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Print - 2004-06-07
The Weather

The Weather

The weather report of Sunday (June 06) and the forecast for Monday (June 07, 2004).
Published 07 Jun, 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 31 to June 05, 2004)
Published 07 Jun, 2004 12:00am
Cairo bourse down after EFG-Hermes results

Cairo bourse down after EFG-Hermes results

EFG-Hermes depressed small-cap Egyptian shares on Sunday leading the whole market down after posting a 2003 net loss of 96.3 million Egyptian pounds ($15.51 million), traders said.
Published 07 Jun, 2004 12:00am
China's Tencent sees margin squeeze as IPO looms

China's Tencent sees margin squeeze as IPO looms

Tencent Holdings, China's largest instant messaging service provider seeking an IPO worth up to $199 million, is expected to face margin squeeze as marketing and development expenses increase, its chairman said on Sunday.
Published 07 Jun, 2004 12:00am
Postbank IPO set at 31.5-36.5 euros per share

Postbank IPO set at 31.5-36.5 euros per share

German postal group Deutsche Post AG will offer shares in its Postbank subsidiary at between 31.50-36.50 euros, valuing Germany's biggest retail bank at up to the six billion euro ($7.3 billion) level it had hoped for.
Published 07 Jun, 2004 12:00am
Interest rates decision, Royal Bank to shape FTSE

Interest rates decision, Royal Bank to shape FTSE

Britain's top shares look set to remain shackled to their narrow trading range this week, with any action likely to hinge on a trading update from Royal Bank of Scotland and the latest UK interest rate decision.
Published 07 Jun, 2004 12:00am
Eurostocks: oil prices and data in focus

Eurostocks: oil prices and data in focus

Fluctuating oil prices and inflation data will hold the attention of range-bound European equity markets this week, as investors look for reassurance that politics are not knocking global economic recovery off track.
Published 07 Jun, 2004 12:00am
Wall Street stocks to follow Greenspan's lead

Wall Street stocks to follow Greenspan's lead

Investors will not get much in the way of corporate news this week, but Federal Reserve chief Alan Greenspan could sway the market in two appearances as investors search for clues into an interest rate hike expected at month's end.
Published 07 Jun, 2004 12:00am
Hong Kong stocks may react to IPOs and jobs data

Hong Kong stocks may react to IPOs and jobs data

Hong Kong shares could get an initial boost on carry-over sentiment from Friday's strong US jobs data, but traders will scan the US Federal Reserve chief's comments for clues to the timing of a possible interest rate rise.
Published 07 Jun, 2004 12:00am
Asian currencies fall as US jobs surge in May

Asian currencies fall as US jobs surge in May

Asian currencies weakened against the dollar over the past week, with the yen losing ground after a US job-creation surge in May suggested American economic expansion was in high gear.
Published 07 Jun, 2004 12:00am
Indian shares and bonds seen choppy; politics weighs

Indian shares and bonds seen choppy; politics weighs

Indian shares and bonds could be choppy this week and may stay volatile at least until early next month when the new government releases its maiden budget, indicating how willing it will be to extend economic reforms.
Published 07 Jun, 2004 12:00am
Taiwan stocks seen weaker on economic worries

Taiwan stocks seen weaker on economic worries

Taiwan stocks are likely to trend lower this week as an expected US interest rate hike later this month and China's moves to ease economic growth hang over the market. Strong corporate sales could support shares.
Published 07 Jun, 2004 12:00am
Egypt interbank rate stays at 10-1/2 percent

Egypt interbank rate stays at 10-1/2 percent

The median overnight interbank rate on the Egyptian pound stayed at 10-1/2 percent on Sunday as demand for funds remained high near the end of a central bank period for calculating banks' reserves, dealers said.
Published 07 Jun, 2004 12:00am
Kuwaiti stocks flat after touching new record high

Kuwaiti stocks flat after touching new record high

Shares in Kuwait, the Arab world's second-largest stock market, reached a new all-time high on Sunday, overtaking a previous peak set in February, before pulling back to close flat.
Published 07 Jun, 2004 12:00am
Tokyo stocks seen cautious on oil, US rate jitters

Tokyo stocks seen cautious on oil, US rate jitters

Japanese stocks are expected to hover near current levels this week as investors keep a wary eye on oil prices and watch for signals that US interest rates might rise, while strong domestic fundamentals could provide support.
Published 07 Jun, 2004 12:00am
Microsoft set to appeal against EU decision

Microsoft set to appeal against EU decision

Microsoft Corp says it will ask a European court this week to suspend parts of the European Commission's landmark decision that ordered it to stop business practices that violate antitrust law.
Published 07 Jun, 2004 12:00am
Japanese economy stronger than before: Takenaka

Japanese economy stronger than before: Takenaka

Japan's economy is stronger than before, as evidenced by a decline in its massive non-performing loans, Economics and Financial Services Minister Heizo Takenaka said on Sunday.
Published 07 Jun, 2004 12:00am
Syrian textile sector loses $32 million

Syrian textile sector loses $32 million

Syrian state-run textile industry has lost 32 million dollars in recent years, the ruling party's Al-Baath newspaper reported Sunday, slamming the figure as "catastrophic".
Published 07 Jun, 2004 12:00am
Boeing sees 7E7 orders reaching 200 this year

Boeing sees 7E7 orders reaching 200 this year

Aerospace giant Boeing Co could see orders for its new 7E7 Dreamliner reaching 200 planes this year with total potential sales at 3,500 aircraft, a senior company official said on Sunday.
Published 07 Jun, 2004 12:00am
Bangladesh considers Indian gas pipeline proposal

Bangladesh considers Indian gas pipeline proposal

Bangladesh is weighing an Indian proposal to construct a gas pipeline through Bangladesh to connect India's West Bengal and Tripura states, a government minister said.
Published 07 Jun, 2004 12:00am
South Korean Kumho Tire union on strike

South Korean Kumho Tire union on strike

Some 4,000 unionised workers at Kumho Tire Co Inc, a leading South Korean tyre maker, went on full strike on Sunday, demanding higher wages and better working conditions, its labour union said.
Published 07 Jun, 2004 12:00am
Main Arab nations skip Bush's G8 Middle East forum

Main Arab nations skip Bush's G8 Middle East forum

The Arab world's most influential nations - Egypt and Saudi Arabia - will not be represented this week when US President George W. Bush hosts Arab leaders at the Group of Eight summit to discuss his expectations for Middle East reforms.
Published 07 Jun, 2004 12:00am
Saudi Arabia lifts ban on women working to boost economy

Saudi Arabia lifts ban on women working to boost economy

Saudi Arabia has lifted a ban that kept women from jobs in most fields in what analysts see as a way of fighting extremism and boosting the economy in the wake of the deadly terror attacks in the kingdom.
Published 07 Jun, 2004 12:00am
Reagan economic legacy echoes on June 7

Reagan economic legacy echoes on June 7

Few leaders have whole movements named for them, especially one as emotionally laden as "Reaganomics" - the late President Ronald Reagan's blend of tax cuts and massive military spending that got the economy moving again but tripled the nation's debt.
Published 07 Jun, 2004 12:00am
World leaders mourn Reagan ahead of state funeral

World leaders mourn Reagan ahead of state funeral

Tributes poured in from around the world on Sunday for Ronald Reagan, America's 40th president and one of the dominant figures of the 20th century, following his death at the age of 93.
Published 07 Jun, 2004 12:00am
Syria wants US dialogue despite sanctions

Syria wants US dialogue despite sanctions

Damascus wants dialogue with Washington despite month-old US economic sanctions that arch-foe Israel was behind, Foreign Minister Farouq al-Shara said in remarks published on Sunday.
Published 07 Jun, 2004 12:00am
Five life sentences for Fatah chief Barghuti

Five life sentences for Fatah chief Barghuti

West Bank Fatah leader Marwan Barghuti, the man regarded as the inspiration behind the Palestinian intifada, was handed five life terms for murder by a court here Sunday, an AFP correspondent reported.
Published 07 Jun, 2004 12:00am
Israel approves Gaza pullout

Israel approves Gaza pullout

Prime Minister Ariel Sharon's government approved in principle on Sunday a Gaza pullout under a compromise deal that would require further cabinet votes before any Jewish settlements are uprooted, Israel TV said.
Published 07 Jun, 2004 12:00am
Storm lashes India, killing 21 people

Storm lashes India, killing 21 people

Relief work was under way Sunday after a devastating storm killed 21 people and injured 25 in the northern Indian state of Uttar Pradesh, police said.
Published 07 Jun, 2004 12:00am
US expects UN Iraq resolution within days

US expects UN Iraq resolution within days

The United States expects the United Nations Security Council will be able to agree a new resolution on Iraq's future in the next few days, top US officials said on Sunday.
Published 07 Jun, 2004 12:00am
IAEA hopes Iran nuclear-probe to end soon

IAEA hopes Iran nuclear-probe to end soon

The UN nuclear watchdog hopes Iran has "come clean" on its nuclear programme so a long probe into it can be wound up in the next few months, its chief Mohamed ElBaradei said on Sunday.
Published 07 Jun, 2004 12:00am
Jordanian women find freedom in divorce rights

Jordanian women find freedom in divorce rights

Suha had had enough of her marriage years ago, but she was unable to end it until a temporary law granted unhappily married Jordanian women their freedom.
Published 07 Jun, 2004 12:00am
The car of the future is all about safety

The car of the future is all about safety

First, a flashing light alerts you that a car coming up behind is about to pass you. Then a tiny camera lets you survey the entire manoeuvre, blind spot and all. Suddenly, a computerised voice warns you to slow down. When you ignore the warning, your car
Published 07 Jun, 2004 12:00am
US cities being short-changed in war on terror

US cities being short-changed in war on terror

Almost three years after the September 11 attacks on New York and Washington, many American cities complain that federal money to train and equip police, fire and other emergency workers is still only trickling through to those who need it most.
Published 07 Jun, 2004 12:00am
Foreign aid groups suspend operations in Balochistan

Foreign aid groups suspend operations in Balochistan

Several foreign aid groups suspended their operations in Balochistan on Sunday and moved staff out of the region after threats of attacks from an al Qaeda-linked militants, officials said.
Published 07 Jun, 2004 12:00am
Foreign aid groups suspend operations in Balochistan

Foreign aid groups suspend operations in Balochistan

Several foreign aid groups suspended their operations in Balochistan on Sunday and moved staff out of the region after threats of attacks from an al Qaeda-linked militants, officials said.
Published 07 Jun, 2004 12:00am
PPCBL to disburse Rs 3 billion loan

PPCBL to disburse Rs 3 billion loan

The Punjab Provincial Co-operative Bank Ltd (PPCBL) has started the distribution of loans worth Rs 3 billion among the small farmers for Kharif crop, 2004.
Published 07 Jun, 2004 12:00am
NGOs seek compensation for Tarbela Dam victims

NGOs seek compensation for Tarbela Dam victims

The failure of the authorities to compensate majority of Tarbela dam victims has prompted NGOs working in the area to vigorously pursue their cause of more than 110,000 displaced persons.
Published 07 Jun, 2004 12:00am
Recycling industry and second hand paper vendors

Recycling industry and second hand paper vendors

"Raddi-Paper-Wala" is the loud announcement you often hear during the day. He is commonly known by this name and is a familiar character roaming the streets of our towns and cities every day.
Published 07 Jun, 2004 12:00am
Introducing pineapple cultivation in Pakistan

Introducing pineapple cultivation in Pakistan

Prior to the loss of East Pakistan (now Bangladesh), Pakistan was growing pineapples in sizeable volumes (150 thousand metric tons). As a matter of fact this fruit is rarely grown now-a-days in Pakistan.
Published 07 Jun, 2004 12:00am
Improper banks' accounting

Improper banks' accounting

I read a letter in the Business Recorder, written by Mian Asif Said about improper accounting in the Habib Bank.
Published 07 Jun, 2004 12:00am
Doctrine of cold war

Doctrine of cold war

The phrase doctrine of cold war appeared in the newspapers in terms of Indo-Pak ties. It was in the late 80's and the earlier period of 90's when the famous wall of Berlin was broken and Germany was united.
Published 07 Jun, 2004 12:00am
Economic links between Pakistan and India

Economic links between Pakistan and India

We may take advantage from the trade liberalisation policies of India. To compete with India it may not be considered a problem but an opportunity. We have to make our industry efficient and competitive.
Published 07 Jun, 2004 12:00am
Terrorism destroying the economic base

Terrorism destroying the economic base

While condemning the outburst of terrorist activity in Karachi in the last few weeks and lamenting huge business losses in its aftermath, a number of frustrated businessmen have expressed grave concern over the grim prospects of revival of normal business
Published 07 Jun, 2004 12:00am
A new commission on poverty reduction

A new commission on poverty reduction

The government's poverty reduction plans moved a good step forward last Thursday when, as per the recommendations of a task force constituted a while ago, Prime Minister Zafarullah Khan Jamali approved the setting up of a new body called Commission on Pov
Published 07 Jun, 2004 12:00am
Lengthy security clearances hinder Pakistani doctors' arrival in US

Lengthy security clearances hinder Pakistani doctors' arrival in US

A group of Pakistani physicians in the United States plans to lobby Congress this week about lengthy security clearances that, they argue, cause the delays and ultimately lead to staff shortages at some of the neediest hospitals in the United States.
Published 07 Jun, 2004 12:00am
Balochistan chief minister calls on PML secretary general

Balochistan chief minister calls on PML secretary general

Secretary General Pakistan Muslim League Mushahid Hussain Sayed held a detailed meeting with Chief Minister Balochistan Jam Yousaf here at the PML House on Sunday and discussed matters relating to PML reorganisation in Balochistan.
Published 07 Jun, 2004 12:00am
FFC and Moroccan Group sign MoU

FFC and Moroccan Group sign MoU

In a meeting held in Casablanca between the Fauji Fertiliser Group and the OCP Group, Morocco, a joint memorandum of understanding (MoU) has been signed for establishment of a joint venture for production of phosphoric acid.
Published 07 Jun, 2004 12:00am
Unicef-donated oil recovered in raids: three held

Unicef-donated oil recovered in raids: three held

Sujawal police on Saturday night conducted raids on two godowns and recovered edible oil, donated by Unicef, and arrested three persons for their alleged involvement in the hoarding.
Published 07 Jun, 2004 12:00am
Five Supreme Court benches before summer vacations

Five Supreme Court benches before summer vacations

In the week before the commencement of summer vacations, the Supreme Court will have five benches - two full and three division - to dispose of one of the heaviest agendas issued so far this year.
Published 07 Jun, 2004 12:00am
President to abide by 17th Amendment: Rashid

President to abide by 17th Amendment: Rashid

Information Minister Shaikh Rashid Ahmad has categorically stated that President Pervez Musharraf will not take any step against the spirit of the 17th Constitutional Amendment.
Published 07 Jun, 2004 12:00am
LHC benches for this week

LHC benches for this week

As many as 10 division benches and 26 single benches will work at principal seat of the Lahore High Court (LHC) during the week commencing from June 7.
Published 07 Jun, 2004 12:00am
Pervaiz inaugurates newly built underpass

Pervaiz inaugurates newly built underpass

Punjab Chief Minister Pervaiz Elahi has said that revolutionary changes will be introduced in agriculture and industrial sectors and President Musharraf will soon be announcing a major project aimed at boosting the agriculture sector.
Published 07 Jun, 2004 12:00am
WPC announces to hold 'Amn Melas'

WPC announces to hold 'Amn Melas'

World Punjabi Congress (WPC) has announced to hold 'Amn Melas' (Peace Fairs) in different states of India and all the four provinces of Pakistan, WPC Chairman, Fakhar Zaman said while addressing a press conference here on Sunday.
Published 07 Jun, 2004 12:00am
World Bank and EU workshop in Dhaka from June 8

World Bank and EU workshop in Dhaka from June 8

A workshop organised by European Union (EU) and World Bank (WB) will be held in Dhaka, Bangladesh from June 8-10 to discuss trade facilitation and customs' reforms in the region.
Published 07 Jun, 2004 12:00am
Applied sciences conference opens from June 7

Applied sciences conference opens from June 7

The 3rd International Bhurban Conference on Applied Sciences and Technology (Ibcast) will be held here from June 7 to 12 under the auspices of National Centre for Physics.
Published 07 Jun, 2004 12:00am
Naeem appreciates LCCI efforts

Naeem appreciates LCCI efforts

President Tajik-Pakistan Friendship Council Doshanbe, Naeem-ur-Rehman, called on the Lahore Chamber of Commerce and Industry (LCCI) President, Mian Anjum Nisar, and offered his services for the exhibition being arranged in Doshanbe in the third week of th
Published 07 Jun, 2004 12:00am
'Pakistan wants peaceful solution of Kashmir issue'

'Pakistan wants peaceful solution of Kashmir issue'

Pakistan wants peaceful and just resolution of core issue of Indian occupied Kashmir which should be in accordance with the aspirations of Kashmiri masses, said former Ambassador of Pakistan, Mushtaq Ahmed Mahar.
Published 07 Jun, 2004 12:00am
Nawaz lauds Indian democracy

Nawaz lauds Indian democracy

Pakistan's deposed premier Nawaz Sharif hailed the "beauty of Indian democracy," referring to the recent national elections, and called Congress president Sonia Gandhi's rejection of the prime minister's job a "master stroke".
Published 07 Jun, 2004 12:00am
Cotton spot rate stays put at Rs 3,100

Cotton spot rate stays put at Rs 3,100

Almost crash like situations in world cotton rates and waning quality at home have shaken the determination of the ginners to dictate market trend.
Published 07 Jun, 2004 12:00am
Hot and humid weather forecast

Hot and humid weather forecast

The Meteorological department has forecast hot and humid weather with maximum temperature of 35 to 37 degree centigrade in Karachi on Monday.
Published 07 Jun, 2004 12:00am
Unisame gives suggestions for industrial policy

Unisame gives suggestions for industrial policy

The Union of Small & Medium Enterprises (Unisame) on Sunday sent some suggestion for proposed Industrial Policy to the chief of Experts Advisory Cell, Ministry of Industries & Production.
Published 07 Jun, 2004 12:00am
KWSB managing director for steps to ensure clean water supply

KWSB managing director for steps to ensure clean water supply

Karachi Water & Sewerage Board (KWSB) Managing Director Brigadier Iftikhar Haider (Retd) has directed engineers of filter plant to take all possible measures for filtering water of germs and other contamination's.
Published 07 Jun, 2004 12:00am
Decision to improve watercourses welcomed

Decision to improve watercourses welcomed

The Sindh Abadgar Board (SAB) in a communication to President General Pervez Musharraf lauded the government's decision to improve 29 watercourses in Sindh to improve the irrigation network which would help minimise water losses.
Published 07 Jun, 2004 12:00am
Sluggish trend persists on commodity markets

Sluggish trend persists on commodity markets

Trading on commodities wholesale markets maintained sluggish outlook due to uncertain conditions and death of an important business, during the week ended on June 5, 2004. The commodities fluctuated were plastic mouldings, teas, kirana items and chemicals
Published 07 Jun, 2004 12:00am
Local cotton market develops weakness on low world prices

Local cotton market develops weakness on low world prices

The Pakistan Cotton Ginners' Association (PCGA) released final cotton statistics for 2003-04 season on June 3, according to which, total season's national ginned cotton has been placed at 9,784,526 local bales.
Published 07 Jun, 2004 12:00am
Local cotton market develops weakness on low world prices

Local cotton market develops weakness on low world prices

The Pakistan Cotton Ginners' Association (PCGA) released final cotton statistics for 2003-04 season on June 3, according to which, total season's national ginned cotton has been placed at 9,784,526 local bales.
Published 07 Jun, 2004 12:00am
Solution to water problems stressed

Solution to water problems stressed

Pakistan will be facing serious challenges regarding quality and quantity of water if the issue was not taken on urgency basis.
Published 07 Jun, 2004 12:00am
All sectors open for investment without restriction

All sectors open for investment without restriction

Federal Minister for Industries and Production Liaquat Ali Jatoi has offered an attractive investment package to the member and non-member states of the Organisation of Economic Co-operation and Development (OECD) areas and said that Pakistan has opened a
Published 07 Jun, 2004 12:00am
PPP demands fresh elections

PPP demands fresh elections

A central leader of Pakistan Peoples Party Nafis Siddiqui on Sunday demanded fresh elections in order to tide over the crisis facing the country.
Published 07 Jun, 2004 12:00am
People warned not to watch sun with naked eye

People warned not to watch sun with naked eye

Meteorologists have warned the people against watching the sun directly with the naked eye on Tuesday, June 8, as it can cause permanent blindness, within seconds.
Published 07 Jun, 2004 12:00am
Musharraf's vision of enlightened moderation globally hailed

Musharraf's vision of enlightened moderation globally hailed

President General Pervez Musharraf's globally published vision of Enlightened Moderation has been acclaimed as a clarion call for the Muslim world for its socio-economic emancipation and a timely reminder to the West of its obligation vis-à-vis resolution
Published 07 Jun, 2004 12:00am
President and Prime Minister condole Reagan's death

President and Prime Minister condole Reagan's death

President General Pervez Musharraf and Prime Minister Mir Zafarullah Khan Jamali have expressed deep grief and sorrow over the demise of former American president Ronald Reagan.
Published 07 Jun, 2004 12:00am