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Print - 2008-03-25
South Korean president sees inflation priority amid crisis

South Korean president sees inflation priority amid crisis

President Lee Myung-Bak says tackling inflation is his top priority as South Korea faces a "global economic crisis" beyond its control. Just one month after taking office, the former business executive's election pledge to boost economic growth faces a re
Published 25 Mar, 2008 12:00am
Malaysian shares surge

Malaysian shares surge

Malaysian share prices closed 1.0 percent higher on Monday due to bargain hunting in selected blue chips such as financial, construction and mining-related stocks, dealers said. The Kuala Lumpur Composite Index closed up 11.96 points at 1,201.02 and tradi
Published 25 Mar, 2008 12:00am
Seoul shares soar

Seoul shares soar

Seoul stocks gained 0.58 percent on Monday, led by financial and industrial companies, as a stronger won and stabilising commodities prices boosted market sentiment, encouraging investors to pick up beaten down shares. Monday's gains were fuelled by forei
Published 25 Mar, 2008 12:00am
JGB futures dip

JGB futures dip

Japanese government bond futures fell on Monday in holiday-thinned trade, taking a breather from the volatility seen last week when hedge funds and other players rushed to unload loss-making trades.
Published 25 Mar, 2008 12:00am
JGB futures dip

JGB futures dip

Japanese government bond futures fell on Monday in holiday-thinned trade, taking a breather from the volatility seen last week when hedge funds and other players rushed to unload loss-making trades.
Published 25 Mar, 2008 12:00am
Chinese stock index down 4.5 percent

Chinese stock index down 4.5 percent

China's main stock index closed 4.49 percent lower on Monday, its biggest daily drop since late January, because of slides in large caps such as PetroChina and Ping An Insurance.
Published 25 Mar, 2008 12:00am
Taiwan stocks jump four percent

Taiwan stocks jump four percent

Taiwan's stocks jumped 4 percent and its currency hit a decade high on Monday, as investors hoped for better trade ties and less political tension with China after the opposition's resounding win in the presidential election.
Published 25 Mar, 2008 12:00am
Philippines shares lifted 1.8 percent

Philippines shares lifted 1.8 percent

Philippines share prices closed 1.8 percent higher on Monday on bargain hunting after a long Easter break, but trading was light as worries over the US economy remained, dealers said. The composite index rose 49.92 points to 2,867.50, off a high of 2,885.
Published 25 Mar, 2008 12:00am
Indian shares rise 1.96 percent

Indian shares rise 1.96 percent

Indian share prices rose 1.96 percent on Monday after global oil prices fell from recent record highs, dealers said. They also said bank stocks led the gains as investors saw value after last week's US Federal Reserve 75 basis point cut in its key lending
Published 25 Mar, 2008 12:00am
Singapore shares close 3.64 percent firmer

Singapore shares close 3.64 percent firmer

Singapore share prices closed 3.64 percent higher on Monday on bargain hunting after the market's recent sharp losses amid fears of a recession in the United States, dealers said. The Straits Times Index jumped 102.88 points to 2,927.79 on volume of 1.22
Published 25 Mar, 2008 12:00am
Malaysian minister says price controls 'a joke'

Malaysian minister says price controls 'a joke'

Malaysia's price-control system which is designed to suppress the cost of essential goods is "a joke", the new domestic trade minister said according to a report Monday. Anger over rising prices of food and fuel were a key issue in general elections earli
Published 25 Mar, 2008 12:00am
Exxon Mobil to move prompt Europe naphtha to Asia

Exxon Mobil to move prompt Europe naphtha to Asia

Exxon Mobil Corp will move a prompt 37,000-tonne naphtha cargo from Rotterdam to Singapore for loading during end-March, a rare shipment for the US oil major, trading sources said on Monday.
Published 25 Mar, 2008 12:00am
Taiwan February export orders up

Taiwan February export orders up

Taiwan's export orders in February hit 25.88 billion US dollars, up 18.08 percent from a year earlier on strong global demand for electronics products, the government said Monday. However, the February figure was lower than 30.31 billion dollars in Januar
Published 25 Mar, 2008 12:00am
India pay panel suggests hikes, deficit may widen

India pay panel suggests hikes, deficit may widen

An Indian panel recommended on Monday a pay rise for federal workers that would cost 125.61 billion rupees ($3.1 billion) in the next fiscal year, which analysts said would undermine a drive to repair public finances.
Published 25 Mar, 2008 12:00am
Iran inflation keeps pressure on Ahmadinejad

Iran inflation keeps pressure on Ahmadinejad

Ali Daryani is embarrassed at the inflationary pain he is passing on to his customers. "Sometimes we have to change the price stickers three times a day because of inflation," the 42-year-old Tehran grocer said.
Published 25 Mar, 2008 12:00am
Japanese executives more gloomy as yen soars

Japanese executives more gloomy as yen soars

Japanese business confidence slumped to the lowest level in at least four years as executives worried about a stronger yen and uncertainty over the global economy, a survey showed Monday. Sentiment among large companies dropped to minus 9.3 in the three m
Published 25 Mar, 2008 12:00am
Japanese land prices rise for second year

Japanese land prices rise for second year

Japanese land prices rose for a second straight year through 2007 as Asia's largest economy continued to recover from the "lost decade" of weak growth and deflation, a government survey showed Monday.
Published 25 Mar, 2008 12:00am
Won rises

Won rises

The South Korean won rose 0.7 percent to a 10-day high against the dollar on Monday, despite losses by its regional peers, as diminishing worries about a global credit crunch boosted investor appetite for risk.
Published 25 Mar, 2008 12:00am
Venue, flag rows overshadow Asian World Cup qualifiers

Venue, flag rows overshadow Asian World Cup qualifiers

Rows over venues and anthems overshadow Wednesday's crunch Asian World Cup qualifiers, when China host Australia and North and South Korea square off for a rare Cold War clash in Shanghai. China's decision to play at altitude has irked Australia, while th
Published 25 Mar, 2008 12:00am
Itinerary for Bangladesh series announced

Itinerary for Bangladesh series announced

The Pakistan Cricket Board on Monday released the itinerary for next month's hastily-arranged one-day series against Bangladesh. Bangladesh will tour Pakistan from April 6-20 to play five one-day internationals and a twenty20 match, replacing Australia, w
Published 25 Mar, 2008 12:00am
Bangladesh captain fined for slapping fan

Bangladesh captain fined for slapping fan

Bangladesh cricket captain Mohammad Ashraful was fined on Monday for slapping a spectator who called his recent performance against South Africa "rubbish," an official said.
Published 25 Mar, 2008 12:00am
Jayawardene delighted with his ton

Jayawardene delighted with his ton

Sri Lanka captain Mahela Jayawardene was thrilled about reaching his first Test century against West Indies on the second day of the opening Test on Sunday at the Guyana National Stadium. Jayawardene scored 136, his 22nd Test hundred, to lift Sri Lanka to
Published 25 Mar, 2008 12:00am
ICC to get tough on offensive language, gestures

ICC to get tough on offensive language, gestures

The International Cricket Council (ICC) has announced a "zero tolerance" crackdown on offensive language and gestures in the sport. As part of its drive to eradicate "sledging", the ICC sent a letter to international match officials and the captains and c
Published 25 Mar, 2008 12:00am
Yuan hits high, ends down

Yuan hits high, ends down

The yuan hit a fresh post-revaluation high against the dollar for an eighth straight day on Monday, amid expectations that China would ensure relatively fast appreciation in the near term to fight inflation. But the yuan closed lower as the dollar continu
Published 25 Mar, 2008 12:00am
Egypt interest rates rise

Egypt interest rates rise

Egypt's central bank has decided to raise its key overnight interest rates by 50 basis points, Egypt's state-owned Gomhuria newspaper reported on Monday. Officials at the central bank's monetary policy unit declined to confirm the newspaper report, saying
Published 25 Mar, 2008 12:00am
Asian currencies: Taiwan dollar hits decade high

Asian currencies: Taiwan dollar hits decade high

The Taiwan dollar climbed more than 1 percent on Monday to hit a 10-1/2-year high after this weekend's presidential poll, but the Malaysian ringgit lost a similar amount as investors traded Asian currencies selectively. A number of markets, including Indo
Published 25 Mar, 2008 12:00am
Djokovic takes Indian Wells title

Djokovic takes Indian Wells title

World number three Novak Djokovic held off a fightback by American Mardy Fish to win the Pacific Life Open final 6-2 5-7 6-3 on Sunday and secure his second prestigious ATP title of the year. Two months after claiming his first grand slam crown at the Aus
Published 25 Mar, 2008 12:00am
Dollar gains versus euro

Dollar gains versus euro

The dollar rose against the euro on Monday, extending its recovery from a record low hit last week as investors sold commodities such as oil and gold and bought back the US currency ahead of the end of the first quarter. The dollar was also supported by t
Published 25 Mar, 2008 12:00am
China February foreign exchange reserves hit $1.65 trillion

China February foreign exchange reserves hit $1.65 trillion

China's foreign exchange reserves jumped $57.3 billion in February to $1.6471 trillion, almost matching January's surprising leap of $61.6 billion, two sources familiar with the data told Reuters on Friday. The leap, which complicates the central bank's t
Published 25 Mar, 2008 12:00am
Nikkei ends almost flat

Nikkei ends almost flat

Japan's Nikkei share average ended almost flat on Monday after a three-day winning streak, with gains by exporters like Honda Motor Co Ltd offseting declines in insurers such as Millea Holdings Inc In thin trade Japan's three largest banks, including Mits
Published 25 Mar, 2008 12:00am
Thai share prices rally

Thai share prices rally

Thai share prices closed 0.49 percent higher on Monday as small investors chased gains after losses last week, tracking other markets in the region, dealers said. They said major investors were absent because of the Easter holiday in many big markets.
Published 25 Mar, 2008 12:00am
Vietnam stocks at 16-month low

Vietnam stocks at 16-month low

Vietnam shares fell for the seventh session in a row and closed at a 16-month low on Monday as recent government plans to buy stocks failed to boost investor confidence. Traders said a plan announced on March 6 by the state investment arm, the State Capit
Published 25 Mar, 2008 12:00am
Jakarta shares slightly up

Jakarta shares slightly up

Indonesian share prices ended 0.7 percent higher on Monday, lifted by a technical rebound in late trade in select big caps led by index heavyweight Telkom, coal producer Bumi Resources and Bank Mandiri, dealers said. The Jakarta Composite Index was up 15.
Published 25 Mar, 2008 12:00am
Pakistan Day observed in Northern Areas

Pakistan Day observed in Northern Areas

Pakistan Day was observed on Sunday in Northern Areas, with fervour and national spirit like other parts of the country. There were special prayers in mosques for the progress, prosperity, security and integrity of the country and nation. Various social,
Published 25 Mar, 2008 12:00am
Zero-rated supplies: diplomatic missions allowed sales tax refund

Zero-rated supplies: diplomatic missions allowed sales tax refund

Diplomatic missions, privileged persons and organisations engaged in local purchase of goods or services on payment of sales tax would be entitled to refund. The Federal Board of Revenue has amended Sales Tax Rules, 2006 through a notification issued on M
Published 25 Mar, 2008 12:00am
All shares index report

All shares index report

The sector-wise all shares index report on Monday (March 24, 2008).

Published 25 Mar, 2008 12:00am
Zero-rated supplies: diplomatic missions allowed sales tax refund

Zero-rated supplies: diplomatic missions allowed sales tax refund

Diplomatic missions, privileged persons and organisations engaged in local purchase of goods or services on payment of sales tax would be entitled to refund. The Federal Board of Revenue has amended Sales Tax Rules, 2006 through a notification issued on M
Published 25 Mar, 2008 12:00am
Zero-rated supplies: diplomatic missions allowed sales tax refund

Zero-rated supplies: diplomatic missions allowed sales tax refund

Diplomatic missions, privileged persons and organisations engaged in local purchase of goods or services on payment of sales tax would be entitled to refund. The Federal Board of Revenue has amended Sales Tax Rules, 2006 through a notification issued on M
Published 25 Mar, 2008 12:00am
Jordan cancels rail pact

Jordan cancels rail pact

The Jordanian government said on Monday it had terminated an agreement signed with a Pakistani-Chinese coalition of firms to build a light railway between Amman and the industrial city of Zarqa for legal reasons.
Published 25 Mar, 2008 12:00am
THE RUPEE: dollar sharply lower

THE RUPEE: dollar sharply lower

High inflows helped the rupee to recover its lost ground versus dollar in the interbank market on Monday, gaining 64 paisa for buying at 62.20 and rising by 61 paisa for selling at 62.25, dealers said. The rupee's gain may prove short-lived if the supply
Published 25 Mar, 2008 12:00am
Jordan cancels rail pact

Jordan cancels rail pact

The Jordanian government said on Monday it had terminated an agreement signed with a Pakistani-Chinese coalition of firms to build a light railway between Amman and the industrial city of Zarqa for legal reasons.
Published 25 Mar, 2008 12:00am
THE RUPEE: dollar sharply lower

THE RUPEE: dollar sharply lower

High inflows helped the rupee to recover its lost ground versus dollar in the interbank market on Monday, gaining 64 paisa for buying at 62.20 and rising by 61 paisa for selling at 62.25, dealers said. The rupee's gain may prove short-lived if the supply
Published 25 Mar, 2008 12:00am
Jordan cancels rail pact

Jordan cancels rail pact

The Jordanian government said on Monday it had terminated an agreement signed with a Pakistani-Chinese coalition of firms to build a light railway between Amman and the industrial city of Zarqa for legal reasons.
Published 25 Mar, 2008 12:00am
MD Pepco calls for formulation of national energy plan

MD Pepco calls for formulation of national energy plan

Managing Director Pakistan Electric Power Company (Pepco), Munawar Basir Ahmad, has underlined the need to formulate a national energy plan for the current century to effectively deal with the power crisis.
Published 25 Mar, 2008 12:00am
AJP for strengthening rule of law

AJP for strengthening rule of law

The Access to Justice Programme (AJP) has been contributing significantly to the justice sector by raising awareness about the legal processes among the masses. It has brought about a change in the justice sector with policy shifts in 64 areas that are ca
Published 25 Mar, 2008 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Monday (March 24, 2008).

Published 25 Mar, 2008 12:00am
Hunger strike camp

Hunger strike camp

The Lahore High Court Bar Association and 'Save Judiciary Committee' on Monday organised a hunger-strike camp to protest against the termination of the judges. Many political party workers and civil society members also joined the camp and condemned the a
Published 25 Mar, 2008 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Monday (March 24, 2008).

Published 25 Mar, 2008 12:00am
CJP arrives from Abu Dhabi

CJP arrives from Abu Dhabi

Chief Justice of Pakistan Justice Abdul Hameed Dogar Monday arrived from Abu Dhabi after attending a 2-day international conference of the Presidents/Chief Justices of the Supreme Courts of the world organised by Supreme Court of UAE on March 23-24.
Published 25 Mar, 2008 12:00am
Acquitted

Acquitted

The Lahore High Court (LHC) has cleared an education department clerk after being found guilty of bribery. A special anti-corruption court in Gujranwala had convicted Muhammad Asif for one year and fined him Rs 10,000, but the case lacked sufficient evide
Published 25 Mar, 2008 12:00am
Karachi tea rates

Karachi tea rates

Tea rates in rupees prevailing on the commodity markets in Karachi on Monday (March 24, 2008).

Published 25 Mar, 2008 12:00am
Gilani arrives in Karachi

Gilani arrives in Karachi

Prime minister-elect Syed Yusuf Raza Gillani arrived here on Monday night from Islamabad to attend the wedding ceremony of his son, being solemnised with the daughter of Pir Sadar-uddin Shah Rashdi, son of Pir Saheb Pagaro. He travelled from Islamabad in
Published 25 Mar, 2008 12:00am
Milk powder rates

Milk powder rates

Milk Powder rates in rupees prevailing on the commodity markets in Karachi on Monday (March 24, 2008).

Published 25 Mar, 2008 12:00am
Probe into fuel trucks blasts begins

Probe into fuel trucks blasts begins

Authorities on Monday launched a probe into a series of blasts that destroyed 38 trucks, carrying fuel for Nato forces and injured about 100 people on Pakistan-Afghan border crossing, officials said.
Published 25 Mar, 2008 12:00am
Raw rubber rates

Raw rubber rates

Raw Rubber rates in rupees prevailing on the commodity markets in Karachi on Monday (March 24, 2008).

Published 25 Mar, 2008 12:00am
631 criminals held in three weeks

631 criminals held in three weeks

Capital City Police Officer (CCPO) Niaz Ahmed Siddiqui has claimed to arrest 631 criminals including 253 dacoits, 369 escapers and nine proclaimed offenders in 89 encounters during three weeks of current month.
Published 25 Mar, 2008 12:00am
Jute goods rates

Jute goods rates

Jute goods rates in rupees prevailing on the commodity markets in Karachi on Monday (March 24, 2008).

Published 25 Mar, 2008 12:00am
A R Kamal passes away

A R Kamal passes away

A R Kamal, Member Planning Commission and former director of Pakistan Institute of Development Economics passed away here Monday due to heart attack.
Published 25 Mar, 2008 12:00am
Arabian Night at Pearl-Continental

Arabian Night at Pearl-Continental

Pearl-Continental Karachi who is famous for its superb events has planned to organise an astounding evening on March 28th, 2008 at their beautiful Marquee. The event would be a stunning blend of mesmeric performances followed by live DJ to make the evenin
Published 25 Mar, 2008 12:00am
Rates of dry fruit

Rates of dry fruit

Rates of dry fruit in rupees prevailing on the commodity markets in Karachi on Monday (March 24, 2008).

Published 25 Mar, 2008 12:00am
Committee to prepare furniture export promotion plan

Committee to prepare furniture export promotion plan

Trade Development Authority of Pakistan (TDAP) held a meeting with the Furniture Manufacturers Association under the chairmanship of Minister of State and Chief Executive Trade Development Authority of Pakistan Tariq Ikram. The meeting discussed the matte
Published 25 Mar, 2008 12:00am
Call for concerted efforts to combat child labour

Call for concerted efforts to combat child labour

Provincial Caretaker Minister for Education Shujat Ali Baig has called for initiating more concerted efforts in education and health sectors for eliminating the menace of child labour from the society.
Published 25 Mar, 2008 12:00am
Grain market rates

Grain market rates

Karachi grain market rates in rupees on Monday (March 24, 2008).

Published 25 Mar, 2008 12:00am
Obituary

Obituary

The mother of Qadeer Muhammad Khan, Founder and Chairman and grandmother of Javed Qadeer Khan, Chief Executive Marksman Advertising breathed her last after a brief illness at the age of 95 here on Monday.
Published 25 Mar, 2008 12:00am
SECP to launch 'E-Services Project' soon

SECP to launch 'E-Services Project' soon

The Securities and Exchange Commission of Pakistan (SECP) will launch E-Services Project in next few weeks. This was announced by Rashid I Malik, Commissioner SECP while speaking at a seminar on "E-Services Project" organised by the Institute of Cost and
Published 25 Mar, 2008 12:00am
Hides and skin rates

Hides and skin rates

Hides and skin rates in rupees prevailing on the commodity markets in Karachi on Monday (March 24, 2008).

Published 25 Mar, 2008 12:00am
Zardari thanks Altaf for support in Prime Minister election

Zardari thanks Altaf for support in Prime Minister election

The co-chairman of Pakistan Peoples Party (PPP), Asif Ali Zardari, telephoned MQM International Secretariat London and thanked Altaf Hussain for unconditional support and vote for Yusuf Raza Gilani for the election of Prime Minister. This was stated in a
Published 25 Mar, 2008 12:00am
Seminar on 'Murabaha and Ijara Accounting Standards' held

Seminar on 'Murabaha and Ijara Accounting Standards' held

The State Bank of Pakistan on Monday organised a seminar on 'Murabaha and Ijara Accounting Standards' to develop an understanding of accounting treatment of such modes of Islamic transactions, says a press release. The forum provided an excellent opportun
Published 25 Mar, 2008 12:00am
Lahore Grain Market Rates

Lahore Grain Market Rates

Grain and other commodity rates in rupees on Akbari Mandi on Monday (March 24, 2008).

Published 25 Mar, 2008 12:00am
Neelum-Jehlum surcharge not to apply on value for sales tax

Neelum-Jehlum surcharge not to apply on value for sales tax

The assessable value for levying sales tax on electricity would not take into account additional surcharge of Rs 0.10 per kwh, collected for Neelum-Jehlum Hydro Power Development Fund by the Wapda. The Federal Board of Revenue (FBR) has amended Sales Tax
Published 25 Mar, 2008 12:00am
Neelum-Jehlum surcharge not to apply on value for sales tax

Neelum-Jehlum surcharge not to apply on value for sales tax

The assessable value for levying sales tax on electricity would not take into account additional surcharge of Rs 0.10 per kwh, collected for Neelum-Jehlum Hydro Power Development Fund by the Wapda. The Federal Board of Revenue (FBR) has amended Sales Tax
Published 25 Mar, 2008 12:00am
New Surgeon General appointed

New Surgeon General appointed

Major General Muhammad Rehan Burney has been promoted as Lieutenant General and appointed Surgeon General Pakistan Army, Director General Medical Services (Inter Services). He did his MBBS from King Edward Medical College and joined Pakistan Army in 1977.
Published 25 Mar, 2008 12:00am
Re-rollers may get sales tax refund on steel products export

Re-rollers may get sales tax refund on steel products export

The Federal Board of Revenue (FBR) has allowed repayment-cum-drawback of sales tax to steel melters and re-rollers on export of steel products. According to SRO 308(I)/2008, issued on Monday, different rates have been prescribed for giving refund to steel
Published 25 Mar, 2008 12:00am
Poultry rates

Poultry rates

Wholesale poultry rates on Monday (March 24, 2008) and for Tuesday (March 25, 2008).
Published 25 Mar, 2008 12:00am
Cotton Spot Rates

Cotton Spot Rates

Official KCA spot rates for local dealings in Pakistan rupees on Monday (March 24, 2008).

Published 25 Mar, 2008 12:00am
Growers demand wheat price at Rs 1000 per 40kg

Growers demand wheat price at Rs 1000 per 40kg

Wheat growers had demanded to fix wheat procurement price up to Rs 1000 per 40 kg due to increasing trend of the product in various international markets. At a press conference here on Monday, representatives of different farmers organisations from Sindh
Published 25 Mar, 2008 12:00am
The Weather

The Weather

The weather report on Monday (March 24, 2008) and the forecast for Tuesday (March 25, 2008).
Published 25 Mar, 2008 12:00am
Rules for excess input tax refund notified

Rules for excess input tax refund notified

The Federal Board of Revenue (FBR) has issued procedure for obtaining refund of excess unadjusted input tax relating to supplies other than zero-rated. The board has amended Sales Tax Rules, 2006, through a notification issued on Monday.
Published 25 Mar, 2008 12:00am
Rules for excess input tax refund notified

Rules for excess input tax refund notified

The Federal Board of Revenue (FBR) has issued procedure for obtaining refund of excess unadjusted input tax relating to supplies other than zero-rated. The board has amended Sales Tax Rules, 2006, through a notification issued on Monday.
Published 25 Mar, 2008 12:00am
NWFP caretakers make farewell call on Musharraf

NWFP caretakers make farewell call on Musharraf

The outgoing caretaker cabinet of NWFP led by caretaker chief minister Shamsul Mulk made a joint farewell call on President Pervez Musharraf here on Monday. The President lauded their efforts for smooth running of the government and for holding free, fair
Published 25 Mar, 2008 12:00am