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Jun 01, 2024 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Print - 2005-06-02
Federer aims to win physical battle with Nadal

Federer aims to win physical battle with Nadal

World number one Roger Federer believes he will have the physical edge over French Open title rival Rafael Nadal when the two clash in an explosive Roland Garros semi-final showdown on Friday. Federer lost to his 18-year-old Spanish rival in their first m
Published 02 Jun, 2005 12:00am
PQA rationalises port charges

PQA rationalises port charges

Port Qasim Authority (PQA) has rationalised port charges with a view to increase efficiency and make its competitive, economical and user-friendly. A press release on Wednesday said that a number of charges have been reduced, procedures streamlined and si
Published 02 Jun, 2005 12:00am
Puerta powers past hardman Canas

Puerta powers past hardman Canas

Mariano Puerta of Argentina finally broke down the defences of dogged compatriot Guillermo Canas in a sapping five-set battle to reach the French Open semi-finals on Wednesday. The unseeded Puerta won 6-2, 3-6, 1-6, 6-3, 6-4 in 3 hours 35 minutes and will
Published 02 Jun, 2005 12:00am
PQA rationalises port charges

PQA rationalises port charges

Port Qasim Authority (PQA) has rationalised port charges with a view to increase efficiency and make its competitive, economical and user-friendly. A press release on Wednesday said that a number of charges have been reduced, procedures streamlined and si
Published 02 Jun, 2005 12:00am
Classic returns to Perth

Classic returns to Perth

The Johnnie Walker Classic, Asia-Pacifics best known golf tournament and a fixture on The European Tour International Schedule since 1992, will return to Perth, Australia, next season after an absence of three years. The 14th Johnnie Walker Classic will b
Published 02 Jun, 2005 12:00am
3.2 percent fiscal deficit achievable

3.2 percent fiscal deficit achievable

The government is likely to achieve the fiscal deficit target of 3.2 percent for the current fiscal year as the revenue, including tax collection, has maintained the rising trend as economy expanded at the fastest pace in 20 years. The Ministry of Finance
Published 02 Jun, 2005 12:00am
Quotes

Quotes

Who's saying what at the French Open: "I was leading, losing, leading and losing and I just didn't really believe in myself. Things here have happened too fast. I wasn't prepared. I need more time."
Published 02 Jun, 2005 12:00am
3.2 percent fiscal deficit achievable

3.2 percent fiscal deficit achievable

The government is likely to achieve the fiscal deficit target of 3.2 percent for the current fiscal year as the revenue, including tax collection, has maintained the rising trend as economy expanded at the fastest pace in 20 years. The Ministry of Finance
Published 02 Jun, 2005 12:00am
3.2 percent fiscal deficit achievable

3.2 percent fiscal deficit achievable

The government is likely to achieve the fiscal deficit target of 3.2 percent for the current fiscal year as the revenue, including tax collection, has maintained the rising trend as economy expanded at the fastest pace in 20 years. The Ministry of Finance
Published 02 Jun, 2005 12:00am
Green is good for Sharapova

Green is good for Sharapova

Maria Sharapova has said a not so fond farewell to the Paris clay and is heading for the green pastures of Wimbledon that she so likes. The Russian glamour girl was sent packing from the French Open at the quarter-final stage on Tuesday getting a lesson i
Published 02 Jun, 2005 12:00am
Less chances of raise in levy on stockbrokers

Less chances of raise in levy on stockbrokers

The government may not increase tax on purchase of shares and presumptive withholding tax from the next fiscal year on the presumption that the stock brokers will resist the raise in levy and erase share prices, which have already received heavy battering
Published 02 Jun, 2005 12:00am
French Open smiles on Pierce and Henin-Hardenne

French Open smiles on Pierce and Henin-Hardenne

As the two former winners left in the tournament, Mary Pierce and Justine Henin-Hardenne will be hot favourites in Thursday's French Open women's semi-finals to make it a first ever Franco-Belgian final. Two of the lesser-known Russians stand in the way.
Published 02 Jun, 2005 12:00am
Less chances of raise in levy on stockbrokers

Less chances of raise in levy on stockbrokers

The government may not increase tax on purchase of shares and presumptive withholding tax from the next fiscal year on the presumption that the stock brokers will resist the raise in levy and erase share prices, which have already received heavy battering
Published 02 Jun, 2005 12:00am
Australian coaches making their mark in world cricket

Australian coaches making their mark in world cricket

Not only is Australia ruling Test and one-day cricket but its cricketing culture is spreading throughout the world through its coaches. Greg Chappell and Tom Moody have recently taken to four the number of Australians coaching international teams. Former
Published 02 Jun, 2005 12:00am
Less chances of raise in levy on stockbrokers

Less chances of raise in levy on stockbrokers

The government may not increase tax on purchase of shares and presumptive withholding tax from the next fiscal year on the presumption that the stock brokers will resist the raise in levy and erase share prices, which have already received heavy battering
Published 02 Jun, 2005 12:00am
Pietersen handed Ashes incentive

Pietersen handed Ashes incentive

Kevin Pietersen has been given an opportunity to make the most of the absence of his Ashes rivals by starring for England in the triangular one day series with Australia and Bangladesh. The South Africa-born Hampshire batsman was named on Tuesday in a 14-
Published 02 Jun, 2005 12:00am
Several steps taken to boost stock market

Several steps taken to boost stock market

Pakistan stock market regulator after reviewing all the aspects of the risk management has decided to take several measures aimed to boost the confidence of investors, improve liquidity in the stock market and larger interest of the capital market. The Bo
Published 02 Jun, 2005 12:00am
Pakistan swamp India in Sultan Azlan Shah Cup

Pakistan swamp India in Sultan Azlan Shah Cup

Defending champions Australia thrashed South Africa 8-3 on Wednesday to boost their chances of reaching the final of the 14th Sultan Azlan Shah Cup. It was the Kookaburras best performance of the tournament, having struggled to live up to their tag as fav
Published 02 Jun, 2005 12:00am
Several steps taken to boost stock market

Several steps taken to boost stock market

Pakistan stock market regulator after reviewing all the aspects of the risk management has decided to take several measures aimed to boost the confidence of investors, improve liquidity in the stock market and larger interest of the capital market. The Bo
Published 02 Jun, 2005 12:00am
New York copper gains

New York copper gains

US copper futures ended on Tuesday with modest gains in a late rally as strong fundamentals gave bargain hunters a reason to overlook a rise in the dollar that pressured copper early, traders said. "The market certainly came off because of the currencies,
Published 02 Jun, 2005 12:00am
Bulls hold sway on KSE

Bulls hold sway on KSE

The share market for the third consecutive session recorded gains due mainly to renewed activity witnessed in OGDC, NBP, PPL, and other investment stocks on the hope that the KSE-SECP meeting and privatisation euphoria would bear fruit. The KSE-100 index
Published 02 Jun, 2005 12:00am
New York gold trims loss; silver jumps to 2-1/2-month peak

New York gold trims loss; silver jumps to 2-1/2-month peak

US gold futures settled lower but above a fresh near-four-month nadir on Tuesday on the back of an ailing euro, while silver prices surged to their highest since mid-March on late fund buying, dealers said. Some traders were buying silver and ditching gol
Published 02 Jun, 2005 12:00am
Bulls hold sway on KSE

Bulls hold sway on KSE

The share market for the third consecutive session recorded gains due mainly to renewed activity witnessed in OGDC, NBP, PPL, and other investment stocks on the hope that the KSE-SECP meeting and privatisation euphoria would bear fruit. The KSE-100 index
Published 02 Jun, 2005 12:00am
Platinum sets near eight-month high in Tokyo trade

Platinum sets near eight-month high in Tokyo trade

Tokyo platinum futures rallied to the highest level in nearly eight months on Wednesday as positive technical signs triggered fund buying, while gold futures settled firmer buoyed by a softer yen against the dollar. The April platinum contract on the Toky
Published 02 Jun, 2005 12:00am
Bulls hold sway on KSE

Bulls hold sway on KSE

The share market for the third consecutive session recorded gains due mainly to renewed activity witnessed in OGDC, NBP, PPL, and other investment stocks on the hope that the KSE-SECP meeting and privatisation euphoria would bear fruit. The KSE-100 index
Published 02 Jun, 2005 12:00am
Asian gold: jewellery makers shy away, shrug off price dip

Asian gold: jewellery makers shy away, shrug off price dip

Premiums for gold bars were unchanged in key bullion trading cities in Asia after a dip in prices failed to ignite much buying interest from jewellers and investors, dealers said on Wednesday. Gold fell to its lowest level in 15 weeks at $413 an ounce on
Published 02 Jun, 2005 12:00am
Replacement of ATTA proposed to curb smuggling

Replacement of ATTA proposed to curb smuggling

To curb the flow of smuggled goods, the Central Board of Revenue (CBR) has proposed replacing of the Afghan Transit Trade Agreement (ATTA) with a bilateral convention. Simultaneously, legal changes in the Customs Act, 1969, Prevention of Smuggling Act, 19
Published 02 Jun, 2005 12:00am
Malaysian tin loses ground

Malaysian tin loses ground

Tin hit a 3-1/2 month low in Malaysia on Wednesday, breaking the long-held support of $8,000 a tonne, after investors were spooked by a one percent drop in the London price. But dealers said a quick rebound was likely, as demand from Japanese buyers was u
Published 02 Jun, 2005 12:00am
Replacement of ATTA proposed to curb smuggling

Replacement of ATTA proposed to curb smuggling

To curb the flow of smuggled goods, the Central Board of Revenue (CBR) has proposed replacing of the Afghan Transit Trade Agreement (ATTA) with a bilateral convention. Simultaneously, legal changes in the Customs Act, 1969, Prevention of Smuggling Act, 19
Published 02 Jun, 2005 12:00am
Oil reaches three-week high over $52

Oil reaches three-week high over $52

Oil prices climbed to a three-week high above $52 a barrel on Wednesday as summer drivers took to the roads and forecasters predicted a stormy hurricane season that could disrupt US production. US light sweet crude for July delivery climbed 31 cents to $5
Published 02 Jun, 2005 12:00am
Replacement of ATTA proposed to curb smuggling

Replacement of ATTA proposed to curb smuggling

To curb the flow of smuggled goods, the Central Board of Revenue (CBR) has proposed replacing of the Afghan Transit Trade Agreement (ATTA) with a bilateral convention. Simultaneously, legal changes in the Customs Act, 1969, Prevention of Smuggling Act, 19
Published 02 Jun, 2005 12:00am
Copper creeps lower in Asian markets

Copper creeps lower in Asian markets

Copper futures nudged lower on Wednesday, under pressure from a firm US dollar, but traders said that the tight supply of the industrial metal was limiting losses. While the dollar held near a 7-month best against the euro, copper for delivery in three mo
Published 02 Jun, 2005 12:00am
KFC outlet's torching causes concern

KFC outlet's torching causes concern

The burning of the KFC outlet in the rioting that followed the sectarian killing in the bomb blast on Monday last, has caused much concern among operators of multinational food and fast food outlets about their security and these concerns have been convey
Published 02 Jun, 2005 12:00am
Thai corn prices ease

Thai corn prices ease

Thai corn prices are expected to dip over the next few days with export demand still sluggish and domestic stocks high, traders said on Wednesday. Domestic demand for feed was not expected to pick up yet, even though bird flu had eased with the last stric
Published 02 Jun, 2005 12:00am
APHC leaders arrive today

APHC leaders arrive today

The leaders of All Parties Hurriyat Conference's moderate group will arrive here on Thursday. The ten-member delegation of the Hurriyat leaders belonging to Ansari Group, including Mirwaiz Umer Farooq, Yasin Malik, Shabbir Ahmed Shah, Moulvi Abbas Ansari,
Published 02 Jun, 2005 12:00am
New York sugar settles with small gain in tight band

New York sugar settles with small gain in tight band

Raw sugar futures closed with minimal gains on Tuesday as funds and trade bought to cover short positions, but origins sold above the market in a relatively slow session, traders said. "We've been stuck in a range since Thursday. There was some light fund
Published 02 Jun, 2005 12:00am
APHC leaders arrive today

APHC leaders arrive today

The leaders of All Parties Hurriyat Conference's moderate group will arrive here on Thursday. The ten-member delegation of the Hurriyat leaders belonging to Ansari Group, including Mirwaiz Umer Farooq, Yasin Malik, Shabbir Ahmed Shah, Moulvi Abbas Ansari,
Published 02 Jun, 2005 12:00am
Soya higher as weather jitters escalate

Soya higher as weather jitters escalate

Soyabean futures at the Chicago Board of Trade closed higher on Tuesday amid a lack of crop-enhancing rainfall over the weekend in the dry eastern US Midwest, traders said. CBOT soya closed 2-1/4 to 14 cents per bushel higher. July was up 12-1/2 at $6.80-
Published 02 Jun, 2005 12:00am
Pakistan and Turkey agree to enhance trade

Pakistan and Turkey agree to enhance trade

Pakistan and Turkey have agreed to step up efforts to boost trade and co-operation in the defence industry field, the leaders of the two traditionally close countries said here on Wednesday after bilateral talks. "This visit is a turning point in our rela
Published 02 Jun, 2005 12:00am
CBOT rice falls

CBOT rice falls

Rough rice futures at the Chicago Board of Trade closed lower on Tuesday as funds rolled positions forward from the July contract to the September, but late buying by locals erased some of the early declines, traders said. July rice closed 9 cents lower a
Published 02 Jun, 2005 12:00am
Pakistan and Turkey agree to enhance trade

Pakistan and Turkey agree to enhance trade

Pakistan and Turkey have agreed to step up efforts to boost trade and co-operation in the defence industry field, the leaders of the two traditionally close countries said here on Wednesday after bilateral talks. "This visit is a turning point in our rela
Published 02 Jun, 2005 12:00am
Japanese commodities exchanges dip, rules tightened

Japanese commodities exchanges dip, rules tightened

Trading volume at Japanese commodity futures exchanges fell modestly in May from the previous month after the introduction of new commodity law that tightens rules on sales tactics and accounting. Traders said it was premature to say if the law, which too
Published 02 Jun, 2005 12:00am
Pakistan and Turkey agree to enhance trade

Pakistan and Turkey agree to enhance trade

Pakistan and Turkey have agreed to step up efforts to boost trade and co-operation in the defence industry field, the leaders of the two traditionally close countries said here on Wednesday after bilateral talks. "This visit is a turning point in our rela
Published 02 Jun, 2005 12:00am
Malaysian palm oil down, 1,400 ringgit support doubtful

Malaysian palm oil down, 1,400 ringgit support doubtful

Malaysian crude palm oil futures were down on Wednesday on a range of concerns, including weak prices of rival soyoil, surging output of palm oil and a possible currency revaluation. The benchmark contract came precariously close - just two ringgit - to b
Published 02 Jun, 2005 12:00am
15 percent import duty on PTA may be refunded to PSF producers

15 percent import duty on PTA may be refunded to PSF producers

The government is likely to allow, in the forthcoming budget, refund of 15 percent import duty, charged on PTA imports, to producers of polyester staple fibre (PSF) who used or purchased the duty-paid raw material, it is learnt. The Government of Pakistan
Published 02 Jun, 2005 12:00am
Fraport and Lufthansa broadly agreed on price-cut deal

Fraport and Lufthansa broadly agreed on price-cut deal

Frankfurt airport operator Fraport has broadly agreed with Deutsche Lufthansa on a deal to lower prices it charges the carrier for ground handling, sources close to the talks said on Wednesday. Lufthansa will receive a price reduction worth less than 50 m
Published 02 Jun, 2005 12:00am
15 percent import duty on PTA may be refunded to PSF producers

15 percent import duty on PTA may be refunded to PSF producers

The government is likely to allow, in the forthcoming budget, refund of 15 percent import duty, charged on PTA imports, to producers of polyester staple fibre (PSF) who used or purchased the duty-paid raw material, it is learnt. The Government of Pakistan
Published 02 Jun, 2005 12:00am
Russia plans licensing rounds to boost oil growth

Russia plans licensing rounds to boost oil growth

Russia plans licensing rounds for several hundred offshore and onshore oil blocs to both local and foreign firms to stem slowing crude production growth and boost reserve replacement rates, a senior official said on Wednesday. Anatoly Ledovskikh, head of
Published 02 Jun, 2005 12:00am
15 percent import duty on PTA may be refunded to PSF producers

15 percent import duty on PTA may be refunded to PSF producers

The government is likely to allow, in the forthcoming budget, refund of 15 percent import duty, charged on PTA imports, to producers of polyester staple fibre (PSF) who used or purchased the duty-paid raw material, it is learnt. The Government of Pakistan
Published 02 Jun, 2005 12:00am
Estonia leaves door open for Eesti Telekom sale

Estonia leaves door open for Eesti Telekom sale

Estonia's finance minister on Wednesday said there were no immediate plans to sell the state's stake in Eesti Telekom within the next year, but he left the door open for a future sale. "I can say that there have been public discussions about selling the s
Published 02 Jun, 2005 12:00am
Estonia leaves door open for Eesti Telekom sale

Estonia leaves door open for Eesti Telekom sale

Estonia's finance minister on Wednesday said there were no immediate plans to sell the state's stake in Eesti Telekom within the next year, but he left the door open for a future sale. "I can say that there have been public discussions about selling the s
Published 02 Jun, 2005 12:00am
Euronext operating profit falls

Euronext operating profit falls

Euronext posted a sharply lower first-quarter operating profit, hit by a drop in revenue from derivatives trading and costs related to a proposed bid for the London Stock Exchange. Despite the decline, the bourse operator reiterated its forecast for a 200
Published 02 Jun, 2005 12:00am
Taiwan PC makers woo consumers with new designs

Taiwan PC makers woo consumers with new designs

Taiwan producers of computers and peripherals are retooling their factories to launch new, gadget-filled laptops and hand-held devices to satisfy a growing consumer lust for stylish computing. Firms such as Asustek Computer Inc and MiTAC International Cor
Published 02 Jun, 2005 12:00am
AXA launches fund of collateralised debt

AXA launches fund of collateralised debt

AXA Investment Managers has launched a fund holding high grade debt portions in products known as collateralised debt obligations (CDOs), the French-based company said on Wednesday. CDOs bundle together exposure to a range of credits in one instrument, wh
Published 02 Jun, 2005 12:00am
AXA launches fund of collateralised debt

AXA launches fund of collateralised debt

AXA Investment Managers has launched a fund holding high grade debt portions in products known as collateralised debt obligations (CDOs), the French-based company said on Wednesday. CDOs bundle together exposure to a range of credits in one instrument, wh
Published 02 Jun, 2005 12:00am
Yuan revaluation would barely dent US trade gap: ADB

Yuan revaluation would barely dent US trade gap: ADB

A revaluation of the yuan would help reduce inflation risks in China's fast-growing economy but is no panacea for global imbalances, according to the Asian Development Bank. A policy paper from the Manila-based bank says a correction of the US current acc
Published 02 Jun, 2005 12:00am
Nokia sells office property for 100 million euros

Nokia sells office property for 100 million euros

Top global mobile phone maker Nokia has sold an office property in Finland to privately-held London & Regional Properties for 100 million euros ($122.5 million), a Nokia spokeswoman said on Wednesday. "Some kind of a small gain will be booked from the sal
Published 02 Jun, 2005 12:00am
Nokia sells office property for 100 million euros

Nokia sells office property for 100 million euros

Top global mobile phone maker Nokia has sold an office property in Finland to privately-held London & Regional Properties for 100 million euros ($122.5 million), a Nokia spokeswoman said on Wednesday. "Some kind of a small gain will be booked from the sal
Published 02 Jun, 2005 12:00am
Oman aims to raise $748 million in telecom IPO

Oman aims to raise $748 million in telecom IPO

Oman aims to raise 288 million rials ($748.2 million) by selling 30 percent of the state telecoms company in the biggest ever flotation in the Arab state, a source familiar with the transaction said on Wednesday. The initial public offering (IPO) of 225 m
Published 02 Jun, 2005 12:00am
Genentech eye drug Lucentis works in combo

Genentech eye drug Lucentis works in combo

An experimental eye drug from Genentech Inc and Novartis AG, when used in combination with an established drug, helped forestall blindness in an early-stage study, but showed an increased risk of a serious side effect, Genentech said on Tuesday. Researche
Published 02 Jun, 2005 12:00am
Opec head sees no change in third quarter output

Opec head sees no change in third quarter output

Opec President Sheikh Ahmad al-Fahd al-Sabah said on Wednesday that he expected the oil producers' cartel to maintain output at current rates into the third quarter of 2005. "The situation will continue to be maintained with our production now," Sheikh Ah
Published 02 Jun, 2005 12:00am
Delta wins credit amendment

Delta wins credit amendment

Delta Air Lines Inc on Wednesday said General Electric Co's finance arm has agreed to relax certain requirements under a credit agreement, a move seen as likely allowing the cash-strapped carrier to stave off a bankruptcy filing this year. The amended dea
Published 02 Jun, 2005 12:00am
Delta wins credit amendment

Delta wins credit amendment

Delta Air Lines Inc on Wednesday said General Electric Co's finance arm has agreed to relax certain requirements under a credit agreement, a move seen as likely allowing the cash-strapped carrier to stave off a bankruptcy filing this year. The amended dea
Published 02 Jun, 2005 12:00am
UK invites China to G7 breakfast

UK invites China to G7 breakfast

Britain has invited Chinese finance minister Jin Renqing to attend a breakfast with Group of Seven counterparts on Saturday, June 11 in London, the UK Treasury said on Wednesday. The Treasury said the invitations had only just gone out and it had not yet
Published 02 Jun, 2005 12:00am
German officials scorn 'absurd' talk of EMU risk

German officials scorn 'absurd' talk of EMU risk

Germany's top financial policymakers ruled out failure of European monetary union on Wednesday, dismissing as "absurd" talk that the single currency's survival could be at risk. The euro dipped sharply after German news weekly Stern reported that break up
Published 02 Jun, 2005 12:00am
US factory growth slows, housing strong

US factory growth slows, housing strong

Growth in the US manufacturing sector slowed more than expected in May and factory hiring turned negative, raising concerns about weakness in the US economy, a report showed on Wednesday. Still, the US housing market remained frothy, with construction spe
Published 02 Jun, 2005 12:00am
New virus holds computers to ransom

New virus holds computers to ransom

Software protection companies are warning that a vicious new form of cyber-attack known as "ransomware" is threatening computers by encrypting documents and demanding money for them to be decrypted. Symantec, a manufacturer of anti-virus programmes, said
Published 02 Jun, 2005 12:00am
Microsoft submits antitrust proposal

Microsoft submits antitrust proposal

Antitrust authorities are sifting through Microsoft Corp's final proposal to comply with a European Commission decision, which the software giant submitted near a midnight deadline, a Commission spokesman said on Wednesday. If the proposals fall short, Mi
Published 02 Jun, 2005 12:00am
World business leaders laud Africa growth prospects

World business leaders laud Africa growth prospects

International business leaders lauded investment prospects in Africa on Wednesday, citing excellent profit growth and declining corruption on the world's poorest continent. "If there were any more of Africa we would be investing in it," Graham Mackay, CEO
Published 02 Jun, 2005 12:00am
Eurozone economy grows slightly in first quarter

Eurozone economy grows slightly in first quarter

The eurozone economy grew slightly less than expected in the first quarter and prospects for the second quarter darkened further as the European Commission on Wednesday again cut its growth forecast. EU statistical agency Eurostat said gross domestic prod
Published 02 Jun, 2005 12:00am
New panel on lumber dispute approved

New panel on lumber dispute approved

The World Trade Organisation (WTO) on Wednesday approved a request by Canada to set up a panel to determine if the United States is complying with an earlier ruling in their long-running lumber dispute. The decision was made at a session of the 148-member
Published 02 Jun, 2005 12:00am
Airbus delays deliveries of A380 superjet

Airbus delays deliveries of A380 superjet

Airbus said on Wednesday deliveries of its 21st-century flagship, the double-decker A380 superjumbo, would be delayed by up to six months, taking the flourish off one of the most trumpeted aviation launches in decades. Disgruntled airlines, at least one o
Published 02 Jun, 2005 12:00am
China textile curbs little relief for Africa: US

China textile curbs little relief for Africa: US

US curbs on Chinese textile exports will give only temporary relief to African producers, so Africa must implement economic reforms to help firms make more competitive garments, a US trade official said on Wednesday. Sub-Saharan African states have seen t
Published 02 Jun, 2005 12:00am
Wolfowitz takes helm at World Bank

Wolfowitz takes helm at World Bank

Taking the helm as new World Bank president, Paul Wolfowitz pledged Wednesday to focus on "real-world priorities" as a small group of protesters vented anger at the organisation and its new leader. The former deputy US defence secretary said he was optimi
Published 02 Jun, 2005 12:00am
Taiwan shares fall as MSCI fades

Taiwan shares fall as MSCI fades

Taiwan stocks backed off from a seven-week high on Wednesday due to a fall in US markets and as the positive impact from an MSCI upgrade faded, though travel-related shares gained on hopes of better China ties. The TAIEX share index ended down 0.66 percen
Published 02 Jun, 2005 12:00am
Hong Kong stocks end flat but turnover bolstered by IPOs

Hong Kong stocks end flat but turnover bolstered by IPOs

Hong Kong stocks ended flat on Wednesday with blue chips such as ports-to-telecoms conglomerate Hutchison Whampoa rising while sector peers of several of China's upcoming IPOs such as COSCO Pacific lost ground. But traders said the market looked set for f
Published 02 Jun, 2005 12:00am
US stocks easier on slower Midwestern growth

US stocks easier on slower Midwestern growth

US stocks dropped on Tuesday, after a report showing slower-than-expected business growth in America's industrial heartland fanned investor concerns that the economy was faltering. Troubled insurer American International Group Inc, which said it had overs
Published 02 Jun, 2005 12:00am
Seoul shares fall on negative data

Seoul shares fall on negative data

Seoul shares inched lower on Wednesday, snapping a four-day winning streak, as exporters such as LG Electronics fell tracking a weaker Wall Street after disappointing data stirred concerns about the health of the US economy. Data showing South Korea's exp
Published 02 Jun, 2005 12:00am
US Treasuries post gains after Chicago report

US Treasuries post gains after Chicago report

US Treasuries got a lift on Tuesday after a widely anticipated report on Chicago-area business conditions came in weaker across the board, helping to ease concerns that inflationary pressures were building. Traders said the report brought data from the hi
Published 02 Jun, 2005 12:00am
US Treasuries post gains after Chicago report

US Treasuries post gains after Chicago report

US Treasuries got a lift on Tuesday after a widely anticipated report on Chicago-area business conditions came in weaker across the board, helping to ease concerns that inflationary pressures were building. Traders said the report brought data from the hi
Published 02 Jun, 2005 12:00am
Singapore shares climb on rising interest

Singapore shares climb on rising interest

Singapore shares closed 0.70 percent higher Wednesday as interest in select blue chips and banking stocks boosted a lacklustre market, dealers said. The Straits Times Index rose 15.16 points to 2,176.93 on volume of 533 million shares worth 614 million Si
Published 02 Jun, 2005 12:00am
Malaysian shares up

Malaysian shares up

Malaysian share prices closed 0.14 percent higher Wednesday after financial institutions and brokerages tightened loan and margin facilities following recent sharp falls in some stocks, dealers said. The said the key index was only supported by some inter
Published 02 Jun, 2005 12:00am
Nikkei up fifth straight day, some brokers struggle

Nikkei up fifth straight day, some brokers struggle

Tokyo's Nikkei share average rose 0.47 percent to another six-week closing high on Wednesday as investors optimistic about the US economy bought select exporters, while Sumitomo Metal Mining jumped on a new copper project. The Nikkei's winning rally, init
Published 02 Jun, 2005 12:00am
Philippines shares higher

Philippines shares higher

Philippines share prices closed 1.81 percent higher on Wednesday as investors chased blue chips for a fourth consecutive session on the back of the country's improving economic and fiscal outlook, dealers said. Dealers said investors have been pushing sha
Published 02 Jun, 2005 12:00am
Chinese shares end at over eight-year low

Chinese shares end at over eight-year low

China's shares dived 2 percent on Wednesday, finishing at their lowest level in more than eight years after big caps slid on resurgent fears of a flood of shares on to the market. The benchmark Shanghai composite index, which had been mired at its lowest
Published 02 Jun, 2005 12:00am
Canadian dollar rises

Canadian dollar rises

The Canadian dollar bucked wider US strength on Tuesday, moving higher against the greenback as investors seemed keen to take a look at the loonie in the wake of political uncertainty in Europe. Canadian bond prices were propped up by first quarter gross
Published 02 Jun, 2005 12:00am
Chinese yuan ends firmer

Chinese yuan ends firmer

The yuan on Wednesday ended two notches firmer at 8.2765 per US dollar, near the stronger end of its managed trading range. The one-year non-deliverable dollar forward discount versus the yuan stood at 4,400 points, according to brokers Prebon Yamane, imp
Published 02 Jun, 2005 12:00am
Swiss franc hovers at seven-month lows

Swiss franc hovers at seven-month lows

The Swiss franc was broadly unchanged versus the dollar on Wednesday, remaining at 7-month lows versus the greenback, which was still supported by the French rejection of the new European Union constitution. The dollar surged to seven-month highs against
Published 02 Jun, 2005 12:00am
Euro near seven-month low before Dutch vote

Euro near seven-month low before Dutch vote

The euro held near a seven-month low against the dollar on Wednesday, although more selling of the European currency was expected after a Dutch vote later in the day that will likely reject the EU constitution. While traders don't expect selling of the sa
Published 02 Jun, 2005 12:00am
Euro dips below $1.23 ahead of Dutch vote

Euro dips below $1.23 ahead of Dutch vote

The dollar surged to seven-month highs against the euro on Tuesday as investors braced for a vote against the European Union constitution in the Netherlands after a similar measure was rejected in France, worsening the prospects for European economic refo
Published 02 Jun, 2005 12:00am
Bangladesh interbank forex, interest rates

Bangladesh interbank forex, interest rates

Interbank buy/sell rates for the taka against the dollar on Wednesday. 63.42/63.74 (previous 63.42/63.73). Call Money Rates: 6.0-20.0 percent (previous 4.0-20.0 percent).
Published 02 Jun, 2005 12:00am
Asian currencies steadier after falling on euro

Asian currencies steadier after falling on euro

Asian currencies steadied on Wednesday after falling for two days, in line with the euro's moves, but markets braced for further weakness on account of reduced expectations for a Chinese yuan revaluation. The euro steadied briefly in Asian trade but soon
Published 02 Jun, 2005 12:00am
Hong Kong dollar weakens

Hong Kong dollar weakens

The Hong Kong dollar gave up recent gains on Wednesday, weighed down by a firmer US dollar, dimming hopes of a near term Chinese yuan revaluation and a softening in short-dated money rates. The local currency weakened to a one-week low of 7.7845 per US do
Published 02 Jun, 2005 12:00am
Presidential candidates court youth vote in Iran

Presidential candidates court youth vote in Iran

Iranian presidential candidates vied on Wednesday to win over the youth vote, promising less interference by religious police in their daily lives and better social, cultural and employment opportunities. The youth vote will be a major battleground in the
Published 02 Jun, 2005 12:00am
US forces release 53 Afghan prisoners

US forces release 53 Afghan prisoners

US forces in Afghanistan released 53 prisoners no longer considered a threat on Wednesday, saying their freedom was a sign of peace and progress, but at least one of those set free said he had been abused. The release came days after President Hamid Karza
Published 02 Jun, 2005 12:00am
China says Dalai Lama out to destroy Tibet

China says Dalai Lama out to destroy Tibet

The Dalai Lama, Tibet's spiritual leader, is out to destroy the Himalayan region by derailing its development and is losing his popularity among its people, China's top official there was quoted as saying by state media. The Dalai Lama, who leads a Tibeta
Published 02 Jun, 2005 12:00am
Japan's birthrate hits another all-time low

Japan's birthrate hits another all-time low

Japan's birthrate dipped to a record low last year as fewer young couples had children, the government said Wednesday, fuelling fears of a shrinking workforce and a growing burden on the troubled pension system. The average number of children a Japanese w
Published 02 Jun, 2005 12:00am
Britain orders extradition to Spain of 9/11 suspect

Britain orders extradition to Spain of 9/11 suspect

A British judge on Wednesday ordered the extradition to Spain of a Moroccan man, Farid Hilali, wanted for trial over alleged links to the September 11, 2001 attacks in the United States. Lawyers for Hilali had argued that the 36-year-old could face a leng
Published 02 Jun, 2005 12:00am
Mild earthquakes shake Tokyo, no injuries

Mild earthquakes shake Tokyo, no injuries

A series of mild earthquakes shook Tokyo on Wednesday, swaying buildings and raising fears of a long-anticipated major jolt, but there were no immediate reports of injuries or damage and no tsunami warning was issued. Three tremors were strong enough to b
Published 02 Jun, 2005 12:00am
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