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Print - 2005-08-18
Prime Minister and Air Chief discuss plans to improve PAF capabilities

Prime Minister and Air Chief discuss plans to improve PAF capabilities

Prime Minister Shaukat Aziz on Wednesday emphasised that peace can only be achieved through strength and therefore, Pakistan needs to maintain a minimum credible defence. Pakistan Air Force has a vital role to play in this connection, he said while talkin
Published 18 Aug, 2005 12:00am
KSE volume hits three-year low

KSE volume hits three-year low

The share market was under pressure on Wednesday and the volume hit almost three-year low as investors and big players were hesitant to build fresh positions until the issue of badla financing is resolved.
Published 18 Aug, 2005 12:00am
KSE volume hits three-year low

KSE volume hits three-year low

The share market was under pressure on Wednesday and the volume hit almost three-year low as investors and big players were hesitant to build fresh positions until the issue of badla financing is resolved.
Published 18 Aug, 2005 12:00am
KSE holiday today

KSE holiday today

The Karachi Stock Exchange has announced that the stock market will remain closed on Thursday on account of local government elections.
Published 18 Aug, 2005 12:00am
43 killed in Iraq bombings

43 killed in Iraq bombings

Three car bombs exploded in quick succession at a busy bus station in the Iraqi capital and a nearby hospital on Wednesday during the morning rush-hour, killing at least 43 people. While Baghdad suffered its deadliest attack this year, 11 other people wer
Published 18 Aug, 2005 12:00am
43 killed in Iraq bombings

43 killed in Iraq bombings

Three car bombs exploded in quick succession at a busy bus station in the Iraqi capital and a nearby hospital on Wednesday during the morning rush-hour, killing at least 43 people. While Baghdad suffered its deadliest attack this year, 11 other people wer
Published 18 Aug, 2005 12:00am
KSE volume hits three-year low

KSE volume hits three-year low

The share market was under pressure on Wednesday and the volume hit almost three-year low as investors and big players were hesitant to build fresh positions until the issue of badla financing is resolved.
Published 18 Aug, 2005 12:00am
BMA-PGBI Closing Bell

BMA-PGBI Closing Bell

Commentary: Yields on the BMA-PGBI decreased by 2 pps and its value increased by 0.02% to close at 98.2099. The fixed income securities market remained stable throughout the day, however the BMA-PGBI increased on account of interest rate return.

Published 18 Aug, 2005 12:00am
LSE equities suffer losses

LSE equities suffer losses

Equities failed to maintain its overnight values and suffered losses on the Lahore Stock Exchange (LSE) amid thin trading volume mainly for lack of interest on the part of institutions as well as investors.
Published 18 Aug, 2005 12:00am
BMA-PGBI Closing Bell

BMA-PGBI Closing Bell

Commentary: Yields on the BMA-PGBI decreased by 2 pps and its value increased by 0.02% to close at 98.2099. The fixed income securities market remained stable throughout the day, however the BMA-PGBI increased on account of interest rate return.

Published 18 Aug, 2005 12:00am
LSE equities suffer losses

LSE equities suffer losses

Equities failed to maintain its overnight values and suffered losses on the Lahore Stock Exchange (LSE) amid thin trading volume mainly for lack of interest on the part of institutions as well as investors.
Published 18 Aug, 2005 12:00am
BMA-PGBI Closing Bell

BMA-PGBI Closing Bell

Commentary: Yields on the BMA-PGBI decreased by 2 pps and its value increased by 0.02% to close at 98.2099. The fixed income securities market remained stable throughout the day, however the BMA-PGBI increased on account of interest rate return.

Published 18 Aug, 2005 12:00am
Bears stage comeback on ISE

Bears stage comeback on ISE

Bears returned in the driving seat at the Islamabad Stock Exchange (ISE) where equities failed to show recovery signs amid decrease in index. ISE Network index was down by 36.82 points as the rate-based indicator moved from 11,025.61 to 10,988.79 points.
Published 18 Aug, 2005 12:00am
Bears stage comeback on ISE

Bears stage comeback on ISE

Bears returned in the driving seat at the Islamabad Stock Exchange (ISE) where equities failed to show recovery signs amid decrease in index. ISE Network index was down by 36.82 points as the rate-based indicator moved from 11,025.61 to 10,988.79 points.
Published 18 Aug, 2005 12:00am
Closing of sterling rates

Closing of sterling rates

Closing of sterling rates at 1730 GMT - on Wednesday (August 17, 2005).

Published 18 Aug, 2005 12:00am
IMF team briefed on stock exchange crisis, reforms

IMF team briefed on stock exchange crisis, reforms

The Securities and Exchange Commission of Pakistan (SECP) has briefed the International Monetary Fund (IMF) about the recent stock exchange crisis, reforms and demutualisation of the stock exchanges.
Published 18 Aug, 2005 12:00am
KKI closing rates of currency notes

KKI closing rates of currency notes

Khanani & Kalia International (Pvt) Limited Closing Rates of currency notes on Wednesday (August 17, 2005).

Published 18 Aug, 2005 12:00am
Collectors can allow sale of inputs under DTRE

Collectors can allow sale of inputs under DTRE

The Central Board of Revenue (CBR) has empowered the collectors of customs to give permission for local sale of the input goods to the persons operating under Duty and Tax Remission for Export (DTRE) scheme.
Published 18 Aug, 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 Wednesday (August 17, 2005).

Published 18 Aug, 2005 12:00am
EDF board approves funding for various schemes

EDF board approves funding for various schemes

The Board of Administrators of Export Development Fund (EDF) has approved funding of Rs 300 million for setting up of Expo Center Lahore and directed Export Promotion Bureau (EPB) to immediately start construction work and make the center operational by t
Published 18 Aug, 2005 12:00am
EDF board approves funding for various schemes

EDF board approves funding for various schemes

The Board of Administrators of Export Development Fund (EDF) has approved funding of Rs 300 million for setting up of Expo Center Lahore and directed Export Promotion Bureau (EPB) to immediately start construction work and make the center operational by t
Published 18 Aug, 2005 12:00am
Money Market Report

Money Market Report

Money market report by Khadim Ali Shah Bukhari & Co on Wednesday (August 17, 2005).
Published 18 Aug, 2005 12:00am
EDF board approves funding for various schemes

EDF board approves funding for various schemes

The Board of Administrators of Export Development Fund (EDF) has approved funding of Rs 300 million for setting up of Expo Center Lahore and directed Export Promotion Bureau (EPB) to immediately start construction work and make the center operational by t
Published 18 Aug, 2005 12:00am
Spot dollar rates

Spot dollar rates

Spot Dollar rates from Khadim Ali Shah Bukhari & Co Ltd on Wednesday (August 17, 2005).

Published 18 Aug, 2005 12:00am
Collectors can allow sale of inputs under DTRE

Collectors can allow sale of inputs under DTRE

The Central Board of Revenue (CBR) has empowered the collectors of customs to give permission for local sale of the input goods to the persons operating under Duty and Tax Remission for Export (DTRE) scheme.
Published 18 Aug, 2005 12:00am
Collectors can allow sale of inputs under DTRE

Collectors can allow sale of inputs under DTRE

The Central Board of Revenue (CBR) has empowered the collectors of customs to give permission for local sale of the input goods to the persons operating under Duty and Tax Remission for Export (DTRE) scheme.
Published 18 Aug, 2005 12:00am
Collectors can allow sale of inputs under DTRE

Collectors can allow sale of inputs under DTRE

The Central Board of Revenue (CBR) has empowered the collectors of customs to give permission for local sale of the input goods to the persons operating under Duty and Tax Remission for Export (DTRE) scheme.
Published 18 Aug, 2005 12:00am
CBR ruling about zero sales tax on raw material, parts

CBR ruling about zero sales tax on raw material, parts

The Central Board of Revenue (CBR) will levy sales tax at the rate of zero-percent on import and local purchase of raw materials, components/sub-components and parts, used in the manufacture of capital goods under SRO 527(I)/2005.
Published 18 Aug, 2005 12:00am
CBR ruling about zero sales tax on raw material, parts

CBR ruling about zero sales tax on raw material, parts

The Central Board of Revenue (CBR) will levy sales tax at the rate of zero-percent on import and local purchase of raw materials, components/sub-components and parts, used in the manufacture of capital goods under SRO 527(I)/2005.
Published 18 Aug, 2005 12:00am
CBR ruling about zero sales tax on raw material, parts

CBR ruling about zero sales tax on raw material, parts

The Central Board of Revenue (CBR) will levy sales tax at the rate of zero-percent on import and local purchase of raw materials, components/sub-components and parts, used in the manufacture of capital goods under SRO 527(I)/2005.
Published 18 Aug, 2005 12:00am
CBR ruling about zero sales tax on raw material, parts

CBR ruling about zero sales tax on raw material, parts

The Central Board of Revenue (CBR) will levy sales tax at the rate of zero-percent on import and local purchase of raw materials, components/sub-components and parts, used in the manufacture of capital goods under SRO 527(I)/2005.
Published 18 Aug, 2005 12:00am
Adecco profit rises

Adecco profit rises

Adecco, the world's largest temporary employment agency, on Wednesday posted a second-quarter net profit of 100 million euros (120 million dollars), up five percent on the same period a year ago. Revenue rose six percent to 4.5 billion euros, while operat
Published 18 Aug, 2005 12:00am
Copper weakness drags metal down

Copper weakness drags metal down

Prices slumped on the London Metal Exchange (LME) on Wednesday with several metals shedding three percent or more on concerns about rising copper stocks and US inflation, dealers said. Three-months copper, which hit a new high of $3,670 a tonne on Tuesday
Published 18 Aug, 2005 12:00am
Liffe cocoa at fresh low

Liffe cocoa at fresh low

London cocoa closed at a fresh 13-month continuation low on Wednesday, with technical sellers dominating trade as players rolled out of the front month contract, dealers said. The December contract closed down seven pounds at 797 pounds a tonne, a level w
Published 18 Aug, 2005 12:00am
New York cotton futures settle higher

New York cotton futures settle higher

Cotton futures settled higher Wednesday on some speculative buying and fund short covering as the market continued its rebound from last week's sell-off, sources said.
Published 18 Aug, 2005 12:00am
Soyarust spreads

Soyarust spreads

The highly contagious soyabean rust fungus was found in Putnam County, Georgia, making it the eighth county in the state with the disease, the US Agriculture Department said on its rust-monitoring Web site.
Published 18 Aug, 2005 12:00am
Oil slides 4 percent as price stings US economy

Oil slides 4 percent as price stings US economy

Oil dropped more than 4 percent to nearly $63 a barrel on Wednesday on softer US gasoline demand and economic data showing record crude prices were stoking US inflation.
Published 18 Aug, 2005 12:00am
Oil slides 4 percent as price stings US economy

Oil slides 4 percent as price stings US economy

Oil dropped more than 4 percent to nearly $63 a barrel on Wednesday on softer US gasoline demand and economic data showing record crude prices were stoking US inflation.
Published 18 Aug, 2005 12:00am
Oil slides 4 percent as price stings US economy

Oil slides 4 percent as price stings US economy

Oil dropped more than 4 percent to nearly $63 a barrel on Wednesday on softer US gasoline demand and economic data showing record crude prices were stoking US inflation.
Published 18 Aug, 2005 12:00am
EU sugar reform good for South Africa, less for others

EU sugar reform good for South Africa, less for others

Proposed reforms of the European Union sugar regime may help South Africa's sugar industry but for growers in Mozambique, Swaziland and elsewhere on the continent they could be trouble.
Published 18 Aug, 2005 12:00am
EU faces busy GMO timetable

EU faces busy GMO timetable

EU governments face a slew of decisions in the next few months on whether to allow more imports of genetically modified (GMO) foods but nothing is expected that might break Europe's deadlock over biotechnology.
Published 18 Aug, 2005 12:00am
Miners drag UK's top shares index to 2-1/2-week closing low

Miners drag UK's top shares index to 2-1/2-week closing low

Britain's FTSE 100 index closed at a 2-1/2 week low on Wednesday, dragged down by a weak mining sector as well as a raft of stocks going ex-dividend, although renewed bid hopes gave fresh life to shares in mobile phone operator O2.
Published 18 Aug, 2005 12:00am
Seoul shares dip

Seoul shares dip

Seoul shares ended a touch lower on Wednesday, tracking a weaker Wall Street and as worries that high oil prices will dampen US consumer spending hit LG.Philips LCD Co Ltd and other exporters to the key US market.
Published 18 Aug, 2005 12:00am
US Stocks: Wednesday's unofficial close

US Stocks: Wednesday's unofficial close

US stocks gained on Wednesday as better-than-expected earnings from companies including Hewlett-Packard Co offset investors' fears about inflation and interest rates after a sharp rise in producer prices.
Published 18 Aug, 2005 12:00am
Indian shares soar to new highs

Indian shares soar to new highs

India's key share index rose to a new closing high on Wednesday as robust foreign fund flows outweighed high crude oil prices. Federal bonds snapped a four-session fall on investor expectations there would be at least a two-week lull in fresh debt supplie
Published 18 Aug, 2005 12:00am
Bonds: default swaps on Denmark's TDC soar on bid talk

Bonds: default swaps on Denmark's TDC soar on bid talk

The cost of insuring debt from Denmark's leading telecoms operator TDC against default soared on Wednesday, after a newspaper report reignited fears of a debt-laden leveraged buyout (LBO) of the company.
Published 18 Aug, 2005 12:00am
Bonds: default swaps on Denmark's TDC soar on bid talk

Bonds: default swaps on Denmark's TDC soar on bid talk

The cost of insuring debt from Denmark's leading telecoms operator TDC against default soared on Wednesday, after a newspaper report reignited fears of a debt-laden leveraged buyout (LBO) of the company.
Published 18 Aug, 2005 12:00am
Dollar hits two-week high versus euro

Dollar hits two-week high versus euro

The dollar hit a two-week high against the euro on Wednesday as mixed US economic data failed to shake investors' faith that the Federal Reserve would continue raising interest rates at a steady pace.
Published 18 Aug, 2005 12:00am
Sterling jumps

Sterling jumps

Sterling hit its highest level against the euro in six weeks on Wednesday after Bank of England minutes dampened expectations of interest rate cuts any time soon.
Published 18 Aug, 2005 12:00am
Indian rupee weaker

Indian rupee weaker

The rupee edged down on Wednesday on dollar-buying by foreign funds repatriating profits made in the booming stock market and local oil refiners eyeing a rise in global crude prices.
Published 18 Aug, 2005 12:00am
Israeli settlers dragged out in Gaza evacuation

Israeli settlers dragged out in Gaza evacuation

Israeli troops dragged settlers screaming and sobbing from homes and synagogues on Wednesday, beginning a forced evacuation of Gaza settlements after nearly four decades of occupation.
Published 18 Aug, 2005 12:00am
Anti-war protester to move campsite to Texas ranch

Anti-war protester to move campsite to Texas ranch

Anti-war protester Cindy Sheehan, whose son was killed in Iraq, said on Tuesday she is moving her camp closer to President George W. Bush's Texas ranch after being offered the use of a piece of land by a supporter.
Published 18 Aug, 2005 12:00am
Use of force to resolve Iran's row 'dangerous': Russia

Use of force to resolve Iran's row 'dangerous': Russia

Russia cautioned the United States on Wednesday against considering the use of force to contain Iran's nuclear programme, saying this would be "dangerous" and would unleash "serious consequences."
Published 18 Aug, 2005 12:00am
Indonesia cuts jail terms for Bashir, other convicts

Indonesia cuts jail terms for Bashir, other convicts

Indonesia on Wednesday reduced jail terms of several people convicted under anti-terrorism laws, including militant cleric Abu Bakar Bashir, as part of the regular prisoner remission programme marking Independence Day.
Published 18 Aug, 2005 12:00am
Campaigning kicks off for key Afghan elections

Campaigning kicks off for key Afghan elections

Campaigning for Afghanistan's parliamentary elections officially got underway on Wednesday, a month before polls that the Taleban have vowed to disrupt. The build up to the September 18 election, which will see nearly 6,000 candidates vying for 249 seats
Published 18 Aug, 2005 12:00am
West Caribbean grounds last aircraft after crash

West Caribbean grounds last aircraft after crash

Colombian airline West Caribbean on Wednesday grounded its only remaining operational aircraft and said it was asking other carriers to accommodate passengers stranded after one of its planes crashed on Tuesday, killing 160 people.
Published 18 Aug, 2005 12:00am
Blasts rock Bangladesh cities; one dead, 100 hurt

Blasts rock Bangladesh cities; one dead, 100 hurt

Scores of mysterious bomb blasts, many of them targeting government buildings, rocked cities across Bangladesh on Wednesday, killing one person, wounding at least 100 and triggering panic.
Published 18 Aug, 2005 12:00am
Italy court approves extradition of UK bomb suspect

Italy court approves extradition of UK bomb suspect

An Italian court on Wednesday approved the extradition to Britain within 35 days of one of the suspected bombers in the July 21 attack on London's transport system, Judge Domenico Massimo Miceli said.
Published 18 Aug, 2005 12:00am
Egyptian presidential campaign opens quietly

Egyptian presidential campaign opens quietly

Egypt's first contested presidential election campaign opened on Wednesday with little fanfare and few signs the race is likely to excite millions of Egyptians after 50 years on the sidelines of politics.
Published 18 Aug, 2005 12:00am
Pressure on London police grows over dead Brazilian

Pressure on London police grows over dead Brazilian

London's police chief faced acute embarrassment on Wednesday after a leaked report revealed how a series of blunders led to a Brazilian man being shot dead by officers who wrongly thought he was a suicide bomber.
Published 18 Aug, 2005 12:00am
Iraq constitution talks to resume

Iraq constitution talks to resume

Iraqi politicians restart troubled talks on drafting a constitution on Wednesday with pressure on Sunni Arabs to agree to a heavily federated state. Weeks of talks ended in deadlock on Monday, the deadline for a deal, and parliament gave leaders of rival
Published 18 Aug, 2005 12:00am
Key to Cypriot plane crash may be in final minutes

Key to Cypriot plane crash may be in final minutes

Investigators believe the key to discovering what caused a Cypriot plane to crash in Greece, killing all 121 people on board, may be found in the flight's final 23 minutes.
Published 18 Aug, 2005 12:00am
Catholic youths flock to centuries-old Latin Mass

Catholic youths flock to centuries-old Latin Mass

While hundreds of thousands of young Roman Catholics sing and dance their way through World Youth Day festivities, some start each morning in silent prayer attending the rarely celebrated old Latin Mass.
Published 18 Aug, 2005 12:00am
Venezuela crash investigators dig for bodies, clues

Venezuela crash investigators dig for bodies, clues

Investigators sifted for bodies and clues in the scattered remains of West Caribbean Airways flight 708 on Wednesday as France sent specialists to identify victims of the crash that killed all 160 aboard.
Published 18 Aug, 2005 12:00am
Madonna recovering after riding accident

Madonna recovering after riding accident

Pop star Madonna was recovering on Wednesday after suffering several broken bones in a riding accident, but the injuries were not expected to delay the launch of her new album due out in November.
Published 18 Aug, 2005 12:00am
Polisario Front to free all Moroccan POWs

Polisario Front to free all Moroccan POWs

Western Sahara's exiled Polisario Front independence movement on Thursday plans to free all 404 remaining Moroccan prisoners of war, many held for almost two decades, sources familiar with the release plan said.
Published 18 Aug, 2005 12:00am
US board calls for BP safety panel after blast

US board calls for BP safety panel after blast

The US Chemical Safety and Hazard Investigation Board issued an urgent recommendation on Wednesday for BP Plc to form an independent panel to evaluate safety programs at BP's five US refineries. It was the first such urgent recommendation in the board's 8
Published 18 Aug, 2005 12:00am
Returning Serena rallies to reach third round at WTA Toronto

Returning Serena rallies to reach third round at WTA Toronto

Serena Williams, playing for the first time since Wimbledon, rallied from a set down to post a 3-6, 6-4, 6-2 victory over Stephanie Cohen-Aloro at the 1.3 million-dollar WTA Tour tournament here on Tuesday.
Published 18 Aug, 2005 12:00am
Berdych belts Nadal to derail Spaniard's win streak

Berdych belts Nadal to derail Spaniard's win streak

Czech Tomas Berdych ended the torrid 16-match win streak of Rafael Nadal as he upset the second-seeded Spaniard 6-7 (4/7), 6-2, 7-6 (7/3) on Tuesday to reach the second round of the Cincinnati Masters.
Published 18 Aug, 2005 12:00am
Zimbabwe go down fighting to Kiwis

Zimbabwe go down fighting to Kiwis

New Zealand beat Zimbabwe by an innings and 46 runs to win the second Test on the third day at Queens Sports Club on here on Wednesday. The Kiwis' victory lifted them to a 2-0 series win after defeating Zimbabwe by an innings and 294 runs in Harare last w
Published 18 Aug, 2005 12:00am
Asian currencies fall due to firm oil, weaker stocks

Asian currencies fall due to firm oil, weaker stocks

Asian currencies fell against the dollar on Wednesday, forced onto the defensive by weakness in local stock markets and worries about the high cost of oil. The Thai baht faced additional selling pressure after the Bank of Thailand said the economy grew le
Published 18 Aug, 2005 12:00am
Hong Kong dollar trims early losses

Hong Kong dollar trims early losses

The Hong Kong dollar recouped some early losses late on Wednesday, helped by easier short-dated interbank rates and a recovery in the stock market.
Published 18 Aug, 2005 12:00am
Dollar flat against euro in thin summer trade

Dollar flat against euro in thin summer trade

The dollar climbed against the yen but was relatively unchanged against the euro on Tuesday, as chart levels and stop-loss orders governed trade in a thin summertime market. By late afternoon, the euro was at $1.2360, fighting back after being pushed belo
Published 18 Aug, 2005 12:00am
Dollar rises against euro, but yen supported

Dollar rises against euro, but yen supported

The dollar rose against the euro on Wednesday after a raft of US economic data did little to change expectations the Federal Reserve will press on with its campaign of raising interest rates.
Published 18 Aug, 2005 12:00am
Chinese yuan edges higher as market feels its way

Chinese yuan edges higher as market feels its way

China's yuan strengthened against the US dollar on Wednesday after losing ground the previous session, but dealers said sentiment remained cautious days after forex forwards made their debut.
Published 18 Aug, 2005 12:00am
Swiss franc up a tick as SNB warns over rates

Swiss franc up a tick as SNB warns over rates

The Swiss franc gained ground on Wednesday after a senior Swiss National Bank official warned markets interest rates in the country could not stay at their current low levels for very long.
Published 18 Aug, 2005 12:00am
Bangladesh interbank forex, interest rates

Bangladesh interbank forex, interest rates

Interbank buy/sell rates for the taka against the dollar on Wednesday. 65.05/65.70 (previous 65.05/65.75) Call Money Rates: 5.0-12.0 percent (previous 4.85-16.0 percent).
Published 18 Aug, 2005 12:00am
Thai share prices little firmer

Thai share prices little firmer

Thai share prices closed 0.05 percent higher after a late rebound on Wednesday, with an early fall paralleling regional markets where the high cost of crude is weighing on sentiment, dealers said.
Published 18 Aug, 2005 12:00am
Chile stocks fall

Chile stocks fall

Chile stocks closed a whisper lower on Tuesday led by heavyweight utilities, as investors digested second quarter earnings, while the peso currency rose to a fresh five-year high, fed by expectations that inflation could pick up.
Published 18 Aug, 2005 12:00am