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Print - 2006-08-05
Bonds: Valeo widens over Visteon bid

Bonds: Valeo widens over Visteon bid

The cost of default protection on French car parts group Valeo rose sharply on Friday amid speculation it may bid for assets of US car parts maker Visteon Corp five-year credit default swaps on Valeo traded 11 basis points wider at 73 basis points, a trad
Published 05 Aug, 2006 12:00am
Chinese shares sink

Chinese shares sink

China's shares slid 1.93 percent on Friday after Shanghai Automotive Co Ltd, the listed arm of China's biggest car maker SAIC, reported weaker-than-expected first-half profits. Shanghai Auto was one of the first major Chinese industrial companies to repor
Published 05 Aug, 2006 12:00am
US Stocks: Friday's unofficial close

US Stocks: Friday's unofficial close

Blue chip stocks rose on Friday as a government report showing weaker-than-expected July job growth increased expectations that the Federal Reserve will pause in raising interest rates next week.
Published 05 Aug, 2006 12:00am
Seoul shares at nine-week high

Seoul shares at nine-week high

Seoul shares rose to their highest close in nine weeks on Friday as exporters such as LG.Philips LCD gained on hopes for a pause in US interest rate increases, while financial firms recovered from recent losses.
Published 05 Aug, 2006 12:00am
UK's top share index rises

UK's top share index rises

UK stocks finished on an upbeat note on Friday as weak US data eased fears of higher interest rates in the world's biggest economy and as online gamers PartyGaming and 888 charged ahead on talk of sector consolidation.
Published 05 Aug, 2006 12:00am
Funds sell sugar on big crops

Funds sell sugar on big crops

Sugar futures soared early this year as cash-rich investment funds developed a sweet tooth, but they have gone off the boil due to big harvests, weak demand and slack momentum in energy prices. Benchmark refined sugar futures slumped to a 4-1/2-month low
Published 05 Aug, 2006 12:00am
Rotterdam port cargo volume growth slows

Rotterdam port cargo volume growth slows

Rotterdam, Europe's biggest port, reported on Thursday a slowdown in the growth of cargo volumes handled in the first half of the year to 1.1 percent from a 5-percent increase in the year ago period.
Published 05 Aug, 2006 12:00am
Oil prices slide as storm threat eases

Oil prices slide as storm threat eases

Oil prices fell on Friday after forecasters downgraded Tropical Storm Chris to a depression, easing worries it would damage oil and gas production platforms in the Gulf of Mexico.
Published 05 Aug, 2006 12:00am
German wheat outlook positive

German wheat outlook positive

Repeated showers disrupted Germany's wheat harvest this week, but the crop outlook remains positive and the wet weather has not prompted quality concerns, analysts said on Friday.
Published 05 Aug, 2006 12:00am
New York cotton slips

New York cotton slips

Cotton futures ended off a seven-week high Friday on trade sales, and market sources thought prices would consolidate until the federal government's global supply and demand report due next week.
Published 05 Aug, 2006 12:00am
London sugar mixed

London sugar mixed

London white sugar futures settled mixed on Friday after erasing early gains that were driven by trade buying, and traders said they expected a pick-up in physical offtake in the coming weeks.
Published 05 Aug, 2006 12:00am
Copper and nickel soar

Copper and nickel soar

Copper prices jumped 5.5 percent on Friday and came within a whisker of $8,000 a tonne on worries about the possibility a strike at Escondida in Chile, the world's largest copper mine.
Published 05 Aug, 2006 12:00am
Gold and silver jump

Gold and silver jump

Gold and silver prices jumped in European trade as the dollar fell sharply after US government data showed the economy created fewer jobs that expected in July.
Published 05 Aug, 2006 12:00am
US MIDDAY: cocoa falls

US MIDDAY: cocoa falls

US benchmark cocoa futures ended in the red on Friday, reversing an early rally after speculators banked profits from the benchmark contract's two-week high hit earlier in the session, traders said.
Published 05 Aug, 2006 12:00am
US MIDDAY: coffee slumps

US MIDDAY: coffee slumps

US arabica coffee futures closed easier on Friday, weighed down by speculators taking profits and light producer selling after nearly an 11-percent price gain during the past three trading sessions.
Published 05 Aug, 2006 12:00am
US MIDDAY: sugar higher

US MIDDAY: sugar higher

Raw sugar prices finished higher on trade buying Friday, bouncing back from Thursday's slide to seven-month lows from fund sales, market sources said. New York Board of Trade's October raw sugar contract settled up 0.13 cent at 14.41 cents per lb after tr
Published 05 Aug, 2006 12:00am
US MIDDAY: corn flat

US MIDDAY: corn flat

Corn futures at the Chicago Board of Trade closed flat to firm on Friday in choppy light volume trade with a return to hot and dry weather next week in the Midwest keeping a firm foundation under the market, traders said.
Published 05 Aug, 2006 12:00am
US MIDDAY: wheat moves up

US MIDDAY: wheat moves up

Soft red winter wheat futures at the Chicago Board of Trade were mostly higher at midsession on Friday, supported by concerns about tight US wheat supplies, traders said.
Published 05 Aug, 2006 12:00am
US MIDDAY: copper rallies

US MIDDAY: copper rallies

Copper futures in New York rallied at the open on Friday then extended gains after the July US employment report showed softer-than-expected jobs growth and suggested the Federal Reserve may not raise interest rates at its August meeting, traders said.
Published 05 Aug, 2006 12:00am
US MIDDAY: soyabeans firm

US MIDDAY: soyabeans firm

Soyabean futures at the Chicago Board of Trade were firm by Friday's midsession and off their early highs on concerns that the US soyabean crop will be stressed next week as hot, dry weather returns to the Midwest, traders said.
Published 05 Aug, 2006 12:00am
US MIDDAY: gold climbs

US MIDDAY: gold climbs

Gold futures in New York surged 1.1 percent in early trading Friday, wiping out Thursday's similar decline, as the dollar tumbled after US jobs data showed a slowdown in hiring during July.
Published 05 Aug, 2006 12:00am
Newly married bride seeks justice

Newly married bride seeks justice

A newly wedded bride has filed a petition with Multan district and sessions judge to seek protection from police harassment. Addressing a press conference here on Friday, petitioner Waheeda Arman said she had got married with Nazar Hussain on her free wil
Published 05 Aug, 2006 12:00am
Sialkot all set to celebrate Independence Day

Sialkot all set to celebrate Independence Day

The Independence Day will be celebrated with usual enthusiasm and fervour in all the four tehsil headquarters of Sialkot district on August 14. The preparation for celebrating the Independence Day was gaining momentum in Sialkot, Daska and Pasrur tehsils
Published 05 Aug, 2006 12:00am
Clarification by PIA

Clarification by PIA

Apropos the letter by Tahir Hassan published in your esteemed daily on July 27, 2006, the facts are contrary to the baseless allegations made by the writer which does not know the ground realities.
Published 05 Aug, 2006 12:00am
Middle East peace

Middle East peace

A "lasting, permanent and sustainable" cease-fire is the need of the hour in Lebanon. Whilst the Middle East peace is actually hidden beneath the dust of history. Israel is a snake sitting on it twisting to bite the peace-seekers.
Published 05 Aug, 2006 12:00am
Israeli war crimes in Lebanon: Human Rights

Israeli war crimes in Lebanon: Human Rights

The US-based Human Rights Watch (HRW) accused Israel of committing war crimes in a 50-page report. Titled "Fatal Strikes: Israel's indiscriminate attacks against civilians in Lebanon", the report provided additional proof that the Zionist state is deliber
Published 05 Aug, 2006 12:00am
Karachi power crisis: who is responsible?

Karachi power crisis: who is responsible?

The inevitable has happened. For the last couple of weeks Karachi is in the severe grip of power shortages and outages. The prolonged power breakdowns have adversely affected trade, economy and civic life, causing strong protests and street demonstrations
Published 05 Aug, 2006 12:00am
Woes of the hosiery industry

Woes of the hosiery industry

It, indeed, is disconcerting to learn that over 300 hosiery-knitting units have stopped production due to ever increasing input costs in the country. This grim disclosure was made to newsmen by Pakistan Hosiery Manufactures Association (PHMA) Chairman, Ja
Published 05 Aug, 2006 12:00am
Rs 20 billion loss due to sales tax field audit suspension?

Rs 20 billion loss due to sales tax field audit suspension?

A Recorder Report said the other day that the suspension of Sales Tax Field Audit since July 2004 had resulted in an aggregate loss of over Rs 20 billion to the exchequer according to a draft report of the CBR's audit directorate, ie Rs 10 billion per ann
Published 05 Aug, 2006 12:00am
National Assembly offers Fateha

National Assembly offers Fateha

The National Assembly on Friday offered Fateha for the Shuhada of Lebanon, victims of recent rains in parts of the country. The Fateha was also offered for Pakistan International Airline's Fokker flight near Multan, mother of Minister for Water and Power
Published 05 Aug, 2006 12:00am
Heavy rains lash Sialkot, adjoining areas

Heavy rains lash Sialkot, adjoining areas

Heavy rains lashed Sialkot and its many adjoining areas on Friday resultantly several low-lying areas submerged in rainwater. The rains have also destroyed the city sewerage system and many busy roads.
Published 05 Aug, 2006 12:00am
'Mega projects planned for Sialkot'

'Mega projects planned for Sialkot'

Sialkot district government has allocated Rs 2.254 million during current fiscal period for the social welfare of special children. The special children would be provided free textbooks, uniform, wheel chairs and hearing aid instruments besides pick and d
Published 05 Aug, 2006 12:00am
'PVTC to utilise Zakat funds for poverty alleviation'

'PVTC to utilise Zakat funds for poverty alleviation'

The Government of Punjab has introduced the revolutionary idea of utilisation of Zakat funds for poverty alleviation by providing training in demand driven skills to deserving youth. This was stated by Chief Executive Officer (CEO) Punjab Vocation Trainin
Published 05 Aug, 2006 12:00am
Protesters condemn demolition of church

Protesters condemn demolition of church

A large number of Christians on Friday staged a protest demonstration and blocked Multan-Lahore highway to condemn the demolition of a 100-year old church, located in the premises of a Fertiliser factory. Heavy police contingent was called, which disperse
Published 05 Aug, 2006 12:00am
PML-F Multan elects office-bearers

PML-F Multan elects office-bearers

The elections of PML-F Multan district were held here under the supervision of PML-F Punjab Acting General Secretary Ashraf Qureshi. According to results Sardar Iqbal Nazir Baloch was elected President, Muhammad Nawaz Thaheem and Haji Muhammad Aslam Qadri
Published 05 Aug, 2006 12:00am
18,472 government schools without buildings

18,472 government schools without buildings

Despite the tall claims of the government for bringing a literacy revolution in the country yet 18,472 schools have no buildings, while more than 10,000 school buildings have no electricity. Thousands of students are still studying under the trees even wi
Published 05 Aug, 2006 12:00am
Kohala bridge to reopen soon

Kohala bridge to reopen soon

Azad Jammu and Kashmir (AJK), Prime Minister, Sardar Attiq Ahmed Khan has announced the Kohala bridge will be reopened for traffic within three days after the completion of repairing work. Talking to a delegation of Muslim Conference Youth Wing here on Fr
Published 05 Aug, 2006 12:00am
'GORs uplift to be completed this year'

'GORs uplift to be completed this year'

Punjab Minister for Communication and Works, Zaheer-ud-Din Khan has said that the development of water supply and sewerage lines in GOR-II and III would be completed during the current fiscal year with a cost of Rs 21.257 million.
Published 05 Aug, 2006 12:00am
Society in rapid transition state: Punjab governor

Society in rapid transition state: Punjab governor

In the wake of powerful forces of modernity and globalisation, Pakistani society is in state of rapid transition and it has witnessed a substantial shift in people's attitude, behaviour, patterns and network of relations.
Published 05 Aug, 2006 12:00am
Rs 100 billion investment expected in SIE in three years

Rs 100 billion investment expected in SIE in three years

Provincial Industries and Investment Minister, Muhammad Ajmal Cheema has said that Sundar Industrial Estate (SIE) would be instrumental in increasing the provincial GDP (gross domestic production) and Rs 100 billion investment, was expected in next three
Published 05 Aug, 2006 12:00am
People help sought in achieving 100 percent literacy rate

People help sought in achieving 100 percent literacy rate

NWFP Senior Minister Siraj-ul-Haq has asked the people to cooperate with the Muttahida Majlis-e-Amal (MMA) government for achieving 100 percent literacy target in the province. He said the government was focusing on both religious and scientific education
Published 05 Aug, 2006 12:00am
Warid to participate in ITCN Asia

Warid to participate in ITCN Asia

Warid Telecom is participating in the ITCN Asia 2006 exhibition will be held at the Expo Centre here from 9-11th August. "It gives me great pride to witness the immense growth that ITCN Asia has exhibited over the past 6 years," said CEO Warid Telecom, Ha
Published 05 Aug, 2006 12:00am
Cheques given to Mustahiqeen

Cheques given to Mustahiqeen

Shah Faisal Town Nazim Muhammad Imran inaugurated distribution of cheques among 'Mustahiqeen' (deserving people) under the Bait-ul-Maal Food Support Programme at Shah Faisal Town Central Office on Friday.
Published 05 Aug, 2006 12:00am
'Pakistan offers best investment opportunities'

'Pakistan offers best investment opportunities'

"Pakistan offers one of the best investment opportunities in the region under the dynamic leadership of President General Pervez Musharraf and Prime Minister Shaukat Aziz. This was stated by Sultan Al Habtoor, Chairman, Al Habtoor Group, while talking inf
Published 05 Aug, 2006 12:00am
The Weather

The Weather

The weather report on Friday (August 04, 2006) and the forecast for Saturday (August 05, 2006).
Published 05 Aug, 2006 12:00am
Hub Dam water level rises

Hub Dam water level rises

Water level at Hub Dam is continuously increasing due to frequent rains as flood water is coming from catchment areas. On Friday morning the water level was recorded as 297-feet.
Published 05 Aug, 2006 12:00am
New York cotton

New York cotton

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

Published 05 Aug, 2006 12:00am
Shell Pakistan earnings likely to soar by 12 percent

Shell Pakistan earnings likely to soar by 12 percent

Shell Pakistan Limited's earnings are expected to soar by 12 percent to Rs 2,739 million translating into an earning per share (EPS) at Rs 62.50 in FY06 compared to FY05 profit after tax and EPS at Rs 2,451 million and Rs 55.92 respectively. The meeting o
Published 05 Aug, 2006 12:00am
New York cotton

New York cotton

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

Published 05 Aug, 2006 12:00am
Shell Pakistan earnings likely to soar by 12 percent

Shell Pakistan earnings likely to soar by 12 percent

Shell Pakistan Limited's earnings are expected to soar by 12 percent to Rs 2,739 million translating into an earning per share (EPS) at Rs 62.50 in FY06 compared to FY05 profit after tax and EPS at Rs 2,451 million and Rs 55.92 respectively. The meeting o
Published 05 Aug, 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 05 Aug, 2006 12:00am
Bomb hoax creates panic

Bomb hoax creates panic

Bomb hoax in multi-story buildings at Sarwar Shaheed Raod created panic in the residents who were evacuated from buildings by police. SHO Frere Road Khalid told newsmen that an unidentified caller informed 15 about presence of bomb in the Lakson group bui
Published 05 Aug, 2006 12:00am
Media cautioned against publishing quackery advertisements

Media cautioned against publishing quackery advertisements

Pakistan's press and electronic media should take care in promoting health related advertisements, and they should promote those ads which have NOC issued by the federal government. This was stated by Captain Dr Abdul Majid, Additional Health Secretary, G
Published 05 Aug, 2006 12:00am
Meezan Bank profits double

Meezan Bank profits double

Meezan Bank Limited has announced that its profit after tax for the half year ended June 30, 2006, has more than doubled to Rs 317 million as compared to Rs 150 million in the corresponding period of last year. This was announced in the meeting of the Boa
Published 05 Aug, 2006 12:00am
Meezan Bank profits double

Meezan Bank profits double

Meezan Bank Limited has announced that its profit after tax for the half year ended June 30, 2006, has more than doubled to Rs 317 million as compared to Rs 150 million in the corresponding period of last year. This was announced in the meeting of the Boa
Published 05 Aug, 2006 12:00am
IT exports register 56 percent growth

IT exports register 56 percent growth

Pakistan's Information Technology (IT) industry exports reached $72 million for the financial year 2005-2006 as compared to $46 million for the financial year 2004-2005 registering an overall growth of 56 percent. According to the figures released by the
Published 05 Aug, 2006 12:00am
Cotton Spot Rates

Cotton Spot Rates

Official KCA spot rates for local dealings in Pakistan rupees on Friday (August 04, 2006).

Published 05 Aug, 2006 12:00am
Apcea polls declared null, void

Apcea polls declared null, void

Director Trade Organisation (DTO) Haider Raza on Friday declared the All Pakistan Commercial Exporters Association (Apcea) annual elections 2006-07 scheduled on August 30 as null and void.
Published 05 Aug, 2006 12:00am
Poultry rates

Poultry rates

Wholesale poultry rates on Friday (August 04, 2006) and for Saturday (August 05, 2006).
Published 05 Aug, 2006 12:00am
Expo centre to boost trade activities in NWFP: minister

Expo centre to boost trade activities in NWFP: minister

NWFP Minister for Information, Asif Iqbal Daudzai said on Friday that an Expo centre was being established here with the assistance of the federal government in the near future, which would boost trade activities in the province as well as help the locall
Published 05 Aug, 2006 12:00am
Exporters, banks asked to send freight subsidy claims

Exporters, banks asked to send freight subsidy claims

The Export Promotion Bureau (EPB) has advised all the exporters and their banks to ensure sending their freight subsidy-related documents for claims, which are eligible for freight subsidy under the procedure notified for the year 2004-05 vide EPB public
Published 05 Aug, 2006 12:00am
Lahore Grain Market Rates

Lahore Grain Market Rates

Grain and other commodity rates in rupees on Akbari Mandi on Friday (August 04, 2006).

Published 05 Aug, 2006 12:00am
Good progress seen in FTA talks with US: Humayun

Good progress seen in FTA talks with US: Humayun

Commerce Minister Humayun Akhtar Khan, who met the senior US officials and interacted with American business leaders, has reported "very good progress" vis-à-vis efforts for negotiating a Pakistan-US free trade agreement (FTA).
Published 05 Aug, 2006 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Friday (August 04, 2006).

Published 05 Aug, 2006 12:00am
Expansion in King Edward university building

Expansion in King Edward university building

Punjab Chief Minister Chaudhry Pervaiz Elahi chairing a meeting on King Edward Medical University here on Friday said that an expansion would be done in the building of the university to further enhance its performance.
Published 05 Aug, 2006 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Friday (August 04, 2006).

Published 05 Aug, 2006 12:00am
Saudi Pak Bank TFC assigned 'A-' rating

Saudi Pak Bank TFC assigned 'A-' rating

The JCR-VIS Credit Rating Company Limited has assigned a 'Preliminary' medium to long-term rating of 'A-' (Single A Minus) with a 'Stable' outlook to the proposed listed, unsecured, subordinated term finance certificate of Saudi Pak Commercial Bank Limite
Published 05 Aug, 2006 12:00am
Saudi Pak Bank TFC assigned 'A-' rating

Saudi Pak Bank TFC assigned 'A-' rating

The JCR-VIS Credit Rating Company Limited has assigned a 'Preliminary' medium to long-term rating of 'A-' (Single A Minus) with a 'Stable' outlook to the proposed listed, unsecured, subordinated term finance certificate of Saudi Pak Commercial Bank Limite
Published 05 Aug, 2006 12:00am
Private firm to set up 200 computer laboratories in government schools

Private firm to set up 200 computer laboratories in government schools

Digital Education (Pvt) Limited, a company running Smart School project in Punjab, has offered Sindh Education Department to introduce computer-based teaching paradigm by establishing in first phase around 200 sophisticated computer laboratories on BOT (B
Published 05 Aug, 2006 12:00am
THE RUPEE: marginal gains versus dollar

THE RUPEE: marginal gains versus dollar

Marginal gain was seen in the interbank market on Friday as corrective measures helped the rupee to retain its firmness for buying and selling at 60.29 and 60.31, respectively. The deakers said that dollars' supply was comfortable which helped the rupee t
Published 05 Aug, 2006 12:00am
THE RUPEE: marginal gains versus dollar

THE RUPEE: marginal gains versus dollar

Marginal gain was seen in the interbank market on Friday as corrective measures helped the rupee to retain its firmness for buying and selling at 60.29 and 60.31, respectively. The deakers said that dollars' supply was comfortable which helped the rupee t
Published 05 Aug, 2006 12:00am
PML announces schedule for party polls

PML announces schedule for party polls

Minister of State Senator Kamil Ali Agha, who is chief election commissioner for the ruling Pakistan Muslim League (PML) elections, on Friday announced election schedule for central office-bearers. Addressing a news conference at the PML Secretariat, he s
Published 05 Aug, 2006 12:00am
Telenor to announce big news in ITCN

Telenor to announce big news in ITCN

Telenor Pakistan was planning to announce big news for the local customers at ITCN Asia 2006 conference and exhibition, as the Diamond sponsor of the event will be at the Expo Center here from 9-11 August, the company's new Chief Marketing Officer, Sigvar
Published 05 Aug, 2006 12:00am
Call for promotion of Shah Latif's poetry

Call for promotion of Shah Latif's poetry

The Co-ordination Council for Promotion of Shah Latif Bhittai Studies here on Friday has approved the development of a CD of selected poetry of Shah Latif in the voice of two singer brothers.
Published 05 Aug, 2006 12:00am
All shares index report

All shares index report

The sector-wise all shares index report on Friday (August 04, 2006).

Published 05 Aug, 2006 12:00am
Construction of seven-star hotel: MoU signed

Construction of seven-star hotel: MoU signed

The City District Government Karachi (CDGK) on Friday signed a memorandum of understanding (MoU) with Saudi Arabia, Kuwait, Qatar and Oman to construct seven-star hotel, world-class shopping plaza and multi-storied commercial and residential centres in th
Published 05 Aug, 2006 12:00am
US Consul General calls on minister

US Consul General calls on minister

Sindh Home Minster Rauf Siddiqui on Friday directed Inspector General Police to make arrangements for joint training of US and Pakistani security officials, deputed at US consulate in Karachi, for improving the security of consulate.
Published 05 Aug, 2006 12:00am
New rules issued for withholding tax returns

New rules issued for withholding tax returns

The withholding tax agents have to submit the details of 'exemption certificate' for not charging the levy. In the new monthly statement, a separate column has been added to give reasons for 'non-collection or non-deduction' of withholding tax.
Published 05 Aug, 2006 12:00am
SBP approves to set up Arif Habib Rupali Bank

SBP approves to set up Arif Habib Rupali Bank

In a recent bid to give growth to the banking sector, State Bank of Pakistan (SBP) has given approval to establish Arif Habib Rupali Bank Limited.
Published 05 Aug, 2006 12:00am
Expulsion of US and UK envoys demanded

Expulsion of US and UK envoys demanded

Speakers at a meeting on Friday demanded of the government expulsion of the US and British ambassadors from Pakistan for their countries' backing Zionist aggression in Lebanon and decided to take out a protest rally of the labour organisations on August 1
Published 05 Aug, 2006 12:00am
Cross Transactions

Cross Transactions

Cross transactions between client to client reported on Friday (August 04, 2006).

Published 05 Aug, 2006 12:00am
Israeli brutalities condemned

Israeli brutalities condemned

A number of anti Israel rallies were organised on Friday in different towns of southern Punjab to condemn the US-back Israeli aggression, bombing on residential areas and killing 900 innocent Lebanese and injuring 3000 people, including infants.
Published 05 Aug, 2006 12:00am
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