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Print - 2006-05-24
Thai share prices climb

Thai share prices climb

Thai share prices climbed 0.38 percent higher on Tuesday as regional markets began to rebound after plunging one day earlier on fears over rising US interest rates, dealers said.
Published 24 May, 2006 12:00am
Tokyo shares post lowest close in three months

Tokyo shares post lowest close in three months

The Nikkei average posted its lowest close in three months on Tuesday, dropping 1.63 percent as exporters such as Honda Motor Co Ltd lost ground due to concern about more interest rate rises in the key US market.
Published 24 May, 2006 12:00am
Philippines shares weaken

Philippines shares weaken

Philippines share prices closed sharply lower on Tuesday, losing 3.97 percent in the biggest single day loss for nearly seven years as local investors caught up with Monday's global downturn, dealers said.
Published 24 May, 2006 12:00am
Swiss franc firms again euro, steady versus dollar

Swiss franc firms again euro, steady versus dollar

The Swiss franc firmed against the euro on Tuesday, again breaking through the psychologically sensitive 1.55 mark, as financial markets awaited the release of April trade data.
Published 24 May, 2006 12:00am
Chinese yuan bounces from seven-week low

Chinese yuan bounces from seven-week low

Chinese yuan closed higher against the dollar on Tuesday, bouncing from a seven-week low hit on Monday as the US currency weakened on global markets.
Published 24 May, 2006 12:00am
Yen jumps after Japan outlook upgraded

Yen jumps after Japan outlook upgraded

The yen jumped against the dollar and the euro on Tuesday after ratings agency Standard & Poor's revised its rating outlook for Japan to positive from stable.
Published 24 May, 2006 12:00am
Bangladesh interbank forex, interest rates

Bangladesh interbank forex, interest rates

Interbank buy/sell rates for the taka against the dollar on Tuesday. 69.10/69.20 (previous 69.10/69.20). Call Money Rates: 12.00-27.00 percent (previous 12.00-28.00 percent).
Published 24 May, 2006 12:00am
Asian currencies regain some ground but equity slide weighs

Asian currencies regain some ground but equity slide weighs

The South Korean won and Singapore dollar rose almost 1 percent on Tuesday, cutting losses from last week's sell-off, but gains were checked as stocks took another beating on growing wariness about emerging markets.
Published 24 May, 2006 12:00am
Hong Kong dollar inches lower

Hong Kong dollar inches lower

The Hong Kong dollar softened against the US currency on Tuesday, while the overnight interbank rate jumped due to large amounts of funds being tied up by massive interest in an initial public offering (IPO).
Published 24 May, 2006 12:00am
Thai flash floods, mudslides kill 34

Thai flash floods, mudslides kill 34

Heavy monsoon rains unleashed flash floods and mudslides in northern Thailand which killed at least 34 people, left dozens missing and thousands homeless, officials said on Tuesday.
Published 24 May, 2006 12:00am
Car bombs kill ten in Baghdad

Car bombs kill ten in Baghdad

Car bombs killed at least 10 people in Baghdad on Tuesday, police said, in two separate attacks that underlined the security challenge facing Iraq's still incomplete government.
Published 24 May, 2006 12:00am
14 killed in Afghanistan

14 killed in Afghanistan

Taleban guerrillas attacked a convoy of provincial officials and police in southern Afghanistan and 11 Taliban and three policemen were killed, the government said on Tuesday.
Published 24 May, 2006 12:00am
China key to resolving nuclear crises: Annan

China key to resolving nuclear crises: Annan

UN Secretary-General Kofi Annan said on Tuesday the stalemate over North Korea's nuclear weapons programme cannot be allowed to continue and China is crucial to the success of talks trying to bring it to a close.
Published 24 May, 2006 12:00am
Russia backs EU proposal, urges Iran to cooperate

Russia backs EU proposal, urges Iran to cooperate

Russian Foreign Minister Sergei Lavrov said in Kuwait Tuesday that Moscow supports an EU proposal aimed at coaxing Iran into halting sensitive nuclear work and called on Tehran to cooperate.
Published 24 May, 2006 12:00am
Rights group blames terror fight for Asia abuses

Rights group blames terror fight for Asia abuses

Nations across Asia used terrorism to justify curtailing human rights last year, watchdog Amnesty International said on Tuesday in a new report outlining abuses in the region. From secret court hearings in China to detention without trial in Australia to
Published 24 May, 2006 12:00am
Olmert, Rumsfeld discuss Iran and Palestinian issues

Olmert, Rumsfeld discuss Iran and Palestinian issues

Israeli Prime Minister Ehud Olmert holds talks at the Pentagon and White House on Tuesday, seeking during his first visit to Washington to co-ordinate policy on the Palestinians and the Iranian nuclear crisis.
Published 24 May, 2006 12:00am
China military upgrades long-term threat to US: Pentagon

China military upgrades long-term threat to US: Pentagon

The pace and scope of China's modernisation of its strategic forces and other surprising military developments could pose a credible long-term threat to the United States, the Pentagon warned Tuesday.
Published 24 May, 2006 12:00am
Israel captures top Hamas commander

Israel captures top Hamas commander

Israeli security forces on Tuesday captured the top Hamas commander in the occupied West Bank, who is accused of masterminding suicide bombings during a more than 5-year-old Palestinian revolt.
Published 24 May, 2006 12:00am
Thaksin takes back control

Thaksin takes back control

Thai Prime Minister Thaksin Shinawatra formally took back the reins of power on Tuesday, chairing a cabinet meeting almost two months after he came under fire from critics and announced he was taking a break.
Published 24 May, 2006 12:00am
House backs limits on Palestinian aid

House backs limits on Palestinian aid

The US House of Representatives overwhelmingly backed legislation on Tuesday to impose broad restrictions on US aid to the Hamas-led Palestinian Authority, defying President George W. Bush in the midst of high-profile Mideast talks.
Published 24 May, 2006 12:00am
Greek and Turkish jets collide in disputed area

Greek and Turkish jets collide in disputed area

Greek and Turkish F-16 fighters collided on Tuesday while shadowing each other over the southern Aegean, where the two Nato allies have long disputed control over airspace.
Published 24 May, 2006 12:00am
Commodities sell-off seen as 'buy' signal

Commodities sell-off seen as 'buy' signal

The week-long sell-off in commodities has erased many millions of dollars in recent profits, but investors who had warmed to the asset class will not park their money forever in bland bonds or money market funds.
Published 24 May, 2006 12:00am
ISO sees sugar deficit disappearing

ISO sees sugar deficit disappearing

The International Sugar Organisation (ISO) expects a global sugar deficit, estimated at just under 1 million tonnes for this year, to disappear in the year 2006/07, as production increases.
Published 24 May, 2006 12:00am
Oil surges over 2.5 percent on commodity rebound

Oil surges over 2.5 percent on commodity rebound

Oil prices surged more than 2.5 percent on Tuesday as commodities rebounded from last week's selloff and the US government predicted another rough Atlantic hurricane season.
Published 24 May, 2006 12:00am
Oil World ups Malaysian palm oil estimate

Oil World ups Malaysian palm oil estimate

Hamburg-based oilseeds analysts Oil World said it has raised its estimate of Malaysia's October 2005/September 2006 season palm oil output to 15.3 million tonnes, up by 400,000 tonnes from its previous forecast in April.
Published 24 May, 2006 12:00am
New York cotton rallies

New York cotton rallies

Cotton futures closed with strong gains on Tuesday, more than recovering from the new contract low set on Monday, as cotton rallied with most other commodities in a speculative buying frenzy, traders said.
Published 24 May, 2006 12:00am
London sugar rises

London sugar rises

Sugar bucked the trend of notable rises in commodities prices on Tuesday afternoon, as a forecast from the International Sugar Organisation (ISO) that the current deficit would vanish, depressed the market.
Published 24 May, 2006 12:00am
Copper jumps 11.4 percent

Copper jumps 11.4 percent

Copper put in a barnstorming performance on the London Metal Exchange (LME) on Tuesday, rising $870 a tonne, or 11.4 percent, the biggest ever daily gain, as the metals complex recovered from a recent correction.
Published 24 May, 2006 12:00am
European precious metals bounce back

European precious metals bounce back

Precious metals struck back in late European trade on Tuesday, with gold rising 2.4 percent and silver jumping by more than five percent on renewed buying by investors, dealers said.
Published 24 May, 2006 12:00am
US MIDDAY: cocoa slumps

US MIDDAY: cocoa slumps

Cocoa futures fell for the third consecutive session Tuesday to a one-month low, depressed by speculative selling and spread trading in line with softer bean values in London, market sources said.
Published 24 May, 2006 12:00am
US MIDDAY: coffee futures firm

US MIDDAY: coffee futures firm

Benchmark arabica coffee futures rose nearly 2 percent Tuesday as speculators bought back their short positions amid a general rally in the commodity sector, market sources said.
Published 24 May, 2006 12:00am
US MIDDAY: sugar moves up

US MIDDAY: sugar moves up

Sugar futures rose more than 1 percent in New York Tuesday, following a rebound in most commodities, and traders predicted milder gains in the near term as output rises.
Published 24 May, 2006 12:00am
US MIDDAY: wheat down

US MIDDAY: wheat down

Wheat futures at the Chicago Board of Trade turned lower at midmorning on Tuesday on profit-taking after worries about the US Plains wheat crop lifted the market to fresh highs, traders said.
Published 24 May, 2006 12:00am
US MIDDAY: corn lower

US MIDDAY: corn lower

Corn futures on the Chicago Board of Trade were weaker by Tuesday's midsession on technical sales by commodity funds, traders said. "I think the fact it couldn't find a bid with the outside markets ... we're starting to see some pressure," said one cash-c
Published 24 May, 2006 12:00am
US MIDDAY: copper soars

US MIDDAY: copper soars

US copper futures surged up their 20-cent daily limit early on Tuesday, prompting the New York Mercantile Exchange to halt trade for 15 minutes, floor dealers said.
Published 24 May, 2006 12:00am
US MIDDAY: soyabeans firm

US MIDDAY: soyabeans firm

The Chicago Board of Trade soyabean market came off its highs by Tuesday's midsession, pressured by the sell-off in wheat after an early rally, trades said.
Published 24 May, 2006 12:00am
US MIDDAY: gold races higher

US MIDDAY: gold races higher

Gold futures in New York bounced from a four-week low on Tuesday as investors returned to commodities after a steep sell-off last week that dropped prices to cheaper levels, dealers said.
Published 24 May, 2006 12:00am
Indian rupee edges up versus dollar

Indian rupee edges up versus dollar

The Indian rupee edged up against the dollar on Tuesday as local share prices ended higher but dealers said deceleration of fund flows from foreign investors could again see the rupee easing towards this week's 2006 low.
Published 24 May, 2006 12:00am
Sterling slips against dollar

Sterling slips against dollar

Sterling slipped against a resurgent dollar on Tuesday but held steady against the euro as the prospect of merger-related money flows into Britain lent support to the pound.
Published 24 May, 2006 12:00am
Yen rises in London

Yen rises in London

The yen firmed against the dollar and euro on Tuesday, boosted by ratings agency Standard & Poor's revised rating outlook for Japan to positive from stable.
Published 24 May, 2006 12:00am
Bonds: Credit indices rally as equities surge

Bonds: Credit indices rally as equities surge

European credit markets rallied on Tuesday as the continent's equity markets bounced back sharply from days of selling, but traders said the action gave little clue as to where the market would go from here.
Published 24 May, 2006 12:00am
Bonds: Credit indices rally as equities surge

Bonds: Credit indices rally as equities surge

European credit markets rallied on Tuesday as the continent's equity markets bounced back sharply from days of selling, but traders said the action gave little clue as to where the market would go from here.
Published 24 May, 2006 12:00am
US Stocks: Tuesday's unofficial close

US Stocks: Tuesday's unofficial close

US stocks bounced back on Tuesday as rising global commodity prices boosted shares of energy and metals companies such as Exxon Mobil Corp and Alcoa Inc.
Published 24 May, 2006 12:00am
Seoul stocks down

Seoul stocks down

Seoul stocks hit an eight-week low on Tuesday as fears of a slowdown in the US economy kept investors sidelined, but some beaten-down technology shares such as Samsung Electronics Co Ltd rose.
Published 24 May, 2006 12:00am
Chinese shares slip

Chinese shares slip

Chinese shares slipped 3.2 percent on Tuesday - their biggest single-day percentage drop in nine months - as investors dumped blue chips to lock in gains after the benchmark index soared 15 percent this month.
Published 24 May, 2006 12:00am
FTSE bounces to strongest daily gain since 2003

FTSE bounces to strongest daily gain since 2003

Britain's top share index notched up its biggest daily gain in more than three years on Tuesday, rebounding strongly after a two-week slide as resources stocks such as Antofagasta rallied on firmer commodity prices.
Published 24 May, 2006 12:00am
'Railways Vision' seminar on Friday

'Railways Vision' seminar on Friday

A seminar on 'Railways Vision' is being organised here on Friday to focus on economic well-being of Railways to meet the international standards. The Prime Minister Shaukat Aziz is likely to be the chief guest at the inauguration. Minister for Railways Sh
Published 24 May, 2006 12:00am
'Efforts on to tackle water contamination crisis'

'Efforts on to tackle water contamination crisis'

District Faisalabad Nazim Rana Zahid Tousif said on Tuesday that entire machinery of local as well as the provincial government was in the field to tackle the water contamination crisis in parts of Faisalabad city.
Published 24 May, 2006 12:00am
National education conference from May 30

National education conference from May 30

The ministry of education will organise the 3rd two-day National Education Conference from May 30 here to evaluate deficiencies in the current National Education Policy (1998-2010) with the aim to make it more responsive to the needs of the modern world.
Published 24 May, 2006 12:00am
Civil defence plans for emergency preparedness

Civil defence plans for emergency preparedness

The Civil Defence will set up two special teams as part of its plan to ensure full preparedness to meet any emergency in future, a spokesman of the department said on Tuesday.
Published 24 May, 2006 12:00am
Government urged to ensure foreign investors' visit to Sialkot

Government urged to ensure foreign investors' visit to Sialkot

The business community of Sialkot had urged upon the federal government and Export Promotion Bureau (EPB) that the visit of foreign investors and other trade delegations should be ensured to this export-oriented city and hub of cottage industries of the c
Published 24 May, 2006 12:00am
Focus on fruit exports stressed

Focus on fruit exports stressed

Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Vice-President Zubair Ahmad Malik said on Tuesday that the country should concentrate on the export of fruits due to its rich variety here.
Published 24 May, 2006 12:00am
Knowledge economy termed vital for developing states uplift

Knowledge economy termed vital for developing states uplift

The only way to progress for developing countries is to develop a knowledge economy, as highly skilled and trained human resource has now become the single most important factor in the process of socio-economic development, Dr Atta-ur-Rahman, Federal Mini
Published 24 May, 2006 12:00am
Nazim launches drive against District Police Officer

Nazim launches drive against District Police Officer

Muzaffargarh Tehsil Nazim Malik Ibad Dogar launched an organised drive against the Khangarh Police. He encircled the Police Station and hurled stones and bricks on police station to express their anger.
Published 24 May, 2006 12:00am
Food officials suspended

Food officials suspended

Punjab Food Secretary Muhammad Ahsan Raja on Tuesday suspended a Food Inspector, and removed Deputy Director Food Dera Ghazi Khan, two Assistant Food Controllers (AFCs) of Khanewal and five other officials from duty for gross negligence during the current
Published 24 May, 2006 12:00am
Huge funds allocated for uplift projects: National Assembly speaker

Huge funds allocated for uplift projects: National Assembly speaker

National Assembly Speaker Chaudhry Amir Hussain said that federal government under Pakistan Social Development Programme had allocated huge funds during the current fiscal year for the completion of projects pertaining to peoples welfare in the country.
Published 24 May, 2006 12:00am
Rishwat to doctors

Rishwat to doctors

This refers to the letter of Aftab Ahmed on the above issue. I am a doctor and in no way defending pharmaceutical companies. However, from the observations, one thing is sure that to clap you need both hands.
Published 24 May, 2006 12:00am
Wake-up call

Wake-up call

My recent visit to China provided me an opportunity to look at the Chinese economy more closely. Our markets are flooded with cheaper and better Chinese products, directly causing harm to our industrial growth. Also, we are unable to compete with Chinese
Published 24 May, 2006 12:00am
Oil prices

Oil prices

I would like to refer to the news item in your issue of May 10 headlined 'Oil to be sought from Kuwait at subsidised rates'. According to the figures stated, Pakistan produces roughly 26 percent of crude oil requirements.
Published 24 May, 2006 12:00am
Oil fuels Algeria's boom but anger grows

Oil fuels Algeria's boom but anger grows

Algeria's economy is booming, billion-dollar developments are planned and oil and gas export revenues are soaring, but many Algerians are still unhappy about living conditions in the North African country.
Published 24 May, 2006 12:00am
Federal Budget: some food for thought

Federal Budget: some food for thought

The Federal Budget 2006-07 is likely to be announced on June 5, 2006. Stress and tension continues in the country. Salaried persons, suffering from the onslaught of inflation, are expecting increase in their pay and emolument. The business community is ea
Published 24 May, 2006 12:00am
Sindh's crumbling coalition

Sindh's crumbling coalition

President General Pervez Musharraf's recent announcement that the national elections will be held on schedule, some time between September 15 and October 15 next year - one month before the end of the present assemblies' term - has triggered an all round
Published 24 May, 2006 12:00am
PSDP utilisation needs improvement

PSDP utilisation needs improvement

Much has changed about our budget-making methodology and traditional objectives of the annual exercise, but not yet enough. For decades our budget planners have over-estimated the revenue collection and availability of resources in the budgetary exercise
Published 24 May, 2006 12:00am
Punjab and Dhaka universities to sign MoU

Punjab and Dhaka universities to sign MoU

University of the Punjab and Dhaka University have agreed to sign a memorandum of understanding (MoU) as a framework for enhancing collaboration and co-operative programmes.
Published 24 May, 2006 12:00am
NWFP to establish women university of science and technology

NWFP to establish women university of science and technology

The Provincial Minister for Science and Technology Hussain Ahmad Kanju has disclosed that after establishment of separate Women Medical College and Women University in NWFP, the MMA government has decided to open Women University of Science and Technology
Published 24 May, 2006 12:00am
LHC sets aside capital punishment decision

LHC sets aside capital punishment decision

The Lahore High Court (LHC) has set aside the decision of the additional district and session court awarding capital punishment to one Akbar Ali. The court has set aside the orders on the ground that there was no eyewitness against Akbar Ali.
Published 24 May, 2006 12:00am
Qataris invited to invest in Pakistan

Qataris invited to invest in Pakistan

Foreign Minister Khurshid Mehmud Kasuri on Tuesday called on Qatar's Heir Apparent Sheikh Tamim Bin Hamad Al-Thani in Doha and discussed the gamut of Pakistan-Qatar relations.
Published 24 May, 2006 12:00am
'Quran Mehals'

'Quran Mehals'

Punjab Auqaf Department would set up 40 "Quran Mehals" at Tehsil levels in the province for which an amount of Rs 3 million has been allocated.
Published 24 May, 2006 12:00am
Couple seeks Supreme Court's protection

Couple seeks Supreme Court's protection

Neelam Ladhani, who converted to Islam on April 10, 2006 from Hindusim and three days later the court married her lover Amjad Shehzad on April 13 in Karachi, appeared before the Supreme Court here on Tuesday and submitted that she wanted to live with her
Published 24 May, 2006 12:00am
Hearing put off in writ against MPA

Hearing put off in writ against MPA

The Lahore High Court (LHC) on Tuesday adjourned to May 24, the proceedings in a petition against Imtiaz Lali MPA when his counsel was still submitting his arguments.
Published 24 May, 2006 12:00am
Prime Minister for uninterrupted power supply to Karachi

Prime Minister for uninterrupted power supply to Karachi

Prime Minister Shaukat Aziz has said the Ministry of Water & Power should take all possible measures to avoid unannounced load-shedding in any part of the country, an official statement said.
Published 24 May, 2006 12:00am
Businesses, government urged to boost competitiveness

Businesses, government urged to boost competitiveness

International Trade Center (ITC) would help the government and the corporate sector to evolve strategy to cope with fast emerging global challenges as the globalisation not only offers new market opportunities but much greater competition.
Published 24 May, 2006 12:00am
Posted

Posted

The Central Board of Revenue (CBR) has selected Dr Ikram Ghani, a BS-19 officer of Income Tax Group, through the process of 'internal job posting' with special pay package and posted as Additional Commissioner, Medium Taxpayer Unit (MTU), Peshawar.
Published 24 May, 2006 12:00am
JCR to take up 3 microfinance rating tasks

JCR to take up 3 microfinance rating tasks

The JCR-VIS Credit Rating Company Limited will be undertaking its first three international assignments in the microfinance sector. These assignments, in Central Asia and Afghanistan, are being conducted for microfinance institutions of the Aga Khan Devel
Published 24 May, 2006 12:00am
JCR to take up 3 microfinance rating tasks

JCR to take up 3 microfinance rating tasks

The JCR-VIS Credit Rating Company Limited will be undertaking its first three international assignments in the microfinance sector. These assignments, in Central Asia and Afghanistan, are being conducted for microfinance institutions of the Aga Khan Devel
Published 24 May, 2006 12:00am
Banks asked not to give loans to industries creating health hazards

Banks asked not to give loans to industries creating health hazards

Advisor to Sindh Chief Minister on Alternative Energy, Environment and IT, Noman Saigol, has asked the public and private sector banks not to approve loans or give financial assistance to industries that are involved in creating serious health and environ
Published 24 May, 2006 12:00am
Smeda seeks first two-year tax holiday for new units

Smeda seeks first two-year tax holiday for new units

An initial tax holiday for a period of two years to new SME units has been recommended by the Small and Medium Enterprises Development Authority (Smeda) in its proposals for federal budget 2006-07.
Published 24 May, 2006 12:00am
Smeda seeks first two-year tax holiday for new units

Smeda seeks first two-year tax holiday for new units

An initial tax holiday for a period of two years to new SME units has been recommended by the Small and Medium Enterprises Development Authority (Smeda) in its proposals for federal budget 2006-07.
Published 24 May, 2006 12:00am
Concern over hike in gas prices from July 1

Concern over hike in gas prices from July 1

The chairman, CNG Dealers Association and Pakistan Petroleum Dealers Association, Abdul Sami Khan, has expressed serious concern over the increase in gas price from by 15.9 percent from July 1, 2006.
Published 24 May, 2006 12:00am
Erra plans fund raising drive in Karachi

Erra plans fund raising drive in Karachi

Earthquake Relief and Reconstruction Authority (Erra) has planned to hold a conference here in August next to generate funds from philanthropists to bridge the gap between amount collected and the expected expenditure on rehabilitation and reconstruction
Published 24 May, 2006 12:00am
Suparco to hold environment course next week

Suparco to hold environment course next week

The Pakistan Space and Upper Atmosphere Research Commission (Suparco), in collaboration with the 'Centre for Integrated Mountain Research' (CIMR) of the University of Punjab, is organising a training course on environment monitoring from May 29 to June 2.
Published 24 May, 2006 12:00am
Dog-bite cases on increase in Lahore

Dog-bite cases on increase in Lahore

With the advent of hot weather conditions, sudden surge has been noticed in the number of stray dogs, while more and more cases of dog-bite are being reported in different government and private hospitals in the provincial metropolis.
Published 24 May, 2006 12:00am
British Council to launch PMI-2

British Council to launch PMI-2

The British Council Karachi has announced to launch British Prime Minister's Initiative - Second Phase (PMI-2) for international education. Tony Blair launched his Prime Minister's Initiative (PMI) for international education on Aril 18, 2006 in London.
Published 24 May, 2006 12:00am
People asked to register names in voter lists

People asked to register names in voter lists

Convenor, Muttahida Qaumi Movement, Co-ordination Committee, Dr Imran Farooq on Tuesday asked countrymen to register their names in fresh voters' lists. In a statement issued here, Dr Imran has said eligible voters must get their Computerised National Ide
Published 24 May, 2006 12:00am
India to release 59 Pakistani fishermen

India to release 59 Pakistani fishermen

India is to release 59 Pakistan nationals held for illegal fishing, as a goodwill gesture, the Foreign Ministry said on Tuesday. A statement said the Pakistani fishermen would be sent back by the Thar Express on Saturday from Munabao in Rajasthan.
Published 24 May, 2006 12:00am