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Print - 2005-05-24
$90 million assistance: NWFP for early economic report by World Bank

$90 million assistance: NWFP for early economic report by World Bank

The NWFP Senior Minister Siraj-ul-Haq has called upon the survey team of World Bank, to ensure early submission, of their promised Economic Report, related to 90 million dollars financial assistance to the province under Structural Adjustment Credit (SAC-
Published 24 May, 2005 12:00am
Proposed right issues

Proposed right issues

Right issues proposed by companies listed on Karachi Stock Exchange.

Published 24 May, 2005 12:00am
Boy drowns

Boy drowns

A boy drowned in a drainage line at Madina Colony, Gulshan-e-Iqbal and was being searched by the Fire Brigade staff called by the area residents. The name and age of the boy was not known and till the last reports received his body was not recovered by th
Published 24 May, 2005 12:00am
Pakistanis can travel to US on old passport after June 26

Pakistanis can travel to US on old passport after June 26

Pakistanis can travel to the US on a non-machine readable passport even after June 26, the deadline set by US authorities for visa waiver programme nations. "Pakistan is not a visa waiver country and Pakistani travellers may continue to use non-machine re
Published 24 May, 2005 12:00am
Finance ministry's comments sought on UNCAC resolution

Finance ministry's comments sought on UNCAC resolution

Resolution copies of the "United Nations Commission Against Corruption" (UNCAC) have been sent to the Finance Ministry, for comments before its formal ratification by Pakistan. Sources said that in December 2000, the UN general Assembly decided to commiss
Published 24 May, 2005 12:00am
Prudent policies lessened internal threats, says Musharraf

Prudent policies lessened internal threats, says Musharraf

Pakistan's internal security threat has been "minimised" and the country was well on its way to progress and development as a result of "tough but prudent and pragmatic" decisions by the government, observed President Pervez Musharraf. He was speaking, fo
Published 24 May, 2005 12:00am
70cc Laser motorcycle launched

70cc Laser motorcycle launched

The AB Engineering (Pvt) Ltd has launched its new product a 70cc "Laser Motorcycle" on Monday at a ceremony held at a local hotel. Speaking on the occasion, the Chief Executive Officer of AB Engineering Haider Ali Naqvi said that the company while success
Published 24 May, 2005 12:00am
Pakistan efforts to curb copyright piracy lauded

Pakistan efforts to curb copyright piracy lauded

International film, music and software producers on Monday commended Pakistan's efforts for taking urgently-needed actions to curb the mass scale violations of copyright. "Pakistan is showing that it takes seriously the need to address its severe levels o
Published 24 May, 2005 12:00am
CBR for bringing VTS services into tax net

CBR for bringing VTS services into tax net

The Central Board of Revenue (CBR) is considering levy of central excise duty (CED), in value added tax (CVT) mode, on services provided through ''Vehicles Tracker System'' and companies engaged in installation of burglar alarm systems, in budget 2005-200
Published 24 May, 2005 12:00am
CBR for bringing VTS services into tax net

CBR for bringing VTS services into tax net

The Central Board of Revenue (CBR) is considering levy of central excise duty (CED), in value added tax (CVT) mode, on services provided through 'Vehicles Tracker System' and companies engaged in installation of burglar alarm systems, in budget 2005-2006.
Published 24 May, 2005 12:00am
CBR for bringing VTS services into tax net

CBR for bringing VTS services into tax net

The Central Board of Revenue (CBR) is considering levy of central excise duty (CED), in value added tax (CVT) mode, on services provided through 'Vehicles Tracker System' and companies engaged in installation of burglar alarm systems, in budget 2005-2006.
Published 24 May, 2005 12:00am
World Bank demand

World Bank demand

The World Bank has demanded issuance of tariff notification for power distribution companies, corporatisation of Wapda, revision of labour legislation, national water policy and effective implementation of civil services reforms for submitting PRSC-II rep
Published 24 May, 2005 12:00am
World Bank demand

World Bank demand

The World Bank has demanded issuance of tariff notification for power distribution companies, corporatisation of Wapda, revision of labour legislation, national water policy and effective implementation of civil services reforms for submitting PRSC-II rep
Published 24 May, 2005 12:00am
World Bank demand

World Bank demand

The World Bank has demanded issuance of tariff notification for power distribution companies, corporatisation of Wapda, revision of labour legislation, national water policy and effective implementation of civil services reforms for submitting PRSC-II rep
Published 24 May, 2005 12:00am
Regulatory bodies told to observe transparency

Regulatory bodies told to observe transparency

The first meeting of the Cabinet Committee on Regulatory Bodies (CCRB), chaired by Prime Minister Shaukat Aziz on Monday, discussed in depth the performance of Pakistan Electronic Media Regulatory Authority (Pemra), Oil and Gas Regulatory Authority (Ogra)
Published 24 May, 2005 12:00am
Regulatory bodies told to observe transparency

Regulatory bodies told to observe transparency

The first meeting of the Cabinet Committee on Regulatory Bodies (CCRB), chaired by Prime Minister Shaukat Aziz on Monday, discussed in depth the performance of Pakistan Electronic Media Regulatory Authority (Pemra), Oil and Gas Regulatory Authority (Ogra)
Published 24 May, 2005 12:00am
Regulatory bodies told to observe transparency

Regulatory bodies told to observe transparency

The first meeting of the Cabinet Committee on Regulatory Bodies (CCRB), chaired by Prime Minister Shaukat Aziz on Monday, discussed in depth the performance of Pakistan Electronic Media Regulatory Authority (Pemra), Oil and Gas Regulatory Authority (Ogra)
Published 24 May, 2005 12:00am
KSE in process of setting up risk management rules

KSE in process of setting up risk management rules

The Karachi Stock Exchange (KSE) has again sent a request to the Securities and Exchange Commission of Pakistan (SECP) to reconsider its proposals, allowing the stockbrokers to enhance their exposure in the futures market from one percent to five percent.
Published 24 May, 2005 12:00am
KSE in process of setting up risk management rules

KSE in process of setting up risk management rules

The Karachi Stock Exchange (KSE) has again sent a request to the Securities and Exchange Commission of Pakistan (SECP) to reconsider its proposals, allowing the stockbrokers to enhance their exposure in the futures market from one percent to five percent.
Published 24 May, 2005 12:00am
KSE in process of setting up risk management rules

KSE in process of setting up risk management rules

The Karachi Stock Exchange (KSE) has again sent a request to the Securities and Exchange Commission of Pakistan (SECP) to reconsider its proposals, allowing the stockbrokers to enhance their exposure in the futures market from one percent to five percent.
Published 24 May, 2005 12:00am
Imtiaz made central SVP: Nadir named Sindh PML secretary general

Imtiaz made central SVP: Nadir named Sindh PML secretary general

Imtiaz Sheikh, who was sacked over corruption charges from the Sindh Cabinet a few months back, has tendered his resignation as provincial Secretary General of ruling Pakistan Muslim League (PML). PML President Chaudhry Shujaat Hussain, accepting his resi
Published 24 May, 2005 12:00am
Imtiaz made central SVP: Nadir named Sindh PML secretary general

Imtiaz made central SVP: Nadir named Sindh PML secretary general

Imtiaz Sheikh, who was sacked over corruption charges from the Sindh Cabinet a few months back, has tendered his resignation as provincial Secretary General of ruling Pakistan Muslim League (PML). PML President Chaudhry Shujaat Hussain, accepting his resi
Published 24 May, 2005 12:00am
NJLI Pension Fund Rates

NJLI Pension Fund Rates

New Jubilee Life Insurance Pension Fund Rates on Monday (May 23, 2005).

Published 24 May, 2005 12:00am
Investors bet on change in German nuclear stance

Investors bet on change in German nuclear stance

Investors snapped up top utilities E.ON and RWE on Monday as they bet that a change in Germany's national government in an early election could also lead to a revision in nuclear energy policy.
Published 24 May, 2005 12:00am
NJLI Pension Fund Rates

NJLI Pension Fund Rates

New Jubilee Life Insurance Pension Fund Rates on Monday (May 23, 2005).

Published 24 May, 2005 12:00am
Musharraf summons Jatoi and Abbasi on May 25

Musharraf summons Jatoi and Abbasi on May 25

President Pervez Musharraf has summoned water and power minister Liaquat Ali Jatoi and technical committee on water resources (TCWR) chairman A.N.G. Abbasi on Wednesday to know reasons behind latter's resignation, it is reliably learnt. Abbasi reportedly
Published 24 May, 2005 12:00am
NJLI Pension Fund Rates

NJLI Pension Fund Rates

New Jubilee Life Insurance Pension Fund Rates on Monday (May 23, 2005).

Published 24 May, 2005 12:00am
Rs 913 million border trade complex to be built at Torkham

Rs 913 million border trade complex to be built at Torkham

A state-of-the-art border trade complex will be constructed at Torkham in Khyber Agency to improve the border crossing facility and control the movement of people and goods in the transit trade. The project would cost Rs 913.479 million with a foreign com
Published 24 May, 2005 12:00am
$1 million ADB grant for NWFP roads improvement

$1 million ADB grant for NWFP roads improvement

The Asian Development Bank (ADB) has approved a grant of $1 million for 'Enhancing Road Improvement Benefits' to improve the lot of the poor communities in North West Frontier Province (NWFP). Official sources told Business Recorder here on Monday
Published 24 May, 2005 12:00am
Advani due on May 30

Advani due on May 30

The leader of the India's BJP parliamentary party, Lal Krishna Advani, arrives in Pakistan as guest of the government on May 30. Confirming this, a foreign office spokesman said here on Monday that Advani is arriving in response to an invitation from fore
Published 24 May, 2005 12:00am
SECP issues booklet on mortgage business

SECP issues booklet on mortgage business

The Securities & Exchange Commission of Pakistan (SECP) has published a booklet "Company Mortgages and Charges Guide" to create awareness among companies, professionals and other stakeholders about the mortgage or charge business. Under the law, companies
Published 24 May, 2005 12:00am
Duty cut likely on items entitled to drawback

Duty cut likely on items entitled to drawback

The Central Board of Revenue (CBR) has decided to reduce customs duty on all those raw materials/items on which the manufacturers-cum-exporters are claiming extraordinarily high amount of duty drawback. The CBR is compiling a list of inputs used in the ma
Published 24 May, 2005 12:00am
Duty cut likely on items entitled to drawback

Duty cut likely on items entitled to drawback

The Central Board of Revenue (CBR) has decided to reduce customs duty on all those raw materials/items on which the manufacturers-cum-exporters are claiming extraordinarily high amount of duty drawback. The CBR is compiling a list of inputs used in the ma
Published 24 May, 2005 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Monday (May 23, 2005).

Published 24 May, 2005 12:00am
Duty cut likely on items entitled to drawback

Duty cut likely on items entitled to drawback

The Central Board of Revenue (CBR) has decided to reduce customs duty on all those raw materials/items on which the manufacturers-cum-exporters are claiming extraordinarily high amount of duty drawback. The CBR is compiling a list of inputs used in the ma
Published 24 May, 2005 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Monday (May 23, 2005).

Published 24 May, 2005 12:00am
Moderate quake jolts Quetta

Moderate quake jolts Quetta

A moderate earthquake jolted Quetta valley on Monday but there were no immediate reports of casualties or damage, officials said. The quake measuring 5.1 on the Richter scale was felt at 9:14 am in Quetta, Balochistan, a seismological department official,
Published 24 May, 2005 12:00am
Four killed in Indian occupied Kashmir

Four killed in Indian occupied Kashmir

Unidentified gunmen shot dead two people in occupied Kashmir, while a civilian died in an explosion and a suspected freedom fighter was shot dead by occupation troops during a clash, police said on Monday. A police spokesman said suspected freedom fighter
Published 24 May, 2005 12:00am
World currencies and euro

World currencies and euro

Value of the euro in terms of other world currencies as prevailing in the week ended Monday (May 23, 2005).
Published 24 May, 2005 12:00am
Mizuho annual net profit up

Mizuho annual net profit up

Mizuho Financial Group, Japan's biggest bank, reported a 54 percent jump in annual net profit on Monday after a tax rebate boosted its bottom line, and forecast a higher profit than expected in the current year. Mizuho and other big banks, in crisis as re
Published 24 May, 2005 12:00am
Mizuho annual net profit up

Mizuho annual net profit up

Mizuho Financial Group, Japan's biggest bank, reported a 54 percent jump in annual net profit on Monday after a tax rebate boosted its bottom line, and forecast a higher profit than expected in the current year. Mizuho and other big banks, in crisis as re
Published 24 May, 2005 12:00am
BMA-PGBI Closing Bell

BMA-PGBI Closing Bell

The BMA-PGBI yield was down by 4 bps, and the BMA-PGBI value went up by 0.18% to close at 93.9481. Today, market witnessed general consensus on stability in fixed income rates, which resulted in across the curve downward movement in yield, moving value up
Published 24 May, 2005 12:00am
British Land buys Pillar in $1.5 billion

British Land buys Pillar in $1.5 billion

British Land Co Plc agreed to buy Pillar Property Plc on Monday in an 811 million pound ($1.5 billion) cash deal that will strengthen its position in the booming out-of-town retail property market. Britain's largest property investment company by assets s
Published 24 May, 2005 12:00am
BMA-PGBI Closing Bell

BMA-PGBI Closing Bell

The BMA-PGBI yield was down by 4 bps, and the BMA-PGBI value went up by 0.18% to close at 93.9481. Today, market witnessed general consensus on stability in fixed income rates, which resulted in across the curve downward movement in yield, moving value up
Published 24 May, 2005 12:00am
Bears domination continues on ISE

Bears domination continues on ISE

Bears continued to stay in the driving seat at the Islamabad Stock Exchange (ISE) where equities witnessed across the board losses with decrease in index. ISE Network Index showed a decrease of 336.85 points as the rate-based indicator moved from 11,909.8
Published 24 May, 2005 12:00am
BMA-PGBI Closing Bell

BMA-PGBI Closing Bell

The BMA-PGBI yield was down by 4 bps, and the BMA-PGBI value went up by 0.18% to close at 93.9481. Today, market witnessed general consensus on stability in fixed income rates, which resulted in across the curve downward movement in yield, moving value up
Published 24 May, 2005 12:00am
Bears domination continues on ISE

Bears domination continues on ISE

Bears continued to stay in the driving seat at the Islamabad Stock Exchange (ISE) where equities witnessed across the board losses with decrease in index. ISE Network Index showed a decrease of 336.85 points as the rate-based indicator moved from 11,909.8
Published 24 May, 2005 12:00am
Brokers-SECP row mars LSE activity

Brokers-SECP row mars LSE activity

The ongoing row between brokers and the Securities and Exchange Commission of Pakistan (SECP) over free-float trade limit marred activity on Lahore Stock Exchange (LSE), where share values crashed, with the index losing 190.68 points, or 5.05 percent. The
Published 24 May, 2005 12:00am
Brokers-SECP row mars LSE activity

Brokers-SECP row mars LSE activity

The ongoing row between brokers and the Securities and Exchange Commission of Pakistan (SECP) over free-float trade limit marred activity on Lahore Stock Exchange (LSE), where share values crashed, with the index losing 190.68 points, or 5.05 percent. The
Published 24 May, 2005 12:00am
KESC privatisation: June 15 deadline for Kanooz to make payments

KESC privatisation: June 15 deadline for Kanooz to make payments

The government has decided to cancel the deal with Kanooz Alwatan, the bidder for Karachi Electric Supply Company (KESC), if payment is not made by June 15, sources in the Privatisation Commission (PC) told Business Recorder. The decision was taken
Published 24 May, 2005 12:00am
KESC privatisation: June 15 deadline for Kanooz to make payments

KESC privatisation: June 15 deadline for Kanooz to make payments

The government has decided to cancel the deal with Kanooz Alwatan, the bidder for Karachi Electric Supply Company (KESC), if payment is not made by June 15, sources in the Privatisation Commission (PC) told Business Recorder. The decision was taken
Published 24 May, 2005 12:00am
KESC privatisation: June 15 deadline for Kanooz to make payments

KESC privatisation: June 15 deadline for Kanooz to make payments

The government has decided to cancel the deal with Kanooz Alwatan, the bidder for Karachi Electric Supply Company (KESC), if payment is not made by June 15, sources in the Privatisation Commission (PC) told Business Recorder. The decision was taken
Published 24 May, 2005 12:00am
Rs 30 billion credit line for stockbrokers by May 30

Rs 30 billion credit line for stockbrokers by May 30

The consortium of six banks has assured the stock brokers'' community, that it would provide credit line of Rs 30 billion by end of this month to help smooth transition of badla financing to margin financing. Sources close to the capital market said that
Published 24 May, 2005 12:00am
Rs 30 billion credit line for stockbrokers by May 30

Rs 30 billion credit line for stockbrokers by May 30

The consortium of six banks has assured the stock brokers' community, that it would provide credit line of Rs 30 billion by end of this month to help smooth transition of badla financing to margin financing. Sources close to the capital market said that a
Published 24 May, 2005 12:00am
Rs 30 billion credit line for stockbrokers by May 30

Rs 30 billion credit line for stockbrokers by May 30

The consortium of six banks has assured the stock brokers' community, that it would provide credit line of Rs 30 billion by end of this month to help smooth transition of badla financing to margin financing. Sources close to the capital market said that a
Published 24 May, 2005 12:00am
CBR and bourses to discuss tax issue

CBR and bourses to discuss tax issue

The government has called an emergency meeting of CBR chairman Abdullah Yousuf and chairmen of all three stock exchanges in Islamabad to discuss the proposed increase of income tax on buying and selling of shares in budget 2005-06. Stakeholders are also l
Published 24 May, 2005 12:00am
CBR and bourses to discuss tax issue

CBR and bourses to discuss tax issue

The government has called an emergency meeting of CBR chairman Abdullah Yousuf and chairmen of all three stock exchanges in Islamabad to discuss the proposed increase of income tax on buying and selling of shares in budget 2005-06. Stakeholders are also l
Published 24 May, 2005 12:00am
CBR and bourses to discuss tax issue

CBR and bourses to discuss tax issue

The government has called an emergency meeting of CBR chairman Abdullah Yousuf and chairmen of all three stock exchanges in Islamabad to discuss the proposed increase of income tax on buying and selling of shares in budget 2005-06. Stakeholders are also l
Published 24 May, 2005 12:00am