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Print - 2004-07-04
Asian ports make few waves over new security code

Asian ports make few waves over new security code

Ships sailed smoothly into ports across Asia on Thursday when a tough new maritime security law came into effect, with the region's governments choosing to avoid possible delays to vital sea-borne trade in the event of non-compliance.
Published 04 Jul, 2004 12:00am
Pacific Basin Shipping sees higher bulk rates

Pacific Basin Shipping sees higher bulk rates

Pacific Basin Shipping Ltd, a Hong Kong-based dry bulk shipper that is raising up to HK$1.27 billion (US$162.5 million) in an IPO, said on Tuesday it expects rates to return to an upward trend following recent weakness.
Published 04 Jul, 2004 12:00am
Asian freight rates rebound as China demand returns

Asian freight rates rebound as China demand returns

Panamax dry bulk rates staged a mild recovery this week after having fallen to less than half the record high set earlier this year, as Chinese appetite for raw material returned, shipping sources said on Tuesday.
Published 04 Jul, 2004 12:00am
Suez Canal revenue drops

Suez Canal revenue drops

The Suez Canal earned $247.3 million in revenue in May, compared with $248.8 million in April and $221.5 million in May 2003, according to the government's monthly Egyptian Economic Bulletin.
Published 04 Jul, 2004 12:00am
Asia seeks airport security standards for shipping

Asia seeks airport security standards for shipping

Asia-Pacific countries discussed on Friday proposals to apply airport security standards to shipping in some of the world's busiest waterways to thwart the possibility of terrorist strikes.
Published 04 Jul, 2004 12:00am
Ships sail despite low security compliance

Ships sail despite low security compliance

Nigeria issued security compliance certificates in line with new global shipping regulations to only five percent of its ports on Thursday, but said key oil exports would be unaffected by the new rules.
Published 04 Jul, 2004 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 119,741 tonnes of cargo including 93,826 tonnes import and 25,915 tonnes export cargo during last 24 hours ending at 0700 hours on Saturday.
Published 04 Jul, 2004 12:00am
CBOT wheat ends higher

CBOT wheat ends higher

Chicago Board of Trade wheat futures closed firm on Friday in a technical recovery from the recent slide to fresh eight-month lows, traders said.
Published 04 Jul, 2004 12:00am
FOB Gulf corn firm, soya up

FOB Gulf corn firm, soya up

US FOB Gulf corn basis offers were firm and mostly higher on Friday amid slow farmer selling and a pick up in demand, while soyabeans were sharply higher.
Published 04 Jul, 2004 12:00am
Oil cake market rates

Oil cake market rates

The July vaida opened unchanged at Rs 491 and was the highest also at the same level. Later trading lost pace and prices dipped to be quoted lowest at Rs 490.70 and closing was seen at the same amount.
Published 04 Jul, 2004 12:00am
No let-up in slow trading on cotton market

No let-up in slow trading on cotton market

Only one deal was reported on cotton market on Saturday and both players, buyers and sellers expected that faster pace in trading might be seen from Monday, relevant sources said.
Published 04 Jul, 2004 12:00am
Guatemala coffee exports fall

Guatemala coffee exports fall

Guatemala coffee exports fell 5.7 percent in June as the Central American producer continued to suffer the impact of a coffee crisis that is nearly five years old, group Anacafe said on Friday.
Published 04 Jul, 2004 12:00am
Sugar down on grain market

Sugar down on grain market

Sporadic changes were marked on the seed and grain wholesale markets on Saturday amid low business.
Published 04 Jul, 2004 12:00am
Canadian bond prices firmer

Canadian bond prices firmer

The Canadian bond prices jumped on Friday, in line with surging US Treasuries, on the prospect of more gradual US rate hikes.
Published 04 Jul, 2004 12:00am
Canadian bond prices firmer

Canadian bond prices firmer

The Canadian bond prices jumped on Friday, in line with surging US Treasuries, on the prospect of more gradual US rate hikes.
Published 04 Jul, 2004 12:00am
Guatemala to issue $300 million in 10-year bonds

Guatemala to issue $300 million in 10-year bonds

Guatemala's government will issue $300 million in 10-year bonds on international markets in September to help cover this year's budget deficit, the Central American country's finance minister said on Friday.
Published 04 Jul, 2004 12:00am
Guatemala to issue $300 million in 10-year bonds

Guatemala to issue $300 million in 10-year bonds

Guatemala's government will issue $300 million in 10-year bonds on international markets in September to help cover this year's budget deficit, the Central American country's finance minister said on Friday.
Published 04 Jul, 2004 12:00am
Chile stocks close flat

Chile stocks close flat

Chilean stocks closed flat on Friday in lackluster trade ahead of a US holiday, due to new concerns that the country's strong economic upturn was failing to create more jobs, analysts said.
Published 04 Jul, 2004 12:00am
US corporate bonds spread wider on jobs report

US corporate bonds spread wider on jobs report

US corporate bond spreads widened on Friday in thin trade, after a weaker-than-expected jobs report raised questions about the strength of the economy.
Published 04 Jul, 2004 12:00am
US corporate bonds spread wider on jobs report

US corporate bonds spread wider on jobs report

US corporate bond spreads widened on Friday in thin trade, after a weaker-than-expected jobs report raised questions about the strength of the economy.
Published 04 Jul, 2004 12:00am
US Treasuries surge on weaker job growth

US Treasuries surge on weaker job growth

US Treasury debt prices surged on Friday after news of weaker job growth in June led investors to rein in expectations of how high the Federal Reserve will raise interest rates this year.
Published 04 Jul, 2004 12:00am
US Treasuries surge on weaker job growth

US Treasuries surge on weaker job growth

US Treasury debt prices surged on Friday after news of weaker job growth in June led investors to rein in expectations of how high the Federal Reserve will raise interest rates this year.
Published 04 Jul, 2004 12:00am
Argentine shares up

Argentine shares up

Argentine stock prices rose for the fourth straight session on Friday while the peso traded stable amid almost non-existent volume as a strike of Central Bank workers demanding better wages effectively paralysed the market, traders said.
Published 04 Jul, 2004 12:00am
Emerging debt: strong rally on soft US job figure

Emerging debt: strong rally on soft US job figure

Emerging debt prices surged on Friday on the back of a strong US Treasury rally, triggered by a surprisingly soft US jobs report which further eased fears of a series of abrupt anti-inflationary interest rate hikes.
Published 04 Jul, 2004 12:00am
Emerging debt: strong rally on soft US job figure

Emerging debt: strong rally on soft US job figure

Emerging debt prices surged on Friday on the back of a strong US Treasury rally, triggered by a surprisingly soft US jobs report which further eased fears of a series of abrupt anti-inflationary interest rate hikes.
Published 04 Jul, 2004 12:00am
Mexican stocks decline

Mexican stocks decline

Mexican stocks ended lower on Friday, weighed by losses in telephone company Telmex and cement maker Cemex.
Published 04 Jul, 2004 12:00am
Malaysian exchange picks UBS for foreign IPO

Malaysian exchange picks UBS for foreign IPO

Malaysia's stock exchange has picked Union Bank of Switzerland (UBS) to manage a foreign sale of shares from its initial public offering, a newspaper said on Saturday.
Published 04 Jul, 2004 12:00am
Brazil markets boosted by telecoms, relief on US rates

Brazil markets boosted by telecoms, relief on US rates

Brazil's financial markets gained on Friday as an upbeat outlook for US interest rates and a court decision allowing utility companies to hike tariffs sent investors on a buying spree.
Published 04 Jul, 2004 12:00am
US stocks end lower after job growth slows

US stocks end lower after job growth slows

US stocks ended lower for the second day in a row on Friday, after a report showing job growth in June was less than half of what Wall Street expected prompted investors, wary of an economic slowdown, to sell shares of cyclical stocks like Caterpillar Inc
Published 04 Jul, 2004 12:00am
China central bank says too soon to judge soft landing

China central bank says too soon to judge soft landing

China's central bank Governor Zhou Xiaochuan said on Friday China had made progress in trying to cool down its booming economy but that it was too soon to judge if a so-called soft landing had been achieved.
Published 04 Jul, 2004 12:00am
Dollar weakens following soft US data

Dollar weakens following soft US data

The dollar fell sharply on Friday as unexpectedly week reports on US jobs, factory orders and durable goods bolstered the market's view that the Federal Reserve can raise interest rates at a measured pace.
Published 04 Jul, 2004 12:00am
Bangladesh's foreign exchange reserves rise

Bangladesh's foreign exchange reserves rise

Bangladesh's foreign exchange reserves rose 5.47 percent to $2.7 billion in June from $2.56 billion at the end of the previous month, central bank officials said on Saturday.
Published 04 Jul, 2004 12:00am
Indian foreign exchange reserves fall

Indian foreign exchange reserves fall

India's foreign exchange reserves fell to $119.41 billion in the week ended June 25 from $119.93 billion the previous week, the Reserve Bank of India (RBI) said in its weekly statistical supplement on Saturday.
Published 04 Jul, 2004 12:00am
Forex market views, key levels

Forex market views, key levels

Following is a selection of comments from analysts on important technical developments in the foreign exchange market.
Published 04 Jul, 2004 12:00am
Plane makes emergency landing on Beirut street

Plane makes emergency landing on Beirut street

A small private plane made an emergency landing on a main street in Beirut Saturday after the flight instructor and a student pilot encountered technical problems, aviation sources told AFP.
Published 04 Jul, 2004 12:00am
Israeli soldiers kill Palestinian boy

Israeli soldiers kill Palestinian boy

Israeli soldiers shot and killed a 9-year-old Palestinian boy and seriously wounded an adult in a confrontation with stone-throwing protesters in the northern Gaza Strip on Saturday, Palestinian medics said.
Published 04 Jul, 2004 12:00am
Anti-government strike shuts Bangladesh

Anti-government strike shuts Bangladesh

Shops were closed and private vehicles off the roads Saturday as Bangladesh was shut down by its 12th anti-government strike by the opposition in six months.
Published 04 Jul, 2004 12:00am
Sudan vows to disarm Janjaweed

Sudan vows to disarm Janjaweed

Sudan pledged on Saturday to disarm Arab militias, known as the Janjaweed, who have driven more than one million Africans from their homes in western Sudan and said it would allow human rights monitors to be deployed.
Published 04 Jul, 2004 12:00am
Storm kills 14 in Taiwan

Storm kills 14 in Taiwan

A typhoon lashed heavy rain over Taiwan, triggering widespread flooding and killing at least 14 people before weakening and heading towards south-east China, officials said on Saturday.
Published 04 Jul, 2004 12:00am
Saudi prince accuses US for pro-Israel policy

Saudi prince accuses US for pro-Israel policy

In a new, stinging critique of US Middle East policy, Saudi Prince Al-Walid bin Talal accused Washington in an interview made available Saturday of being unhelpful in the cause against terrorism because of its support of Israel.
Published 04 Jul, 2004 12:00am
900,000 years old skull unearthed in Kenya

900,000 years old skull unearthed in Kenya

Scientists working in Kenya have discovered a 900,000-year-old hominid skull which could fill a gap in paleontologists' knowledge about the early ancestors of man, National Museums of Kenya (NMK) said on Saturday.
Published 04 Jul, 2004 12:00am
Iraqi official heading oil-for-food probe killed

Iraqi official heading oil-for-food probe killed

The Iraqi official heading the investigation into alleged corruption in the United Nations oil-for-food programme was killed in a bomb attack earlier this week, officials familiar with the probe said on Saturday.
Published 04 Jul, 2004 12:00am
US probes new Afghan abuse allegation

US probes new Afghan abuse allegation

The US military, under intense scrutiny for its treatment of Islamic militant suspects, is looking into a new allegation of prisoner abuse in Afghanistan, a spokesman said on Saturday.
Published 04 Jul, 2004 12:00am
Indonesia opens regional anti-terror school

Indonesia opens regional anti-terror school

Indonesia, hit by a spate of militant attacks in the past few years, opened a regional centre on Saturday that will train law enforcement officials to combat terrorists.
Published 04 Jul, 2004 12:00am
Kenyan rally defying ban dispersed

Kenyan rally defying ban dispersed

Kenyan riot police armed with teargas, batons and a water cannon vehicle fought running battles on Saturday with hundreds of people defying a ban on a rally called to press for constitutional reform.
Published 04 Jul, 2004 12:00am
Afghanistan will need 10,000 Nato troops for election duty

Afghanistan will need 10,000 Nato troops for election duty

Afghanistan will need the 10,000 Nato troops to ensure security for its presidential and general elections in September, the country's reconstruction minister Mohammed Amin Farhang said on Saturday on German radio.
Published 04 Jul, 2004 12:00am
39 die in China heatwave

39 die in China heatwave

A heat wave in China's southern metropolis of Guangzhou has been responsible for the deaths of at least 39 people in the last two days, with most of the casualties among the elderly or infirm, state press said Saturday.
Published 04 Jul, 2004 12:00am
India's HIV cases rise to 5.1 million

India's HIV cases rise to 5.1 million

India's cases of HIV/AIDS shot up to 5.1 million people last year, putting it just below South Africa as the country with the most HIV-positive people, official figures said Saturday.
Published 04 Jul, 2004 12:00am
Celebrating the Fourth of July

Celebrating the Fourth of July

There once was a time in America when the year was marked by two eagerly awaited high festivals -- Christmas and Independence Day. Asked to pick which was best, even children might have chosen the Fourth. From country to city it was a day of fluttering fl
Published 04 Jul, 2004 12:00am
The Star Spangled Banner

The Star Spangled Banner

Throughout the year, visitors to Washington, DC, pause to view the flag which inspired the US national anthem. The 185-year-old flag, the Star Spangled Banner, is massive (9.75 x 10.4 meters).
Published 04 Jul, 2004 12:00am
"The Idea of America" - A seventeen year-old speaks out

"The Idea of America" - A seventeen year-old speaks out

MARBURY V MADISON AND CHECKS AND BALANCES: In a nation established by peoples of differing languages, ethnicities, and religions, Americans find unity in the democratic principles of the founding fathers; principles that united the thirteen colonie
Published 04 Jul, 2004 12:00am
ZTBL to advance Rs 160 million agri loan

ZTBL to advance Rs 160 million agri loan

Zarai Taraqiati Bank Limited (ZTBL) has decided to advance agriculture loans worth Rs 160 million to the farmers during current fiscal year.
Published 04 Jul, 2004 12:00am
National Assembly speaker calls on Prime Minister

National Assembly speaker calls on Prime Minister

Speaker National Assembly, Chaudhry Amir Hussain called on Prime Minister Chaudhry Shujaat Hussain at the Prime Minister's House on Saturday and extended him felicitations on his assumption of the office of Prime Minister.
Published 04 Jul, 2004 12:00am
Dr Akmal and Arshad remanded to police custody till July 15

Dr Akmal and Arshad remanded to police custody till July 15

Arshad Noor Khan, Incharge Administrative Judge of Anti Terrorism Courts for Karachi division on Saturday remanded Dr Akmal Waheed of NICVD and his younger brother Dr Arshad Waheed of JPMC to physical custody of Investigation Police till July 15.Earlier,
Published 04 Jul, 2004 12:00am
PPP to observe black day on July 5

PPP to observe black day on July 5

The Pakistan Peoples Party (PPP) Sindh will observe black day on July 5 in district headquarters of the Sindh.
Published 04 Jul, 2004 12:00am
Shaukat pledges to serve nation and Islam

Shaukat pledges to serve nation and Islam

Finance Minister Shaukat Aziz giving detailed account of his past life, committed that he will use all his abilities to serve the nation and Islam.
Published 04 Jul, 2004 12:00am
Luxembourg investment fund industry

Luxembourg investment fund industry

The negative trend of the market environment unfortunately impacted on the Luxembourg investment fund sector in 2002. For the first time in its history, the Luxembourg collective savings industry recorded a massive decline in net assets under management o
Published 04 Jul, 2004 12:00am
Mutual funds becoming popular in India

Mutual funds becoming popular in India

The Indian Mutual fund industry consists of the following segments: (1) Banks and financial institutions sponsored mutual funds (2) private and foreign sector mutual funds.
Published 04 Jul, 2004 12:00am
Unbecoming conduct

Unbecoming conduct

Renowned entrepreneurs stooping down to vandalism in the General Meeting of Chamber of Commerce & Industry, Karachi has made our heads hung in shame.
Published 04 Jul, 2004 12:00am
Enlightened Moderation in agriculture

Enlightened Moderation in agriculture

Plant biotechnology is helping today to provide people with more and better food and holds even greater promise for the future. Whether cotton farmers in China, India, America, Australia and South Africa, canola farmers in Canada, soybean farmers in Argen
Published 04 Jul, 2004 12:00am
Bribes, lies and fraud tarnish clean Nordic image

Bribes, lies and fraud tarnish clean Nordic image

A Swedish official spends almost $4 million on call-girls, Finland's former skiing coach gets sentenced for drug smuggling and a Norwegian chief executive risks nine years in jail for fraud.
Published 04 Jul, 2004 12:00am
The US and evolving Indo-Pakistan ties

The US and evolving Indo-Pakistan ties

At their first summit in Washington in November 2001, the Indian Prime Minister Vajpayee and the US President George W. Bush committed the two countries to a strategic partnership. In January 2004, the two countries announced "Next Steps in Strategic Part
Published 04 Jul, 2004 12:00am
Welcome reductions in power rates by NEPRA

Welcome reductions in power rates by NEPRA

The National Electric Power Regulatory Authority (NEPRA) announced the other day wide-ranging reductions in the power rates of Islamabad Electric Supply Company (Iesco) and Gujranwala Electric Power Company (Gepco), which will be applicable for five years
Published 04 Jul, 2004 12:00am
A job well done

A job well done

The Federal Finance Minister, Shaukat Aziz, unravelled the figures of tax collections for the full year of 2003-04 at a press conference in Islamabad on Wednesday (June 30) which was the last day of the financial year. It is indeed commendable to note tha
Published 04 Jul, 2004 12:00am
Locomotive assembled at Risalpur

Locomotive assembled at Risalpur

The second locomotive, imported from China, has been assembled by the Risalpur Locomotive Factory, and added to the fleet of Railways, said a spokesman for of the Pakistan Railways (PR) here on Saturday.
Published 04 Jul, 2004 12:00am
Auction of registration marks on July 7

Auction of registration marks on July 7

The excise and taxation department will hold open auction of attractive registration marks of newly launched 'LZ' series here in the office of Director Excise & Taxation Region-C Lahore on Wednesday (July 07).
Published 04 Jul, 2004 12:00am
Four students drown in Ravi

Four students drown in Ravi

Four students of Government High School, Bagar Sargana, who drowned in the Ravi river on Friday, were laid to rest on Saturday amid sobs and tears.
Published 04 Jul, 2004 12:00am
Transfers and postings in Sindh

Transfers and postings in Sindh

The Sindh government has transferred Asadullah Dharejo, an officer of Ex-PCS (BS-19), additional secretary, Finance and Co-operation, and posted him as DCO Nawabshah in his own pay and scale.
Published 04 Jul, 2004 12:00am
TCS and Gerry's to display approved Indian visas list

TCS and Gerry's to display approved Indian visas list

The Indian High Commission has said that henceforth it will display the list of approved visas at the offices of the two courier services, the TCS and the Gerry's International, and passport owners can authorise these companies to collect their passports
Published 04 Jul, 2004 12:00am
TV artist Hisam Qazi passes away

TV artist Hisam Qazi passes away

A senior artist of Pakistan Television, Hisam Qazi, died here of heart failure on Saturday evening.
Published 04 Jul, 2004 12:00am
CAA body reviews AIIP commercial plan

CAA body reviews AIIP commercial plan

The first meeting of the high-level committee constituted by the Civil Aviation Authority (CAA) director-general on commercialisation of the Allama Iqbal International Airport (AIIP) met here on Saturday to review the progress of work.
Published 04 Jul, 2004 12:00am
Haj balloting

Haj balloting

A ceremony in connection with Haj Balloting for the year 2005 of central telecommunication region will be held on Monday, July 5 at Regional Office CTR 20-A Queens Road old American Center Lahore.
Published 04 Jul, 2004 12:00am
Over Rs 26.4 billion paid as sales tax refund last fiscal

Over Rs 26.4 billion paid as sales tax refund last fiscal

The Sales Tax Collectorate (Enforcement) paid over Rs 26.4 billion as sales tax refund during the 2003-04 fiscal year as against Rs 20.3 billion last year, registering an increase of 30 percent.
Published 04 Jul, 2004 12:00am
FDPT performance highlighted

FDPT performance highlighted

The Faisalabad Dry Port Trust (FDPT) handled 28,277 export cargo containers worth Rs 54 billion during the fiscal 2003-04, ending June 30, 2004, while 3,298 import cargo containers having a value of Rs 10 billion arrived at the Faisalabad Dry Port during
Published 04 Jul, 2004 12:00am
SBP role helps strengthen banking system: Soomro

SBP role helps strengthen banking system: Soomro

Chairman Senate Mohammadmian Soomro on Saturday observed that vigilant supervisory role by the State Bank helped in overcoming the problems faced by the banks and to strengthen the depository system.
Published 04 Jul, 2004 12:00am
Pakistanis in Indian jails on hunger strike

Pakistanis in Indian jails on hunger strike

The Pakistani prisoners in Indian jails who have long completed their sentence term are on hunger strike for last ten days and some of them have been admitted in the hospital in serious condition.
Published 04 Jul, 2004 12:00am
Lawyers observe strike

Lawyers observe strike

At the call of Punjab Bar Council, members of the District Bar Multan, Muzaffargarh, Lodhran, Khanewal, Vehari, Pakpattan, Rajanpur, Dera Ghazi Khan, Jhang and Leiah on Saturday observed a strike and boycotted their professional duties as a protest agains
Published 04 Jul, 2004 12:00am
Crackdown on banned outfits' activists

Crackdown on banned outfits' activists

Intelligence personnel took in custody two suspects from a religious seminary of Muzaffargarh, some 35 km west of Multan, on Saturday morning. They were identified as Mueenuddin and Omar Draz and were taken away to undisclosed place.
Published 04 Jul, 2004 12:00am
IOK issue not a border dispute with India: Geelani

IOK issue not a border dispute with India: Geelani

Chairman Hurriyat Conference (G), Syed Ali Shah Geelani has said that Indian occupied Kashmir issue was not a border dispute between India and Pakistan, but it is an issue which is linked with the future of 13 million Kashmiris.
Published 04 Jul, 2004 12:00am