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Print - 2006-07-09
'IMF quota increase should apply to all'

'IMF quota increase should apply to all'

The International Monetary Fund's voting structure should be overhauled to reflect the current weight of each of its 184 member countries in the global economy, US Treasury under-secretary for international affairs Tim Adams said on Saturday.
Published 09 Jul, 2006 12:00am
Package for textile sector

Package for textile sector

The committee set up by the Ministry of Textile to recommend measures to cut down the cost of doing business in textile and clothing sector in Pakistan, has come up with some useful proposals which, if implemented, can revitalise the sector and impart to
Published 09 Jul, 2006 12:00am
Disquieting situation in computer imports

Disquieting situation in computer imports

According to a recent news report, withdrawal of 5 percent custom duty, on import of computer accessories and hardware components, together with imposition of 15 percent GST, has resulted in piling up of scores of containers with computer hardware accesso
Published 09 Jul, 2006 12:00am
Blind endorsement by Parliament of taxes

Blind endorsement by Parliament of taxes

"Taxation is a most flexible and effective but also a dangerous instrument of social reform. One has to know precisely what one is doing lest the results diverge greatly from one's intentions" - Gunnar Myrdal, The Political Element in the Development of E
Published 09 Jul, 2006 12:00am
No reforms of I-technology

No reforms of I-technology

The Government has formed a new National Reforms Commission under the chairmanship of Dr Ishrat Hussain, the ex Governor of the State Bank of Pakistan. What ease he provided to the common man as the central bank's governor is not a topic here.
Published 09 Jul, 2006 12:00am
MMA's protest

MMA's protest

This is with reference to the MMA deciding to start a mass-level protest against General Pervez Musharraf. The double standards of the MMA can be well gauged from the fact that the leaders of its constituent parties supported General Zia with full force a
Published 09 Jul, 2006 12:00am
Europe's fears make Morocco a migrant bottleneck

Europe's fears make Morocco a migrant bottleneck

Mandale, a 33-year-old Nigerian, lives in a cramped room with his wife, brother and baby daughter and dreams of a new life in Spain. A trained pharmacist, he does odd jobs around the Moroccan capital to try to make ends meet. In 2003, he tried to scale a
Published 09 Jul, 2006 12:00am
Irsa to supply sufficient water for Kharif crops

Irsa to supply sufficient water for Kharif crops

Indus River System Authority (Irsa) Chairman Shafqat Mehmood said on Saturday that Sindh and Punjab would have sufficient water for the cultivation of Kharif crops. In a telephonic interview to PTV, he said Sindh and Punjab were already getting required a
Published 09 Jul, 2006 12:00am
ARD turns guns towards Prime Minister: MMA

ARD turns guns towards Prime Minister: MMA

Muttahida Majlis-i-Amal (MMA) deputy chief Hafiz Hussain Ahmed has said it is wondering for the MMA as to why the Alliance for Restoration of Democracy (ARD), after deciding to launch a united movement against President Pervez Musharraf, has turned the di
Published 09 Jul, 2006 12:00am
Expert recommends steps to control 'mealy bug' attack on cotton

Expert recommends steps to control 'mealy bug' attack on cotton

A senior cotton researcher has recommended certain measures including eradication of weeds to control a new cotton pest 'mealy bug'. Director, Central Cotton Research Institute (CCRI) Multan, Muhammad Islam Gill, told APP on Saturday that last year the me
Published 09 Jul, 2006 12:00am
China Development Bank to open office in Pakistan

China Development Bank to open office in Pakistan

China Development Bank (CDB), a leading state-owned financial institution would set up its representative office in Pakistan this year. The bank's representative office likely to be set up in Islamabad, this was stated by Sirajuddin Aziz, a Senior Executi
Published 09 Jul, 2006 12:00am
Musharraf praised for seven percent growth rate

Musharraf praised for seven percent growth rate

In a survey on Pakistan's economy, weekly international news and business publication, "The Economist," has praised President Pervez Musharraf for seven percent growth rate.
Published 09 Jul, 2006 12:00am
GCU to start BSc in E&T engineering

GCU to start BSc in E&T engineering

After the success of M.Sc. in telecommunications, GC University has decided to start four-year B.Sc. engineering in Electronics and Telecommunication (E&T). The programme will start at the Centre for Advanced Studies in Physics (CASP), which is one of the
Published 09 Jul, 2006 12:00am
ClearCube, FiveRivers join hands for IT uplift

ClearCube, FiveRivers join hands for IT uplift

ClearCube Technology, the leading manufacturer of Blade PCs and Management Software, announced the availability of ClearCube Sentral 5.0. The Enterprise Systems Management application, developed in partnership with Lahore based Five Rivers, was launched a
Published 09 Jul, 2006 12:00am
'Free and fair polls must for country's future'

'Free and fair polls must for country's future'

Veteran journalist and Editor-in-Chief of daily Nawa-e-Waqt Majid Nizami has said that holding of free and fair elections are inevitable to save the country's future and put the political system at right track.
Published 09 Jul, 2006 12:00am
Proposals invited

Proposals invited

In view of the ongoing free trade negotiations with Malaysia and Singapore, the commerce ministry has invited input and suggestions from stakeholders, local industry and businessmen on tariff concessions/elimination on goods to evolve a negotiation strate
Published 09 Jul, 2006 12:00am
PPP denies Benazir-Qazi meeting plan

PPP denies Benazir-Qazi meeting plan

Pakistan Peoples Party has said that no meeting of Jamaat-i-Islami chief with PPP Chairperson Benazir Bhutto is planned. "It is clarified that no appointment was arranged and the offices of neither of the two parties had contacted each other for a meeting
Published 09 Jul, 2006 12:00am
Stock market crash: PPP demands arrest of officials, brokers

Stock market crash: PPP demands arrest of officials, brokers

The Pakistan People's Party (PPP) on Saturday demanded the arrest of the top government officials and powerful brokers allegedly involved in the March 2005 stock market crash and placing their names in the exit control list (ECL).
Published 09 Jul, 2006 12:00am
Israeli forces pull back; Haniyeh urges ceasefire

Israeli forces pull back; Haniyeh urges ceasefire

Palestinian Prime Minister Ismail Haniyeh called for a halt to fighting on Saturday hours after Israel, whose forces have killed over 40 Palestinians in recent days, withdrew from most of the northern Gaza Strip.
Published 09 Jul, 2006 12:00am
US military ready for 'pain' over Iraqi killings

US military ready for 'pain' over Iraqi killings

Commanders can expect a "day of pain" once the top US general in Iraq reviews a report that finds they failed to act on complaints their troops killed 24 civilians at Haditha, a US military official said on Saturday.
Published 09 Jul, 2006 12:00am
Three US soldiers killed

Three US soldiers killed

Insurgents killed three US soldiers in Iraq's rebellious western province of Anbar on Saturday, the US military said in a statement. The statement did not give details on how the soldiers were killed. Earlier, Iraqi police said a roadside bomb had caused
Published 09 Jul, 2006 12:00am
Cyprus leaders agree on talks framework: UN

Cyprus leaders agree on talks framework: UN

Leaders of ethnically partitioned Cyprus agreed on Saturday to a framework to allow the resumption of peace talks in a major breakthrough to a process stalled for more than two years.
Published 09 Jul, 2006 12:00am
'US and Russia to pursue civilian nuclear pact'

'US and Russia to pursue civilian nuclear pact'

President George W. Bush will allow extensive US civilian nuclear co-operation with Russia for the first time, a decision that reverses decades of bipartisan policy, The Washington Post reported on Saturday. The Post said the move could be worth billions
Published 09 Jul, 2006 12:00am
US backs China bid for informal North Korea talks

US backs China bid for informal North Korea talks

The United States, facing opposition to proposed UN sanctions against North Korea for this week's missile tests, said on Saturday it backed China's proposal for informal talks to re-engage the reclusive state.
Published 09 Jul, 2006 12:00am
24 pilgrims killed in India

24 pilgrims killed in India

Twenty four people were killed and eight injured when the bus they were travelling in plunged into a gorge in northern India, police said Saturday. "The toll has gone up to 24. All the bodies have been recovered. The rescue work has been completed," local
Published 09 Jul, 2006 12:00am
Mauresmo battles back to take Wimbledon crown

Mauresmo battles back to take Wimbledon crown

Amelie Mauresmo became the first Frenchwoman in 81 years to win the Wimbledon singles title when she conquered a severe bout of stagefright to beat Belgium's Justine Henin-Hardenne 2-6, 6-3, 6-4 on Saturday.
Published 09 Jul, 2006 12:00am
Neighbours and rivals prepare for World Cup showdown

Neighbours and rivals prepare for World Cup showdown

Neighbours France and Italy, both previous World Cup winners, both known at home as "the blues", meet in Berlin Sunday in the final in a game with a resonance far beyond its sporting dimension.
Published 09 Jul, 2006 12:00am
No financial worries about World Cup 2010: Mbeki

No financial worries about World Cup 2010: Mbeki

South African President Thabo Mbeki on Saturday said fears that his country was not financially or logistically equipped to host the football World Cup 2010 were unfounded. Mbeki said South Africa was convinced it could fulfil all of FIFA's requirements f
Published 09 Jul, 2006 12:00am
India to host 2011 World Cup final

India to host 2011 World Cup final

India will host the final of the 2011 World Cup with the opening ceremony to be held in Bangladesh, a Pakistan Cricket Board (PCB) official said on Saturday. The International Cricket Council (ICC) has awarded the hosting rights to India, Pakistan, Sri La
Published 09 Jul, 2006 12:00am
Inzamam and Yousuf miss out against England A

Inzamam and Yousuf miss out against England A

Pakistan captain Inzamam-ul-Haq and fellow senior batsman Mohammad Yousuf missed out on the chance of some time in the middle before next week's first Test at Lord's after they each fell for nought against England A here Saturday.
Published 09 Jul, 2006 12:00am
IMM speculators raise net euro long positions

IMM speculators raise net euro long positions

Currency speculators in International Monetary Market futures increased their long euro positions for the period ending July 3, according to data released on Friday.
Published 09 Jul, 2006 12:00am
Global reaction to BoJ hike likely to be long term

Global reaction to BoJ hike likely to be long term

Financial markets wilted when the Bank of Japan ended its super-loose monetary policy in March, but rising risk aversion since then means global investors are well positioned to absorb any BoJ rate hike next week.
Published 09 Jul, 2006 12:00am
Forex market views and key levels

Forex market views and key levels

Following is a selection of comments from analysts on important technical developments in the foreign exchange market:
Published 09 Jul, 2006 12:00am
Dollar tumbles on weak US jobs data

Dollar tumbles on weak US jobs data

The dollar plumbed one-month lows against the euro and the yen on Friday after data showed US job growth in June fell short of expectations and heightened concern that the US economy may be slowing.
Published 09 Jul, 2006 12:00am
Dollar down but not out after modest payrolls

Dollar down but not out after modest payrolls

Traders dropped the dollar to one-month lows against the euro and yen after a surprisingly weak US jobs report on Friday - but anybody expecting this to be a knockout blow for the currency may be disappointed.
Published 09 Jul, 2006 12:00am
Canadian dollar drops, bonds up

Canadian dollar drops, bonds up

The Canadian dollar ended lower against the US dollar on Friday as Canada's June job report came in weaker than expected, persuading the market that the Bank of Canada will not raise interest rates next week.
Published 09 Jul, 2006 12:00am
US stocks tumble after 3M's profit warning

US stocks tumble after 3M's profit warning

US stocks tumbled on Friday, sending the Dow to its biggest drop in a month, as investors worried that 3M Co's profit warning could be a sign that more companies will forecast that earnings will fall short of Wall Street's estimates. A government report s
Published 09 Jul, 2006 12:00am
Italian bourse seeks talks on exchange federation

Italian bourse seeks talks on exchange federation

Borsa Italiana said on Friday it would start talks with interested bourses on a possible European federation of stock exchanges. The Italian bourse is in talks with pan-European exchange Euronext for a prospective alliance and has received a proposal for
Published 09 Jul, 2006 12:00am
Argentinean stocks plunge

Argentinean stocks plunge

Argentine stocks slipped on Friday, dragged lower by a sell-off in international markets, traders said. The MerVal index of 12 leading shares finished 0.73 percent lower to close at 1,704.68 points after rising more than 0.70 percent earlier in the sessio
Published 09 Jul, 2006 12:00am
Mexican stocks decline

Mexican stocks decline

Mexican stocks fell on Friday, hurt by fears of higher US interest rates and despite optimism after Mexico's conservative candidate barely won the presidential election. The IPC stock index closed 1.09 percent lower at 19,829.60 points. The peso gained 0.
Published 09 Jul, 2006 12:00am
Chilean stocks slip

Chilean stocks slip

Chilean stocks fell on Friday as investors anticipated a rate hike at the central bank's monetary policy meeting next week. The IPSA blue chip index fell 0.81 percent to 2,105.78 points while the all-market IGPA index slipped 0.49 percent to 9,855.13, pre
Published 09 Jul, 2006 12:00am
Brazilian stocks drop

Brazilian stocks drop

Brazil's stocks weakened on Friday, after the central bank bought US dollars, and after a rise in US wage inflation raised concerns US interest rates might rise further attracting money away from emerging markets. The Sao Paulo Stock Exchange's Bovespa in
Published 09 Jul, 2006 12:00am
European Stocks week ahead: retailers, IPOs grab spotlight

European Stocks week ahead: retailers, IPOs grab spotlight

European stock market investors will latch onto next week's results updates, mostly from retailers, to see if shares can rise beyond one-month highs, even as interest rate concerns lurk in the background.
Published 09 Jul, 2006 12:00am
American credit market outlook

American credit market outlook

Altria Group Inc's credit spreads have narrowed sharply since a key legal victory for the tobacco industry on Thursday, yet there may be more upside in store for credit investors, several analysts say.
Published 09 Jul, 2006 12:00am
American credit market outlook

American credit market outlook

Altria Group Inc's credit spreads have narrowed sharply since a key legal victory for the tobacco industry on Thursday, yet there may be more upside in store for credit investors, several analysts say.
Published 09 Jul, 2006 12:00am
Tube City IMS files for $172.5 million IPO

Tube City IMS files for $172.5 million IPO

Tube City IMS Corp, which provides outsourced services to steel mills in North America, Europe and China, said on Friday it is planning an initial public offering of as much as $172.5 million in common stock.
Published 09 Jul, 2006 12:00am
Tube City IMS files for $172.5 million IPO

Tube City IMS files for $172.5 million IPO

Tube City IMS Corp, which provides outsourced services to steel mills in North America, Europe and China, said on Friday it is planning an initial public offering of as much as $172.5 million in common stock.
Published 09 Jul, 2006 12:00am
Toronto stocks rise on rate hopes, but oils fall

Toronto stocks rise on rate hopes, but oils fall

Toronto stocks ended with a moderate gain on Friday as the financials group rallied on interest-rate relief, offsetting a steep drop in energy shares as oil prices retreated from record highs. The Toronto Stock Exchange's key S&P/TSX composite index close
Published 09 Jul, 2006 12:00am
US Treasuries climb on soft June payrolls data

US Treasuries climb on soft June payrolls data

US Treasury debt prices climbed on Friday after government jobs data indicated the labour market was softer than economists had forecast, leaving room for the Federal Reserve to stop raising interest rates.
Published 09 Jul, 2006 12:00am
US Treasuries climb on soft June payrolls data

US Treasuries climb on soft June payrolls data

US Treasury debt prices climbed on Friday after government jobs data indicated the labour market was softer than economists had forecast, leaving room for the Federal Reserve to stop raising interest rates.
Published 09 Jul, 2006 12:00am
GM bonds surge on board approval of talks

GM bonds surge on board approval of talks

General Motors Corp bonds were mostly stronger on Friday after the automaker's board approved talks to discuss a possible partnership with Nissan Motor Co Ltd and Renault SA. In the broader US corporate market, spreads were firm and mostly unchanged.
Published 09 Jul, 2006 12:00am
GM bonds surge on board approval of talks

GM bonds surge on board approval of talks

General Motors Corp bonds were mostly stronger on Friday after the automaker's board approved talks to discuss a possible partnership with Nissan Motor Co Ltd and Renault SA. In the broader US corporate market, spreads were firm and mostly unchanged.
Published 09 Jul, 2006 12:00am
Emerging debt prices up on hopes of Fed pause

Emerging debt prices up on hopes of Fed pause

Emerging market bond prices rose on Friday after a weaker-than-expected US jobs report raised some hopes that the Federal Reserve may give up raising interest rates again in August.
Published 09 Jul, 2006 12:00am
Emerging debt prices up on hopes of Fed pause

Emerging debt prices up on hopes of Fed pause

Emerging market bond prices rose on Friday after a weaker-than-expected US jobs report raised some hopes that the Federal Reserve may give up raising interest rates again in August.
Published 09 Jul, 2006 12:00am
German budget deficit seen above EU limit in 2006

German budget deficit seen above EU limit in 2006

Germany's budget deficit will probably exceed the EU's limit of 3 percent of gross domestic product this year, despite the finance minister's statements to the contrary, a German magazine reported on Saturday.
Published 09 Jul, 2006 12:00am
Protestors march in Seoul against US trade pact

Protestors march in Seoul against US trade pact

Some 4,000 people marched in the streets here Saturday urging the government to scrap free trade talks with the United States. The protest, led by public sector workers and school teachers, came ahead of mass rallies called by activists to coincide with t
Published 09 Jul, 2006 12:00am
'New Jersey lawmakers approve budget deal'

'New Jersey lawmakers approve budget deal'

The New Jersey Legislature voted to approve a $31 billion budget accord early on Saturday to end a government shutdown that closed Atlantic City's 12 casinos and furloughed 45,000 state workers, CBS Radio reported.
Published 09 Jul, 2006 12:00am
Seaspan eyes expansion in fragmented market: CFO

Seaspan eyes expansion in fragmented market: CFO

Container shipping operator Seaspan Corp intends to pursue further fleet expansion through loans, cash flow and possible secondary share offerings to take advantage of the fragmented market it operates in, a senior executive said on Friday.
Published 09 Jul, 2006 12:00am
Seaspan eyes expansion in fragmented market: CFO

Seaspan eyes expansion in fragmented market: CFO

Container shipping operator Seaspan Corp intends to pursue further fleet expansion through loans, cash flow and possible secondary share offerings to take advantage of the fragmented market it operates in, a senior executive said on Friday.
Published 09 Jul, 2006 12:00am
Low-emission cars getting popular in China

Low-emission cars getting popular in China

Fuel-efficient cars with low emissions proved popular in China's auto market in the first half of this year, accounting for half of the top-10 best selling vehicles, state media said Sunday.
Published 09 Jul, 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 Saturday (July 08, 2006).

Published 09 Jul, 2006 12:00am
Jute goods rates

Jute goods rates

Jute goods rates in rupees prevailing on the commodity markets in Karachi on Saturday (July 08, 2006).

Published 09 Jul, 2006 12:00am
Raw rubber rates

Raw rubber rates

Raw Rubber rates in rupees prevailing on the commodity markets in Karachi on Saturday (July 08, 2006).

Published 09 Jul, 2006 12:00am
Milk powder rates

Milk powder rates

Milk Powder rates in rupees prevailing on the commodity markets in Karachi on Saturday (July 08, 2006).

Published 09 Jul, 2006 12:00am
Karachi tea rates

Karachi tea rates

Tea rates in rupees prevailing on the commodity markets in Karachi on Saturday (July 08, 2006).

Published 09 Jul, 2006 12:00am
THE RUPEE: three paisa recovery versus dollar

THE RUPEE: three paisa recovery versus dollar

The rupee trimmed some weakness versus the dollar in the open market, gaining three paisa for buying and selling at 60.55 and 60.60, respectively. Some dealers said that due to international market closer, activity was low and supply was enough to fulfil
Published 09 Jul, 2006 12:00am
THE RUPEE: three paisa recovery versus dollar

THE RUPEE: three paisa recovery versus dollar

The rupee trimmed some weakness versus the dollar in the open market, gaining three paisa for buying and selling at 60.55 and 60.60, respectively. Some dealers said that due to international market closer, activity was low and supply was enough to fulfil
Published 09 Jul, 2006 12:00am
EFU funds rates

EFU funds rates

EFU Life Assurance Ltd announced that the Offer and Bid prices for the following funds effective from Monday July 10, 2006.

Published 09 Jul, 2006 12:00am
EFU funds rates

EFU funds rates

EFU Life Assurance Ltd announced that the Offer and Bid prices for the following funds effective from Monday July 10, 2006.

Published 09 Jul, 2006 12:00am
EFU funds rates

EFU funds rates

EFU Life Assurance Ltd announced that the Offer and Bid prices for the following funds effective from Monday July 10, 2006.

Published 09 Jul, 2006 12:00am
Rates of Pipe Fittings

Rates of Pipe Fittings

Pipe fitting rates in rupees prevailing in the markets in Karachi on Saturday (July 08, 2006).

Published 09 Jul, 2006 12:00am
Iron, steel and other metal rates

Iron, steel and other metal rates

Iron, steel and other metal rates in rupees prevailing on the commodity markets in Karachi on Saturday (July 08, 2006).

Published 09 Jul, 2006 12:00am
State Bank statement of affairs

State Bank statement of affairs

The statement of affairs of the State Bank of Pakistan, Banking Department, as on 17 June 2006.

Published 09 Jul, 2006 12:00am
State Bank statement of affairs

State Bank statement of affairs

The statement of affairs of the State Bank of Pakistan, Banking Department, as on 17 June 2006.

Published 09 Jul, 2006 12:00am
Automart: car prices in Karachi

Automart: car prices in Karachi

The prices of different makes and models of cars prevailing in Karachi in the week ended on Saturday (July 08, 2006).

Published 09 Jul, 2006 12:00am
World Shipping Schedule

World Shipping Schedule

Karachi Port's world-wide shipping schedule beginning from Monday (July 10, 2006).

Published 09 Jul, 2006 12:00am
World Shipping Schedule

World Shipping Schedule

Karachi Port's world-wide shipping schedule beginning from Monday (July 10, 2006).

Published 09 Jul, 2006 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Saturday (July 08, 2006).

Published 09 Jul, 2006 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Saturday (July 08, 2006).

Published 09 Jul, 2006 12:00am
World currencies and dollar

World currencies and dollar

Value of the dollar in terms of other world currencies as prevailing in the week ended on Saturday (July 08, 2006).

Published 09 Jul, 2006 12:00am
Spot dollar rates

Spot dollar rates

Spot Dollar rates from Khadim Ali Shah Bukhari & Co Ltd on Saturday (July 08, 2006).

Published 09 Jul, 2006 12:00am
Money Market Report

Money Market Report

Money market report by Khadim Ali Shah Bukhari & Co on Saturday (July 08, 2006).
Published 09 Jul, 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 Saturday (July 08, 2006).

Published 09 Jul, 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 Saturday (July 08, 2006).

Published 09 Jul, 2006 12:00am
Soyabeans end lower on correction

Soyabeans end lower on correction

The Chicago Board of Trade soyabean market tumbled on Friday as the forecast called for rain to move into the parched western US next week, traders said. Traders have been especially concerned about the western Midwest, where soyabeans need more rain afte
Published 09 Jul, 2006 12:00am
New York copper slips

New York copper slips

Comex copper futures settled down and near session lows on Friday, as investors banked some profits after prices rallied more than 6 percent in the previous session, sources said. "We were a little over-cooked yesterday and I think it was just a natural r
Published 09 Jul, 2006 12:00am