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Print - 2006-07-22
Kyrgyzstan gives Global Gold disputed licence

Kyrgyzstan gives Global Gold disputed licence

Kyrgyzstan on Thursday granted Austrian-based private equity vehicle, Global Gold GmbH, a licence to mine a gold deposit which has so far been developed by Britain's Oxus Gold Plc.
Published 22 Jul, 2006 12:00am
Shanghai exchange copper, aluminium stocks down

Shanghai exchange copper, aluminium stocks down

Aluminium inventories at warehouses monitored by the Shanghai Futures Exchange plunged more than 25 percent this week, with copper stocks down nearly 5 percent, as Chinese traders sold to overseas.
Published 22 Jul, 2006 12:00am
London sugar higher

London sugar higher

London white sugar futures closed firmer on trade buying against trade and speculative selling on Friday, and traders said they expected physical offtake to pick up after the recent sell-off. Benchmark October futures settled up $3.70 at $450.50 per tonne
Published 22 Jul, 2006 12:00am
Copper declines

Copper declines

Copper fell by over four percent on the London Metal Exchange (LME) at the close on Friday, taking the complex lower in nervous and very illiquid markets. "People are nervous, the markets are extremely thin and it has been relatively quiet," an LME floor
Published 22 Jul, 2006 12:00am
Oil holds above $74 a barrel

Oil holds above $74 a barrel

Oil held above $74 a barrel on Friday on concerns about escalating violence in the Middle East after Israel called up reservists in what could be a ground offensive against Hizbollah guerrillas. Israel ordered several thousand reserve soldiers to report f
Published 22 Jul, 2006 12:00am
US crop tour expecting low spring wheat yields

US crop tour expecting low spring wheat yields

Crop scouts are expected to see that scorching temperatures and dry conditions in the northern US Plains severely cut into spring wheat yields during a tour of the main production area next week, analysts said.
Published 22 Jul, 2006 12:00am
Alumina prices fall

Alumina prices fall

Prices for spot alumina, the raw material for aluminium, have fallen 16 percent this month and more than 30 percent since May due to higher-than-expected production in China, industry officials said on Friday.
Published 22 Jul, 2006 12:00am
UK-listed copper firm signs loan for Congo mine

UK-listed copper firm signs loan for Congo mine

UK-listed Copper Resources Corporation will start production at a 54,000 tonne-per-year mine in the DRC next year after signing a loan agreement, the company said on Friday.
Published 22 Jul, 2006 12:00am
Italian jewellery exports seen 20-30 percent down

Italian jewellery exports seen 20-30 percent down

Italian jewellery exports, mostly gold, may fall some 20-30 percent by volume in 2006 as competition from lower cost countries, high duties and a strong euro hit the industry, a sector expert said on Friday.
Published 22 Jul, 2006 12:00am
Malaysian palm oil giant eyes expansion in Europe

Malaysian palm oil giant eyes expansion in Europe

Malaysian palm oil giant Golden Hope Plantations Bhd wants to acquire more vegetable oil refineries in Europe and is currently looking at two or three options, a senior company official said on Friday.
Published 22 Jul, 2006 12:00am
European gold bounces off early lows

European gold bounces off early lows

Gold bounced in European trade on Friday as the metal's overnight drop of nearly two percent attracted bargain-hunters and physical buyers as the dollar eased. Gold had been under pressure from sustained selling as investors locked in profits, but the wea
Published 22 Jul, 2006 12:00am
Effluent plants to be installed in five major towns

Effluent plants to be installed in five major towns

Under a well-knitted plan effluent plants would be installed in five major industrial towns for combating environmental degradation in the country. Official sources told Business Recorder on Friday here that the proposed affluent plants would be in
Published 22 Jul, 2006 12:00am
Five more units at SIE to be operational by July 30

Five more units at SIE to be operational by July 30

Five more factories at Sundar Industrial Estate (SIE) will be operational by July 30, bringing the total number of units in production to eight. "About 40 units are under construction these days; SIE will have a great impact on the national economy when h
Published 22 Jul, 2006 12:00am
Doctors' duel

Doctors' duel

I refer to your issues of July 10 and 11 with particular reference to the wordy duel between eminent doctors Tariq Hassan and Salman Shah, blaming one another for the March 2005 stock exchange crash in Pakistan. This matter could have been dealt with by e
Published 22 Jul, 2006 12:00am
Facts regarding the Danka Controversy

Facts regarding the Danka Controversy

It refers to M.S. Hasan's letter appearing in the Business Recorder on July 15, 2006, raising certain points in the context of my article captioned, "The Facts regarding the Danka Controversy" published on July 1, 2006 in your esteemed paper.
Published 22 Jul, 2006 12:00am
Qatar's natural gas city offers to power the world

Qatar's natural gas city offers to power the world

For those worried about world energy supplies, a trip to the huge gas processing centre at Ras Laffan in Qatar's desert might offer reassurance -- but it's also unsettling. The statistics are as overwhelming as the mile upon mile of steel tubing, shimmeri
Published 22 Jul, 2006 12:00am
Real aims of US-backed Israeli aggression

Real aims of US-backed Israeli aggression

A week after Israel's air war on Lebanon, with some 250 civilians killed and much of the country's infrastructure destroyed, US President George Bush issued a threat against Syria. Declaring that Syria was "trying to get back into Lebanon," he warned agai
Published 22 Jul, 2006 12:00am
Let there be rule of law

Let there be rule of law

Adjudicating in Lahore on Wednesday in a case that involved abduction of nine members of a Sindhi landless peasant family, the Supreme Court remarked that 80 percent of the problems could be addressed if only the people observed the law. Coming as it does
Published 22 Jul, 2006 12:00am
The President's address

The President's address

In his wide-ranging, 70-minute televised address to the nation, President Musharraf unveiled his multi-dimensional vision for dealing with the issues of poverty, unemployment, inflation and power shortage in the country. He also dilated on the unrest in B
Published 22 Jul, 2006 12:00am
ICMAP's seminar today

ICMAP's seminar today

Institute of Cost and Management Accountants of Pakistan (ICMAP) is holding a seminar on 'Mutual Funds-An Investment Tool for General Public' on Saturday. According to ICMAP's spokesman, professionals would address the seminar. Punjab Minister for Finance
Published 22 Jul, 2006 12:00am
CAA tender policy comes under scrutiny

CAA tender policy comes under scrutiny

The auditor general of Pakistan on Friday conveyed his resentment to the Public Accounts Committee (PAC) over difficulties in conducting audit of government departments due to non-co-operation.
Published 22 Jul, 2006 12:00am
FCCI hails trade policy

FCCI hails trade policy

Faisalabad Chamber of Commerce and Industry (FCCI) has lauded the trade policy, sayings it will keep strengthening the country's export base. In a statement, FCCI President Mian Muhammad Hanif said since the government economic policies were good, the 18.
Published 22 Jul, 2006 12:00am
Petition dismissed

Petition dismissed

A division bench of the Lahore High Court (LHC) has dismissed a petition filed against a member of the provincial assembly Tahir Akhtar Malik due to non prosecution. The petitioner Zulfiqar Ghuman had approached the court against the respondent for riggin
Published 22 Jul, 2006 12:00am
Law officers ordered

Law officers ordered

The Supreme Court of Pakistan while taking serious notice of non-transfer of DPO Sialkot and police high-ups failure in deputing an honest and efficient police official for the recovery of one Bashir, has directed the law officer to approach the IG Punjab
Published 22 Jul, 2006 12:00am
Chief Justice orders report

Chief Justice orders report

The Chief Justice of Pakistan has called a report from District and Sessions Judge in a murder case of Malkani, who was in jail, registered against Malik Taj. The Chief Justice, while expressing astonishment, asked the D&SJ to submit a report within three
Published 22 Jul, 2006 12:00am
Transfers and postings in LHC

Transfers and postings in LHC

The Chief Justice of the Lahore High Court (LHC) made transfers and postings among 17 additional district and sessions judges. According to a notification, Additional District and Sessions Judge Khalid Naveed Dar has been transferred from Kalur Kot to Fer
Published 22 Jul, 2006 12:00am
Body formed to probe mortgaged plots sale

Body formed to probe mortgaged plots sale

District Nazim Mian Amer Mahmood has constituted a high-powered committee for probing sale of mortgaged plots, deposited by private housing societies with LDA as guarantee for construction of physical infrastructure, without completing development works i
Published 22 Jul, 2006 12:00am
Protest held against Israeli aggression

Protest held against Israeli aggression

Protesters belonging to various civil society organisations and politico religious parties on Friday staged a demonstration to protest and condemn the Israeli aggression against innocent people of Lebanon and Palestine.
Published 22 Jul, 2006 12:00am
Chief Justice urged to take suo motu notice of President in uniform

Chief Justice urged to take suo motu notice of President in uniform

Former Punjab governor and PPPP leader Malik Ghulam Mustafa Khar, while expressing grave concern over prevailing situation in the country, has requested Chief Justice of Pakistan to take suo motu notice on the issues of President in uniform and holding fr
Published 22 Jul, 2006 12:00am
Boucher pleads F-16 sales case before House committee

Boucher pleads F-16 sales case before House committee

US Assistant Secretary of State for South and Central Asia has said the administration believes that it is in United States' "national interest" to proceed with the sale of F-16s to Pakistan. "Sale of F-16s," Richard Boucher said, "provides a clear and co
Published 22 Jul, 2006 12:00am
Lahore-Sialkot motorway body meets

Lahore-Sialkot motorway body meets

Three international universities would set up their campuses along the proposed motorway from Lahore to Sialkot while three industrial estates would also be established. This was informed in a meeting of Lahore-Sialkot Motorway Steering Committee, which w
Published 22 Jul, 2006 12:00am
Israeli aggression: Geelani calls for strike today

Israeli aggression: Geelani calls for strike today

In the first ever reaction to Israeli raid on Lebanon, Hurriyat Conference Chairman Syed Ali Shah Geelani terming it naked aggression, has called for a strike on Saturday.
Published 22 Jul, 2006 12:00am
PAC condemns Israeli aggression

PAC condemns Israeli aggression

The National Assembly's Public Accounts Committee on Friday strongly condemned Israel's ongoing naked aggression against Lebanon and Palestine, urging the world community to help end the Muslims' carnage.
Published 22 Jul, 2006 12:00am
US principal officer meets Punjab chief minister

US principal officer meets Punjab chief minister

US Principal Officer Brian Hunt called on Punjab Chief Minister Chaudhry Pervaiz Elahi here on Friday and discussed matters of mutual interest, development projects in Punjab and other affairs. Talking with Brian Hunt, the CM said that people of Pakistan
Published 22 Jul, 2006 12:00am
Afgan lauds President's views on Israeli aggression

Afgan lauds President's views on Israeli aggression

Minister for Parliamentary Affairs Dr Sher Afgan Khan Niazi said on Friday that President General Pervez Musharraf had taken detailed account of the internal issues and the situation in Middle East following Israeli aggression against Lebanon in his addre
Published 22 Jul, 2006 12:00am
Pakistan stresses on comprehensive UNSC reforms

Pakistan stresses on comprehensive UNSC reforms

Stating that United Nation Security Council (UNSC) reform of vital interest to all states, Pakistan has stressed that the process should cover both its enlargement and working methods. "Security Council reform must be comprehensive," Pakistan's Acting Per
Published 22 Jul, 2006 12:00am
Rs 1.5 billion grant for Gujranwala announced

Rs 1.5 billion grant for Gujranwala announced

The Punjab government has announced a substantial grant of one and a half billion rupees for uplift of sewerage and drainage system at Gujranwala city. The grant when released shall be utilised to replace broken and damaged gutter pipes, said Managing Dir
Published 22 Jul, 2006 12:00am
Fesco starts buying power from private producers

Fesco starts buying power from private producers

Faisalabad Electric Supply Corporation (Fesco) has started purchasing electricity from the Private Power Producers (PPPs) to overcome the persistent power crisis and supply uninterrupted electricity to the consumers.
Published 22 Jul, 2006 12:00am
District assembly members asked to submit uplift schemes

District assembly members asked to submit uplift schemes

Sialkot District Nazim Muhammad Akmal Cheema has directed the elected representatives of district assembly to immediately submit their development schemes so that work on the development projects could be initiated.
Published 22 Jul, 2006 12:00am
Suparco working on mega projects

Suparco working on mega projects

Suparco is engaged in mega projects of national importance, including implementation of the National Satellite Development Programme (NSDP), which also includes design development/manufacturing, launch and operations of a National Communication Satellite
Published 22 Jul, 2006 12:00am
NWFP UET to start degree courses in industrial engineering

NWFP UET to start degree courses in industrial engineering

The NWFP University of Engineering and Technology (UET), in pursuance with the policy of initiating cutting-edge disciplines in the field of engineering, has decided to start industrial engineering from this year. The decision of establishing a full fledg
Published 22 Jul, 2006 12:00am
Bank Alfalah's branch opens in Bannu

Bank Alfalah's branch opens in Bannu

Bank Alfalah Limited has opened its branch in Bannu district to facilitate the people of the area, said a release issued here on Friday. The newly started branch will have full online connectivity and a complete range of modern banking facility. Ahmad Ali
Published 22 Jul, 2006 12:00am
The Weather

The Weather

The weather report on Friday (July 21, 2006) and the forecast for Saturday (July 22, 2006).
Published 22 Jul, 2006 12:00am
Plan being prepared to utilise surplus CBR staff

Plan being prepared to utilise surplus CBR staff

A new workforce rationalisation plan is being prepared to productively utilise surplus staff at the culmination of CBR reforms programme. Sources told Business Recorder on Friday.
Published 22 Jul, 2006 12:00am
New York cotton

New York cotton

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

Published 22 Jul, 2006 12:00am
Pesco seeks government help in recovery of bills from quake zone

Pesco seeks government help in recovery of bills from quake zone

Peshawar Electricity Supply Company (Pesco) has Rs 284.23 million outstanding against the consumers, medical and relief camps and tent villages for providing free electricity to the quake affected areas. For the recovery of the amount the company has appr
Published 22 Jul, 2006 12:00am
New York cotton

New York cotton

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

Published 22 Jul, 2006 12:00am
Waris Shah Urs from July 23

Waris Shah Urs from July 23

The 208th Urs of eminent Punjabi poet Hazrat Baba Waris Shah is being started at Jandiala Sher Khan from Sunday. Faithful from across the country and abroad will attend the Urs festivities which will continue till July 25.
Published 22 Jul, 2006 12:00am
Key stock and currency market movements

Key stock and currency market movements

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

Published 22 Jul, 2006 12:00am
Kabul to free 17 Pakistani detainees next week

Kabul to free 17 Pakistani detainees next week

The Afghan government has agreed to free 17 Pakistani prisoners while a joint committee has been formed to pursue the cases of the other detainees, Interior Ministry officials said on Friday. The decision was taken during a two-day meeting held in Kabul t
Published 22 Jul, 2006 12:00am
Pakistan committed to peace process: Shaukat

Pakistan committed to peace process: Shaukat

Prime Minister Shaukat Aziz has said Pakistan wants peaceful settlement of all outstanding issues with India including the core issue of Jammu & Kashmir in line with the wishes and aspirations of the people of Kashmir to ensure sustainable peace in the re
Published 22 Jul, 2006 12:00am
Press briefed on Karachi Police performance

Press briefed on Karachi Police performance

The Capital City Police Karachi (CCPK) has recovered one SMG, one rocket launcher, nine rifles, six repeater guns, 201 pistols, six revolvers, while arresting 68 culprits, and killing nine dacoits in police encounters during last 20 days.
Published 22 Jul, 2006 12:00am
India seizes boat with six Pakistani fishermen

India seizes boat with six Pakistani fishermen

The Kutch police on Thursday seized a Pakistani fishing boat and arrested six persons off the Koteshwar coast of Indian Gujarat state. The seizure of boat and arrest of fishermen for straying into the territory of either country are a common feature.
Published 22 Jul, 2006 12:00am
Democratic government can fight terrorism effectively: Benazir

Democratic government can fight terrorism effectively: Benazir

"Terrorism and extremism are a by-products of military regimes and can be fought best by a democratically elected government". This was stated by the chairperson Pakistan Peoples Party and former prime minister Benazir Bhutto in an interview to the Indian
Published 22 Jul, 2006 12:00am
Cotton Spot Rates

Cotton Spot Rates

Official KCA spot rates for local dealings in Pakistan rupees on Friday (July 21, 2006).

Published 22 Jul, 2006 12:00am
UNDP signs MoU with Orix and FMFB

UNDP signs MoU with Orix and FMFB

The United Nations Development Programme (UNDP) on Friday signed here a Memorandum of Understanding (MoU) with Orix Leasing Pakistan and First Microfinance Bank Limited (FMFB) to help poverty reduction by providing financial support to women in Pakistan.
Published 22 Jul, 2006 12:00am
Poultry rates

Poultry rates

Wholesale poultry rates on Friday (July 21, 2006) and for Saturday (July 22, 2006).
Published 22 Jul, 2006 12:00am
Preparation of fresh electoral rolls reviewed

Preparation of fresh electoral rolls reviewed

Federal Secretary Election Commission of Pakistan (ECP) Kanwar Muhammad Dilshad presided over a meeting in the office of the Election Commissioner Punjab to review the preparation of fresh computerised electoral rolls 2006-2007.
Published 22 Jul, 2006 12:00am
CDA body approves 10 schemes worth Rs 540 million

CDA body approves 10 schemes worth Rs 540 million

The Capital Development Authority Development Working Party (CDADWP) on Thursday approved 10 development schemes costing over Rs 540 million. The meeting to this effect held here with CDA Chairman Kamran Lashari in the chair. Besides, CDA officials, repre
Published 22 Jul, 2006 12:00am
Export target of $20 billion may not be achieved: Aptma

Export target of $20 billion may not be achieved: Aptma

All Pakistan Textile Mills Association (Aptma) has expressed fear that the government's vision of $20 billion export target may not be achieved, provided the government provides relief package to the spinning sector.
Published 22 Jul, 2006 12:00am
Two killed in Karachi

Two killed in Karachi

Two people, including a girl, were killed in different incidents here on Friday. A 25-year girl was shot dead by some unknown armed people at Super Highway near new Sabzi Mandi in the jurisdiction of Sachal Police Station on Friday. The body of deceased w
Published 22 Jul, 2006 12:00am
Lahore Grain Market Rates

Lahore Grain Market Rates

Grain and other commodity rates in rupees on Akbari Mandi on Friday (July 21, 2006).

Published 22 Jul, 2006 12:00am
Super basmati rice: EU and Wipo help against Indian infringement

Super basmati rice: EU and Wipo help against Indian infringement

A concerted effort is being made by the Intellectual Property Organisation (IPO), government of Pakistan with the assistance of European Union (EU) and World Intellectual Property Organisation (Wipo) to protect Pakistan's super basmati rice from infringem
Published 22 Jul, 2006 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Friday (July 21, 2006).

Published 22 Jul, 2006 12:00am
'FunFoodFitness' exposition starts

'FunFoodFitness' exposition starts

Pakistan's first interactive event "FunFoodFitness" organised by Eventage Promotions has formally started at Karachi Expo Centre here on Friday. This three-day event was inaugurated by special children from various schools courtesy by renowned artist and
Published 22 Jul, 2006 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Friday (July 21, 2006).

Published 22 Jul, 2006 12:00am
Ibad orders roads completion in three months

Ibad orders roads completion in three months

Taking serious note of ever increasing traffic problems in the city, Sindh Governor Dr Ishratul Ibad Khan on Friday directed the concerned authorities to complete the under-construction roads in three months.
Published 22 Jul, 2006 12:00am
Power breakdown deprives Karachiites of President's address

Power breakdown deprives Karachiites of President's address

Half of the city plunged into darkness at exact 8:30pm on Thursday when the announcement at PTV about the address of President Pervez Musharraf to the nation was over and the Qari sahib had begun recitation from the Holy Quran.
Published 22 Jul, 2006 12:00am
Chinese team arrives in Karachi

Chinese team arrives in Karachi

A six-member Chinese delegation, led by Gou Husbeng, Vice President/Chief Economist of Chinese Team of Economic Co-operation Group, has arrived in Karachi for a five-day visit to the city. The delegation visited Chinese Consulate in Karachi on Friday. It
Published 22 Jul, 2006 12:00am
THE RUPEE: 10 paisa fall in open market

THE RUPEE: 10 paisa fall in open market

The rupee failed to maintain its firmness in the open market on Friday, dropping 10 paisa versus the dollar for buying and selling at 60.70 and 60.80, respectively. Continued demand for dollars did not allow the rupee to hold its firmness, dealers said.
Published 22 Jul, 2006 12:00am
Solar streetlights to help save 161MW

Solar streetlights to help save 161MW

The issue of power loadshedding in Karachi could be brought down to a major extent by introducing solar energy to light the streetlights, as this would save electricity in three major areas of the city.
Published 22 Jul, 2006 12:00am
THE RUPEE: 10 paisa fall in open market

THE RUPEE: 10 paisa fall in open market

The rupee failed to maintain its firmness in the open market on Friday, dropping 10 paisa versus the dollar for buying and selling at 60.70 and 60.80, respectively. Continued demand for dollars did not allow the rupee to hold its firmness, dealers said.
Published 22 Jul, 2006 12:00am
INTERNATIONAL TENDERS

INTERNATIONAL TENDERS

Export Promotion Bureau has received the following International Tenders from abroad. Interested Pakistani parties dealing in the under mentioned items can obtain further details of Tenders from the addresses given or from EPB Head Quarters and its Region
Published 22 Jul, 2006 12:00am
No loadshedding in industrial areas: KESC

No loadshedding in industrial areas: KESC

No loadshedding was being carried out in industrial areas of Karachi confirmed Division Director, Customer Service of Karachi Electric Supply Corporation (KESC), Jamil Gul in a meeting with Vice President of Federation of Pakistan Chambers of Commerce and
Published 22 Jul, 2006 12:00am
Kenyan High Commissioner visits Faisalabad University

Kenyan High Commissioner visits Faisalabad University

Kenyan High Commissioner Mishi Masika Mwatsahu has termed the University of Faisalabad (TUF) a centre of excellence with a vision to cater to the future needs of Pakistan. Speaking at a function, to the faculty and the university students, she appreciated
Published 22 Jul, 2006 12:00am
All shares index report

All shares index report

The sector-wise all shares index report on Friday (July 21, 2006).

Published 22 Jul, 2006 12:00am
AGP asked to entertain bill only under integrity pact

AGP asked to entertain bill only under integrity pact

Prime Minister Shaukat Aziz has directed the Auditors General of Pakistan not to entertain any bill for payment where integrity pact has not been signed. Provincial governments have also been requested to adopt the policy of including the integrity clause
Published 22 Jul, 2006 12:00am
Framework trade pact signed with Mercosur

Framework trade pact signed with Mercosur

Commerce Minister Humayun Akhtar and Foreign Ministers of Mercosur trade bloc comprising Argentina, Brazil, Paraguay and Uruguay, on Friday signed framework agreement on trade. With the signing of the agreement, Pakistan and Mercosur member states would i
Published 22 Jul, 2006 12:00am
Framework trade pact signed with Mercosur

Framework trade pact signed with Mercosur

Commerce Minister Humayun Akhtar and Foreign Ministers of Mercosur trade bloc comprising Argentina, Brazil, Paraguay and Uruguay, on Friday signed framework agreement on trade. With the signing of the agreement, Pakistan and Mercosur member states would i
Published 22 Jul, 2006 12:00am
Framework trade pact signed with Mercosur

Framework trade pact signed with Mercosur

Commerce Minister Humayun Akhtar and Foreign Ministers of Mercosur trade bloc comprising Argentina, Brazil, Paraguay and Uruguay, on Friday signed framework agreement on trade. With the signing of the agreement, Pakistan and Mercosur member states would i
Published 22 Jul, 2006 12:00am