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Print - 2004-05-27
Tokyo stocks end sharply higher but banks sag

Tokyo stocks end sharply higher but banks sag

Japanese stocks closed sharply higher on Wednesday but gains were overshadowed by continued losses in banks including UFJ Holdings Inc, as well as UFJ's major borrowers.
Published 27 May, 2004 12:00am
Chilean stocks flat on natural gas

Chilean stocks flat on natural gas

Chilean stocks closed almost flat on Tuesday, as concerns about natural gas supplies from Argentina and the future of Chile's top telephone company offset positive influence from rising markets elsewhere in Latin America.
Published 27 May, 2004 12:00am
Chinese shares jump but outlook shaky

Chinese shares jump but outlook shaky

China shares closed higher on Wednesday, buoyed by bargain-hunting among steel companies such as Maanshan Iron and Steel Co Ltd.
Published 27 May, 2004 12:00am
Swiss franc ticks lower

Swiss franc ticks lower

The Swiss franc ticked slightly lower against the dollar on Wednesday, relinquishing some of its recent gains after the Swiss National Bank (SNB) signalled that it saw no risk of rising inflation despite low interest rates.
Published 27 May, 2004 12:00am
Indian rupee steady

Indian rupee steady

The Indian rupee was steady in deals on Wednesday but traders said the local currency could come under pressure later in the day as domestic oil importers step up their month-end dollar purchases.
Published 27 May, 2004 12:00am
Dollar steadies in range; eyes US data

Dollar steadies in range; eyes US data

The dollar was steady against major currencies on Wednesday as investors looked ahead to US employment data due next week that would give clues on the state of the economy and set a direction for the currency.
Published 27 May, 2004 12:00am
Dollar falls as market weighs high oil and technicals

Dollar falls as market weighs high oil and technicals

The dollar fell sharply on Tuesday as investors shrugged off mildly positive US housing and consumer confidence data, focusing instead on the impact of high oil prices on the economy.
Published 27 May, 2004 12:00am
Yen's rally helps Asian currencies

Yen's rally helps Asian currencies

Indonesia's rupiah steadied on Wednesday while staying close to the previous day's 19-month low and other Asian currencies rallied after a rise in the yen and in most of the region's stock markets.
Published 27 May, 2004 12:00am
Australian dollar consolidates

Australian dollar consolidates

The Australian dollar consolidated under its offshore high of around 71 US cents on Wednesday after bounding higher on broad weakness in the US dollar as investor concern over the impact of high oil prices on economic growth grew.
Published 27 May, 2004 12:00am
Russian firm to pull out all staff from Iraq

Russian firm to pull out all staff from Iraq

Russian construction and engineering firm Interenergoservice is to evacuate all its remaining workers in Iraq after two employees were killed in an attack early Wednesday near Baghdad, its management told AFP.
Published 27 May, 2004 12:00am
Ukraine needs help to deal with Soviet arms dumps

Ukraine needs help to deal with Soviet arms dumps

Ukraine is stretched to the breaking point in its struggle to deal with hundreds of thousands of tonnes of Soviet-era weapons and needs financial support from investors, Defence Minister Evhen Marchuk said on Wednesday.
Published 27 May, 2004 12:00am
Mubarak to visit Moscow

Mubarak to visit Moscow

Egyptian President Hosni Mubarak is due to hold talks Friday in Moscow with Russian President Vladimir Putin on the Arab-Israeli conflict and a US initiative to push for democratic reforms in the Middle East.
Published 27 May, 2004 12:00am
India to junk 70 MiG-21 'flying coffins'

India to junk 70 MiG-21 'flying coffins'

The Indian air force said Wednesday it will scrap 70 MiG-21 aircraft next year and in an added step will further shrink its fleet of fighter aircraft, depleted by regular crashes.
Published 27 May, 2004 12:00am
US to investigate charges for journalists

US to investigate charges for journalists

The United States has promised to look into protests about charges that will be levied from journalists covering the Group of Eight (G8) summit in the US state of Georgia next month, a top Russian official said Wednesday.
Published 27 May, 2004 12:00am
EU urges Belarus to end isolation with polls

EU urges Belarus to end isolation with polls

EU foreign policy chief Javier Solana called on Belarus Wednesday to use elections later this year to end its diplomatic isolation, as he met key opponents of the Minsk regime in Brussels.
Published 27 May, 2004 12:00am
Sharon puts final touches on Gaza plan ahead of cabinet meet

Sharon puts final touches on Gaza plan ahead of cabinet meet

Israeli Prime Minister Ariel Sharon, bolstered by reports that he will avoid prosecution for corruption, on Sunday will unveil his revamped Gaza Strip withdrawal plan to his cabinet, where aides say he is likely to win a tight vote.
Published 27 May, 2004 12:00am
Foreign observers fail to endorse Malawi's polls

Foreign observers fail to endorse Malawi's polls

The African Union Wednesday said Malawian elections did not take place on a "level playing field", adding its voice to all other foreign observer missions which failed to endorse the polls as free and fair.
Published 27 May, 2004 12:00am
UN peacekeepers vow to crack down on Congo rebels

UN peacekeepers vow to crack down on Congo rebels

United Nations peacekeepers in eastern Congo vowed on Wednesday to use military force to crack down on thousands of Rwandan Hutu rebels who have not yet disarmed as part of efforts to end inter-militia fighting.
Published 27 May, 2004 12:00am
Some 7,400 immigrants sent from Saudi Arabia to Nigeria

Some 7,400 immigrants sent from Saudi Arabia to Nigeria

Saudi Arabia has deported 7,429 allegedly Nigerian nationals in the past four months for immigration-related offences and prostitution, officials of the Nigeria Immigration Service said Wednesday.
Published 27 May, 2004 12:00am
Australian terror suspect failed in bid to recruit for al Qaeda

Australian terror suspect failed in bid to recruit for al Qaeda

Alleged terrorist Jack Roche failed in his only attempt to recruit for an Australian al Qaeda cell before being ordered to abandon the plan by radical Indonesian cleric Abu Bakar Bashir, a court was told here Wednesday.
Published 27 May, 2004 12:00am
Bush congratulates new Indian Prime Minister

Bush congratulates new Indian Prime Minister

US President George W. Bush telephoned Indian Prime Minister Manmohan Singh to congratulate him on taking office, White House spokesman Scott McClellan told reporters.
Published 27 May, 2004 12:00am
Karzai wins US Liberty Medal

Karzai wins US Liberty Medal

Afghan President Hamid Karzai on Wednesday was named recipient of the 2004 Philadelphia Liberty Medal, given to those demonstrating leadership and vision in the pursuit of freedom.
Published 27 May, 2004 12:00am
US and Russia work with UN on global nuclear threat

US and Russia work with UN on global nuclear threat

The United States, Russia and the UN are working to round up nuclear material across the globe to keep it out of the hands of rogue states and militants trying to acquire anything from crude "dirty bombs" to atomic weapons.
Published 27 May, 2004 12:00am
EU agrees to seek Syria WMD pledge for trade pact

EU agrees to seek Syria WMD pledge for trade pact

European Union states agreed on Wednesday to demand a firmer commitment from Syria renouncing weapons of mass destruction in return for signing a trade and aid pact with the Middle Eastern state, diplomats said.
Published 27 May, 2004 12:00am
Dominican and Haiti floods death toll rises to 600

Dominican and Haiti floods death toll rises to 600

Rescue workers dug through mud and debris on Wednesday for survivors and bodies as the death toll from devastating floods and landslides in the Dominican Republic and neighbouring Haiti climbed to more than 600.
Published 27 May, 2004 12:00am
Blair denies split with Bush over Iraq

Blair denies split with Bush over Iraq

Britain's Tony Blair sought on Wednesday to quash talk of a split with the United States over Iraq, saying foreign troops' operations should stay under US command once an interim local government takes over.
Published 27 May, 2004 12:00am
20 militants killed as Afghan troops hunt Taleban fighters

20 militants killed as Afghan troops hunt Taleban fighters

Afghan troops were on Wednesday hunting up to 200 suspected Taleban after 20 militants were killed by US warplanes and Afghan ground forces during a clash with militants hiding out in mountains bordering Pakistan, officials said.
Published 27 May, 2004 12:00am
US-led terror war 'bereft of principle': Amnesty

US-led terror war 'bereft of principle': Amnesty

Washington's global anti-terror policies are "bankrupt of vision" as human rights become sacrificed in the blind pursuit of security, a leading human rights group charged on Wednesday.
Published 27 May, 2004 12:00am
Last minute disputes delay Sudan peace deal

Last minute disputes delay Sudan peace deal

Sudan's government and southern rebels hammered out final details on Wednesday to a deal paving the way to end Africa's longest-running civil war, delaying a planned signing ceremony in Kenya.
Published 27 May, 2004 12:00am
India appoints new national security adviser

India appoints new national security adviser

India's former foreign secretary and high commissioner (ambassador) to Pakistan J.N. Dixit, was Wednesday appointed the country's new national security adviser, an official said.
Published 27 May, 2004 12:00am
Fresh bird flu outbreak uncovered

Fresh bird flu outbreak uncovered

Thai authorities have uncovered a new bird flu outbreak in the northern city of Chiang Mai at a farm attached to a university, an official at Thailand's Livestock Department said Wednesday.
Published 27 May, 2004 12:00am
US warns of al Qaeda attack, offers few details

US warns of al Qaeda attack, offers few details

The United States fears al Qaeda is plotting a big attack inside the country or on US interests but has no plans to raise the terror threat level and no details on when, where or how it might occur, top officials said on Wednesday.
Published 27 May, 2004 12:00am
Sterling hits six-week high against dollar

Sterling hits six-week high against dollar

Sterling hit a six-week high against the dollar on Wednesday as persistently high oil prices and soft US data dimmed expectations the Federal Reserve would raise interest rates aggressively in the foreseeable future.
Published 27 May, 2004 12:00am
Dollar toils at two-week lows on oil and rate doubts

Dollar toils at two-week lows on oil and rate doubts

The dollar slipped to its lowest levels in over two weeks against the euro and yen on Wednesday as investor concern about high oil prices and their impact on the US economy kept the greenback on the defensive.
Published 27 May, 2004 12:00am
Indian shares ease ahead of key policy

Indian shares ease ahead of key policy

India's benchmark share index eased for the second straight day on Wednesday, led by tech stocks and auto makers, as investors turned cautious on the eve of the new Congress-led government's key policy announcements.
Published 27 May, 2004 12:00am
US Stocks: Wednesday's unofficial close

US Stocks: Wednesday's unofficial close

US stocks strayed near the unchanged mark Wednesday, as investors digested the previous day's rally and higher oil prices tempered positive sentiment.
Published 27 May, 2004 12:00am
European corporate bonds languish as investors weigh rates

European corporate bonds languish as investors weigh rates

European corporate bonds crept higher on Wednesday as weaker-than-expected US economic data damped expectations for a hike in Federal Reserve interest rates, fuelling demand for fixed income securities.
Published 27 May, 2004 12:00am
European corporate bonds languish as investors weigh rates

European corporate bonds languish as investors weigh rates

European corporate bonds crept higher on Wednesday as weaker-than-expected US economic data damped expectations for a hike in Federal Reserve interest rates, fuelling demand for fixed income securities.
Published 27 May, 2004 12:00am
Chemicals firm ICI helps FTSE-100 to higher close

Chemicals firm ICI helps FTSE-100 to higher close

British blue chips closed higher on Wednesday as investors snapped up chemicals group ICI and engineering firm GKN, helping the FTSE-100 to fight back from two days of losses.
Published 27 May, 2004 12:00am
London coffee soars by fund and speculative buying

London coffee soars by fund and speculative buying

London coffee futures soared at the close on Wednesday in hefty turnover driven by fund and speculative buying, underpinned by worries over cold weather in Brazil, traders said.
Published 27 May, 2004 12:00am
Insecticide ban could harm environment

Insecticide ban could harm environment

France's decision to ban Bayer CropScience's Gaucho insecticide for maize could end up harming the environment and may reduce the country's crop, the French seed manufacturers' group GNIS said on Wednesday.
Published 27 May, 2004 12:00am
Oil prices fall below $41 as US gasoline stocks shrink

Oil prices fall below $41 as US gasoline stocks shrink

US oil prices fell below $41 on Wednesday on profit-taking sales, even as shrinking American gasoline inventories reinforced fears of a supply crunch in the world's biggest oil consuming nation.
Published 27 May, 2004 12:00am
London sugar mixed on trade and fund buying

London sugar mixed on trade and fund buying

London sugar futures were mixed on Wednesday amid trade and fund buying, underpinned by growing worries about rain-induced delays in the harvest in the centre and south of top grower Brazil, traders said.
Published 27 May, 2004 12:00am
Brazilian coffee exporters see marketing key to China

Brazilian coffee exporters see marketing key to China

Brazilian coffee exporters see China as potentially the world's biggest coffee market, saying it could be weaned from its traditional tea-drinking culture by new marketing ideas, Brazil's coffee exporters' leader said.
Published 27 May, 2004 12:00am
Gold firmer in Europe on broad dollar weakness

Gold firmer in Europe on broad dollar weakness

Gold was firmer in Europe on Wednesday as investor concern at high oil prices weakened the dollar against other currencies and highlighted gold as a hedge against economic uncertainty, dealers said.
Published 27 May, 2004 12:00am
LME lead, zinc end firm, Tara mine strike looms

LME lead, zinc end firm, Tara mine strike looms

Lead and zinc motored higher on the London Metal Exchange (LME) on Wednesday, spurred by news workers at Tara Mines, Europe's biggest zinc mine, plan to down tools for three days starting June 1 in a strike that management says will lead to the suspension
Published 27 May, 2004 12:00am
US MIDDAY: sugar firmer on speculative fund buying

US MIDDAY: sugar firmer on speculative fund buying

CSCE raw sugar futures ended firmer Wednesday on speculative fund buying, but producer sales capped the advance, although fund accounts may mount another probe of higher ground this week, brokers said.
Published 27 May, 2004 12:00am
US MIDDAY: wheat future moves up

US MIDDAY: wheat future moves up

Soft red winter wheat futures at the Chicago Board of Trade were higher early on Wednesday amid worries that US winter wheat may be damaged by harsh weather, traders said.
Published 27 May, 2004 12:00am
US MIDDAY: corn lower on profit-taking

US MIDDAY: corn lower on profit-taking

Chicago Board of Trade corn futures were lower on profit-taking at midday Wednesday after approaching three-week highs early on worries about weather damage to the US crop, brokers said.
Published 27 May, 2004 12:00am
US MIDDAY: soyabeans mixed on two-sided trade

US MIDDAY: soyabeans mixed on two-sided trade

Chicago Board of Trade soyabeans were mixed at midday Wednesday after early two-sided trade, with nearby contracts up on US export hopes, traders said.
Published 27 May, 2004 12:00am
US MIDDAY: gold extends recovery

US MIDDAY: gold extends recovery

COMEX gold stretched its recovery early Wednesday, with strength in the euro and month-end position rollovers dominating floor activity, and weak US durable goods orders giving it extra support.
Published 27 May, 2004 12:00am
'Assemblies to complete tenure'

'Assemblies to complete tenure'

Senator S.M. Zafar has said that assemblies will complete their tenure and there is no possibility of any in-house change.
Published 27 May, 2004 12:00am
Cheaper priced car in July

Cheaper priced car in July

A Pakistani company will introduce 800cc car in July next at a cheaper price for the common man.
Published 27 May, 2004 12:00am
One killed in mine clearing process

One killed in mine clearing process

At least one Sub-Inspector died and 9 other Rangers personnel, including two captains, were injured seriously, while three of them were in precarious condition, when a landmine exploded in tri-border area during mines clearing operation.
Published 27 May, 2004 12:00am
Seminar on UN peacekeepers

Seminar on UN peacekeepers

The UN Information Centre and Ministry of Foreign Affairs would jointly organise a seminar on International Day of UN Peacekeepers, May 28 at National Library Auditorium.
Published 27 May, 2004 12:00am
Senate body calls for steps to ensure Hajis welfare

Senate body calls for steps to ensure Hajis welfare

The Senate standing committee on religious affairs, which met here on Wednesday under the chairmanship of Senator Sami-ul-Haq, called for making all-out efforts to look after the welfare of Hajis and ensure that they do not experience any difficulty durin
Published 27 May, 2004 12:00am
Bodies of Pakistani fishermen arrive

Bodies of Pakistani fishermen arrive

The bodies of three Pakistani fishermen have been sent to their native villages in Keti Bandar and Shah Bandar aboard Edhi ambulances after their arrival from Mumbai, India at Karachi Airport on Wednesday.
Published 27 May, 2004 12:00am
South Asian realities

South Asian realities

Sardar Manmohan Singh, Prime Minister of India, is a Sikh. Sonia Gandhi the chairperson of the largest governing party of India, the Congress, is a Christian lady and Italian by birth.
Published 27 May, 2004 12:00am
Government's misplaced priorities

Government's misplaced priorities

The recent tragic massacre of innocent law-abiding citizens in Karachi's Haideri Mosque, has exposed the hollowness of this regime's claim of good governance.
Published 27 May, 2004 12:00am
Fully Arabized Internet has some way to go

Fully Arabized Internet has some way to go

Khaled Fattal, a Syrian-born businessman with US citizenship, residence in Britain and an office in Singapore, could qualify as a citizen of the world.
Published 27 May, 2004 12:00am
Responsibilities of external auditors

Responsibilities of external auditors

Webster Online dictionary defines the word "responsible" as (1) liable to be called upon to answer for one's acts or decisions: answerable (2) able to fulfill one's obligations: reliable, trustworthy (3) able to choose for oneself between right and wrong
Published 27 May, 2004 12:00am
Plug the holes to raise resources

Plug the holes to raise resources

As of now, the Finance Minister of Pakistan must be the most uneasy person in the country. With the date of budget announcement coming nearer, his worries would only increase.
Published 27 May, 2004 12:00am
Babar new Ufone president

Babar new Ufone president

Babar Khan has been appointed President and Chief Executive Officer (CEO) of Ufone.
Published 27 May, 2004 12:00am
Babar new Ufone president

Babar new Ufone president

Babar Khan has been appointed President and Chief Executive Officer (CEO) of Ufone.
Published 27 May, 2004 12:00am
Customs advisory committee meeting held

Customs advisory committee meeting held

The first formal meeting of the customs advisory committee was held at Customs House, Peshawar, which was presided by Collector Customs Liaquat Ally Agha.
Published 27 May, 2004 12:00am
Cotton growers assured of agri-water sector uplift

Cotton growers assured of agri-water sector uplift

Punjab Governor Khalid Maqbool has assured the cotton growers of the forthcoming budget will ensure development in agriculture water sector, uninterrupted power supply and credit facilities.
Published 27 May, 2004 12:00am
NWFP to get 3 million tons wheat from Punjab: Durrani

NWFP to get 3 million tons wheat from Punjab: Durrani

NWFP Chief Minister Akram Khan Durrani has informed the provincial Cabinet that Punjab Chief Minister Chaudhry Pervaiz Elahi has promised that wheat flour supply to NWFP would continue, saying that the Frontier province will get three million tonnes of wh
Published 27 May, 2004 12:00am
Filling stations threaten to start selling smuggled petrol

Filling stations threaten to start selling smuggled petrol

Sarhad Petroleum Cartage & Dealers Association on Wednesday warned to stop illegal sale of substandard smuggled petrol in the province otherwise they would have no option other than starting the sale of same petrol at their filling stations.
Published 27 May, 2004 12:00am
Relations between labour and management highlighted

Relations between labour and management highlighted

The significance of social dialogue in the field of industrial relations and relations between labour and management was highlighted at a two-day ILO, National Institute of Labour Administration Training (Nilat) and South Asia and Vietnam Project on tripa
Published 27 May, 2004 12:00am
SCCI criticises increase in gas tariff

SCCI criticises increase in gas tariff

Sukkur Chamber of Commerce & Industry, (SCCI) president Khalid Mehmood Khan strongly protested against the abrupt and sudden increase in gas tariff for Industrial, Commercial and Residential consumers by Oil and Gas Regulatory Authority (Ogra).
Published 27 May, 2004 12:00am
Exporters demand setting up of textile city

Exporters demand setting up of textile city

Textile exporters have demanded immediate setting up of textile city at Faisalabad to consolidate export base and to brace up for new challenges of open competition in post quota global market.
Published 27 May, 2004 12:00am
Pesco officials directed to recover dues from government departments

Pesco officials directed to recover dues from government departments

Chief executive, Peshawar Electricity Supply Company (Pesco) Brigadier Tahir Saeed Malik has directed the company officials to make efforts for the recovery of the outstanding from government departments before end of the current financial year.
Published 27 May, 2004 12:00am
Refurbished radiology and imaging department opened

Refurbished radiology and imaging department opened

The Radio Diagnostics and Imaging Department of Civil Hospital, Karachi was formally inaugurated here on Wednesday following its upgradation with the support of Patient Aid Society and the Dow College Graduates (Dowiites) batch 1979.
Published 27 May, 2004 12:00am
Amendments in Motor Vehicle Rules proposed

Amendments in Motor Vehicle Rules proposed

Sindh Government has proposed to make amendments in the West Pakistan Motor Vehicles Rules, 1969 to provide for restriction on use of mobile telephone during driving and also compulsory fastening of belt by passengers on front seat.
Published 27 May, 2004 12:00am
Centre may allocate Rs 9 billion for NWFP higher education: governor

Centre may allocate Rs 9 billion for NWFP higher education: governor

NWFP Governor Lieutenant General Syed Iftikhar Hussain Shah (Retd) has hinted the intention of the federal government to allocate Rs 9 billion for the promotion of higher education in the national budget, which is almost double of prevailing allocations o
Published 27 May, 2004 12:00am
LHC accepts Hamza's petition for hearing

LHC accepts Hamza's petition for hearing

The Lahore High Court (LHC) on Wednesday admitted a petition filed by Hamza Shahbaz Sharif, son of former Chief Minister, Punjab, and PML-N President Shahbaz Sharif, for regular hearing challenging inclusion of his name in Exit Control List (ECL), and iss
Published 27 May, 2004 12:00am
The Weather

The Weather

The weather report on Wednesday (May 26) and the forecast for Thursday (May 27, 2004).
Published 27 May, 2004 12:00am
Moneychangers reject Cat 'B' terms for exchange companies

Moneychangers reject Cat 'B' terms for exchange companies

All Pakistan Moneychangers Action Committee, while rejecting the conditions imposed by State Bank of Pakistan (SBP) with respect to formation of 'B' Category exchange companies (EC-B), has said that the decision is aimed at facilitating the foreign exchan
Published 27 May, 2004 12:00am
New York cotton

New York cotton

Closing prices of New York cotton in US cents/pound on Wednesday.
Published 27 May, 2004 12:00am
Two exhibitions open at Expo Centre

Two exhibitions open at Expo Centre

Minister of State and Chairman Export Promotion Bureau, Tariq Ikram, inaugurated the first co-located international exhibition on Food Processing, Plastic, Printing and Packaging.
Published 27 May, 2004 12:00am
New York cotton

New York cotton

Closing prices of New York cotton in US cents/pound on Wednesday.
Published 27 May, 2004 12:00am
Paapam hails finance minister's statement

Paapam hails finance minister's statement

Chairman Pakistan Association of Autoparts & Accessories Manufacturers (Paapam) has welcomed the statement of federal finance minister Shaukat Aziz that auto-parts makers should further expand their capacities and production.
Published 27 May, 2004 12:00am