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Jun 16, 2024 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Print - 2005-01-04
Taiwan stocks inch up as tech shares weaken

Taiwan stocks inch up as tech shares weaken

Taiwan stocks kicked off 2005 in a cautious mood on Monday as investors pocketed profits in financial and technology shares like AU Optronics Corp that pushed the market to an 8-month closing high last week. The main TAIEX share index inched up 0.06 perce
Published 04 Jan, 2005 12:00am
Seoul shares slightly down, strong won weighs

Seoul shares slightly down, strong won weighs

Seoul stocks closed slightly lower on Monday, weighed down by concerns a stronger won currency would hurt local exporters and as shares in LG Card slumped on a capital write-down plan and proposed share sale by creditors. But retreating oil prices provide
Published 04 Jan, 2005 12:00am
US corporate and junk bond issuance sets record in 2004

US corporate and junk bond issuance sets record in 2004

US companies set records for sales of investment-grade and junk bonds in 2004, according to Thomson Financial, as low borrowing rates fuelled refinancing activity. Investment-grade corporate bond sales rose to $689 billion from $665 billion in 2003, toppi
Published 04 Jan, 2005 12:00am
US corporate and junk bond issuance sets record in 2004

US corporate and junk bond issuance sets record in 2004

US companies set records for sales of investment-grade and junk bonds in 2004, according to Thomson Financial, as low borrowing rates fuelled refinancing activity. Investment-grade corporate bond sales rose to $689 billion from $665 billion in 2003, toppi
Published 04 Jan, 2005 12:00am
Indian shares at new high in first New Year trading

Indian shares at new high in first New Year trading

Indian shares got off to a rousing start for the New Year, with the main index climbing to a record close, as investors expected strong corporate earnings to lure foreign inflows into Asia's fourth-largest economy. The stocks surge helped the rupee pull b
Published 04 Jan, 2005 12:00am
Sri Lankan stocks flat

Sri Lankan stocks flat

Sri Lankan stocks ended flat despite heavy buying in construction shares on Monday amid expectations of a building boom after the tsunami destroyed hotels and infrastructure, brokers said. The key Colombo all-share index rose a provisional 0.01 percent or
Published 04 Jan, 2005 12:00am
Hong Kong Techtronic bond issue to raise up to $500 million

Hong Kong Techtronic bond issue to raise up to $500 million

Hong Kong power tool maker Techtronic Industries Co Ltd could raise up to $500 million in acquisition financing by issuing dollar-denominated bonds, a spokeswoman for the company said on Monday. The issue would partly fund the company's purchase of the el
Published 04 Jan, 2005 12:00am
Hong Kong Techtronic bond issue to raise up to $500 million

Hong Kong Techtronic bond issue to raise up to $500 million

Hong Kong power tool maker Techtronic Industries Co Ltd could raise up to $500 million in acquisition financing by issuing dollar-denominated bonds, a spokeswoman for the company said on Monday. The issue would partly fund the company's purchase of the el
Published 04 Jan, 2005 12:00am
Malaysian shares end 0.39 percent down

Malaysian shares end 0.39 percent down

Malaysian share prices closed 0.39 percent lower on Monday in quiet trade, pressured by light selling of selected blue chips, dealers said. They said some fund managers were seen adjusting their portfolios and selling was aggravated by a lack of buying su
Published 04 Jan, 2005 12:00am
Jakarta shares close flat in quiet trade

Jakarta shares close flat in quiet trade

Indonesian share prices closed flat in quiet trade on Monday, with slight gains in blue chips Telkom and Indosat helping the benchmark index just finish in positive territory, dealers said. The composite index added 0.644 points at 1,000.877 on volume of
Published 04 Jan, 2005 12:00am
Singapore shares finish with little gains

Singapore shares finish with little gains

Singapore share prices closed 0.19 percent higher on Monday lifted by gains in selected blue chips, dealers said. The Straits Times index rose 4.01 points at 2,070.15 and the All-Singapore Equities index was 1.93 points higher at 533.66. Volume totalled 6
Published 04 Jan, 2005 12:00am
KFW to buy 12 percent of Post shares

KFW to buy 12 percent of Post shares

German state bank KFW will buy 12 percent of Deutsche Post shares from the German government worth 1.7 billion euros ($2.31 billion) next week, the bank said on Monday. KFW will warehouse the shares and sell them to stock market investors later - the bank
Published 04 Jan, 2005 12:00am
KFW to buy 12 percent of Post shares

KFW to buy 12 percent of Post shares

German state bank KFW will buy 12 percent of Deutsche Post shares from the German government worth 1.7 billion euros ($2.31 billion) next week, the bank said on Monday. KFW will warehouse the shares and sell them to stock market investors later - the bank
Published 04 Jan, 2005 12:00am
South Korea's LG Card shares dive on write down plan

South Korea's LG Card shares dive on write down plan

Shares in South Korea's LG Card Co Ltd dived nearly 15 percent on Monday, wiping out more than $1 billion of its market value, as minority investors balked at the terms of a $960 million rescue agreed last week. The shares tumbled after the credit card fi
Published 04 Jan, 2005 12:00am
South Korea's LG Card shares dive on write down plan

South Korea's LG Card shares dive on write down plan

Shares in South Korea's LG Card Co Ltd dived nearly 15 percent on Monday, wiping out more than $1 billion of its market value, as minority investors balked at the terms of a $960 million rescue agreed last week. The shares tumbled after the credit card fi
Published 04 Jan, 2005 12:00am
Hong Kong stocks close flat on first trading day of 2005

Hong Kong stocks close flat on first trading day of 2005

Hong Kong stocks rose a meagre 0.05 percent in thin trade on Monday with a lack of fresh news providing little incentive for investors on the first trading day of 2005. But activity was expected to pick up later in the week as the Tokyo market resumes tra
Published 04 Jan, 2005 12:00am
Yukos Lithuanian refinery has record December output

Yukos Lithuanian refinery has record December output

Lithuania's Mazeikiu Nafta refinery and pipeline system, majority owned by Russia's Yukos, set a production record in December when it refined 832,000 tonnes of crude oil, a company spokesman said on Monday. Yukos, whose main production unit, Yugansknefte
Published 04 Jan, 2005 12:00am
Yukos Lithuanian refinery has record December output

Yukos Lithuanian refinery has record December output

Lithuania's Mazeikiu Nafta refinery and pipeline system, majority owned by Russia's Yukos, set a production record in December when it refined 832,000 tonnes of crude oil, a company spokesman said on Monday. Yukos, whose main production unit, Yugansknefte
Published 04 Jan, 2005 12:00am
Malaysian export growth slowest in 10 months

Malaysian export growth slowest in 10 months

Malaysian exports grew at the slowest pace in 10 months in the year through November, partly owing to weaker electronics demand from the United States and pointing to a cooler pace of shipments in 2005. Exports rose 16.9 percent while imports grew 23.5 pe
Published 04 Jan, 2005 12:00am
Turkish 2004 inflation lowest in some 30 years

Turkish 2004 inflation lowest in some 30 years

Turkish inflation figures came in at their lowest in nearly 30 years in 2004, with annual consumer price inflation beating a government projection of 10 percent, official data showed on Monday. The State Statistics Institute said Turkey' consumer price in
Published 04 Jan, 2005 12:00am
Pace of US factory growth climbs in December

Pace of US factory growth climbs in December

The pace of growth at US factories picked up in December, boosted by an increase in new orders and despite a decline in employment, a report showed on Monday. The Institute for Supply Management said its index of national manufacturing activity rose to 58
Published 04 Jan, 2005 12:00am
German welfare cuts kick in, protests limited

German welfare cuts kick in, protests limited

Germany's sweeping welfare reforms went into effect without a hitch on Monday as labour offices cut payments for a million jobless and qualifying tests got tougher. Threatened mass protests to oppose the most far-reaching welfare reforms in a generation f
Published 04 Jan, 2005 12:00am
Halliburton units KBR and DII exit bankruptcy

Halliburton units KBR and DII exit bankruptcy

Oilfield services company Halliburton Co on Monday said its subsidiaries Kellogg Brown & Root and DII Industries have emerged from the bankruptcy proceedings they entered a year ago to facilitate a $4.2 billion asbestos settlement. The company said a US b
Published 04 Jan, 2005 12:00am
India, facing big oil growth, hosts Opec-Asia meet

India, facing big oil growth, hosts Opec-Asia meet

Energy-hungry India will step up efforts to secure stable and possibly cheaper oil supplies this week, hosting Gulf Opec states and key Asian importers in a new diplomatic push for regional solidarity. With its reliance on foreign crude oil growing as sta
Published 04 Jan, 2005 12:00am
CSFB downgrades newspapers on advertising sales concerns

CSFB downgrades newspapers on advertising sales concerns

Credit Suisse First Boston on Monday cut its investment rating on the US newspaper sector to "market weight" from "overweight," saying newspaper advertising sales have not yet shown a sustained recovery. CSFB said newspaper stocks are in "a 'show-me' mode
Published 04 Jan, 2005 12:00am
Canada has another case of mad cow disease

Canada has another case of mad cow disease

Canada announced late Sunday that a cow from the western province of Alberta had tested positive for mad cow disease - but said the discovery should not quash plans to reopen the US border to its cattle exports. The Canadian Food Inspection Agency said th
Published 04 Jan, 2005 12:00am
German December jobless up, 2004 employment expands

German December jobless up, 2004 employment expands

German jobless numbers will show a slight rise in December, a Federal Labour Office official said on Monday, taking some of the gloss off data which showed the number in work rose for the first time in three years in 2004. Heinrich Alt, deputy head of the
Published 04 Jan, 2005 12:00am
Air Deccan to acquire 30 ATR planes

Air Deccan to acquire 30 ATR planes

India's only no-frills carrier, Air Deccan, will buy 15 ATR-72-500 turbo-prop planes at an estimated cost of $240 million to help its expansion into regional routes, its managing director told Reuters on Monday. Air Deccan, launched over a year ago in Asi
Published 04 Jan, 2005 12:00am
Iraq taking control of oil security

Iraq taking control of oil security

Iraq has taken over the protection of its oil facilities from a South African contractor, a government statement said on Monday. The oil ministry has said it will not renew a post-war contract between the US-led and occupation authority and security compa
Published 04 Jan, 2005 12:00am
New JV aims for Chinese-made autos in US market

New JV aims for Chinese-made autos in US market

A partnership announced Monday US company plans to bring Chinese-made cars to the US market at prices 30 percent below those of comparable vehicles. The deal involves Visionary Vehicles LLC, a New York-based firm headed by Malcolm Bricklin - who brought t
Published 04 Jan, 2005 12:00am
Anil Ambani quits IPCL in new Reliance saga twist

Anil Ambani quits IPCL in new Reliance saga twist

India's Reliance feud took another turn as younger brother Anil Ambani quit as vice-chairman and director of group affiliate Indian Petrochemicals Corporation Ltd, a Reliance official said on Monday. Anil Ambani, only appointed IPCL vice-chairman last Apr
Published 04 Jan, 2005 12:00am
Bangladeshi taka under pressure on import needs

Bangladeshi taka under pressure on import needs

The Bangladeshi taka came under pressure on Monday because of demand for the US dollar for import payments, dealers said. The taka was quoted at 59.72/62.07 per dollar, against 59.72/61.78 on Sunday, a working day in Bangladesh. "Only a few deals were set
Published 04 Jan, 2005 12:00am
Indian rupee bounces back to end slightly lower

Indian rupee bounces back to end slightly lower

The Indian rupee ended slightly lower on Monday, shaking off early weakness as a stock market surge kept foreign investment coming in. The unit closed at 43.4700/4800 per dollar, bouncing back from the day's low of 43.65 to end only marginally below Frida
Published 04 Jan, 2005 12:00am
Kenyan shilling ends slightly higher

Kenyan shilling ends slightly higher

The Kenyan shilling closed slightly higher against the US dollar in choppy trade on Monday, after falling sharply at the opening of the first day of trading in 2005 as dealers covered year-end positions. The shilling closed the day at 78.40/60 to the doll
Published 04 Jan, 2005 12:00am
Philippine central bank says may hold off on rate rise

Philippine central bank says may hold off on rate rise

Philippine central bank Governor Rafael Buenaventura said on Monday the bank could keep short-term interest rates steady at next week's policy meeting although it remained alert to inflationary pressures. The central bank said last month it would implemen
Published 04 Jan, 2005 12:00am
Euro takes hit on broad dollar rally at start of 2005

Euro takes hit on broad dollar rally at start of 2005

The euro bore the brunt of a broad-based dollar rally on Monday, the first trading session of 2005, shedding nearly one percent on technical factors and the adjustment of positions in thin trade. The euro's decline dragged the Japanese yen and sterling do
Published 04 Jan, 2005 12:00am
Sri Lankan rupee strengthens

Sri Lankan rupee strengthens

The Sri Lanka rupee strengthened on Monday on hopes of increased dollar inflows to the country as aid for relief and rebuilding of tsunami-affected areas, dealers said. The government has estimated the total cost of damage to infrastructure and property t
Published 04 Jan, 2005 12:00am
Asian currencies: Singapore dollar weakens on slowing growth

Asian currencies: Singapore dollar weakens on slowing growth

The Singapore dollar lost a third of a percent on Monday after weaker-than-expected economic growth data fuelled speculation the central bank may ease its monetary policy and restrict currency gains to bolster exports. The Singapore dollar weakened to abo
Published 04 Jan, 2005 12:00am
Swiss franc falls against dollar in thin trade

Swiss franc falls against dollar in thin trade

The Swiss franc started the new year lower against the US dollar early on Monday, as the greenback rallied against major currencies in thin trading after the year-end holidays. The dollar climbed to 1.1497/02 francs in early trading, from 1.1328/32 francs
Published 04 Jan, 2005 12:00am
Hong Kong dollar eases, forward discounts narrow on short covering

Hong Kong dollar eases, forward discounts narrow on short covering

The Hong Kong dollar fell on Monday and discounts on longer-dated forwards edged off morning lows as players covered short (US dollar) positions following a broad-based rebound for the greenback, dealers said. The local currency was trading at 7.7782/84 p
Published 04 Jan, 2005 12:00am
Taiwan dollar ends at new four-year high

Taiwan dollar ends at new four-year high

The Taiwan dollar ended at a fresh 4-year high on Monday on US dollar sales by exporters and foreign fund inflows, but a US dollar rebound overseas and central bank intervention trimmed gains, dealers said. The Taiwan dollar closed at T$31.845, down from
Published 04 Jan, 2005 12:00am
US soldier killed in Afghanistan

US soldier killed in Afghanistan

A US soldier was killed and three others were wounded in a firefight with militants in Eastern Afghanistan on Monday, a military spokesman said. The militants had detonated two improvised explosive devices before opening fire on the US troops in an attack
Published 04 Jan, 2005 12:00am
North Korea sold arms to Philippine rebels

North Korea sold arms to Philippine rebels

North Korea sold some 10,000 rifles to the largest Muslim rebel group in the Philippines from 1999 to 2000 and also tried to export small submarine vessels, a Japanese newspaper said on Monday. The arms deal between North Korea and the Moro Islamic Libera
Published 04 Jan, 2005 12:00am
Cuba resumes ties with 8 EU countries

Cuba resumes ties with 8 EU countries

The Cuban government announced Monday it was renewing diplomatic contacts with eight European Union countries that have stopped inviting dissidents to official embassy functions. "Cuba has taken the decision to re-establish official contacts with the amba
Published 04 Jan, 2005 12:00am
Annan names new chief of staff, reform push seen

Annan names new chief of staff, reform push seen

UN Secretary-General Kofi Annan has chosen the head of the UN Development Programme as his new chief of staff, who will be looked at to help push through reforms as the global body faces corruption allegations and strained relations with Washington. Mark
Published 04 Jan, 2005 12:00am
Abbas says he won't confront Palestinian militants

Abbas says he won't confront Palestinian militants

Palestinian leader Mahmoud Abbas said in a presidential campaign speech on Monday he would never take up arms against militant groups whose dismantlement is part of a US-sponsored peace "road map". "They are freedom fighters ... and should live a dignifie
Published 04 Jan, 2005 12:00am
Jewish settlers warn of army mutiny over pullout

Jewish settlers warn of army mutiny over pullout

Thousands of Israeli soldiers could disobey orders to evacuate Jewish settlers under a Gaza pullout plan, settler leaders said on Monday in comments Prime Minister Ariel Sharon's deputy called exaggerated. "I think the phenomenon could reach these proport
Published 04 Jan, 2005 12:00am
India to maintain troop numbers at Nathu La

India to maintain troop numbers at Nathu La

India will maintain the number of troops it has at the Nathu La pass on the country's border with China despite a decision by the two Asian giants to open the route for trade, a report said Monday. "Plans are afoot to set up trade infrastructure at Nathu
Published 04 Jan, 2005 12:00am
Chinese population to hit 1.3 billion

Chinese population to hit 1.3 billion

The population in China, the world's most populous nation, will officially hit 1.3 billion this week, the state-run Xinhua news agency said Monday, citing government figures. The country's population has been close to 1.3 billion of the world's more than
Published 04 Jan, 2005 12:00am
Uri party chief quits over communism law

Uri party chief quits over communism law

The leader of South Korea's ruling Uri Party resigned on Monday over his party's failure to scrap an anti-communism law by the end of 2004. The National Security Law includes sweeping criminal provisions to ban contacts with North Koreans and any form of
Published 04 Jan, 2005 12:00am
US planes violate Iranian airspace

US planes violate Iranian airspace

US warplanes flying out of bases in Afghanistan and Iraq have committed a string of violations of Iranian airspace, Iranian press reports said Monday. According to the Aftab newspaper, the latest violation came on Saturday when a US fighter flew at low al
Published 04 Jan, 2005 12:00am
Gulf states fear prospect of Shia victory in Iraq

Gulf states fear prospect of Shia victory in Iraq

The likely prospect of a Shia victory in this month's landmark Iraqi elections is making the oil-rich Gulf monarchies apprehensive, fearing Tehran's growing influence in the region. Concerns were voiced last month by Jordan's King Abdullah II, who in an i
Published 04 Jan, 2005 12:00am
German scientists announce new HIV treatment

German scientists announce new HIV treatment

German scientists announced on Monday that they have developed a new treatment for HIV that was useful in targeted mutated strains of the AIDS virus that have become impervious to drugs. The scientists, from the Heinrich Pette Institute in Hamburg and Nur
Published 04 Jan, 2005 12:00am
Bush taps father and Clinton, to raise aid

Bush taps father and Clinton, to raise aid

President George W. Bush announced Monday that former presidents George Bush and Bill Clinton will spearhead efforts to raise private US money for nations struck by the Indian Ocean tsunami disaster. "The greatest source of America's generosity is not our
Published 04 Jan, 2005 12:00am
Iran claims 'win' over National Geographic in map row

Iran claims 'win' over National Geographic in map row

Iran's foreign minister has boasted of scoring a "victory" over National Geographic after the US magazine agreed to remove a reference to the "Arabian Gulf" and stick with the "Persian Gulf" in its atlas. "National Geographic's climbdown and correction of
Published 04 Jan, 2005 12:00am
Activists warn of possible rape of survivors

Activists warn of possible rape of survivors

Women activists on Monday urged Sri Lankan authorities to step up protection for tsunami survivors amid unconfirmed reports some had been molested or even gang raped at refugee shelters. The rights group, Women and Media Collective, urged stepped up prote
Published 04 Jan, 2005 12:00am
Helicopters and elephants help tsunami survivors

Helicopters and elephants help tsunami survivors

Relief workers flew helicopters and cajoled elephants to find and feed survivors and shift the rubble of razed towns on Monday, eight days after tsunamis changed the map of Asia. Aid workers struggled to help thousands huddled in makeshift camps in Indone
Published 04 Jan, 2005 12:00am
Dollar may get break in 2005 as reserve shift slows

Dollar may get break in 2005 as reserve shift slows

Central banks are expected to continue building up their euro-denominated reserves this year, but if they rise at a slower pace than in 2004, the dollar's broad rate of depreciation may slow, analysts said. The long process of central banks diversifying t
Published 04 Jan, 2005 12:00am
Dollar starts 2005 on upbeat note

Dollar starts 2005 on upbeat note

The dollar started 2005 on an upbeat note on Monday, rising to a one-week high against the euro in light holiday trade on expectations of a firm batch of US economic data this week. However, most analysts say persistent imbalances in the US economy will l
Published 04 Jan, 2005 12:00am
Monday's unofficial close: US stocks slip as employment data disappoints

Monday's unofficial close: US stocks slip as employment data disappoints

Stocks slipped on Monday, reversing an early rally, after disappointing US employment data rekindled investor worries about weak economic growth and lacklustre corporate profits. Technology stocks were also hurt by a brokerage downgrade of network compute
Published 04 Jan, 2005 12:00am
Oil prices down 3 percent as US winter stays mild

Oil prices down 3 percent as US winter stays mild

Oil prices slid 3 percent on Monday on expectations that more mild US weather at the start of the New Year will limit heating oil demand. Oil futures on the New York Mercantile Exchange settled down $1.33 to $42.12 a barrel after hitting a low of $41.25 d
Published 04 Jan, 2005 12:00am
Oil prices down 3 percent as US winter stays mild

Oil prices down 3 percent as US winter stays mild

Oil prices slid 3 percent on Monday on expectations that more mild US weather at the start of the New Year will limit heating oil demand. Oil futures on the New York Mercantile Exchange settled down $1.33 to $42.12 a barrel after hitting a low of $41.25 d
Published 04 Jan, 2005 12:00am
New York cotton retreats on speculative selling

New York cotton retreats on speculative selling

Cotton futures ended down from prior one-month highs on Monday on speculative and local selling that was met only part-way by trade buying at lower prices, dealers said. The New York Board of Trade's March cotton contract slipped 0.65 cent to end at 44.12
Published 04 Jan, 2005 12:00am
US MIDDAY: coffee futures dip on speculative selling

US MIDDAY: coffee futures dip on speculative selling

Arabica coffee futures retreated in the first trading session of the new year amid speculative selling on a lack of follow-through fund buying, while the absence of London robusta trading curbed volume. The New York Board of Trade's benchmark March contra
Published 04 Jan, 2005 12:00am
US MIDDAY: cocoa lower on weak technical signals

US MIDDAY: cocoa lower on weak technical signals

New York cocoa futures slumped to near a two-month low in the first session of the new year on Monday, depressed by a late round of fund selling on weak technical signals, dealers said. The New York Board of Trade's benchmark March cocoa contract fell $20
Published 04 Jan, 2005 12:00am
US MIDDAY: wheat down on export news

US MIDDAY: wheat down on export news

Wheat futures at the Chicago Board of Trade were lower at midmorning Monday on a technical setback from Thursday's late rally, traders said. Sharp declines in CBOT soybeans added pressure, along with improved forecasts for US wheat areas and a lack of exp
Published 04 Jan, 2005 12:00am
US MIDDAY: corn drops on technical setback

US MIDDAY: corn drops on technical setback

Chicago Board of Trade corn futures dropped to 3-week lows early on Monday on a technical setback from Thursday's rally and on persistent weight from the record global stockpile of feedgrains, traders said. At 10:24 am CST (1624 GMT), CBOT corn was down 1
Published 04 Jan, 2005 12:00am
US MIDDAY: soyabeans fall on technical setback

US MIDDAY: soyabeans fall on technical setback

Soyabean futures at the Chicago Board of Trade fell to a three-week low by Monday's midsession on a technical setback from Thursday's late rally on year-end positioning, traders said. Also bearish were widely scattered rains in Brazil's top soya growing r
Published 04 Jan, 2005 12:00am
US MIDDAY: copper sets contract high on fund buying

US MIDDAY: copper sets contract high on fund buying

New York copper futures opened with strong gains on Monday, hitting a new contract high, as funds bought the red metal to catch up with Friday's rally in London, brokers said. New York metal markets were closed on Friday for the New Year's holiday, which
Published 04 Jan, 2005 12:00am
US MIDDAY: gold prices slide on economic data

US MIDDAY: gold prices slide on economic data

Gold prices hit two-month lows below $430 an ounce before paring losses early Monday, as a firmer dollar, lower oil price and the holiday absence of some investors in London and Tokyo pressured the metal. On the COMEX division of the New York Mercantile E
Published 04 Jan, 2005 12:00am
Expatriates support President for retaining uniform

Expatriates support President for retaining uniform

The Overseas Pakistanis, especially in Saudi Arabia, have supported President General Pervez Musharraf' s decision for retaining the office of Chief of the Army Staff in the larger national interest of Pakistan. These views were expressed by the Vice Pres
Published 04 Jan, 2005 12:00am
Doctor brothers detention extended

Doctor brothers detention extended

The detention of Dr Akmal Waheed and Arshad Waheed was extended from January 01 to 30, 2005, says an order passed by the Sindh Home Secretary and placed before a division bench of High Court of Sindh (SHC) comprising Justice Sarmad Jalal Osmany and Justic
Published 04 Jan, 2005 12:00am
Partly Facetious: majority couldn't careless

Partly Facetious: majority couldn't careless

"So the rallies against President Musharraf's decision to hold two offices have been not that successful, if one analyses them on the basis of participation numbers that is." "Before you start saying this is because the majority of the people are in favou
Published 04 Jan, 2005 12:00am
President's speech

President's speech

President's speech has once for all finished the uncertainty of the 'Uniform to be or not be' much to the relief of the vast majority. He is right when he says that it is the constitution that has allowed him to retain the uniform and that he will not do
Published 04 Jan, 2005 12:00am
Cricket debacle

Cricket debacle

The two humiliating defeats that our cricket team has suffered in Australia must be an eye-opener for the people at the helm in the PCB. The PCB Chairman hired Woolmer & Co at fabulous salaries at the behest of Ramiz Raja, his onetime CEO. Mind you Ramiz'
Published 04 Jan, 2005 12:00am
Sales tax auditors

Sales tax auditors

I quite agree that the sole purpose of the sales tax auditor is bribery, corruption, extortion and black mail. There is no transparency or accountability. The appellate tribunal is an arm of the sales tax customs and CBR department who give decisions 99%
Published 04 Jan, 2005 12:00am
Stagnant Myanmar economy frozen in time

Stagnant Myanmar economy frozen in time

After a conspiratorial glance over the shoulder to make sure he is not overheard, Hakim, a Myanmar Muslim, leans over his beer to deliver a whispered verdict on his country's military government. "Saddam Hussein -- he great big bastard. In my country, the
Published 04 Jan, 2005 12:00am
Takaful insurance business

Takaful insurance business

The astonishing results of the underestimated Islamic banking in Pakistan have compelled the decision-makers of normal interest-based banks to dedicate one of their branches as an Islamic Bank. With such a widespread appreciation from the general public i
Published 04 Jan, 2005 12:00am
End this farce

End this farce

The local bodies system being his pet project, President General Pervez Musharraf presided over a special meeting on it, attended by Prime Minister Shaukat Aziz along with the provincial chief ministers and some others concerned, in Islamabad on December
Published 04 Jan, 2005 12:00am
Holistic approach for poverty reduction

Holistic approach for poverty reduction

Poverty alleviation appears to be the most favourite topic in Pakistan these days. Addressing the first council of Workers, Employers Bilateral Council of Pakistan (WE-BCOP) on 27th December, President Musharraf enumerated a host of initiatives being unde
Published 04 Jan, 2005 12:00am
Iran to boycott Iraq neighbours meeting in Amman

Iran to boycott Iraq neighbours meeting in Amman

Iran said on Monday its foreign minister would boycott a meeting of Iraq's neighbours in Jordan, saying it was an attempt to influence elections in Iraq and that Jordan was plotting to restore its Hashemite monarchy there. Jordan has invited the foreign m
Published 04 Jan, 2005 12:00am
Turkey eyes better US, Israel ties after tensions

Turkey eyes better US, Israel ties after tensions

Turkey kicked off the new year on Monday with a drive to mend diplomatic fences with two key allies, welcoming the US deputy secretary of state to Ankara and sending Foreign Minister Abdullah Gul to Israel. Turkey's relations with Nato ally the United Sta
Published 04 Jan, 2005 12:00am
Iraq battling more than 200,000 insurgents: intelligence chief

Iraq battling more than 200,000 insurgents: intelligence chief

Iraq's insurgency counts more than 200,000 active fighters and sympathisers, the country's national intelligence chief told AFP, in the bleakest assessment to date of the armed revolt waged by Sunni Muslims. "I think the resistance is bigger than the US m
Published 04 Jan, 2005 12:00am
Putin strips Yukos critic of his duties with G7

Putin strips Yukos critic of his duties with G7

Russian President Vladimir Putin has stripped a senior adviser who sharply criticised the government's treatment of oil giant Yukos of his role as presidential representative to the Group of Seven nations, the Kremlin announced Monday. It said Andrei Illa
Published 04 Jan, 2005 12:00am
Former Taiwan negotiator with China dies

Former Taiwan negotiator with China dies

Koo Chen-fu, Taiwan's top negotiator with China and a prominent business tycoon, died of cancer on Monday, prompting Beijing to offer its condolences and hark back to an era of less strained cross Strait ties. Koo was 87. Analysts said Koo's death made fr
Published 04 Jan, 2005 12:00am
Egypt calls for Israel pullback to 2000 lines

Egypt calls for Israel pullback to 2000 lines

Egypt called on Monday for a complete Israeli withdrawal from Gaza to the positions they held before the outbreak of the Palestinian uprising in 2000, so that legitimate Palestinian elections can take place on January 9. "The aim Egypt is working for is t
Published 04 Jan, 2005 12:00am
Prominent Iranian, reformist join presidential race

Prominent Iranian, reformist join presidential race

Top Iranian conservative Ali Larijani announced Monday that he was entering the race to become the Islamic republic's next president, while a report said top pro-reform cleric Mehdi Karoubi would also be standing. Larijani, 47, is also a former head of Ir
Published 04 Jan, 2005 12:00am
Tons of explosives used in Riyadh suicide car bombings: ministry

Tons of explosives used in Riyadh suicide car bombings: ministry

Tons of explosive materials were used in last week's twin suicide bombings in Riyadh, Saudi Arabia's interior ministry said Monday. The vehicle used in the December 29 attack on the interior ministry building was a car "laden with around 1.5 tons of explo
Published 04 Jan, 2005 12:00am
Six on trial in Paris over US embassy attack plot

Six on trial in Paris over US embassy attack plot

A French-Algerian and five other men suspected of plotting to blow up the US embassy in Paris went on trial on Monday in a French court, charged with criminal conspiracy aimed at committing an act of terrorism. Djamel Beghal, who is suspected of having li
Published 04 Jan, 2005 12:00am
Oman to host environmental tourism conference

Oman to host environmental tourism conference

Oman will next month host an international conference on environmental tourism as part of the sultanate's drive to promote itself as a holiday destination, officials said Monday. The four-day gathering, to open February 5, will be held in association with
Published 04 Jan, 2005 12:00am
Zapatero dismisses Basque autonomy plan

Zapatero dismisses Basque autonomy plan

Spanish Prime Minister Jose Luis Rodriguez Zapatero said on Monday he intended to tell Basque premier Juan Jose Ibarretxe he would not accept his plan for the region to attain virtual independence from Madrid. Zapatero has been under pressure to act again
Published 04 Jan, 2005 12:00am
ST&IT signs MoU with two firms for online services

ST&IT signs MoU with two firms for online services

The Science Technology and Information Technology (ST&IT) department on Monday signed agreements with two firms awarding them the contracts regarding online litigation management system of service tribunal, Peshawar and computerisation of police stations
Published 04 Jan, 2005 12:00am
Government urged to allow exhibition of Indian films

Government urged to allow exhibition of Indian films

Cinema Owners Association Lahore has demanded of the government to allow exhibition of Indian films in Pakistan without any further delay so as to rescue the sick Pakistani cinema industry. Addressing a news conference at Lahore Press Club on Monday, Pres
Published 04 Jan, 2005 12:00am
Businessmen Forum pinpoints 'illegalities' in FPCCI

Businessmen Forum pinpoints 'illegalities' in FPCCI

The Businessmen Forum (BF) has drawn the attention of the government of Pakistan towards "illegalities" being perpetrated in the Federation of Pakistan Chambers of Commerce and Industry (FPCCI). Businessmen Forum spokesman Captain A.Rashid Abro, in a stat
Published 04 Jan, 2005 12:00am
Hira Textile TFCs assigned 'A-' rating

Hira Textile TFCs assigned 'A-' rating

JCR-VIS Credit Rating Company Limited (JCR-VIS) has assigned final medium- to long-term rating of 'A-' (A minus) to the proposed TFCs of Rs 350 million (including a green shoe option of Rs 100 million) to be issued by Hira Textile Mills Limited after exam
Published 04 Jan, 2005 12:00am
Hira Textile TFCs assigned 'A-' rating

Hira Textile TFCs assigned 'A-' rating

JCR-VIS Credit Rating Company Limited (JCR-VIS) has assigned final medium- to long-term rating of 'A-' (A minus) to the proposed TFCs of Rs 350 million (including a green shoe option of Rs 100 million) to be issued by Hira Textile Mills Limited after exam
Published 04 Jan, 2005 12:00am
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