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Print - 2004-05-24
The Weather

The Weather

The weather report of Sunday (May 23) and the forecast for Monday (May 24, 2004).

Published 24 May, 2004 12:00am
Your rupee last week

Your rupee last week

Following currency fluctuations took place in foreign exchange rates during the last week. (May 17 to 22, 2004).

Published 24 May, 2004 12:00am
Yuan to rival yen in global currency league

Yuan to rival yen in global currency league

A free-floating Chinese yuan would surpass sterling and the Swiss franc in the league of major currencies and its status would elevate Asia as a foreign exchange trading region, industry experts say.
Published 24 May, 2004 12:00am
Egypt interbank rate falls

Egypt interbank rate falls

The median overnight interbank rate on Egypt's pound slipped to 2-1/2 percent from three percent on Thursday as demand fell a day before the end of a central bank reserve rate period, dealers said.
Published 24 May, 2004 12:00am
Taiwan stocks seen stuck on oil and US rates

Taiwan stocks seen stuck on oil and US rates

Taiwan stocks are expected to struggle this week as investors worry about rising oil prices and a possible interest rate rise in the United States.
Published 24 May, 2004 12:00am
High oil prices seen capping Tokyo stocks

High oil prices seen capping Tokyo stocks

High oil prices and the prospect of a rise in US interest rates are expected to keep a lid on Japanese stocks this week, overshadowing a strong recovery by the economy and corporate earnings.
Published 24 May, 2004 12:00am
Cairo bourse mixed

Cairo bourse mixed

Egyptian shares ended mixed in low volume trade on Sunday with Media Production City the focus of attention on reports UAE investors are awaiting its listing on the Dubai bourse, traders said.
Published 24 May, 2004 12:00am
Hong Kong shares to hold steady ahead of land auction

Hong Kong shares to hold steady ahead of land auction

Hong Kong stocks are expected to hover around current levels in the coming week, with investors closely monitoring bidding in the first government land auction in nearly two years.
Published 24 May, 2004 12:00am
Indian markets seen to drift until policies detailed

Indian markets seen to drift until policies detailed

Indian markets are likely to limp along this week as investors come to terms with the new government's economic agenda, which aims to sustain growth and focus on the farm sector but slow down privatisation.
Published 24 May, 2004 12:00am
Kuwaiti Boubyan Bank IPO oversubscribed

Kuwaiti Boubyan Bank IPO oversubscribed

Kuwait's Boubyan Bank attracted public subscriptions of more than three times its allotted amount in one of the country's largest ever initial public offerings, the official in charge of founding the new Islamic bank said on Sunday.
Published 24 May, 2004 12:00am
UK stocks: Vodafone, retailers grab spotlight

UK stocks: Vodafone, retailers grab spotlight

Britain's FTSE-100 index of leading shares is expected to rise or at least hold current levels this week with Vodafone at the top of the corporate menu as investors eye its acquisition strategy.
Published 24 May, 2004 12:00am
South African stocks: GDP, profit data might spur rally

South African stocks: GDP, profit data might spur rally

South African stocks could rally two percent or more this week if economic indicators underpin positive sentiment about the business climate, analysts said on Friday, although international uncertainty could weigh.
Published 24 May, 2004 12:00am
US stock markets to heed consumer data and oil

US stock markets to heed consumer data and oil

US stocks will follow the lead of consumers this week when traders look at economic reports for hints on whether rising oil prices have started to crimp spending on other goods.
Published 24 May, 2004 12:00am
Alstom rescue plan delayed by partnerships clause

Alstom rescue plan delayed by partnerships clause

A rescue plan for engineering group Alstom, worked out by EU and French officials in Brussels at the beginning of the week, remained the subject of tough negotiations this weekend over the fine print on partnerships.
Published 24 May, 2004 12:00am
GIC signs deal to set up steel plant in UAE

GIC signs deal to set up steel plant in UAE

The Gulf Investment Corporation (GIC), a business company owned by the Gulf oil monarchies, Sunday signed a 200-million-dollar deal to set up a steel plant in the United Arab Emirates (UAE).
Published 24 May, 2004 12:00am
Dissent in Opec on Saudi move to lift oil output

Dissent in Opec on Saudi move to lift oil output

Dissent emerged in Opec on Sunday after Saudi Arabia announced unilateral plans to raise supply and asked Opec to endorse a big increase in cartel output limits to cut crude prices.
Published 24 May, 2004 12:00am
G7 steps up pressure on Opec to boost output

G7 steps up pressure on Opec to boost output

Group of Seven financial leaders raised pressure on Opec to boost crude oil production and curb near-record prices menacing the world economy as they opened formal talks here Sunday.
Published 24 May, 2004 12:00am
US oil firms seeks better terms with Libya

US oil firms seeks better terms with Libya

US oil companies' return to Libyan oilfield projects after an absence of 18 years could be delayed by their request for more favourable contract terms, Libya's oil minister said on Sunday.
Published 24 May, 2004 12:00am
Bank mulls $580 million in funding for Africa projects

Bank mulls $580 million in funding for Africa projects

The African Development Bank (AfDB) is considering $580 million in finance to projects that will improve the continent's roads and rail networks and increase electricity supply, the bank said on Sunday.
Published 24 May, 2004 12:00am
WTO could put Russia on road to riches

WTO could put Russia on road to riches

Russia would reap golden opportunities to transform its oil-dependent economy if admitted to the World Trade Organisation, but industries emerging slowly from a Soviet past would suffer wrenching change.
Published 24 May, 2004 12:00am
China second half growth unlikely to slow much: Zhang

China second half growth unlikely to slow much: Zhang

China's searing economic growth is unlikely to slow significantly in the second half of this year, Zhang Guobao, vice chairman of the powerful State Development and Reform Commission, said on Sunday.
Published 24 May, 2004 12:00am
UK interest rates need to be doubled

UK interest rates need to be doubled

British interest rates need to be doubled if the country's overheated housing market is to avoid a serious crash, home loan companies have warned, according to a report Sunday.
Published 24 May, 2004 12:00am
Ship carrying 4,190 cars sinks off Singapore

Ship carrying 4,190 cars sinks off Singapore

A ship carrying 4,190 South Korean and Japanese cars sank after colliding with an oil tanker south of Singapore, port officials and a ship operator said on Sunday.
Published 24 May, 2004 12:00am
19 dead in Tunisian bus accident

19 dead in Tunisian bus accident

Nineteen people were killed and 31 injured Sunday when a bus crashed as it entered the Tunisian coastal village of Korbous, officials said.
Published 24 May, 2004 12:00am
Report links US general to Iraq prison abuse case

Report links US general to Iraq prison abuse case

A lawyer for a soldier charged in the Abu Ghraib abuse case said a captain at the Iraqi prison has charged that Army Lieutenant General Ricardo Sanchez was present during some unspecified "interrogations and/or allegations of the prisoner abuse," The Wash
Published 24 May, 2004 12:00am
British embassy under repeated attack in Iran

British embassy under repeated attack in Iran

The British embassy here came under attack by stone-throwing protestors Sunday for the fourth day in a week, as Iranian opponents of the US-led occupation of neighbouring Iraq vented their fury on the key coalition partner in the absence of a US mission i
Published 24 May, 2004 12:00am
Politics triumphs over art in Cannes: world's press

Politics triumphs over art in Cannes: world's press

Michael Moore's scathing attack on the US president in "Fahrenheit 9/11" may be good cinema, but newspapers across the world said Sunday its triumph at the Cannes film festival was more due to politics than art.
Published 24 May, 2004 12:00am
Afghanistan's first private TV station on air

Afghanistan's first private TV station on air

Afghanistan's first private television station went on air Sunday in Kabul, some two years after the fall of the Taleban regime which arrested and punished those caught watching TV.
Published 24 May, 2004 12:00am
Koehler elected new German president

Koehler elected new German president

Former IMF head Horst Koehler was elected Germany's ninth post-war president by a special federal assembly on Sunday in a ballot marred by a row over a Nazi-era judge who sentenced World War Two deserters to death.
Published 24 May, 2004 12:00am
14 dead, 20 missing as ferries capsize near Dhaka

14 dead, 20 missing as ferries capsize near Dhaka

At least 14 people, including four children, were killed and 20 were missing Sunday after four ferries capsized during pre-monsoon storms in southern Bangladesh, officials said.
Published 24 May, 2004 12:00am
Iran issues 'warning' to US over Iraq

Iran issues 'warning' to US over Iraq

Iran has sent a "formal warning" to the United States over American policy in neighbouring Iraq, foreign ministry spokesman Hamid Reza Asefi said Sunday, as he branded Washington immoral and deceitful.
Published 24 May, 2004 12:00am
Arab leaders promise reforms

Arab leaders promise reforms

Arab governments, responding to a US campaign for Arab democracy, promised on Sunday to carry out political and social reforms in an oil-rich region which includes some of the world's most repressive rulers.
Published 24 May, 2004 12:00am
US and UK troops to get Iraq immunity

US and UK troops to get Iraq immunity

US and British troops, under scrutiny over the treatment of Iraqi prisoners, will retain immunity from prosecution after the handover of power in the country, British newspapers reported on Sunday.
Published 24 May, 2004 12:00am
Chalabi denies passing US secrets to Iran

Chalabi denies passing US secrets to Iran

Iraqi National Congress director Ahmed Chalabi on Sunday staunchly denied allegations that he passed sensitive US secrets to Iran.
Published 24 May, 2004 12:00am
12 villages given Rs 53 million

12 villages given Rs 53 million

The government has provided Rs 53 million for provision of gas, water supply and drainage schemes to 12 villages of Dadu and Khairpur Nathan Shah Talukas.
Published 24 May, 2004 12:00am
LCCI signs MoU with Nairobi Chamber

LCCI signs MoU with Nairobi Chamber

A trade delegation of LCCI, currently on visit to Kenya and South Africa, has signed an MoU with National Chamber of Commerce & Industry, Nairobi, under which the two sides will exchange information about markets, economic and industrial policies, investm
Published 24 May, 2004 12:00am
India's 'Widows Colony' pins hope on new prime minister

India's 'Widows Colony' pins hope on new prime minister

In an enclave dubbed "Widows Colony," 82-year-old Satori Kaur is hoping India's first Sikh prime minister, Manmohan Singh, will help her community still struggling to find its feet after thousands of Sikhs were massacred two decades ago.
Published 24 May, 2004 12:00am
PIA's maladministration

PIA's maladministration

PIA has been a victim of abuses by various governments, politicised unions, bureaucratic influences and a management dominated by mediocrity.
Published 24 May, 2004 12:00am
Automotive sector investments and deletion programmes

Automotive sector investments and deletion programmes

The indigenisation policy followed by the Government of Pakistan has been instrumental in promoting manufacturing activities in the country, followed by technology transfer and investment inflow, boosting the national wealth and employment generation.
Published 24 May, 2004 12:00am
Seeking the right power balance

Seeking the right power balance

It is often said that while soldiering is the art of attempting the impossible, politics is the art of getting someone else to do the impossible.
Published 24 May, 2004 12:00am
World Bank and the 'Reform Minded Government'

World Bank and the 'Reform Minded Government'

"Pakistan appears to be at an important economic turning point and there are good prospects of sharply reversing the poor economic and social performance witnessed for more than a decade.
Published 24 May, 2004 12:00am
Joint investment company with Brunei

Joint investment company with Brunei

It is a good news that the Sultan of Brunei has welcomed Finance Minister Shaukat Aziz's proposal that a joint investment company be established in Pakistan with capital investment from both the sides, and the matter is to be discussed by the officials of
Published 24 May, 2004 12:00am
Sale offer of PIA shares

Sale offer of PIA shares

Encouraged by its recent successful offloading of shares of Oil and Gas Development Corporation and Sui Southern Gas Company at an attractive premium, the Privatisation Commission of Pakistan has sought the co-operation of the Karachi Stock Exchange to la
Published 24 May, 2004 12:00am
Five officials of forest department held

Five officials of forest department held

Azad Jammu and Kashmir Ehtesab Bureau has arrested five top officials of forest department on the charge of loss of worth millions to state exchequer and violation of International laws in extraction of protected precious medicinal herb from Neelum valley
Published 24 May, 2004 12:00am
National Assembly speaker hails Commonwealth decision

National Assembly speaker hails Commonwealth decision

Speaker National Assembly Chaudhry Amir Hussain has hailed the readmission of Pakistan to the Commonwealth and said decision is the acknowledgement of proper functioning of democratic institutions.
Published 24 May, 2004 12:00am
Art contest on May 24

Art contest on May 24

A competition of drawing, Musawwari, would be held among the school children at Ustad Nusrat Fateh Ali Khan Auditorium on Monday, under the arrangement of Faisalabad Arts Council.
Published 24 May, 2004 12:00am
Punjab to bear education expenses up to graduate and post-graduate

Punjab to bear education expenses up to graduate and post-graduate

The Punjab government has decided to bear expenditures of education up to graduate and post graduate level to the top position holder students which are being monitored and each education board has been directed to prepare lists of students of such catego
Published 24 May, 2004 12:00am
Local government system to prevail: Daniyal

Local government system to prevail: Daniyal

National Reconstruction Bureau (NRB) Chairman Daniyal Aziz on Sunday said the local government (LG) system in the country will prevail with success.
Published 24 May, 2004 12:00am
Labour community gets over Rs 101 million under LGS

Labour community gets over Rs 101 million under LGS

Labour department has so far distributed Rs 101.555 million under new Local Government System in city for the welfare and betterment of the labour community, said, Mohammad Aslam Javed District Officer Labour.
Published 24 May, 2004 12:00am
Company to launch 'Mini Solar Plants'

Company to launch 'Mini Solar Plants'

A Pakistani company has decided to launch 'Mini Solar Plants' to meet domestic energy requirements of each and every home in far-flung areas of the country, where the electricity had not been provided so far.
Published 24 May, 2004 12:00am
'Revolutionary steps taken for welfare of special persons'

'Revolutionary steps taken for welfare of special persons'

Provincial Minister for Special Education, Miss Qudsia Lodhi has said that for the education and rehabilitation of special children the institutions of special education would be set up at each Tehsil headquarter of the province under a phased programme,
Published 24 May, 2004 12:00am
Five die due to heatstroke

Five die due to heatstroke

Another five people have been died of heatstroke while 23 fainted in Punjab on Sunday and now death toll rose to 15 as the mercury rose to 47.1 degree Celsius in Multan, 47.3 in Bahawalpur and 47.6 in Dera Ghazi Khan.
Published 24 May, 2004 12:00am
Musharraf and Jamali greet Eritrean president

Musharraf and Jamali greet Eritrean president

President General Pervez Musharraf greeted his Eritrea's counterpart Issaias Afwerki, on the independence day of Republic of Eritrea falling on May 24.
Published 24 May, 2004 12:00am
PML-N to observe 'Youm-e-Takbir' on May 28

PML-N to observe 'Youm-e-Takbir' on May 28

The Pakistan Muslim League-Nawaz (PML-N) will observe 'Youm-e-Takbir' with full zeal in the country on May 28 (Friday). This was stated by Sardar Zulfiqar Khan Khosa, provincial head of the party, in a press conference here on Sunday.
Published 24 May, 2004 12:00am
Patchy trading marked on cotton market

Patchy trading marked on cotton market

Patchy trading was marked on the cotton market during the week ended on May 23, 2004, a natural corollary of world rates retreating without any hold, relevant sources said.
Published 24 May, 2004 12:00am
Demonstration held against policemen

Demonstration held against policemen

Women activists of NGOs have strongly denounced the trends of criminally assaulting women by uniformed personnel and expressed deep concern over continuous women violence in Multan and remote South Punjab areas and the activists demanded for conducting DN
Published 24 May, 2004 12:00am
PIA launches Houston operations

PIA launches Houston operations

PIA's first flight PK-719 took off on Sunday from the Allama Iqbal International Airport, Lahore, to the George Bush Airport, Houston, United States.
Published 24 May, 2004 12:00am
Contaminated water claims five lives: minister

Contaminated water claims five lives: minister

Provincial Health Minister Naeem Ishtiaq has confirmed death of five persons due to contaminated water released by the irrigation department from Manchar Lake 10 days back.
Published 24 May, 2004 12:00am
Nishat Mills six-month profit may touch Rs 310 million

Nishat Mills six-month profit may touch Rs 310 million

Nishat Mills Ltd is expected to announce after tax profit of Rs 280 million to Rs 310 million for first half year ended on March 31, 2004, because of higher exports and cut in financing costs.
Published 24 May, 2004 12:00am
Nishat Mills six-month profit may touch Rs 310 million

Nishat Mills six-month profit may touch Rs 310 million

Nishat Mills Ltd is expected to announce after tax profit of Rs 280 million to Rs 310 million for first half year ended on March 31, 2004, because of higher exports and cut in financing costs.
Published 24 May, 2004 12:00am
FOREIGN TRADE INQUIRIES

FOREIGN TRADE INQUIRIES

Export Promotion Bureau has received the following Trade Enquiries from abroad. Interested Pakistani parties dealing in the under mentioned items can obtain further details from the addresses given or from EPB Head Quarters and its Regional/Sub-Regional O
Published 24 May, 2004 12:00am
New deputy registrar

New deputy registrar

Dr Muhammad Afzal Javed, Consultant Psychiatric, currently working in Nuneaton UK has been elected as Deputy Registrar of Royal College of Psychiatrics UK London.
Published 24 May, 2004 12:00am
Mixed trend prevails on commodity markets

Mixed trend prevails on commodity markets

Mixed pattern was evident on the commodity wholesale markets with sugar showing downward swing during the week ended on May 23, 2004.
Published 24 May, 2004 12:00am
APMA hopes Congress government to protect minorities rights

APMA hopes Congress government to protect minorities rights

All Pakistan Minorities Alliance (APMA) Chairman Shahbaz Bhatti has felicitated Dr Manmohan Singh on becoming the Prime Minister of India and hoped that the Congress government will make positive and leading role for the protection of minority rights and
Published 24 May, 2004 12:00am
Unisame appreciates role of Smeda

Unisame appreciates role of Smeda

Unisame appreciated on Sunday the role of Smeda and requested the CEO of Smeda to provide the figures of Small Entrepreneurs and Medium Entrepreneurs separately as the participants expressed themselves that the problems of the Small were different and not
Published 24 May, 2004 12:00am
70 percent Munda dam water to be used by NWFP people

70 percent Munda dam water to be used by NWFP people

Federal Minister for Water and Power Aftab Ahmad Khan Sherpao has said that Munda Dam will enable the province to utilise 70 percent of its water for the uplift of the people.
Published 24 May, 2004 12:00am
Parc launches drought mitigation project

Parc launches drought mitigation project

The Pakistan Agriculture Research Council (Parc) has launched a drought mitigation project in Rod - Kohi with a cost of Rs 2 million in Rod - Kohi areas of the country before the end of current financial year.
Published 24 May, 2004 12:00am
Setting up of overseas employment bureau urged

Setting up of overseas employment bureau urged

Pakistan Overseas Employment Promoter Association (POEPA) urged the government to establish Overseas Employment Promotion Bureau (OEPB) which will help in exploring new labour markets for absorption of Pakistani manpower abroad.
Published 24 May, 2004 12:00am