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Apr 11, 2025 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Print - 2005-05-13
Firm trend witnessed on cotton market

Firm trend witnessed on cotton market

Firm trend was witnessed on the cotton market on Thursday as prices maintained the overnight levels ahead of the TCP May 14 auction, dealers said. The official spot rates remained unchanged at Rs 2200, without upcountry expenses. They said that the cotton
Published 13 May, 2005 12:00am
Greece remiss in airlines aid recovery

Greece remiss in airlines aid recovery

Greece did not do enough to recover 194 million euros ($249 million) in illegal aid given to debt-laden Olympic Airways, the European Union's top court said in a ruling on Thursday. The court criticised Athens for transferring Olympic Airways' personnel a
Published 13 May, 2005 12:00am
EU air travel tax seen possible way to finance aid

EU air travel tax seen possible way to finance aid

A tax on air travel in the European Union is one of the most likely ways of raising additional funds to boost aid for the world's poorest countries, an EU document obtained by Reuters on Thursday showed. The bloc's 25 finance ministers will be asked at in
Published 13 May, 2005 12:00am
Malaysia may squeeze currency speculators again

Malaysia may squeeze currency speculators again

Investors have been stocking up on Malaysian ringgit assets as a proxy trade for a possible yuan revaluation, but many in the market now reckon Malaysia could make it difficult for speculators to book any quick profits. Foreign investors have pumped in 30
Published 13 May, 2005 12:00am
3M to acquire Cuno for $1.35 billion

3M to acquire Cuno for $1.35 billion

3M Co on Thursday said it would acquire filtration products maker CUNO Inc for about $1.35 billion in a move to capitalise on the growing need for water purification globally. Water purification is being targeted as a high-growth market by other companies
Published 13 May, 2005 12:00am
South Africa March manufacturing rises

South Africa March manufacturing rises

South Africa's manufacturing output edged up in March but analysts said the data painted a sluggish picture for the second-biggest sector of the continent's largest economy. Manufacturing production rose by a seasonally adjusted 0.9 percent in March compa
Published 13 May, 2005 12:00am
Langeveldt hat-trick upsets West Indies apple cart

Langeveldt hat-trick upsets West Indies apple cart

An incredible last over hat-trick from Charl Langeveldt brought South Africa from the brink of defeat and handed them a stunning one-run victory with one ball to spare over West Indies in the third One-day International on Wednesday. Chasing 285 from 50 o
Published 13 May, 2005 12:00am
Schnyder reaches Rome quarter-finals

Schnyder reaches Rome quarter-finals

Eighth seed Patty Schnyder reached the quarter-finals of the Rome Masters on Thursday after comfortably beating Ana Ivanovic. Schnyder, winner of nine WTA singles titles and ranked 13th in the world, defeated the unseeded Serbian 6-3, 6-2 at the Foro Ital
Published 13 May, 2005 12:00am
Atapattu named skipper

Atapattu named skipper

Sri Lanka Thursday named Marvan Atapattu as the captain of the national team for the forthcoming series against West Indies and a triangular tournament that will also involve India. The other members of the squad were not immediately announced by Sri Lank
Published 13 May, 2005 12:00am
Tiger tries to put penalty behind him at Byron Nelson showdown

Tiger tries to put penalty behind him at Byron Nelson showdown

There's an angry Tiger Woods stalking his top rivals starting here Thursday at the 6.2 million-dollar PGA Byron Nelson Championship after a mistake that cost him a two-stroke penalty last week. Masters champion Woods, owning only a .18 lead over Fiji's Vi
Published 13 May, 2005 12:00am
Chela sees off annoyed Henman in Hamburg Masters

Chela sees off annoyed Henman in Hamburg Masters

French Open semi-finalist Tim Henman missed a wonderful chance to reach the quarter-finals of the Masters Series here Thursday when he let slip a lead of a set and a break of serve in the second set against Juan Ignacio Chela. The fifth-seeded Briton also
Published 13 May, 2005 12:00am
Badminton stakes claim as fastest racquet sport

Badminton stakes claim as fastest racquet sport

Badminton can firmly stake its claim to be the world's fastest racket sport, with smashes reaching speeds of up to 332 kph (207 mph) so far at testing during the Sudirman Cup in Beijing. The International Badminton Federation (IBF) is conducting speed tri
Published 13 May, 2005 12:00am
Asian currencies: Singapore dollar falls after US data, won firmer

Asian currencies: Singapore dollar falls after US data, won firmer

The Singapore dollar fell to a two-week low on Thursday as a smaller-than-expected trade deficit in the United States boosted the dollar, while investors speculated on an imminent yuan revaluation. The Singapore dollar slid as much as 0.45 percent to 1.65
Published 13 May, 2005 12:00am
Australian dollar falls

Australian dollar falls

The Australian dollar fell sharply on Thursday on new signs of strength in the US economy and falling commodity prices, giving up a brief early bounce on strong local jobs data. The Aussie was $0.7727/32, well down on offshore highs of $0.7790 and compare
Published 13 May, 2005 12:00am
Bangladesh interbank rates

Bangladesh interbank rates

Interbank buy/sell rates for the taka against the dollar on Thursday. 63.35/63.70 (previous 63.32/63.70). Call Money Rates: 10.0-20.0 percent (previous 10.0-21.0 percent).
Published 13 May, 2005 12:00am
Narrowing US trade deficit lifts dollar

Narrowing US trade deficit lifts dollar

The dollar gained across the board on Wednesday after a much narrower-than-expected US trade deficit tempered market concerns about external financing problems for the world's largest economy. The deficit contracted to $54.99 billion in March from a revis
Published 13 May, 2005 12:00am
Dollar hits two-week high versus yen

Dollar hits two-week high versus yen

The dollar struck a two-week high against the yen on Thursday, building on gains made on a narrower US trade deficit in the previous session and as some traders bet on a strong US retail sales report. The dollar also flirted with a one-month high versus t
Published 13 May, 2005 12:00am
Swiss franc eases after US trade data

Swiss franc eases after US trade data

The Swiss franc eased slightly against the dollar in early trade on Thursday as a narrowing US trade deficit tempered market concerns about potential external financing problems for the world's largest economy, giving the dollar some support. The dollar,
Published 13 May, 2005 12:00am
India may allow rupee to rise on inflation, yuan

India may allow rupee to rise on inflation, yuan

India's central bank may allow the rupee to gain gradually in the next few weeks in a bid to stave off rising inflation and as it prepares the ground for a possible revaluation of the Chinese yuan, analysts said. The partially convertible rupee surged to
Published 13 May, 2005 12:00am
Chinese shares sag

Chinese shares sag

Chinese share prices closed 1.81 percent lower on Thursday, led by property developers after the government announced new measures to cool the overheating sector, dealers said. At the same time, textile firms were hit as Premier Wen Jiabao vowed to limit
Published 13 May, 2005 12:00am
Malaysian shares drop

Malaysian shares drop

Malaysian share prices closed 0.59 percent lower on Thursday, extending losses in the absence of any fresh local leads with Wall Street's marginal gains overnight and an easing of oil prices not enough to lift sentiment, dealers said. The Kuala Lumpur Com
Published 13 May, 2005 12:00am
Tokyo stocks close 0.38 percent lower

Tokyo stocks close 0.38 percent lower

Japanese share prices closed 0.38 percent lower on Thursday, continuing the weaker tone as investors remained cautious during the corporate earnings season, dealers said. However, they said a drop in oil prices, an unexpected narrowing of the US trade gap
Published 13 May, 2005 12:00am
Singapore shares slightly firmer

Singapore shares slightly firmer

Singapore share prices closed 0.37 percent higher on Thursday, boosted by strong results from some of the city-state's biggest companies, dealers said. The Straits Times Index rose 8.05 points to 2,181.19 on volume of 888 million shares worth 782 million
Published 13 May, 2005 12:00am
Taiwan shares close with mild gains

Taiwan shares close with mild gains

Taiwan share prices closed 0.3 percent higher on Thursday, supported by a steadier Wall Street performance overnight as oil prices fell and the US trade deficit showed a surprise improvement, dealers said. Political concerns ahead of elections Saturday to
Published 13 May, 2005 12:00am
US Treasuries flat, risk worries cancel trade effect

US Treasuries flat, risk worries cancel trade effect

US Treasury debt prices were mostly flat on Wednesday as fears surrounding the hedge fund industry offset trade data hinting at stronger first quarter economic growth. The second leg of the Treasury's quarterly refunding was relatively well received but f
Published 13 May, 2005 12:00am
US Treasuries flat, risk worries cancel trade effect

US Treasuries flat, risk worries cancel trade effect

US Treasury debt prices were mostly flat on Wednesday as fears surrounding the hedge fund industry offset trade data hinting at stronger first quarter economic growth. The second leg of the Treasury's quarterly refunding was relatively well received but f
Published 13 May, 2005 12:00am
Thai shares close lower

Thai shares close lower

Thai share prices closed 0.37 percent lower on Thursday on profit-taking as foreign investors held back on making purchases, dealers said. The Stock Exchange of Thailand (SET) composite index lost 2.53 points to close at 682.12 while the blue chip SET 50
Published 13 May, 2005 12:00am
US stocks rise as lower oil, economic data help

US stocks rise as lower oil, economic data help

US stocks closed higher on Wednesday as investors were soothed by lower oil prices and government economic reports showing the trade deficit narrowed and the budget surplus swelled to its highest level in three years. Also helping the Standard & Poor's 50
Published 13 May, 2005 12:00am
Hong Kong shares jump on oil price fall

Hong Kong shares jump on oil price fall

Hong Kong share prices closed 0.2 percent higher on Thursday after oil prices dropped overnight, with trading rangebound in the run-up to a long weekend, dealers said. The markets will be closed next Monday for a public holiday. The key Hang Seng Index cl
Published 13 May, 2005 12:00am
Philippines shares plunge

Philippines shares plunge

Philippines share prices closed 0.50 percent lower on Thursday as investors took profits for a third straight session, dealers said. They said the absence of fresh positive leads, along with concerns over the impact of new value-added tax (VAT) legislatio
Published 13 May, 2005 12:00am
Seoul shares decline

Seoul shares decline

South Korean shares closed 0.24 percent lower on Thursday, hit by the regular options expiry while sentiment continued under pressure from concerns North Korea is getting ready to test a nuclear weapon, dealers said. They said the market was also weighed
Published 13 May, 2005 12:00am
Italian police take BoI, Consob papers in bank probe

Italian police take BoI, Consob papers in bank probe

Italian police have collected documents at the Bank of Italy and market watchdog Consob as part of a new probe into a take-over battle for Banca Antonveneta, an investigative source said on Thursday. The inquiry, opened by Rome prosecutors on Wednesday, f
Published 13 May, 2005 12:00am
China's FDI falls sharply as interest cools

China's FDI falls sharply as interest cools

China attracted $4.08 billion in foreign direct investment in April, down 27 percent on a year before, in what some said could be dampened interest in the world's seventh-biggest economy. For the first four months, foreign direct investment was $17.47 bil
Published 13 May, 2005 12:00am
Northrop gets $3.2 billion Boeing contract

Northrop gets $3.2 billion Boeing contract

Northrop Grumman Corp said Thursday it had been awarded a five-year, $3.2 billion contract by Boeing Co for continued production work on the F/A-18 Super Hornet carrier-based strike fighter. Of the total, about $650 million has been funded for fiscal 2005
Published 13 May, 2005 12:00am
Eurozone gets rare German GDP boost, Italy slumps

Eurozone gets rare German GDP boost, Italy slumps

Germany propped up the eurozone as Italy and the Netherlands slid into the clutches of recession in the first quarter of 2005, but Germany's surge in growth was not enough to dispel fears of European slowdown. European statistics agency Eurostat announced
Published 13 May, 2005 12:00am
US saves Deutsche Telekom as Germany, UK disappoint

US saves Deutsche Telekom as Germany, UK disappoint

Deutsche Telekom posted a 5.2 percent rise in first-quarter core profit on Thursday, in line with forecasts, but mobile earnings missed expectations after a weak performance in Germany and Britain. Europe's largest telecoms operator once again relied almo
Published 13 May, 2005 12:00am
Russian cabinet backs privatisation bill

Russian cabinet backs privatisation bill

The Russian government approved a bill on Thursday which could cut the power of prosecutors to launch legal action against companies privatised more than three years ago, Russian news agencies reported. The bill was proposed by President Vladimir Putin an
Published 13 May, 2005 12:00am
Iraq too dangerous to open office: IMF

Iraq too dangerous to open office: IMF

Iraq is too dangerous for the International Monetary Fund to open an office there but the institution hopes to start talks soon on a special loan for the new government, a spokesman said. A new wave of insurgent attacks has heightened international concer
Published 13 May, 2005 12:00am
Strong retail sales data calm US soft-spot fears

Strong retail sales data calm US soft-spot fears

US retail sales surged to the strongest showing in seven months in April, government data showed on Thursday, as broad-based spending eased worries about a slowing US economy and lifted forecasts for future growth. A larger-than-expected rise in jobless c
Published 13 May, 2005 12:00am
Time ripe for China to relax currency: IMF

Time ripe for China to relax currency: IMF

China is ready and able to reform its currency system, and should do so for its own economic interest, the International Monetary Fund said Thursday. The IMF now has a team on the ground analysing the Chinese economy which should report back soon, Fund sp
Published 13 May, 2005 12:00am
Buyout firms may struggle as debt markets wobble

Buyout firms may struggle as debt markets wobble

Cash rich buyout firms have had the pick of the crop in mergers and acquisitions in Europe in recent years. But that could be about to change. As rising interest rates push up borrowing costs, bankers say private equity firms, which rely on mountains of d
Published 13 May, 2005 12:00am
Buyout firms may struggle as debt markets wobble

Buyout firms may struggle as debt markets wobble

Cash rich buyout firms have had the pick of the crop in mergers and acquisitions in Europe in recent years. But that could be about to change. As rising interest rates push up borrowing costs, bankers say private equity firms, which rely on mountains of d
Published 13 May, 2005 12:00am
EU still sees deal on nuclear reactor by July

EU still sees deal on nuclear reactor by July

Agreement over where to build the world's first nuclear fusion reactor is still expected before July, with building work starting by year end, French Industry Minister Patrick Devedjian said on Tuesday. "It's the firm belief that the timetable will be met
Published 13 May, 2005 12:00am
Philips to sell part of TSMC stake

Philips to sell part of TSMC stake

Philips Electronics plans to sell part of its 19-percent stake in Taiwanese contract microchip maker TSMC as part of a wider offering, the Dutch company said on Tuesday. In total, Philips and other shareholders plan to sell 1.05 billion shares - equivalen
Published 13 May, 2005 12:00am
Philips to sell part of TSMC stake

Philips to sell part of TSMC stake

Philips Electronics plans to sell part of its 19-percent stake in Taiwanese contract microchip maker TSMC as part of a wider offering, the Dutch company said on Tuesday. In total, Philips and other shareholders plan to sell 1.05 billion shares - equivalen
Published 13 May, 2005 12:00am
Turkey extends bid deadline in Turk Telekom sale

Turkey extends bid deadline in Turk Telekom sale

Turkey's privatisation board is extending the deadline for bids in the privatisation of state telecoms company Turk Telekom to June 24 from May 31, it said on Tuesday. Turkey last November launched the sell-off of 55 percent of Turk Telekom, a fixed-line
Published 13 May, 2005 12:00am
Wal-Mart profit misses forecast

Wal-Mart profit misses forecast

Wal-Mart Stores Inc on Thursday reported a weaker-than-expected first-quarter profit as steep energy prices and cool, wet weather cut spring sales and warned that results for the current quarter would miss Wall Street forecasts. Shari Eberts, retail analy
Published 13 May, 2005 12:00am
Wal-Mart profit misses forecast

Wal-Mart profit misses forecast

Wal-Mart Stores Inc on Thursday reported a weaker-than-expected first-quarter profit as steep energy prices and cool, wet weather cut spring sales and warned that results for the current quarter would miss Wall Street forecasts. Shari Eberts, retail analy
Published 13 May, 2005 12:00am
Bulgarian economy to see slowdown

Bulgarian economy to see slowdown

The Bulgarian economy is expected to see a general slowdown in 2005 compared to a year earlier, an annual forecast of the state Agency for Economic Analysis and Forecasting (AEAF) showed on Thursday. "The world economy in 2004 was characterised by histori
Published 13 May, 2005 12:00am
Canadian-Arab consortium buys famed Kenyan luxury hotels

Canadian-Arab consortium buys famed Kenyan luxury hotels

A group of Canadian and Arab investors has purchased five famed luxury hostelries in Kenya, including The Norfolk Hotel, Nairobi's oldest, and a fashionable safari lodge founded by a Hollywood movie star, the buyers and sellers said Thursday. Lonrho Afric
Published 13 May, 2005 12:00am
New EU members on track to adopt the euro by 2010

New EU members on track to adopt the euro by 2010

Slovenia, Lithuania and Estonia are well on track to adopt the euro in two years' time, but the bigger economies of Poland, Hungary and the Czech Republic are unlikely to be ready before 2010, a Reuters poll shows. The median forecasts in the May 9-12 sur
Published 13 May, 2005 12:00am
Sinotrans eyes revenue boost, shipping IPO

Sinotrans eyes revenue boost, shipping IPO

Sinotrans Group, a leading Chinese transport firm that partners DHL, aims to boost revenue by a third in 2005 and may list a shipping unit on an overseas stock exchange this year, its president said on Tuesday. The group is targeting turnover of 45 billio
Published 13 May, 2005 12:00am
Sinotrans eyes revenue boost, shipping IPO

Sinotrans eyes revenue boost, shipping IPO

Sinotrans Group, a leading Chinese transport firm that partners DHL, aims to boost revenue by a third in 2005 and may list a shipping unit on an overseas stock exchange this year, its president said on Tuesday. The group is targeting turnover of 45 billio
Published 13 May, 2005 12:00am
Malaysian palm oil higher

Malaysian palm oil higher

Malaysian crude palm oil futures rebounded on Thursday after being jolted a day by a report that China was ready to revalue the yuan, sparking fears that the ringgit would follow. The ringgit is fixed at 3.8 to the dollar and Malaysia has said it will rev
Published 13 May, 2005 12:00am
Indian rice exports flat on lack of demand, prices

Indian rice exports flat on lack of demand, prices

India's rice exports are unlikely to pick up this year with little growth in world demand and global prices uncompetitive, traders and analysts said on Thursday. They said there was limited scope for a jump in exports with world production and demand stab
Published 13 May, 2005 12:00am
Sri Lankan tea prices fall

Sri Lankan tea prices fall

Prices of Sri Lanka teas fell at the latest auction as the poor quality on offer failed to interest buyers, brokers said. Prices of high grown teas like Broken Orange Pekoes (Bops) from high-altitude regions such as Nuwara Ely fell by 15.00 to 20.00 rupee
Published 13 May, 2005 12:00am
Soya futures weaker amid rains

Soya futures weaker amid rains

Soyabean futures at the Chicago Board of Trade closed weak on Wednesday, with rainfall at midweek in the US Midwest weighing on prices, traders said. CBOT soya closed unchanged to 1-1/2 cents per bushel lower. May was down 1/4 at $6.28 per bushel. July wa
Published 13 May, 2005 12:00am
India may export wheat on lower crop

India may export wheat on lower crop

India's wheat production is likely to be around 72-73 million tonnes this year, about 2 million lower than estimates, because of poor weather and exports are unlikely, a trade body said on Thursday. The agriculture ministry and farm scientists had earlier
Published 13 May, 2005 12:00am
New York sugar ends firm

New York sugar ends firm

Raw sugar futures banked on trade and speculative buying to finish higher on Wednesday as most players were tied up in events ahead of the annual Sugar Club dinner in the evening, brokers said. The New York Board of Trade's July raw sugar contract added 0
Published 13 May, 2005 12:00am
Indian gold and silver futures extend slide

Indian gold and silver futures extend slide

Indian soya contracts extended their fall on Thursday, as weak international futures worsened sentiment in a market grappling with a sharp rise in imports of edible oils. Traders said they estimated India imported about 500,000 tonnes of edible oils in Ap
Published 13 May, 2005 12:00am
Oil deepens losses below $50 on abundant US stocks

Oil deepens losses below $50 on abundant US stocks

Oil prices slid below $50 a barrel on Thursday due to persistently high crude inventories in the United States and concerns of slowing global demand growth, while a strengthening dollar could spur further selling. US crude fell 35 cents to $50.10 a barrel
Published 13 May, 2005 12:00am
CBOT rice lower on commercial selling

CBOT rice lower on commercial selling

Rough rice futures at the Chicago Board of Trade closed lower on Wednesday on commercial selling and positioning ahead of monthly crop data due out on Thursday from the US Agriculture Department, traders said. May rice settled 6 cents lower at $7.54 per h
Published 13 May, 2005 12:00am
Gold prices down in Asian markets

Gold prices down in Asian markets

Gold eased slightly in Asia on Thursday as the dollar firmed, but fresh buying interest from jewellers and investors helped it stay near New York's levels. Spot gold was trading at $426.60/427.10 an ounce, versus $427.00/427.80 an ounce last quoted in the
Published 13 May, 2005 12:00am
Comex gold closes flat after trade data, DC scare

Comex gold closes flat after trade data, DC scare

US gold futures ended a choppy session unchanged on Wednesday, as speculative selling was matched with physical buying at lower prices and the market mostly stayed glued to currency moves, dealers said. Futures calmed down in late trade after a brief rall
Published 13 May, 2005 12:00am
Copper subdued in Asia as market seeks direction

Copper subdued in Asia as market seeks direction

Copper futures, trading 5 percent below an all-time high struck a month ago, softened slightly on Thursday in Asia, as investors shied away from taking new positions in a market lacking firm direction. Echoing dips in the Shanghai market, three-month copp
Published 13 May, 2005 12:00am
New York copper ends off as dollar firms on US trade data

New York copper ends off as dollar firms on US trade data

US copper futures ended down on Wednesday at levels hit after the dollar spiked in response to a narrower-than-expected US trade gap, which prompted analysts to upwardly revise their US growth estimates, traders said. "The trade numbers were what set the
Published 13 May, 2005 12:00am
Serbs clinch IMF extension, pledge tough reforms

Serbs clinch IMF extension, pledge tough reforms

The International Monetary Fund has given Serbia a six-month extension to enact tough reforms before completing a $900 million, 2002-2005 loan agreement initially set to expire this month, officials said on Thursday. "We have reached an agreement with the
Published 13 May, 2005 12:00am
'CDMA technology to revolutionise communication'

'CDMA technology to revolutionise communication'

The CDMA technology will help increase the teledensity in next five years in Pakistan, said George Mansho, vice-president, Business Development for the CDMA Development Group (CDG), at a roundtable discussion on Wednesday with wireless local loop (WLL) se
Published 13 May, 2005 12:00am
EU seeks to ease Africa's mistrust on trade talks

EU seeks to ease Africa's mistrust on trade talks

The European Union on Thursday sought to allay African mistrust of a proposed new trade regime critics say will further impoverish the continent's poor. The EU is negotiating with the 77 countries of the Africa, the Caribbean and the Pacific (ACP) economi
Published 13 May, 2005 12:00am
Agfa's lower first quarter results

Agfa's lower first quarter results

Belgium's Agfa-Gevaert posted lower first-quarter operating profit and sales on Thursday, sending its stock down more than 10 percent despite an optimistic outlook for the year. Operating profit fell 8.7 percent to 42 million euros ($53.95 million). Net s
Published 13 May, 2005 12:00am
Agfa's lower first quarter results

Agfa's lower first quarter results

Belgium's Agfa-Gevaert posted lower first-quarter operating profit and sales on Thursday, sending its stock down more than 10 percent despite an optimistic outlook for the year. Operating profit fell 8.7 percent to 42 million euros ($53.95 million). Net s
Published 13 May, 2005 12:00am
SEC subpoenas Genworth over loss mitigation

SEC subpoenas Genworth over loss mitigation

Insurer Genworth Financial Inc said on Thursday said it received a subpoena from the US's Securities and Exchange Commission seeking documents related to loss-mitigation insurance products. Genworth said it fully intends to co-operate with the SEC's reque
Published 13 May, 2005 12:00am
SEC subpoenas Genworth over loss mitigation

SEC subpoenas Genworth over loss mitigation

Insurer Genworth Financial Inc said on Thursday said it received a subpoena from the US's Securities and Exchange Commission seeking documents related to loss-mitigation insurance products. Genworth said it fully intends to co-operate with the SEC's reque
Published 13 May, 2005 12:00am
Sabre to buy UK's Lastminute.com

Sabre to buy UK's Lastminute.com

US group Sabre Holdings Inc has agreed to buy Britain's Lastminute.com Plc for 577 million pounds ($1.1 billion) to add to its Travelocity brand and create Europe's biggest online travel retailer. Sabre said on Thursday it was paying 165 pence a share in
Published 13 May, 2005 12:00am
Sabre to buy UK's Lastminute.com

Sabre to buy UK's Lastminute.com

US group Sabre Holdings Inc has agreed to buy Britain's Lastminute.com Plc for 577 million pounds ($1.1 billion) to add to its Travelocity brand and create Europe's biggest online travel retailer. Sabre said on Thursday it was paying 165 pence a share in
Published 13 May, 2005 12:00am
Fannie to reclassify holdings, issuance share dips

Fannie to reclassify holdings, issuance share dips

Embattled mortgage finance giant Fannie Mae will reclassify its investment securities, resulting in new losses and gains on its balance sheet, the company said. The reclassification will have no impact on earnings and no material impact on the company's m
Published 13 May, 2005 12:00am
Fannie to reclassify holdings, issuance share dips

Fannie to reclassify holdings, issuance share dips

Embattled mortgage finance giant Fannie Mae will reclassify its investment securities, resulting in new losses and gains on its balance sheet, the company said. The reclassification will have no impact on earnings and no material impact on the company's m
Published 13 May, 2005 12:00am
Dissidents call for break-up of Morgan Stanley

Dissidents call for break-up of Morgan Stanley

A group of retired Morgan Stanley executives lobbying Chief Executive Philip Purcell's ouster on Thursday called for the company's institutional securities division to be spun off and led by many executives that recently resigned from the firm. In an open
Published 13 May, 2005 12:00am
Dissidents call for break-up of Morgan Stanley

Dissidents call for break-up of Morgan Stanley

A group of retired Morgan Stanley executives lobbying Chief Executive Philip Purcell's ouster on Thursday called for the company's institutional securities division to be spun off and led by many executives that recently resigned from the firm. In an open
Published 13 May, 2005 12:00am
Bank of Cyprus first quarter net profit up

Bank of Cyprus first quarter net profit up

The Bank of Cyprus posted a 49 percent increase in first-quarter net profit on Thursday, helped by a rise in net interest income and an improved loans and advances portfolio, it said. Core profits in Greece, its main overseas market, were flat because of
Published 13 May, 2005 12:00am
Bank of Cyprus first quarter net profit up

Bank of Cyprus first quarter net profit up

The Bank of Cyprus posted a 49 percent increase in first-quarter net profit on Thursday, helped by a rise in net interest income and an improved loans and advances portfolio, it said. Core profits in Greece, its main overseas market, were flat because of
Published 13 May, 2005 12:00am
Indonesian cotton imports seen up 15 percent

Indonesian cotton imports seen up 15 percent

Indonesia will boost cotton imports by 15 percent to an estimated 2.2 million bales in the 2004/05 marketing year, but imports will be flat the following year, a US Agriculture Department attache said on Tuesday. Preliminary data showed imports reached ab
Published 13 May, 2005 12:00am
New York cocoa down a notch on speculative selling

New York cocoa down a notch on speculative selling

US cocoa futures prices ended lower on Wednesday, with speculative sellers reversing buying spree as the dollar strengthened, traders said. The benchmark July cocoa contract dipped $6, or 0.4 percent, to settle at $1,491 a tonne on the New York Board of T
Published 13 May, 2005 12:00am
US Plains HRW wheat basis bids hold steady

US Plains HRW wheat basis bids hold steady

US Plains spot hard red winter wheat basis bids were steady on Wednesday with movement out of the country remaining quiet despite gains in futures prices, merchandisers said. "You just can't find anything out in the country and anything you do find is pre
Published 13 May, 2005 12:00am
New York coffee futures advance

New York coffee futures advance

Arabica coffee futures prices rebounded to end up more than 2 percent on Wednesday, as roasters and speculators took advantage of sliding bean prices in the session, traders said. The most active arabica contract, July, rose 2.6 percent to settle at $1.24
Published 13 May, 2005 12:00am
High hopes for cotton hedge resumption

High hopes for cotton hedge resumption

According to traders in Karachi, a high level delegation of Karachi Cotton Association (KCA) led by its Chairman Haji Abdul Shakoor Dada met Commerce Minister Humayun Akhtar Khan last Wednesday in Karachi who reportedly told them that because the federal
Published 13 May, 2005 12:00am
High hopes for cotton hedge resumption

High hopes for cotton hedge resumption

According to traders in Karachi, a high level delegation of Karachi Cotton Association (KCA) led by its Chairman Haji Abdul Shakoor Dada met Commerce Minister Humayun Akhtar Khan last Wednesday in Karachi who reportedly told them that because the federal
Published 13 May, 2005 12:00am
Wheat rises on tight supply

Wheat rises on tight supply

Steadier trend was again witnessed on the grain market on Thursday as most of the commodities retained overnight levels amid cautious trading, dealers said. On the cereal side, wheat Mexipak gained Rs five to Rs 1,055 on strong demand, they added. Market
Published 13 May, 2005 12:00am
Dyes move both ways

Dyes move both ways

The trading on dyes sector moved both ways on Jodia Bazar on Thursday. The following variations were seen in bases China Blue BB down Rs 110 to Rs 550, SCARLET G up Rs 5 to Rs 90, Gamet GBC up Rs 15 to Rs 90, China Ten Jin Rohdamine B down Rs 5 to Rs 220,
Published 13 May, 2005 12:00am
Salvador coffee output seen up

Salvador coffee output seen up

El Salvador's coffee production should rise in 2005/06 after the crop suffered in 2004/05 due to unfavourable rain and farmers who were driven into debt from the last coffee crisis. Agriculture Minister Mario Salaverria told Reuters late Wednesday at the
Published 13 May, 2005 12:00am
Rs 252 billion allocation for PSDP likely next year

Rs 252 billion allocation for PSDP likely next year

The government is likely to allocate Rs 252 billion for Public Sector Development Programme (PSDP) 2005-06, against Rs 202 billion of 2004-05, it was reliably learnt here on Thursday. Sources said PSDP is an important segment of Pakistan's fiscal policy a
Published 13 May, 2005 12:00am
KSE index loses 213.57 points

KSE index loses 213.57 points

The delay in privatisation of the Pakistan Telecommunication pre-bid meeting played havoc, and the market underwent heavy selling pressure, falling by almost three percent, where other state-run companies listed also suffered the bears onslaught on Thursd
Published 13 May, 2005 12:00am
Rs 252 billion allocation for PSDP likely next year

Rs 252 billion allocation for PSDP likely next year

The government is likely to allocate Rs 252 billion for Public Sector Development Programme (PSDP) 2005-06, against Rs 202 billion of 2004-05, it was reliably learnt here on Thursday. Sources said PSDP is an important segment of Pakistan's fiscal policy a
Published 13 May, 2005 12:00am
Federal budget on June 10

Federal budget on June 10

Prime Minister's Adviser on Finance Dr Salman Shah has said that the federal budget would be presented by June 10. Talking to a private TV channel, he said the budget could be presented in the National Assembly within first 10 days of June. It is not nece
Published 13 May, 2005 12:00am
KSE index loses 213.57 points

KSE index loses 213.57 points

The delay in privatisation of the Pakistan Telecommunication pre-bid meeting played havoc, and the market underwent heavy selling pressure, falling by almost three percent, where other state-run companies listed also suffered the bears onslaught on Thursd
Published 13 May, 2005 12:00am
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