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Print - 2005-11-27
WTO chief keeps up pressure for progress in talks

WTO chief keeps up pressure for progress in talks

World Trade Organisation (WTO) chief Pascal Lamy presented his blueprint on Saturday for a crucial trade summit next month, saying he hoped it would speed the search for a global free trade deal.
Published 27 Nov, 2005 12:00am
Chinese brokers to pioneer warrants on Wuhan Steel

Chinese brokers to pioneer warrants on Wuhan Steel

China's brokerages plan to list the country's first covered warrants, on Wuhan Iron and Steel Co, on Monday, a move that Beijing encouraged to spur markets and offer cash-strapped securities houses a new income source.
Published 27 Nov, 2005 12:00am
Chinese brokers to pioneer warrants on Wuhan Steel

Chinese brokers to pioneer warrants on Wuhan Steel

China's brokerages plan to list the country's first covered warrants, on Wuhan Iron and Steel Co, on Monday, a move that Beijing encouraged to spur markets and offer cash-strapped securities houses a new income source.
Published 27 Nov, 2005 12:00am
Indian business tycoon creates hot-air balloon record

Indian business tycoon creates hot-air balloon record

An Indian business tycoon with a penchant for adventure created a new hot-air balloon altitude record on Saturday, touching the edge of space in a climb to nearly 70,000 feet (21,336 metres).
Published 27 Nov, 2005 12:00am
Infineon mulls Japan takeover

Infineon mulls Japan takeover

German chipmaker Infineon may buy a Japanese auto- or industrial electronics firm after the sale of its memory business, Chief Executive Wolfgang Ziebart said in an interview published on Saturday.
Published 27 Nov, 2005 12:00am
Saudi Arabia's central bank tighten credit curbs

Saudi Arabia's central bank tighten credit curbs

Saudi Arabia's central bank has tightened limits on consumer lending after a surge in credit, which has helped drive Saudi shares to record highs, bankers said on Saturday.
Published 27 Nov, 2005 12:00am
Shanghai copper climbs, warehouse stocks steady

Shanghai copper climbs, warehouse stocks steady

Shanghai copper futures climbed for a second straight session on Friday, driven by higher international prices and expectations of lower inventories in futures exchange warehouses.
Published 27 Nov, 2005 12:00am
Indian soya, gold futures rise, wheat and sugar gain

Indian soya, gold futures rise, wheat and sugar gain

Indian soyaoil futures rose slightly on Friday on lower market arrivals while gold climbed as the metal hit its highest price in Asia in 18 years and wheat gained marginally after slipping most of the week.
Published 27 Nov, 2005 12:00am
Soya closes weak on exports

Soya closes weak on exports

Soyabean futures at the Chicago Board of Trade closed lower on Friday, sliding to a nine-month low on disappointing weekly export sales, traders said.
Published 27 Nov, 2005 12:00am
Asian rubber: buyers hold back, Tokyo futures weaken

Asian rubber: buyers hold back, Tokyo futures weaken

Most buyers held back from the rubber market waiting for prices to fall on Friday as profit-taking hit Tokyo futures, but dealers said supply concerns might cushion further falls in prices.
Published 27 Nov, 2005 12:00am
German coffee decline

German coffee decline

Purchasing by German coffee roasters was depressed this week by the closure of US markets for the Thanksgiving holiday and by the transfer of positions to the March contract, traders said on Friday.
Published 27 Nov, 2005 12:00am
Philippines buys Chinese wheat, eye corn

Philippines buys Chinese wheat, eye corn

Philippine feedmillers have bought 44,000 tonnes of Chinese wheat for arrival next year, traders said on Friday, taking the total purchases from the same origin to 79,000 tonnes in the past week.
Published 27 Nov, 2005 12:00am
Small islands call for economic revitalisation as sugar prices fall

Small islands call for economic revitalisation as sugar prices fall

With a reduction in sugar prices threatening the economies of sugar-producing small island developing states (SIDS), their top officials have called on the World Trade Organisation (WTO) Ministerial Conference, meeting in Hong Kong next month, to pay grea
Published 27 Nov, 2005 12:00am
Malaysian tin rebounds

Malaysian tin rebounds

Malaysian tin rose more than half percent on Friday, its first gain in three days, as it tracked a higher closing price for the metal in London.
Published 27 Nov, 2005 12:00am
CBOT rice futures firm

CBOT rice futures firm

Chicago Board of Trade rough rice futures closed higher on Friday's shortened session on follow-through technical buying, traders said.
Published 27 Nov, 2005 12:00am
Canadian bonds slightly changed

Canadian bonds slightly changed

With the bigger US treasury market open for half the session, there was little influence on Canadian bonds, which finished just about unchanged with a negative bias on Friday.
Published 27 Nov, 2005 12:00am
Canadian bonds slightly changed

Canadian bonds slightly changed

With the bigger US treasury market open for half the session, there was little influence on Canadian bonds, which finished just about unchanged with a negative bias on Friday.
Published 27 Nov, 2005 12:00am
Argentinean stocks tumble

Argentinean stocks tumble

Argentine stocks dipped lower on Friday in quiet trade and in the absence of market-moving news investors focused on rumours Economy Minister Roberto Lavagna might resign, despite an official denial by his office.
Published 27 Nov, 2005 12:00am
Mexican stocks rally after central bank eases key rate

Mexican stocks rally after central bank eases key rate

Mexican stocks climbed nearly 1 percent on Friday after the central bank eased interest rates to bolster economic growth. Stock market gains were led by recently beaten down airline holding company Cintra and blue chip America Movil.
Published 27 Nov, 2005 12:00am
US Treasuries up, see end to Fed hikes soon

US Treasuries up, see end to Fed hikes soon

US Treasury debt prices rose on Friday as dealers readied for a wave of data next week but kept a wary eye on the ongoing rally in equities.
Published 27 Nov, 2005 12:00am
US Treasuries up, see end to Fed hikes soon

US Treasuries up, see end to Fed hikes soon

US Treasury debt prices rose on Friday as dealers readied for a wave of data next week but kept a wary eye on the ongoing rally in equities.
Published 27 Nov, 2005 12:00am
Eurostocks: European markets on rate watch

Eurostocks: European markets on rate watch

A widely anticipated euro zone interest rate rise, the first in five years, and all-important US jobs data will drive sentiment on European stock markets next week, overshadowing the tail-end of the earnings season.
Published 27 Nov, 2005 12:00am
Brazilian stocks drop

Brazilian stocks drop

Brazilian benchmark stock index dipped from all-time record highs on Friday set in the previous session. At the Sao Paulo Stock Exchange, the benchmark Bovespa index slipped 0.08 percent to 31,919 in quiet trade following the Thanksgiving holiday in the U
Published 27 Nov, 2005 12:00am
Chilean stocks surge

Chilean stocks surge

Chilean blue chips rose on Friday, although they were held back by a sharp drop in shares of retailer Cencosud after criticism from Argentine president Nestor Kirchner, while the peso closed unchanged.
Published 27 Nov, 2005 12:00am
Corporate bonds to bomb in 2006: Schroders

Corporate bonds to bomb in 2006: Schroders

Corporate and high yield bonds are set to be the worst performing debt investments in 2006, as rising levels of interest rates, defaults and leverage take their toll, Schroder Investment Management said on Friday.
Published 27 Nov, 2005 12:00am
Corporate bonds to bomb in 2006: Schroders

Corporate bonds to bomb in 2006: Schroders

Corporate and high yield bonds are set to be the worst performing debt investments in 2006, as rising levels of interest rates, defaults and leverage take their toll, Schroder Investment Management said on Friday.
Published 27 Nov, 2005 12:00am
Emerging debt risk at record low

Emerging debt risk at record low

Emerging debt risk spreads edged to their tightest levels ever on Friday after a week of good news for high-yield investors which included a possible end to the Federal Reserve's campaign for higher interest rates and some support for Brazil's finance min
Published 27 Nov, 2005 12:00am
Emerging debt risk at record low

Emerging debt risk at record low

Emerging debt risk spreads edged to their tightest levels ever on Friday after a week of good news for high-yield investors which included a possible end to the Federal Reserve's campaign for higher interest rates and some support for Brazil's finance min
Published 27 Nov, 2005 12:00am
US stocks rise, Nasdaq hits fresh 4-1/2-years high

US stocks rise, Nasdaq hits fresh 4-1/2-years high

US stocks rose on Friday, extending November's rally and giving the three major indexes their fifth straight week of gains, as the start of the holiday shopping period put visions of profits in investors' heads.
Published 27 Nov, 2005 12:00am
Brazil real ends firm

Brazil real ends firm

Brazil's currency ended firmer on Friday despite a central bank intervention to buy dollars, while the benchmark stock index dipped from all-time record highs set in the previous session.
Published 27 Nov, 2005 12:00am
Forex market views, key levels

Forex market views, key levels

Following is a selection of comments from analysts on important technical developments in the foreign exchange market.
Published 27 Nov, 2005 12:00am
Canadian dollar up

Canadian dollar up

The Canadian dollar drifted higher against the US dollar in a modest range on Friday, while bonds were flat in the absence of a catalyst to provide direction.
Published 27 Nov, 2005 12:00am
Border congratulates Lara on new world record

Border congratulates Lara on new world record

Former Australian captain Allan Border on Saturday congratulated West Indian batting great Brian Lara for overtaking him as the greatest run-scorer in Test cricket.
Published 27 Nov, 2005 12:00am
Test cricket's leading top 10 runscorers

Test cricket's leading top 10 runscorers

The top 10 runscorers in Test cricket after Brian Lara's innings of 226 for the West Indies in the third Test against Australia at Adelaide Oval on Saturday (under Tests, innings, not out, runs, highest score, 100s, 50s, average):

Published 27 Nov, 2005 12:00am
Blackwell to replace Giles for one-dayers

Blackwell to replace Giles for one-dayers

All-rounder Ian Blackwell will replace left-arm spinner Ashley Giles in the England squad for next month's five one-day internationals against Pakistan, an official said on Saturday.
Published 27 Nov, 2005 12:00am
Kentucky Derby winner Stevens to retire

Kentucky Derby winner Stevens to retire

Hall of Fame jockey Gary Stevens, a three-time winner of the Kentucky Derby, announced his retirement from riding on Friday after a 26-year career.
Published 27 Nov, 2005 12:00am
Brian Lara: the greatest run-scorer of all-time

Brian Lara: the greatest run-scorer of all-time

West Indian batting superstar Brian Lara Saturday became the greatest runscorer in Test cricket during his epic double-century in the third cricket Test against Australia at Adelaide Oval.
Published 27 Nov, 2005 12:00am
Langer out for 99 as Aussies chase Lara-fuelled West Indies

Langer out for 99 as Aussies chase Lara-fuelled West Indies

Justin Langer fell for 99 four balls from stumps in a late blow for Australia after Brian Lara stole the show for the West Indies with a double-century to become Test cricket's all-time leading runscorer in the third Adelaide Test on Saturday.
Published 27 Nov, 2005 12:00am
Azerbaijan police break up protest

Azerbaijan police break up protest

Police in Azerbaijan's capital used truncheons and water cannon on Saturday to break up a protest by opposition supporters complaining of vote fraud in an election earlier this month.
Published 27 Nov, 2005 12:00am
Police restrict voting in Egypt polls

Police restrict voting in Egypt polls

Egyptian police restricted voting in areas contested by the opposition Muslim Brotherhood on Saturday and detained hundreds of Islamists trying to build on early success in parliamentary elections.
Published 27 Nov, 2005 12:00am
Women make history in Saudi Arabia chamber polls

Women make history in Saudi Arabia chamber polls

Saudi women voted Saturday to pick a board for the Jeddah Chamber of Commerce and Industry at the start of elections in which 17 of them are standing as candidates for the first time in the conservative kingdom.
Published 27 Nov, 2005 12:00am
Car bomb kills 4 civilians in Baghdad

Car bomb kills 4 civilians in Baghdad

A car bomb exploded near a passing US military patrol in Baghdad on Saturday, killing four passers-by and wounding four others, Iraq's Interior Ministry said, but the US patrol escaped unharmed.
Published 27 Nov, 2005 12:00am
US military admits it burned Taleban bodies

US military admits it burned Taleban bodies

The US military admitted on Saturday that its soldiers in Afghanistan had burned the bodies of two dead Taleban guerrillas and taunted insurgents about it, but had not meant it as a desecration.
Published 27 Nov, 2005 12:00am
Bush thanks families of troops, protesters rally

Bush thanks families of troops, protesters rally

President George W. Bush, under political pressure to change his Iraq policy, on Saturday thanked the families of troops killed in the war for their sacrifice as peace activists prepared to rally at this town near his Texas ranch.
Published 27 Nov, 2005 12:00am
Japan probe lands, collects samples on asteroid

Japan probe lands, collects samples on asteroid

A Japanese space probe made history on Saturday when it landed on the surface of an asteroid and then collected rock samples that could give clues to the origin of the solar system.
Published 27 Nov, 2005 12:00am
Iran offers North Korea oil for weapons help

Iran offers North Korea oil for weapons help

Iran encouraged North Korea to pursue its nuclear programme with an offer of free oil and natural gas, according to a press report quoting Western intelligence officials.
Published 27 Nov, 2005 12:00am
Ishrat named PRF monitoring body chairman

Ishrat named PRF monitoring body chairman

State Bank governor Dr Ishrat Hussain has been appointed as President's Relief Fund (PRF) monitoring committee chairman. The seven-member committee would monitor audits of the President's Relief Fund, a private television channel reported.
Published 27 Nov, 2005 12:00am
Deadline for banks extended to June 30

Deadline for banks extended to June 30

The State Bank of Pakistan (SBP) has extended, up to June 30, 2006, the deadline for receiving Computerised National Identity Cards (CNIC) by commercial banks from their customers.
Published 27 Nov, 2005 12:00am
DIB granted Islamic banking licence

DIB granted Islamic banking licence

The State Bank of Pakistan (SBP) has granted Islamic banking licence to Dubai Islamic Bank Pakistan Limited. Dr Ishrat Husain, Governor, SBP, presented the licence to Arif Alkooheji, Executive Vice-President, Dubai Islamic Bank Pakistan Limited, at a simp
Published 27 Nov, 2005 12:00am
DIB granted Islamic banking licence

DIB granted Islamic banking licence

The State Bank of Pakistan (SBP) has granted Islamic banking licence to Dubai Islamic Bank Pakistan Limited. Dr Ishrat Husain, Governor, SBP, presented the licence to Arif Alkooheji, Executive Vice-President, Dubai Islamic Bank Pakistan Limited, at a simp
Published 27 Nov, 2005 12:00am
DIB granted Islamic banking licence

DIB granted Islamic banking licence

The State Bank of Pakistan (SBP) has granted Islamic banking licence to Dubai Islamic Bank Pakistan Limited. Dr Ishrat Husain, Governor, SBP, presented the licence to Arif Alkooheji, Executive Vice-President, Dubai Islamic Bank Pakistan Limited, at a simp
Published 27 Nov, 2005 12:00am
PBC vote counting on December 1

PBC vote counting on December 1

Attorney General of Pakistan has announced that official counting of votes cast in the elections of Pakistan Bar Council (PBC) will be held on December 1, 2005. Makhdoom Ali Khan acting as returning officer PBC has asked the newly elected PBC members to a
Published 27 Nov, 2005 12:00am
12 Indian prisoners to be repatriated

12 Indian prisoners to be repatriated

Ministry of Interior has allowed repatriation of 12 Indian prisoners, who were languishing in Sindh prisons for several years and Islamabad has informed Delhi about their release. However it could not be decided when they would be handed over to the India
Published 27 Nov, 2005 12:00am
Work on second Sialkot Labour Colony to start soon

Work on second Sialkot Labour Colony to start soon

In order to resolve the accommodation problems confronting the industrial workers, the construction work on second labour colony of Sialkot costing Rs 780 million would be started shortly.
Published 27 Nov, 2005 12:00am
Child camel jockeys due in southern Punjab districts shortly

Child camel jockeys due in southern Punjab districts shortly

A group of 64 children of Southern Punjab who were being used as camel jockeys in United Arab Emirates would be returned home in a couple of days from Lahore where they arrived at the Allama Iqbal International Airport on Friday.
Published 27 Nov, 2005 12:00am
Agriculture be considered as engine for economic growth

Agriculture be considered as engine for economic growth

The 2nd National Conference on Agriculture and Animal Sciences in its concluding session presented recommendations addressing all aspects of agriculture and animal production in Pakistan, keeping in view the challenges posed by the 'Agenda 21' declared by
Published 27 Nov, 2005 12:00am
Death anniversary of Faiz observed

Death anniversary of Faiz observed

While observing 21st death anniversary on Friday, writers and poets paid rich tributes to Faiz Ahmed Faiz in a function arranged by Pakistan Academy of Letters, Peshawar Chapter, at Urdu Science Board, Peshawar.
Published 27 Nov, 2005 12:00am
Punjab government identifies over 300 schools for science laboratories

Punjab government identifies over 300 schools for science laboratories

Punjab government has identified more than 300 secondary schools in the province, which would be equipped with the update science laboratories under the Second Science Education Project with the financial assistance of Asian Development Bank (ADB) within
Published 27 Nov, 2005 12:00am
Wireless solutions help students, teachers through e-learning

Wireless solutions help students, teachers through e-learning

Recognising that access to wireless communications and mobility infrastructure is a key component to foster collaborative learning, Intel has unwired more than 300 universities across the region, benefiting more than 400,000 students.
Published 27 Nov, 2005 12:00am
Climate change fires young minds

Climate change fires young minds

When politicians from around the world meet this week to talk about climate change, young people who will have to live with the consequences of their action or inaction will be nearby, ready to speak out.
Published 27 Nov, 2005 12:00am
Desecration of Quranic verses

Desecration of Quranic verses

Annual reports of public limited companies containing Quranic verses are found lying scattered on the floor of record room of Karachi Stock Exchange.
Published 27 Nov, 2005 12:00am
Karachi under dacoits' control

Karachi under dacoits' control

In spite of the claims by the government to control crime, it is on increase, especially the robberies at homes, snatching of cars, and bikes.
Published 27 Nov, 2005 12:00am
E-Commerce's effect on accounting system

E-Commerce's effect on accounting system

"Developments in E-Commerce will have a profound effect on the role of management accounting systems, internal auditing and internal control." The question arises, "Are the accountants adequately prepared for the impending changes in their power, relevanc
Published 27 Nov, 2005 12:00am
Move for deep-sea buffer zone

Move for deep-sea buffer zone

According to a Recorder Report from Islamabad (November 26), the Fishing Policy 2001 is being revised to safeguard the prospects of foreign direct investment in the fish industry, and to improve economic conditions of small-scale fishermen.
Published 27 Nov, 2005 12:00am
The curse of bonded labour

The curse of bonded labour

It is a measure of the Sindh government's apathy that the 1992 Bonded Labour System Abolition Act continues to remain unimplemented despite lapse of 13 long years. The vigilance committees constituted under the Act in 23 districts have failed to evolve an
Published 27 Nov, 2005 12:00am
CIPE opens field office in Karachi

CIPE opens field office in Karachi

The Centre for International Private Enterprise (CIPE), a non-profit affiliate of the US Chamber of Commerce, Washington has opened a field office in Karachi.
Published 27 Nov, 2005 12:00am
LCCI seminar on Islamic Banking

LCCI seminar on Islamic Banking

The Lahore Chamber of Commerce and Industry (LCCI) in collaboration with AlBaraka Islamic Bank is holding a seminar on 'Islamic Banking' at LCCI on Tuesday November 29 at 11:00 am.
Published 27 Nov, 2005 12:00am
Chinese team visits Hamdard University

Chinese team visits Hamdard University

A five-member delegation of Chinese medicine experts from the State Administration of Traditional Chinese Medicine (SATCM) on Friday visited Hamdard University to discuss Bilateral Exchange Programme in Traditional Medicine with the Vice Chancellor, Profe
Published 27 Nov, 2005 12:00am
Justice Rana Baghwandas takes oath as acting CJ

Justice Rana Baghwandas takes oath as acting CJ

Justice Rana Baghwandas, the senior-most judge of the Supreme Court after Chief Justice of Pakistan, took oath here on Saturday as Acting Chief Justice of Pakistan. Justice Javed Iqbal administered oath in the oath-taking ceremony held in the Ceremonial H
Published 27 Nov, 2005 12:00am
Avian flu early warning system to be developed

Avian flu early warning system to be developed

An avian flu early warning system, able to alert countries and communities about the arrival of potentially infected wild birds, was to be developed by an alliance of organisations led by the United Nations.
Published 27 Nov, 2005 12:00am
Participants get large-scale orders; auto show ends

Participants get large-scale orders; auto show ends

Pakistan's first international exhibition on machine tools and automation industry, co-locating auto & auto parts industry exhibition, concluded on Saturday here after rewarding its participants with large scale orders and unmatched business leads.
Published 27 Nov, 2005 12:00am
Call for ban on illicit sale of human organs

Call for ban on illicit sale of human organs

World Health Organisation (WHO) Clinical Procedures Co-ordinator Dr Luc Noel on Saturday stressed the need for completely eradicating the menace of illicit sales of human organs, which is done through human trafficking.
Published 27 Nov, 2005 12:00am
Experts seek measures to fight Dengue Viral Fever outbreak

Experts seek measures to fight Dengue Viral Fever outbreak

Karachi is presently experiencing an outbreak of Dengue Viral Fever is largely self limiting, however, second infection of it to the same person in later years does lead to Dengue Haemorrhgic Fever and then even to Dengue Shock Syndrome, which could be fa
Published 27 Nov, 2005 12:00am
Naval chief calls for revolutionising education system

Naval chief calls for revolutionising education system

"To realise the potential of our students and to boost our competitiveness, we must revolutionise our education system with the corresponding rapid changes in the filed of science and technology."
Published 27 Nov, 2005 12:00am
Plan to generate coal-based 20,000 MW power

Plan to generate coal-based 20,000 MW power

Federal Minister for Petroleum and Natural Resources, Amanullah Khan Jadoon said on Saturday that the government was focusing on exploiting indigenous energy resources and chalked out a comprehensive plan to generate 20,000 MW electricity by 2019 using co
Published 27 Nov, 2005 12:00am
Board formed to oversee SSC functions

Board formed to oversee SSC functions

The Sindh government has constituted a 13-member managing board for to oversee the functioning of the recently revived Sindh Seed Corporation (SSC) regarding production, multiplication, procurement, processing and supplying of basic and certified seed of
Published 27 Nov, 2005 12:00am
Smeda to hold seminars

Smeda to hold seminars

SMEDA with its objective to provide business matchmaking services, will facilitate two one-day seminars on November 29 and December 2, to be held in Lahore and Karachi respectively on the French Equipment & Technologies for the Agro-Food Industry.
Published 27 Nov, 2005 12:00am
Financial Reporting and Auditing project being implemented

Financial Reporting and Auditing project being implemented

The Federal Government is implementing 'Financial Reporting and Auditing Project' to improve governance and accountability, with the co-operation of International Development Association (IDA) of World Bank.
Published 27 Nov, 2005 12:00am
Lake City balloting held

Lake City balloting held

Lake City, the first-of-its-kind Golf Resort housing project in Pakistan, held the balloting for plots in Lahore.
Published 27 Nov, 2005 12:00am
Crescent Industries may be granted duty relief

Crescent Industries may be granted duty relief

The government is likely to grant exemption in duties to Crescent Industrial Chemicals Limited (CICL), Karachi, which was earlier deprived of committed incentives given to other investors in Special Industrial Zone (SIZ), Windher (Balochistan), official s
Published 27 Nov, 2005 12:00am
Mehdi Hassan losing speaking power

Mehdi Hassan losing speaking power

Shahanshah-e-Ghazal Mehdi Hassan who had ruled the world of music for half a century is losing speaking power fast, according to a private TV channel report on Saturday.
Published 27 Nov, 2005 12:00am
'Mere licences could not ensure freedom of media'

'Mere licences could not ensure freedom of media'

A former federal information and broadcasting minister, Javed Jabber, has suggested that Pakistan Electronic Media Regulatory Authority (Pemra) should be under the direct control of National Assembly Speaker, Senate Chairman and Leader of the Opposition t
Published 27 Nov, 2005 12:00am
Rafi Butt's anniversary today

Rafi Butt's anniversary today

To mark the 57th death anniversary of M. Rafi Butt, a close aide of Quaid-e-Azam Mohammad Ali Jinnah, Jinnah Rafi Foundation, is holding a function at a local hotel on Sunday November 27 at 3.00 pm. Senator Sartaj Aziz, Sardar Aseff Ahmad Ali, S.M. Zafar
Published 27 Nov, 2005 12:00am