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May 11, 2025 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Print - 2005-06-18
15 OIC members to finalise preferential trade system by September

15 OIC members to finalise preferential trade system by September

Members of the Organisation of the Islamic Conference (OIC) will launch a preferential trading system that will cut tariffs in order to boost trade, a Malaysian minister reportedly said on Friday. International Trade and Industry Minister, Rafidah Aziz sa
Published 18 Jun, 2005 12:00am
KSE: all eyes set on PTCL bidding

KSE: all eyes set on PTCL bidding

The investors in stock market adopted cautious approach on Friday, ahead of bidding for PTCL on Saturday, as guessing game started on reference and bid price of the telecom giant forcing the equities to move in a narrow band. The KSE-100 index rose 67.82
Published 18 Jun, 2005 12:00am
Oil eyes two-month high near $57 on US demand

Oil eyes two-month high near $57 on US demand

Oil prices edged toward a new two-month high near $57 a barrel on Friday, extending this week's rally as demand in the world's largest consumer showed little signs of succumbing to near record fuel costs. US crude oil moved up 15 cents at $56.73 a barrel
Published 18 Jun, 2005 12:00am
KSE: all eyes set on PTCL bidding

KSE: all eyes set on PTCL bidding

The investors in stock market adopted cautious approach on Friday, ahead of bidding for PTCL on Saturday, as guessing game started on reference and bid price of the telecom giant forcing the equities to move in a narrow band. The KSE-100 index rose 67.82
Published 18 Jun, 2005 12:00am
Ukraine sees no grounds for big sunseed crop

Ukraine sees no grounds for big sunseed crop

Ukraine's Farm Minister confirmed on Friday his previous sunflower seed crop forecast for 2005 of about three million tonnes, saying predictions of 4.9 million were wrong. "The forecast of 4.9 million tonnes is unrealistic. There are no grounds to expect
Published 18 Jun, 2005 12:00am
Rebate only for garment exports to EU and US

Rebate only for garment exports to EU and US

The Research and Development (R&D) support at the rate of six percent will be allowed only for textile garments exports to the European Union (EU) and USA. Earlier it was also allowed on exports to the Gulf and Africa with the condition that these shipmen
Published 18 Jun, 2005 12:00am
China buys sugar

China buys sugar

Chinese sugar mills have bought and are expected to buy more sugar from the world market as warmer temperatures spur demand for ice cream and soft drinks, traders said on Friday. Mills have bought more than 30,000 tonnes of raw sugar from Australia and so
Published 18 Jun, 2005 12:00am
Rebate only for garment exports to EU and US

Rebate only for garment exports to EU and US

The Research and Development (R&D) support at the rate of six percent will be allowed only for textile garments exports to the European Union (EU) and USA. Earlier it was also allowed on exports to the Gulf and Africa with the condition that these shipmen
Published 18 Jun, 2005 12:00am
New York sugar springs to firm finish on trade buying

New York sugar springs to firm finish on trade buying

Raw sugar futures vaulted to a strong close on Thursday on trade and switch-related buying as talk of consumer purchases from the Middle East and Asia buoyed sentiment, brokers said. The New York Board of Trade's July raw sugar contract shot up 0.18 cent
Published 18 Jun, 2005 12:00am
Rebate only for garment exports to EU and US

Rebate only for garment exports to EU and US

The Research and Development (R&D) support at the rate of six percent will be allowed only for textile garments exports to the European Union (EU) and USA. Earlier it was also allowed on exports to the Gulf and Africa with the condition that these shipmen
Published 18 Jun, 2005 12:00am
Soyabeans close mixed after shaky trade

Soyabeans close mixed after shaky trade

The Chicago Board of Trade soyabean market closed mixed on Thursday after this week's rally tied to prospects for a smaller US soyabean crop, traders said. Most of the week's strength came from worries about hot, dry weather moving into the US Midwest nex
Published 18 Jun, 2005 12:00am
Shanghai copper rises

Shanghai copper rises

Shanghai copper futures rose on Friday following record highs on the London Metal Exchange, while spot prices strengthened on expectations of lower imports through July. Three-month LME copper futures hit $3,347 a tonne on Thursday, a then-record high, as
Published 18 Jun, 2005 12:00am
CBOT rice firm

CBOT rice firm

Rough rice futures at the Chicago Board of Trade closed higher on Thursday on a technical rebound, traders said. The market was overdue for some recovery as it was technically oversold after sliding lower for the past four trading sessions. "We have seen
Published 18 Jun, 2005 12:00am
15 OIC members to finalise preferential trade system by September

15 OIC members to finalise preferential trade system by September

Members of the Organisation of the Islamic Conference (OIC) will launch a preferential trading system that will cut tariffs in order to boost trade, a Malaysian minister reportedly said on Friday. International Trade and Industry Minister, Rafidah Aziz sa
Published 18 Jun, 2005 12:00am
Thai rice prices seen falling, overseas demand weak

Thai rice prices seen falling, overseas demand weak

Thai rice export prices are expected to fall in the next week due to a lack of overseas demand, traders said on Friday. Thai 100 percent parboiled grade was steady at $287-288 a tonne, free on board, on Friday. Indian parboiled grade was at $256-257. "The
Published 18 Jun, 2005 12:00am
15 OIC members to finalise preferential trade system by September

15 OIC members to finalise preferential trade system by September

Members of the Organisation of the Islamic Conference (OIC) will launch a preferential trading system that will cut tariffs in order to boost trade, a Malaysian minister reportedly said on Friday. International Trade and Industry Minister, Rafidah Aziz sa
Published 18 Jun, 2005 12:00am
Malaysian palm oil futures jump

Malaysian palm oil futures jump

Malaysian crude palm oil futures jumped one percent, rebounding from morning losses, as players took their cue from a fresh rise in rival US soyaoil to chase prices up for a second straight day. But dealers wondered if the key support level of 1,400 ringg
Published 18 Jun, 2005 12:00am
PC Board discusses PTCL valuation

PC Board discusses PTCL valuation

A meeting of the Board of Privatisation Commission was held on Friday under the chairmanship of Minister for Privatisation & Investment Dr Abdul Hafeez Shaikh and was attended by Awais Leghari, Minister for IT & Telecom, to review and discuss the valuatio
Published 18 Jun, 2005 12:00am
Singapore's key exports fall for first time since 2002

Singapore's key exports fall for first time since 2002

Singapore's slowing economy took another hit on Friday with the government reporting that key non-oil domestic exports (NODX) fell 5.6 percent year-on-year in May, the first contraction since mid-2002. The decline, following 6.7 percent growth in April, s
Published 18 Jun, 2005 12:00am
PC Board discusses PTCL valuation

PC Board discusses PTCL valuation

A meeting of the Board of Privatisation Commission was held on Friday under the chairmanship of Minister for Privatisation & Investment Dr Abdul Hafeez Shaikh and was attended by Awais Leghari, Minister for IT & Telecom, to review and discuss the valuatio
Published 18 Jun, 2005 12:00am
EU must drop tariffs against Hynix: WTO

EU must drop tariffs against Hynix: WTO

The World Trade Organisation on Friday upheld a South Korean complaint against European Union tariffs that hit microchip giant Hynix Semiconductor. A WTO dispute panel said Brussels should fall into line with global trade rules and drop the duties against
Published 18 Jun, 2005 12:00am
MGE wheat ends mixed, spreads pressure July

MGE wheat ends mixed, spreads pressure July

Minneapolis Grain Exchange hard red spring wheat futures closed mostly lower on Thursday, with spreading and profit-taking weighing on nearby months, traders said. Most-active July wheat closed down 5-1/2 cents at $3.45-3/4 per bushel, with deferred month
Published 18 Jun, 2005 12:00am
Rates inert at grain market

Rates inert at grain market

Most of the commodities maintained their overnight levels in the local grain market on Friday, dealers said. According to the market sources, some of the items traded in tight range but closed at the overnight levels due to balanced demand and supply posi
Published 18 Jun, 2005 12:00am
Kazakh leader wants transparent oil deals

Kazakh leader wants transparent oil deals

President Nursultan Nazarbayev said on Friday he would compel all oil companies working in Kazakhstan to comply with an international initiative aimed at reducing corruption in the oil industry. The sprawling ex-Soviet state in Central Asia produces 1.3 m
Published 18 Jun, 2005 12:00am
Soyabean rust found in a new Florida county

Soyabean rust found in a new Florida county

The contagious soyabean rust disease was found in a fifth county in Florida, this one near the Georgia border, the US Agriculture Department said on Wednesday. "Jefferson County, Florida reported a new find of soybean rust on kudzu," the USDA said on its
Published 18 Jun, 2005 12:00am
Malaysia pushes for $10 billion Islamic bond fund

Malaysia pushes for $10 billion Islamic bond fund

Malaysia's Second Finance Minister unveiled a plan on Friday to ask the Islamic Development Bank (IDB) to start a $10-billion Islamic bond fund to invest in infrastructure to narrow the gap between rich and poor Muslim nations. Malaysia, which hosts next
Published 18 Jun, 2005 12:00am
US wheat weekly export sales highlights

US wheat weekly export sales highlights

USDA wheat export sales highlights in latest reporting week. Net sales of 335,900 metric tons (MT) were down 39 percent from the previous week. Major increases were reported for Japan (141,600 MT), South Africa (38,500 MT, switched from unknown destinatio
Published 18 Jun, 2005 12:00am
Malaysia pushes for $10 billion Islamic bond fund

Malaysia pushes for $10 billion Islamic bond fund

Malaysia's Second Finance Minister unveiled a plan on Friday to ask the Islamic Development Bank (IDB) to start a $10-billion Islamic bond fund to invest in infrastructure to narrow the gap between rich and poor Muslim nations. Malaysia, which hosts next
Published 18 Jun, 2005 12:00am
New York coffee futures dip; focus on contract switches

New York coffee futures dip; focus on contract switches

US nearby arabica coffee futures settled down almost 1.5 percent on Thursday, pressured by light speculative selling in the face of contract switches ahead of a first notice day next week, traders said. The New York Board of Trade's active September contr
Published 18 Jun, 2005 12:00am
Bulls command ISE proceedings

Bulls command ISE proceedings

Bulls commanded the proceedings at the Islamabad Stock Exchange (ISE) where equities showed handsome recovery under the lead of PTCL amid increase in index. ISE Network Index showed an improvement of 72.48 points as the price-based indicator moved from 11
Published 18 Jun, 2005 12:00am
New York cocoa backs off from two-month high on speculative sales

New York cocoa backs off from two-month high on speculative sales

US nearby cocoa futures finished in the red on Thursday after light speculative selling pushed the benchmark price away from its recent two-month high, traders said. The New York Board of Trade's most-active September contract slid $19, or 1.2 percent, to
Published 18 Jun, 2005 12:00am
Bulls command ISE proceedings

Bulls command ISE proceedings

Bulls commanded the proceedings at the Islamabad Stock Exchange (ISE) where equities showed handsome recovery under the lead of PTCL amid increase in index. ISE Network Index showed an improvement of 72.48 points as the price-based indicator moved from 11
Published 18 Jun, 2005 12:00am
PC Board discusses PTCL valuation

PC Board discusses PTCL valuation

A meeting of the Board of Privatisation Commission was held on Friday under the chairmanship of Minister for Privatisation & Investment Dr Abdul Hafeez Shaikh and was attended by Awais Leghari, Minister for IT & Telecom, to review and discuss the valuatio
Published 18 Jun, 2005 12:00am
Lahore stocks firmer

Lahore stocks firmer

Share prices depicted firmness on Lahore Stock Exchange (LSE) on last trading day of the week, and mostly helped by petroleum scrips, ended with a positive note amid a steady volume of transactions. The LSE-25 index surged by 24.84 points or 0.66 percent,
Published 18 Jun, 2005 12:00am
Comex copper closes strong, hits record highs

Comex copper closes strong, hits record highs

US copper futures maintained strong gains into the close on Thursday, after rallying to a new 16-year high and an all-time peak for spot copper when concerns about tight supplies combined with short-cover buying to drive the metal through resistance.
Published 18 Jun, 2005 12:00am
Lahore stocks firmer

Lahore stocks firmer

Share prices depicted firmness on Lahore Stock Exchange (LSE) on last trading day of the week, and mostly helped by petroleum scrips, ended with a positive note amid a steady volume of transactions. The LSE-25 index surged by 24.84 points or 0.66 percent,
Published 18 Jun, 2005 12:00am
Tokyo gold hits 13-year high on fund buying

Tokyo gold hits 13-year high on fund buying

The benchmark gold futures contract on the Tokyo Commodity Exchange jumped to 1,534 yen per gram on Friday, the highest since March 1992, buoyed by fund buying after a stronger finish in New York. Gold attracted renewed interest from investors, as bullion
Published 18 Jun, 2005 12:00am
Pakistan and New Zealand signed MoU

Pakistan and New Zealand signed MoU

Pakistan and New Zealand here on Friday signed a Memorandum of Understanding on holding regular consultations between the foreign ministries of the two countries. President Musharraf and New Zealand Prime Minister Helen Clark were present at the signing c
Published 18 Jun, 2005 12:00am
New York gold soars to seven-week peak, silver and platinum up

New York gold soars to seven-week peak, silver and platinum up

US gold futures rallied to a seven-week high on Thursday, as fund and speculator buying across the metals complex and bullion's decoupling from the US dollar buoyed prices, dealers said. Gold for August delivery gained $7.00 to end at $437.90 an ounce on
Published 18 Jun, 2005 12:00am
Musharraf and Silvia for enhancing Pak-New Zealand ties

Musharraf and Silvia for enhancing Pak-New Zealand ties

President Pervez Musharraf and New Zealand's Governor General Dame Silvia Cartwright on Friday expressed the mutual resolve of two countries to enhance their relationship. The two leaders exchanged views on regional and international issues of common inte
Published 18 Jun, 2005 12:00am
Gold higher in Asia as fundamentals kick in

Gold higher in Asia as fundamentals kick in

A rising dollar against the euro did little to dampen enthusiasm for gold across Asia on Friday, providing further evidence that bullion was decoupling from currency markets. A weeklong rally in gold accelerated on Thursday, sweeping the precious metal to
Published 18 Jun, 2005 12:00am
KSE: all eyes set on PTCL bidding

KSE: all eyes set on PTCL bidding

The investors in stock market adopted cautious approach on Friday, ahead of bidding for PTCL on Saturday, as guessing game started on reference and bid price of the telecom giant forcing the equities to move in a narrow band. The KSE-100 index rose 67.82
Published 18 Jun, 2005 12:00am
Rafsanjani and Moin lead Iran presidential poll: aides

Rafsanjani and Moin lead Iran presidential poll: aides

Moderate cleric Akbar Hashemi Rafsanjani and reformist Mostafa Moin are heading to a run-off vote in Iran's presidential election, both camps said on Friday. Aides to the two men told Reuters Rafsanjani and Moin were the top two vote-getters in a field of
Published 18 Jun, 2005 12:00am
National Assembly passes budget in absence of opposition

National Assembly passes budget in absence of opposition

The government rushed Finance Bill 2005 through the National Assembly on Friday containing annual budget statement amid an uproar, as combined opposition protesting against political victimisation stormed out of the House. Taking advantage of the absence
Published 18 Jun, 2005 12:00am
Record $50 billion order feast at air show

Record $50 billion order feast at air show

European jetmaker Airbus unveiled $3.6 billion of last-minute orders at the Paris Air Show on Friday, claiming victory over Boeing and pushing their combined sales past a record $50 billion. With orders for 320 planes worth $33.5 billion, Airbus said it h
Published 18 Jun, 2005 12:00am
PPIB violating criteria in issuing LoIs

PPIB violating criteria in issuing LoIs

The Private Power Infrastructure Board (PPIB) is being forced to issue Letters of Interest (LoIs) to a few companies, violating the criteria set by the Board, sources told Business Recorder. Initially, two 425 MW dual-fuel power projects are said t
Published 18 Jun, 2005 12:00am
Roddick warns Nadal could be a joker in the pack

Roddick warns Nadal could be a joker in the pack

Andy Roddick believes French Open champion Rafael Nadal has the potential to be the big surprise package at this year's Wimbledon. No player since Bjorn Borg has won back-to-back titles on the clay of Roland Garros and the grass of the All England club an
Published 18 Jun, 2005 12:00am
PPIB violating criteria in issuing LoIs

PPIB violating criteria in issuing LoIs

The Private Power Infrastructure Board (PPIB) is being forced to issue Letters of Interest (LoIs) to a few companies, violating the criteria set by the Board, sources told Business Recorder. Initially, two 425 MW dual-fuel power projects are said t
Published 18 Jun, 2005 12:00am
Williams sisters battle decline and fall

Williams sisters battle decline and fall

There was a time when Venus and Serena Williams threatened to make a monopoly out of the Wimbledon championships. Venus romped to the title in 2000 and 2001 while Serena took charge with the 2002 and 2003 championships beating her sister in both finals. B
Published 18 Jun, 2005 12:00am
PPIB violating criteria in issuing LoIs

PPIB violating criteria in issuing LoIs

The Private Power Infrastructure Board (PPIB) is being forced to issue Letters of Interest (LoIs) to a few companies, violating the criteria set by the Board, sources told Business Recorder. Initially, two 425 MW dual-fuel power projects are said t
Published 18 Jun, 2005 12:00am
Federer's incredible journey

Federer's incredible journey

Twelve months ago, tennis journeymen Dominik Hrbaty and Tomas Berdych could only dream of having their names mentioned in the same breath as Roger Federer. But after the Swiss world number one had captured his second successive Wimbledon crown, Hrbaty and
Published 18 Jun, 2005 12:00am
Rafsanjani and Moin lead Iran presidential poll: aides

Rafsanjani and Moin lead Iran presidential poll: aides

Moderate cleric Akbar Hashemi Rafsanjani and reformist Mostafa Moin are heading to a run-off vote in Iran's presidential election, both camps said on Friday. Aides to the two men told Reuters Rafsanjani and Moin were the top two vote-getters in a field of
Published 18 Jun, 2005 12:00am
Clijsters closes in on third title of year

Clijsters closes in on third title of year

Kim Clijsters continued a storming pre-Wimbledon build-up Friday as she handed holder Svetlana Kuznetsova a first career defeat at the 585,000-dollar Eastbourne Championships to reach the final 6-4, 3-6, 6-4. Seventh seeded Clijsters showed the determinat
Published 18 Jun, 2005 12:00am
US confidence gets boost, current account spikes

US confidence gets boost, current account spikes

US consumers turned much more upbeat in June, helped by some relief in gasoline pump prices and a rising stock market, a report showed on Friday. Separately, government data showed the current account deficit, the broadest measure of US trade with the res
Published 18 Jun, 2005 12:00am
Veterans shine at US Open

Veterans shine at US Open

Veteran Olin Browne, who had to shoot a 59 in qualifying to book his spot in the 105th US Open, found himself sharing the lead after the first round here on Thursday. The 46-year-old American, whose last tour victory was in 1999, carded a three-under 67 t
Published 18 Jun, 2005 12:00am
Plea for early hearing of writ against PTCL sell-off

Plea for early hearing of writ against PTCL sell-off

A member of the Lahore High Court Bar Association (LHCBA) has approached the Lahore High Court (LHC) with prayer to place his petition against privatisation of PTCL for hearing forthwith. The petitioner, M.D. Tahir, contended that the matter is of serious
Published 18 Jun, 2005 12:00am
Scans clear Brett Lee

Scans clear Brett Lee

Scans have cleared Australian bowler Brett Lee of any serious damage to his right shoulder and he hopes to play in a triangular series against England and Bangladesh this weekend, Cricket Australia said on Friday. Lee suffered a twinge in his right should
Published 18 Jun, 2005 12:00am
Six PTCL workers detained

Six PTCL workers detained

Six office bearers and members of Pakistan Telecommunication Company Limited (PTCL) Employees Union were detained for three months under sector 3MPO for their objectionable activities in the city. Those were detained are: Rana Shakoor Ahmad, Abid Maqbool,
Published 18 Jun, 2005 12:00am
Hopes fading for Henman

Hopes fading for Henman

Tim Henman opens his 12th Wimbledon campaign undaunted in his conviction that he can triumph, but few are now tipping him to emulate Fred Perry, the last home winner of the men's singles title in 1936. Henman has been seeded an encouraging sixth, three pl
Published 18 Jun, 2005 12:00am
Confident Fed shows cool hand

Confident Fed shows cool hand

Roger Federer has promised to take a more aggressive approach to the defence of his Wimbledon title - but don't expect any McEnroe-style tantrums from the world number one. Having stood head and shoulders above the rest of the field in the last two All En
Published 18 Jun, 2005 12:00am
French raider Westerner wins Ascot Gold Cup

French raider Westerner wins Ascot Gold Cup

Westerner, the 7-4 favourite trained in France and ridden by Olivier Peslier, won the Ascot Gold Cup run at York on Thursday. Westerner collared 33-1 outsider Distinction, the mount of Johnny Murtagh, in the closing stages of the two-and-a-half-mile (4 km
Published 18 Jun, 2005 12:00am
UK anti-terrorist police arrest four

UK anti-terrorist police arrest four

Anti-terrorist police arrested four men in London in early morning raids on Friday, Scotland Yard said. The BBC, citing Home Office sources, said the men were linked to a dissident Iranian group opposed to the Tehran government. An police source told Reut
Published 18 Jun, 2005 12:00am
Cruise proposes to Holmes at Eiffel Tower

Cruise proposes to Holmes at Eiffel Tower

Film star Tom Cruise has asked girlfriend Katie Holmes to marry him, he announced on Friday, ending weeks of speculation over whether Hollywood's hottest couple would wed. Appearing with Holmes at a Paris news conference, the 42-year-old explained how he
Published 18 Jun, 2005 12:00am
Indian Prime Minister sets $500 billion trade target

Indian Prime Minister sets $500 billion trade target

Indian Prime Minister Manmohan Singh called Friday on all ministries to slash red tape and increase productivity to achieve a two-way trade target of 500 billion dollars by 2010, officials said. Singh, who met a government-appointed advisory trade body, d
Published 18 Jun, 2005 12:00am
World Bank lends China $87 million for renewable energy

World Bank lends China $87 million for renewable energy

The World Bank said on Friday it would lend China $87 million to help expand the supply of renewable electricity in Asia's economic powerhouse and giant energy consumer. "China's abundant undeveloped resources of small hydropower, wind, biomass, geotherma
Published 18 Jun, 2005 12:00am
Pakistan and New Zealand to identify economic synergies

Pakistan and New Zealand to identify economic synergies

Pakistan and New Zealand on Friday agreed to identify economic synergies for their mutual benefit as President General Pervez Musharraf and Prime Minister Helen Clark declared to build a closer relationship through co-operation in the areas of agriculture
Published 18 Jun, 2005 12:00am
Bank of America to buy into China Construction Bank

Bank of America to buy into China Construction Bank

Bank of America Corp, the second-biggest US lender, said it would pay $3 billion for a 9 percent stake in China Construction Bank in the largest single foreign investment in China's banking sector. Bank of America wants to expand beyond its home market wh
Published 18 Jun, 2005 12:00am
Pakistan and New Zealand to identify economic synergies

Pakistan and New Zealand to identify economic synergies

Pakistan and New Zealand on Friday agreed to identify economic synergies for their mutual benefit as President General Pervez Musharraf and Prime Minister Helen Clark declared to build a closer relationship through co-operation in the areas of agriculture
Published 18 Jun, 2005 12:00am
Bank of America to buy into China Construction Bank

Bank of America to buy into China Construction Bank

Bank of America Corp, the second-biggest US lender, said it would pay $3 billion for a 9 percent stake in China Construction Bank in the largest single foreign investment in China's banking sector. Bank of America wants to expand beyond its home market wh
Published 18 Jun, 2005 12:00am
Pakistan and New Zealand to identify economic synergies

Pakistan and New Zealand to identify economic synergies

Pakistan and New Zealand on Friday agreed to identify economic synergies for their mutual benefit as President General Pervez Musharraf and Prime Minister Helen Clark declared to build a closer relationship through co-operation in the areas of agriculture
Published 18 Jun, 2005 12:00am
China approves insurers' overseas investment, buybacks

China approves insurers' overseas investment, buybacks

China gave approval for insurers to invest in overseas stock markets on Friday, a move analysts said could see the bulk of $1 billion in investment flow into Hong Kong, and said it would allow share buybacks. Chinese insurers, such as China Life Insurance
Published 18 Jun, 2005 12:00am
New list of zero-rated textile raw materials issued

New list of zero-rated textile raw materials issued

The Central Board of Revenue (CBR) has issued a new list of textile sector raw materials/finished products for import and supply, which are zero-rated for sales tax. This also includes leather, sports goods, surgical and carpets industries. The CBR has su
Published 18 Jun, 2005 12:00am
China approves insurers' overseas investment, buybacks

China approves insurers' overseas investment, buybacks

China gave approval for insurers to invest in overseas stock markets on Friday, a move analysts said could see the bulk of $1 billion in investment flow into Hong Kong, and said it would allow share buybacks. Chinese insurers, such as China Life Insurance
Published 18 Jun, 2005 12:00am
New list of zero-rated textile raw materials issued

New list of zero-rated textile raw materials issued

The Central Board of Revenue (CBR) has issued a new list of textile sector raw materials/finished products for import and supply, which are zero-rated for sales tax. This also includes leather, sports goods, surgical and carpets industries. The CBR has su
Published 18 Jun, 2005 12:00am
Greek church former leader demoted to monk

Greek church former leader demoted to monk

The former head of the Greek Orthodox Church in Jerusalem has been demoted to the rank of monk by a disciplinary tribunal, the church said on Friday. Patriarch Irineos I was ousted last month by the church's Holy Land hierarchy over the leasing of church
Published 18 Jun, 2005 12:00am
Iraq plans cellphone licence tenders

Iraq plans cellphone licence tenders

Iraq plans to issue international tenders by the end of this year to replace the country's three expiring cellphone licences, Iraqi Communications Minister Jowan Massoum said on Friday. The government will hold a conference in London with Arab and global
Published 18 Jun, 2005 12:00am
Gwadar Port opening not possible before June 2006

Gwadar Port opening not possible before June 2006

The government informed the Senate on Friday that the formal inauguration of Gwadar deep sea port was not possible before June next year due to development work at the site. The government, however, told the Upper House it would soon invite expressions of
Published 18 Jun, 2005 12:00am
Britain brushes aside Chirac concession

Britain brushes aside Chirac concession

Britain brushed off a concession by French President Jacques Chirac at a European Union summit on Friday, reaffirming its rejection of a freeze on its annual rebate from the bloc's budget. "Graciously accepting an offer we rejected three days ago doesn't
Published 18 Jun, 2005 12:00am
National Assembly passes budget in absence of opposition

National Assembly passes budget in absence of opposition

The government rushed Finance Bill 2005 through the National Assembly on Friday containing annual budget statement amid an uproar, as combined opposition protesting against political victimisation stormed out of the House. Taking advantage of the absence
Published 18 Jun, 2005 12:00am
Troubled EU in last-ditch bid to reach budget deal

Troubled EU in last-ditch bid to reach budget deal

European Union president Luxembourg made a final bid to forge a compromise on the bloc's long-term budget on Friday but chances looked dim as France dug in its heels on farm subsidies and Britain clung to its rebate. An EU summit went into recess as Luxem
Published 18 Jun, 2005 12:00am
National Assembly passes budget in absence of opposition

National Assembly passes budget in absence of opposition

The government rushed Finance Bill 2005 through the National Assembly on Friday containing annual budget statement amid an uproar, as combined opposition protesting against political victimisation stormed out of the House. Taking advantage of the absence
Published 18 Jun, 2005 12:00am
Toyota and Honda given green light for fuel-cell cars

Toyota and Honda given green light for fuel-cell cars

Toyota and Honda were given the go-ahead from Japan's transport authorities Friday to market certain types of fuel-cell cars without limitation. The two Japanese carmakers said they would aim to lease the environmentally friendly no-emission compact vehic
Published 18 Jun, 2005 12:00am
National Assembly passes budget in absence of opposition

National Assembly passes budget in absence of opposition

The government rushed Finance Bill 2005 through the National Assembly on Friday containing annual budget statement amid an uproar, as combined opposition protesting against political victimisation stormed out of the House. Taking advantage of the absence
Published 18 Jun, 2005 12:00am
Health risks to farmers' children

Health risks to farmers' children

Five innocent children died while playing with small containers of pesticides near Hala. Three other casualties have been reported from Badin district while the number of unreported deaths and diseases are gaining alarming proportion but no action has bee
Published 18 Jun, 2005 12:00am
Elected representatives told to liaise with masses

Elected representatives told to liaise with masses

The Sindh Governor Dr Ishrat-ul-Ebad and the Chief Minister Dr Arbab Ghulam Rahim have urged the elected representatives and authorities to regularly maintain their contacts with the people. They said besides access for people to their offices, they too s
Published 18 Jun, 2005 12:00am
All shares index report

All shares index report

The sector-wise all shares index report on Friday (June 17, 2005).

Published 18 Jun, 2005 12:00am
Gang busted

Gang busted

The anti-dacoity and robbery cell (ADRC) of police busted a gang involved in street crimes and arrested six of its members along with arms, looted cash and mobile telephones. They were involved in snatching and robbing women's jewellery and their purses o
Published 18 Jun, 2005 12:00am
PSMA terms allegation of cartel as baseless

PSMA terms allegation of cartel as baseless

Pakistan Sugar Mills Association (PSMA) Secretary General K Ali Qazilbash has rejected the impression of any cartel in sugar industry and termed this allegation as baseless and unjustified. In a letter to Central Board of Revenue (CBR) Chairman, Qazilbash
Published 18 Jun, 2005 12:00am
Four killed, 12 hurt in bus-rickshaw collision

Four killed, 12 hurt in bus-rickshaw collision

As many as four persons, including two women, were killed and more than 12 persons injured seriously in a fatal collision between a passenger bus and rickshaw near village Aadha-Motra on main Daska-Motra-Sialkot Road in Daska tehsil here Thursday night. T
Published 18 Jun, 2005 12:00am
Rationalisation of duty on dump trucks demanded

Rationalisation of duty on dump trucks demanded

All Pakistan Contractor Association (APCA) has said that non-availability of heavy machinery could delay completion of mega development projects. APCA Chairman, Engineer Sikander Hayat Khan Khattak said the association members were seriously concerned ove
Published 18 Jun, 2005 12:00am
Government has failed to provide relief to masses: RCCI

Government has failed to provide relief to masses: RCCI

The government in spite of its tall claims has failed to give any relief to common people and simplify the tax procedures to facilitate the business community and taxpayers, said Rawalpindi Chamber of Commerce and Industry (RCCI) President Najam Rehan her
Published 18 Jun, 2005 12:00am
THE RUPEE: currency trade rangebound

THE RUPEE: currency trade rangebound

The rupee-dollar parity on Friday hovered between the band of 59.69 and 59.71 in the interbank market amid tight supply of the local currency, dealers said. The dollar was also short in supply as higher demand for dollars by the banks did not allow the ru
Published 18 Jun, 2005 12:00am
ILO to provide grant for child labour elimination

ILO to provide grant for child labour elimination

International Labour Organisation (ILO) will provide a grant of dollars 2,263,453 for the year 2005-06 to eliminate worst forms of child labour from the country. Sources in Ministry of Education told Business Recorder the main objective of the gran
Published 18 Jun, 2005 12:00am
THE RUPEE: currency trade rangebound

THE RUPEE: currency trade rangebound

The rupee-dollar parity on Friday hovered between the band of 59.69 and 59.71 in the interbank market amid tight supply of the local currency, dealers said. The dollar was also short in supply as higher demand for dollars by the banks did not allow the ru
Published 18 Jun, 2005 12:00am
CDA to install 12 water filtration plants

CDA to install 12 water filtration plants

The Capital Development Authority (CDA) has decided to install 12 drinking water filtration plants in various thickly populated sectors of Islamabad at a cost of Rs 4 million. These plants will be installed in three phases at F-6, F-7, F-8, F-9, G-6, G-7,
Published 18 Jun, 2005 12:00am
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