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Print - 2007-02-27
Oil rises amid US chill and Iran tensions

Oil rises amid US chill and Iran tensions

Oil rose on Monday as a burst of cold weather boosted heating demand in the United States and as world powers discussed tightening UN sanctions on Iran, the world's fourth-largest oil exporter. US crude rose 25 cents to $61.39 a barrel, just below the 200
Published 27 Feb, 2007 12:00am
How bad credit is threatening Russia's banks

How bad credit is threatening Russia's banks

Russia's Central Bank chief Sergei Ignatiev feels a tangible threat: the growing amount of defaulting consumer credit is putting the whole Russian banking system at risk, he warns. Experts now believe that a third of all those in debt cannot pay back thei
Published 27 Feb, 2007 12:00am
Who killed Zille Huma?

Who killed Zille Huma?

It was perhaps an insane Maulvi Sarwar, who pulled the trigger that killed Zille Huma, but what about the law and order system that let him off in 2003, when he had confessed to killing over four women.
Published 27 Feb, 2007 12:00am
PNSC building fire

PNSC building fire

It was a sad moment to see the prestigious building engulfed in fire. It is intriguing that as usual KPT snorkel was blamed for its height and pumping inefficiency. It never dawned on PNSC management to peep into their in-house poor safety management stan
Published 27 Feb, 2007 12:00am
HEC-funded developmental projects reviewed

HEC-funded developmental projects reviewed

The project review meeting of Higher Education Commission (HEC) funded developmental projects was held here on Monday to monitor the projects' performance, based on monitoring progress report of HEC in the university.
Published 27 Feb, 2007 12:00am
European gold nears $700

European gold nears $700

Gold hit its highest in nine months on Monday as a weak dollar attracted money to commodities and tensions grew between Iran and the United Nations. Silver rose to its highest since May, platinum hit its best level in three months at $1,245 an ounce on th
Published 27 Feb, 2007 12:00am
London sugar rises

London sugar rises

London white sugar futures closed slightly higher in London on Monday after short-covering supported the market, traders said. Front-month May closed at $334.0 per tonne, up $1.6 from Friday's close, after trading in a range of $331.5 to $334.4. Total vol
Published 27 Feb, 2007 12:00am
'Solve it or quit', Lebanese campaigners tell politicians

'Solve it or quit', Lebanese campaigners tell politicians

Fear of renewed civil war in Lebanon has led to the creation of dozens of civil movements which are venting their anger at the country's politicians on the streets, billboards and the Internet. Reform-minded groups have taken to the streets in the past fe
Published 27 Feb, 2007 12:00am
Nickel hits new record high

Nickel hits new record high

Nickel hit a new record high on Monday on supply worries, lead scored a new peak, aluminium hit its best since last May and copper was firm on Asian demand.
Published 27 Feb, 2007 12:00am
New York cotton marginally higher

New York cotton marginally higher

Cotton futures finished with small gains Monday on modest buying by small speculators, and the market should stay in a band while waiting for leads in the days ahead, brokers said. New York Board of Trade open-outcry May cotton closed up 0.20 cent at 53.8
Published 27 Feb, 2007 12:00am
FTSE joins European rally on oil stocks

FTSE joins European rally on oil stocks

Britain's leading share index joined a European stock market rally on Monday, with energy shares forging higher as global tensions over Iran boosted oil prices.
Published 27 Feb, 2007 12:00am
Monday's early afternoon trade: US indices slip on oil's rise

Monday's early afternoon trade: US indices slip on oil's rise

US stocks fell on Monday as rising crude oil prices reignited economic worries and offset early optimism about a proposed $31.8 billion purchase of Texas power company TXU Corp. Crude prices rose as Iran and the United Nations squared off over Tehran's nu
Published 27 Feb, 2007 12:00am
Bonds: Icelandic banks rally

Bonds: Icelandic banks rally

The price of default insurance on Iceland's major banks fell on Monday after Moody's Investors Services upgraded them and many other banks on the assumption that governments would rescue them should they get into trouble.
Published 27 Feb, 2007 12:00am
Bonds: Icelandic banks rally

Bonds: Icelandic banks rally

The price of default insurance on Iceland's major banks fell on Monday after Moody's Investors Services upgraded them and many other banks on the assumption that governments would rescue them should they get into trouble.
Published 27 Feb, 2007 12:00am
Dollar holds near recent low

Dollar holds near recent low

The dollar hovered near a two-month low versus the euro on Monday, weighed by expectations that this week's US data will bolster the case for rate cuts, while a slight unwinding of carry trades lifted the yen.
Published 27 Feb, 2007 12:00am
Sterling mixed

Sterling mixed

Sterling hit a 1-1/2 week high against the dollar after a strong British house prices survey on Monday, but fell sharply against the yen as the Japanese currency rose across the board. Property consultant Hometrack said house prices in Britain climbed in
Published 27 Feb, 2007 12:00am
Saudi Arabia to host Arab summit; invites Syria

Saudi Arabia to host Arab summit; invites Syria

Saudi Arabia, which has recently stepped up a diplomatic drive to counter non-Arab regional power Iran, will host an annual Arab summit on March 28 and 29, Saudi media reported on Monday.
Published 27 Feb, 2007 12:00am
DHL announces young entrepreneur awards

DHL announces young entrepreneur awards

DHL, the world's leading express and logistics company, on Monday announced the launch of the Young Entrepreneur Sustainability (YES) awards, focusing on the achievements made by the young social entrepreneur for the achievement of millennium development
Published 27 Feb, 2007 12:00am
Withdrawal of hike in power tariff demanded

Withdrawal of hike in power tariff demanded

Pakistan Industrial and Traders Associations Front (Piaf), while expressing its grave concern over the recent hike in electricity tariff, has urged the government to withdraw this new raise in the larger interest of the country's industry.
Published 27 Feb, 2007 12:00am
Increase in power tariff opposed

Increase in power tariff opposed

People of the Southern Punjab, particularly farmers, have expressed their strong dissatisfaction over the government's step of 10 percent increase in electricity prices and maintained the decrease in the gas price a mere hogwash in the approaching summer.
Published 27 Feb, 2007 12:00am
Disaster management authority to be set up in Punjab

Disaster management authority to be set up in Punjab

Punjab Chief Minister Chaudhry Pervaiz Elahi has said that 'Disaster Management Authority' would be set up in the province for relief and rehabilitation of calamity stricken people.
Published 27 Feb, 2007 12:00am
LHC orders DCO to appear in court

LHC orders DCO to appear in court

The Lahore High Court (LHC) directed District Co-ordination Officer (DCO), Lahore to appear before the court on March 06, in a petition filed by a secondary school teacher seeking implementation of the orders pertaining to her posting as Headmistress.
Published 27 Feb, 2007 12:00am
US diplomat delivers talk on civil rights movement

US diplomat delivers talk on civil rights movement

US Diplomat Lyngrid Smith Rawlings delivered a talk on the topic of "Civil Rights Movement of the 1960s: A Black Woman's Perspective, Then and Now" here at the Kinnaird College for Women on Monday.
Published 27 Feb, 2007 12:00am
FM Radio of AIOU to be launched soon: vice chancellor

FM Radio of AIOU to be launched soon: vice chancellor

Vice Chancellor Allama Iqbal Open University (AIOU), Dr Mahmood ul Hassan Butt on Monday said that FM Radio of AIOU would be launched within four months. Talking to PTV he said, the project would cost almost Rs 38 million and funding for it would be provi
Published 27 Feb, 2007 12:00am
HBL launches new corporate identity

HBL launches new corporate identity

In an effort to modernise and revamp its corporate image, the Habib Bank Limited (HBL), one of the oldest and well respected banks of the nation, announced the launch of its new corporate identity. The announcement was made by HBL President and CEO Zakir
Published 27 Feb, 2007 12:00am
'Works on Matiari uplift schemes in full swing'

'Works on Matiari uplift schemes in full swing'

The Zila Nazim Matiari Syed Muhammad Ali Shah has said the development work of 547 different development schemes in the district was in full swing at total annual allocation of more than Rs 328 million and added that the same to be completed within a stip
Published 27 Feb, 2007 12:00am
CEM given attached department status

CEM given attached department status

Sindh government has issued a notification giving status of an 'attached department' to the college education management (CEM) in the province. According to the notification received here on Monday, the government of Sindh, with the approval of the govern
Published 27 Feb, 2007 12:00am
Emerging business opportunities, risks elaborated

Emerging business opportunities, risks elaborated

Rohit Talwar, an internationally renowned futurist and business strategist from UK, said there were four key factors, which would dominate the business environment in the period to 2020.
Published 27 Feb, 2007 12:00am
'Modarabas performance not reflecting in share market value'

'Modarabas performance not reflecting in share market value'

Performance of the majority of the Modarabas, though quite impressive, is not reflected in the share market value in spite of high dividend being paid. This was pointed out by Salman Ali Shaikh, Commissioner, Securities and Exchange Commission of Pakistan
Published 27 Feb, 2007 12:00am
'Modarabas performance not reflecting in share market value'

'Modarabas performance not reflecting in share market value'

Performance of the majority of the Modarabas, though quite impressive, is not reflected in the share market value in spite of high dividend being paid. This was pointed out by Salman Ali Shaikh, Commissioner, Securities and Exchange Commission of Pakistan
Published 27 Feb, 2007 12:00am
Islamic banking course opens

Islamic banking course opens

The Seventh Islamic Banking Certificate Course commenced at the Karachi Campus of the National Institute of Banking and Finance (Nibaf) on Monday. While inaugurating the course, Nibaf Managing Director Kazi Abdul Muktadir gave a brief overview of the role
Published 27 Feb, 2007 12:00am
JP Morgan launches onshore cash equity brokering operation

JP Morgan launches onshore cash equity brokering operation

J.P. Morgan has announced that it has expanded its presence in Pakistan with the launch of an onshore cash equity brokering operation. This move strengthened the firm and its clients' participation in one of Asia's fastest growing economies, a press relea
Published 27 Feb, 2007 12:00am
Students' role in nature conservation lauded

Students' role in nature conservation lauded

Sindh Minister for Environment, Dr Saghir Ahmed appreciated the efforts of students for nature conservation and dedicating so much time to participating in the WWF Nature Carnival. According to a press release issued on Monday, the minister was speaking a
Published 27 Feb, 2007 12:00am
SHC allows Mengal's transfer application

SHC allows Mengal's transfer application

A single bench of Sindh High Court comprising Chief Justice Sabihuddin Ahmed on Monday allowed transfer application filed by Balochistan National Party (Mengal) chief Akhtar Mengal and transferred army personnel hostage-taking case from Anti-Terrorism Cou
Published 27 Feb, 2007 12:00am
IPI gas transportation deal

IPI gas transportation deal

In an unprecedented breakthrough, Pakistan and India have successfully worked out the modalities of the IPI gas-sharing formula. Under the framework initialled at Islamabad on Friday, Pakistan and India will get an equal share from the 2.1 billion cubic f
Published 27 Feb, 2007 12:00am
Prospects of implementation of audit plan

Prospects of implementation of audit plan

Now that the Central Board of Revenue (CBR), is reported to have started sector-wise selection of cases for audit, subsequent to the scanning of taxpayer's profiles to pinpoint high-risk cases, it will appear that the way has been found for tiding over im
Published 27 Feb, 2007 12:00am
KESC's refusal - an indictment of IPPs!

KESC's refusal - an indictment of IPPs!

A small news item appearing in the press some three months ago apprised us that the Karachi Electric Supply Company (KESC) is refusing to accept the upcoming supply from two soon to come on-bar IPPs. This news was very surprising, because the refusal was
Published 27 Feb, 2007 12:00am
'Insomnia affects 40 percent of adults'

'Insomnia affects 40 percent of adults'

"Sleep is an important physiologic aspect of our lives and we spend about a third of our lives in sleep," stated by consultant neurologist and Assistant Professor, Department of Surgery at Aga Khan University Hospital, Dr Bhojo Khealani.
Published 27 Feb, 2007 12:00am
BRIndex30 down 301.40 points

BRIndex30 down 301.40 points

On Monday, the BRIndex30 opened at 12,597.78 points, in the green zone, but soon went down to the negative zone, closing at 12,296.38, recording a net negative change of -301.40 points and percentage change of -2.39.
Published 27 Feb, 2007 12:00am
Coal sales tax system may be revised

Coal sales tax system may be revised

The Central Board of Revenue (CBR) is likely to revise sales tax on coal for improving revenue collection generation. Sources told Business Recorder on Monday that the collectors of sales tax discussed the valuation of coal vis-à-vis revenue collec
Published 27 Feb, 2007 12:00am
NJLI Pension Fund Rates

NJLI Pension Fund Rates

New Jubilee Life Insurance Pension Fund Rates on Monday (February 26, 2007).

Published 27 Feb, 2007 12:00am
Coal sales tax system may be revised

Coal sales tax system may be revised

The Central Board of Revenue (CBR) is likely to revise sales tax on coal for improving revenue collection generation. Sources told Business Recorder on Monday that the collectors of sales tax discussed the valuation of coal vis-à-vis revenue collec
Published 27 Feb, 2007 12:00am
NJLI Pension Fund Rates

NJLI Pension Fund Rates

New Jubilee Life Insurance Pension Fund Rates on Monday (February 26, 2007).

Published 27 Feb, 2007 12:00am
Coal sales tax system may be revised

Coal sales tax system may be revised

The Central Board of Revenue (CBR) is likely to revise sales tax on coal for improving revenue collection generation. Sources told Business Recorder on Monday that the collectors of sales tax discussed the valuation of coal vis-à-vis revenue collec
Published 27 Feb, 2007 12:00am
NJLI Pension Fund Rates

NJLI Pension Fund Rates

New Jubilee Life Insurance Pension Fund Rates on Monday (February 26, 2007).

Published 27 Feb, 2007 12:00am
US warned against aid suspension

US warned against aid suspension

President General Pervez Musharraf has warned Washington against possible legislation to cut off funding to Pakistan by the Democrat-Congress under the influence of western media spreading misperceptions about Islamabad's commitment to fight terrorism.
Published 27 Feb, 2007 12:00am
US warned against aid suspension

US warned against aid suspension

President General Pervez Musharraf has warned Washington against possible legislation to cut off funding to Pakistan by the Democrat-Congress under the influence of western media spreading misperceptions about Islamabad's commitment to fight terrorism.
Published 27 Feb, 2007 12:00am
LSE index drops 108.30 points

LSE index drops 108.30 points

Share prices suffered heavily on the Lahore Stock Exchange (LSE), where the majority of main players stayed on sidelines following confusion and uncertainty over the client level netting issue, which the brokers described a major factor for the depressed
Published 27 Feb, 2007 12:00am
LSE index drops 108.30 points

LSE index drops 108.30 points

Share prices suffered heavily on the Lahore Stock Exchange (LSE), where the majority of main players stayed on sidelines following confusion and uncertainty over the client level netting issue, which the brokers described a major factor for the depressed
Published 27 Feb, 2007 12:00am
ISE bearish

ISE bearish

Bears returned in the front seat at the Islamabad Stock Exchange (ISE) where equities failed to show recovery signs amid decrease in index. The ISE-10 Index was down by 75.94 points, as it moved from 2,835.65 to 2,759.71 points. The overall turnover stood
Published 27 Feb, 2007 12:00am
ISE bearish

ISE bearish

Bears returned in the front seat at the Islamabad Stock Exchange (ISE) where equities failed to show recovery signs amid decrease in index. The ISE-10 Index was down by 75.94 points, as it moved from 2,835.65 to 2,759.71 points. The overall turnover stood
Published 27 Feb, 2007 12:00am
Malaysia keeps rates steady

Malaysia keeps rates steady

Malaysia's central bank left interest rates unchanged for a seventh straight meeting on Monday, as expected, and economists said its statement indicated no rate cut would be on the cards for a while. Bank Negara, the central bank, said economic growth was
Published 27 Feb, 2007 12:00am
Thai foreign minister reassures Japanese investors

Thai foreign minister reassures Japanese investors

Thailand's foreign minister promised Japanese investors on Monday that the kingdom remained business-friendly, seeking to ease jitters since September's coup. Foreign Minister Nitya Pibulsonggram was on the highest-level visit by a Thai official to Tokyo
Published 27 Feb, 2007 12:00am
Police fail to arrest man who sold wife's kidney

Police fail to arrest man who sold wife's kidney

Despite lodging of a FIR, Noshera Jadeed police have failed to arrest a husband, who allegedly sold a kidney of his wife and bought tractor. Bahawalpur district police officer Arif Nawaz told newsmen that the police had taken action on the written complai
Published 27 Feb, 2007 12:00am
China to outlaw job discrimination over age or disability

China to outlaw job discrimination over age or disability

China is planning a law against discrimination against job seekers based on age or physical disability, state media and officials said Monday. But it was not immediately clear whether the new legislation would protect sexual minorities.
Published 27 Feb, 2007 12:00am
TXU agrees to be acquired for $31.8 billion

TXU agrees to be acquired for $31.8 billion

Texas power company TXU Corp said on Monday it agreed to be acquired by a group led by private equity firms Kohlberg Kravis Roberts & Co and Texas Pacific Group for $31.8 billion in the largest leveraged buyout in history.
Published 27 Feb, 2007 12:00am
Russia reassures Japan on LNG supply

Russia reassures Japan on LNG supply

Russia reassured Japan on Monday that it would still honour contracts to provide Tokyo with natural gas after concerns about Moscow's decision to take state control of a major private energy project.
Published 27 Feb, 2007 12:00am
Six bombs planted on Samjhota Express: report

Six bombs planted on Samjhota Express: report

Detectives probing the deaths of 68 people aboard the Samjhota Express have found that total six bombs were planted in three carriages, a report said on Monday. The police have also lifted a clear set of fingerprints from one of the two unexploded devices
Published 27 Feb, 2007 12:00am
Proposed right issues

Proposed right issues

Right issues proposed by companies listed on Karachi Stock Exchange.

Published 27 Feb, 2007 12:00am
Six bombs planted on Samjhota Express: report

Six bombs planted on Samjhota Express: report

Detectives probing the deaths of 68 people aboard the Samjhota Express have found that total six bombs were planted in three carriages, a report said on Monday. The police have also lifted a clear set of fingerprints from one of the two unexploded devices
Published 27 Feb, 2007 12:00am
Company warned for not holding directors' election

Company warned for not holding directors' election

The Securities and Exchange Commission of Pakistan (SECP) has issued a warning to a textile mill for not holding election of directors of the company under Companies Ordinance, 1984.
Published 27 Feb, 2007 12:00am
Shares buy-back schedule

Shares buy-back schedule

Shares buy-back schedule of listed companies on Monday (February 26, 2007).

Published 27 Feb, 2007 12:00am
Auditors' report revision under study: ICAP

Auditors' report revision under study: ICAP

The Institute of Chartered Accountants of Pakistan (ICAP) is examining the situation to establish an opinion regarding revision of company auditors' report.
Published 27 Feb, 2007 12:00am
Dividend/Bonus Announcements

Dividend/Bonus Announcements

Dividend/Bonus announcements by the companies listed on the Karachi Stock Exchange.

Published 27 Feb, 2007 12:00am
Global market access for farm produce sought

Global market access for farm produce sought

Pakistan is the fourth largest milk-producing country, which could export the milk and milk-products around the globe if provided market access and a-level-playing field. Market access for agricultural and non-agricultural products is the two major topics
Published 27 Feb, 2007 12:00am
Board Meetings

Board Meetings

Board Meetings of Companies listed on the Karachi Stock Exchange.

Published 27 Feb, 2007 12:00am
Board meetings in progress

Board meetings in progress

Board Meetings in Progress of Companies listed on the Karachi Stock Exchange.

Published 27 Feb, 2007 12:00am
BOARD MEETINGS

BOARD MEETINGS

Board Meetings of Companies listed on the Karachi Stock Exchange.

Published 27 Feb, 2007 12:00am
ICJ clears Serbia of genocide during Bosnian war

ICJ clears Serbia of genocide during Bosnian war

The United Nation's top court on Monday cleared Serbia of genocide during the war in Bosnia, but said Belgrade did breach international law by not acting to prevent the 1995 genocide at Srebrenica. 'The court finds that Serbia has not committed genocide,'
Published 27 Feb, 2007 12:00am
Cross Transactions

Cross Transactions

Cross transactions between client to client reported on Monday (February 26, 2007).

Published 27 Feb, 2007 12:00am
ICJ clears Serbia of genocide during Bosnian war

ICJ clears Serbia of genocide during Bosnian war

The United Nation's top court on Monday cleared Serbia of genocide during the war in Bosnia, but said Belgrade did breach international law by not acting to prevent the 1995 genocide at Srebrenica. 'The court finds that Serbia has not committed genocide,'
Published 27 Feb, 2007 12:00am