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Nov 25, 2024 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Print - 2006-07-15
An Urdu magazine of criticism

An Urdu magazine of criticism

Peesh Raft International is a quarterly literary magazine, which is trying to protect and advance the tradition of critical analysis of modern Urdu prose and poetry. In its many issues there have been articles on the lives and works of Pakistani and India
Published 15 Jul, 2006 12:00am
LMM merged with LTF-EOP scheme

LMM merged with LTF-EOP scheme

The existing scheme for financing locally manufactured machinery (LMM) is being merged with scheme for long term financing for the Export-Oriented Projects (LTF-EOP) to provide a level-playing field to exporters for setting up and balancing, modernisation
Published 15 Jul, 2006 12:00am
LMM merged with LTF-EOP scheme

LMM merged with LTF-EOP scheme

The existing scheme for financing locally manufactured machinery (LMM) is being merged with scheme for long term financing for the Export-Oriented Projects (LTF-EOP) to provide a level-playing field to exporters for setting up and balancing, modernisation
Published 15 Jul, 2006 12:00am
CAPITAL CULTURAL SCENE: 'Sehra Main Azaan' launched

CAPITAL CULTURAL SCENE: 'Sehra Main Azaan' launched

'Sehra Main Azaan' (Call to prayer in the desert) was the new poetic collection launched by Chaudhry Mohammad Sadiq at the Pakistan Academy of Letters (PAL) through the support of the literary organisation Imkan in Islamabad.
Published 15 Jul, 2006 12:00am
LMM merged with LTF-EOP scheme

LMM merged with LTF-EOP scheme

The existing scheme for financing locally manufactured machinery (LMM) is being merged with scheme for long term financing for the Export-Oriented Projects (LTF-EOP) to provide a level-playing field to exporters for setting up and balancing, modernisation
Published 15 Jul, 2006 12:00am
LITERAFRY NOTES: Vignettes of good poetry

LITERAFRY NOTES: Vignettes of good poetry

I have always felt attracted towards Adeeb Sohail, a poet, writer and successful editor of monthly 'Qaumi Zaban', an organ of Anjuman-i-Taraqqui-i-Urdu. He is a self-effacing genuine writer. His two books - "Gham-i-Zamana Bhi Sahal Guzra" (an autobiograph
Published 15 Jul, 2006 12:00am
Ahmad Nadeem Qasmi, a jewel of Urdu literature

Ahmad Nadeem Qasmi, a jewel of Urdu literature

The death of well-known poet Ahmad Nadeem Qasmi, left the world of Urdu literature poorer. The legendary poet will be in the hearts and minds of people, who love literature, poetry, fiction and drama. The simplicity in his life and in his entire career wo
Published 15 Jul, 2006 12:00am
Coming out of jail

Coming out of jail

Women freed from jail and returning home have brought happiness and joy to their families and lots of hope for those who are still in prisons and waiting for their release.
Published 15 Jul, 2006 12:00am
The idea of Ijtihad in sub-continent-II

The idea of Ijtihad in sub-continent-II

Viewing the fact that chaos and disintegration were deteriorating and aggravating the people of his time, especially the Muslim Ummah, Shah Wali Allah made strong efforts for reforms.
Published 15 Jul, 2006 12:00am
South Korea buys aluminium ingots

South Korea buys aluminium ingots

South Korea has bought a total of 16,000 tonnes of primary aluminium ingots via tenders, an official at the state-run Public Procurement Service said on Friday. The agency purchased 6,000 tonnes of western aluminium ingots from Glencore at $92 a tonne ove
Published 15 Jul, 2006 12:00am
Ivory Coast cocoa arrivals rise

Ivory Coast cocoa arrivals rise

Cocoa arrivals at ports in Ivory Coast reached 1,286,841 tonnes between October 1 and July 9, according to an estimate by major exporters on Friday. That compared with 1,252,780 tonnes delivered to ports at the same period in the 2004/05 season, industry
Published 15 Jul, 2006 12:00am
Singapore bunker fuel prices up

Singapore bunker fuel prices up

Singapore bunker prices rose on Thursday but their premium to fuel oil cargoes fell to near parity as heavy July fuel oil arrivals found their way into the retail bunkers market, traders said. Prices for 380-centistoke (cst) bunker fuel were pegged at $34
Published 15 Jul, 2006 12:00am
Foreign secretary level talks seem unlikely

Foreign secretary level talks seem unlikely

The Foreign Secretary-level Indo-Pak talks are unlikely to be held as scheduled on July 21, Press Trust of India reported quoting official sources as having said on Friday. The sources further said that there was scant possibility of talks between the two
Published 15 Jul, 2006 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 127,864 tonnes of cargo including 97,916 tonnes import, 29,948 tonnes export cargo and 3,776 containers during last 24 hours ending at 0700 hours on Friday. The cargo comprised of 68,146 tonnes dry cargo including 28,163 tonnes ge
Published 15 Jul, 2006 12:00am
Foreign secretary level talks seem unlikely

Foreign secretary level talks seem unlikely

The Foreign Secretary-level Indo-Pak talks are unlikely to be held as scheduled on July 21, Press Trust of India reported quoting official sources as having said on Friday. The sources further said that there was scant possibility of talks between the two
Published 15 Jul, 2006 12:00am
Russian sugar imports to remain weak

Russian sugar imports to remain weak

Russian sugar imports are likely to stay weak despite soaring domestic prices, merchant Czarnikow said on Friday. Russia is the world's biggest raw sugar importer. A drawdown in domestic stocks has led to a sharp rise in local prices, which are now at aro
Published 15 Jul, 2006 12:00am
Manmohan warns peace process can derail: Pakistan rejects allegations

Manmohan warns peace process can derail: Pakistan rejects allegations

Pakistan on Friday rejected unsubstantiated Indian allegations regarding Mumbai bomb blasts and called for the peace process between the two South Asian neighbours to continue. "Terrorism is a phenomenon which effects almost every country of the world. Su
Published 15 Jul, 2006 12:00am
EU cereals yield seen rising

EU cereals yield seen rising

Yields are likely to rise by 1.9 percent in 2006 for the EU's main cereals crops from last year although drought conditions could still worsen and affect the final harvest, the European Commission said on Friday.
Published 15 Jul, 2006 12:00am
Manmohan warns peace process can derail: Pakistan rejects allegations

Manmohan warns peace process can derail: Pakistan rejects allegations

Pakistan on Friday rejected unsubstantiated Indian allegations regarding Mumbai bomb blasts and called for the peace process between the two South Asian neighbours to continue. "Terrorism is a phenomenon which effects almost every country of the world. Su
Published 15 Jul, 2006 12:00am
HRW wheat bids holding steady

HRW wheat bids holding steady

US hard red winter wheat spot basis bids held steady Friday, with farmer selling drying up in the face of sharp declines in futures prices, merchants said. Offers out of the country stayed strong as elevators looked to make room for fall crops, merchants
Published 15 Jul, 2006 12:00am
Israeli Prime Minister sets conditions for ceasefire

Israeli Prime Minister sets conditions for ceasefire

Israeli Prime Minister Ehud Olmert has imposed three conditions for a cease-fire in Lebanon, where Israel has been waging a deadly three-day assault, a government spokesman said Friday. "The Prime Minister is prepared to finish our operations in Lebanon i
Published 15 Jul, 2006 12:00am
Aluminium under pressure from Chinese exports

Aluminium under pressure from Chinese exports

China may need to ramp up aluminium exports by as much as 34 percent this year to clear a growing backlog, which could place a further chill on world prices. China is likely to pump out 18 to 23 percent more primary aluminium, or some 9.2- to 9.6 million
Published 15 Jul, 2006 12:00am
Israeli Prime Minister sets conditions for ceasefire

Israeli Prime Minister sets conditions for ceasefire

Israeli Prime Minister Ehud Olmert has imposed three conditions for a cease-fire in Lebanon, where Israel has been waging a deadly three-day assault, a government spokesman said Friday. "The Prime Minister is prepared to finish our operations in Lebanon i
Published 15 Jul, 2006 12:00am
Russian weekly grain market report

Russian weekly grain market report

Most Russian grain prices kept declining slowly last week with the sole exception of fourth-grade milling wheat, which is in high demand from exporters, traders said. Harvesting is close to last year's pace. As of July 11, the country's large and medium-s
Published 15 Jul, 2006 12:00am
Efforts on for development in Balochistan: President

Efforts on for development in Balochistan: President

President General Pervez Musharraf asserted on Friday that the government would continue to make all-out efforts for accelerating pace of development activities in the whole of Balochistan province.
Published 15 Jul, 2006 12:00am
Heat to stress US corn and soya crops: Meteorlogix

Heat to stress US corn and soya crops: Meteorlogix

Heat and dryness will put significant stress on the corn and soyabean crops in the United States over the next week to 10 days, a private forecaster said on Friday. "The bottom line is it will be very hot and dry next week and any corn crop that is pollin
Published 15 Jul, 2006 12:00am
Efforts on for development in Balochistan: President

Efforts on for development in Balochistan: President

President General Pervez Musharraf asserted on Friday that the government would continue to make all-out efforts for accelerating pace of development activities in the whole of Balochistan province.
Published 15 Jul, 2006 12:00am
Oil cake market rates

Oil cake market rates

Some business was seen on the forward cottonseed oilcake market on Friday as supply was enough to meet the demand, dealers said. The July vaida was unchanged at Rs 546.50 and August vaida remained at Rs 605.00, they said.
Published 15 Jul, 2006 12:00am
Efforts on for development in Balochistan: President

Efforts on for development in Balochistan: President

President General Pervez Musharraf asserted on Friday that the government would continue to make all-out efforts for accelerating pace of development activities in the whole of Balochistan province.
Published 15 Jul, 2006 12:00am
Cotton spot rate cut by Rs 25

Cotton spot rate cut by Rs 25

Lean business was seen on the cotton market on Friday as mills remained on the sidelines on expectations of lower trend in the prices due to good crop, brokers said. The official spot rate, after remaining stable, lost Rs 25 to Rs 2,550 without upcountry
Published 15 Jul, 2006 12:00am
South African maize futures unchanged

South African maize futures unchanged

South Africa's benchmark maize futures ended unchanged on Friday, but showed continued bullish momentum after coming back from lows touched earlier in line with US prices.
Published 15 Jul, 2006 12:00am
Plastic mouldings mixed on Jodia Bazar

Plastic mouldings mixed on Jodia Bazar

The trading in plastic mouldings compounds closed mixed on Jodia Bazar here on Friday. The following variations were noted.
Published 15 Jul, 2006 12:00am
Guwar better type up by Rs 100

Guwar better type up by Rs 100

Firm trend was seen on the grain market on Friday as most of the commodities maintained their overnight levels in process of low business, dealers said. On the seed side, cottonseed oilcake with bag was higher by Rs 10 to Rs 660-670 due to strong demand,
Published 15 Jul, 2006 12:00am
Cotton stocks rise

Cotton stocks rise

Certificated cotton stocks deliverable against New York Board of Trade's No 2 cotton futures contract as of July 12 totalled 662,642 (480-lb) bales, from 662,241 bales the previous session. There were 541 bales issued, 1,232 bales awaiting review and 0 ba
Published 15 Jul, 2006 12:00am
US cotton weekly export sales highlights: USDA

US cotton weekly export sales highlights: USDA

USDA cotton export sales highlights for latest reporting week. Net Upland sales of 71,400 RB were 70 percent below the previous week and 64 percent under the prior 4-week average.
Published 15 Jul, 2006 12:00am
Asian fuel oil prices hit record highs

Asian fuel oil prices hit record highs

Asian fuel oil prices hit record highs on Friday, rising for a third consecutive day on the back of crude's strength, but the market remained weak with both differentials and crack spreads in deep discounts.
Published 15 Jul, 2006 12:00am
New York cocoa futures extend loss

New York cocoa futures extend loss

US cocoa futures eased on Thursday for the third straight session amid orderly trade selling into a recent rally, which had driven the benchmark price to a 16-month peak earlier this week, traders said.
Published 15 Jul, 2006 12:00am
New York cotton lower, may slip further

New York cotton lower, may slip further

Cotton futures settled easier on Thursday on mild profit-taking and speculative sales as the market experienced a pullback after rising steadily the past few sessions, dealers said.
Published 15 Jul, 2006 12:00am
New York coffee futures boosted

New York coffee futures boosted

Arabica coffee futures advanced on Thursday for the second consecutive session, bolstered by light speculative buying and spread activity, market sources said. The New York Board of Trade's arabica coffee contract for September delivery rose 0.75 cent to
Published 15 Jul, 2006 12:00am
MGE wheat tumbles on technicals

MGE wheat tumbles on technicals

Spring wheat futures at the Minneapolis Grain Exchange tumbled on Thursday in a technical breakdown from contract highs this week as some moisture fell on the parched northern US Plains, traders said.
Published 15 Jul, 2006 12:00am
US copper ends with modest gains

US copper ends with modest gains

The COMEX copper futures eked out modest gains in range-bound trade on Thursday as the market looked to consolidate recent gains since the start of the month, sources said.
Published 15 Jul, 2006 12:00am
New York gold ends at six-week peak

New York gold ends at six-week peak

The gold futures in New York posted their highest close in six weeks on Thursday, as international tensions and record high oil prices encouraged flows into safe-haven assets.
Published 15 Jul, 2006 12:00am
Tokyo gold hits eight-week high

Tokyo gold hits eight-week high

Tokyo gold futures rose by the daily price limit of 60 yen per gram on Friday, boosted by global tension, record-high oil prices and the currency market, where the yen slid against the dollar after the Bank of Japan raised interest rates.
Published 15 Jul, 2006 12:00am
Gold hits seven-week high on Middle East tensions

Gold hits seven-week high on Middle East tensions

Gold rose to its highest level in seven weeks around $665 an ounce on Friday as crude oil futures hit a record high of above $78 a barrel, increasing the metal's safe-haven appeal.
Published 15 Jul, 2006 12:00am
Pan Pacific raises copper price

Pan Pacific raises copper price

Japan's Pan Pacific Copper Co Ltd said on Friday it raised its copper price by 20,000 yen a tonne to 990,000 yen ($8,580), reflecting recent price rises on the London Metal Exchange and a fall in the yen.
Published 15 Jul, 2006 12:00am
Oil surges to record high over $78

Oil surges to record high over $78

Oil surged to record highs above $78 on Friday as geopolitical storm clouds gathered, with supply disruption in Opec-exporter Nigeria and tensions across the Middle East driving crude into unchartered waters.
Published 15 Jul, 2006 12:00am
Malaysian tin slips

Malaysian tin slips

Malaysian tin ended $100 a tonne down on Friday in line with lower prices on the London Metal Exchange (LME), a dealer said.
Published 15 Jul, 2006 12:00am
LME metals range-bound as Asian stocks slump

LME metals range-bound as Asian stocks slump

London Metal Exchange metal futres traded in a narrow range in Asian trading on Friday morning, as market sentiment was dampened by battered stock markets in South Korea, Japan and China.
Published 15 Jul, 2006 12:00am
India raises palm, soya oil base import prices

India raises palm, soya oil base import prices

India sharply raised base import prices of soybean oils on Friday and marginally increased palm oil prices which traders said could temporarily alter the ratio of purchases of the two oils.
Published 15 Jul, 2006 12:00am
Speculative buying spurs New York sugar to firm finish

Speculative buying spurs New York sugar to firm finish

Raw sugar prices settled higher Thursday on buying by small speculators as the market appeared to be content to stay in a wide band while waiting for leads in the weeks ahead, brokers said.
Published 15 Jul, 2006 12:00am
Soybeans fall on good supplies

Soybeans fall on good supplies

Chicago Board of Trade soybean futures slid on Thursday on follow-through selling from Wednesday, pressured by burdensome supplies and easing concerns about hot Midwest weather for soy, traders said.
Published 15 Jul, 2006 12:00am
CBOT rice falls

CBOT rice falls

Chicago Board of Trade rough rice futures closed lower on Thursday on a disappointing weekly export sales tally, but prices kept within recent ranges amid thin volume, traders said. "There was just a lack of interest today. We've seen all these prices sev
Published 15 Jul, 2006 12:00am
Tokyo rubber futures fall

Tokyo rubber futures fall

Tokyo rubber futures fell on Friday due to technical factors that further pressured rubber prices in producing countries, dealers said. The key most distant December TOCOM rubber contract on the Tokyo Commodity Exchange, which sets trends for the global r
Published 15 Jul, 2006 12:00am
Malaysian palm oil ends up

Malaysian palm oil ends up

Malaysian crude palm oil futures closed higher on Friday, fuelled by record high crude oil prices but gains were capped by lack of demand, traders said. "Crude price seems to be the only factor pushing up the market," one dealer said.
Published 15 Jul, 2006 12:00am
Airbus eyes three new planes to battle Boeing

Airbus eyes three new planes to battle Boeing

Airbus will expand its offering of two new mid-sized planes to three in order to catch up with surging rival Boeing Co, industry sources said on Friday.
Published 15 Jul, 2006 12:00am
US and Russia haggle for WTO deal before G8 summit

US and Russia haggle for WTO deal before G8 summit

Russia and the United States pressed on with marathon talks on Friday aimed at reaching agreement ahead of a Group of Eight summit on Russia's bid to join the World Trade Organisation. The Kremlin is keen for a deal before the weekend G8 summit in St Pete
Published 15 Jul, 2006 12:00am
European car sales fall 4.1 percent in June

European car sales fall 4.1 percent in June

Sales of new cars in Europe fell by 4.1 percent in June over 12 months to a total of 1,489,561 vehicles, trade data showed on Friday. In the first six months of the year, sales increased by 1.3 percent from the equivalent figure last year to 8,323,033 uni
Published 15 Jul, 2006 12:00am
Global imbalances a serious challenge: central bank

Global imbalances a serious challenge: central bank

Global imbalances pose a serious challenge to China's economy and financial system, a senior central bank official said on Friday. Tang Xu, head of the central bank's research bureau, also described the pace of economic growth in the first half as "relati
Published 15 Jul, 2006 12:00am
G8 meeting may move to calm oil prices

G8 meeting may move to calm oil prices

A meeting of the Group of Eight industrialised nations in St. Petersburg starting at the weekend could send a signal aimed at calming volatile oil markets, a senior German government source said on Friday.
Published 15 Jul, 2006 12:00am
Japan raises interest rates, first time in 6 years

Japan raises interest rates, first time in 6 years

Japan's central bank raised interest rates for the first time in six years on Friday, lifting its key rate to 0.25 percent from zero and affirming the end of a long era of deflation and economic stagnation.
Published 15 Jul, 2006 12:00am
India's June trade deficit at $3.80 billion

India's June trade deficit at $3.80 billion

India's trade deficit in June stood at $3.80 billion, lower than May's $3.84 billion, government data showed on Friday. The deficit was $3.27 billion in June 2005. Between April and June the figure stood at $12.61 billion, up from $10.54 billion during th
Published 15 Jul, 2006 12:00am
US consumer morale dips, worries over growth

US consumer morale dips, worries over growth

Surging energy prices helped cause unexpected drops in US retail sales in June and consumer sentiment in July, reports on Friday showed, raising the prospects the Federal Reserve may be close to halting its campaign of hiking interest rates.
Published 15 Jul, 2006 12:00am
Nokia 3250 cellphone offers dynamic music experience

Nokia 3250 cellphone offers dynamic music experience

With more than one million units sold since it entered the charts in March, 2006, the Nokia 3250 music phone is quickly earning a reputation as a must-have accessory-storing up to 750 songs (1 GB) of high quality music and sporting a 2 megapixel camera in
Published 15 Jul, 2006 12:00am
FTA talks end in stalemate after US boycott

FTA talks end in stalemate after US boycott

Free-trade talks between the United States and South Korea ended in stalemate Friday as US negotiators boycotted discussions in protest at South Korea's new medical policy.
Published 15 Jul, 2006 12:00am
Romania CEC bank bids seen lower, race thins

Romania CEC bank bids seen lower, race thins

Romania's sale of its fifth largest bank CEC next week will probably attract lower offers than the government had expected after three bidders withdrew recently from the race, analysts said on Friday.
Published 15 Jul, 2006 12:00am
FHLB sells $1.5 billion 30-year global bonds

FHLB sells $1.5 billion 30-year global bonds

The Federal Home Loan Bank System, the largest collective source of US home mortgage funding, on Friday sold $1.5 billion 30-year global bonds. The 5.50 percent bonds, due on July 15, 2036, were priced at 98.656 to yield 5.593 percent, or 47 basis points
Published 15 Jul, 2006 12:00am
FHLB sells $1.5 billion 30-year global bonds

FHLB sells $1.5 billion 30-year global bonds

The Federal Home Loan Bank System, the largest collective source of US home mortgage funding, on Friday sold $1.5 billion 30-year global bonds. The 5.50 percent bonds, due on July 15, 2036, were priced at 98.656 to yield 5.593 percent, or 47 basis points
Published 15 Jul, 2006 12:00am
Credit Suisse bullish on commodity-rich nations

Credit Suisse bullish on commodity-rich nations

Credit Suisse's fund management arm is bullish on commodity-rich nations, which it expects to have growing economic muscle as hunger for raw materials intensifies, a senior investment strategist said.
Published 15 Jul, 2006 12:00am
Popular profit falls, shares drop

Popular profit falls, shares drop

Popular Inc, Puerto Rico's largest bank, on Friday posted a larger-than-expected decline in second-quarter profit, hurt by rising interest rates and a writedown. The company's shares fell nearly 3 percent in morning trading.
Published 15 Jul, 2006 12:00am
Popular profit falls, shares drop

Popular profit falls, shares drop

Popular Inc, Puerto Rico's largest bank, on Friday posted a larger-than-expected decline in second-quarter profit, hurt by rising interest rates and a writedown. The company's shares fell nearly 3 percent in morning trading.
Published 15 Jul, 2006 12:00am
Singapore shares slip

Singapore shares slip

Singapore share prices closed 1.38 percent lower on Friday as record high oil prices of more than 78 dollars a barrel weighed on sentiment amid an escalation of violence in the Middle East, dealers said. They said the spike in oil prices to record highs,
Published 15 Jul, 2006 12:00am
Taiwan stocks fall to three-week low

Taiwan stocks fall to three-week low

Taiwan stocks fell 2.13 percent on Friday to their lowest close in three weeks as investors saw little relief on Wall Street and trod cautiously amid corporate profit results in Taiwan and the United States.
Published 15 Jul, 2006 12:00am
Hong Kong shares slide on geopolitical risks

Hong Kong shares slide on geopolitical risks

Hong Kong stocks traded at six-week lows before ending down 1 percent on Friday in a broad-based sell-off triggered by looming geopolitical risks in the Middle East and the prospect of lower corporate profits amid record-high oil prices.
Published 15 Jul, 2006 12:00am
Indian shares down

Indian shares down

Indian share prices closed 1.66 percent lower Friday on concerns of higher inflation led by crude oil prices and an escalation of tension in the Middle-East, dealers said. They said higher oil costs could put more pressure on prices overall, with sentimen
Published 15 Jul, 2006 12:00am
US Treasuries higher

US Treasuries higher

US Treasury debt prices surged on Thursday, with the yield of the 10-year note falling to a four-week low after Israel escalated its siege of Lebanon. The increased conflict in the Middle East sent investors to the relative safety of government bonds and
Published 15 Jul, 2006 12:00am
US Treasuries higher

US Treasuries higher

US Treasury debt prices surged on Thursday, with the yield of the 10-year note falling to a four-week low after Israel escalated its siege of Lebanon. The increased conflict in the Middle East sent investors to the relative safety of government bonds and
Published 15 Jul, 2006 12:00am
Malaysian shares lower

Malaysian shares lower

Malaysian share prices closed 1.39 percent lower Friday in line with weaker regional markets as investors fretted over record oil prices and tensions in the Middle East, dealers said. The Kuala Lumpur Composite Index shed 12.92 points to 913.63. Volume wa
Published 15 Jul, 2006 12:00am
Chinese shares higher as IPO worries ease

Chinese shares higher as IPO worries ease

China shares staged a weak rebound of 0.57 percent on Friday, led by gains in large-caps, after fears over an upcoming pipeline of initial public offerings pushed the key index down by nearly 5 percent a day earlier.
Published 15 Jul, 2006 12:00am
Nikkei brushes off BoJ rate hike, down on oil rise

Nikkei brushes off BoJ rate hike, down on oil rise

The Nikkei fell 1.67 percent to end below 15,000 on Friday, its lowest close in three weeks, as investors took a Bank of Japan interest rate hike in their stride and sold stocks on worries over the impact of higher oil prices on corporate profits.
Published 15 Jul, 2006 12:00am
Jakarta shares drift lower

Jakarta shares drift lower

Indonesian share prices closed 2.28 percent lower on Friday amid fears over a fresh spike in the price of oil, which hit record highs of 78 dollars per barrel amid an escalation of violence in the Middle East, dealers said.
Published 15 Jul, 2006 12:00am
Swiss franc rallies versus yen

Swiss franc rallies versus yen

The Swiss franc climbed to an eight-year high against the yen on Friday as the Bank of Japan signalled that interest rates could stay low for some time after it had raised rates for the first time in almost six years.
Published 15 Jul, 2006 12:00am
Chinese yuan weakens for fifth straight day

Chinese yuan weakens for fifth straight day

China's yuan weakened against the dollar on Friday for the fifth straight day after strong gains last week, but traders said it could revert to the uptrend soon as Beijing take more steps to cool its economy.
Published 15 Jul, 2006 12:00am
Yen slips after BoJ says rates can be kept low

Yen slips after BoJ says rates can be kept low

The yen slipped back towards a two-week low against the dollar on Friday after the Bank of Japan said interest rates can be kept low for some time after a widely expected increase from zero, the first in six years.
Published 15 Jul, 2006 12:00am
Dollar falls on global woes ahead of BoJ decision

Dollar falls on global woes ahead of BoJ decision

The dollar slipped against most other major currencies on Thursday amid safe-haven buying as global tensions escalated and ahead of an expected Bank of Japan interest rate increase, the first in six years.
Published 15 Jul, 2006 12:00am
Hong Kong dollar softens

Hong Kong dollar softens

The Hong Kong dollar softened on Friday, while the discount on local dollar forwards tightened on the back of firmer interbank rates. The domestic currency hit a low of 7.7775 to the US dollar in the early morning session before pulling back to 7.7761/63,
Published 15 Jul, 2006 12:00am
Asian currencies weaken after BoJ, oil weighs

Asian currencies weaken after BoJ, oil weighs

Asian currencies extended modest declines on Friday in line with the yen, which weakened after the Bank of Japan raised rates but said borrowing costs could be kept low for some time. Record high oil prices and heightened global security concerns also wei
Published 15 Jul, 2006 12:00am
Australian dollar finds support at 75 cents

Australian dollar finds support at 75 cents

The Australian dollar had a tentative grip on the 75 US cent mark on Friday, slipping from a six-week high after a blow-out in the monthly trade deficit and on waning risk appetite due to escalating geopolitical tensions.
Published 15 Jul, 2006 12:00am
Eagle Ernie feels confidence returning

Eagle Ernie feels confidence returning

Ernie Els believes he is finally close to rediscovering his form after a last-gasp salvage operation rescued his challenge for a third Scottish Open title at Loch Lomond on Friday.
Published 15 Jul, 2006 12:00am
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