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Print - 2004-03-09
EU revamps trade rules

EU revamps trade rules

The European Union on Monday revamped its trade defences just as some industries clamour for greater protection from Chinese imports.
Published 09 Mar, 2004 12:00am
Malaysian industrial output grows

Malaysian industrial output grows

Malaysian industrial output grew in January at its fastest annual pace in over three years on global electronics demand, confirming the economy's strength before elections that are expected to return the ruling coalition.
Published 09 Mar, 2004 12:00am
European central banks strike new gold deal

European central banks strike new gold deal

Europe's central banks said on Monday they had reached a new deal that raises the limits on their annual gold sales, further undermining its traditional role as a means of steering financial markets.
Published 09 Mar, 2004 12:00am
European central banks strike new gold deal

European central banks strike new gold deal

Europe's central banks said on Monday they had reached a new deal that raises the limits on their annual gold sales, further undermining its traditional role as a means of steering financial markets.
Published 09 Mar, 2004 12:00am
Parmalat founder's daughter freed

Parmalat founder's daughter freed

An Italian court on Monday ordered the release from prison of a daughter of Parmalat founder Calisto Tanzi who was arrested three weeks ago, judicial sources said.
Published 09 Mar, 2004 12:00am
China sharpens focus on foreign banks ahead of 2007

China sharpens focus on foreign banks ahead of 2007

China will require foreign banks to start unveiling consolidated operations from next month, sharpening supervision ahead of a full market opening in 2007 and resolving the longstanding complaints of overseas lenders.
Published 09 Mar, 2004 12:00am
Mitsubishi Motors sells Malaysia Proton stake

Mitsubishi Motors sells Malaysia Proton stake

Japan's fourth-largest auto-maker, Mitsubishi Motors Corp, sold its 7.93 percent stake in Proton on Monday, the beginning of the end to its 20-year relationship with the Malaysian car maker.
Published 09 Mar, 2004 12:00am
EU ministers to tackle complex ECB, IMF job choices

EU ministers to tackle complex ECB, IMF job choices

Talks by European Union finance ministers over a new International Monetary Fund boss may complicate the already difficult process of picking a European Central Bank board member, EU diplomats said on Monday.
Published 09 Mar, 2004 12:00am
Strong fourth-quarter at Airbus boosts EADS profit

Strong fourth-quarter at Airbus boosts EADS profit

EADS, Europe's largest aerospace company, swung to a larger-than-expected net profit in 2003 as a strong fourth quarter at its Airbus plane-making unit and a drop in charges offset losses in its space division, the company said on Monday.
Published 09 Mar, 2004 12:00am
Strong fourth-quarter at Airbus boosts EADS profit

Strong fourth-quarter at Airbus boosts EADS profit

EADS, Europe's largest aerospace company, swung to a larger-than-expected net profit in 2003 as a strong fourth quarter at its Airbus plane-making unit and a drop in charges offset losses in its space division, the company said on Monday.
Published 09 Mar, 2004 12:00am
Lloyds TSB profit rises

Lloyds TSB profit rises

British bank Lloyds TSB announced on Monday a rise in annual headline pre-tax profit of 66 percent after benefiting from the sale of a number of its overseas businesses and greater stability in global financial markets.
Published 09 Mar, 2004 12:00am
Lloyds TSB profit rises

Lloyds TSB profit rises

British bank Lloyds TSB announced on Monday a rise in annual headline pre-tax profit of 66 percent after benefiting from the sale of a number of its overseas businesses and greater stability in global financial markets.
Published 09 Mar, 2004 12:00am
Bangladesh to buy fuel from Kuwait

Bangladesh to buy fuel from Kuwait

State-owned Bangladesh Petroleum Corporation said on Monday it will buy the country's entire annual requirement of petroleum products from the Kuwait Petroleum Corporation (KPC) under government to government deals from 2005.
Published 09 Mar, 2004 12:00am
Opec will guarantee supplies: chief

Opec will guarantee supplies: chief

Opec President Purnomo Yusgiantoro said on Monday the producers' group would guarantee oil supplies to the market at times of high prices, but would still go ahead with a planned cut to production limits in April.
Published 09 Mar, 2004 12:00am
Yuan to stay stable, growth seven percent

Yuan to stay stable, growth seven percent

People's Bank of China Deputy Governor Li Ruogu said on Monday that growth this year in the 7-8 percent range is reasonable and there are no plans for monetary tightening in China.
Published 09 Mar, 2004 12:00am
Fujitsu-Hitachi PDP venture to build third factory

Fujitsu-Hitachi PDP venture to build third factory

A joint venture between Fujitsu Ltd and Hitachi Ltd said on Monday it would build a third plasma display panel (PDP) factory in 2005, becoming the latest PDP maker to boost output capacity to meet rising demand for flat-panel televisions.
Published 09 Mar, 2004 12:00am
Hong Kong to get more economic support from China: Tung

Hong Kong to get more economic support from China: Tung

Beijing will continue to provide support for Hong Kong's economy, but no timetable has been set for constitutional reforms, Chief Executive Tung Chee-hwa said after meetings with Chinese leaders.
Published 09 Mar, 2004 12:00am
New Zealand risks serious energy shortage by 2008

New Zealand risks serious energy shortage by 2008

New Zealand could suffer a severe energy shortage by the end of the decade unless it finds new sources of fuel by late 2006, BP executive Peter Griffiths said on Monday.
Published 09 Mar, 2004 12:00am
Shiseido to close two of six Japan plants

Shiseido to close two of six Japan plants

Japan's Shiseido Co Ltd, the world's fourth-largest cosmetics maker, said on Monday it will close two of its six main domestic plants by June 2006 in a key step towards much-needed restructuring.
Published 09 Mar, 2004 12:00am
Mahindra in talks to buy Daewoo India engine unit

Mahindra in talks to buy Daewoo India engine unit

Indian automobile and tractor maker Mahindra & Mahindra is in preliminary talks to buy the engine and transmission unit of Daewoo Motors India Ltd, the Bombay Stock Exchange said on Monday.
Published 09 Mar, 2004 12:00am
OECD tells Norway to prepare for post-oil era

OECD tells Norway to prepare for post-oil era

The Organisation for Economic Co-operation and Development (OECD) on Monday praised Norway for sound management of its oil wealth, but urged the country to prepare for the day when its lucrative reserves are depleted.
Published 09 Mar, 2004 12:00am
Australian stocks surge

Australian stocks surge

Australian stocks rose to their highest level in two years on Monday as strong demand for banks and resources underpinned the overall market.
Published 09 Mar, 2004 12:00am
Taiwan stocks slip on election worries

Taiwan stocks slip on election worries

Taiwan stocks gave up early gains to close lower on Monday, edging further away from a 41-month high reached last week, as cautious investors sold tech issues like TSMC before the March 20 presidential election.
Published 09 Mar, 2004 12:00am
Thai stocks rise, telecoms up on reform hopes

Thai stocks rise, telecoms up on reform hopes

Thai stocks ended higher for the second straight day on Monday as shares in big-cap telecom firms rose on renewed hopes of sectoral reform, but profit taking in brokerage shares which rose in early trade limited the rise.
Published 09 Mar, 2004 12:00am
Hong Kong stocks forge higher but PCCW tumbles

Hong Kong stocks forge higher but PCCW tumbles

Hong Kong's top shares climbed on Monday as investors sought bargains after losses last week but shares in fixed line phone firm PCCW Ltd were trampled after it said it would sell its property interests.
Published 09 Mar, 2004 12:00am
Japanese government bonds jump after weak US payrolls

Japanese government bonds jump after weak US payrolls

Japanese government bonds rallied on Monday as the market breathed a sigh of relief after worse-than-expected US jobs data, choosing to ignore a weaker yen and a rise in Nikkei shares to a new 21-month intraday high.
Published 09 Mar, 2004 12:00am
Japanese government bonds jump after weak US payrolls

Japanese government bonds jump after weak US payrolls

Japanese government bonds rallied on Monday as the market breathed a sigh of relief after worse-than-expected US jobs data, choosing to ignore a weaker yen and a rise in Nikkei shares to a new 21-month intraday high.
Published 09 Mar, 2004 12:00am
Singapore shares weaken, SingTel soars

Singapore shares weaken, SingTel soars

Singapore shares ended slightly lower on Monday as investors sold down second liners, but Singapore Telecommunications Ltd (SingTel) rose on hopes of a special dividend payout.
Published 09 Mar, 2004 12:00am
Sri Lankan stocks fall

Sri Lankan stocks fall

Sri Lankan stocks closed lower on Monday despite sustained buying in plantation management firm Carson Cumberbatch and Co Ltd, with investors uneasy over a split in the Tamil Tiger rebels.
Published 09 Mar, 2004 12:00am
Banks lead Chinese share slide on credit fears

Banks lead Chinese share slide on credit fears

Banks led losses in Chinese shares on Monday as investors' fears of a further credit squeeze were stoked by a top economic planning official, who vowed to pursue more modest economic expansion.
Published 09 Mar, 2004 12:00am
Manila stocks drop on weak peso and rising rates

Manila stocks drop on weak peso and rising rates

Philippine stocks eased on Monday, led by top mall developer SM Prime Holdings Inc, on concerns a weak peso and rising interest rates will hurt companies, analysts said.
Published 09 Mar, 2004 12:00am
Seoul shares close lower, Samsung dips on US data

Seoul shares close lower, Samsung dips on US data

Seoul shares closed lower on Monday, led by major exporters like Samsung Electronics Co Ltd, because weaker-than-expected US jobs data raised fears of slower US imports of local products.
Published 09 Mar, 2004 12:00am
Malaysian key share index ends down, Landmarks up

Malaysian key share index ends down, Landmarks up

Malaysia's key share index fell on Monday, hit by losses in shipper MISC and top cellphone firm Maxis, but the broader market rose as investors focused on penny stocks such as Landmarks.
Published 09 Mar, 2004 12:00am
Japanese stocks ends at 21-month high, steel leads

Japanese stocks ends at 21-month high, steel leads

Japan's TOPIX index edged up to a 21-month high on Monday, led by steel makers with bright earnings outlooks such as Nippon Steel, but the market's gains were capped by technical indicators pointing to overheating.
Published 09 Mar, 2004 12:00am
Indian stake sales lift shares

Indian stake sales lift shares

The Indian government's success at selling stakes in a clutch of state-run companies lifted both shares and the rupee higher for a second day on Monday.
Published 09 Mar, 2004 12:00am
Bonds: Telefonica shrugs off rating pressure

Bonds: Telefonica shrugs off rating pressure

Telecoms were in focus in the European corporate bond market on Monday as Telefonica saw its credit ratings come under pressure due to its Latin American aspirations, although traders said there was little reaction.
Published 09 Mar, 2004 12:00am
Bonds: Telefonica shrugs off rating pressure

Bonds: Telefonica shrugs off rating pressure

Telecoms were in focus in the European corporate bond market on Monday as Telefonica saw its credit ratings come under pressure due to its Latin American aspirations, although traders said there was little reaction.
Published 09 Mar, 2004 12:00am
FTSE-100 closes firmer after fresh bid talk, Lloyds dips

FTSE-100 closes firmer after fresh bid talk, Lloyds dips

Britain's benchmark share index closed firmer on Monday, bolstered by a resurgence of bid talk for mobile phone company mmO2, although bank group Lloyds fell after it decided not to buy back shares.
Published 09 Mar, 2004 12:00am
Australian dollar pares gain

Australian dollar pares gain

The Australian dollar eased back from its offshore high above 76 US cents on Monday as it struggled against a steadying US dollar after Friday's post-US payrolls sell-off and profit-taking on some crosses.
Published 09 Mar, 2004 12:00am
Swiss franc eases against greenback

Swiss franc eases against greenback

The Swiss franc eased on the dollar early on Monday as the greenback bounced back from losses on Friday over disappointing US payrolls data.
Published 09 Mar, 2004 12:00am
Dollar stalls on fears Japan will step in again

Dollar stalls on fears Japan will step in again

The dollar steadied on Monday as traders grew wary that Japan might step into the market after the US currency raced to a five-month high versus the yen during the previous session on suspected intervention.
Published 09 Mar, 2004 12:00am
Hong Kong dollar lower

Hong Kong dollar lower

The Hong Kong dollar eased against the US currency on Monday, reversing Friday's gains, after China's foreign exchange chief said its fixed currency policy will stay around for "a long time to come".
Published 09 Mar, 2004 12:00am
Chinese yuan ends flat

Chinese yuan ends flat

The yuan ended flat versus the US dollar at 8.2772 on Monday, remaining near the stronger end of its managed trading range.
Published 09 Mar, 2004 12:00am
Sterling firms against dollar

Sterling firms against dollar

Sterling held firm against the dollar on Monday consolidating Friday's surge following a weak US jobs report, but it struggled to maintain upward momentum awaiting fresh market-moving leads.
Published 09 Mar, 2004 12:00am
Dollar hits five-month high against yen

Dollar hits five-month high against yen

The dollar hit a five-month high against the yen on Monday and steadied against the euro with the help of suspected intervention by Japan to keep the greenback from sliding after Friday's dismal US jobs data.
Published 09 Mar, 2004 12:00am
Indian rupee rises

Indian rupee rises

The Indian rupee appreciated for a second session on Monday, buoyed by strong foreign capital inflows amid the country's largest share sale and renewed dollar weakness overseas, dealers said.
Published 09 Mar, 2004 12:00am
South Korean opposition edge closer to impeaching Roh

South Korean opposition edge closer to impeaching Roh

South Korean two main opposition parties edged closer on Monday to trying to impeach President Roh Moo-hyun, but he dismissed the attempt to unseat him for breaking an election rule as an excessive gesture he had a duty to resist.
Published 09 Mar, 2004 12:00am
Afghanistan sticking to summer poll goal: Ahmadzai

Afghanistan sticking to summer poll goal: Ahmadzai

Afghanistan is sticking to its goal of holding a presidential election in the summer and will not be deterred by recent violence or the daunting task of registering more than 10 million voters, Afghan Finance Minister Ashraf Ghani Ahmadzai said on Monday.
Published 09 Mar, 2004 12:00am
Gujarat riots top blot on government record, says Advani

Gujarat riots top blot on government record, says Advani

India's Deputy Prime Minister Lal Krishna Advani said Monday that anti-Muslim riots in Gujarat that killed 2,000 people in 2002 were the top blot on his Hindu nationalist government's record.
Published 09 Mar, 2004 12:00am
Vatican appoints first female theologians

Vatican appoints first female theologians

The Roman Catholic Church has quietly taken a step forward for women's equality, naming the first female theologians as Vatican consultants, and promptly denied the appointments had anything to do with their gender.
Published 09 Mar, 2004 12:00am
French research chiefs threaten resignation

French research chiefs threaten resignation

Leading members of France's scientific establishment are threatening to resign en masse Tuesday to protest against a funding crisis which they say is forcing growing numbers of young researchers to pursue their careers abroad.
Published 09 Mar, 2004 12:00am
Taiwan president confident of referendum turnout

Taiwan president confident of referendum turnout

Taiwan President Chen Shui-bian was confident of the necessary 50 percent turnout for his referendum on boosting the island's defences that has enraged arch-foe China, a magazine reported on Monday.
Published 09 Mar, 2004 12:00am
Sri Lankan rebel faction offers partnership to Tigers

Sri Lankan rebel faction offers partnership to Tigers

A renegade faction of Sri Lanka's Tamil Tigers said on Monday it would consider a "friendly partnership" with the rebels' northern leaders in a stand-off that has complicated efforts to end 20 years of war on the island.
Published 09 Mar, 2004 12:00am
Chinese parliament to shore up weak constitution

Chinese parliament to shore up weak constitution

China's parliament started on Monday to discuss historic amendments to the constitution that will enshrine protection of private property and human rights for the first time since the communists swept to power in 1949.
Published 09 Mar, 2004 12:00am
Germany and Oman approve two major joint venture

Germany and Oman approve two major joint venture

The Oman-Germany joint commission has given the green light for a 650-million-dollar joint venture fertiliser project and a 450-million-dollar methanol plant, Berlin's ambassador told AFP on Monday.
Published 09 Mar, 2004 12:00am
US denies rights abuses in Afghanistan

US denies rights abuses in Afghanistan

The US military on Monday described as "incorrect" accusations by a top rights watchdog that US forces had committed human rights violations in Afghanistan.
Published 09 Mar, 2004 12:00am
Three US soldiers injured

Three US soldiers injured

Three soldiers with the US-led coalition in Afghanistan were wounded when their vehicle ran over a mine in the country's south-west amid a "spike of violence", a US military official said Monday.
Published 09 Mar, 2004 12:00am
Qorie seeks help from West in peace push

Qorie seeks help from West in peace push

Palestinian Prime Minister Ahmed Qorie called on Britain and the United States on Monday to re-engage in his people's conflict with Israel to push forward the peace process which he said was at a crucial stage.
Published 09 Mar, 2004 12:00am
Bush and Blair knew they were hyping war case: Blix

Bush and Blair knew they were hyping war case: Blix

George W. Bush and Tony Blair probably knew they were exaggerating the threat from Iraq when they were making the case for war, according to former chief UN weapons inspector Hans Blix.
Published 09 Mar, 2004 12:00am
Japanese farmer hangs himself over bird flu

Japanese farmer hangs himself over bird flu

A Japanese poultry farmer caught up in a bird flu scandal has committed suicide along with his wife, police said on Monday, as concern mounted that the disease may be spreading after dead crows infected with the avian flu virus were found near his farm.
Published 09 Mar, 2004 12:00am
Eighteen killed as cyclone hits Madagascar

Eighteen killed as cyclone hits Madagascar

Eighteen people were killed when a tropical cyclone hit the giant Indian Ocean island of Madagascar at the weekend, state-run radio reported.
Published 09 Mar, 2004 12:00am
Kerry predicts character attacks, foreign support

Kerry predicts character attacks, foreign support

Democratic White House candidate John Kerry predicted on Monday Republicans would try to "tear down" his character and said some foreign leaders had told him they hoped he would beat President George W. Bush.
Published 09 Mar, 2004 12:00am
Hamas releases videotape of two British bombers

Hamas releases videotape of two British bombers

Nearly a year after their deaths, the Palestinian group Hamas released a videotape on Monday in which two British suicide bombers spoke about the pride they would take in killing Jews.
Published 09 Mar, 2004 12:00am
Eight hurt in protests against West Bank barrier

Eight hurt in protests against West Bank barrier

Eight people, including five Palestinians, were wounded in clashes with the army in two protests against Israel's construction of a West Bank barrier, Palestinian medics and Israeli security sources said Monday.
Published 09 Mar, 2004 12:00am
Mubarak rejects Egyptian security role in Gaza

Mubarak rejects Egyptian security role in Gaza

Egyptian President Hosni Mubarak has rejected the idea of an Egyptian security role in the Gaza strip, describing it as a trap that would lead to conflict with the Palestinians and possibly the Israelis.
Published 09 Mar, 2004 12:00am
IAEA not through with Iran yet: Elbaradei

IAEA not through with Iran yet: Elbaradei

The head of the UN atomic watchdog voiced "serious concern" on Monday at omissions in Iran's declarations about its nuclear activities and rejected a call from Tehran to drop investigations.
Published 09 Mar, 2004 12:00am
China may have 40 million bachelors by 2020

China may have 40 million bachelors by 2020

China may have 30 million to 40 million frustrated bachelors by 2020 as a cultural preference for sons prompts couples to abort girls, leading to more prostitution and trafficking of women, a senior official said on Monday.
Published 09 Mar, 2004 12:00am
Guantanamo Britons too dangerous to free: US officials

Guantanamo Britons too dangerous to free: US officials

Senior US officials have revealed the case against four British terror suspects held at the Guantanamo Bay prison camp to counter pressure from London for their release, a British newspaper reported on Monday.
Published 09 Mar, 2004 12:00am
Syrian police disperse protest, arrest activists

Syrian police disperse protest, arrest activists

Syrian police arrested several activists who gathered on Monday near parliament seeking to petition for an end to four decades of emergency law in the Arab state, witnesses said.
Published 09 Mar, 2004 12:00am
Women urge unity to advance rights

Women urge unity to advance rights

Women marked International Women's Day around the world Monday with vibrant calls for unity to advance sexual equality and women's rights.
Published 09 Mar, 2004 12:00am
120 Indian journalists to cover cricket series

120 Indian journalists to cover cricket series

Pakistan has issued visas to 120 Indian journalists and media persons including TV commentators for the coverage of forthcoming cricket series between Pakistan and India starting from Saturday, March 13.
Published 09 Mar, 2004 12:00am
PIA flights from Zhob to Quetta and Peshawar resume

PIA flights from Zhob to Quetta and Peshawar resume

Balochistan Governor Owais Ahmed Ghani inaugurated here on Monday resumption of Pakistan International Airlines (PIA) flights from Zhob to Quetta and Peshawar. These flights would be operated weekly for both the cities.
Published 09 Mar, 2004 12:00am
Secretary Gwadar Port Authority

Secretary Gwadar Port Authority

Syed Arshad Ali, a BS-20 officer of the District Management Group, at present posted as the director general EPB Karachi, has been transferred and posted as the secretary, Gwadar Port Authority Karachi, under the Ministry of Communications, with immediate
Published 09 Mar, 2004 12:00am
Judicial probe demanded

Judicial probe demanded

The Human Rights Commission of Pakistan (HRCP) has demanded judicial probe into the incident of death of ex-Pakistan Telecommunications Corporation Limited (PTCL) official Agha Muhammad Sajjad in the custody of the National Accountability Bureau (NAB).
Published 09 Mar, 2004 12:00am
'Steel price hike cripples surgical industry'

'Steel price hike cripples surgical industry'

The drastic increase in prices of different items of steel used in manufacturing surgical instruments has adversely effected the local surgical industry, said vice-president of Sialkot Chamber of Commerce and Industry (SCCI) Major Mansoor Ahmad (Retd).
Published 09 Mar, 2004 12:00am
Indian business tycoons coming to witness cricket matches

Indian business tycoons coming to witness cricket matches

Amid Indo-Pak cricket battle, commencing this month a delegation of Indian business giants will visit Pakistan, paving the way for beefing up the sluggish trade ties on sound trajectory between the two countries.
Published 09 Mar, 2004 12:00am
Disabled persons in banks

Disabled persons in banks

Through your newspaper I wish to bring the fact that persons appointed by banks on disabled quota (2.5%) are experiencing great disappointment due to the discrimination by the management of banks.
Published 09 Mar, 2004 12:00am
National monument of Pakistan

National monument of Pakistan

The Executive Committee of the National Economic Council (ECNEC) approved, on February 18, seven mega projects relating to various sectors.
Published 09 Mar, 2004 12:00am
French town turns eyes to American cousin - John Kerry

French town turns eyes to American cousin - John Kerry

This small seaside resort in north-west France has had its eyes turned toward America ever since John Kerry, who spent part of his childhood here, became a serious candidate for the US presidency.
Published 09 Mar, 2004 12:00am
More services to be brought into GST net

More services to be brought into GST net

The government of Pakistan proposes to bring 50 more services into the general sales tax (GST) net. It is a good omen that the "working group" on the GST is also analysing revenue collection from the existing service providers.
Published 09 Mar, 2004 12:00am
The dilemma of Australian wheat shipments

The dilemma of Australian wheat shipments

The fate of the 150,000 tonnes of Australian wheat bought by the Pakistan Agriculture Seed and Storage Corporation (Passco) under a Minfal plan to avert a looming wheat crisis and now lying at Port Qasim, continues to hang in the balance awaiting decision
Published 09 Mar, 2004 12:00am
The rapidly rising steel prices

The rapidly rising steel prices

Within a short span of just four days, Pakistan Steel Mills has announced two price hikes for its products-hikes that are likely to have serious negative repercussions for a wide range of sectors.
Published 09 Mar, 2004 12:00am
Bus owners told to issue fare tickets from March 15

Bus owners told to issue fare tickets from March 15

The city traffic police chief has warned all bus owners to issue tickets to passengers from March 15, after which legal action would be taken and no excuse would be entertained.
Published 09 Mar, 2004 12:00am
'Holiday on March 13 uncalled for'

'Holiday on March 13 uncalled for'

M. Yakub Karim, chairman Pakistan Soap Manufacturers Association, has urged President Pervez Musharraf to direct the Sindh government to withdraw the declaration of a superfluous holiday in the larger interest of the country.
Published 09 Mar, 2004 12:00am
Jica's co-ordination with Smeda result-oriented

Jica's co-ordination with Smeda result-oriented

Japan International Co-operation Agency (Jica) has termed its co-ordination with Small and Medium Enterprises Development Authority (Smeda) highly result-oriented, claims a press release of the Authority issued here on Monday.
Published 09 Mar, 2004 12:00am