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May 23, 2024 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Print - 2005-07-02
Milk powder moves both ways

Milk powder moves both ways

The trading on milk powder sector moved both ways here on Jodia Bazar on Friday. The following changes were seen in Dairy Crest down Rs 250 to Rs 4950, Halla SMP down Rs 100 to Rs 4200, Olden Burger down Rs 100 to Rs 4900, Pcomileh Holland down Rs 200 to
Published 02 Jul, 2005 12:00am
Pig iron prices up by Rs 8,000 per ton

Pig iron prices up by Rs 8,000 per ton

The price of pig iron has increased by 31 percent, or Rs 8,000 per ton to Rs 34,000 from Rs 26,000 per ton. It was due to a major defect in the coke oven batteries of Pakistan Steel Mills (PSM), sources in the Ministry of Industries and Production told <i
Published 02 Jul, 2005 12:00am
Ericsson wins 3G network order from Finnet

Ericsson wins 3G network order from Finnet

Telecom equipment maker Ericsson has signed a deal to become the sole supplier of a new 3G mobile network to Finland's third-biggest telecoms group, Finnet, the firm said on Friday. Ericsson will deliver the first phase of the Finnish firm's 3G network as
Published 02 Jul, 2005 12:00am
Pig iron prices up by Rs 8,000 per ton

Pig iron prices up by Rs 8,000 per ton

The price of pig iron has increased by 31 percent, or Rs 8,000 per ton to Rs 34,000 from Rs 26,000 per ton. It was due to a major defect in the coke oven batteries of Pakistan Steel Mills (PSM), sources in the Ministry of Industries and Production told <i
Published 02 Jul, 2005 12:00am
UK unions slam pension idea

UK unions slam pension idea

The British government should create new jobs and get the unemployed back into work to help pay for an ageing population rather than raise the retirement age, a trade union report urged on Friday.
Published 02 Jul, 2005 12:00am
Bulls take control of ISE

Bulls take control of ISE

Bulls snatched the floor from the bears at the Islamabad Stock Exchange (ISE) where fresh buying spree in trend-setters moved the entire ready-board in upward direction amid increase in index. ISE Network Index showed an improvement of 7.35 points as the
Published 02 Jul, 2005 12:00am
Turkish Airlines to buy 8 Boeing planes

Turkish Airlines to buy 8 Boeing planes

Turkish Airlines said on Friday it has ordered an additional eight 737-800 aircraft from Boeing Co, part of its plan to more than double its fleet in the coming years. Last year Turkish Airlines (THY) announced plans to purchase 15 of the single-aisle 737
Published 02 Jul, 2005 12:00am
Bulls take control of ISE

Bulls take control of ISE

Bulls snatched the floor from the bears at the Islamabad Stock Exchange (ISE) where fresh buying spree in trend-setters moved the entire ready-board in upward direction amid increase in index. ISE Network Index showed an improvement of 7.35 points as the
Published 02 Jul, 2005 12:00am
ConocoPhillips and Lukoil finalise Russian venture

ConocoPhillips and Lukoil finalise Russian venture

ConocoPhillips and Russia's Lukoil on Friday said they have finalised a joint venture to develop energy fields in the north-west portion of Arctic Russia as part of a broader strategic alliance. Houston-based ConocoPhillips spent $500 million to acquire a
Published 02 Jul, 2005 12:00am
LSE equities show mixed trend

LSE equities show mixed trend

Equities showed mixed mode on Lahore Stock Exchange (LSE) on Friday, as people adopted a cautions approach and avoided going for big deals on the weekend, which kept trade activity very low. The LSE-25 index was only marginally up by 11.51 points or 0.30
Published 02 Jul, 2005 12:00am
Taser sues Gannett for libel over USA Today story

Taser sues Gannett for libel over USA Today story

Taser International Inc said on Friday it has sued Gannett Co Inc, accusing the publisher of USA Today of libel over its stories about Taser's stun guns. The company said the lawsuit, filed in an Arizona state court, targets a USA Today article on June 3
Published 02 Jul, 2005 12:00am
LSE equities show mixed trend

LSE equities show mixed trend

Equities showed mixed mode on Lahore Stock Exchange (LSE) on Friday, as people adopted a cautions approach and avoided going for big deals on the weekend, which kept trade activity very low. The LSE-25 index was only marginally up by 11.51 points or 0.30
Published 02 Jul, 2005 12:00am
Microsoft in buying talks with Claria

Microsoft in buying talks with Claria

Microsoft Corp, the world's largest software maker, is mulling the purchase of Claria Corp, a maker of software that generates pop-up ads and tracks the behaviour of Web site visitors, the New York Times reported on Thursday. Microsoft was offering as muc
Published 02 Jul, 2005 12:00am
KSE moves in a narrow band

KSE moves in a narrow band

The share market on Friday because of weekend considerations moved in a narrow band as profit selling in banks, gas and oil scrips forced the seasoned investors to sell their holdings. The KSE index rose 14.48 points, or 0.2 percent, to 7464.60 as compare
Published 02 Jul, 2005 12:00am
Samsung and Motorola to share mobile technology

Samsung and Motorola to share mobile technology

South Korea's Samsung Electronics Co Ltd said on Friday it had signed an agreement with rival Motorola Inc to share mobile technology. The cross-licence agreement is the latest move by global tech firms to try and avoid costly legal disputes over intellec
Published 02 Jul, 2005 12:00am
KSE moves in a narrow band

KSE moves in a narrow band

The share market on Friday because of weekend considerations moved in a narrow band as profit selling in banks, gas and oil scrips forced the seasoned investors to sell their holdings. The KSE index rose 14.48 points, or 0.2 percent, to 7464.60 as compare
Published 02 Jul, 2005 12:00am
Italy's Capitalia chief executive challenged to find growth

Italy's Capitalia chief executive challenged to find growth

Capitalia Chief Executive Matteo Arpe won acclaim and foreign investors with his restructuring of the once underperforming Italian bank. His challenge at a presentation next week is to show how he will produce growth. Arpe, who joined Capitalia in 2001, i
Published 02 Jul, 2005 12:00am
KSE moves in a narrow band

KSE moves in a narrow band

The share market on Friday because of weekend considerations moved in a narrow band as profit selling in banks, gas and oil scrips forced the seasoned investors to sell their holdings. The KSE index rose 14.48 points, or 0.2 percent, to 7464.60 as compare
Published 02 Jul, 2005 12:00am
Italy's Capitalia chief executive challenged to find growth

Italy's Capitalia chief executive challenged to find growth

Capitalia Chief Executive Matteo Arpe won acclaim and foreign investors with his restructuring of the once underperforming Italian bank. His challenge at a presentation next week is to show how he will produce growth. Arpe, who joined Capitalia in 2001, i
Published 02 Jul, 2005 12:00am
Some banks may deduct tax on cheques at wrong end

Some banks may deduct tax on cheques at wrong end

Some banks have issued instructions to their branches, in violation of the decision of the Central Board of Revenue, to deduct 0.1 percent withholding tax from the cash withdrawn, instead of debiting the account of the drawer, it is learnt. A CBR circular
Published 02 Jul, 2005 12:00am
Lufthansa raises fuel surcharges

Lufthansa raises fuel surcharges

Germany's Deutsche Lufthansa plans to raise fuel surcharges for its passengers to help compensate for continuing high oil prices, the airline said on Friday. On long-haul routes, the surcharge will rise to 37 euros ($44.71) per leg from 27 euros. On route
Published 02 Jul, 2005 12:00am
Some banks may deduct tax on cheques at wrong end

Some banks may deduct tax on cheques at wrong end

Some banks have issued instructions to their branches, in violation of the decision of the Central Board of Revenue, to deduct 0.1 percent withholding tax from the cash withdrawn, instead of debiting the account of the drawer, it is learnt. A CBR circular
Published 02 Jul, 2005 12:00am
Polish parliament approves minimum wage increase

Polish parliament approves minimum wage increase

Poland's parliament passed on Friday a bill raising the minimum wage, in a pre-election handout which pitted probable future centre-right government partners against each other. The bill, which links wage increases to inflation and growth rates, was criti
Published 02 Jul, 2005 12:00am
Some banks may deduct tax on cheques at wrong end

Some banks may deduct tax on cheques at wrong end

Some banks have issued instructions to their branches, in violation of the decision of the Central Board of Revenue, to deduct 0.1 percent withholding tax from the cash withdrawn, instead of debiting the account of the drawer, it is learnt. A CBR circular
Published 02 Jul, 2005 12:00am
Firms offered insurance to offset pension fear

Firms offered insurance to offset pension fear

Investment banks have begun marketing new pension-fund insurance products as companies across Europe face up to ballooning pension fund deficits. Companies have found themselves facing bigger, more visible shortfalls in retirement plans as new reporting r
Published 02 Jul, 2005 12:00am
Some banks may deduct tax on cheques at wrong end

Some banks may deduct tax on cheques at wrong end

Some banks have issued instructions to their branches, in violation of the decision of the Central Board of Revenue, to deduct 0.1 percent withholding tax from the cash withdrawn, instead of debiting the account of the drawer, it is learnt. A CBR circular
Published 02 Jul, 2005 12:00am
US Senate approves Central American trade pact

US Senate approves Central American trade pact

The US Senate voted 54-45 to approve a controversial free trade agreement with Central America on Thursday, setting the stage for a bruising final battle next month in the US House of Representatives. The vote was a victory for the Bush administration, wh
Published 02 Jul, 2005 12:00am
CBR issues rules to replace ''''carry forward'''' scheme

CBR issues rules to replace ''''carry forward'''' scheme

After withdrawal of ''''Carry Forward Scheme'''' in the budget 2005-06), the Central Board of Revenue (CBR) has announced a new procedure, whereby the taxpayers having excess input tax have been authorised to utilise the excess input tax credit in the sub
Published 02 Jul, 2005 12:00am
Comex copper slips on end of quarter selling

Comex copper slips on end of quarter selling

US copper futures closed at their lowest in three weeks on Thursday amid fund selling sparked by end of the quarter book squaring and a firmer US dollar against the euro, traders said. "The dollar turned higher toward the end of the day and I think that w
Published 02 Jul, 2005 12:00am
CBR issues rules to replace ''carry forward'' scheme

CBR issues rules to replace ''carry forward'' scheme

After withdrawal of ''Carry Forward Scheme'' in the budget 2005-06), the Central Board of Revenue (CBR) has announced a new procedure, whereby the taxpayers having excess input tax have been authorised to utilise the excess input tax credit in the subsequ
Published 02 Jul, 2005 12:00am
Tokyo gold hovers around 13-year high as yen falls

Tokyo gold hovers around 13-year high as yen falls

Tokyo gold futures finished higher on Friday, buoyed by the yen's fall to a nine-month low against the dollar, but gains were moderate due to an easier spot market and ahead of a three-day weekend in the United States. The benchmark June 2006 gold contrac
Published 02 Jul, 2005 12:00am
CBR issues rules to replace 'carry forward' scheme

CBR issues rules to replace 'carry forward' scheme

After withdrawal of 'Carry Forward Scheme' in the budget 2005-06), the Central Board of Revenue (CBR) has announced a new procedure, whereby the taxpayers having excess input tax have been authorised to utilise the excess input tax credit in the subsequen
Published 02 Jul, 2005 12:00am
New York gold down in choppy trade before Fed

New York gold down in choppy trade before Fed

Gold futures in New York ended lower on Thursday as traders lightened up on positions with the dollar firmer ahead of word from the US Federal Reserve on interest rates this afternoon, dealers said. August delivery gold on the New York Mercantile Exchange
Published 02 Jul, 2005 12:00am
CBR issues rules to replace 'carry forward' scheme

CBR issues rules to replace 'carry forward' scheme

After withdrawal of 'Carry Forward Scheme' in the budget 2005-06), the Central Board of Revenue (CBR) has announced a new procedure, whereby the taxpayers having excess input tax have been authorised to utilise the excess input tax credit in the subsequen
Published 02 Jul, 2005 12:00am
Gold falls in Asia after Fed, but key support intact

Gold falls in Asia after Fed, but key support intact

Gold fell nearly $3 an ounce in Asia on Friday after the US Federal Reserve raised interest rates as expected and signalled further increases ahead, which could diminish gold's appeal as an alternative asset. Spot gold was at $434.50/435.00, down from $43
Published 02 Jul, 2005 12:00am
Three Wapda XENs suspended

Three Wapda XENs suspended

Water and Power Development Authority (Wapda) Chairman Tariq Hamid taking notice of excessive power tripping has suspended three deputy managers operation (XENs) for negligence and showing slackness in rectifying the situation.
Published 02 Jul, 2005 12:00am
Malaysian tin down $55 as LME price slides

Malaysian tin down $55 as LME price slides

Tin fell $55 a tonne in Malaysian trade on Friday as key Japanese buyers only bid for small volumes after a slide in the metal's price in London. Spot tin on the Kuala Lumpur Tin Market closed on Friday's trade at $7,290 a tonne. Turnover almost halved to
Published 02 Jul, 2005 12:00am
POL and gas price increase slammed

POL and gas price increase slammed

Pakistan Peoples Party Parliamentarian (PPPP) head and leader of the Opposition in Punjab Assembly, Qasim Zia, has criticised the rise in gas and petrol prices. Terming the increase as mini budget, Qasim said this speaks volume of claimed success of the e
Published 02 Jul, 2005 12:00am
Oil inches up after three-day tumble to below $57

Oil inches up after three-day tumble to below $57

Oil prices edged higher on Friday but remained below $57 a barrel after three days of heavy profit-taking among some speculators. US light sweet crude traded up 17 cents to $56.67 a barrel, having previously closed below $57 for the first time in two week
Published 02 Jul, 2005 12:00am
PIE given over 667 acres of land

PIE given over 667 acres of land

The Punjab government has given possession of over 667 acres of land to Punjab Industrial Estate (PIE) Development and Management Company for developing Multan Industrial Estate Phase-II. According to a spokesman of the company, Multan's Industrial Phase
Published 02 Jul, 2005 12:00am
Asian rubber: fresh demand, supply woe shore up prices

Asian rubber: fresh demand, supply woe shore up prices

Prices of Asian rubber, underpinned by thin supplies in top producing country Thailand and the start of wintering in Indonesia, are expected to stay firm in the near term, traders said on Friday. Fresh demand has emerged in Indonesia, which offered the ch
Published 02 Jul, 2005 12:00am
Cholera outbreak: government urged to declare emergency

Cholera outbreak: government urged to declare emergency

Pakistan Muslim League (Nawaz (PML-N) Central Finance Secretary, Muhammad Pervaiz Malik MNA, has asked the government to announce emergency in Kasurpura, Marzipura and Bund Road areas, hard hit by cholera epidemic due to contaminated drinking water, to ch
Published 02 Jul, 2005 12:00am
CBOT rice falls on fund long liquidation

CBOT rice falls on fund long liquidation

Chicago Board of Trade rough rice futures slid to a four-month low on Thursday and contract lows were made across the board amid more long liquidation, a repeat of this week's moves, traders said. But on Thursday's trade was very active, especially late i
Published 02 Jul, 2005 12:00am
ECC approves summary for sugar import

ECC approves summary for sugar import

The Economic Co-ordination Committee (ECC) of the Cabinet on Friday approved the summary from the Ministry of Finance (MoF) and directed the Trading Corporation of Pakistan (TCP) to import 0.4 million white sugar on war-footing to fill the gap between dem
Published 02 Jul, 2005 12:00am
New York sugar ends mixed as trade eyes July expiry

New York sugar ends mixed as trade eyes July expiry

Raw sugar futures finished mixed in activity featuring last-minute tweaking of positions before the spot July contract expired on Thursday ahead of a long holiday weekend, traders said. The raw sugar market will be closed on Monday for the United States I
Published 02 Jul, 2005 12:00am
ECC approves summary for sugar import

ECC approves summary for sugar import

The Economic Co-ordination Committee (ECC) of the Cabinet on Friday approved the summary from the Ministry of Finance (MoF) and directed the Trading Corporation of Pakistan (TCP) to import 0.4 million white sugar on war-footing to fill the gap between dem
Published 02 Jul, 2005 12:00am
Soya sharply lower on lessening crop concerns

Soya sharply lower on lessening crop concerns

Chicago Board of Trade soyabean futures reached a month low on Thursday on waning concerns about the US soyabean crop after rains in Illinois and forecasts for more outweighed bullish USDA stocks data, traders said. The new-crop November contract has drop
Published 02 Jul, 2005 12:00am
ECC approves summary for sugar import

ECC approves summary for sugar import

The Economic Co-ordination Committee (ECC) of the Cabinet on Friday approved the summary from the Ministry of Finance (MoF) and directed the Trading Corporation of Pakistan (TCP) to import 0.4 million white sugar on war-footing to fill the gap between dem
Published 02 Jul, 2005 12:00am
EU increases periodic refunds on raw sugar exports

EU increases periodic refunds on raw sugar exports

The European Union has raised its export refunds on small amounts of white and raw sugar, its Official Journal said on Friday. The periodic refund on small amounts of white sugar was increased to 34.83 euros per 100 kg from the rate of 34.18 euros last se
Published 02 Jul, 2005 12:00am
Wheat, flour import without duty, withholding tax allowed

Wheat, flour import without duty, withholding tax allowed

The Economic Co-ordination Committee (ECC) of the Cabinet on Friday allowed import of flour and wheat duty-free and without withholding tax (WT). The unlimited import of flour and wheat is being allowed for the first time without duty and withholding tax.
Published 02 Jul, 2005 12:00am
Japan spot rubber near nine-year high

Japan spot rubber near nine-year high

Japanese rubber futures came off recent highs on Friday, but wariness over short supply from top producer Thailand kept the spot price pegged around a nine-year peak. Fund operators remained anxious because of costlier oil and surges in spot rubber prices
Published 02 Jul, 2005 12:00am
Wheat, flour import without duty, withholding tax allowed

Wheat, flour import without duty, withholding tax allowed

The Economic Co-ordination Committee (ECC) of the Cabinet on Friday allowed import of flour and wheat duty-free and without withholding tax (WT). The unlimited import of flour and wheat is being allowed for the first time without duty and withholding tax.
Published 02 Jul, 2005 12:00am
Malaysian palm oil futures up

Malaysian palm oil futures up

Malaysian palm oil prices rose, tailing a fresh rebound in Chicago soyaoil, but trade was light as investors were wary of building positions ahead a long weekend in the United States. The Chicago Board of Trade, who trades soyabean and soya products, will
Published 02 Jul, 2005 12:00am
Wheat, flour import without duty, withholding tax allowed

Wheat, flour import without duty, withholding tax allowed

The Economic Co-ordination Committee (ECC) of the Cabinet on Friday allowed import of flour and wheat duty-free and without withholding tax (WT). The unlimited import of flour and wheat is being allowed for the first time without duty and withholding tax.
Published 02 Jul, 2005 12:00am
Malaysian shares higher

Malaysian shares higher

Malaysian share prices closed 0.64 percent higher in mixed trade on Friday after a last minute rush to buy blue chips and other index-linked stocks, dealers said. Before the late surge, concern over high oil prices and inflation worries had dampened senti
Published 02 Jul, 2005 12:00am
President and Prime Minister resolve to hold fair LG polls

President and Prime Minister resolve to hold fair LG polls

President General Pervez Musharraf and Prime Minister Shaukat Aziz have reiterated their firm commitment regarding holding of the forthcoming local government elections in a free, fair and transparent manner. The two leaders, who met here Friday, said tha
Published 02 Jul, 2005 12:00am
Seoul shares hit three-month closing high on won, oil

Seoul shares hit three-month closing high on won, oil

South Korean shares rose 1 percent to their highest close in more than three months on Friday, as a weaker won currency and lower oil prices lifted exporters such as Hyundai Motor. The trend in the currency and energy market also raised confidence among i
Published 02 Jul, 2005 12:00am
President and Prime Minister resolve to hold fair LG polls

President and Prime Minister resolve to hold fair LG polls

President General Pervez Musharraf and Prime Minister Shaukat Aziz have reiterated their firm commitment regarding holding of the forthcoming local government elections in a free, fair and transparent manner. The two leaders, who met here Friday, said tha
Published 02 Jul, 2005 12:00am
US stocks fall as Fed hints at more rate hikes

US stocks fall as Fed hints at more rate hikes

US stocks fell on Thursday after the Federal Reserve raised key interest rates a quarter point for a ninth straight time and signalled that more rate increases are in store. The US central bank's policy-setting Federal Open Market Committee voted unanimou
Published 02 Jul, 2005 12:00am
Philippines shares lower

Philippines shares lower

Philippines share prices closed 1.51 percent lower on Friday, extending losses as the opposition stepped up its campaign to oust President Gloria Arroyo on charges she cheated in last year's elections, dealers said. They said major blue chips Philippine L
Published 02 Jul, 2005 12:00am
Treasuries rise, pay little mind to Fed rate hike

Treasuries rise, pay little mind to Fed rate hike

US Treasury debt prices climbed on Thursday as investors shrugged off an interest rate increase from the Federal Reserve and appeared to bet the economy's future was less rosy than policy-makers suggested. A statement from the central bank following its p
Published 02 Jul, 2005 12:00am
Treasuries rise, pay little mind to Fed rate hike

Treasuries rise, pay little mind to Fed rate hike

US Treasury debt prices climbed on Thursday as investors shrugged off an interest rate increase from the Federal Reserve and appeared to bet the economy's future was less rosy than policy-makers suggested. A statement from the central bank following its p
Published 02 Jul, 2005 12:00am
JGB yields near 22-month lows after tankan

JGB yields near 22-month lows after tankan

Japanese government bond yields held near 22-month lows on Friday, as dealers shrugged off a survey from the Bank of Japan (BOJ) that showed a better improvement than expected in corporate sentiment. Traders said the surprisingly strong quarterly tankan s
Published 02 Jul, 2005 12:00am
JGB yields near 22-month lows after tankan

JGB yields near 22-month lows after tankan

Japanese government bond yields held near 22-month lows on Friday, as dealers shrugged off a survey from the Bank of Japan (BOJ) that showed a better improvement than expected in corporate sentiment. Traders said the surprisingly strong quarterly tankan s
Published 02 Jul, 2005 12:00am
Taiwan stocks end firmer, screen shares lead rise

Taiwan stocks end firmer, screen shares lead rise

Taiwan stocks shrugged off losses to end stronger on Friday with screen makers like AU leading a tech advance as investors regained confidence in a second-half recovery for the sector. The TAIEX share index ended up 30.20 points, or 0.48 percent, to close
Published 02 Jul, 2005 12:00am
Nikkei at 11-week closing high, tankan helps Toyota

Nikkei at 11-week closing high, tankan helps Toyota

Japan's Nikkei share average rose 0.40 percent to a new 11-week closing high on Friday as a stronger reading than expected in a key corporate sentiment survey fuelled optimism about earnings and lured buyers to stocks such as Toyota Motor Corp. Underscori
Published 02 Jul, 2005 12:00am
Chinese shares suffer biggest fall in six weeks

Chinese shares suffer biggest fall in six weeks

China's shares posted their sharpest single-day fall in nearly six weeks on Friday, as investors scared of further losses dumped Headman Power International Corp Ltd and other blue chips. The benchmark Shanghai composite index ended in negative territory
Published 02 Jul, 2005 12:00am
Volkswagen hires KPMG to review bribery allegations

Volkswagen hires KPMG to review bribery allegations

Volkswagen AG is hiring independent auditors to review allegations of bribery at Europe's biggest carmaker, the company said on Friday. "We have contacted auditors KPMG and intend to commission them to review independently all that has happened," a spokes
Published 02 Jul, 2005 12:00am
Global PMI shows manufacturing growth rises

Global PMI shows manufacturing growth rises

A global indicator based on national surveys of manufacturers shows the sector grew at a faster pace in June, a report showed on Friday. The indicator, produced by J.P. Morgan with research and supply management organisations, rose to 52.4 in June from 51
Published 02 Jul, 2005 12:00am
Tankan survey shows business mood upbeat

Tankan survey shows business mood upbeat

Japanese businesses gained in confidence in the three months to June, a Bank of Japan survey showed on Friday, suggesting healthy domestic demand and reduced inventories are helping them ride out a slowing in export growth.
Published 02 Jul, 2005 12:00am
US manufacturing grew, consumers' mood lifted in June

US manufacturing grew, consumers' mood lifted in June

US manufacturing gained momentum in June while consumer sentiment improved, reports showed on Friday, offering evidence that the economy is strong enough to allow the Federal Reserve to continue raising interest rates to keep inflation in check. A jump in
Published 02 Jul, 2005 12:00am
Pfizer abandons Daxas

Pfizer abandons Daxas

Pfizer has abandoned efforts to jointly develop Altana's smoker's lung drug Daxas after a study showed it did not work as well as the companies hoped, sending stock in the German firm plummeting. Pfizer will return all rights to the drug to Altana, the Ge
Published 02 Jul, 2005 12:00am
Microsoft settles antitrust claims with IBM

Microsoft settles antitrust claims with IBM

Microsoft Corp has settled antitrust claims made by International Business Machines Corp, agreeing to pay $775 million to IBM, the companies said on Friday. Under the settlement, which resolves discriminatory pricing and overcharge claims made by IBM agai
Published 02 Jul, 2005 12:00am
CNOOC asks for US review of its Unocal bid

CNOOC asks for US review of its Unocal bid

China's CNOOC Ltd on Friday said it has filed a notice with the Committee on Foreign Investments in the United States requesting a review of its proposed merger with Unocal Corp CNOOC has offered $18.5 billion cash to acquire Unocal, topping a $16 billion
Published 02 Jul, 2005 12:00am
CNOOC asks for US review of its Unocal bid

CNOOC asks for US review of its Unocal bid

China's CNOOC Ltd on Friday said it has filed a notice with the Committee on Foreign Investments in the United States requesting a review of its proposed merger with Unocal Corp CNOOC has offered $18.5 billion cash to acquire Unocal, topping a $16 billion
Published 02 Jul, 2005 12:00am
Daewoo founder Kim charged with fraud

Daewoo founder Kim charged with fraud

South Korean prosecutors brought charges of fraud and embezzlement on Friday against former Daewoo group chairman Kim Woo-choong, once revered as an industrialist who helped build the country's economy. Kim fled South Korea in 1999 when Daewoo collapsed i
Published 02 Jul, 2005 12:00am
UK first quarter business investment up

UK first quarter business investment up

Business investment in Britain during the first quarter grew by 0.1 percent on the previous three months but the overall level of investment was revised down from earlier estimates, official statistics showed on Friday. The figures provide the latest evid
Published 02 Jul, 2005 12:00am
Rosneft signs deals with CNPC, Sinopec

Rosneft signs deals with CNPC, Sinopec

Russian state oil firm Rosneft signed co-operation deals on Friday with Chinese oil firm CNPC and Asia's biggest refiner Sinopec during a visit to the Kremlin by Chinese President Hu Jintao. The heads of CNPC and Rosneft signed a long-term co-operation ag
Published 02 Jul, 2005 12:00am
US Airways files bankruptcy reorganisation plan

US Airways files bankruptcy reorganisation plan

US Airways Group Inc filed a new business plan with a Virginia bankruptcy court on Thursday and said it was on track to complete its merger with America West Airlines by autumn. Many details of the plan have been disclosed in recent days in regulatory and
Published 02 Jul, 2005 12:00am
Bangladesh budget raises spending

Bangladesh budget raises spending

Bangladesh's parliament has approved budget spending of 643.83 billion taka ($10 billion) for the fiscal year 2005-2006, an increase of more than 12 percent over a year earlier. However, the government aims to limit the budget deficit to 4 percent of gros
Published 02 Jul, 2005 12:00am
Romanians embrace new, heavier leu currency

Romanians embrace new, heavier leu currency

Romanians woke up on Friday with hundreds instead of millions on their pay slips after the European Union candidate slashed four zeroes off its leu currency to simplify transactions and mark falling inflation. The average salary in the Balkan country of 2
Published 02 Jul, 2005 12:00am
US tweaks credits, doesn't touch WTO cotton target

US tweaks credits, doesn't touch WTO cotton target

The United States revised three farm export credit programmes on Friday to comply with a world trade ruling that US cotton subsidies distort world trade, but did not alter its highly criticised cotton subsidy. Some $4.4 billion in credits are offered annu
Published 02 Jul, 2005 12:00am
One for the ages

One for the ages

Teen talent has played second fiddle to know how at Wimbledon with 29-year-old Lindsay Davenport taking on 25-year-old Venus Williams in an all-American Centre Court showdown on Saturday. Between them Davenport and Williams have won seven Grand Slam title
Published 02 Jul, 2005 12:00am
Australia beat Bangladesh

Australia beat Bangladesh

Australia beat Bangladesh by six wickets in their Triangular Series one-day international here Thursday. World champions Australia, already qualified for Saturday's Lord's final against England, reduced Bangladesh to 75 for five after winning the toss in
Published 02 Jul, 2005 12:00am
Sharapova, queen without a crown

Sharapova, queen without a crown

Maria Sharapova, at 18-years-old, has lost her Wimbledon crown, but she has vowed to be back better and stronger than before. The Russian's love affair with grasscourts came to an abrupt end at the hands of Venus Williams who won their semi-final clash 7-
Published 02 Jul, 2005 12:00am
Brutal Venus dethrones Sharapova to face Davenport in final

Brutal Venus dethrones Sharapova to face Davenport in final

Former double champion Venus Williams dethroned Centre Court queen and defending champion Maria Sharapova 7-6 (7/2), 6-1 on Thursday to reach her fifth Wimbledon final. The 25-year-old American, the winner in 2000 and 2001, will take on either top seeded
Published 02 Jul, 2005 12:00am
Ruthless Federer destroys Hewitt to reach Wimbledon final

Ruthless Federer destroys Hewitt to reach Wimbledon final

Roger Federer ruthlessly destroyed Lleyton Hewitt 6-3, 6-4, 7-6 (7/4) in a breathtaking Centre Court semi-final demolition to move just one win away from a third successive Wimbledon title on Friday.
Published 02 Jul, 2005 12:00am
Mexico and US in new flap over 'racist' stamps

Mexico and US in new flap over 'racist' stamps

A set of new Mexican postage stamps featuring a black comic-book figure with thick lips and a flat nose has set off a fresh controversy with the United States where civil rights activists want the stamps banned.
Published 02 Jul, 2005 12:00am
UN to probe treatment of minorities in Japan

UN to probe treatment of minorities in Japan

A United Nations investigator will next week investigate alleged racism and discrimination against minority groups in Japan including ethnic Koreans and Chinese, according to a UN statement issued on Friday. Doudou Diene, UN special rapporteur on racism a
Published 02 Jul, 2005 12:00am
Dalai Lama envoys meet Chinese officials in Switzerland

Dalai Lama envoys meet Chinese officials in Switzerland

Tibetan envoys of the Dalai Lama and Chinese representatives ended two days of negotiations in Switzerland Friday in their first meeting outside Chinese soil, the spiritual leader's office said. Five Tibetan representatives met Chinese officials at China'
Published 02 Jul, 2005 12:00am
Global warming to wreck Mediterranean 'paradise': WWF

Global warming to wreck Mediterranean 'paradise': WWF

Global climate change will bring hotter, drier summers to the Mediterranean and hit two of the region's biggest earners, agriculture and tourism, according to a study released by environmental group WWF on Friday. The study forecast what would happen if t
Published 02 Jul, 2005 12:00am
China seeks influence in Central Asia with regional meet

China seeks influence in Central Asia with regional meet

Chinese President Hu Jintao is to attend a Central Asia security forum next week, keen to assert his country's influence in the region whose oil and gas it covets but whose instability is a matter of concern.
Published 02 Jul, 2005 12:00am
'Letter from the grave' convicts UK murderers

'Letter from the grave' convicts UK murderers

A drug dealer and his henchman were found guilty of murdering Indian-born millionaire businessman Amarjit Chohan and his family on Friday in one of the longest murder trials in English legal history. Kenneth Regan, 55, and William Horncy, 52, were found g
Published 02 Jul, 2005 12:00am
US Senate defeats move to stop nuclear bomb study

US Senate defeats move to stop nuclear bomb study

Senate Democrats on Friday failed to stop the Energy Department from studying the feasibility of a "bunker buster" nuclear bomb the Bush administration is considering. By a vote of 53-43, the Senate refused to delete $4 million in funds to study the exper
Published 02 Jul, 2005 12:00am
Sri Lankan rupee ends flat

Sri Lankan rupee ends flat

The Sri Lanka rupee closed flat on Friday as local banks cashed in remittances and foreign banks bought the dollars on offer, traders said. The rupee ended at 100.11 per dollar, unchanged from Thursday's close.
Published 02 Jul, 2005 12:00am
Dollar hits nine-month highs against yen and pound

Dollar hits nine-month highs against yen and pound

The dollar hit nine-month highs against the yen and the British pound on Friday after the Federal Reserve signalled it would keep lifting US interest rates, further widening the US currency's rate advantage over its rivals. The dollar also struck a 13-mon
Published 02 Jul, 2005 12:00am
Dollar gains versus sterling, yen before Fed decision

Dollar gains versus sterling, yen before Fed decision

The dollar on Thursday advanced to its highest level against the yen and sterling since late last year as investors bet that US interest rates have more room to rise. The US Federal Reserve is almost unanimously forecast to increase its funds rate by a qu
Published 02 Jul, 2005 12:00am
Chinese yuan ends unchanged

Chinese yuan ends unchanged

The yuan on Friday ended unchanged at 8.2764 per US dollar, near the stronger end of its managed trading range. A Beijing-based dealer said trading was normal with no unusual activity detected in the market. The one-year non-deliverable dollar forward dis
Published 02 Jul, 2005 12:00am
Swiss franc off against dollar after Fed hike

Swiss franc off against dollar after Fed hike

The Swiss franc lost some ground versus the dollar on Friday after the US Federal Reserve raised interest rates as expected, further widening the interest rate differential with Switzerland. The Fed increased rates by a quarter percentage-point to 3.25 pe
Published 02 Jul, 2005 12:00am
Indian rupee at six-week high on foreign share buying

Indian rupee at six-week high on foreign share buying

The rupee rose for a second session on Friday to a six-week closing high, buoyed by a rising tide of foreign fund inflows that helped it shrug off the dollar's climb to a 10-month peak against an index of currencies. Traders said portfolio flows were so r
Published 02 Jul, 2005 12:00am
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