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Print - 2004-02-18
London cocoa edges higher

London cocoa edges higher

London cocoa futures made modest gains by the end of trade on Tuesday, despite speculative selling and a strong pound discouraging buyers, dealers said.
Published 18 Feb, 2004 12:00am
Copper hits new eight-year high, market volcanic

Copper hits new eight-year high, market volcanic

The price of copper rose to eight-year highs above $2,840 a tonne on the London Metal Exchange (LME) on Tuesday on speculative buying led by investment funds, and analysts and traders expected more gains in the first red-hot bull market of the millennium.
Published 18 Feb, 2004 12:00am
US MIDDAY: cocoa shade lower

US MIDDAY: cocoa shade lower

CSCE cocoa futures finished a dull session mostly lower Tuesday as traders found that buying linked to a weak US dollar could not generate a sustained rally and prices retreated, brokers said.
Published 18 Feb, 2004 12:00am
US MIDDAY: sugar jumps on spread trading

US MIDDAY: sugar jumps on spread trading

CSCE raw sugar jumped to its highest price since February 4 on Tuesday, gapping upward at the open but closing well off the peaks in activity dominated by spread trading before March deliveries start next week.
Published 18 Feb, 2004 12:00am
US MIDDAY: soybean futures rally

US MIDDAY: soybean futures rally

Soybean futures at the Chicago Board of Trade rallied early Tuesday on diminished concerns over bird flu in the United States, traders said.
Published 18 Feb, 2004 12:00am
US MIDDAY: copper soars on initial buying

US MIDDAY: copper soars on initial buying

COMEX copper futures leaped to 7-3/4-year highs at Tuesday's open, then sat at the high levels as New York traders played catch-up with London prices.
Published 18 Feb, 2004 12:00am
Eurozone industry output below forecast in December

Eurozone industry output below forecast in December

Eurozone industrial output rose slower than expected in December, according to data released on Tuesday, as the 12-nation bloc continued to recover along with the global economy.
Published 18 Feb, 2004 12:00am
Economist panel raises US growth forecasts

Economist panel raises US growth forecasts

The US economy should expand a solid 4.6 percent in 2004 - helped by a surge in exports driven by the weaker dollar - and the job market should start to brighten, a panel of business economists said on Tuesday.
Published 18 Feb, 2004 12:00am
Former IBM officials sentenced to jail for bribery

Former IBM officials sentenced to jail for bribery

A former top executive of IBM Korea was Tuesday sentenced to 18 months in prison for his part in South Korea's biggest corruption scandal involving a foreign-owned firm, officials said.
Published 18 Feb, 2004 12:00am
Reports stir hopes of US factory revival

Reports stir hopes of US factory revival

US manufacturing showed signs of revival on Tuesday, as reports from the Federal Reserve and one of its regional banks showed gains in January and early February.
Published 18 Feb, 2004 12:00am
Islamic banks must meet regulatory standards: Bahrain

Islamic banks must meet regulatory standards: Bahrain

Islamic banks must adapt to attract people who also deal with conventional banks if the traditional sector is to grow further, the governor of the Bahrain Monetary Agency said Tuesday.
Published 18 Feb, 2004 12:00am
Disney board rejects Comcast deal

Disney board rejects Comcast deal

The Walt Disney Company rejected Monday an unsolicited Comcast take-over bid because it said the leading US cable giant's offer was not high enough.
Published 18 Feb, 2004 12:00am
Citigroup and US to propose backing Iraqi imports

Citigroup and US to propose backing Iraqi imports

Citigroup Inc and the US government are to propose a $200 million project to help finance Iraqi imports, using funds guaranteed by the country's oil revenues, a US official said on Monday.
Published 18 Feb, 2004 12:00am
Reuters back in black

Reuters back in black

Global news and information provider Reuters Group Plc bounced back into the black on Tuesday, reporting annual profits well above market expectations and sending its shares to 20-month highs.
Published 18 Feb, 2004 12:00am
Reuters back in black

Reuters back in black

Global news and information provider Reuters Group Plc bounced back into the black on Tuesday, reporting annual profits well above market expectations and sending its shares to 20-month highs.
Published 18 Feb, 2004 12:00am
Parmalat founder's son and daughter arrested in probe

Parmalat founder's son and daughter arrested in probe

Italian police arrested the son and a daughter of jailed Parmalat founder Calisto Tanzi and six others on Tuesday, as magistrates focused their fraud probe on cash diverted from Parmalat coffers into Tanzi family assets.
Published 18 Feb, 2004 12:00am
Cingular clinches AT&T Wireless for $41 billion

Cingular clinches AT&T Wireless for $41 billion

Cingular Wireless on Tuesday won an auction for smaller rival AT&T Wireless Services Inc with a $41 billion offer that edged out Britain's Vodafone Group Plc and secured its future as the largest wireless carrier in the United States.
Published 18 Feb, 2004 12:00am
UK inflation up in January

UK inflation up in January

Britain's annual inflation rate crept up last month, as expected, but still remained well below the Bank of England's 2.0 percent target, official figures showed on Tuesday.
Published 18 Feb, 2004 12:00am
Gottardo flop a bump in road for bank take-overs

Gottardo flop a bump in road for bank take-overs

Pressure on European private banks to sell out to larger rivals remains strong, even after Tuesday's shock collapse of sale talks for Banca del Gottardo, as big banks hunt for assets in wealth management, experts said.
Published 18 Feb, 2004 12:00am
Dubai to launch diamond exchange by April

Dubai to launch diamond exchange by April

Dubai emirate will launch by April the Arab world's first exchange for diamonds to position itself as a leading commodity trading hub, the head of Dubai Metals and Commodities Centre (DMCC) said on Tuesday.
Published 18 Feb, 2004 12:00am
Morgan Stanley to advise on Bulgaria tobacco sale

Morgan Stanley to advise on Bulgaria tobacco sale

The Bulgarian government has selected Morgan Stanley to advise it on the planned piecemeal sale of factories within state tobacco monopoly Bulgartabak, the Economy Ministry said on Tuesday.
Published 18 Feb, 2004 12:00am
Hong Kong expects Chinese welfare fund to invest overseas

Hong Kong expects Chinese welfare fund to invest overseas

China is expected to allow its social security fund, which manages more than $14 billion, to invest in overseas financial markets, with Hong Kong the priority destination, a top Hong Kong government official said on Tuesday.
Published 18 Feb, 2004 12:00am
Hong Kong expects Chinese welfare fund to invest overseas

Hong Kong expects Chinese welfare fund to invest overseas

China is expected to allow its social security fund, which manages more than $14 billion, to invest in overseas financial markets, with Hong Kong the priority destination, a top Hong Kong government official said on Tuesday.
Published 18 Feb, 2004 12:00am
DSM cuts about 500 jobs at Dutch production site

DSM cuts about 500 jobs at Dutch production site

Dutch chemicals group DSM NV said on Tuesday it would cut about 500 jobs at its Chemelot site near the town of Geleen as part of an earlier announced reorganisation of operations in the Netherlands.
Published 18 Feb, 2004 12:00am
J&J and Novartis possible Aventis white knights

J&J and Novartis possible Aventis white knights

US drug maker Johnson & Johnson and Switzerland's Novartis could become white knights and rescue Franco-German drug-maker Aventis, which is fighting a hostile bid from rival Sanofi-Synthelabo, French newspaper Le Figaro said on Tuesday.
Published 18 Feb, 2004 12:00am
Wal-Mart's Seiyu in 2003 loss, weather adds to woes

Wal-Mart's Seiyu in 2003 loss, weather adds to woes

Wal-Mart Stores Inc Japan affiliate Seiyu Ltd booked a net loss for a second straight year on Tuesday, with slow sales adding to its problems as it tries to adopt its US parent's systems and strategies.
Published 18 Feb, 2004 12:00am
L'Oreal to bag double-digit profit rise again

L'Oreal to bag double-digit profit rise again

The world's biggest cosmetics group L'Oreal is likely to report its 19th consecutive year of double-digit profit growth on Friday, with analysts flagging a rise of nearly 11 percent in core net earnings.
Published 18 Feb, 2004 12:00am
L'Oreal to bag double-digit profit rise again

L'Oreal to bag double-digit profit rise again

The world's biggest cosmetics group L'Oreal is likely to report its 19th consecutive year of double-digit profit growth on Friday, with analysts flagging a rise of nearly 11 percent in core net earnings.
Published 18 Feb, 2004 12:00am
India launches CMC stake sale, others in line

India launches CMC stake sale, others in line

India on Tuesday started promoting a share sale for computer maintenance and software firm CMC Ltd, the first of an unprecedented series of asset sales aimed at controlling deficits and reinvigorating its privatisation plans.
Published 18 Feb, 2004 12:00am
Taiwan stocks at new 40-month high on construction

Taiwan stocks at new 40-month high on construction

Taiwan stocks closed at a fresh 40-month high on Tuesday as investor focus shifted away from banks to domestic demand plays in the construction and food sectors, boosted by rising private consumption.
Published 18 Feb, 2004 12:00am
Tech propels Chinese shares as steel counters sag

Tech propels Chinese shares as steel counters sag

Firming tech counters helped China shares to a slightly stronger finish on Tuesday, but the market closed off intraday highs after profit-taking emerged in stocks like Baosteel just before the close.
Published 18 Feb, 2004 12:00am
Philippines stocks end flat, await ruling on FPJ

Philippines stocks end flat, await ruling on FPJ

Philippines stocks ended flat on Tuesday as investors remained reluctant to take fresh positions ahead of a Supreme Court ruling that could disqualify the leading presidential candidate from May 10 elections.
Published 18 Feb, 2004 12:00am
Jakarta stocks make gains

Jakarta stocks make gains

Jakarta stocks edged higher on Tuesday as selective buying on some second line shares and carmaker PT Astra International Tbk helped support the market.
Published 18 Feb, 2004 12:00am
Singapore shares surge, techs firm

Singapore shares surge, techs firm

Singapore shares closed on Tuesday at three-week highs, mirroring gains in overseas markets, on bargain hunting following recent dips, with Venture Corp and Datacraft Asia leading the winners.
Published 18 Feb, 2004 12:00am
Japanese government bonds fall as stocks gain

Japanese government bonds fall as stocks gain

Japanese government bonds (JGB) prices fell on Tuesday as hopes for strong domestic growth data pushed Japanese share prices to two-week highs, dulling the impact from a 20-year JGB auction. "The auction was fairly good," said Koji Shimamoto, chief bond s
Published 18 Feb, 2004 12:00am
Japanese government bonds fall as stocks gain

Japanese government bonds fall as stocks gain

Japanese government bonds (JGB) prices fell on Tuesday as hopes for strong domestic growth data pushed Japanese share prices to two-week highs, dulling the impact from a 20-year JGB auction. "The auction was fairly good," said Koji Shimamoto, chief bond s
Published 18 Feb, 2004 12:00am
Seoul shares rally on free trade agreement with Chile

Seoul shares rally on free trade agreement with Chile

South Korean shares closed at their highest in almost 22 months on Tuesday, as key exporter stocks gained on expectations the ratification of a free trade agreement (FTA) with Chile would boost shipments.
Published 18 Feb, 2004 12:00am
Malaysian shares sizzle, end at 53-month high

Malaysian shares sizzle, end at 53-month high

Malaysian shares, led by top blue chips, rose over two percent to a 53-month high on Tuesday on local and foreign fund buying ahead of key earnings reports that are expected to reflect a strong pick-up in economic growth.
Published 18 Feb, 2004 12:00am
Tokyo stocks close firmer, techs in favour

Tokyo stocks close firmer, techs in favour

Japan's Nikkei closed up over one percent at a two-week high on Tuesday on hopes for robust data on economic growth, with tech shares such as Advantest Corp back in favour after being hurt by the yen's strength.
Published 18 Feb, 2004 12:00am
Sri Lankan stocks jump

Sri Lankan stocks jump

Sri Lankan stocks closed higher on Tuesday though market activity was lacklustre, with investors on the sidelines in the run-up to elections in April.
Published 18 Feb, 2004 12:00am
Indian shares hit one-month high

Indian shares hit one-month high

India's key share index recorded its highest close in a month on optimism that strong growth would spur corporate profits, while the rupee inched up in anticipation of gains on Wednesday, when the central bank will be on holiday.
Published 18 Feb, 2004 12:00am
Corporate bonds steady, new issues pile up

Corporate bonds steady, new issues pile up

The average value of European corporate bonds were mostly unchanged on Tuesday, with new issues from the highly rated end of the credit curve building in the pipeline.
Published 18 Feb, 2004 12:00am
Corporate bonds steady, new issues pile up

Corporate bonds steady, new issues pile up

The average value of European corporate bonds were mostly unchanged on Tuesday, with new issues from the highly rated end of the credit curve building in the pipeline.
Published 18 Feb, 2004 12:00am
Vodafone spearheads biggest FTSE-100 rise for two months

Vodafone spearheads biggest FTSE-100 rise for two months

Vodafone Group spearheaded the biggest rise for over two months by Britain's top shares on Tuesday after the mobile phone giant withdrew from an auction for a US rival and avoided a bidding war.
Published 18 Feb, 2004 12:00am
Bangladeshi taka easier on higher imports

Bangladeshi taka easier on higher imports

The Bangladeshi taka ended slightly easier on Tuesday as demand for the US currency rose on imports of capital machinery, dealers said.
Published 18 Feb, 2004 12:00am
Chinese yuan notches firmer

Chinese yuan notches firmer

The yuan ended two notches firmer versus the US dollar at 8.2770 on Tuesday, remaining near the stronger end of its managed trading range.
Published 18 Feb, 2004 12:00am
Swiss franc little changed

Swiss franc little changed

The Swiss franc was little changed against the dollar and euro early on Tuesday despite SNB comments it was increasingly confident about the pace with which Switzerland would emerge from an economic downturn.
Published 18 Feb, 2004 12:00am
Dollar pushes up against yen on BoJ jitters

Dollar pushes up against yen on BoJ jitters

The dollar rose against the yen on Tuesday to its highest level in 11 days as traders grew nervous about possible intervention by the Bank of Japan.
Published 18 Feb, 2004 12:00am
Dollar dips; Trichet's comment fall on deaf ears

Dollar dips; Trichet's comment fall on deaf ears

The dollar declined broadly on Monday in thin trade, despite words of caution from European Central Bank President Jean-Claude Trichet who repeated that excessive forex market volatility is undesirable.
Published 18 Feb, 2004 12:00am
Asian currencies: Taiwan dollar hits high, intervention eyed

Asian currencies: Taiwan dollar hits high, intervention eyed

The Taiwan dollar touched it highest level in about 19 months on Tuesday, but most other Asian currencies stepped back from recent highs on fears that central banks would intervene to curb exchange rate gains.
Published 18 Feb, 2004 12:00am
Indian rupee climbs

Indian rupee climbs

The Indian rupee climbed in late trade on Tuesday as banks pared dollar positions in anticipation of a rise in the unit on Wednesday, when the central bank will be closed for a local holiday in Bombay and unlikely to intervene.
Published 18 Feb, 2004 12:00am
Sterling vaults above $1.90 level

Sterling vaults above $1.90 level

Sterling jumped to a fresh 11-year high against the dollar on Tuesday, narrowing its distance from the psychological level of $2.00 to less than 10 cents, as investors snapped up high-yielding currencies.
Published 18 Feb, 2004 12:00am
Euro climbs within sight of record high against dollar

Euro climbs within sight of record high against dollar

The euro rose to within half a cent of last month's record high against the dollar on Tuesday, bolstered as concerns about euro-selling intervention receded and by dollar nervousness ahead of US capital flows data.
Published 18 Feb, 2004 12:00am
Alleged killer of Indian bandit queen escapes from prison

Alleged killer of Indian bandit queen escapes from prison

The main accused in the sensational murder of India's "Bandit Queen" escaped from a high-security prison in New Delhi on Tuesday with the help of accomplices disguised as police, officials said.
Published 18 Feb, 2004 12:00am
60 hurt as police and workers clash in Spanish dockyards

60 hurt as police and workers clash in Spanish dockyards

Some 60 people were hurt on Tuesday in two violent clashes between dockyard workers and police in the southern Spanish city of Seville and at nearby Cadiz, as workers protested at near empty order books, local government and union officials said.
Published 18 Feb, 2004 12:00am
Dengue fever outbreak kills 91 in Indonesia

Dengue fever outbreak kills 91 in Indonesia

Dengue fever has killed at least 91 people in Indonesia this year, mainly on Java island, and a new deadly strain of the disease could be responsible, the Health Ministry said on Tuesday.
Published 18 Feb, 2004 12:00am
12 still missing in Moscow roof disaster: minister

12 still missing in Moscow roof disaster: minister

Twelve people are still missing after the weekend roof collapse at a water park in Moscow that killed at least 25 people, Russian Emergencies Minister Sergei Shoigu said on Tuesday.
Published 18 Feb, 2004 12:00am
Day at sea turns sour for Putin as Russia fails to launch missile

Day at sea turns sour for Putin as Russia fails to launch missile

President Vladimir Putin's high-profile jaunt on a nuclear submarine in the Arctic just weeks before elections turned sour Tuesday when the navy inexplicably failed to launch two intercontinental ballistic missiles as the Russian leader looked on.
Published 18 Feb, 2004 12:00am
Flooded dams declared safe after New Zealand storms

Flooded dams declared safe after New Zealand storms

Hundreds of people were evacuated from their homes for several hours in the small town of Picton at the top of New Zealand's South Island on Tuesday as officials feared two dams above the town could collapse after a heavy storm hit parts of the country.
Published 18 Feb, 2004 12:00am
65 Maoists reported dead in Nepal offensive

65 Maoists reported dead in Nepal offensive

Sixty-five Maoists fighting to overthrow Nepal's monarchy were reported killed after troops seized a guerrilla training camp as a rebel strike shut down the capital Kathmandu.
Published 18 Feb, 2004 12:00am
Italy warns against too strong 'Big Three'

Italy warns against too strong 'Big Three'

Italian Foreign Minister Franco Frattini warned on the eve of Wednesday's summit of German, French and British leaders that moves by Europe's big three to join forces could damage the creation of a united Europe.
Published 18 Feb, 2004 12:00am
UN envoy says no 'plan B' if Cyprus effort fails

UN envoy says no 'plan B' if Cyprus effort fails

UN envoy Alvaro de Soto said on Tuesday the organisation had no fallback option if its Cyprus reunification plan was rejected by Greek or Turkish Cypriots in votes before the island joins the European Union in May.
Published 18 Feb, 2004 12:00am
'Black hand' of 1989 China protests back at work

'Black hand' of 1989 China protests back at work

A Chinese academic branded a "black hand" mastermind of the 1989 Tiananmen protests has quietly returned to work at a private think-tank 15 years after many of its researchers were jailed, sources said on Tuesday.
Published 18 Feb, 2004 12:00am
World slipping behind UN goal of fresh water to poor

World slipping behind UN goal of fresh water to poor

The world is slipping behind a UN goal of supplying fresh water by 2015 to more than half a billion people in developing nations who currently lack it, the head of a UN Commission said on Tuesday.
Published 18 Feb, 2004 12:00am
Aga Khan and Assad discuss Syria development priorities

Aga Khan and Assad discuss Syria development priorities

His Highness the Aga Khan, Imam (spiritual leader) of the Shia Ismaili Muslims on Tuesday concluded a three-day official visit to Syria during which he had meetings with President Bashar al-Assad and a series of discussions with Ministers on key developme
Published 18 Feb, 2004 12:00am
Gaza workers protest Israeli security measures

Gaza workers protest Israeli security measures

Thousands of Palestinian labourers held a sit-in protest at the main border crossing between Israel and the Gaza Strip on Tuesday, a day after a man died in a queue waiting for security checks for workers entering Israel.
Published 18 Feb, 2004 12:00am
US Middle East initiative misses point: Moussa

US Middle East initiative misses point: Moussa

Arab League chief Amr Moussa, responding to the US campaign for democracy in the Middle East, said on Tuesday the priority should be an even-handed US policy towards the Arab-Israeli conflict.
Published 18 Feb, 2004 12:00am
Banned Iranian lawmakers challenge Khamenei

Banned Iranian lawmakers challenge Khamenei

Reformist lawmakers banned from contesting this week's Iranian parliamentary election challenged Supreme Leader Ayatollah Ali Khamenei on Tuesday to say whether he was behind their exclusion by a panel of hard-line clerics.
Published 18 Feb, 2004 12:00am
Polish prime minister gives up party leadership

Polish prime minister gives up party leadership

Polish Prime Minister Leszek Miller said on Tuesday he was quitting as leader of his ex-communist Democratic Left Alliance (SLD) in a bid to improve the party's dismal opinion poll ratings.
Published 18 Feb, 2004 12:00am
Strikes disrupt flights at Paris airports

Strikes disrupt flights at Paris airports

Strikes by French air traffic controllers on Tuesday triggered mass flight cancellation for a second day at Orly airport south of Paris and could lead to disruptions at France's main Charles de Gaulle airport.
Published 18 Feb, 2004 12:00am
Iran and Egypt to keep relations on track

Iran and Egypt to keep relations on track

Egyptian Foreign Minister Ahmed Maher and his Iranian counterpart Kamal Kharazi agreed here Tuesday to keep up efforts to restore full diplomatic ties cut off 25 years ago, the official news agency IRNA said.
Published 18 Feb, 2004 12:00am
Russia, Ukraine and Estonia face AIDS crisis: UN

Russia, Ukraine and Estonia face AIDS crisis: UN

Russia, Ukraine, and the Baltic state of Estonia are suffering from some of the fastest growing rates of HIV/AIDS in the world, which could dramatically slow their economic recovery, a UN report warned Tuesday.
Published 18 Feb, 2004 12:00am
Dutch government to expel 26,000 asylum seekers

Dutch government to expel 26,000 asylum seekers

The Dutch parliament approved plans on Tuesday to expel up to 26,000 failed asylum seekers, a move that would be unprecedented in Europe and that has triggered large protests and threats of hunger strikes.
Published 18 Feb, 2004 12:00am
Japan and China report fresh bird flu outbreaks

Japan and China report fresh bird flu outbreaks

Japan confirmed a new outbreak of bird flu on Tuesday, thwarting its plans to declare an end to the scourge there, while China confirmed two more outbreaks among poultry in a central province.
Published 18 Feb, 2004 12:00am
Qorie denies planning resignation

Qorie denies planning resignation

Palestinian Prime Minister Ahmed Qorie denied on Tuesday he was thinking about resigning in the wake of what officials called a heated argument with President Yasser Arafat over reforms.
Published 18 Feb, 2004 12:00am
One killed as Iranian plane crashes

One killed as Iranian plane crashes

A light aircraft used by a candidate to distribute campaign leaflets ahead of Friday's parliamentary elections crashed in northern Iran on Tuesday, killing the pilot, the state news agency IRNA reported.
Published 18 Feb, 2004 12:00am
Three Iraqi civilians killed

Three Iraqi civilians killed

Three Iraqi civilians were killed Tuesday, one of them a 10-year girl, when a stray US mortar round slammed into the backyard of a home near the main US base here, a US soldier said.
Published 18 Feb, 2004 12:00am
Bush has forgotten real 9/11 heroes: Kerry

Bush has forgotten real 9/11 heroes: Kerry

Democratic White House front-runner John Kerry on Tuesday accused President George W. Bush of showing up "when the bagpipes are wailing" and then forgetting America's real heroes - fire-fighters, police and other emergency personnel.
Published 18 Feb, 2004 12:00am
Police asked to safeguard human rights

Police asked to safeguard human rights

The Inspector-General of NWFP Police, Muhammad Raffat Pasha has called upon the police jawans to safeguard the human rights and come up to the expectations of the general public.
Published 18 Feb, 2004 12:00am
Spirit of friendship at Indo-Pak talks quite positive: Kasuri

Spirit of friendship at Indo-Pak talks quite positive: Kasuri

Appreciating the spirit of friendship, reflected at the joint secretary level talks between India and Pakistan, held on Monday in Islamabad, Foreign Minister Khurshid Mehmud Kasuri said the agenda decided upon by the officials would help make it easier fo
Published 18 Feb, 2004 12:00am
Relief efforts for quake victims lauded

Relief efforts for quake victims lauded

The NWFP Minister for Local Government Sardar Mohammad Idrees has appreciated the efforts of the local and federal governments for provision of relief goods for earthquake victims.
Published 18 Feb, 2004 12:00am