Print - 2004-03-12
US MIDDAY: copper surges on raft of bullish news

US MIDDAY: copper surges on raft of bullish news

COMEX copper prices charged higher early Thursday on a raft of bullish copper news, forcing investors to cover short positions and drawing fund buyers back to the market, traders said.
Published 12 Mar, 2004 12:00am
Germany's IfW cuts 2004 growth forecast

Germany's IfW cuts 2004 growth forecast

Germany's Institute for World Economics (IfW) on Thursday revised down its 2004 growth forecast for the country's economy amid concerns over the strong euro and what it termed short-term government economic reform.
Published 12 Mar, 2004 12:00am
Limiting trade not answer to US job loss: Greenspan

Limiting trade not answer to US job loss: Greenspan

Federal Reserve Chairman Alan Greenspan on Thursday urged Americans not to turn high anxiety about US job losses into support for projectionist trade measures, which could hurt rather than help the situation.
Published 12 Mar, 2004 12:00am
India offers vast opportunities: S&P

India offers vast opportunities: S&P

Standard & Poor's Ratings Services said that India offers vast business opportunities in a variety of areas due to a large middle-class population, growing consumer purchasing power, and large unfulfilled demand for a number of products and businesses.
Published 12 Mar, 2004 12:00am
US retail sales up, jobless claims fall

US retail sales up, jobless claims fall

US retail sales rose in February, but buyers limited their shopping to auto dealers and department stores, while lines for first-time jobless benefits shortened last week, government reports showed on Thursday.
Published 12 Mar, 2004 12:00am
Opec allows members to increase output

Opec allows members to increase output

The president of the Organisation of Petroleum Exporting Countries said Thursday the cartel will allow member states to raise output to stabilise high world prices.
Published 12 Mar, 2004 12:00am
Halliburton responds to Waxman memo

Halliburton responds to Waxman memo

Halliburton Co, the main US contractor in Iraq, on Thursday fired back at a Democratic lawmaker who contends that Pentagon auditors have found major problems with how the company drew up cost estimates for billions of dollars of work there.
Published 12 Mar, 2004 12:00am
Japan to replace India with China as top aid recipient

Japan to replace India with China as top aid recipient

Faced with a tight budget and China's robust growth, Japan will cut loans to Beijing for a third straight year, replacing the Asian giant with India as the top recipient of its foreign aid, officials said on Thursday.
Published 12 Mar, 2004 12:00am
China fuels accelerating world oil demand growth: IEA

China fuels accelerating world oil demand growth: IEA

Rapid economic growth in China is fuelling faster-than-expected world oil demand this year, helping support high crude prices, the International Energy Agency (IEA) said on Thursday.
Published 12 Mar, 2004 12:00am
British and US firms get new Iraq deals

British and US firms get new Iraq deals

The Pentagon on Wednesday named a new group of seven US and British contract winners to manage the rebuilding of Iraq, kicking off a fresh phase of US-funded reconstruction plans.
Published 12 Mar, 2004 12:00am
Software flaw 'critical': Microsoft

Software flaw 'critical': Microsoft

Microsoft Corp upgraded a recent security warning to "critical" after discovering new ways in which an attacker could run malicious software on a vulnerable computer, the world's largest software maker said on Wednesday.
Published 12 Mar, 2004 12:00am
EDF profit almost doubles, keeps targets

EDF profit almost doubles, keeps targets

State-owned French energy giant Electricite de France said on Thursday its net profit almost doubled in 2003 despite hefty exceptional charges, thanks to strong performances from its French and European businesses.
Published 12 Mar, 2004 12:00am
EDF profit almost doubles, keeps targets

EDF profit almost doubles, keeps targets

State-owned French energy giant Electricite de France said on Thursday its net profit almost doubled in 2003 despite hefty exceptional charges, thanks to strong performances from its French and European businesses.
Published 12 Mar, 2004 12:00am
Russian foreign currency reserves shrink by $1.8 billion

Russian foreign currency reserves shrink by $1.8 billion

Russia's foreign currency reserves fell by $1.8 billion by March 5 reflecting the central bank's efforts to curb the rouble's volatility in the run up to next Sunday's presidential election.
Published 12 Mar, 2004 12:00am
Nissan hopes to save US jobs if fuel plea fails

Nissan hopes to save US jobs if fuel plea fails

Nissan Motor Company said on Thursday it is looking at ways to protect jobs at its US plants but declined to elaborate on what it will do if its appeal to be exempt from fuel-economy rules is rejected.
Published 12 Mar, 2004 12:00am
InterCont profits dip, but upbeat looking ahead

InterCont profits dip, but upbeat looking ahead

The world's top international hotelier intercontinental Hotels Plc on Thursday gave an upbeat message on hotel trading for 2004 and announced a share buy-back programme after reporting a dip in 2003 profits.
Published 12 Mar, 2004 12:00am
InterCont profits dip, but upbeat looking ahead

InterCont profits dip, but upbeat looking ahead

The world's top international hotelier intercontinental Hotels Plc on Thursday gave an upbeat message on hotel trading for 2004 and announced a share buy-back programme after reporting a dip in 2003 profits.
Published 12 Mar, 2004 12:00am
Gucci tailors own design team to replace Ford

Gucci tailors own design team to replace Ford

Italian luxury goods house Gucci Group on Thursday named four lesser-known in-house designers to replace Tom Ford, the star fashion creator who bowed out at the weekend.
Published 12 Mar, 2004 12:00am
Agfa Gevaert 2003 earnings down on weak dollar

Agfa Gevaert 2003 earnings down on weak dollar

Belgian image technology company Agfa Gevaert posted slightly lower-than-expected 2003 operating profit on Thursday after it was hit by the euro's strength against the dollar and sluggish markets.
Published 12 Mar, 2004 12:00am
Australian jobs growth slower than expected in February

Australian jobs growth slower than expected in February

Australia's jobless rate edged up in February reflecting the first loss in full-time jobs in eight months and suggesting interest rates may be kept on hold for a fourth consecutive month in April.
Published 12 Mar, 2004 12:00am
Taiwan stocks slightly changed

Taiwan stocks slightly changed

Taiwan stocks closed little changed on Thursday as state fund buying kicked in to prop up prices, recouping early losses as tech shares like UMC were hurt by falls on Wall Street.
Published 12 Mar, 2004 12:00am
Malaysian shares make gains

Malaysian shares make gains

Malaysian shares recovered from a soft start to end higher on Thursday, helped by news the country's largest pension fund will invest an extra one billion ringgit ($263 million) on stocks.
Published 12 Mar, 2004 12:00am
Singapore shares finish at five-week lows

Singapore shares finish at five-week lows

Singapore shares ended at five-week lows on Thursday after sharp losses on Wall Street unnerved investors and prompted a sell-off in banks and blue chips.
Published 12 Mar, 2004 12:00am
US stocks plunge after record trade deficit

US stocks plunge after record trade deficit

US stocks fell sharply on Wednesday, cancelling out the Dow Jones industrial average's gains for the year, as investors shunned equities after data showing a record US trade deficit cast doubt on the soundness of the economic recovery.
Published 12 Mar, 2004 12:00am
Hong Kong stocks finish lower

Hong Kong stocks finish lower

Leading Hong Kong shares ended lower on Thursday, dragged down by recent weaknesses on Wall Street and by investor worries that the market is losing steam after a furious, nine-month rally.
Published 12 Mar, 2004 12:00am
Manila stocks drop on Calpers worries

Manila stocks drop on Calpers worries

Philippine stocks fell to a new one-month low on Thursday after a report the largest US pension fund may unload its equities investments in the country.
Published 12 Mar, 2004 12:00am
Thai shares up as brokers keep minimum fees

Thai shares up as brokers keep minimum fees

Thai stocks ended higher on Thursday, recovering from early losses after new Finance Minister Somkid Jatusripitak said it was impossible to scrap minimum broker fees, prompting investors to buy shares in the firms.
Published 12 Mar, 2004 12:00am
Tokyo stocks decline, exporters hit

Tokyo stocks decline, exporters hit

Japanese stocks closed weaker for a second session on Thursday as further losses on Wall Street and a rise in the yen hit big exporters, including office machine maker Canon Inc
Published 12 Mar, 2004 12:00am
Jakarta stocks end down on political concerns

Jakarta stocks end down on political concerns

Jakarta stocks finished sharply lower on Thursday as an offer by a top minister to resign raised political concerns at the start of election campaigning.
Published 12 Mar, 2004 12:00am
US Treasuries flat as auction fails to excite

US Treasuries flat as auction fails to excite

US Treasury prices ended little changed on Wednesday but yields hovered near eight-month lows as a sale of new US debt attracted firm demand but fell short of the blow-out sale many dealers were expecting.
Published 12 Mar, 2004 12:00am
US Treasuries flat as auction fails to excite

US Treasuries flat as auction fails to excite

US Treasury prices ended little changed on Wednesday but yields hovered near eight-month lows as a sale of new US debt attracted firm demand but fell short of the blow-out sale many dealers were expecting.
Published 12 Mar, 2004 12:00am
Indian shares at two-week low

Indian shares at two-week low

Indian shares slid to a two-week closing low on Thursday, as worries the government would move to rein in firm cement and steel prices ahead of national elections combined with poor retail investor appetite to depress sentiment.
Published 12 Mar, 2004 12:00am
US Stocks: Thursday's unofficial close

US Stocks: Thursday's unofficial close

US technology stocks rose on Thursday, while blue chips were near unchanged as Federal Reserve Chairman Alan Greenspan reassured investors with comments on job creation.
Published 12 Mar, 2004 12:00am
Corporate bonds sag on Madrid blasts

Corporate bonds sag on Madrid blasts

European corporate bonds declined on Thursday, but closed above the day's lows after the Spanish government dismissed market speculation that deadly blasts in Madrid had been the work of al Qaeda.
Published 12 Mar, 2004 12:00am
Corporate bonds sag on Madrid blasts

Corporate bonds sag on Madrid blasts

European corporate bonds declined on Thursday, but closed above the day's lows after the Spanish government dismissed market speculation that deadly blasts in Madrid had been the work of al Qaeda.
Published 12 Mar, 2004 12:00am
Economic, security fears hammer FTSE-100; R&SA tumbles

Economic, security fears hammer FTSE-100; R&SA tumbles

British blue chips had their worst day since last May on Thursday, as economic and global security fears damaged confidence, with Royal & Sun Alliance and British Airways heading the hit-list.
Published 12 Mar, 2004 12:00am
Hong Kong dollar slips

Hong Kong dollar slips

The Hong Kong dollar hit a 5-1/2 month low against the US dollar late on Thursday as local equities continued to weaken and amid assurances from China that it would keep its yuan exchange rate stable.
Published 12 Mar, 2004 12:00am
Dollar loses footing against yen

Dollar loses footing against yen

The dollar lost its footing against the yen on Thursday as traders suspected the Japanese monetary authorities had loosened their grip on currency movements despite weak US economic data.
Published 12 Mar, 2004 12:00am
Asian currencies mixed amid uncertainty

Asian currencies mixed amid uncertainty

Asian currencies were a mixed bag on Thursday amid uncertainty over the near-term direction of major currencies and on domestic factors that tainted market sentiment.
Published 12 Mar, 2004 12:00am
Indian rupee slips on speculative dollar-buying

Indian rupee slips on speculative dollar-buying

The Indian rupee snapped a four-day rally as it weakened slightly on Thursday morning on speculative dollar-buying amid the greenback's latest rebound overseas against the euro, dealers said.
Published 12 Mar, 2004 12:00am
Sterling slides to one-month low

Sterling slides to one-month low

Sterling fell to a one-month low on a trade-weighted basis on Thursday as sharp falls on the London stock market combined with recent disappointing trade data to dim the prospect of further British interest rate rises.
Published 12 Mar, 2004 12:00am
Swiss franc rallies in London

Swiss franc rallies in London

The safe-haven Swiss franc rallied against the dollar and euro on Thursday after explosions on packed rush-hour trains in Madrid killed 173 people.
Published 12 Mar, 2004 12:00am
Cricket holi season begins on March 13

Cricket holi season begins on March 13

The city on Saturday would enjoy the 'cricket holi season' and thousands of people have flocked to the markets to buy caps, cricket shirts, while a few have changed their television sets to watch the memorable one-day match between Pakistan and India.
Published 12 Mar, 2004 12:00am
Warm-up defeat a surprise to Indians

Warm-up defeat a surprise to Indians

Lahore saw high drama and excitement on Thursday when the Indians played their opener, a warm-up match, at the Qadhafi Stadium and the spectators, not very large in number, were surprised to witness a resounding victory by six wickets for the Pakistan A s
Published 12 Mar, 2004 12:00am
Indian team due in Karachi on March 12

Indian team due in Karachi on March 12

Indian cricket squad is due to arrive here from Lahore on Friday amid tight security to play their opening ODI against Pakistan at National Stadium on Saturday, March 13.
Published 12 Mar, 2004 12:00am
Indian betting rate rises

Indian betting rate rises

Betting rates on India moved up to 85 paisa from Re 1 a couple of days ago after team's massive score against Pakistan 'A' team on Thursday, sources at the local market said.
Published 12 Mar, 2004 12:00am
Pakistan A trash India in opener

Pakistan A trash India in opener

India crashed to an embarrassing six-wicket defeat at the start of the Pakistan tour after their bowlers were pounded in spectacular fashion here on Thursday.
Published 12 Mar, 2004 12:00am
Pakistan A trash India in opener

Pakistan A trash India in opener

India crashed to an embarrassing six-wicket defeat at the start of the Pakistan tour after their bowlers were pounded in spectacular fashion here on Thursday.
Published 12 Mar, 2004 12:00am
China denies detention of bishop

China denies detention of bishop

China on Thursday rejected reports that a Roman Catholic bishop was in police detention, saying religious authorities had merely questioned him on suspicion he had gone overseas illegally.
Published 12 Mar, 2004 12:00am
Zahir Shah back from India

Zahir Shah back from India

Afghanistan's elderly former king Mohammad Zahir Shah has returned home after spending more than a month in India for medical treatment, the presidential palace said Thursday.
Published 12 Mar, 2004 12:00am
Indonesia kicks off parliamentary poll campaign

Indonesia kicks off parliamentary poll campaign

Indonesia launched campaigning on Thursday for parliamentary elections with two big secular parties and a host of smaller Islamic ones competing for votes against a backdrop of possible attacks by militants.
Published 12 Mar, 2004 12:00am
Putin appeals for voting

Putin appeals for voting

President Vladimir Putin appealed to Russians on Thursday to vote in a weekend presidential election amid fears that a low turnout could invalidate the poll.
Published 12 Mar, 2004 12:00am
FAO warns bird flu nations

FAO warns bird flu nations

The United Nations' Food and Agriculture Organisation (FAO) on Thursday warned countries affected by bird flu they should not start building up poultry flocks too soon or they could trigger a resurgence of the devastating epidemic.
Published 12 Mar, 2004 12:00am
Bush to do 9/11 remembrance, fund-raising

Bush to do 9/11 remembrance, fund-raising

President George W. Bush, caught in a controversy last week over campaign ads using images of September 11, 2001, will attend groundbreaking ceremonies for a 9/11 memorial on New York's Long Island on Thursday, then attend a campaign fund-raising event.
Published 12 Mar, 2004 12:00am
Palestinians vow revenge at funeral procession

Palestinians vow revenge at funeral procession

Tens of thousands of furious Palestinians vowed Thursday to exact revenge on Israel as the West Bank town of Jenin ground to a halt for the funerals of five militants shot dead by Israeli troops.
Published 12 Mar, 2004 12:00am
Khatami demands 'realistic' approach from IAEA

Khatami demands 'realistic' approach from IAEA

Iranian President Mohammad Khatami has called on the UN's nuclear watchdog to adopt a more "realistic" approach in its dealings with the Islamic republic, repeating warnings that his government could cease co-operating with it.
Published 12 Mar, 2004 12:00am
Indian Supreme Court bans occultist 'dance of anger'

Indian Supreme Court bans occultist 'dance of anger'

India's Supreme Court Thursday banned a socio-religious order from staging a frenzied dance ritual in public in which occultist participants brandish daggers, snakes and even human bones.
Published 12 Mar, 2004 12:00am
US citizen arrested for spying for Iraq

US citizen arrested for spying for Iraq

US federal prosecutors said Thursday they had arrested an American citizen on charges she acted as a spy for Iraqi intelligence.
Published 12 Mar, 2004 12:00am
Arafat welcomes any Israeli pullout

Arafat welcomes any Israeli pullout

Palestinian leader Yasser Arafat said Thursday he welcomed any Israeli withdrawal from the occupied territories and insisted the Palestinians were ready to take over security responsibilities.
Published 12 Mar, 2004 12:00am
Princess Diana confronted Parker Bowles

Princess Diana confronted Parker Bowles

Britain's late Princess Diana staged a confrontation with her husband's long-time lover, Camilla Parker Bowles, saying she knew about the affair with Prince Charles, according to audio tapes aired on Thursday.
Published 12 Mar, 2004 12:00am
French hospital workers in pay, reform protest

French hospital workers in pay, reform protest

Thousands of medical staff held street rallies and strike meetings across France on Thursday to protest against low wages and government reforms they say will create a profit-orientated, two-tier public health service.
Published 12 Mar, 2004 12:00am
Mob attacks former Bangladeshi president

Mob attacks former Bangladeshi president

A mob hurled stones and bricks at former Bangladeshi president Badruddoza Chaudhry Thursday, preventing him from holding a rally where he was due to launch a group offering voters a "third way."
Published 12 Mar, 2004 12:00am
US soldier killed; two Iraqi women shot dead

US soldier killed; two Iraqi women shot dead

A US soldier was killed and two wounded in a bomb attack outside of Baquba, 50 kilometres (30 miles) north of Baghdad, a US military officer said Thursday.
Published 12 Mar, 2004 12:00am
Bosnian Serb gets 18 years jail

Bosnian Serb gets 18 years jail

Judges sentenced a Bosnian Serb to 18 years jail at The Hague tribunal on Thursday for murdering and sexually assaulting Muslim men held in a notorious Serb-run detention camp during the 1992-95 Bosnian war.
Published 12 Mar, 2004 12:00am
Bremer sees increase in Iraq attacks

Bremer sees increase in Iraq attacks

Attacks in Iraq will increase as the date for a US hand-over of power nears and there are fears a religious event next month could be a target, the US governor of Iraq said on Thursday.
Published 12 Mar, 2004 12:00am
Britain frees Guantanamo detainees sent home

Britain frees Guantanamo detainees sent home

British police have freed all five Britons flown home from Guantanamo Bay prison camp and the former terror suspects began denouncing their US captors on Thursday amid questions about why they were held for two years.
Published 12 Mar, 2004 12:00am
Minister assures full support for ITCN Asia-2004

Minister assures full support for ITCN Asia-2004

Sindh Minister for Information Technology (IT) Syed Mustafa Kamal on Thursday met the organisers of the ITCN Asia-2004 which is scheduled to be held from August 9 to 11 at Karachi Expo center.
Published 12 Mar, 2004 12:00am
Senate chairman invited to visit China

Senate chairman invited to visit China

Chinese ambassador Zhang Chunxiang called on Chairman Senate, Mohammedmian Soomro at his Chamber in the Parliament House here on Thursday.
Published 12 Mar, 2004 12:00am
British Deputy High Commissioner calls on minister

British Deputy High Commissioner calls on minister

British Deputy High Commissioner, Hamish Daniel called on Sindh Minister for Planning and Development Syed Shoaib Ahmed Bukhari at his office and discussed matters of common interest including promotion of bilateral trade relations and investment in Pakis
Published 12 Mar, 2004 12:00am
Jamali condoles with Amin Fahim

Jamali condoles with Amin Fahim

Prime Minister Mir Zafarullah Khan Jamali has expressed his grief and sorrow over the sad demise of mother-in-law of Makhdoom Amin Fahim, Chairman ARD and President PPPP.
Published 12 Mar, 2004 12:00am
Efforts increased for resolution of Kashmir issue: Sultan

Efforts increased for resolution of Kashmir issue: Sultan

Leader of opposition in AJK Legislative Assembly, Barrister Sultan Mahmood Chaudhry said on Thursday in the present situation, efforts have been increased for the resolution of Kashmir issue at the international level.
Published 12 Mar, 2004 12:00am
Green buses in Islamabad

Green buses in Islamabad

It is indeed heartening that CNG buses are being introduced in Islamabad, the beautiful. The government is promoting CNG in the transport sector as an alternate fuel, and these efforts are bearing fruits.
Published 12 Mar, 2004 12:00am
PIA's new livery

PIA's new livery

PIA's new livery has created a controversy, both for the colour scheme of Pakistan's flag and design on the fuselage.
Published 12 Mar, 2004 12:00am
Headscarves: Muslim woman's compromise idea in Germany

Headscarves: Muslim woman's compromise idea in Germany

Muslim headscarves? Emel Algan, a Turkish Berliner, prefers the term "head coverings". Particularly when the head coverings bare a flash of individual style, resembling a trendy Peruvian knit cap or an elegant green felt bonnet.
Published 12 Mar, 2004 12:00am
Mobile cellular sector: a boost to private investment

Mobile cellular sector: a boost to private investment

Any economic sector, may it be cybernetics, dealing directly or indirectly with entrepreneur and clientele, in any form, needs a system, a system of administration, which has to be managed, streamlined and monitored with dexterity.
Published 12 Mar, 2004 12:00am
The way out of the bed linen crisis

The way out of the bed linen crisis

An idea of the seriousness of the situation arising from the imposition of anti-dumping duty by the European Union on our bed linen may be had from the sharp reaction of trade bodies besides the Pakistan Bedwear Exporters Association which has been direct
Published 12 Mar, 2004 12:00am
Sit-in staged against toll tax

Sit-in staged against toll tax

Hundreds of villagers staged sit-in on Millat road and Narwala road against the imposition of toll tax by district government and strongly demanded that this tax should be withdrawn immediately.
Published 12 Mar, 2004 12:00am
Quaid believed in cordial relations with India: Talbot

Quaid believed in cordial relations with India: Talbot

Oxford historian Professor Ian Talbot has said that Quaid-i-Azam Mohammed Ali Jinnah envisioned Pakistan to be in peaceful co-existence with India, and wanted the two countries to be collaborating in international affairs.
Published 12 Mar, 2004 12:00am
Romanian Glass Art

Romanian Glass Art

In a bid to promote the Romanian Glass Art, the Embassy of Romania is exhibiting Romanian Glass Art at a local hotel on March 13-14.
Published 12 Mar, 2004 12:00am
LHC accepts petition against State Bank

LHC accepts petition against State Bank

The Lahore High Court (LHC), while accepting a petition against State Bank of Pakistan (SBP), set aside the notification issued by the Central Bank, directing all the financial institutions to provide details about those account holders getting profit of
Published 12 Mar, 2004 12:00am
AC withdraws proceedings against former ADCS directors

AC withdraws proceedings against former ADCS directors

An Accountability Court (AC) while accepting petition filed by former directors of Asian Development Corporate Society (ADCS) Sarwar Khokhar, Malik Zulfiqar Ali and Rana Asif, has announced to withdraw proceedings in a reference against them, as they have
Published 12 Mar, 2004 12:00am
Lahore to have composting plant worth Rs 250 million

Lahore to have composting plant worth Rs 250 million

District Nazim Lahore Mian Amer Mahmood and Chairman Lahore Compost Limited (a consortium of Saif Group, Menart Company of Belgium and Green Technology Pakistan) Anwar Saif Ullah, on Thursday signed an agreement for setting up a composting plant at a cost
Published 12 Mar, 2004 12:00am
Flour mill-owners demand new wheat procurement policy

Flour mill-owners demand new wheat procurement policy

Pakistan Flour Mills Association (PFMA) has asked the government to announce new wheat procurement policy for the forthcoming wheat crop, keeping in view the suggestions of all stakeholders.
Published 12 Mar, 2004 12:00am