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Print - 2006-05-11
Poor countries get $2.7 billion under Kyoto in 2005

Poor countries get $2.7 billion under Kyoto in 2005

Rich nations' funding of clean energy projects in developing countries reached $2.7 billion in 2005, through deals allowed under the global Kyoto treaty to tackle climate change, the World Bank said on Wednesday.
Published 11 May, 2006 12:00am
EU looks to Israel for help

EU looks to Israel for help

The European Union said on Wednesday it would welcome any move by Israel to release tax revenues collected for the Palestinian Authority as part of a scheme to maintain essential services to Palestinians.
Published 11 May, 2006 12:00am
Israel accepts plan to resume Palestinians aid

Israel accepts plan to resume Palestinians aid

Israel accepted on Wednesday a decision by major Middle East peace brokers to resume some aid payments to the Palestinians - a move that could ease intense economic pressure on the Hamas-led government.
Published 11 May, 2006 12:00am
France pays tribute

France pays tribute

France paid tribute to the abolition of slavery on Wednesday, but the first national day to commemorate this dark chapter of history was marred by fresh questions over the country's colonial legacy.
Published 11 May, 2006 12:00am
Slavery persists for 12 million worldwide: ILO

Slavery persists for 12 million worldwide: ILO

More than 12 million people in the world are locked in a modern form of slavery, the International Labour Organisation said Wednesday as France marked its abolition of the practice more than 150 years ago.
Published 11 May, 2006 12:00am
World powers to meet on May 19

World powers to meet on May 19

World powers are to confer again in London on May 19 to try to rescue their high-stakes effort to persuade Iran to renounce uranium enrichment, diplomats said Wednesday.
Published 11 May, 2006 12:00am
West gives Iran breather in nuclear row: Rice

West gives Iran breather in nuclear row: Rice

The United States said Wednesday it would wait "a couple of weeks" before pressing tough UN action against Iran while European negotiators draft new incentives for Tehran to renounce its controversial nuclear activities.
Published 11 May, 2006 12:00am
US oil executive shot dead in Nigeria

US oil executive shot dead in Nigeria

An executive of the US oil service company Baker Hughes was killed in an apparently targeted attack in Nigeria's south-eastern oil city of Port Harcourt on Wednesday, authorities said.
Published 11 May, 2006 12:00am
European leaders using EU as scapegoat: Barroso

European leaders using EU as scapegoat: Barroso

European Commission chief Jose Manuel Barroso accused Europe's national leaders on Wednesday of undermining the bloc by breaking pledges to work together and using Brussels as a scapegoat for their own failures.
Published 11 May, 2006 12:00am
Hamas trains recruits in Syria and Iran: Jordan

Hamas trains recruits in Syria and Iran: Jordan

Jordan said on Wednesday that Hamas had tried to recruit activists for military training in Syria and Iran to stage possible attacks in Jordan and said it had found new weapons that included Iranian rocket launchers.
Published 11 May, 2006 12:00am
Napolitano elected as new Italian president

Napolitano elected as new Italian president

Italy picked a former communist, Giorgio Napolitano, to be its new president on Wednesday, opening the way for Romano Prodi to become prime minister more than a month after winning a close-run general election.
Published 11 May, 2006 12:00am
Indian rupee weakens

Indian rupee weakens

The Indian rupee shed early gains to close marginally weaker on Wednesday due to strong dollar demand from oil companies and some foreign fund outflows.
Published 11 May, 2006 12:00am
Sterling descends

Sterling descends

Sterling slipped from a one-year high against the dollar set earlier on Wednesday and edged down versus the euro after the Bank of England said its growth profile was slightly weaker than the previous projection.
Published 11 May, 2006 12:00am
Dollar hits one-year low in London

Dollar hits one-year low in London

The dollar hit one-year lows against European currencies on Wednesday as investors speculated about a pause in US rate rises, while talk of higher Japanese interest rates boosted the yen.
Published 11 May, 2006 12:00am
Bonds: investors welcome new deals

Bonds: investors welcome new deals

Telecom Italia led a squadron of new deals on Wednesday, as borrowers rushed to exploit tight spreads amid speculation that they may widen, while investors awaited a key Federal Reserve interest rate decision.
Published 11 May, 2006 12:00am
Bonds: investors welcome new deals

Bonds: investors welcome new deals

Telecom Italia led a squadron of new deals on Wednesday, as borrowers rushed to exploit tight spreads amid speculation that they may widen, while investors awaited a key Federal Reserve interest rate decision.
Published 11 May, 2006 12:00am
US Stocks: Wednesday's unofficial close

US Stocks: Wednesday's unofficial close

US stocks barely budged on Wednesday as investors waited to see whether the Federal Reserve will signal a halt in interest-rate increases. A pullback in crude oil prices offered some support to stocks, with the Dow approaching a record high.
Published 11 May, 2006 12:00am
Seoul shares flat

Seoul shares flat

Seoul shares ended flat on Wednesday, as investors switched out of exporters and into stocks less affected by a strong won, as well as shipbuilders such as Hyundai Heavy seen to have good earnings potential.
Published 11 May, 2006 12:00am
Britain's top share index falls

Britain's top share index falls

Britain's top share index fell on Wednesday as nervous investors locked in recent gains before a US interest rate decision due later in the day and as a number of stocks, such as Rexam, traded without the right to the latest dividend payout.
Published 11 May, 2006 12:00am
USDA to forecast huge soya supply

USDA to forecast huge soya supply

The prospect that US farmers will plant record soya acreage this spring and lagging export sales have set the stage for the government to peg next year's soya supply at an all-time high, grain analysts said.
Published 11 May, 2006 12:00am
Canada's grain stocks break records

Canada's grain stocks break records

As Canadian farmers enter the 2006 planting season, record volumes of grain and oilseeds are already sitting in their bins following a large 2005 harvest, Statistics Canada said on Wednesday.
Published 11 May, 2006 12:00am
Oil rises 2 percent on US gasoline supply worries

Oil rises 2 percent on US gasoline supply worries

Oil jumped 2 percent on Wednesday as refinery problems in the United States added to gasoline supply concerns ahead of the summer driving season. US light crude prices settled up $1.44 at $72.13 a barrel and gasoline futures gained more than 12 cents to $
Published 11 May, 2006 12:00am
New York cotton settles lower

New York cotton settles lower

Cotton futures closed softer Wednesday on mostly speculative sales as the trade awaited release of a pair of government reports that could provide direction on the market's next move, brokers said.
Published 11 May, 2006 12:00am
London sugar weakens

London sugar weakens

London white sugar futures closed slightly weaker after trading in a narrow range, with many traders in New York to attend an industry dinner on Wednesday. Benchmark August settled down $1.90 at $478.70 per tonne in volume of 2,426 lots, after trading fro
Published 11 May, 2006 12:00am
Metals soar to fresh highs

Metals soar to fresh highs

London metals scored fresh highs on Wednesday, on fund buying supported by positive fundamentals and a weaker dollar, dealers said. "The story remains the same. The news flow is strongly favourable and further dollar weakness has fuelled the buying," Barc
Published 11 May, 2006 12:00am
European gold jumps above $704

European gold jumps above $704

Gold jumped to a 25-year high above $704 an ounce on Wednesday as a weak dollar prompted fresh buying, while investors lifted platinum to a record peak.
Published 11 May, 2006 12:00am
US MIDDAY: cocoa futures dip

US MIDDAY: cocoa futures dip

US cocoa futures ended in negative territory Wednesday, with producer selling and speculative profit-taking knocking the benchmark contract down from a 3-month peak, traders said.
Published 11 May, 2006 12:00am
US MIDDAY: coffee futures mixed

US MIDDAY: coffee futures mixed

Arabica coffee futures finished mixed Wednesday, though the benchmark contract moved inside the previous day's trading range amid a dearth of directional signals, traders and brokers said.
Published 11 May, 2006 12:00am
US MIDDAY: sugar eases

US MIDDAY: sugar eases

Raw sugar futures ended easier on modest speculative sales with many players out ahead of the Sugar Club industry dinner later on Wednesday, brokers said.
Published 11 May, 2006 12:00am
US MIDDAY: corn moves up

US MIDDAY: corn moves up

Corn futures at the Chicago Board of Trade were higher early on Wednesday as gold turned firm amid continued buying of commodities, including corn, by investment funds, traders said.
Published 11 May, 2006 12:00am
US MIDDAY: wheat higher

US MIDDAY: wheat higher

Wheat futures on the Chicago Board of Trade were higher early on Wednesday on follow-through buying from Tuesday and concerns about frost in the US Plains, traders said.
Published 11 May, 2006 12:00am
US MIDDAY: copper at new highs

US MIDDAY: copper at new highs

US copper futures shot up to new all-time highs in early business Wednesday, on the heels of London's hurdle of $8,000 a tonne, although trading conditions were light, prompting the funds to sit on the sidelines, sources said.
Published 11 May, 2006 12:00am
US MIDDAY: soyabeans firm

US MIDDAY: soyabeans firm

The Chicago Board of Trade soyabean market climbed early Wednesday on follow-through technical buying from Tuesday's short-covering rally, with July soya quickly surpassing its 200-day average, traders said.
Published 11 May, 2006 12:00am
US MIDDAY: gold rallies

US MIDDAY: gold rallies

US gold futures held firm after scaling a 25-year peak above $703 an ounce early on Wednesday, as markets mainly marked time before a decision on interest rates by the US Federal Reserve, dealers and analysts said.
Published 11 May, 2006 12:00am
Allama Iqbal hospital to be upgraded

Allama Iqbal hospital to be upgraded

Sialkot District Nazim Muhammad Akmal Cheema has said that Allama Iqbal hospital will be upgraded and equipped with modern machinery, costing Rs 35 million.
Published 11 May, 2006 12:00am
Aptma dinner

Aptma dinner

Annual dinner of All Pakistan Textile Mills Association (Aptma) will be held in the federal capital on Wednesday (May 17).
Published 11 May, 2006 12:00am
Demonstration against price hike

Demonstration against price hike

The Movement of Workers' (MoW) activists staged a demonstration against the spiral price hike and poverty, and demanded of the government to alleviate poverty instead of eliminating the poor.
Published 11 May, 2006 12:00am
Punjab denies utilisation of Sindh's water share

Punjab denies utilisation of Sindh's water share

Consultant on Punjab irrigation has categorically denied the statement of a spokesman of the Sindh government that Punjab was utilising water out of the Sindh share. Mahmood-ul-Hussein told Business Recorder here on Tuesday.
Published 11 May, 2006 12:00am
Ministry asked to ensure smooth power supply to tubewells

Ministry asked to ensure smooth power supply to tubewells

The Ministry of Food, Agriculture and Livestock (Minfal) has requested the Ministry of Water and Power to ensure uninterrupted supply of electricity to irrigation tube-wells, till arrival of monsoon, for sowing of Kharif crops, especially cotton and paddy
Published 11 May, 2006 12:00am
Over 100 Pakistanis at mercy of employers in Malaysia

Over 100 Pakistanis at mercy of employers in Malaysia

More than 100 Pakistanis, mostly belonging to Multan and Dera Ghazi Khan, have appealed to the president of Pakistan and federal interior minister to help in taking them back home from Malaysia.
Published 11 May, 2006 12:00am
Railways to provide mango coaches with express trains

Railways to provide mango coaches with express trains

Railways Multan Division - Divisional Superintendent Irfan Gohar said on Wednesday that one special cargo coach would be attached each to Shah Rukn-e-Aalam and Bahauddin Zakariya Express trains for transportation of mangos from Multan to Karachi during ma
Published 11 May, 2006 12:00am
(2)

(2)

This has reference to your news item appearing in the 2nd May 2006 issue of your esteemed newspaper under the heading "Sugar mills supplies to USC exempted from sales tax".
Published 11 May, 2006 12:00am
Sugar mills' supplies to USC

Sugar mills' supplies to USC

The government has exempted sugar mills from paying 10% sales tax, ie about Rs 5 per kilo for sales by utility stores. Now who will check? The Government of Pakistan?
Published 11 May, 2006 12:00am
Fuel policy

Fuel policy

We are a nation with a very short "attention span"! Only a few months back, the ECC had issued a directive to ensure that our precious gas was used in an efficient process (Combined Cycle Power Plants and Cogeneration).
Published 11 May, 2006 12:00am
Clean water by 2007

Clean water by 2007

It is a well-known fact that drinking water in Pakistan, in general, is not suitable for human consumption, rather it is injurious to the health. The situation has worsened in recent years for the 55 million urban population that practically has no access
Published 11 May, 2006 12:00am
Bird flu powers EU candidates' food safety drive

Bird flu powers EU candidates' food safety drive

Elena Samoila used to ride a rickety bicycle to deliver her home-bred poultry to Danube river towns until the bird flu virus decimated her flock. Like many farmers in the Romanian village of Tonea, a few kilometres across the river border with Bulgaria, s
Published 11 May, 2006 12:00am
China's economic stride ringing alarm bells in USA

China's economic stride ringing alarm bells in USA

I have returned to China after nearly two decades and find new China I have not known before. Round-the-clock brisk activity almost in every field suggests that it is on a path of rapid 'growth'. It is bracing up for World Olympics 2008 for which the coun
Published 11 May, 2006 12:00am
Trade Development Authority

Trade Development Authority

Prime Minister Shaukat Aziz has rejected several proposals contained in the draft for metamorphosing the Export Promotion Bureau (EPB) into Trade Development Authority of Pakistan (TDAP), to inject greater efficiency in the organisation.
Published 11 May, 2006 12:00am
Data improvement

Data improvement

The availability of accurate and timely information on major aggregates of the economy is probably the foremost requirement for assessing the latest trends and formulating appropriate policies.
Published 11 May, 2006 12:00am
'TPP made significant achievement'

'TPP made significant achievement'

Tawana Pakistan Project (TPP) has proved to be a great achievement of ministry of social welfare and special education, government of Pakistan.
Published 11 May, 2006 12:00am
Bank Alfalah, Ernst & Young sign advisory contract

Bank Alfalah, Ernst & Young sign advisory contract

The Bank Alfalah and Ernst & Young Middle East have signed an advisory contract to enhance the bank's risk management strategy in pursuance of the new capital adequacy accord, Basel-II.
Published 11 May, 2006 12:00am
ICIL's workshop

ICIL's workshop

International Credit Information Ltd (ICIL) workshop on Bancassurance is being held on May 23-24, 2006 at Karachi Sheraton Hotel. The workshop is one of ICIL's open enrolment courses, which has already organised seminars/workshops on consumer banking, sec
Published 11 May, 2006 12:00am
AKU conducts research on women health issues

AKU conducts research on women health issues

"Lack of mobility, decision-making power, and income, as well as prohibitions against seeking care from male providers, present serious constrains to women's ability to use the limited services that are available."
Published 11 May, 2006 12:00am
Traders resent loadshedding

Traders resent loadshedding

Gujranwala Chamber of Commerce and Industry (GCCI) President Ikhaq Ahmad Butt and other trade leaders have strongly protested against frequent tripping and unscheduled loadshedding by Gepco.
Published 11 May, 2006 12:00am
Women leadership moot starts from May 12

Women leadership moot starts from May 12

With the voluminous support of Sindh government, FPCCI, Standing Committee on Women Entrepreneurs is organising the International Women Leadership Conference & Women Excellence Awards 2006, at Karachi on 12th & 13th May 2006. This was stated by Rukhsana J
Published 11 May, 2006 12:00am
PS flays hike in steel prices

PS flays hike in steel prices

The Pakistan Steel (PS) on Tuesday flayed the recent increase in steel prices in the domestic market. In a statement issued by PS said: "In view of stagnation and sudden crash in the international steel market in the first half of the current fiscal year,
Published 11 May, 2006 12:00am
Job-oriented courses introduced at GCU

Job-oriented courses introduced at GCU

A key component of the university's overall strategic plan is to develop an internationally recognised management studies department and a take off initiative in this regard has already been taken with a mission to develop management talent of students.
Published 11 May, 2006 12:00am
Lawyers observe strike over Cheema's death

Lawyers observe strike over Cheema's death

Lawyers of southern Punjab observed strike on Wednesday condemn the killing of Amir Cheema on the call given by Punjab Bar Council (PBC). They boycotted the court proceedings after 10:30 am and confined themselves to the Bar room where President District
Published 11 May, 2006 12:00am
New controller military accounts

New controller military accounts

Director General (Operation), PIFRA, Islamabad Muhammad Farooq Ahmed Khan has been transferred and posted as Controller, Military Accounts Defence Production, Rawalpindi.
Published 11 May, 2006 12:00am
Call for unity among lawmakers

Call for unity among lawmakers

Punjab Chief Minister Chaudhry Pervaiz Elahi has said that difference of opinion in politics should be constructive Addressing legislators of Jhang here on Tuesday, the Chief Minister asked the parliamentarians to forge unity for development of the area.
Published 11 May, 2006 12:00am
Police reforms given practical shape: Elahi

Police reforms given practical shape: Elahi

Punjab Chief Minister Chaudhry Pervaiz Elahi has said that a massive programme of police reforms was being given a practical shape to eradicate crime and provide a sense of security to the citizens.
Published 11 May, 2006 12:00am
Quality education must for economy uplift: Khalid

Quality education must for economy uplift: Khalid

Punjab Governor Lieutenant General Khalid Maqbool (Retd) has stressed the need for ensuring quality education, which is inevitable for the development of national economy.
Published 11 May, 2006 12:00am
Training workshops on better industrial environment

Training workshops on better industrial environment

World Wide Funds for Nature for Pakistan (WWF-P) in collaboration with Cleaner Technology Programme (CTP) for Industry has organised a training workshops for textile processing mills (TPMs) on water and energy conservation, and better environmental manage
Published 11 May, 2006 12:00am
LPG prices up by 47 percent in three weeks

LPG prices up by 47 percent in three weeks

The Liquefied Petroleum Gas (LPG) has witnessed yet another increase of Rs 4 per kg in its price, soaring to Rs 50 per kg from Rs 46 per kg, with effect from Wednesday.
Published 11 May, 2006 12:00am
Spain donates ambulance to Pims

Spain donates ambulance to Pims

Spain has donated an emergency rescue ambulance to Pakistan Institute of Medical Sciences (Pims) for patients of any disaster. Ambassador of Spain Jose Maria Robles Fraga handed over the documents of the ambulance to Federal Minister of Health Muhammad Na
Published 11 May, 2006 12:00am
WWF-P concerned over hunting of common leopard

WWF-P concerned over hunting of common leopard

World Wide Fund for Nature-Pakistan (WWF-P) has reservations on the Model Wildlife Laws, recently proposed by the NWFP Wildlife Department that allow the hunting of common leopard under a special permit.
Published 11 May, 2006 12:00am
Opposition parties announce strike in Sindh on May 12

Opposition parties announce strike in Sindh on May 12

Various mainstream of opposition religious, political and nationalists parties at a joint press conference on Wednesday appealed for observing complete peaceful strike in Karachi and rest of Sindh on Friday against lawlessness, terrorism, demolition of Ka
Published 11 May, 2006 12:00am
Soomro's approval a joke with masses: PPPP

Soomro's approval a joke with masses: PPPP

Pakistan Peoples Party Parliamentarians (PPPP) on Wednesday described Senate Chairman Mohamm-edmian Soomro's approval for purchase of Mercedes Benz worth Rs 11 million plus as a joke with the financially crippled masses.
Published 11 May, 2006 12:00am
PPPP team returns from India

PPPP team returns from India

Makhdoom Amin Faheem Senior Vice-Chairman of PPPP arrived from India along with other three party members at Lahore airport on Wednesday. The PPPP vice chairman talking to press on his arrival at the airport termed his party members' tour to India as succ
Published 11 May, 2006 12:00am
Jordanian firms keen to import Pakistani products

Jordanian firms keen to import Pakistani products

Much potential exists to enhance bilateral trade relations between Pakistan and Jordan and several Jordanian companies have expressed keen interest in importing Pakistani products.
Published 11 May, 2006 12:00am
43 brick kiln workers set free

43 brick kiln workers set free

District and sessions judge got released as many as 43 persons of six families detained illegally by a brick kiln owner. The court passed orders in an application of one Muhammad Aslam who appeared before the court for release of his family members.
Published 11 May, 2006 12:00am
Appeal allowed against acquittal of Anwar Saifullah

Appeal allowed against acquittal of Anwar Saifullah

The Supreme Court on Wednesday granted leave to the National Accountability Bureau (NAB) to appeal against the Lahore High Court (LHC) acquittal of Anwar Saifullah, a former minister.
Published 11 May, 2006 12:00am
Wapda workers threaten sit-in in Islamabad

Wapda workers threaten sit-in in Islamabad

The Wapda Hydroelectric Workers Union and Pakistan Workers Confederation held a demonstration to protest price hike, privatisation of Wapda and other national institutions and ouster of government employees.
Published 11 May, 2006 12:00am
Kabul's cold response lessens Pak-Afghan rail track plan

Kabul's cold response lessens Pak-Afghan rail track plan

The lukewarm response by Karzai government has diminished the hopes for laying 110 million dollar rail track between Pakistan and Afghanistan. Bilateral relations between neighbouring countries have soured after fresh volley of allegations over border inf
Published 11 May, 2006 12:00am
Sindh Assembly summoned on May 19

Sindh Assembly summoned on May 19

Sindh Governor Dr Ishrat-ul-Ibad Khan has summoned the Provincial Assembly of Sindh to meet on Friday (May 19) at 9:00 am at Sindh Assembly Building.
Published 11 May, 2006 12:00am
Accord inked to launch AsiaSat-5 rocket

Accord inked to launch AsiaSat-5 rocket

Asia's leading satellite operator, Asia Satellite Telecommunications Company Limited (AsiaSat) announced the signing of a launch contract with Sea Launch Company, LLC for the launch of AsiaSat-5 aboard a Zenit-3SLB rocket on the Land Launch system.
Published 11 May, 2006 12:00am
EPB to carry out textile exports analysis

EPB to carry out textile exports analysis

The Export Promotion Bureau (EPB) is conducting an exercise to analyse textile exports. According to statistics available here, whereas an increasing trend was witnessed in the export of cotton cloth and bedwear, the exports of textile made-ups (excluding
Published 11 May, 2006 12:00am
The Weather

The Weather

The weather report on Wednesday (May 10, 2006) and the forecast for Thursday (May 11, 2006).
Published 11 May, 2006 12:00am
National Stadium interchange foundation laid

National Stadium interchange foundation laid

City Nazim Karachi Mustafa Kamal on Wednesday, while laying the foundation stone of the National Stadium interchange said that the proposed project would be completed at an estimated cost of Rs 671 million in four months.
Published 11 May, 2006 12:00am
New York cotton

New York cotton

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

Published 11 May, 2006 12:00am
Escorts Bank TFC assigned 'A+' rating

Escorts Bank TFC assigned 'A+' rating

JCR-VIS Credit Rating Company Ltd (JCR-VIS) has assigned a 'preliminary' medium- to long-term rating of 'A+' (Single A Plus) to the secured and listed Term Finance Certificate (TFC) of Rs 500 million, proposed to be issued by Escorts Investment Bank Limit
Published 11 May, 2006 12:00am
New York cotton

New York cotton

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

Published 11 May, 2006 12:00am
Escorts Bank TFC assigned 'A+' rating

Escorts Bank TFC assigned 'A+' rating

JCR-VIS Credit Rating Company Ltd (JCR-VIS) has assigned a 'preliminary' medium- to long-term rating of 'A+' (Single A Plus) to the secured and listed Term Finance Certificate (TFC) of Rs 500 million, proposed to be issued by Escorts Investment Bank Limit
Published 11 May, 2006 12:00am
Bullion Rates

Bullion Rates

Gold and silver rates in rupees per 10 grams prevailing in major cities on Wednesday (May 10, 2006).

Published 11 May, 2006 12:00am
Warid to inject $1 billion fresh investment in 2006-07

Warid to inject $1 billion fresh investment in 2006-07

Warid Telecom is all set to inject $1 billion as fresh investment into its network in Pakistan by the end of the year 2006-07, while the company has also obtained licence for the launch of its 'roaming operations' in Bangladesh," Naveed Saeed, General Man
Published 11 May, 2006 12:00am
Bullion Rates

Bullion Rates

Gold and silver rates in rupees per 10 grams prevailing in major cities on Wednesday (May 10, 2006).

Published 11 May, 2006 12:00am
Remittances facility for expatriates

Remittances facility for expatriates

The National Bank of Pakistan (NBP) and Workers Equity Holding B S C (WEH) have signed an agreement for providing an innovative home remittance service to Pakistanis employed in the category of unskilled and semi-skilled work force by reputable overseas f
Published 11 May, 2006 12:00am