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Print - 2006-06-08
Pakistani businessmen invited to invest in UAE

Pakistani businessmen invited to invest in UAE

Naveed Mumtaz Janjua, Senior Executive, Investment Promotion, Government of Rais Al Khaimah (RAK), United Arab Emirates (UAE) has invited Pakistani investors to invest in Rais Al Khaimah.
Published 08 Jun, 2006 12:00am
Dacoits deprive trader of Rs 1 million

Dacoits deprive trader of Rs 1 million

Chairman Hosiery Manufactures Association (HMA) Javed Balwani was deprived of Rs one million by two armed men from SITE area here, on Wednesday.
Published 08 Jun, 2006 12:00am
Closing of sterling rates

Closing of sterling rates

Closing of sterling rates at 1730 GMT - on Wednesday (June 07, 2006).

Published 08 Jun, 2006 12:00am
Ibad directs to cleanse drains ahead of rains

Ibad directs to cleanse drains ahead of rains

Sindh Governor, Dr Ishrat-ul-Ibad Khan on Wednesday directed the concerned officials to launch a campaign immediately, for cleaning of drains in the metropolis before the start of monsoon rains.
Published 08 Jun, 2006 12:00am
Minister angry over poor performance of weigh stations

Minister angry over poor performance of weigh stations

The National Highway Authority (NHA) came under fire on Wednesday when Communications Minister Shamim Siddiqui took strong exception to the poor performance of weigh stations and substandard construction of some parts of Grand Trunk (G.T) road from Rawalp
Published 08 Jun, 2006 12:00am
CBR data of duties, revenue targets questioned

CBR data of duties, revenue targets questioned

Parliamentarians and economic experts on Wednesday questioned Central Board of Revenue (CBR) data regarding uniform growth in customs duties for various products and its revenue targets and asked Finance Ministry to keep a vigilant eye on its data compila
Published 08 Jun, 2006 12:00am
Marvi Express inaugurated

Marvi Express inaugurated

Sindh Chief Minister Dr Arbab Ghulam Rahim, accompanied by Federal Railway Minister, Shaikh Rashid Ahmed, on Wednesday inaugurated Marvi Express, a shuttle train between Mirpur Khas and Khokhrapar.
Published 08 Jun, 2006 12:00am
Hamas and Fatah agree to end clashes

Hamas and Fatah agree to end clashes

The Fatah faction of Palestinian President Mahmoud Abbas and the Hamas group agreed on Wednesday to halt their clashes even as they headed for a showdown over Abbas's threat to hold a referendum on statehood proposal.
Published 08 Jun, 2006 12:00am
Hamas and Fatah agree to end clashes

Hamas and Fatah agree to end clashes

The Fatah faction of Palestinian President Mahmoud Abbas and the Hamas group agreed on Wednesday to halt their clashes even as they headed for a showdown over Abbas's threat to hold a referendum on statehood proposal.
Published 08 Jun, 2006 12:00am
Five percent excise duty not to crimp banks earnings

Five percent excise duty not to crimp banks earnings

Imposition of 5 percent excise duty on fee income is likely to be passed on to the consumers and, in the worst case, if the banks take the hit on their books then, on an average, banks'''' profits will be affected by average 2 percent listed at the Karach
Published 08 Jun, 2006 12:00am
Spot dollar rates

Spot dollar rates

Spot Dollar rates from Khadim Ali Shah Bukhari & Co Ltd on Wednesday (June 07, 2006).

Published 08 Jun, 2006 12:00am
Five percent excise duty not to crimp banks earnings

Five percent excise duty not to crimp banks earnings

Imposition of 5 percent excise duty on fee income is likely to be passed on to the consumers and, in the worst case, if the banks take the hit on their books then, on an average, banks'' profits will be affected by average 2 percent listed at the Karachi
Published 08 Jun, 2006 12:00am
Money Market Report

Money Market Report

Money market report by Khadim Ali Shah Bukhari & Co on Wednesday (June 07, 2006).
Published 08 Jun, 2006 12:00am
Five percent excise duty not to crimp banks earnings

Five percent excise duty not to crimp banks earnings

Imposition of 5 percent excise duty on fee income is likely to be passed on to the consumers and, in the worst case, if the banks take the hit on their books then, on an average, banks' profits will be affected by average 2 percent listed at the Karachi S
Published 08 Jun, 2006 12:00am
Five percent excise duty not to crimp banks earnings

Five percent excise duty not to crimp banks earnings

Imposition of 5 percent excise duty on fee income is likely to be passed on to the consumers and, in the worst case, if the banks take the hit on their books then, on an average, banks' profits will be affected by average 2 percent listed at the Karachi S
Published 08 Jun, 2006 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 (June 07, 2006).

Published 08 Jun, 2006 12:00am
Sindh budget on June 15

Sindh budget on June 15

Budget of Sindh of Rs 135 billion would be presented before the provincial assembly on June 15, said adviser to the chief minister on finance MA Jalil. Talking to a private television news channel, he said an amount of Rs 30 billion would be allocated for
Published 08 Jun, 2006 12:00am
Sindh budget on June 15

Sindh budget on June 15

Budget of Sindh of Rs 135 billion would be presented before the provincial assembly on June 15, said adviser to the chief minister on finance MA Jalil. Talking to a private television news channel, he said an amount of Rs 30 billion would be allocated for
Published 08 Jun, 2006 12:00am
Sindh budget on June 15

Sindh budget on June 15

Budget of Sindh of Rs 135 billion would be presented before the provincial assembly on June 15, said adviser to the chief minister on finance MA Jalil. Talking to a private television news channel, he said an amount of Rs 30 billion would be allocated for
Published 08 Jun, 2006 12:00am
Advertisements in print media remain exempted from sales tax, FED

Advertisements in print media remain exempted from sales tax, FED

Advertisements in newspapers and periodicals would continue to enjoy exemption from sales tax and federal excise duty. Meanwhile, the government has abolished 5 percent customs duty on import of newsprint and reduced the withholding tax from 6 percent to
Published 08 Jun, 2006 12:00am
Currency notes: exchange rates

Currency notes: exchange rates

Exchange rates for Currency Notes issued by the Treasury Management Division of National Bank of Pakistan (NBP) here on Wednesday (June 07, 2006).

Published 08 Jun, 2006 12:00am
Advertisements in print media remain exempted from sales tax, FED

Advertisements in print media remain exempted from sales tax, FED

Advertisements in newspapers and periodicals would continue to enjoy exemption from sales tax and federal excise duty. Meanwhile, the government has abolished 5 percent customs duty on import of newsprint and reduced the withholding tax from 6 percent to
Published 08 Jun, 2006 12:00am
Conversion for foreign currency deposits

Conversion for foreign currency deposits

Conversion for foreign currency deposits, DBC/FCBC, special USD bond & profits thereon (excluding FE-25 deposits) on Wednesday (June 07, 2006).

Published 08 Jun, 2006 12:00am
Advertisements in print media remain exempted from sales tax, FED

Advertisements in print media remain exempted from sales tax, FED

Advertisements in newspapers and periodicals would continue to enjoy exemption from sales tax and federal excise duty. Meanwhile, the government has abolished 5 percent customs duty on import of newsprint and reduced the withholding tax from 6 percent to
Published 08 Jun, 2006 12:00am
Exchange rates: buying and selling

Exchange rates: buying and selling

Exchange rates issued by the Treasury Management Division of National Bank of Pakistan on Wednesday (June 07, 2006).

Published 08 Jun, 2006 12:00am
30 million kg tea likely to be imported from India

30 million kg tea likely to be imported from India

Pakistan is expected to import at least 30 million kilograms of tea from India this year as drought has damaged crop and pushed up prices in Kenya, the major exporter of the commodity to the country. India, the world's largest tea producer and its biggest
Published 08 Jun, 2006 12:00am
Barclays bid rates and maximum rates for payment of interest

Barclays bid rates and maximum rates for payment of interest

Barclays bid rates, maximum rates for payment of interest by authorised dealers on deposits (other than those brought under FE Circular No: 45 of 1985) and on deposits (brought under FE Circular No: 45 of 1985) -- issued by the Foreign Exchange Rates Comm
Published 08 Jun, 2006 12:00am
Lufthansa to resume operation for mango exports

Lufthansa to resume operation for mango exports

Lufthansa cargo - the German freight carrier that halted its operations last year in Pakistan - has agreed to resume its operations in Pakistan for two and-a-half month for the export of mangoes to Europe and some far-away destinations, it was reliably le
Published 08 Jun, 2006 12:00am
State Bank of Pakistan conversion rates

State Bank of Pakistan conversion rates

Rates applicable for conversion into rupees of Foreign Currency Deposits, Dollar Bearer Certificates, Foreign Currency Bearer Certificates, Special US Dollar bonds and profits thereon by all banks and also for providing forward cover on foreign currency d
Published 08 Jun, 2006 12:00am
Lufthansa to resume operation for mango exports

Lufthansa to resume operation for mango exports

Lufthansa cargo - the German freight carrier that halted its operations last year in Pakistan - has agreed to resume its operations in Pakistan for two and-a-half month for the export of mangoes to Europe and some far-away destinations, it was reliably le
Published 08 Jun, 2006 12:00am
German manufacturing seen strong amid patchy data

German manufacturing seen strong amid patchy data

Growth in German manufacturing orders was probably strong in April, even though the figures, which were incomplete due to public sector strikes, fell short of forecasts, Economy Ministry data showed on Wednesday.
Published 08 Jun, 2006 12:00am
South Africa's retail sales hit 17-month peak

South Africa's retail sales hit 17-month peak

South Africa's annual retail sales growth surged to a 17-month peak in March, data showed on Wednesday, adding to speculation that interest rates might be raised on Thursday to cool domestic demand.
Published 08 Jun, 2006 12:00am
Nigerian first quarter growth rises

Nigerian first quarter growth rises

Nigerian gross domestic product grew by 2.7 percent in the first quarter but the oil sector contracted by 2.5 percent due to supply cuts caused by militant attacks in the Niger Delta, the central bank said on Wednesday.
Published 08 Jun, 2006 12:00am
Singapore bunker fuel prices steady

Singapore bunker fuel prices steady

Singapore bunker prices were steady on Wednesday but their premium to fuel oil cargo values slipped to below $3 a tonne, as suppliers slashed offers to spur demand, traders said.
Published 08 Jun, 2006 12:00am
Warner Music issues quarterly dividend

Warner Music issues quarterly dividend

Warner Music Group, the world's fourth-largest music company, said on Wednesday that it is issuing a quarterly dividend of 13 cents per share of common stock.
Published 08 Jun, 2006 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 72,901 tonnes of cargo including 51,119 tonnes import, 21,782 tonnes export cargo and 3,668 containers during last 24 hours ending at 0700 hours on Wednesday.
Published 08 Jun, 2006 12:00am
Warner Music issues quarterly dividend

Warner Music issues quarterly dividend

Warner Music Group, the world's fourth-largest music company, said on Wednesday that it is issuing a quarterly dividend of 13 cents per share of common stock.
Published 08 Jun, 2006 12:00am
Chinese copper smelters to reduce output

Chinese copper smelters to reduce output

Top Chinese copper smelters will cut production in the second half of this year if the fees they receive to process spot imported concentrate do not meet their requirements, smelter officials said on Wednesday.
Published 08 Jun, 2006 12:00am
ISE index loses 93.46 points

ISE index loses 93.46 points

Selling-pressure intensified in trend-setters at the Islamabad Stock Exchange (ISE) where equities showed healthy signs amid decrease in index. ISE-10 index showed a decrease of 93.46 points as the index moved from 2,809.79 to 2,716.33 points.
Published 08 Jun, 2006 12:00am
Santos port April movement highest

Santos port April movement highest

Brazil's main port of Santos moved 6.56 million tonnes of cargo in April, its best performance of 2006 and up 13.4 percent from the same month of 2005, the Port Authority Codesp said on Tuesday.
Published 08 Jun, 2006 12:00am
ISE index loses 93.46 points

ISE index loses 93.46 points

Selling-pressure intensified in trend-setters at the Islamabad Stock Exchange (ISE) where equities showed healthy signs amid decrease in index. ISE-10 index showed a decrease of 93.46 points as the index moved from 2,809.79 to 2,716.33 points.
Published 08 Jun, 2006 12:00am
FOB Gulf corn and soyabean rise; wheat steady

FOB Gulf corn and soyabean rise; wheat steady

US FOB Gulf corn and soyabean basis offers rose on Tuesday after futures prices closed lower for a second day, trader said. Hard and soft red winter wheat export premiums held steady amid the sell-off led by commodity funds.
Published 08 Jun, 2006 12:00am
LSE index drops 195.27 points

LSE index drops 195.27 points

The local share market failed to maintain the bullish rally on Wednesday, with prices falling across the board, in reaction to doubling of taxes levied on stock business.
Published 08 Jun, 2006 12:00am
US Midwest corn higher; wheat and soya steady

US Midwest corn higher; wheat and soya steady

Spot basis bids for corn were steady to higher around the US Midwest on Wednesday as grain dealers tried to stabilise prices after a 5-cent drop in the futures market.
Published 08 Jun, 2006 12:00am
LSE index drops 195.27 points

LSE index drops 195.27 points

The local share market failed to maintain the bullish rally on Wednesday, with prices falling across the board, in reaction to doubling of taxes levied on stock business.
Published 08 Jun, 2006 12:00am
Dry weather hits China's major soyabean and corn areas

Dry weather hits China's major soyabean and corn areas

Persistent dry weather has hit most of China's major corn and soyabean growing areas in the north-east since April, and farmers grew more corn than soyabeans this year because of better returns, officials said on Wednesday.
Published 08 Jun, 2006 12:00am
Education expanding raised for HRD, says Musharraf

Education expanding raised for HRD, says Musharraf

President General Pervez Musharraf said here on Wednesday that Pakistan has made remarkable upsurge in economic development over the past few years and to sustain high economic growth the government has greatly enhanced spending on higher education for hu
Published 08 Jun, 2006 12:00am
Corn slides on good start to US crop

Corn slides on good start to US crop

Corn futures at the Chicago Board of Trade slipped on Tuesday as a good start to this year's growing season and mostly favourable Midwest crop weather spurred fund long liquidation, traders said.
Published 08 Jun, 2006 12:00am
Education expanding raised for HRD, says Musharraf

Education expanding raised for HRD, says Musharraf

President General Pervez Musharraf said here on Wednesday that Pakistan has made remarkable upsurge in economic development over the past few years and to sustain high economic growth the government has greatly enhanced spending on higher education for hu
Published 08 Jun, 2006 12:00am
CBOT wheat futures fall to four-week lows

CBOT wheat futures fall to four-week lows

Soft red winter wheat futures on the Chicago Board of Trade fell to four-week lows on Tuesday in a fund-led sell-off prompted by harvest pressure and a broad downturn in commodities, traders said.
Published 08 Jun, 2006 12:00am
SBP raises 3-, 6-month treasury bills rates

SBP raises 3-, 6-month treasury bills rates

The State Bank of Pakistan (SBP), after almost nine months, on Wednesday raised the rates on three-month and six-month treasury bills by 22 basis points and 15 basis points, respectively.
Published 08 Jun, 2006 12:00am
Oil cake market rates

Oil cake market rates

Mixed trend was seen on the forward cottonseed oilcake market on Wednesday as there was good buying to meet the near-term needs, dealers said.
Published 08 Jun, 2006 12:00am
SBP raises 3-, 6-month treasury bills rates

SBP raises 3-, 6-month treasury bills rates

The State Bank of Pakistan (SBP), after almost nine months, on Wednesday raised the rates on three-month and six-month treasury bills by 22 basis points and 15 basis points, respectively.
Published 08 Jun, 2006 12:00am
Cotton prices touch season's high at Rs 2650

Cotton prices touch season's high at Rs 2650

Mills' active demand pushed the cotton prices to the season's high at Rs 2650 amid sizeable trading, dealers said on Wednesday. The Karachi Cotton Association (KCA) official rate was unchanged at 2500, without upcountry expenses.
Published 08 Jun, 2006 12:00am
SBP raises 3-, 6-month treasury bills rates

SBP raises 3-, 6-month treasury bills rates

The State Bank of Pakistan (SBP), after almost nine months, on Wednesday raised the rates on three-month and six-month treasury bills by 22 basis points and 15 basis points, respectively.
Published 08 Jun, 2006 12:00am
Brazilian cocoa arrivals fall

Brazilian cocoa arrivals fall

Brazilian 2006/07 (May-April) cocoa arrivals from Bahia and other states totalled 309,427 60-kg bags by June 4, down 42 percent from 531,243 bags a year ago, Bahia Commercial Association said Wednesday. Bahia state, Brazil's main cocoa producer, delivered
Published 08 Jun, 2006 12:00am
SBP raises 3-, 6-month treasury bills rates

SBP raises 3-, 6-month treasury bills rates

The State Bank of Pakistan (SBP), after almost nine months, on Wednesday raised the rates on three-month and six-month treasury bills by 22 basis points and 15 basis points, respectively.
Published 08 Jun, 2006 12:00am
Cottonseed oilcake lower by Rs 7

Cottonseed oilcake lower by Rs 7

Firmness prevailed in the grain market on Wednesday as most of the items maintained the overnight levels, dealers said. A solo change was reported on the seed side, where cottonseed oilcake low type shed Rs 7 to Rs 310 and the good type lost Rs 10 to Rs 3
Published 08 Jun, 2006 12:00am
BRIndex30 loses 421.53 points

BRIndex30 loses 421.53 points

The BRIndex30 on Wednesday opened in positive zone with a gap of 29.01 points, but could not sustain the rise and soon went down to negative zone and remained there for the rest of the trading time, closing at 10,628.29.
Published 08 Jun, 2006 12:00am
New York coffee slides to nine-month low

New York coffee slides to nine-month low

Benchmark arabica coffee futures settled down 2.4 percent at a nine-month low on Tuesday, depressed by fund selling amid deteriorating technical signals on the price charts and broad weakness in the commodity sector, traders said.
Published 08 Jun, 2006 12:00am
BRIndex30 loses 421.53 points

BRIndex30 loses 421.53 points

The BRIndex30 on Wednesday opened in positive zone with a gap of 29.01 points, but could not sustain the rise and soon went down to negative zone and remained there for the rest of the trading time, closing at 10,628.29.
Published 08 Jun, 2006 12:00am
New York cocoa slumps on speculative selling

New York cocoa slumps on speculative selling

US benchmark cocoa futures fell about 1 percent to a one-week low on Tuesday, depressed by speculative liquidation as a resurgent dollar weighed on the commodity sector, traders said.
Published 08 Jun, 2006 12:00am
Stock market plummets

Stock market plummets

The share prices on Karachi Stock Exchange on Wednesday tumbled and bears strengthened their grip after Standard & Poor''s showed concerns over fiscal slippages leading to down revision of the country''s outlook and increased in three- and six-month treas
Published 08 Jun, 2006 12:00am
MGE wheat futures fall

MGE wheat futures fall

Spring wheat futures on the Minneapolis Grain Exchange fell to three-week lows on Tuesday, tumbling on fund selling and slipover pressure from the Chicago and Kansas City markets, traders said.
Published 08 Jun, 2006 12:00am
Stock market plummets

Stock market plummets

The share prices on Karachi Stock Exchange on Wednesday tumbled and bears strengthened their grip after Standard & Poor's showed concerns over fiscal slippages leading to down revision of the country's outlook and increased in three- and six-month treasur
Published 08 Jun, 2006 12:00am
Indonesia tea exports rise

Indonesia tea exports rise

Indonesia's tea exports are expected to rise by 29 percent this year supported by improving tea prices, a senior industry official said on Wednesday.
Published 08 Jun, 2006 12:00am
Stock market plummets

Stock market plummets

The share prices on Karachi Stock Exchange on Wednesday tumbled and bears strengthened their grip after Standard & Poor's showed concerns over fiscal slippages leading to down revision of the country's outlook and increased in three- and six-month treasur
Published 08 Jun, 2006 12:00am
Kenyan tea prices mixed

Kenyan tea prices mixed

Kenyan tea prices were mixed at this week's auction with some easing on quality, despite good demand, brokers said on Wednesday. Mombassa-based Africa Tea Brokers (ATB) said 116,398 packages were offered for sale compared with 119,165 packages at last wee
Published 08 Jun, 2006 12:00am
CVT to help bring property speculators into tax net: Yusuf

CVT to help bring property speculators into tax net: Yusuf

The imposition of capital value tax (CVT) on sale/purchase of urban immovable property would help in bringing the speculators of real estate business into the tax net and help in reducing the prices of property in future.
Published 08 Jun, 2006 12:00am
Copper dips below $7,500 mark

Copper dips below $7,500 mark

Copper prices slid further below $7,500 a tonne on Wednesday, a day after losing more than 3 percent as fears that rising inflation could lead to higher interest rates, slowing economic growth and demand for metal.
Published 08 Jun, 2006 12:00am
CVT to help bring property speculators into tax net: Yusuf

CVT to help bring property speculators into tax net: Yusuf

The imposition of capital value tax (CVT) on sale/purchase of urban immovable property would help in bringing the speculators of real estate business into the tax net and help in reducing the prices of property in future.
Published 08 Jun, 2006 12:00am
Indonesian rubber firm

Indonesian rubber firm

Indonesian rubber prices were firm on Wednesday despite ample domestic supplies because of healthy consumer demand and tight supplies in top rubber producer Thailand.
Published 08 Jun, 2006 12:00am
CVT to help bring property speculators into tax net: Yusuf

CVT to help bring property speculators into tax net: Yusuf

The imposition of capital value tax (CVT) on sale/purchase of urban immovable property would help in bringing the speculators of real estate business into the tax net and help in reducing the prices of property in future.
Published 08 Jun, 2006 12:00am
US copper sinks

US copper sinks

US copper futures closed down over 3 percent as a firm dollar and inflationary fears rattled metals markets across the board on Tuesday, while traders largely ignored news of a force major at Grupo Mexico's Cananea mine, sources said.
Published 08 Jun, 2006 12:00am
SHC summons Pakistan Petroleum Limited

SHC summons Pakistan Petroleum Limited

Sindh High Court has issued notice to Pakistan Petroleum Limited (PPL) for June 8, 2006, in a declaratory and damages suit of a petroleum gas company against termination of contract by PPL.
Published 08 Jun, 2006 12:00am
New York gold down

New York gold down

Gold futures in New York settled 2.2 percent lower on Tuesday in a sell-off sparked by a stronger US dollar and lower equity markets and oil prices, traders said.
Published 08 Jun, 2006 12:00am
SHC summons Pakistan Petroleum Limited

SHC summons Pakistan Petroleum Limited

Sindh High Court has issued notice to Pakistan Petroleum Limited (PPL) for June 8, 2006, in a declaratory and damages suit of a petroleum gas company against termination of contract by PPL.
Published 08 Jun, 2006 12:00am