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Print - 2005-07-05
Bonds: ITV default swaps rebound

Bonds: ITV default swaps rebound

The cost of insuring against a default by British broadcaster ITV rose on Monday but eased off its highs by late in the session, after a newspaper reported over the weekend that the company could become a take-over target again. Britain's Mail on Sunday r
Published 05 Jul, 2005 12:00am
Paramedics stage sit-in at Sindh Secretariat

Paramedics stage sit-in at Sindh Secretariat

Over 300 paramedics belonging to various districts of Sindh, in the wake of their ongoing peaceful protest for approval of their service structure, on Monday staged a sit-in at Sindh Secretariat Karachi for three hours. Paramedical Joint Action Committee
Published 05 Jul, 2005 12:00am
Oil holds strong after US jump back to $59

Oil holds strong after US jump back to $59

Oil prices rose on Monday, adding to big gains late on Friday that took US crude back to $59 a barrel. London August Brent gained 46 cents to $58 a barrel after gains of nearly $2 on Friday. US crude, shut on Monday for the July 4 public holiday, surged b
Published 05 Jul, 2005 12:00am
Gold static in Europe, palladium soft

Gold static in Europe, palladium soft

Gold bullion was hardly moving during subdued Monday afternoon trading in Europe, with the market opting to mark time after steep losses at the end of last week, while US futures were closed, traders said. The US market is closed for Independence Day, whi
Published 05 Jul, 2005 12:00am
LME copper closes higher, supported by labour rows

LME copper closes higher, supported by labour rows

Copper staged a partial recovery on Monday on the London Metal Exchange (LME) after Friday's 3.5 percent sell-off, trading within ranges but finding support from industrial unrest. "People are not yet very concerned about the strikes but they are supporti
Published 05 Jul, 2005 12:00am
Euro below $1.19; posts lowest level over a year

Euro below $1.19; posts lowest level over a year

The euro fell to its lowest level against the dollar in more than a year on Monday after comments from a European Central Bank official reignited investors' concerns about future stability of the eurozone. Markets have been on the alert for signs of troub
Published 05 Jul, 2005 12:00am
Sterling slides

Sterling slides

Sterling slid to near 14-month lows against the dollar on Monday and held near one-month lows versus the euro as expectations grew that the Bank of England may soon cut interest rates. The pound came under renewed selling pressure as the greenback extende
Published 05 Jul, 2005 12:00am
Oil shares drive FTSE to fresh three-year high

Oil shares drive FTSE to fresh three-year high

Leading UK shares closed higher for a fifth consecutive session on Monday, driven by solid gains in oil majors Shell and BP as crude prices rose, while fresh bid talk fuelled a 3 percent rise in broadcaster ITV. ITV shares closed at 128-1/2 pence, boosted
Published 05 Jul, 2005 12:00am
Indian shares scale new peak on funds

Indian shares scale new peak on funds

Indian shares hit a new closing high on Monday, extending their winning streak to four sessions, as foreign funds ploughed even more money into front-line stocks. The 30-share BSE index closed 0.92 percent higher at 7,277.38 points, having touched an all-
Published 05 Jul, 2005 12:00am
Bonds: ITV default swaps rebound

Bonds: ITV default swaps rebound

The cost of insuring against a default by British broadcaster ITV rose on Monday but eased off its highs by late in the session, after a newspaper reported over the weekend that the company could become a take-over target again. Britain's Mail on Sunday r
Published 05 Jul, 2005 12:00am
Hamas rebuffs call for unity government

Hamas rebuffs call for unity government

The Islamic militant group Hamas on Monday rebuffed an invitation to join the Palestinian cabinet, snubbing President Mahmoud Abbas who wants a unity government to help him control Gaza after Israel's pullout. Abbas, facing public pressure to curb growing
Published 05 Jul, 2005 12:00am
Bush urges US public to back Iraq war: Independence Day speech

Bush urges US public to back Iraq war: Independence Day speech

President George W. Bush on Monday said that the United States must not lose "our heart, our nerve, or our way" in the face of the deadly insurgency in Iraq. "We know that when the work is hard, the proper response is not retreat. It is courage," Bush tol
Published 05 Jul, 2005 12:00am
Asia needs $100 million to fight birdflu: experts

Asia needs $100 million to fight birdflu: experts

Asia needs about $100 million in the next three years to fight avian flu as the virus looks set to stay, but only about a third of that has been pledged, health and livestock experts said. They said more money was needed to help chronically-infected Vietn
Published 05 Jul, 2005 12:00am
Algeria frees 3,300 prisoners

Algeria frees 3,300 prisoners

Algerian President Abdelaziz Bouteflika has pardoned 3,343 prisoners serving sentences for minor crimes to mark the 43rd anniversary of independence on Tuesday, state radio said. Prisoners convicted of terrorism, threatening state security, murder and cor
Published 05 Jul, 2005 12:00am
With eye on terrorism, countries discuss nuclear security

With eye on terrorism, countries discuss nuclear security

International experts gathered in Vienna Monday to discuss tightening restrictions on material that could be used for nuclear bombs, with Russia and the United States warning of the danger of nuclear terrorism.
Published 05 Jul, 2005 12:00am
WFP suspends aid shipments to Somalia

WFP suspends aid shipments to Somalia

The UN World Food Programme (WFP) on Monday suspended all shipments of aid to Somalia pending the release of a ship carrying tsunami relief that was hijacked by pirates last week off the Somali coast. "We have suspended all shipments of food aid to Somali
Published 05 Jul, 2005 12:00am
No more illegitimate children in France

No more illegitimate children in France

France abolished the legal terms "legitimate" and "illegitimate" for children on Monday with a decree saying the distinction dating back to the Napoleonic Code of 1804 made no sense anymore. Abolishing the terms brings France's civil code in line with law
Published 05 Jul, 2005 12:00am
Bush cool on climate deal, offers Blair no favours

Bush cool on climate deal, offers Blair no favours

President George W. Bush has told Britain's Tony Blair to expect no favours at this week's Group of Eight summit in return for backing war in Iraq as a deal on climate change looked set to offer little concrete action. Prime Minister Blair has made tackli
Published 05 Jul, 2005 12:00am
Give us support, not sympathy, Africa tells the West

Give us support, not sympathy, Africa tells the West

African Union (AU) chairman Olusegun Obasanjo called on rich nations on Monday to provide the continent with money rather than sympathy in its fight against poverty at their summit in Scotland this week.
Published 05 Jul, 2005 12:00am
Israeli president fears Sharon assassination

Israeli president fears Sharon assassination

Israeli President Moshe Katsav said on Monday the vocal opposition of pro-settler rabbis to Israel's Gaza pullout could incite ultranationalists to try to assassinate Prime Minister Ariel Sharon. "In the struggle over the disengagement someone is likely t
Published 05 Jul, 2005 12:00am
Anarchist protests erupt across Edinburgh for G8

Anarchist protests erupt across Edinburgh for G8

Anarchist protests erupted on Monday in Scotland's capital, sparking scuffles between riot police and demonstrators two days before leaders of the world's richest nations hold a summit nearby. Several people were detained, at least two police were injured
Published 05 Jul, 2005 12:00am
S.T. anomaly in steel sector

S.T. anomaly in steel sector

During the last budget, the steel melters and other manual rolling mills using steel ingots and c.c. billets produced by melters were allowed to pay Rs 300 + Rs 200 = Rs 500 per ton in sales tax. Although the steel melters have never paid the full sales t
Published 05 Jul, 2005 12:00am
LHCBA body meets today

LHCBA body meets today

The body constituted by the Lahore High Court Bar Association (LHCBA) to resolve the issues and create harmony among the office-bearers of the bar met LHCBA President Fakharunnisa Khokhar here on Monday. The committee members informed the LHCBA president
Published 05 Jul, 2005 12:00am
Diploma exams

Diploma exams

Punjab University has notified that the Diploma in Arabic, Diploma in Hindi and Certificate in Hindi annual examination 2005 will commence from July 25. Admission forms will be received as on July 09 with single fees and on July 15 with double fees.
Published 05 Jul, 2005 12:00am
Traffic awareness campaign launched

Traffic awareness campaign launched

The traffic police has launched a week long "Traffic Awareness Campaign" to educate the people about traffic rules here on Monday. Deputy Superintendent Traffic Police, Malik Matloob Ahmed said the step had been taken on the special directive of DIG Traff
Published 05 Jul, 2005 12:00am
118 MNAs demanded accountability of nazims: Ejaz

118 MNAs demanded accountability of nazims: Ejaz

Federal Minister for Religious Affairs Ejazul Haq has said that some 118 MNAs demanded of President Pervez Muhsarraf and Prime Minister Shaukat Aziz for accountability of corrupt nizims. Addressing a press conference along with MPA Ghulam Murtaza , Ejazul
Published 05 Jul, 2005 12:00am
PBC flays hike in POL prices

PBC flays hike in POL prices

The Pakistan Bar Council (PBC) has condemned the increase in the prices of petrol, diesel, and kerosene oil. PBC Vice Chairman Hafiz Abdur Rehman Ansari, in a statement, demanded of the government to immediately withdraw the increase made in oil prices. H
Published 05 Jul, 2005 12:00am
Law in Fata being reviewed to amend FCR

Law in Fata being reviewed to amend FCR

The special committee constituted by NWFP Governor Khalil-ur-Rehman to recommend amendments to the prevailing law in Fata; known as Frontier Crimes Regulations (FCR), in its meeting at the Governor's Fata Secretariat here on Monday, started clause-wise re
Published 05 Jul, 2005 12:00am
Significant increase in wheat procurement target

Significant increase in wheat procurement target

The wheat procurement during current season attained the mark of 3.937 million tons registering a significant increase of 83.24 per cent of the target. According to final figures of wheat procurement, Pakistan Agriculture Storage and Supply Corporation (P
Published 05 Jul, 2005 12:00am
Local bodies' election controversies

Local bodies' election controversies

Local bodies election schedule, announced by the Election Commission of Pakistan, for August 18, 25 and September 29, promises to be a tumultuous affair. The conference that the MQM had organised on the subject on Sunday, calling it All Parties Conference
Published 05 Jul, 2005 12:00am
Connectivity breakdown

Connectivity breakdown

The breakdown of the Internet system due to a fault in the PTCL's submarine cable, South, East Asia Middle East, Western Europe-3 (SEA-ME-WE-3), has thoroughly exposed the system's vulnerability and done considerable damage to the country's image and its
Published 05 Jul, 2005 12:00am
Corporate governance: rationale of audit committees

Corporate governance: rationale of audit committees

The purpose and rationale of the Audit Committee is to render assistance to the Board of Directors of the Company in fulfilling its legal and fiduciary obligations and responsibilities to the shareholders, potential shareholders and the investment communi
Published 05 Jul, 2005 12:00am
With full hotels, Jordan enjoys tourist boom

With full hotels, Jordan enjoys tourist boom

Cranes work day and night to complete the 365-room Kempinski resort on the Dead Sea. Nearby, a cluster of resorts is doing unprecedented business. The activity hails the emergence of Jordan's once sleepy border strip with Israel as a top regional retreat
Published 05 Jul, 2005 12:00am
Grand opposition alliance against government soon

Grand opposition alliance against government soon

Grand Opposition Alliance comprising MMA, ARD and other opposition parties would be formed within this month for the restoration of sovereignty of parliament, and exerting pressure on General Pervez Musharraf to quit one of the offices of COAS or Presiden
Published 05 Jul, 2005 12:00am
Gas for power generation

Gas for power generation

We are a small Service Industry and would like to inform the public that we have applied for a small gas connection for power generation to produce our own. This would not exceed 200KW for the Service Industry. Foreign Investment details were forwarded to
Published 05 Jul, 2005 12:00am
Females at petrol pumps

Females at petrol pumps

Rubina Kausar's rejoinder of 10th June to Mumtaz Hussain's letter regarding the above subject made a lot of sense. Mumtaz Hussain's reply to her on 16th June smacked of ignorance and lacked correct perception of the Islamic way of life.
Published 05 Jul, 2005 12:00am
Markup over markup

Markup over markup

Please refer to Haji Hanif Sheikh's letter published in your daily of 28th June, 2005, with regard to markup on markup being charged by financial institutions. The role of the State Bank in enforcing its own provisions with regard to public protection is
Published 05 Jul, 2005 12:00am
GCCI resents tax on cash withdrawal

GCCI resents tax on cash withdrawal

The Gujranwala Chamber of Commerce & Industry (GCCI) President Asad Elahi has said that business community would face manifold problems due to levy of 0.1 percent withholding tax on withdrawal of amount of Rs 25000 or above from banks. While talking to bu
Published 05 Jul, 2005 12:00am
Workshop on modern selling strategies from July 26

Workshop on modern selling strategies from July 26

The Training & Development Division of Happenings International has planned to organise a two-day comprehensive training workshop on "Modern Selling Strategies" on July 26-27, 2005 at a local hotel in Karachi. Happenings International Chief Executive, Kha
Published 05 Jul, 2005 12:00am
National chemistry talent contest inaugurated

National chemistry talent contest inaugurated

Vice-Chancellor Karachi University, Professor Dr Pirzada Qasim inaugurated the seven-day National Chemistry Talent contest at the HEJ Research Institute of Chemistry here on Monday. The competition is being organised by the International Centre for Chemic
Published 05 Jul, 2005 12:00am
TCP plans to buy over 0.1 million tons refined sugar

TCP plans to buy over 0.1 million tons refined sugar

The Trading Corporation of Pakistan (TCP), struggling to rein in sugar prices, will aim to buy up to 100,000 tonnes of refined sugar this week, but Indian supplies won't be considered for those purchases, an official with the state-run buying agency said
Published 05 Jul, 2005 12:00am
Hyderabad Collectorate revenue target surpassed

Hyderabad Collectorate revenue target surpassed

The Collectorate of Customs, Sales Tax and Central Excise, Hyderabad comprising the entire province, excluding erstwhile Karachi civil division, has collected Rs 14.690 billion substantially surpassing the combined revenue target of Rs 14.529 billion. The
Published 05 Jul, 2005 12:00am
Workshop on investment opportunities in steel sector

Workshop on investment opportunities in steel sector

The Engineering Development Board (EDB) has planned to organise a 2-day workshop on July 11-12, 2005 in Islamabad to encourage private sector and foreign investors for the investment in steel and construction sector, said a statement issued here, on Monda
Published 05 Jul, 2005 12:00am
Hearing against 'Crorepati lottery' adjourned

Hearing against 'Crorepati lottery' adjourned

Sindh High Court on Monday adjourned hearing of constitutional petition against 'Crorepati lottery', introduced by Punjab government Bank of Punjab in the name of Punjab Development Fund (PDF). Sajjad Ahmed Bhatti, a resident of Larkana, who purchased 31
Published 05 Jul, 2005 12:00am
Prime Minister to visit Kabul and US

Prime Minister to visit Kabul and US

Prime Minister Shaukat Aziz, who left here on Monday for Kazakhstan for the Shanghai Co-operation Forum, is to visit Kabul and later Washington. Answering questions at his regular weekly briefing here, the Foreign Office spokesman said that the Prime Mini
Published 05 Jul, 2005 12:00am
Philippines hints at budget surplus in June

Philippines hints at budget surplus in June

The Philippines said on Monday it may have had a budget surplus in June, its second this year, but analysts saw a court freeze on a major tax reform clouding prospects for the rest of 2005. The government gave hints of its June performance as stocks and t
Published 05 Jul, 2005 12:00am
German air traffic body cuts fees, eyes expansion

German air traffic body cuts fees, eyes expansion

German air traffic controller Deutsche Flugsicherung (DFS) plans to lower its charges to airlines in 2006 for the third year running and may eliminate up to 600 jobs to lower costs as it prepares for competition. DFS said on Monday it planned to set up a
Published 05 Jul, 2005 12:00am
New wireless broadband 'whispers' below the radar

New wireless broadband 'whispers' below the radar

A new communications tool that "whispers" on busy radio channels could enable broadband Internet services for on-the-go wireless devices or hook-up homes that cannot yet get fast Web access, its inventor said. xMax, the latest innovation in broadband comm
Published 05 Jul, 2005 12:00am
Resistance against reward rules in CBR

Resistance against reward rules in CBR

The CBR Members are strongly resisting new "Unified Reward Rules 2005", as none of the tax managers is ready to submit his comments on the new rules despite passage of several weeks since circulation of the new draft procedure. In the last Board-in-Counci
Published 05 Jul, 2005 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Monday (July 04, 2005).

Published 05 Jul, 2005 12:00am
Resistance against reward rules in CBR

Resistance against reward rules in CBR

The CBR Members are strongly resisting new "Unified Reward Rules 2005", as none of the tax managers is ready to submit his comments on the new rules despite passage of several weeks since circulation of the new draft procedure. In the last Board-in-Counci
Published 05 Jul, 2005 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Monday (July 04, 2005).

Published 05 Jul, 2005 12:00am
Resistance against reward rules in CBR

Resistance against reward rules in CBR

The CBR Members are strongly resisting new "Unified Reward Rules 2005", as none of the tax managers is ready to submit his comments on the new rules despite passage of several weeks since circulation of the new draft procedure. In the last Board-in-Counci
Published 05 Jul, 2005 12:00am
Minimum quality check on auto vehicles' trade agreed

Minimum quality check on auto vehicles' trade agreed

To meet the World Trade Organisation (WTO) regime demands, the local and foreign import and export of auto vehicles will, henceforth, be monitored on minimum set of quality standards. This was decided at a meeting of Pakistan Automotive Manufacturers Asso
Published 05 Jul, 2005 12:00am
Minimum quality check on auto vehicles' trade agreed

Minimum quality check on auto vehicles' trade agreed

To meet the World Trade Organisation (WTO) regime demands, the local and foreign import and export of auto vehicles will, henceforth, be monitored on minimum set of quality standards. This was decided at a meeting of Pakistan Automotive Manufacturers Asso
Published 05 Jul, 2005 12:00am
Minimum quality check on auto vehicles'' trade agreed

Minimum quality check on auto vehicles'' trade agreed

To meet the World Trade Organisation (WTO) regime demands, the local and foreign import and export of auto vehicles will, henceforth, be monitored on minimum set of quality standards. This was decided at a meeting of Pakistan Automotive Manufacturers Asso
Published 05 Jul, 2005 12:00am
NJLI Pension Fund Rates

NJLI Pension Fund Rates

New Jubilee Life Insurance Pension Fund Rates on Monday (July 04, 2005).

Published 05 Jul, 2005 12:00am
NWFP flood-hit areas get agriculture tax and Abiyana relief

NWFP flood-hit areas get agriculture tax and Abiyana relief

The NWFP government on Monday exempted all flood affected union councils of agricultural tax and Abiyana in many districts of the province. The government has also announced launching a rehabilitation program of cash payment to the flood-affected people.
Published 05 Jul, 2005 12:00am
NJLI Pension Fund Rates

NJLI Pension Fund Rates

New Jubilee Life Insurance Pension Fund Rates on Monday (July 04, 2005).

Published 05 Jul, 2005 12:00am
NWFP flood-hit areas get agriculture tax and Abiyana relief

NWFP flood-hit areas get agriculture tax and Abiyana relief

The NWFP government on Monday exempted all flood affected union councils of agricultural tax and Abiyana in many districts of the province. The government has also announced launching a rehabilitation program of cash payment to the flood-affected people.
Published 05 Jul, 2005 12:00am
NJLI Pension Fund Rates

NJLI Pension Fund Rates

New Jubilee Life Insurance Pension Fund Rates on Monday (July 04, 2005).

Published 05 Jul, 2005 12:00am
NWFP flood-hit areas get agriculture tax and Abiyana relief

NWFP flood-hit areas get agriculture tax and Abiyana relief

The NWFP government on Monday exempted all flood affected union councils of agricultural tax and Abiyana in many districts of the province. The government has also announced launching a rehabilitation program of cash payment to the flood-affected people.
Published 05 Jul, 2005 12:00am
NWFP flood-hit areas get agriculture tax and Abiyana relief

NWFP flood-hit areas get agriculture tax and Abiyana relief

The NWFP government on Monday exempted all flood affected union councils of agricultural tax and Abiyana in many districts of the province. The government has also announced launching a rehabilitation program of cash payment to the flood-affected people.
Published 05 Jul, 2005 12:00am
Pharmaceutical raw material sales tax exemption clarified

Pharmaceutical raw material sales tax exemption clarified

The Central Board of Revenue (CBR) has given exemption of sales tax on import of only those pharmaceutical raw materials, which are liable to customs duty exceeding 10 percent. The CBR would charge sales tax on import of raw materials used in the manufact
Published 05 Jul, 2005 12:00am
Pharmaceutical raw material sales tax exemption clarified

Pharmaceutical raw material sales tax exemption clarified

The Central Board of Revenue (CBR) has given exemption of sales tax on import of only those pharmaceutical raw materials, which are liable to customs duty exceeding 10 percent. The CBR would charge sales tax on import of raw materials used in the manufact
Published 05 Jul, 2005 12:00am
Pharmaceutical raw material sales tax exemption clarified

Pharmaceutical raw material sales tax exemption clarified

The Central Board of Revenue (CBR) has given exemption of sales tax on import of only those pharmaceutical raw materials, which are liable to customs duty exceeding 10 percent. The CBR would charge sales tax on import of raw materials used in the manufact
Published 05 Jul, 2005 12:00am
Pharmaceutical raw material sales tax exemption clarified

Pharmaceutical raw material sales tax exemption clarified

The Central Board of Revenue (CBR) has given exemption of sales tax on import of only those pharmaceutical raw materials, which are liable to customs duty exceeding 10 percent. The CBR would charge sales tax on import of raw materials used in the manufact
Published 05 Jul, 2005 12:00am
Pharmaceutical raw material sales tax exemption clarified

Pharmaceutical raw material sales tax exemption clarified

The Central Board of Revenue (CBR) has given exemption of sales tax on import of only those pharmaceutical raw materials, which are liable to customs duty exceeding 10 percent. The CBR would charge sales tax on import of raw materials used in the manufact
Published 05 Jul, 2005 12:00am
US airstrike kills 17 Afghan civilians

US airstrike kills 17 Afghan civilians

Seventeen civilians including several women and children died when US aircraft bombed a suspected militant hideout in eastern Afghanistan last week, a provincial governor said on Monday. The US military confirmed that an unspecified number of civilians ha
Published 05 Jul, 2005 12:00am
US airstrike kills 17 Afghan civilians

US airstrike kills 17 Afghan civilians

Seventeen civilians including several women and children died when US aircraft bombed a suspected militant hideout in eastern Afghanistan last week, a provincial governor said on Monday. The US military confirmed that an unspecified number of civilians ha
Published 05 Jul, 2005 12:00am
381 companies registered with SECP in June

381 companies registered with SECP in June

The Securities and Exchange Commission of Pakistan (SECP) registered 381 companies in June 2005, as compared to 269 companies registered during June of last year, depicting an increase of 41 percent. With the conclusion of financial year 2005, the number
Published 05 Jul, 2005 12:00am
PSO seeks 165,000 tons fuel oil for July-August

PSO seeks 165,000 tons fuel oil for July-August

Pakistan State Oil (PSO) has issued a tender to buy 165,000 tonnes of 125-cst or 180-cst fuel oil for July-August delivery, industry sources said on Monday. In the tender, the company seeks one 55,000 tonne cargo for July 23 to 25 delivery to Karachi on a
Published 05 Jul, 2005 12:00am
PSO seeks 165,000 tons fuel oil for July-August

PSO seeks 165,000 tons fuel oil for July-August

Pakistan State Oil (PSO) has issued a tender to buy 165,000 tonnes of 125-cst or 180-cst fuel oil for July-August delivery, industry sources said on Monday. In the tender, the company seeks one 55,000 tonne cargo for July 23 to 25 delivery to Karachi on a
Published 05 Jul, 2005 12:00am
PSO seeks 165,000 tons fuel oil for July-August

PSO seeks 165,000 tons fuel oil for July-August

Pakistan State Oil (PSO) has issued a tender to buy 165,000 tonnes of 125-cst or 180-cst fuel oil for July-August delivery, industry sources said on Monday. In the tender, the company seeks one 55,000 tonne cargo for July 23 to 25 delivery to Karachi on a
Published 05 Jul, 2005 12:00am
Tariff petitions: Nepra slams distribution companies

Tariff petitions: Nepra slams distribution companies

The National Electric Power Regulatory Authority (Nepra) has criticised Discos for preparing tariff petitions on Wapda's instructions, rather than taking into account their own financial requirements. "You are independent operational companies; do not tak
Published 05 Jul, 2005 12:00am