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Print - 2006-08-16
Closing of sterling rates

Closing of sterling rates

Closing of sterling rates at 1730 GMT - on Tuesday (August 15, 2006).

Published 16 Aug, 2006 12:00am
Israel begins withdrawal

Israel begins withdrawal

Israeli forces began leaving parts of south Lebanon on Tuesday as a UN truce largely held for a second day and the Lebanese army prepared to move south. Tens of thousands of refugees who had fled the month-long war between Israel and Hizbollah headed home
Published 16 Aug, 2006 12:00am
China raises targets for 2010 grain imports

China raises targets for 2010 grain imports

China could accept grain imports of about 10 percent of the country's needs by the end of the decade, an official at a government-linked think tank said, indicating central planners are gradually revising self-sufficiency targets.
Published 16 Aug, 2006 12:00am
Israel begins withdrawal

Israel begins withdrawal

Israeli forces began leaving parts of south Lebanon on Tuesday as a UN truce largely held for a second day and the Lebanese army prepared to move south. Tens of thousands of refugees who had fled the month-long war between Israel and Hizbollah headed home
Published 16 Aug, 2006 12:00am
London coffee falls

London coffee falls

London robusta coffee futures ended down on profit-taking by speculators on Monday following the market's recent surge to a 6-1/2-year high, dealers said. The benchmark November closed down $44, or 3.2 percent, at $1,345 a tonne after trading between $1,3
Published 16 Aug, 2006 12:00am
Pakistani envoy escapes blast in Colombo

Pakistani envoy escapes blast in Colombo

Pakistan's top envoy escaped a mine blast which killed seven people in the Sri Lankan capital Colombo on Monday as Tamil Tiger rebels accused Sri Lanka of bombing an orphanage and killing 61 children.
Published 16 Aug, 2006 12:00am
Gold falls on weaker oil

Gold falls on weaker oil

Gold fell nearly one percent on Monday as investors abandoned trading positions on weaker oil and a UN-brokered truce that went into effect to end five weeks of fighting in the Middle East.
Published 16 Aug, 2006 12:00am
Pakistani envoy escapes blast in Colombo

Pakistani envoy escapes blast in Colombo

Pakistan's top envoy escaped a mine blast which killed seven people in the Sri Lankan capital Colombo on Monday as Tamil Tiger rebels accused Sri Lanka of bombing an orphanage and killing 61 children.
Published 16 Aug, 2006 12:00am
MGE wheat falls to eight-week lows

MGE wheat falls to eight-week lows

Spring wheat futures at the Minneapolis Grain Exchange fell to eight-week lows on Monday on continued long liquidation following the USA's bearish wheat production estimates last week, traders said.
Published 16 Aug, 2006 12:00am
Commodore Turowicz's services recalled

Commodore Turowicz's services recalled

The inauguration ceremony of a memorial in Pakistan Air Force (PAF) museum in remembrance of service rendered by PAF Air Commodore Wladyslaw Turowicz was held here on Monday. According to a press release issued by the Consulate General of the Republic of
Published 16 Aug, 2006 12:00am
New York coffee slides to two-week low

New York coffee slides to two-week low

US front-month arabica coffee futures slumped more than 3 percent to a two-week low on Monday, with fund selling knocking the market down for the third consecutive session, market sources said.
Published 16 Aug, 2006 12:00am
POL prices kept unchanged

POL prices kept unchanged

The Oil and Gas Regulatory Authority (Ogra) on Tuesday announced that the prices of petroleum products for next fortnight effective August 31 will remain unchanged, a private TV channel reported.
Published 16 Aug, 2006 12:00am
London cocoa drops

London cocoa drops

London cocoa futures ended down on speculative selling on Monday, cancelling out market gains made in recent sessions, dealers said. The most-active December contract ended down 16 pounds, or 1.8 percent, at 879 pounds a tonne after trading between 898 an
Published 16 Aug, 2006 12:00am
Low business on grain market

Low business on grain market

Firmer trend was witnessed on the grain market on Tuesday as most of the commodities held their weekend levels in low business volume, dealers said. On the cereals side, wheat Mexipak both old and new type gained Rs 10 to Rs 1150-1165, they said.
Published 16 Aug, 2006 12:00am
Spot rate lowered in thin business on cotton market

Spot rate lowered in thin business on cotton market

Spot rate was lower modestly on the cotton market on Tuesday as the mills were not ready to pay price higher than their psychological levels, dealers said. The official spot rate was lower by Rs 25 to Rs 2450, without upcountry expenses.
Published 16 Aug, 2006 12:00am
Oil cake market rates

Oil cake market rates

Modest business was seen on the forward cottonseed oilcake market on Tuesday as buyers stuck some deals as the markets reopened, dealers said. The August vaida commenced at Rs 644.00 and closing was seen at the same level, they said.
Published 16 Aug, 2006 12:00am
Missing traders fraud: SOP for new tax law shortly

Missing traders fraud: SOP for new tax law shortly

The Central Board of Revenue (CBR) will shortly issue Standard Operating Procedure (SOP) for implementing a new law--Missing Traders Fraud--under which all partners in the supply chain would be jointly liable to deposit the unpaid amount of tax not paid a
Published 16 Aug, 2006 12:00am
CBOT wheat futures lower

CBOT wheat futures lower

Wheat futures at the Chicago Board of Trade settled mostly lower on Monday on technical selling, but late short-covering lifted prices up from session lows, traders said.
Published 16 Aug, 2006 12:00am
Missing traders fraud: SOP for new tax law shortly

Missing traders fraud: SOP for new tax law shortly

The Central Board of Revenue (CBR) will shortly issue Standard Operating Procedure (SOP) for implementing a new law--Missing Traders Fraud--under which all partners in the supply chain would be jointly liable to deposit the unpaid amount of tax not paid a
Published 16 Aug, 2006 12:00am
FOB Gulf corn and soyabean export premiums rise

FOB Gulf corn and soyabean export premiums rise

US FOB Gulf corn and soyabean export premiums rose on Monday as traders expected recent falls in futures prices to spur fresh demand, traders said. China may have bought more US soyabeans last week than traders initially thought. Traders believe China bou
Published 16 Aug, 2006 12:00am
Missing traders fraud: SOP for new tax law shortly

Missing traders fraud: SOP for new tax law shortly

The Central Board of Revenue (CBR) will shortly issue Standard Operating Procedure (SOP) for implementing a new law--Missing Traders Fraud--under which all partners in the supply chain would be jointly liable to deposit the unpaid amount of tax not paid a
Published 16 Aug, 2006 12:00am
US Midwest corn firm, soyabean mixed

US Midwest corn firm, soyabean mixed

Corn spot basis bids were steady to higher around the US Midwest on Tuesday as country movement was slow, but soyabean bids were mixed amid some scattered selling in the western Corn Belt, merchants said.
Published 16 Aug, 2006 12:00am
Bears dominate capital market

Bears dominate capital market

The political issues and profit taking in the blue scrips on Tuesday kept the bulls from staging a comeback, and the slide in the shares market continued unabated, the KSE-100 index plummeting another 89 points to close at 10317.41 points level.
Published 16 Aug, 2006 12:00am
Plastic mouldings rise on Jodia Bazar

Plastic mouldings rise on Jodia Bazar

The trading in plastic mouldings ended up on Tuesday in Jodia Bazar. The following variations were noted. Hdpe (Film) (Per lb) - Saudia 952 ended up by Rs 9.50 at Rs 58, Mobil closed higher by Rs 10 at Rs 58 and TR144 closed up by Rs 10 at Rs 58.
Published 16 Aug, 2006 12:00am
Bears dominate capital market

Bears dominate capital market

The political issues and profit taking in the blue scrips on Tuesday kept the bulls from staging a comeback, and the slide in the shares market continued unabated, the KSE-100 index plummeting another 89 points to close at 10317.41 points level.
Published 16 Aug, 2006 12:00am
UK wheat quality seems similar to 2005

UK wheat quality seems similar to 2005

The quality of UK wheat this year, most of which has been collected in southern growing areas, appears to be similar to 2005, farmers' co-operative Grainfarmers said on Tuesday.
Published 16 Aug, 2006 12:00am
Bears dominate capital market

Bears dominate capital market

The political issues and profit taking in the blue scrips on Tuesday kept the bulls from staging a comeback, and the slide in the shares market continued unabated, the KSE-100 index plummeting another 89 points to close at 10317.41 points level.
Published 16 Aug, 2006 12:00am
India rolls back palm oil base price increases

India rolls back palm oil base price increases

The Indian government has rolled back the increases in base import prices for most palm products but kept the price of soyabean oil unchanged. The government issued the latest prices late on Monday but it did not give reasons for the roll back.
Published 16 Aug, 2006 12:00am
BRIndex30 sheds 133.84 points

BRIndex30 sheds 133.84 points

On Tuesday, the BRIndex30 opened at 10,981.23 with a positive gap of 36.21 points closing at 10,811.18 with a negative change of -133.84 or -1.22 percent. The intra-day high and low were 10,986.43 and 10,785.86, respectively.
Published 16 Aug, 2006 12:00am
Corn falls to fresh 4-1/2-month lows

Corn falls to fresh 4-1/2-month lows

Corn futures at the Chicago Board of Trade fell to new contract lows and fresh 4-1/2 month lows on Monday on spillover selling by funds after last week's bearish USDA August crop production report, traders said.
Published 16 Aug, 2006 12:00am
BRIndex30 sheds 133.84 points

BRIndex30 sheds 133.84 points

On Tuesday, the BRIndex30 opened at 10,981.23 with a positive gap of 36.21 points closing at 10,811.18 with a negative change of -133.84 or -1.22 percent. The intra-day high and low were 10,986.43 and 10,785.86, respectively.
Published 16 Aug, 2006 12:00am
Chinese aluminium producers seek higher rebates

Chinese aluminium producers seek higher rebates

Chinese producers are lobbying Beijing to keep higher tax rebates on exports of semi-finished aluminium products as lower rebates would raise costs and hurt their investment, industry officials said on Tuesday.
Published 16 Aug, 2006 12:00am
Private agencies to trace tax defaulters

Private agencies to trace tax defaulters

The government has decided to hire private investigating agencies to ensure recovery of taxes from defaulters in 2006-07. Sources told Business Recorder on Tuesday the Central Board of Revenue (CBR) has taken the decision on failure of field format
Published 16 Aug, 2006 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 63,349 tonnes of cargo including 60,768 tonnes import, 2,581 tonnes export cargo and 1,982 containers during last 24 hours ending at 0700 hours on Tuesday.
Published 16 Aug, 2006 12:00am
Private agencies to trace tax defaulters

Private agencies to trace tax defaulters

The government has decided to hire private investigating agencies to ensure recovery of taxes from defaulters in 2006-07. Sources told Business Recorder on Tuesday the Central Board of Revenue (CBR) has taken the decision on failure of field format
Published 16 Aug, 2006 12:00am
South African maize exports up

South African maize exports up

South African maize prices rebounded on Tuesday in response to a weaker rand, while data showed exports were up just slightly last week. The main December white maize contract rose just over one percent to 1,381 rand a tonne, clawing back some of its stee
Published 16 Aug, 2006 12:00am
Private agencies to trace tax defaulters

Private agencies to trace tax defaulters

The government has decided to hire private investigating agencies to ensure recovery of taxes from defaulters in 2006-07. Sources told Business Recorder on Tuesday the Central Board of Revenue (CBR) has taken the decision on failure of field format
Published 16 Aug, 2006 12:00am
HRW wheat sales stay light

HRW wheat sales stay light

US hard red winter wheat markets were quiet Monday with little wheat being sold and a few elevators not bidding because they are full, dealers said.
Published 16 Aug, 2006 12:00am
Another letter urges Musharraf to step down

Another letter urges Musharraf to step down

A former prime minister, two ex-speakers, a deputy speaker, two former chief justices of Pakistan, an ex-governor and a former chief minister jointly called upon President Pervez Musharraf to step down, "so that Pakistan survives".
Published 16 Aug, 2006 12:00am
Another letter urges Musharraf to step down

Another letter urges Musharraf to step down

A former prime minister, two ex-speakers, a deputy speaker, two former chief justices of Pakistan, an ex-governor and a former chief minister jointly called upon President Pervez Musharraf to step down, "so that Pakistan survives".
Published 16 Aug, 2006 12:00am
Oil sector leads LSE decline

Oil sector leads LSE decline

Led by oil sector, equities registered losses on the Lahore Stock Exchange (LSE) amid sluggish trading trend due mainly to lack of interest on the part of institutions and investors. The LSE-25 index shed 64.99 points, moving down to 4486.73 points agains
Published 16 Aug, 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 16 Aug, 2006 12:00am
Oil sector leads LSE decline

Oil sector leads LSE decline

Led by oil sector, equities registered losses on the Lahore Stock Exchange (LSE) amid sluggish trading trend due mainly to lack of interest on the part of institutions and investors. The LSE-25 index shed 64.99 points, moving down to 4486.73 points agains
Published 16 Aug, 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 16 Aug, 2006 12:00am
Bears tighten grip on ISE

Bears tighten grip on ISE

Bears strengthened their positions at the Islamabad Stock Exchange (ISE) where major players and short-term margin hunters adopted cautious approach on the first trading day of the week amid decrease index.
Published 16 Aug, 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 Tuesday (August 15, 2006).

Published 16 Aug, 2006 12:00am
Bears tighten grip on ISE

Bears tighten grip on ISE

Bears strengthened their positions at the Islamabad Stock Exchange (ISE) where major players and short-term margin hunters adopted cautious approach on the first trading day of the week amid decrease index.
Published 16 Aug, 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 Tuesday (August 15, 2006).

Published 16 Aug, 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 Tuesday (August 15, 2006).

Published 16 Aug, 2006 12:00am
Police may seek 'instant justice' street powers

Police may seek 'instant justice' street powers

Police chiefs may ask the government for new powers to dispense "instant justice" on the streets without bringing suspects to court, a police body said on Tuesday. It would be the modern equivalent of the "clip round the ear from the local bobby" to help
Published 16 Aug, 2006 12:00am
China limits diversified investments by big SOEs

China limits diversified investments by big SOEs

China has told big state-owned enterprises (SOEs) that no more than 10 percent of their investments may be outside their core business, the official Xinhua news agency reported on Tuesday.
Published 16 Aug, 2006 12:00am
US corporate debt sales could surge in September

US corporate debt sales could surge in September

US companies may sell as much as $80 billion of debt in September, nearly 30 percent more than year-ago volumes, after a pause in the Federal Reserve's interest rate hikes made investors more comfortable with credit risk.
Published 16 Aug, 2006 12:00am
US corporate debt sales could surge in September

US corporate debt sales could surge in September

US companies may sell as much as $80 billion of debt in September, nearly 30 percent more than year-ago volumes, after a pause in the Federal Reserve's interest rate hikes made investors more comfortable with credit risk.
Published 16 Aug, 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 Tuesday (August 15, 2006).

Published 16 Aug, 2006 12:00am
CBR old tax record disposal to be expedited

CBR old tax record disposal to be expedited

The disposal process of old tax record is very slow at CBR Headquarters, it is learnt. Sources told Business Recorder on Tuesday that CBR Members are not taking this exercise seriously despite repeated directives of the Administration Wing. The exe
Published 16 Aug, 2006 12:00am
Ukraine GDP growth quickens to 5.5 percent in January-July

Ukraine GDP growth quickens to 5.5 percent in January-July

Ukraine's gross domestic product growth accelerated to 5.5 percent in the first seven months of the year compared with a rise of 3.7 percent in the same period a year ago, the State Statistics Committee said on Tuesday.
Published 16 Aug, 2006 12:00am
Money Market Report

Money Market Report

Money market report by Khadim Ali Shah Bukhari & Co on Tuesday (August 15, 2006).
Published 16 Aug, 2006 12:00am
Sri Lankan SEC team visits ISE

Sri Lankan SEC team visits ISE

A delegation of Securities and Exchange Commission of Sri Lanka visited the Islamabad Stock Exchange (ISE) to have first hand knowledge of the capital market reforms in Pakistan. The delegation included SEC Chairman Gamini Wickramasinghe and SEC Director
Published 16 Aug, 2006 12:00am
Spot dollar rates

Spot dollar rates

Spot Dollar rates from Khadim Ali Shah Bukhari & Co Ltd on Tuesday (August 15, 2006).

Published 16 Aug, 2006 12:00am
27 Taliban fighters nabbed

27 Taliban fighters nabbed

Pakistani authorities on Tuesday arrested a group of 27 suspected Taliban fighters after a raid on a private hospital in Quetta, police said. Ten wounded Taliban and 17 uninjured militants were arrested from the private Al-Khair hospital in Quetta, police
Published 16 Aug, 2006 12:00am
27 Taliban fighters nabbed

27 Taliban fighters nabbed

Pakistani authorities on Tuesday arrested a group of 27 suspected Taliban fighters after a raid on a private hospital in Quetta, police said. Ten wounded Taliban and 17 uninjured militants were arrested from the private Al-Khair hospital in Quetta, police
Published 16 Aug, 2006 12:00am
President expresses commitment to judiciary's independence

President expresses commitment to judiciary's independence

President Pervez Musharraf on Monday expressed his strong commitment to the independence of judiciary in Pakistan and said the government is resolved to provide an enabling environment for dispensation of speedy justice for all.
Published 16 Aug, 2006 12:00am
Prime Minister for adherence to unity, faith and discipline

Prime Minister for adherence to unity, faith and discipline

Prime Minister Shaukat Aziz on Monday urged the young generation to adhere to the golden words of unity, faith and discipline of Quaid-e-Azam Mohammad Ali Jinnah to transform Pakistan into a modern, progressive country.
Published 16 Aug, 2006 12:00am
No-confidence motion to fail badly: Jatoi

No-confidence motion to fail badly: Jatoi

The Federal Minister for Water and Power, Liaquat Ali Jatoi has said that no-confidence motion against the Prime Minister Shaukat Aziz would fail badly because government enjoys enough majority in the Parliament.
Published 16 Aug, 2006 12:00am
'Countrywide fingerprinting facility soon'

'Countrywide fingerprinting facility soon'

Federal Interior Minister Aftab Ahmed Sherpao, talking to a private TV news channel, has stated that the entire country will soon have fingerprinting facility. He said the government was taking measures to improve performance and efficiency of the police,
Published 16 Aug, 2006 12:00am
'Medical equipment exempted from taxes'

'Medical equipment exempted from taxes'

Federal Health Minister Nasir Ahmed Khan has said the government has exempted the medical and surgical equipment from taxes to facilitate private sector for providing better health facilities to the people.
Published 16 Aug, 2006 12:00am
Treasury bills auction today

Treasury bills auction today

The State Bank of Pakistan (SBP) has invited tenders separately for Rs 10 billion three-month, six-month and one-year Treasury Bills for August 16, 2006. The tender will be opened at 11:30 hours on Wednesday, August 16, 2006. Result will be announced the
Published 16 Aug, 2006 12:00am
Treasury bills auction today

Treasury bills auction today

The State Bank of Pakistan (SBP) has invited tenders separately for Rs 10 billion three-month, six-month and one-year Treasury Bills for August 16, 2006. The tender will be opened at 11:30 hours on Wednesday, August 16, 2006. Result will be announced the
Published 16 Aug, 2006 12:00am
Substantial amount being spent on Lahore historical places: Elahi

Substantial amount being spent on Lahore historical places: Elahi

Punjab Chief Minister Chaudhry Pervaiz Elahi has said that provincial government was spending a substantial amount to take care of historical places and cultural heritage of Lahore. Addressing a function at Lahore Fort on Tuesday.
Published 16 Aug, 2006 12:00am
PTCL team meets Ibad

PTCL team meets Ibad

Sindh governor Dr Ishratul Ibad has expressed the hope that PTCL would continue to provide best telecom facilities to its customers and there is a dire need of a comparatively good telecom package for customers.
Published 16 Aug, 2006 12:00am
'Kalabagh dam must for country's prosperity'

'Kalabagh dam must for country's prosperity'

Governor Punjab, Lieutenant General Khalid Maqbool (Retd) has said that construction of Kalabagh dam is a must for the progress of the country and prosperity of its people. Addressing the inauguration ceremony of the 500-KV grid station which completed wi
Published 16 Aug, 2006 12:00am
THE RUPEE: no major variation

THE RUPEE: no major variation

The rupee did not move sharply versus the dollar in the interbank market on Tuesday for buying and selling at 60.30 and 60.32, respectively.
Published 16 Aug, 2006 12:00am
British Council offers 30 scholarships

British Council offers 30 scholarships

British Council is offering 30 scholarships to Pakistanis with Master degree for ten fields of studies mentioning business administration, economics, gender studies, human rights, international relations, law, management, media studies, public administrat
Published 16 Aug, 2006 12:00am
Three more arrested for Turabi killing

Three more arrested for Turabi killing

The Anti-violence Crime Cell (AVCC) on Tuesday arrested three more persons, allegedly involved in the assassination of Allama Hasan Turabi. DSP Khurram Waris of AVCC said that the Cell on a tip-off conducted a raid at a place on Nishtar Road under the jur
Published 16 Aug, 2006 12:00am
Tariq hoists national flag at Wapda House

Tariq hoists national flag at Wapda House

Wapda officers and employees, all over the country, celebrated the Independence Day of Pakistan in a graceful manner on Monday. The day dawned with special prayers for integrity, solidarity and progress of Pakistan after Fajr prayer in the mosques of Wapd
Published 16 Aug, 2006 12:00am