Business Recorder articles from March 2002, page 10

Business Recorder archives from March 2002

Corruption in Central Board of Revenue: new dimension comes to light.
March 30, 2002... Byline: RECORDER REPORT ISLAMABAD : A new dimension of CBR officials' corrupt practices came to light ie fraudulent assessments, heavy refunds withdrawal through fictitious cheques issued in the name of the CBR. According to a...

Pakistan Muslim League (J) leaders meet Musharraf.
March 30, 2002... Byline: RECORDER REPORT ISLAMABAD : President General Pervez Musharraf, while talking to a Pakistan Muslim League-Junejo (PML-J) delegation which called on him here on Friday, said that his government will ensure a level playing field...

Azad Kashmir Assembly condemns atrocities on Indian Muslims.
March 30, 2002... Byline: ROSHAN MUGHAL MUZAFFARABAD : The Azad Jammu and Kashmir Legislative assembly on Friday demanded of world community to put economic, moral and diplomatic pressure on India for state terrorism in Occupied Kashmir and genocide of...

Good Friday marked.
March 30, 2002... ISLAMABAD : Christians observed Good Friday with religious fervour and held services at churches in different parts of the country. Addressing congregations, bishops and other speakers stressed the need for peace and said the country can...

Need for agri, industrial sector co-operation stressed.
March 30, 2002... Byline: RECORDER REPORT LAHORE : The Punjab Minister for Agriculture, Khurshid Zaman Qureshi, has stressed the need for co-operation between the Agriculture sector and Industry to produce demand-oriented articles in order to boost the...

IBM launches Intel-based telecom server.
March 30, 2002... Byline: RECORDER REPORT KARACHI : Capitalising on the service provider industry's move to Linux-based solutions, IBM Corporation has now introduced a new Intel-based telecommunications server that is optimised to run carrier-grade Linux...

Lux announces lucky draw winners.
March 30, 2002... KARACHI : Lux, the style brand of Lever Brothers Pakistan Limited, announced the winners of the stylekiduniya.com lucky draw on Friday in a ceremony held at a local hotel. The entries for the web-based lucky draw that ran on Lux's first...

Rescheduled Matric exams begin on March 30.
March 30, 2002... KARACHI : The rescheduled papers of the SSC annual examinations 2002 will commence from Saturday, March 30. The chairman of the Board of Secondary Education Karachi (BSEK), Mohammad Aziz Ansari said here on Friday that as many as 275,000...

Millat wins spring show 2002.
March 30, 2002... Byline: RECORDER REPORT LAHORE : Millat Tractors Ltd (MTL) won the trophy of 1st position in all the 35 categories of annual 'spring and rose flower show 2002', held here at Race Course Park under the auspices of Horticulture Society of...

Law for promotion of 'open end spinning industry' urged.
March 30, 2002... Byline: RECORDER REPORT LAHORE : Pakistan Open End Spinners Association (Poesa) has urged the government to enact a law for the promotion of 'open end spinning industry' in the country. The demand was raised at the extraordinary...

Wheat exports to be boosted.
March 30, 2002... Byline: RECORDER REPORT LAHORE : In order to boost the wheat exports, a sub-committee of the Economic Co-ordination Committee (ECC) has approved a new policy under which Rs 3,500 per tonne has been allowed to be remitted to wheat...

Ombudsman takes suo motu action.
March 30, 2002... Byline: RECORDER REPORT LAHORE : The Ombudsman, Punjab, Justice Sajjad Ahmed Sipra has directed the Secretary, Local Government Department, Punjab to take necessary steps to ensure proper checking of the sale of unhygienic and...

'Pakistan can play leading role in Afghan reconstruction'.
March 30, 2002... Byline: RECORDER REPORT LAHORE : The Punjab Minister for Communication and Works, Housing, Labour and Manpower, Lieutenant General Muhammad Tariq (Retd), has said that Pakistan, Iran and Turkey can play major role in the reconstruction...

National Accountability Bureau can file reference at place of alleged crime only, rules Supreme Court.
March 30, 2002... KARACHI : A three-member bench of Supreme Court of Pakistan has ruled that the National Accountability Bureau (NAB) could file a reference against an accused only at a place where the alleged crime had occurred and if the reference was to be...

Sri Lankan cuisine presentation at Avari.
March 30, 2002... KARACHI : Under the patronage of the Consul General of Sri Lanka, Avari Towers will present "Authentic Sri Lankan Cuisine" from the famous Spice Land at the Dynasty from the April 2 to 4. According to a press release of the Avari Towers,...

North Karachi Trade body concerned over Karachi Electric Supply Corporation disconnection drive.
March 30, 2002... Byline: RECORDER REPORT KARACHI : North Karachi Association of Trade and Industry (NKATI) has expressed concern over the industrial units' power supply disconnection campaign of Karachi Electrical supply Corporation (KESC) on the pre-tax...

Margalla, Chaman to have dry ports.
March 30, 2002... LAHORE : The Federal Minister for Railways and Communications, Lieutenant General Jawed Ashraf Qazi (Retd), said here on Friday that the Central Board of Revenue (CBR) has approved building two new dry ports at Margalla (Islamabad) and Chaman...

Karachi Stock Exchange extends suspension of 2 cement companies.
March 30, 2002... Byline: RECORDER REPORT KARACHI : The Karachi Stock Exchange (KSE) has extended the suspension of trading in Saadi Cement and Pakland Cement for a further period of 60 days effective from March 31, 2002. According to a notification...

Small and Medium Enterprises Association to hold first anniversary dinner on April 2.
March 30, 2002... KARACHI : The Small and Medium Enterprises Association (Samea), which has Zafar Iqbal as its President, is holding the first anniversary dinner of the association on April 2 at 8 pm at the Defence Central Library Auditorium. Sindh...

'Pakistan government committed to protecting human rights'.
March 30, 2002... Byline: RECORDER REPORT LAHORE : The Federal Minister for Law, Justice and Human Rights, Dr Khalid Ranjha has said the government is determined to protecting and promoting the human rights in the country. The minister stated this...

Inclusion of pre-trial period in sentence: ex-MPA allowed appeal.
March 30, 2002... Byline: RECORDER REPORT LAHORE : An accountability court (AC), on Friday, allowed an appeal of ex-MPA Farrukh Jawed Ghumman praying the court to include the pre-trial period in his sentence. He submitted that the respondent court,...

Proxy candidate convicted with fine.
March 30, 2002... Byline: RECORDER REPORT LAHORE : The Lahore High Court (LHC) has convicted one Sanaullah for two years with a fine of Rs 4,000 for appearing in the examination as proxy candidate, held for the recruitment of additional district and...

Japan wary of China's economic, military might: approves record 25 percent cut in loans to China.
March 30, 2002... TOKYO : Japan on Friday decided to cut loans to China by a record 25 percent in the current fiscal year as it tries to contain bulging public debts and grows wary of China's growing economic and military might. The cut, which will bring...

Asian Development Bank representative suggests steps to Pakistan boost economy.
March 30, 2002... Byline: AHMED MUKHTAR ISLAMABAD : The Resident Representative of Asian Development Bank, Marshuk Ali Shah, has said that Pakistan needs to focus on economic growth in labour-intensive sectors, employment generation activities and on...

Lower Podravka depresses Zagreb index.
March 29, 2002... ZAGREB : Top tier food group Podravka reversed the week's gains on Thursday and combined with losses in the lower tier to depress the official Crobex index 0.31 percent to 1,287.2 points. Podravka lost 1.79 percent to 216.05 kuna ($25.42)...

Vietnam stock index gains as REEs boost capital.
March 29, 2002... HANOI : Vietnam's stock index ended up for a fourth straight session on Thursday as investors rushed to buy Refrigeration Electrical Engineering Co (REE) after it announced it would boost its capital, brokers said. The Vietnam Index rose...

Erste Bank extends rally in Vienna ATX index.
March 29, 2002... VIENNA : Shares in Erste Bank hit another record high in Vienna on Thursday on follow-through demand from better-than-expected 2001 results last week. Solid demand for oil and gas group OMV and building materials group Wienerberger also...

US credit market outlook: market hush may lead to Treasury swing.
March 29, 2002... NEW YORK : There will be a kind of hush all over the Treasury market on Thursday in a holiday-shortened session but investors said there could be thunder-struck price swings in a market with little liquidity. The market closes early at 2...

US corporate bonds: Morgan Stanley sells $7.3 billion bonds.
March 29, 2002... NEW YORK : US corporate bonds performed in line with or slightly worse than Treasuries, as Morgan Stanley completed the largest bond sale ever by a securities firm, raising $7.3 billion. "Very quiet, very quiet," said one trader, adding...

UAE shares clock up in active trading week.
March 29, 2002... DUBAI : United Arab Emirates shares rose in the week to Thursday in active trading on healthy dividend distributions by listed firms and fresh capital flows due to declining returns on bank deposits. Turnover rose 12.4 percent to 93.5...

Turkish stocks edge down, fail to break resistance.
March 29, 2002... ISTANBUL : Turkish shares closed slightly lower on Thursday, failing to maintain the momentum that took the index over 12,000 points, as investors preferred to wait for next week's inflation data, brokers said. The main ISE National-100...

Golds, oils combine to push Toronto stocks higher.
March 29, 2002... TORONTO : Toronto stocks finished higher on Wednesday as investors sought bargains in the closing days of the quarter and golds roared ahead on strong bullion prices. The Toronto Stock Exchange 300 composite index finished up 79.21...

Tokyo equities advance for second day, DoCoMo strong.
March 29, 2002... TOKYO : Japanese stocks closed higher for a second straight day on Thursday, led by top mobile phone operator NTT DoCoMo Inc and other core large-cap shares on last-minute institutional buying ahead of the fiscal year-end. The benchmark...

Thai stocks soar but look set to fall soon.
March 29, 2002... BANGKOK : Thailand's main stock index ended higher on Thursday as investors picked up banks, finance and property shares after recent sharp falls, analysts said. But profit taking in energy and telecoms weighed on the upside, they said....

Moody's rates Telstra's US$ bonds Aa3.
March 29, 2002... SYDNEY : Moody's Investors Service today assigned an Aa3 rating to Telstra Corporation Limited's (Telstra) USD 500 million bond issue, due 2012. The rating outlook is stable. Telstra's rating reflects its position as the pre-eminent...

Taiwan stocks close up one percent, techs lead gains.
March 29, 2002... TAIPEI : Taiwan's main share index ended higher on Thursday, driven up by sparkling electronics shares and confidence about the tech sector's outlook. The benchmark TAIEX share index seesawed most of the session before a late buying...

Swiss blue chips end first quarter near seven-month highs.
March 29, 2002... ZURICH : The blue chip Swiss Market Index closed out March near seven-month highs on Thursday as end-of-quarter window-dressing and hopes for a growing economic rebound helped spark buying, dealers said. Selected purchases of stocks ahead...

Stockholm shares make gains, Telia, telco gain.
March 29, 2002... STOCKHOLM : Nordic stocks cruised to a higher close on the last trading day before Easter on Thursday, hoisted by a second day of gains in the telecoms sector but on extremely thin pre-holiday volumes. Dealers said telecoms operator Telia...

South Korean bonds yield lower on Moody's, minister's comments.
March 29, 2002... SEOUL : South Korea's bellwether bond yields ended lower on Thursday as comments by Finance Minister Jin Nyum to keep an expansionary policy added fuel to the country's sovereign ratings upgrade by Moody's Investors Service. The credit...

South African stocks decline, pressured by financials.
March 29, 2002... JOHANNESBURG : Gains in South African gold stocks on Thursday failed to counter a sell-off in financial counters, which pulled the overall market to a weaker finish, traders said. The all-share index fell 0.3 percent or 30.8 points to...

Singapore shares end mixed, some blue chips shine.
March 29, 2002... SINGAPORE : Singapore shares closed narrowly mixed on Thursday as a long weekend and the looming US corporate reporting season stoked caution among investors but some blue chips rose on mild buying by funds. "At this point, a lot of the...

Government will keep Y30 trillion cap in FY03/04: Shiokawa.
March 29, 2002... TOKYO : Japanese Finance Minister Masajuro Shiokawa said on Thursday he wanted to keep the limit on new government bond issuance at 30 trillion yen in fiscal 2003/04. "There are various steps we can take in response to pressure on public...

Ripplewood sees Shinsei Bank IPO by next March.
March 29, 2002... TOKYO : The head of US investment fund Ripplewood Holdings said on Thursday that Shinsei Bank, the Japanese bank that it took over two years ago, is likely to achieve its target of going public by next March. Asked about Shinsei's stated...

Seoul stocks tumble as retail investors pocket profits.
March 29, 2002... SEOUL : South Korean shares hit a two-year high on a surprise credit ratings upgrade by Moody's Investors Service on Thursday, but ended lower as retail investors pocketed profits. The market, which has rallied more than 90 percent since...

Saudi stocks continue to climb on oil, SABIC gains.
March 29, 2002... RIYADH : Firmer oil prices and gains by heavyweight Saudi Basic Industries Corp (SABIC) pushed Saudi Arabian stocks up 1.4 percent in the week to Thursday, the fourth straight weekly rise, traders said. The all-share stock index,...

Qatari banks, services shares lead index up.
March 29, 2002... DOHA : Qatari's main share index rose almost one percent in the week to Thursday, led by heavyweights Qatar Telecom and Qatar National Bank in brisk trade, brokers said. The Doha Securities Market's all-share index closed at 1,685.37, up...

Polish stocks end flat in scant trade, seen firming.
March 29, 2002... WARSAW : The Warsaw bourse held stable on Thursday, but trade was quiet with most investors sidelined on the last session before the Easter break, traders said. They said, however, the recently weak market could strengthen when the...

PNE Micron to offer 62 million shares in Singapore IPO.
March 29, 2002... SINGAPORE : Singapore-based PNE Micron Holdings, an industrial coating specialist, said on Thursday it will offer 62 million new shares at S$0.22 each for a listing on the second board of the Singapore Exchange. The total share offer,...

Bangladesh's Padma Cement to go public.
March 29, 2002... DHAKA : Bangladesh cement manufacturer Padma Cement Limited will launch an initial public offering to raise 138 million taka, or $2.38 million, company officials said on Thursday. "The funds will be used to repay the company's bank loans...

Oman shares rise in week on 2001 company results.
March 29, 2002... MUSCAT : Omani stocks rose two percent in the week to Thursday, supported by better-than-expected 2001 corporate results, traders said. The Muscat Securities Market index closed at 164.19 points, up from 160.96 points in the previous...

New Zealand bonds rally on GDP, dollar up on short squeeze.
March 29, 2002... AUCKLAND : The New Zealand dollar was caught up in a pre-holiday short covering rally on Thursday while weaker than expected gross domestic product data boosted the local debt market. The currency was at $0.4402/12, up from $0.4355/65 at...

Mexican stocks end slightly higher ahead of holiday.
March 29, 2002... MEXICO CITY : Mexican stocks fought their way into positive territory in the final minutes of trading on Wednesday, after a session more characterised by profit-taking than optimism. For most of the day, investors used the market's low...

Malaysian stocks end mostly up, main index down.
March 29, 2002... KUALA LUMPUR : Malaysian stocks ended mostly higher on Thursday, though the blue chip index slipped, as investors chased speculative shares like Intria Bhd on hopes firms may soon unveil corporate restructuring plans. The benchmark index...

Recouping banks, Telefonica boost Madrid shares.
March 29, 2002... MADRID : A rebound in Spain's biggest blue chips - which have suffered recently because of their links to crisis-hit Argentina - gave Spain's indices a shot in the arm on Thursday, the last session of the quarter. Those shares, which...

Lockheed director plans to sell 200,000 shares.
March 29, 2002... WASHINGTON : Lockheed Martin Corp director Norman Augustine indicated plans to sell 200,000 shares valued at about $11.5 million, according to a US regulatory filing on Wednesday. It was not known if Augustine sold the shares as noted in...

Lisbon shares ease as EDP slips.
March 29, 2002... LISBON : Portuguese stocks eased on Thursday as heavyweight Electricidade de Portugal (EDP) slipped in quiet pre-Easter trading. Lisbon's benchmark PSI20 index ended down 0.15 percent to 7,796 points. It is down 0.4 percent for the year....

Kenyan stock index tumbles below key 1,200 points.
March 29, 2002... NAIROBI : Kenya's stock index fell sharply in the week to Thursday to settle below the key 1,200 point mark as investors continued to dump shares in poorly performing companies, analysts said. They said the index was likely to fall...

June S&P futures end mixed on blue chip optimism.
March 29, 2002... CHICAGO : US stock index futures closed mixed on Wednesday with Standard & Poor's 500 index futures higher as investors looked to blue chips to cash in on an anticipated rebound in the US economy. Traders noted light dealings all day with...

Japanese government bonds surge as investors go long ahead of April.
March 29, 2002... TOKYO : Japanese government bond (JGB) prices soared on Thursday, driving yields on cash 10-year debt to 11-week lows as pension funds and banks snapped up bonds and took long positions ahead of the new fiscal year from April 1. Strength...

Japanese MoF swaps may push up Japanese government bond yields.
March 29, 2002... TOKYO : A decision by Japan's Ministry of Finance to use yen interest rate swaps to manage interest payments on from 2003/04 is already contributing to higher swap rates, analysts said on Thursday. Yen swap rates have been unusually low...

Japan funds drawn to stocks at home, bonds abroad.
March 29, 2002... TOKYO : Japanese institutional investors plan to increase their asset allocation to domestic equities for the first time in five months in April as fears of a financial crisis abated, according to a Reuters poll published on Thursday. ...

Jakarta stocks end flat as early gains eaten away.
March 29, 2002... JAKARTA : Jakarta stocks finished almost flat on Thursday after early gains, as some investors opted to realise profit for the first quarter. The composite index opened at the intraday high of 488.13 points but lost ground in the second...

International bonds: Deutsche Telekom rating cut dominates quiet market.
March 29, 2002... LONDON : A credit rating cut for Deutsche Telekom provided the focus for a quiet international bond market on the final trading day before the Easter break, while primary markets saw little new issuance. Yields on bonds issued by...

Indian bonds up on better funding, rate cut hopes.
March 29, 2002... BOMBAY : Indian government bonds were up on Thursday spurred by hopes that money market liquidity will improve in the new financial year and that the central bank could lower the benchmark bank rate in April, traders said. The actively...

Indian shares snap 4-day slide; techs, state companies lead.
March 29, 2002... BOMBAY : The key Indian share index snapped a four-day slide to end up on the last trading day of the financial year as investors picked up bargains in the tech sector, while state-run firms' shares got a boost from the government's...

India extends 10-percent creeping acquisition cap.
March 29, 2002... BOMBAY : Capital markets watchdog Securities and Exchange Board of India (SEBI) on Thursday extended by six months the date until which an increased limit on "creeping acquisitions" will remain valid. Last October, SEBI temporarily raised...

Hungarian stocks flat, Inter-Europa hits high.
March 29, 2002... BUDAPEST : Movements of major Hungarian shares cancelled out each other on Thursday, leaving the BUX index virtually flat, but Inter-Europa Bank hit a new year-high on recurrent market rumours, traders said. "There are again rumours...

Hungarian forint, bonds firmer as government firm in polls.
March 29, 2002... BUDAPEST : The forint and Hungarian government papers firmed on Thursday as opinion polls showed that the centre-right government coalition increased its support ahead of the two-round elections scheduled for April 7 and 21. Turnover was...

Hong Kong stocks end above 11,000, supported by China Mobile.
March 29, 2002... HONG KONG : Hong Kong's benchmark stock index finished above the 11,000 level on Thursday for the first time in over a week, due to a robust performance by China Mobile as a price war among Chinese mobile phone operators looked increasingly...

Hong Kong markets: Easter holiday trading schedule.
March 29, 2002... HONG KONG : Hong Kong's stock market will be closed on Friday and Monday for the Easter holiday, and will reopen for trade on Tuesday, April 2. The money and gold markets will also be closed on Friday and Monday, with trade resuming on...

Greek stocks reverse earlier gains, end off 0.07 percent.
March 29, 2002... ATHENS : Soft blue chips marginally outweighed small and mid cap gains on the Athens bourse on Thursday as buying on the back of a technical rebound ran out of steam late in the session. Brokers said trading was affected by window...

Allianz helps German DAX index higher, US data brightens mood.
March 29, 2002... FRANKFURT : Insurer Allianz buoyed Germany's DAX on Thursday, helping the blue chip index extend gains after US indices opened positive on more upbeat economic data. Index heavyweight Allianz rose 2.4 percent by 1605 GMT, adding about...

S&P puts France Telecom, Orange BBB+ L-T rating on Watch Negative.
March 29, 2002... LONDON : Standard & Poor's said today that it has placed its triple-'B'-plus long-term credit ratings on France Telecom and the company's mobile-telephony subsidiary, Orange, on CreditWatch with negative implications on concerns over the...

Foreign stock investors net buyers in Korea on March 28.
March 29, 2002... SEOUL : Foreign investors bought a net 2.2 billion won ($1.67 million) on the South Korean stock market on Thursday. Foreign players were buyers for a second consecutive session, the Korea Stock Exchange said. Retail investors sold a...

China Everbright shares plummet after net profit disappoints.
March 29, 2002... HONG KONG : Shares of China Everbright Ltd fell more than three percent on Thursday after the company missed forecasts with a 71 percent fall in 2001 net profit that fuelled concerns about its mainland asset quality. The China-backed...

Euro bond yields reverse falls after upbeat US data.
March 29, 2002... LONDON : European government debt yields rose on Thursday after a spate of upbeat US economic figures renewed bonds' sell-off, overshadowing euro zone money supply numbers which had earlier helped push yields to one-week lows. A...

Egyptian shares edge up in directionless trade.
March 29, 2002... CAIRO : Egyptian shares gained slightly on Thursday in lacklustre trading, depressed by political tension in the region and continued government silence on long-awaited economic reform, brokers said. "There is no news at all, so people...

Hopes for higher bank dividends lift Dhaka stocks.
March 29, 2002... DHAKA : Shares edged up on the Dhaka Stock Exchange (DSE) on Thursday, with investors focusing on banks ahead of 2001 annual results expected in April that many hope will announce increased dividends, traders said. The DSE benchmark...

Komercni, CEZ drive Czech stocks to 2-weak highs.
March 29, 2002... PRAGUE : Gains to shares in Komercni Banka and power producer CEZ helped the main Czech stock indices to fresh two-week highs on Thursday. The Reuters-HN-Wood index gained 1.41 percent to 1,266.7 points, while the broader PX-50 index was...

Chinese first quarter corporate results due by April 30.
March 29, 2002... SHANGHAI : Two Chinese stock exchanges on Thursday set an April 30 deadline for listed firms to report first quarter results or risk being suspended, in a move to boost transparency in the wake of several market scandals. The Shanghai...

China B shares shine as rumour machines grind.
March 29, 2002... SHANGHAI : China's hard currency B shares closed up on Thursday on rumours that regulators may soon announce new listing rules that would allow Chinese citizens to subscribe to B share initial public offerings, brokers said. But an...

Chile stocks battered by profit-taking, Argentine woes.
March 29, 2002... SANTIAGO : Chilean stocks fell sharply on Wednesday, led by US investors who dumped their Chilean ADRs amid profit-taking and a murky outlook for crisis-plagued neighbour Argentina, traders said. The IPSA index of the top 40 stocks sank...

Canadian dollar falls for fourth day, bonds climb.
March 29, 2002... TORONTO : The Canadian dollar ended lower for a fourth straight session on Wednesday, and bonds were mixed, as market players began to square positions heading into the long Easter weekend. Trading in currency and bonds markets was...

Aksys shares rocket after FDA approves dialysis system.
March 29, 2002... NEW YORK : Shares of Aksys Ltd soared 49 percent in after-hours trading on Wednesday after the company said the US Food and Drug Administration had given its kidney dialysis system full approval and marketing clearance. The company's...