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Print - 2005-12-21
Seven more Indian MPs caught in TV bribe sting

Seven more Indian MPs caught in TV bribe sting

Seven more Indian MPs have been caught on television asking for cash, hot on the heels of a similar scandal involving parliamentarians earlier this month, Star News TV said Tuesday.
Published 21 Dec, 2005 12:00am
Rumsfeld orders 3,000 troops cut from Afghanistan

Rumsfeld orders 3,000 troops cut from Afghanistan

Defence Secretary Donald Rumsfeld has signed an order to reduce US troop levels in Afghanistan from 19,000 to 16,000 by next spring, The New York Times said Tuesday, quoting a senior military officer.
Published 21 Dec, 2005 12:00am
Sterling rises

Sterling rises

Sterling rose from the previous session's three-week low against a broadly weaker euro on Tuesday, underpinned by the latest evidence that the UK housing market is picking up.
Published 21 Dec, 2005 12:00am
Dollar higher versus majors

Dollar higher versus majors

The dollar probed higher against the yen, euro and Swiss franc on Tuesday as investors looked ahead to US data later in the day that could yield further clues on the longevity of US monetary tightening.
Published 21 Dec, 2005 12:00am
Bonds: ABB rallies

Bonds: ABB rallies

The prospect of a full take-over by its majority owner boosted debt of German chemicals maker Degussa, while Swiss engineer ABB rallied as it drew closer to a resolution of long-running asbestos problems.
Published 21 Dec, 2005 12:00am
Bonds: ABB rallies

Bonds: ABB rallies

The prospect of a full take-over by its majority owner boosted debt of German chemicals maker Degussa, while Swiss engineer ABB rallied as it drew closer to a resolution of long-running asbestos problems.
Published 21 Dec, 2005 12:00am
Seoul shares hit record high

Seoul shares hit record high

South Korean shares rose to a record close on Tuesday, as energy-cost sensitive stocks such as Korea Electric Power Corp gained on expectations lower oil prices will cut their operating costs.
Published 21 Dec, 2005 12:00am
US Stocks: Tuesday's unofficial close

US Stocks: Tuesday's unofficial close

US stocks edged higher on Tuesday as General Motors shares weakened on worries the automaker was losing market share, but financial stocks advanced after good economic data and a positive earnings report from Morgan Stanley.
Published 21 Dec, 2005 12:00am
Indian shares close lower

Indian shares close lower

Indian share prices closed 0.51 percent lower Tuesday as investors locked in profits after sharp early gains that saw the benchmark index touch a new intraday record high, dealers said.
Published 21 Dec, 2005 12:00am
FTSE probes back towards 52-month highs, drugs soft

FTSE probes back towards 52-month highs, drugs soft

Britain's FTSE 100 index inched closer to 52-month highs on Tuesday, with support services firm Capita rising 3.1 percent on a robust trading update, although weaker drugs stocks capped gains.
Published 21 Dec, 2005 12:00am
Commodity currencies seen weaker in 2006

Commodity currencies seen weaker in 2006

The Australian, Canadian and New Zealand dollars, long buoyed by high interest rates and robust economic prospects, are expected to be among the currency market's weakest performers in 2006, burdened by forecasts of softer metal and oil prices, analysts s
Published 21 Dec, 2005 12:00am
EU ministers clash on GMO maize approval

EU ministers clash on GMO maize approval

EU agriculture ministers failed to agree on Tuesday on authorising imports of a genetically modified (GMO) maize, again revealing their deep divisions over biotech crops and foods, officials said.
Published 21 Dec, 2005 12:00am
Oil rises after Nigerian pipeline attack

Oil rises after Nigerian pipeline attack

Oil prices rose on Tuesday after gunmen blew up an oil pipeline in Nigeria, killing eight people and cutting output from the major US supplier.
Published 21 Dec, 2005 12:00am
China to release raw sugar reserves

China to release raw sugar reserves

China will release some 200,000 tonnes of raw sugar from reserves to help cap rising domestic prices for refined sugar, which are nearing a record high, a government official said on Tuesday.
Published 21 Dec, 2005 12:00am
New York cotton futures lower

New York cotton futures lower

Cotton futures closed lower Tuesday on modest trade and speculative sales and the market could well drift into the Christmas and New Year holidays, brokers said.
Published 21 Dec, 2005 12:00am
London sugar weaker

London sugar weaker

London white sugar futures closed weaker on producer selling on Tuesday as the market digested news of a Sudanese 100,000 tonne buying tender, dealers said.
Published 21 Dec, 2005 12:00am
Copper closes lower

Copper closes lower

Copper closed lower on the London Metal Exchange (LME) on Tuesday on a wave of late selling, and the market remained wary of further large scale liquidation before year end, dealers said.
Published 21 Dec, 2005 12:00am
Gold steadies in Europe, choppy sessions ahead

Gold steadies in Europe, choppy sessions ahead

Gold was steady in quiet European trade on Tuesday, supported by moderate fund buying and increasing physical demand, but thin volumes may make the market volatile in the last trading days of the year.
Published 21 Dec, 2005 12:00am
US MIDDAY: coffee edges up

US MIDDAY: coffee edges up

US coffee futures edged up to a new one-month peak on Monday, extending the previous session's gains of more than 3 percent on follow-through speculative buying and a lack of producer sales, traders said.
Published 21 Dec, 2005 12:00am
US MIDDAY: cocoa rebounds

US MIDDAY: cocoa rebounds

US cocoa futures ended in positive territory Tuesday, reversing early weakness amid light industry and speculative buying in line with recovering cocoa prices in London, traders said.
Published 21 Dec, 2005 12:00am
US MIDDAY: sugar easier

US MIDDAY: sugar easier

Raw sugar prices settled lower Tuesday on speculative sales and profit-taking as the market retreated from near an 11-year high and brokers said the sweetener may drift right into the holiday weekend.
Published 21 Dec, 2005 12:00am
US MIDDAY: corn firmer

US MIDDAY: corn firmer

Corn futures at the Chicago Board of Trade were higher Tuesday morning on continued short covering by commodity funds, traders said.
Published 21 Dec, 2005 12:00am
US MIDDAY: wheat higher

US MIDDAY: wheat higher

Wheat futures on the Chicago Board of Trade were higher at midsession on Tuesday, rising to one-month highs on technical short covering by funds, traders said.
Published 21 Dec, 2005 12:00am
US MIDDAY: copper shade higher

US MIDDAY: copper shade higher

US copper futures edged higher at the open on Tuesday in moderate dealings as funds continued to stay on the sidelines ahead of the year end, leaving the trading to local dealers, sources said.
Published 21 Dec, 2005 12:00am
US MIDDAY: soya stays firm

US MIDDAY: soya stays firm

The Chicago Board of Trade soyabean market was volatile early on Tuesday, stabilising by mid-morning after an early technical rally, traders said.
Published 21 Dec, 2005 12:00am
US MIDDAY: gold rises

US MIDDAY: gold rises

New York gold futures were buoyant in early trade on Tuesday, with traders confident of further gains but wary of thin trading conditions in the last few sessions of 2005.
Published 21 Dec, 2005 12:00am
Knitwear makers threaten to shift business

Knitwear makers threaten to shift business

A large number of knitwear units and ready made garments would be forced to relocate to the neighbouring countries if the government does not grant incentive to manufacturers of exportable items, a spokesman for Pakistan Readymade Garments Association (PR
Published 21 Dec, 2005 12:00am
Highways Rehabilitation Project prepared

Highways Rehabilitation Project prepared

Federal Government has prepared a "Highways Rehabilitation Project", which will be completed with the total cost of 361.40 million dollar including foreign exchange component of 300 million dollar.
Published 21 Dec, 2005 12:00am
Gas connection

Gas connection

A few days back the Honourable Prime Minister of Pakistan Shaukat Aziz detailed the government's policy to expand the role of the Private Sector in Power Generation.
Published 21 Dec, 2005 12:00am
World Bank chief's startling disclosures

World Bank chief's startling disclosures

While speaking at the National Press Club in Washington, the World Bank president cited Pakistan as 'an example for cutting the cost of trade and time' (9th December).
Published 21 Dec, 2005 12:00am
Nepalese Gurkha commandos winning hearts in Bosnia

Nepalese Gurkha commandos winning hearts in Bosnia

Serving as peacekeepers in Bosnia, Nepalese Gurkha troops are winning hearts as they collect weapons left over since the Balkan country's 1992-1995 war from often reluctant and stubborn locals.
Published 21 Dec, 2005 12:00am
South African economic boom leaves the poor behind

South African economic boom leaves the poor behind

Sam Khumalo works feverishly in the muggy heat, sifting through mounds of garbage for empty bottles and other materials for recycling as flocks of black-faced sacred ibis circle hungrily above.
Published 21 Dec, 2005 12:00am
SAARC at 20: no more a one-country show

SAARC at 20: no more a one-country show

Interdependence has stimulated the creation of international organisations in this world of globalisation and countries continue to come together to use this institutional framework as a means of promoting co-operation in social, economic and political sp
Published 21 Dec, 2005 12:00am
CIA's secret prisons

CIA's secret prisons

In a recent interview with a Saudi paper, President General Pervez Musharraf came up with a much welcome assurance regarding US government's renditions policy involving yet another scandal of arbitrary arrests and torture in CIA-run prisons that are locat
Published 21 Dec, 2005 12:00am
Tentative steps towards freer trade

Tentative steps towards freer trade

World Trade Organisation members, at a ministerial meeting in Hong Kong, reached a compromise agreement on Sunday that averted a collapse of the Doha Round of multilateral trade negotiation. After six days of round-the-clock negotiations, only a modest pa
Published 21 Dec, 2005 12:00am
Veteran labour leader S P Lodhi passes away

Veteran labour leader S P Lodhi passes away

Veteran leftist trade unionist S P Lodhi died at a local hospital after protracted illness here on Tuesday. S P Lodhi was amongst the founders of trade union movement in Pakistan. Born in Aligarh UP, he migrated to Pakistan and settled in Karachi.
Published 21 Dec, 2005 12:00am
New package for PTCL employees announced

New package for PTCL employees announced

All the Pakistan Telecommunication Company Limited (PTCL) employees would be promoted in next cadre, who had completed 12 years in one cadre, and marriage grant for employees' daughters has been increased from Rs 30,000 to Rs 50,000.
Published 21 Dec, 2005 12:00am
Prime Bank approves five-year plan

Prime Bank approves five-year plan

Prime Bank's board of directors meeting was held in Karachi under the chairmanship of Abdul Elah A. Mukred representing Arab Asian International Holdings, the major shareholders of Prime Bank.
Published 21 Dec, 2005 12:00am
Siemens received Rs 18 billion orders last year

Siemens received Rs 18 billion orders last year

Siemens Pakistan during its financial year ended on September 30, 2005, received new orders of just under Rs 18 billion, showing an increase of 54 percent over last year.
Published 21 Dec, 2005 12:00am
Siemens received Rs 18 billion orders last year

Siemens received Rs 18 billion orders last year

Siemens Pakistan during its financial year ended on September 30, 2005, received new orders of just under Rs 18 billion, showing an increase of 54 percent over last year.
Published 21 Dec, 2005 12:00am
Myth about Kalabagh dam

Myth about Kalabagh dam

It is difficult to distinguish between the truth and false about the Kalabagh dam project. It can be both, but the truth is clear: that to save our future generation from poverty and hunger, construction of water reservoirs is imperative in view of fast d
Published 21 Dec, 2005 12:00am
Worldspan wins award again

Worldspan wins award again

Worldspan has won the best technology provider award at the annual British Travel Trade Awards for the second consecutive year by Travel Trade Gazette, said a statement received here on Monday.
Published 21 Dec, 2005 12:00am
Chairman's appointment: KSE meeting today

Chairman's appointment: KSE meeting today

Karachi Stock Exchange (KSE) has decided to hold a meeting on Wednesday evening to discuss the directive of the Securities and Exchange Commission of Pakistan (SECP) for the appointment of non-member chairman for the new year.
Published 21 Dec, 2005 12:00am
'Environmental pollution an international problem'

'Environmental pollution an international problem'

Environmental pollution is an international problem and not connected with a particular nation. The masses have to be educated to create awareness about such an important problem.
Published 21 Dec, 2005 12:00am
Japanese experts present study report on KCR revival

Japanese experts present study report on KCR revival

A 10-member team of Japanese experts from Marubeni Corporation, Japan Railway Technical Service and Tonichi Engineering Consultant on Tuesday presented the draft final report of their over a month-long study regarding revival of Karachi Circular Railway (
Published 21 Dec, 2005 12:00am
TCP to get over 0.307 million tons urea by early January

TCP to get over 0.307 million tons urea by early January

More than 307,000 tons imported urea would be available with Trading Corporation of Pakistan by the first week of January 2006. TCP sources on Tuesday said that two vessels--'Zhong Shan Men' and 'Great marry'--carrying 22,500 tons urea arrived at Karachi
Published 21 Dec, 2005 12:00am
Pak Oman approves 100 percent right issue

Pak Oman approves 100 percent right issue

The Pak Oman Investment Company Limited (POICL) has approved a 100 percent right issue to increase the company's paid-up capital to Rs 3 billion. Both the governments in their capacity of joint venture partners have already agreed to increase their respec
Published 21 Dec, 2005 12:00am
Pak Oman approves 100 percent right issue

Pak Oman approves 100 percent right issue

The Pak Oman Investment Company Limited (POICL) has approved a 100 percent right issue to increase the company's paid-up capital to Rs 3 billion. Both the governments in their capacity of joint venture partners have already agreed to increase their respec
Published 21 Dec, 2005 12:00am
Sindh sugar mills seek cane price hike withdrawal

Sindh sugar mills seek cane price hike withdrawal

The Pakistan Sugar Mills Association (PSMA) (Sindh zone) has justified the move of sugar mills of the province to stop sugar cane crushing due to unbearable economic burden and losses caused by unprecedented revision of cane prices.
Published 21 Dec, 2005 12:00am
Malaysian COAS meets Major General Farooq

Malaysian COAS meets Major General Farooq

Chief of Staff of Malaysian Armed Forces, V.A Datomat Rabi Bin Abdu Samah met Federal Relief Commissioner Major General Farooq Ahmad Than here on Tuesday.
Published 21 Dec, 2005 12:00am
HEC to set up Esda centre at Nust

HEC to set up Esda centre at Nust

The Higher Education Commission (HEC) has decided to establish Electronic System Design Automation (Esda) Centre at National University of Science and Technology (Nust), Rawalpindi.
Published 21 Dec, 2005 12:00am
'Stable policies expedite pace of economic uplift'

'Stable policies expedite pace of economic uplift'

Speaker National Assembly Chaudhry Amir Hussain has said the stable economic policies of the government have expedited the pace of economic development, opening tremendous opportunities for foreign investors in Pakistan.
Published 21 Dec, 2005 12:00am
Tunisia offers help to boost export to Europe

Tunisia offers help to boost export to Europe

Tunisian Ambassador to Pakistan Zahaier Dhaouadi has called upon Pakistan business community to use Tunisia as a platform to export products to Europe and increase the trade volume of Pakistan and Tunisia.
Published 21 Dec, 2005 12:00am
The Weather

The Weather

The weather report on Tuesday (December 20, 2005) and the forecast for Wednesday (December 21, 2005).
Published 21 Dec, 2005 12:00am
Opposition rejects formation of relief committee

Opposition rejects formation of relief committee

Accusing the rulers of putting national security in jeopardy by raising controversial issues, such as Kalabagh dam, the opposition on Tuesday categorically rejected to form the proposed committee on relief and rehabilitation.
Published 21 Dec, 2005 12:00am
New York cotton

New York cotton

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

Published 21 Dec, 2005 12:00am
Helicopters and land weapons being used in Balochistan: ISPR

Helicopters and land weapons being used in Balochistan: ISPR

Director General Inter-Services Public Relations (ISPR), Major General Shaukat has admitted that helicopters and land weapons had been used by the paramilitary forces in 'targeted action' at some bases of miscreants in Balochistan.
Published 21 Dec, 2005 12:00am
New York cotton

New York cotton

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

Published 21 Dec, 2005 12:00am
Three injured in bomb explosion

Three injured in bomb explosion

Three Afghan nationals were wounded when a bomb exploded close to Pakistan-Afghan border at Afghan territory on Tuesday afternoon. According to details an explosive device went off close to Bab-e-Dosti along Pakistan-Afghan border. The device was fitted i
Published 21 Dec, 2005 12:00am
Key stock market movements at 1700 GMT on December 20

Key stock market movements at 1700 GMT on December 20

The latest close of key indices on major world stock exchanges and the London closing values of the euro, the Japanese yen, the British pound and gold bullion (previous day's closes in brackets).

Published 21 Dec, 2005 12:00am
Radical changes planned in education system: minister

Radical changes planned in education system: minister

The government has decided to bring about radical changes in the curricula to remove material breeding, sectarianism and religious hatred, said Minister for Education Lieutenant General Javed Ashraf Qazi (Retd) here on Tuesday.
Published 21 Dec, 2005 12:00am
Prime Minister concerned over rapid rise in AIDS cases

Prime Minister concerned over rapid rise in AIDS cases

Prime Minister Shaukat Aziz has expressed serious concerns over rapidly the increasing HIV/AIDS cases in the country. Around 72,000 AIDS and 2,741 HIV-positive cases have so far been reported in Pakistan.
Published 21 Dec, 2005 12:00am
Cotton Spot Rates

Cotton Spot Rates

Official KCA spot rates for local dealings in Pakistan rupees on Tuesday (December 20, 2005).

Published 21 Dec, 2005 12:00am
FOREIGN TRADE INQUIRIES

FOREIGN TRADE INQUIRIES

Export Promotion Bureau has received the following Trade Enquiries from abroad. Interested Pakistani parties dealing in the under mentioned items can obtain further details from the addresses given or from EPB Head Quarters and its Regional/Sub-Regional O
Published 21 Dec, 2005 12:00am
Poultry rates

Poultry rates

Wholesale poultry rates on Tuesday (December 20, 2005) and for Wednesday (December 21, 2005).
Published 21 Dec, 2005 12:00am
Smeda sets up cell to promote village products

Smeda sets up cell to promote village products

Under the directive of Prime Minister Shaukat Aziz, the Small and Medium Enterprise Development Authority (Smeda) has set up "AHAN Cell" (Ek Hunar Ek Nager) to promote village level products in the country markets, said Smeda Punjab Chief Muhammad Alamgir
Published 21 Dec, 2005 12:00am
Social worker, son shot dead by dacoits

Social worker, son shot dead by dacoits

A leading social worker Rana Akhtar Ali, his son Rana Suleman were shot dead, while another son Sohail Ahmad seriously injured when they resisted a dacoity bid in Malikpur on Sheikhupura Road, here on wee hours of Tuesday.
Published 21 Dec, 2005 12:00am
Lahore Grain Market Rates

Lahore Grain Market Rates

Grain and other commodity rates in rupees on Akbari Mandi on Tuesday (December 20, 2005).

Published 21 Dec, 2005 12:00am
'Talks on Kashmir moving in right direction'

'Talks on Kashmir moving in right direction'

Hurriyat Conference (A) Chairman Mirwaiz Umar Farooq claimed that India, Pakistan and Kashmiri leadership are successfully moving towards the solution of Kashmir issue through meaningful talks. According to Kashmir Times report, he was addressing the meet
Published 21 Dec, 2005 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Tuesday (December 20, 2005).

Published 21 Dec, 2005 12:00am
Javaid Iqbal made acting PITAC general manager

Javaid Iqbal made acting PITAC general manager

Javaid Iqbal Shaikh has been appointed as acting General Manager of Pakistan Industrial Technical Assistance Centre (PITAC), Lahore. He is replacing Dr Farid Malik who has resigned from the post of General Manager Technology Upgradation and Skill Developm
Published 21 Dec, 2005 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Tuesday (December 20, 2005).

Published 21 Dec, 2005 12:00am
Call for strengthening Pak-Iran trade relations

Call for strengthening Pak-Iran trade relations

Iranian Consul General in Lahore, Mohammad Khudadi has said that Pakistan and Iran could have highest level of bilateral business if both the nations wanted to face the fast emerging global challenges.
Published 21 Dec, 2005 12:00am
LHC accepts Wattoo's appeal

LHC accepts Wattoo's appeal

The Lahore High Court (LHC), while allowing an appeal, set aside the conviction awarded to former Chief Minister Punjab, Mian Manzoor Ahmed Wattoo and his co-accused Seema Naeem by an accountability court.
Published 21 Dec, 2005 12:00am
THE RUPEE: five paisa gain in interbank market

THE RUPEE: five paisa gain in interbank market

Strong supply of dollars raised the rupee's value in the interbank market on Tuesdays, with a gain of five paisa for buying and selling at 59.84 and 59.86, respectively.
Published 21 Dec, 2005 12:00am
CDC branch opened in Faisalabad

CDC branch opened in Faisalabad

With the establishment of a branch of Central Depository Company (CDC) of Pakistan Limited here in the textile capital of Pakistan, Faisalabad will emerge as the Fourth biggest capital market centre in the county, after Karachi, Lahore and Islamabad, said
Published 21 Dec, 2005 12:00am
THE RUPEE: five paisa gain in interbank market

THE RUPEE: five paisa gain in interbank market

Strong supply of dollars raised the rupee's value in the interbank market on Tuesdays, with a gain of five paisa for buying and selling at 59.84 and 59.86, respectively.
Published 21 Dec, 2005 12:00am
CDC branch opened in Faisalabad

CDC branch opened in Faisalabad

With the establishment of a branch of Central Depository Company (CDC) of Pakistan Limited here in the textile capital of Pakistan, Faisalabad will emerge as the Fourth biggest capital market centre in the county, after Karachi, Lahore and Islamabad, said
Published 21 Dec, 2005 12:00am
Engineering: SAZGAR ENGINEERING WORKS LIMITED - Year Ended 30-06-2005

Engineering: SAZGAR ENGINEERING WORKS LIMITED - Year Ended 30-06-2005

During the year under review, this relatively modest entity of engineering sector has been able to achieve excellent results in production and sales. To ensure continuity in business it has added new assets of substantial amount. Not only it is adding new
Published 21 Dec, 2005 12:00am
Engineering: SAZGAR ENGINEERING WORKS LIMITED - Year Ended 30-06-2005

Engineering: SAZGAR ENGINEERING WORKS LIMITED - Year Ended 30-06-2005

During the year under review, this relatively modest entity of engineering sector has been able to achieve excellent results in production and sales. To ensure continuity in business it has added new assets of substantial amount. Not only it is adding new
Published 21 Dec, 2005 12:00am
Uniform construction by-laws to be enforced in Lahore towns

Uniform construction by-laws to be enforced in Lahore towns

The City District government (CDG) Lahore, on Tuesday has decided that sale of any building in the city would not be allowed without submission of completion certificate from the town administration concerned.
Published 21 Dec, 2005 12:00am
All shares index report

All shares index report

The sector-wise all shares index report on Tuesday (December 20, 2005).

Published 21 Dec, 2005 12:00am