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Print - 2005-06-08
Cuba ponders further sugar industry closures

Cuba ponders further sugar industry closures

Cuba has begun a top-level review of its once-powerful sugar industry after a 2002 restructuring failed to halt its decline and improve efficiency, industry sources and foreign traders said this week. "There is no doubt more mills will be closed," a local
Published 08 Jun, 2005 12:00am
Mauritius wants massive EU aid to save sugar

Mauritius wants massive EU aid to save sugar

Mauritius demanded the European Union provide massive funds on Tuesday to save its centuries-old sugar industry from ruin when the bloc starts slashing prices under a subsidy reduction scheme. Mauritius fears price reductions of about 40 percent expected
Published 08 Jun, 2005 12:00am
World oil prices fall ahead of US inventories

World oil prices fall ahead of US inventories

World oil prices fell on Tuesday after Opec comments suggesting an increase in crude production output, while traders anticipated rising energy stocks in the United States. New York's main contract, light sweet crude for delivery in July, fell 44 cents to
Published 08 Jun, 2005 12:00am
EU sugar reform to boost raws imports

EU sugar reform to boost raws imports

Europe's coming sugar reform may trigger more EU imports of raw sugar for refining as a replacement for the bloc's expected supply shortfall, and a fall in white sugar imports, a leading analyst said on Tuesday. "We see a demand for raw sugar imports in t
Published 08 Jun, 2005 12:00am
New York cotton

New York cotton

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

Published 08 Jun, 2005 12:00am
New York cotton settles quietly lower

New York cotton settles quietly lower

Cotton futures finished Tuesday at a fresh 15-week low on switch sales and the market could slip further as players scramble to get out of July before it goes into delivery two weeks hence, traders said. The New York Board of Trade's July contract fell 0.
Published 08 Jun, 2005 12:00am
London coffee climbs

London coffee climbs

Liffe coffee closed up on Tuesday, rebounding from Monday's downturn after a session of mainly structural trade where a lack of producer hedge sales and light trade interest provided the main support, dealers said. Liffe September closed $17 up at $1,308
Published 08 Jun, 2005 12:00am
Metals pulled down by copper

Metals pulled down by copper

Base metals crumbled during Tuesday afternoon London Metal Exchange (LME) trading to end around the day's lows, pulled down by a slippage in the trend-setting copper market, traders said. Copper's losses were triggered by another failure to clear $3,300 a
Published 08 Jun, 2005 12:00am
European gold backs off peaks as funds take profits

European gold backs off peaks as funds take profits

Gold prices turned tail in Europe on Tuesday afternoon, tracking back from a near-four-week high as fund buyers took profits from the market's latest upswing, dealers said. They said scope still remained for further gains, with fresh purchases seen on the
Published 08 Jun, 2005 12:00am
US MIDDAY: coffee moves up

US MIDDAY: coffee moves up

The US benchmark arabica coffee futures price closed at its highest level in 5-1/2 weeks on Tuesday, as speculative buying and strong technical signals helped extend the previous session's gains, traders said. The New York Board of Trade's benchmark July
Published 08 Jun, 2005 12:00am
US MIDDAY: cocoa higher

US MIDDAY: cocoa higher

US benchmark cocoa futures settled at their highest level in two weeks on light speculative buying Tuesday, although spread trading between the two nearest contracts dominated much of the action, market sources said. The New York Board of Trade's benchmar
Published 08 Jun, 2005 12:00am
US MIDDAY: sugar mixed

US MIDDAY: sugar mixed

Raw sugar futures finished mixed Tuesday as the market appeared to be consolidating in a narrow band after soaring to an 11-week high last week, brokers said. The New York Board of Trade's July raw sugar contract eased 0.03 cent to end at 8.80 cents a lb.
Published 08 Jun, 2005 12:00am
US MIDDAY: wheat lower

US MIDDAY: wheat lower

Wheat futures on the Chicago Board of Trade were lower early on Tuesday on seasonal harvest pressure, traders said. As of 10:30 am CDT (1530 GMT), July wheat was down 1-3/4 cents at $3.20-3/4 per bushel, with deferred months steady to down 1-1/4 cents. Ci
Published 08 Jun, 2005 12:00am
US MIDDAY: corn weaker

US MIDDAY: corn weaker

Corn futures at the Chicago Board of Trade were weak early on Tuesday in a typical choppy weather market, traders said. Corn held firm at the open amid weather jitters and following a strong open in soy. But selling by trade house Rand Financial and a lac
Published 08 Jun, 2005 12:00am
US MIDDAY: copper plunges

US MIDDAY: copper plunges

US copper futures opened lower Tuesday on some light speculative profit-taking and technical selling following the market's rise to 16-year highs a day before, traders said. At the New York Mercantile Exchange's COMEX division, copper for July delivery wa
Published 08 Jun, 2005 12:00am
US MIDDAY: soyabeans firm

US MIDDAY: soyabeans firm

Soyabean futures at the Chicago Board of Trade were firm early Tuesday, supported by concerns about soyabean development due to dryness in the eastern US Midwest and Delta, traders said. But the market came off its highs quickly, underscoring the volatili
Published 08 Jun, 2005 12:00am
US MIDDAY: gold back-pedals

US MIDDAY: gold back-pedals

Gold futures in New York slipped off a near four-week peak early Tuesday as dealers sold on overbought signals in the wake of Monday's short-covering rally by speculators. August delivery gold on the COMEX division of the New York Mercantile Exchange fell
Published 08 Jun, 2005 12:00am
Comments on the Finance Bill 2005

Comments on the Finance Bill 2005

This Memorandum has been prepared as a general guide for the benefit of our clients and is available to other interested persons upon request. This should not be published in any manner without the Firm's consent. This is not an exhaustive treatise as it
Published 08 Jun, 2005 12:00am
Musharraf applauded for showing leadership in war on terror

Musharraf applauded for showing leadership in war on terror

Congresswoman Sheila Jackson Lee, Founding Co-chair of the Congressional Pakistan Caucus on Tuesday commended President Pervez Musharraf for handing over senior al-Qaeda terror suspect Abu Farraj al-Libbi to the United States. Pakistan has captured more t
Published 08 Jun, 2005 12:00am
Two Hurriyat leaders meet Salahuddin

Two Hurriyat leaders meet Salahuddin

Two Hurriyat leaders now visiting Pakistan have met a top guerrilla leader in Pakistan, agreeing to his stand that the struggle in the Himalayan region at political, diplomatic and militant fronts should continue till an acceptable solution to the 57-year
Published 08 Jun, 2005 12:00am
Setting up of peacekeeping training institute underway

Setting up of peacekeeping training institute underway

Pakistan is actively considering to set up Peacekeeping Training Institute in Islamabad to impart required skills to the forces from abroad, said Minister of State for Defence Zahid Hamid. Pakistan has received requests for training from many countries se
Published 08 Jun, 2005 12:00am
US general calls on Pakistani navy and army heads

US general calls on Pakistani navy and army heads

Deputy Commander US Centcom Lt General Lance L Smith, currently on an official visit, called on Chief of General Staff of Pakistan Army Lt General Tariq Majid at the General Headquarters and the Minister for Interior, Aftab Ahmad Khan Sherpao in his offic
Published 08 Jun, 2005 12:00am
Kashmiri leaders meet Kasuri

Kashmiri leaders meet Kasuri

Pakistan reaffirmed on Tuesday that there would be no solution on Kashmir dispute without the consent of Kashmiri people. During talks with visiting leaders of All Parties Hurriyat Conference (APHC) from Indian occupied Kashmir and other prominent Kashmir
Published 08 Jun, 2005 12:00am
Federal budget

Federal budget

In June 1948 the nation had gone heads over heels in ecstasy when the Pakistan budget crossed the psychological barrier of Rupees 100 crores. Today the young Omer Ayub has presented the nation with a budget of more than Rs. 109800 crores. Not bad for Paki
Published 08 Jun, 2005 12:00am
Postal mismanagement

Postal mismanagement

The only and one GPO-75290 to cater the postal needs of more than one million citizens living in total 20 blocks of Gulistan-e-Jouhar, Karachi, provides irregular, uncertain and undependable services due to ignorance of postal authorities in the office of
Published 08 Jun, 2005 12:00am
Saudis scramble for stake in stock market boom

Saudis scramble for stake in stock market boom

Fahad, a thick-set 22-year-old, stands proudly next to the brand new Cadillac he bought with money made trading on the kingdom's booming stock market. "I also bought a Mercedes. Praise be to Allah, I have done well," he said during a break from a busy tra
Published 08 Jun, 2005 12:00am
Lucky tsunami survivors moving to new homes

Lucky tsunami survivors moving to new homes

Stumbling in the tropical heat after a 40-hour flight from St. Louis in the United States, volunteers from the evangelical charity Service International have been put right to work building homes for Sri Lankan tsunami survivors. Working alongside rehabil
Published 08 Jun, 2005 12:00am
Farm problems and their solutions

Farm problems and their solutions

Pakistan's economy has undergone considerable diversification over the years, yet the agricultural is the largest sector of the economy. With its present contribution to GDP at 23.3% it accounts for 42.1% of the total employed labour force and is the larg
Published 08 Jun, 2005 12:00am
An elitist system

An elitist system

State Bank Governor Dr Ishrat Hussain made some interesting observations at the launching in Islamabad recently, of a report on "Human Development in South Asia, 2004 - the Health Challenge" at the Mahbubul Haq Human Development Centre. He termed the coun
Published 08 Jun, 2005 12:00am
Advani's changed tone

Advani's changed tone

While in Karachi on the last leg of his visit to Pakistan, India's Leader of Opposition and president of the Hindu nationalist party, the BJP, reiterated on Sunday what he had said earlier in Lahore and Islamabad - that the political environment has 'comp
Published 08 Jun, 2005 12:00am
Piaf chief

Piaf chief

Pakistan Industrial & Traders Associations Front (Piaf) Chairman, Muhammad Ali Mian, has left the country for a month long foreign tour. In his absence, his deputy, Mubashar Sheikh will act as the Chairman of the Front, said a spokesman of the front here,
Published 08 Jun, 2005 12:00am
PRGMEA sees budget as textile-friendly

PRGMEA sees budget as textile-friendly

Pakistan Readymade Garments Manufacturers & Exporters Association (PRGMEA), Chairman Ijaz A Khokhar, while terming the budget as business-friendly, has said it would help in boosting export earnings, especially, of textiles and clothing sector. In a press
Published 08 Jun, 2005 12:00am
Sugar industry ignored in budget: PSMA

Sugar industry ignored in budget: PSMA

Pakistan Sugar Mills Association (PSMA) Chairman Chaudhry Zaka Ashraf has said the federal budget 2005-06 has benefited only a few industries instead of facilitating the whole industrial sectors in the country. Commenting on the budget, Zaka said here on
Published 08 Jun, 2005 12:00am
PHDEB and AGRAGEX agree to introduce new concepts in green house tech

PHDEB and AGRAGEX agree to introduce new concepts in green house tech

Pakistan Horticulture Development and Export Board (PHDEB) and AGRAGEX, the Spanish Exporters Association of Agricultural Machinery Components, Irrigation Systems, Livestock Breeding and Post Harvesting have agreed to introduce new concepts in the green h
Published 08 Jun, 2005 12:00am
Writers' role for uniting Pakistan and India people urged

Writers' role for uniting Pakistan and India people urged

World Punjab Congress (WPC) Chairman Fakhar Zaman has returned to Pakistan after a week-long visit to India where he had gone for the launching ceremony of his book ' Punjab, Punjabi aur Punjabiat' and Novel ' Toon Key Mein'. According to WPC General Secr
Published 08 Jun, 2005 12:00am
Federal budget termed welfare, incentive-oriented

Federal budget termed welfare, incentive-oriented

People from various walks of life have welcomed the federal budget 2005-06 terming it welfare and incentive-oriented aiming at strengthening the economy and benefiting the lower strata of society. Mian Muhammad Latif chairman Faisalabad Industrial Estate
Published 08 Jun, 2005 12:00am
Budget disappointed poor: PML-N

Budget disappointed poor: PML-N

Pakistan Muslim League - Nawaz (PML-N) Finance Secretary and member National Assembly (MNA) Muhammad Pervaiz Malik has said the budget 2005-06 was an attempt to make the rich richer and the poor poorer; and the increase in government employees salaries wa
Published 08 Jun, 2005 12:00am
Punjab budget to be tax-free: Pervaiz

Punjab budget to be tax-free: Pervaiz

Punjab Chief Minister Chaudhry Pervaiz Elahi has announced that the provincial budget for the next financial year would be a tax-free budget so that no additional burden be transferred to the citizens. Delivering his pre-budget address at a crowded news c
Published 08 Jun, 2005 12:00am
Pakistan to join WFP battle against child hunger

Pakistan to join WFP battle against child hunger

The United Nations World Food Programme (WFP) and its partner TNT, global provider of express, logistics and mail services and Roshni Homes Trust (RHT) are teaming up with a glittering array of well-known figures for a second consecutive year. The purpose
Published 08 Jun, 2005 12:00am
PHMA welcomes budget

PHMA welcomes budget

Pakistan Hosiery Manufacturers Association (PHMA) has welcomed steps announced in the budget 2005-06 for the promotion of exports of textiles, particularly knitwear and garments. In a press statement here on Tuesday, a spokesman of PHMA said that entire t
Published 08 Jun, 2005 12:00am
'VHT plants vital to increase mango export'

'VHT plants vital to increase mango export'

Fruit fly remains major deterrent in export of mangoes and as such the setting up of VHT plants in mango growing areas in the country is imperative to exploit the export potential of mangoes. This was observed by fruit exporters, while speaking at the sem
Published 08 Jun, 2005 12:00am
The Weather

The Weather

The weather report on Tuesday (June 07) and the forecast for Wednesday (June 08, 2005).
Published 08 Jun, 2005 12:00am
Naimat for early completion of Business Recorder Road project

Naimat for early completion of Business Recorder Road project

City Nazim Naimatullah Khan has said that all bottlenecks in the way of construction of Business Recorder Road should be removed forthwith and work thereon be started immediately. Chairing a meeting at his office on Tuesday, the Nazim emphasised th
Published 08 Jun, 2005 12:00am
Bullion Rates

Bullion Rates

Gold and silver rates in rupees per 10 grams prevailing in major cities on Tuesday (June 07, 2005).

Published 08 Jun, 2005 12:00am
Unisame calls for enforcing SME law

Unisame calls for enforcing SME law

The Union of Small and Medium Enterprises (Unisame) has appreciated measures taken by the federal finance ministry namely the reduction in duty on 1,870 items, the waiver of sales tax on textiles, carpets, leather, surgical and sports goods items, the low
Published 08 Jun, 2005 12:00am
Bullion Rates

Bullion Rates

Gold and silver rates in rupees per 10 grams prevailing in major cities on Tuesday (June 07, 2005).

Published 08 Jun, 2005 12:00am
Budget to attract huge investments: Kasuri

Budget to attract huge investments: Kasuri

Minister for Foreign Affairs, Khurshid Mahmood Kasuri has said federal budget 2005-06 would not only generate employment opportunities but also attract huge investments in the country. In his comments, Kasuri welcomed the federal budget and termed it bala
Published 08 Jun, 2005 12:00am
Key stock market movements at 1700 GMT - June 07

Key stock market movements at 1700 GMT - June 07

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 08 Jun, 2005 12:00am
PEPA advised to set up environmental monitoring system

PEPA advised to set up environmental monitoring system

Pakistan Environmental Protection Agency (PEPA) has been directed to restart Japan-funded project 'Establishment of Environmental Monitoring System in Pakistan' with an allocation of Rs 112.258 million in the public sector development programme (PSDP) 200
Published 08 Jun, 2005 12:00am
Turkish president's visit postponed

Turkish president's visit postponed

The visit of Turkish President Ahmed Necdet Sezer to Pakistan is being rescheduled and a decision on new dates will be announced shortly. A Foreign Office spokesman said the visit was originally to take place from June 10 and 12 and postponement has been
Published 08 Jun, 2005 12:00am
Rs 454.235 million earmarked for 17 broadcasting projects

Rs 454.235 million earmarked for 17 broadcasting projects

The government has earmarked Rs 454.235 million for 17 information and broadcasting division projects in Public Sector Development Program (PSDP), 2005-06. Almost all the projects are ongoing except one new project, i.e, upgrading and advancement of techn
Published 08 Jun, 2005 12:00am
Cotton Spot Rates

Cotton Spot Rates

Official KCA spot rates for local dealings in Pakistan rupees on Tuesday (June 07, 2005).

Published 08 Jun, 2005 12:00am
Rs 459.7 million earmarked for petroleum projects

Rs 459.7 million earmarked for petroleum projects

An amount of Rs 459.7 million has been earmarked for 19 new and ongoing projects in the petroleum and natural resources sector during the year 2005-06, focusing mainly on exploration of minerals and training of human resources.
Published 08 Jun, 2005 12:00am
Poultry rates

Poultry rates

Wholesale poultry rates on Tuesday (June 07) and for Wednesday (June 08, 2005).
Published 08 Jun, 2005 12:00am
Rs 459.7 million earmarked for petroleum projects

Rs 459.7 million earmarked for petroleum projects

An amount of Rs 459.7 million has been earmarked for 19 new and ongoing projects in the petroleum and natural resources sector during the year 2005-06, focusing mainly on exploration of minerals and training of human resources.
Published 08 Jun, 2005 12:00am
Mobilink investment exceeds dollar one billion

Mobilink investment exceeds dollar one billion

The Mobilink has surpassed dollars one billion mark in capital investment during ongoing 2005 financial year, emerging as the largest private sector investor in telecom industry in Pakistan. Mobilink has achieved this historic mark in a short span of 11 y
Published 08 Jun, 2005 12:00am
Lahore Grain Market Rates

Lahore Grain Market Rates

Grain and other commodity rates in rupees on Akbari Mandi on Tuesday (June 07, 2005).

Published 08 Jun, 2005 12:00am
Mobilink investment exceeds dollar one billion

Mobilink investment exceeds dollar one billion

The Mobilink has surpassed dollars one billion mark in capital investment during ongoing 2005 financial year, emerging as the largest private sector investor in telecom industry in Pakistan. Mobilink has achieved this historic mark in a short span of 11 y
Published 08 Jun, 2005 12:00am
NWFP businessmen hail budget

NWFP businessmen hail budget

The trading community here on Tuesday cautiously welcomed the Federal Budget for 2005-06 terming it Punjab-oriented, lacking incentives for the industrial units of FATA/PATA and not allowing import of second-hand motorcars. President of the Tribal Area Ch
Published 08 Jun, 2005 12:00am
Budget brings no relief for common people: MMA

Budget brings no relief for common people: MMA

Central Muttahida Majlis-i-Amal (MMA) leader and Naib Amir Jamaat-i-Islami, Senator Prof Khurshid Ahmed flaying the federal budget 2005-06 said that it neither provided solution nor relief to common people affected from unprecedented price hike and unempl
Published 08 Jun, 2005 12:00am
THE RUPEE: over all slide after budget

THE RUPEE: over all slide after budget

Post-budget session saw weak sentiment in the open market on Tuesday as the rupee shed 20 paisa on the buying counter at 60.55 and fell 15 paisa on the sellingg side at 60.60, dealers said According to the market sources, the rupee drifted lower on rising
Published 08 Jun, 2005 12:00am
HEC allocates Rs 20 million to set up archaeology museum

HEC allocates Rs 20 million to set up archaeology museum

The Higher Education Commission of Pakistan has allocated Rs 20 million for Shah Abdul Latif University, Khairpur, Sindh to establish an Archaeology and Anthropology Museum. The teaching-cum-recreational museum will display a representative collection, il
Published 08 Jun, 2005 12:00am
THE RUPEE: over all slide after budget

THE RUPEE: over all slide after budget

Post-budget session saw weak sentiment in the open market on Tuesday as the rupee shed 20 paisa on the buying counter at 60.55 and fell 15 paisa on the sellingg side at 60.60, dealers said According to the market sources, the rupee drifted lower on rising
Published 08 Jun, 2005 12:00am
Industrialists happy with budget

Industrialists happy with budget

Industrialists and businessmen have termed the budget 2005-06 as business-friendly, while there were mixed reaction from the salaried class. Talking to Business Recorder, a number of businessmen expressed their satisfaction over the relief given to import
Published 08 Jun, 2005 12:00am
D-12 victims call upon CDA to stop violation of deal

D-12 victims call upon CDA to stop violation of deal

The victims of D-12 have called upon the Capital Development Authority (CDA) to stop violation of package deal made between the villagers of Pind Singrial and Seri Seral few month back. They also demanded of the CDA authorities to clear payments of about
Published 08 Jun, 2005 12:00am
17 P&D division schemes included in PSDP

17 P&D division schemes included in PSDP

Seventeen projects of planning and development division worth Rs.3204.322 million have been included in the Public Sector Development Program (PSDP) 2005-06. Out of the total amount, Rs. 2815.415 million will be spent on nine new projects, while the remai
Published 08 Jun, 2005 12:00am
Opposition terms budget jugglery of figures

Opposition terms budget jugglery of figures

The opposition political parties have expressed dismay over the federal budget 2005-06, arguing that more allocations should have been made for public sector instead of soaring defence budget. The government on Monday announced more or less 15 percent inc
Published 08 Jun, 2005 12:00am
SCCI describes budget business-friendly

SCCI describes budget business-friendly

The Sialkot Chamber of Commerce and Industry (SCCI) on Tuesday warmly welcomed the financial budget for the year 2005-06 presented by the federal government. Talking to the newsmen, SCCI Vice President Shafiqur Rehman termed it a business-friendly budget
Published 08 Jun, 2005 12:00am
All shares index report

All shares index report

The sector-wise all shares index report on Tuesday (June 07, 2005).

Published 08 Jun, 2005 12:00am
CBR clarifies position

CBR clarifies position

The Central Board of Revenue (CBR) clarified on Tuesday that the budget proposals, including Finance Bill 2005-06, SROs, rules and procedures were timely available on CBR official website. However, it was not the responsibility of CBR to place the budget
Published 08 Jun, 2005 12:00am
Member To Member

Member To Member

Members have subsequently reported the transactions on Tuesday (June 07, 2005).

Published 08 Jun, 2005 12:00am
Sales tax relief to boost liquidity: minister

Sales tax relief to boost liquidity: minister

Commerce Minister Humayun Akhtar Khan said on Tuesday that departure of five major sectors of the economy, including textiles, from sales tax regime will boost their liquidity and save them from unnecessary hassle. He was addressing the Federation of Paki
Published 08 Jun, 2005 12:00am
BOARD MEETINGS

BOARD MEETINGS

Board Meetings of Companies listed on the Karachi Stock Exchange.

Published 08 Jun, 2005 12:00am
Kasuri due in US today

Kasuri due in US today

Foreign Minister, Khurshid Mahmood Kasuri, who is due here on June 8, will meet US Secretary of State Condoleezza Rice on June 9, and US President's National Security Advisor, Steve Hadley on June 10. Kasuri will hold meetings with US legislators, and mee
Published 08 Jun, 2005 12:00am
Dividend/Bonus Announcements

Dividend/Bonus Announcements

Dividend/Bonus announcements by the companies listed on the Karachi Stock Exchange.

Published 08 Jun, 2005 12:00am
New pay scales for employees to be introduced

New pay scales for employees to be introduced

The government has announced to introduce new Basic Pay Scales (BPS) for government employees by merging their previous increments "to carry forward 15 percent raise in basic pay". Under the new BPS structure, allowances including medical and conveyance w
Published 08 Jun, 2005 12:00am
Shares buy-back schedule

Shares buy-back schedule

Shares buy-back schedule of listed companies on Tuesday (June 07, 2005).

Published 08 Jun, 2005 12:00am
Federal budget criticised for ignoring marble and granite sector

Federal budget criticised for ignoring marble and granite sector

The 2005-06 Federal budget has been scathed for ignoring marble and granite sector in the country. This was observed by All Pakistan Marble Industries Association (Apmia) Chairman Sanaullah Khan while talking to the Business Recorder here on Tuesda
Published 08 Jun, 2005 12:00am
Bank Alfalah branch in ISE building

Bank Alfalah branch in ISE building

Islamabad Stock Exchange (ISE) Chairman Abdul Waheed Jan inaugurated the new branch of Bank Alfalah in the ISE building here on Tuesday to facilitate the investors. Bank Alfalah Ltd. President and CEO Mohammad Saleem Akhtar informed the stockbrokers, memb
Published 08 Jun, 2005 12:00am
Proposed right issues

Proposed right issues

Right issues proposed by companies listed on Karachi Stock Exchange.

Published 08 Jun, 2005 12:00am
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