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Apr 28, 2024 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Print - 2004-02-15
Iran car maker to sue Turkey's Tofas

Iran car maker to sue Turkey's Tofas

Iranian car maker Iran Khodro is demanding compensation from Turkey's Tofas, accusing it of a breach of contract in bowing to US pressure to pull out of a deal, the car maker's lawyers said on Saturday.
Published 15 Feb, 2004 12:00am
Mitsubishi Motors likely to post 100 billion yen loss

Mitsubishi Motors likely to post 100 billion yen loss

Japanese car maker Mitsubishi Motors Corp is likely to post a group operating loss of around 100 billion yen ($949.3 million) this year on poor sales of new cars in North America, a newspaper said on Saturday.
Published 15 Feb, 2004 12:00am
Germany's Ifo urges ECB forex action on euro

Germany's Ifo urges ECB forex action on euro

The European Central Bank should intervene to bring the euro below $1.20 by buying dollars, the head of Germany's Ifo institute was quoted as saying on Saturday.
Published 15 Feb, 2004 12:00am
Egypt and Singapore to sign free trade pact

Egypt and Singapore to sign free trade pact

Egypt and Singapore will sign a free trade pact that will form "a bridge between Asia and the Middle East", Singaporean Prime Minister Goh Chok Tong said Saturday in Cairo.
Published 15 Feb, 2004 12:00am
Strike over privatisation stops Bangladeshi fuel supply

Strike over privatisation stops Bangladeshi fuel supply

In a protest against plans to privatise oil distribution firms, about 10,000 lorry and tanker operators went on strike on Saturday, halting supplies of petroleum products from depots to filling stations.
Published 15 Feb, 2004 12:00am
IMF grants $5.2 million Senegal loan

IMF grants $5.2 million Senegal loan

The International Monetary Fund on Friday issued a $5.2 million line of credit to Senegal after approving a first review under a three-year loan program and urged it to step up electricity and groundnut sector reforms.
Published 15 Feb, 2004 12:00am
Kuwaiti minister welcomes Halliburton contract probe

Kuwaiti minister welcomes Halliburton contract probe

Kuwait's energy minister Sheikh Ahmad al-Fahd al-Sabah on Saturday was quoted as saying he welcomes the formation of a parliamentary committee to probe a Kuwait Petroleum Corp (KPC) contract to supply US firm Halliburton with fuel for the US army in Iraq.
Published 15 Feb, 2004 12:00am
Investors study scandals to avoid future Parmalats

Investors study scandals to avoid future Parmalats

Investors are studying a spate of recent, high-profile European corporate scandals - from Ahold and Adecco to Parmalat and Cirio - searching for common themes that can help them avoid future investment meltdowns.
Published 15 Feb, 2004 12:00am
Zimbabwe imposes tough new anti-graft regulations

Zimbabwe imposes tough new anti-graft regulations

Zimbabwe has imposed anti-graft regulations allowing police to hold people suspected of economic crimes for up to seven days, the state-run Herald newspaper reported on Saturday.
Published 15 Feb, 2004 12:00am
Indian foreign exchange reserves surge to new high

Indian foreign exchange reserves surge to new high

India's foreign exchange reserves, Asia's sixth-largest, rose to a record high on February 6 on a combination of currency inflows and revaluation gains as the dollar continued to trade weakly against global currencies.
Published 15 Feb, 2004 12:00am
Republicans unveil slimmer $14 billion energy bill

Republicans unveil slimmer $14 billion energy bill

Senate Republicans on Friday formally unveiled a slimmed-down, $14 billion energy bill after cutting a deal with Democrats for a swift vote on the stalled package when lawmakers return from a week-long holiday later this month.
Published 15 Feb, 2004 12:00am
Hackers get hold of Microsoft's crown jewels

Hackers get hold of Microsoft's crown jewels

Nothing is more sacred to the Microsoft than its crown jewels - the millions of lines of secret computer code that propelled it from garage start-up to one of the world's wealthiest corporations.
Published 15 Feb, 2004 12:00am
Soyabean futures end higher

Soyabean futures end higher

Soyabean futures at the Chicago Board of Trade ended higher on Friday after bouncing up and down throughout the session on a mild recovery from Thursday's sell-off, traders said.
Published 15 Feb, 2004 12:00am
Rain damages soyabean harvest in Brazil

Rain damages soyabean harvest in Brazil

Heavy rain in recent weeks caused an estimated loss of between 10 percent and 15 percent in the soyabean crop in the Lucas do Rio Verde district of north central Mato Grosso, agronomists said on Friday.
Published 15 Feb, 2004 12:00am
CBOT rice firm in thin trade

CBOT rice firm in thin trade

Rough rice futures at the Chicago Board of Trade closed firmer in the front months on Friday on recovery from recent losses, traders said.
Published 15 Feb, 2004 12:00am
Shanghai copper tiptoes higher in hefty volumes

Shanghai copper tiptoes higher in hefty volumes

Shanghai copper futures inched up on Friday with sentiment upbeat on long-term global demand, though some profit-taking set in due to stellar rises, traders said.
Published 15 Feb, 2004 12:00am
New York copper ends with modest gains

New York copper ends with modest gains

Comex copper futures finished an abbreviated pre-holiday session with modest gains on Friday, after recovering from bout of profit-taking, traders said.
Published 15 Feb, 2004 12:00am
Tokyo gold edges higher

Tokyo gold edges higher

Tokyo gold futures mostly inched up on Friday in a reflection of strong Comex gold prices, which continued to draw strength from the view that the Federal Reserve was comfortable with a weak dollar.
Published 15 Feb, 2004 12:00am
CSCE sugar ends mixed

CSCE sugar ends mixed

CSCE raw sugar closed mixed on Friday as late-session trade buying led the most-active front months higher after mix of switching and options-based business, brokers said.
Published 15 Feb, 2004 12:00am
Precious metal shrugs off its gains in New York

Precious metal shrugs off its gains in New York

Comex gold closed lower in a shortened session on Friday, reversing gains as the dollar shook off a blow from news that the US international trade deficit ballooned in December despite a weak US currency.
Published 15 Feb, 2004 12:00am
Opec output cut boosts oil prices in world markets

Opec output cut boosts oil prices in world markets

Oil prices shot higher last week after the Organisation of Petroleum Exporting Countries (Opec) caught traders by surprise, tightening the taps in anticipation of weaker demand when warmer weather arrives in the United States and Europe.
Published 15 Feb, 2004 12:00am
US wheat market cools hopes on China trade visit

US wheat market cools hopes on China trade visit

US grain traders are becoming less optimistic that a China trade mission's American visit, which had been supporting the US wheat market for weeks, will result in much new wheat sales, analysts said.
Published 15 Feb, 2004 12:00am
Egypt gets Syrian wheat, no India deal yet

Egypt gets Syrian wheat, no India deal yet

Egypt, a major wheat importer, is receiving Syrian grain but its plans to import from India are being held up by concerns about the presence of a non-toxic disease in Indian supplies, an official source said on Saturday.
Published 15 Feb, 2004 12:00am
Oil cake market rates

Oil cake market rates

The March vaida opened unchanged at Rs 438.20 and was quoted highest at Rs 440. Later in depressed trading it lost substantially to be quoted at Rs 438.20 and closing was seen at Rs 439.20.
Published 15 Feb, 2004 12:00am
Over 2000 bales change hands on cotton market

Over 2000 bales change hands on cotton market

Over 2000 bales changed hands on cotton market on Saturday as prices showed firm trend, relevant sources said. The rates in ready, however, maintained higher trend depicting caution that price rise could be expected, they added.
Published 15 Feb, 2004 12:00am
Ivory Coast cocoa arrivals down

Ivory Coast cocoa arrivals down

Cocoa arrivals at ports in Ivory Coast reached some 840,000-855,000 tonnes between the start of the 2003/04 (Oct-Sept) and February 12, leading exporters in the world's top cocoa grower said on Friday.
Published 15 Feb, 2004 12:00am
Dry fruits up on Jodia Bazar

Dry fruits up on Jodia Bazar

Dry fruits depicted rising trend on the Jodia Bazar on Saturday amid low business.
Published 15 Feb, 2004 12:00am
SEB scores foreign exchange profit growth

SEB scores foreign exchange profit growth

Swedish bank SEB said on Friday it plans to raise its profile in the increasingly competitive $1.2 trillion a day currency market, which it believes may be boosted over time by new accounting rules.
Published 15 Feb, 2004 12:00am
Dollar bounces back, helped by euro profit-taking

Dollar bounces back, helped by euro profit-taking

The dollar clawed back from early losses on Friday in volatile trade amid a wave of profit-taking in the euro after the single European currency hit a near-record high against the greenback.
Published 15 Feb, 2004 12:00am
Brazil currency falls

Brazil currency falls

Brazil's currency fell by 0.7 percent after a report in news magazine Epoca saying a close advisor to President Luiz Inacio Lula da Silva's chief of staff had collected campaign funds in return for political favours while working in the Rio de Janeiro sta
Published 15 Feb, 2004 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 15 Feb, 2004 12:00am
IMM yen speculators pare back net long position: CFTC

IMM yen speculators pare back net long position: CFTC

Speculators in IMM yen futures reduced a net long position in the week ended February 10 from a record the prior week, data from the Commodity Futures Trading Commission showed on Friday.
Published 15 Feb, 2004 12:00am
Argentine shares rise

Argentine shares rise

Argentine stocks ended higher on Friday after the government said it will raise gas and electricity rates for big commercial users, partially thawing a two-year rate freeze.
Published 15 Feb, 2004 12:00am
Canadian bonds climb on trade data

Canadian bonds climb on trade data

The Canadian bond prices were mostly higher on Friday as the weak US consumer sentiment figures pushed influential US Treasuries higher, while weaker North American equity markets freed up cash to invest in bonds.
Published 15 Feb, 2004 12:00am
Canadian bonds climb on trade data

Canadian bonds climb on trade data

The Canadian bond prices were mostly higher on Friday as the weak US consumer sentiment figures pushed influential US Treasuries higher, while weaker North American equity markets freed up cash to invest in bonds.
Published 15 Feb, 2004 12:00am
Mexican stocks finish at record high

Mexican stocks finish at record high

Mexican stocks ended at a record high on Friday, boosted late in the day by a rally in cell phone operator America Movil, while the peso gained after foreign reserves hit a record high earlier this week.
Published 15 Feb, 2004 12:00am
US Treasuries surge as consumer sentiments fall

US Treasuries surge as consumer sentiments fall

US Treasury prices rose on Friday. boosted by a steep drop in a US consumer sentiment reading and a safety bid spurred by brief evacuations of a New Jersey postal facility and two US Senate office buildings.
Published 15 Feb, 2004 12:00am
US Treasuries surge as consumer sentiments fall

US Treasuries surge as consumer sentiments fall

US Treasury prices rose on Friday. boosted by a steep drop in a US consumer sentiment reading and a safety bid spurred by brief evacuations of a New Jersey postal facility and two US Senate office buildings.
Published 15 Feb, 2004 12:00am
Chile stocks jump on bargain hunting

Chile stocks jump on bargain hunting

Chile's stocks rose on Friday as investors snapped up bargain exporters that have been hit hard over recent sessions due to appreciation in the peso currency, which investors fear could hurt their profits, analysts said.
Published 15 Feb, 2004 12:00am
American credit market outlook

American credit market outlook

There's no denying that the rally in the companies with the poorest credit quality has been one of the most remarkable on record, representing also a complete reversal of fortune in less than a year.
Published 15 Feb, 2004 12:00am
American credit market outlook

American credit market outlook

There's no denying that the rally in the companies with the poorest credit quality has been one of the most remarkable on record, representing also a complete reversal of fortune in less than a year.
Published 15 Feb, 2004 12:00am
Toronto stocks end lower as investors take profits

Toronto stocks end lower as investors take profits

Strong domestic economic data failed to inspire Toronto stocks on Friday and the market finished lower for a second straight session as investors locked away profits and awaited a fresh catalyst.
Published 15 Feb, 2004 12:00am
Brazilian markets slide as political scandal erupts

Brazilian markets slide as political scandal erupts

Brazil's stock market fell as much as 3.8 percent and the currency tumbled on Friday after reports of a possible corruption scandal within the government sent investors ducking for cover.
Published 15 Feb, 2004 12:00am
South African stocks week ahead: Eyes on results, budget

South African stocks week ahead: Eyes on results, budget

A clutch of South African companies due to report results hurt by a strong local currency - including key players such as Anglo American Platinum and steel producer Iscor- will dominate the stock market next week.
Published 15 Feb, 2004 12:00am
US corporate bonds spread tighter as rate fears recede

US corporate bonds spread tighter as rate fears recede

US corporate bond yield spreads edged tighter on Friday, underpinned by a sparse supply of new issuance and growing confidence that interest rates are not due for an imminent increase.
Published 15 Feb, 2004 12:00am
US corporate bonds spread tighter as rate fears recede

US corporate bonds spread tighter as rate fears recede

US corporate bond yield spreads edged tighter on Friday, underpinned by a sparse supply of new issuance and growing confidence that interest rates are not due for an imminent increase.
Published 15 Feb, 2004 12:00am
China executes man who killed 67 people

China executes man who killed 67 people

China executed on Saturday one of its worst serial killers, a man who murdered 67 people and raped two dozen women in a four-year crime spree.
Published 15 Feb, 2004 12:00am
Confusion at Athens airport after 141 flights cancelled

Confusion at Athens airport after 141 flights cancelled

Hundreds of angry, stressed passengers battled monster delays at the Eleftherios Venizelos international airport Saturday after a snow storm blocked runways and led to the cancelation of at least 141 flights.
Published 15 Feb, 2004 12:00am
Kurds protest in France against Ocalan's detention

Kurds protest in France against Ocalan's detention

Thousands of Kurds held a protest in France's eastern city of Strasbourg Saturday to call for the liberation of former rebel leader Abdullah Ocalan, who has been held in Turkey since 1999.
Published 15 Feb, 2004 12:00am
New tapes of Princess Diana to be aired on US TV

New tapes of Princess Diana to be aired on US TV

A private video made by the late Princess Diana in which she talks about the break-up of her marriage and her relations with other members of the British royal family will be shown on the NBC television network in the United States next month, the Daily T
Published 15 Feb, 2004 12:00am
Malaysia eyes 18 more prominent graft cases

Malaysia eyes 18 more prominent graft cases

Malaysia is pursuing at least 18 high-profile corruption cases after this week's arrest of two prominent persons, a newspaper said on Saturday, as new Prime Minister Abdullah Badawi gears up for polls.
Published 15 Feb, 2004 12:00am
Arab ministers concerned over any partition of Iraq

Arab ministers concerned over any partition of Iraq

Iraq's neighbours, gathering here for high-level talks on the post-war situation and its impact on regional security, expressed misgivings Saturday about any possible partition of the war-ravaged country.
Published 15 Feb, 2004 12:00am
Iran ready to sell nuclear fuel abroad: Kharrazi

Iran ready to sell nuclear fuel abroad: Kharrazi

Iranian Foreign Minister Kamal Kharrazi, his country accused by Washington of secretly developing nuclear arms, said on Saturday the Islamic Republic was ready to sell nuclear fuel to international buyers.
Published 15 Feb, 2004 12:00am
WHO warns end of bird flu could take years

WHO warns end of bird flu could take years

United Nations agencies said Saturday Vietnam's bird flu outbreak, which has killed 14 people in the country, could take years to eradicate, as China reported four new confirmed outbreaks of the disease.
Published 15 Feb, 2004 12:00am
Jordan breaks up 'terrorist' gang

Jordan breaks up 'terrorist' gang

Jordanian authorities have charged four men, including a finance ministry employee, with plotting to carry out "terrorist" attacks against US and Israeli targets in Jordan, newspapers reported Saturday.
Published 15 Feb, 2004 12:00am
UN appeals for safe passage of aid in Haiti

UN appeals for safe passage of aid in Haiti

The United Nations appealed on Friday to the Haitian government and rebels who have staged a week-long revolt to guarantee safe passage to food and medicine deliveries to avert a humanitarian disaster.
Published 15 Feb, 2004 12:00am
Rallies in France against anti-headscarf law for schools

Rallies in France against anti-headscarf law for schools

Hundreds of Muslims marching in Paris and other French cities Saturday to protest a new law banning Islamic headscarves and other religious insignia in schools threatened to show their discontent by voting against the government in regional elections next
Published 15 Feb, 2004 12:00am
1,200 Sindh primary schools to be upgraded

1,200 Sindh primary schools to be upgraded

Under the Decentralised Education Project (DEP) launched at a cost of Rs 5,880 million, 1,200 primary schools would be upgraded to middle-level within nine years, said Sindh Education Minister Irfanullah Marwat on Saturday.
Published 15 Feb, 2004 12:00am
Faisal off to Zurich

Faisal off to Zurich

Federal Interior and Narcotics Control Minister Makhdoom Syed Faisal Saleh Hayat left for Zurich on Saturday for one-week.
Published 15 Feb, 2004 12:00am
PIA planning non-stop flights to US

PIA planning non-stop flights to US

Pakistan International Airlines plans to start direct flights from Pakistan to destinations in the United States after it gets two modern Boeing-777 aircraft by mid-March next.
Published 15 Feb, 2004 12:00am
Government decision to decrease car prices welcomed

Government decision to decrease car prices welcomed

People belonging to different shades of opinion have highly lauded the government announcement to decrease the prices of the cars and have expressed complete satisfaction.
Published 15 Feb, 2004 12:00am
Government to close down all substandard universities: Dr Atta

Government to close down all substandard universities: Dr Atta

Minister in-charge of Science and Technology and Chairman Higher Education Commission Dr Atta-ur-Rehman has said that the government is committed to close down all substandard universities which have mushroomed at the cost of quality of education.
Published 15 Feb, 2004 12:00am
Bonuses and dividend

Bonuses and dividend

I fully endorse the views expressed by Imran Rashid in his letter published in your esteemed column late last month on the bonus and dividend declared by the Adamjee Insurance Company.
Published 15 Feb, 2004 12:00am
Dental health

Dental health

I have read a letter published on February 13, 2004 written by Mohammad Yameen regarding tooth paste a health risk and agree with the contents of the letter.
Published 15 Feb, 2004 12:00am
Scientists' debriefing

Scientists' debriefing

One would like to refer to the front-paged news item on January 27 captioned 'Nuke proliferation probe progressing well'. Information Minister, Sheikh Rashid's substitution of the so-far used expression 'debriefing' with the word investigation comes as a
Published 15 Feb, 2004 12:00am
Tajikistan's peace accord faltering

Tajikistan's peace accord faltering

A 1997 peace accord that brought radical Islamic guerrillas into Tajikistan's government, seen as a model for volatile Central Asia, is faltering as former warlords complain at being pushed out of power.
Published 15 Feb, 2004 12:00am
Holy water quenches thirst of pilgrims

Holy water quenches thirst of pilgrims

Shiite pilgrims carrying bottles or jugs swarm noisily through a narrow passageway to a modest yellow-brick house in the Iraqi town of Kufa, the site of Hazrat Ali's well.
Published 15 Feb, 2004 12:00am
Creation of knowledge in business schools

Creation of knowledge in business schools

When American universities had initiated the degree programmes in business administration, the Europeans strongly opposed the idea with the views that the rules of business cannot be taught in academia; they can be learned in practice only.
Published 15 Feb, 2004 12:00am
Grappling with extremism

Grappling with extremism

President General Pervez Musharraf continues to reiterate, and rightly so, that the government's efforts to "root out extremism and all kinds of terrorism from Pakistan's soil will continue," and that the country would not allow its soil to be used for an
Published 15 Feb, 2004 12:00am
SMEs' participation in Textile City

SMEs' participation in Textile City

The Union of Small & Medium Enterprises (Unisame), Karachi, has rightly expressed concern over the possibility of exclusion of its members from the proposed Textile City project.
Published 15 Feb, 2004 12:00am
Condolence

Condolence

Ahsraf W Tabani, President of Employers' Federation of Pakistan, has expressed deep sorrow and grief over the sad and sudden demise of Abdul Sattar Lalika, Minister for Labour, Manpower & Overseas Pakistanis.
Published 15 Feb, 2004 12:00am
Valentine's Day celebrated with fervour

Valentine's Day celebrated with fervour

Valentine's Day was celebrated here on Saturday like other parts of the country as well as rest of the world with fervour.
Published 15 Feb, 2004 12:00am
PTDC to arrange tourist operators' visits to China

PTDC to arrange tourist operators' visits to China

Pakistan Tourism Development Corporation (PTDC) will arrange visits of the country's tour operators to China for promoting tourism related activities between the two countries, Managing Director PTDC Malik Mohammad Habib Khan said on Saturday.
Published 15 Feb, 2004 12:00am
Piaf unhappy over poor fire-fighting arrangements

Piaf unhappy over poor fire-fighting arrangements

Pakistan Industrial & Traders Associations Front (Piaf) has expressed its concern over what it said insufficient arrangements of fire fighting in the shopping centres and industrial areas of the city.
Published 15 Feb, 2004 12:00am
Pakistan and India urged to jointly counter poverty, illiteracy

Pakistan and India urged to jointly counter poverty, illiteracy

Former president of the London Chamber of Commerce and Industry and in UK Noon Group Chairman Sir Gulam Noon has called upon India and Pakistan to put an end to rat race of weaponisation so as to jointly counter the issues of poverty and illiteracy.
Published 15 Feb, 2004 12:00am
Three Supreme Court benches to work in Islamabad

Three Supreme Court benches to work in Islamabad

Three full benches, including the first bench to be presided over by Chief Justice Nazim Hussain Siddiqui will work here on Monday and Tuesday while two full and one division bench will function for the remaining three days of next week.
Published 15 Feb, 2004 12:00am
38 appointed as deputy district attorneys

38 appointed as deputy district attorneys

On the recommendation of the Sindh Public Services Commission (SPSC) and with the approval of the appointing authority (Law Minister), as many as 38 candidates have been appointed as Deputy District Attorneys (BPS-17) in the Solicitor's Department, Govern
Published 15 Feb, 2004 12:00am
Export documents submission date for visa extended

Export documents submission date for visa extended

The Export Promotion Bureau (EPB) has extended the last date for submission of 2003 export documents for issuance of export visa/licences and authentication of other quota transactions, including transfer deeds to February 21.
Published 15 Feb, 2004 12:00am
LHCBA announces support to ARD

LHCBA announces support to ARD

The Lahore High Court Bar Association (LHCBA), while appreciating the struggle of the Alliance for Restoration of Democracy (ARD), has announced all-out support in its 'Musharraf Hatao-Pakistan Bachao' campaign.
Published 15 Feb, 2004 12:00am
Dr Azhar made JMDC dean

Dr Azhar made JMDC dean

The Jinnah Medical and Dental College (JMDC) has announced the appointment of Dr Azhar Hussain as the dean and member, Board of Governors of the prestigious institution.
Published 15 Feb, 2004 12:00am
ACBL in a position to take over Allied Bank

ACBL in a position to take over Allied Bank

With a vast network of branches, Askari Commercial Bank Limited (ACBL) which is a matured bank is in a position to take over the Allied Bank Limited (ABL), which was for the sale by the State Bank of Pakistan (SBP).
Published 15 Feb, 2004 12:00am
Statistical bodies of OIC region to share data

Statistical bodies of OIC region to share data

The fourth meeting of heads of National Statistical Organisations (NSOs) of OIC member countries, inaugurated by federal secretary, Statistics Division, Pakistan, was held here from February 11 to 13, on the theme of 'capacity building'.
Published 15 Feb, 2004 12:00am
Lahore High Court benches for next week

Lahore High Court benches for next week

As many as 12 division benches and 27 single benches will work at the principal seat of the Lahore High Court (LHC) during the week commencing from Monday (February 16).
Published 15 Feb, 2004 12:00am
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