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Dec 25, 2024 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Print - 2005-04-20
New York cocoa higher from three-month low

New York cocoa higher from three-month low

Most US cocoa futures ended on positive ground on Monday, boosted by market participants covering their short positions after prices touched a fresh three-month low earlier in the session, traders said. "It looks like short-covering from the ring and spec
Published 20 Apr, 2005 12:00am
KESC and SSGC commercial consumers to be brought under tax net

KESC and SSGC commercial consumers to be brought under tax net

All commercial consumers of Karachi Electric Supply Corporation (KESC) and Sui Southern Gas Company (SSGC), paying Rs 50,000 and Rs 25,000 annually respectively as energy charges, would be brought under the tax net, sources in the Regional Commissioner of
Published 20 Apr, 2005 12:00am
Brazilian soya 2004-05 at peak harvest

Brazilian soya 2004-05 at peak harvest

Producers have sold 59 percent of Brazil's 2004/05 soyabean crop, which is at peak harvest, compared with 65 percent sold a year ago, analysts Celeres said on Monday. Last week, 58 percent of Brazil's crop had been sold. In the centre-west, 66 percent of
Published 20 Apr, 2005 12:00am
Newspapers holiday

Newspapers holiday

All Pakistan Newspapers Society Secretary General Kazi Asad Abid announced on Tuesday that member publications of APNS will observe closed holiday on Friday, April 22, 2005, on account of Eid-i-Milad-un-Nabi (PBUH). In a statement here, he said that "cons
Published 20 Apr, 2005 12:00am
Argentina soya and corn harvest slowed by exchange

Argentina soya and corn harvest slowed by exchange

Last week's rains slowed the soyabean and corn harvests in Argentina, but both crops have high yields and total output is still forecast to be good, the Buenos Aires Grain Exchange said on Monday. On Saturday, farmers had harvested 40.9 percent of the 14.
Published 20 Apr, 2005 12:00am
Newspapers holiday

Newspapers holiday

All Pakistan Newspapers Society Secretary General Kazi Asad Abid announced on Tuesday that member publications of APNS will observe closed holiday on Friday, April 22, 2005, on account of Eid-i-Milad-un-Nabi (PBUH). In a statement here, he said that "cons
Published 20 Apr, 2005 12:00am
Biotech cotton may push India ahead of US: USDA

Biotech cotton may push India ahead of US: USDA

India is poised to overtake the United States in annual cotton production if India's cotton yield improvements remain on an upward track, the US Agriculture Department said on Monday. China is the world's largest cotton producer, now followed by the Unite
Published 20 Apr, 2005 12:00am
Bullion Rates

Bullion Rates

Gold and silver rates in rupees per 10 grams prevailing in major cities on Tuesday (April 19, 2005).

Published 20 Apr, 2005 12:00am
Hutchison to build Polish port

Hutchison to build Polish port

Hong Kong conglomerate Hutchison Whampoa will build a 225-million-zloty ($70 million) container terminal in Poland's Baltic Sea port of Gdynia, the company's local unit said on Tuesday. Hutchison said that after four months the facility will have capacity
Published 20 Apr, 2005 12:00am
Bullion Rates

Bullion Rates

Gold and silver rates in rupees per 10 grams prevailing in major cities on Tuesday (April 19, 2005).

Published 20 Apr, 2005 12:00am
Rotterdam port cargo volumes grow

Rotterdam port cargo volumes grow

Rotterdam, Europe's busiest port, saw a six percent growth on cargo volumes to 92 million tonnes in the first quarter from a year earlier due to continued trend of surging world trade, it said on Tuesday. Container volumes registered the biggest growth in
Published 20 Apr, 2005 12:00am
Singapore's Lee warms to Genting casino proposal

Singapore's Lee warms to Genting casino proposal

Singapore's founding premier, Lee Kuan Yew, said he found Malaysia's Genting Bhd proposal to build two casinos in Singapore the most interesting of the 19 submitted by global casino operators. Speaking in parliament on Tuesday, Lee, 81, who remains in cab
Published 20 Apr, 2005 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 31,809 tonnes of cargo including 18,451 tonnes import and 13,358 tonnes export cargo inclusive of 1,676 containers, during last 24 hours ending at 0700 hours on Tuesday. The cargo comprised of 24,209 tonnes dry cargo including 15,
Published 20 Apr, 2005 12:00am
Peace process boosts Turkish Cypriot economy

Peace process boosts Turkish Cypriot economy

Cyprus peace moves are paying dividends for the breakaway Turkish Cypriot north, propped up by Turkey and squeezed for decades by international sanctions, but many say the current soaring growth is not sustainable. Easier movement across the UN-policed ce
Published 20 Apr, 2005 12:00am
HRW wheat bids unchanged

HRW wheat bids unchanged

US Plains spot hard red winter wheat basis bids were unchanged on Tuesday, as farmers focused on fieldwork and mill needs were mostly met, merchants said. There were some spot needs for railcar wheat to and through Kansas City and protein premiums were st
Published 20 Apr, 2005 12:00am
US insurers want changes to asbestos bill

US insurers want changes to asbestos bill

US insurers said they will not be able to support draft legislation for a $140 billion asbestos compensation fund without substantial modifications, according to a letter released on Tuesday. "While the latest draft represents improvements over earlier pr
Published 20 Apr, 2005 12:00am
FOB Gulf corn lower, soya steady

FOB Gulf corn lower, soya steady

US FOB Gulf corn basis offers were lower for nearby shipments on Monday amid sluggish export demand while soyabeans were mostly steady, traders said. Barge freight rates remained under pressure from a lack of grain movement as farmers planted their corn c
Published 20 Apr, 2005 12:00am
US insurers want changes to asbestos bill

US insurers want changes to asbestos bill

US insurers said they will not be able to support draft legislation for a $140 billion asbestos compensation fund without substantial modifications, according to a letter released on Tuesday. "While the latest draft represents improvements over earlier pr
Published 20 Apr, 2005 12:00am
Ivory Coast cocoa prices mixed

Ivory Coast cocoa prices mixed

Farmgate prices in Ivory Coast's main cocoa regions were mixed from April 11 to 17, data from the BCC marketing body showed on Tuesday as more buyers on the ground increased competition while prices at ports fell. In the western town of Daloa, producing a
Published 20 Apr, 2005 12:00am
Rosneft wins asset freeze

Rosneft wins asset freeze

Russian state oil firm Rosneft has won a court ruling to impound the remaining key assets of oil firm Yukos in a move likely to speed up the carve-up of what is left of Russia's once most profitable firm. Shares in Yukos fell 7 percent on the MICEX bourse
Published 20 Apr, 2005 12:00am
Thai rice futures slip, volume rises

Thai rice futures slip, volume rises

Thai rice futures retreated on Tuesday as players took short-sale positions after demand slowed in the physical market, brokers said. Overall volume rose as 300 contracts of 5 percent white rice were traded compared to Monday's 275. The most active June c
Published 20 Apr, 2005 12:00am
Rosneft wins asset freeze

Rosneft wins asset freeze

Russian state oil firm Rosneft has won a court ruling to impound the remaining key assets of oil firm Yukos in a move likely to speed up the carve-up of what is left of Russia's once most profitable firm. Shares in Yukos fell 7 percent on the MICEX bourse
Published 20 Apr, 2005 12:00am
Pakistani rice prices seen extending recent gains

Pakistani rice prices seen extending recent gains

Pakistani rice prices rose over the past week after recent rains damaged thousands of tonnes of stocks, and will rise further on demand from exporters in the coming months, dealers said on Tuesday. "Heavy rains earlier this year damaged the quality of tho
Published 20 Apr, 2005 12:00am
Bears tighten grip on LSE

Bears tighten grip on LSE

Despite announcement made by the Securities and Exchange Commission of Pakistan (SECP) regarding extension in COT (carry over transaction) till August 3, 2005, the local stock market remained under the grip of bearish sentiments on Tuesday. The equities r
Published 20 Apr, 2005 12:00am
Vietnam coffee exports dented as drought inflates prices

Vietnam coffee exports dented as drought inflates prices

High local coffee prices have stunted exports from Vietnam, the world's top robust bean supplier, as exporters hold out for higher prices for a drought-hit crop, traders said on Tuesday. Last September's arrival of the dry season has developed into a drou
Published 20 Apr, 2005 12:00am
Bears tighten grip on LSE

Bears tighten grip on LSE

Despite announcement made by the Securities and Exchange Commission of Pakistan (SECP) regarding extension in COT (carry over transaction) till August 3, 2005, the local stock market remained under the grip of bearish sentiments on Tuesday. The equities r
Published 20 Apr, 2005 12:00am
CBOT wheat futures lower on late technical sell-off

CBOT wheat futures lower on late technical sell-off

Chicago Board of Trade wheat futures closed lower on Monday on a late flurry of technical selling amid bearish export news and favourable weather for US winter wheat, traders said. CBOT May wheat closed 3-1/2 cents lower at $3.01-3/4 per bushel. Deferred
Published 20 Apr, 2005 12:00am
India and Indonesia to buy more sugar, China sidelined

India and Indonesia to buy more sugar, China sidelined

Demand for sugar from Asian countries is expected to remain strong with India importing more raw sugar in the coming months while Indonesia will issue more import permits for the sweetener. Traders said about two million tonnes of raw sugar has arrived in
Published 20 Apr, 2005 12:00am
Oil cake market rates

Oil cake market rates

Downward trend was seen on the forward cottonseed oilcake market as most of the buyers kept on the sidelines , dealers said The May vaida commenced with no change at Rs 442.70 and that proved to be day's best at the same level. In the process of trading,
Published 20 Apr, 2005 12:00am
Cotton market dull despite TCP tender float

Cotton market dull despite TCP tender float

Lacklustre condition prevailed on the cotton market on Tuesday as main players kept on the sidelines to observe the emerging scenario after the PCGA report, dealers said. The official spot rates maintained the overnight levels at Rs 2225, without upcountr
Published 20 Apr, 2005 12:00am
CBR to register informers for monetary reward

CBR to register informers for monetary reward

The Central Board of Revenue (CBR) has decided to register informers for giving them monetary reward under the new rules to be issued in budget 2005-2006. Sources told Business Recorder on Tuesday that the present reward rules are being grossly mis
Published 20 Apr, 2005 12:00am
Bajra and barley up on tight supply

Bajra and barley up on tight supply

Thin trading was seen on the grain market on Tuesday as rising trend in the prices mainly kept out the buyers from the market, dealers said. On the cereals side, bajra posted fresh gain of Rs 50 to Rs 1650-1750 on tight supply position, they observed. Bar
Published 20 Apr, 2005 12:00am
CBR to register informers for monetary reward

CBR to register informers for monetary reward

The Central Board of Revenue (CBR) has decided to register informers for giving them monetary reward under the new rules to be issued in budget 2005-2006. Sources told Business Recorder on Tuesday that the present reward rules are being grossly mis
Published 20 Apr, 2005 12:00am
Plastic mouldings move both ways

Plastic mouldings move both ways

The trading on plastic mouldings moved both ways here on Tuesday on Jodia Bazar. The following variations were seen in the HDPE film Saudia 952 down 25 paisa to Rs 39, Mobil down 25 paisa to Rs 39, TR144 down 25 paisa to Rs 38.50, LDPE 374 down Re 1 to Rs
Published 20 Apr, 2005 12:00am
CBR to register informers for monetary reward

CBR to register informers for monetary reward

The Central Board of Revenue (CBR) has decided to register informers for giving them monetary reward under the new rules to be issued in budget 2005-2006. Sources told Business Recorder on Tuesday that the present reward rules are being grossly mis
Published 20 Apr, 2005 12:00am
Australian wool unchanged

Australian wool unchanged

The Australian Wool Exchange (AWEX) said its eastern market indicator (EMI) was unchanged at 730 cents a kg clean at its Tuesday sales. In Melbourne the southern indicator opened the week at similar levels to last weeks close. An offering of predominantly
Published 20 Apr, 2005 12:00am
Wapda asks government to defer loans repayment

Wapda asks government to defer loans repayment

The Water and Power Development Authority (Wapda) has sought deferment in repayment of GoP loans till substantial raise in electricity tariff, an official in Wapda told Business Recorder. "We have asked the finance ministry to defer GoP loans till
Published 20 Apr, 2005 12:00am
Tokyo rubber steady

Tokyo rubber steady

Tokyo rubber futures finished slightly higher on Tuesday after thin, narrow-range trading, with operators reluctant to take fresh positions before the spot contract expiry later this week. The benchmark September rubber contract on the Tokyo Commodity Exc
Published 20 Apr, 2005 12:00am
Wapda asks government to defer loans repayment

Wapda asks government to defer loans repayment

The Water and Power Development Authority (Wapda) has sought deferment in repayment of GoP loans till substantial raise in electricity tariff, an official in Wapda told Business Recorder. "We have asked the finance ministry to defer GoP loans till
Published 20 Apr, 2005 12:00am
Comex copper ends unchanged

Comex copper ends unchanged

US copper futures ended unchanged on Monday, after a light selloff by funds was superseded by bargain hunters at the lows, traders said. "The selling came from last-minute funds trying to get out of long positions, and then bargain hunters bought it back
Published 20 Apr, 2005 12:00am
Wapda asks government to defer loans repayment

Wapda asks government to defer loans repayment

The Water and Power Development Authority (Wapda) has sought deferment in repayment of GoP loans till substantial raise in electricity tariff, an official in Wapda told Business Recorder. "We have asked the finance ministry to defer GoP loans till
Published 20 Apr, 2005 12:00am
Indian gold climbs

Indian gold climbs

Indian gold and silver futures gained strength from firmer world prices early on Tuesday, while sugar contracts fell on expectations of a drop in domestic prices due to adequate stocks, brokers said. Soy futures traded in a narrow range because of sluggis
Published 20 Apr, 2005 12:00am
Badla phasing system extended

Badla phasing system extended

The Securities & Exchange Commission of Pakistan (SECP) has accepted the demand of the Karachi Stock Exchange (KSE) related to badla phasing system from margin financing, which failed to cheer the investors' mood on Tuesday. The SECP, through a letter, in
Published 20 Apr, 2005 12:00am
Tokyo gold firm on encouraging short-covering

Tokyo gold firm on encouraging short-covering

Tokyo gold futures posted strong gains on Tuesday as firmness in dollar-denominated prices encouraging short-covering, but the market was nervous about buying too heavily amid lingering uncertainty about China. A rise in gold on the Tokyo Commodity Exchan
Published 20 Apr, 2005 12:00am
Badla phasing system extended

Badla phasing system extended

The Securities & Exchange Commission of Pakistan (SECP) has accepted the demand of the Karachi Stock Exchange (KSE) related to badla phasing system from margin financing, which failed to cheer the investors' mood on Tuesday. The SECP, through a letter, in
Published 20 Apr, 2005 12:00am
New York gold futures rally

New York gold futures rally

US gold futures closed higher on Monday as a declining dollar and weaker global stock market made the "safe haven" metal more attractive for investors, dealers said. June delivery gold climbed $2.50 to $429.00 an ounce on the New York Mercantile Exchange'
Published 20 Apr, 2005 12:00am
KSE index loses 281.49 points

KSE index loses 281.49 points

The share market failed to respond following the acceptance of proposals of the Karachi Stock Exchange (KSE) on badla financing, and the index received fresh jolt of 281 points on Tuesday. The KSE-100 index fell 281.49 points, 3.89 percent, to 6952.72 as
Published 20 Apr, 2005 12:00am
Gold falls in Asia, G7 offers no surprises

Gold falls in Asia, G7 offers no surprises

Gold edged down in Asia on Monday after the dollar rebounded against other currencies, but the lower levels brought out buying interest that kept the yellow metal above a key support level of $422 an ounce. A meeting of the Group of Seven major economic p
Published 20 Apr, 2005 12:00am
KSE index loses 281.49 points

KSE index loses 281.49 points

The share market failed to respond following the acceptance of proposals of the Karachi Stock Exchange (KSE) on badla financing, and the index received fresh jolt of 281 points on Tuesday. The KSE-100 index fell 281.49 points, 3.89 percent, to 6952.72 as
Published 20 Apr, 2005 12:00am
Malaysian tin up

Malaysian tin up

Tin rose $60 a tonne in Malaysian trade on Monday, aided by its resurgence on the London market, after last week's global selldown in base metals. The spot price on the Kuala Lumpur Tin Market rose to $8,150 a tonne from Friday's close of $8,090. The trad
Published 20 Apr, 2005 12:00am
KSE index loses 281.49 points

KSE index loses 281.49 points

The share market failed to respond following the acceptance of proposals of the Karachi Stock Exchange (KSE) on badla financing, and the index received fresh jolt of 281 points on Tuesday. The KSE-100 index fell 281.49 points, 3.89 percent, to 6952.72 as
Published 20 Apr, 2005 12:00am
Oil hits eight-week low under $50, funds begin retreat

Oil hits eight-week low under $50, funds begin retreat

Oil prices extended a losing streak on Monday, falling briefly to an eight-week low under $50, as growing supplies outweighed worries of rising global demand. US light crude futures traded as low as $49.66 a barrel, the lowest since February 22, before re
Published 20 Apr, 2005 12:00am
Duties on imported cars to be slashed

Duties on imported cars to be slashed

Federal Industries Minister Jehangir Khan Tareen has said that duties on imported cars would be reduced in the forthcoming budget, with the objective of controlling the current trend of charging premium on cars. He said this while talking to newsmen at th
Published 20 Apr, 2005 12:00am
Shanghai copper rises

Shanghai copper rises

Chinese copper futures rose on Tuesday as domestic sentiment stayed bullish and international prices rebounded. The most-active June contract ended at 32,910 yuan ($3,977) on Tuesday, up 560 yuan from Monday's close. July rose 570 yuan to 32,080 yuan. "Co
Published 20 Apr, 2005 12:00am
Duties on imported cars to be slashed

Duties on imported cars to be slashed

Federal Industries Minister Jehangir Khan Tareen has said that duties on imported cars would be reduced in the forthcoming budget, with the objective of controlling the current trend of charging premium on cars. He said this while talking to newsmen at th
Published 20 Apr, 2005 12:00am
Bangladesh expects higher post-flood rice yield

Bangladesh expects higher post-flood rice yield

Bangladesh, which lost nearly 700,000 tonnes of rice during the July-September floods, now expects to minimise the shortfall with a better Boro winter crop, the agriculture minister said on Tuesday. "We expect a good Boro crop this year, if there are no n
Published 20 Apr, 2005 12:00am
Duties on imported cars to be slashed

Duties on imported cars to be slashed

Federal Industries Minister Jehangir Khan Tareen has said that duties on imported cars would be reduced in the forthcoming budget, with the objective of controlling the current trend of charging premium on cars. He said this while talking to newsmen at th
Published 20 Apr, 2005 12:00am
New York sugar settles firm on trade, speculative buying

New York sugar settles firm on trade, speculative buying

Raw sugar futures finished near its session highs on Monday on trade and speculative buying as the sweetener rebounded from its fall late last week to near a 7-month low, dealers said. The New York Board of Trade's May raw sugar contract rose 0.10 cent to
Published 20 Apr, 2005 12:00am
Bank interest rates hike in the offing

Bank interest rates hike in the offing

Banks, in response to State Bank''s move for increasing interest rates, have started raising the borrowing rates and are preparing to increase the return on deposits also, said banking industry sources. The State Bank on last Monday increased the discount
Published 20 Apr, 2005 12:00am
Soyabeans close mixed, old-crop months weaken

Soyabeans close mixed, old-crop months weaken

Soyabean futures at the Chicago Board of Trade closed mixed on Monday with the old-crop months under pressure amid waning export business and ample world oilseed supplies, traders said. New-crop contracts found support from prospects that the speedy US Mi
Published 20 Apr, 2005 12:00am
Bank interest rates hike in the offing

Bank interest rates hike in the offing

Banks, in response to State Bank's move for increasing interest rates, have started raising the borrowing rates and are preparing to increase the return on deposits also, said banking industry sources. The State Bank on last Monday increased the discount
Published 20 Apr, 2005 12:00am
CBOT rice slips on technical setback

CBOT rice slips on technical setback

Rough rice futures at the Chicago Board of Trade slipped on Monday on a technical setback after last week's rally, traders said. May rice closed 9-1/2 cents lower at $7.28-1/2 per hundredweight and July settled 10 cents weaker at $7.47-1/2. The other mont
Published 20 Apr, 2005 12:00am
Bank interest rates hike in the offing

Bank interest rates hike in the offing

Banks, in response to State Bank's move for increasing interest rates, have started raising the borrowing rates and are preparing to increase the return on deposits also, said banking industry sources. The State Bank on last Monday increased the discount
Published 20 Apr, 2005 12:00am
Asian rubber: thin demand, tight supply keep prices in range

Asian rubber: thin demand, tight supply keep prices in range

Asian rubber prices are likely to stay in a narrow range in the next few days, with supplies in the region tight but overseas demand thin, traders said on Tuesday. Wintering, which causes rubber trees to shed their leaves and produce about 30 percent less
Published 20 Apr, 2005 12:00am
Snow squeezes China on yuan policy

Snow squeezes China on yuan policy

US Treasury Secretary John Snow on Tuesday increased pressure on China to make its currency more flexible, saying it was a top priority in the Bush administration's international economic policy. "We take this issue very seriously and have devoted conside
Published 20 Apr, 2005 12:00am
Malaysian palm oil barely moves, awaits export data

Malaysian palm oil barely moves, awaits export data

Malaysian crude palm oil futures barely moved on Tuesday as mixed fortunes in rival soyaoil and export estimates due a day later sidelined players. Dealers said two cargo surveyors watched by the market were expected to declare a palm oil shipment of 720,
Published 20 Apr, 2005 12:00am
Intel profit at high end of target

Intel profit at high end of target

Intel Corp, the world's largest chip maker, on Tuesday reported a rise in quarterly profit as revenue reached the second-highest level in the company's history, helped by strong demand for its Centrino notebook computer chips. The bellwether report, which
Published 20 Apr, 2005 12:00am
UK inflation picks up to near seven-year high

UK inflation picks up to near seven-year high

British inflation unexpectedly accelerated last month to a near 7-year high, keeping alive speculation that interest rates would rise again. The figures, coming just ahead of a May 5 general election, could prove awkward for Prime Minister Tony Blair's La
Published 20 Apr, 2005 12:00am
Intel profit at high end of target

Intel profit at high end of target

Intel Corp, the world's largest chip maker, on Tuesday reported a rise in quarterly profit as revenue reached the second-highest level in the company's history, helped by strong demand for its Centrino notebook computer chips. The bellwether report, which
Published 20 Apr, 2005 12:00am
US producer prices benign, housing starts plunge

US producer prices benign, housing starts plunge

US producer prices inched up 0.1 percent last month with volatile energy and food prices stripped out, easing inflation fears, while housing starts tumbled, though weather may have slowed new construction. The Producer Price Index, a gauge of prices recei
Published 20 Apr, 2005 12:00am
ISE index down 101 points

ISE index down 101 points

Equities continued to show negative sings on the Islamabad Stock Exchange (ISE) where bulls failed to return on the driving seats amid decrease in index. The ISE-10 index showed a decrease of 101 points closing at 2165 points. The overall turnover amounte
Published 20 Apr, 2005 12:00am
Pfizer profit falls

Pfizer profit falls

Pfizer Inc, the world's largest drugmaker, on Tuesday said first-quarter earnings tumbled on charges for the suspension of sales of its arthritis drug Bextra and the repatriation of overseas profit. Pfizer said it earned $301 million, or 4 cents per share
Published 20 Apr, 2005 12:00am
ISE index down 101 points

ISE index down 101 points

Equities continued to show negative sings on the Islamabad Stock Exchange (ISE) where bulls failed to return on the driving seats amid decrease in index. The ISE-10 index showed a decrease of 101 points closing at 2165 points. The overall turnover amounte
Published 20 Apr, 2005 12:00am
Pfizer profit falls

Pfizer profit falls

Pfizer Inc, the world's largest drugmaker, on Tuesday said first-quarter earnings tumbled on charges for the suspension of sales of its arthritis drug Bextra and the repatriation of overseas profit. Pfizer said it earned $301 million, or 4 cents per share
Published 20 Apr, 2005 12:00am
Benedict XVI elected new Pope

Benedict XVI elected new Pope

The Roman Catholic Church elected Germany's Joseph Ratzinger, a staunch conservative, as its first new pope of the third millennium on Tuesday with the task of ushering its 1.1 billion followers into a new era. The 78-year-old former cardinal, the Vatican
Published 20 Apr, 2005 12:00am
Snow renews pledge of deficit cuts

Snow renews pledge of deficit cuts

US Treasury Secretary John Snow on Tuesday renewed the Bush administration's pledge to reduce the federal budget deficit and called for private accounts in the Social Security government retirement program. "Tight controls on discretionary spending and in
Published 20 Apr, 2005 12:00am
Benedict XVI elected new Pope

Benedict XVI elected new Pope

The Roman Catholic Church elected Germany's Joseph Ratzinger, a staunch conservative, as its first new pope of the third millennium on Tuesday with the task of ushering its 1.1 billion followers into a new era. The 78-year-old former cardinal, the Vatican
Published 20 Apr, 2005 12:00am
Modest growth seen across G7 in 2005, led by US

Modest growth seen across G7 in 2005, led by US

The world's top economies will post moderate growth this year, capped by high oil prices, with the United States putting in the best performance, a Reuters poll of around 150 economists shows. The quarterly survey on the outlook for the Group of Seven ind
Published 20 Apr, 2005 12:00am
Islamabad and Manila to foster trade ties

Islamabad and Manila to foster trade ties

President General Pervez Musharraf and his Philippine counterpart Gloria Macapagal Arroyo on Tuesday agreed to develop a vibrant trade and economic relationship, with the visiting Pakistani leader also expressing Islamabad''s desire to have free trade agr
Published 20 Apr, 2005 12:00am
Generic firms attack EU plan for kids' medicines

Generic firms attack EU plan for kids' medicines

Europe's generic drugs industry has slammed European plans to offer an additional six months of patent life to branded medicine makers who develop products for children. The proposed legislation, which is based on the current US model, could come into for
Published 20 Apr, 2005 12:00am
Islamabad and Manila to foster trade ties

Islamabad and Manila to foster trade ties

President General Pervez Musharraf and his Philippine counterpart Gloria Macapagal Arroyo on Tuesday agreed to develop a vibrant trade and economic relationship, with the visiting Pakistani leader also expressing Islamabad's desire to have free trade agre
Published 20 Apr, 2005 12:00am
Eurozone industrial output shrinks

Eurozone industrial output shrinks

Industrial output in the eurozone shrank by an expected 0.5 percent in February from January, dragged down by declines in Germany and France, the two largest economies in the bloc, Eurostat said on Tuesday. On an annual basis, output in February was up by
Published 20 Apr, 2005 12:00am
Islamabad and Manila to foster trade ties

Islamabad and Manila to foster trade ties

President General Pervez Musharraf and his Philippine counterpart Gloria Macapagal Arroyo on Tuesday agreed to develop a vibrant trade and economic relationship, with the visiting Pakistani leader also expressing Islamabad's desire to have free trade agre
Published 20 Apr, 2005 12:00am
China gives state-owned banks one-year deadline

China gives state-owned banks one-year deadline

China's banking watchdog has set a deadline of one-year for the country's state-owned commercial banks to do something about a growing incidence of financial crimes, state media reported Tuesday. Liu Mingkang, chairman of the China Banking Regulatory Comm
Published 20 Apr, 2005 12:00am
Export-Import Bank opens credit facility for Pakistan

Export-Import Bank opens credit facility for Pakistan

James H. Lambright, executive vice-president of the Export-Import Bank of the United States, on Monday announced that the bank has been opened for short- and medium-term programmes in the private sector for Pakistan. The announcement drew a prolonged appl
Published 20 Apr, 2005 12:00am
General Motors posts big quarterly loss, worst since 1992

General Motors posts big quarterly loss, worst since 1992

General Motors Corp on Tuesday posted a first-quarter net loss of $1.10 billion, its worst results since the industrial icon skirted bankruptcy in 1992, due to weaker US sales and growing costs for employee health care and goods to build cars. The world's
Published 20 Apr, 2005 12:00am
Export-Import Bank opens credit facility for Pakistan

Export-Import Bank opens credit facility for Pakistan

James H. Lambright, executive vice-president of the Export-Import Bank of the United States, on Monday announced that the bank has been opened for short- and medium-term programmes in the private sector for Pakistan. The announcement drew a prolonged appl
Published 20 Apr, 2005 12:00am
General Motors posts big quarterly loss, worst since 1992

General Motors posts big quarterly loss, worst since 1992

General Motors Corp on Tuesday posted a first-quarter net loss of $1.10 billion, its worst results since the industrial icon skirted bankruptcy in 1992, due to weaker US sales and growing costs for employee health care and goods to build cars. The world's
Published 20 Apr, 2005 12:00am
Export-Import Bank opens credit facility for Pakistan

Export-Import Bank opens credit facility for Pakistan

James H. Lambright, executive vice-president of the Export-Import Bank of the United States, on Monday announced that the bank has been opened for short- and medium-term programmes in the private sector for Pakistan. The announcement drew a prolonged appl
Published 20 Apr, 2005 12:00am
Canada to overhaul foreign aid

Canada to overhaul foreign aid

Canada will radically overhaul its foreign aid program, devoting most of its assistance to a group of 25 mainly African countries rather than spreading it out over more than 150 nations as at present, the government said on Tuesday. The announcement was m
Published 20 Apr, 2005 12:00am
EU forced to rethink farm subsidies for poor areas

EU forced to rethink farm subsidies for poor areas

Farm experts at the European Commission will have to rethink how extra subsidies are paid to Europe's poorest areas ahead of a debate by EU ministers at a meeting next week, officials said on Tuesday. The Commission has been under attack for years over ho
Published 20 Apr, 2005 12:00am
Coke profit beats forecast

Coke profit beats forecast

Coca-Cola Co on Tuesday reported a quarterly profit that beat Wall Street's consensus forecast, sending shares of the world's largest soft drink maker up 3 percent. Coca-Cola executives also said its brands gained on rivals in the fast-growing bottled wat
Published 20 Apr, 2005 12:00am
Coke profit beats forecast

Coke profit beats forecast

Coca-Cola Co on Tuesday reported a quarterly profit that beat Wall Street's consensus forecast, sending shares of the world's largest soft drink maker up 3 percent. Coca-Cola executives also said its brands gained on rivals in the fast-growing bottled wat
Published 20 Apr, 2005 12:00am
Grosjean and Melzer advance at US Claycourt

Grosjean and Melzer advance at US Claycourt

Sixth seed Sebastien Grosjean and No 7 Jurgen Melzer advanced to the second round of the US Clay Court Championships here Monday, while second-seeded Andre Agassi warmed up for singles action with a rare doubles appearance. France's Grosjean defeated Bjor
Published 20 Apr, 2005 12:00am
Ferrero holds his nerve to earn marathon clay win

Ferrero holds his nerve to earn marathon clay win

Spain's former King of Clay Juan Carlos Ferrero showed increasing signs of life on the surface Tuesday, scraping through a 6-3, 3-6, 7-5 marathon over compatriot Alberto Montanes at the 850,000-euro Barcelona Open. The former Roland Garros champion, who l
Published 20 Apr, 2005 12:00am
Golf diplomacy triumphs

Golf diplomacy triumphs

Chinese star Zhang Lian-Wei said on Tuesday that last week's Visa Dynasty Cup showdown had been a model of intra-Asian relations despite growing anti-Japanese feeling in China. Zhang, instrumental in Asia's win over Japan in Shenzhen, southern China, said
Published 20 Apr, 2005 12:00am
Donald has majors in his sights

Donald has majors in his sights

England's Luke Donald said his first major victory could be just around the corner after a spectacular third-place finish on his US Masters debut. Donald, brimming with confidence after mastering the Augusta course, also said on Tuesday that he hoped to b
Published 20 Apr, 2005 12:00am
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