New York hit fresh 4-1/2 year
Published 06 Feb, 2005 12:00am
PSA to buy Hong Kong port assets for $384.6 million

PSA to buy Hong Kong port assets for $384.6 million

Singapore's PSA International, thwarted in a bid last year to gain a toehold in Hong Kong, has reached a deal to buy the Hong Kong port assets of NWS Holdings for about HK $3 billion (US $384.6 million), sources familiar with the situation said on Friday.
Published 06 Feb, 2005 12:00am
Asian freight rates regaining strength

Asian freight rates regaining strength

Shipping rates in Asia are regaining strength this week with charterers eager to clinch deals before the Lunar New Year and sentiment lifted by hopes for rising demand ahead of harvest season in South America. Benchmark spot panamax dry bulk rates were bu
Published 06 Feb, 2005 12:00am
Nigeria faces uphill struggle for debt relief

Nigeria faces uphill struggle for debt relief

Nigeria, Africa's most populous country, faces an uphill struggle to obtain debt cancellation from the West despite calls from Britain to extend relief to the world's poorest continent, analysts said on Friday. Oil exporter Nigeria has one of the lowest p
Published 06 Feb, 2005 12:00am
BoJ's Fukui says foreign exchange volatility undesirable

BoJ's Fukui says foreign exchange volatility undesirable

Bank of Japan Governor Toshihiko Fukui said on Friday excessively volatile currencies are undesirable and exchange rates moves should be steady, Bank of Japan Governor Toshihiko Fukui said on Friday. Speaking to reporters ahead of a meeting of Group of Se
Published 06 Feb, 2005 12:00am
Indian foreign exchange reserves at $129.72 billion

Indian foreign exchange reserves at $129.72 billion

India's foreign exchange reserves rose to $129.72 billion on January 28 from $129.429 billion a week earlier, the Reserve Bank of India said in its weekly statistical supplement on Saturday. The central bank said foreign currency assets expressed in US do
Published 06 Feb, 2005 12:00am
HKMA continues buying Hong Kong dollars

HKMA continues buying Hong Kong dollars

The Hong Kong Monetary Authority (HKMA), the territory's de facto central bank, reported it bought HK $390 billion from banks in exchange for US dollars in New York trade overnight to support the local currency. Since Monday, the HKMA has bought a total o
Published 06 Feb, 2005 12:00am
IMM speculators extend net long Australian dollars position: CFTC

IMM speculators extend net long Australian dollars position: CFTC

Currency speculators in the Chicago futures market extended their net long position in Australian dollars in the week ended February 1, data from the Commodity Futures Trading Commission showed on Friday. According to the International Monetary Market fut
Published 06 Feb, 2005 12:00am
Greenspan and soft data hit Canadian dollar

Greenspan and soft data hit Canadian dollar

The Canadian dollar finished at a 3-1/2 month low versus the US currency on Friday as greenback-friendly remarks by US Federal Reserve Chairman Alan Greenspan stole the spotlight from weak Canadian and US jobs data. Canadian bond prices soared on the disa
Published 06 Feb, 2005 12:00am
Tanigaki sees little change on G7 foreign exchange stance

Tanigaki sees little change on G7 foreign exchange stance

Japanese Finance Minister Sadakazu Tanigaki said on Friday he expects the Group of Seven's statement on currencies after a meeting this weekend to be little different from its previous stance. "We have a shared understanding on currencies. I don't think i
Published 06 Feb, 2005 12:00am
G7: central bankers unworried by China economic outlook

G7: central bankers unworried by China economic outlook

Central bankers at a breakfast on Saturday discussed the global economic situation including that of China, Bank of Japan Governor Toshihiko Fukui told Reuters. Asked how China's economy was performing and whether there was a concern it might be in for a
Published 06 Feb, 2005 12:00am
Dollar rallies on Greenspan; euro hits three-month low

Dollar rallies on Greenspan; euro hits three-month low

The dollar rallied against most currencies on Friday after Federal Reserve Chairman Alan Greenspan said market forces and tighter US fiscal policy should stabilise and may cut the US current account gap. The euro fell to its lowest level in almost three m
Published 06 Feb, 2005 12:00am
Jordanians, two Saudis surrendered

Jordanians, two Saudis surrendered

Three Jordanian and two Saudi wanted militants surrendered to Kuwaiti security forces on Saturday after a raid on a suspected hideout, the interior ministry said. "Security forces today raided a house in Sulaibiya (west of the capital) in which there were
Published 06 Feb, 2005 12:00am
Bush reaffirms broad second-term agenda

Bush reaffirms broad second-term agenda

US President George W. Bush on Saturday said he would not relent in his effort to pursue freedom and human dignity world-wide, reaffirming a key theme from his State of the Union address. The president tied that goal to his domestic agenda and also addres
Published 06 Feb, 2005 12:00am
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