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Print - 2004-05-22
South Korea vows not to flood bond market

South Korea vows not to flood bond market

South Korea would not flood the bond market with a big treasury bond issue in order to fund an extra budget, if the plan went ahead, a finance ministry official said on Friday.
Published 22 May, 2004 12:00am
South Korea vows not to flood bond market

South Korea vows not to flood bond market

South Korea would not flood the bond market with a big treasury bond issue in order to fund an extra budget, if the plan went ahead, a finance ministry official said on Friday.
Published 22 May, 2004 12:00am
Malaysia first-quarter GDP growth seen strongest in four years

Malaysia first-quarter GDP growth seen strongest in four years

Malaysia is expected next week to report the economy grew at its fastest rate in four years in the first quarter, boosted by its mainstay electronics exports and a rise in domestic spending, according to a Reuters poll.
Published 22 May, 2004 12:00am
Nokia to expand R&D in China

Nokia to expand R&D in China

Top handset maker Nokia will broaden its research and development in China to better tap local demands and aims to design and develop 40 percent of its lower-end phones in Beijing, the firm said on Friday.
Published 22 May, 2004 12:00am
Nokia to expand R&D in China

Nokia to expand R&D in China

Top handset maker Nokia will broaden its research and development in China to better tap local demands and aims to design and develop 40 percent of its lower-end phones in Beijing, the firm said on Friday.
Published 22 May, 2004 12:00am
China scraps coke and coking coal export rebates

China scraps coke and coking coal export rebates

China, desperate for raw materials to fire its steel plants, will abolish export subsidies for coking coal and coke, a move likely to further hike costs for foreign steel makers who depend on Chinese supplies.
Published 22 May, 2004 12:00am
US and global economies recovering: Taylor

US and global economies recovering: Taylor

The US and world economies are on a path toward sustainable recovery, US Treasury Undersecretary John Taylor said on Friday, adding he hoped high energy prices will encourage greater supply to world markets.
Published 22 May, 2004 12:00am
Opec sees no quick fix for oil price scare

Opec sees no quick fix for oil price scare

Opec producers on Friday sought to play down expectations of a quick fix for an oil price scare that is threatening to derail global economic growth.
Published 22 May, 2004 12:00am
Russia gets EU deal on WTO, backs Kyoto

Russia gets EU deal on WTO, backs Kyoto

Russia on Friday secured a deal with the European Union on terms for its entry into the World Trade Organisation (WTO) - and immediately rewarded the bloc by promising to back a world-wide environmental pact.
Published 22 May, 2004 12:00am
Indian policy may be new lyrics to old song

Indian policy may be new lyrics to old song

When India threw out a pro-growth government in an election shock this month, many saw it as the revenge of the rural poor. India's economy had been booming but they had been left out.
Published 22 May, 2004 12:00am
Microsoft and Comcast sign set-top box deal

Microsoft and Comcast sign set-top box deal

Comcast Corp, the largest US cable TV operator, has agreed to use Microsoft Corp's software for set-top boxes for up to 5 million users, the companies said on Thursday.
Published 22 May, 2004 12:00am
Eurozone recovering but only slowly: IMF

Eurozone recovering but only slowly: IMF

The eurozone economy's cyclical stagnation may be coming to an end but the recovery remains gradual and too dependent on global trade, the International Monetary Fund (IMF) said in a document released on Friday.
Published 22 May, 2004 12:00am
Mitsubishi Motors gets $4 billion bailout

Mitsubishi Motors gets $4 billion bailout

Mitsubishi Motors Corp said on Friday it had secured $4 billion in emergency rescue funds to shore up its balance sheet and fix its operations, hit hard by a dismal performance in the crucial US market.
Published 22 May, 2004 12:00am
Mitsubishi Motors gets $4 billion bailout

Mitsubishi Motors gets $4 billion bailout

Mitsubishi Motors Corp said on Friday it had secured $4 billion in emergency rescue funds to shore up its balance sheet and fix its operations, hit hard by a dismal performance in the crucial US market.
Published 22 May, 2004 12:00am
World must harness benefits of 86 million migrant workers

World must harness benefits of 86 million migrant workers

About 86 million people are working outside their native countries and the number of economic migrants will increase rapidly because globalisation has failed to create more jobs in their home nations, the International Labour Organisation said Friday.
Published 22 May, 2004 12:00am
Mbeki outlines war on poverty

Mbeki outlines war on poverty

South Africa's President Thabo Mbeki unveiled a raft of policies on Friday to fight poverty and unemployment in the continent's biggest economy and boost a growth rate which lags other emerging markets.
Published 22 May, 2004 12:00am
New Chechen presidential election set for August 29

New Chechen presidential election set for August 29

A presidential election in Russia's separatist republic of Chechnya to find a successor to assassinated pro-Moscow leader Akhmad Kadyrov has been set for August 29, an election official told AFP on Friday.
Published 22 May, 2004 12:00am
US releases man questioned for Madrid bombings

US releases man questioned for Madrid bombings

A Muslim US lawyer, jailed for two weeks for questioning over the deadly Madrid train bombings, was freed on Thursday after a fingerprint said to link him to the attacks was found to belong to another man.
Published 22 May, 2004 12:00am
Malawi presidential race still too close to call

Malawi presidential race still too close to call

An economist picked by Malawi's outgoing President Bakili Mulizi as his successor and an opposition leader were in a neck-and-neck race in the presidential election in the southern African country, state radio said Friday.
Published 22 May, 2004 12:00am
Angry Afghans say US kills civilians, US denies it

Angry Afghans say US kills civilians, US denies it

Three Afghan civilians were killed and two wounded in a pre-dawn swoop by US helicopter gunships in Afghanistan's south-eastern province of Khost on Friday, angry villagers said.
Published 22 May, 2004 12:00am
Bush to outline 'clear strategy' for Iraq on May 24

Bush to outline 'clear strategy' for Iraq on May 24

President George W. Bush will outline what the White House called a "clear strategy" for Iraq on Monday night in a speech aiming to convince Americas he is in command of the situation.
Published 22 May, 2004 12:00am
China discharges last Sars patient

China discharges last Sars patient

China on Friday discharged its last Sars patient following the country's latest outbreak, although she will remain in a general hospital with other illnesses, state media said.
Published 22 May, 2004 12:00am
Iraq's council president to miss Tunis Arab summit

Iraq's council president to miss Tunis Arab summit

The current president of Iraq's US-appointed Governing Council said on Friday he could not attend an Arab summit in Tunis because of a busy schedule in the run-up to a transfer of sovereignty to an Iraqi government.
Published 22 May, 2004 12:00am
Around 55,000 Nigerian displaced find refuge in camps

Around 55,000 Nigerian displaced find refuge in camps

Some 55,000 mostly Muslim refugees fled their homes in central Nigeria's Plateau State to seek shelter in neighbouring states to escape ethnic attacks, officials told AFP Friday.
Published 22 May, 2004 12:00am
US welcomes Taiwan speech, China doubts linger

US welcomes Taiwan speech, China doubts linger

The United States welcomed Taiwan President Chen Shui-bian's inauguration speech as "responsible and constructive" for avoiding an immediate showdown with China, but Beijing and the island's opposition have lingering doubts.
Published 22 May, 2004 12:00am
Hong Kong dollar firms slightly

Hong Kong dollar firms slightly

The Hong Kong dollar ticked higher against the US currency on Friday morning as some players continued to adjust their positions in the wake of volatile trade earlier this week.
Published 22 May, 2004 12:00am
Chinese yuan unchanged

Chinese yuan unchanged

The yuan closed unchanged versus the US dollar at 8.2772 on Friday, near the stronger end of its managed trading range.
Published 22 May, 2004 12:00am
Swiss franc gains versus dollar, G7 meeting eyed

Swiss franc gains versus dollar, G7 meeting eyed

The Swiss franc gained ground against the dollar in early Friday trading amid concerns over high oil prices that could prompt interest rates to rise faster than expected and thus endanger a global economic recovery.
Published 22 May, 2004 12:00am
Dollar slips versus yen as Nikkei soars

Dollar slips versus yen as Nikkei soars

The dollar slipped against the yen on Friday as a late afternoon rally in Japanese stocks injected a burst of energy into a market that had been quietly anticipating upcoming comments on recent high oil prices.
Published 22 May, 2004 12:00am
Dollar advances, ignores weak US data

Dollar advances, ignores weak US data

The dollar gained on Thursday despite a fairly weak regional manufacturing survey as traders focused on the index's robust jobs component, which signalled that US economic recovery is still on a solid path.
Published 22 May, 2004 12:00am
Asian currencies lag as yen, stocks rally

Asian currencies lag as yen, stocks rally

Asian currencies were unable to resist the pull of a stronger yen on Friday, strengthening ahead of weekend meetings of OPEC and G7 finance ministers that could further improve sentiment on regional foreign exchange next week.
Published 22 May, 2004 12:00am
Australian $ gets late push above 70 cents

Australian $ gets late push above 70 cents

The Australian dollar pushed through the psychological 70 US cents barrier in late local trading on Friday, touching its highest level in nearly two weeks, helped by more positive news out of Japan, Australia's major trading partner.
Published 22 May, 2004 12:00am
Lebanon Shias vow to defend Iraqi shrines

Lebanon Shias vow to defend Iraqi shrines

Tens of thousands of Lebanese Shias in white shrouds marched in a Beirut suburb on Friday in a collective show of willingness to die in defence of holy shrines in US-occupied Iraq.
Published 22 May, 2004 12:00am
US forces release hundreds of prisoners

US forces release hundreds of prisoners

Hundreds of Iraqi prisoners were released from the infamous Abu Ghraib jail here Friday, some accusing their US captors of maltreatment, as an abuse scandal continues to dog coalition forces.
Published 22 May, 2004 12:00am
Israel moves forces out of Gaza refugee camp

Israel moves forces out of Gaza refugee camp

Israel pulled tanks and troops out of Rafah refugee camp on Friday under international pressure to end three days of fighting in which 41 Palestinians were killed.
Published 22 May, 2004 12:00am
UN anti-torture panel demands explanation from US and Britain

UN anti-torture panel demands explanation from US and Britain

The UN's top anti-torture panel on Friday demanded a formal explanation from the United States and Britain about the mistreatment of Iraqi detainees in jails run by coalition forces in Iraq, the panel's head said.
Published 22 May, 2004 12:00am
Chalabi handed US secrets over to Iran

Chalabi handed US secrets over to Iran

Iraqi politician Ahmed Chalabi, whose home and office were raided by US forces and Iraqi police this week, was passing classified US intelligence on to Iran, CBS television reported, citing senior US officials.
Published 22 May, 2004 12:00am
BBC appoints Mark Thompson as director-general

BBC appoints Mark Thompson as director-general

Mark Thompson, chief executive of Britain's Channel 4 television, has been appointed director-general of the British Broadcasting Corporation, the BBC announced on Friday.
Published 22 May, 2004 12:00am
Aga Khan outlines need to understand Islamic world

Aga Khan outlines need to understand Islamic world

His Highness the Aga Khan, the 49th hereditary spiritual leader (Imam) of the Shia Ismaili Muslims and founder of the Aga Khan Development Network, on Thursday outlined the need to recognise the fragility of democracy as a form of governance, its virtues
Published 22 May, 2004 12:00am
Dutch to send six Apache helicopters to Iraq

Dutch to send six Apache helicopters to Iraq

The Netherlands is sending six Apache helicopters to Iraq to protect its troops there ahead of a decision on whether to stay beyond a July deadline, the defence ministry said on Friday.
Published 22 May, 2004 12:00am
Koliabor Lok Sabha seat offered to Manmohan Singh

Koliabor Lok Sabha seat offered to Manmohan Singh

Indian state of Assam's Chief Minister Tarun Gogoi Friday said he had offered Koliabor seat held by his younger brother Dip Gogoi to Prime Minister designate Manmohan Singh, for getting elected to Lok Sabha.
Published 22 May, 2004 12:00am
Last Spanish soldiers leave Iraq base

Last Spanish soldiers leave Iraq base

The last Spanish soldiers pulled out of their former base in the southern Iraqi town of Diwaniyah on Friday and were expected to cross the border into neighbouring Kuwait within hours, Spanish national radio station RNE reported.
Published 22 May, 2004 12:00am
Washington Post shows new images of Iraqi prison abuse

Washington Post shows new images of Iraqi prison abuse

Iraqi prisoners said they were sexually fondled by female soldiers and forced to eat food from toilets in documents described by The Washington Post Friday that included hundreds of new photos and short video clips of torture by US military at Baghdad's A
Published 22 May, 2004 12:00am
New UN resolution taking shape on Iraq transition

New UN resolution taking shape on Iraq transition

The United States and Britain want a new UN resolution to call for full sovereignty for Iraq, albeit with such limits as an opened-ended mandate for the presence of foreign troops, diplomats said.
Published 22 May, 2004 12:00am
LIFFE coffee up

LIFFE coffee up

London coffees closed higher on Friday boosted by trade buying and structural activity but dealers said gains would be limited in the short term and the market remained range-bound.
Published 22 May, 2004 12:00am
Canadian high court backs Monsanto on GMO canola

Canadian high court backs Monsanto on GMO canola

A small Canadian farmer who tried to break the biotech grip of giant Monsanto Co narrowly lost a final battle on Friday when the Supreme Court of Canada upheld patent protection held by the company over a genetically modified form of the canola grain.
Published 22 May, 2004 12:00am
Oil prices drop as Saudi Arabia moots bigger supply hike

Oil prices drop as Saudi Arabia moots bigger supply hike

World oil prices fell from 21-year highs on Friday as Saudi Arabia proposed hiking crude output by over two million barrels per day and said it had already substantially boosted supplies in a bid to cool markets.
Published 22 May, 2004 12:00am
London cocoa ends down

London cocoa ends down

London cocoa futures ended down on Friday on technical selling after the previous session's rally that pushed prices to a seven-week continuation high, traders said.
Published 22 May, 2004 12:00am
London sugar firmer

London sugar firmer

London LIFFE white sugar futures firmed at the close on late fund buying and short covering by locals in thin turnover on Friday, traders said.
Published 22 May, 2004 12:00am
Gold jumps as weak dollar triggers buying

Gold jumps as weak dollar triggers buying

Gold pumped up to its highest in two weeks on Friday as currency-led buying triggered buy orders, which allowed the market to burst through well established ranges, dealers said, adding further gains were possible.
Published 22 May, 2004 12:00am
LME upbeat at close, buyers hold advantage

LME upbeat at close, buyers hold advantage

Base metals mostly posted strong closes on the London Metal Exchange (LME) on Friday, led by a rampant copper market, which shook off some of this week's torpor, with tight tin, lead and nickel also posting significant advances, traders said.
Published 22 May, 2004 12:00am
US MIDDAY: coffee firms

US MIDDAY: coffee firms

CSCE coffee futures finished higher Friday on speculative buying but the market remains pinned in a trading band and will likely stay there going into next week, analysts said.
Published 22 May, 2004 12:00am
US MIDDAY: sugar higher

US MIDDAY: sugar higher

CSCE raw sugar futures ended higher Friday on late speculative buying, with further interest from those accounts possibly hoisting the sweetener higher into next week, analysts said.
Published 22 May, 2004 12:00am
US MIDDAY: wheat lower

US MIDDAY: wheat lower

Wheat futures at the Chicago Board of Trade turned lower early on Friday amid nervous selling as the neighbouring soybean pit saw another day of volatile trading, pit brokers said.
Published 22 May, 2004 12:00am
US MIDDAY: corn futures fall

US MIDDAY: corn futures fall

Chicago Board of Trade corn futures fell on Friday to a fresh three-month low as talk about large US corn acreage and better-than-expected yields this year continued to pressure prices, brokers said.
Published 22 May, 2004 12:00am
US MIDDAY: soyabeans lower

US MIDDAY: soyabeans lower

Chicago Board of Trade soyabeans were mostly lower on Friday, with traders awaiting news on US livestock feed regulations, pit brokers said.
Published 22 May, 2004 12:00am
US MIDDAY: copper shoots to 2-week high

US MIDDAY: copper shoots to 2-week high

COMEX copper futures surged to 2-week highs Friday morning on fund buying fuelled by Asian gains overnight, a weaker dollar and news of a potential strike at a Canadian copper refinery, trading sources said.
Published 22 May, 2004 12:00am
US MIDDAY: gold breaks up to 2-week high

US MIDDAY: gold breaks up to 2-week high

COMEX gold surged to a two-week high Friday morning as a weakening in the dollar prompted commodity funds to buy back short positions in precious metals.
Published 22 May, 2004 12:00am
Indian stocks eke out gains

Indian stocks eke out gains

Indian markets eked out a gain in volatile trade on Friday, but fund managers remained wary of its direction as they waited for the incoming Congress-led government to outline its economic policies and name a new cabinet.
Published 22 May, 2004 12:00am
US Stocks: Friday's unofficial close

US Stocks: Friday's unofficial close

Stocks edged up on Friday, as Saudi Arabia's call for higher oil production quotas drove oil prices below $40 a barrel and reassured investors who worried that soaring oil prices could derail the recovering US economy.
Published 22 May, 2004 12:00am
Corporate bonds edge higher in average value

Corporate bonds edge higher in average value

European corporate bonds edged higher in average value on Friday in quiet trade, while the pipeline of investment-grade deals continued to fill.
Published 22 May, 2004 12:00am
Corporate bonds edge higher in average value

Corporate bonds edge higher in average value

European corporate bonds edged higher in average value on Friday in quiet trade, while the pipeline of investment-grade deals continued to fill.
Published 22 May, 2004 12:00am
Miners prop up FTSE to end choppy week near flat

Miners prop up FTSE to end choppy week near flat

Britain's top shares eked out a slim rise on Friday as bright updates from several firms helped limit lingering worries about high oil prices to leave shares barely changed after a choppy week.
Published 22 May, 2004 12:00am
Indian rupee closes firmer

Indian rupee closes firmer

The Indian rupee rebounded from intra-day lows to end firmer on Friday as stocks gained and dollar purchases on behalf of foreign funds eased, dealers said.
Published 22 May, 2004 12:00am
Sterling hits two-week high

Sterling hits two-week high

The pound hit a two-week high on the volatile dollar on Friday, gaining ground after record mortgage lending data added to market views the Bank of England may soon raise interest rates.
Published 22 May, 2004 12:00am
Dollar suffers broad losses

Dollar suffers broad losses

The dollar suffered broad losses on Friday after a Federal Reserve official's comments raised doubts over how quickly the US central bank would raise interest rates.
Published 22 May, 2004 12:00am
Workshop for Fata journalists concludes

Workshop for Fata journalists concludes

A training workshop on news reporting and familiarisation with national policies will conclude at Information Service Academy (ISA) here on Saturday.
Published 22 May, 2004 12:00am
Minister leaves for Amsterdam

Minister leaves for Amsterdam

Minister for Petroleum and Natural Resources, Chaudhry Nouraiz Shakoor on Friday left here for Amsterdam, Holland as a head of a three-member delegation to attend 9th International Energy Forum scheduled to be held from May 22-26.
Published 22 May, 2004 12:00am
Apcea for cut in import tariff on raw material

Apcea for cut in import tariff on raw material

All Pakistan Cloth Exporters Association (Apcea) has demanded reduction in import tariff on raw material for export goods, abolition of sales tax on raw cotton, slashing down sales tax rates to 10 percent, removal of additional 3 percent sales tax and sim
Published 22 May, 2004 12:00am
Indian polls and lessons for Pakistan

Indian polls and lessons for Pakistan

There are some parallels between India and Pakistan with regard to the claims about economic progress ie (a) growth in GDP 5.3 percent in the current fiscal and 6-7 percent and above in the coming years in Pakistan/ 8 percent current and increasing to 10
Published 22 May, 2004 12:00am
Iraq war weakens bond between Bush, evangelicals

Iraq war weakens bond between Bush, evangelicals

Concern among evangelical Christians over the course of the war in Iraq is opening a crack in their strong bond with President George W. Bush and the Republican Party, according to political analysts who track this powerful voting group.
Published 22 May, 2004 12:00am
Upgrading Pakistan Railways

Upgrading Pakistan Railways

Railway is a kind of social wealth and a natural monopoly owned by states in many countries of the world. Due to the gigantic character of activity, private firms or individual companies are incapacitated to own and run the railway business.
Published 22 May, 2004 12:00am
NA's merger with PML

NA's merger with PML

After the recent unification of five factions of the Muslim League, now comes the merger of the National Alliance (NA) with the unified Pakistan Muslim League (PML).
Published 22 May, 2004 12:00am
Long Term Financing for Exports

Long Term Financing for Exports

In a collaborative effort the State Bank of Pakistan, Ministry of Commerce and the Export Promotion Bureau have launched a new scheme for Long Term Financing for export-oriented projects last Tuesday.
Published 22 May, 2004 12:00am
Workshop on executive management for SMEs concludes

Workshop on executive management for SMEs concludes

A knowledge based executive management is the key to success for a business, said Chief Executive Officer (CEO) Small and Medium Enterprise Development Authority (Smeda) Shahab Khawaja.
Published 22 May, 2004 12:00am
World Biodiversity Day on May 22

World Biodiversity Day on May 22

The International Biodiversity Day (IBD) is being celebrated all over the world on May 22 to highlight the significance of biodiversity conservation.
Published 22 May, 2004 12:00am
No compromise on reforms agenda: Punjab chief minister

No compromise on reforms agenda: Punjab chief minister

Punjab Chief Minister, Chaudhry Pervaiz Elahi has said that his government will not compromise on reforms programme undertaken in education, health, agriculture and other walks of life.
Published 22 May, 2004 12:00am
Cut in bandwidth rates soon

Cut in bandwidth rates soon

Federal Minister for Information Technology and Telecommunication Awais Ahmad Khan Leghari has said that the government is significantly reducing bandwidth rates in the country, and formal announcement in this regard is expected during next couple of week
Published 22 May, 2004 12:00am
LHCBA secretariat

LHCBA secretariat

Lahore High Court Bar Association (LHCBA) President Ahmed Awais on Friday inaugurated the secretariat of the bar.
Published 22 May, 2004 12:00am
Two held for smuggling heroin

Two held for smuggling heroin

Anti Narcotics Force (ANF) Punjab has arrested Naeem Ashfaq Managing Director of Delta International, and his brother-in-law Haroon Rashid for smuggling heroin through courier parcels and recovered 7 kgs of heroin.
Published 22 May, 2004 12:00am
LHC orders case registration against cop

LHC orders case registration against cop

The Lahore High Court (LHC), while setting a detenue Muhammad Riaz at liberty, directed the District Police Officer (DPO) Sargodha, to get registered a criminal case against police Inspector Nasir Mehmood of Bhalwal police station.
Published 22 May, 2004 12:00am
LHC issues contempt notice to estate officer

LHC issues contempt notice to estate officer

The Lahore High Court (LHC) has issued contempt notice to Estate officer and directed him to explain as to why he ignored the court orders and issued notice to the petitioner, despite the stay issued by the court.
Published 22 May, 2004 12:00am
Authorities asked to adhere to job quota for disabled persons

Authorities asked to adhere to job quota for disabled persons

Punjab Government, while taking serious note of non-adherence of quota of 2 percent for disabled persons in the process of fresh recruitment, has strictly directed the authorities concerned to ensure that employment of disabled persons is ensured against
Published 22 May, 2004 12:00am
Decision to reduce power tariff hailed

Decision to reduce power tariff hailed

Federal Cabinet has taken an 'excellent step' by deciding to reduce the electricity charges, however, the decision should be implemented at the earliest.
Published 22 May, 2004 12:00am
SKMCH arranges fund-raising show

SKMCH arranges fund-raising show

Shaukat Khanum Memorial Cancer Hospital (SKMCH) in collaboration with Samsung arranged a fund raising magic show here on Thursday.
Published 22 May, 2004 12:00am