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Print - 2008-01-01
30 percent foreign investors quit

30 percent foreign investors quit

The deteriorating law and order situation has negatively impacted foreign investment as the number of foreign investors has gone down by 25-30 percent as compared to last year, and if the trend is not averted the this percentage is likely to increase furt
Published 01 Jan, 2008 12:00am
CRBC lift-cum-gravity project shelved

CRBC lift-cum-gravity project shelved

The Water and Power Division and Water and Power Development Authority (Wapda) have shelved Chashma Right Bank Canal (CRBC) lift-cum-gravity project, which is one of the vital projects in the pipeline for the development of agriculture sector in southern
Published 01 Jan, 2008 12:00am
CRBC lift-cum-gravity project shelved

CRBC lift-cum-gravity project shelved

The Water and Power Division and Water and Power Development Authority (Wapda) have shelved Chashma Right Bank Canal (CRBC) lift-cum-gravity project, which is one of the vital projects in the pipeline for the development of agriculture sector in southern
Published 01 Jan, 2008 12:00am
CRBC lift-cum-gravity project shelved

CRBC lift-cum-gravity project shelved

The Water and Power Division and Water and Power Development Authority (Wapda) have shelved Chashma Right Bank Canal (CRBC) lift-cum-gravity project, which is one of the vital projects in the pipeline for the development of agriculture sector in southern
Published 01 Jan, 2008 12:00am
Country suffers 'colossal' damage

Country suffers 'colossal' damage

Country has suffered colossal losses in rioting that erupted when opposition leader Benazir Bhutto was assassinated with damage of about $200 million to the railways alone, the government said on Monday. "The loss to public property and infrastructure has
Published 01 Jan, 2008 12:00am
Country suffers 'colossal' damage

Country suffers 'colossal' damage

Country has suffered colossal losses in rioting that erupted when opposition leader Benazir Bhutto was assassinated with damage of about $200 million to the railways alone, the government said on Monday. "The loss to public property and infrastructure has
Published 01 Jan, 2008 12:00am
Cabinet defers draft Demutualisation Ordinance 2007

Cabinet defers draft Demutualisation Ordinance 2007

Federal Cabinet on Monday once again deferred draft Stock Exchanges, Corporatisation, Demutualisation and Integration Ordinance, 2007, frustrating Securities and Exchanges Commission of Pakistan''s efforts to promulgate it before December 31, it is learnt
Published 01 Jan, 2008 12:00am
Cabinet defers draft Demutualisation Ordinance 2007

Cabinet defers draft Demutualisation Ordinance 2007

Federal Cabinet on Monday once again deferred draft Stock Exchanges, Corporatisation, Demutualisation and Integration Ordinance, 2007, frustrating Securities and Exchanges Commission of Pakistan's efforts to promulgate it before December 31, it is learnt
Published 01 Jan, 2008 12:00am
Cabinet defers draft Demutualisation Ordinance 2007

Cabinet defers draft Demutualisation Ordinance 2007

Federal Cabinet on Monday once again deferred draft Stock Exchanges, Corporatisation, Demutualisation and Integration Ordinance, 2007, frustrating Securities and Exchanges Commission of Pakistan's efforts to promulgate it before December 31, it is learnt
Published 01 Jan, 2008 12:00am
NJLI Pension Fund Rates

NJLI Pension Fund Rates

New Jubilee Life Insurance Pension Fund Rates on Monday (December 31, 2007).

Published 01 Jan, 2008 12:00am
Phased tariff cut on 5,921 Malaysian items announced

Phased tariff cut on 5,921 Malaysian items announced

The Federal Board of Revenue (FBR) has announced phase-wise tariff reduction, from 2008 to2014, on import of 5921 items from Malaysia, including crude oil/RBD palm oil. The FBR on Monday issued SRO 1261(I)/2007 to notify reduction of customs duty on the i
Published 01 Jan, 2008 12:00am
NJLI Pension Fund Rates

NJLI Pension Fund Rates

New Jubilee Life Insurance Pension Fund Rates on Monday (December 31, 2007).

Published 01 Jan, 2008 12:00am
Phased tariff cut on 5,921 Malaysian items announced

Phased tariff cut on 5,921 Malaysian items announced

The Federal Board of Revenue (FBR) has announced phase-wise tariff reduction, from 2008 to2014, on import of 5921 items from Malaysia, including crude oil/RBD palm oil. The FBR on Monday issued SRO 1261(I)/2007 to notify reduction of customs duty on the i
Published 01 Jan, 2008 12:00am
NJLI Pension Fund Rates

NJLI Pension Fund Rates

New Jubilee Life Insurance Pension Fund Rates on Monday (December 31, 2007).

Published 01 Jan, 2008 12:00am
Phased tariff cut on 5,921 Malaysian items announced

Phased tariff cut on 5,921 Malaysian items announced

The Federal Board of Revenue (FBR) has announced phase-wise tariff reduction, from 2008 to2014, on import of 5921 items from Malaysia, including crude oil/RBD palm oil. The FBR on Monday issued SRO 1261(I)/2007 to notify reduction of customs duty on the i
Published 01 Jan, 2008 12:00am
Phased tariff cut on 5,921 Malaysian items announced

Phased tariff cut on 5,921 Malaysian items announced

The Federal Board of Revenue (FBR) has announced phase-wise tariff reduction, from 2008 to2014, on import of 5921 items from Malaysia, including crude oil/RBD palm oil. The FBR on Monday issued SRO 1261(I)/2007 to notify reduction of customs duty on the i
Published 01 Jan, 2008 12:00am
Bank holiday

Bank holiday

The State Bank of Pakistan and all offices of SBP Banking Services Corporation, including the Public Debt Offices, will remain closed for public dealing on Tuesday (January 1 2008), which has been declared bank holiday.
Published 01 Jan, 2008 12:00am
Bank holiday

Bank holiday

The State Bank of Pakistan and all offices of SBP Banking Services Corporation, including the Public Debt Offices, will remain closed for public dealing on Tuesday (January 1 2008), which has been declared bank holiday.
Published 01 Jan, 2008 12:00am
KKI closing rates of currency notes

KKI closing rates of currency notes

Khanani & Kalia International (Pvt) Limited Closing Rates of currency notes on Monday (December 31, 2007).

Published 01 Jan, 2008 12:00am
Bank holiday

Bank holiday

The State Bank of Pakistan and all offices of SBP Banking Services Corporation, including the Public Debt Offices, will remain closed for public dealing on Tuesday (January 1 2008), which has been declared bank holiday.
Published 01 Jan, 2008 12:00am
World currencies and euro

World currencies and euro

Value of the euro in terms of other world currencies as prevailing in the week ended Monday (December 31, 2007).
Published 01 Jan, 2008 12:00am
GCC states launch common market today

GCC states launch common market today

Nearly three decades after the idea was first mooted, the six oil-rich Gulf monarchies enter the new year after finally establishing a common market with a combined economy of 715 billion dollars.
Published 01 Jan, 2008 12:00am
Closing of sterling rates

Closing of sterling rates

Closing of sterling rates at 1730 GMT - on Monday (December 31, 2007).

Published 01 Jan, 2008 12:00am
GCC states launch common market today

GCC states launch common market today

Nearly three decades after the idea was first mooted, the six oil-rich Gulf monarchies enter the new year after finally establishing a common market with a combined economy of 715 billion dollars.
Published 01 Jan, 2008 12:00am
GCC states launch common market today

GCC states launch common market today

Nearly three decades after the idea was first mooted, the six oil-rich Gulf monarchies enter the new year after finally establishing a common market with a combined economy of 715 billion dollars.
Published 01 Jan, 2008 12:00am
Spot dollar rates

Spot dollar rates

Spot Dollar rates from Khadim Ali Shah Bukhari & Co Ltd on Monday (December 31, 2007).

Published 01 Jan, 2008 12:00am
US wants fixed date for elections

US wants fixed date for elections

The US government called Monday for a "date certain" for elections in Pakistan after a four-week delay was touted following the assassination of opposition leader Benazir Bhutto.
Published 01 Jan, 2008 12:00am
Money Market Report

Money Market Report

Money market report by Khadim Ali Shah Bukhari & Co on Monday (December 31, 2007).
Published 01 Jan, 2008 12:00am
US wants fixed date for elections

US wants fixed date for elections

The US government called Monday for a "date certain" for elections in Pakistan after a four-week delay was touted following the assassination of opposition leader Benazir Bhutto.
Published 01 Jan, 2008 12:00am
January 8 polls: EC seeks report from provinces

January 8 polls: EC seeks report from provinces

Election Commission of Pakistan Monday sought report from the offices of the Provincial Election Commissions and the Provincial governments to decide about the January 08 polls.
Published 01 Jan, 2008 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 Monday (December 31, 2007).

Published 01 Jan, 2008 12:00am
January 8 polls: EC seeks report from provinces

January 8 polls: EC seeks report from provinces

Election Commission of Pakistan Monday sought report from the offices of the Provincial Election Commissions and the Provincial governments to decide about the January 08 polls.
Published 01 Jan, 2008 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 Monday (December 31, 2007).

Published 01 Jan, 2008 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 Monday (December 31, 2007).

Published 01 Jan, 2008 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 Monday (December 31, 2007).

Published 01 Jan, 2008 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 01 Jan, 2008 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 01 Jan, 2008 12:00am
EPCL's role in promotion of PVC products in Pakistan

EPCL's role in promotion of PVC products in Pakistan

From the home and office to the factory and leisure centre, in virtually all areas of human activity, PVC is present. As one of the world's most versatile thermoplastics, with a wider range of uses than any other plastic material, such widespread use and
Published 01 Jan, 2008 12:00am
Engro - a historical perspective

Engro - a historical perspective

In 1991, Exxon decided to divest its fertiliser business on a global basis. Inspired by conviction in the Company's growth potential, the employees of Exxon Chemical Pakistan Limited, in partnership with leading international and local financial instituti
Published 01 Jan, 2008 12:00am
Pakistan's chemical industry

Pakistan's chemical industry

At the heart of the global chemical industry is Naphta derived from crude oil or coal or other hydrocarbons, at refining stage, that forms the basic feed stock of most larger scale activity falling under the head of 'Chemicals-Industry".
Published 01 Jan, 2008 12:00am
Malaysian tin up

Malaysian tin up

Malaysian tin rose $50 on Monday in line with higher prices on the London Metel Exchange and steady demand, one dealer said.
Published 01 Jan, 2008 12:00am
Indian soy futures lower

Indian soy futures lower

Indian soyoil futures fell on Monday as traders booked profit after contracts hit record highs last week and tracking losses in Malaysian palm. India's decision to allow the import of genetically modified soyoil without government approval until further n
Published 01 Jan, 2008 12:00am
India sugar rises

India sugar rises

Indian sugar futures rose on Monday tracking gains in the physical market and after the government released a smaller than expected quota for sale in the free market in January, analysts said. At 2:53 pm (0923 GMT) the January contract on the National Com
Published 01 Jan, 2008 12:00am
Gold nears record-high

Gold nears record-high

Gold rallied to a seven-week high on Monday and close to a record high of $850 on speculative buying driven by a weak US dollar and tensions in Pakistan following the assassination of opposition leader Benazir Bhutto.
Published 01 Jan, 2008 12:00am
Malaysian palm oil down

Malaysian palm oil down

Malaysian crude palm oil futures fell more than 2 percent on Monday as players booked profits at the end of the year after strong gains lifted the market to record highs last week. But rising exports and firm crude oil prices limited losses in the palm oi
Published 01 Jan, 2008 12:00am
India allows GM soyoil imports

India allows GM soyoil imports

India will allow imports of genetically modified soyoil without government approval until further notice, the commerce ministry said on its Web site. After warnings from environmental and health lobby groups.
Published 01 Jan, 2008 12:00am
Oil firm over $96 in Asia

Oil firm over $96 in Asia

Oil held firm above $96 a barrel on Monday, heading for its biggest annual gain this decade as growing geopolitical concerns and dwindling consumer nation stockpiles outweighed the risk of a softening US economy. US light crude for February delivery rose
Published 01 Jan, 2008 12:00am
Malaysian shares finish little changed

Malaysian shares finish little changed

Malaysian share prices closed little changed on Monday in quite trading ahead of the New Year holiday, dealers said. The Kuala Lumpur Composite Index (KLCI) closed down 0.1 percent or 2.01 points at 1,445.03, off an all-time intra-day high of 1,452.57 poi
Published 01 Jan, 2008 12:00am
Taiwan stocks close firmer

Taiwan stocks close firmer

Taiwan stocks rose 1.30 percent to a 2-1/2-week closing high on Monday, as investors hunted for technology bargains such as chip designer Mediatek Inc and smartphone maker HTC. The main TAIEX share index gained 109.33 points to end at 8,506.28, with the h
Published 01 Jan, 2008 12:00am
Asian bonds end 2007 on steady note

Asian bonds end 2007 on steady note

Asian bonds ended the year on a steady note on Monday, with traders expecting a revival in activity in 2008 to be prompted by new supplies, but worries about the US economy remained a major concern for investors.
Published 01 Jan, 2008 12:00am
Asian bonds end 2007 on steady note

Asian bonds end 2007 on steady note

Asian bonds ended the year on a steady note on Monday, with traders expecting a revival in activity in 2008 to be prompted by new supplies, but worries about the US economy remained a major concern for investors.
Published 01 Jan, 2008 12:00am
Indian shares up

Indian shares up

Indian share prices closed 0.40 percent higher on Monday led by local fund buying, dealers said. They said the stock market ended the year up 47.1 percent on record overseas investment of nearly 17 billion dollars, compared to 7.99 billion dollars in 2006
Published 01 Jan, 2008 12:00am
Australian shares end flat

Australian shares end flat

Australian stocks closed little changed on Monday in a shortened last session of the year, dealers said. The benchmark S&P/ASX 200 dropped 0.1 points to end 2007 at 6,339.8. The broader All Ordinaries lost 2.7 points on New Year's Eve to close at 6,421.0.
Published 01 Jan, 2008 12:00am
Hong Kong stocks ring up 39 percent gain for 2007

Hong Kong stocks ring up 39 percent gain for 2007

Hong Kong blue chips ended the year on a high note on Monday, ringing up a 39 percent gain for 2007 to make the index Asia's fifth best-performing bourse this year, and representing its best annual rise since 1999.
Published 01 Jan, 2008 12:00am
US existing home sales up; rate cuts urged

US existing home sales up; rate cuts urged

The pace of existing US home sales edged up in November to a 5 million-unit annual rate and the median price fell from a year earlier, the National Association of Realtors said on Monday. Economists polled by Reuters were expecting home resales to hold st
Published 01 Jan, 2008 12:00am
Daewoo boss wins presidential pardon

Daewoo boss wins presidential pardon

The former head of the collapsed Daewoo conglomerate was among 75 convicted criminals to be pardoned Monday by outgoing South Korean President Roh Moo Hyun.Kim Woo Choong, 71, Daewoo's founder and chairman, was convicted of embezzlement and fabrication of
Published 01 Jan, 2008 12:00am
Website opens to promote investment in North Korea

Website opens to promote investment in North Korea

A website has opened to attract foreign investment to North Korea, one of the world's most closed societies. China's Xinhua news agency, in a report from Pyongyang, said www.dprk-economy.com was set up by North Korea and began operating Monday.
Published 01 Jan, 2008 12:00am
Chaos at banks as Zimbabwe extends currency deadline

Chaos at banks as Zimbabwe extends currency deadline

Zimbabwe's central bank chief indefinitely extended a deadline on Monday to exchange 200,000-dollar bills just hours before they were to cease being legal tender after scenes of chaos at banks across the country.
Published 01 Jan, 2008 12:00am
Malaysian oil firm signs production deal

Malaysian oil firm signs production deal

Malaysia's national oil firm Petronas on Monday said it had signed a deal with oil giants Royal Dutch/Shell and ConocoPhillips to explore and produce offshore natural gas from Sabah state. Petronas Carigali, the exploration and production arm of Petronas,
Published 01 Jan, 2008 12:00am
Iraq stops pumping crude oil to Turkey

Iraq stops pumping crude oil to Turkey

Iraq has stopped pumping its Kirkuk crude oil by pipeline to Turkey as storage tanks at the port of Ceyhan are full after steady flows for almost two weeks, a shipping agent said on Monday.
Published 01 Jan, 2008 12:00am
Markets flush with cash despite ECB fine-tuning

Markets flush with cash despite ECB fine-tuning

Eurozone money markets are flush with cash at the turn of the year after generous lubrication from the European Central Bank, avoiding the end-of-year spike in lending rates which many had feared. Market interest rates for overnight cash were trading well
Published 01 Jan, 2008 12:00am
Asia-Pacific businesses to hike IT spending in 2008

Asia-Pacific businesses to hike IT spending in 2008

Small and medium-sized businesses in the Asia-Pacific region are predicted to spend 95.8 billion dollars on information technology upgrades in 2008 with China, India, South Korea and Australia leading the pack, a study said on Monday.The amount is 14 per
Published 01 Jan, 2008 12:00am
China Development Bank gets $20 billion state funding

China Development Bank gets $20 billion state funding

China on Monday announced a $20 billion capital injection into China Development Bank, one of the country's three policy lenders, as part of a long-planned transformation of the state-owned company into a commercial bank.
Published 01 Jan, 2008 12:00am
Iran won't retreat on Caspian Sea share demand

Iran won't retreat on Caspian Sea share demand

Iran said on Monday it would not back down from its demand for a share of around 20 percent of the Caspian Sea, which boasts huge hydrocarbon reserves and valuable caviar stocks.
Published 01 Jan, 2008 12:00am
Cyprus, Malta gear up for euro launch

Cyprus, Malta gear up for euro launch

The tiny Mediterranean islands of Cyprus and Malta began the final countdown on Monday to bid farewell to their national currencies ahead of their entry to the eurozone on January 1. Cyprus pounds and Maltese lira will be replaced by euro notes and coins
Published 01 Jan, 2008 12:00am
Turkmenistan stops gas exports to Iran

Turkmenistan stops gas exports to Iran

Turkmenistan has stopped natural gas exports to Iran, causing winter shortages in some parts of its neighbour, Iranian officials said on Monday. The major Central Asia producer blamed technical problems but some Iranian media reports suggested it had halt
Published 01 Jan, 2008 12:00am
Sri Lanka's annual inflation edges up

Sri Lanka's annual inflation edges up

Sri Lanka's annual inflation rate measured on a 12-month moving average stood at 15.8 percent in December on a new index, up from 15.4 percent in November due to higher food prices, the government said on Monday. Consumer prices rose 18.8 percent in Decem
Published 01 Jan, 2008 12:00am
Vietnam economy grows nearly 8.5 percent

Vietnam economy grows nearly 8.5 percent

Vietnam's economy grew by nearly 8.5 percent in 2007, the fastest rate in 11 years, after the country joined the World Trade Organisation, the communist government said Monday. The gross domestic product (GDP) growth rate of 8.48 percent, compared to 8.2
Published 01 Jan, 2008 12:00am
India's economic plans given a reality check by protesters

India's economic plans given a reality check by protesters

With surging bourses, swelling ranks of urban millionaires and leaders exulting over the country's 9 per cent growth, one could say the Indian economy never had it so good. But India's development plans also brought to fore the anger of millions whose int
Published 01 Jan, 2008 12:00am
European vegetable oils end quietly

European vegetable oils end quietly

Business on the European vegetable oil market grinded to a halt on Monday when it closed at noon for the New Year break, market sources said. Markets are closed from 1200 GMT on Monday and will re-open on January 2, 2008.
Published 01 Jan, 2008 12:00am
US Plains HRW wheat mostly steady

US Plains HRW wheat mostly steady

US Plains hard red winter wheat basis values were mostly steady on Monday, with many merchants taking 5-10 cents a bushel protection against falling futures prices. The market remained mostly quiet in a holiday slowdown. A firmer tone continued for higher
Published 01 Jan, 2008 12:00am
Cameroon August-November cocoa exports fall

Cameroon August-November cocoa exports fall

Cameroon's cocoa bean exports totalled 63,723 tonnes from August 1 to November 31, compared with 84,500 tonnes in the same period last year, according to Cocoa and Coffee Interprofessional Board (CCIB) data seen on Monday.
Published 01 Jan, 2008 12:00am
Chinese shippers order 30 vessels

Chinese shippers order 30 vessels

Two Chinese shipping lines said they had ordered a total of 30 vessels for more than $1.9 billion to meet surging demand for transport of goods and raw materials.
Published 01 Jan, 2008 12:00am
US Midwest corn and soya steady to weaker

US Midwest corn and soya steady to weaker

Spot basis bids for corn and soyabeans were steady to weaker at locations around the US Midwest Monday amid slow farmer selling, grain dealers said. Dealers at some elevators and processors were not accepting any soyabean sales due to a sharp downturn in
Published 01 Jan, 2008 12:00am
European wheat futures end up

European wheat futures end up

Benchmark Euronext milling wheat futures closed the year at 248.00 euros a tonne on Monday, posting a 68 percent gain on final 2006 prices as worries over a global supply crunch fuelled a spectacular rally. The Paris-traded March contract finished down 4.
Published 01 Jan, 2008 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 105,726 tonnes cargo including 90,311 tonnes import, 15,415 tonnes export cargo and 1,889 containers (TEUs) during last 48 hours ending at 0700 hours on Monday. The cargo comprised of 100,327 tonnes dry cargo including 60,437 tonn
Published 01 Jan, 2008 12:00am
Oil cake market rates

Oil cake market rates

Lacklustre trading was seen on the forward cottonseed oilcake market on Monday as attendance was thin, dealers said. The January vaida held its last levels at Rs 646.00 and closing was seen at the same rate, they said.
Published 01 Jan, 2008 12:00am