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May 11, 2025 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Print - 2007-08-08
Health workers abducted in tribal area

Health workers abducted in tribal area

Armed men abducted and beat 11 health workers sent to a tribal area to administer polio vaccinations to children on Tuesday, forcing the suspension of the campaign, officials said.
Published 08 Aug, 2007 12:00am
Shares buy-back schedule

Shares buy-back schedule

Shares buy-back schedule of listed companies on Tuesday (August 07, 2007).

Published 08 Aug, 2007 12:00am
FBR Act to be fully effective from next month

FBR Act to be fully effective from next month

The Federal Board of Revenue Act 2007 will come into full operation from the middle of next month, Business Recorder learnt here on Tuesday. Sources said that though the FBR Act has come on the Statutes Book, its operation has been stalled pending
Published 08 Aug, 2007 12:00am
BOARD MEETINGS

BOARD MEETINGS

Board Meetings of Companies listed on the Karachi Stock Exchange.

Published 08 Aug, 2007 12:00am
HFP excludes officers from housing programme

HFP excludes officers from housing programme

The Housing Foundation of Pakistan (HFP) seems to have excluded officers working in the statistics division from the housing programme meant for officers of BPS 17 to 22, it is learnt. Though the project to be launched for all in-service officers of the f
Published 08 Aug, 2007 12:00am
All shares index report

All shares index report

The sector-wise all shares index report on Tuesday (August 07, 2007).

Published 08 Aug, 2007 12:00am
Government asked to shun US aid

Government asked to shun US aid

Opposition and treasury benches on Tuesday demanded of the government to review its foreign policy, refuse US annual aid of $1 billion, disqualify USA presidential candidates Barack Obama and Tom Tancrado following strong condemnation to US-India nuclear
Published 08 Aug, 2007 12:00am
Punjab refuses to provide funds for complex

Punjab refuses to provide funds for complex

The Punjab provincial government has refused to provide funds for multi-million District Assembly Complex and asked the City District Government Rawalpindi (CDGR) to construct this multi-story building on its own.
Published 08 Aug, 2007 12:00am
Strong navy inevitable for conducive maritime environment: President

Strong navy inevitable for conducive maritime environment: President

President General Pervez Musharraf says "a strong and viable navy is indispensable" for obtaining conducive maritime environment. Although Pakistan is blessed with enormous maritime potential. This sector remained neglected for the past many decades, he s
Published 08 Aug, 2007 12:00am
THE RUPEE: dollar mostly higher

THE RUPEE: dollar mostly higher

Rupee-dollar parity rates were down in the currency market on Monday, except selling rate in open market, dealers said. In the interbank market, the rupee shed versus dollar two paisa for buying at Rs 60.41 and it slid two paisa at Rs 60.42,for selling th
Published 08 Aug, 2007 12:00am
General Ehsan calls on Shaukat

General Ehsan calls on Shaukat

Prime Minister Shaukat Aziz on Tuesday said that the armed forces of Pakistan have always played an important role in the defence of the territorial integrity as well as contribute towards rescue and relief efforts in case of any natural calamity.
Published 08 Aug, 2007 12:00am
THE RUPEE: dollar mostly higher

THE RUPEE: dollar mostly higher

Rupee-dollar parity rates were down in the currency market on Monday, except selling rate in open market, dealers said. In the interbank market, the rupee shed versus dollar two paisa for buying at Rs 60.41 and it slid two paisa at Rs 60.42,for selling th
Published 08 Aug, 2007 12:00am
Financial irregularities in CAA detected, National Assembly told

Financial irregularities in CAA detected, National Assembly told

The government conceded on Tuesday that financial irregularities have been detected in Civil Aviation Authority (CAA). Parliamentary Secretary for Defence Tanvir Hussain Syed told the Lower House that a CAA delegation was barred to visit China due to some
Published 08 Aug, 2007 12:00am
FROM A RINGSIDE SEAT

FROM A RINGSIDE SEAT

CIA-darling dolls in Pakistan security establishment have been dancing for more than half a century to the tunes of Washington orchestra. Ayub, Zia and now Bush-favourite Musharraf. One after one they all remained on a run to leave each other behind in a
Published 08 Aug, 2007 12:00am
Trade can help fight extremism and drugs: minister

Trade can help fight extremism and drugs: minister

Access to the US market is a key tool in Pakistan's drive against extremism, Commerce and Trade Minister Humayun Akhtar Khan said on Tuesday following talks with US officials on trade initiatives. Humayun Akhtar Khan said US authorities should take a stra
Published 08 Aug, 2007 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Tuesday (August 07, 2007).

Published 08 Aug, 2007 12:00am
Bread prices up

Bread prices up

Poor people have to face more tough time to fill their stomach as Roti (bread) has become more expensive due to increase in its prices by Re one per Tandoori Naan. Tandoor owners have said that the prices of ata and ghee have gone up in the local market,
Published 08 Aug, 2007 12:00am
10 militants killed in security forces strike

10 militants killed in security forces strike

Security forces, backed by helicopter gunships, attacked two militant hideouts near the border with Afghanistan on Tuesday, killing at least 10 militants, the military said. The pre-dawn offensive in Degan area, some 25 km (17 miles) west of North Waziris
Published 08 Aug, 2007 12:00am
Fishermen announce complete strike on August 9

Fishermen announce complete strike on August 9

Resenting against the fish exporters for offering very low rates for prawns and other fish species, the newly formed body of fishing community representatives on Tuesday announced complete strike of fishermen at Karachi Fish Harbor and other coastal areas
Published 08 Aug, 2007 12:00am
200 lecturers being appointed in colleges: CAP

200 lecturers being appointed in colleges: CAP

There are lying 900 vacant posts in the government colleges, causing problems both for the students and respective college administration, said Rafiq Sadique, Director Colleges and In charge Central Admission Policy (CAP) Committee.
Published 08 Aug, 2007 12:00am
AHRB clarification

AHRB clarification

Business Recorder has incorrectly printed the bank's name in the press release. It is not Rupali Bank any longer. Rupali Bank, as a legal entity, does not exist. The bank's name now is Arif Habib Rupali Bank Ltd. According to State Bank of Pakistan
Published 08 Aug, 2007 12:00am
Pacra upgrades long term entity rating of KASB bank

Pacra upgrades long term entity rating of KASB bank

The Pakistan Credit Rating Agency (Pacra) has upgraded the long term entity rating of KASB Bank to A minus while maintaining the short term entity rating at A 2, which denotes a low expectation of credit risk emanating from a strong base for timely paymen
Published 08 Aug, 2007 12:00am
Pacra upgrades long term entity rating of KASB bank

Pacra upgrades long term entity rating of KASB bank

The Pakistan Credit Rating Agency (Pacra) has upgraded the long term entity rating of KASB Bank to A minus while maintaining the short term entity rating at A 2, which denotes a low expectation of credit risk emanating from a strong base for timely paymen
Published 08 Aug, 2007 12:00am
Proposed right issues

Proposed right issues

Right issues proposed by companies listed on Karachi Stock Exchange.

Published 08 Aug, 2007 12:00am
Customs to analyse transshipment companies data

Customs to analyse transshipment companies data

The Directorate General of Intelligence and Investigation, Customs and Excise, Islamabad, has started analysing data of transshipment companies to detect unauthorised bonded carriers operating across the country.
Published 08 Aug, 2007 12:00am
6,500 villages affected by floods: minister

6,500 villages affected by floods: minister

Minister for water and power Liaquat Ali Jatoi said on Tuesday that recent floods have affected 6,500 villages besides 7,08,000 acres of land including over 120,000 acres of cropped area.
Published 08 Aug, 2007 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 90,367 tonnes cargo including 73,218 tonnes import, 17,149 tonnes export cargo and 3,524 containers (TEUs) during last 24 hours ending at 0700 hours on Tuesday.
Published 08 Aug, 2007 12:00am
China's Ctrip aims for steep revenue growth

China's Ctrip aims for steep revenue growth

Ctrip.com, China's largest online travel agent, hopes to increase its revenue by 30 to 60 percent annually - two to three times the market growth rate - over the next few years, a senior executive said on Friday.
Published 08 Aug, 2007 12:00am
UAE's NBAD says needs to grow, eyeing mergers

UAE's NBAD says needs to grow, eyeing mergers

National Bank of Abu Dhabi (NBAD), the UAE's largest bank by assets, has made several proposals to its government owners to grow through mergers to face mounting global competition, the CEO said on Monday. Michael Tomalin told Reuters in an interview that
Published 08 Aug, 2007 12:00am
Santarus quarterly loss narrows, withdraws 2008 revenue view

Santarus quarterly loss narrows, withdraws 2008 revenue view

Santarus Inc on Monday posted a narrower quarterly loss, but withdrew its 2008 revenue outlook partly blaming the strong growth in generic omeprazole with which the specialty pharmaceutical company's acidity drug competes, and its shares fell to a year lo
Published 08 Aug, 2007 12:00am
Santarus quarterly loss narrows, withdraws 2008 revenue view

Santarus quarterly loss narrows, withdraws 2008 revenue view

Santarus Inc on Monday posted a narrower quarterly loss, but withdrew its 2008 revenue outlook partly blaming the strong growth in generic omeprazole with which the specialty pharmaceutical company's acidity drug competes, and its shares fell to a year lo
Published 08 Aug, 2007 12:00am
FedEx Kinko's to grow APAC business in fiscal year 2008

FedEx Kinko's to grow APAC business in fiscal year 2008

FedEx Kinko's, the office services unit of FedEx Corp, will open 12 new branches in China, mainly in Shanghai and Beijing, by June 2008, and grow its Asia Pacific workforce by over 11 percent as it expands beyond the US.
Published 08 Aug, 2007 12:00am
Xstrata bids $1 billion for Eland Platinum

Xstrata bids $1 billion for Eland Platinum

Xstrata Plc met forecasts with a 47 percent rise in first-half profit on Tuesday and unveiled a $1 billion offer for South Africa's Eland Platinum in a bid to tap booming demand for the metal from Asia.
Published 08 Aug, 2007 12:00am
St Gobain to buy Maxit group

St Gobain to buy Maxit group

St Gobain, the world's biggest building materials group, said on Tuesday it would buy clay and mortar company Maxit Group from Germany's HeidelbergCement in a deal worth around $3 billion. St Gobain said the acquisition would double the size of its indust
Published 08 Aug, 2007 12:00am
Microsoft to cut Xbox 360 console price in US

Microsoft to cut Xbox 360 console price in US

Microsoft Corp said on Monday it will cut the price of its main Xbox 360 video game console model by about 13 percent in the United States, hoping to boost sales ahead of the crucial holiday season.
Published 08 Aug, 2007 12:00am
UK foot and mouth disease outbreak may raise inflation

UK foot and mouth disease outbreak may raise inflation

Britain's latest tussle with foot and mouth disease is unlikely to hamper the economy greatly this year as long as a repeat of the devastating 2001 outbreak is avoided, economists say - but it could drive prices higher.
Published 08 Aug, 2007 12:00am
ECB's Kranjec warns on US subprime dangers

ECB's Kranjec warns on US subprime dangers

Shockwaves from the US subprime mortgage crisis could threaten consumer demand in the eurozone, European Central Bank Governing Council member Marko Kranjec said in an interview.
Published 08 Aug, 2007 12:00am
Outbreak spreads

Outbreak spreads

Britain confirmed a second outbreak of foot and mouth disease in a herd of cattle in southern England on Tuesday, raising fears the highly damaging animal disease may spread. The owner of the first farm where the disease broke out said he was "completely
Published 08 Aug, 2007 12:00am
India tightens foreign debt rules to stem inflows

India tightens foreign debt rules to stem inflows

India tightened rules on foreign borrowing by local firms on Tuesday, saying loans of more than $20 million must be spent overseas, in a move analysts said aimed to check capital inflows that have pushed the rupee higher.
Published 08 Aug, 2007 12:00am
Japan upgrades view on exports and jobs

Japan upgrades view on exports and jobs

The Japanese government revised up its outlook on exports and jobs on Tuesday, while the IMF upped its growth forecast for the country, underscoring expectations the central bank will raise rates this month.
Published 08 Aug, 2007 12:00am
Asean nations plan WTO action on Australian prawn ban

Asean nations plan WTO action on Australian prawn ban

Asean countries will complain to the World Trade Organisation (WTO) about an Australian ban on prawn imports that they say constitutes an artificial trade barrier, it was reported Tuesday.
Published 08 Aug, 2007 12:00am
Bill Gates no longer richest person

Bill Gates no longer richest person

Microsoft founder Bill Gates has lost his claim as the world's richest person, ceding the title to Mexican telecoms tycoon Carlos Slim Helu, according to Fortune magazine.
Published 08 Aug, 2007 12:00am
IMF should better reflect emerging nations: France

IMF should better reflect emerging nations: France

The IMF should use the election of a new leader as an opportunity to debate steps to make the institution more responsive to emerging market and developing countries, the French foreign ministry said Tuesday.
Published 08 Aug, 2007 12:00am
US non-farm productivity up by 1.8 percent

US non-farm productivity up by 1.8 percent

US worker productivity grew at a slightly slower-than-expected 1.8 percent annualised pace in the second quarter, government data on Tuesday showed, while labour cost growth moderated in somewhat better news for inflation. It was the largest rise in produ
Published 08 Aug, 2007 12:00am
Delays, lost luggage, complaints soar for US airlines

Delays, lost luggage, complaints soar for US airlines

Long flight delays for passengers on the leading US airlines more than tripled in June compared with the previous month, leading to a spike in customer complaints, an official report showed Tuesday.
Published 08 Aug, 2007 12:00am
Iran may need 15 million litres/day fuel imports

Iran may need 15 million litres/day fuel imports

Iran may need to import 15 million litres per day of gasoline at current rates of consumption following the imposition of rationing, an oil official said on Tuesday, roughly half the amount imported before rationing.
Published 08 Aug, 2007 12:00am
Sunshine helps final stages of German wheat harvest

Sunshine helps final stages of German wheat harvest

The final stages of Germany's wheat harvest is progressing rapidly in hot sunny weather after constant rain delayed work in July, analysts said on Tuesday. Repeated rain in July means quality has been damaged but this varies greatly between regions and a
Published 08 Aug, 2007 12:00am
Malaysian palm oil cuts losses

Malaysian palm oil cuts losses

Malaysian crude palm oil futures closed marginally lower on Tuesday as speculative buying helped the market to cut losses suffered during the morning session. Traders said heavy buying by a top Singapore edible oil firm prompted players to start taken new
Published 08 Aug, 2007 12:00am
Tokyo rubber steady after slide

Tokyo rubber steady after slide

Tokyo rubber futures were steady on Tuesday, showing resilience after the previous day's declines, but sluggish demand and improving weather in producing countries were likely to put a lid on gains. The most-active rubber contract on the Tokyo Commodity E
Published 08 Aug, 2007 12:00am
CBOT rice closes firm

CBOT rice closes firm

Chicago Board of Trade rough rice closed firm Monday after a choppy session that featured a series of technical moves, traders said. September rice ended 5 cents higher at $10.50 per hundredweight and November up 5-1/2 cents at $10.84.
Published 08 Aug, 2007 12:00am
Soybeans dive after weekend rains for crops

Soybeans dive after weekend rains for crops

Soybean futures at the Chicago Board of Trade dived on Monday after heavier-than-expected weekend rains moved through dry pockets of the US Midwest over the weekend, giving crops a much-needed drink, traders said.
Published 08 Aug, 2007 12:00am
New York sugar falls to three-week low

New York sugar falls to three-week low

Raw sugar futures ended sharply lower on Monday, hitting a three-week low on nervousness over other commodity markets that caused speculative selling and triggered stops, brokers said. "It's a real down day for commodities. The specs are getting nervous a
Published 08 Aug, 2007 12:00am
Indonesia crude palm oil slides

Indonesia crude palm oil slides

Indonesian crude palm oil prices fell 3 percent on Tuesday, hit by further losses by Malaysian palm oil futures and despite demand from local refiners. There was no auction at the state marketing centre in Jakarta after failing to sell some 6,000 tonnes o
Published 08 Aug, 2007 12:00am
Shanghai, LME copper futures gain

Shanghai, LME copper futures gain

Shanghai copper futures bounced 1.1 percent on Tuesday, following a 3 percent fall in the previous session after a rebound in stricken equity markets. US equities scored their biggest daily percentage advance in four years on Monday, driving up the dollar
Published 08 Aug, 2007 12:00am
Oil extends slide on US worries

Oil extends slide on US worries

Oil prices fell another one percent on Tuesday, extending the previous day's over $3 dive as speculators locked in profits on fears of higher borrowing costs and US economic weakness. US crude oil futures fell 73 cents to $71.33 a barrel by 0644 GMT, afte
Published 08 Aug, 2007 12:00am
Indian soyoil futures up

Indian soyoil futures up

Indian soyoil futures rose on Tuesday following an increase in the base export price for palm oil products in Indonesia and short-covering after a fall on Monday. The August contract on the National Commodity and Derivatives Exchange was up 0.36 percent a
Published 08 Aug, 2007 12:00am
Malaysian tin up

Malaysian tin up

Malaysian tin rose slightly on Tuesday due to a technical correction over London Metal Exchange prices, one dealer said.
Published 08 Aug, 2007 12:00am
Cotton prices touch new peak

Cotton prices touch new peak

Raw cotton prices have touched a new peak of Rs 3,350 per maund on Tuesday's trading at Karachi Cotton Exchange (KCE) in the wake of rising demand, besides slow supply of cotton. The spot rate of the KCA also reached highest-ever level of Rs 3,050 per mau
Published 08 Aug, 2007 12:00am
Tokyo gold ends near two-week high

Tokyo gold ends near two-week high

Gold eased on Tuesday as investors awaited direction from the currency market ahead of the US Federal Reserve's policy meeting later in the session, while Tokyo futures rallied to end near a two-week high. Spot gold inched down to $670.65/671.25 an ounce
Published 08 Aug, 2007 12:00am
Cotton prices touch new peak

Cotton prices touch new peak

Raw cotton prices have touched a new peak of Rs 3,350 per maund on Tuesday's trading at Karachi Cotton Exchange (KCE) in the wake of rising demand, besides slow supply of cotton. The spot rate of the KCA also reached highest-ever level of Rs 3,050 per mau
Published 08 Aug, 2007 12:00am
US gold falls in thin trade

US gold falls in thin trade

US gold futures finished slightly lower in choppy trade on Monday, weighed down by tumbling crude oil prices, as investors stayed on the sidelines ahead of the Federal Reserve's interest-rate decision on Tuesday.
Published 08 Aug, 2007 12:00am
Cotton prices touch new peak

Cotton prices touch new peak

Raw cotton prices have touched a new peak of Rs 3,350 per maund on Tuesday''s trading at Karachi Cotton Exchange (KCE) in the wake of rising demand, besides slow supply of cotton. The spot rate of the KCA also reached highest-ever level of Rs 3,050 per ma
Published 08 Aug, 2007 12:00am
US copper settles off lows

US copper settles off lows

US copper futures pared earlier losses to end fractionally lower on Monday as worries about the health of the economy and its impact on demand growth continued to limit investment in the industrial metal, brokers said.
Published 08 Aug, 2007 12:00am
Indian sugar to invade domestic market

Indian sugar to invade domestic market

Indian sugar is going to hit the domestic market in a big way as two consignments of 12000 tons are reaching Pakistan in next two to three days. The first consignment of 6000 tons is due in Lahore via Wagah border on Thursday and the second of equal quant
Published 08 Aug, 2007 12:00am
US sugar industry frets over future

US sugar industry frets over future

The US sugar industry is facing tough times and the shadow of free trade in sweeteners with Mexico looms on the horizon in 2008, industry officials said. "Economically, we're in tough shape for a number of reasons."
Published 08 Aug, 2007 12:00am
Indian sugar to invade domestic market

Indian sugar to invade domestic market

Indian sugar is going to hit the domestic market in a big way as two consignments of 12000 tons are reaching Pakistan in next two to three days. The first consignment of 6000 tons is due in Lahore via Wagah border on Thursday and the second of equal quant
Published 08 Aug, 2007 12:00am
US coffee higher

US coffee higher

The US open-outcry arabica coffee futures closed mildly higher Monday, off a two-month high, on talk of potential crop concerns in top producer Brazil, traders said. Recent rains stimulated an early flowering of the 2008-09 crop.
Published 08 Aug, 2007 12:00am
Indian sugar to invade domestic market

Indian sugar to invade domestic market

Indian sugar is going to hit the domestic market in a big way as two consignments of 12000 tons are reaching Pakistan in next two to three days. The first consignment of 6000 tons is due in Lahore via Wagah border on Thursday and the second of equal quant
Published 08 Aug, 2007 12:00am
Australia's Vulcan near Finland copper mine start

Australia's Vulcan near Finland copper mine start

Australia's Vulcan Resources Ltd said on Tuesday it hopes to start mining copper and cobalt near the Finnish capital Helsinki next year and was in sales talks with refiners in Sweden and Germany.
Published 08 Aug, 2007 12:00am
NYBOT cotton stocks fall

NYBOT cotton stocks fall

Certificated cotton stocks deliverable against New York Board of Trade's (NYBOT) No 2 cotton futures contract as of August 3 totalled 652,947 (480-lb) bales, from 658,433 bales the previous session. There were 2,009 bales issued, 9,254 bales were awaiting
Published 08 Aug, 2007 12:00am
New York cocoa sharply down

New York cocoa sharply down

US cocoa futures settled sharply lower after reaching a seven-week low on Monday for the second session in a row, as prices fell on follow-through technical selling from the previous session, traders said. "On Friday we closed below that $1,900 support le
Published 08 Aug, 2007 12:00am
Finnish grain harvest seen average

Finnish grain harvest seen average

The total harvest in Finland this year is expected to be average or slightly better than last year, but last week's rains have hit hopes of good oats and rye harvests, industry body ProAgria said on Tuesday. ProAgria said in some worst hit areas, up to 80
Published 08 Aug, 2007 12:00am
Field staff: Wapda reinforcing work ethics, equipment

Field staff: Wapda reinforcing work ethics, equipment

Water and Power Development Authority (Wapda) Chairman Tariq Hamid has said the authority is reinforcing work ethics and equipment for the safety of its field staff and will hold any field officer responsible for any accident.
Published 08 Aug, 2007 12:00am
MGE spring wheat settles higher

MGE spring wheat settles higher

Spring wheat futures on the Minneapolis Grain Exchange closed higher on Monday on spillover strength from Chicago Board of Trade wheat amid tight world supplies, traders said. News of a large tender from Morocco added strength.
Published 08 Aug, 2007 12:00am
Fakhar Zaman returns home

Fakhar Zaman returns home

World Punjabi Congress (WPC) Chairman Fakhar Zaman has returned from India where he had gone to finalise dates for World Punjabi Conferences to be held in New Delhi, Chandigarh, Mumbai and Jammu.
Published 08 Aug, 2007 12:00am
Asian oil swaps: knocked down by plentiful supplies

Asian oil swaps: knocked down by plentiful supplies

Outright Asian oil swaps continued their decline on Tuesday, as both the naphtha and fuel oil markets were undermined by increased supplies, while gas oil fell further as crude prices dived. Front-month August fuel swaps continued their recent decline on
Published 08 Aug, 2007 12:00am
Cyclone may hit coastal areas on August 9

Cyclone may hit coastal areas on August 9

Sindh and Balochistan governments have been forewarned that another cyclone is approaching their coasts on August 9 and they should prepare themselves to deal with such a situation.
Published 08 Aug, 2007 12:00am
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