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Print - 2004-05-13
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Wednesday (May 12, 2004).
Published 13 May, 2004 12:00am
FBI saw Berg during Iraq police detention

FBI saw Berg during Iraq police detention

The FBI saw Nick Berg, the American civilian beheaded in Iraq, three times while he was being detained by Iraqi police, the US-led occupation authority said on Wednesday.
Published 13 May, 2004 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Wednesday (May 12, 2004).
Published 13 May, 2004 12:00am
Siemens buys US water treatment firm for $1 billion

Siemens buys US water treatment firm for $1 billion

Siemens unveiled a billion-dollar acquisition that makes it one of the top US water treatment companies on Wednesday and said it might use its $15 billion in cash to further expand its portfolio.
Published 13 May, 2004 12:00am
Spot dollar rates

Spot dollar rates

Spot Dollar rates from Khadim Ali Shah Bukhari & Co Ltd on Wednesday (May 12, 2004).
Published 13 May, 2004 12:00am
World oil supply falls in April as Opec cuts: IEA

World oil supply falls in April as Opec cuts: IEA

World oil production declined 440,000 barrels per day in April as Opec producers cut back supply and non-opec output failed to grow as expected, the International Energy Agency said on Wednesday.
Published 13 May, 2004 12:00am
Money Market Report

Money Market Report

Money market report by Khadim Ali Shah Bukhari & Co on Wednesday (May 12, 2004).
Published 13 May, 2004 12:00am
'Japan-US free trade deal to benefit both states'

'Japan-US free trade deal to benefit both states'

Japan and the United States would benefit from a bilateral free trade agreement but that may not happen for several years in the face of scepticism on both sides, US economist Fred Bergsten said Wednesday.
Published 13 May, 2004 12:00am
Bill buying rates per unit of currency

Bill buying rates per unit of currency

Bill Buying Rates per unit of currency -- issued by the Treasury Management Division of the National Bank of Pakistan on Wednesday (May 12, 2004).
Published 13 May, 2004 12:00am
Consumer confidence in South Korea hits 19-month high in April

Consumer confidence in South Korea hits 19-month high in April

Consumer confidence in South Korea reached a 19-month high in April, with an increasing number of people expecting their living standards to be higher in six months' time than now, a government survey said Wednesday.
Published 13 May, 2004 12:00am
SBP raises Rs 57.16 billion through treasury bills

SBP raises Rs 57.16 billion through treasury bills

The State Bank of Pakistan (SBP) on Wednesday has raised yields on both three-month and 12-months Treasury Bills which the market received as signal for improvement in the interest rates.
Published 13 May, 2004 12:00am
SBP raises Rs 57.16 billion through treasury bills

SBP raises Rs 57.16 billion through treasury bills

The State Bank of Pakistan (SBP) on Wednesday has raised yields on both three-month and 12-months Treasury Bills which the market received as signal for improvement in the interest rates.
Published 13 May, 2004 12:00am
SBP raises Rs 57.16 billion through treasury bills

SBP raises Rs 57.16 billion through treasury bills

The State Bank of Pakistan (SBP) on Wednesday has raised yields on both three-month and 12-months Treasury Bills which the market received as signal for improvement in the interest rates.
Published 13 May, 2004 12:00am
Currency notes: exchange rates

Currency notes: exchange rates

Exchange rates for Currency Notes issued by the Treasury Management Division of National Bank of Pakistan (NBP) here on Wednesday (May 12, 2004).
Published 13 May, 2004 12:00am
Bears tighten grip on ISE

Bears tighten grip on ISE

Equities witnessed broad-based erosion on the Islamabad Stock Exchange (ISE) where bearish trend continued throughout the trading day amid the decrease in index.
Published 13 May, 2004 12:00am
Conversion for foreign currency deposits

Conversion for foreign currency deposits

Conversion for foreign currency deposits, DBC/FCBC, special USD bond & profits thereon (excluding FE-25 deposits) on Wednesday (May 12, 2004).
Published 13 May, 2004 12:00am
Bears tighten grip on ISE

Bears tighten grip on ISE

Equities witnessed broad-based erosion on the Islamabad Stock Exchange (ISE) where bearish trend continued throughout the trading day amid the decrease in index.
Published 13 May, 2004 12:00am
Exchange rates: buying and selling

Exchange rates: buying and selling

Exchange rates issued by the Treasury Management Division of National Bank of Pakistan on Wednesday (May 12, 2004).
Published 13 May, 2004 12:00am
LSE index loses 74.83 points

LSE index loses 74.83 points

Shares received heavy battering in the local stock market, following selling pressure, mainly on account of reports of re-opening of cases against MCB Chairman Mian Mansha as well as fears of political instability in the country.
Published 13 May, 2004 12:00am
Barclays bid rates and maximum rates for payment of interest

Barclays bid rates and maximum rates for payment of interest

Barclays bid rates, maximum rates for payment of interest by authorised dealers on deposits (other than those brought under FE Circular No: 45 of 1985) and on deposits (brought under FE Circular No: 45 of 1985) -- issued by the Foreign Exchange Rates Comm
Published 13 May, 2004 12:00am
LSE index loses 74.83 points

LSE index loses 74.83 points

Shares received heavy battering in the local stock market, following selling pressure, mainly on account of reports of re-opening of cases against MCB Chairman Mian Mansha as well as fears of political instability in the country.
Published 13 May, 2004 12:00am
State Bank of Pakistan conversion rates

State Bank of Pakistan conversion rates

Rates applicable for conversion into rupees of Foreign Currency Deposits, Dollar Bearer Certificates, Foreign Currency Bearer Certificates, Special US Dollar bonds and profits thereon by all banks and also for providing forward cover on foreign currency d
Published 13 May, 2004 12:00am
Share prices tumble on KSE

Share prices tumble on KSE

Share prices suffered decline on concern that relationship between Pakistan and India would suffer if BJP fails to form the government, hurting investors' confidence.
Published 13 May, 2004 12:00am
Share prices tumble on KSE

Share prices tumble on KSE

Share prices suffered decline on concern that relationship between Pakistan and India would suffer if BJP fails to form the government, hurting investors' confidence.
Published 13 May, 2004 12:00am
Kenyan tea mixed

Kenyan tea mixed

Prices for top quality Kenyan teas softened at this week's auction due to diminished buying from Afghanistan and Russia and ample supply driven by heavy seasonal rainfall, traders said on Wednesday.
Published 13 May, 2004 12:00am
Stakeholders split over PSF import duty

Stakeholders split over PSF import duty

Stakeholders of polyester staple fibre sector at a meeting on Wednesday got sharply divided over duty structure for its raw and finished categories, it is learnt.
Published 13 May, 2004 12:00am
Asian bunker fuel prices rise

Asian bunker fuel prices rise

Asian bunker fuel prices rose on Wednesday in tandem with soaring benchmark crude, but demand was thin and few trades were recorded as shipowners stayed away from the market.
Published 13 May, 2004 12:00am
Stakeholders split over PSF import duty

Stakeholders split over PSF import duty

Stakeholders of polyester staple fibre sector at a meeting on Wednesday got sharply divided over duty structure for its raw and finished categories, it is learnt.
Published 13 May, 2004 12:00am
Activity Karachi and Qasim ports

Activity Karachi and Qasim ports

The Karachi Port handled 83,941 tonnes of cargo including 62,926 tonnes import and 21,015 tonnes export cargo during last 24 hours ending at 0700 hours on Wednesday.
Published 13 May, 2004 12:00am
Concessionary SROs may be scrapped

Concessionary SROs may be scrapped

All concessionary SROs giving exemptions in sales tax and import duties are likely to be scrapped in the ensuing budget for 2004-2005, it is reliably learnt.
Published 13 May, 2004 12:00am
Indian trade steps up wheat buying for exports

Indian trade steps up wheat buying for exports

Indian traders have bought nearly half a million tonnes of wheat from the new crop and are awaiting a government policy to resume exports, a top official of the country's largest grain procurement agency said on Wednesday.
Published 13 May, 2004 12:00am
Concessionary SROs may be scrapped

Concessionary SROs may be scrapped

All concessionary SROs giving exemptions in sales tax and import duties are likely to be scrapped in the ensuing budget for 2004-2005, it is reliably learnt.
Published 13 May, 2004 12:00am
CBOT wheat futures down on rains, Egyptian snub

CBOT wheat futures down on rains, Egyptian snub

Wheat futures at the Chicago Board of Trade closed lower on Tuesday on rains in the Plains hard red winter wheat region and an Egyptian snub of US wheat, traders said.
Published 13 May, 2004 12:00am
Sri Lankan tea prices dip

Sri Lankan tea prices dip

Sri Lanka tea prices fell slightly at the latest auction on Wednesday as high-grown tea values declined, but brokers said the market remained firmer than usual at this time of year because of good qualities.
Published 13 May, 2004 12:00am
Indian tea exports jump 25 percent in first quarter

Indian tea exports jump 25 percent in first quarter

Indian tea exports jumped 25 percent to 37.14 million kg in the first quarter of 2004 because of renewed demand from Iraq and a jump in sales to Pakistan, industry officials said on Wednesday.
Published 13 May, 2004 12:00am
US lists Pakistan among religious rights violators

US lists Pakistan among religious rights violators

An independent US commission monitoring global religious rights on Wednesday included India, Pakistan, Saudi Arabia and Vietnam in its list of violators of religious freedom.
Published 13 May, 2004 12:00am
Violence mars by-poll: 7 die

Violence mars by-poll: 7 die

Seven people were killed and dozens injured in firing in Liaquatabad, Baldia and Saeedabad during polling in the by-election for three national and one provincial assembly seats in Karachi on Wednesday, police said.
Published 13 May, 2004 12:00am
Violence mars by-poll: 7 die

Violence mars by-poll: 7 die

Seven people were killed and dozens injured in firing in Liaquatabad, Baldia and Saeedabad during polling in the by-election for three national and one provincial assembly seats in Karachi on Wednesday, police said.
Published 13 May, 2004 12:00am
Tunisia's key olive oil exports rise sharply

Tunisia's key olive oil exports rise sharply

Tunisia has increased its olive oil exports sharply so far this season thanks to a higher harvest and weak crops in rivals Greece and Italy, the country's olive oil board chief said.
Published 13 May, 2004 12:00am
Shujaat elected united PML president

Shujaat elected united PML president

Chaudhry Shujaat Hussain was formally elected President of the Pakistan Muslim League on Wednesday, as all the five League groups and Sindh Democratic Alliance got united.
Published 13 May, 2004 12:00am
World grain, soya stocks to shrink: CBOT panel

World grain, soya stocks to shrink: CBOT panel

Strong demand is expected to keep shrinking US and global stockpiles of grain and oilseeds in coming months, a Chicago Board of Trade panel of analysts said on Wednesday.
Published 13 May, 2004 12:00am
Shujaat elected united PML president

Shujaat elected united PML president

Chaudhry Shujaat Hussain was formally elected President of the Pakistan Muslim League on Wednesday, as all the five League groups and Sindh Democratic Alliance got united.
Published 13 May, 2004 12:00am
Oil cake market rates

Oil cake market rates

The May vaida opened unchanged at Rs 476.50 while highest was also seen at the same level. Later trading dipped and prices shed to turn day's lowest at Rs 474 and closing was also seen at the same amount.
Published 13 May, 2004 12:00am
Further tax exemption on spun yarn under study

Further tax exemption on spun yarn under study

The Central Board of Revenue (CBR) is reviewing ''further tax'' exemption on the supply of spun yarn to the unregistered persons from new financial year.
Published 13 May, 2004 12:00am
Further tax exemption on spun yarn under study

Further tax exemption on spun yarn under study

The Central Board of Revenue (CBR) is reviewing 'further tax' exemption on the supply of spun yarn to the unregistered persons from new financial year.
Published 13 May, 2004 12:00am
Milk powder up on Jodia Bazar

Milk powder up on Jodia Bazar

Milk powder depicted a few variations on the Jodia Bazar on Wednesday (May 12, 2004).
Published 13 May, 2004 12:00am
Further tax exemption on spun yarn under study

Further tax exemption on spun yarn under study

The Central Board of Revenue (CBR) is reviewing 'further tax' exemption on the supply of spun yarn to the unregistered persons from new financial year.
Published 13 May, 2004 12:00am
Few changes seen on grain market

Few changes seen on grain market

Seeds and cereals had a few changes on the seed and grain wholesale markets on Wednesday amid slow transaction owing to uncertain condition and bye-polls in the city.
Published 13 May, 2004 12:00am
Rocca discusses various issues with Musharraf

Rocca discusses various issues with Musharraf

Visiting senior US official Christina Rocca on Wednesday held extensive talks with Pakistani leadership on bilateral issues and regional situation, including security situation on Pak-Afghan border.
Published 13 May, 2004 12:00am
CSCE cocoa settles unchanged

CSCE cocoa settles unchanged

CSCE cocoa futures ended unchanged to down slightly on Tuesday as speculative short-covering gave way to scale-up trade selling which "washed out" the day's gains and kept futures held in a sideways range, floor sources said.
Published 13 May, 2004 12:00am
Rocca discusses various issues with Musharraf

Rocca discusses various issues with Musharraf

Visiting senior US official Christina Rocca on Wednesday held extensive talks with Pakistani leadership on bilateral issues and regional situation, including security situation on Pak-Afghan border.
Published 13 May, 2004 12:00am
CSCE coffee higher

CSCE coffee higher

CSCE coffee futures finished with moderate gains on Tuesday, after back-and-forth action between buyers and sellers that extended the range up to three-week highs, traders said.
Published 13 May, 2004 12:00am
Budget may bring major changes in tariff rationalisation

Budget may bring major changes in tariff rationalisation

A major change is likely in tariff rationalisation policy in the coming budget. Tariff cuts would be industry-oriented rather than revenue-oriented which had been the guiding principle in budget making so far.
Published 13 May, 2004 12:00am
New York cotton ends lower amid selling, USDA data eyed

New York cotton ends lower amid selling, USDA data eyed

NYCE cotton futures closed with moderate losses on Tuesday as trade and local selling pressured prices as players awaited the USDA's first forecasts on the 2004 crop year due on Wednesday, traders said.
Published 13 May, 2004 12:00am
Budget may bring major changes in tariff rationalisation

Budget may bring major changes in tariff rationalisation

A major change is likely in tariff rationalisation policy in the coming budget. Tariff cuts would be industry-oriented rather than revenue-oriented which had been the guiding principle in budget making so far.
Published 13 May, 2004 12:00am
Shanghai copper dented by weak aluminium

Shanghai copper dented by weak aluminium

Shanghai copper closed down on Wednesday, dented by weakness in the aluminium market and concerns over the government's measures to keep China's heady economic growth in check, traders said.
Published 13 May, 2004 12:00am
Malaysian tin up

Malaysian tin up

Malaysian tin closed higher on Wednesday, helped by strong buying interest from Japan and overnight gains on the London Metal Exchange (LME).
Published 13 May, 2004 12:00am
Gold firms in Asia

Gold firms in Asia

Gold rose in afternoon trade in Asian on Wednesday as the dollar weakened against the yen, and dealers expected the US currency to undergo a correction as it factored in prospects for higher US interest rates.
Published 13 May, 2004 12:00am
Tokyo gold retreats on yen rise

Tokyo gold retreats on yen rise

Tokyo gold futures retreated from a two-week high on Wednesday as the yen's bounce against the dollar induced long liquidation, and brokers said they expect the market to consolidate after recent volatile trading.
Published 13 May, 2004 12:00am
Copper jumps in New York

Copper jumps in New York

Comex copper futures rose on Tuesday, pushing past nearby chart resistance on a mixture of bargain hunting at this week's lower prices as well as short-covering.
Published 13 May, 2004 12:00am
Comex gold slips in quiet trade, eye currencies

Comex gold slips in quiet trade, eye currencies

Comex gold fell in dull trade on Tuesday but held above the previous day's seven-month low as the dollar retreated from a 15-day high against the euro set overnight.
Published 13 May, 2004 12:00am
Tokyo rubber extends gains

Tokyo rubber extends gains

Tokyo rubber futures rose across the board to this week's high on Wednesday on sporadic short-covering led by dealers, but the underlying trend stayed weak as the market remained reluctant to chase rubber on rallies.
Published 13 May, 2004 12:00am
US oil hits new 13-year high, waits for Opec barrels

US oil hits new 13-year high, waits for Opec barrels

US oil prices struck new 13-year highs above $40 a barrel on Wednesday as the market remained concerned over tight supplies, despite a call by the world's biggest exporter for Opec to raise output next month.
Published 13 May, 2004 12:00am
China suspends Brazilian soya imports

China suspends Brazilian soya imports

China, the world's top soyabean buyer, has suspended soyabean imports from four suppliers in Brazil after harmful chemicals were found in shipments late in April, a quarantine bureau official said on Wednesday.
Published 13 May, 2004 12:00am
CBOT rice lower

CBOT rice lower

Chicago Board of Trade rough rice futures settled lower on Tuesday after a very thinly traded session on positioning ahead of Wednesday's US Department of Agriculture's monthly crop data, traders said.
Published 13 May, 2004 12:00am
CSCE sugar falls

CSCE sugar falls

CSCE raw sugar prices extended their slide to a six-week low as a large crop from top-sugar grower Brazil weighed on market sentiment.
Published 13 May, 2004 12:00am
Vietnam rice: market focuses on Manila tender

Vietnam rice: market focuses on Manila tender

A lack of fresh rice deals in recent weeks and low stocks in Vietnam have prompted exporters to focus on results of a Philippine rice tender before making new offers, traders said.
Published 13 May, 2004 12:00am
Soyabeans end mixed

Soyabeans end mixed

Chicago Board of Trade soyabean futures ended mixed on Tuesday, with nearby contracts higher on firm US cash prices and evening before on Wednesday's US Department of Agriculture monthly crop report, brokers said.
Published 13 May, 2004 12:00am
Thai rubber prices dip

Thai rubber prices dip

Thai rubber prices are likely to dip further in the next few days on increasing supply and with few overseas buyers on the horizon, traders said on Wednesday.
Published 13 May, 2004 12:00am
Australian grains group criticises GMO canola exit

Australian grains group criticises GMO canola exit

Australia's leading grains grower body on Wednesday expressed disappointment at a decision by Monsanto Co to close down its genetically modified canola operations in Australia.
Published 13 May, 2004 12:00am
Malaysian palm oil ends down, MPOB data weighs

Malaysian palm oil ends down, MPOB data weighs

Malaysian crude palm oil futures closed lower on Wednesday, weighed down by a bearish crop report for April from the official Malaysian Palm Oil Board.
Published 13 May, 2004 12:00am
Opec ministers may hold meeting next week

Opec ministers may hold meeting next week

Opec oil ministers may hold an informal meeting in Amsterdam next week to discuss the possibility of raising the cartel's production ceiling as world oil prices are skyrocketing, the Opec president said in a press release Wednesday.
Published 13 May, 2004 12:00am
Kuwait backs any output increase by Opec

Kuwait backs any output increase by Opec

Kuwait's oil minister said Wednesday his country would back any output hike by Opec members in order to cool soaring oil prices and stabilise the market.
Published 13 May, 2004 12:00am
Cisco posts sharp rise in profit

Cisco posts sharp rise in profit

Cisco Systems Inc on Tuesday reported a 23 percent rise in quarterly profit on rising demand from corporate customers for its networking gear, and said it expects sales to rise moderately in the current quarter.
Published 13 May, 2004 12:00am
Cisco posts sharp rise in profit

Cisco posts sharp rise in profit

Cisco Systems Inc on Tuesday reported a 23 percent rise in quarterly profit on rising demand from corporate customers for its networking gear, and said it expects sales to rise moderately in the current quarter.
Published 13 May, 2004 12:00am
UN calls on neighbours to trust and open up to Afghanistan

UN calls on neighbours to trust and open up to Afghanistan

The United Nations on Wednesday used a regional conference on Afghanistan to urge its neighbours and regional powers to overcome distrust of the war-torn country and create a vibrant inter-dependent economy in the troubled region.
Published 13 May, 2004 12:00am
Microsoft warns of 'important' Windows flaw

Microsoft warns of 'important' Windows flaw

A flaw in Microsoft Corp's almost universally used Windows operating system could allow hackers to take control of a PC by luring users to a malicious Web site and coaxing them into clicking on a link, the company warned on Tuesday.
Published 13 May, 2004 12:00am
'Big Fed rate rise unlikely this year'

'Big Fed rate rise unlikely this year'

The Federal Reserve is unlikely to raise interest rates sharply this year as there is little risk of inflation despite robust economic growth in the United States, a leading American economist said on Wednesday.
Published 13 May, 2004 12:00am
EU to lift US sanctions once tax law repealed

EU to lift US sanctions once tax law repealed

The EU will lift sanctions against the United States once a contentious US tax law is fully repealed, Trade Commissioner Pascal Lamy said Wednesday after the US Senate approved a tax reform scheme.
Published 13 May, 2004 12:00am
French first-quarter growth fastest since late 2000

French first-quarter growth fastest since late 2000

The French economy grew by surprising 0.8 percent in the first quarter, its fastest rate since late 2000, according to a preliminary estimate released on Wednesday which gave a boost to hopes of an upturn.
Published 13 May, 2004 12:00am
Ministers to renew attempt to unlock global trade talks

Ministers to renew attempt to unlock global trade talks

Ministers from 28 countries are due to meet in Paris Friday to try to unlock troubled global trade liberalisation talks, days after the European Union offered to eliminate aid for agricultural exports, a key obstacle in the WTO negotiations.
Published 13 May, 2004 12:00am
Standard Chartered sets up licensed bank incorporated in Hong Kong

Standard Chartered sets up licensed bank incorporated in Hong Kong

Standard Chartered PLC (the Group) on Tuesday announced its intention to transfer its Hong Kong based branch and subsidiary businesses into one new banking subsidiary, Standard Chartered Bank (Hong Kong) Ltd (SCBHK), a licensed bank incorporated in Hong K
Published 13 May, 2004 12:00am
Standard Chartered sets up licensed bank incorporated in Hong Kong

Standard Chartered sets up licensed bank incorporated in Hong Kong

Standard Chartered PLC (the Group) on Tuesday announced its intention to transfer its Hong Kong based branch and subsidiary businesses into one new banking subsidiary, Standard Chartered Bank (Hong Kong) Ltd (SCBHK), a licensed bank incorporated in Hong K
Published 13 May, 2004 12:00am
Daimler's Asian strategy unravels as Hyundai alliance ends

Daimler's Asian strategy unravels as Hyundai alliance ends

DaimlerChrysler and its ambitions to become a global leader suffered another humiliating blow on Wednesday, when the German-US auto giant announced it was ending its fraught alliance with South Korean car maker Hyundai.
Published 13 May, 2004 12:00am