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Print - 2004-09-19
Coca-Cola to pay CEO $1.5 million a year

Coca-Cola to pay CEO $1.5 million a year

Coca-Cola Co, which warned earlier this week of lower-than-expected profits this year, said on Friday it will pay its new chief executive, Neville Isdell, a base salary of $1.5 million a year.
Published 19 Sep, 2004 12:00am
Coca-Cola to pay CEO $1.5 million a year

Coca-Cola to pay CEO $1.5 million a year

Coca-Cola Co, which warned earlier this week of lower-than-expected profits this year, said on Friday it will pay its new chief executive, Neville Isdell, a base salary of $1.5 million a year.
Published 19 Sep, 2004 12:00am
'EU will appeal against WTO ruling on sugar subsidies'

'EU will appeal against WTO ruling on sugar subsidies'

The European Union will appeal against a ruling by the World Trade Organisation (WTO) which said EU subsidies for sugar production broke international trade rules, French Agriculture Minister Herve Gaymard said in Mauritius on Saturday.
Published 19 Sep, 2004 12:00am
India steps up quest for energy supplies

India steps up quest for energy supplies

High prices are unlikely to erode India's booming demand for oil and the country has stepped up negotiations with producer nations to secure its energy supplies, said India's oil minister Mani Shankar Aiyar.
Published 19 Sep, 2004 12:00am
United Airlines seeks $500 million more in cost cuts

United Airlines seeks $500 million more in cost cuts

United Airlines said late Friday it will need about $500 million in annual cost cuts above the $655 million now in the works and also received court approval for more time to develop a reorganisation plan without interference from creditors.
Published 19 Sep, 2004 12:00am
Ethiopia begins AIDS drug production

Ethiopia begins AIDS drug production

An Ethiopian company has started producing generic drugs to treat HIV/AIDS that it plans to sell throughout east Africa at a lower cost than imported medicines.
Published 19 Sep, 2004 12:00am
EU seeks clampdown on work time law

EU seeks clampdown on work time law

Brussels will throw down the gauntlet to Britain next week by pushing for tighter rules on how many hours people can work at a stretch.
Published 19 Sep, 2004 12:00am
Malaysian tin up

Malaysian tin up

Tin rose $70 a tonne in Malaysian trade on Friday, ending two straight days of falls, after the metal closed up in London on higher copper prices.
Published 19 Sep, 2004 12:00am
New York copper's close above key support bodes well

New York copper's close above key support bodes well

COMEX copper futures ended above a key technical level for the second day in a row on Friday, which traders said augurs well for its near-term outlook despite mixed messages from economic readings.
Published 19 Sep, 2004 12:00am
China buys up to six US soya cargoes as margin rebounds

China buys up to six US soya cargoes as margin rebounds

Chinese crushers have bought up to six cargoes of US soyabeans this week, helped by a strong recovery in margins that provide security for wary international suppliers following massive defaults.
Published 19 Sep, 2004 12:00am
Australia fights biggest locust plague in decades

Australia fights biggest locust plague in decades

Australia has started battling its biggest plague of locusts in decades as billions of the insects hatch along a wide front covering much of the country's central east region.
Published 19 Sep, 2004 12:00am
India needs better productivity to make up for losses

India needs better productivity to make up for losses

India needs to increase its summer output of oilseeds and pulses to make up for an anticipated sharp fall in winter production because of poor rains, a senior government official said on Friday.
Published 19 Sep, 2004 12:00am
Shanghai copper gains on spot shortfall, LME

Shanghai copper gains on spot shortfall, LME

Shanghai copper futures jumped on Friday for the second straight day, buoyed by the twin factors of tight spot supply domestically and an overnight price surge on the London Metal Exchange, traders said.
Published 19 Sep, 2004 12:00am
Turkish cotton prices ease on fresh crop

Turkish cotton prices ease on fresh crop

Turkish cotton prices eased slightly this week as the new season crop started finding its way into the market, brokers said on Friday.
Published 19 Sep, 2004 12:00am
CBOT rice ends weak on hedging

CBOT rice ends weak on hedging

Rough rice futures at the Chicago Board of Trade closed lower on Friday on follow-through selling from Thursday's weak close amid some farmer hedge pressure, traders said.
Published 19 Sep, 2004 12:00am
Soya sags ahead of good US harvest

Soya sags ahead of good US harvest

Chicago Board of Trade soybean futures were mostly lower on Friday as traders anticipated a substantial advance in the US soy harvest, brokers said.
Published 19 Sep, 2004 12:00am
Range-bound Comex gold firms before sentiment data

Range-bound Comex gold firms before sentiment data

COMEX gold was consolidating with a slightly bid tone early Friday, enjoying some fund and investment bank interest before the release of an important barometer of US consumer confidence.
Published 19 Sep, 2004 12:00am
New York sugar settles near lows on specs

New York sugar settles near lows on specs

NYBOT raw sugar ended on Friday near session lows on speculative sales and switch trade, with more rollovers seen next week as players get ready for expiration of the October contract, brokers said.
Published 19 Sep, 2004 12:00am
Turkish wheat, barley supply moves up

Turkish wheat, barley supply moves up

Turkish wheat and barley supply has risen as the new planting season in October approaches, traders said on Friday.
Published 19 Sep, 2004 12:00am
FOB Gulf corn weaker, soyabean steady

FOB Gulf corn weaker, soyabean steady

US FOB Gulf corn basis offers were weaker on Friday ahead of an expected advance in the harvest over the weekend, while soyabeans were steady.
Published 19 Sep, 2004 12:00am
Oil cake market rates

Oil cake market rates

The December vaida was unchanged, while January vaida maintained its overnight levels, dealers said on Satureday.
Published 19 Sep, 2004 12:00am
Improved activity on cotton market

Improved activity on cotton market

Slight improvement was witnessed on the cotton market on Saturday as both mills and spinners were active, market sources said.
Published 19 Sep, 2004 12:00am
Russia imports 21,850 tonnes palm oil

Russia imports 21,850 tonnes palm oil

Russian imports of palm oil, the major item in the country's vegetable oil imports, were 21,850 tonnes in July, down from 25,120 in the previous month, an analyst said on Friday.
Published 19 Sep, 2004 12:00am
Cottonseed oil cake up on grain market

Cottonseed oil cake up on grain market

Fresh arrivals from the upcountry market did not allow any commodity items to move any side except cottonseed oil cake, which tended up on increased demand, dealers said on Saturday.
Published 19 Sep, 2004 12:00am
South Korea says construction sector plans on track

South Korea says construction sector plans on track

South Korea said on Saturday plans to help the local construction industry avoid a drastic decline were on track, but reiterated concerns about the impact of cooling construction spending on the economy.
Published 19 Sep, 2004 12:00am
Dollar takes US consumer sentiment in its stride

Dollar takes US consumer sentiment in its stride

The dollar was broadly stronger on Friday as dealers unwound short dollar positions after an indicator of US consumer sentiment was seen as reasonably close to expectations, relieving pressure on the currency.
Published 19 Sep, 2004 12:00am
Indian forex reserves rise

Indian forex reserves rise

India's foreign exchange reserves rose to $118.26 billion on September 10 from $117.58 billion a week earlier, the Reserve Bank of India said in its weekly statistical supplement on Saturday.
Published 19 Sep, 2004 12:00am
Spain says growth in third quarter to improve

Spain says growth in third quarter to improve

Spanish gross domestic product growth will accelerate in the third quarter by a tenth of a percentage point or two compared with the second quarter, Economy Secretary David Vegara was quoted as saying on Saturday.
Published 19 Sep, 2004 12:00am
IMM euro speculators add net long position: CFTC

IMM euro speculators add net long position: CFTC

Speculators in IMM euro futures added a net long position in the week ended September 14, data from the Commodity Futures Trading Commission showed on Friday.
Published 19 Sep, 2004 12:00am
Canadian dollar dawdles

Canadian dollar dawdles

The Canadian dollar weakened on Friday, as Canada's inflation for August came in below expectations, prompting the market to rethink its expectations for future Bank of Canada interest rate hikes.
Published 19 Sep, 2004 12:00am
Brazil real gains

Brazil real gains

The Brazilian currency and stocks strengthened on Friday on signs the government may act to improve its fiscal position, while a modest interest rate rise late Wednesday buoyed expectations Brazil may enter a period of sustainable economic growth.
Published 19 Sep, 2004 12:00am
South Korea's Shinhan to buy back stake in brokerage

South Korea's Shinhan to buy back stake in brokerage

Shinhan Financial Group, South Korea's second-largest financial services firm, said on Saturday it will buy back a remaining 40.98 percent stake in its brokerage arm for around 200 billion won ($174.6 million), paving the way for delisting of the unit.
Published 19 Sep, 2004 12:00am
Toronto stocks jump as energy leads the way

Toronto stocks jump as energy leads the way

Stronger energy issues, powered by soaring crude prices, helped push Toronto stocks on Friday to their highest close in more than two months.
Published 19 Sep, 2004 12:00am
US corporate bonds firmer; Cardinal Health weakens

US corporate bonds firmer; Cardinal Health weakens

US corporate bond yield spreads finished firm on Friday despite an active week of supply, while bonds of Cardinal Health suffered significant widening after a ratings downgrade, traders said.
Published 19 Sep, 2004 12:00am
US corporate bonds firmer; Cardinal Health weakens

US corporate bonds firmer; Cardinal Health weakens

US corporate bond yield spreads finished firm on Friday despite an active week of supply, while bonds of Cardinal Health suffered significant widening after a ratings downgrade, traders said.
Published 19 Sep, 2004 12:00am
Emerging debt spreads tighten on cash inflows

Emerging debt spreads tighten on cash inflows

Emerging market debt spreads tightened on Friday as investors played the carry trade amid expectations the Federal Reserve will continue hiking interest rates at a measured pace.
Published 19 Sep, 2004 12:00am
Emerging debt spreads tighten on cash inflows

Emerging debt spreads tighten on cash inflows

Emerging market debt spreads tightened on Friday as investors played the carry trade amid expectations the Federal Reserve will continue hiking interest rates at a measured pace.
Published 19 Sep, 2004 12:00am
Brazilian stocks surge

Brazilian stocks surge

The Brazilian stocks strengthened on Friday on signs the government may act to improve its fiscal position, while a modest interest rate rise late Wednesday buoyed expectations Brazil may enter a period of sustainable economic growth.
Published 19 Sep, 2004 12:00am
Mexican stocks rally on ICA, Cemex

Mexican stocks rally on ICA, Cemex

Mexican stocks ended solidly higher on Friday as construction group ICA, cement maker Cemex and a handful of home builders gained and the peso strengthened 0.55 percent against the dollar.
Published 19 Sep, 2004 12:00am
Goldman Sachs offers to buy Takefuji stake

Goldman Sachs offers to buy Takefuji stake

Goldman Sachs Group Inc has offered to buy a stake in top Japanese consumer finance firm Takefuji Corp for $2.74 billion, domestic media said on Friday, heating up competition among foreign investors to enter a $97 billion industry.
Published 19 Sep, 2004 12:00am
Goldman Sachs offers to buy Takefuji stake

Goldman Sachs offers to buy Takefuji stake

Goldman Sachs Group Inc has offered to buy a stake in top Japanese consumer finance firm Takefuji Corp for $2.74 billion, domestic media said on Friday, heating up competition among foreign investors to enter a $97 billion industry.
Published 19 Sep, 2004 12:00am
US Treasury prices drop on position-evening before Fed

US Treasury prices drop on position-evening before Fed

US Treasury debt prices slipped on Friday after a key consumer sentiment report was not as weak as some dealers had suspected, triggering some profit-taking after Thursday's brisk rally.
Published 19 Sep, 2004 12:00am
US Treasury prices drop on position-evening before Fed

US Treasury prices drop on position-evening before Fed

US Treasury debt prices slipped on Friday after a key consumer sentiment report was not as weak as some dealers had suspected, triggering some profit-taking after Thursday's brisk rally.
Published 19 Sep, 2004 12:00am
Canadian bonds up, but gains seen limited

Canadian bonds up, but gains seen limited

The low inflation sent Canadian bond prices skyward on Friday, but they couldn't hold on to the gains by session's end, although Canadian issues outperformed their US counterparts.
Published 19 Sep, 2004 12:00am
Canadian bonds up, but gains seen limited

Canadian bonds up, but gains seen limited

The low inflation sent Canadian bond prices skyward on Friday, but they couldn't hold on to the gains by session's end, although Canadian issues outperformed their US counterparts.
Published 19 Sep, 2004 12:00am
US stocks finish higher after Ford raises forecasts

US stocks finish higher after Ford raises forecasts

US stocks ended higher on Friday after Ford Motor Co raised its earnings forecasts but gains on the Nasdaq were checked after wireless technology provider Qualcomm Inc said an accounting review may reduce pre-tax income.
Published 19 Sep, 2004 12:00am
Uganda to put traditional healers in medical mainstream

Uganda to put traditional healers in medical mainstream

The Ugandan government plans to include traditional and herbal healers in the general health sector by developing a national legal and regulatory framework within existing legislation, officials have said.
Published 19 Sep, 2004 12:00am
North Korea vows will never dismantle nuclear arms

North Korea vows will never dismantle nuclear arms

North Korea will never dismantle its nuclear arsenal and will not resume talks on its atomic programmes unless the United States drops its "hostile" policy, the North's official KCNA news agency said on Saturday.
Published 19 Sep, 2004 12:00am
Parachutists commemorate historic airborne operation

Parachutists commemorate historic airborne operation

When British veteran Charles Grocett first saw the Ginkelse Heide, a piece of heathland near Arnhem, he was a 18-year-old paratrooper dodging enemy fire on Saturday he was back to commemorate the failed operation Market Garden, the largest airborne and gl
Published 19 Sep, 2004 12:00am
Kerry accuses Bush over Iraq

Kerry accuses Bush over Iraq

Democratic challenger John Kerry accused President George W. Bush of planning to call up large numbers of reservists for Iraq after the November election, but a new poll released Saturday indicated Kerry's new aggressive line is not working with voters.
Published 19 Sep, 2004 12:00am
France frees 4 suspects held in 9/11 inquiry

France frees 4 suspects held in 9/11 inquiry

France has released four of five suspected militants detained as part of a French inquiry into the September 11 attacks on the United States and will decide the fate of the fifth later on Saturday, a judicial source said.
Published 19 Sep, 2004 12:00am
Blair denies secret papers warned of war chaos in Iraq

Blair denies secret papers warned of war chaos in Iraq

British Prime Minister Tony Blair on Saturday denied reports that his foreign minister, Jack Straw, had warned him a year before the US-led invasion of Iraq that a war could push the country into chaos.
Published 19 Sep, 2004 12:00am
Northern Irish peace talks end without breakthrough

Northern Irish peace talks end without breakthrough

Talks aimed at reviving home rule in Northern Ireland and disbanding IRA guerrillas ended on Saturday without a final deal, British and Irish Prime Ministers Tony Blair and Bertie Ahern said.
Published 19 Sep, 2004 12:00am
Foreign troops vital for Afghanistan: Karzai

Foreign troops vital for Afghanistan: Karzai

Afghan President Hamid Karzai, who most Western governments want to see win an election on October 9, said on Saturday that foreign troops would remain until the country's own fledgling forces can take the charge of stability.
Published 19 Sep, 2004 12:00am
White House drops Costa Rica from coalition list

White House drops Costa Rica from coalition list

The White House removed Costa Rica from its Internet list of Iraq coalition members on Friday after the Central American nation asked to be excluded from the roster of countries that support US policy in Iraq.
Published 19 Sep, 2004 12:00am
EU seeks clarification from Turkey on penal code

EU seeks clarification from Turkey on penal code

The European Commission said on Saturday it wanted to know from Ankara if its penal code reforms, including a controversial ban on adultery, will be in place or changed before a key EU decision on talks next month.
Published 19 Sep, 2004 12:00am
China military chief may step aside

China military chief may step aside

Secrecy shrouded a meeting of China's Communist Party for a third day on Saturday, but party sources said military chief Jiang Zemin was likely to give up his last post due to ill health, completing a leadership succession.
Published 19 Sep, 2004 12:00am
Pope appeals for peace in Iraq and Middle East

Pope appeals for peace in Iraq and Middle East

Pope John Paul II on Saturday issued a new appeal for peace in Iraq and the Middle East, condemning the "horror" of violence as well as "the terrorism that cruelly targets the innocent".
Published 19 Sep, 2004 12:00am
Inzamam hoping for 'lovely' India match

Inzamam hoping for 'lovely' India match

Pakistan captain Inzamam-ul-Haq brushed aside security fears ahead of his side's winner-take-all Champions Trophy match against India at Edgbaston here Sunday, saying he anticipated a "lovely atmosphere" at the 21,000 sell-out game.
Published 19 Sep, 2004 12:00am
England progress to semis after washout

England progress to semis after washout

England will meet Australia in next week's Champions Trophy semi-finals after heavy rain in Southampton gave them a 49-run win over Sri Lanka under the Duckworth/Lewis system in their Group D decider on Saturday.
Published 19 Sep, 2004 12:00am
Windies to resume run chase today

Windies to resume run chase today

West Indies will require another 227 runs from 44 overs to beat South Africa in the ICC Champions Trophy Pool B game here at the Oval on Sunday and go through to the semi-finals of the competition.
Published 19 Sep, 2004 12:00am
Karachi, a city in distress

Karachi, a city in distress

Karachi, which was once a city of peace, prosperity and home to a multitude of different ethnicities, living in harmony with each other, is today a city in distress. It has become hostage to a weird and egoistic man, who all his life called himself a refu
Published 19 Sep, 2004 12:00am
Shaukat Aziz, the politician PM

Shaukat Aziz, the politician PM

A lot is being expected from Shaukat Aziz after his taking over as the PM of the country, which is equally being derided by the opposition for his not having a political background. I do not wish to disappoint the optimists but the fact is that whatever h
Published 19 Sep, 2004 12:00am
Saudi firm sells Arabia's ancient perfume to world

Saudi firm sells Arabia's ancient perfume to world

The heady aroma of oriental perfume wafts through Saudi Arabia's shopping malls, luring customers to drop hundreds of dollars for a tiny flask of oud, the signature scent of Arabia.
Published 19 Sep, 2004 12:00am
No end to construction in Dubai

No end to construction in Dubai

Skyscrapers, sprawling resorts, malls and residential complexes are mushrooming across the desert sands of Dubai, a Gulf emirate in the throes of an apparently endless construction frenzy.
Published 19 Sep, 2004 12:00am
Relocating polluting industries outside the cities

Relocating polluting industries outside the cities

Our cities have high levels of pollution which is causing health problems for the citizens. The civic and other government authorities are adopting measures to reduce the level of pollution within safe limits. Some of the district governments have evacuat
Published 19 Sep, 2004 12:00am
American torture spree

American torture spree

The outrageous case involving three American mercenaries in the imprisonment and torture of Afghans in their own country took an interesting turn on Wednesday when a Kabul court announced its judgement. The trio, a former Green Beret, Jonathan Idema; anot
Published 19 Sep, 2004 12:00am
Sindh's laudable IT initiatives

Sindh's laudable IT initiatives

Speaking at a press conference in his office on Wednesday (September 15), Sindh Minister for Information Technology, Mustafa Kamal gave the glad tidings of this variously depressed province gaining a great deal from the ongoing improvements in the Informa
Published 19 Sep, 2004 12:00am
Traders support Founders candidates in LCCI polls

Traders support Founders candidates in LCCI polls

Hall Road Traders Association (HRTA) President Babar Ali Khan and McLeoad Road Traders (MRT) have announced full support to 'The Founders' candidates in the elections of Lahore Chamber of Commerce and Industry (LCCI), it was learnt here on Saturday.
Published 19 Sep, 2004 12:00am
Shahbaz's wife, two daughters arrive

Shahbaz's wife, two daughters arrive

Pakistan Muslim League (PML-N) President Shahbaz Sharif's wife Nusrat Shahbaz along with her two daughters, Jawaria Shahbaz and Rabia Shahbaz arrived here on Saturday.
Published 19 Sep, 2004 12:00am
'Gilani's imprisonment blow to democracy'

'Gilani's imprisonment blow to democracy'

Terming the conviction of Syed Yousuf Raza Gilani as punishment to Democracy, former Senator Asif Ali Zardari said that government by using such tactics would not suppress the popular voice of people for democracy.
Published 19 Sep, 2004 12:00am
Nazim asked to get Landhi industrial area sewerage line repaired

Nazim asked to get Landhi industrial area sewerage line repaired

Landhi Association of Trade and Industry (LATI) has urged City Nazim Naimatullah Khan to direct the Karachi Water and Sewerage Board (KWSB) to repair the overflowing main sewerage line at Hussain Chowrangi causing damage to roads and inconvenience in traf
Published 19 Sep, 2004 12:00am
Zardari allowed to walk in PIMS premises

Zardari allowed to walk in PIMS premises

Court has allowed Asif Ali Zardari for walk in the premises of Pakistan Institute of Medical Sciences and has turned downed the argument of the prosecution regarding the security measures.
Published 19 Sep, 2004 12:00am
PBEA hails EU grant of EF quota

PBEA hails EU grant of EF quota

The Pakistan Bedwear Exporters Association (PBEA) has welcomed the 4,000 tonnes grant of Exceptional Flexibility (EF) quota by the European Union (EU), and said that it would help increase export earnings considerably in the last quota year.
Published 19 Sep, 2004 12:00am
Government urged to check essentials' price-hike

Government urged to check essentials' price-hike

The essential commodities, fruits and vegetable prices, which are already expensive for the public, showing a significant increase in their current levels ahead of Ramazan, a fresh report prepared after the survey of several markets and shops.
Published 19 Sep, 2004 12:00am
SME Bank gets commercial licence

SME Bank gets commercial licence

The State Bank of Pakistan (SBP) has issued a commercial banking licence to the SME Bank Limited. The bank is expected to commence commercial banking operations by the end of 2004.
Published 19 Sep, 2004 12:00am
Rumpus mars Sindh Assembly proceedings

Rumpus mars Sindh Assembly proceedings

The Sindh Assembly began its session on Saturday at 11:30 a m, 120 minutes late from scheduled time, and was adjourned just 45 minutes later after noisy scenes, wild accusations of trivial nature against the leaders of different parties and pandemonium, t
Published 19 Sep, 2004 12:00am
Clerk indicted in fraud case

Clerk indicted in fraud case

The accountability court has charge-sheeted accused Muhammad Ayaz, clerk SP Skardu and his agent Tufail for inflicting huge loss to the national exchequer through bogus registration of non-customs-paid vehicles.
Published 19 Sep, 2004 12:00am
PML workers convention on September 24

PML workers convention on September 24

Workers convention of Pakistan Muslim League (PML) will be held here on September 24 at 5 pm in the Circuit House here.
Published 19 Sep, 2004 12:00am
Rs 3.5 billion to be spent on capacity building

Rs 3.5 billion to be spent on capacity building

The government has launched a project involving expenditure of Rs 3.5 billion to build capacity of public sector institutions and civil servants working in key federal and provincial ministries and regulatory agencies.
Published 19 Sep, 2004 12:00am
PTCL workers to observe strike on October 1

PTCL workers to observe strike on October 1

Employees of Pakistan Telecommunication Company (PTCL) on Saturday organised a protest rally in Bahawalpur, Multan, Muzaffargarh, and Sahiwal.
Published 19 Sep, 2004 12:00am
Supreme Court bar elections on October 23

Supreme Court bar elections on October 23

The president of the Supreme Court Bar Association of Pakistan (SCBA) will be from the province of NWFP according to rules of the Association.
Published 19 Sep, 2004 12:00am
Licences of two builders cancelled

Licences of two builders cancelled

Karachi Building Control Authority (KBCA) has cancelled the licences of two builders for committing violation of building rules and regulations.
Published 19 Sep, 2004 12:00am
Call to project Kashmir issue vociferously

Call to project Kashmir issue vociferously

Prime Minister of Azad Jammu and Kashmir Sardar Sikander Hayat Khan has urged the overseas Kashmiris to speed up their efforts at international level and make a combined struggle from a single platform regarding the durable and lasting solution of the Kas
Published 19 Sep, 2004 12:00am
'NCHD working as role model organisation'

'NCHD working as role model organisation'

Dr Nasim Ashraf, chairman of the National Commission for Human Development (NCHD), has said with continuity of policies, the Pakistan government has initiated vigorous measures for rapid uplift in the social and economic spheres.
Published 19 Sep, 2004 12:00am
General Aziz visits corps headquarters

General Aziz visits corps headquarters

Chairman Joint Chiefs of Staff Committee (CJCSC) General Muhammad Aziz Khan visited the Corps Headquarters here on Saturday, says an ISPR release.
Published 19 Sep, 2004 12:00am
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