News Archives for Print - 2006-05-09

Print - 2006-05-09

Australia and Thailand plan sugar refining deal

The Australian and Thai sugar industries, strong competitors on Asian export markets, are forging an agreement for Australian raw sugar to be refined in Thailand for re-export.

Published 09 May, 2006 12:00am

Bids for HRW wheat flat, rainfall eyed

Spot basis bids for hard red winter wheat in the US Plains were unchanged on Monday as country movement remained slow and the market kept an eye on the weather.

Published 09 May, 2006 12:00am

Hungary's grain crop will fall after floods

Hungary's grain crop will fall to 13-15 million tonnes from over 16 million last year as rain and floods are delaying maize sowing and have hurt wheat planted earlier, leading trading firm Agrograin said on Monday.

Published 09 May, 2006 12:00am

East Asian grain: Korea seeks August corn, others mostly quiet

South Korean grain importers are likely to be among the most active buyers in the region this week as they seek corn for August arrival if offers meet their target prices, traders said on Monday.

Published 09 May, 2006 12:00am

Ivorian cocoa arrivals seen up

Cocoa arrivals at ports in Ivory Coast reached around 1,065,000 tonnes between October 1, 2005 and May 7, 2006, exporters contacted by Reuters estimated on Monday.

Published 09 May, 2006 12:00am

Morocco sees bumper cereals crop

Morocco, a major North African grain importer, is expecting cereals output to come in 75 percent higher this year versus 2005 on better weather that spurred farmers to sow larger acreages, a government forecasts body said.

Published 09 May, 2006 12:00am

CIF Gulf corn and soya flat; Asian buyers return to market

US CIF Gulf corn and soyabean basis values were steady on Monday, with export demand expected to rise as Asian buyers return to the market after a week of holidays, traders said.

Published 09 May, 2006 12:00am

Singapore bunker fuel prices rise

Singapore bunker prices rose on Monday, and with the premium to fuel oil cargoes only slightly weaker, as sellers held on to high offers, traders said.

Published 09 May, 2006 12:00am

China to build 2 major port clusters

China plans to build up two major port clusters in the south of the country to help fuel the country's booming economy and feed its huge energy needs, the official China Daily reported on Monday.

Published 09 May, 2006 12:00am

Brazilian meal rejected by South Korea arrives in China

A rare Brazilian soyameal cargo arrived in southern China after it was rejected by a South Korean buyer due to a problems with quality, traders said on Monday.

Published 09 May, 2006 12:00am

Activity at Karachi and Qasim ports

The Karachi Port handled 41,932 tonnes of cargo including 30,512 tonnes import and 11,420 tonnes export cargo including 3,827 containers during last 24 hours ending at 0700 hours on Monday.

Published 09 May, 2006 12:00am

Jordan tenders to buy US hard wheat

Jordan's state grains buyer has issued a tender to purchase around 120,000 tonnes of US-origin hard wheat, European traders said on Monday. It will be purchased using US government export finance under the PL 480 programme. Bidding deadline is May 17.

Published 09 May, 2006 12:00am

Bangladesh tenders for 25,000 tonnes of sugar

State-owned Trading Corporation of Bangladesh (TCB) has issued a tender to import 25,000 tonnes of white sugar to meet domestic requirements, a TCB official said on Monday.

Published 09 May, 2006 12:00am

EU lets Poland ban GMO maize seeds across country

Poland has won European Union approval for its national ban on using 16 types of genetically modified (GMO) maize seeds, with the restriction to stay in place indefinitely, the European Commission said on Monday.

Published 09 May, 2006 12:00am

Shanghai copper futures at record

Shanghai copper futures soared by their daily upper trading limits to a record on Monday, after London copper had gained about 10 percent last week when markets in China were closed for a week-long holiday break.

Published 09 May, 2006 12:00am

Tokyo gold hits 20-year high

Tokyo gold futures rallied to a fresh 20-year high on Monday as strength in the dollar-based spot price prompted active buying, but gains were slowed by the yen's rise against the dollar.

Published 09 May, 2006 12:00am

Gold hits 25-year high in Asian markets

Gold hit a new 25-year high above $684 an ounce on Monday as Japanese investors returned to the market after a long holiday but was later in retreat, raising fears bullion may be ripe for a correction.

Published 09 May, 2006 12:00am

Malaysian tin ends unchanged

Malaysian tin closed unchanged on Monday, as traders waited to see how prices in London would fare after markets in Japan and China opened following a long holiday, dealers said.

Published 09 May, 2006 12:00am

Oil slips below $70 on hopes for Iran resolution

Oil fell below $70 on Monday on hopes that tension over Tehran's nuclear ambitions will ease after Iran said its president would send a letter to US President George W. Bush seeking to resolve the "current situation in the world."

Published 09 May, 2006 12:00am

China sees no problem with US corn

China's Shenzhen Hualian Grains and Oils Trading Co said on Monday it was still awaiting a permit from Beijing's quarantine authority to unload 100 tonnes of corn from the United States.

Published 09 May, 2006 12:00am

African cocoa majors to explore new markets

Main African cocoa-growing countries plan to explore new markets in Asia and to boost domestic consumption in a new step to improve supply management and strengthen world prices, they said on Sunday.

Published 09 May, 2006 12:00am

Japan food importers to face tougher safety hurdle

Responding to growing consumer interest in food safety issues, Japan will tighten its control over agrochemical residues in farm products this month and may reject more food cargoes from abroad out of concerns over safety.

Published 09 May, 2006 12:00am

History of neglect gives East Timor's coffee an edge

Machete in hand, farmer Nando Santosbaros rests as rain patters on the majestic shade trees sheltering his organic coffee cherries in East Timor.

Published 09 May, 2006 12:00am

Indian soya and wheat ease

Indian soya oil futures fell on Monday after the government suspended for three months tighter rules for import of genetically modified products.

Published 09 May, 2006 12:00am

Indonesia sells tyre grade, Tokyo lower

Indonesia sold tyre grade to dealers in Singapore on Monday, probably for shipment to main consumer China, while tight supplies kept sentiment bullish in Southeast Asia. SIR20 was sold at 88.75 US cents per pound ($1.96 a kg) on a free-on-board basis (FOB

Published 09 May, 2006 12:00am

Malaysian palm oil ends mixed on hopes of higher exports

Malaysian crude palm oil futures ended mixed on Monday but most active contracts were up between two and four ringgit, supported by expectations of higher export figures.

Published 09 May, 2006 12:00am

Saudi Aramco oil exports jump

Saudi Aramco produced 3.3 billion barrels of crude oil last year and exported 2.62 billion barrels, the state oil firm of the world's top exporter said.

Published 09 May, 2006 12:00am

Dell ups Taiwan buying to $12.5 billion amid PC slowdown

Dell Inc, the world's top personal computer maker, wants to ramp up components sourcing from Taiwan by about a quarter to US $12.5 billion in 2006 and foresees global PC market growth slowing this year, its chief executive said on Monday.

Published 09 May, 2006 12:00am

EU sees France, Italy, Greece above budget gap limit

The European Commission told France, Italy, Greece and Portugal on Monday to take advantage of a recovering eurozone economy and step up efforts to cut budget gaps to comply with European Union requirements.

Published 09 May, 2006 12:00am

China top target for anti-dumping action: WTO

China is by far the top target for governments around the globe seeking to protect their domestic producers from low-cost imports, according to a report on Monday from the World Trade Organisation (WTO).

Published 09 May, 2006 12:00am

WTO risks deadlock if no deal hatched: Lamy

The World Trade Organisation (WTO) risks entering a period of deadlock if it fails to broker a global free trade deal this summer, the organisation's head Pascal Lamy told Germany's Sueddeutsche Zeitung daily.

Published 09 May, 2006 12:00am

EU raises eurozone 2006 growth forecast

The European Commission raised on Monday its 2006 economic growth forecast for the eurozone, citing a stronger German economy, robust investment and world growth despite expensive oil, but it cut its view for 2007.

Published 09 May, 2006 12:00am

Vodafone bows to EU pressure on roaming charges

Mobile phone giant Vodafone bowed to European Union pressure on Monday, saying it would cut the cost of using other firms' networks when abroad by at least 40 percent.

Published 09 May, 2006 12:00am

UAL Corp loss widens

UAL Corp, parent of United Airlines, on Monday said its first-quarter loss increased by 1.3 percent as the company grappled with record high fuel prices. But the No 2 US airline said that with the inclusion of special reorganisation items, it had a $23 bi

Published 09 May, 2006 12:00am

UAL Corp loss widens

Published 09 May, 2006 12:00am

General Motors Europe sales fall

General Motors' sales in Europe fell 7.5 percent in April to 164,191 vehicles, led lower by a 10.8 percent drop in Opel/Vauxhall registrations, the world's leading carmaker by volume said on Monday.

Published 09 May, 2006 12:00am

General Motors Europe sales fall

General Motors' sales in Europe fell 7.5 percent in April to 164,191 vehicles, led lower by a 10.8 percent drop in Opel/Vauxhall registrations, the world's leading carmaker by volume said on Monday.

Published 09 May, 2006 12:00am

Middle East energy investment seen at $220 billion by 2010

Energy investments in the Middle East and North Africa are expected to total $220 billion in the next five years, with Gulf producers accounting for 62 percent, Arab Petroleum Investments Corp (APICORP) said.

Published 09 May, 2006 12:00am

Apple Computer wins trademark dispute

Apple Computer has won its trademark dispute with the Beatles, part of a long and winding road of legal battles which may lead the band's famous songs to the door of Apple's market-leading iTunes Music Store.

Published 09 May, 2006 12:00am

G10 bankers wary of growth spurring inflation

Central bank heads from leading industrialised and developing countries called on Monday for "very special attention" to prevent ongoing global economic growth from turning inflationary.

Published 09 May, 2006 12:00am

German industry order growth likely slowed in first quarter

German industry orders growth probably slowed in the first three months of this year, provisional figures showed on Monday, tempering other recent indications that business is booming.

Published 09 May, 2006 12:00am

US newspaper circulation falls 2.6 percent

US newspaper circulation fell 2.6 percent as of the end of March, according to data released on Monday, the latest evidence that readers are defecting to the Internet and other media outlets.

Published 09 May, 2006 12:00am

Wachovia's $25 billion Golden West purchase criticised

Investors on Monday expressed skepticism about Wachovia Corp's $25.5 billion take-over of California's Golden West Financial Corp, calling the transaction risky and too costly.

Published 09 May, 2006 12:00am

Libya expects 10 million tourists in 2015

Libya, which is emerging from three decades of isolation, is expecting more than 10 million tourists to spend holidays in the North African country in 2015, its tourism minister said on Friday.

Published 09 May, 2006 12:00am

Naspers looking at more Brazilian opportunities

Africa's biggest media firm, Naspers, is looking at further opportunities in Brazil after paying $422 million for a 30 percent stake in leading Brazilian media company Abril, the South African group said on Monday.

Published 09 May, 2006 12:00am

Yahoo reinvigorates Web advertising search battle

Yahoo Inc is set to introduce on Monday a long-delayed upgrade to its Web search advertising system, setting the stage for a face off with Web search leader Google Inc later this year.

Published 09 May, 2006 12:00am

EU tax chief eyes new rules to combat VAT fraud

Tax fraud is costing European Union governments billions of euros and new bloc-wide legislation is probably needed to combat the rise in scams, EU Tax Commissioner Laszlo Kovacs said.

Published 09 May, 2006 12:00am

Sony bets more than video game unit on PS3 success

With the launch of its PlayStation 3 video game console six months away, Sony Corp is gearing up for an all-out battle to put the electronics and entertainment conglomerate back on a growth path.

Published 09 May, 2006 12:00am

Teck Cominco makes $16 billion bid for Inco

Teck Cominco Ltd said on Monday it will buy Inco Ltd for C$17.8 billion ($16 billion) in a deal that will produce a mining mammoth, but only if Inco nixes its plan to merge with Falconbridge Ltd.

Published 09 May, 2006 12:00am

Teck Cominco makes $16 billion bid for Inco

Teck Cominco Ltd said on Monday it will buy Inco Ltd for C$17.8 billion ($16 billion) in a deal that will produce a mining mammoth, but only if Inco nixes its plan to merge with Falconbridge Ltd.

Published 09 May, 2006 12:00am

Microsoft investment hike to continue: CEO

Microsoft Corp Chief Executive Steve Ballmer said last Thursday that the company will not slow down its research and development after hiking it next year to build out its software services business.

Published 09 May, 2006 12:00am

Nokia wins network order from Chinook Wireless

Mobile telecoms giant Nokia has won a contract to build a GSM/GPRS/EDGE mobile network for Chinook Wireless in the US state of Montana, the Finnish company said on Monday.

Published 09 May, 2006 12:00am

Silicon Graphics seeks Chapter 11 protection

Silicon Graphics Inc, a struggling maker of high-performance business computers, on Monday filed for Chapter 11 bankruptcy protection after a round of restructuring measures failed, sending its shares plunging 75 percent.

Published 09 May, 2006 12:00am

Samsung Electronics to invest $313 million in new chip lines

Samsung Electronics Co Ltd, the world's largest memory chip maker, said on Monday it would spend 290.9 billion won ($312.6 million) on new chip lines to boost its non-memory production.

Published 09 May, 2006 12:00am

Australian shares climb

Australian share prices rose 1.31 percent on Monday to just short of a record finish as investors cheered gains on Wall Street and anticipated a very positive budget due on Tuesday, dealers said.

Published 09 May, 2006 12:00am

JGBs decline on pre-auction selling

Japanese government bond prices dipped on Monday as traders sold 10-year cash bonds ahead of a government offer of that maturity and as a rise in Tokyo share prices lured investors away from bonds.

Published 09 May, 2006 12:00am

JGBs decline on pre-auction selling

Japanese government bond prices dipped on Monday as traders sold 10-year cash bonds ahead of a government offer of that maturity and as a rise in Tokyo share prices lured investors away from bonds.

Published 09 May, 2006 12:00am

Taiwan shares surge on foreign buying

Taiwan stocks hit a fresh 5-1/2-year high on Monday as massive buying from foreign investors and a stronger local currency cheered investors. Cathay Financial Holding and other companies with large property portfolios companies led the way. A rally on Wal

Published 09 May, 2006 12:00am

Hong Kong shares hit 5-1/2-year high

Hong Kong stocks rallied 1.69 percent on Monday to a fresh 5-1/2-year peak as rate-sensitive property and banking shares such as HSBC Holdings Plc. scaled new highs on expectations that interest rates have peaked.

Published 09 May, 2006 12:00am

Indian shares close at new record

Indian share prices rose 0.83 percent to close at a sixth-straight record high on Monday on Asian market trends and fund buying in banks, software companies and Reliance Industries, dealers said.

Published 09 May, 2006 12:00am

Thai shares jump on hopes for political breakthrough

Thai share prices closed 1.91 percent higher on Monday on hopes for a political breakthrough after a court nullified last month's controversial snap polls and ordered new elections, dealers said.

Published 09 May, 2006 12:00am

Seoul shares hit record high

Seoul shares set a record high on Monday, led by exporters such as Samsung Electronics on hopes for a possible suspension of interest rate increases in the key US market, while banks were bolstered by their earnings outlook.

Published 09 May, 2006 12:00am

Singapore shares rally

Singapore share prices closed 0.96 percent higher on Monday as investor sentiment was buoyed by the ruling party's near sweep of Saturday's general election, dealers said.

Published 09 May, 2006 12:00am

Chinese shares make gains

Chinese shares closed at their highest level in nearly two years on Monday as investors bought banking stocks after regulators said they would let firms resume raising capital on domestic bourses, ending a year-long ban.

Published 09 May, 2006 12:00am

Philippines shares close 4.81 percent higher

Philippines share prices rose sharply on Monday, extending gains with a jump of 4.81 percent on strong foreign investor support ahead of the release of first-quarter results of major companies, dealers said.

Published 09 May, 2006 12:00am

Malaysian shares soar

Malaysian share prices closed 0.47 percent higher on Monday, with trading volume surpassing the two billion share mark on sustained buying interest in blue chips and second-liners, dealers said. They said follow through buying is expected to continue tomo

Published 09 May, 2006 12:00am

Jakarta shares end firmer

Jakarta share prices closed 1.68 percent higher on Monday at a fresh record high on hopes that the central bank will soon cut its key interest rate, dealers said.

Published 09 May, 2006 12:00am

Nikkei rises on property stocks, but yen weighs

The Nikkei share average rose 0.80 percent on Monday as property firms such as Mitsui Fudosan Co Ltd gained on a report that a measure of national land prices turned positive for the first time in 15 years.

Published 09 May, 2006 12:00am

Bangladesh interbank forex, interest rates

Interbank buy/sell rates for the taka against the dollar on Monday. 69.49/69.65 (previous 69.30/69.65). Call Money Rates: 12.00-17.00 percent (previous 10.00-27.00 percent.

Published 09 May, 2006 12:00am

Australian dollar slips from eight-month high

The Australian dollar slipped from an eight-month high and down towards 77 US cents on Monday as retail sales data merely validated last week's interest rate rise and a private survey indicated slower jobs growth on the horizon.

Published 09 May, 2006 12:00am

Swiss franc steady versus dollar and euro

The Swiss franc traded close to last week's highs against the European single currency and the US dollar in early trade on Monday, ahead of Swiss jobless numbers later in the session.

Published 09 May, 2006 12:00am

Dollar slumps to eight-month low against yen

The dollar slid nearly 1 percent on Monday and hit an eight-month low against the yen after a top US Treasury official suggested that Japanese policymakers should refrain from intervening verbally on currencies.

Published 09 May, 2006 12:00am

Asian currencies new highs as dollar take a beating

Asian currencies rose sharply on Monday, notching up fresh multi-year highs as a broadly soft dollar slumped to an 8-month low against the yen.

Published 09 May, 2006 12:00am

Hong Kong dollar hits near four-month high

The Hong Kong dollar rose to its highest level in almost four months on Monday, bolstered by continuing fund flows into the territory and a broad-based decline in the US currency after a weak April jobs report.

Published 09 May, 2006 12:00am

Chinese yuan rises as dollar loses ground

China's yuan strengthened against the dollar on Monday, the first day it resumed trading after a week-long holiday, as the US currency lost ground globally.

Published 09 May, 2006 12:00am

Lara happy with West Indies' win

West Indies captain Brian Lara is feeling more at ease with his side, after they completed a convincing 82-run victory over Zimbabwe in the fourth One-day International on Sunday at Bourda Oval.

Published 09 May, 2006 12:00am

Tendulkar seeks divine help

India's star batsman Sachin Tendulkar, afflicted by injuries and inconsistent form, has turned to Hindu religious rituals to help overcome the crisis. Priests traced the trouble to "sarpa dosha" or evil snake effects in the planetary alignments of the 33-

Published 09 May, 2006 12:00am

Lightning kills 5 boys playing cricket in Bangladesh

At least five children were killed by lightning while playing cricket on a school pitch near the northern Bangladesh town of Gafargaon, police said Monday.

Published 09 May, 2006 12:00am

England's batsmen to feel the heat as Cooley begins work

England's bowlers won't have problems repeating their Ashes success in this year's series in Australia, bowling guru Troy Cooley said on Monday. But Cooley, who has begun work as Australia's fast bowling coach after three years developing England's paceme

Published 09 May, 2006 12:00am

Jayasuriya was forced to quit Tests, says Sri Lanka's selector

Sri Lanka's veteran cricketer Sanath Jayasuirya retired from Test cricket last month after being handed an ultimatum to either quit or be sacked, newly-appointed chief selector Asantha de Mel said on Monday.

Published 09 May, 2006 12:00am

West Indies coast to third victory over Zimbabwe

Impressive bowling from Fidel Edwards, as well as a dominant batting performance, paved the way for West Indies to complete an 82-run win in the fourth one-day international against Zimbabwe at Bourda Oval on Sunday.

Published 09 May, 2006 12:00am

Furyk wins PGA Wachovia Championship in playoff

American Jim Furyk nailed a five-foot putt for par on the first playoff hole to capture the six million dollar PGA Wachovia Championship on Sunday. Furyk was handed an opportunity when South African Trevor Immelman made a three-putt bogey at the final hol

Published 09 May, 2006 12:00am

19 killed as fighting flares in Mogadishu

Previous Day

Forex
World
Commodity

Currency	Rate
USD PKR Interbank Selling / Jul 5	278.60
USD PKR Interbank Buying / Jul 5	278.40
USD to Japanese Yen / Jul 5	160.75
USD to Swiss Franc / Jul 5	0.90
Pound Sterling to USD / Jul 5	1.28
Euro to USD / Jul 5	1.08

Stock	Volume
S&P 500 / Jul 5	5,567.19
India Sensex / Jul 5	79,996.60
Tokyo Nikkei / Jul 5	40,912.37
Nasdaq / Jul 5	18,352.76
Hang Seng / Jul 5	17,799.61
FTSE 100 / Jul 5	8,203.93
Dow Jones / Jul 5	39,375.87
Germany DAX 30 / Jul 5	18,475.45

Item	Value
Crude Oil USD/Barrel / Jul 5	83.69
Gold 10 Grams PKR / Jul 5	210,008.70
Gold Spot USD/Ounce / Jul 5	2,363.70
Cotton US¢/pound / Jul 5	72.36
Karachi Cotton PKR/37.32 KG / Jul 6	18,835
Petrol/Litre / Jul 7	265.61

Gainers
Losers
Leaders

Stock	Price
786 Invest Ltd / Jul 7 786 Investments Limited(786)	5 ▼ 0.00 (0.00%)
AL-Abbas Sugar / Jul 7 Al-Abbas Sugar Mills Limited(AABS)	585 ▼ 0.00 (0.00%)
Agro Allianz / Jul 7 Agro Allianz Limited(AAL)	16 ▼ 0.00 (0.00%)
AL-Abid Silk / Jul 7 Al-Abid Silk Mills Limited(AASM)	3.49 ▼ 0.00 (0.00%)
Ali Asghar / Jul 7 Ali Asghar Textile Mills Limited(AATM)	2.07 ▼ 0.00 (0.00%)
Allied Bank / Jul 7 Allied Bank Limited(ABL)	87.10 ▼ 0.00 (0.00%)
Abbott Lab. / Jul 7 Abbott Laboratories (Pakistan) Limited(ABOT)	499.34 ▼ 0.00 (0.00%)
Abson Ind. / Jul 7 Abson Industries Limited(ABSON)	2.50 ▼ 0.00 (0.00%)
Alfalah ETF. / Jul 7 Alfalah Consumer Index ETF.(ACIETF)	9.84 ▼ 0.00 (0.00%)

Stock	Price
786 Invest Ltd / Jul 7 786 Investments Limited(786)	5 ▲ 0.00 (0.00%)
AL-Abbas Sugar / Jul 7 Al-Abbas Sugar Mills Limited(AABS)	585 ▲ 0.00 (0.00%)
Agro Allianz / Jul 7 Agro Allianz Limited(AAL)	16 ▲ 0.00 (0.00%)
AL-Abid Silk / Jul 7 Al-Abid Silk Mills Limited(AASM)	3.49 ▲ 0.00 (0.00%)
Ali Asghar / Jul 7 Ali Asghar Textile Mills Limited(AATM)	2.07 ▲ 0.00 (0.00%)
Allied Bank / Jul 7 Allied Bank Limited(ABL)	87.10 ▲ 0.00 (0.00%)
Abbott Lab. / Jul 7 Abbott Laboratories (Pakistan) Limited(ABOT)	499.34 ▲ 0.00 (0.00%)
Abson Ind. / Jul 7 Abson Industries Limited(ABSON)	2.50 ▲ 0.00 (0.00%)
Alfalah ETF. / Jul 7 Alfalah Consumer Index ETF.(ACIETF)	9.84 ▲ 0.00 (0.00%)

Stock	Volume
P.I.A.C.(A) / Jul 7 Pakistan International Airlines Corp(PIAA)	47,200,500 ▲ 0.00
Cnergyico PK / Jul 7 Cnergyico PK Limited(CNERGY)	29,719,327 ▲ 0.00
Pak Petroleum / Jul 7 Pakistan Petroleum Limited(PPL)	21,170,581 ▲ 0.00
Pak Refinery / Jul 7 Pakistan Refinery Limited(PRL)	16,965,134 ▲ 0.00
The Searle Co. / Jul 7 The Searle Company Limited(SEARL)	15,793,227 ▲ 0.00
P.T.C.L. / Jul 7 Pakistan Telecommunication Company Ltd(PTC)	15,054,641 ▲ 0.00
K-Electric Ltd. / Jul 7 K-Electric Limited(KEL)	14,145,556 ▲ 0.00
WorldCall Telecom / Jul 7 Worldcall Telecom Limited(WTL)	13,158,668 ▲ 0.00
Telecard Limited / Jul 7 Telecard Limited(TELE)	12,358,668 ▲ 0.00

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