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Print - 2007-04-06
Six US, four British troops killed in Iraq

Six US, four British troops killed in Iraq

Six American and four British troops were killed in attacks across Iraq, coalition forces announced on Thursday, as a US helicopter crashed south of Baghdad and insurgents ambushed Iraqi soldiers.
Published 06 Apr, 2007 12:00am
ABN Amro increases stake in Prime Bank

ABN Amro increases stake in Prime Bank

ABN Amro has increased its stake in Prime Bank to 96.17 percent following the expiration on Thursday of its cash tender offer. A press release issued here said that at the close of the tender offer, ABN Amro had obtained additional 7,581,894 shares, repre
Published 06 Apr, 2007 12:00am
ABN Amro increases stake in Prime Bank

ABN Amro increases stake in Prime Bank

ABN Amro has increased its stake in Prime Bank to 96.17 percent following the expiration on Thursday of its cash tender offer. A press release issued here said that at the close of the tender offer, ABN Amro had obtained additional 7,581,894 shares, repre
Published 06 Apr, 2007 12:00am
NJLI Pension Fund Rates

NJLI Pension Fund Rates

New Jubilee Life Insurance Pension Fund Rates on Thursday (April 05, 2007).

Published 06 Apr, 2007 12:00am
ABN Amro increases stake in Prime Bank

ABN Amro increases stake in Prime Bank

ABN Amro has increased its stake in Prime Bank to 96.17 percent following the expiration on Thursday of its cash tender offer. A press release issued here said that at the close of the tender offer, ABN Amro had obtained additional 7,581,894 shares, repre
Published 06 Apr, 2007 12:00am
NJLI Pension Fund Rates

NJLI Pension Fund Rates

New Jubilee Life Insurance Pension Fund Rates on Thursday (April 05, 2007).

Published 06 Apr, 2007 12:00am
Ship breakers flay duty-free billet import

Ship breakers flay duty-free billet import

Chairman Pakistan Ship Breakers'' Association Azam Malik has said that the ''Tore Bars'' are extensively used by the construction industry in general and in Karachi and Sindh due its good suitable quality, flexibility and strength etc.
Published 06 Apr, 2007 12:00am
NJLI Pension Fund Rates

NJLI Pension Fund Rates

New Jubilee Life Insurance Pension Fund Rates on Thursday (April 05, 2007).

Published 06 Apr, 2007 12:00am
Ship breakers flay duty-free billet import

Ship breakers flay duty-free billet import

Chairman Pakistan Ship Breakers' Association Azam Malik has said that the 'Tore Bars' are extensively used by the construction industry in general and in Karachi and Sindh due its good suitable quality, flexibility and strength etc.
Published 06 Apr, 2007 12:00am
Ship breakers flay duty-free billet import

Ship breakers flay duty-free billet import

Chairman Pakistan Ship Breakers' Association Azam Malik has said that the 'Tore Bars' are extensively used by the construction industry in general and in Karachi and Sindh due its good suitable quality, flexibility and strength etc.
Published 06 Apr, 2007 12:00am
Nine children killed as tractor-trolley rams into school

Nine children killed as tractor-trolley rams into school

A speeding tractor-trolley rammed into a roadside Masjid-Maktab school at village Thatha Panah, 27 kilometres from here, on Thursday, killing nine children and injuring 17 others, police said.
Published 06 Apr, 2007 12:00am
Nine children killed as tractor-trolley rams into school

Nine children killed as tractor-trolley rams into school

A speeding tractor-trolley rammed into a roadside Masjid-Maktab school at village Thatha Panah, 27 kilometres from here, on Thursday, killing nine children and injuring 17 others, police said.
Published 06 Apr, 2007 12:00am
OPF revises criteria for contract teachers

OPF revises criteria for contract teachers

Overseas Pakistanis Foundation (OPF) has revised recruitment criteria for teachers working on contract basis in its educational institutions. OPF manager director Mushtaq Ahmed told APP here on Thursday that the revised criteria would be made public throu
Published 06 Apr, 2007 12:00am
Closing of sterling rates

Closing of sterling rates

Closing of sterling rates at 1730 GMT - on Thursday (April 05, 2007).

Published 06 Apr, 2007 12:00am
HEC meeting being called to discuss plagiarism

HEC meeting being called to discuss plagiarism

A special meeting of the Higher Education Commission (HEC) is being called to consider the case of plagiarism after the University of Punjab decided in a meeting of the Syndicate only to mildly reprimand its faculty members involved in plagiarism.
Published 06 Apr, 2007 12:00am
Prgmea condemns NTSC decision

Prgmea condemns NTSC decision

Ijaz A. Khokhar, Chairman Pakistan Readymade Garments Manufacturers & Exporters Association (Prgmea) has condemned the decision taken by the National Textile Strategy Committee (NTSC) on commerce headed by MNA Iqbal Muhammad Ali Khan which has approved Tr
Published 06 Apr, 2007 12:00am
Commencement of site work on M-4 likely in 2008

Commencement of site work on M-4 likely in 2008

The commencement of site work of Faisalabad-Khanewal Motorway (M-4) under the National Trade Corridor Highway Investment Program (NTCHIP) Multitranche Financing Facility (MFF) is expected in early 2008, with an estimated completion date of late 2010.
Published 06 Apr, 2007 12:00am
Spot dollar rates

Spot dollar rates

Spot Dollar rates from Khadim Ali Shah Bukhari & Co Ltd on Thursday (April 05, 2007).

Published 06 Apr, 2007 12:00am
Taliban attacks into Afghanistan curbed: Aurakzai

Taliban attacks into Afghanistan curbed: Aurakzai

Taliban attacks into Afghanistan from Pakistan have virtually stopped since Pakistan imposed stringent controls on its border, a senior aide to President Pervez Musharraf said on Thursday.
Published 06 Apr, 2007 12:00am
Money Market Report

Money Market Report

Money market report by Khadim Ali Shah Bukhari & Co on Thursday (April 05, 2007).
Published 06 Apr, 2007 12:00am
Canada posts stellar jobs growth in March

Canada posts stellar jobs growth in March

Canada's economy added a stunning 54,900 jobs in March, whizzing past forecasts and fuelling market expectations that the Bank of Canada's next rate move will be an increase though not for some time yet.
Published 06 Apr, 2007 12:00am
Nintendo revises up forecasts on strong game sales

Nintendo revises up forecasts on strong game sales

Japanese video game giant Nintendo said Thursday its earnings for the year ended last week would exceed forecasts, thanks to strong sales of its game machines. The company now estimates its sales for the year to March 31 to reach 966 billion yen (8.13 bil
Published 06 Apr, 2007 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 Thursday (April 05, 2007).

Published 06 Apr, 2007 12:00am
Total and Qatar warn oil contractors on high costs

Total and Qatar warn oil contractors on high costs

French oil major Total and Qatar's energy minister on Thursday both warned service contractors they risked damaging the energy industry unless they moderated their fees.
Published 06 Apr, 2007 12:00am
EU and US commit to swift air passenger data deal

EU and US commit to swift air passenger data deal

The European Union and United States have made progress in talks on sharing air passenger data and are confident of reaching an agreement before a July deadline, possibly even this month, they said on Thursday.
Published 06 Apr, 2007 12:00am
Bulls command ISE proceedings

Bulls command ISE proceedings

Bulls commanded the proceedings on Thursday at the Islamabad Stock Exchange (ISE) where fresh buying spree in trend-setters moved the entire ready-board in upward direction amid increase in index. ISE Ten Index showed an improvement of 32.36 points, as th
Published 06 Apr, 2007 12:00am
Bulls command ISE proceedings

Bulls command ISE proceedings

Bulls commanded the proceedings on Thursday at the Islamabad Stock Exchange (ISE) where fresh buying spree in trend-setters moved the entire ready-board in upward direction amid increase in index. ISE Ten Index showed an improvement of 32.36 points, as th
Published 06 Apr, 2007 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 Thursday (April 05, 2007).

Published 06 Apr, 2007 12:00am
LSE index up 77.15 points

LSE index up 77.15 points

Fuelled by fresh buying in banks and oil sector, bulls took control of driving seat on Lahore Stock Exchange (LSE), where the benchmark index gained 1.79-percent with a slight improvement in volume. The LSE-25 index surged to 4374.32 points from 4297.17 p
Published 06 Apr, 2007 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 Thursday (April 05, 2007).

Published 06 Apr, 2007 12:00am
LSE index up 77.15 points

LSE index up 77.15 points

Fuelled by fresh buying in banks and oil sector, bulls took control of driving seat on Lahore Stock Exchange (LSE), where the benchmark index gained 1.79-percent with a slight improvement in volume. The LSE-25 index surged to 4374.32 points from 4297.17 p
Published 06 Apr, 2007 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 Thursday (April 05, 2007).

Published 06 Apr, 2007 12:00am
President and Prime Minister hold talks

President and Prime Minister hold talks

Prime Minister Shaukat Aziz met President General Pervez Musharraf here on Thursday and discussed the overall political situation in the country and matters of national interests. A press release from the PM House stated that during the meeting at the Pre
Published 06 Apr, 2007 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 06 Apr, 2007 12:00am
President and Prime Minister hold talks

President and Prime Minister hold talks

Prime Minister Shaukat Aziz met President General Pervez Musharraf here on Thursday and discussed the overall political situation in the country and matters of national interests. A press release from the PM House stated that during the meeting at the Pre
Published 06 Apr, 2007 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 06 Apr, 2007 12:00am
Petroleum Policy 2007 seen backfiring

Petroleum Policy 2007 seen backfiring

The Petroleum Policy 2007 may backfire as it enfolds irrationally higher fee and taxes/duties for carrying out exploration activities in Pakistan. The new policy will also bar entry of the new oil and gas exploration companies since it unnecessary imposes
Published 06 Apr, 2007 12:00am
Petroleum Policy 2007 seen backfiring

Petroleum Policy 2007 seen backfiring

The Petroleum Policy 2007 may backfire as it enfolds irrationally higher fee and taxes/duties for carrying out exploration activities in Pakistan. The new policy will also bar entry of the new oil and gas exploration companies since it unnecessary imposes
Published 06 Apr, 2007 12:00am
Petroleum Policy 2007 seen backfiring

Petroleum Policy 2007 seen backfiring

The Petroleum Policy 2007 may backfire as it enfolds irrationally higher fee and taxes/duties for carrying out exploration activities in Pakistan. The new policy will also bar entry of the new oil and gas exploration companies since it unnecessary imposes
Published 06 Apr, 2007 12:00am
PSO - A corporate profile

PSO - A corporate profile

Pakistan State Oil Company Limited (PSO) - formed in the public sector on December 30, 1976 as a result of the amalgamation of three private sector companies - has over the years been the largest oil marketing company in Pakistan with an FY 2006 turnover
Published 06 Apr, 2007 12:00am
CBR seeks powers to probe money laundering cases

CBR seeks powers to probe money laundering cases

The Central Board of Revenue (CBR) will seek enough powers from the government to investigate money laundering cases. Sources told Business Recorder on Thursday that the proposed Federal Board of Revenue (FBR) law has specifically incorporated a ne
Published 06 Apr, 2007 12:00am
Siemens a leading force in the power sector

Siemens a leading force in the power sector

Siemens enjoys a leading position in Pakistan in the business areas of Power, Automation and Control, Medical, Transportation, and Industrial solutions. Siemens is the country's No 1 supplier of high-voltage grid stations, switchgear products and systems,
Published 06 Apr, 2007 12:00am
CBR seeks powers to probe money laundering cases

CBR seeks powers to probe money laundering cases

The Central Board of Revenue (CBR) will seek enough powers from the government to investigate money laundering cases. Sources told Business Recorder on Thursday that the proposed Federal Board of Revenue (FBR) law has specifically incorporated a ne
Published 06 Apr, 2007 12:00am
Why Power Generation - Pakistan?

Why Power Generation - Pakistan?

For Pakistan, as for any other developing country, the optimum development of the power generation resources is imperative for progress. Pakistan's economy witnessed a visible GDP growth, to 8.4 percent in 2004-05 and 6.6 percent in 2005-06.
Published 06 Apr, 2007 12:00am
CBR seeks powers to probe money laundering cases

CBR seeks powers to probe money laundering cases

The Central Board of Revenue (CBR) will seek enough powers from the government to investigate money laundering cases. Sources told Business Recorder on Thursday that the proposed Federal Board of Revenue (FBR) law has specifically incorporated a ne
Published 06 Apr, 2007 12:00am
Message from Chairman, AEDB

Message from Chairman, AEDB

Pakistan is at a stage where Alternative Energy has become an attractive option to not only produce electricity to bridge the power-deficit on the National Grid, but also to provide electricity to remote, off-grid rural areas.
Published 06 Apr, 2007 12:00am
BRIndex30 gains 250.34 points

BRIndex30 gains 250.34 points

On Thursday, BRIndex30 opened with a jump gap of 32.74 points and after registering a slight short term fall early on, it experienced a steady rise till the end of market time. It closed at 12,612.68 with a positive change of 250.34 points and percentage
Published 06 Apr, 2007 12:00am
Message from Secretary, Ministry of Water and Power

Message from Secretary, Ministry of Water and Power

Rapid economic growth in Pakistan and resolve of the government to take electricity to every nook and corner of this country has necessitated that the power generation capacity be enhanced to meet the demand for power.
Published 06 Apr, 2007 12:00am
BRIndex30 gains 250.34 points

BRIndex30 gains 250.34 points

On Thursday, BRIndex30 opened with a jump gap of 32.74 points and after registering a slight short term fall early on, it experienced a steady rise till the end of market time. It closed at 12,612.68 with a positive change of 250.34 points and percentage
Published 06 Apr, 2007 12:00am
Message from Minister for Water and Power

Message from Minister for Water and Power

On behalf of the Ministry of Water and Power, I offer felicitations to Energy Update for organising the Conference on power generation. This Conference could not have come at a better time as we are once again close to that time of the year that the deman
Published 06 Apr, 2007 12:00am
Fresh buying turns KSE bullish

Fresh buying turns KSE bullish

The KSE remained bullish throughout the day with the KSE-100 index closing at intra-day high of 11,596.08 points, posting a net gain of 181.22 points on Thursday after the local and foreign investors injected fresh funds.
Published 06 Apr, 2007 12:00am
Message from Prime Minister Islamic Republic of Pakistan

Message from Prime Minister Islamic Republic of Pakistan

Pakistan is a developing country which boasts of one of the world's fastest growing economy. However, such development is always power hungry. To cater to the energy needs of this developing economy, power generation resources have to be developed that ca
Published 06 Apr, 2007 12:00am
Fresh buying turns KSE bullish

Fresh buying turns KSE bullish

The KSE remained bullish throughout the day with the KSE-100 index closing at intra-day high of 11,596.08 points, posting a net gain of 181.22 points on Thursday after the local and foreign investors injected fresh funds.
Published 06 Apr, 2007 12:00am
FOB Gulf corn down, soyabeans firmer

FOB Gulf corn down, soyabeans firmer

US FOB Gulf corn basis offers fell on Wednesday amid pressure from a rally in the futures market, while soyabeans were firm amid tight supplies, traders said. Hard and soft red winter wheat were steady in a market seeing little export demand other than a
Published 06 Apr, 2007 12:00am
Fresh buying turns KSE bullish

Fresh buying turns KSE bullish

The KSE remained bullish throughout the day with the KSE-100 index closing at intra-day high of 11,596.08 points, posting a net gain of 181.22 points on Thursday after the local and foreign investors injected fresh funds.
Published 06 Apr, 2007 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 95,117 tonnes cargo including 75,905 tonnes import, 19,212` tonnes export cargo and 3,875 containers during last 24 hours ending at 0700 hours on Thursday. The cargo comprised of 59,117 tonnes dry cargo including 47,966 tonnes gen
Published 06 Apr, 2007 12:00am
Attock group disqualified: PSO bidding postponed to May 19

Attock group disqualified: PSO bidding postponed to May 19

The Privatisation Commission (PC) has shifted the PSO bidding date from May 5 to May 19 and has finally decided not to enlist the Attock group as one of the bidders. The Attock group was earlier disqualified from bidding, as the US Justice Department on B
Published 06 Apr, 2007 12:00am
HRW wheat bids steady to firmer

HRW wheat bids steady to firmer

US Plains hard red winter wheat basis bids were steady to firmer on Thursday with light spot domestic demand noted, merchants said. "The domestic mills seem to be the ones interested in wheat. There isn't a lot of export interest right now," said one Okla
Published 06 Apr, 2007 12:00am
Attock group disqualified: PSO bidding postponed to May 19

Attock group disqualified: PSO bidding postponed to May 19

The Privatisation Commission (PC) has shifted the PSO bidding date from May 5 to May 19 and has finally decided not to enlist the Attock group as one of the bidders. The Attock group was earlier disqualified from bidding, as the US Justice Department on B
Published 06 Apr, 2007 12:00am
Corn rallies four percent

Corn rallies four percent

Corn futures at the Chicago Board of Trade rallied 4 percent on Wednesday amid forecasts for wet and cold weather in the US Midwest that will slow spring field work and early seeding of the 2007 US corn crop, traders said.
Published 06 Apr, 2007 12:00am
Attock group disqualified: PSO bidding postponed to May 19

Attock group disqualified: PSO bidding postponed to May 19

The Privatisation Commission (PC) has shifted the PSO bidding date from May 5 to May 19 and has finally decided not to enlist the Attock group as one of the bidders. The Attock group was earlier disqualified from bidding, as the US Justice Department on B
Published 06 Apr, 2007 12:00am
Moong sharply down, masoor up on grain market

Moong sharply down, masoor up on grain market

A few changes were seen on the grain market on Thursday as most of the commodities maintained their overnight levels in process of trading, dealers said. The variations were made on the cereal side, where moong Punjab lost Rs 200 to Rs 3500.
Published 06 Apr, 2007 12:00am
CBR facing legal controversy

CBR facing legal controversy

The Central Board of Revenue (CBR) is facing a legal controversy because of contradictory judgements of the Sindh High Court and the Lahore High Court over the inclusion of custom duty and sales tax in the import value for the purpose of withholding tax u
Published 06 Apr, 2007 12:00am
Japan buys 170,000 tonnes of wheat

Japan buys 170,000 tonnes of wheat

Japan's Agriculture Ministry bought a total of 170,000 tonnes of milling wheat from the United States, Canada and Australia at a weekly tender, the same volume as planned, a ministry official said on Thursday.
Published 06 Apr, 2007 12:00am
CBR facing legal controversy

CBR facing legal controversy

The Central Board of Revenue (CBR) is facing a legal controversy because of contradictory judgements of the Sindh High Court and the Lahore High Court over the inclusion of custom duty and sales tax in the import value for the purpose of withholding tax u
Published 06 Apr, 2007 12:00am
US Midwest soya bids fall

US Midwest soya bids fall

Spot basis bids for soyabeans fell slightly at processors west of the Mississippi River on Wednesday but were steady at most other interior locations, grain dealers said. Processors have been looking to cut back on their pace of crushing due to thin profi
Published 06 Apr, 2007 12:00am
CBR facing legal controversy

CBR facing legal controversy

The Central Board of Revenue (CBR) is facing a legal controversy because of contradictory judgements of the Sindh High Court and the Lahore High Court over the inclusion of custom duty and sales tax in the import value for the purpose of withholding tax u
Published 06 Apr, 2007 12:00am
CBOT wheat sharply higher

CBOT wheat sharply higher

Soft red winter wheat futures at the Chicago Board of Trade closed sharply higher on Wednesday as worries about a frost threat to US winter wheat this weekend sparked speculative buying, traders said.
Published 06 Apr, 2007 12:00am
SBP issues consolidated policy framework to banks and DFIs

SBP issues consolidated policy framework to banks and DFIs

The State Bank of Pakistan has issued consolidated instructions on policy framework to facilitate banks and DFIs to ensure compliance of the regulatory requirements. Accordding to BSD Circular No 3, the Central Bank stated that good governance is essentia
Published 06 Apr, 2007 12:00am
Heavy rains in Brazil's soya producing states

Heavy rains in Brazil's soya producing states

Heavy rains have begun falling on Brazil's southern soyabean producing states and a new cold front will bring more moisture into parts of the center-west, meteorologist Somar said Thursday.
Published 06 Apr, 2007 12:00am
SBP issues consolidated policy framework to banks and DFIs

SBP issues consolidated policy framework to banks and DFIs

The State Bank of Pakistan has issued consolidated instructions on policy framework to facilitate banks and DFIs to ensure compliance of the regulatory requirements. Accordding to BSD Circular No 3, the Central Bank stated that good governance is essentia
Published 06 Apr, 2007 12:00am
Correction

Correction

In the head line of Wednesday's report inadvertently the rate was given as per bale, whereas it should have been per maund. The omission is regretted.
Published 06 Apr, 2007 12:00am
SBP issues consolidated policy framework to banks and DFIs

SBP issues consolidated policy framework to banks and DFIs

The State Bank of Pakistan has issued consolidated instructions on policy framework to facilitate banks and DFIs to ensure compliance of the regulatory requirements. Accordding to BSD Circular No 3, the Central Bank stated that good governance is essentia
Published 06 Apr, 2007 12:00am
Oil cake market rates

Oil cake market rates

The May vaida was lower while the July vaida was unchanged on the forward cottonseed oilcake market on Thursday, dealers said. The May viada did not show any change at the beginning of session at Rs 672.00 and closing was seen at Rs 668.00 to show a loss
Published 06 Apr, 2007 12:00am
Discos seek another tariff raise

Discos seek another tariff raise

The power distribution companies (Discos) are to seek raise in tariff as they believe that the 10 percent increase is not enough to meet the financial shortfall, well-placed sources in the Ministry of Water and Power told Business Recorder.
Published 06 Apr, 2007 12:00am
Discos seek another tariff raise

Discos seek another tariff raise

The power distribution companies (Discos) are to seek raise in tariff as they believe that the 10 percent increase is not enough to meet the financial shortfall, well-placed sources in the Ministry of Water and Power told Business Recorder.
Published 06 Apr, 2007 12:00am
Cotton prices rise to record levels

Cotton prices rise to record levels

Cotton prices rose to record levels for this season (2006-07) when 4,000 bales of prime quality of lint from Rahimyar Khan in Punjab sold at Rs 2800 per maund (37.32 kgs) which is the highest price obtained by the ginners this year.
Published 06 Apr, 2007 12:00am
Discos seek another tariff raise

Discos seek another tariff raise

The power distribution companies (Discos) are to seek raise in tariff as they believe that the 10 percent increase is not enough to meet the financial shortfall, well-placed sources in the Ministry of Water and Power told Business Recorder.
Published 06 Apr, 2007 12:00am