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Print - 2006-04-29
Hong Kong stocks decline

Hong Kong stocks decline

Hong Kong stocks ended down 0.49 percent on Friday after China raised interest rates for the first time in 18 months, but local property firms rallied in the afternoon, led by Cheung Kong (Holdings) Ltd.
Published 29 Apr, 2006 12:00am
Chad poll going ahead despite threats

Chad poll going ahead despite threats

Chadian authorities on Friday brushed aside calls to postpone a presidential election next week and said neither rebel threats of violence nor logistical obstacles would stop it going ahead.
Published 29 Apr, 2006 12:00am
Hong Kong dollar firms

Hong Kong dollar firms

The Hong Kong dollar inched higher on Friday, while long-dated interbank rates softened after the chairman of the US Federal Reserve hinted that an interest rate tightening campaign was nearing an end.
Published 29 Apr, 2006 12:00am
Asian currencies new highs after China rate rise

Asian currencies new highs after China rate rise

Asian currencies firmed on Friday, with some hitting multi-year highs, after a Chinese interest rate rise and as the Federal Reserve chief indicated that a series of US rate increases were nearing an end.
Published 29 Apr, 2006 12:00am
Dollar drops as Bernanke says Fed pause possible

Dollar drops as Bernanke says Fed pause possible

The dollar tumbled to a seven-month low against a basket of major currencies on Thursday after Federal Reserve chief Ben Bernanke gave the clearest signal yet that the current campaign of raising interest rates may be coming to an end.
Published 29 Apr, 2006 12:00am
Dollar mired near seven-month lows

Dollar mired near seven-month lows

The dollar was holding near a seven-month low against the euro on Friday after Fed chief Ben Bernanke gave the clearest sign yet the central bank's two-year campaign of raising interest rates may be coming to an end.
Published 29 Apr, 2006 12:00am
Chinese yuan up as dollar loses ground

Chinese yuan up as dollar loses ground

China's yuan strengthed against the dollar on Friday, the last trading day before a week-long Labour Day holiday, as the US currency continued to lose ground globally.
Published 29 Apr, 2006 12:00am
Swiss franc stays near dollar highs after Bernanke

Swiss franc stays near dollar highs after Bernanke

The Swiss franc remained close to three-month highs against the dollar on Friday as comments by the US Federal Reserve that it may soon stop raising interest rates continued to weigh on the greenback.
Published 29 Apr, 2006 12:00am
Philippines shares dip

Philippines shares dip

Philippines share prices closed 0.48 percent lower on Friday in a technical correction after recent gains took the market to near seven-year highs, dealers said.
Published 29 Apr, 2006 12:00am
Tokyo shares plunge as Sony slide

Tokyo shares plunge as Sony slide

The Nikkei average posted its lowest close in a month on Friday, dropping 1.22 percent as shares in Sony Corp tumbled after the electronics giant forecast a sharp profit decline this business year.
Published 29 Apr, 2006 12:00am
Jakarta shares slip

Jakarta shares slip

Indonesian share prices closed 0.69 percent lower on Friday as the market absorbed remaining profit-taking pressure, tracking declines in the region set off by China's interest rate hike, dealers said. They said blue chips Telkom, Indosat, Bank Central As
Published 29 Apr, 2006 12:00am
Thai shares tumble

Thai shares tumble

Thai share prices shed 0.22 percent on Friday after profit-taking in energy stocks following an easing of world oil prices, dealers said. They said global oil prices drifted lower Friday as concerns eased over tight US motor oil supplies, although traders
Published 29 Apr, 2006 12:00am
Singapore shares jump

Singapore shares jump

Singapore share prices closed 0.37 percent higher at an all-time high on Friday on gains in banking stocks ahead of the weekend, dealers said. Volume traded totalled 1.7 billion shares worth 2.1 billion Singapore dollars (1.3 billion US), there were 200 r
Published 29 Apr, 2006 12:00am
US Treasury debt prices climb

US Treasury debt prices climb

US Treasury debt prices rallied on Thursday after Federal Reserve Chairman Ben Bernanke said the Fed may pause its cycle of interest-rate increases. While leaving the door open to further moves, Bernanke's remarks to a congressional panel prompted a drast
Published 29 Apr, 2006 12:00am
US Treasury debt prices climb

US Treasury debt prices climb

US Treasury debt prices rallied on Thursday after Federal Reserve Chairman Ben Bernanke said the Fed may pause its cycle of interest-rate increases. While leaving the door open to further moves, Bernanke's remarks to a congressional panel prompted a drast
Published 29 Apr, 2006 12:00am
US stocks gain as Bernanke says Fed may pause

US stocks gain as Bernanke says Fed may pause

US stocks rose on Thursday after Federal Reserve Chairman Ben Bernanke said the Fed may pause in its 22-month cycle of raising borrowing costs, lifting shares of interest-rate sensitive companies such as banks and utilities.
Published 29 Apr, 2006 12:00am
Chirac proposes World Bank account to channel Palestinian aid

Chirac proposes World Bank account to channel Palestinian aid

French President Jacques Chirac on Friday proposed the creation of a special account at the World Bank to channel international aid funds to the Palestinians and head off an impending financial meltdown in the territories.
Published 29 Apr, 2006 12:00am
Malaysian shares slightly firmer

Malaysian shares slightly firmer

Malaysian share prices closed 0.17 percent higher on Friday with some late-buying of blue chips ahead of the long weekend, dealers said.
Published 29 Apr, 2006 12:00am
Taiwan stocks make gains

Taiwan stocks make gains

Taiwan stocks rose 0.5 percent to a fresh 5-1/2-year closing high on Friday, with ASE leading the gains after the government lifted a ban on local chip packaging and testing firms building plants in China. The main TAIEX share index ended up 35.56 points
Published 29 Apr, 2006 12:00am
US and Canada reach deal on timber row

US and Canada reach deal on timber row

US and Canadian officials on Thursday agreed to end a longstanding, bitter, 4.5 billion dollar trade row over softwood construction lumber tariffs. "I am delighted to announce to you that we have reached an agreement that will finally put an end to the so
Published 29 Apr, 2006 12:00am
Nepal protests continue as parliament reconvenes

Nepal protests continue as parliament reconvenes

Thousands of Nepalis surrounded the gates of the country's revived parliament on Friday, waving party flags and chanting slogans to keep up pressure for a new constitution after weeks of street protests.
Published 29 Apr, 2006 12:00am
Sri Lanka air strikes stop, but island on edge

Sri Lanka air strikes stop, but island on edge

Sri Lanka's military held off air strikes on Tamil Tiger rebel targets for a second day on Friday as aid workers took stock of the civilian damage, but both sides warned they would attack again if provoked.
Published 29 Apr, 2006 12:00am
China says serious about piracy, but who's listening?

China says serious about piracy, but who's listening?

China is taking yet another stab at showing a sceptical world that it is tackling copyright piracy, a problem that costs US business alone an estimated $250 billion a year in lost sales.
Published 29 Apr, 2006 12:00am
Arabs must speed reforms to lure investment: bankers

Arabs must speed reforms to lure investment: bankers

Arab states attract only 1.0 percent of global foreign investment despite the need to cut sky-high unemployment because reforms required to make them more attractive have not been made, bankers said on Friday.
Published 29 Apr, 2006 12:00am
Siemens to cut 1,000 jobs

Siemens to cut 1,000 jobs

Siemens could cut about 1,000 jobs at its telecoms equipment unit in Germany, it said on Friday, taking another step in a gradual restructuring of its ailing Com unit to adjust to harsh market conditions.
Published 29 Apr, 2006 12:00am
Siemens to cut 1,000 jobs

Siemens to cut 1,000 jobs

Siemens could cut about 1,000 jobs at its telecoms equipment unit in Germany, it said on Friday, taking another step in a gradual restructuring of its ailing Com unit to adjust to harsh market conditions.
Published 29 Apr, 2006 12:00am
Bush agrees to Dubai defence purchase

Bush agrees to Dubai defence purchase

President George W. Bush on Friday approved a Dubai-owned company's $1.24 billion take-over of Doncasters, a British engineering company with US plants that supply the Pentagon, the White House said on Friday.
Published 29 Apr, 2006 12:00am
Microsoft broke antitrust law to seal monopoly: EU

Microsoft broke antitrust law to seal monopoly: EU

Microsoft violated antitrust law to "double lock" a virtual monopoly it holds on personal computer operating systems, a European Commission lawyer told a court on Friday.
Published 29 Apr, 2006 12:00am
UN nears budget crisis if reform plans unresolved

UN nears budget crisis if reform plans unresolved

Developing nations and rich countries face a showdown on Friday over UN management reform proposals that could lead to a drastic cut off in funds to the United Nations.
Published 29 Apr, 2006 12:00am
Japan inflation outlook spurs BoJ rate talk

Japan inflation outlook spurs BoJ rate talk

The Bank of Japan said on Friday it expected inflation to pick up over the next two years on the back of steady economic growth, reinforcing expectations that it may end an era of zero interest rates as early as in July.
Published 29 Apr, 2006 12:00am
Japanese minister sees price rise in a year

Japanese minister sees price rise in a year

Japanese Economics Minister Kaoru Yosano, speaking after the release of consumer price data on Friday, said that concerns over price rises could emerge within the next six months to a year. "I think there could come a time, within the next six months to a
Published 29 Apr, 2006 12:00am
Oil climbs above $72 on Iran nuclear jitters

Oil climbs above $72 on Iran nuclear jitters

Oil climbed above $72 a barrel Friday after the world's nuclear watchdog confirmed that Iran has flouted demands to stop enriching uranium, renewing worries about threats to oil supply.
Published 29 Apr, 2006 12:00am
Gold price may rise for years to come

Gold price may rise for years to come

Gold prices may extend their rally for at least another two to three years, supported by strong physical and investment demand, supply constraints and world political tensions, a fund manager said on Thursday.
Published 29 Apr, 2006 12:00am
Coffee supply crisis on horizon for 2007

Coffee supply crisis on horizon for 2007

Coffee futures may spike next year because of a looming shortage of green coffee beans caused by growing consumer demand coupled with an off year in Brazil's biennial crop cycle.
Published 29 Apr, 2006 12:00am
FTSE posts biggest one-week loss since October

FTSE posts biggest one-week loss since October

UK stocks ended down on Friday, suffering their biggest weekly fall since October, as oil stocks such as BP fell and reassuring US data failed to offset concern triggered by China's interest rate hike.
Published 29 Apr, 2006 12:00am
Seoul shares drop

Seoul shares drop

Seoul shares posted their biggest fall in eight weeks on Friday, led by firms reliant on China such as steel maker POSCO, after Beijing raised interest rates, creating worries about slowing demand in South Korea's top export market.
Published 29 Apr, 2006 12:00am
Chinese shares at 19-month high

Chinese shares at 19-month high

Chinese shares ended on Friday at their highest level in 19 months as investors bought banking stocks after the central bank surprised markets by raising the country's lending rates for the first time in 18 months.
Published 29 Apr, 2006 12:00am
Bonds: Itraxx index tightens

Bonds: Itraxx index tightens

Europe's Itraxx Crossover index tightened sharply on Friday, with spreads falling the most in one day since the current series was introduced to hit record tight levels, traders said. The index, made up largely of high-yield credits, tightened 10 basis po
Published 29 Apr, 2006 12:00am
Bonds: Itraxx index tightens

Bonds: Itraxx index tightens

Europe's Itraxx Crossover index tightened sharply on Friday, with spreads falling the most in one day since the current series was introduced to hit record tight levels, traders said. The index, made up largely of high-yield credits, tightened 10 basis po
Published 29 Apr, 2006 12:00am
US Stocks: Friday's unofficial close

US Stocks: Friday's unofficial close

US tech stocks dropped on Friday after a disappointing profit outlook from Microsoft Corp, but the broad Standard & Poor's 500 index was higher on news that economic growth picked up in the first quarter.
Published 29 Apr, 2006 12:00am
Indian shares recover after crackdown on 24 brokerages

Indian shares recover after crackdown on 24 brokerages

Indian share prices plunged on Friday after regulators accused two dozen brokerages of manipulating public offerings, but the market quickly bounced back to end higher as investors saw buying opportunities.
Published 29 Apr, 2006 12:00am
Dollar extends losses in London

Dollar extends losses in London

The dollar slipped on Friday, extending losses against a basket of major currencies into a sixth session after a report showing robust US economic growth did little to overturn the market's view that interest rates are close to a peak.
Published 29 Apr, 2006 12:00am
Sterling keeps rallying

Sterling keeps rallying

Sterling rose more than half a percent to 7-month highs against the dollar and hit its highest in three days against the euro on Friday, buoyed by broad dollar weakness and upbeat UK data.
Published 29 Apr, 2006 12:00am
Indian rupee extends rise

Indian rupee extends rise

The Indian rupee gained past a psychologically key 45-per-dollar mark on Friday as the dollar fell overseas after the US Federal Reserve said it could pause in its rate tightening campaign.
Published 29 Apr, 2006 12:00am
West Indies and Zimbabwe out to impress

West Indies and Zimbabwe out to impress

West Indies and Zimbabwe enter their seven-match limited-overs international series that begins on Saturday and Sunday at the Antigua Recreation Ground with plenty to prove to themselves and the rest of the world.
Published 29 Apr, 2006 12:00am
Wawrinka dismantles Karlovic

Wawrinka dismantles Karlovic

Stanislas Wawrinka became the first man this week to crack the huge serve of Ivo Karlovic as he defeated the Croatian 4-6, 6-3, 6-4 to reach the semi-finals of the Barcelona Open here on Friday.
Published 29 Apr, 2006 12:00am
Vaughan getting stronger: Byas

Vaughan getting stronger: Byas

Injury-hit England captain Michael Vaughan is making "gradual progress" in his recovery from the knee problem that forced him home from the India tour, Yorkshire director of cricket David Byas reported Friday.
Published 29 Apr, 2006 12:00am
US seals deal on military bases in Bulgaria

US seals deal on military bases in Bulgaria

The United States signed an agreement on Friday to establish three military bases in Bulgaria as it shifts troops from old Cold War positions to smaller installations closer to the Middle East and Africa.
Published 29 Apr, 2006 12:00am
Vatican urges to boycott Da Vinci Code film

Vatican urges to boycott Da Vinci Code film

The Vatican stepped up its offensive against "The Da Vinci Code" on Friday when a top official close to Pope Benedict blasted the book as full of anti-Christian lies and urged Catholics to boycott the film.
Published 29 Apr, 2006 12:00am
Villepin denies role in mounting French scandal

Villepin denies role in mounting French scandal

French Prime Minister Dominique de Villepin denied on Friday that he was involved in a smear campaign against the man who could be his rival in next year's presidential race, Interior Minister Nicolas Sarkozy.
Published 29 Apr, 2006 12:00am
Karzai offers olive branch to Taleban

Karzai offers olive branch to Taleban

Afghan President Hamid Karzai marked the 14th anniversary of the defeat of a communist government on Friday with a call to the Taleban to give up their insurgency and rejoin society.
Published 29 Apr, 2006 12:00am
Two East Timorese killed in protests

Two East Timorese killed in protests

Two East Timorese civilians were killed during a protest in Dili Friday over the dismissal of nearly 600 soldiers, a hospital director said. Several thousand protestors took to the streets for the third time this week in support of the soldiers, who were
Published 29 Apr, 2006 12:00am
World safer, despite 11,000 attacks in 2005: US

World safer, despite 11,000 attacks in 2005: US

The US war on terrorism has made the world safer, the State Department's counterterrorism chief said on Friday, despite more than 11,000 terrorist attacks world-wide last year that killed 14,600 people.
Published 29 Apr, 2006 12:00am
US troops to leave Iraq by mid-2008: adviser

US troops to leave Iraq by mid-2008: adviser

American troops will probably be gone from Iraq by mid-2008 as the Iraqi forces they are training take over from them, Iraq's National Security Adviser Mowaffak al-Rubaie said on Friday.
Published 29 Apr, 2006 12:00am
Al Qaeda leader killed

Al Qaeda leader killed

Iraqi and US troops killed a leader of al Qaeda in Iraq on Friday and the city of Baquba was under curfew after at least 30 people died a day earlier in one of the biggest recent battles with insurgents.
Published 29 Apr, 2006 12:00am
Nato commits to Afghan expansion

Nato commits to Afghan expansion

Nato backed a plan on Friday to take foreign troop numbers in Afghanistan to their highest level since the Taleban's overthrow sending the alliance on what is set to be the toughest ground mission in its 58-year history.
Published 29 Apr, 2006 12:00am
Nato allies split on global partnership plan

Nato allies split on global partnership plan

Nato allies raised doubts on Friday over a US-backed plan to enhance ties with countries from Asia to Scandinavia, with some arguing the alliance should focus on more pressing security priorities nearer home.
Published 29 Apr, 2006 12:00am
Foreign office welcomes developments in Nepal

Foreign office welcomes developments in Nepal

Pakistan on Friday welcomed the developments in Nepal, following the Royal proclamation of April 24, which included restoration of the Parliament.
Published 29 Apr, 2006 12:00am
Pak-Thai trade volume termed scanty

Pak-Thai trade volume termed scanty

Rawalpindi Chamber of Commerce and Industry (RCCI) President Jalil Ahmad Malik has said that Pakistan and Thailand were enjoying cordial relations but the trade volume of dollars 332.47 million was insufficient.
Published 29 Apr, 2006 12:00am
Rashid vows to make Railways profitable entity

Rashid vows to make Railways profitable entity

Federal Minister for Railways Sheikh Rashid Ahmed has reiterated his resolve to make Pakistan Railways a profitable and self-reliant organisation saying that every year Railways spent billions on import of machinery and equipment, now efforts would be mad
Published 29 Apr, 2006 12:00am
Pakistan opposes use of force against Iran

Pakistan opposes use of force against Iran

Foreign Secretary Riaz Muhammad Khan on Thursday said Pakistan was opposed to "any use of force in the area" to resolve Iran issues. He said this in reply to a question at the joint Press briefing.
Published 29 Apr, 2006 12:00am
Zakat disbursement continues to decline

Zakat disbursement continues to decline

Zakat disbursement continues to decline during the first half of the current fiscal 2005-06, the Finance Ministry said. During the period under review, Zakat distribution amounted to Rs 922 million as against Rs 1.142 billion in the corresponding period o
Published 29 Apr, 2006 12:00am
Screening of Indian movies good for Lollywood: Naseer

Screening of Indian movies good for Lollywood: Naseer

Leading Indian film star Naseeruddin Shah has said the screening of Indian movies in Pakistan would prove beneficial for the Pakistani film industry, since it would promote a healthy competition.
Published 29 Apr, 2006 12:00am
EFU achieves Rs 2.5 billion premium income

EFU achieves Rs 2.5 billion premium income

The 14th annual general meeting of EFU Life Assurance shareholders was held here on Friday with its Chairman Saifuddin N Zoomkawala in the chair, said a press release issued here on Friday.
Published 29 Apr, 2006 12:00am
Closing of sterling rates

Closing of sterling rates

Closing of sterling rates at 1730 GMT - on Friday (April 28, 2006).

Published 29 Apr, 2006 12:00am
EFU achieves Rs 2.5 billion premium income

EFU achieves Rs 2.5 billion premium income

The 14th annual general meeting of EFU Life Assurance shareholders was held here on Friday with its Chairman Saifuddin N Zoomkawala in the chair, said a press release issued here on Friday.
Published 29 Apr, 2006 12:00am
FROM A RINGSIDE SEAT

FROM A RINGSIDE SEAT

Unlike parliaments elsewhere, the National Assembly of Pakistan does not follow the yearly schedule. So when it met on Friday morning to begin its 35th session quite a few members wondered as to what was on the government's plate that it wanted the House
Published 29 Apr, 2006 12:00am
AKU honours outgoing President Lakha

AKU honours outgoing President Lakha

Outgoing Aga Khan University President Shamsh Kassim Lakha was honoured at a grand dinner hosted by the Chairman and Members of the University's Board of Trustees on Friday.
Published 29 Apr, 2006 12:00am
Rabi-us-Sani moon not sighted

Rabi-us-Sani moon not sighted

The Rabi-us-Sani moon has not been sighted and therefore the first of Rabi-us-Sani will be on Sunday, April 30. The Central Ruet-e-Hilal Committee Chairman Mufti Munib ur Rehman announced this, said a statement here on Friday.
Published 29 Apr, 2006 12:00am
Eight more BoK branches to be converted into Islamic banking

Eight more BoK branches to be converted into Islamic banking

The Bank of Khyber (BoK) would convert eight more branches into Islamic mode of banking and would launch new interest-free products by the end of the current calendar year after receiving encouraging response from the depositors in NWFP.
Published 29 Apr, 2006 12:00am
NJLI Pension Fund Rates

NJLI Pension Fund Rates

New Jubilee Life Insurance Pension Fund Rates on Friday (April 28, 2006).

Published 29 Apr, 2006 12:00am
Pakistan and India talks on CBMs termed fruitful

Pakistan and India talks on CBMs termed fruitful

There were positive developments in Pakistan and India talks as they have agreed on some CBMs, Additional Secretary for Foreign Affairs Tariq Usman Haider said on Friday.
Published 29 Apr, 2006 12:00am
NJLI Pension Fund Rates

NJLI Pension Fund Rates

New Jubilee Life Insurance Pension Fund Rates on Friday (April 28, 2006).

Published 29 Apr, 2006 12:00am
China cherishes its cooperation with Pakistan

China cherishes its cooperation with Pakistan

China cherished its co-operation with Pakistan to promote regional peace, stability and development in South Asia, said Chinese Foreign Ministry spokesman Qin Gang at a weekly news briefing.
Published 29 Apr, 2006 12:00am
NJLI Pension Fund Rates

NJLI Pension Fund Rates

New Jubilee Life Insurance Pension Fund Rates on Friday (April 28, 2006).

Published 29 Apr, 2006 12:00am
Norway pledges $8 million for mother, child health care plan

Norway pledges $8 million for mother, child health care plan

The Norwegian government on Friday pledged a support of $8 million to strengthen the mother and child health care programme in Pakistan. Special Adviser to the Prime Minister of Norway Tore Godal made the pledge during a meeting with Federal Health Minist
Published 29 Apr, 2006 12:00am