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Print - 2005-07-27
Money Market Report

Money Market Report

Money market report by Khadim Ali Shah Bukhari & Co on Tuesday (July 26, 2005).
Published 27 Jul, 2005 12:00am
Curtailing staff in foreign missions under study

Curtailing staff in foreign missions under study

The government is actively considering curtailing its diplomatic staff in foreign missions/embassies to induct interior ministry officials to minimise chances of mistakes allegedly being committed in issuance of Machine Readable Passports (MRPs), sources
Published 27 Jul, 2005 12:00am
Curtailing staff in foreign missions under study

Curtailing staff in foreign missions under study

The government is actively considering curtailing its diplomatic staff in foreign missions/embassies to induct interior ministry officials to minimise chances of mistakes allegedly being committed in issuance of Machine Readable Passports (MRPs), sources
Published 27 Jul, 2005 12:00am
US Securities pick Cox pledges vigorous enforcement

US Securities pick Cox pledges vigorous enforcement

Representative Christopher Cox, the White House's pick to chair the US Securities and Exchange Commission, said on Tuesday his "top priority will be vigorous enforcement of our securities laws." The California Republican pledged "continuity, clarity, and
Published 27 Jul, 2005 12:00am
TSMC second quarter profit falls

TSMC second quarter profit falls

Top contract microchip maker TSMC said quarterly profit fell 21.5 percent as customers cleared out chip inventories, and warned falling prices could partly offset rising sales in the current quarter.
Published 27 Jul, 2005 12:00am
Spot dollar rates

Spot dollar rates

Spot Dollar rates from Khadim Ali Shah Bukhari & Co Ltd on Tuesday (July 26, 2005).

Published 27 Jul, 2005 12:00am
TSMC second quarter profit falls

TSMC second quarter profit falls

Top contract microchip maker TSMC said quarterly profit fell 21.5 percent as customers cleared out chip inventories, and warned falling prices could partly offset rising sales in the current quarter.
Published 27 Jul, 2005 12:00am
World Bank may approve $40 million for Punjab land records management

World Bank may approve $40 million for Punjab land records management

The World Bank (WB) is likely to approve a $40 million loan for 'Land Record Management and Information System Program (LRMIS-P)' in Punjab, it is learnt. Sources told Business Recorder here on Tuesday that establishment of this system would reduce
Published 27 Jul, 2005 12:00am
Japan Post privatisation bill hangs in balance: LDP

Japan Post privatisation bill hangs in balance: LDP

A senior executive of Japan's ruling Liberal Democratic Party said on Tuesday there was a 50-50 chance that bills to privatise Japan's huge postal system would pass and that a snap election was likely if they did not. Ruling party rebels have vowed to kil
Published 27 Jul, 2005 12:00am
US concedes loss to EU at WTO, mulling appeal

US concedes loss to EU at WTO, mulling appeal

The United States has not decided whether to appeal a new loss at the World Trade Organisation in a long-running dispute with the European Union over tax breaks for Boeing and other US exporters, a top US trade official said on Monday. "We're still lookin
Published 27 Jul, 2005 12:00am
Bill buying rates per unit of currency

Bill buying rates per unit of currency

Bill Buying Rates per unit of currency -- issued by the Treasury Management Division of the National Bank of Pakistan on Tuesday (July 26, 2005).

Published 27 Jul, 2005 12:00am
Former WorldCom officers in settlement

Former WorldCom officers in settlement

Three former executives at WorldCom Inc have reached a financial settlement with investors stemming from the collapse of the telecommunications company, according to court papers. Former financial chief Scott Sullivan, former controller David Myers and ex
Published 27 Jul, 2005 12:00am
International Paper profit off 60 percent

International Paper profit off 60 percent

International Paper Co, the world's largest forest products company, on Tuesday said second-quarter profit fell 60 percent on weaker sales of industrial packaging and printing paper. Shares of the Stamford, Connecticut, company - which had warned it would
Published 27 Jul, 2005 12:00am
International Paper profit off 60 percent

International Paper profit off 60 percent

International Paper Co, the world's largest forest products company, on Tuesday said second-quarter profit fell 60 percent on weaker sales of industrial packaging and printing paper. Shares of the Stamford, Connecticut, company - which had warned it would
Published 27 Jul, 2005 12:00am
India test fires Trishul missile

India test fires Trishul missile

India on Tuesday successfully test-fired a short-range, surface-to-air missile from a remote range in eastern Orissa state, Defence Ministry sources said. The Trishul, or trident, missile was fired at 11:58 am from the testing site at Chandipur 200km nort
Published 27 Jul, 2005 12:00am
Indus in medium flood at Guddu-Sukkur reach

Indus in medium flood at Guddu-Sukkur reach

The second flood peak in River Indus has passed through the Guddu and Sukkur reach as the river was in medium flood at these locations at 1800 hours, sources in the Federal Flood Commission (FFC) told Business Recorder here on Tuesday.
Published 27 Jul, 2005 12:00am
NHA chief for timely completion of Gwadar road links

NHA chief for timely completion of Gwadar road links

National Highway Authority (NHA) chairman Major General Farrukh Javed on Tuesday directed NHA authorities to step up their efforts for timely completion of road links with country's biggest seaport. The government is hoping that the Gwadar port would be c
Published 27 Jul, 2005 12:00am
Textile policy to be announced next month

Textile policy to be announced next month

The first-ever Textile Policy under Textile Ministry formed last year would be announced next month. The policy would give incentives to the industrialists in textile sector so that they can face the challenges of World Trade Organisation (WTO) regime.
Published 27 Jul, 2005 12:00am
India test fires Trishul missile

India test fires Trishul missile

India on Tuesday successfully test-fired a short-range, surface-to-air missile from a remote range in eastern Orissa state, Defence Ministry sources said. The Trishul, or trident, missile was fired at 11:58 am from the testing site at Chandipur 200km nort
Published 27 Jul, 2005 12:00am
Rice exports to cross $1 billion this year

Rice exports to cross $1 billion this year

The rice exports will cross the magic figure of US one billion dollar this year. The Rice Exporters Association of Pakistan (Reap) has, however, set a target of US 1.3 billion dollars for the year 2005-06. According to figures available here, rice exports
Published 27 Jul, 2005 12:00am
Rice exports to cross $1 billion this year

Rice exports to cross $1 billion this year

The rice exports will cross the magic figure of US one billion dollar this year. The Rice Exporters Association of Pakistan (Reap) has, however, set a target of US 1.3 billion dollars for the year 2005-06. According to figures available here, rice exports
Published 27 Jul, 2005 12:00am
Rice exports to cross $1 billion this year

Rice exports to cross $1 billion this year

The rice exports will cross the magic figure of US one billion dollar this year. The Rice Exporters Association of Pakistan (Reap) has, however, set a target of US 1.3 billion dollars for the year 2005-06. According to figures available here, rice exports
Published 27 Jul, 2005 12:00am
CBR to set up 'camp offices' in big cities

CBR to set up 'camp offices' in big cities

The Central Board of Revenue (CBR) has decided to set up camp offices in all cities to encourage retail sector to pay taxes and guide the retailers on taxation issues, including benefits of registration with sales tax department. This is for the first tim
Published 27 Jul, 2005 12:00am
Seafood exports to restart from August 1

Seafood exports to restart from August 1

The Ministry of Food, Agriculture and Livestock (Minfal) will withdraw the ban on export of seafood to European Union (EU) countries from August 1, 2005, fishing industry sources said on Tuesday. They said that around Rs 200 million had been lost in gover
Published 27 Jul, 2005 12:00am
EoIs invited for Javedan Cement sell-off

EoIs invited for Javedan Cement sell-off

The Privatisation Commission (PC) has invited Expressions of Interest (EoI) from interested parties to privatise Javedan Cement Limited (JCL) on an 'As is where is' basis, through the sale of its 96.34 percent shares, held by State Cement Corporation of P
Published 27 Jul, 2005 12:00am
EoIs invited for Javedan Cement sell-off

EoIs invited for Javedan Cement sell-off

The Privatisation Commission (PC) has invited Expressions of Interest (EoI) from interested parties to privatise Javedan Cement Limited (JCL) on an 'As is where is' basis, through the sale of its 96.34 percent shares, held by State Cement Corporation of P
Published 27 Jul, 2005 12:00am
Dalda - The quality you trust

Dalda - The quality you trust

Dalda - when you hear the name Dalda the image of quality conjures up in your mind. Quality, which you can trust with utmost faith and a taste which you have come to relish. And why not - as it has not come about in a short few years.
Published 27 Jul, 2005 12:00am
Share prices remain range-bound

Share prices remain range-bound

Share prices at Karachi Stock Exchange (KSE) remained range bound on Tuesday as confusion over the COT hung over investors'' mind, discouraging them to book fresh deals. The KSE-100 index recorded a decline of 3.73 points, or 0.05 percent, to 7301.97 agai
Published 27 Jul, 2005 12:00am
Consumers Association of Pakistan - an introduction

Consumers Association of Pakistan - an introduction

The Consumers Associations of Pakistan. (CAP) was setup on 13th September, 2003 to protect and educate consumers. It is the aim of CAP to represent consumers making sure that their needs as consumers of goods and services are given higher priority,
Published 27 Jul, 2005 12:00am
Share prices remain range-bound

Share prices remain range-bound

Share prices at Karachi Stock Exchange (KSE) remained range bound on Tuesday as confusion over the COT hung over investors' mind, discouraging them to book fresh deals. The KSE-100 index recorded a decline of 3.73 points, or 0.05 percent, to 7301.97 again
Published 27 Jul, 2005 12:00am
Chairman's Views

Chairman's Views

I am proud to lead one of Pakistanis largest Consumer Protection Association. (CAP) I am privileged to present Paraphernalia of the activities of the Consumers Association of Pakistan through our Website.
Published 27 Jul, 2005 12:00am
Share prices remain range-bound

Share prices remain range-bound

Share prices at Karachi Stock Exchange (KSE) remained range bound on Tuesday as confusion over the COT hung over investors' mind, discouraging them to book fresh deals. The KSE-100 index recorded a decline of 3.73 points, or 0.05 percent, to 7301.97 again
Published 27 Jul, 2005 12:00am
Consumer confidence and corporate social responsibilities

Consumer confidence and corporate social responsibilities

Corporate Social Responsibility, (CSR), is basically business ethics. A socially responsible corporation provides goods and services in line with society's values and is concerned about how consumers are protected. It respects the laws that protect the ri
Published 27 Jul, 2005 12:00am
Bangladesh tea prices rise

Bangladesh tea prices rise

The average price of Bangladesh teas rose 2.22 percent to 76.41 taka ($1.18) per kg on higher demand at the weekly auction on Tuesday. "Nearly 1.5 million kg were sold at average price of 76.41 taka per kg, up 1.66 taka from the last sale.
Published 27 Jul, 2005 12:00am
Seafood exports to restart from August 1

Seafood exports to restart from August 1

The Ministry of Food, Agriculture and Livestock (Minfal) will withdraw the ban on export of seafood to European Union (EU) countries from August 1, 2005, fishing industry sources said on Tuesday. They said that around Rs 200 million had been lost in gover
Published 27 Jul, 2005 12:00am
Singapore bunker fuel prices down

Singapore bunker fuel prices down

Singapore bunker prices fell on Tuesday, tracking lower 380-cst fuel oil cargo values. Prices for 380-centistoke (cst) bunker fuel were pegged at $246-$248 a tonne, down $1 from the previous day, on moderate demand.
Published 27 Jul, 2005 12:00am
Seafood exports to restart from August 1

Seafood exports to restart from August 1

The Ministry of Food, Agriculture and Livestock (Minfal) will withdraw the ban on export of seafood to European Union (EU) countries from August 1, 2005, fishing industry sources said on Tuesday. They said that around Rs 200 million had been lost in gover
Published 27 Jul, 2005 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 82,863 tonnes of cargo including 63,657 tonnes import and 19,206 tonnes export cargo including 1,774 containers during last 24 hours ending at 0700 hours on Tuesday. The cargo comprised of 36,307 tonnes dry cargo including 30,534
Published 27 Jul, 2005 12:00am
CNL may move court against PTCL sell-off

CNL may move court against PTCL sell-off

The employees and management of Commercial Network Limited (CNL), a group of phone utility, may move court against Privatisation Commission (PC) for restraining the company from participating in Pakistan Telecommunication Company Limited (PTCL) sell-off.
Published 27 Jul, 2005 12:00am
US Midwest corn firm, soya mixed

US Midwest corn firm, soya mixed

Spot basis bids for corn in the US Midwest were mostly steady to firm on Tuesday while soyabean bids were mixed and country movement of both commodities was light, grain dealers said. "Everybody knows the market is called higher this morning, so they're g
Published 27 Jul, 2005 12:00am
CNL may move court against PTCL sell-off

CNL may move court against PTCL sell-off

The employees and management of Commercial Network Limited (CNL), a group of phone utility, may move court against Privatisation Commission (PC) for restraining the company from participating in Pakistan Telecommunication Company Limited (PTCL) sell-off.
Published 27 Jul, 2005 12:00am
Steel glut saps Chinese nickel demand

Steel glut saps Chinese nickel demand

Nickel imports by key buyer China will drop in the second half of 2005, after surging in the first half, as the market deals with a glut of stainless steel, analysts said on Tuesday.
Published 27 Jul, 2005 12:00am
State Bank of Pakistan conversion rates

State Bank of Pakistan conversion rates

Rates applicable for conversion into rupees of Foreign Currency Deposits, Dollar Bearer Certificates, Foreign Currency Bearer Certificates, Special US Dollar bonds and profits thereon by all banks and also for providing forward cover on foreign currency d
Published 27 Jul, 2005 12:00am
Mediators step in on South African Airways strike

Mediators step in on South African Airways strike

Independent mediators met management of South African Airways (SAA) and striking labour unions on Tuesday in an attempt to end a five-day old dispute that has crippled Africa's largest airline. The state-funded Commission for Conciliation, Mediation and A
Published 27 Jul, 2005 12:00am
Currency notes: exchange rates

Currency notes: exchange rates

Exchange rates for Currency Notes issued by the Treasury Management Division of National Bank of Pakistan (NBP) here on Tuesday (July 26, 2005).

Published 27 Jul, 2005 12:00am
Verizon profit up on unit sale

Verizon profit up on unit sale

Verizon Communications Inc, the largest US telecommunications company, said on Tuesday its second-quarter earnings rose 18 percent on the sale of its Hawaii local telephone business. Verizon's earnings before one-time items were flat, as record growth at
Published 27 Jul, 2005 12:00am
Conversion for foreign currency deposits

Conversion for foreign currency deposits

Conversion for foreign currency deposits, DBC/FCBC, special USD bond & profits thereon (excluding FE-25 deposits) on Tuesday (July 26, 2005).

Published 27 Jul, 2005 12:00am
Verizon profit up on unit sale

Verizon profit up on unit sale

Verizon Communications Inc, the largest US telecommunications company, said on Tuesday its second-quarter earnings rose 18 percent on the sale of its Hawaii local telephone business. Verizon's earnings before one-time items were flat, as record growth at
Published 27 Jul, 2005 12:00am
Exchange rates: buying and selling

Exchange rates: buying and selling

Exchange rates issued by the Treasury Management Division of National Bank of Pakistan on Tuesday (July 26, 2005).

Published 27 Jul, 2005 12:00am
Bears tighten grip on ISE

Bears tighten grip on ISE

Bears continued to stay in the driving seat at the Islamabad Stock Exchange (ISE) where selling-orders in hot favourite moved the entire ready-board in downward direction amid decrease in index. ISE Network Index showed a decrease of 58.39 points as the p
Published 27 Jul, 2005 12:00am
Barclays bid rates and maximum rates for payment of interest

Barclays bid rates and maximum rates for payment of interest

Barclays bid rates, maximum rates for payment of interest by authorised dealers on deposits (other than those brought under FE Circular No: 45 of 1985) and on deposits (brought under FE Circular No: 45 of 1985) -- issued by the Foreign Exchange Rates Comm
Published 27 Jul, 2005 12:00am
Bears tighten grip on ISE

Bears tighten grip on ISE

Bears continued to stay in the driving seat at the Islamabad Stock Exchange (ISE) where selling-orders in hot favourite moved the entire ready-board in downward direction amid decrease in index. ISE Network Index showed a decrease of 58.39 points as the p
Published 27 Jul, 2005 12:00am
CNL may move court against PTCL sell-off

CNL may move court against PTCL sell-off

The employees and management of Commercial Network Limited (CNL), a group of phone utility, may move court against Privatisation Commission (PC) for restraining the company from participating in Pakistan Telecommunication Company Limited (PTCL) sell-off.
Published 27 Jul, 2005 12:00am
LSE equities further erode

LSE equities further erode

Equities eroded values on Lahore Stock Exchange (LSE) on account of delay towards resolution of CoT and margin financing issue. The LSE-25 index shed 6.31 points closing at 3620.29 against 3626.60 of Monday, while transaction volume marginally improved to
Published 27 Jul, 2005 12:00am
LSE equities further erode

LSE equities further erode

Equities eroded values on Lahore Stock Exchange (LSE) on account of delay towards resolution of CoT and margin financing issue. The LSE-25 index shed 6.31 points closing at 3620.29 against 3626.60 of Monday, while transaction volume marginally improved to
Published 27 Jul, 2005 12:00am
Dadex - company profile

Dadex - company profile

Dadex was established in 1959 as a Public Limited Company and commenced its operations from Hyderabad, Sindh. With the passage of time, facilities of the company expanded responding to the growing needs of a dynamic market. Another factory was established
Published 27 Jul, 2005 12:00am
Diverted London-bound LA flight gets all clear

Diverted London-bound LA flight gets all clear

A flight from Los Angeles to London was diverted to Boston after three Pakistani businessmen acted suspiciously, but the flight was later allowed to continue after nothing unusual was found, officials said on Tuesday.
Published 27 Jul, 2005 12:00am
The idea behind Consumers Choice Award

The idea behind Consumers Choice Award

Human nature is the same today as in the time of Caesar and the principles of human psychology are fixed and enduring. Disagreeing to this centuries old statement, I personally believe that such a scenario ceases to exist and the current one is that human
Published 27 Jul, 2005 12:00am
Diverted London-bound LA flight gets all clear

Diverted London-bound LA flight gets all clear

A flight from Los Angeles to London was diverted to Boston after three Pakistani businessmen acted suspiciously, but the flight was later allowed to continue after nothing unusual was found, officials said on Tuesday.
Published 27 Jul, 2005 12:00am
Standard Chartered Bank - Credit Cards

Standard Chartered Bank - Credit Cards

Standard Chartered in Pakistan enjoys a unique position as the oldest and largest international bank in the country, with a presence in this region of over 150 years. Leading the way in Asia, Africa and Middle East, Standard Chartered has unmatched knowle
Published 27 Jul, 2005 12:00am
EoIs invited for Javedan Cement sell-off

EoIs invited for Javedan Cement sell-off

The Privatisation Commission (PC) has invited Expressions of Interest (EoI) from interested parties to privatise Javedan Cement Limited (JCL) on an ''As is where is'' basis, through the sale of its 96.34 percent shares, held by State Cement Corporation of
Published 27 Jul, 2005 12:00am
Lockheed Martin profit up

Lockheed Martin profit up

Lockheed Martin Corp, the No 1 US defence contractor, on Tuesday reported a better-than-expected 56 percent increase in second-quarter profit, helped by strong sales of missile systems and cost cuts. Lockheed, whose weapons and aircraft are staples of US
Published 27 Jul, 2005 12:00am
France set for lower maize crop

France set for lower maize crop

Europe's main maize grower France is set for a lower crop this season due to drought in the south-west, but steady output in Hungary and elsewhere will help offset losses, traders said on Tuesday.
Published 27 Jul, 2005 12:00am
Oil prices firm as crude stocks seen lower

Oil prices firm as crude stocks seen lower

Oil prices ended slightly stronger on Tuesday as the market awaited US inventory data expected to show a the fourth weekly decline in crude oil stockpiles last week. Analysts said higher demand from US refineries and recent disruptions to offshore platfor
Published 27 Jul, 2005 12:00am
Chinese copper users expand summer output cuts

Chinese copper users expand summer output cuts

China's copper fabricators have expanded summer production cuts and reduced spot imports due to high prices for the industrial metal, despite the Chinese currency's appreciation, traders and analysts said on Tuesday.
Published 27 Jul, 2005 12:00am
Hungry Malawi slaps ban on maize exports

Hungry Malawi slaps ban on maize exports

Malawian President Bingu wa Mutharika said on Tuesday he had banned maize exports to help feed an estimated 4.2 million Malawians facing food shortages this year. Senior government officials said exports to Malawi's neighbours in previous years had worsen
Published 27 Jul, 2005 12:00am
Chinese shares gain

Chinese shares gain

Chinese shares rose 2.62 percent on Tuesday, led by blue chips Sinopec Corp and China United Telecommunications Corp Ltd, as institutional investors piled into the market. Large-caps such as Sinopec and China Unicom gained heavily on fund buying, thanks t
Published 27 Jul, 2005 12:00am
FTSE slips to end four-day rise as BP, Reuters sag

FTSE slips to end four-day rise as BP, Reuters sag

Britain's top shares fell on Tuesday to halt a four day winning run, dragged lower by declines in news and information group Reuters and in oil titan BP as costs related to a Texas refinery blast took the shine off bumper profits.
Published 27 Jul, 2005 12:00am
Taiwan stocks end down

Taiwan stocks end down

Taiwan stocks fell 0.85 percent on Tuesday after disappointing quarterly earnings from some US companies pulled Wall Street lower, and as investors awaited earnings reports from major tech firms in Taiwan.
Published 27 Jul, 2005 12:00am
US Stocks: Tuesday's unofficial close

US Stocks: Tuesday's unofficial close

Solid earnings reports helped drive the broad Standard & Poor's 500 and tech-laced Nasdaq higher on Tuesday, while the blue chip Dow average slid after DuPont Co released second-quarter earnings that lagged expectations.
Published 27 Jul, 2005 12:00am
Bonds: Telecoms recoup early weakness; Peugeot slips

Bonds: Telecoms recoup early weakness; Peugeot slips

Telecoms bonds recouped losses on Tuesday afternoon, after spreads widened earlier on profit-taking and weak US equities, while Peugeot's spreads inched wider after its first-half profits dropped by a fifth.
Published 27 Jul, 2005 12:00am
Bonds: Telecoms recoup early weakness; Peugeot slips

Bonds: Telecoms recoup early weakness; Peugeot slips

Telecoms bonds recouped losses on Tuesday afternoon, after spreads widened earlier on profit-taking and weak US equities, while Peugeot's spreads inched wider after its first-half profits dropped by a fifth.
Published 27 Jul, 2005 12:00am
Dollar climbs in London

Dollar climbs in London

The dollar climbed on Tuesday after China's central bank played down talk of a further yuan revaluation and before US economic data that could underscore the case for more dollar-supportive interest rate rises.
Published 27 Jul, 2005 12:00am
Sterling higher versus euro

Sterling higher versus euro

Sterling neared a one-week high on the euro on Tuesday after a survey delivered an upbeat outlook for Britain's manufacturing sector but it slipped against a resurgent dollar. More British manufacturers expect their output to increase next month than fall
Published 27 Jul, 2005 12:00am
Indian rupee stronger

Indian rupee stronger

The partially convertible Indian rupee ended stronger against the dollar on Tuesday on expectations that the rallying stock market would attract more foreign capital to a steadily growing economy. The rupee rose nearly 0.2 percent during the day to end at
Published 27 Jul, 2005 12:00am
Dutch court jails Van Gogh killer for life

Dutch court jails Van Gogh killer for life

A Dutch court sentenced the self-confessed killer of a Dutch filmmaker critical of Islam to life in jail on Tuesday, calling the murder which whipped up racial tensions in the Netherlands a terrorist attack.
Published 27 Jul, 2005 12:00am