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Print - 2004-11-12
Soya up amid rust, January climbs 6 percent

Soya up amid rust, January climbs 6 percent

Soyabean futures at the Chicago Board of Trade closed higher on Wednesday amid renewed worries about the potential fallout from the devastating Asian soya rust disease, traders said. Active January climbed 6 percent during the day and new-crop November ju
Published 12 Nov, 2004 12:00am
South Korea made near bomb-grade uranium: UN

South Korea made near bomb-grade uranium: UN

The UN nuclear watchdog confirmed in a confidential report on Thursday that South Korea enriched a tiny amount of uranium in 2000 to a level close to what would be useable in an atomic weapon. The International Atomic Energy Agency (IAEA) also said a seni
Published 12 Nov, 2004 12:00am
Indonesia holds palm oil base prices unchanged

Indonesia holds palm oil base prices unchanged

Indonesia will keep the base price for crude palm oil (CPO) and its by-products unchanged for another month, the trade ministry said on Thursday. The current base price, used to calculate export taxes, will remain valid until December 12, the ministry sai
Published 12 Nov, 2004 12:00am
General Franks sees US in Iraq for 1-3 years more

General Franks sees US in Iraq for 1-3 years more

The US military will be involved in Iraq for another one to three years, the now-retired US general who led the 2003 invasion said on Thursday. General Tommy Franks said when he launched the invasion last year he expected US forces to be involved in Iraq
Published 12 Nov, 2004 12:00am
Cotton: record US crop expected in USDA data

Cotton: record US crop expected in USDA data

The United States is on track to harvest a record cotton crop and the world harvest is equally large, but the trade is wondering what it would take to sell the fibre this season, analysts said Wednesday. The trade must contend with gyrating currencies and
Published 12 Nov, 2004 12:00am
General Franks sees US in Iraq for 1-3 years more

General Franks sees US in Iraq for 1-3 years more

The US military will be involved in Iraq for another one to three years, the now-retired US general who led the 2003 invasion said on Thursday. General Tommy Franks said when he launched the invasion last year he expected US forces to be involved in Iraq
Published 12 Nov, 2004 12:00am
China delays GMO soya futures

China delays GMO soya futures

China, the world's top soya importer, has delayed launching future contracts for genetically modified (GMO) soyabeans due to technical problems, a Dalian Commodity Exchange official said on Thursday. But he was hopeful the China Securities Regulatory Comm
Published 12 Nov, 2004 12:00am
Wheat availability reviewed

Wheat availability reviewed

A meeting held here on Thursday with the secretary food, agriculture and livestock in chair reviewed the wheat availability, stock, supply and price position in the country. The meeting, which was convened on the directives of Prime Minister, Shaukat Aziz
Published 12 Nov, 2004 12:00am
US trade gap narrows in September on record exports

US trade gap narrows in September on record exports

The US trade deficit narrowed sharply in September, aided by a slide in the value of the dollar, which helped push exports to record levels, a government report showed on Wednesday. The monthly trade gap totalled $51.6 billion, down from a revised $53.5 b
Published 12 Nov, 2004 12:00am
Wheat availability reviewed

Wheat availability reviewed

A meeting held here on Thursday with the secretary food, agriculture and livestock in chair reviewed the wheat availability, stock, supply and price position in the country. The meeting, which was convened on the directives of Prime Minister, Shaukat Aziz
Published 12 Nov, 2004 12:00am
China official says currency change unlikely soon

China official says currency change unlikely soon

China should quicken preparations for making the yuan more flexible, a top government think-tank has said, even as a senior financial official said there was no need to change the currency in the near future. "Steps to reform the exchange rate mechanism s
Published 12 Nov, 2004 12:00am
Bullion rates

Bullion rates

The bullion prices in major markets of the country on Thursday.

Published 12 Nov, 2004 12:00am
US and India launch cyber security co-operation

US and India launch cyber security co-operation

The United States and India agreed in talks here Wednesday to launch a new phase in cyber security cooperation, including scientific exchanges, officials said. They established five joint working groups and identified action plans for each, during the sec
Published 12 Nov, 2004 12:00am
Bullion rates

Bullion rates

The bullion prices in major markets of the country on Thursday.

Published 12 Nov, 2004 12:00am
India's left groups to push Singh for oil price cut

India's left groups to push Singh for oil price cut

India's communists, who lend crucial support to the ruling coalition, said they would press the government to roll back increases in gas and diesel prices at a meeting with Prime Minister Manmohan Singh on Thursday. "The government cannot stick to the hik
Published 12 Nov, 2004 12:00am
NWFP governor calls on Prime Minister

NWFP governor calls on Prime Minister

NWFP Governor Lieutenant General Iftikhar Hussain Shah (Retd) called on Prime Minister Shaukat Aziz at Prime Minister's house on Thursday. Both the leaders discussed the law & order situation and ongoing development projects in the province with special r
Published 12 Nov, 2004 12:00am
China urges US to drop new furniture tariffs

China urges US to drop new furniture tariffs

China urged the United States on Thursday to overturn a US Commerce Department decision to set new tariffs on imports of some Chinese furniture, saying it violated WTO principles. "This is not fair to Chinese companies, and also runs counter to the United
Published 12 Nov, 2004 12:00am
Duty on green tea and coffee reduced

Duty on green tea and coffee reduced

The Central Board of Revenue (CBR) has slashed customs duty on the import of green tea (in bulk packing) from 20 to 10 percent and on instant coffee from 25 to 10 percent. In this regard, the CBR has amended SRO 457(I)/2004 through SRO (I)/2004 here on Th
Published 12 Nov, 2004 12:00am
Bangladesh to get $69 million ADB education loan

Bangladesh to get $69 million ADB education loan

The Asian Development Bank is to lend $68.9 million to Bangladesh to help reform the country's education system which is plagued by high dropout rates and lack of teacher training, an ADB statement said late on Wednesday. The ADB's 32-year loan will cover
Published 12 Nov, 2004 12:00am
Duty on green tea and coffee reduced

Duty on green tea and coffee reduced

The Central Board of Revenue (CBR) has slashed customs duty on the import of green tea (in bulk packing) from 20 to 10 percent and on instant coffee from 25 to 10 percent. In this regard, the CBR has amended SRO 457(I)/2004 through SRO (I)/2004 here on Th
Published 12 Nov, 2004 12:00am
Sri Lanka seen raising key rates again early in 2005

Sri Lanka seen raising key rates again early in 2005

The Sri Lankan central bank's surprise move to raise interest rates, the first change in more than a year, is likely to be followed by another tightening early next year aimed at calming inflation, analysts said on Thursday. The central bank raised both i
Published 12 Nov, 2004 12:00am
Duty on green tea and coffee reduced

Duty on green tea and coffee reduced

The Central Board of Revenue (CBR) has slashed customs duty on the import of green tea (in bulk packing) from 20 to 10 percent and on instant coffee from 25 to 10 percent. In this regard, the CBR has amended SRO 457(I)/2004 through SRO (I)/2004 here on Th
Published 12 Nov, 2004 12:00am
India faces tough competition in Japan soyameal market

India faces tough competition in Japan soyameal market

India, a leading soyameal exporter in Asia, will have difficulty expanding sales to Japan in the new marketing season starting this month, as Japanese crushers have been offering the product at competitive prices, traders say. Japanese importers have so f
Published 12 Nov, 2004 12:00am
Duty on green tea and coffee reduced

Duty on green tea and coffee reduced

The Central Board of Revenue (CBR) has slashed customs duty on the import of green tea (in bulk packing) from 20 to 10 percent and on instant coffee from 25 to 10 percent. In this regard, the CBR has amended SRO 457(I)/2004 through SRO (I)/2004 here on Th
Published 12 Nov, 2004 12:00am
'British interest rates kept too high'

'British interest rates kept too high'

British interest rates have been kept too high for the past few years, a heavyweight parliamentary committee said on Thursday in an uncompromising report. While praising the Bank of England's Monetary Policy Committee (MPC), given control of rates by the
Published 12 Nov, 2004 12:00am
Steering committee for Expo 2005 meets

Steering committee for Expo 2005 meets

The second meeting of steering committee for Expo 2005 was held here under the chairmanship of Federal Commerce Minister Humayun Akhtar. Chairman Export Promotion Bureau Tariq Ikram, Governor State Bank of Pakistan Dr Ishrat Hussain, Chief Secretary Sindh
Published 12 Nov, 2004 12:00am
Australian employment rises 43,700 in October

Australian employment rises 43,700 in October

The following is a selection of analysts' comments after the Australian Bureau of Statistics said employment rose 43,000 in October. This compares with a forecast 20,000 increase. Full-time employment rose 19,300. The unemployment rate was 5.3 percent, th
Published 12 Nov, 2004 12:00am
India plans sweeping overhaul of outdated banking sector

India plans sweeping overhaul of outdated banking sector

India plans a far-reaching overhaul of its outdated banking system to enable it to keep pace with the technological revolution sweeping the sector globally, the finance minister said Thursday. The government will introduce a series of bills in parliament
Published 12 Nov, 2004 12:00am
South Korea jobless rates flat in October

South Korea jobless rates flat in October

South Korea's unemployment rate held steady in October at 3.5 percent, government data showed on Thursday, as a sluggish jobs market offered little impetus for a recovery in domestic demand. The data came a few hours ahead of the central bank's monetary p
Published 12 Nov, 2004 12:00am
Officials to visit Seoul to examine sales tax system

Officials to visit Seoul to examine sales tax system

Pakistani tax authorities will examine the South Korean sales tax system to improve procedures pertaining to value-added tax (VAT) regime, refund, and indirect taxes levy for the facilitation of business community. In this connection, a high-level delegat
Published 12 Nov, 2004 12:00am
US envoy put heat on Halliburton for Kuwaiti fuel

US envoy put heat on Halliburton for Kuwaiti fuel

The US ambassador to Kuwait pressured Halliburton to give a contract in 2003 to a Kuwaiti company now suspected of overcharging to bring fuel into Iraq, according to State Department documents released on Wednesday. The documents, excerpts of which were r
Published 12 Nov, 2004 12:00am
'EPB export licence must before shipments in Cat-347/348 to US'

'EPB export licence must before shipments in Cat-347/348 to US'

The Quota Supervisory Council (QSC) has advised all exporters to obtain export licence from the Export Promotion Bureau (EPB) before making shipments in Cat-347/348 (trousers) for the US. The decision will come into force from Friday (November 12). Under
Published 12 Nov, 2004 12:00am
China issues new rules aimed at protecting workers

China issues new rules aimed at protecting workers

The Chinese government has issued new rules aimed at protecting workers, including ordering employers to pay owed wages and encouraging people to report labour rights violations, state media said Thursday. The regulations, which come into effect on Decemb
Published 12 Nov, 2004 12:00am
'EPB export licence must before shipments in Cat-347/348 to US'

'EPB export licence must before shipments in Cat-347/348 to US'

The Quota Supervisory Council (QSC) has advised all exporters to obtain export licence from the Export Promotion Bureau (EPB) before making shipments in Cat-347/348 (trousers) for the US. The decision will come into force from Friday (November 12). Under
Published 12 Nov, 2004 12:00am
Japan and DPRK take up nuclear issue at Pyongyang talks

Japan and DPRK take up nuclear issue at Pyongyang talks

Japan on Thursday raised with North Korea the reclusive state's nuclear program and stalled talks to solve the stand-off as senior officials of the two countries met in Pyongyang. Japan and North Korea are holding talks on the Stalinist regime's abduction
Published 12 Nov, 2004 12:00am
SBP rejects all bids for PIBs

SBP rejects all bids for PIBs

State Sank of Pakistan on Thursday rejected all bids of Pakistan Investment Bonds (PIBs) which are to be matured within 3, 5 and 10 years. SBP statement here on Thursday said the tenders for sale of the PIBs were invited by SBP, Karachi through primary de
Published 12 Nov, 2004 12:00am
Pope shares pain of Palestinian people over Arafat

Pope shares pain of Palestinian people over Arafat

Pope John Paul II on Thursday said he shared in the pain of the Palestinian people over the loss of their leader Yasser Arafat and had prayed for him, the pontiff's spokesman Joaquin Navarro-Valls. Arafat was "a leader of great charisma who loved his peop
Published 12 Nov, 2004 12:00am
SBP rejects all bids for PIBs

SBP rejects all bids for PIBs

State Sank of Pakistan on Thursday rejected all bids of Pakistan Investment Bonds (PIBs) which are to be matured within 3, 5 and 10 years. SBP statement here on Thursday said the tenders for sale of the PIBs were invited by SBP, Karachi through primary de
Published 12 Nov, 2004 12:00am
China industrial factory prices jump 8.4 percent in October

China industrial factory prices jump 8.4 percent in October

China's producer prices rose 8.4 percent on-year in October as inflation in raw materials led to the highest prices of factory gate goods in eight years, official data showed Thursday. The growth rate in October was 0.8 percentage points higher than in Se
Published 12 Nov, 2004 12:00am
SBP rejects all bids for PIBs

SBP rejects all bids for PIBs

State Sank of Pakistan on Thursday rejected all bids of Pakistan Investment Bonds (PIBs) which are to be matured within 3, 5 and 10 years. SBP statement here on Thursday said the tenders for sale of the PIBs were invited by SBP, Karachi through primary de
Published 12 Nov, 2004 12:00am
New Zealand warns of instability after Arafat's death

New Zealand warns of instability after Arafat's death

The death of Palestinian leader Yasser Arafat creates the risk of further instability and conflict in the Middle East, New Zealand's Foreign Minister Phil Goff said on Thursday. In a statement released shortly after Arafat's death was announced in France,
Published 12 Nov, 2004 12:00am
Seven killed in Indian occupied Kashmir

Seven killed in Indian occupied Kashmir

Indian occupation troops in Indian occupied Kashmir have killed seven suspected Mujahideen in operations, police said on Thursday. Six of the alleged Mujahideen died in three clashes in southern Anantnag district on Thursday and overnight, a police spokes
Published 12 Nov, 2004 12:00am
Japan's Hoya to build glass disk plant in Vietnam

Japan's Hoya to build glass disk plant in Vietnam

Japan's Hoya Corp said on Wednesday it plans to build a glass disk factory in Vietnam to meet growing demand for glass disks used in computer hard drives and smaller drives like the one inside Apple Computer's iPod. Glass disks are primarily used to store
Published 12 Nov, 2004 12:00am
18 killed and 30 injured in accident

18 killed and 30 injured in accident

At least 18 persons, including 12 children were killed and 30 others injured when a Punjab bound passenger coach No J-3975 smashed a Kashmor bound wagon No PG-825 at Kandh Kot bypass National Highway on Thursday. Five deceased including wagon driver Atta
Published 12 Nov, 2004 12:00am
ECB statistician calls for better euro zone data

ECB statistician calls for better euro zone data

Eurozone economic statistics are still not good enough, the European Central Bank's top statistician said on Thursday, suggesting specific improvements the ECB would like to see within a year. Despite recent improvements, the statistics are still not opti
Published 12 Nov, 2004 12:00am
18 killed and 30 injured in accident

18 killed and 30 injured in accident

At least 18 persons, including 12 children were killed and 30 others injured when a Punjab bound passenger coach No J-3975 smashed a Kashmor bound wagon No PG-825 at Kandh Kot bypass National Highway on Thursday. Five deceased including wagon driver Atta
Published 12 Nov, 2004 12:00am
China money growth slowest in nearly 3 years

China money growth slowest in nearly 3 years

Growth in China's broad money supply eased to 13.5 percent in the year through October, the slowest pace in nearly three years. The figure was below the median forecast of 14.5 percent in a Reuters poll of five economists, and was also well within the gov
Published 12 Nov, 2004 12:00am
US gives final OK to duties on Chinese hand trucks

US gives final OK to duties on Chinese hand trucks

A US trade panel gave final approval on Wednesday to anti-dumping duties of up to nearly 400 percent on hand trucks from China. The US International Trade Commission voted 6-0 that low-priced hand trucks, or dollies, from China threatened to materially in
Published 12 Nov, 2004 12:00am
Investments boost Aegon profit

Investments boost Aegon profit

Dutch insurer Aegon exceeded expectations with a 3 percent rise in third-quarter net profit on Thursday, due mostly to higher returns on stock market and property investments in the United States. Aegon - one of the world's top 10 insurers - said net prof
Published 12 Nov, 2004 12:00am
Independent watchdogs must eye EU accounts: Sweden

Independent watchdogs must eye EU accounts: Sweden

EU countries should be monitored by independent national watchdogs in a bid to halt the practice of vote-hungry governments providing "unreliable" deficit figures, a Swedish central banker said on Thursday. Deputy central bank governor Eva Srejber said su
Published 12 Nov, 2004 12:00am
Investments boost Aegon profit

Investments boost Aegon profit

Dutch insurer Aegon exceeded expectations with a 3 percent rise in third-quarter net profit on Thursday, due mostly to higher returns on stock market and property investments in the United States. Aegon - one of the world's top 10 insurers - said net prof
Published 12 Nov, 2004 12:00am
BASF third quarter soars as oil ignites, chemicals fizz

BASF third quarter soars as oil ignites, chemicals fizz

German chemicals giant BASF reported quarterly earnings that easily beat forecasts thanks to strong demand for its products and buoyant profit from oil and gas, and kept its outlook for robust growth in 2004. BASF, the world's biggest chemicals company by
Published 12 Nov, 2004 12:00am
Turk group sees China easing on textile quota

Turk group sees China easing on textile quota

China could be forced to soften its position in WTO textile quota negotiations as other countries plan ways to head off a flood of cheap Chinese imports, the head of a Turkish textile exporters group said. Under the terms of a World Trade Organisation agr
Published 12 Nov, 2004 12:00am
BASF third quarter soars as oil ignites, chemicals fizz

BASF third quarter soars as oil ignites, chemicals fizz

German chemicals giant BASF reported quarterly earnings that easily beat forecasts thanks to strong demand for its products and buoyant profit from oil and gas, and kept its outlook for robust growth in 2004. BASF, the world's biggest chemicals company by
Published 12 Nov, 2004 12:00am
Tiffany misses Wall Street view

Tiffany misses Wall Street view

Luxury jeweller Tiffany & Co on Thursday posted an unexpected drop in quarterly earnings and slashed its profit forecast, hurt by lacklustre sales in Japan and higher costs for precious metals and diamonds. Shares of Tiffany fell 7.1 percent on the news.
Published 12 Nov, 2004 12:00am
Deutsche Telekom draws line under past with bumper payout

Deutsche Telekom draws line under past with bumper payout

Deutsche Telekom, Europe's largest phone company, plans to pay a bumper dividend of 0.62 euros per share for 2004, soundly beating forecasts with its first payout after two years of slashing debts and costs. The 2.6 billion euro ($3.35 billion) payout pla
Published 12 Nov, 2004 12:00am
Tiffany misses Wall Street view

Tiffany misses Wall Street view

Luxury jeweller Tiffany & Co on Thursday posted an unexpected drop in quarterly earnings and slashed its profit forecast, hurt by lacklustre sales in Japan and higher costs for precious metals and diamonds. Shares of Tiffany fell 7.1 percent on the news.
Published 12 Nov, 2004 12:00am
Deutsche Telekom draws line under past with bumper payout

Deutsche Telekom draws line under past with bumper payout

Deutsche Telekom, Europe's largest phone company, plans to pay a bumper dividend of 0.62 euros per share for 2004, soundly beating forecasts with its first payout after two years of slashing debts and costs. The 2.6 billion euro ($3.35 billion) payout pla
Published 12 Nov, 2004 12:00am
China to invest $8.5 billion in Brazil

China to invest $8.5 billion in Brazil

China is set to invest up to $8.5 billion in Brazil over coming years as the emerging economic giants forge closer ties in agriculture, mining and metals, a top Brazilian diplomat said on Wednesday. Some of the contracts will emerge when Chinese President
Published 12 Nov, 2004 12:00am
South Korea surprises markets by cutting rates

South Korea surprises markets by cutting rates

South Korea's central bank unexpectedly cut interest rates to a record low on Thursday, pointing to the risk of economic growth blowing off course as exports slow and domestic demand remains weak. The rate cut, which came after the US Federal Reserve incr
Published 12 Nov, 2004 12:00am
Turkey to sign IMF letter of intent after December 1

Turkey to sign IMF letter of intent after December 1

Turkey will sign a letter of intent with the International Monetary Fund on a new standby accord after December 1 to replace an existing deal, Economy Minister Ali Babacan said, without specifying when. The current $19 billion IMF pact will expire in Febr
Published 12 Nov, 2004 12:00am
'Russia at crossroads between state, market economies'

'Russia at crossroads between state, market economies'

The chief economist at the European Bank for Reconstruction and Development described Russia Thursday as having come to a crossroads where it must choose between a state economy or one driven by the market. "I think there is a real pause. People are waiti
Published 12 Nov, 2004 12:00am
Economic reality leaves Berlusconi red-faced

Economic reality leaves Berlusconi red-faced

Italian Prime Minister Silvio Berlusconi's failure to introduce broad income tax cuts from 2005 represents an embarrassing U-turn that has revealed the economic straightjacket encasing his government. Barely a week has passed in recent months without Berl
Published 12 Nov, 2004 12:00am
TCP's cotton purchase limit raised to 6,000 bales

TCP's cotton purchase limit raised to 6,000 bales

The Inter-Ministerial Cotton Procurement Committee has asked Trading Corporation of Pakistan (TCP) to increase the purchase limit of 3 000 bales to 6,000 bales from each ginning factory to further gear up procurement drive in the country. This decision wa
Published 12 Nov, 2004 12:00am
Prospects dim for pricey European utility stocks

Prospects dim for pricey European utility stocks

The out-performance of European utility stocks looks set to fade as investors baulk at expensive valuations and seek out stocks with better growth prospects on hopes the global economy is gathering steam. The DJ Stoxx utilities sector is the best performi
Published 12 Nov, 2004 12:00am
OMCs get oil price hike compensation

OMCs get oil price hike compensation

The Finance Ministry has released the second instalment of Rs 1 billion to the oil marketing companies (OMCs) as compensation against surge in international oil prices, it was learnt here on Thursday. Sources said that each of the oil marketing company wo
Published 12 Nov, 2004 12:00am
Intel's Otellini to succeed Barrett as CEO

Intel's Otellini to succeed Barrett as CEO

Intel Corp the world's largest computer chipmaker, on Thursday said Chief Executive Craig Barrett plans to step aside and be replaced by President Paul Otellini, in a long-planned move. In a statement, the company said Barrett, 65, will take over as chair
Published 12 Nov, 2004 12:00am
OMCs get oil price hike compensation

OMCs get oil price hike compensation

The Finance Ministry has released the second instalment of Rs 1 billion to the oil marketing companies (OMCs) as compensation against surge in international oil prices, it was learnt here on Thursday. Sources said that each of the oil marketing company wo
Published 12 Nov, 2004 12:00am
Telefonica cuts targets as mobile unit hits profit

Telefonica cuts targets as mobile unit hits profit

Telecoms giant Telefonica cut its 2004 core profit targets on Thursday after cut-throat competition in its mobile business in Spain and Latin America caused it to miss nine-month forecasts. Shares in the Spanish speaking world's largest phone company fell
Published 12 Nov, 2004 12:00am
Pakistan welcomes move

Pakistan welcomes move

Pakistan on Thursday welcomed Indian Prime Minister Manmohan Singh's announcement of a reduction in number of Indian troops in Kashmir this winter. "We do not know the level of intended troops reduction, but on the face of it we welcome the move as confid
Published 12 Nov, 2004 12:00am
Telefonica cuts targets as mobile unit hits profit

Telefonica cuts targets as mobile unit hits profit

Telecoms giant Telefonica cut its 2004 core profit targets on Thursday after cut-throat competition in its mobile business in Spain and Latin America caused it to miss nine-month forecasts. Shares in the Spanish speaking world's largest phone company fell
Published 12 Nov, 2004 12:00am
Pakistan welcomes move

Pakistan welcomes move

Pakistan on Thursday welcomed Indian Prime Minister Manmohan Singh's announcement of a reduction in number of Indian troops in Kashmir this winter. "We do not know the level of intended troops reduction, but on the face of it we welcome the move as confid
Published 12 Nov, 2004 12:00am
Indian industrial output up

Indian industrial output up

India's industrial output rose 7.7 percent in the year through September, marginally slowing from August, which analysts said could be due to weakening demand on the back of erratic monsoon rains. The September increase compared with a rise of 7.9 percent
Published 12 Nov, 2004 12:00am
India announces troops reduction in occupied Kashmir

India announces troops reduction in occupied Kashmir

Indian Prime Minister Manmohan Singh on Thursday announced reduction in troops in the occupied Kashmir in a fresh initiative to push forward a fraying peace process with Pakistan. Manmohan Singh, who is making his first trip to Indian occupied Kashmir nex
Published 12 Nov, 2004 12:00am
Japanese machinery orders fall

Japanese machinery orders fall

Japan's core machinery orders tumbled in the three months to September due to slowing exports, raising concern about capital spending, which has been one of the main drivers of the country's economic recovery. The figures on Thursday, a day before gross d
Published 12 Nov, 2004 12:00am
India announces troops reduction in occupied Kashmir

India announces troops reduction in occupied Kashmir

Indian Prime Minister Manmohan Singh on Thursday announced reduction in troops in the occupied Kashmir in a fresh initiative to push forward a fraying peace process with Pakistan. Manmohan Singh, who is making his first trip to Indian occupied Kashmir nex
Published 12 Nov, 2004 12:00am
German economic recovery runs out of steam

German economic recovery runs out of steam

The modest recovery of the German economy ran out of steam in the third quarter, official data showed Thursday, as exports, previously the main driving force behind growth of the eurozone's biggest economy, slumped on the back of the global economic slowd
Published 12 Nov, 2004 12:00am
Kapco and State Life to be privatised soon: Hafeez

Kapco and State Life to be privatised soon: Hafeez

Federal Minister for Privatisation and Investment Dr Abdul Hafeez Shaikh on Thursday said that Kot Addu Power Company (Kapco), UBL and Pakistan State Life Insurance Company would be privatised soon. Talking to newsmen at an Iftar-cum-dinner hosted by Fede
Published 12 Nov, 2004 12:00am
India's Infosys signs pact with Australian firm

India's Infosys signs pact with Australian firm

India's second largest software exporter, Infosys, announced Thursday it has signed a pact with an Australian IT firm for joint research and software development. Nasdaq-listed Infosys Limited said in a statement it will invest 608,000 dollars into develo
Published 12 Nov, 2004 12:00am
Kapco and State Life to be privatised soon: Hafeez

Kapco and State Life to be privatised soon: Hafeez

Federal Minister for Privatisation and Investment Dr Abdul Hafeez Shaikh on Thursday said that Kot Addu Power Company (Kapco), UBL and Pakistan State Life Insurance Company would be privatised soon. Talking to newsmen at an Iftar-cum-dinner hosted by Fede
Published 12 Nov, 2004 12:00am
Blockbuster offers $700 million to buy Hollywood chain

Blockbuster offers $700 million to buy Hollywood chain

Blockbuster Inc, the largest US video rental chain, on Thursday said it has offered to buy competitor Hollywood Entertainment Corp for about $700 million, topping Hollywood's agreement with a private buyout firm. Blockbuster proposed $11.50 a share in cas
Published 12 Nov, 2004 12:00am
Zero percent sales tax announced on ginning wastage

Zero percent sales tax announced on ginning wastage

The Central Board of Revenue (CBR) has announced that sales tax at the rate of zero percent will be applicable on the ''''ginning waste''''. The CBR has amended SRO.500(I)/2004 through an SRO.910(I)/2004 issued on Thursday.
Published 12 Nov, 2004 12:00am
Motorola set to win market share, beat Nokia

Motorola set to win market share, beat Nokia

Motorola Chief Executive Ed Zander said on Thursday he was confident that new mobile phone models would help him gain market share as he revamped his firm's desire to dethrone industry leader Nokia. "I try to take market share from anyone, anywhere. Takin
Published 12 Nov, 2004 12:00am
Zero percent sales tax announced on ginning wastage

Zero percent sales tax announced on ginning wastage

The Central Board of Revenue (CBR) has announced that sales tax at the rate of zero percent will be applicable on the ''ginning waste''. The CBR has amended SRO.500(I)/2004 through an SRO.910(I)/2004 issued on Thursday.
Published 12 Nov, 2004 12:00am
UK house prices moderating, no euro convergence: Brown

UK house prices moderating, no euro convergence: Brown

Britain's once-booming housing market is moderating, Chancellor of the Exchequer Gordon Brown said on Thursday. "House prices are moderating and there is an adjustment in house prices taking place," Brown told parliament. He also said there was no signifi
Published 12 Nov, 2004 12:00am
Zero percent sales tax announced on ginning wastage

Zero percent sales tax announced on ginning wastage

The Central Board of Revenue (CBR) has announced that sales tax at the rate of zero percent will be applicable on the 'ginning waste'. The CBR has amended SRO.500(I)/2004 through an SRO.910(I)/2004 issued on Thursday.
Published 12 Nov, 2004 12:00am
Nigerian court declares planned general strike illegal

Nigerian court declares planned general strike illegal

A Nigerian court on Thursday declared a planned general strike over fuel prices illegal, dramatically raising tensions less than a week before the nation-wide protest is due to begin. "I hereby restrain labour from embarking on strike on November 16 or an
Published 12 Nov, 2004 12:00am
Zero percent sales tax announced on ginning wastage

Zero percent sales tax announced on ginning wastage

The Central Board of Revenue (CBR) has announced that sales tax at the rate of zero percent will be applicable on the 'ginning waste'. The CBR has amended SRO.500(I)/2004 through an SRO.910(I)/2004 issued on Thursday.
Published 12 Nov, 2004 12:00am
Coke cuts long-term earnings, volume targets

Coke cuts long-term earnings, volume targets

Soft drink giant Coca-Cola Co, stung by a prolonged downturn in North America and other markets, announced on Thursday that it was lowering key long-term earnings and sales targets. The move came just hours before Coca-Cola Chief Executive Neville Isdell
Published 12 Nov, 2004 12:00am
New power subsidy policy approved

New power subsidy policy approved

While approving the new 'subsidy policy' for power sector, the government has decided to release quarterly subsidy amount to Wapda's Distribution Companies (DISCOs) and Karachi Electric Supply Corporation (KESC) from budgetary allocations after at source
Published 12 Nov, 2004 12:00am
Gold Fields loses high court bid to halt Harmony take-over

Gold Fields loses high court bid to halt Harmony take-over

South African mining giant Gold Fields lost a high court bid on Thursday to halt a hostile takeover by rival Harmony Gold, which is seeking to create the world's biggest gold producer. Gold Fields, the world's fourth largest gold producer, had argued that
Published 12 Nov, 2004 12:00am
New power subsidy policy approved

New power subsidy policy approved

While approving the new 'subsidy policy' for power sector, the government has decided to release quarterly subsidy amount to Wapda's Distribution Companies (DISCOs) and Karachi Electric Supply Corporation (KESC) from budgetary allocations after at source
Published 12 Nov, 2004 12:00am
Saudi Arabia to keep crude volumes for December to Asia steady

Saudi Arabia to keep crude volumes for December to Asia steady

Saudi Arabia has told its main Japanese and South Korean term buyers it will supply full contracted volumes of crude oil in December, as it did in November, Japanese and South Korean refiners said on Thursday. Other Middle East producers were also expecte
Published 12 Nov, 2004 12:00am
Government ready to pay duties and taxes on Mercedes Benz cars

Government ready to pay duties and taxes on Mercedes Benz cars

The government is ready to pay duties and taxes on the import of 10 Mercedes Benz to be used by the prime minister. The vehicles are being imported keeping in view the security reasons. Sources told Business Recorder here on Thursday that the Cabin
Published 12 Nov, 2004 12:00am
Microsoft launches search engine

Microsoft launches search engine

Microsoft launched its own Internet search engine Thursday in a move aimed at challenging market leaders Google and Yahoo. The move marks a new strategy for the world's biggest Microsoft, which up to now has relied on the underlying technology of Yahoo an
Published 12 Nov, 2004 12:00am
Government ready to pay duties and taxes on Mercedes Benz cars

Government ready to pay duties and taxes on Mercedes Benz cars

The government is ready to pay duties and taxes on the import of 10 Mercedes Benz to be used by the prime minister. The vehicles are being imported keeping in view the security reasons. Sources told Business Recorder here on Thursday that the Cabin
Published 12 Nov, 2004 12:00am
US Treasury prices ease

US Treasury prices ease

US Treasury prices fell on Wednesday after the Federal Reserve raised interest rates and suggested in its post-meeting statement that further tightening was likely. Particularly painful for bond bulls, the US central bank said that monetary policy remaine
Published 12 Nov, 2004 12:00am
Qamar Baig appointed trade negotiator to EU and US

Qamar Baig appointed trade negotiator to EU and US

Mirza Qamar Baig, currently serving as Pakistan Ambassador in Italy, has been appointed as trade negotiator to tackle crucial issues of market access for country's textile products to the European Union (EU) and the US. Mirza Qamar Baig is the architect o
Published 12 Nov, 2004 12:00am
US Treasury prices ease

US Treasury prices ease

US Treasury prices fell on Wednesday after the Federal Reserve raised interest rates and suggested in its post-meeting statement that further tightening was likely. Particularly painful for bond bulls, the US central bank said that monetary policy remaine
Published 12 Nov, 2004 12:00am
Qamar Baig appointed trade negotiator to EU and US

Qamar Baig appointed trade negotiator to EU and US

Mirza Qamar Baig, currently serving as Pakistan Ambassador in Italy, has been appointed as trade negotiator to tackle crucial issues of market access for country's textile products to the European Union (EU) and the US. Mirza Qamar Baig is the architect o
Published 12 Nov, 2004 12:00am
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