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Print - 2004-06-18
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Thursday (June 17, 2004).
Published 18 Jun, 2004 12:00am
Stamp duty reduced, transfer, duplicate fee enhanced

Stamp duty reduced, transfer, duplicate fee enhanced

In the Punjab Budget 2004-05, houses measuring up to 5 marlas in certain areas, used for residential purposes, have been exempted from the levy of property tax, while stamp duty on Memorandum and Articles of Association of Companies has been abolished.
Published 18 Jun, 2004 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Thursday (June 17, 2004).
Published 18 Jun, 2004 12:00am
Rs 43.44 billion for Annual Development Programme

Rs 43.44 billion for Annual Development Programme

The Punjab government has allocated Rs 43.44 billion for the Annual Development Programme (ADP) 2004-05 with main focus on accelerating economic growth, poverty alleviation, and consolidation of existing physical and social infrastructure.
Published 18 Jun, 2004 12:00am
Spot dollar rates

Spot dollar rates

Spot Dollar rates from Khadim Ali Shah Bukhari & Co Ltd on Thursday (June 17, 2004).
Published 18 Jun, 2004 12:00am
Rs 43.44 billion for Annual Development Programme

Rs 43.44 billion for Annual Development Programme

The Punjab government has allocated Rs 43.44 billion for the Annual Development Programme (ADP) 2004-05 with main focus on accelerating economic growth, poverty alleviation, and consolidation of existing physical and social infrastructure.
Published 18 Jun, 2004 12:00am
Money Market Report

Money Market Report

Money market report by Khadim Ali Shah Bukhari & Co on Thursday (June 17, 2004).
Published 18 Jun, 2004 12:00am
Rs 43.44 billion for Annual Development Programme

Rs 43.44 billion for Annual Development Programme

The Punjab government has allocated Rs 43.44 billion for the Annual Development Programme (ADP) 2004-05 with main focus on accelerating economic growth, poverty alleviation, and consolidation of existing physical and social infrastructure.
Published 18 Jun, 2004 12:00am
Rs 185.324 billion Punjab budget unveiled

Rs 185.324 billion Punjab budget unveiled

Punjab Finance Minister Sardar Hasnain Bahadur Dareshak on Thursday presented tax-free provincial budget for 2004-05 with total outlay of Rs 185.324 billion, showing a surplus of Rs 34.65 billion in the Punjab Assembly.
Published 18 Jun, 2004 12:00am
Bill buying rates per unit of currency

Bill buying rates per unit of currency

Bill Buying Rates per unit of currency -- issued by the Treasury Management Division of the National Bank of Pakistan on Thursday (June 17, 2004).
Published 18 Jun, 2004 12:00am
Rs 185.324 billion Punjab budget unveiled

Rs 185.324 billion Punjab budget unveiled

Punjab Finance Minister Sardar Hasnain Bahadur Dareshak on Thursday presented tax-free provincial budget for 2004-05 with total outlay of Rs 185.324 billion, showing a surplus of Rs 34.65 billion in the Punjab Assembly.
Published 18 Jun, 2004 12:00am
Rs 185.324 billion Punjab budget unveiled

Rs 185.324 billion Punjab budget unveiled

Punjab Finance Minister Sardar Hasnain Bahadur Dareshak on Thursday presented tax-free provincial budget for 2004-05 with total outlay of Rs 185.324 billion, showing a surplus of Rs 34.65 billion in the Punjab Assembly.
Published 18 Jun, 2004 12:00am
Ghazi Barotha project to be operational in July

Ghazi Barotha project to be operational in July

Five units of the Ghazi Barotha hydel power project will start full-fledged power generation from early next month to meet power demand in the country, besides significant reduction in the tariff, Business Recorder reliably learnt here on Thursday.
Published 18 Jun, 2004 12:00am
Ghazi Barotha project to be operational in July

Ghazi Barotha project to be operational in July

Five units of the Ghazi Barotha hydel power project will start full-fledged power generation from early next month to meet power demand in the country, besides significant reduction in the tariff, Business Recorder reliably learnt here on Thursday.
Published 18 Jun, 2004 12:00am
Currency notes: exchange rates

Currency notes: exchange rates

Exchange rates for Currency Notes issued by the Treasury Management Division of National Bank of Pakistan (NBP) here on Thursday (June 17, 2004).
Published 18 Jun, 2004 12:00am
Pact signed for $75 million USAID assistance

Pact signed for $75 million USAID assistance

United States Agency for International Development (USAID) has provided $75 million to Pakistan as grant assistance to help reduce poverty from the country.
Published 18 Jun, 2004 12:00am
Conversion for foreign currency deposits

Conversion for foreign currency deposits

Conversion for foreign currency deposits, DBC/FCBC, special USD bond & profits thereon (excluding FE-25 deposits) on Thursday (June 17, 2004).
Published 18 Jun, 2004 12:00am
KSE equities tumble

KSE equities tumble

The share prices fell across the board as selling pressure from financial institutions and brokerage houses ignited it whereas the government was still indecisive about the capital value tax (CTV) proposed in the Federal Budget for 2004-05.
Published 18 Jun, 2004 12:00am
Exchange rates: buying and selling

Exchange rates: buying and selling

Exchange rates issued by the Treasury Management Division of National Bank of Pakistan on Thursday (June 17, 2004).
Published 18 Jun, 2004 12:00am
KSE equities tumble

KSE equities tumble

The share prices fell across the board as selling pressure from financial institutions and brokerage houses ignited it whereas the government was still indecisive about the capital value tax (CTV) proposed in the Federal Budget for 2004-05.
Published 18 Jun, 2004 12:00am
Barclays bid rates and maximum rates for payment of interest

Barclays bid rates and maximum rates for payment of interest

Barclays bid rates, maximum rates for payment of interest by authorised dealers on deposits (other than those brought under FE Circular No: 45 of 1985) and on deposits (brought under FE Circular No: 45 of 1985) -- issued by the Foreign Exchange Rates Comm
Published 18 Jun, 2004 12:00am
SBP circular on branch licensing policy issued

SBP circular on branch licensing policy issued

The State Bank of Pakistan (SBP) on Thursday issued a comprehensive circular containing all the instructions about the SBP''s Branch Licensing Policy.
Published 18 Jun, 2004 12:00am
State Bank of Pakistan conversion rates

State Bank of Pakistan conversion rates

Rates applicable for conversion into rupees of Foreign Currency Deposits, Dollar Bearer Certificates, Foreign Currency Bearer Certificates, Special US Dollar bonds and profits thereon by all banks and also for providing forward cover on foreign currency d
Published 18 Jun, 2004 12:00am
Nicaragua reports record sugar output

Nicaragua reports record sugar output

Nicaragua reaped a record sugar crop of 467,108 tonnes for the 2003/04 harvest, up 35.7 percent from the previous year, thanks to investments in productivity and healthy rains, sugar producers said on Wednesday.
Published 18 Jun, 2004 12:00am
Jamadi-ul-Awwal moon not to be sighted on June 18

Jamadi-ul-Awwal moon not to be sighted on June 18

The Jamadi-ul-Awwal moon should not be sighted on Friday. The 1st of Jamadi-ul-Awwal, 1425 AH, will, therefore, fall on Sunday, according to the astronomical parameters.
Published 18 Jun, 2004 12:00am
Singapore bunker fuel prices steady

Singapore bunker fuel prices steady

Singapore bunker or ship fuel prices were steady on Thursday as traders said ship-owners stayed out of the market hoping that ample supplies would bring prices lower.
Published 18 Jun, 2004 12:00am
Jamadi-ul-Awwal moon not to be sighted on June 18

Jamadi-ul-Awwal moon not to be sighted on June 18

The Jamadi-ul-Awwal moon should not be sighted on Friday. The 1st of Jamadi-ul-Awwal, 1425 AH, will, therefore, fall on Sunday, according to the astronomical parameters.
Published 18 Jun, 2004 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 124,502 tonnes of cargo including 109,496 tonnes import and 15,006 tonnes export cargo during last 24 hours ending at 0700 hours on Thursday.
Published 18 Jun, 2004 12:00am
ECC approves gas allocation for power projects

ECC approves gas allocation for power projects

The Economic Co-ordination Committee (ECC) of the Cabinet has decided to dedicate 100 MMCFD raw gas from Mari Deep reservoir to the new power projects near Mari gas field to be identified/selected by PPIB in accordance with the approved power policy.
Published 18 Jun, 2004 12:00am
US Midwest corn and soya steady to firm

US Midwest corn and soya steady to firm

Spot corn and soyabean basis bids in the US Midwest were mostly steady to firm early on Thursday, reflecting a lack of grain offerings from the country, dealers said.
Published 18 Jun, 2004 12:00am
ECC approves gas allocation for power projects

ECC approves gas allocation for power projects

The Economic Co-ordination Committee (ECC) of the Cabinet has decided to dedicate 100 MMCFD raw gas from Mari Deep reservoir to the new power projects near Mari gas field to be identified/selected by PPIB in accordance with the approved power policy.
Published 18 Jun, 2004 12:00am
CBOT wheat futures end mixed

CBOT wheat futures end mixed

Soft red winter wheat futures at the Chicago Board of Trade closed mixed on Wednesday, with nearby July buoyed on spreads amid weather worries and supportive export news, traders said.
Published 18 Jun, 2004 12:00am
Margin financing to replace badla by January 1

Margin financing to replace badla by January 1

The Chairman, Securities Exchange Commission of Pakistan, Dr Tariq Hassan, has told bankers that 'badla' financing is being gradually phased out and hopefully would be replaced by margin financing by January 1, 2005. Therefore, he said, banks need to gear
Published 18 Jun, 2004 12:00am
Tunisia buys soft wheat

Tunisia buys soft wheat

Tunisian state grains agency Office des Cereales has purchased a total of 75,000 tonnes of soft wheat at prices between $159.65 to $162.39 a tonne c&f in a tender which closed on Thursday, European traders said.
Published 18 Jun, 2004 12:00am
Margin financing to replace badla by January 1

Margin financing to replace badla by January 1

The Chairman, Securities Exchange Commission of Pakistan, Dr Tariq Hassan, has told bankers that 'badla' financing is being gradually phased out and hopefully would be replaced by margin financing by January 1, 2005. Therefore, he said, banks need to gear
Published 18 Jun, 2004 12:00am
Argentina keeps soya crop forecast

Argentina keeps soya crop forecast

Argentina kept its 2003/04 soya crop forecast at 32 million tonnes, well below last year's harvest despite the record-high seeding of 14.2 million hectares, the government said on Thursday.
Published 18 Jun, 2004 12:00am
US Plains HRW wheat basis mixed, harvest stalled

US Plains HRW wheat basis mixed, harvest stalled

Spot basis bids for US hard red winter wheat were mixed Thursday, but several interior elevators hiked their bids as much as 7 cents per bushel on concerns about movement as rain stalled harvest, dealers said.
Published 18 Jun, 2004 12:00am
Brazil to expand sugar output and exports

Brazil to expand sugar output and exports

Brazil will increase sugar output and sales in the current 2004/05 (May-April) season, trade house Louis Dreyfus said on Thursday.
Published 18 Jun, 2004 12:00am
FOB Gulf corn and soyabean mostly steady

FOB Gulf corn and soyabean mostly steady

US FOB Gulf corn and soyabean basis offers were mostly steady on Wednesday, with export demand for both remaining thin, dealers said.
Published 18 Jun, 2004 12:00am
Bombers kill 41 in strikes on Iraqi forces

Bombers kill 41 in strikes on Iraqi forces

Bombers killed 41 people in two strikes on Iraq's fledgling security forces on Thursday, stepping up a bloody drive to sabotage plans for US-led occupation to give way to Iraqi rule on June 30.
Published 18 Jun, 2004 12:00am
Bombers kill 41 in strikes on Iraqi forces

Bombers kill 41 in strikes on Iraqi forces

Bombers killed 41 people in two strikes on Iraq's fledgling security forces on Thursday, stepping up a bloody drive to sabotage plans for US-led occupation to give way to Iraqi rule on June 30.
Published 18 Jun, 2004 12:00am
Oil cake market rates

Oil cake market rates

The July vaida opened unchanged at Rs 486.50 and rose by 40 paisa during the day's trading to be highest at Rs 486.90.
Published 18 Jun, 2004 12:00am
Cotton market maintains sluggish trend

Cotton market maintains sluggish trend

Trading on the cotton market maintained sluggish outlook as no deal came to knowledge till shutters were pulled down, sources said.
Published 18 Jun, 2004 12:00am
Kenyan coffee prices mixed

Kenyan coffee prices mixed

Kenyan coffee prices were mixed at this week's auction, with firm demand for lower grade offerings and a dearth of buyers for the diminishing supply of top quality beans, traders said on Wednesday.
Published 18 Jun, 2004 12:00am
Jodia Bazar rates

Jodia Bazar rates

Some changes were marked on the Jodia Bazar but traders said print them on Friday as market was volatile.
Published 18 Jun, 2004 12:00am
Good business seen on grain market

Good business seen on grain market

Commodities traded on the seed and grain wholesale markets on Thursday amid good business transaction.
Published 18 Jun, 2004 12:00am
Lax oversight exposes farm subsidies to abuse

Lax oversight exposes farm subsidies to abuse

Poor enforcement of federal farm subsidy rules allows potentially ineligible people to get a share of billions of dollars sent each year to cotton, grain and soybean growers, a congressional report said on Wednesday.
Published 18 Jun, 2004 12:00am
Fox urges US investors to look to Mexico, not China

Fox urges US investors to look to Mexico, not China

Mexican President Vicente Fox on Wednesday urged US investors to look to Mexico, not Asia, for investment opportunities, saying "not everything that shines is gold in relation to China."
Published 18 Jun, 2004 12:00am
Shanghai copper mostly up but activity limited

Shanghai copper mostly up but activity limited

Most Shanghai copper futures contracts ended up on Thursday despite paring gains, lifting London Metal Exchange prices from their kerb close levels, traders said.
Published 18 Jun, 2004 12:00am
New York precious metals close lower on dollar advance

New York precious metals close lower on dollar advance

Comex gold futures closed lower on Wednesday, undermined by the strength in the dollar which added to its gains after an unexpected surge in US industrial output reinforced expectations of robust economic activity, traders said.
Published 18 Jun, 2004 12:00am
Gold hardly moves in Asia, platinum drops

Gold hardly moves in Asia, platinum drops

Gold scarcely budged in Asia on Thursday as the dollar kept gains against other major currencies, while platinum fell on fresh Japanese-led selling, traders said.
Published 18 Jun, 2004 12:00am
Oil up on Iraq sabotage, bullish US fuel stocks

Oil up on Iraq sabotage, bullish US fuel stocks

US oil prices were higher on Thursday, supported by the stoppage to Iraqi exports after a series of sabotage strikes on key pipelines and a drop in US gasoline stocks as peak summer demand approached.
Published 18 Jun, 2004 12:00am
Analyst cuts wheat crop forecast

Analyst cuts wheat crop forecast

Warm and dry weather over the last few weeks has lead A French analyst to significantly cut its estimate of the enlarged European Union's 2004/2005 soft wheat and barley output on Thursday.
Published 18 Jun, 2004 12:00am
CBOT rice firm on late commercial buying

CBOT rice firm on late commercial buying

Chicago Board of Trade rough rice futures settled firm on Wednesday as late commercial buying pared losses due to speculative selling, brokers said.
Published 18 Jun, 2004 12:00am
Thai rubber futures volume surges, prices steady

Thai rubber futures volume surges, prices steady

Trading in Thai rubber futures surged on Thursday with 111 contracts changing hands in the busiest day since Thailand's first commodities futures exchange opened in late May, dealers said.
Published 18 Jun, 2004 12:00am
Soyabeans end mixed as bull spreads correct

Soyabeans end mixed as bull spreads correct

Chicago Board of Trade soyabean futures settled mixed on Wednesday with old-crop July lower and new-crop November higher on a correction in the July/November spread which had firmed during the past weeks, traders said.
Published 18 Jun, 2004 12:00am
Malaysian palm oil ends off three-week lows

Malaysian palm oil ends off three-week lows

Malaysian crude palm oil futures closed lower on Thursday but off a three-week trough, helped by gains in rival Chicago soyaoil after key soyabean contracts on China's Dalian Commodity Exchange rose their three-percent limit. The market was weighed down b
Published 18 Jun, 2004 12:00am
Daily Mail drops out of auction for Telegraph

Daily Mail drops out of auction for Telegraph

The billionaire Barclay brothers and a consortium of buyout firms were left to contest the auction for Britain's Telegraph newspaper on Thursday after publisher Daily Mail quit because the price was too high.
Published 18 Jun, 2004 12:00am
Daily Mail drops out of auction for Telegraph

Daily Mail drops out of auction for Telegraph

The billionaire Barclay brothers and a consortium of buyout firms were left to contest the auction for Britain's Telegraph newspaper on Thursday after publisher Daily Mail quit because the price was too high.
Published 18 Jun, 2004 12:00am
Nokia signs network deal in India

Nokia signs network deal in India

Nokia, the world's leading mobile phone maker, said on Thursday it had signed a contract to expand or build new GSM mobile phone networks in nine of Hutchison's 13 license areas in India.
Published 18 Jun, 2004 12:00am
Nokia signs network deal in India

Nokia signs network deal in India

Nokia, the world's leading mobile phone maker, said on Thursday it had signed a contract to expand or build new GSM mobile phone networks in nine of Hutchison's 13 license areas in India.
Published 18 Jun, 2004 12:00am
Saudi Arabia bid for WTO accession hits new snags

Saudi Arabia bid for WTO accession hits new snags

Saudi Arabia's attempt to join the World Trade Organisation has hit new snags and negotiations on the kingdom's accession will now continue after the summer break, a WTO official said Thursday.
Published 18 Jun, 2004 12:00am
India plans to merge state-run banks

India plans to merge state-run banks

The Indian government is planning to merge the country's state-run banks to create five or six large banks, a leading newspaper said in a report on Thursday.
Published 18 Jun, 2004 12:00am
US inflation, jobs data suggest economy strong

US inflation, jobs data suggest economy strong

Producer prices rose at their fastest pace in a year in May, exacerbating concerns about inflation, while initial jobless claims fell last week in fresh signs of an accelerating US economy.
Published 18 Jun, 2004 12:00am
Poor countries need reform for water projects work: World Bank

Poor countries need reform for water projects work: World Bank

Reform of institutions in poor developing countries is needed if infrastructure projects to provide water and waste disposal are to work, the World Bank has warned in a report called: "Responsible growth for the new millennium".
Published 18 Jun, 2004 12:00am
Senate panel backs Greenspan for final term

Senate panel backs Greenspan for final term

The Senate Banking Committee backed Alan Greenspan for a fifth and final term as chairman of the Federal Reserve on Thursday, sending his nomination to the full Senate for approval.
Published 18 Jun, 2004 12:00am
Sri Lanka to slap tax on foreigners buying land

Sri Lanka to slap tax on foreigners buying land

Sri Lanka is to reintroduce a 100 percent tax on foreign nationals buying property and restrict the sale of land to foreign companies, Finance Minister Sarath Amunugama said on Thursday.
Published 18 Jun, 2004 12:00am
UK retail sales post biggest gain in two year

UK retail sales post biggest gain in two year

British retail sales rose at the fastest annual pace in two years in May as sunny days tempted Britons to head out to garden centres and clothing stores, stirring worries interest rates will have to climb higher soon.
Published 18 Jun, 2004 12:00am
China slaps anti-dumping duties on optical fibre

China slaps anti-dumping duties on optical fibre

China has levied anti-dumping duties of up to 46 percent on imports of optical fibre from the United States, Japan and Korea, charging they are sold at unfairly low prices, the Commerce Ministry said.
Published 18 Jun, 2004 12:00am
Automechanika 2004 to be held in Frankfurt

Automechanika 2004 to be held in Frankfurt

Automechanika, the leading trade fair for the automobile after-market and original equipment market will start from September 14-19, 2004 in Frankfurt am Main, says a press release.
Published 18 Jun, 2004 12:00am
Russia to export $500 million of uranium to US

Russia to export $500 million of uranium to US

Russia will ship to the United States half a billion dollars worth of commercial uranium this year under a deal aimed to help Moscow recycle its vast stocks of Cold War-era warheads, a nuclear official said on Thursday.
Published 18 Jun, 2004 12:00am
Jobs could be threatened if US housing sector slows

Jobs could be threatened if US housing sector slows

America's housing boom has fuelled growth in construction, mortgage and real estate jobs, but a rise in mortgage rates could trigger a slowdown that could stop hiring and lead to layoffs, analysts said on Wednesday.
Published 18 Jun, 2004 12:00am
Malaysian shares end higher

Malaysian shares end higher

Malaysian shares closed higher on Thursday, led by blue chips amid window-dressing by local funds ahead of end of June book closures.
Published 18 Jun, 2004 12:00am
Hong Kong shares end down, China plays see sharp falls

Hong Kong shares end down, China plays see sharp falls

Hong Kong stocks ended lower on Thursday with China plays falling for the fourth straight day on persistent fears that the central government might take further steps to cool the economy.
Published 18 Jun, 2004 12:00am
S&P 500, Nasdaq up on positive economic data

S&P 500, Nasdaq up on positive economic data

The Standard & Poor's 500 and Nasdaq indexes rose for the second session on Wednesday, as a trio of positive reports underscored the strengthening economy, but gains were tempered by worries about world oil supply after attacks on Iraq's oil pipelines.
Published 18 Jun, 2004 12:00am
Singapore shares down

Singapore shares down

Singapore shares fell on Thursday after two days of gains as worries about China's economy led investors to sell DBS Group and other blue chips despite robust Singapore monthly export data.
Published 18 Jun, 2004 12:00am
Seoul shares higher

Seoul shares higher

Seoul shares closed one percent higher on Thursday, picking up on a late surge of bargain-hunting focused on technology stocks and as shares in Hyundai Motor rose on news about robust car price rises and sales.
Published 18 Jun, 2004 12:00am
Thai stocks end lower on oil, foreign selling

Thai stocks end lower on oil, foreign selling

Thai stocks ended lower on Thursday with foreign investors taking profits and volatile world oil prices weighing on market sentiment, analysts said.
Published 18 Jun, 2004 12:00am
Jakarta stocks fall on rising rates

Jakarta stocks fall on rising rates

Jakarta stocks fell in lethargic trade on Thursday, hurt by climbing interest rates while sentiment remained weak ahead of July 5 presidential elections.
Published 18 Jun, 2004 12:00am
Philippines stocks end lower, led by PLDT

Philippines stocks end lower, led by PLDT

Philippine stocks fell on Thursday on profit-taking in select blue chips like telecom leader PLDT and second-ranked Globe Telecom Inc as political concerns kept most players sidelined.
Published 18 Jun, 2004 12:00am