News Archives for Print - 2005-03-24

Parliamentarians want ominous situation at Dera Bugti defused

The 15-member parliamentary delegation fears that another confrontation of a greater magnitude between the Frontier Corps and tribesmen can erupt any time at Dera Bugti in case the 'ominous situation' was not immediately defused. In interviews with Bus

Published 24 Mar, 2005 12:00am

Former IGP of Northern Areas shot dead

Unidentified gunmen on Wednesday ambushed the car of former Northern Areas Inspector General Police, Sakhiullah Jan Tareen at Juttal, some 10km from Gilgit, leaving him dead and injuring his son, daughter-in-law and driver. Sources from Gilgit told Bus
Published 24 Mar, 2005 12:00am

Poland keen on joint ventures in farm and food sectors: Consul General

Poland has expressed interest in joint ventures with Pakistan in agriculture and food processing sectors and research projects. Polish Consul General Ireneusz Makles told Business Recorder on Wednesday that Poland was interested in close co-operati
Published 24 Mar, 2005 12:00am

IAF receives first lot of upgraded Sukhoi-30

The private sector will now play a key role in the manufacture of the hi-tech Sukhoi-30 fighter at the Hindustan Aeronautics Limited, the company's chairman A K Baweja said. Addressing after a ceremony where two technologically upgraded Sukhois were deliv
Published 24 Mar, 2005 12:00am

Reduced duty applies on exports to EU from April 1

Pakistan will get duty reduction of around 3.5 per cent in export of all products, except for textile and clothing, to the European Union (EU) member countries under new normal generalised system of preferences (GSP) scheme. The new EU GSP scheme is proba
Published 24 Mar, 2005 12:00am

Rice City to be set up at Gwadar

With a view to giving boost to the country's rice export, the government has decided to set up a 'Rice City' at Gwadar port. According to information made available to Business Recorder here on Wednesday, necessary paper work in this regard has alr
Published 24 Mar, 2005 12:00am

Pak-Afghan border crossing modernisation suggested

The Ministry of Commerce (MoC) has proposed that the border crossing infrastructure (BCI) at Chaman and Torkham requires up-gradation and modernisation to ensure fast track transit of trade and transport to Afghanistan. This proposal was put forward by a
Published 24 Mar, 2005 12:00am

PES gets UAE agency's contract for power plant study

The Pakistan Engineering Services (Pvt) Limited (PES) has been awarded a contract worth millions of rupees by the Emirates Trading Agency (Al Ghurair Group) of United Arab Emirates (UAE) for conducting feasibility study for a 160 MW thermal power plant in
Published 24 Mar, 2005 12:00am

Five killed in occupied Kashmir violence

A civilian was killed in a car-bomb explosion, while occupation troops shot dead four freedom fighters commanders as fresh violence erupted in Indian occupied Kashmir, police said on Wednesday. The violence comes a fortnight ahead of resumption of a bus s
Published 24 Mar, 2005 12:00am

Japan parliament enacts $778.7 billion budget

Japan's parliament enacted an 82.18 trillion yen ($778.7 billion) budget on Wednesday for the fiscal year starting in April, featuring reductions in spending and bond issuance to help tackle ballooning public debt. The widely expected passage by the upper
Published 24 Mar, 2005 12:00am

Former DaimlerChrysler staff raided in abuse of trust probe

German police raided the homes and offices of former DaimlerChrysler staff suspected of scamming the carmaker and seized evidence in a breach of trust investigation, prosecutors said on Wednesday. The probe centres on allegations that former employees use
Published 24 Mar, 2005 12:00am

Adams nominated Treasury post

The White House announced on Wednesday that Timothy Adams, a former chief of staff at the US Treasury, was being nominated for a senior Treasury position as under secretary for international affairs. The job, which requires Senate confirmation, would give
Published 24 Mar, 2005 12:00am

Middle East satellite firm Showtime hires banks for IPO

Showtime, a satellite pay-TV network in the Middle East and North Africa, has hired Morgan Stanley and Goldman Sachs for an initial public offering which could value it at up to $2 billion, sources familiar with the matter said. The company is set to be l
Published 24 Mar, 2005 12:00am

Government wooing banks to bail out KSE from settlement crisis

The Federal Government is said to be quietly nudging the big banks to rescue the Karachi Stock Exchange from the settlement crisis it is facing to the tune of Rs 60 billion, it is reliably learnt. Hectic behind the scenes activity was seen on Wednesday, a
Published 24 Mar, 2005 12:00am

Saboteurs blow up gas pipeline

The saboteurs in Balochistan during their latest move blown up a gas pipeline, authorities said here on Wednesday. "A four-foot (1.5 metre) section of the pipeline was blown up," security force commander Khair Mohammad Jamali told Reuters. The ruptured pi
Published 24 Mar, 2005 12:00am

PPIB expects $8 billion investment in power sector

The Private Power and Infrastructure Board (PPIB) is expecting dollars eight billion investment in power sector in five years. The decision to present three thermal power projects of 1200 MW for International Competitive Bidding (ICB) was the part of stra
Published 24 Mar, 2005 12:00am

CED to be imposed in VAT mode on service providers

The Central Board of Revenue (CBR) has decided to impose central excise duty (CED) in VAT mode on professional service-providers to meet the ambitious revenue target of Rs 650-660 billion in next fiscal 2005-06 and raise tax to GDP ratio. Official sources
Published 24 Mar, 2005 12:00am

Retailers and professionals to be brought under tax regime

The Central Board of Revenue (CBR)''s Chairman Abdullah Yousuf has stressed the need for expanding the tax net by bringing the booming real estate sector, retailers and professionals under the tax regime. Speaking to a panel of Business Recorder du
Published 24 Mar, 2005 12:00am

Retailers and professionals to be brought under tax regime

The Central Board of Revenue (CBR)'s Chairman Abdullah Yousuf has stressed the need for expanding the tax net by bringing the booming real estate sector, retailers and professionals under the tax regime. Speaking to a panel of Business Recorder dur
Published 24 Mar, 2005 12:00am

Kenya extends time for rice clearance

The Kenyan government has extended the time for clearance of Pakistani rice at existing rate of 35 percent import duty for indefinite period, it is reliably learnt here on Wednesday. The announcement was made in a circular issued recently stating that the
Published 24 Mar, 2005 12:00am

Five accords signed with Afghanistan

Pakistan and Afghanistan on Wednesday signed five agreements and a protocol to enhance co-operation between the two countries in culture, media, tourism besides, launching a bus service. The signing ceremony, followed by a round of delegation-level talks
Published 24 Mar, 2005 12:00am

One cop killed, other injured

One police constable was killed and another injured while on a routine patrol as they came under fire by unknown assailants in the jurisdiction of Baghdadi police station on the eve of Pakistan Day. According to details, constables Mohammad Jehangir and A
Published 24 Mar, 2005 12:00am

Hyundai to fit XM Satellite radio in US cars

Hyundai Motor Co said on Wednesday it plans to offer XM Satellite Radio as standard equipment on all US models around 2007, sending XM's share price up almost 4 percent. Hyundai said it plans to put XM radios in 75 percent of its vehicles by the end of 20
Published 24 Mar, 2005 12:00am

KSE board meeting summoned to tackle emergency

The Chairman of the Karachi Stock Exchange, Yasin Lakhani, has called an emergency meeting of the Board of Directors on Thursday at 8.30 am. The meeting has to review the current settlement crisis facing the exchange and take appropriate measures to break
Published 24 Mar, 2005 12:00am

Insurgent base stormed in Iraq; 84 killed

Iraqi commandos backed by US troops killed 84 insurgents in a battle to seize a training camp north of Baghdad, one of the highest guerrilla death tolls in the country's nearly two-year-old insurgency. Baghdad's Interior Ministry said the dead included Ar
Published 24 Mar, 2005 12:00am

Aaj TV launched: economic growth sustainable: Shaukat

Prime Minister Shaukat Aziz said on Wednesday that the current economic growth was sustainable. Taking to Ms Nasira Zuberi in an interview on Aaj TV, the Prime Minister said that the growth rate would be maintained between seven to eight percent. Earlier
Published 24 Mar, 2005 12:00am

Musharraf urges nation to help combat terrorism

President General Pervez Musharraf, while calling upon the nation to combat internal threats of extremism and terrorism through concerted efforts, said on Wednesday that Pakistan could not be oblivious to its defence and security and its armed forces are
Published 24 Mar, 2005 12:00am

The Weather

The weather report on Wednesday (March 23) and the forecast for Thursday (March 24, 2005).
Published 24 Mar, 2005 12:00am

New York cotton

Wednesday's closing prices of New York cotton in US cents/lb.

Published 24 Mar, 2005 12:00am

Key stock market movements at 1800 GMT on March 23

The latest close of key indices on major world stock exchanges and the London closing values of the euro, the Japanese yen, the British pound and gold bullion (previous day's closes in brackets).
Published 24 Mar, 2005 12:00am

Open End Mutual Funds (Unit Trusts)

The open end mutual funds.

Published 24 Mar, 2005 12:00am

United Money-Market Fund

The Unit Prices for March 24, 2005.

Published 24 Mar, 2005 12:00am

Atlas Fund Prices

Atlas Fund Prices on Wednesday (March 23, 2005).

Published 24 Mar, 2005 12:00am

Closing of sterling rates

Closing of sterling rates at 1730 GMT - on Wednesday (March 23, 2005).

Published 24 Mar, 2005 12:00am

Currency values in term of Special Drawing Rights

The International Monetary Fund (IMF), treasuries' department's currency values in terms of Special Drawing Rights (SDR).

Published 24 Mar, 2005 12:00am

LME official prices

LME official prices on Tuesday.

Published 24 Mar, 2005 12:00am

Paper & Board: SECURITY PAPERS LIMITED - Year Ended June 30, 2004

Security Papers Limited (SPL) was established in 1965; it became a public company and was listed on Karachi Stock Exchange in 1967. The company also became a joint venture between Pakistan, Iran and Turkey in 1967. The company manufactures paper for bank
Published 24 Mar, 2005 12:00am

New York coffee futures post gains

New York arabica coffee futures settled firmer across the board Tuesday, with light trade and roaster buying snapping four straight sessions of sagging prices, market sources said. The New York Board of Trade's front-month May arabica delivery rose 0.70 c
Published 24 Mar, 2005 12:00am

Syngenta says sold some unapproved GMO corn in US

Corn seeds developed by Swiss agrochemicals group Syngenta AG were mistakenly contaminated with a strain of genetically modified corn during 2001 through 2004, the company said on Tuesday. Syngenta said that all of the problematic plantings and seed stock
Published 24 Mar, 2005 12:00am

Soya rust found in second Florida county: experts

The highly contagious soybean rust disease has spread to a new county in Florida, the second finding in a month, state scientists said on Tuesday. The University of Florida confirmed soybean rust on "old and new kudzu leaves" in Hernando County on the Flo
Published 24 Mar, 2005 12:00am

New York cocoa extends losses; spread trading in focus

New York cocoa futures closed modestly weaker amid thinly traded volumes on Tuesday, with market players focusing on spread trading between contracts following the previous session's sharp drop, traders said. "After yesterday's big move down, the market s
Published 24 Mar, 2005 12:00am

Australian wool production seen steady

Australia's shorn wool output is expected to be little changed at 475 million kg in the year ending June 2006, an industry body said on Tuesday. This is the first forecast for the 2006 production year and compares with a revised forecast for the year endi
Published 24 Mar, 2005 12:00am

Comex copper up in short-cover rally

US copper futures started with steep gains on Tuesday, when some participants needed to cover short positions a day after a sharp sell-off, traders said. On Monday, some fund investors sold holdings in copper as well as other commodities after deciding to
Published 24 Mar, 2005 12:00am

New York gold futures higher

US gold futures settled fractionally higher on Tuesday as traders played it safe before hearing the Federal Reserve's decision on US interest rates and after Monday's hefty sell-off, dealers said. In other precious metals, silver closed at a fresh six-wee
Published 24 Mar, 2005 12:00am

Tokyo gold hits one-month low as dollar knocks bullion

Tokyo gold futures extended losses to a one-month low on Wednesday, as bullion sank about one percent on the back of a stronger dollar after the US Federal Reserve warned it may act more aggressively to tame inflation. But losses on the Tokyo Commodity Ex
Published 24 Mar, 2005 12:00am

Precious metals hurt by strong dollar, Fed rise

Gold fell around 1 percent in Asian trading on Wednesday while silver and platinum were near 1-month lows after a rising US dollar triggered panic selling. Spot gold fell to $425.80 an ounce, its lowest since February 21, before rebounding to $426.50/427.
Published 24 Mar, 2005 12:00am

Stronger US dollar pressures Shanghai copper

Chinese copper futures fell on Wednesday as a rising US dollar outweighed support from a firmer domestic spot market. The US Federal Reserve raised benchmark interest rates by 25 basis points on Tuesday. That pushed the dollar to a one-month high against
Published 24 Mar, 2005 12:00am

Oil falls toward $55 as market awaits US data

Oil prices deepened losses toward $55 a barrel on Wednesday as Opec deliberated a second supply increase to cool spiralling prices and a recovering dollar lured some fund money out of commodities. The US dollar held near a one-month high against the euro
Published 24 Mar, 2005 12:00am

Malaysian tin down

Tin fell $10 a tonne in Malaysian trade on Wednesday as sellers continued to offload the metal despite a turnaround in its London price. Spot tin on the Kuala Lumpur Tin Market settled at $8,340 a tonne, extending Tuesday's $160 drop. The local market has
Published 24 Mar, 2005 12:00am

Tokyo rubber eases to touch one-week low

Tokyo rubber futures sank on Wednesday to briefly touch a one-week low in the absence of fresh news but traders refrained from selling aggressively ahead of this week's expiry of the spot contract. The benchmark August TOCOM rubber contract on the Tokyo C
Published 24 Mar, 2005 12:00am

Vietnam rice prices firm

Vietnamese rice prices have firmed more than 1 percent after the Philippines said this week it would import an additional 100,000 tonnes of the grain, traders said on Wednesday. They added rice prices in Vietnam, the world's second-largest exporter of the
Published 24 Mar, 2005 12:00am

New York sugar easier, trade mulls consumer buying

Raw sugar futures closed with small losses on Tuesday on speculative sales, but trade buying tied to talk of possible consumer purchases blunted the losses in the market, analysts said. The New York Board of Trade's May raw sugar contract eased 0.01 cent
Published 24 Mar, 2005 12:00am

Soya firm on recovery after sell-off

Soyabean futures at the Chicago Board of Trade bounced higher on Tuesday on a mild recovery after the sharp price sslide on Monday, traders said The recovery was limited after a month-long rally led by commodity fund buying. The stronger dollar on Monday
Published 24 Mar, 2005 12:00am

CBOT rice higher on technical bounce

Rice futures at the Chicago Board of Trade closed firm on Tuesday on a technical bounce, traders said. CBOT rice closed near the highs on Monday, which triggered follow-through technical buying early Tuesday. That set a firm tone to the Tuesday's trade. M
Published 24 Mar, 2005 12:00am

Chinese traders say sugar imports unlikely

Chinese sugar plants are unlikely to import sugar from the world market for domestic sale given the current high world price, traders said on Wednesday. Rumours persist in the market that China bought around 100,000 tonnes, perhaps more, of sugar, likely
Published 24 Mar, 2005 12:00am

WFP buys 6,000 tonnes of South African white maize for Kenya

The UN World Food Programme (WFP) bought 6,000 tonnes of maize for Kenya in March, a WFP buyer said on Wednesday, adding the agency might still buy from Zambia despite its export ban. "We bought 6,000 tonnes of South African maize for Mombasa," the buyer
Published 24 Mar, 2005 12:00am

Malaysian palm oil barely above 1,400 ringgit

Malaysian crude palm oil futures closed more than half a percent down on Wednesday, just above the psychologically important level of 1,400 ringgit, after a drop in rival soyaoil. Dealers said export numbers of palm oil for March 1 to 25, due on Friday, w
Published 24 Mar, 2005 12:00am

Reliance brothers feud close to settlement

A feud between the Ambani brothers running India's Reliance group, the country's largest private conglomerate, is near to a settlement, sources close to the negotiations said on Wednesday. Representatives of the brothers have been in talks with a mediator
Published 24 Mar, 2005 12:00am

Europe buries qualms over Wolfowitz at World Bank

Europe buried misgivings over Washington's nomination of Iraq war architect Paul Wolfowitz to head the World Bank on Wednesday, making clear that it would not stand in his way. European Union leaders pressed, nevertheless, for a meeting with the US deputy
Published 24 Mar, 2005 12:00am

EU in tactical retreat to save French referendum

European Union leaders rushed to the rescue of President Jacques Chirac on Wednesday in a bid to save a knife-edge French referendum on the EU constitution by retreating on a disputed bill to open up the services sector. Their decision to send a draft der
Published 24 Mar, 2005 12:00am

Japanese exports falter

Japan said Wednesday its trade surplus in February shrank for a second consecutive month as rising oil prices continued to boost imports and Asian exports, a key driver for economic growth, stalled. The data came as the world's second-largest economy is s
Published 24 Mar, 2005 12:00am

EU rejects Microsoft plan for sanctions monitor

Microsoft Corp put itself on a collision course with European Union authorities on Wednesday in a dispute over the powers of a trustee who is to make sure the software giant stops violating antitrust law. The EU executive Commission has ruled that Microso
Published 24 Mar, 2005 12:00am

Foreign bond buying drives January eurozone outflow

Money flowed out of the eurozone in January as investors based in the bloc bought foreign bonds enthusiastically, data showed on Wednesday. Purchases of foreign bonds accounted for over three quarters of the 31.2 billion euro net outflow of direct and por
Published 24 Mar, 2005 12:00am

India to spend $25 billion on energy ventures

India is ready to spend up to 25 billion dollars on overseas oil and gas ventures to meet spiralling demand, Oil Minister Mani Shankar Aiyar said Wednesday. "We are in a position to raise 25 billion dollars to invest in acquiring oil and gas properties ab
Published 24 Mar, 2005 12:00am

Ericsson sues Sendo

Sweden's Ericsson has sued UK-based mobile phone firm Sendo for infringements on its GSM and GPRS handset technology patents, the telecom equipment maker said on Wednesday. Ericsson said in a statement it wanted monetary damages from the privately held fi
Published 24 Mar, 2005 12:00am

Oracle net profit drops

Oracle Corp, the world's second-biggest software company, on Tuesday posted a 15 percent drop in quarterly net profit due to charges related to its $10.6 billion purchase of rival PeopleSoft. Oracle's profit, excluding charges, was ahead of the average Wa
Published 24 Mar, 2005 12:00am

Currency	Rate
USD PKR Interbank Selling / Nov 15	277.70
USD PKR Interbank Buying / Nov 15	277.50
USD to Japanese Yen / Nov 15	155.61
USD to Swiss Franc / Nov 15	0.89
Pound Sterling to USD / Nov 15	1.27
Euro to USD / Nov 15	1.06

Stock	Volume
S&P 500 / Nov 14	5,949.17
India Sensex / Nov 14	77,580.31
Nasdaq / Nov 14	19,107.65
Dow Jones / Nov 14	43,750.86
Tokyo Nikkei / Nov 15	38,642.91
Hang Seng / Nov 15	19,426.34
FTSE 100 / Nov 15	8,065.30
Germany DAX 30 / Nov 15	19,211.48

Item	Value
Gold 10 Grams PKR / Nov 14	232,340
Petrol/Litre / Nov 15	248.38
Crude Oil USD/Barrel / Nov 15	67.86
Karachi Cotton PKR/37.32 KG / Nov 15	18,085
Gold Spot USD/Ounce / Nov 15	2,567.71
Diesel/Litre / Nov 15	255.14

Stock	Price
786 Invest Ltd / Nov 15 786 Investments Limited(786)	6.37 ▼ 0.00 (0.00%)
AL-Abbas Sugar / Nov 15 Al-Abbas Sugar Mills Limited(AABS)	609.47 ▼ 0.00 (0.00%)
Agro Allianz / Nov 15 Agro Allianz Limited(AAL)	16 ▼ 0.00 (0.00%)
AL-Abid Silk / Nov 15 Al-Abid Silk Mills Limited(AASM)	3.49 ▼ 0.00 (0.00%)
Ali Asghar / Nov 15 Ali Asghar Textile Mills Limited(AATM)	61.35 ▼ 0.00 (0.00%)
Allied Bank / Nov 15 Allied Bank Limited(ABL)	114.03 ▼ 0.00 (0.00%)
Abbott Lab. / Nov 15 Abbott Laboratories (Pakistan) Limited(ABOT)	993.93 ▼ 0.00 (0.00%)
Abson Ind. / Nov 15 Abson Industries Limited(ABSON)	2.50 ▼ 0.00 (0.00%)
Alfalah ETF. / Nov 15 Alfalah Consumer Index ETF.(ACIETF)	12.31 ▼ 0.00 (0.00%)

Stock	Price
786 Invest Ltd / Nov 15 786 Investments Limited(786)	6.37 ▲ 0.00 (0.00%)
AL-Abbas Sugar / Nov 15 Al-Abbas Sugar Mills Limited(AABS)	609.47 ▲ 0.00 (0.00%)
Agro Allianz / Nov 15 Agro Allianz Limited(AAL)	16 ▲ 0.00 (0.00%)
AL-Abid Silk / Nov 15 Al-Abid Silk Mills Limited(AASM)	3.49 ▲ 0.00 (0.00%)
Ali Asghar / Nov 15 Ali Asghar Textile Mills Limited(AATM)	61.35 ▲ 0.00 (0.00%)
Allied Bank / Nov 15 Allied Bank Limited(ABL)	114.03 ▲ 0.00 (0.00%)
Abbott Lab. / Nov 15 Abbott Laboratories (Pakistan) Limited(ABOT)	993.93 ▲ 0.00 (0.00%)
Abson Ind. / Nov 15 Abson Industries Limited(ABSON)	2.50 ▲ 0.00 (0.00%)
Alfalah ETF. / Nov 15 Alfalah Consumer Index ETF.(ACIETF)	12.31 ▲ 0.00 (0.00%)

Stock	Volume
WorldCall Telecom / Nov 15 Worldcall Telecom Limited(WTL)	177,393,273 ▲ 0.00
Hascol Petrol / Nov 15 Hascol Petroleum Limited(HASCOL)	59,224,094 ▲ 0.00
Treet Battery / Nov 15 Treet Battery Limited(TBL)	47,940,702 ▲ 0.00
Sui South Gas / Nov 15 Sui Southern Gas Company Limited(SSGC)	42,748,255 ▲ 0.00
Cnergyico PK / Nov 15 Cnergyico PK Limited(CNERGY)	32,665,062 ▲ 0.00
TPL Properties / Nov 15 TPL Properties Limited(TPLP)	30,497,881 ▲ 0.00
Treet Corp / Nov 15 Treet Corporation Limited(TREET)	29,734,104 ▲ 0.00
Telecard Limited / Nov 15 Telecard Limited(TELE)	29,162,423 ▲ 0.00
Pak Refinery / Nov 15 Pakistan Refinery Limited(PRL)	27,309,247 ▲ 0.00

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