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Jan 05, 2025 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Print - 2005-05-05
New York coffee ends in red for fourth straight session

New York coffee ends in red for fourth straight session

Arabica coffee futures declined on Tuesday for the fourth consecutive session as speculators and funds trimmed their long positions in line with the broader commodity market, traders and analysts said. At the New York Board of Trade, the benchmark July ar
Published 05 May, 2005 12:00am
Cement companies profit rises 32 percent, sales 21 percent

Cement companies profit rises 32 percent, sales 21 percent

Cement companies showed improved performance during the first nine months of the current fiscal year, where their net income recorded a boost of 32 percent while sales including exports registered an increase of 21 percent 10 months to April 30. The cemen
Published 05 May, 2005 12:00am
New York cocoa down in quiet trade

New York cocoa down in quiet trade

US benchmark cocoa futures prices ended down almost 1 percent in a quiet on Tuesday session, erasing the previous session's gains amid improving prospects for a good crop and peace in top cocoa grower Ivory Coast. "All together it seems like the market wa
Published 05 May, 2005 12:00am
KESC receives additional 75mw from Wapda

KESC receives additional 75mw from Wapda

Karachi Electric Supply Corporation (KESC) has started receiving additional 75 Mw electricity from Wapda w.e.f Wednesday. KESC is also going to replace all overloaded transformers, to avoid power breakdowns, by June this year. Federal Minister of Water an
Published 05 May, 2005 12:00am
KCBT wheat lower on improving weather outlook

KCBT wheat lower on improving weather outlook

Hard red winter wheat futures at the Kansas City Board of Trade (KCBT) ended lower on Tuesday on outlooks for better crop weather this week in the US wheat belt, traders said. KCBT wheat closed 6 to 7-1/2 cents per bushel lower. May was down 6 at $3.31 pe
Published 05 May, 2005 12:00am
KESC receives additional 75mw from Wapda

KESC receives additional 75mw from Wapda

Karachi Electric Supply Corporation (KESC) has started receiving additional 75 Mw electricity from Wapda w.e.f Wednesday. KESC is also going to replace all overloaded transformers, to avoid power breakdowns, by June this year. Federal Minister of Water an
Published 05 May, 2005 12:00am
Drought threatens Spanish sunflower crop

Drought threatens Spanish sunflower crop

A lack of rain after the driest winter in decades threatens to slash Spain's sunflower output, farmers said on Wednesday in the final weeks for planting. Most of Spain's 750,000 hectares usually sown with sunflower are in the southern region of Andalusia,
Published 05 May, 2005 12:00am
KESC receives additional 75mw from Wapda

KESC receives additional 75mw from Wapda

Karachi Electric Supply Corporation (KESC) has started receiving additional 75 Mw electricity from Wapda w.e.f Wednesday. KESC is also going to replace all overloaded transformers, to avoid power breakdowns, by June this year. Federal Minister of Water an
Published 05 May, 2005 12:00am
Singapore bunker fuel prices fall

Singapore bunker fuel prices fall

Singapore bunker prices fell on Wednesday as the bunker/cargo premium narrowed to around $10 a tonne, dealers said. Prices for 380-centistoke (cst) bunker fuel were pegged at $255-$257 a tonne, down $8 from Monday, with the bunker premium at $9-$10 a tonn
Published 05 May, 2005 12:00am
Guilty plea in question at Iraq prison abuse trial

Guilty plea in question at Iraq prison abuse trial

A military court deciding the sentence for a key defendant in the Iraq prisoner abuse scandal was interrupted on Wednesday after the judge questioned the validity of the guilty plea. Judge Colonel James Pohl called a halt for three hours after testimony o
Published 05 May, 2005 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 71,900 tonnes of cargo including 64,115 tonnes import and 7,785 tonnes export cargo including 3,926 containers during last 24 hours ending at 0700 hours on Wednesday. The cargo comprised of 38,734 tonnes dry cargo including 36,432
Published 05 May, 2005 12:00am
Qatar Airways in Boeing and Airbus talks

Qatar Airways in Boeing and Airbus talks

Rapidly-growing Qatar Airways is in "advanced discussions" with Airbus and Boeing Co to purchase new aircraft but wants certain demands to be met before concluding a deal, an airline official said on Wednesday. "It is a strategic decision and the company
Published 05 May, 2005 12:00am
Sweden sees better sugar beet harvest

Sweden sees better sugar beet harvest

The Swedish 2005 sugar beet harvest looks set to be average or slightly better thanks to early planting, beet farming and industry officials said on Wednesday. In the past decade Sweden's annual sugar beet crop has totalled around or just over 2.5 million
Published 05 May, 2005 12:00am
Morocco extends fixed phone licences deadline

Morocco extends fixed phone licences deadline

Morocco has extended by a month offers for a new generation of fixed-line phone licences at the request of bidders, telecoms watchdog ANRT said on Wednesday. Firms can now bid until June 20, instead of May 24 originally, an ANRT spokeswoman said. There ar
Published 05 May, 2005 12:00am
PSA and Indian firm win $46 million Kandla terminal project

PSA and Indian firm win $46 million Kandla terminal project

Singapore's PSA, operator of the world's largest trans-shipment hub, has won a deal in partnership with an Indian firm to build a $46 million container terminal at Kandla, India's second-busiest port, officials said on Wednesday. A unit of PSA, which is o
Published 05 May, 2005 12:00am
Mobile firms reject anti-piracy software terms

Mobile firms reject anti-piracy software terms

A powerful group of mobile phone companies said on Wednesday that revised licensing fees for essential anti-piracy systems were still too high and complex. Last month, MPEG LA, an umbrella group representing international technology firms, said it would c
Published 05 May, 2005 12:00am
Ivorian cocoa prices flat

Ivorian cocoa prices flat

Farmgate prices in Ivory Coast's main cocoa-growing regions were mostly flat or slightly lower from April 25 to May 1, data from the BCC marketing body showed on Wednesday. Farmers in the world's top grower said the poor quality of beans weighed on prices
Published 05 May, 2005 12:00am
Owens Corning posts $4.2 billion net loss

Owens Corning posts $4.2 billion net loss

Bankrupt building materials company Owens Corning on Wednesday reported a huge first-quarter loss after increasing its recorded reserves for asbestos-related liability, but said sales rose in the quarter. It posted a loss of $4.2 billion compared to net i
Published 05 May, 2005 12:00am
Kenyan tea prices mixed

Kenyan tea prices mixed

Kenya's tea attracted brisk demand at the Mombasa auction, with prices mixed because of varying quality, traders said on Wednesday. Africa Tea Brokers (ATB) said in a report demand for certain grades of tea at the auction had fetched higher prices than at
Published 05 May, 2005 12:00am
Owens Corning posts $4.2 billion net loss

Owens Corning posts $4.2 billion net loss

Bankrupt building materials company Owens Corning on Wednesday reported a huge first-quarter loss after increasing its recorded reserves for asbestos-related liability, but said sales rose in the quarter. It posted a loss of $4.2 billion compared to net i
Published 05 May, 2005 12:00am
Pakistan's palm oil prices firm, buyers seen active

Pakistan's palm oil prices firm, buyers seen active

Pakistan's palm oil traders are expected to place fresh buying orders in the coming days as the domestic market remains bullish amid stable world prices and buoyant local demand, dealers said on Wednesday. Buying had also increased on talks of duty adjust
Published 05 May, 2005 12:00am
Ivory Coast moves to eradicate child labour

Ivory Coast moves to eradicate child labour

Ivory Coast, the world's top cocoa grower, has started a pilot project to eradicate child labour on cocoa plantations and hopes to meet a July deadline to win international approval of its plans, officials said. "We have started the pilot phase of the pro
Published 05 May, 2005 12:00am
US Midwest bids for corn and soyabean firm

US Midwest bids for corn and soyabean firm

Spot basis bids for soyabeans and corn were steady to firm in the US Midwest early on Wednesday, reflecting a slow pace of country grain sales as farmers continued with planting, merchandisers said. "Movement is quiet. They will be back in the fields toda
Published 05 May, 2005 12:00am
ISE equities show improvement

ISE equities show improvement

Equities continued to show plus signs at the Islamabad Stock Exchange (ISE) where bulls dominated the proceedings amid increase in index. ISE Network Index showed an improvement of 27.57 points as the rate-based indicator moved from 12,020.43 to 12,048 po
Published 05 May, 2005 12:00am
Dry weather threatens Iberian and German grains

Dry weather threatens Iberian and German grains

Iberian farmers, whose land has been parched by months of drought, expect heavy grain crop losses this year, while dry weather also poses a risk of damage in Germany, analysts say. However, major cereal producers France and Britain - breadbaskets of Iberi
Published 05 May, 2005 12:00am
ISE equities show improvement

ISE equities show improvement

Equities continued to show plus signs at the Islamabad Stock Exchange (ISE) where bulls dominated the proceedings amid increase in index. ISE Network Index showed an improvement of 27.57 points as the rate-based indicator moved from 12,020.43 to 12,048 po
Published 05 May, 2005 12:00am
CBOT wheat futures down on better weather forecast

CBOT wheat futures down on better weather forecast

Wheat futures at the Chicago Board of Trade closed lower on Tuesday on forecasts for better weather soon in the US winter wheat belt, traders said. CBOT wheat closed 4 to 6-1/4 cents per bushel lower. May was down 6-1/4 at $3.08-1/4 per bushel. July was d
Published 05 May, 2005 12:00am
Lafarge first quarter sales rise

Lafarge first quarter sales rise

Lafarge, the world's biggest cement maker, reported a 2.2 percent rise in first-quarter sales as prices improved, but bad winter weather in Europe offset some of the gains. Lafarge generated sales of 2.95 billion euros ($3.79 billion) in the three months
Published 05 May, 2005 12:00am
Oil cake market rates

Oil cake market rates

Upward trend was seen on the forward cottonseed oilcake market on Wednesday as buyers were active to cover their near term requirements, dealers said. The May vaida commenced with no change at Rs 444.00. In the process of trading it gained 80 paisa to be
Published 05 May, 2005 12:00am
Lafarge first quarter sales rise

Lafarge first quarter sales rise

Lafarge, the world's biggest cement maker, reported a 2.2 percent rise in first-quarter sales as prices improved, but bad winter weather in Europe offset some of the gains. Lafarge generated sales of 2.95 billion euros ($3.79 billion) in the three months
Published 05 May, 2005 12:00am
Some buying activity seen on cotton market

Some buying activity seen on cotton market

Some business was seen on the cotton market on Wednesday as a few spinners visited the market for buying quality lots, dealers said. The official spot rate remained unchanged at Rs 2200, without upcountry expenses. Prices in ready were reported in the ran
Published 05 May, 2005 12:00am
Lahore stocks stay sluggish

Lahore stocks stay sluggish

Sluggishness prevailed on local stock market on account of indifferent attitude of investors, while share prices fluctuated up and down, to finally finish with a bearish note. The LSE-25 index declined to 3489.33 points from Tuesday's 3504.62 points, regi
Published 05 May, 2005 12:00am
Tunisia buys durum wheat

Tunisia buys durum wheat

Tunisia's state Office des Cereales has purchased 25,000 tonnes of durum wheat and 25,000 tonnes of barley at a tender that closed on Wednesday, European traders said. The wheat was Syrian origin and priced at 128 euros a tonne fob. The seller was said to
Published 05 May, 2005 12:00am
Lahore stocks stay sluggish

Lahore stocks stay sluggish

Sluggishness prevailed on local stock market on account of indifferent attitude of investors, while share prices fluctuated up and down, to finally finish with a bearish note. The LSE-25 index declined to 3489.33 points from Tuesday's 3504.62 points, regi
Published 05 May, 2005 12:00am
Raw rubber prices up

Raw rubber prices up

The trading on raw rubber side moved upward on Jodia Bazar on Wednesday. The following changes were seen in Ceylon RSSV up 50 paisa to Rs 49, Latex Semnan Tex up Rs 10 to Rs 360 and Thai (G.T) up Rs 10 to Rs 360. Pineapple side: Polac up Rs 10 to Rs 715.
Published 05 May, 2005 12:00am
Uncertainty mars investor sentiment on KSE

Uncertainty mars investor sentiment on KSE

Uncertainty gripped the share market on Wednesday, following submission of KSE proposals to SECP seeking relaxation pertaining to futures rules, where share prices moved in a narrow band throughout the session. The KSE-100 index rose 10.79 points, or 0.16
Published 05 May, 2005 12:00am
Modest trading on grain markets

Modest trading on grain markets

Modest trading was seen on the grain markets on Wednesday as main participants remained on the sidelines due to less buying interest, dealers said. On the cereals side, wheat Mexipak was quoted at Rs 1065. Guwar inferior type shed Rs 40 to Rs 1700 for all
Published 05 May, 2005 12:00am
Uncertainty mars investor sentiment on KSE

Uncertainty mars investor sentiment on KSE

Uncertainty gripped the share market on Wednesday, following submission of KSE proposals to SECP seeking relaxation pertaining to futures rules, where share prices moved in a narrow band throughout the session. The KSE-100 index rose 10.79 points, or 0.16
Published 05 May, 2005 12:00am
Indian wheat output to surge on ideal weather

Indian wheat output to surge on ideal weather

India's output of wheat, the country's main summer harvested crop, is likely to surge due to ample soil moisture, timely sowing and good rains, a top farm scientist said on Wednesday. Harvest of wheat in main growing regions in northern states of Punjab,
Published 05 May, 2005 12:00am
Uncertainty mars investor sentiment on KSE

Uncertainty mars investor sentiment on KSE

Uncertainty gripped the share market on Wednesday, following submission of KSE proposals to SECP seeking relaxation pertaining to futures rules, where share prices moved in a narrow band throughout the session. The KSE-100 index rose 10.79 points, or 0.16
Published 05 May, 2005 12:00am
Thai grains: importers seek soymeal, bird flu eases

Thai grains: importers seek soymeal, bird flu eases

Thai soymeal trade was active on Wednesday with importers seeking to buy more for July shipment, dealers said. Argentine low-protein soymeal was down $4-5 a tonne at $239 a tonne cost and freight for July shipment, on Wednesday from a week. Importers were
Published 05 May, 2005 12:00am
World Bank links PRSC-II with Discos tariff fixation

World Bank links PRSC-II with Discos tariff fixation

The World Bank (WB) has linked Poverty Reduction Support Credit II (PRSC-II) with tariff notification for Wapda''s distribution companies (Discos) and progress on power sector reforms programme, sources in Finance Ministry told Business Recorder. T
Published 05 May, 2005 12:00am
Indian gold futures rebound

Indian gold futures rebound

Indian gold futures rose on Wednesday after a two-day fall, supported by higher global prices and wedding season demand, while sugar and Soyaoil fell on surging stocks. June gold at the Multi commodity Exchange (MCX) was up 21 rupees at 6,166 rupees per 1
Published 05 May, 2005 12:00am
World Bank links PRSC-II with Discos tariff fixation

World Bank links PRSC-II with Discos tariff fixation

The World Bank (WB) has linked Poverty Reduction Support Credit II (PRSC-II) with tariff notification for Wapda's distribution companies (Discos) and progress on power sector reforms programme, sources in Finance Ministry told Business Recorder. Th
Published 05 May, 2005 12:00am
New York copper lower as dollar firms on Fed outlook

New York copper lower as dollar firms on Fed outlook

US copper futures closed lower on Tuesday, after slipping when European and Asian markets sold off after being closed on Monday when New York prices fell, and dollar strength exacerbate the declines in a thin market, traders said. Anticipation of the Fede
Published 05 May, 2005 12:00am
World Bank links PRSC-II with Discos tariff fixation

World Bank links PRSC-II with Discos tariff fixation

The World Bank (WB) has linked Poverty Reduction Support Credit II (PRSC-II) with tariff notification for Wapda's distribution companies (Discos) and progress on power sector reforms programme, sources in Finance Ministry told Business Recorder. Th
Published 05 May, 2005 12:00am
New York gold closes at two-week low before Fed ups rates

New York gold closes at two-week low before Fed ups rates

US gold futures closed at a two-week low on Tuesday, as the market saw further speculative liquidation under $430 an ounce before an as-expected decision on US interest rates. Traders were reluctant to boost gold, despite a soft dollar, as they awaited an
Published 05 May, 2005 12:00am
Grant for exploration licence in Dera Ghazi Khan challenged

Grant for exploration licence in Dera Ghazi Khan challenged

The Supreme Court has ordered issuance of notices to six parties relating to grant and acceptance of exploration licences for gas in Rodho Block in Safed Koh area in Dera Ghazi Khan. The gas reserve is estimated approximately at four billion (later revise
Published 05 May, 2005 12:00am
Malaysian tin flat for second day

Malaysian tin flat for second day

Malaysian tin closed flat for a second straight day on Wednesday, with dealers saying the market seemed well supported at $8,000 a tonne despite few positive leads. Tin on the London Metal Exchange was down $25 as the market resumed trade on Tuesday after
Published 05 May, 2005 12:00am
Grant for exploration licence in Dera Ghazi Khan challenged

Grant for exploration licence in Dera Ghazi Khan challenged

The Supreme Court has ordered issuance of notices to six parties relating to grant and acceptance of exploration licences for gas in Rodho Block in Safed Koh area in Dera Ghazi Khan. The gas reserve is estimated approximately at four billion (later revise
Published 05 May, 2005 12:00am
Oil holds below $50 on high US stocks, Opec supply

Oil holds below $50 on high US stocks, Opec supply

Oil prices held under $50 a barrel on Wednesday, ahead of data expected to show a sustained rise in crude stocks in the United States and as Opec cranked up production. US light crude edged up 5 cents to $49.55 a barrel, after the previous day's almost 3
Published 05 May, 2005 12:00am
Grant for exploration licence in Dera Ghazi Khan challenged

Grant for exploration licence in Dera Ghazi Khan challenged

The Supreme Court has ordered issuance of notices to six parties relating to grant and acceptance of exploration licences for gas in Rodho Block in Safed Koh area in Dera Ghazi Khan. The gas reserve is estimated approximately at four billion (later revise
Published 05 May, 2005 12:00am
India and Pakistan shy away from sugar market

India and Pakistan shy away from sugar market

India and Pakistan, Asia's leading sugar buyers, are awash in sugar and are unlikely to tap world markets for new supplies anytime soon. While Indonesia and Taiwan are expected to be more keen for the sweetener soon, the lack of interest by India and Paki
Published 05 May, 2005 12:00am
FSC to be moved against cotton hedge trading

FSC to be moved against cotton hedge trading

The Farmers Association of Pakistan (FAP) and Pakistan Cotton Ginners Association (PCGA) have joined hands to move Federal Shariah Court (FSC) against hedge trading in cotton. The FAP and PCGA have identical views and strongly believe that the new mode of
Published 05 May, 2005 12:00am
Vietnam seen supplying bulk of Manila rice imports

Vietnam seen supplying bulk of Manila rice imports

Vietnam is likely to supply the bulk of 200,000 tonnes of rice the Philippines will be importing for June/July delivery, data from state trading firm National Food Authority (NFA) showed on Wednesday. The NFA held a tender for 5-percent and 15-percent bro
Published 05 May, 2005 12:00am
FSC to be moved against cotton hedge trading

FSC to be moved against cotton hedge trading

The Farmers Association of Pakistan (FAP) and Pakistan Cotton Ginners Association (PCGA) have joined hands to move Federal Shariah Court (FSC) against hedge trading in cotton. The FAP and PCGA have identical views and strongly believe that the new mode of
Published 05 May, 2005 12:00am
New York sugar closes near day's lows in quiet business

New York sugar closes near day's lows in quiet business

Raw sugar futures settled easier on Tuesday on speculative fund sales in subdued dealings, with the sweetener seen drifting in a band due to a lack of market-moving news, brokers said. The New York Board of Trade's July raw sugar contract fell 0.12 cent t
Published 05 May, 2005 12:00am
FSC to be moved against cotton hedge trading

FSC to be moved against cotton hedge trading

The Farmers Association of Pakistan (FAP) and Pakistan Cotton Ginners Association (PCGA) have joined hands to move Federal Shariah Court (FSC) against hedge trading in cotton. The FAP and PCGA have identical views and strongly believe that the new mode of
Published 05 May, 2005 12:00am
Soyabeans dip on technical moves

Soyabeans dip on technical moves

Soyabean futures at the Chicago Board of Trade closed lower pressured by technical sales late on Tuesday, following the moves in US crude oil futures, traders said. When crude oil prices fell below $50 per barrel late on Tuesday, soyabeans dived. The tand
Published 05 May, 2005 12:00am
$6 billion trade deficit seen this year

$6 billion trade deficit seen this year

The government is expecting $6 billion trade deficit by the end of current fiscal, mainly due to the unprecedented increase in import of machinery, raw material and petroleum bill, sources in Commerce Ministry told Business Recorder here on Wednesd
Published 05 May, 2005 12:00am
Many Asian markets closed

Many Asian markets closed

Most of the Southeast Asian markets including Japan and China, closed on Wednesday due to holidays.
Published 05 May, 2005 12:00am
$6 billion trade deficit seen this year

$6 billion trade deficit seen this year

The government is expecting $6 billion trade deficit by the end of current fiscal, mainly due to the unprecedented increase in import of machinery, raw material and petroleum bill, sources in Commerce Ministry told Business Recorder here on Wednesd
Published 05 May, 2005 12:00am
Palm oil seed scam may hurt Indonesia output

Palm oil seed scam may hurt Indonesia output

Indonesian farmers seeking high yield palm oil seeds are being duped into buying low yield seeds, which might hurt the country's output, Agriculture Minister Anton Apriyantono said on Tuesday. Around 400,000 hectares of mostly small-holder plantations wer
Published 05 May, 2005 12:00am
$6 billion trade deficit seen this year

$6 billion trade deficit seen this year

The government is expecting $6 billion trade deficit by the end of current fiscal, mainly due to the unprecedented increase in import of machinery, raw material and petroleum bill, sources in Commerce Ministry told Business Recorder here on Wednesd
Published 05 May, 2005 12:00am
CBOT rice rallies to four-month top

CBOT rice rallies to four-month top

Chicago Board of Trade rice futures rallied to a four-month high on Tuesday as heavy sell-stops were triggered amid further confirmation that Iraq was buying US wheat, traders said. "Three hundred buy-stops were hit between $7.60 and $7.75 in July," one r
Published 05 May, 2005 12:00am
Non-proliferation meeting deadlocked

Non-proliferation meeting deadlocked

Just days into a month-long UN conference on the fight against the spread of nuclear weapons, there is agreement on the need to reform the Non-Proliferation Treaty (NPT) but deadlock over how to do it. The meeting opened Monday without a set agenda and di
Published 05 May, 2005 12:00am
Malaysian palm oil down on soya, outlook weak

Malaysian palm oil down on soya, outlook weak

Malaysian crude palm oil futures fell 1.5 percent on Wednesday after a sell-off sparked by weak prices of rival US soyaoil. Bursar Malaysia Derivatives' benchmark third-month palm oil contract, July, ended down 22 ringgit at the day's low of 1,411 ringgit
Published 05 May, 2005 12:00am
Posting cancelled

Posting cancelled

The Establishment Division notified late on Wednesday night that the promotion of Syed Asif Shah and transfer to the post of Secretary, Information Technology and Telecommunication Division, has been cancelled with immediate effect. "The Establishment Div
Published 05 May, 2005 12:00am
Morgan Stanley names new top lawyer

Morgan Stanley names new top lawyer

Morgan Stanley on Wednesday named a senior mergers and acquisitions lawyer as a rainmaker and top legal counsellor as it comes under fire for missteps in recent regulatory actions and lawsuits. The world's largest securities firm named Shearman & Sterling
Published 05 May, 2005 12:00am
Bureaucracy reshuffled: Sindh and Balochistan chief secretaries replaced

Bureaucracy reshuffled: Sindh and Balochistan chief secretaries replaced

In a major reshuffle, the federal government on Wednesday replaced the chief secretaries of Sindh and Balochistan, with immediate effect. Fazl-ur-Rehman, a BS-22 officer of Pakistan Audit and Accounts Service who was secretary to the ministry of ports and
Published 05 May, 2005 12:00am
Oil prices buoy Total profits

Oil prices buoy Total profits

French oil major Total SA comfortably beat analysts' forecasts with a 50 percent rise in first-quarter net profit on Wednesday amid high oil prices, reviving petrochemicals and strong refining margins. But the world's fourth-largest oil company, worried b
Published 05 May, 2005 12:00am
Bureaucracy reshuffled: Sindh and Balochistan chief secretaries replaced

Bureaucracy reshuffled: Sindh and Balochistan chief secretaries replaced

In a major reshuffle, the federal government on Wednesday replaced the chief secretaries of Sindh and Balochistan, with immediate effect. Fazl-ur-Rehman, a BS-22 officer of Pakistan Audit and Accounts Service who was secretary to the ministry of ports and
Published 05 May, 2005 12:00am
Oil prices buoy Total profits

Oil prices buoy Total profits

French oil major Total SA comfortably beat analysts' forecasts with a 50 percent rise in first-quarter net profit on Wednesday amid high oil prices, reviving petrochemicals and strong refining margins. But the world's fourth-largest oil company, worried b
Published 05 May, 2005 12:00am
Al Qaeda number three arrested

Al Qaeda number three arrested

Pakistan has captured the alleged al Qaeda number three and mastermind behind two bids to kill President Pervez Musharraf, a development hailed on Wednesday as a key victory against the terror network. Libyan national Abu Faraj al-Libbi, who has a five-mi
Published 05 May, 2005 12:00am
German cabinet adopts tax cut proposals

German cabinet adopts tax cut proposals

Germany's cabinet on Wednesday adopted draft proposals to cut the country's basic rate of corporate tax and Finance Minister Hans Eichel signalled dividend taxes could go up to help pay for it. The draft legislation - a copy of which was obtained by Reute
Published 05 May, 2005 12:00am
Al Qaeda number three arrested

Al Qaeda number three arrested

Pakistan has captured the alleged al Qaeda number three and mastermind behind two bids to kill President Pervez Musharraf, a development hailed on Wednesday as a key victory against the terror network. Libyan national Abu Faraj al-Libbi, who has a five-mi
Published 05 May, 2005 12:00am
US services sector soggy

US services sector soggy

Growth in the vast US services sector slowed in April, consistent with a soft patch in the economy linked to high energy prices, a report showed on Wednesday. Separate reports showed housing remains strong, with weekly mortgage applications higher and mor
Published 05 May, 2005 12:00am
Suicide bomber kills 50 in Iraq

Suicide bomber kills 50 in Iraq

Almost 50 people were killed Wednesday as a suicide bomber struck an Iraqi police recruitment centre in the Kurdish city of Arbil, a day after Iraq's first democratic cabinet was sworn in. In a separate attack in Baghdad, a car bomb killed nine Iraqi sold
Published 05 May, 2005 12:00am
Germany's FMC to buy Renal Care for $3.5 billion

Germany's FMC to buy Renal Care for $3.5 billion

Fresenius Medical Care, the world's top dialysis company, unveiled a $3.5-billion buy of Renal Care Group Inc on Wednesday, helping it overtake DaVita in the key US market. But FMC's ordinary stock fell 4 percent on fears the company had overpaid, raising
Published 05 May, 2005 12:00am
Suicide bomber kills 50 in Iraq

Suicide bomber kills 50 in Iraq

Almost 50 people were killed Wednesday as a suicide bomber struck an Iraqi police recruitment centre in the Kurdish city of Arbil, a day after Iraq's first democratic cabinet was sworn in. In a separate attack in Baghdad, a car bomb killed nine Iraqi sold
Published 05 May, 2005 12:00am
Germany's FMC to buy Renal Care for $3.5 billion

Germany's FMC to buy Renal Care for $3.5 billion

Fresenius Medical Care, the world's top dialysis company, unveiled a $3.5-billion buy of Renal Care Group Inc on Wednesday, helping it overtake DaVita in the key US market. But FMC's ordinary stock fell 4 percent on fears the company had overpaid, raising
Published 05 May, 2005 12:00am
Pensions drive 30 percent leap in Allianz profit

Pensions drive 30 percent leap in Allianz profit

Germany's biggest insurer, Allianz, reported a 30 percent jump in first-quarter net profit thanks to a boom in life insurance and pensions and a solid performance across the group. Allianz said on Wednesday it made a net profit of more than 1.1 billion eu
Published 05 May, 2005 12:00am
Pensions drive 30 percent leap in Allianz profit

Pensions drive 30 percent leap in Allianz profit

Germany's biggest insurer, Allianz, reported a 30 percent jump in first-quarter net profit thanks to a boom in life insurance and pensions and a solid performance across the group. Allianz said on Wednesday it made a net profit of more than 1.1 billion eu
Published 05 May, 2005 12:00am
Delta and Mesa Air enter strategic partnership

Delta and Mesa Air enter strategic partnership

Delta Air Lines Inc and Mesa Air Group Inc on Wednesday said they had entered a strategic partnership, with Mesa subsidiary Freedom Airlines becoming a Delta Connection carrier. Freedom Airlines will be able to operate up to 30 CRJ200 aircraft on routes t
Published 05 May, 2005 12:00am
BAT first quarter earnings light up

BAT first quarter earnings light up

British American Tobacco, the world's second-biggest cigarette maker, posted an above forecast 26 percent jump in first-quarter earnings, but said although the year started well, the rise was no guide for the full year. BAT, which makes Lucky Strike, Kent
Published 05 May, 2005 12:00am
BAT first quarter earnings light up

BAT first quarter earnings light up

British American Tobacco, the world's second-biggest cigarette maker, posted an above forecast 26 percent jump in first-quarter earnings, but said although the year started well, the rise was no guide for the full year. BAT, which makes Lucky Strike, Kent
Published 05 May, 2005 12:00am
Training of Warid Telecom staff by Habib Bank

Training of Warid Telecom staff by Habib Bank

Upholding Habib Bank's business partnership philosophy, a series of orientation workshops were conducted by the HBL training institutes for cashiers of Warid Telecom Pvt Ltd, an upcoming UAE-based telecom company in Pakistan. Habib Bank is acting as the l
Published 05 May, 2005 12:00am
Motorola almost bought Siemens mobile

Motorola almost bought Siemens mobile

Motorola, the world's second-biggest maker of mobile handsets, almost bought the ailing mobile phones business of Germany's Siemens but the deal failed at the last minute, a newspaper reported. Documents for a complete sale of the loss-making unit were pr
Published 05 May, 2005 12:00am
US Airways restates net loss

US Airways restates net loss

Bankrupt US Airways on Wednesday said it took a $91 million charge in its recently reported first quarter related to the termination of three benefit pension plans. Consequently, the company's net loss for the quarter was $282 million, or $5.13 a share, a
Published 05 May, 2005 12:00am
US pressure scuttles Iran buy of plastics firm

US pressure scuttles Iran buy of plastics firm

Intense US pressure has scuppered the possible acquisition of a European plastics firm by an Iranian state-owned company, Iran said on Wednesday, a day after it vowed to press on with its nuclear activities. Iran's National Petrochemical Company was favou
Published 05 May, 2005 12:00am
Datacraft and Sun Micro unveil storage partnership

Datacraft and Sun Micro unveil storage partnership

Southeast Asia's biggest computer data network builder, Datacraft Asia Ltd, and US network computer maker Sun Microsystems Inc announced a partnership on Wednesday to offer storage solutions to Asian customers. The alliance offers consulting and other ser
Published 05 May, 2005 12:00am
Italy government wins confidence vote on growth package

Italy government wins confidence vote on growth package

Prime Minister Silvio Berlusconi's government won a parliamentary vote of confidence on Wednesday on a contested package of measures aimed at energising Italy's chronically weak economy. The Action Plan for Growth, which has a zero net cost for the strugg
Published 05 May, 2005 12:00am
Eurozone service sector growth weakens

Eurozone service sector growth weakens

French and Spanish consumers helped to keep the euro zone service sector growing in April, but optimism waned as companies felt the chill from a downturn in manufacturing, surveys showed on Wednesday. The Eurozone Service Sector Business Activity Index, p
Published 05 May, 2005 12:00am
New UN fisheries management body announced

New UN fisheries management body announced

A new UN fisheries management body to stop over-fishing in the south-west Indian Ocean and ensure countries in the region continue to profit from the resource, was announced Tuesday by the Food and Agriculture Organisation (FAO). The first task of the Sou
Published 05 May, 2005 12:00am
Key nations reach deal on farm tariffs formula

Key nations reach deal on farm tariffs formula

Five major trading countries resolved a row on Wednesday over the mechanism for calculating agricultural import tariffs, clearing a major obstacle in the Doha free trade round negotiations, an EU spokesman said. He said the five - the United States, the E
Published 05 May, 2005 12:00am
PepsiCo raises dividend

PepsiCo raises dividend

PepsiCo Inc said on Wednesday it raised its quarterly dividend 13 percent to 26 cents a share from 23 cents a share. The company, which last raised its dividend in March 2004, declined to give a reason for the increase. It had $681 million in cash and equ
Published 05 May, 2005 12:00am
PepsiCo raises dividend

PepsiCo raises dividend

PepsiCo Inc said on Wednesday it raised its quarterly dividend 13 percent to 26 cents a share from 23 cents a share. The company, which last raised its dividend in March 2004, declined to give a reason for the increase. It had $681 million in cash and equ
Published 05 May, 2005 12:00am
Credit Suisse first-quarter beats forecast

Credit Suisse first-quarter beats forecast

Credit Suisse beat forecasts with a rise in first-quarter profit as strong earnings at its flagship private bank offset soft spots in investment banking, but it gave a mixed outlook for the year ahead. Net profit at Europe's ninth-largest bank came in at
Published 05 May, 2005 12:00am
Credit Suisse first-quarter beats forecast

Credit Suisse first-quarter beats forecast

Credit Suisse beat forecasts with a rise in first-quarter profit as strong earnings at its flagship private bank offset soft spots in investment banking, but it gave a mixed outlook for the year ahead. Net profit at Europe's ninth-largest bank came in at
Published 05 May, 2005 12:00am
Saudi Arabia raises riyal rates

Saudi Arabia raises riyal rates

Saudi Arabia raised the official repo rate on its dollar-pegged riyal by a quarter point to 3.5 percent on Wednesday in response to a similar increase by the US Federal Reserve. But bankers said the riyal's market repo rate, at which banks borrow from the
Published 05 May, 2005 12:00am
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