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Print - 2008-01-15
Sterling hits new low against euro

Sterling hits new low against euro

Sterling plumbed an all-time low versus the euro on Monday, sliding for a fourth straight session as investors continued to bet that the Bank of England will cut interest rates, despite data showing rising inflation.
Published 15 Jan, 2008 12:00am
Dollar hits record low versus Swiss franc

Dollar hits record low versus Swiss franc

The dollar slid to record troughs versus the Swiss franc and seven-week lows against the euro and yen on Monday, on expectations that soft US earnings reports this week will boost the need for more interest rate cuts.
Published 15 Jan, 2008 12:00am
Indian rupee barely changed

Indian rupee barely changed

The rupee was barely changed on Monday as the central bank was seen intervening through the session buying dollars to stem a rise in the Indian unit, traders said. The partially convertible rupee ended at 39.28/29 per dollar, little changed from the previ
Published 15 Jan, 2008 12:00am
Monday's early afternoon trade: Wall Street rebounds

Monday's early afternoon trade: Wall Street rebounds

US stocks rebounded on Monday from last week's losses after IBM reported higher-than-expected preliminary quarterly earnings, spurring a broad rally in technology shares. The surprise report ahead of International Business Machines Corp's scheduled earnin
Published 15 Jan, 2008 12:00am
Credit spreads recover

Credit spreads recover

European credit spreads clawed back most of the session's losses by afternoon on Monday as US stocks opened higher, but the mood remained cautious ahead of earnings from several US investment banks this week.
Published 15 Jan, 2008 12:00am
Credit spreads recover

Credit spreads recover

European credit spreads clawed back most of the session's losses by afternoon on Monday as US stocks opened higher, but the mood remained cautious ahead of earnings from several US investment banks this week.
Published 15 Jan, 2008 12:00am
FTSE snaps three-day losing run

FTSE snaps three-day losing run

Britain's leading share index snapped a three-day losing run to close up on Monday as miners benefited from firmer metal prices, while beaten-down real estate stocks were lifted by news of a new property fund. The FTSE 100 ended up 13.7 points, or 0.25 pe
Published 15 Jan, 2008 12:00am
Copper rises

Copper rises

Copper rose on Monday as a weaker dollar and record bullion prices boosted sentiment and lead was up 4.6 percent at one point as funds piled in, analysts said. Lead for delivery in three months on the London Metal Exchange hit an intraday high of $2,750 a
Published 15 Jan, 2008 12:00am
New York cotton settles higher

New York cotton settles higher

Cotton futures settled firmer on Monday on steady investment fund buying although profit-taking knocked fiber contracts back from highs reached earlier in the session, brokers said. ICE Futures' open-outcry March cotton contract increased 1.24 cents to en
Published 15 Jan, 2008 12:00am
Uganda 2007 coffee exports up 24 percent

Uganda 2007 coffee exports up 24 percent

Uganda exported 2.7 million 60 kg-bags of coffee in 2007, up 24 percent from 2.4 million bags over 2006, the country's coffee board said. In figures it sent out on Sunday, the Uganda Coffee Development Authority also said some 2.2 million of the bags were
Published 15 Jan, 2008 12:00am
London cocoa hits 4-1/2-year peak

London cocoa hits 4-1/2-year peak

London cocoa futures hit a 4-1/2 year high on Monday, extending last week's gains, on fund buying sparked by rallies across other commodities, dealers said. Coffee's surge to 9-1/2 year highs last Friday fizzled out, with prices under pressure as investor
Published 15 Jan, 2008 12:00am
World oil rises on US-Iran tensions

World oil rises on US-Iran tensions

Oil rose more than $1 on Monday as the dollar slipped and tensions between the United States and Iran stoked supply concerns. The gains came amid a wider commodity rally and snapped three days of losses for crude that had been triggered by concerns a pote
Published 15 Jan, 2008 12:00am
Gold hits historic high; platinum and silver surge

Gold hits historic high; platinum and silver surge

Gold surged to a historic high above $910 an ounce, as investors rushed to buy the metal on further weakness in the dollar and expectations of a sharp cut in US interest rates.
Published 15 Jan, 2008 12:00am
Bank AL Habib declares PLS profit rates

Bank AL Habib declares PLS profit rates

Bank AL Habib Limited has declared the rates of profit on its PLS deposits for the period of six months ended 31st December 2007.

Published 15 Jan, 2008 12:00am
Bank AL Habib declares PLS profit rates

Bank AL Habib declares PLS profit rates

Bank AL Habib Limited has declared the rates of profit on its PLS deposits for the period of six months ended 31st December 2007.

Published 15 Jan, 2008 12:00am
Implementation of data protection law opposed

Implementation of data protection law opposed

Dr Mushtaq Noorwala, Managing Executive of Specific Research Laboratories, has urged caretaker Prime Minister Mohammadmian Soomro not to legislate and implement data protection law.
Published 15 Jan, 2008 12:00am
National security concerns

National security concerns

With the blessings of Almighty Allah, Pakistan is an atomic power. It has the singular distinction of being the only nuclear power of the Islamic world. Somehow, the Western countries and media are showing great concern for the safety of the nukes despite
Published 15 Jan, 2008 12:00am
Wheat crisis: a solution

Wheat crisis: a solution

The common and poor citizen only sees the flour prices taking a toll of his budget and who can he blame but the government. The true picture this year has not only been dramatic, but caught nearly everyone scratching his head.
Published 15 Jan, 2008 12:00am
Fear and greed heating up the rush for gold

Fear and greed heating up the rush for gold

After the rapid run-up in the price of gold, leaving shattered records in its wake, investors are trying to figure out where the precious metal is headed next. Gold leapt past 900 dollars for the first time last week, and there is speculation in the commo
Published 15 Jan, 2008 12:00am
The ABC of income from property - II

The ABC of income from property - II

Taxpayers must note that a prescribed person is required to deduct tax from the gross amount of rent which includes payments on account of rent of immovable property, payment on account of rent of furniture and fixtures in such immovable property and paym
Published 15 Jan, 2008 12:00am
In pursuit of energy

In pursuit of energy

Pakistan's hopes of finalising the long stalled Iran-Pakistan-India (IPI) gas pipeline project have suffered yet another delay. Caretaker Petroleum Minister Ahsan Ullah Khan had announced in the second week of this month that the Economic Coordination Com
Published 15 Jan, 2008 12:00am
Looking at the economy from a different angle

Looking at the economy from a different angle

The State Bank's recently released quarterly report has generally been interpreted as a conveyer of bad news by all and sundry due to the fact that it highlighted some of the increasing risks to the economy. A somewhat contrary view this time has come fro
Published 15 Jan, 2008 12:00am
Karachi University to reduce teacher-student ratio to 1:30

Karachi University to reduce teacher-student ratio to 1:30

The University of Karachi has prepared a plan to reduce the teacher-student ratio at the institution to 1:30 by the year 2015. This was stated by the Vice-Chancellor of Karachi University Professor Dr Pirzada Qasim Raza Siddiqui.
Published 15 Jan, 2008 12:00am
Shabbir Ahmad Shah joins APHC

Shabbir Ahmad Shah joins APHC

In occupied Kashmir, the All Parties Hurriyat Conference received yet another fillip on Monday with one more prominent Kashmiri Hurriyat leader Shabbir Ahmad Shah announcing to join the APHC. The announcement was made at a gathering held at Mazar-e-Shuhad
Published 15 Jan, 2008 12:00am
36 candidates for 10 reserved non-Muslim NA seats

36 candidates for 10 reserved non-Muslim NA seats

Different political parties have nominated 36 candidates for 10 non-Muslim reserved seats of the National Assembly for the up-coming general elections on February 18.
Published 15 Jan, 2008 12:00am
Rs 37 million spent on quality seed production project

Rs 37 million spent on quality seed production project

The Government of Pakistan had launched a three years high quality seed production project in Azad Jammu and Kashmir with the total cost of Rs 37 million and under this project four laboratories had been established in Azad Kashmir and Northern Areas.
Published 15 Jan, 2008 12:00am
SSUET vision highlighted at orientation ceremony

SSUET vision highlighted at orientation ceremony

Some 1,200 male and female students admitted to different disciplines of engineering in Sir Syed University of Engineering and Technology (SSUET) were provided the vision and academic guidance at an "orientation ceremony" held here on Monday prior to star
Published 15 Jan, 2008 12:00am
All sects urged to demonstrate tolerance

All sects urged to demonstrate tolerance

Tehsil Nazim Ghulam Raza Khohawar has said that all religious sects and schools of thoughts teach unity, tolerance and peace, and these values should especially be upheld in the holy month of Muharram.
Published 15 Jan, 2008 12:00am
PPP condemns house arrest of Bhagwandas

PPP condemns house arrest of Bhagwandas

The leader of the opposition in Senate of Pakistan, and Deputy Secretary of Pakistan People's Party (PPP) Mian Raza Rabbani has condemned 'house arrest' of Justice Rana Bhagwandas from last two days. In a statement on Monday, he said the state of lawlessn
Published 15 Jan, 2008 12:00am
'New dams only solution to crisis'

'New dams only solution to crisis'

The construction of the new mega dams is the only solution of the persisting power crisis in the country. The government should adopt alternative methodology of power generation like coal, gas etc. This was stated by S.D. Saqib, central president of Pakis
Published 15 Jan, 2008 12:00am
Funds availability for livestock farmers directed

Funds availability for livestock farmers directed

Secretary Livestock Punjab, Babar Yaqub Fateh Muhammad, has directed the officers of livestock and dairy development department to ensure in time utilisation of development budget allocated for the current fiscal year. He said this while chairing a meetin
Published 15 Jan, 2008 12:00am
'Norway will 'push and assist' for holding credible polls'

'Norway will 'push and assist' for holding credible polls'

Norwegian Foreign Minister Jonas Gahr Store on Monday said his country would 'push and assist' Pakistan government for holding credible parliamentary polls next month. "Elections here must be as transparent that they could be taken pride of," he told jour
Published 15 Jan, 2008 12:00am
LSE chairman election today

LSE chairman election today

The Board of Directors of the Lahore Stock Exchange (LSE) is scheduled to meet on Tuesday, January 15, 2008 to elect the new chairman of the exchange for the year 2008. The LSE board comprises five elected/member directors and four non-member directors, w
Published 15 Jan, 2008 12:00am
Uniform wheat issuance policy for flour mills urged

Uniform wheat issuance policy for flour mills urged

Pakistan Flour Mills Association (PFMA), Punjab), on Monday urged the government to enforce a uniform policy on issuance of wheat to flour mills throughout the country. It also urged the government to fix uniform rates of wheat flour in all the provinces,
Published 15 Jan, 2008 12:00am
Punjab chief minister orders crack down on spurious drugs trade

Punjab chief minister orders crack down on spurious drugs trade

Punjab Caretaker Chief Minister Ejaz Nisar has ordered an operation against the elements involved in the heinous trade of spurious drugs so that quality medicines could be made available to the people. He was presiding over a meeting here on Monday, which
Published 15 Jan, 2008 12:00am
Punjab University syndicate meeting on January 22

Punjab University syndicate meeting on January 22

Punjab University's 1674th meeting of the syndicate will be held on Tuesday (22nd January) at 10am in the vice-chancellor's committee room, Quaid-i-Azam (New) Campus. Vice-Chancellor Professor Dr Mujahid Kamran will preside over the meeting, a spokesman o
Published 15 Jan, 2008 12:00am
Call to take action against groups averse to women voting

Call to take action against groups averse to women voting

Pakistan Coalition for Free, Fair and Democratic Elections (PACFREL) partner organisations Human Rights Commission of Pakistan (HRCP), Ecumenical Advocacy Forum (EAF), South Asia Partnership Pakistan (SAP-PK).
Published 15 Jan, 2008 12:00am
Foundation stone of Corridor-II unveiled

Foundation stone of Corridor-II unveiled

President Pervez Musharraf on Monday reiterated his firm resolve to hold free, fair and transparent elections in the country in a peaceful environment. Speaking as chief guest at the foundation stone unveiling ceremony of multi-billion rupees signal-free
Published 15 Jan, 2008 12:00am
Basit elected PPA chairman

Basit elected PPA chairman

Abdul Basit, Chairman Big Birds Group, has been elected as the Central President of the Pakistan Poultry Association (PPA) for the year 2007-08.
Published 15 Jan, 2008 12:00am
Major General Athar Abbas assumes charge of DG ISPR today

Major General Athar Abbas assumes charge of DG ISPR today

Major General Athar Abbas will assume the charge of Director General Inter Services Public Relations on Tuesday. Major General Athar Abbas was commissioned in Armoured Corps in October 1976 from Pakistan Military Academy, Kakul.
Published 15 Jan, 2008 12:00am
UK Defence chief calls on General Tariq Majid

UK Defence chief calls on General Tariq Majid

Air Chief Marshal Sir Jock Stirrup, Chief of Defence Staff of United Kingdom called on General Tariq Majid, Chairman Joint Chiefs of Staff Committee at Joint Staff Headquarters on Monday. Discussing areas of mutual interest, the two leaders expressed comp
Published 15 Jan, 2008 12:00am
'Sufficient quantity of wheat available'

'Sufficient quantity of wheat available'

Sindh Secretary for Agriculture, Sabhago Khan Jatoi has made it clear that sufficient quantity of wheat is available in the province however a group of profiteers has created an artificial shortage by hoarding wheat to achieve their personal goals.
Published 15 Jan, 2008 12:00am
Aitchison wins quiz competition

Aitchison wins quiz competition

The Aitchison College won the inter-college and university quiz competition 2008 organised by the Ravians Quiz Society of the Government College University Lahore on Monday. Eight teams of various colleges and universities participated in the quiz competi
Published 15 Jan, 2008 12:00am
PAAPAM concern

PAAPAM concern

The Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) has expressed concern over non-deletion of the auto parts by the Original Equipment Manufacturers (OEMs). PAAPAM Chairman, Malik Muhammad Aslam has demanded from the EDB t
Published 15 Jan, 2008 12:00am
President stresses SMEs promotion and diversification

President stresses SMEs promotion and diversification

President Pervez Musharraf on Monday underlined the need for special focus on small and medium enterprises (SMEs) besides value-addition and diversification of industries for capturing a big share of international market and for creating maximum jobs for
Published 15 Jan, 2008 12:00am
CDA to introduce centralised traffic signal system

CDA to introduce centralised traffic signal system

The Capital Development Authority (CDA) is mulling to introduce centralised traffic signal system in order to ensure the smooth traffic flow in the federal capital with electronic sensors, a CDA official said on Monday.
Published 15 Jan, 2008 12:00am
Irsa releases 43,650 cusecs water from reservoirs

Irsa releases 43,650 cusecs water from reservoirs

Indus River System Authority (Irsa) on Monday released 43,650 cusecs water from various rim stations. According to Irsa, an overall water inflow from various reservoirs recorded on Monday was 51,831 cusecs. Water level at Tarbela Dam recorded was 1421.04
Published 15 Jan, 2008 12:00am
LCCI to hold seminars for inter-provincial harmony

LCCI to hold seminars for inter-provincial harmony

The Lahore Chamber of Commerce and Industry (LCCI) in collaboration with the federal government would hold seminars at national-level to create inter-provincial harmony. The chamber would also assess the losses inflicted to businesses after Benazir Bhutto
Published 15 Jan, 2008 12:00am
One killed in road accident

One killed in road accident

One person was killed and three others seriously injured in a road accident here on Monday. According to police, one Muhammad Musa died on the spot, while three others including Muhammad Rafiq, Abdul Rehman and Muhammad Zaman were seriously injured when a
Published 15 Jan, 2008 12:00am
FC deployed at flour mills, shops in Chaman

FC deployed at flour mills, shops in Chaman

On the directives of higher authorities, a large number of personnel of Frontier Corps (FC) Balochistan has been deployed on flourmills and shops to ensure selling of flour on government rates in Chaman. According to reports, the FC personnel deployed on
Published 15 Jan, 2008 12:00am
Food security programme signed

Food security programme signed

The Ministry of Food, Agriculture and Livestck (Minfal) and Agriculture University Faisalabad (UAF) have signed a memorandum of understanding (MoU) on special programme for food security (SPFS). According to the agreement, the University will offer one ye
Published 15 Jan, 2008 12:00am
Security beefed up for foreigners

Security beefed up for foreigners

The Azad Jammu and Kashmir (AJK) police have tightened the security to protect the foreigners including the Chinese engineers who are working on various mega projects.
Published 15 Jan, 2008 12:00am
'National Youth Policy' to be finalised soon

'National Youth Policy' to be finalised soon

'National Youth Policy' formulated by Ministry of Youth Affairs would be finalised soon, considering the suggestions of youngsters for the policy draft placed on the ministry's official website.
Published 15 Jan, 2008 12:00am
Rains, snowfall continue to lash hilly areas

Rains, snowfall continue to lash hilly areas

The mountainous areas of the country still continue to receive rain and snowfall. While the work for clearing several link roads, which had been blocked by snowfall and land sliding, is also in progress, a private news channel reported.
Published 15 Jan, 2008 12:00am
'Flour situation to improve in few days'

'Flour situation to improve in few days'

Chairman Federal Food Committee Lieutenant General (Retd) Farooq Ahmed Khan on Monday said improved flour situation would be visible in few days across the country. Talking to a private TV channel, he said wheat quota to flourmills had been increased.
Published 15 Jan, 2008 12:00am
Sialkot-Kuwait flight soon

Sialkot-Kuwait flight soon

Pakistan International Airlines (PIA) has decided to finalise necessary arrangements for starting direct flight from Sialkot to Kuwait shortly. This was stated by Chief Executive Sialkot International Airport Khawar Anwar Khawaja.
Published 15 Jan, 2008 12:00am
19 activists of banned outfits held

19 activists of banned outfits held

As many as 19 activists of banned outfits such as Sipah-e-Sahaba and others have been arrested here in the district Gujranwala. According to police sources, more of such persons suspected to be involved in fanning sectarianism will be arrested before Muha
Published 15 Jan, 2008 12:00am
Tehsil bar elections today

Tehsil bar elections today

The annual election of Tehsil Bar Association Arifwala will be held here on Tuesday, January 15. Neck-by-neck competition is expected between rival candidates for president's seat Chaudhry Saeed Iqbal Gujjar and Mohammed Ibrar Sheikh.
Published 15 Jan, 2008 12:00am
LHCBA hunger strike camp continues

LHCBA hunger strike camp continues

The hunger strike camp of the Lahore High Court Bar Association against termination of judges of the higher courts continued here on Monday till 2am. The office bearers of the bar and number of senior bar members sat in the camp. A number of political par
Published 15 Jan, 2008 12:00am
Lawyers condemn government action

Lawyers condemn government action

The Lahore High Court Bar Association has condemned the action of the government to get vacate the official residence from deposed Chief Justice Pakistan Iftikkhar Muhammad Chaudhry.
Published 15 Jan, 2008 12:00am
PBC and SCBA partially end courts boycott

PBC and SCBA partially end courts boycott

The Pakistan Bar Council and the Supreme Court Bar Association on Monday revised their stand and partially ended their 100-day boycott of the courts. PBC said that it had revised its mode of protest "in view of the misery of persons falsely accused of cri
Published 15 Jan, 2008 12:00am
The Weather

The Weather

The weather report on Monday (January 14, 2008) and the forecast for Tuesday (January 15, 2008).
Published 15 Jan, 2008 12:00am
PPP activist dies of shock

PPP activist dies of shock

An activist of PPP Muzaffargarh Muhammad Akram Shah died in hospital after remaining in coma for 17 days. He suffered from brain haemmorage on December 27 when he heard the news of assassination of former Prime Minister Benazir Bhutto in Rawalpindi. His f
Published 15 Jan, 2008 12:00am
New York cotton

New York cotton

Friday's closing prices of New York cotton in US cents/lb.

Published 15 Jan, 2008 12:00am
Fertiliser prices hurting small farmers

Fertiliser prices hurting small farmers

Fertilizer shortage is creating problems for farmers, especially small landholders, in cultivation of wheat and other crops. A peasant councillor, Imam Deen, told newsmen that DAP fertiliser, which was selling at an already high rate of Rs 1500 two days a
Published 15 Jan, 2008 12:00am
New York cotton

New York cotton

Friday's closing prices of New York cotton in US cents/lb.

Published 15 Jan, 2008 12:00am
'PML has won confidence of people'

'PML has won confidence of people'

Pakistan Muslim League (PML) has won the confidence of people from all walks of life, especially the masses, who were provided basic amenities of life for the first time in the past five years by the PML government.
Published 15 Jan, 2008 12:00am
Key stock and currency market movements

Key stock and currency market movements

The latest close of key indices on major world stock exchanges and the London closing values of the euro, the Japanese yen, the British pound and gold bullion (previous day's closes in brackets).

Published 15 Jan, 2008 12:00am
Security fears as Bilawal returns to studies in Oxford

Security fears as Bilawal returns to studies in Oxford

Security was discreetly stepped up as the new term started on Monday at Oxford University, where Benazir Bhutto's son has vowed to complete his student life despite being named her political heir.
Published 15 Jan, 2008 12:00am
Zardari arrives in Karachi

Zardari arrives in Karachi

The Co-chairman of Pakistan People's Party, Asif Ali Zardari on Monday reached here from Larkana. According to PPP Media Cell at Bilawal House, the party's Co-chairman Asif Zardari reached at Karachi International Airport from Sukkur. He directly drove to
Published 15 Jan, 2008 12:00am
'Fair polls not possible under Musharraf regime'

'Fair polls not possible under Musharraf regime'

Pakistan Muslim League-Nawaz Punjab vice-president and candidate for PP-149 Rana Mashhood Ahmad Khan, advocate, has said that PML-N would never compromise on principles and continue its efforts for restoration of true democracy in the country.
Published 15 Jan, 2008 12:00am
Cotton Spot Rates

Cotton Spot Rates

Official KCA spot rates for local dealings in Pakistan rupees on Monday (January 14, 2008).

Published 15 Jan, 2008 12:00am
Hashmi holds PML-Q responsible for flour crisis

Hashmi holds PML-Q responsible for flour crisis

PML-N senior vice President Makhdoom Javed Hashmi on Monday held PML-Q responsible for the present flour crisis and asked why the NAB was lip tightened on the wheat scam which caused a loss of about $2 billion.
Published 15 Jan, 2008 12:00am
Poultry rates

Poultry rates

Wholesale poultry rates on Monday (January 14, 2008) and for Tuesday (January 15, 2008).
Published 15 Jan, 2008 12:00am
Shahbaz hails Kiyani's directive

Shahbaz hails Kiyani's directive

The initiative of Chief of the Army Staff (COAS) General Ashfaq Pervez Kayani directing all officers of the Pakistan Army including commanding officers to abstain from meeting politicians, is a welcoming step and the move will help further increase profes
Published 15 Jan, 2008 12:00am
US consulate official meets Shahbaz

US consulate official meets Shahbaz

Principal Officer of American Consulate in Lahore, Bryan D Hunt met the Pakistan Muslim League-Nawaz President, Mian Shahbaz Sharif here on Monday and discussed various matters particularly those concerning the February 18 polls.
Published 15 Jan, 2008 12:00am
Death of Ashraf Qazi's mother condoled

Death of Ashraf Qazi's mother condoled

Acting Chairman Senate Jan Muhammad Khan Jamali and Leader of the House Wasim Sajjad have expressed grief and sorrow over the sad demise of Jennifer Musa, mother of Jahangir Ashraf Qazi, Special UN Envoy to Sudan, and the wife of Qazi Muhammad Musa.
Published 15 Jan, 2008 12:00am
CDMA's WLL telecom service expansion soon

CDMA's WLL telecom service expansion soon

Special Communication Organisation (SCO) had introduced CDMA Wireless Local Loop (WLL) telecom service as a substitute to landline communication immediately after historic earthquake of 2005.
Published 15 Jan, 2008 12:00am
Draw of Rs 750 prize bonds

Draw of Rs 750 prize bonds

The 33rd draw of Rs 750 prize bonds is scheduled to be held Tuesday at State Bank of Pakistan, Quetta. Central Directorate of National Savings, Islamabad, Ministry of Finance and State Bank of Pakistan will jointly organise the draw that will be supervise
Published 15 Jan, 2008 12:00am
Seminar discusses national employment policy draft

Seminar discusses national employment policy draft

The focus of 'National Employment Policy' is to create decent employment for all, appropriate wages and equal opportunities for both men and women. This was stated by Dr Sabur Ghayur representing Ministry of Labour, Manpower and Overseas at a seminar titl
Published 15 Jan, 2008 12:00am
Lahore Grain Market Rates

Lahore Grain Market Rates

Grain and other commodity rates in rupees on Akbari Mandi on Monday (January 14, 2008).

Published 15 Jan, 2008 12:00am