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Print - 2004-06-08
Malaysian palm oil futures close off lows

Malaysian palm oil futures close off lows

Malaysian crude palm oil futures was down on Monday after a mixed performance in Chicago soya but the benchmark contract closed off its lows on late covering, dealers said.
Published 08 Jun, 2004 12:00am
IMF could raise world growth forecast

IMF could raise world growth forecast

The International Monetary Fund (IMF) could raise its forecast for world economic growth despite the high price of oil, its chief economist said in an interview to be published on Tuesday.
Published 08 Jun, 2004 12:00am
Vodacom wins 3G licence, still keen on Nigeria

Vodacom wins 3G licence, still keen on Nigeria

Africa's biggest mobile phone operator Vodacom said on Monday it had secured the continent's first third generation (3G) licence and would focus on growing data services as part of its key growth strategy.
Published 08 Jun, 2004 12:00am
Vodacom wins 3G licence, still keen on Nigeria

Vodacom wins 3G licence, still keen on Nigeria

Africa's biggest mobile phone operator Vodacom said on Monday it had secured the continent's first third generation (3G) licence and would focus on growing data services as part of its key growth strategy.
Published 08 Jun, 2004 12:00am
South Korea bars three firms over mobile subsidies

South Korea bars three firms over mobile subsidies

South Korea's government, concerned the battle for mobile phone subscribers was disrupting Asia's fourth-largest mobile market, imposed a cooling-off period on the three main competitors on Monday.
Published 08 Jun, 2004 12:00am
General Motors to invest $3 billion in China

General Motors to invest $3 billion in China

US auto giant General Motors announced an ambitious expansion drive in China Monday, investing more than three billion dollars over the next three years and doubling capacity as it strives to close the gap on market leader Volkswagen.
Published 08 Jun, 2004 12:00am
General Motors to invest $3 billion in China

General Motors to invest $3 billion in China

US auto giant General Motors announced an ambitious expansion drive in China Monday, investing more than three billion dollars over the next three years and doubling capacity as it strives to close the gap on market leader Volkswagen.
Published 08 Jun, 2004 12:00am
McDonald's world-wide sales up

McDonald's world-wide sales up

McDonald's Corp on Monday said worldwide May sales at hamburger restaurants open more than a year rose 7.4 percent, but US growth slowed from recent months on tougher sales comparisons.
Published 08 Jun, 2004 12:00am
McDonald's world-wide sales up

McDonald's world-wide sales up

McDonald's Corp on Monday said worldwide May sales at hamburger restaurants open more than a year rose 7.4 percent, but US growth slowed from recent months on tougher sales comparisons.
Published 08 Jun, 2004 12:00am
Taiwan to take back toxic waste shipped to Malaysia

Taiwan to take back toxic waste shipped to Malaysia

Taiwan is prepared take back nearly 12,000 tonnes of toxic industrial waste exported to Malaysia after the environmental authorities found the import license for the shipment was bogus, an official said Monday.
Published 08 Jun, 2004 12:00am
Bangladesh eyes 6 percent growth in 2004-05

Bangladesh eyes 6 percent growth in 2004-05

Bangladesh will aim for economic growth of at least six percent in the year through June 2005 as it seeks to reduce poverty, Finance Minister M. Saifur Rahman said on Monday, ahead of the annual budget due this week.
Published 08 Jun, 2004 12:00am
US CEOs see more hiring, little impact from Fed

US CEOs see more hiring, little impact from Fed

Chief executives across the United States expect the Federal Reserve's anticipated increase of benchmark rates this year to have little impact on them and see solid profitability and hiring ahead, according to a survey released Monday.
Published 08 Jun, 2004 12:00am
EU advisers narrowly back disputed accounting rule

EU advisers narrowly back disputed accounting rule

A group of advisers to the European Commission has proposed in a controversial vote that the EU executive accepts a hotly-disputed standard on financial instruments that has been criticised by European banks.
Published 08 Jun, 2004 12:00am
Russia lifts ban on EU meat until October 1

Russia lifts ban on EU meat until October 1

Russia has lifted a ban on meat imports from the European Union until October 1, setting a new deadline for the 25-nation bloc to reach agreement with Moscow on food safety certificates.
Published 08 Jun, 2004 12:00am
Malaysian industrial output rises

Malaysian industrial output rises

Malaysia's industrial output grew 14.0 percent in the year through April due to increased activity in the manufacturing, mining and electricity sectors, the Statistics Department said on Monday.
Published 08 Jun, 2004 12:00am
US and EU agree to disagree on Microsoft

US and EU agree to disagree on Microsoft

The head of the US Justice Department anti-trust division praised his European Commission counterparts on Monday - but not their approach to the Microsoft Corp case.
Published 08 Jun, 2004 12:00am
German generic drug firms seen ripe for M&A

German generic drug firms seen ripe for M&A

Germany's generic drug-makers make attractive acquisition targets for global players and analysts say now may be the right time to get a foothold in a sector expected to have a bright future.
Published 08 Jun, 2004 12:00am
Oil prices and bird flu hit Thailand's GDP

Oil prices and bird flu hit Thailand's GDP

Thailand's economy grew a slower-than-expected 0.8 percent in the first quarter, held back by rising global oil prices, a bird flu epidemic and unrest in the country's Muslim south, a state-run agency said on Monday.
Published 08 Jun, 2004 12:00am
Australia unveils $9 billion infrastructure project

Australia unveils $9 billion infrastructure project

The Australian government faced accusations Monday of trying to buy votes for the upcoming election as it unveiled plans for a 12.7 billion Australian dollar (nine billion US dollars) upgrade of run-down road and rail networks.
Published 08 Jun, 2004 12:00am
Jakarta shares finish higher

Jakarta shares finish higher

Jakarta stocks finished higher on Monday on a technical rebound and positive sentiment from a slightly stronger rupiah currency. Gains in some key regional bourses and a lower oil price also helped.
Published 08 Jun, 2004 12:00am
Philippines stocks dip, political woes weigh

Philippines stocks dip, political woes weigh

Philippine stocks led by telecom leader PLDT closed lower on Monday due to political uncertainty and worries over law and order following an attack on a building in Manila's financial district by suspected communist rebels.
Published 08 Jun, 2004 12:00am
Taiwan shares climb on Wall Street and oil prices

Taiwan shares climb on Wall Street and oil prices

Taiwan stocks ended 3.7 percent higher on Monday, as easing oil prices as well as gains in US and tech-heavy Asian markets convinced investors to hasten a rebound from a two-week closing low hit last week.
Published 08 Jun, 2004 12:00am
Hong Kong stocks surge after strong US jobs data

Hong Kong stocks surge after strong US jobs data

Leading Hong Kong stocks surged on Monday with blue chips and China plays rising across the board after a strong US jobs report and on signs of easing global oil prices.
Published 08 Jun, 2004 12:00am
Thai stocks fall on petrol price cut

Thai stocks fall on petrol price cut

Thai stocks closed slightly lower in thin trade on Monday amid worries a government decision to cut a petrol price subsidy would further pressure an economy that has grown slower than expected this year.
Published 08 Jun, 2004 12:00am
Indian shares rise cautiously

Indian shares rise cautiously

Indian stocks rose cautiously as investors awaited clearer signals on the new government's budget and the vital monsoon rains.
Published 08 Jun, 2004 12:00am
Seoul shares finish firmer

Seoul shares finish firmer

South Korean shares ended 3.7 percent higher on Monday, as a dip in oil prices and robust US jobs data sparked a buying spree in large cap shares such as market leader Samsung Electronics Co Ltd.
Published 08 Jun, 2004 12:00am
Sri Lankan stocks soar

Sri Lankan stocks soar

Sri Lankan stocks edged higher on Monday on retail buying in small counters but most blue chips were lacklustre, with institutional investors worried over the economy and a lack of progress in the island's peace process.
Published 08 Jun, 2004 12:00am
Chinese shares close down

Chinese shares close down

China's shares closed down on Monday as investors sold two listed brokerages after an official newspaper reported regulators were probing illegal asset management products by a raft of securities houses.
Published 08 Jun, 2004 12:00am
Malaysian shares jump on oil's retreat

Malaysian shares jump on oil's retreat

Malaysian shares closed at its highest in nearly a month on Monday, in line with regional markets as world oil prices slipped further and eased concerns about the health of the global economy.
Published 08 Jun, 2004 12:00am
Nikkei posts biggest gain of 2004 on economic optimism

Nikkei posts biggest gain of 2004 on economic optimism

Tokyo's Nikkei average posted its biggest percentage gain this year to its highest close in a month on Monday as a rebound on Wall Street and increased confidence in Japan's economic recovery encouraged buying.
Published 08 Jun, 2004 12:00am
Indian rupee ends at one-month high

Indian rupee ends at one-month high

The Indian rupee rose to a one-month closing high on Monday with sentiment bolstered by the greenback's overseas weakness and a recent pick-up in foreign fund investments.
Published 08 Jun, 2004 12:00am
Swiss franc climbs to four-month highs against dollar

Swiss franc climbs to four-month highs against dollar

The Swiss franc was trading at four month highs against the dollar in early trade on Monday as the US currency came under pressure amid dealers' convictions that the Federal Reserve will only raise rates modestly.
Published 08 Jun, 2004 12:00am
Dollar dips to two-month low verses euro after US jobs

Dollar dips to two-month low verses euro after US jobs

The dollar slipped to a two-month low against the euro on Monday after strong data for US jobs did not convince investors that the Federal Reserve will raise interest rates more aggressively than generally thought.
Published 08 Jun, 2004 12:00am
Asian currencies strengthen on weak dollar and oil

Asian currencies strengthen on weak dollar and oil

Asian regional currencies strengthened on Monday, supported by softer oil prices and a weaker US dollar, which hit a two-month low against the euro and fell about a percent versus the yen.
Published 08 Jun, 2004 12:00am
Australian dollar reaches three-day high

Australian dollar reaches three-day high

The Australian dollar broke above 70 US cents on Monday for the first time since a report last week showed Australia's economic growth slowed in the first quarter.
Published 08 Jun, 2004 12:00am
Hong Kong dollar firmer against major currencies

Hong Kong dollar firmer against major currencies

The Hong Kong dollar inched higher and discounts on forwards deepened on Monday as the greenback fell against major currencies and amid a rally for regional stock markets.
Published 08 Jun, 2004 12:00am
Chinese yuan weaker versus US dollar

Chinese yuan weaker versus US dollar

The yuan ended two notches weaker versus the US dollar at 8.2768 on Monday, near the stronger end of its managed trading range.
Published 08 Jun, 2004 12:00am
Germany to spend 1.9 billion euros on elite academies

Germany to spend 1.9 billion euros on elite academies

Germany's central and state governments agreed on Monday to invest 1.9 billion euros ($2.34 billion) over five years from 2006 to create elite German universities on a par with Harvard or Yale.
Published 08 Jun, 2004 12:00am
North Korea wants progress at nuclear talks: Koizumi

North Korea wants progress at nuclear talks: Koizumi

Japanese Prime Minister Junichiro Koizumi said on Monday he believed North Korea was willing to make progress in the next round of six-party talks aimed at persuading it to dismantle its nuclear arms programme.
Published 08 Jun, 2004 12:00am
Americans would trade rights for security: experts

Americans would trade rights for security: experts

In today's America, prisoners are held incommunicado for years, newspapers can't photograph soldiers' coffins returned from Iraq and the government can secretly track the books citizens read and the movies they watch.
Published 08 Jun, 2004 12:00am
EU considering troops for Congo: Belgium

EU considering troops for Congo: Belgium

The European Union is considering sending troops to eastern Congo after rebels captured a key town last week, threatening the country's fragile peace process, Belgium's foreign minister said on Monday.
Published 08 Jun, 2004 12:00am
Skygazers get ready for Venus to transit the Sun

Skygazers get ready for Venus to transit the Sun

Astronomers around the world on Monday were getting set for Tuesday's "Venus Transit," when earthlings will be able to see the planet cross the face of the Sun, a rare phenomenon that last occurred in 1882.
Published 08 Jun, 2004 12:00am
Former US sergeant on agenda at Bush-Koizumi lunch

Former US sergeant on agenda at Bush-Koizumi lunch

The diplomatically delicate fate of a former US army sergeant will be on the agenda when Japanese Prime Minister Junichiro Koizumi dines with President George W. Bush at a world leaders' summit in the United States on Tuesday.
Published 08 Jun, 2004 12:00am
Hungary votes to re-impose drug price controls

Hungary votes to re-impose drug price controls

The Hungarian parliament voted on Monday to allow the government to re-institute price controls on subsidised drugs, hitting the stock prices of domestic drug firms hard, though the health minister said he was holding intensive talks with companies to rea
Published 08 Jun, 2004 12:00am
Gunmen fire grenade at Manila office tower

Gunmen fire grenade at Manila office tower

Suspected communist rebels in the Philippine capital fired a rocket-propelled grenade and several bullets on Monday into a building that used to house offices of Petron Corp, the country's largest oil refiner.
Published 08 Jun, 2004 12:00am
Five-nation regional pact to counter terrorist threat

Five-nation regional pact to counter terrorist threat

A 33-year-old defence agreement between Singapore, Malaysia, Britain, Australia and New Zealand will be expanded to deal with terrorism and other "unconventional threats", the governments of the five nations said here Monday.
Published 08 Jun, 2004 12:00am
Britain's anti-Europe party rising fast in the polls

Britain's anti-Europe party rising fast in the polls

A British political party rising fast up the polls on a ticket of immediate withdrawal from the European Union is poised to make hefty gains at this week's European elections.
Published 08 Jun, 2004 12:00am
Jordan's king warns of Arab reform failure

Jordan's king warns of Arab reform failure

Arab reform efforts will fail if they are imposed from outside and fail to address the Middle East conflict, Jordan's King Abdullah II warned in an AFP interview Monday.
Published 08 Jun, 2004 12:00am
Former Rwandan president jailed for 15 years

Former Rwandan president jailed for 15 years

Rwandan former president Pasteur Bizimungu was Monday sentenced by a court in Kigali to 15 years in jail for diverting public funds, inciting civil disobedience and criminal association but cleared of the main charge against him, threatening state securit
Published 08 Jun, 2004 12:00am
Al Qaeda warns of attacks on Western airlines

Al Qaeda warns of attacks on Western airlines

A statement purportedly from al Qaeda militants in Saudi Arabia warned on Monday of new attacks on US and Western airlines, installations and areas frequented by Westerners.
Published 08 Jun, 2004 12:00am
China clamps down on digital films

China clamps down on digital films

China has issued new rules to rein in digital filmmakers, some of whom have screened politically taboo home videos on the Web and shown documentaries exposing social ills at film festivals abroad.
Published 08 Jun, 2004 12:00am
US troops swap tents for buildings at Kyrgyz base

US troops swap tents for buildings at Kyrgyz base

US forces based at an airport in Kyrgyzstan are replacing their tent accommodation with more permanent buildings and said on Monday there was no end in sight to their mission in the Central Asian state.
Published 08 Jun, 2004 12:00am
US plans to cut troops in South Korea

US plans to cut troops in South Korea

The United States plans to cut its troops in South Korea by a third by the end of next year, part of a world-wide shift to use of higher technology in defence, the two countries said on Monday.
Published 08 Jun, 2004 12:00am
US and Britain fine-tune resolution on Iraq

US and Britain fine-tune resolution on Iraq

The United States and Britain were preparing a new version of a UN resolution on Iraq on Monday in hopes of quick support from the Security Council for the June 30 transfer of power in Baghdad.
Published 08 Jun, 2004 12:00am
America begins week of tributes to Reagan

America begins week of tributes to Reagan

Crowds gathered before dawn to pay respects to Ronald Reagan on Monday at the start of a week of tribute to the 40th US president, hailed as "unfailingly kind and courteous" during a stewardship that hastened the end of the Cold War and revived American s
Published 08 Jun, 2004 12:00am
Roh pledges reform with new parliament

Roh pledges reform with new parliament

South Korean President Roh Moo-hyun pledged to speed up reforms and tackle corruption in a speech on Monday at the opening of parliament, where his supporters now have a majority likely to end a year of legislative deadlock.
Published 08 Jun, 2004 12:00am
Natwar to visit US for Reagan's funeral

Natwar to visit US for Reagan's funeral

India's new Foreign Minister Natwar Singh will travel to Washington DC for the state funeral Friday of former US president Ronald Reagan, the foreign ministry said.
Published 08 Jun, 2004 12:00am
Arafat accepts security demands

Arafat accepts security demands

Yasser Arafat told Egyptian President Hosni Mubarak he accepted his demand for Palestinian security reforms as a condition for Egypt to help stabilise Gaza if Israelis withdraw, officials said on Monday.
Published 08 Jun, 2004 12:00am
Egypt and Israel 'very close' to border deal

Egypt and Israel 'very close' to border deal

Israel and Egypt are "very close" to an agreement allowing Egypt to move about 100 extra police officers into the border region to stop smugglers moving weapons into the Gaza Strip, Israeli officials said on Monday.
Published 08 Jun, 2004 12:00am
Sterling down against euro

Sterling down against euro

Sterling fell to its lowest level against the euro in almost two weeks on Monday as investors booked profits on recent gains ahead of this week's Bank of England interest rate decision.
Published 08 Jun, 2004 12:00am
Nikkei rally lifts yen

Nikkei rally lifts yen

The yen surged on Monday after a near three-percent gain in Tokyo stocks, while the dollar touched a two-month low against the euro as last week's jobs data still left doubts over the pace of future US rate hikes.
Published 08 Jun, 2004 12:00am
Stocks and oil stabilise corporate bonds

Stocks and oil stabilise corporate bonds

European corporate bonds made a steady start to the trading week on Monday, as Wall Street's higher opening and easing oil prices stabilised the average value of bonds.
Published 08 Jun, 2004 12:00am
Stocks and oil stabilise corporate bonds

Stocks and oil stabilise corporate bonds

European corporate bonds made a steady start to the trading week on Monday, as Wall Street's higher opening and easing oil prices stabilised the average value of bonds.
Published 08 Jun, 2004 12:00am
FTSE-100 closes near month high; miners, insurers rise

FTSE-100 closes near month high; miners, insurers rise

Britain's FTSE-100 closed just shy of a one-month high on Monday as lower oil prices and a brighter economic picture brought investors back into volatile cyclicals like insurance and mining stocks.
Published 08 Jun, 2004 12:00am
Oil below $40 a barrel, but downside seen limited

Oil below $40 a barrel, but downside seen limited

Oil prices held below $40 on Monday as increased supplies in the United States and Opec's pledge to bump up output eased immediate concerns of a supply crunch in world markets.
Published 08 Jun, 2004 12:00am
Base metals end higher at LME

Base metals end higher at LME

Base metals prices ended the rings higher in London Metal Exchange business on Monday, and although afternoon trading was quieter after earlier advances, scope remained for further gains, traders said.
Published 08 Jun, 2004 12:00am
New York cotton at fresh nine-month low

New York cotton at fresh nine-month low

NYCE cotton closed at a fresh nine-month low Monday on speculative sales and spreading as players pressured the market by rolling positions out of the spot month, analysts said.
Published 08 Jun, 2004 12:00am
Gold rises quietly in Europe as dollar falls

Gold rises quietly in Europe as dollar falls

Gold picked up in Europe in quiet trade on Monday as investors sought respite from the sliding dollar against the euro, after much-anticipated jobs data left uncertainty over the pace of US interest rate rises.
Published 08 Jun, 2004 12:00am
World oil prices drop further below $40

World oil prices drop further below $40

Oil prices dropped further below $40 on Monday as increased supplies in the United States and Opec's pledge to bump up output eased immediate concerns of a supply crunch in world markets.
Published 08 Jun, 2004 12:00am
Establishment of SME Promotion Bureau suggested

Establishment of SME Promotion Bureau suggested

The Union of Small and Medium Enterprises (Unisame) has recommended the Expert Advisory Cell for development of small and medium enterprises (SMEs) to set up a SME Promotion Bureau.
Published 08 Jun, 2004 12:00am
Pakistani exporters to participate in Moscow MosLeather Fair

Pakistani exporters to participate in Moscow MosLeather Fair

Pakistan Leather Garments Manufacturers and Exporters Association (Plgmea) Chairman Fawad Ijaz Khan has said Pakistan will participate in MosLeather-2004 exhibition being held at Moscow from June 9 to 11, 2004.
Published 08 Jun, 2004 12:00am
Punjab secretary restrained from issuing notification

Punjab secretary restrained from issuing notification

Justice S A1i Aslain Jaffery of High Court of Sindh (SHC) on Monday restrained secretary industries, commerce and investment department, Government of Punjab from issuing notification extending appointment of administrator Institute of Engineers Pakistan
Published 08 Jun, 2004 12:00am
Police directed to beef up security

Police directed to beef up security

The Inspector General Police NWFP Muhammad Raffat Pasha has directed Kohat region police officers to further beef up security measures by ensuring sectarian harmony and pre-empt and prevent all kind of terrorist activities well in time.
Published 08 Jun, 2004 12:00am
Prompt compensation to Tasman Spirit victims ordered

Prompt compensation to Tasman Spirit victims ordered

Minister for Communication, Babar Khan Ghauri while chairing a meeting convened to resolve the issue of claims of the stakeholders of M T Tasman Spirit on Monday directed the concerned authorities to forcefully plead the case for compensation to affectees
Published 08 Jun, 2004 12:00am
Approach to Kashmir issue to be critical in Pak-India talks

Approach to Kashmir issue to be critical in Pak-India talks

Pakistan's High Commissioner to the UK, Dr Maleeha Lodhi, underlined on Monday that approach to the long-standing Kashmir dispute will be critical in Pak-India dialogue, saying the two South Asian nations need to preserve agreements and the CBMs and maint
Published 08 Jun, 2004 12:00am
NWFP government asked to exempt 5-marla houses from tax

NWFP government asked to exempt 5-marla houses from tax

The Nifaz-i-Shariah Council (NSC) of the MMA has asked the NWFP provincial government to exempt five and less than five marla houses from property tax, while retain taxes on arms and private cars.
Published 08 Jun, 2004 12:00am
Iranian exhibition in Peshawar soon

Iranian exhibition in Peshawar soon

First Consular Islamic Republic of Iran, Ghulam Hussain Iqbali has said that a delegation of Iranian traders would visit Peshawar to hold an exhibition of their products.
Published 08 Jun, 2004 12:00am
Marble export can fetch $40 million annually

Marble export can fetch $40 million annually

Due to raise in the demand in the international market, Pakistan, in an organised manner, can earn $40 million annually from export of marble and granite.
Published 08 Jun, 2004 12:00am
Nazim remanded in police custody

Nazim remanded in police custody

Muhammad Sohail, Judicial Magistrate, Orangi Town on Monday remanded Shahid Alam alias Guddu Bihari Nazim Orangi Town to police custody till June 10 in two different cases registered in Mominabad Police and Pakistan Bazar Police of Orangi Township.
Published 08 Jun, 2004 12:00am