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Jun 16, 2024 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Print - 2005-01-09
Citi's China partner posts 23 percent net profit climb

Citi's China partner posts 23 percent net profit climb

Pudong Bank, part-owned by US financial giant Citigroup Inc, posted on Saturday a net profit rise of 23 percent in 2004 despite slowing loans growth due to nation-wide credit curbs. Pudong Development Bank, the country's third most valuable lender, earned
Published 09 Jan, 2005 12:00am
Citi's China partner posts 23 percent net profit climb

Citi's China partner posts 23 percent net profit climb

Pudong Bank, part-owned by US financial giant Citigroup Inc, posted on Saturday a net profit rise of 23 percent in 2004 despite slowing loans growth due to nation-wide credit curbs. Pudong Development Bank, the country's third most valuable lender, earned
Published 09 Jan, 2005 12:00am
Enron former directors agree to $168 million settlement

Enron former directors agree to $168 million settlement

Some of Enron Corp's former directors have agreed to a $168 million settlement of a shareholder lawsuit over the collapse of the energy trading company, the lead plaintiff in the case said on Friday. The directors will pay more than $13 million of their o
Published 09 Jan, 2005 12:00am
Enron former directors agree to $168 million settlement

Enron former directors agree to $168 million settlement

Some of Enron Corp's former directors have agreed to a $168 million settlement of a shareholder lawsuit over the collapse of the energy trading company, the lead plaintiff in the case said on Friday. The directors will pay more than $13 million of their o
Published 09 Jan, 2005 12:00am
Toyota's gesture

Toyota's gesture

Formula One team Toyota are to open their factory in Germany for the first time to the public to raise funds for the victims of the tsunami that ravaged Asia killing over 156,000 people. "We were really shocked by the tsunamis," said Toyota Motorsport dir
Published 09 Jan, 2005 12:00am
Siemens to shed more than 1,000 Munich jobs

Siemens to shed more than 1,000 Munich jobs

German industrial conglomerate Siemens will cut more than a thousand jobs at its Munich plant, the Frankfurter Allgemeine Sonntagszeitung reported on Saturday, without naming a source. The cuts will mainly come at the Munich-based company's largest unit,
Published 09 Jan, 2005 12:00am
Siemens to shed more than 1,000 Munich jobs

Siemens to shed more than 1,000 Munich jobs

German industrial conglomerate Siemens will cut more than a thousand jobs at its Munich plant, the Frankfurter Allgemeine Sonntagszeitung reported on Saturday, without naming a source. The cuts will mainly come at the Munich-based company's largest unit,
Published 09 Jan, 2005 12:00am
Malaysia announces rules to boost bond trading

Malaysia announces rules to boost bond trading

Malaysia's central bank announced on Friday new rules to boost trading of local currency bonds, including borrowing government debt from pension funds and insurance firms for repo operations. "By "freeing" the captive holding of MGS (Malaysian Government
Published 09 Jan, 2005 12:00am
Malaysia announces rules to boost bond trading

Malaysia announces rules to boost bond trading

Malaysia's central bank announced on Friday new rules to boost trading of local currency bonds, including borrowing government debt from pension funds and insurance firms for repo operations. "By "freeing" the captive holding of MGS (Malaysian Government
Published 09 Jan, 2005 12:00am
German 2004 borrowing less than expected

German 2004 borrowing less than expected

Net new borrowing by Germany's federal government in 2004 will be less than the projected record high of 43.5 billion euros ($57.6 billion), a government source told Reuters on Saturday. Borrowing could even come in at less than 40 billion euros, said the
Published 09 Jan, 2005 12:00am
Bush urges Americans to contribute

Bush urges Americans to contribute

President George W. Bush Saturday urged Americans to contribute to charities responding to the tsunami disaster, saying he had extended a tax benefit for Americans who support such groups. The world is "seeing the good heart of America in an outpouring of
Published 09 Jan, 2005 12:00am
Power cuts halt Iraq's oil exports

Power cuts halt Iraq's oil exports

Power cuts have halted Iraq's crude oil exports from its southern Gulf terminals and saboteurs blew up domestic crude and gas pipelines in northern Iraq, shipping sources and officials said on Saturday. Loadings at the southern Basra oil terminals stopped
Published 09 Jan, 2005 12:00am
UBS investment bank aims to be global leader by 2008

UBS investment bank aims to be global leader by 2008

UBS aims to become the world's most profitable investment bank by 2008, the group's investment banking chairman told the Saturday edition of the Finanz und Wirtschaft newspaper. Asked when the world's seventh-largest bank by market capitalisation aimed to
Published 09 Jan, 2005 12:00am
World Bank to hand out $1.5 billion tsunami aid: Wolfensohn

World Bank to hand out $1.5 billion tsunami aid: Wolfensohn

The World Bank could hand out up to $1.5 billion in tsunami aid if need be, bank President James Wolfensohn said on Saturday, but cautioned he was "wildly concerned" about how funds are spent. Wolfensohn, who is visiting Sri Lanka and earlier toured the t
Published 09 Jan, 2005 12:00am
Software AG targets 4-6 percent growth

Software AG targets 4-6 percent growth

Germany's Software AG aims for 4-6 percent currency-adjusted growth in sales this year, the company's chief executive was quoted as saying in a German newspaper on Saturday. Karl-Heinz Streibich told Boersen-Zeitung that licence sales in the fourth quarte
Published 09 Jan, 2005 12:00am
LG Electronics sees 2005 sales growing higher than estimates

LG Electronics sees 2005 sales growing higher than estimates

South Korea's top home appliance maker, LG Electronics Inc., said on Saturday it was targeting 2005 sales to grow by a fifth to 30 trillion won ($28 billion), higher than analysts' expectations. The world's fifth-largest mobile phone maker also plans to b
Published 09 Jan, 2005 12:00am
Real-life problems solved in new IBM ads

Real-life problems solved in new IBM ads

IBM, the world's largest computer company, is putting a human face on the services it offers in a new US brand campaign illustrating how technology can help doctors, lawmakers and young schoolgirls alike. Six new television commercials feature a "help des
Published 09 Jan, 2005 12:00am
India eases lending norms for victims

India eases lending norms for victims

India's central bank eased rules for lending money to tsunami victims on Saturday and advised banks to do more to provide financial aid in affected areas. The Reserve Bank of India has allowed banks to lend 5,000 rupees ($114) without any collateral to in
Published 09 Jan, 2005 12:00am
China wheat cargo

China wheat cargo

France hopes its first shipment of wheat to China in a decade will pave the way for more sales to the world's seventh-largest economy, starting with as much as 2 million tonnes from its bumper 2004 crop. But it may first have to edge out the United States
Published 09 Jan, 2005 12:00am
Malaysian tin up

Malaysian tin up

Malaysia's tin price rose 3.5 percent on Friday after buyers returned to lend some technical support to a market hit by heaving selling, dealers said. Spot tin on the Kuala Lumpur Tin Market ended up $250 at $7,490 a tonne, on a turnover of 65 tonnes. It
Published 09 Jan, 2005 12:00am
Thai rice futures rise further

Thai rice futures rise further

Thai rice futures rose for the second consecutive session on Friday, tracking physical prices, boosted by tight supply and strong demand, brokers said. Overall volume dropped as 209 contracts of 5 percent white rice were traded compared to Thursday's 268.
Published 09 Jan, 2005 12:00am
Thai rubber futures end flat in thin trading

Thai rubber futures end flat in thin trading

Thai rubber futures ended flat in light trade on Friday as players adjusted positions in the absence of fresh incentives, brokers said. Overall volume was very thin as 35 contracts of ribbed smoked sheet number three (RSS 3) were traded compared to Thursd
Published 09 Jan, 2005 12:00am
African cotton farmers urged to improve quality

African cotton farmers urged to improve quality

African cotton producers need to improve output and raise quality to compete in the world market, an industry official said Friday. Gerald Estur of the International Cotton Advisory Committee told the US Beltwide Cotton Conference the productivity gap bet
Published 09 Jan, 2005 12:00am
UK sugar plant plans ethanol unit

UK sugar plant plans ethanol unit

British Sugar's largest UK sugar factory has filed a planning application to build an ethanol plant on a site in eastern England, its manager said on Friday. Melvyn Mallott, manager of the Wissington sugar factory near Cambridge, said British Sugar, which
Published 09 Jan, 2005 12:00am
Shanghai copper weakens

Shanghai copper weakens

Most Shanghai copper futures contracts ended down in quiet trade on Friday, pressured by weaker London metals prices and rising domestic supply. The most active March copper contract closed at 28,420 yuan per tonne, down 50 yuan from Thursday's close. The
Published 09 Jan, 2005 12:00am
Indian sugar prices dip on government move to hike supply

Indian sugar prices dip on government move to hike supply

Sugar prices in India, the world's largest consumer, fell about 4 percent on Friday after the government said it would release an additional 400,000 tonnes of stocks for the current quarter. The decline was also helped by market talk that India might cons
Published 09 Jan, 2005 12:00am
Soybean futures rally

Soybean futures rally

Soybean futures at the Chicago Board of Trade rallied more than 10 cents per bushel in the nearby months on Friday on firm cash markets as values at the US export market were strong, traders said. CIF values at the US Gulf Coast held firm early on Friday,
Published 09 Jan, 2005 12:00am
CBOT rice firm on technical strength

CBOT rice firm on technical strength

Chicago Board of Trade rough rice futures closed higher on Friday on light commercial demand and technical buying by commodity funds, traders said. Rough rice closed up 5 to 25 cents per hundredweight, with January up 5 cents at $7.11 and most-active Marc
Published 09 Jan, 2005 12:00am
New York gold ends at 2-3/4-month low on weaker euro

New York gold ends at 2-3/4-month low on weaker euro

US gold futures closed at their lowest since mid-October on Friday amid speculative selling sparked by a jump in the dollar against the euro after traders shrugged off a weaker-than-expected US payrolls report. Trading sources said gold fell as the euro t
Published 09 Jan, 2005 12:00am
Sugar tumbles on fund and speculative selling

Sugar tumbles on fund and speculative selling

Raw sugar futures finished Friday with sharp losses when changes in large fund indexes pressured prices at day's end, sparking stop-loss sell orders on the way down, traders said. Early producer selling pushed prices down, but was met with speculative sup
Published 09 Jan, 2005 12:00am
Brazil's soya crop seen in good state

Brazil's soya crop seen in good state

An estimated 79 percent of Brazil's soyabean area is in good condition, compared with 82 percent in the last survey two weeks ago, private consultant Agencia Rural said on Friday. Crops in normal condition rose to 18 percent, from 16 percent, while fields
Published 09 Jan, 2005 12:00am
FOB Gulf soyabean higher, corn steady

FOB Gulf soyabean higher, corn steady

US Gulf FOB soyabean basis offers were sharply higher amid talk of fresh export sales and tight supplies, while corn was steady, traders said. Traders said there was a pick up in corn and soyabean movement, which weighed on prices in the CIF barge market,
Published 09 Jan, 2005 12:00am
Cotton prices move up on short supply fears

Cotton prices move up on short supply fears

Prices went up on the local market on Saturday cotton buying accelerated on anticipation of short supply, dealers said. The official spot rate was sharply higher by Rs 75 to Rs 2000 without upcountry expense. Phutti prices moved up at Rs 785-920 in Sindh,
Published 09 Jan, 2005 12:00am
Technical strength ups wheat futures

Technical strength ups wheat futures

Chicago Board of Trade wheat futures closed mostly higher on Friday on short-covering amid bullish technical signals, traders said. CBOT wheat ended 1 cent per bushel lower to 2 cents higher, with March up 1-1/2 cents at $3.09-3/4. March pushed through ch
Published 09 Jan, 2005 12:00am
No business on grain market due to strike

No business on grain market due to strike

No business transactions were seen on the local grain market on Saturday as several traders unwillingly kept their shutters down due to transporters strike in the city, dealers said. So, Grain and seeds merchants group did not issue its release and, there
Published 09 Jan, 2005 12:00am
Brazilian sugar vessels line-up rises

Brazilian sugar vessels line-up rises

The line-up of vessels waiting to load sugar in Brazil's ports rose to 45 from 41 last week, shipping agent Williams said on Thursday. In a weekly report, it said 30 vessels were lined up in the southern port of Santos, up from 26 last week. At Maceio in
Published 09 Jan, 2005 12:00am
Ships resume moving on Houston Channel

Ships resume moving on Houston Channel

Ships resumed moving through the Houston Ship Channel late on Friday afternoon as dense fog dissipated along the 53-mile (85 kilometer) waterway to the busiest US petrochemical port, according to the Houston Ship Pilots Association. Pilots are required to
Published 09 Jan, 2005 12:00am
Chinese ports jammed as iron ore arrives

Chinese ports jammed as iron ore arrives

Ports in north and east China are jammed by ships carrying iron ore, with vessels waiting as long as two weeks before being allowed to berth, industry and port officials said on Friday. The frequent arrivals are partly due to buyers wanting to get in thei
Published 09 Jan, 2005 12:00am
Shenzhen container port traffic up

Shenzhen container port traffic up

Sea container traffic through Shenzhen rose 28 percent in 2004, buoyed by China's strong export growth, cementing its position as the world's fourth busiest port and underling the threat it poses to adjacent Hong Kong. The growth rate matches that of riva
Published 09 Jan, 2005 12:00am
Singapore bunker fuel prices rise

Singapore bunker fuel prices rise

Singapore bunker prices rose, tracking higher cargo values, traders said on Friday. Bunker fuel of 380-centistoke (cst) grade was pegged at $169-$171 a tonne, up $9 from the previous day as the premium to cargo levels improved by $1.38 to $6.00 a tonne. T
Published 09 Jan, 2005 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 44,982 tonnes of cargo including 28,783 tonnes import and 16,199 tonnes export cargo during last 24 hours ending at 0700 hours on Saturday. The cargo comprised of 28,185 tonnes dry cargo including 23,480 tonnes general cargo; 590
Published 09 Jan, 2005 12:00am
Dollar watchers say rally to continue in near term

Dollar watchers say rally to continue in near term

The dollar's "New Year" rally will continue at least in the near term, analysts and traders said on Friday, owing to its recent surge through key chart levels and remarks from US Treasury Secretary John Snow. A majority in the forex market still expect th
Published 09 Jan, 2005 12:00am
Dollar rallies broadly, aided by Snow remarks

Dollar rallies broadly, aided by Snow remarks

The dollar sprang higher across the board on Friday in a technically-driven rally that gained momentum after remarks by US Treasury Secretary John Snow, traders said. The currency erased earlier losses sparked by lower-than-expected US jobs growth in Dece
Published 09 Jan, 2005 12:00am
Indian foreign exchange reserves rise

Indian foreign exchange reserves rise

India's foreign exchange reserves rose to $131.178 billion on December, 31 from $131.015 billion a week earlier, the Reserve Bank of India said in its weekly statistical supplement on Saturday. The central bank said foreign currency assets expressed in US
Published 09 Jan, 2005 12:00am
Brazilian real posts gains

Brazilian real posts gains

The local currency, the real, gained 0.37 percent to 2.712 per dollar on Friday for the first time this week, thanks to the weak US payroll data that eased fears of faster rate hikes by the Federal Reserve and also due to strong inflows from abroad. The w
Published 09 Jan, 2005 12:00am
IMM speculators trim net long position of euro

IMM speculators trim net long position of euro

Currency speculators in the Chicago futures market pared back their net euro long position in the week ended Jan. 4, data from the Commodity Futures Trading Commission showed on Friday. According to the CFTC data, euro futures speculators cut back net lon
Published 09 Jan, 2005 12:00am
Canadian dollar rises

Canadian dollar rises

The Canadian dollar shot higher on Friday as surprisingly strong domestic jobs growth for December and a weaker-than-expected US employment result combined to reverse the currency's four-day slide. Domestic bond prices fell as the strong jobs data prompte
Published 09 Jan, 2005 12:00am
US corporate bond market mostly unchanged

US corporate bond market mostly unchanged

Spreads in the corporate bond market ended mostly unchanged on Friday after jobs data failed to shake the benchmark Treasury market. "The market is firmly in a trading range," said Gregory Hahn, chief investment officer at 4086 Advisors Inc. based in Carm
Published 09 Jan, 2005 12:00am
US corporate bond market mostly unchanged

US corporate bond market mostly unchanged

Spreads in the corporate bond market ended mostly unchanged on Friday after jobs data failed to shake the benchmark Treasury market. "The market is firmly in a trading range," said Gregory Hahn, chief investment officer at 4086 Advisors Inc. based in Carm
Published 09 Jan, 2005 12:00am
Mexican stocks drop, America Movil weighs

Mexican stocks drop, America Movil weighs

Mexican stocks ended 1.97 percent lower on Friday, as investors cashed in profits on companies with strong gains in 2004, while the peso rallied on Moody's upgrade of the country's foreign currency ratings. The IPC benchmark stock index declined 250.14 po
Published 09 Jan, 2005 12:00am
Toronto stocks end lower, rattled by rate jitters

Toronto stocks end lower, rattled by rate jitters

Financial issues helped drag Toronto stocks to a lower close on Friday as surprisingly strong jobs data spurred speculation that the Bank of Canada could revive its campaign of interest-rate rises. The Toronto Stock Exchange S&P/TSX composite index fell 5
Published 09 Jan, 2005 12:00am
Emerging debt spreads narrow

Emerging debt spreads narrow

Emerging market sovereign bond spreads tightened moderately on Friday after the release of a US payrolls number that was lower than expected but not low enough to suggest a slowdown in the pace of Fed rate hikes. A smaller-than-expected 157,000 jobs were
Published 09 Jan, 2005 12:00am
Emerging debt spreads narrow

Emerging debt spreads narrow

Emerging market sovereign bond spreads tightened moderately on Friday after the release of a US payrolls number that was lower than expected but not low enough to suggest a slowdown in the pace of Fed rate hikes. A smaller-than-expected 157,000 jobs were
Published 09 Jan, 2005 12:00am
American credit market outlook

American credit market outlook

Drug distributors have taken it on the chin this week as the broader market has sold off, but traders are split about how the future looks for these credits, because the market as a whole is fickle now Wholesalers like Cardinal Health Inc and AmerisourceB
Published 09 Jan, 2005 12:00am
American credit market outlook

American credit market outlook

Drug distributors have taken it on the chin this week as the broader market has sold off, but traders are split about how the future looks for these credits, because the market as a whole is fickle now Wholesalers like Cardinal Health Inc and AmerisourceB
Published 09 Jan, 2005 12:00am
Chile stocks up as low prices offset energy woes

Chile stocks up as low prices offset energy woes

Chilean stocks rebounded on Friday after falling all week as investors took advantage of lower prices, but energy stocks were still suffering from the news Argentina was reducing natural gas supplies to Chile. The IPSA blue-chip index rose 0.79 percent to
Published 09 Jan, 2005 12:00am
Argentine stocks fall on debt swap caution

Argentine stocks fall on debt swap caution

Argentine stocks fell on Friday, resuming a downward tendency after a brief climb on Thursday, on investor caution ahead of the government's controversial debt swap later this month, traders said. The MerVal index of the 12 leading stocks fell 0.54 percen
Published 09 Jan, 2005 12:00am
Brazilian markets strengthen for first time this week

Brazilian markets strengthen for first time this week

Brazil markets strengthened on Friday for the first time this week thanks to weak US payroll data that eased fears of faster rate hikes by the Federal Reserve and also due to strong inflows from abroad. The Bovespa index of the Sao Paulo Stock Exchange ro
Published 09 Jan, 2005 12:00am
Canadian bonds slide on strong jobs

Canadian bonds slide on strong jobs

The Canadian bond prices fell on Friday, hurt by the strong jobs data and the influence of declining US Treasuries. "Initially you had bond yields moving up with the stronger than expected Canadian employment numbers which eliminated the possibility of ra
Published 09 Jan, 2005 12:00am
Canadian bonds slide on strong jobs

Canadian bonds slide on strong jobs

The Canadian bond prices fell on Friday, hurt by the strong jobs data and the influence of declining US Treasuries. "Initially you had bond yields moving up with the stronger than expected Canadian employment numbers which eliminated the possibility of ra
Published 09 Jan, 2005 12:00am
Treasuries slip as jobs data maintains Fed outlook

Treasuries slip as jobs data maintains Fed outlook

US government debt prices edged mostly lower on Friday as job growth in December was seen as sufficiently strong to allow Federal Reserve officials to keep raising interest rates. The monthly non-farm payrolls report can trigger dramatic swings in yields,
Published 09 Jan, 2005 12:00am
Treasuries slip as jobs data maintains Fed outlook

Treasuries slip as jobs data maintains Fed outlook

US government debt prices edged mostly lower on Friday as job growth in December was seen as sufficiently strong to allow Federal Reserve officials to keep raising interest rates. The monthly non-farm payrolls report can trigger dramatic swings in yields,
Published 09 Jan, 2005 12:00am
Saudi's Al-Bilad bank plans IPO

Saudi's Al-Bilad bank plans IPO

An initial public offering of shares in Saudi Arabia's newly created Al-Bilad bank will run from February 21 to March 9, the bank said on Saturday Spokesman Mohammad al-Awadh said 30 million shares worth 1.5 billion riyals ($400 million), or half the Isla
Published 09 Jan, 2005 12:00am
Morningstar to use auction format for IPO

Morningstar to use auction format for IPO

Morningstar Inc, the mutual fund and stock information service, on Friday said it will use an auction format for its proposed initial public offering of stock, a method that Web search engine Google Inc used for its IPO. The Chicago-based company also sai
Published 09 Jan, 2005 12:00am
US stocks close down; payrolls data fail to excite investors

US stocks close down; payrolls data fail to excite investors

US stocks ended the first week of 2005 lower on Friday as widely watched jobs data failed to excite investors by coming in close to expectations, but a strong showing by Apple Computer Inc helped limit losses on the Nasdaq. Apple surged 7 percent, or $4.7
Published 09 Jan, 2005 12:00am
BBC mounts expletive-laden show despite protest

BBC mounts expletive-laden show despite protest

The BBC was set to go ahead Saturday night with a British television screening of a controversial musical despite a record 45,000 letters and calls of complaint because of its foul-mouthed script and perceived blasphemy. Called "Jerry Springer - The Opera
Published 09 Jan, 2005 12:00am
US nuclear submarine runs aground

US nuclear submarine runs aground

A US nuclear submarine ran aground 560 km off the Pacific Ocean territory of Guam, injuring about 20 crew members, one of them critically, the Navy said on Saturday. There was no damage to the nuclear reactor that powers the USS San Francisco in the accid
Published 09 Jan, 2005 12:00am
Afghan judge arrested for Kabul bombing

Afghan judge arrested for Kabul bombing

Afghan security forces have detained a supreme court judge suspected of being involved in an August car bomb attack that killed 10 people, including three Americans, in the capital Kabul, a court official said on Saturday. The attack targeted offices used
Published 09 Jan, 2005 12:00am
Powell, in Kenya, meets youths who fight HIV/AIDS

Powell, in Kenya, meets youths who fight HIV/AIDS

US Secretary of State Colin Powell heard a 11-year-old speak of valuing her virginity and an HIV-positive woman advise abstinence on Saturday as he met Kenyan youths who teach their peers how to avoid HIV/AIDS. On what may be his last trip as secretary of
Published 09 Jan, 2005 12:00am
Troops kill four rebels in battle near Chechnya

Troops kill four rebels in battle near Chechnya

Russian troops killed four rebels hiding in a house in the Russian city of Nazran, 30 km (20 miles) from the border with Chechnya, in a firefight on Saturday, officials said. Automatic gunfire and explosions started in the early morning in the town close
Published 09 Jan, 2005 12:00am
Politics eclipse tsunami relief efforts

Politics eclipse tsunami relief efforts

Politics got in the way of tsunami relief efforts on Saturday with Sri Lanka stopping UN Secretary-General Kofi Annan from visiting disaster areas controlled by its rebel foes. In India's stricken Andaman and Nicobar Islands, aid workers complained the vi
Published 09 Jan, 2005 12:00am
US Army sergeant found innocent

US Army sergeant found innocent

A US military panel on Friday found an Army sergeant innocent of killing an Iraqi civilian, but guilty of assault, for having subordinates force the Iraqi off a bridge over the Tigris River, where prosecutors said he drowned. Army Sgt. 1st Class Tracy Per
Published 09 Jan, 2005 12:00am
Armitage urges Syria to change policies

Armitage urges Syria to change policies

Deputy Secretary of State Richard Armitage made a fresh appeal Saturday for Syria to stop, in the US view, supporting Iraqi insurgents on its territory, and for Damascus to end its military presence in Lebanon. Armitage, who has been in Damascus since Jan
Published 09 Jan, 2005 12:00am
US holds 325 foreign fighters in Iraq: New York Times

US holds 325 foreign fighters in Iraq: New York Times

The United States is now holding 325 foreign fighters in Iraq, some of whom could be transferred out of the country for indefinite detention elsewhere, the New York Times reported Saturday. The number of non-Iraqi combatants captured in Iraq increa
Published 09 Jan, 2005 12:00am
South Sudan peace can spur Darfur solution, says Powell

South Sudan peace can spur Darfur solution, says Powell

A deal to end Sudan's southern war that is due to be signed on Sunday must boost efforts to solve Darfur's "terrible conflict", US Secretary of State Colin Powell said on Saturday. The continent's largest country could count on Washington for support as f
Published 09 Jan, 2005 12:00am
Opposition strike hits Dhaka, scores held

Opposition strike hits Dhaka, scores held

Police clubbed and detained many opposition activists in a move to foil a day-long strike that partially halted traffic and disrupted business in the Bangladesh capital, Dhaka, on Saturday. Those detained included about 10 women activists of main oppositi
Published 09 Jan, 2005 12:00am
Seminar on customs administrative reforms

Seminar on customs administrative reforms

A major step forward in the way in which cargo is dealt with, into and out of Pakistan is under way and will be implemented under the Customs Administrative Reforms (Care) project, an in house initiative of the Central Board of Revenue. A seminar on the p
Published 09 Jan, 2005 12:00am
Country incurs Rs 10 billion losses annually on violation of IPRs

Country incurs Rs 10 billion losses annually on violation of IPRs

The country is incurring an estimated loss of Rs 10 billion annually in terms of direct and indirect revenue because of widespread counterfeiting and trademark infringement. The Intellectual Property Rights (IPR) violation related losses only in oil and l
Published 09 Jan, 2005 12:00am
What Pakistan stands to gain from agreement on textiles and clothing

What Pakistan stands to gain from agreement on textiles and clothing

An important feature of the Uruguay Round was the agreement by the developed countries to abolish the Multifibre Arrangement quotas that have (with their predecessors) restricted the export of textile and clothing products from developing countries for al
Published 09 Jan, 2005 12:00am
Markup on markup

Markup on markup

Kindly refer to the letter of Abdul Mateen published on January 2, 2005 regarding the Markup on Markup. This to inform the public that the State Bank of Pakistan has miserably failed to protect the people and businesses from Financial Institutions, especi
Published 09 Jan, 2005 12:00am
Encroachments on Alamgir Road

Encroachments on Alamgir Road

Please refer to the letter published in your esteemed newspapers on January 3, 2005 by Abdul Mateen, Karachi regarding the encroachments on Alamgir road DMCHS Karachi. It is correct to say that there are a lot of encroachments in the city especially on Al
Published 09 Jan, 2005 12:00am
Dividends record

Dividends record

We would like to add for the knowledge of N.A. Khan that Engro Chemical Pakistan Limited is not the only company to despatch dividend warrants on the same day of the closing date of book closure. Habib Sugar Mills Limited has been despatching their divide
Published 09 Jan, 2005 12:00am
Customs duty on coarse rice

Customs duty on coarse rice

The government of Kenya, Tanzania and Uganda have collectively increased the customs duty on Pakistan's coarse rice from 35% to 75%. From a set of supposedly friendly countries this is absolutely shocking and unacceptable. In my humble opinion our governm
Published 09 Jan, 2005 12:00am
Higher Education Commission, higher and higher

Higher Education Commission, higher and higher

On December 29, the Higher Education Commission (HEC) released a 3/4th-page advertisement in the national dailies warning the students and their parents of illegally operating private chartered and other university/institution campuses in Pakistan. Giving
Published 09 Jan, 2005 12:00am
Higher education needs more funds

Higher education needs more funds

In Pakistan, for a long period of time, the fund-starved universities and higher educational institutions in public sector could not be converted into real centres of excellence in the absence of proper planning and strategy to coping with challenges pose
Published 09 Jan, 2005 12:00am
Indifference to shrimp farming

Indifference to shrimp farming

According to a report, appearing in the January 7th issue of this newspaper, a prospective local entrepreneur, keenly interested in investing in shrimp farming, has lamented that bureaucratic red tape has deprived the country of a modern shrimp farm in th
Published 09 Jan, 2005 12:00am
Sugar crisis again

Sugar crisis again

Evidently concerned about the persistent increase in the retail price of sugar, the Economic Co-ordination Committee (ECC) of the Cabinet, in a meeting last Thursday with Prime Minister Shaukat Aziz in the chair, deemed it expedient to exercise one of the
Published 09 Jan, 2005 12:00am
Jamaat-i-Islami demands restoration of religion column in passport

Jamaat-i-Islami demands restoration of religion column in passport

Jamaat-e-Islami Pakistan has called upon the government to restore column of religion in the passport. A resolution to this effect was adopted in a meeting of Majlis-e-Shoora of Jamaat held here on January 7 & 8. The meeting maintained that abolition of c
Published 09 Jan, 2005 12:00am
Red alert in Karachi

Red alert in Karachi

Police and other law enforcement agencies including Rangers were put on red alert in Karachi in the wake of attack on noted religious scholar Agha Ziauddin in Gilgit and security agencies were asked to take preventive measures in sensitive locations in th
Published 09 Jan, 2005 12:00am
Quota swapping allowed after consultation with TMA: EPB

Quota swapping allowed after consultation with TMA: EPB

The Export Promotion Bureau (EPB) has said that swapping was allowed in Cat-9 and other towel categories in consultation with the chairman of Towel Manufacturers Association (TMA) and Pakistan Cloth Exporters and Towellers Association (Paceta). It said th
Published 09 Jan, 2005 12:00am
July-December Railways revenue exceeds target

July-December Railways revenue exceeds target

The Pakistan Railways has earned Rs 9,082 million, which is Rs 477 million more than Rs 8,604 million the target fixed for six-month period, ending on December 31. This was disclosed by Federal Minister for Railways Shamim Siddiqui here on Thursday, while
Published 09 Jan, 2005 12:00am
Felicitations

Felicitations

Sindh Governor Dr Ishratul Ibad has congratulated State Bank of Pakistan Governor Dr Ishrat Husain for the award of "Central Bank Governor of the Year". He said it was an important honour not only for Dr Ishrat Husain, but for the Sindh province and the e
Published 09 Jan, 2005 12:00am
District government system to be made more effective: Elahi

District government system to be made more effective: Elahi

Punjab Chief Minister Chaudhry Pervaiz Elahi has said that as a result of strenuous efforts by the federal, provincial and district governments, the genuine issues being faced by the people are being addressed on top priority basis. He expressed these vie
Published 09 Jan, 2005 12:00am
World urological moot from February 7

World urological moot from February 7

First International Urological Conference will be held in the city from February 7 to 9 at a local hotel. Renowned urologists and surgeons from all over the world, including US, Australia, Europe and especially from Saarc countries will attend the moot. T
Published 09 Jan, 2005 12:00am
Dispute with British Airways: TAAP to decide future course on January 10

Dispute with British Airways: TAAP to decide future course on January 10

The Travel Agents Association of Pakistan (TAAP) is to meet here on Monday to decide on its dispute with the British Airways over the reduction of agency commission and its three-week old boycott of the carrier's tickets. The travel agents, including the
Published 09 Jan, 2005 12:00am
Cardiac moot from March 27

Cardiac moot from March 27

Pakistan Society of Cardiovascular and Thoracic Surgeons in collaboration with the Punjab Institute of Cardiology (PIC), Lahore is holding the 5th Biennial International Conference here at Aiwan-e-Iqbal from March 27 to 29, 2005. The theme of the moot is
Published 09 Jan, 2005 12:00am
Lawyers to observe black day on January 10

Lawyers to observe black day on January 10

The lawyers' community will observe black day on January 10 in protest against President General Pervez Musharraf for keeping both the offices of the president and the COAS. The Pakistan Bar Council (PBC) has decided to observe the day in pursuance of dec
Published 09 Jan, 2005 12:00am
Zeal Pak appeal dismissed

Zeal Pak appeal dismissed

An appeal moved by the Zeal Pak Cement Factory Limited at Hyderabad seeking restoration of gas supply has been dismissed by the fourth bench of the Supreme Court for non-prosecution. The bench comprising Justice Sardar Muhammad Raza Khan, Justice Muhammad
Published 09 Jan, 2005 12:00am
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